/raid1/www/Hosts/bankrupt/TCRAP_Public/210315.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, March 15, 2021, Vol. 24, No. 47

                           Headlines



A U S T R A L I A

CLD CIVIL: First Creditors' Meeting Set for March 22
INFRABUILD AUSTRALIA: Moody's Lowers CFR to B1, Under Review
MAX PRINT: First Creditors' Meeting Set for March 22
MESOBLAST LTD: Secures Financial Lifeline From Surprise US Backer
NEGEV AUSTRALIA: First Creditors' Meeting Set for March 22

PROWELD CONSTRUCTIONS: First Creditors' Meeting Set for March 22
SOUTHERN BOTTLING: First Creditors' Meeting Set for March 24


C H I N A

HNA GROUP: Bank Fined for Illicitly Guaranteeing HNA Loan
PEARL HOLDING III: S&P Withdraws 'CCC+' LT Issuer Credit Rating
[*] SICHUAN: To Borrow $1.76BB to Inject Into 21 Small Banks


I N D I A

ABAN OFFSHORE: CARE Reaffirms D Rating on INR156cr Debt
ALTICO CAPITAL: Ares SSG Funds Complete Acquisition of NBFC
ASM TRAXIM: CARE Lowers Rating on INR45cr LongTerm Loans to D
ASUTI TRADING: CARE Keeps D Debt Ratings in Not Cooperating
BEST ZONE: Insolvency Resolution Process Case Summary

BETA WIND: CARE Reaffirms D Rating on INR904cr LT Loan
C.A. VEGE FRUIT: CARE Moves D on INR8cr Loans to Not Cooperating
ESSAR SHIPPING: Insolvency Resolution Process Case Summary
GAYATRI PROJECTS: CARE Lowers Rating on INR1,997.77cr Loans to D
GEES EPC SERVICES: Insolvency Resolution Process Case Summary

JIN PLAST: CRISIL Withdraws B- Rating on INR5cr Cash Loan
K K POLYCOLOR: CARE Moves D Debt Ratings to Not Cooperating
KAYNES TECHNOLOGY: CRISIL Withdraws D Rating on INR4.69cr Loans
KIRAN GLOBAL: Insolvency Resolution Process Case Summary
MAGDHA CREATIVE: Insolvency Resolution Process Case Summary

PRAYOSHA JEWELLERS: CRISIL Withdraws B Rating on INR6cr Loan
PROVOGUE PERSONAL: Insolvency Resolution Process Case Summary
PULIMOOTTIL SILKS: CRISIL Withdraws B+ Rating on INR6cr Loan
RADIANT POLYMERS: CARE Moves D on INR75cr Debt to Not Cooperating
RAJHANS FERTILIZERS: CRISIL Cuts Rating on INR4cr Loan to D

RAMKY WAVOO: CRISIL Reaffirms B Rating on INR10cr Term Loan
RATHAM FARMS: CARE Moves D on INR6cr Loans to Not Cooperating
SANGHAVI EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
SIDHARTHA BUILDHOME: Insolvency Resolution Process Case Summary
TECUMSEH PRODUCTS: CRISIL Withdraws B+ Rating on INR135cr Loans

TEJASWINI ENGINEERING: Insolvency Resolution Process Case Summary
TORQUE AUTOMOTIVE: Insolvency Resolution Process Case Summary
UTOPIAN SUGARS: CRISIL Lowers Ratings on INR100cr Loans to D
VYAPARAVIJAYAM TRADE: CRISIL Assigns B+ Rating to INR2cr LT Loan
YUG INFRASTRUCTURES: CRISIL Lowers Rating on INR10cr Loan to D



I N D O N E S I A

TUNAS BARU: Moody's Lowers CFR to B1 & Alters Outlook to Stable


M Y A N M A R

MYANMAR: Crackdown Forces Businesses to Make Stark Choice


S I N G A P O R E

CHINA GREAT: First Creditors' Meetings Set for March 26
MERCATOR INTERNATIONAL: Court to Hear Wind-Up Petition April 9
XIHE HOLDINGS: Unit Creditors' First Meeting Set for March 31

                           - - - - -


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

CLD CIVIL: First Creditors' Meeting Set for March 22
----------------------------------------------------
A first meeting of the creditors in the proceedings of CLD Civil &
Earthmoving Pty Ltd will be held on March 22, 2021, at 11:30 a.m.
via teleconference only.

Sule Arnautovic and Marcus Watters of Hall Chadwick were appointed
as administrators of CLD Civil on March 11, 2021.


INFRABUILD AUSTRALIA: Moody's Lowers CFR to B1, Under Review
------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and backed senior secured notes rating of InfraBuild
Australia Pty Ltd to B1 from Ba3. At the same time, Moody's has
placed the ratings under review for further downgrade. The previous
ratings outlook was negative.

The rating action follows Greensill Capital entering into voluntary
administration in Australia. Per Moody's understanding, Greensill
supplies substantial funding to the GFG Alliance Group (GFG), which
ultimately owns InfraBuild. Greensill has also registered a
security interest over the shares of Liberty Holdings Australia
Ltd, an intermediate holding company within GFG that sits above
InfraBuild, and its shares in Liberty InfraBuild Ltd.

RATINGS RATIONALE

"The downgrade of InfraBuild's ratings reflect the increasing
potential for contagion risk from the issues affecting the funding
relationship between Greensill and GFG, which ultimately owns
InfraBuild. We believe that this contagion risk could impact
InfraBuild's operations, specifically its customer and supplier
relationships. It may also increase demands on InfraBuild to raise
its returns to GFG, although we note the ability to upstream funds
is limited under InfraBuild's funding arrangements," says Matthew
Moore, a Moody's Vice President and Senior Credit Officer.

Moody's has limited visibility into the overall financial strength
of the GFG group of companies. That said, Moody's believes that,
given the highly visible issues facing Greensill and GFG's history
of utilising financing from Greensill, there is potential for
contagion risk for InfraBuild. Specifically, Moody's believes that
the issues facing Greensill may create ongoing funding issues for
some of GFG's assets.

Moody's understands that InfraBuild currently does not have any
direct exposure to Greensill and the agency views the restricted
payments and other provisions, such as restrictions on affiliate
transactions, present in InfraBuild's financing arrangements as
supporting its credit profile by limiting the amount of cash that
the company can ultimately upstream to GFG.

While the company's restrictions in its financing documents will
largely limit the amount of cash outflow to 50% of consolidated net
income, subject to certain conditions being met, which Moody's
estimates would currently limit cash outflows to less than AUD10
million, there is an ability for payments up to AUD35 million
without meeting these tests.

Moody's views InfraBuild's liquidity as highly sensitive to working
capital needs. In the current seasonally higher working capital
period, the increasing potential for the company to make allowable
cash returns to its parent, within the limits of its financing
agreements, increases overall liquidity risk. Moody's classifies
this potential as negative for financial strategy and risk
management practices, which it considers governance risk.

The downgrade to B1 and the review for further downgrade also
reflect the registration by Greensill of a security interest in the
shares of Liberty Holdings Australia Ltd and Liberty InfraBuild
Ltd, the direct parent of the issuer.

Moody's views this security on the shares of InfraBuild as
increasing the risk of a change of control under InfraBuild's
financing arrangements. However, given that InfraBuild's creditors
under its current funding arrangements have direct security over
essentially all of the assets of InfraBuild, Moody's expects any
change of control would likely be executed in a way that attempts
to avoid triggering a default under InfraBuild's financing
documents.

The action also reflects the potential contagion risk for
InfraBuild's operations, which Moody's believes could create
challenges for the company's dealings with its suppliers and
customers. In particular, this risk could manifest if InfraBuild's
related parties, which supply significant amounts of raw material
feedstock and products for its distribution network, fall into
financial distress. While InfraBuild could likely find alternate
supply sources in the global market, Moody's believes these
agreements would take time to establish and could lead to operating
disruptions and increased costs.

Providing some support to InfraBuild's overall credit profile is
its improving operating performance. In the first half of the
fiscal year ended June 2021, the company has been able to grow
volumes while at the same time its margins are benefitting from its
successful cost out initiatives. This has allowed InfraBuild to
report its second consecutive quarter of EBITDA per tonne above
AUD95, which is flowing through to improving credit metrics.
Liquidity was also maintained in the second half, with cash and
credit facility availability in excess of AUD360 million as at
December 2020. Although, Moody's expects that liquidity has reduced
since December 2020 and the company has indicated that it has now
drawn on its credit facilities to fund increasing working capital
usage.

The review period will be used to assess what implications the
recent issues facing Greensill will have for the credit quality and
funding availability for the broader GFG Group, and specifically
the implications for InfraBuild. Given the rapidly evolving
situation, Moody's expects the review could be completed in a
relatively short time frame.

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

The review will focus on the extent of the implications for GFG
from the issues facing Greensill and any direct or indirect impact
on InfraBuild's credit profile. This includes: (1) Moody's
assessment of InfraBuild's ongoing liquidity profile and the rating
agency's view of an increasing risk of cash being up streamed to
support the broader GFG Group, albeit constrained by the limits of
its financing arrangements; (2) the potential for a change of
control event to occur and its likely implications; and (3) the
extent of the risks to the company's operating profile from
potential issues around the supply of key materials from related
parties and/or any loss of confidence from other suppliers and
customers resulting from further negative issues that may arise
across the broader GFG group of companies.

The principal methodology used in these ratings was Steel Industry
published in September 2017.

BACKGROUND

InfraBuild Australia Pty Ltd is Australia's largest and only
vertically integrated EAF manufacturer and supplier of steel long
products. The company supplies around 2.2 million tonnes per annum
of steel long products to over 15,000 active customers in
Australia. The company's integrated operations reflect its position
as the second largest ferrous and non-ferrous recycling business in
Australia by volume and its large distribution network.

InfraBuild is a private company, and is ultimately owned by GFG, a
United Kingdom based international industrial, energy, natural
resources and financial services group.


MAX PRINT: First Creditors' Meeting Set for March 22
----------------------------------------------------
A first meeting of the creditors in the proceedings of Max Print
Group Pty. Ltd. will be held on March 22, 2021, at 2:30 p.m. via
virtual meeting technology.

Clifford John Sanderson of Restructuring Works was appointed as
administrator of Max Print on March 10, 2021.


MESOBLAST LTD: Secures Financial Lifeline From Surprise US Backer
-----------------------------------------------------------------
Emma Koehn at The Sydney Morning Herald reports that Mesoblast Ltd
has been given a financial lifeline that analysts expect will give
it an 18-month cash buffer after the drug company secured a AUD138
million investment from a surprise US backer.

SMH say the ASX-listed AUD1.45 billion stem cell treatments maker
unveiled an unexpected new partner on March 9, confirming it had
sealed a US$110 million deal with a US investor group led by
surgery clinics business, SurgCenter Development.

Mesoblast had been in a trading halt since March 5, when its
half-year report showed it was running at a US$48.9 million
half-year loss. Its auditor PwC said a private placement and future
partnership payments were key to the company continuing as a going
concern, the report relays.

According to SMH, the deal will involve a private placement of 60
million shares at AUD2.30 each, which is a 6.5 per cent discount to
the price at the close of trade on March 5. The agreement also
involves the issuing of warrants to acquire an additional 15
million shares at AUD2.88 each.

SMH relates that the SurgCenter deal will push Mesoblast's cash
balance from US$77.5 million to US$187.5 million and Bell Potter
analyst Tanushree Jain said the raising was a "net benefit" because
it would give Mesoblast about 18 months of cash runway.

"Mesoblast will now need to focus on key regulatory and commercial
deliverables across its three lead products over the next 12
months," SMH quotes Ms. Jain as saying.

However, Mesoblast shares had plunged 5.7 per cent to AUD2.32 by
late afternoon trading. Shares are 57 per cent lower than their
highs of AUD5.50 in September.

SurgCenter partners with surgeons across the US to build day
surgery medical centres focused on orthopaedic procedures and joint
replacements. The company was started in 1993 and has a vast
network of partnerships with surgeons across the country.

Over the past 12 months, Mesoblast's focus has been on respiratory
healthcare and its treatment for children experiencing rejection of
bone marrow transplants, though it is also working on a treatment
for chronic back pain that it hopes will reduce opioid use across
the United States, SMH notes.

According to the report, Mesoblast chief executive Silviu Itescu
said the investment from SurgCenter could would help the company
bring that treatment to market.

"The network and infrastructure of surgeons and ambulatory centres
operated by SurgCenter may provide unique synergies to facilitate
development and market access for [drug candidate] rexlemestrocel,
if approved, in patients with chronic lower back pain," he said.

SMH notes that Mesoblast raised another AUD138 million in a
placement to institutional investors at AUD3.20 per share less than
a year ago. Those funds were to be used to scale up manufacturing
capabilities for Mesoblast's flagship product, Remestemcel-L, in
the hope it could be commercialised as a COVID-19 treatment.

However, the company is still crunching the data after cutting the
phase 3 trial short last year after being advised it was unlikely
to meet its primary goal, the report relates.

Mesoblast also announced a partnership with Novartis to develop the
treatment, worth an initial AUD50 million upfront investment,
though the firm said in its half-year report that deal was yet to
close, SMH adds.

                          About Mesoblast

Mesoblast Limited (ASX:MSB; Nasdaq: MESO) is in the business of
developing allogeneic (off-the-shelf) cellular medicines. The
Company has leveraged its proprietary mesenchymal lineage cell
therapy technology platform to establish a broad portfolio of
commercial products and late-stage product candidates. Mesoblast
has a strong and extensive global intellectual property (IP)
portfolio with protection extending through to at least 2040 in all
major markets. The Company's proprietary manufacturing processes
yield industrial-scale, cryopreserved, off-the-shelf, cellular
medicines. These cell therapies, with defined pharmaceutical
release criteria, are planned to be readily available to patients
worldwide.

Mesoblast Limited filed with the Securities and Exchange Commission
its Annual Report on Form 20-F disclosing a net loss attributable
to the owners of the company of US$77.94 million on US$32.15
million of revenue for the year ended June 30, 2020, compared to a
net loss attributable to the owners of the company of US$89.80
million on US$16.72 million of revenue for the year ended June 30,
2019.

As of June 30, 2020, the Company had US$733.60 million in total
assets, US$184.27 million in total liabilities, and US$549.33
million in total equity.

PricewaterhouseCoopers, in Melbourne, Australia, the Company's
auditor since 2008, issued a "going concern" qualification in its
report dated Aug. 27, 2020, citing that the Company has suffered
recurring losses and net cash outflows from operations and other
matters that raise substantial doubt about its ability to continue
as a going concern.


NEGEV AUSTRALIA: First Creditors' Meeting Set for March 22
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Negev
Australia Pty Ltd will be held on March 22, 2021, at 10:30 a.m. via
teleconference.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of Negev Australia on March 10, 2021.


PROWELD CONSTRUCTIONS: First Creditors' Meeting Set for March 22
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Proweld
Constructions Pty Ltd will be held on March 22, 2021, via virtual
meeting technology.

Brent Kijurina, Richard Albarran, and Cameron Shaw of Hall Chadwick
were appointed as administrators of Proweld Constructions on March
11, 2021.


SOUTHERN BOTTLING: First Creditors' Meeting Set for March 24
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Southern
Bottling Company Pty Ltd will be held on March 24, 2021, at 10:00
a.m. via virtual meeting.

Peter James Lanthois and Christopher Powell of Duncan Powell were
appointed as administrators of Southern Bottling on March 12,
2021.




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

HNA GROUP: Bank Fined for Illicitly Guaranteeing HNA Loan
---------------------------------------------------------
Caixin Global reports that the major fine China's foreign exchange
regulator has decided to impose this month on policy lender the
China Development Bank (CDB) was for illicitly providing a
cross-border guarantee to a company linked to HNA Group Co. Ltd.,
sources familiar with the issue told Caixin.

According to Caixin, the fine was announced in an official
statement earlier this month, which said that the CDB's Hainan
branch would be fined CNY42.7 million (US$6.6 million) by the State
Administration of Foreign Exchange (SAFE) for illicitly providing a
cross-border guarantee. That statement did not say to whom the
guarantee was provided.

Caixin relates that the sources said the CDB illicitly provided a
letter of guarantee upon the request of HNA-backed Hainan Airlines
Holding Co. Ltd. in 2017. That letter was used to guarantee a CNY2
billion loan being taken out by an overseas HNA-linked company -
Grand China Air (Hong Kong) Ltd. - from an overseas branch of a
large Chinese state-owned bank, they said.

                          About HNA Group

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

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

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


PEARL HOLDING III: S&P Withdraws 'CCC+' LT Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings withdraws its 'CCC+' long-term issuer credit
rating on Pearl Holding III Ltd. and the 'CCC+' long-term issue
rating on the company's US$175 million senior secured notes due
Dec. 11, 2022, at the issuer's request. The outlook on the issuer
credit rating was negative at the time of the withdrawal.


[*] SICHUAN: To Borrow $1.76BB to Inject Into 21 Small Banks
------------------------------------------------------------
Caixin Global reports that Sichuan province joined a line of local
governments to issue special-purpose bonds (SPBs) to raise money
for recapitalizing cash-strapped small and midsize banks. But how
the government will collect repayment was left vague in some
cases.

Caixin relates that the southwestern Chinese province will issue
CNY11.4 billion ($1.76 billion) of 10-year SPBs at a coupon rate of
3.5%, the provincial finance department said.

Some small and midsize banks, especially rural credit cooperatives,
have suffered a surge of bad debt over the past few years after a
rapid expansion in credit left a large amount of non-performing
loans on their books as economic growth slowed, Caixin notes. The
Covid-19 pandemic exacerbated the situation as many businesses and
individuals were unable to repay debts, the report says.




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

ABAN OFFSHORE: CARE Reaffirms D Rating on INR156cr Debt
-------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Aban
Offshore Ltd (AOL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   CRPS issue–
   Series I             105.00     CARE D (RPS) Reaffirmed

   CRPS issue–
   Series II            156.00     CARE D (RPS) Reaffirmed

   CRPS issue–
   Series III            20.00     CARE D (RPS) Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to various preference share issues of AOL
factor in the instances of delays in debt servicing on account of
significant delays in realization of receivables and resultant
tight liquidity position experienced by AOL.

Rating Sensitivities; Positive Factors; Factors that could,
individually or collectively, lead to positive rating
action/upgrade:

  * Satisfactory track record of timely servicing of debt
obligation on a sustained basis.

Detailed description of the key rating drivers

Key Rating Strengths

  * Experience of Promoters: AOL, largest private player in India
in the offshore drilling industry was promoted in 1986 by Aban
Constructions Private Limited, in collaboration with Chiles
Offshore Inc. (COI), USA, an offshore drilling company in the Gulf
of Mexico. Company's management team includes by Mr. Reji Abraham
(Managing Director), Mr. C P Gopalakrishnan, (CFO& Deputy MD) and
Mr. P Venkateswaran, (Director). The company and its wholly owned
subsidiaries had a total of 18 assets by the end of March 2020
including 15 Jack up rigs, two drill ships and one-off shore
production unit.

Key Rating Weaknesses

  * Moderation in financial performance during FY20 & 9mFY21 and
ongoing delays in debt servicing: During FY20 (refers to the period
of April to March), income declined by 37% to INR246 crore from
INR390 crore during FY19 on account of drop in fleet utilization.
The PBILDT margin during FY20 stood at 27.24% as against 54.07% in
FY19. It is to be noted that during FY20, AOL written off
impairment of property and plant to the extent of INR4,693 crore
due to which AOL reported higher losses. During 9mFY21 (refers to
the period of April to December), AOL before tax loss of INR26
crore (PY: INR147 crore) on a total income of INR153 crore (PY:
INR173 crore). The moderation in income was on account of further
drop in fleet utilization. On account of losses reported and delays
in realization of receivables, there are ongoing delays in debt
servicing.

  * Deterioration in the performance of subsidiaries: At the
consolidated level, the company posted before tax loss of INR8,973
crore (PY: INR5,273 crore loss) in FY20. It is to be noted that
during FY20, AOL written off property and plant to the extent of
INR8,973 crore due to which AOL reported higher losses. The total
income on the consolidated level has marginally increased by 6% to
INR982 crore in FY20. During 9mFY21 at consolidated level, the
company registered before tax loss of INR688 crore on total
operating income of INR832 crore as against after before tax loss
of INR1,303 crore on total operating income of INR627 crore during
9mFY20.

Liquidity: Poor

On account of delay in realization of receivables and unfavourable
industry scenario, AOL has been experiencing liquidity issues
resulting in delays in debt servicing.

Aban Offshore Limited (AOL), the flagship company of Aban group,
provides offshore drilling services to companies engaged in
exploration and production of oil and gas. AOL is the largest
private player in India in the offshore drilling industry and is
one of the largest in the world. The company and its wholly owned
subsidiaries had a total of 18 assets by the end of March 2019
including 15 Jack up rigs, two drill ships and one-off shore
production unit. Out of these 18 assets, AOL directly holds only
seven rigs and rest of the assets held by its step-down
subsidiaries.


ALTICO CAPITAL: Ares SSG Funds Complete Acquisition of NBFC
-----------------------------------------------------------
Ares SSG, a leading Asia-Pacific alternative asset manager,
announced on March 11, 2021, that certain of its funds have
completed the acquisition of all underlying assets of Altico
Capital India Limited, a non-bank financial company (NBFC) which
used to provide loans and financing to India's real estate sector
before experiencing financial difficulties in 2019.

The acquisition marks the first resolution of a defaulting NBFC
outside India's Insolvency and Bankruptcy Code (IBC) and represents
Ares SSG's single largest investment in India to date.

Funds managed by Ares SSG, in partnership with Assets Care and
Reconstruction Enterprise Ltd. ("ACRE"), a leading asset
reconstruction company, have acquired all outstanding loans and
investments from Altico for a consideration of approximately
INR2800 crores (US$380 million), in line with its original
resolution plan submitted in February 2020. Ares SSG's plan has
ensured a full resolution while also maximizing the value of the
underlying assets for creditors, despite the adverse impact of the
pandemic on several of Altico's portfolio companies.

Ares SSG recognizes the challenges Altico employees have faced
during this period of uncertainty which has been further compounded
by the pandemic. Ares SSG values their commitment as Altico's
entire team will continue to assist in servicing the existing
portfolio.

Shyam Maheshwari, Partner of Ares SSG, said, "Our acquisition of
Altico reflects Ares SSG's strong commitment to supporting
widespread efforts by policymakers, investors, and industry to
alleviate the impact of non-performing assets on India's banking
and financial services sector. This investment also highlights our
confidence in the prospects for India and the steps being taken to
spur growth that has over the past year been held back by the
global pandemic."

Manish Jain, CEO at SSG Advisors LLP, an advisor to Ares SSG, said,
"Ares SSG's plan for Altico allows its creditors to realise
immediate value for the assets. It also offers all stakeholders the
prospect of working with a partner that has a record of bringing
capital, expertise and bespoke ideas to ensure the resolution of
stressed assets and rebuilding of the underlying businesses."

                        About Altico Capital

Altico was established in 2004 by the funds managed by Clearwater
Capital Partners as Clearwater Capital Partners India Private
Limited for wholesale lending to capital-constrained Indian small
and medium enterprises. It was registered as a
non-deposit-accepting non-banking finance company with the Reserve
Bank of India in January 2005. Its business strategy initially
focused on special situation opportunities across the capital
structure. In FY15, the company was renamed Altico Capital India
Limited, and its business strategy was changed. Altico is focused
on high-yield asset-backed senior secured credit opportunities in
the real estate sector.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
3, 2020, India Ratings and Research (Ind-Ra) affirmed Altico
Capital India Limited's (Altico) Long-Term and Short-Term Issuer
Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR27.67 mil. (reduced from INR30.5 mil.) NCDs (long term)
   affirmed with IND D rating;

-- INR28 mil. (reduced from INR44 mil.) Bank loans (long term)
   affirmed with IND D rating;

-- INR8.5 mil. Commercial paper^ affirmed with IND A4 rating; and

-- INR1 mil. Principal protected market-linked debenture
   affirmed with IND PP-MLD C emr rating.

Ind-Ra said Altico's ratings continue to reflect its non-payment of
contractual debt obligations since September 2019.

SSG Capital, a Hong Kong-based special situation fund, has evinced
interest in acquiring Altico and has submitted its offer to
Altico's lenders. SSG Capital's proposal and the debt resolution
plan were accepted by the lenders in March 2020. The application
for the change of control, with the new corporate structure and new
board composition, has been made to the Reserve Bank of India.

Altico's assets have deteriorated in the intervening period since
it could not meet the funding requirements of these borrowers
leading to stuck projects. There has been a significant rise in its
non-performing assets to the extent of 23.8% at end-September 2019
(March 2019: 1.8%). Altico collected INR1.23 billion from its loan
book over September 2019-July 2020. As of August 16, 2020, Altico
had cash and bank balance of around INR2.4 billion.


ASM TRAXIM: CARE Lowers Rating on INR45cr LongTerm Loans to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of ASM
Traxim Pvt. Ltd. (ATPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       45.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE B+; Stable
                                   and moved to ISSUER NOT
                                   COOPERATING category

   Short Term Bank       5.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE A4 and moved
                                   to ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ATPL to monitor the ratings
vide e-mail communications/letters dated February 3, 2021, February
12, 2021, and February 24, 2021 and numerous phone calls.  However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The ratings on ASM
Traxim Private Ltd.'s bank facilities will now be denoted as CARE
D/CARE D; ISSUER NOT COOPERATING*.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using
the above ratings.

The ratings have been revised on account of overdrawings and
ongoing delays in servicing of interest for the working capital
facilities with likelihood of the delinquency being continued
beyond 30 days. The ratings are further constrained by weak
operational performance during FY20 (refers to the period from
April 1 to March 31) marked by decline in scale of operations and
low profitability margins, weak financial risk profile, working
capital intensive nature of operations, and highly competitive and
fragmented nature of industry with low entry barriers. The ratings
however, continue to derive strength from the experience of the
promoters with their established track record.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in interest servicing of cash credit account: The cash
credit account was overdrawn along with delay in interest servicing
in the Cash Credit account in January, 2021 (towards December 2020
interest) but was regularized within 30 days. However, the account
continues to remain overdrawn and non-servicing for interest in
February, 2021 with likelihood of default due to low business
activity and customer collections.

* Weak operational performance during FY20: During FY20, the total
operating income of the company declined by 34.45% to INR317.28
crore as compared to INR484.00 crore during FY19.The PBILDT margin
of the company improved to 2.22% in FY20 (PY: 1.75%) primarily on
account reduction in cost of material consumed. However, the PAT
margin of the company declined marginally to 0.06% in FY20 (PY:
0.10%) primarily on account of higher interest and depreciation
cost as a percentage of total operating income. Further, for the
period 9MFY21, the company reported total operating income of
INR177.72 crore.

* Weak financial risk profile: The overall gearing ratio improved
marginally to 2.08x as on March 31, 2020 (PY: 2.36x) primarily on
account of lower working capital borrowing as on balance sheet date
in line with lower scale of operations. The debt profile of the
company as on March 31, 2020 comprise of working capital borrowings
(81.80% of total debt) and remaining via unsecured loans from
promoters (18.20% of total debt).

* Dependence on external borrowing to fund inventory: Almond
trading requires high inventory holding as almonds being seasonal
commodity is only available for 2-3 months (JulyAugust) of the year
as it takes 7-8 months to grow. Traders have to maintain adequate
stock during the entire year thereby resulting in high working
capital requirements. ATPL's average inventory holding period
remained high at 87 days as on March 31, 2020 against 67 days as on
March 31, 2019, resulting in an operating cycle of 84 days as on
March 31, 2020 (PY: 64 days). However, the company provides minimal
credit period to its customers and therefore has a relatively short
collection period which stood at 5 days as on March 31, 2020 (PY: 3
days).

* Highly competitive and fragmented nature of industry: ASM is
involved in trading of almonds and spices. The commodity nature of
traded goods makes the industry highly fragmented with numerous
players in the market. There are several small operators which do
not do end-to end processing and merely procure and sell to large
traders. Presence of small players makes the business environment
highly competitive.

Key Rating Strengths

* Experienced promoters: ASM Traxim Pvt. Ltd. (ATPL) is closely
held Private Limited Company. Mr. Himanshu Garg and Mr. Vipul
Aggarwal look after the day-to-day affairs of the company. Though
the company has been engaged in trading business for about 13
years, the promoters have been in the similar line of business for
over 19 years and have established long-term relationships with its
customers and suppliers.

ASM Traxim Pvt. Ltd. (ATPL), incorporated in 2005, is a closely
held company engaged in trading of almonds, poppy seeds and spices
like clove, cinnamon, cumin etc. The major item traded by the
company is almond, which contributed more than 85% of the total
sales in FY19. The company sources almonds domestically and sells
in the domestic market to wholesalers through brokers. The company
also sources a very small percentage of almonds through imports
from USA.


ASUTI TRADING: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Asuti
Trading Private Limited (ATPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short      5.00       CARE D/CARE D; ISSUER NOT
   Term Bank                       COOPERATING; Rating continues
   Facilities                      to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank    115.00       CARE D; Rating continues to
   Facilities                      remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE, vide its press release dated February 8, 2018, had placed the
rating of ATPL under the 'issuer non-cooperating' category as ATPL
had failed to provide information for monitoring of the rating.
ATPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated February 26, 2021,
February 16, 2021, February 05, 2021, etc. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information, which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on ATPL's bank
facilities will now be denoted as CARE D/CARE D; ISSUER NOT
COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed Rationale & Key Rating Drivers

At the time of last rating on February 10, 2020, the following were
the rating strengths and weaknesses:

The reaffirmation of the ratings of ATPL takes into account
continuing NPA classification of the account by its banker owing to
devolvement of letter of credit as a result of strained liquidity
position.

ATPL, incorporated in the month of April 1996, is engaged in to
trading of iron and steel products. It was incorporated by Agarwal
family which was subsequently bought by Mr. Siddhartha Bagrecha in
2011. It mainly trades in iron and steel products like – Hot
Rolled Coils (HRC), Cold Rolled Coils and Sheets (CRC/s), Alloy
CRC, Galvanized sheets, Mils Steel Angle
and Round bar, etc.

Status of non-cooperation with previous CRA: CRISIL migrated the
ratings of Asuti Trading Private Limited to noncooperation vide
their Press Releases dated June 30, 2017, as the company had not
provided required information for carrying out the review of the
rating. The rating continues to be under Issuer Not Cooperating
vide Press Release dated December 5, 2019.


BEST ZONE: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: M/s Best Zone Builders & Developers
        Private Limited
        SCF 4, Shivalik City
        Sector 127
        Kharar-Landran Road
        Mohali

Insolvency Commencement Date: February 19, 2021

Court: National Company Law Tribunal, Ludhiana Bench

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

Insolvency professional: Parvinder Singh

Interim Resolution
Professional:            Parvinder Singh
                         SCO 10, Jandu Tower
                         Miller Ganj
                         Ludhiana Punjab 141003
                         E-mail: caparvinder03@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    IP Ashok Jain
                         IP Dharmendra Kumar Bhasin
                         IP Atul Grover

Last date for
submission of claims:    March 12, 2021


BETA WIND: CARE Reaffirms D Rating on INR904cr LT Loan
------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Beta
Wind Farm Private Limited (BWF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities          904.00      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of BWF factors in the
instances of delays in servicing debt obligations.

Rating Sensitivities

Positive Factors - Factors that could lead to positive rating
action/upgrade:

  * Satisfactory track record of timely servicing of debt
obligations on sustained basis.

  * Sustained improvement in operational and financial
performance.

Detailed description of the key rating drivers

Key Rating Weaknesses

  * Instances of delays in debt servicing: BWF has reported delays
in debt servicing on account of stretched liquidity position
arising largely due to elongation of receivables from A.P Discom.

  * FY20 performance continues to be weak: During FY20, the company
generated total income of INR238 crore as against INR235 crore
during FY19, the marginal increase in the total income can be
attributed to the increase in REC (Renewable Energy Certificates)
Income while power sales declined by 4.3% owing to lower
generation.  The company reported net loss of INR10 crore in F20 as
against the net loss of INR30 crore in FY19, due to lower
depreciation and interest expenses. PBILDT margin of the company
stood at 74.68% in FY20 as compared to 75.85% in FY19. For FY20,
GCA stood at INR37 crore. As on March 31, 2020, the company's
receivables stood at INR56.7 crore as against INR66.1 crore as on
March 31, 2019.

  * Seasonality associated with wind generation: Wind farms are
exposed to inherent risk of climate fluctuations leading to
variations in the wind patterns which affects the PLF. Generally,
the wind farms enjoy higher PLF during May to September period
(Monsoon period), whereas the PLF is relatively low during the
other seasons. During the off-season stretching from October to
April, wind generation dips significantly impacting the cash
flows.

  * Covid-19 impact: The company's windmills remained operational
during the nationwide lockdown period during March-June 2020, as it
is under essential services category and there was no disruption on
its power generation and export. However, group captive customers'
off-take stood lower during H1FY21 due to lockdown. Given the same,
there has been increase in banking of energy during the said
period. The company had availed moratorium from all the lenders for
the period March 2020 to August 2020.

Key Rating Strengths

  * Established presence of OGPL in renewable energy segment: BWF
is a subsidiary of Orient Green Power Company Limited (OGPL).
OGPL's promoter is SVL Limited (formerly known as Shriram
Industrial Holdings Limited). As of March 2020, OGPL had a
portfolio of operational wind capacity of 425 MW. For FY20, OGPL
reported PAT of INR19.9 crore (PY: loss of INR48.6 crore) on a
total income of INR388.6 crore (PY: INR370.2 crore). BWF has been
supported by the group companies in terms of funding requirements
in the past. As on March 31, 2020, the total loans and advances
from the group companies stood at INR864.23 crore. Similarly, BWF
has also provided loans to group companies (Rs.118.65 crore as on
March 31, 2020).

  * Industry Outlook: There is increased thrust from government for
improving the share of renewable power in India's overall power mix
which is reflected from various policy initiatives. There had been
muted wind power generation capacity additions during FY19 and FY20
on the back of migration from Feed-in-Tariff (FiT)-based model to
reverse auction-based tariff discovery model. However, looking at
the already allotted capacity and government's push for achieving
targeted capacity of 60 GW by end FY22, capacity additions are
likely to improve in next two to three years. Wind power projects
benefit from established technology, improved    generation from
technological advancements, faster and modular nature of
implementation, stable long-term revenue visibility with long-term
off-take arrangements at a fixed tariff, minimal O&M requirements,
tariffs comparable with conventional power generation, must run
status of wind power projects and favorable amendments in bidding
guidelines for IPPs. However, there are concerns like increased
difficulties in land acquisition, inadequate grid connectivity on
account of poor evacuation infrastructure, backing down of the
projects by few state Discoms, weak credit profile of WTG
manufacturers, regulatory haze in terms of renegotiation of tariff
in concluded PPAs and cancellation of concluded auctions, weak
financial risk profile of Discoms with significant delays in
payment by few state Discoms, increased difficulties in debt tie-up
and inherent risk of variation in wind patterns. Overall, positive
and negative developments in the sector counterbalance each other,
thereby resulting in a stable outlook. Going forward key
monitorables would be developments in claim of off-takers for
renegotiation of PPAs, payment pattern of off-takers, financial
health of WTG manufacturers and regulatory stance of respective
state and central government and adoption of wind forecasting
techniques to objectively determine optimal scheduling of wind
power, thereby minimizing grid back downs.

Liquidity indicator: Poor

Poor liquidity marked by lower accruals when compared to repayment
obligations fully utilized limits and modest cash balance. The
company had cash and bank balance of INR0.42 crore as on March 31,
2020.

Beta Wind Farm Private Ltd. (BWF), a project SPV, was incorporated
for setting up of wind farm under the Group Captive Power Plant
Policy in the state of Tamil Nadu. The company has subsequently
expanded to other states namely, Gujarat, Karnataka and Andhra
Pradesh. BWF is a subsidiary of Orient Green Power Company Limited,
which is holding 74% stake and the remaining 26% held by various
group captive consumers. The company sells power generated, to
discoms like Andhra Pradesh discom (Central power Distribution
Company of Andhra Pradesh Limited) and Gujarat discom (Gujarat Urja
Vikas Nigam Limited) and to captive customers. The company's wind
assets currently aggregate to 242 MW as on December 31, 2020.


C.A. VEGE FRUIT: CARE Moves D on INR8cr Loans to Not Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of C.A.
Vege Fruit Stores to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from C.A. Vege Fruit Stores to
monitor the rating vide letter dated February 9, 2021 and e mail
communications dated February 4, 2021, January 15, 2021, January 8,
2021 and numerous phone calls. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on C.A. Vege
Fruit Stores bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating March 9, 2020, the following were the
strengths and weaknesses:

Key Rating Weaknesses

* Instances of delays in the debt obligation: There have been
instances of overutilization in the cash credit limit for more than
30 days in the past.

Mohali-based (Punjab), C.A. Vege Fruit Stores (CAVFS), is a
proprietorship concern established in June, 2010 by Mr. Rajiv
Malhotra. However, the firm commenced its commercial operations in
January, 2015 by letting the cold storage unit on rental basis.
Currently, the firm is running an integrated cold chain storage
facility by engaging in procurement, cold storage and distribution
of fruits and vegetables at its warehouse located in Mohali,
Punjab. The warehouse of the firm consists of 31 rooms of which 28
are controlled automated rooms having installed storage capacity of
5,300 metric tonnes per annum.


ESSAR SHIPPING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Essar Shipping Limited

        Registered office:
        EBTSL Premises, ER-2 Building
        (Admn. Building)
        Salaya 44 KM, P.B. No. 7
        Taluka-Khambhalia
        Devbhumi Dwarka
        Jamnagar 361305
        Gujarat

        Corporate office:
        Essar House
        11, K.K. Marg
        Mahalaxmi
        Mumbai 400034
        Maharashtra

Insolvency Commencement Date: March 2, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: August 29, 2021

Insolvency professional: Mr. Umesh Harjivandas Ved

Interim Resolution
Professional:            Mr. Umesh Harjivandas Ved
                         304, Shoppers Plaza-V
                         Opp. Municipal Market
                         C G Road, Navrangpura
                         Ahmedabad 380009
                         E-mail: umesh@umeshvedcs.com

Last date for
submission of claims:    March 20, 2021


GAYATRI PROJECTS: CARE Lowers Rating on INR1,997.77cr Loans to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gayatri Projects Limited (GPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank     1,997.77     CARE D Revised from CARE B;
   Facilities                      Stable

   Long-term/Short-   4,547.16     CARE D/CARE D Revised from
   Term Bank                       CARE B;Stable/CARE A4
   Facilities         

Detailed Rationale & Key Rating Drivers

The revision in ratings assigned to the bank facilities of GPL is
on account of delays in debt servicing of the company due to
liquidity stress on account of cash flow mismatch arising out of
delays in receipt of debtors.

Rating sensitivities:

Positive Factors - Factors that could lead to positive rating
action/upgrade:

* Timely servicing of interest and principal repayment obligation
coupled with a delay free track record for a continuous period of
12 months.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: Due to delay in receipt of receivables,
the liquidity of the company has been strained due to cash flow
mismatch resulting in delay in debt servicing obligations, which
has been confirmed by the lenders.

* Leveraged capital structure: Capital structure marked by overall
gearing of GPL deteriorated significantly as on March 31, 2020.
Despite reduction in the total debt, overall gearing deteriorated
from 2.49x as on March 31, 2019 to 3.39x as on March 31, 2020
primarily on account of erosion of net worth due to exceptional
loss of INR445 crore recognized during FY20. Total outstanding debt
of GPL (including mobilization advance) as on March 31, 2020 stands
at INR3197.04 crore as against INR3316.21 crore as on March 31,
2019. Further, the debt coverage indicators marked by TDGCA and
interest coverage ratio have deteriorated significantly from 12.11x
and 2.05x during FY19 respectively to -10.68x and 1.45x during
FY20.

* High exposure in group companies/subsidiaries in form of loans &
advances and corporate guarantees: Majority of the group exposure
is in the form of investments, advances extended to the subsidiary
and associate companies. Such companies are involved in
development/have developed power projects, road BOT projects and
hotel which have a high gestation period and hence have resulted in
temporary blockage of funds. The exposure towards group companies
in the form of investments reduced significantly from INR1011.46
crore as on March 31, 2019 to INR562.26 crore as on March 31, 2020
due to recognition of loss on account of sale of investment in
Gayatri Energy Ventures Private Limited. Further, the company
extended loans and advances to subsidiaries/associate companies
amounting to INR209.29 crore as on March 31, 2020 (as against
INR320.78 crore as on March 31, 2019). The company also extended
corporate guarantees (CGs) towards loans availed by it group
companies. As on March 31, 2020, total outstanding corporate
guarantee stood at INR2690.08 crore (which was reduced from
INR3082.58 crore).

Key Rating Strengths

* Significant experience and track record of promoters in execution
of construction contracts: Gayatri Projects Ltd (GPL) is a civil
construction company with over four decades of experience in
executing various infrastructure projects. GPL, an ISO 9001 –
2000 company, is engaged in execution of major civil works
including Concrete/Masonry Dams, Earth Filling Dams, National
Highways, Bridges, Canals, Aqueducts, Ports, etc. The clientele of
the company includes various state government departments. GPL has
successfully completed Construction / Maintenance/ Widening of more
than 1,900 Km of highways, 1,250 Km of Irrigation projects along
with several other projects of dams & reservoir and industrial
buildings etc.

* Healthy and geographically diversified order book position with
long term revenue visibility: GPL has a healthy and diversified
order book of INR12,040 crore as on September 30, 2020 (as against
INR16,625.65 crore as on December 31, 2018), which translates to
4.39x of gross billing of FY20 providing long term revenue
visibility. The current work orders of the company are spread
across 13 states, however, mainly concentrated in Uttar Pradesh
(19%) followed by Andhra Pradesh (16.14%), Odisha (15.36%) and
Maharashtra (12.74%). Though the order book is diversified into
various sectors such as roads, irrigation, industrial works and
mining, the roads sector and irrigation sector contributes 65% and
29% respectively of the total order book.

Liquidity Position: Stretched

The liquidity position of the company stands stretched on account
of delays in receipt of receivables leading to cash flow mismatch
resulting in delays in debt servicing.

Gayatri Projects Limited (GPL) has been promoted by Dr T. Subbarami
Reddy, while the day-to-day management of the company is currently
undertaken by his son and Managing Director Mr. T. V. Sandeep Kumar
Reddy. GPL is a prominent infrastructure construction company with
over four decades of experience in executing various infrastructure
projects, especially in road and irrigation segment. GPL, an ISO
9001 – 2000 company, is engaged in execution of major Civil Works
including Concrete/Masonry Dams, Earth Filling Dams, National
Highways, Bridges, Canals, Aqueducts, Ports, etc. It specializes in
engineering, procurement and construction (EPC) of road, irrigation
and industrial projects across India. GPL has healthy and
diversified order book of INR12,040.91 crore as on September 30,
2020 (as against INR16,625.65 crore as on December 31, 2018), which
translates to 4.39x of gross billing of FY20 providing long term
revenue visibility.


GEES EPC SERVICES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: GEES EPC Services Private Limited
        Office Space No. 95
        10th Cross Street
        Senthil Nagar, Kolathur
        Chennai Tamilnadu 600099
        IN

Insolvency Commencement Date: February 25, 2021

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Solomon Rajosh Joyasingh

Interim Resolution
Professional:            Solomon Rajosh Joyasingh
                         No. 2 Balaraman Street
                         Guduvancheri
                         Kancheepuram District
                         Chennai 603202
                         E-mail: cirp.geesepc@gmail.com
                                 ip.solomonrajeshj@gmail.com

Last date for
submission of claims:    March 18, 2021


JIN PLAST: CRISIL Withdraws B- Rating on INR5cr Cash Loan
---------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Jin Plast India Limited (JPIL) 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.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B-/Stable (Rating
                                    Reaffirmed and Withdrawn)

   Letter of Credit       1         CRISIL A4 (Issuer Not
                                    Cooperating)

   Long Term Loan         2         CRISIL B-/Stable (Rating
                                    Reaffirmed and Withdrawn)

CRISIL Ratings has been consistently following up with JPIL for
obtaining information through letters and emails dated December 31,
2019 and June 17, 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 JPIL. 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 JPIL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
JPIL to 'CRISIL B-/Stable/CRISIL A4 Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
JPIL 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.

Incorporated in 1995 as a closely held public limited company, JPIL
is engaged in manufacturing of plastic crates and furniture.


K K POLYCOLOR: CARE Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of K K
Polycolor Asia Limited (KKPAL) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.04      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Short Term Bank       8.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KKPAL to monitor the ratings
vide e-mail communications/letters dated October 21, 2020, November
3, 2020, November 25, 2020 January 8, 2021, February 18, 2021 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. Further, KKPAL has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on KKPAL's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING. Further, banker could
not be contacted.

Detail descriptions of the key rating drivers

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in the
account as observed through various instances of delays in debt
servicing of the company. There is continuous overdrawal for more
than 30 days observed in the cash credit account. This apart, there
are ongoing delays in repayment of term loan.

* Impact on Novel COVID-19: The government of India has allowed the
entities engaged manufacturing commence operations from May 15,
2020 after the lockdown imposed on March 24, 2020 onwards. Hence,
the company started operation gradually from May 15, 2020
onwards. The entity maintaining proper safety arrangements in its
business premises adhering to government guidelines.

K K Polycolor Asia Limited (KKPA) was incorporated during May 2009
to be engaged in manufacturing of plastic based products like
calcium compounds and color masterbatch. The company set up its
manufacturing unit at Alampur in Howrah district of West Bengal
with an installed capacity of 10,000 Metric Tonnes Per Annum
(MTPA). The manufactured products are used as major raw materials
in plastic products manufacturing units for coloring and
flexibility. The day-to-day affairs of the company are looked after
by Mr. Kishore Kumar Ladha, Managing Director, with adequate
support from the other two directors and a team of experienced
personnel.


KAYNES TECHNOLOGY: CRISIL Withdraws D Rating on INR4.69cr Loans
---------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Kaynes Technology India Private Limited (KTIPL) on the request of
the company and after receiving no objection certificate and no due
certificate from the banks. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan facilities
and debentures.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bill Discounting        2       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Term Loan               2.69    CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with KTIPL for obtaining
information through letters and emails dated November 06, 2020 and
November 11, 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
failed to receive any information on either the financial
performance or strategic intent of KTIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KTIPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation, Based
on the last available information, the rating on non convertible
debentures of KTIPL continues to be 'CRISIL D Issuer Not
Cooperating'.

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

KTIPL was set up as a sole proprietorship of Mr. Ramesh Kanan in
1988, and reconstituted as a private limited company in 2008. The
company is primarily engaged in turnkey manufacturing of printed
circuit board (PCB) assemblies, and also offers end-to-end services
for PCBs. It has seven manufacturing facilities, one design
services facility, and two service centres.


KIRAN GLOBAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Kiran Global Chem Limited
        R.S.No. 37, Nagore Road
        T.R. Pattinam, Karaikal
        PY 611002
        IN

Insolvency Commencement Date: March 5, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 1, 2021

Insolvency professional: Tharuvai Ramachandran Ravichandran

Interim Resolution
Professional:            Tharuvai Ramachandran Ravichandran
                         3F Sai Kiran Apartments, 3rd Floor
                         7 First Main Road
                         Kasturibai Nagar
                         Chennai 600020
                         E-mail: kiranglobalcirp@gmail.com
                                 trravichandran@yahoo.com

Last date for
submission of claims:    March 20, 2021


MAGDHA CREATIVE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Magdha Creative Merchant LLP

        Registered office:
        4, Umiya Niwas
        Old Maneklal Estate
        Ghatkopar (West)
        Mumbai 400086
        Maharashtra

        Administrative office:
        607, Filix Commercial Tower
        Opp. Asian Paints
        LBS Marg, Bhandup (West)
        Mumbai 400078

Insolvency Commencement Date: March 5, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 1, 2021

Insolvency professional: Shyam Sundar Kasera

Interim Resolution
Professional:            Shyam Sundar Kasera
                         B-402, La Chappelle CHS
                         Evershine Nagar
                         Near Ryan International School
                         Malad (West)
                         Mumbai 400064
                         E-mail: shyamkasera551@gmail.com
                                 cirp.magdha@gmail.com

Last date for
submission of claims:    March 23, 2021


PRAYOSHA JEWELLERS: CRISIL Withdraws B Rating on INR6cr Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Shree Prayosha Jewellers (SPJ) 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.

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

CRISIL Ratings has been consistently following up with SPJ for
obtaining information through letters and emails dated February 27,
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 SPJ. 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 SPJ is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
SPJ to 'CRISIL B/Stable Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
SPJ 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.

SPJ, established as a partnership firm in 2013, is in the jewellery
retail business. It runs two showrooms in Rajkot.


PROVOGUE PERSONAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Provogue Personal Care Private Limited
        105/106, Provogue House
        Off New Link Road
        Andheri (W)
        Mumbai 400053

Insolvency Commencement Date: March 9, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 4, 2021

Insolvency professional: Vinod Kumar Pukhraj Ambavat

Interim Resolution
Professional:            Vinod Kumar Pukhraj Ambavat
                         Room No. 40, 9/15 Morarji Velji Bldg
                         1st Floor, Dr. M.B. Velkar Street
                         Kalbadevi Road, Mumbai
                         Maharashtra 400002
                         E-mail: vinod.ambavat@ajallp.com

                            - and -

                         A/301, 3rd Floor, Kanakia Zillion
                         Junction of LBS Road & CST Road
                         BKC Annexe, Kurla (West)
                         Mumbai 400070
                         E-mail: cirp.provogue0903@gmail.com

Last date for
submission of claims:    March 23, 2021


PULIMOOTTIL SILKS: CRISIL Withdraws B+ Rating on INR6cr Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Pulimoottil Silks and Apparel Private Limited (PSAPL) 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.

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

   Long Term Loan        3        CRISIL B+ /Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Proposed Long Term    5        CRISIL B+ /Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Withdrawn)

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

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

Detailed Rationale

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

CRISIL Ratings has withdrawn its rating on the bank facilities of
PSAPL 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.

Analytical Approach

The ratings have been arrived at considering PSAPL on a standalone
basis as the group entity Pulimoottil Silks Thrissur (PST) is being
independently managed and there exist minimal financial
fungibilities with group Company.

Established in 2013 PSAPL is a Kerala based company engaged in
retailing of silk sarees and ready-made garments. The operations
are managed by Mr. Stephen Chacko, Mr. Abraham Chacko, and Mr. John
Chacko.


RADIANT POLYMERS: CARE Moves D on INR75cr Debt to Not Cooperating
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Radiant
Polymers Private Ltd (RPPL) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible      75.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RPPL to monitor the
rating(s) vide e-mail communications/letters dated February 11,
2021, February 24, 2021 among others and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Radiant Polymers Private Limited's instruments will now
be denoted as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings take into account the delays in servicing of interest
obligation on its Non-Convertible Debentures from August 2020 to
January, 2021 by the company attributable to its stretched
liquidity position and business disruptions caused by Covid-19
pandemic. The rating is further constrained by leveraged capital
structure, weak financial risk profile, elongated working capital
cycle and highly competitive and fragmented nature of industry. The
ratings however drive strength from experienced promoters, reputed
clientele, diversified revenue streams in automotive segment and
lighting.

Detailed description of key rating drivers

At the time of last rating on August 19, 2020 the following were
the key rating strengths and weaknesses:

Key Rating Weaknesses

* Stretched liquidity: Disrupted business operations owing to
outbreak of Covid-19 pandemic and stretched receivables has further
aggravated the liquidity woes of the company. The monthly interest
payment on the Non-Convertible Debentures during the period April
2020 to July 2020 was met largely through available Debt Service
Reserve Account (DSRA) in form of fixed deposits marked under lien
by the lender. The company had requested for a moratorium of
interest payment along with re-scheduling semi-annual principal
repayment which were slated to commence from September 2020.
However, in absence of timely approval of moratorium on NCD by the
lender prior to the due date of interest payment has led to the
default. The company reported cash loss of INR1.05 crore in FY19.
The repayment due in FY21 (semi-annual) as per original sanction
are to the tune of INR7.50 crore.

* Moderate scale of operations with low operating profit: The total
operating income of the company stood moderate at INR199.00 cr in
FY19 (refers to the period from April 1 to March 31) (Rs. 200.47
cr. In FY18) owing to the slowdown in the automobile sector, which
is the major off-taker for the company. The PBILDT margin of the
company has improved in FY19 however stood low at 4.67% (PY: 1.69%)
on account of intense competition and fluctuating price of the
major raw material. The Net loss of the company during FY19 stood
at INR4.37 crore (PY: net loss of INR5.64 cr). The losses incurred
mainly because of huge interest cost.

* Leveraged capital structure with moderate debt protection
metrics: The capital structure of the company remained leveraged
because of eroded net worth base and stood at negative INR4.92
crore as on March 31, 2019, on account of continuous losses over
the past few years. The company has refinanced all of its working
capital facilities with NCD of INR75.00 crore. However, the NCD is
being raised at higher interest rate leading to higher interest
outflow and lower interest coverage. Further, given the lower
profitability and high repayment of INR7.50 crore during FY21 and
INR15.00 crore in FY22, the long-term solvency position appears
weak.

* Elongated working capital cycle: The business of RPPL is marked
by large working capital requirements in view of its elongated
inventory holding of INR24.31 crore as on March 31, 2019 (Rs. 19.42
crore in FY18) as the company has to maintain adequate amount of
inventory in line with the production schedules of the OEMs, also
major part of raw material is imported from abroad and therefore
lead time is also required to be taken in consideration while
placing an order. However, the working capital requirement is
partially backed by credit period availed from its supplier of
about 76 days in FY19 (PY: 69 days).

* Highly competitive and fragmented nature of the industry: The
plastic components industry is highly fragmented with a large
number of small to medium scale organized and unorganized players
owing to low entry barriers with no visible differentiators in
product profile. High competition in the operating spectrum and
moderate size of the company limits the scope for margin
expansion.

Key rating Strengths:

* Experienced promoters with long and satisfactory track record of
operations: RPPL started its operation of manufacturing of plastic
engineering moulded components in 1988. RPPL is jointly managed by
Mr. Nalin Bahl and Mr. Kumud Jayee with both having experience of
over three decades in the industry. Mr. Nitin Bahl an MBA from IIM
Calcutta by qualification currently looks after the routine
operations and holds the position of Chief Executive Officer. The
promoters are well supported by a team of professionals for each
department like procurement, production, marketing, finance and
administration.

* Diversified Revenue Streams in automotive segment and lighting:
RPPL has diversified revenue streams with majority of their revenue
coming from the plastic components manufactured for automotive
segment. RPPL further has an established relationship with leading
4 wheeler and 2 wheeler players from which it has been getting
repeat orders. RPPL has also ventured into lighting segment and is
a supplier to major players such as Havells India Limited (rated
CARE AAA; Stable/CARE A1+) and Surya Roshni Limited (CARE A+;
Stable/ CARE A1). The lighting segment has contributed 19.52% to
the overall revenue of the company in FY19 (PY: 12.94%).

Radiant Polymers Private Ltd (RPPL) was incorporated on August 5,
1988 by Mr. Nalin Bahl and Ms. Kumud Jayee. Both the promoters have
over three decades of experience in the business of molded plastic
components. RPPL has been engaged in manufacturing of plastic
molded components and draws majority of revenue from automotive
industry. RPPL is also engaged in the production of lighting
components which majorly involves components for LED lamps.

The major product profiles include: Engine cooling products,
automotive engineering products and gear shifting assemblies,
pedals and engine transmission which is supplied directly to the
OEMs. In addition, some sales are also made to Tier I auto
ancillaries that further supply to other OEMs. RPPL has five
manufacturing facilities: 2 in Ghaziabad (Uttar Pradesh) and one
each in Uttarakhand, Rajasthan and Gujarat. During FY19, RPPL has
generated ~97% of its revenue from the domestic market and
remaining ~3% from overseas. RPPL exports its products in the
countries like Argentina, Dubai, Japan, China, etc.


RAJHANS FERTILIZERS: CRISIL Cuts Rating on INR4cr Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank loan
facilities of Rajhans Fertilizers Limited (RFL) to 'CRISIL D/CRISIL
D' from 'CRISIL B-/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Exchange      0.2        CRISIL D (Downgraded from
   Facility                         'CRISIL A4 ')

   Letter of Credit      4.0        CRISIL D (Downgraded from
                                    'CRISIL A4 ')

   Proposed Long Term    0.8        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B-/Stable')

The downgrade reflects recent instances of devolvement of letter of
credit and the facility remaining unpaid for more than 30 days from
devolvement. This was due to poor liquidity which was owing to
stretch in working capital cycle.

The ratings also reflect RFL's below average financial risk profile
and modest scale of operations. These rating weaknesses are
partially offset by a comfortable business risk profile marked by
strong product offering and the extensive experience of its
promoters in manufacturing of agrochemicals.

Key Rating Drivers & Detailed Description

Weaknesses:

* Devolvement of letter of credit and the amount remaining unpaid
for more than 30 days from devolvement: There has been recent
instance of devolvement of letter of credit and the facility
remaining unpaid for more than 30 days from devolvement. This was
due to poor liquidity which was owing to stretch in working capital
cycle.

* Below average financial risk profile: RFL's financial risk
profile is below average marked by its low net worth of INR0.80
crore as on March 31, 2020 and constrained debt protection metrics
as reflected in interest coverage of 1.35 times and Net Cash
Accruals to Adjusted debt (NCAAD) of 0.06 time in fiscal 2020.
Gearing was 1.11 times as on March 31, 2020.

* Modest scale of operations: With an operating income of INR7.39
crore in fiscal 2020, the scale of operations remains modest.

Strengths:

* Comfortable business risk profile marked by strong product
offering: RFL's main product Nogerma, which is an anti-sprouting
agent has been developed post research of around 10 years. There is
a strong demand for this product in India given its residue levels.
Additionally, the company has also started tapping opportunities in
the export markets. CRISIL believes that limited competition for
this product will continue to support the overall business risk
profile of RFL.

* Extensive experience of its promoters: Promoters' qualification
and expertise in the agriculture sector is expected to provide
significant business support to RFL's business risk profile. The
knowledge and experience of promoter has led to company acquiring
reputed clientele like Pepsico India Holding Pvt Ltd, McDonald's
India Pvt Ltd, etc.

Liquidity: Poor

Liquidity is poor as reflected in recent instance of devolvement of
LC facility and the facility remaining unpaid for more than 30
days. The cash accruals though modest, expected at INR0.1-0.2 crore
per fiscal, however are against nil repayment. The liquidity is
however partially supported by unsecured loans of INR0.51 crore, as
on March 31, 2020 and the same are from promoters.

Rating Sensitivity factors

Upward Factors:

Track record of timely servicing of debt for at least 90 days
Increase in revenue and operating margins leading to improvement in
cash accruals, and in turn improving the financial risk profile

Promoted by Mr. Brijesh Shukla, the company is into manufacturing
of agrochemicals. Its main product is Nogerma that is an
anti-sprouting agent.


RAMKY WAVOO: CRISIL Reaffirms B Rating on INR10cr Term Loan
-----------------------------------------------------------
CRISIL has reaffirmed its ratings on the long term bank facilities
of Ramky Wavoo Developers Private Limited (RWDPL) at 'CRISIL
B/Stable'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Term Loan     10         CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the geographical concentration in
revenue, susceptibility to risks inherent in the Indian real estate
industry and its below average financial risk profile. These
weaknesses are partly offset by extensive experience of the
promoter in the real estate sector.

Key Rating Drivers & Detailed Description

Weaknesses:

* Geographical concentration in revenue: The entire revenue is
derived from Chennai, and the company is susceptible to changes in
local laws and economic cycles in the region.

* Susceptibility to risks inherent in the Indian real estate
industry: The real estate sector in India is cyclical and has
volatile prices, opaque transactions, and a highly fragmented
market structure because of the presence of several regional
players. Moreover, multiplicity of property laws and
non-standardised government regulations are likely to affect the
tenure of project execution. The risk is compounded by aggressive
completion timelines and shortage of manpower (project engineers
and skilled labour) in this sector. Absence of regulatory
certifications on land titles exposes real estate developers to
legal risks. Also, high transaction costs discourage the
development of a robust secondary market, leading to pressure on
liquidity.

* Below average financial risk profile: The financial risk profile
is marked by moderate reliance on bank borrowing to fund projects,
and modest liquidity because of promoter fund support and expected
cash flow from unsold inventory in previous projects. The gearing
was at 3.69 times as on March 31, 2020

Strengths:

* Extensive industry experience of the promoter: The promoter's
experience of over 20 years and an established market position in
the real estate sector in Chennai should continue to support the
business risk profile.

Liquidity: Stretched

Liquidity is stretched constrained by susceptibility to risks
related to a slowdown in the flow of customer advances. The company
is likely to realise around INR60-70 crore per fiscal between
fiscals 2021 and 2022, which should suffice to meet construction
funding requirement and debt obligation. However, any delay in sale
of flats or realisation of customer advances, due to a sharp
slowdown in the real estate sector, can adversely affect liquidity.
This will be mitigated by the loan that the company plans to take
of INR40 crore.

Outlook: Stable

CRISIL believes RWDPL will continue to benefit from the extensive
industry experience of its promoter.

Rating Sensitivity factors

Upward factors:

* Significant improvement in cash flows supported by better than
expected bookings and better construction progress

* Improvement in cash buffer ratio to more than 2.00 times

Downward factors

* Impact on the cash flow due to lower than expected bookings
Decline in cash buffer ratio to less than 1.0 times

RWDPL, promoted by Mr. W S Habib, develops real-estate in Chennai.
It has developed four projects so far.


RATHAM FARMS: CARE Moves D on INR6cr Loans to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Ratham
Farms and Feeds (RFF) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RFF to monitor the rating
vide e-mail communications dated February 25, 2021 and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided the requisite information for monitoring the
rating. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the rating.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of best available information which however, in
CARE's opinion is not sufficient to arrive at fair rating. The
rating on Ratham Farms and Feeds bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on February 21, 2020, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* On-going delays in debt servicing: The banker confirmed that
there were delays in serving the principle and interest commitments
and also overdrawals in cash credit facility.

Ratham Farms and Feeds (RFF) was established in the year 1990 by
Mr. Krishnasamy Ramesh Kumar. The proprietor has more than two
decade of experience in poultry business. The firm is engaged in
farming of egg, laying poultry birds (chickens) and trading of
eggs, cull birds & their Manure. The firm mainly buys chicks from
Venkateshwara Hatcheries, TamilNadu and raw materials for feeding
of birds like broken rice, maize, sun flower oil cake, shell grit,
minerals and soya from Mahindra Feeds and other local suppliers.
The firm sells all its products like eggs and cull birds to
retailers located at Kerala through own sales personnel and
dealers.


SANGHAVI EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sanghavi
Exports International Pvt. Ltd. (SEIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       544.50     CARE D; ISSUER NOT COOPERATING
   Facilities                      Issuer not cooperating; Based
   (Fund Based)                    on best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 23, 2017, placed the
rating(s) of SEIPL under the 'issuer non-cooperating' category as
SEIPL had failed to provide information for monitoring of the
rating. SEIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, letter
dated February 11, 2021, February 5, 2021, January 29, 2021,
January 6, 2021 and December 23, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

The ratings take into account the ongoing delays in debt
servicing.

Detailed description of the key rating drivers

At the time of last rating on November 19, 2019, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Ongoing delays in debt servicing: The rating has been reaffirmed
on account of the ongoing delays in debt servicing of the company
as informed by the lenders.

Sanghavi Exports International Pvt. Ltd (SEIPL) was established as,
a partnership firm in 1984 by the late Mr. Vasantlal R. Sanghavi,
Mr. Kirtilal R. Sanghavi, Mr. Rameshchandra R Sanghavi and Mr.
Chandrakant R Sanghavi (Chairman). In April 2007, the firm was
converted to a private limited company. SEIPL is engaged in the
business of processing and exports of cut and polished diamonds.
The company also undertakes trading of diamonds on a limited scale.
SEIPL's manufacturing facility is located at Surat, Gujarat with a
staff strength of 1500 workers and employees. The company currently
does not enjoy any direct sourcing arrangement for rough diamonds
from mining companies. Hence, rough diamonds are procured from
intermediaries majorly from Belgium, Dubai and Hong Kong. Polished
diamonds are exported mainly to Hong Kong, USA and Dubai.


SIDHARTHA BUILDHOME: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Sidhartha Buildhome Private Limited
        Shop No. 1 & 4, Local Shopping Center
        Pushp Vihar, Madangir
        Delhi, New Delhi 110062

Insolvency Commencement Date: March 4, 2021

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

Estimated date of closure of
insolvency resolution process: August 31, 2021
                               (180 days from commencement)

Insolvency professional: Devendra Singh

Interim Resolution
Professional:            Devendra Singh
                         ATS Greens Paradiso
                         Flat No. 02054, Tower-2
                         Plot No. GH-03, Sector-CHI-04
                         Greater Noida, Uttar Pradesh 201308
                         E-mail: dev_singh2006@yahoo.com

                            - and -

                         D-54, First Floor
                         Defence Colony
                         New Delhi 110024
                         E-mail: cirp.sbpl@gmail.com

Classes of creditors:    Home Buyers under the Real Estate Project
                         Financial Creditr in a class

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Yogesh Kumar Gupta
                         C-17B, Basement
                         Kalkaji, New Delhi
                         Delhi 110019
                         E-mail: ykgupta64@yahoo.co.in

                         Mr. Dharmendra Kumar
                         92 C, DDA Pocket-IV
                         Mayur Vihar Phase-1
                         New Delhi
                         National Capital Territory of Delhi
                         110091
                         E-mail kumard36@hotmail.com

                         Ms. Harmeet Kaur
                         J 5/1, Krishna Nagar, East
                         National Capital Territory of Delhi
                         110051
                         E-mail: harmeet.hrk@gmail.com

Last date for
submission of claims:    March 24, 2021


TECUMSEH PRODUCTS: CRISIL Withdraws B+ Rating on INR135cr Loans
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank loan
facilities of Tecumseh Products India Pvt Ltd (TPIPL) and
subsequently withdrawn the rating at the company's request and on
receipt of the No-Objection certificate from the bankers. The
rating action is in line with CRISIL Ratings' policy on withdrawal
of bank loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            63        CRISIL B+/Stable (Rating
                                    Reaffirmed and Withdrawn)

   Proposed Long Term     72        CRISIL B+/Stable (Rating
   Bank Loan Facility               Reaffirmed and Withdrawn)

Incorporated in 1997, TPIPL manufactures a wide range of
compressors used in room air conditioners and household
refrigerators. It is a wholly-owned subsidiary of the US-based TPC.
Incorporated in 1934, TPC is a global player in the
air-conditioning and refrigeration industry, with manufacturing
facilities in the US, Brazil, France, and India; assembly plants in
Canada, Mexico, and Malaysia; and a joint venture in China.

TPC entered India in 1997, through dual acquisition of Shriram
Refrigeration Industries in Hyderabad, Andhra Pradesh, and the
compressor division of Whirlpool India Ltd at Ballabhgarh, Haryana.
The Hyderabad unit has been shifted to Ballabhgarh. The company
serves leading multinational brands in the air-conditioning and
refrigeration business in India, and exports to the Middle East,
the US, and other countries.


TEJASWINI ENGINEERING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Tejaswini Engineering Private Limited
        Plot No. 34, Nagarjuna Hills
        Punjagutta Hyderabad
        TG 500082

Insolvency Commencement Date: March 1, 2021

Court: National Company Law Tribunal, Visakhapatnam Bench

Estimated date of closure of
insolvency resolution process: August 28, 2021

Insolvency professional: Jagadees Kumar Morri

Interim Resolution
Professional:            Jagadees Kumar Morri
                         10-5-7, Sri Surya Complex
                         Sevasadan School
                         Ramnagar, Visakhapatnam
                         Andhra Pradesh 530013
                         E-mail: cajagadeesh@gmail.com

Last date for
submission of claims:    March 18, 2021


TORQUE AUTOMOTIVE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Torque Automotive Private Limited
        2nd Floor, Mrudul Tower
        B/h Times of India
        Ashram Road
        Ahmedabad 380009

Insolvency Commencement Date: February 24, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Parag Sheth

Interim Resolution
Professional:            Parag Sheth
                         404, Sachet-II
                         Opp. GLS University
                         Maradia Plaza Lane
                         C.G. Road
                         Ahmedabad 380006
                         E-mail: pksheth@hotmail.com
                                 cirp.torque@gmail.com

Last date for
submission of claims:    March 19, 2021


UTOPIAN SUGARS: CRISIL Lowers Ratings on INR100cr Loans to D
------------------------------------------------------------
CRISIL Ratings has removed its rating on the bank facility of
Utopian Sugars Limited (USL) from 'Rating Watch with Developing
Implications' and has downgraded the rating to 'CRISIL D' from
CRISIL C'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Sugar Pledge          13         CRISIL D (Downgraded from    
   Cash Credit                      'CRISIL C'; Removed from
                                    'Rating Watch with Developing
                                    Implications')

   Term Loan             87         CRISIL D (Downgraded from
                                    'CRISIL C'; Removed from
                                    'Rating Watch with Developing
                                    Implications')

USL's rating had been placed on watch with developing implications
as the company applied to its lenders in October 2020 for
restructuring of its term loans under the RBI announced one-time
debt restructuring (OTDR) of loans to corporates (subject to
certain conditions) amid the Covid-19 pandemic. The OTDR proposal
was rejected in February 2021. The company is yet to clear its
pending dues from December 2020 onwards and lenders have classified
the account as substandard. The company is facing liquidity and
cash flows issues due to slower sugar offtake and requirement to
pay the sugar cane farmers on time, which has led to delays in
repayments.

The rating reflect company's poor liquidity position due to cash
flow mismatches and weak financial risk profile because of weak
capital structure and subdued debt protection metrics, large
working capital requirement, and exposure to regulatory risks and
cyclicality in the sugar industry. These weaknesses are partially
offset by promoter's extensive experience in the sugar industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in debt servicing due to weak liquidity: There has been
recent instances of delay in repayment of term loan installments
because of weak liquidity amid constrained cash flows. Large
working capital requirements and limited cash inflow led to
liquidity strain. Because of liquidity strain, the debt repayment
ability has been impaired and is likely to remain low in near
term.

* Weak financial risk profile: The capital structure is leveraged
as reflected in gearing of 9.16 times as on March 31, 2020. The
leveraged capital structure is mainly on account of heavy reliance
on external debt to fund its distillery project and working capital
requirements and moderate networth of INR 23.70 crore as on March
31, 2020. Debt protection metrics is subdued marked by interest
coverage of 1.45 times and net cash accruals to total debt of 0.06
times in fiscal 2020.

* Large working capital requirement: Operations are working capital
intensive as the business is seasonal. Crushing season starts in
November and ends by April, leading to high inventory of 371 days
as on March 31, 2020. This higher level of inventory leads to
elongation in working capital cycle towards the fiscal end as
reflected in gross current asset days of 488 days as on March 31,
2020.

* Exposure to regulatory changes and cyclicality in sugar industry:
Regulatory mechanisms and dependence on monsoon cause cyclicality
in the sugar industry. The government regulates the domestic
demand-supply scenario by restricting import and export. While
input prices are determined by the government, sugar prices are
driven by open market prices, which depend on production. Operating
margin varied sharply in the three fiscals through 2020, because of
volatile sugar prices.

Strength:

* Promoter's extensive experience in sugar industry: Promoters'
extensive experience of more than 50 years in the sugar industry
and has established relationships with cane producers in its
command area. The production of electricity using bagasse (a
by-product in the production of sugar) supports the business risk
profile.

Liquidity: Poor

Liquidity remains poor due to constrained cash flows which has led
to delay in repayment of debt obligations. Cash accrual are
expected to be lower or very tightly matched against annual debt
obligation of INR14-15 crore over the medium term. Bank limit
utilisation has been almost full in recent months.

Rating Sensitivity factors

Upward factors:

* Track record of timely debt servicing for at least 90 days
* Sustained improvement in scale of operations and stable operating
margin, leading to accrual of more than INR20 crore consistently
* Improvement in financial risk profile

USL was incorporated in March, 2010 and is managed by Mr. Umesh
Paricharak and Mr. Mahesh Paricharak. The company processes sugar,
and molasses in Solapur, Maharashtra. It also has co-gen power
capacity. The company recently completed its distillery unit
project. The capacity of distillery unit is 45KLPD.


VYAPARAVIJAYAM TRADE: CRISIL Assigns B+ Rating to INR2cr LT Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Vyaparavijayam Trade & Agencies Pvt Ltd
(Vyaparavijayam).

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility        2       CRISIL B+/Stable (Assigned)

The rating reflects the small scale of operations of the company,
with geographical concentration and lack of diversity in the
resource profile. These weaknesses are partially offset by long
track record of operations and adequate capitalisation.

In light of the Covid-19 Regulatory Package provided by the Reserve
Bank of India, whereby lenders were permitted to grant moratorium,
CRISIL Ratings understands that the company does not have external
debt on its book and the borrowings are entirely from the directors
and group companies. Furthermore, the company did not grant
moratorium to its borrowers. As most of the portfolio consists of
gold loans, there was no significant impact on collections/recovery
related to adverse developments on account of the Covid-19
pandemic.

As far as liquidity is concerned, the company had total liquidity
of INR0.22 crore in the form of cash and bank balance as on
February 18th 2021. In terms of collections, company was able to
collect in the range of INR1.5-1.9 crore on monthly basis since
June 2020. Against this, the company has total repayments of
INR0.24 crore (including operating expense) during next 2 months
(i.e. February 2021 and March 2021).

Analytical Approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of Vyaparavijayam.

Key Rating Drivers & Detailed Description

Weakness:

* Small scale of operations with geographical concentration:
Vyaparavijayam is based out of Kerala and has presence only in the
Thrissur and Palakkad districts, thereby keeping its operations
geographically concentrated. Total assets of INR9.6 crore as on
December 31, 2020, reflect the small scale of operations. Size of
the loan book grew to INR8.7 crore as on December 31, 2020, from
INR7.9 crore as on March 31, 2020. The scale of operations will
likely remain small and the operations geographically concentrated
over the medium term.

* Lack of diversity in resource profile: The company is highly
dependent on loans from directors and group companies. There are no
external borrowings as on date. The cost of borrowing of the
company stood at 11.3% as on December 31, 2020. The management
plans to raise funds from banks. The company's ability to improve
its resource profile and raise bank loans will be critical to fund
future growth and, hence, will remain a key rating monitorable.

Strengths:

* Long track record of operations: The company has been operational
since 1987, and the promoters have been in the financing space for
more than two decades. However, in the initial 10 years of the
operations, the company was involved in hire purchase and shares
business, and hence, the gold loan operations are small in size.
The business benefits from the extensive experience of the chairman
and the board of directors and their strong understanding of the
geographies in which they operate; this helped the company scale up
operations and should continue to support the business.

* Adequate capital position: Capitalisation should remain adequate
for the current and expected scale of operations, as reflected in
networth of INR2.5 crore and gearing of 2.5 times as on December
31, 2020, compared with INR2.4 crore and 2.8 times, respectively,
as on March 31, 2020. Additionally, the company benefits from funds
from the directors, which can be renewed as and when required.
Despite internal accrual being relatively low, the capital position
has been adequate so far. The company has no equity infusion plans
over the medium term, but improvement in internal accrual should
provide additional benefit to the capital position, with gearing
expected at around 4 times over the medium term.

Liquidity: Stretched

The company had cash and bank balance of INR0.22 crore as on
February 18, 2021. Collections were INR1.5-1.9 crore on a monthly
basis since June 2020. Against this, the company had total
repayments of INR0.24 crore (including operating expense) in
February and March 2021. The company borrowings are entirely
through directors and group companies, and hence liquidity will
continue to be supported by timely, need-based funds from the
directors. Furthermore, given that the company's major focus will
continue to be towards the gold loan portfolio with a maturity
tenure of one year, the company is not expected to face any
liquidity issues over the medium term.

Outlook Stable

Capitalisation is likely to remain adequate over the medium term.
However, scale of operations is expected to remain modest and
geographically concentrated.

Rating Sensitivity factors

Upward factors

* Ability to significantly scale up the loan book and enhance
geographic diversity
* Proportion of gold loan portfolio above 85%
* Asset quality in terms of 90+ days past due maintained below 2%
on a sustained basis

Downward factors

* Weakening of asset quality, with gross non-performing assets
increasing to above 2%
* Stress on capitalisation, with significant increase in gearing to
beyond 4 times

Vyaparavijayam was incorporated in the 1987 by the district forum
of one of the largest associations of Kerala, Vyapari Vyavasayi,
which is involved in trading business in the Trichur and Palakkad
districts. The initial 10 years, the company operated in shares and
hire purchase business, and the gold loan proportion was very
miniscule at that point in time. As on December 31, 2020, the
outstanding portfolio of the company stood at INR8.7 crore compared
with 7.9 crore as on March 31, 2020, out of which gold loan
contributed 97% and business loans (loan against property) 3% to
the overall portfolio.


YUG INFRASTRUCTURES: CRISIL Lowers Rating on INR10cr Loan to D
--------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of Yug Infrastructures Pvt Ltd
(YIPL) to 'CRISIL B-/Stable/CRISIL A4; Issuer not cooperating'.
However, the management has subsequently started sharing the
information necessary for a comprehensive review of the ratings.
Consequently, CRISIL Ratings has downgraded its ratings to 'CRISIL
D/CRISIL D'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         10        CRISIL D (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Cash Credit             2        CRISIL D (Migrated from
                                    'CRISIL B-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      3        CRISIL D (Migrated from
   Bank Loan Facility               'CRISIL B-/Stable ISSUER NOT
                                    COOPERATING')

The rating action reflects overutilisation of the overdraft limit
for over 30 days in the third quarter of fiscal 2021 because of
weak liquidity. The company regularised the account on December 16,
2020, but liquidity continues to remain highly stretched with the
account remaining overdrawn in January and February 2021 for 8 days
and 1 day, respectively. Furthermore, the overdraft limit was fully
utilised during the rest of the month. Nevertheless, liquidity is
supported by unsecured loans from the promoters and promoter
companies, however, the same are not timely.  

Additionally, YIPL's performance has been adversely impacted in
fiscal 2021 on account of the nationwide lockdown imposed from
March 24, 2020, to contain the Covid-19 pandemic. This resulted in
stoppage of construction activity on all sites. While the lockdown
was partially relaxed from April 2020, issues around availability
of labour and raw material have impacted the operating performance
in fiscal 2021. Revenue for 11 months ended February 2021 was
around INR2.5 crore, against INR9.8 crore in fiscal 2020. Hence,
liquidity is expected to remain weak in the near term.

The ratings also reflect YIPL's small scale of operations, weak
financial risk profile with stretched working capital cycle, and
exposure to intense competition in the construction sector. These
rating weaknesses are partially offset by funding support from the
promoters.


Analytical approach

For arriving at the ratings, CRISIL Ratings has taken a standalone
view of YIPL. Unsecured loans from the promoters have been treated
as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in debt servicing because of weak liquidity

* Small scale of operations: Operating income has decreased to
INR9.8 crore in fiscal 2020, from INR21.8 crore in the previous
fiscal. This was on account of termination of the largest project
(in terms of value) in the order book. The current order book of
INR10.9 crore as on September 30, 2020 reflects low order
book-to-revenue ratio of 1.1 times. With limited visibility on
future revenue, the business risk profile is expected to remain
constrained over the medium term.

* Weak financial risk profile with stretched working capital cycle:
Total outside liabilities to tangible networth ratio was high at
6.25 times as on March 31, 2020, up from 6.02 times as on March 31,
2019. Debt protection metrics also remained weak, with interest
coverage ratio of 1.19 times in fiscal 2020 (1.22 times in the
previous fiscal). Furthermore, gross current assets (GCAs) were
very high at 782 days as on March 31, 2020 (310 days a year
earlier) on account of significant work-in-progress and receivables
related to the terminated Railways project leading to high
inventory and debtor days. The financial risk profile and working
capital cycle have further deteriorated in fiscal 2021 with revenue
declining sharply due to the impact of the pandemic. There was
overutilisation of the overdraft limit as a result of the stretched
cash flow position, during the fiscal. However, this has been
regularised now.  

* Exposure to intense competition: The construction industry in
India is fragmented and intensely competitive, with several players
executing small to mid-sized infrastructure projects. Competition
is intensified by low entry barriers. Additionally, the company's
presence is restricted because of the nascent stage of its
operations. Intense competition will continue to constrain the
business risk profile over the medium term.

Strength:

* Funding support from the promoters: The promoters have been
extending unsecured loans and are expected to continue providing
need-based support. The loans have increased to INR3.98 crore as on
March 31, 2020, from INR3.41 crore a year earlier. Additionally,
promoter funds were utilised to regularise the overutilisation of
the overdraft limit between September and December 2020. Timely
infusion of promoter funds, as and when required, will remain a key
rating sensitivity factor.

Liquidity: Poor

Cash accrual is barely sufficient to meet working capital
requirement. The bank limit has been fully utilised and cash and
cash equivalent was modest at INR2 crore as on March 31, 2020.
Furthermore, there were instances of overutilisation of the
overdraft limit during the current fiscal.

Rating sensitivity factors

Upward factors

* Track record of timely servicing of debt for at least six months
* Improvement in GCAs to below 300 days
* Improvement in liquidity position

Incorporated in 2013, YIPL is jointly and equally held by Mr. Varun
Gupta of the Suraj group, and Avon More Developers Pvt Ltd of the
Almondz group. The company executes civil contracts for industrial
projects, primarily on engineering, procurement and construction
basis. It is currently executing two projects, one each in Punjab
and Haryana.




=================
I N D O N E S I A
=================

TUNAS BARU: Moody's Lowers CFR to B1 & Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service has downgraded Tunas Baru Lampung Tbk
(P.T.)'s (TBLA) corporate family rating to B1 from Ba3. Moody's has
also downgraded the rating on the backed senior unsecured bond
issued by TBLA International Pte. Ltd., a wholly owned subsidiary
of TBLA, to B1 from Ba3.

At the same time, Moody's has revised the outlook to stable from
negative.

"The downgrade reflects our expectation that TBLA's capital
spending will remain high and continue to temper free cash flow
generation, thus keeping the company's credit metrics elevated,"
says Maisam Hasnain, a Moody's Analyst. "High capital spending amid
volatile operating cash flows has resulted in TBLA generating
negative free cash in four of the last five years, and this trend
will likely continue over the next 12-18 months."

"In addition, TBLA's rising short-term borrowings in recent
quarters has increased the company's susceptibility to liquidity
risk in stress scenarios such as in the event of unforeseen
operational disruptions or commodity price volatility," adds
Hasnain, who is also Moody's lead analyst for TBLA.

RATINGS RATIONALE

Moody's expects the company's planned capital spending of IDR1.0
trillion -- IDR1.2 trillion annually over the next two years will
continue to strain its ability to generate sufficient free cash
flow to reduce its debt and materially improve its credit metrics.

As a result, Moody's estimates that TBLA will maintain an adjusted
debt/EBITDA of around 4.0x, and an adjusted EBITA/interest of
around 2.0x over the next 12-18 months.

Additionally, TBLA's proportion of cash to short-term debt
(excluding its current portion of long-term debt) has declined
considerably over the last year, falling to 26% as of December 2020
from 91% as of December 2019.

TBLA initially drew down on its working capital facilities during
Q2 2020 to boost its cash balance to mitigate any unforeseen
operational risks arising from the coronavirus pandemic. However,
the company was unable to pay down these facilities due weak
operating cash flow generated during the year.

Despite TBLA cutting its dividend payout policy by half in order to
preserve cash, Moody's estimates TBLA's cash balance and projected
cash from operations will be insufficient to meet its projected
cash uses over the next 12-15 months, primarily due to its working
capital facilities.

While Moody's expects TBLA will maintain its track record of
rolling over these facilities given its long-term relationship with
many of its banks, the rise in short-term debt increases the
company's susceptibility to liquidity risk in the event of market
stress or operational setbacks.

Nonetheless, Moody's expects TBLA will continue to take a proactive
approach to refinancing its large debt maturities. This expectation
is embedded in the current B1 ratings and stable outlook.

The company is seeking shareholder approval to issue a US dollar
bond, the proceeds of which will likely be used to address its
large debt maturities during the first quarter of 2023, and which
Moody's regards as a positive credit development, should the
refinancing be completed as planned.

TBLA's resilient operations despite the pandemic will continue to
support its B1 ratings, with reported revenue and EBITDA in 2020
increasing around 27% and 20% to IDR10.9 trillion and IDR2.5
trillion, respectively, from the previous year, driven by solid
demand and higher prices for its products.

The favorable long-term domestic demand fundamentals of its dual
commodity business of palm oil and sugar will continue to support
TBLA's earnings growth over the next few years. For example, the
Indonesian government's plans to maintain and potentially increase
the mandatory biodiesel blending rate from the current 30% level
will support TBLA's biodiesel business, which generated around 25%
of its consolidated revenue in 2020.

At the same time, TBLA's B1 ratings incorporate the company's small
scale of operations with volatile operating cash flows, and
exposure to the cyclical nature of palm oil and sugar prices.

In terms of governance considerations, Moody's has considered
TBLA's financial policies around high capital spending which has
resulted in negative free cash flow, and the considerable increase
in its short-term debt maturities in recent quarters.

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

The stable outlook reflects Moody's expectation that TBLA will
effectively execute on its investment plans while growing its
earnings and rolling over its short-term debt maturities over the
next 12-18 months.

An upgrade of TBLA's ratings is unlikely over the next 12-18
months, given the recent downgrade.

Nonetheless, Moody's could change the outlook to positive if TBLA
(1) improves its liquidity such that its cash sources are
sufficient to meet its planned needs over the next 12 months, with
sufficient headroom remaining under its financial covenants; and
(2) generates positive free cash flow while improving its credit
metrics.

Specific indicators that Moody's will consider for a change in
outlook to positive include adjusted debt/EBITDA staying below 4.0x
and adjusted EBITA/interest expense above 2.75x, both on a
sustained basis.

Moody's could downgrade the ratings if (1) TBLA's liquidity
deteriorates, including any perceived delays in its refinancing of
its near-term debt maturities, a reduction in its undrawn credit
facilities, or a further reduction in headroom under its financial
covenants; (2) TBLA pursues aggressive financial policies,
including large debt-funded investments or shareholder returns; or
(3) palm oil and sugar prices or sales volumes decline, leading to
protracted weakness in TBLA's credit metrics.

Specific indicators for a downgrade include adjusted debt/EBITDA
above 5.0x or adjusted EBITA/interest expense below 2.0x, both on a
sustained basis.

The principal methodology used in these ratings was Protein and
Agriculture published in May 2019.

Headquartered in Jakarta and incorporated in 1973, Tunas Baru
Lampung Tbk (P.T.) (TBLA) is a producer of palm oil and sugar
products. As of December 2020, TBLA was 28%-owned by Sungai Budi
(P.T.) and 27%-owned by Budi Delta Swakarya (P.T.). These two major
shareholders are equally owned by Mr. Widarto, who serves as
executive chairman of TBLA, and Mr. Santoso Winata, who is
president commissioner of TBLA.




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

MYANMAR: Crackdown Forces Businesses to Make Stark Choice
---------------------------------------------------------
The Financial Times reports that business groups linked to General
Min Aung Hlaing's junta are bearing the brunt of a consumer and
employee boycott that is forcing foreign and local enterprises to
take sides in Myanmar's political crisis.

Since the military seized power last month in a coup, boycott
movements have proliferated against brands such as Myanmar Brewery
beer, made by an army-backed company in partnership with Japan's
Kirin, with some supermarkets, hotels and corner shops refusing to
sell the products, the FT relates.

"We don't sell any beer produced by the military or any of its
joint venture partners," the FT quotes Thaw Zin, who runs a rooftop
restaurant in the city and gave only a portion of his full name
because of the risk involved, as saying.  "We won't purchase or
sell products with any military money because we don't want to be
an accessory to a murderous regime."

The FT says police and troops have launched a violent crackdown
against the protests over the past week, killing at least 50 people
nationwide and bringing smoke and the sound of gunfire to Yangon,
the business capital.

Even before the boycott, companies were struggling with the
economic disruption caused by the protest movement, which has
prompted tens of thousands of civil servants and private sector
workers to walk off their jobs, paralysing the banking system, the
FT states.

As the conflict draws sharper lines within society, businesses are
confronting tough choices on how to communicate their positions
and, for some foreign concerns, whether to stay in the country at
all, according to the FT.

"Any company operating in Myanmar will have to ask whether it makes
sense for them to be there, and what kind of risks they face,
including human rights risk," the report quotes Romain Caillaud, a
Tokyo-based risk and reputation consultant formerly based in
Myanmar, as saying.

"And they will have to look at where their local partners sit in
this evolving political context, and whether they are fully
aligning themselves with the State Administrative Council [as the
junta is known] or with the protesters, or are putting themselves
in between."

According to the FT, the Union of Myanmar Federation of Chambers of
Commerce and Industry, the country's main business lobby group,
faced a backlash and calls for a boycott last month after its
senior members met Min Aung Hlaing two days after the coup.

The FT relates that the chamber defended itself against accusations
that its secretariat had forced employees who supported a general
strike back to work before closing its headquarters until further
notice.

The FT says some of Myanmar's biggest local and foreign investors
signed a public statement that tread a delicate line between
supporting peaceful protests and calling for a cooling of the
conflict that has disrupted business.

The signatories, including shipping line Maersk, Coca-Cola, ENI,
Total and telecoms groups Ooredoo and Telenor, said they had
watched developments since the coup "with growing and deep concern"
and hoped for a "swift resolution of the current situation based on
dialogue and reconciliation in accordance with the will and
interests of the people of Myanmar," the FT relays.

Earlier in March, the American and European Chambers of Commerce in
Myanmar and the Italy Myanmar Business Association issued a blunter
statement, saying that they had been invited to meet
representatives of the military government but had "declined all
invitations". The chambers' French and British counterparts said
they "endorsed" the message.

The FT says international rights organisations had pressured
Myanmar's civilian government and foreign companies in recent years
to cut ties with military-backed groups because of the Tatmadaw's
violent campaign against Rohingya Muslims and other minorities. The
overthrow of Aung San Suu Kyi's administration appeared to have
focused some companies' objectives.

"The commercial prospects for businesses will depend heavily on
their approach to the new regime," the FT quotes Jared Bissinger, a
development economist focused on Myanmar, as saying. "The risk of
boycotts or losing international clients is now much greater for
businesses with a military connection."

Kirin, one of global campaigners' main targets because of its beer
joint ventures with military-backed Myanmar Economic Holdings, said
it would withdraw from the partnerships the same week as the coup,
the FT relays.

Other multinationals' operations have come under greater scrutiny
even if they do not have direct partnerships with the junta, the FT
notes.




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

CHINA GREAT: First Creditors' Meetings Set for March 26
-------------------------------------------------------
China Great Land Holdings Ltd will hold a meeting for its creditors
on March 26, 2021, at 11:00 a.m., via video-conference and/or
tele-conference.

Agenda of the meeting includes:

   a. to receive a full statement of the company's affairs
      together with a list of creditors and the estimated amount
      of their claims;

   b. to confirm the appointment of the Liquidators; and

   c. to appoint a Committee of Inspection ("COI").

Tan Wei Cheong -- wtan@deloitte.com -- and Andrew Grimmett --
agrimmett@deloitte.com --of Deloitte were appointed as Provisional
Liquidators of the company on Feb. 26, 2021.


MERCATOR INTERNATIONAL: Court to Hear Wind-Up Petition April 9
--------------------------------------------------------------
A petition to wind up the operations of Mercator International Pte
Ltd will be heard before the High Court of Singapore on April 9,
2021, at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on March 10,
2021.

The Petitioner's solicitors are:

         Shook Lin & Bok LLP
         1 Robinson Road
         #18-00 AIA Tower
         Singapore 048542



XIHE HOLDINGS: Unit Creditors' First Meeting Set for March 31
-------------------------------------------------------------
Creditors of Xin Hui Shipping (Pte) Ltd will hold their first
meeting on March 31, 2021, at 10:00 a.m., at the offices of Grant
Thornton Singapore, 8 Marina View, #40-04/05, Asia Square Tower 1,
in Singapore.

To entitle creditors to vote thereat, any proof of debt, if not
previously lodged, must be received by the judicial managers at the
address or email address listed below by no later than 5:00 p.m.
(SG time) on March 24, 2021, irrespective of the means chosen to
lodge the proof of debt.

All copies of the prescribed proxy forms may be requested from the
Judicial Managers at their address stated below or via e-mail at
the email between 9:00 a.m. to 5:00 p.m. on Mondays to Fridays.  In
order for the proxy to be able to attend and vote at the first
meeting of creditors, all proxy forms must be accurately and
correctly completed when received by the judicial managers at the
stipulated time and address.

The Judicial Managers may be reached at:

   Seshadri Rajagopalan
   Paresh Jotangia
   c/o Grant Thornton Singapore Private Limited
   8 Marina View
   #40-04/05 Asia Square Tower 1
   Singapore 018960
   E-mail: xihe.ijm@sg.gt.com

Xin Hui Shipping Pte Ltd is a subsidiary of the Lim family owned
XiHe Holdings.

Seshadri Rajagopalan and Paresh Jotangia of Grant Thorton were
appointed joint judicial managers of the company in Dec. 2020.

Xihe Holdings is a Singapore-based tanker shipowner. The exempt
private company owned by Hin Leong founder OK Lim and his son, has
been placed under interim judical managers (IJMs), after more
creditors threw their support behind OCBC Bank's application to
take control over Xihe's restructuring out of the Lim family's
hands, according to The Business Times.

A Singapore High Court appointed Grant Thornton Singapore as IJMs
for Xihe Holdings during a chambers hearing on Aug. 13, 2020, BT
said.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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