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

                     A S I A   P A C I F I C

          Thursday, March 18, 2021, Vol. 24, No. 50

                           Headlines



A U S T R A L I A

BSC SOLAR: First Creditors' Meeting Set for March 25
CARBONCOR AUSTRALIA: First Creditors' Meeting Set for March 25
GLOBAL BRANDS: First Creditors' Meeting Set for March 25
GROCON GROUP: Loans to Daniel Grollo Top AUD90 Million
PEPPER I-PRIME 2021-1: S&P Assigns Prelim. B Rating on F Notes

T&L PRODUCE: First Creditors' Meeting Set for March 25
[*] AUSTRALIA: Small Business Failures Expected to Rise


C H I N A

ANTON OILFIELD: Fitch Withdraws 'B' LT Issuer Default Rating
FUJIAN YANGO: S&P Assigns B- Rating on USD Sr. Unsec. Notes
HNA GROUP: Businesses Highly Chaotic, Chinese Court Says


I N D I A

AARVEE INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
ABHISHEK SOLVENT: CRISIL Keeps B+ Debt Rating in Not Cooperating
ADACHI NATURAL: CRISIL Lowers Rating on INR6.5cr Cash Loan to B
ADITI INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
ADVANCE CROPCARE: CRISIL Keeps B+ Debt Ratings in Not Cooperating

AGASTHYACODE RUBBER: CRISIL Maintains D Rating in Not Cooperating
AGRAWAL TECHNICAL: Ind-Ra Keeps BB- Loan Rating in Non-Cooperating
AIRTEC ELECTROVISION: CRISIL Cuts Rating on INR8cr Loan to B
ALLIANCE VITRIFIED: CRISIL Keeps B+ Ratings in Not Cooperating
AMRIT CEMENT: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'

ANANDA SAW: CRISIL Keeps B- Debt Ratings in Not Cooperating
ASHOKA KRAFT: CRISIL Keeps B Debt Ratings in Not Cooperating
ASHOKA MANUFACTURING: CRISIL Keeps D Ratings in Not Cooperating
ASIAN THAI: CRISIL Keeps B Debt Rating in Not Cooperating
AURO MIRRA: CRISIL Lowers Rating on INR11cr Loans to B

AUTO CZARS: CRISIL Keeps B- Debt Ratings in Not Cooperating
C B & SONS: CRISIL Keeps B Debt Rating in Not Cooperating
CHALAPATHI EDUCATIONAL: CRISIL Keeps B+ Rating in Not Cooperating
CITY CENTRE: CRISIL Lowers Rating on INR4.50cr Loan to B
CLAYRIS CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating

CLAYSTONE GRANITO: CRISIL Lowers Rating on INR23.6cr Loan to B
DHRUV COTEX: CRISIL Assigns B+ Rating to INR13cr Cash Credit
E C BOSE: CRISIL Keeps D Debt Ratings in Not Cooperating
ENERGETIC GLOBETEX: CRISIL Keeps D Debt Rating in Not Cooperating
GARUDA PACKAGING: CRISIL Keeps B+ Debt Ratings in Not Cooperating

GAURI INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
GCRG MEMORIAL: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating
GIRINDRA HOSPITALITY: CRISIL Keeps D Rating in Not Cooperating
HOTEL HANS: CRISIL Lowers Rating on INR60cr Term Loan to B
IDT CLOTHING: CRISIL Keeps D Debt Ratings in Not Cooperating

IL&FS LTD: Unit Gets INR707cr Compensation From NHAI
JAIPAL SINGH: CRISIL Withdraws D Rating on INR81.79cr Term Loan
KAMAL TIMBERS: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable
MEETI DEVELOPERS: Insolvency Resolution Process Case Summary
MOTHER POULTRY: CRISIL Raises Rating on INR7.35cr Term Loan to C

OREN HYDROCARBONS: Insolvency Resolution Process Case Summary
POWER MAX: Ind-Ra Moves 'D' LT Issuer Rating to Non-Cooperating
PRINCE VITRIFIED: Insolvency Resolution Process Case Summary
SARE GURUGRAM: Insolvency Resolution Process Case Summary
SEED SUSTAINABILITY: Insolvency Resolution Process Case Summary

SHYAM INDOFAB: Ind-Ra Cuts & Moves Long-Term Issuer Rating to 'D'
SKYTONE ELECTRICALS: Insolvency Resolution Process Case Summary
VEDANTA LTD: Agarwal Pledges Stake to Sweeten Deal for India Unit


J A P A N

JAPAN AIRLINES: Plans Lesser Working Hours, Salary Cuts for Crews
KOBE STEEL: Egan-Jones Hikes Senior Unsecured Ratings to B
SAPPORO HOLDINGS: Egan-Jones Cuts Senior Unsecured Ratings to BB
TOKYU CORP: Egan-Jones Lowers Sr. Unsecured Ratings to BB


N E W   Z E A L A N D

WHAKATANE MILL: To Close Mill on June 21; 210 Jobs to be Axed


S I N G A P O R E

BEST WORLD: Trading in Shares Unlikely to Resume Soon
PACIFIC INTERNATIONAL: Moratorium Extension Hearing Set March 29
TECHNICS OIL: Deal to Transfer Listing Status Terminated


V I E T N A M

VIETNAM CENTRAL: Fitch Assigns 'BB' LT Foreign Currency IDR

                           - - - - -


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

BSC SOLAR: First Creditors' Meeting Set for March 25
----------------------------------------------------
A first meeting of the creditors in the proceedings of BSC Solar
Pty Ltd will be held on March 25, 2021, at 11:30 a.m. via
teleconference.

Jimmy Trpcevski of WA Insolvency Solutions was appointed as
administrator of BSC Solar on March 15, 2021.


CARBONCOR AUSTRALIA: First Creditors' Meeting Set for March 25
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Carboncor
Australia Pty Ltd will be held on March 25, 2021, at 11:00 a.m. via
Teleconference Facilities.

Nathan Stubing and Daniel Woodhouse of FTI Consulting (Australia)
were appointed as administrators of Carboncor Australia on March
15, 2021.


GLOBAL BRANDS: First Creditors' Meeting Set for March 25
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Global
Brands Australia Limited will be held on March 25, 2021, at 11:00
a.m. via virtual facilities.

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


GROCON GROUP: Loans to Daniel Grollo Top AUD90 Million
------------------------------------------------------
Larry Schlesinger at Australian Financial Review reports that a new
document filed with the corporate watchdog reveals fallen
construction and development giant Grocon has more than AUD90
million of loans outstanding to executive chairman Daniel Grollo
and his wife Katherina and entities he ultimately controls.

AFR says the revelation comes ahead of the crunch second creditor
meeting later this month that will decide the fate of Grocon, with
much of the company now in the hands of administrators at
KordaMentha.

According to AFR, the latest filings with the Australian Securities
and Investments Commission include a AUD63 million loan to Mr.
Grollo and his wife Katherina from a Grocon entity in
administration. Combined with other loans made to Mr. Grollo or to
entities he ultimately owns, over AUD90 million has been lent to
the property scion from entities in administration.

The AUD63,171,793 loan to Twenty Twenty 2 Family Trust is included
in a report on company activities and property (ROCAP) of Grocon
Group Holdings filed with ASIC on March 9, AFR notes.

Grocon Group Holdings is the parent entity of the construction
business run by Mr. Grollo and part of a second batch of 45
companies in the group, which were put into administration at the
end of February. In total 87 Grocon companies are in
administration, AFR notes.

Twenty Twenty2 Pty Ltd as trustee for the Twenty Twenty2 trust is
jointly owned by Mr. Grollo and his wife Katherina Grollo It is not
in administration.

AFR relates that an earlier ROCAP report for Grocon Pty Ltd, one of
the original 39 companies put into administration in November,
revealed an AUD11.5 million loan to Mr. Grollo and a AUD4.9 million
loan to Ploutus Pty Ltd, a subsidiary of CSFM Pty Ltd which is
jointly owned by Mr. Grollo and Katherina Grollo.

Also included in the same ROCAP report are loans totalling AUD11.6
million to Grocon Funds Management, GFM Investment Services and GFM
Delivery Services, all subsidiaries of companies that are
ultimately owned by Mr. Grollo, AFR says.

Unsecured creditors of Grocon who are owed around AUD125 million,
will vote later this month on whether to back Mr. Grollo proposed
deed of company arrangement (DOCA) which will be based on Grocon
winning its AUD270 million court case with the NSW government over
the Barangaroo Central project in Sydney and then repaying
creditors from the proceeds, according to AFR.

The alternative would be to liquidate the group, which would allow
liquidators to chase down assets in other related companies not in
administration.

AFR adds that ASX-listed fund manager APN Property is pushing for
liquidation of the Grocon empire as it looks to recoup around AUD20
million on a joint venture office project with Grocon that turned
sour.

APN representative Anthony Simpson noted the AUD63 million loan was
only disclosed as part of the ROCAP document lodged with ASIC on
March 9 and was not disclosed in the first creditors' meeting for
the second batch of 45 Grocon companies in administration held on
March 4.

"The question is where did all of this money go and where is it
now?" AFR quotes Mr. Simpson as saying.  "APN has stated from the
outset that it requires full transparency and disclosure from
Daniel Grollo so a full explanation of where this money went is
critical to the voluntary administration process."


PEPPER I-PRIME 2021-1: S&P Assigns Prelim. B Rating on F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Permanent Custodians Ltd. as trustee of Pepper I-Prime
2021-1 Trust. Pepper I-Prime 2021-1 Trust is a securitization of
prime residential mortgages originated by Pepper Homeloans Pty
Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its views that the credit support is
sufficient to withstand the stresses it applies. The credit support
for the rated notes comprises note subordination and excess spread.
The assessment of credit risk takes into account the underwriting
standards and centralized approval process of the seller, Pepper
Homeloans.

-- The availability of a yield-enhancement reserve, amortization
reserve, and overcollateralization amount, which will all be funded
by excess spread to cover potential yield shortfalls and loss
reimbursements and to repay principal on the notes at various
stages of the transaction's term.

-- The extraordinary expense reserve of A$150,000, funded by
Pepper on or before closing, available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 2.2% of the outstanding balance of the notes, and
principal draws, are sufficient under our stress assumptions to
ensure timely payment of interest.

-- Loss of income for borrowers in the coming months due to the
effects of COVID-19 might put upward pressure on mortgage arrears
over the longer term. S&P updated its outlook assumptions for
Australian RMBS in response to changing macroeconomic conditions as
a result of the COVID-19 outbreak. The collateral pool as of the
Jan. 31, 2021, cut-off date did not include any loans that were
under a COVID-19 hardship payment arrangement.

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

  Preliminary Ratings Assigned

  Pepper I-Prime 2021-1 Trust

  Class A1, A$637.40 million: AAA (sf)
  Class A2, A$63.90 million: AAA (sf)
  Class B, A$15.00 million: AA (sf)
  Class C, A$12.40 million: A (sf)
  Class D, A$8.30 million: BBB (sf)
  Class E, A$5.20 million: BB (sf)
  Class F, A$4.10 million: B (sf)
  Class G, A$3.70 million: Not rated


T&L PRODUCE: First Creditors' Meeting Set for March 25
------------------------------------------------------
A first meeting of the creditors in the proceedings of T&L Produce
Marketing Pty Ltd will be held on March 25, 2021, at 10:30 a.m. via
Zoom.

Mervyn Jonathan Kitay of Worrells Solvency & Forensic Accountants
was appointed as administrator of T&L Produce on March 15, 2021.


[*] AUSTRALIA: Small Business Failures Expected to Rise
-------------------------------------------------------
Bloomberg News reports that Reserve Bank of Australia Assistant
Governor Christopher Kent said monetary policy shouldn't try to
control asset prices, and regulators have alternative mechanisms to
deal with deteriorating lending standards if needed.

Responding to a question after a speech on March 10 on whether
stimulus might be pulled back quicker if asset prices over-inflate,
Mr. Kent said rising prices are an important part of policy
transmission, but the Council of Financial Regulators is closely
monitoring the issue, Bloomberg relates.

If prices rise "on the back of deteriorating lending standards and
a rise in financial risk, that would be of concern to the council,"
Mr. Kent said, Bloomberg relays. "We're not at that point
currently, but those responses would not be first and foremost from
monetary policy. In fact, I think there are a lot of other avenues
that they would pursue."

Property Down Under is surging and Sydney house prices hit a record
this month, fueled by a combination of record-low interest rates
and rising confidence, the report notes. Mr. Kent reiterated that
the central bank is focused on driving down unemployment and
lifting wages to stimulate inflation.

"The cash rate target for the bank is a really critical instrument
and we've said that that will not be increased until inflation is
sustainably in that 2-3% range," Bloomberg quotes Mr. Kent, who
oversees financial markets, as saying. "So that says nothing about
asset prices."

In his speech, focused on small-business lending, Mr. Kent said he
expects a rise in business failures as the government withdraws
Covid-19 support, even as the broader sector managed the pandemic
reasonably well, according to Bloomberg.

The share of small- and medium-sized firms that deferred loan
payments peaked at 13% in June last year, he said, adding it is now
down to around 1%.

"Nevertheless, business failures are expected to rise as some of
the pandemic support measures are phased out," Mr. Kent said in the
address to the Australian Finance Industry Association, Bloomberg
relays. Small businesses are reluctant to take out new loans, he
said, adding "some of this reflects an economic outlook that, while
improved, is still very uncertain."

Bloomberg says the RBA and government implemented a range of
measures to assist small businesses, which bore the brunt of the
pandemic's impact as cafes, restaurants and the arts and recreation
sectors were forced closed. Mr. Kent said the government's
JobKeeper wage subsidy, programs to help boost cash flow and tax
breaks for investment cut costs for businesses and "supported
aggregate demand" more broadly.

By late last year, "non-financial companies had built up cash
buffers that could cover nearly 6 months' worth of expenses, an
increase of around 30% compared with before the pandemic,"

Mr. Kent, as cited by Bloomberg, said, "Unincorporated businesses
had increased their cash buffers by 20% to a little over 2 months'
worth."

JobKeeper is due to expire toward the end of this month, Bloomberg
notes.




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C H I N A
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ANTON OILFIELD: Fitch Withdraws 'B' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn China-based Anton Oilfield
Services Group's Long-Term Issuer Default Rating (IDR) and senior
unsecured rating of 'B'. The Outlook on the Long-Term IDR is
Stable.

Fitch has chosen to withdraw the ratings on Anton for commercial
reasons.

KEY RATING DRIVERS

Operating Performance Meets Expectations: Anton executed total
orders worth CNY3.07 billion in 2020, 5% higher than Fitch's
forecast, driven by record high execution in China in 9M20.
However, weak performance in the traditional peak season of 4Q led
to a 15% fall in revenue for 2020. Management said 4Q performance
was dragged down by tight quarantine measures in Xinjiang after a
sporadic resurgence of Covid-19 cases.

Revenue from overseas dropped by 14% in 2020 due to tighter
controls on mobility. However, it was still 13% higher than Fitch's
forecast mainly due to production management contracts in Iraq and
a large emerging-market order in which Anton helps its customer to
design financing plans.

Potential Recovery in 2021: Anton reported new orders of CNY4.3
billion in 2020, 35% higher than Fitch's forecast, mainly due to
strong flow from China and other emerging markets. This led to a
backlog of CNY5.5 billion by end-2020, 47% above Fitch's forecast.
Fitch expects order execution to be smoother in 2021 because oil
prices have rebounded and economic activity will improve with the
roll-out of vaccinations. Anton also expanded the scope of its
services and entered new markets like coal-bed methane and gas
storage, which helped it to weather the industry trough and put it
on the path of recovery in 2021.

Cash Flow Focused: Management said it would select new orders based
on cash flow and return on equity, and insist on timely payment.
Anton has worked to control working capital and capex, leading to
strong cash flow in 2H20. The focus on cash flow and the shift to
an asset-light business model will help Anton to maintain net debt
at a reasonable level, which offset the impact on leverage from
weaker EBITDA during industry downturns. Fitch expects FFO net
leverage to remain in line with Fitch's previous expectation of
3.0x-3.5x in 2020 and 2021, if not lower.

Recovery Rating at 'RR4': A Recovery Rating of 'RR4' on the senior
unsecured rating reflects average recovery prospects for offshore
unsecured creditors. Holders of Anton's offshore US dollar bonds
are structurally subordinate to all onshore creditors.

Fitch used the liquidation value as the value available for claims
distribution, which is higher than Fitch's estimated going-concern
value, assuming an enterprise value/EBITDA multiple of 3.5x and a
post-default restructuring EBITDA of 667 million. Fitch applied a
50% advance rate to receivables, 40% advance rate to inventories
and net property, plant and equipment. This results in a recovery
for the US dollar debt corresponding to a Recovery Rating of 'RR3',
but the Recovery Rating is capped at 'RR4' as Anton operates in
China, which is in group D of countries for creditor friendliness.

RATING SENSITIVITIES

Rating sensitivities are no longer relevant as the ratings have
been withdrawn.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Liquidity Concerns Eased: Anton repaid its USD300 million bond in
December 2020. The next major maturity will be a USD300 million
bond in December 2022. Bank credit facilities also remained stable,
and maturing bank loans were rolled over, according to management.
Fitch expects the company to continue to be able to maintain its
bank credit lines and roll over its working capital loans, with a
potential better industry outlook in 2021.

ESG CONSIDERATION

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity. Following the withdrawal of ratings for
Anton, Fitch will no longer be providing the associated ESG
Relevance Scores.


FUJIAN YANGO: S&P Assigns B- Rating on USD Sr. Unsec. Notes
-----------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to the
proposed U.S. dollar-denominated senior unsecured notes to be
issued by Yango (Cayman) Investment Ltd., a subsidiary of Fujian
Yango Group Co. Ltd. (B/Stable/--). Fujian Yango irrevocably and
unconditionally guarantees the notes.

The China-based company intends to use the net proceeds mainly to
refinance its offshore senior notes maturities due in the next six
months. The issue rating is subject to S&P's review of the final
issuance documentation.

S&P said, "We rate the proposed senior unsecured notes one notch
below the issuer credit rating on Fujian Yango to reflect
structural subordination risk. As of June 30, 2020, Fujian Yango's
capital structure consisted of about Chinese renminbi (RMB) 81.5
billion in secured debt and RMB61.9 billion in unsecured debt
(external guarantee included). As such, the secured debt ratio of
about 57% is above our notching threshold of 50%.

"We believe the proposed notes will not materially affect the
company's credit profile given most of the proceeds will be used
for refinancing. We expect Fujian Yango to be prudent in
acquisitions in nonproperty segments and moderately reduce
leverage. While we anticipate Fujian Yango's stand-alone liquidity
to remain tight over the next 12 months, we believe the company's
debt serviceability and liquidity will remain manageable through
asset disposals and increasing dividends from key investments. This
is reflected in our stable outlook on the rating on Fujian Yango."


HNA GROUP: Businesses Highly Chaotic, Chinese Court Says
--------------------------------------------------------
Nikkei Asia reports that a Chinese court has ruled that HNA Group's
corporate management was "highly mixed up" and more than 300 of its
affiliates did not function as independent companies.

According to Nikkei Asia, the People's High Court of Hainan
Province in the civil case involving the once highflying
conglomerate also decided to treat the group as a single entity in
its bankruptcy proceedings going forward.

Nikkei Asia relates that the court disclosed late on March 15 that
it would pursue the restructuring procedures by consolidating the
parent HNA Group with 320 of its affiliates. The court chose the
path of essentially merging these group companies in its ruling
because it concluded that they are separate only by their names.

In blunt language, the court described how things were very much in
disarray within the conglomerate, says Nikkei Asia. The court
summed it up: "All in all, HNA Group has gone beyond the corporate
governance structure."

HNA Group is among several private Chinese conglomerates -- along
with Dalian Wanda Group, Anbang Insurance and Fosun International
-- that were forced to curtail aggressive overseas acquisitions to
pay off mounting debt as Beijing sought to defuse systemic
financial risk, Nikkei Asia notes.

"The case, which exerts extremely large pressure on the local
economy and society, while involving a large number of creditors,
employees and other stakeholders, has a significant risk," the
court warned, Nikkei Asia relays.

On the management front, the court said shareholders' relationships
were "confusing," which made it impossible for them to exercise
their ordinary rights, while the internal control mechanisms were
"fictitious," as no group company aside from the parent had the
discretion to use even its own corporate seal to make basic
corporate decisions, the report relates.

Some of the affiliates did not even have their own finance
department or staff who were independent from the parent, Nikkei
Asia says. The court determined that cash management was "severely
mixed up," a term used repeatedly throughout the court's ruling. A
gist of that came to light immediately following the bankruptcy
applications that were made by some group companies at the end of
January.

Nikkei Asia says some of the core listed companies, including
Hainan Airlines, HNA Infrastructure Investment Group and retail and
wholesale arm CCOOP Group, reported large sums of irregular cash
outflows and financial dealings, with the amount adding up to the
billions of dollars.

The court on March 15 cited a document researched by consulting and
accounting firm EY, titled "Investigative Report on Financial
Mix-up Situation," that said not only was cash unilaterally
controlled by HNA Group, but there was a mechanism in place in
which affiliates mutually provided guarantees to one another's
external debts and covered one another when making repayments,
Nikkei Asia reports.

"The financial connections were frequent, and hence the internal
credit and debt dealings were impossible to match up, as the
records were in chaos," the court said.

It was not only the cash situation that was in disarray, but also
aircraft, engines and parts as well. Shanghai-listed Hainan
Airlines, the group's main carrier, acted as a control center for
procurement, while basically all of the group's airline assets were
used as collateral for borrowing by other group companies, Nikkei
Asia relates.

Nikkei Asia adds that personnel management also was controlled by
HNA Group. The court found through various internal documents and
interviews with executives that there was a unified and meticulous
system in place, modeling the state-government bureaucracy, where
all individuals were separated into either cadres or staff. All
cadres belonged to HNA Group, which exercised all power over
employee appointments, scoring, appraisals and promotions.

Some of the group's new operations were arranged by setting up ad
hoc entities, in which necessary staff and capital were transferred
from other group companies, Nikkei Asia discloses. When the
assignments were complete, some of these organizations remained. As
a result, the court said, "a large number of shell companies were
produced."

It was for those reasons that the court concluded HNA Group and 320
of its affiliates -- nearly all of them -- should be combined as a
single entity for restructuring, according to Nikkei Asia. As the
web of intertwined relationships is too confusing, "forcefully
separating the financials and assets by each company will consume
too much cost and time, and it comes with large difficulties."

Nikkei Asia relates that the court justified its decision to
combine them, saying it believes that "assets and liabilities of
[individual] group companies are not truthfully and objectively
reflected." The court said the distribution of assets among the
affiliates was "extremely uneven" and that it would "create obvious
inequality among a majority of creditors."

HNA Group once was one of China's most acquisitive conglomerates,
buying up assets such as the Radisson hotel chain, technology
products distributor Ingram Micro, aviation services company
Swissport Group and stakes in Deutsche Bank and airlines and
airports in countries such as Brazil, Australia, Ghana, Turkey and
South Africa.

The court document did not reveal how much the group owed, but
disclosures by HNA Group suggest its liabilities are CNY706.72
billion ($108.67 billion) as of June 2019, Nikkei Asia notes.

HNA Group's founding chairman, Chen Feng, is considered close to
Chinese Vice President Wang Qishan. Alex Payette, CEO of Canadian
think tank Cercius Group, told Nikkei Asia that the two men have
been "close friends" since the 1990s.

Wang, the right-hand man of President Xi Jinping, recruited Chen to
work under him in the government's financial organizations. "It is
fair to say that Wang Qishan is Chen Feng's first boss and mentor,"
said Mr. Payette, who for decades has traced and analyzed personnel
moves in China's government and state-owned enterprises.

Nikkei Asia adds that Mr. Payette said that "Beijing often
intervened by asking relevant parties to support HNA's debt
issuance."

The question remains over Chen's fate as the restructuring
proceeds, but for now the situation of HNA Group has become an
enormous task for Chinese authorities, Nikkei Asia states.

"The amount of liabilities held by 321 companies including the HNA
Group is extremely immense, which carries the hidden danger of
triggering regional and systemic financial risks," the court 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.




=========
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AARVEE INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aarvee
International (AI) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            18        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Cash           2        CRISIL D (Issuer Not
   Credit Limit                     Cooperating)

CRISIL Ratings has been consistently following up with AI for
obtaining information through letters and emails dated August 22,
2020 and February 16, 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 AI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AI
continues to be 'CRISIL D Issuer Not Cooperating'.

AI was established in 2012 by the Sorthaiya family based in Rajkot
(Gujarat). The firm trades in agri-based commodities such as
soyabean meal, rapeseed and groundnut extraction meal, and wheat.

ABHISHEK SOLVENT: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Abhishek
Solvent Extractions Private Limited (ASEPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             8        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ASEPL for
obtaining information through letters and emails dated August 22,
2020 and February 16, 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-cooperation 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 ASEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ASEPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

ASEPL was set up in 1992 in Challakere (Karnataka) by Mr. R
Thippeswami, his son Mr. N T Prakash, and daughter-in-law Ms.
Nirmala Prakash. The company processes sunflower DOC and solvents.
Primary product DOC is used to produce animal and poultry feed,
while by-product sunflower solvent extract is used in the refining
industry to produce edible oil.

ADACHI NATURAL: CRISIL Lowers Rating on INR6.5cr Cash Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Adachi
Natural Polymer Limited (ANPL) to 'CRISIL B/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Foreign Exchange       0.04      CRISIL A4 (ISSUER NOT
   Forward                          COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Long Term Loan         2.50      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with ANPL for
obtaining information through letters and emails dated January 30,
2021 and February 16, 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-cooperation 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 ANPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ANPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ANPL revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating'.

ANPL was set up in 1983 as a private limited company in Ahmedabad
Gujarat. It manufactures guar gum powder and tamarind powder and
its derivatives including guar splits, guar churi, guar korma, and
guar gum powder from guar seeds.

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

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

   Proposed Long Term     3.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              2.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with AI for
obtaining information through letters and emails dated August 22,
2020 and February 16, 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-cooperation 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 AI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AI
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

AI is a partnership concern and was formed in 2009. The day-to-day
operations of the firm are managed by Mr. Pawan Agarwal, who is one
of the partners of the firm. The firm has set up Portland pozzolona
cement (PPC) grinding unit near Naigaon (Assam). The unit started
operations in April 2012.

ADVANCE CROPCARE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Advance
Cropcare India Private Limited (ACIPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee          1        CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit            12        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Term Loan     5.66      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan              1.49      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ACIPL for
obtaining information through letters and emails dated August 22,
2020 and February 16, 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-cooperation 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 ACIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ACIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ACIPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Incorporated in 2007, ACIPL started commercial operations in 2009.
The company specializes in manufacture, research, and development
of a wide range of fertilizers, insecticides, fungicides,
herbicides, bio-products, and micro-nutrients.

AGASTHYACODE RUBBER: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Agasthyacode
Rubber Traders (ART) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           13         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ART for
obtaining information through letters and emails dated August 22,
2020 and February 16, 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-cooperation 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 ART, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ART
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ART continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2000 as a partnership between Mr Biju Lal and Mr Baiju
Lal, Kollam-based ART trades in rubber sheets and scrap rubber.

AGRAWAL TECHNICAL: Ind-Ra Keeps BB- Loan Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shri Agrawal
Technical & Education Society's bank loans' ratings in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR181.7 mil. Term loan due on January 2021 – December 2026
     maintained in non-cooperating category with IND BB- (ISSUER
     NOT COOPERATING) rating; and

-- INR149 mil. Fund-based working capital facility maintained in
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 8, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Registered under the Madhya Pradesh Society Registration Act, 1973,
Shri Agrawal Technical & Education Society was set up by Sanjeev
Agarwal in June 2002.



AIRTEC ELECTROVISION: CRISIL Cuts Rating on INR8cr Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Airtec
Electrovision Private Limited (AEPL) to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             8        CRISIL B /Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Non            3        CRISIL A4 (ISSUER NOT  
   Fund based limits                COOPERATING*; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up AEPL for
obtaining information through letters and emails dated August 22,
2020 and February 16, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AEPL revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.

AEPL was incorporated in 2016 by Mr. Manish Nathani and Ms. Varsha
Nathani. AEPL is engaged in manufacturing of consumer electronic
products like LED TV, speakers, home theatre system. AEPL markets
its product range under their own brand name 'eAirtec'.

ALLIANCE VITRIFIED: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Alliance
Vitrified Private Limited (AVPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.5        CRISIL A4 (Issuer Not
                                    Cooperating)

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

   Long Term Loan        3.25       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term    1.30       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with AVPL for
obtaining information through letters and emails dated August 22,
2020 and February 16, 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-cooperation 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 AVPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AVPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AVPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

AVPL, incorporated in February 2010, has a facility to manufacture
vitrified tiles with capacity of 36,300 tonne per annum (tpa) in
Morbi, Gujarat. It started commercial production in December 2010.

AMRIT CEMENT: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Amrit Cement
Limited's (ACL) Long-Term Issuer Rating to 'IND BB+' from 'IND BB'.
The Outlook is Positive.

The instrument-wise rating actions are:

-- INR1.390 bil. (reduced from INR1.610 bil.) Term loan due on
     FY24 upgraded with IND BB+/Positive rating; and

-- INR580 mil. Fund-based limits upgraded with IND BB+/Positive
     rating.

KEY RATING DRIVERS

The Positive Outlook reflects Ind-Ra's expectation of an increase
in ACL's free cash flow in the near term, due to timely receipt of
subsidies and the subsequent improvement in its liquidity.

The upgrade reflects an increase in ACL's revenue, leading to an
improvement in its credit metrics in FY20. The revenue grew to
INR4,367 million in FY20 (FY19: INR3,937 million), owing to an
increase in the number of orders executed and an increase in sales
realization. Ind-Ra expects the revenue to improve further in FY21
due to the increase in sales realizations. During 10MFY21, the
company booked revenue of INR3,378 million.

The gross interest coverage (operating EBITDA/gross interest
expense) improved to 1.67x in FY20 (FY19: 1.23x) and the net
financial leverage (total adjusted net debt/operating EBITDAR) to
6.79x (8.56x), on account of a reduction in the debt to INR3,609
million (INR4,153 million) due to scheduled term loan repayments,
and the consequent decline in interest expense.

The ratings continue to factor in ACL's modest operating EBITDA
margin of 12.14% in FY20 (FY19: 12.26%) with a return on capital
employed of 6%. Ind-Ra expects the margin to remain at similar
levels in the near term because of the company's presence in the
north eastern region of India.

Liquidity Indicator - Stretched: The company's average maximum
utilization of the fund-based limits was 55% during the 12 months
ended December 2020. The cash flow from operations declined to
INR285 million in FY20 (FY19: INR596.52 million) owing to
unfavorable changes in working capital. Consequently, the free cash
flow declined to INR113.28 million  in FY20 (FY19: INR552.14
million). The agency expects the cash flow from operations to
remain positive in the near term on account of improved EBITDA and
the free cash flow to remain positive in FY21 with the receipt of
subsidies. The cash and cash equivalents stood at INR8.02 million
at FYE20 (FYE19: INR20.10 million).

Till January 2021, ACL received transport subsidy of INR309 million
and goods and services tax subsidy of INR110 million. It has
pending subsidies of INR104 million, along with the accrued goods
and services tax subsidy of INR520 million on 30 December 2020. The
company had availed the Reserve Bank of India prescribed moratorium
on its term loan during April-August 2020. The working capital
cycle improved to 35 days in FY20 (FY19: 42 days), mainly due to a
decline in the receivable period to 22 days (33 days). However,
failure to receive the pending subsidies on time may exert pressure
on the liquidity and debt servicing.

The ratings, however, remain supported by the promoters'
decade-long experience in the cement manufacturing business.

RATING SENSITIVITIES

Positive: Sustainability of EBITDA and receipt of subsidies as per
Ind-Ra's expectations, leading to an overall improvement in the
liquidity will be positive for the ratings.

Negative: Inability to maintain EBITDA and a delay in receipt of
subsidies, leading to deterioration in the liquidity will be
negative for the ratings.

COMPANY PROFILE

ACL (formerly M/s Amrit Cement Industries Limited) operates an
integrated facility at Elaka Rymbai, Umlaper Village, Jaintia
Hills, Meghalaya to manufacture 2,000 tons per day of clinker and
1,850 tons per day of cement with 12 MW captive power plant.
Pradeep Kr. Bagla and Sunil Kr. Khemka are the promoters.

ANANDA SAW: CRISIL Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ananda Saw
Mills (ASM) continue to be 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1.5       CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Foreign Letter        10.0       CRISIL A4 (Issuer Not
   of Credit                        Cooperating)

   Proposed Long         0.25       CRISIL B-/Stable (Issuer Not
   Term Bank                        Cooperating)
   Loan Facility          
                                    
CRISIL Ratings has been consistently following up with ASM for
obtaining information through letters and emails dated August 22,
2020 and February 16, 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-cooperation 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 ASM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ASM continues to be 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.

Established as a partnership firm, ASM processes and trades in
timber. Mr. Alaga Raja and Ms. Padma are the partners. The firm is
based in Tamil Nadu with its processing facilities located at
Tenkasi (Tamil Nadu).

ASHOKA KRAFT: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ashoka Kraft
Paper Mills L.L.P continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan             16         CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Ashoka for
obtaining information through letters and emails dated August 22,
2020 and February 16, 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-cooperation 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 Ashoka, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Ashokais consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Ashokacontinues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

Ashoka Kraft, a limited liability partnership firm, was established
on May 3, 2013. The firm manufactures kraft paper; it has an
installed capacity of 30,000 tonnes per annum at its facility in
Assam. The firm's product is mainly used for manufacturing of
corrugated boxes used for packaging.

ASHOKA MANUFACTURING: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ashoka
Manufacturing Limited (AML) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        3.50       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           5.85       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      0.90       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Fund-        0.66       CRISIL D (Issuer Not
   Based Bank Limits                Cooperating)

   Term Loan             1.24       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with AML for
obtaining information through letters and emails dated August 22,
2020 and February 16, 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-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

Incorporated in 1997, AML manufactures and supplies spare parts
used for defense arms and ammunition. The company is promoted by
Kolkata-based Mr Anil Patodia and family.

ASIAN THAI: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Asian Thai
Foods India Private Limited (ATFIPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term       10        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

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

ATFIPL is a subsidiary of Asian Thai Foods (P) Ltd and was
incorporated in December 2009. It is setting up a food processing
plant at Chaygaon, Kamrup, Assam, and is promoted by the Sharda
group, the Jaju group of Nepal, the Baid group headed by Mr.
Mulchand Baid, and the Agarwal group of Assam. The plant is
expected to have an installed capacity of 7875 MTPA for Instant
Noodles and 225 MTPA for Noodles Bhujia.

AURO MIRRA: CRISIL Lowers Rating on INR11cr Loans to B
------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Auro
Mirra Detective Agency (AMDA) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed               9         CRISIL B/Stable (ISSUER NOT
   Overdraft                        COOPERATING; Revised from
   Facility                         'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Secured                2         CRISIL B/Stable (ISSUER NOT
   Overdraft                        COOPERATING; Revised from
   Facility                         'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

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

AMDA is a sole proprietorship of Mr.Srinivasen Ramesh, set up in
2012 in Dindigal. Tamil Nadu. It provides services such as
temporary staffing and skilled employees on contractual basis.

AUTO CZARS: CRISIL Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Auto Czars
(Auto) continue to be 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.

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

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

   Proposed Long Term     0.5       CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with Auto for
obtaining information through letters and emails dated December 18,
2020 and 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 Auto, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Auto
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Auto continues to be 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.

Delhi-based Auto is a partnership firm set up in 2008 by Mr. Amit
Jain and Mr. Vishnu Bhargava. The firm is an approved stockist of
MSIL's spare parts. The firm caters to the demands of various
Maruti-authorised service centres in West Delhi, retailers, and
local workshops. Auto also operates nine retail outlets in and
around West Delhi to cater to the demands of walkin customers.


C B & SONS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of C B & Sons
Constructions Private Limited (CBSCPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Long          7         CRISIL B/Stable (Issuer Not
   Term Bank                        Cooperating)
   Loan Facility          

CRISIL Ratings has been consistently following up with CBSCPL for
obtaining information through letters and emails dated January 30,
2021 and February 16, 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-cooperation 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 CBSCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
CBSCPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of CBSCPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

C B & Sons Construction Pvt. Ltd (CBSCPL) was incorporated in 2010,
promoted by Mr. Chandraiah B Kalal. The company is a Class 1A
civil-contractor in infrastructure projects, including construction
of roads and bridges for the Public Works Department (PWD),
Maharashtra. Registered office is in Mumbai (Maharashtra).

CHALAPATHI EDUCATIONAL: CRISIL Keeps B+ Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chalapathi
Educational Society (CES) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Long Term Loan          14.32       CRISIL B+/Stable (Issuer
                                       Not Cooperating)

   Proposed Long Term       3.14       CRISIL B+/Stable (Issuer
   Bank Loan Facility                  Not Cooperating)

   Secured Overdraft        2.54       CRISIL B+/Stable (Issuer
   Facility                            Not Cooperating)

CRISIL Ratings has been consistently following up with CES for
obtaining information through letters and emails dated August 22,
2020 and February 16, 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 CES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CES continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

CES was established in 1996 by Mr. Y V Anjaneyulu in Guntur, Andhra
Pradesh. CES offers undergraduate and post graduate courses in
engineering, business management and pharmacy streams.


CITY CENTRE: CRISIL Lowers Rating on INR4.50cr Loan to B
--------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of City
Centre - Tezpur (CCT) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.50       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING)

   Long Term Loan        0.90       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with CCT for
obtaining information through letters and emails dated January 30,
2021 and February 16, 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 CCT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CCT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CCT Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

CCT was set up in 1985 at Tezpur by the proprietor, Mr Manoj
Dudheria. The firm undertakes dealership of bathroom fittings,
sanitary ware, tiles and marbles. It is also the sole dealer of
brands such as Hindware, Somani Tiles, Finolex, and Crompton pumps
in Tezpur, Assam. It distributes products from 25-30 brands.


CLAYRIS CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Clayris
Ceramics Private Limited (CCPL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

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

   Cash Credit           10         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        28.36      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.36      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

Set up in 2008 by Mr. Divyesh Patel and family, Morbi-based CCPL
manufactures ceramic tiles.


CLAYSTONE GRANITO: CRISIL Lowers Rating on INR23.6cr Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Claystone Granito Private Limited (CGPL) to 'CRISIL B/Stable/CRISIL
A4 Issuer Not Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee       4.4        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL A4+ ISSUER NOT
                                   COOPERATING)

   Cash Credit         12.0        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB+/Stable ISSUER NOT
                                   COOPERATING)

   Term Loan           23.6        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB+/Stable ISSUER NOT
                                   COOPERATING)

CRISIL Ratings has been consistently following up with CGPL for
obtaining information through letters and emails dated January 30,
2021 and February 16, 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 CGPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CGPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CGPL revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.

Incorporated in January, 2015, CGPL manufactures vitrified tiles
i.e. twin charged vitrified tiles and nano-polished vitrified
tiles. The manufacturing unit of the company is located in Morbi,
Gujarat, with an installed capacity of 93,000 metric tonne per
annum and is promoted by Mr. Vijay Patel, along with eight other
directors with vast experience in the ceramics industry. At
present, CGPL manufactures vitrified tiles of single size i.e.
600mmX600mm.


DHRUV COTEX: CRISIL Assigns B+ Rating to INR13cr Cash Credit
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Dhruv Cotex Pvt Ltd (DCPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            13        CRISIL B+/Stable (Assigned)

The rating reflects the susceptibility of the company to volatility
in raw material prices, modest scale of operations and
below-average financial risk profile. These weaknesses are
partially offset by the extensive industry experience of the
promoter.

Analytical Approach

Unsecured loans of INR1.48 crore have been treated as neither debt
nor equity as these are expected to remain in the business over the
medium term.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations in the competitive textiles industry:
Revenue was modest at INR85 crore in fiscal 2020 because of intense
competition, and this will continue to limit operating flexibility.
Operating income is estimated to decline to INR60-65 crore in
fiscal 2021 because of the impact of Covid-19 and the subsequent
containment measures initiated by the government.

* Susceptibility to volatility in raw material prices: The textiles
spinning industry has several unorganised players with small
capacities because of low entry barrier (limited capital and
technology requirements) and little differentiation in end
products. As these factors will continue to exert pricing pressure
over the medium term, revenue and profitability will remain
susceptible to volatility in the price of key raw material,
cotton.

* Below-average financial risk profile: Networth is estimated to
remain small at INR4.11 crore and TOL/TNW are weak at 6.31 times as
on March 31, 2021. Debt protection metrics were subdued, with
estimated interest coverage and net cash accrual to total debt
ratios of 1.14 times and 0.06 time, respectively, for fiscal 2021.
Financial risk profile is expected to remain below-average over the
medium term.

Strengths:

* Extensive experience of the promoter: Presence of more than two
decades in the textile industry has enabled the promoter to
understand market dynamics and establish strong relationships with
suppliers and customers.

Liquidity: Stretched

Bank limit utilisation was 97.55% for the 12 months through
December 2020. Cash accrual is expected to be INR0.8-0.9 crore
against no term debt obligation over the medium term. Current ratio
was low at 1.04 times as on March 31, 2020. Need based funding is
expected from the promoters in the form of unsecured loan over the
medium term. DCPL had availed of the RBI moratorium till August
2020.

Outlook Stable

The company will continue to benefit from the extensive experience
of its promoter and established relationships with clients.

Rating Sensitivity Factors

Upward factors

  * Steady revenue growth and sustenance of operating margin
leading to higher cash accrual

  * Improvement in working capital cycle resulting in a better
financial risk profile, with total outside liabilities to tangible
networth ratio below 3 times

Downward factors

  * Decline in revenue by 30% and fall in profitability

  * Stretch in working capital cycle

Incorporated in 2011 and promoted by Mr Amrish Patel, DCPL
manufactures woven grey fabrics used in shirting and dress
material. Facility in Shirpur, Maharashtra, has installed capacity
of around 40,000 metre per day.


E C BOSE: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of E C Bose and
Co Private Limited (ECBPL) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

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

   Cash Credit            5.5       CRISIL D (Issuer Not
                                    Cooperating)

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

ECBPL was incorporated in 1851, promoted by the late Mr. Eshan
Chandra Bose, and is currently managed by his family. The company
offers stevedoring and forwarding services, besides other allied
services such as comprehensive shipping and logistical services,
customs clearance, shipping, chartering and freight forwarding, and
warehousing.


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

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

CRISIL Ratings has been consistently following up with EGPL for
obtaining information through letters and emails dated August 22,
2020 and February 16, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

EGPL, incorporated in 2015, manufactures sarees and ladies' dress
material in Surat and is promoted by Mr Juneja and Mr Nikunj
Kapadia.


GARUDA PACKAGING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Garuda
Packaging Private Limited (GPPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL A4 (Issuer Not
                                    Cooperating)

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

   Letter of Credit       1         CRISIL A4 (Issuer Not
                                    Cooperating)

   Proposed Long Term     3.4       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Proposed Short        10.6       CRISIL A4 (Issuer Not
   Term Bank                        Cooperating)
   Loan Facility         
                                    
   Export Packing         2         CRISIL B+/Stable (Issuer Not
   Credit                           Cooperating)

CRISIL Ratings has been consistently following up with GPPL for
obtaining information through letters and emails dated August 22,
2020 and February 16, 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 GPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GPPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

GPPL, set up in 2011 and based in Tirupati, Andhra Pradesh,
manufactures FIBCs and tarpaulin. Its operations are managed by Mr
V S Jagadeesh.


GAURI INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gauri
International Private Limited (GIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

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

   Proposed Long Term    10         CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

Incorporated in 2010 and based in Surat, Gujarat, GIPL manufactures
and trades in fabrics used in home furnishing, readymade garments,
and dress material. DISPL, also based in Surat and incorporated in
2013, is in a similar line of business. The manufacturing
facilities of both companies are in Surat. GIPL is promoted by Mr.
Dhaval Nakrani and DISPL is promoted by Mr. Nakrani and Mr. Vishal
Balar.


GCRG MEMORIAL: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained GCRG Memorial
Trust's bank loans in the non-cooperating category. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.
The ratings will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR105.8 mil. Term loan (Long-term) due on March 2020
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating;

-- INR19.5 mil. Fund-based limit (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR115 mil. Non-fund-based limit (Short-term) maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 17, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

GCRG Memorial Trust was founded by Chairman Abhishek Yadav and
Mohit Yadav (secretary) in May 2008 and is incorporated under the
Indian Trust Act, 1882.

GIRINDRA HOSPITALITY: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Girindra
Hospitality Private Limited (GHPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         6.5       CRISIL D (Issuer Not
                                    Cooperating)

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

Incorporated in 2013, GHPL is setting up a 50-room five-star hotel,
The Garuda Hotel, in Thrissur, Kerala. The hotel is currently in
the final stage of construction and is expected to be operational
from November 2015. The company is promoted by Mr. Girijavallaban V
K.


HOTEL HANS: CRISIL Lowers Rating on INR60cr Term Loan to B
----------------------------------------------------------
CRISIL Ratings has migrated its rating on the long-term bank
facilities of Hotel Hans Pvt Ltd (HHPL) to 'CRISIL B/Stable Issuer
Not Cooperating' and removed it from 'Rating Watch with Negative
Implications.'

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              60        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B+; Removed from
                                    'Rating Watch with Negative
                                    Implications')

CRISIL Ratings has been consistently following up with HHPL for
obtaining information through letters and emails (dated January 25,
2021; February 02, 2021; February 17, 2021; March 04, 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 has not received any information on either the financial
performance or strategic intent of HHPL, which restricts its
ability to take a forward-looking view on the entity's credit
quality. CRISIL Ratings believes the rating action on HHPL is
consistent with 'Assessing Information Adequacy Risk'.

Based on inadequate information, lack of management cooperation and
no clarity on the one-time debt restructuring of the loan that HHPL
had applied for in September 2020, CRISIL Ratings has migrated its
rating on the long-term bank facilities of HHPL to 'CRISIL B/Stable
Issuer Not Cooperating' and removed it from 'Rating Watch with
Negative Implications.'

Analytical Approach

Unsecured loan of INR12.85 crore as on March 31, 2020, extended by
the promoter, has been treated as debt.

Incorporated by Mr D R Vadera in 1973, HHPL owns and operates
4-star hotels in Delhi and Puri, Odisha, and a 5-star hotel in
Gurugram, Haryana. It also owns 50% stake in Hansalaya Properties,
a firm that earns rental income from its properties in Delhi.


IDT CLOTHING: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of IDT Clothing
Private Limited (IDT) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2.5       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long          1.5       CRISIL D (Issuer Not
   Term Bank                        Cooperating)
   Loan Facility         

CRISIL Ratings has been consistently following up with IDT for
obtaining information through letters and emails dated August 22,
2020 and February 16, 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 IDT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IDT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IDT continues to be 'CRISIL D Issuer Not Cooperating'.

Established as a partnership firm in 2002 by Mr. Suraj Gupta and
his brother, Mr. Amar Gupta, IDT was reconstituted as a private
limited company in 2006. The company manufactures and exports
ready-made garments for men.


IL&FS LTD: Unit Gets INR707cr Compensation From NHAI
----------------------------------------------------
Sify.com reports that the National Highways Authority of India
(NHAI) has completed settlement of Rs707 crore towards Fagne
Songadh Expressway Ltd (FSEL), a subsidiary of IL&FS Transportation
Networks Ltd (ITNL) for foreclosure of the project.

FSEL has received the compensation amount on March 9, 2021 and
handed over the project to NHAI, ITNL said in a regulatory filing,
Sify.com relays.

"FSEL had entered into a Settlement Agreement with National
Highways Authority of India on February 19, 2021 for foreclosure of
the Project at a compensation of Rs 707 crore pursuant to the
discussions held through the Conciliation Committee of Independent
Experts appointed by NHAI subject receipt of necessary approvals,"
it said.

The company had undertaken the development of
Fagne-Maharashtra/Gujarat border section of National Highway No 6
in the states of Gujarat and Maharashtra, the report notes.

                            About IL&FS

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

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


JAIPAL SINGH: CRISIL Withdraws D Rating on INR81.79cr Term Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Shri Jaipal Singh Sharma Trust (SJSST), as:

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        9.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Overdraft            15.0       CRISIL D (ISSUER NOT
   Facility                        COOPERATING; Rating Withdrawn)

   Proposed Non          0.71      CRISIL D (ISSUER NOT
   Fund based limits               COOPERATING; Rating Withdrawn)

   Term Loan            81.79      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with SJSST for
obtaining information through letters and emails dated December 18,
2020 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SJSST. 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 SJSST is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
SJSST to 'CRISIL D/CRISIL D Issuer not cooperating'.

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

Shri Jaipal Singh Sharma Trust, a U.P based trust, was incorporated
in 2015. The trust started with a hospital with a mission to
provide medical services at a low cost.  Over the years the trust
has opened a medical college, ayurvedic college & hospital and
nursing college.

KAMAL TIMBERS: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kamal Timbers
India Private Limited's (KTIPL) Long-Term Issuer Rating at 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR120 mil. (increased from INR60 mil.) Fund-based limits
     affirmed with IND BB/Stable/IND A4+ rating; and

-- INR90 mil. (reduced from INR190 mil.) Non-fund-based limits
     affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects KTIPL's average EBITDA margins that
deteriorated marginally to 5% in FY20 (FY19: 5.2%), owing to
foreign exchange losses and a marginal increase in other direct and
indirect expenses. The return on capital employed was 13% in FY20
(FY19: 15%). According to the interim numbers for 8MFY21, the
margins increased to 5.7%, owing to a reduction in the indirect
expenses. Ind-Ra opines this will lead to a marginal year-on-year
increase in the EBITDA margins in FY21.

KTIPL's credit metrics are weak with the gross interest coverage
(operating EBITDA/gross interest expense) of 1.5x in FY20 (FY19:
1.5x) and the net leverage (adjusted net debt/operating EBITDA) of
6.1x (4.3x). The deterioration in the net leverage in FY20 was due
to an increase in the short-term debt. During 8MFY21, the gross
coverage was 1.3x and the net leverage was 2.3x. Ind-Ra expects the
credit metrics to marginally improve in FY21, considering the
repayment of loans.

Liquidity Indicator - Stretched: The total outside liabilities/
total net worth ratio was 4.4x in FY20 (FY19: 4.0x). The peak
average utilization of KTIPL's fund-based limits was 90% and that
of its non-fund-based limits was 93.3% for the 12 months ended
December 2020. The cash flow from operations deteriorated to
negative INR117 million in FY20 (FY19: negative INR10 million), due
to a further stretch in the working capital. This led to the free
cash flow remaining negative to INR117 million (FY19: negative
INR11 million). The net working capital cycle elongated to 123 days
in FY20 (FY19: 95 days). The cash and cash equivalents were INR8.08
million in FY20 (FY19: INR2.85 million). The debt repayments for
FY21 are worth INR35.1 million. KTIPL availed the Reserve Bank of
India-prescribed moratorium over March-August 2020.

The ratings are supported by KTIPL's medium scale of operations
with the revenue rising to INR1,283 million in FY20 (FY19: INR1,217
million, FY18: INR973 million), due to the addition of hard wood
sales leading to new customers. Over April-February 2021, KTIPL
booked sales of INR1,200 million. Generally, KTIPL holds orders
worth INR50 million every month-end to be executed in 15 days. The
management expects to achieve a revenue of INR1,400 million in FY21
as KTIPL has executed INR150 million-200 million of orders every
month.

The ratings benefit from the promoter's experience of over a decade
in the processing and trading of timber.

RATING SENSITIVITIES

Negative: Deterioration in the operating performance leading to a
decline in the gross interest coverage below 1.5x, along with
further deterioration in the liquidity position, will lead to a
rating downgrade.

Positive: A substantial improvement in the operating performance,
leading to an increase in the gross interest coverage above 2.5x,
along with an improvement in the liquidity position, will lead to a
positive rating action.

COMPANY PROFILE

Incorporated in 2005, KTIPL processes and trades timber.

MEETI DEVELOPERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Meeti Developers Private Limite
        1st Floor, MMC Centre
        Vikas Park, Link Road
        Malad (W), Mumbai 64
        Maharashtra

Insolvency Commencement Date: March 5, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 8, 2021
                               (180 days from commencement)

Insolvency professional: Mr. Prashant Jain

Interim Resolution
Professional:            Mr. Prashant Jain
                         A-501, Shanti Heights
                         Plot No. 2, 3, 9B/10
                         Sector 11, Koparkhaine
                         Thane, Navi Mumbai 400709
                         E-mail: ipprashantjain@gmail.com

                            - and -

                         AAA Insolvency Professionals LLP
                         A301, Bsel Tech Park, Sector 30a
                         Opp. Vashi Railway Station
                         Vashi, Navi Mumbai 400705
                         E-mail: meetidevelopers@aaainsolvency.com
                         Tel: 022-42667394

Last date for
submission of claims:    March 26, 2021


MOTHER POULTRY: CRISIL Raises Rating on INR7.35cr Term Loan to C
----------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the bank facilities of
Mother Poultry Farm (MPF) to 'CRISIL C' from 'CRISIL D'.  The
rating upgrade reflects timely servicing of bank debt obligations
by MPF.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan            7.35        CRISIL C (Upgraded from
                                    'CRISIL D ')

The rating continues to reflect modest scale of operations and
below average financial risk profile. These weaknesses are
partially offset by extensive experience of the promoter in the
poultry industry and established customer base.

Key Rating Drivers & Detailed Description

Strengths:

* Extensive experience of the promoter in the poultry industry and
established customer base: The promoters have collectively got
around one and a half decade of experience in the industry. Long
standing presence in the industry has helped to develop established
customer base.

CRISIL believes that going ahead the industry expertise and
regional grip in business of the promoters will continue to
contribute in the business performance of MPF.

Weakness:

* Modest scale of operations: The scale of operations is modest
marked by operating income of INR18.83 crore in FY 2020.
Competition from local as well as established players in the
regional markets, i.e., primary sales area, makes business
expansion via new customer acquisition tough.

Moreover, in the current fiscal operations were suspended in the
first quarter owing to covid 19 lockdown. The same is expected to
impact the business risk profile which will continue to remain key
rating sensitivity factor, going forward.

* Below Average Financial Risk Profile: In fiscal 2020 margin
reduced to less than (10)% the same has resulted in negative
accretion leading to networth of INR(2.13) crore. Decline in
networth has weakened the capital structure and the same is
expected to remain at similar levels over the medium term.

Liquidity: Poor

Bank limit utilization is stretched, for the past 12 months, ended
on January, 2020. Modest cash accruals of less than INR50 lakh
along with need based unsecured loan continues to remain stretched
against repayment obligations of around INR60 lakh. Current ratio
is moderate at less than 0.6 times as on March 31, 2020.

Rating Sensitivity factors

Upward Factors:

(a) Net cash accruals in excess of INR1 crore marked by improvement
in scales of operations while maintaining healthy operating
margin.

(b) Efficient working capital management and continuation of
moderate capital structure

Downward Factors:

(a) Further Decline in operating margin or fall in revenue
resulting in net cash accruals of less than INR0.1 crore

(b) Larger than expected working capital requirement or significant
debt funded capex impacting capital structure

Incorporated in 2009, Namakkal (Tamil Nadu) based proprietorship
firm Mother Poultry Farm (MPF) is engaged in selling of poultry
products and bird feed. The promoter is a second generation
entrepreneur with around one and a half decades of experience in
the industry.


OREN HYDROCARBONS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Oren Hydrocarbons Private Limited
        28/2 B Saravana Street
        T. Nagar, Chennai 600017

Insolvency Commencement Date: February 24, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 5, 2021

Insolvency professional: N. Asokan

Interim Resolution
Professional:            N. Asokan
                         F-1, First Floor, Block-2
                         Diamond Homes, Kailash Avenue
                         Old Perungalathur
                         Chennai 600063
                         E-mail: fcsasokan@gmail.com
                                 hydrooren@gmail.com

Last date for
submission of claims:    March 23, 2021


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

The instrument-wise rating actions are:

-- INR210 mil. Fund-based working capital limit (Long-term)
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR271.5 mil. Non-fund-based working capital limit (Short-
     term) migrated to non-cooperating category with IND D (ISSUER

     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 17, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1977, Power Max (India) provides integrated
engineering services, such as design, infrastructure development,
construction, and equipment erection, installation of pipelines,
tanks and vessels, majorly to power plants apart from steel, coal,
alumina, and other core industries.  

PRINCE VITRIFIED: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Prince Vitrifed Private Limited
        Survey No. 141 Matel Road
        Vill. Dhuva Tal Wankaner
        Gujarat 363622

Insolvency Commencement Date: March 8, 2021

Court: National Company Law Tribunal, Ahmedabad-Gujarat Bench

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

Insolvency professional: Akhilkumar Amrutlal Thakkar

Interim Resolution
Professional:            Akhilkumar Amrutlal Thakkar
                         B-2 Sanskar Residency
                         Sattar Taluka Society
                         Near Labh Complex
                         Income Tax, Ashram Road
                         Ahmedabad 380014
                         E-mail: akhilthakkar@gmail.com
                                 cirp.prince@gmail.com

Last date for
submission of claims:    March 22, 2021


SARE GURUGRAM: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Sare Gurugram Pvt Ltd
        E-7/12, LGF
        Malviya Nagar
        New Delhi
        South Delhi 110017
        India

Insolvency Commencement Date: March 9, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: September 5, 2021

Insolvency professional: Mr. Ajit Gyanchand Jain

Interim Resolution
Professional:            Mr. Ajit Gyanchand Jain
                         204, Wall Street-1
                         Near Gujarat College
                         Ellis Bridge
                         Ahmedabad 380006
                         E-mail: ajit@vcanca.com
                                 cirp.sare@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Ms. Rakesh Verma
                         Mr. Sandeep Goel
                         Mr. Vivek Sharma

Last date for
submission of claims:    March 24, 2021


SEED SUSTAINABILITY: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Seed Sustainability Services Private Limited
        81/2, Sri Aurobindo Marg
        Adhchini, New Delhi 110017

Insolvency Commencement Date: March 4, 2021

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Vaneet Bhatia

Interim Resolution
Professional:            Vaneet Bhatia
                         H No. 19 Bharat Apartments
                         Sector-13, Rohini, North West
                         National Capital Territory of Delhi
                         110085
                         E-mail: vaneetbhatia4@gmail.com
                                 cirp.seed@gmail.com

Last date for
submission of claims:    March 22, 2021


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

The instrument-wise rating actions are:

-- INR576.11 mil. Term loan(Long-term) due on December 2026
     downgraded and migrated to non-cooperating category with IND
     D (ISSUER NOT COOPERATING) rating;

-- INR750.00 mil. Fund-based limits (long-term/short-term)
     downgraded and migrated to non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR237.40 mil. Non-fund-based limits (Short-term) downgraded
     and migrated to non-cooperating category with IND D (ISSUER
     NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects SIPL's delays in debt servicing and
overutilization of the fund-based limits during October-December
2020 due to a stretched liquidity position.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a rating upgrade.

COMPANY PROFILE

Incorporated in 2012, SIPL is engaged in the knitting and dyeing of
fabrics. The company began commercial operations in November 2016.
FY17 was the first full year of operations.

SKYTONE ELECTRICALS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Skytone Electricals (India) Limited
        B-321, New Friends Colony
        New Delhi 110065

Insolvency Commencement Date: March 8, 2021

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Kumud Shekhar

Interim Resolution
Professional:            Kumud Shekhar
                         D-54, Road No. 6 Street No. 4
                         Shyam Vihar Phase 1 Najafgarh
                         New Delhi 110043
                         E-mail: kumud.shekhar@gmail.com

                            - and -

                         1203, Vijaya Building
                         17 Barakhamba Road
                         Connaught Place
                         New Delhi 110001
                         E-mail: ip.skytone@gmail.com

Last date for
submission of claims:    March 22, 2021


VEDANTA LTD: Agarwal Pledges Stake to Sweeten Deal for India Unit
-----------------------------------------------------------------
Swansy Afonso and Rahul Satija at Bloomberg News report that Anil
Agarwal, billionaire founder of the Vedanta Group, has pledged his
stake in a cash-rich Indian unit to help sweeten terms for a
takeover attempt that's key to his debt-repayment plans.

London-based Vedanta Resources Ltd. will now seek to buy 17.51% of
Mumbai-listed Vedanta Ltd. at INR235 ($3.24) a share, it said in an
exchange filing on March 16. That's up from the previous 10% at
INR160 apiece. Vedanta Resources's existing 55% holding in Vedanta
Ltd. is placed as collateral under conditions of a dollar bond sale
this month that will go toward partly funding the open offer.

According to Bloomberg, the revised offer represents a small
premium to March 16's INR226.5 closing price and a successful
transaction will take Agarwal closer to full control of Vedanta
Ltd. Shareholders had already rejected one takeover bid by Agarwal,
whose personal holding company has amassed about $7 billion of debt
that could be pared with the help of Vedanta Ltd.'s cash-rich
balance sheet.

If Vedanta were to accept bids for the entire 651 million shares,
the consideration for the deal would be about INR153 billion versus
INR59.48 billion expected in the January offer, Bloomberg notes.

The offer runs March 23 to April 7, the company said in the
statement.

Citicorp International Ltd., acting as trustee for the holders of
the dollar bonds, placed restrictions on Vedanta Resources's
shareholding of the Indian unit, according to a separate exchange
filing, Bloomberg relays.

Headquartered in London, Vedanta Resources Limited is a diversified
resources company with interests mainly in India. Its main
operations are held by Vedanta Ltd, a 55.1%-owned subsidiary.
Through Vedanta Resources' various operating subsidiaries, the
group produces oil and gas, zinc, lead, silver, aluminum, iron ore
and power.

Delisted from the London Stock Exchange in October 2018, Vedanta
Resources is now wholly owned by Volcan Investments Ltd. Founder
chairman of Vedanta Resources, Anil Agarwal, and his family, are
the key shareholders of Volcan.

As reported in the Troubled Company Reporter-Europe on Feb. 19,
2021, Moody's Investors Service has confirmed Vedanta Resources
Limited's (VRL) B2 corporate family rating, as well as the Caa1
rating on the company's senior unsecured notes and on the senior
unsecured notes issued by Vedanta Resources Finance II Plc and
guaranteed by VRL. The outlook on all ratings has been changed to
negative from ratings under review.

The rating confirmation concludes the review for downgrade on VRL's
ratings from Moody's initiated on December 3, 2020, when VRL's
ratings were downgraded by one notch and kept under review for
further downgrade.




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

JAPAN AIRLINES: Plans Lesser Working Hours, Salary Cuts for Crews
-----------------------------------------------------------------
The Japan Times reports that Japan Airlines Co. plans to let its
flight attendants age 50 or older choose fewer working hours with
salary cuts from fiscal 2021 starting next month, amid weak travel
demand due to the coronavirus pandemic, company sources said March
16.

The airline will cut both working hours and pay for flight
attendants either by 20% or 40% depending on the option they
choose, without asking them to specify the reason for enrolling,
according to the sources, The Japan Times relays.

According to the report, JAL has already conveyed the plan to its
labor unions, they said, adding the 40% cut will be available only
for one year in fiscal 2021.

The Japan Times says the company plans to allow experienced flight
attendants to continue working on a reduced basis, with the 20% cut
in hours to be available beyond the next fiscal year, expecting
them to take time for raising children or caring for parents, as
well as engage in volunteer activities.

JAL will also introduce paid leave for all cabin crew for the
purpose of infertility treatment in fiscal 2021 and fiscal 2022 on
a trial basis, according to the sources.

Meanwhile, JAL has no plan to provide summer and winter bonuses in
fiscal 2021 due to the business uncertainty surrounding the air
transportation industry, The Japan Times reports.

JAL's largest labor union demanded an annual bonus equivalent to
two months of salary and will seek to keep negotiating the issue
with the management later in the year.

Hit hard by the pandemic, JAL has said its net loss for fiscal 2020
is expected to be JPY300 billion, The Japan Times discloses.

Its competitor All Nippon Airways Co. has yet to present any
amounts for summer and winter bonuses for fiscal 2021, saying its
earnings outlook remains unpredictable, while its largest labor
union requested an annual bonus equivalent to one month of salary
or more, the report states.

                         About Japan Airlines

Japan Airlines Co., Ltd. engages in scheduled and non-scheduled air
transport, aerial work, and aircraft maintenance services. It
operates through the Air Transport and Others segments. The Air
Transport segment engages in air transport business, airport
passenger service, ground handling service, maintenance service,
cargo service, passenger transport service and airport area
business. The Others segment includes travel planning and sales.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
25, 2021, Egan-Jones Ratings Company, on February 16, 2021
downgraded the foreign currency and local currency senior unsecured
ratings on debt issued by Japan Airlines Co Ltd. to BB from BB+.


KOBE STEEL: Egan-Jones Hikes Senior Unsecured Ratings to B
----------------------------------------------------------
Egan-Jones Ratings Company, on March 1, 2021, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Kobe Steel, Ltd. to B from C.

Headquartered in Kobe, Hyogo, Japan, Kobe Steel, Ltd. is a supplier
of aluminum and copper products including core products.


SAPPORO HOLDINGS: Egan-Jones Cuts Senior Unsecured Ratings to BB
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 1, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Sapporo Holdings Limited to BB from BB+.

Headquartered in Japan, Sapporo Holdings Limited produces and sells
alcoholic and non-alcoholic beverages.


TOKYU CORP: Egan-Jones Lowers Sr. Unsecured Ratings to BB
---------------------------------------------------------
Egan-Jones Ratings Company, on March 9, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Tokyu Corporation to BB from BB+.

Headquartered in Shibuya City, Tokyo, Japan, Tokyu Corporation
provides railway services.




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

WHAKATANE MILL: To Close Mill on June 21; 210 Jobs to be Axed
-------------------------------------------------------------
Radio New Zealand reports that major Bay of Plenty employer
Whakatane Mill has decided to proceed to close its doors.

It employs just over 210 staff and has produced paper and packaging
products, lately mostly for export, for more than 80 years.

Its management said all staff would be made redundant, with most
completing their roles by the end of June, RNZ relates.

The company would cease production on June 21 and then begin the
decommissioning of the plant, with an expected final closure date
of June 30, it said.

A number of options were being explored for both the plant and the
site, but no decisions had yet been made, RNZ says.

According to RNZ, Whakatane Mill Limited general manager Juha
Verajankorva said the decision was not an easy one.

"This is a very tough day for all of us, and we will work to do the
best we can by our people and the community of Whakatāne and the
Bay of Plenty as we complete our decommissioning and closure of the
plant," RNZ quotes Mr. Verajankorva as saying.

"Our focus at this time is caring for our staff and we will
continue to work with union representatives and other agencies to
support our people through the redundancy process."

The mill proposed the closure last month after losing its biggest
customer, Swiss packaging company SIG Combibloc, which accounts for
80 percent of its sales, RNZ notes.

"It's very tough, but SIG's decision is understandable, given the
circumstances and the reality that we cannot compete with suppliers
elsewhere. We accept that further investment in the business is
just not feasible," he said.

The business is no longer considered economic, RNZ adds.

"The volumes we produce are modest by global standards, and our
costs-per-unit can no longer compete."




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

BEST WORLD: Trading in Shares Unlikely to Resume Soon
-----------------------------------------------------
Tay Peck Gek at The Business Times reports that shareholders of
Best World International are unlikely to see the counter resume
trading soon - at least not until it is able to make progress on
its transition to a direct-selling model in China, the firm said in
a regulatory filing on March 16.

Plagued by accounting problems, the mainboard-listed beauty
products firm has had its shares suspended for about two years; it
believes the suspension won't be lifted until it can assuage the
concerns of the regulatory arm of Singapore Exchange, SGX RegCo, on
the legality of its sales and distribution model in China,
according to BT.

However, it said that the Ministry of Commerce (MOFCOM) of China
"has not resumed accepting applications for direct-selling licences
and accepting filings for expansion of the coverage of existing
direct-selling licences."

The MOFCOM has furnished no update on this matter since December
2020. Consequently, Best World International is unable at this time
to file for the expansion of the coverage of its existing
direct-selling licence, it stated, BT relays.

According to BT, the company's skin-care sale-and-distribution
model in China and its financials came under scrutiny after short
seller Bonitas Research questioned the authenticity and legality of
its profits.

BT says PricewaterhouseCoopers Advisory Services, in an earlier
independent review of Best World's China dealings, uncovered
questionable deposits into the personal bank accounts of various
individuals by its franchisees and other potential breaches of the
Singapore Companies Act.

SGX RegCo noted that there was insufficient clarity on the actual
financial position of the group and the legality of the business,
including compliance with China's regulations, so trading in the
shares of the company cannot resume in a fair, transparent and
orderly manner, BT adds.

Best World International Limited sources, formulates, brands, and
distributes a range of health and lifestyle products under the BWL,
Avance, DORS, DR's Secret, and DRs Seager brand names. The Company
also distributes a range of third-party cosmetics and skin care
products under the brand C'bon.


PACIFIC INTERNATIONAL: Moratorium Extension Hearing Set March 29
----------------------------------------------------------------
Tay Peck at The Business Times reports that Pacific International
Lines (PIL) will have its moratorium extension application heard in
the High Court at 2.30 pm on March 29.

Opposers to the application have to file an affidavit by 4:00 p.m.
on March 22, said the privately-held boxship operator in a
regulatory filing on March 16, BT relays.

According to BT, PIL had applied to the High Court on March 15 for
an extension of the existing moratorium - which expires on April 4
- to the earlier of the occurrence of the restructuring effective
date and the long-stop date June 30 under the scheme of
arrangement.

BT relates that the company and investor Heliconia Capital
Management are working to satisfy the conditions precedent in
relation to the completion of the investment, under which Heliconia
Capital Management is to put in US$600 million in a mix of debt and
equity, with the temporary credit of US$112 million earlier given
to be repaid.

PIL's debts, including loans, lease liabilities, bill payables and
notes, surpass US$3.3 billion, and its 8.5 per cent notes were
listed on Singapore Exchange, the report says.

Heliconia Capital Management is wholly owned by Temasek Holdings.

Pacific International Lines (Private) Limited (PIL) provides marine
support services. The Company offers liner container, 3rd party
logistics, port, and tracking services. PIL serves customers
worldwide.


TECHNICS OIL: Deal to Transfer Listing Status Terminated
--------------------------------------------------------
The Business Times reports that Technics Oil & Gas and Singapore
Knee, Sports and Orthopaedic Clinic have mutually agreed to
terminate the agreement to transfer Technics' listing status on the
mainboard to the latter.

BT relates that after abolition of the listing transfer, the
judicial manager (JM) of Technics from Deloitte & Touche said he is
considering if there are any other suitable proposals that would
achieve one or more of the purposes of judicial management.

Otherwise, noted the JM, the company would be headed for a
winding-up, as well as delisting from SGX and Taipei Exchange. The
JM did not offer any reasons for the abolition of the agreement, BT
notes.

Technics and Singapore Knee, Sports and Orthopaedic Clinic had
entered into an agreement last March on the transfer of the listing
status by way of a scheme of arrangement, which would see the price
of SGD3 million satisfied by the issue of new shares in the capital
of Singapore Knee, Sports and Orthopaedic Clinic, recalls BT.

Singapore-based Technics Oil & Gas Ltd is a specialist engineering
service provider which designs, procures, fabricates, installs, and
commissions process modules and equipment for oil and gas
exploration and production on a turnkey project basis. The Company
provides engineering contracting and repair and maintenance
services, offers after-sales services, and supplies spare parts and
equipment.




=============
V I E T N A M
=============

VIETNAM CENTRAL: Fitch Assigns 'BB' LT Foreign Currency IDR
-----------------------------------------------------------
Fitch Ratings has assigned Vietnam Electricity Central Power
Corporation (EVNCPC) a Long-Term Foreign-Currency Issuer Default
Rating (IDR) of 'BB' with a Stable Outlook.

EVNCPC's rating is based on the consolidated credit profile of
Vietnam Electricity (EVN, BB/Stable), which owns 100% of the
company, in line with Fitch's Parent and Subsidiary Linkage (PSL)
Rating Criteria. The consolidated rating approach is driven by the
strong integration of EVNCPC's credit profile with that of its
parent. Fitch assesses EVNCPC's Standalone Credit Profile (SCP) at
'bb', the same as that of EVN and Vietnam's sovereign rating
(BB/Stable).

EVN's SCP benefits from its position as the owner and operator of
Vietnam's electricity transmission and distribution network, and
the company's near 54% share of the country's installed generation
capacity. Fitch's Government- Related Entities Rating Criteria
equalises EVN's rating with that of the sovereign should its SCP
weaken, provided the likelihood of state support remains intact.

KEY RATING DRIVERS

Strong Integration with Parent: EVN determines EVNCPC's profit
through a bulk-supply tariff (BST) setting mechanism. The BST aims
to cover EVNCPC's costs and earn a profit that will allow the
company to maintain operations and meet investment plans. EVN also
appoints EVNCPC's key management, approves its business and
investment plans, oversees the subsidiary's financial management,
and approves key executives' compensation packages. EVN guaranteed
around 35% of EVNCPC's total borrowings at end-2020.

Strong Market Position Supports SCP: EVNCPC's SCP is assessed at
the same level as EVN's due to the high influence the parent has on
EVNCPC's business plans and financial profile, including
profitability, though Fitch believes EVNCPC's credit metrics are
stronger than that commensurate for its credit assessment.

EVNCPC's SCP is supported by its dominant market position in
electricity distribution in central Vietnam, its diversified
counterparties and low receivable days. EVNCPC's credit profile,
similar to that of its parent, is constrained by the regulatory
framework's short history and political risks, and the short period
of six months for which tariffs are set in the framework.

Moderate Impact of Coronavirus: EVNCPC's electricity sales volume
in 2020 was helped by Vietnam's resilient economy and success in
containing the pandemic. Nevertheless, power demand growth has
decelerated due to the coronavirus and Fitch estimates EVNCPC's
electricity sales volume declined by 1% in 2020 compared with a 9%
yearly average increase in the past four years.

Diversified Counterparties, Low Receivable Risks: EVNCPC's credit
profile benefits from its diversified customer base of about 4.3
million, with a good mix of more stable residential customers
making up 42% and high growth industrial customers contributing
36%. Its top-20 customers account for only about 7.8% of revenue.
Lower counterparty risk is also reflected in EVNCPC's high
collection rates of almost 100% and low receivable days of around
13, which are also driven by above 60% revenue collection through
digital payment.

Tariff Increase Restrictions: EVN can raise retail electricity
tariffs every six months, in line with rising production costs,
under the regulatory framework introduced in August 2017. Automatic
adjustments are limited to 5%. Price increases of 5%-10% require
approval from the Ministry of Industry and Trade, and larger
increases need the prime minister's approval. Fitch expects general
delays in implementing tariff hikes, especially during the current
economic weakness when affected businesses and individuals may
strongly oppose any tariff increases.

Low ROE: EVN sets the major cost of electricity purchase through
the BST for distribution companies, including EVNCPC, with the aim
of providing a modest profit. Fitch expects EVNCPC to maintain its
pretax return on equity (ROE), which has been in line with EVN's
target of 1%-3%.

High Capex Forecast: Fitch expects EVNCPC's capex to remain high,
as the company plans average annual outlay of above VND6 trillion
over the medium term (2019: VND5.4 trillion). EVNCPC's capex is
mainly for the enhancement of the distribution grid and
transmission lines to improve power supply capacity. Fitch
estimates EVNCPC's FFO net leverage will stay at around 3.0x over
the next four years (2019: 2.7x).

EVN's Strong State Linkages: Fitch sees EVN's status, state
ownership and control as 'Very Strong'. The state fully owns EVN,
appoints its board and senior management, directs investments and
approves tariff hikes in excess of 5%. EVN's state support record
is 'Strong'. The state has provided guarantees, stepdown loans,
state-owned bank loans at preferential rates, subsidies and tax
incentives. Fitch expects support to be available, if needed,
although the government plans to cut direct support for state-owned
enterprises to contain sovereign debt.

Strong Support Incentive: Fitch believes the socio-political
implications of a potential EVN default are 'Strong', as it would
lead to service disruption in light of its entrenched position
across the electricity-sector value chain. It would also be
difficult to import fuel stock and fund new power investments.
Fitch sees the financial implications of a default as 'Very
Strong', as it would significantly affect the availability and cost
of domestic and foreign financing options for the state and
government-related entities, as EVN is one of Vietnam's key
borrowers.

DERIVATION SUMMARY

EVNCPC's rating is based on the consolidated profile of its parent,
EVN. The linkages between the two are assessed as strong under
Fitch's PSL Criteria, because EVN fully owns EVNCPC and has
extensive influence over EVNCPC's business plans, profitability and
financial profile. EVN is the state-owned utility that has a
monopoly over electricity transmission and distribution in Vietnam.
It also owns and operates the majority of the country's installed
power-generation capacity. EVN's distribution businesses are highly
strategic and are operated through EVNCPC and four other wholly
owned subsidiaries.

Vietnam Electricity Northern Power Corporation (EVNNPC, BB/Stable),
Hanoi Power Corporation (EVNHANOI, BB/Stable) and Ho Chi Minh City
Power Corporation's (EVNHCMC, BB/Stable) ratings are also driven by
the consolidated credit profile of their parent, EVN, in accordance
with Fitch's PSL Criteria. EVN has strong linkages and extensive
influence over the business and financial profiles of EVNNPC,
EVNHANOI and EVNHCMC via its 100% ownership of the three
companies.

PT Perusahaan Gas Negara Tbk's (PGN; BBB-/Stable) ratings are
notched below that of its parent, PT Pertamina (Persero) (BBB/
Stable). There are strong linkages between the two, as assessed
under Fitch's PSL Criteria, but PGN plays a more modest role in
Pertamina's upstream and downstream businesses than the Vietnamese
subsidiaries do in EVN's businesses.

KEY ASSUMPTIONS

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

-- EVNCPC's electricity demand to rise annually by 8% on average
    between 2021 and 2023, preceded by a decline of 1% in 2020 due
    to the effects of the coronavirus pandemic.

-- Average retail tariffs to increase by 4% and BSTs to fall by
    6% in 2021, and remain flat thereafter.

-- Distribution losses to improve to around 4.3% in next three
    four years (2019: 4.67%, 2018: 5.1%).

-- Annual average capex of VND6.5 trillion over the next three
    years.

-- Blended interest rate to increase to 7.4% in the next three
    years (2019: 5.9%) with the increase in commercial loans in
    proportion to overseas development assistance loans.

-- No dividend payouts.

RATING SENSITIVITIES

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

-- Positive rating action on EVN

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

-- Negative rating action on EVN

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch estimates EVNCPC's cash of around VND3.8
trillion at end-2020 can cover debt maturities of VND2.4 trillion
in the next 12 months. Fitch expects the company to generate
negative free cash flow over the medium term due to the high
planned capex. However, Fitch does not expect liquidity to be a
risk for the company as it has direct and indirect linkages to EVN
and the state, respectively.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

EVNCPC's rating is directly linked to the credit quality of its
parent, EVN. A change in Fitch's assessment of the credit quality
of EVN would automatically result in a change in the rating on
EVNCPC.

ESG CONSIDERATIONS

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



                           *********


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

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

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

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

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



                *** End of Transmission ***