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

                     A S I A   P A C I F I C

          Monday, March 29, 2021, Vol. 24, No. 57

                           Headlines



A U S T R A L I A

ARCREN BUILDING: Placed in Liquidation
B CONTRACTING: Second Creditors' Meeting Set for April 7
LA PEROUSE: First Creditors' Meeting Set for April 8
LATITUDE AUSTRALIA 2017-2: DBRS Confirms BB Rating on Cl. E Notes
QANTAS AIRWAYS: Egan-Jones Retains BB Sr. Unsecured Debt Ratings

STREET SWAGS: First Creditors' Meeting Set for April 6


C H I N A

YUZHOU GROUP: Woes Deepen After Profit Warning


H O N G   K O N G

GENTING GROUP: Chair and CEO Buys Out Stake in Luxury Yacht Unit


I N D I A

AMITH CASHEW: CRISIL Withdraws B+ Rating on INR3.5cr LT Loan
APEX HEALTHCARE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
B R CORPORATION: CRISIL Withdraws B+ Rating on INR9cr Cash Loan
B. BUCHA REDDY: CRISIL Keeps D Debt Ratings in Not Cooperating
BALDEO METALS: CRISIL Lowers Rating on INR30cr Loan to D

BHAGIRATHI TRANS: CRISIL Lowers Rating on INR76.37cr Loan to B
BHUSHAN POWER: JSW Steel Closes INR19,350 crore Deal With Lenders
CLASSIC HYUNDAI: CRISIL Withdraws B- Rating on INR8cr Cash Loan
DRASHTI INNOVATIVE: CRISIL Keeps D Ratings in Not Cooperating
DURGA HARDWARE: CRISIL Keeps B+ Debt Ratings in Not Cooperating

EAK AUTOMOBILES: CRISIL Keeps B Debt Ratings in Not Cooperating
EDATHADAN GRANITES: CRISIL Keeps B+ Ratings in Not Cooperating
ENIGMA VENTURES: CRISIL Keeps D Debt Ratings in Not Cooperating
FLY EXPRESS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
GANPATI STRUCTURES: CRISIL Keeps B+ Ratings in Not Cooperating

HERMAN PROPERTIES: Ind-Ra Keeps BB- Rating in Non-Cooperating
INDIA TOLL: Moody's Gives Ba2 Rating on US$300M Sr. Secured Notes
JAYPEE INFRATECH: Supreme Court Remands Case Back to CoC
JOSEPH LESLIE: Ind-Ra Cuts Long-Term Issuer Rating to 'D'
KAKATIYA INDUSTRIES: Ind-Ra Gives 'BB-' Long-Term Issuer Rating

KESHAV CEMENTS: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
KOTHARI M: CRISIL Withdraws B+ Rating on INR7cr Cash Loan
KUMAR INFRATRADE: CRISIL Lowers Rating on INR11cr Term Loan to B
LAKSHMI KNIT: Ind-Ra Moves 'D' LT Issuer Rating to Non-Cooperating
MANDAKINI HEAVEN: CRISIL Withdraws D Rating on INR7.15cr Loan

MKJ TRADEX: CRISIL Keeps B+ on INR75cr Debt in Not Cooperating
MYSORE TIMBER: Ind-Ra Moves B- LT Issuer Rating to Non-Cooperating
OVERSEAS TRADERS: CRISIL Lowers Rating on INR15cr Loans to D
P. HITESH & CO: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
RAMYA REPROGRAPHIC: Ind-Ra Gives 'BB+' Long-Term Issuer Rating

RAVIAN LIFE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
REKHA CORPORATION: Ind-Ra Gives BB- Issuer Rating, Outlook Stable
RIDCOR INFRA: Ind-Ra Affirms 'D' Senior Project Bank Loan Rating
RISHI ICE: Ind-Ra Hikes BB+ Long-Term Issuer Rating, Outlook Stable
RYTHU MITRA: CRISIL Keeps D Debt Ratings in Not Cooperating

SAINEL CASHEW: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SPECTRUM ELECTRICAL: Ind-Ra Gives 'BB+' Long-Term Issuer Rating
T. K. PAPER: CRISIL Lowers Rating on INR5.4cr Cash Loan to B
TI AUTOMOTIVES: CRISIL Lowers Ratings on INR14cr Loans to B
VAISHNAOI HOTELS: CRISIL Keeps B+ Debt Ratings in Not Cooperating

VANILLA CLEAN: Ind-Ra Cuts Bank Loan Rating to B+, Outlook Stable
VELAVAN STORES: CRISIL Keeps B Debt Ratings in Not Cooperating
VIDYANIKETHAN EDUCATIONAL: Ind-Ra Moves D Rating to Non-Cooperating
VJTF INFRASCHOOL SERVICES: CRISIL Cuts Rating on Loan to B+
VJTF INFRASCHOOL: CRISIL Cuts Rating on INR50cr Loan to B+

VRUNDAVAN CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
[*] INDIA: More Than 280 Companies Declared Bankrupt Amid Pandemic


I N D O N E S I A

REJEKI ISMAN: Fitch Cuts LT IDR to 'B-', On Watch Negative


M A C A U

MGM CHINA: Fitch Assigns BB- Rating on Proposed Unsec. Notes
MGM CHINA: Moody's Rates New $500M Senior Unsecured Notes 'Ba3'


M A L A Y S I A

MAA GROUP: Uplifted From PN17 Status


S I N G A P O R E

ACL AN NAM: FTI Consulting Appointed as Provisional Liquidators
DONG CHENG: Court to Hear Wind-Up Petition on April 9
EZY INFOTECH: Court to Hear Wind-Up Petition on April 9
KHENG CHEONG: Commences Wind-Up Proceedings
LUMEN FLUX: Court to Hear Wind-Up Petition on April 9

MMID UTILITIES: Court Enters Wind-Up Order


T H A I L A N D

THAI AIRWAYS: Warns of Extended Delisting Risk

                           - - - - -


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

ARCREN BUILDING: Placed in Liquidation
--------------------------------------
Ebene Magazine reports that a construction company in Brisbane owed
nearly half a million dollars after a costly dispute with a
subcontractor.

The Newstead-based Arcren Building was liquidated two weeks ago by
Bill Robson of the Robson Cotter Insolvency Group.

Arcren owes more than AUD420,000 to contractors such as
electricians, plumbers, steel and concrete suppliers, according to
a report to the ASIC creditor field.

Arcren, in turn, claims it owed about AUD600,000 in what is known
as "excessive claims" from a contractor building a warehouse for
the Virginia company, Ebene Magazine relates.

Arcren, of which Matthew Flanagan and Matthew Lennon are directors,
was registered in 2014 and had completed more than AUD2.2 million
in work in the past five years, Ebene Magazine discloses citing to
the Queensland Building and Construction Commission (QBCC).

According to Ebene Magazine, Arcen's building permit was canceled
at its own request last September after the company ran out of
funds to pursue the money it believes it owes.

In June last year, a company called Arcren Residential was founded
with the same business address as Arcren Building. Mr. Flanagan was
listed as a QBCC candidate.

"With liquidators appointed to Arcren Building Pty Ltd, the QBCC
will begin revoking and suspending licenses against Mr. Flanagan,"
the report quotes a spokesman as saying.  "This is a legal process
that could expel Mr. Flanagan from the industry for three years."


B CONTRACTING: Second Creditors' Meeting Set for April 7
--------------------------------------------------------
A second meeting of creditors in the proceedings of:

   - B Contracting Pty Ltd (formerly known as BSI
     Contracting Pty Ltd)
   - BSI Professional Services Pty Ltd
   - Keynected Pty Ltd
   - Mobifiliate Pty Ltd
   - Referron Pty Ltd

has been set for April 7, 2021, at 11:00 a.m. via teleconference
only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 6, 2021, at 5:00 p.m.

Sule Arnautovic of Hall Chadwick was appointed as administrator of
B Contracting on March 3, 2021.


LA PEROUSE: First Creditors' Meeting Set for April 8
----------------------------------------------------
A first meeting of the creditors in the proceedings of La Perouse
Construction Group Pty Ltd will be held on April 8, 2021, at 11:00
a.m. via virtual facilities.

Shumit Banerjee of Westburn Advisory was appointed as administrator
of La Perouse on
March 25, 2021.


LATITUDE AUSTRALIA 2017-2: DBRS Confirms BB Rating on Cl. E Notes
-----------------------------------------------------------------
DBRS Ratings Limited confirmed its ratings of the Series 2017-2,
Series 2018-2, and Series 2019-1 Notes (together, the Notes) issued
by Latitude Australia Credit Card Loan Note Trust (the Issuer) as
follows:

Series 2017-2:

-- Class A1 Notes at AAA (sf)
-- Class A2 Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (sf)

Series 2018-1:

-- Class A1 Notes at AAA (sf)
-- Class A2 Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (sf)

Series 2019-1:

-- Class A1 Notes at AAA (sf)
-- Class A2 Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (sf)

The ratings of the Notes address the timely payment of interest and
ultimate payment of principal on or before the legal final maturity
dates in August 2031, March 2032, and September 2033 for Series
2017-2, Series 2018-1, and Series 2019-1, respectively.
The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, charge-offs,
principal payment rates, and yield rates, as of the February 2021
payment date.

-- Current available credit enhancement to the notes to cover the
expected losses at their respective rating levels.

-- Current economic environment and an assessment of sustainable
performance, as a result of the Coronavirus Disease (COVID-19)
pandemic.

-- No revolving termination events have occurred.

The Issuer is a securitization of credit card receivables related
to credit agreements originated or acquired by Latitude Finance
Australia (Latitude) to customers in Australia and assigned to the
Latitude Australia Credit Card Master Trust. The portfolio is
serviced by Latitude. Each series is currently in its respective
revolving period.

PORTFOLIO PERFORMANCE

As of the February 2021 payment date, the monthly principal payment
rate (MPPR) was 12.2%, averaging 12.3% since closing. The
annualized gross charge-off rate was 2.7%, averaging 4.6% since
closing. The annualized yield rate was 12.4%, averaging 13.4% since
closing.

As of February 2021, receivables that were two- to three-months in
arrears represented 0.6% of the outstanding receivables balance,
down from 0.8% in February 2020. Receivables more than three months
in arrears represented 1.0% of the outstanding receivables balance,
down from 1.3% in February 2020.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar maintained its base case MPPR, charge-off rate,
and yield rate assumptions at 11.3%, 6.3%, and 12.5%, respectively,
and considered portfolio-specific coronavirus adjustments in its
analysis.

CREDIT ENHANCEMENT AND RESERVES

With respect to Series 2017-2, the Class A1 Notes benefit from
credit enhancement of 34.5%. With respect to Series 2018-1 and
2019-1, the Class A1 Notes each benefit from credit enhancement of
32.5%. Credit enhancement to the Class A2, Class B, Class C, Class
D, and Class E Notes is 22.5%, 17.0%, 12.0%, 8.0% and 4.5%,
respectively, for all series. Credit enhancement consists of
subordination of the junior notes and the series-specific
Originator variable funding note (VFN), and has remained stable due
to the revolving periods.

The Required Retained Principal Ledgers in respect of each series
and the Originator VFN Required Retained Principal Ledger provide
liquidity support to the transaction. The Series Required Retained
Principal Ledger is funded to 1% of the outstanding Notes balance.

Westpac Banking Corporation (Westpac) acts as the account bank for
the transaction. Based on the account bank reference rating of
Westpac at AA, the downgrade provisions outlined in the transaction
documents, and other mitigating factors inherent in the transaction
structure, DBRS Morningstar considers the risk arising from the
exposure to the account bank to be consistent with the ratings
assigned to the Class A1 and Class A2 Notes for each series, as
described in DBRS Morningstar's "Legal Criteria for European
Structured Finance Transactions" methodology.

DBRS Morningstar analyzed the transaction structure in its
proprietary cash flow engine.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
borrowers. DBRS Morningstar anticipates that delinquencies may
continue to increase in the coming months for many ABS
transactions, some meaningfully. The ratings are based on
additional analysis and adjustments to expected performance as a
result of the global efforts to contain the spread of the
coronavirus.

For this transaction, DBRS Morningstar assessed a reduction in the
expected yield rate, in addition to a reduction in the expected
principal payment rate in line with historical sensitivity to
unemployment rates.

Notes: All figures are in Australian dollars unless otherwise
noted.


QANTAS AIRWAYS: Egan-Jones Retains BB Sr. Unsecured Debt Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 17, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Qantas Airways Limited.

Headquartered in Mascot, Australia, Qantas Airways Limited provides
airline services.


STREET SWAGS: First Creditors' Meeting Set for April 6
------------------------------------------------------
A first meeting of the creditors in the proceedings of Street Swags
Limited will be held on April 6, 2021, at 10:30 a.m. via
teleconference.

Michael John Griffin of Worrells Solvency was appointed as
administrator of Street Swags on March 23, 2021.




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

YUZHOU GROUP: Woes Deepen After Profit Warning
----------------------------------------------
Ina Zhou and Rebecca Choong Wilkins at Bloomberg News report that
concerns about Yuzhou Group Holdings Co.'s financial health are
intensifying, after a profit warning from the Chinese property
developer sent its bonds and shares tumbling last week.

The company's Hong Kong-listed shares slumped a record 23%. It
warned on March 21 that last year's earnings likely dropped
"significantly," and then said March 25 that it was barely
profitable in 2020. Its dollar bonds have also fallen sharply, with
an 7.85% note due 2026 plunging 31 cents on the dollar to 74.6
cents and poised for a record closing low, according to prices
compiled by Bloomberg.

Moody's Investors Service's decision on March 23 to cut the
midsized developer's credit rating further weakened investor
confidence at a time when China's onshore defaults have hit a
record high.

According to Bloomberg, property developers are among the firms
most likely to be affected by a fresh government drive to
deleverage. Corporate defaults have soared to CNY32.4 billion (US$5
billion) in March, set to be the highest monthly tally on record,
according to data compiled by Bloomberg dating back to 2014. More
than half of missed payments in the period came from the property
sector.

Founded in the southern city of Xiamen in 1994, Yuzhou has since
transformed itself into a national entity with dual-headquarters in
Shanghai and Shenzhen. In a China Real Estate Information Corp.
list of China's 200 biggest developers ranked by contracted sales,
Yuzhou ranked 37th, Bloomberg says.

Yuzhou tapped international capital markets to help fund its
expansion, with an initial public offering in Hong Kong in 2009,
Bloomberg recalls. The developer is also a frequent borrower in the
offshore debt market, with some $5.8 billion in dollar bonds
outstanding, Bloomberg-compiled data show.

According to Bloomberg, the selloffs in Yuzhou's stock and bonds
deepened on March 19 after the developer revealed in a late March
18 disclosure that it expects 2020 net income of about CNY117
million, versus CNY3.61 billion a year earlier. As in
March 21's filing, the company attributed its earnings weakness to
pandemic-related delays on certain projects and national regulatory
measures cooling selling prices.

The firm's 8.5% dollar bond due 2023 also plunged 12 cents on the
dollar to 88.6 cents as of 4:22 p.m. in Hong Kong, according to
prices compiled by Bloomberg, while a 7.375% note due 2026 sank
nearly 20 cents to 75.4 cents. Other high-yield Chinese developers
saw their dollar bonds drop by as much as 1.5 cents, according to
credit traders.

Equities in the sector also skidded, with Yuzhou closing down 14%
in Hong Kong, making it the biggest decliner in the Hang Seng
Composite Index.  

Moody's downgrade will deepen investor worries about the broader
real estate sector, as avenues of funding tighten amid Beijing's
push to rein in excessive debt expansion, Bloomberg notes.

Bloomberg says China Fortune Land Development Co. became the
nation's first real estate firm to suffer a default in the dollar
bond market since the government launched its "three red lines"
directive. The introduction of those metrics for some firms weighed
on the sector as a whole because they signal Beijing is going to
keep clamping down on property companies' borrowing.

On the basis of contracted sales, Yuzhou is bigger than China
Fortune Land, which ranked 47th last year, Bloomberg notes.

A debt binge by Chinese builders has been a driver of rising house
prices, and signs of stress will be a concern to regulators keen on
reining in excessive credit and shutting down insolvent borrowers,
adds Bloomberg.

                         About Yuzhou Group

Yuzhou Group Holdings Company Limited is a property developer that
focuses on residential housing in the Yangtze River Delta and the
West Strait Economic Zone. Established in Xiamen in the mid-1990s,
Yuzhou is one of the city's largest developers. The company moved
its headquarters to Shanghai in 2016.

As reported in the Troubled Company Reporter-Asia Pacific on March
26, 2021, Moody's Investors Service has downgraded Yuzhou Group
Holdings Company Limited's corporate family rating to B1 from Ba3,
and its senior unsecured rating to B2 from B1.  At the same time,
the outlook was changed to negative from stable.




=================
H O N G   K O N G
=================

GENTING GROUP: Chair and CEO Buys Out Stake in Luxury Yacht Unit
----------------------------------------------------------------
Ben Blaschke at Inside Asian Gaming reports that Genting Group
Chairman and CEO Lim Kok Thay has purchased a 24.68% stake in a
subsidiary of Genting Hong Kong as part of the troubled cruise ship
firm's ongoing efforts to boost liquidity.

Lim, who is also Chairman and CEO of Genting Hong Kong and holds a
personal 76% stake in the company, last week entered into an
agreement to purchase SGD10.6 million (US$7.9 million) worth of
shares in Grand Banks Yachts, a Singapore-listed firm that
manufactures and sells luxury yachts worldwide.

The acquisition represents Genting Hong Kong's entire stake in
Grand Banks Yachts.

"The catastrophic COVID-19 pandemic has caused an acute disruption
to businesses worldwide and led the cruise and tourism industry to
a sudden halt since February 2020," Genting Hong Kong said in
announcing the sale of its interest, IAG relays.

"Business worldwide has been severely hit due to enforcement of
large-scale pandemic-control measures which have massively
disrupted social activities.

"At the onset of the coronavirus pandemic, the Group has taken
swift countermeasures to aggressively minimize expenses and
conserve cash to lower our cash burn rate. We continue our efforts
to conserve cash and to seek additional sources of finance,
including disposal of non-core assets and investments, to sustain
our business working on partial resumption of cruise operations.

"The Disposal will enable the Group to offload non-core assets and
investment and provide required liquidity to the Group."

According to the report, Genting Hong Kong has been heavily
impacted by COVID-19 and last August revealed it was temporarily
suspending all payments to the group's financial creditors to
preserve liquidity after two subsidiaries failed to pay
EUR3.7 million in bank fees, constituting an event of default.

Lim's son, Lim Keong Hui, then stepped down as Genting HK's Deputy
CEO but not before taking the Zouk nightclub brand with him at a
cost of SGD14 million (US$10.3 million).

In November, Genting HK announced the sale of half of its stake in
Genting Macau, a wholly-owned subsidiary that has been developing a
hotel alongside Macau's Nam Van Lake, for HK$750 million (US$96
million), IAG recalls. The company has since flagged the likely
future sale of its remaining stake, the report notes.

                       About Genting Hong Kong

Genting Hong Kong Limited is a Hong Kong-based investment holding
company principally engaged in cruise businesses. The Company
operates through two segments. Cruise and Cruise-related Activities
segment is engaged in the sales of passenger tickets, the sales of
foods and beverages onboard, shore excursion, as well as the
provision of onboard entertainment and other onboard services.
Non-cruise Activities segment is engaged in onshore hotel
businesses, travel agency, aviation businesses, entertainment
businesses and shipyard businesses, among others. The Company
operates businesses in Asia Pacific, North America and Europe,
among others.




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

AMITH CASHEW: CRISIL Withdraws B+ Rating on INR3.5cr LT Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Amith Cashew Industries (ACI) 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.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           2.5       CRISIL B+ /Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)


   Long Term Loan        0.68      CRISIL B+ /Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Pledge Loan           3.5       CRISIL B+ /Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Proposed Long         0.32      CRISIL B+ /Stable (ISSUER NOT
   Term Bank                       COOPERATING; Rating Withdrawn)
   Loan Facility         
                                   
CRISIL Ratings has been consistently following up with ACI for
obtaining information through letters and emails dated September
28, 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 ACI. 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 ACI is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
ACI to 'CRISIL B+/Stable Issuer not cooperating'.

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

Set up in 2009 as partnership firm, ACI processes raw cashew nuts
and sells cashew kernels. The firm market its products under the
'OM Cashews' brand. The firm, based in Udupi (Karnataka), is
promoted by the Pai family. Operations are managed by Mr. Paladka
Shankar Pai and his son Mr. Amith Pai.

APEX HEALTHCARE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Apex
Healthcare Limited (AHL) continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          7.50        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Cash        2.89        CRISIL B+/Stable (Issuer Not
   Credit Limit                     Cooperating)

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

AHL was established as a partnership firm (Apex Laboratories) in
2003, by Mr. Umesh Mendapara and his cousins, Mr. Ramesh Gabani and
Dr. Chandu Gabani. In January 2007, the firm was reconstituted as a
public-limited company (closely held) with the current name. The
company manufactures bulk drugs, at its unit at Ankleshwar
(Gujarat), which has a capacity of 75 tonnes per annum, with around
70% capacity utilization.


B R CORPORATION: CRISIL Withdraws B+ Rating on INR9cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of B
R Corporation (BRC) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit/          9        CRISIL B+/Stable (ISSUER NOT
   Overdraft                      COOPERATING; Rating Withdrawn)
   facility

CRISIL Ratings has been consistently following up with BRC for
obtaining information through letters and emails dated February 9,
2021 and February 15, 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 BRC. 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 BRC is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
BRC to 'CRISIL B+/Stable Issuer not cooperating'.

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

BRC, set up as a proprietorship firm in 2015 by Mr. Bharat Patel
and is engaged in trading of raw material (including deoiled rice
bran, guar chuni, maize) to cattle feed manufacturer.

B. BUCHA REDDY: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of B.Bucha Reddy
and Co (BBRC) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee          8        CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility      5.5      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      0.5      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

Established in 1991 by Mr. B Bucha Reddy, BBRC is a partnership
firm engaged in civil construction work, mainly related to
irrigation projects in Andhra Pradesh (AP).

BALDEO METALS: CRISIL Lowers Rating on INR30cr Loan to D
--------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Baldeo Metals Private Limited (BMPL) to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating', as BMPL is under liquidation process and has delayed
in servicing its debt obligation.

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

   Cash Credit            5         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Letter of Credit      30         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Proposed Fund-         2         CRISIL D (ISSUER NOT
   Based Bank Limits                COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with BMPL for
obtaining information through letters and emails dated  January 26,
2021, 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 BMPL, CRISIL Ratings
failed to receive any information on either the financial
performance or strategic intent of the entity, thereby restricting
CRISIL Ratings' ability to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes that its rating
action on BMPL is consistent with 'Assessing Information Adequacy
Risk'.

Based on the last-available information, CRISIL Ratings has
downgraded its ratings on the bank facilities of BMPL to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating', as BMPL is under liquidation process and
has delayed in servicing its debt obligation.

BMPL has defaulted in debt repayment for September and October 2020
because of weak liquidity.

Set up in 1990 by Mr. Shyam Bihari Goyal as a proprietorship,
Baldeo Metal Works, the firm got reconstituted into a
private-limited company with its current name in 1997. BMPL is
based in Delhi and trades in non-ferrous metals, particularly
copper; it also manufactures ingots and draw wires, with capacity
of 5 million tonne per day. Around 95% of its revenue is derived
from the trading activity, which remains the key focus area of the
company; the manufacturing facility is used sparsely.

BHAGIRATHI TRANS: CRISIL Lowers Rating on INR76.37cr Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Bhagirathi Trans Corpo Private Limited (BTCPL) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             4        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      2.63     CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              76.37     CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

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

Mumbai-based BTCPL, was set up by Mr. Manohar Sakpal in 2009. It
provides bus and cab services to Vasai Virar Municipal  Transport,
MSRTC and corporates.

BHUSHAN POWER: JSW Steel Closes INR19,350 crore Deal With Lenders
-----------------------------------------------------------------
Business Standard reports that JSW Steel group on March 26 closed
the INR19,350-crore transaction with lenders to acquire Bhushan
Power & Steel (BPSL), bringing down the curtain on a corporate
insolvency resolution process (CIRP) that has stretched over
three-and-a-half years.

Business Standard says the transaction was funded through a mix of
equity and debt. As part of the payment, a sum of INR8,614 crore in
Piombino Steel (PSL) was arranged through a mix of equity,
optionally convertible instruments and debt. Of this, INR8,550
crore was invested in a special purpose vehicle (SPV), Makler, the
bidding company. The remaining INR10,800 crore was funded through
debt.

According to Business Standard, JSW informed the stock exchanges
that following the implementation of the resolution plan, which
included payment of INR19,350 crore to financial creditors of BPSL
and the merger of the SPV, PSL holds 100 per cent equity shares in
BPSL. Seshagiri Rao, joint managing director and chief financial
officer, JSW Steel, said the company took charge of the asset on
March 26, the report adds.

In a letter to BPSL employees, Sajjan Jindal, chairman of JSW
group, said BPSL was the largest acquisition in his firm's history.
"This acquisition not only aligns with our core business and
purpose but also establishes our presence and accelerates our
growth vision in eastern India," he said. "I am aware how difficult
it is to build a greenfield steel plant of this size and this asset
is indeed a testament to your tireless efforts," he further said,
Business Standard relays.

The deal concluded even as litigations are pending before the
Supreme Court because the firm and the lenders wanted to close it
before March 31, Business Standard states.

Business Standard says the lenders, who waited for a
year-and-a-half after the National Company Law Tribunal (NCLT)
approved resolution plan for payment, would stand to realise 41.03
per cent on claims of INR47,157.99 crore.

The top creditors are State Bank of India with an exposure of
INR9,825 crore, PNB with exposure of INR7,355 crore (including
claims of Oriental Bank of Commerce and United Bank of India after
the merger), Can­ara Bank (INR4,018 crore, including claims of
Syndicate Bank), Union Bank (INR3,497 crore, including claims of
Andhra Bank and Corporation Bank), and Asset Care & Reconstruction
Enterprise with exposure of INR5,275 crore. SBI is expected to
recover around INR4,000 crore, Business Standard discloses.

BPSL was among the first 12 big-ticket non-performing assets (NPAs)
mandated for resolution by the Reserve Bank of India (RBI) under
the IBC, according to Business Standard. To close the transaction,
most lenders voted in favour of a proposal on March 5 to accept
payment according to JSW Steel's resolution plan with an
undertaking to refund the amount in the event the Supreme Court
delivers an adverse order, the report notes.

Business Standard relates that the deal would provide for 47.69 per
cent of INR733.76 crore claims of operational creditors. The
2.5-million tonne (MT) BPSL plant in Jharsuguda, Odisha, would put
JSW Steel, which has a capacity of 18 MT, ahead of top steelmaker
Tata Steel (20.6 MT), along with the 1 MT Monnet Ispat & Energy
(jointly acquired with AION as majority partner). It also gives JSW
a foothold in the East.

Jindal in his tweet said, "Very proud that with the acquisition of
Bhushan Power and Steel, we had made our entry in Odisha-East India
and are now the country's leading steel maker."  Rao said JSW Steel
plans to commission its 5 MT expansion at Dolvi, Maharashtra,
before June 2022. That would increase its capacity to 26.5 MT,
Business Standard adds.

                        About Bhushan Power

Bhushan Power and Steel Limited manufactures and markets steel
products. It offers flat products, such as coated products,
galvanized/galvalume, color coated products, cable tapes, and cold
rolled products; and long products, including iron making and
sponge iron products. The company also provides steel pipes, hollow
steel sections, grooved pipes, and carbon steel tubes.

Mahendra Kumar Khandelwal was appointed as the IRP in the case
under an order passed by the National Company Law Tribunal (NCLT)
on July 26, 2017.

Bhushan Power, which owes over INR37,000 crore to a consortium of
lenders led by Punjab National Bank, was among 12 large companies
identified by the Reserve Bank of India against which banks were
directed to initiate insolvency proceedings. Barring Era Infra
Engineering Ltd, petitions have been admitted in all other cases.


CLASSIC HYUNDAI: CRISIL Withdraws B- Rating on INR8cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
CH on the request of Classic Hyundai (CH) and after receiving no
objection certificate from the bank. The rating action is in line
with CRISIL's policy on withdrawal of its rating on bank loan
facilities.

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

   Working Capital        2         CRISIL B-/Stable (ISSUER NOT
   Demand Loan                      COOPERATING; Migrated from
                                    'CRISIL B-/Stable'; Rating
                                    Withdrawn)

CRISIL Ratings has been consistently following up with CH for
obtaining information through letters and emails dated February 24,
2021 and March 1, 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 CH. 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 CH is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
CH to 'CRISIL B-/Stable Issuer not cooperating'.

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

Set up in 2011, CH is an authorized dealer for Hyundai Motor India
Ltd in Malappuram, Kerala. The partnership firm was promoted by Mr.
C P Abdulla and his friends Mr. Abdul Azeez, Mr. Zakir Hussain, and
Mr. Ahmad Hassan.

DRASHTI INNOVATIVE: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Drashti
Innovative Syncotex Private Limited (DISPL) continue to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

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

   Cash Credit           10.13      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     4         CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              9.87      CRISIL D (Issuer Not
                                    Cooperating)

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

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

DURGA HARDWARE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Durga
Hardware And Mill Store (DHMS) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

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

   Proposed Long          6.5       CRISIL B+/Stable (Issuer Not
   Term Bank                        Cooperating)
   Loan Facility          
                                    
CRISIL Ratings has been consistently following up with DHMS 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 DHMS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DHMS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DHMS continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

DHMS is a Delhi-based proprietorship firm formed by Mr. Baharat
Khandelwal in 1988. The firm trades in tooling machines, machine
spares and hardware items.

EAK AUTOMOBILES: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Eak
Automobiles Private Limited (EAPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Inventory Funding      3         CRISIL B/Stable (Issuer Not
   Facility                         Cooperating)

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

   Proposed Long Term     4.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

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

Incorporated in 2014, EAPL is setting up an automotive dealership
business for Hyundai Motor India Ltd at Panvel in Navi Mumbai
(Maharashtra). The company is promoted by Mr. Vishal Tyagi, who has
experience of over two decades in the automotive dealership
business.

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

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Long         2.95       CRISIL B+/Stable (Issuer Not
   Term Bank                        Cooperating)
   Loan Facility         
                                    
   Term Loan             6.05       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

Set up as a partnership firm in 2006, Edathadan produces sand and
aggregate products used in the construction sector. The firm has
its quarry and processing facility near Thrissur (Kerala), and
commenced commercial operations in June 2011. Its day-to-day
operations are managed by its managing partner, Mr. Sajan E N.


ENIGMA VENTURES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Enigma
Ventures India Private Limited (EVPL: part of the Kohinoor group)
continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Proposed Cash           8        CRISIL D (Issuer Not
   Credit Limit                     Cooperating)

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

For arriving at the ratings, CRISIL Ratings has consolidated the
business and financial risk profiles of EVPL, Kohinoor Eximtex Pvt
Ltd (KEPL), Energetic Globetex Pvt Ltd (EGPL) and Kapadia Textiles
(KT), collectively referred to as the Kohinoor group, as these
entities are engaged in similar line of business and have
operational linkages.

Incorporated in 2010, EVPL manufactures sarees and dress materials.
The manufacturing facility in Surat is managed by Mr. Sanjay Juneja
and Mr. Jitendra Shukla.

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

Incorporated in 2012, KEPL manufactures fabrics and readymade
garments in Surat. Mr. Sanjay Juneja and Mr. Hiren Kapadia are the
promoters.

Registered in 2012, KT manufactures sarees and ladies' dress
material. The firm is based in Surat. Its partners are Mr. Sanjay
Juneja and Mr. Hiren Kapadia.


FLY EXPRESS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Fly Express
Logistics Private Limited (FELPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.1        CRISIL B+/Stable (Issuer Not
                                    Cooperating)
       
   Proposed Fund-        1.9        CRISIL B+/Stable (Issuer Not
   Based Bank Limits                Cooperating)

   Term Loan             5.0        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

FELPL was initially set up as Fly Logistics in 2001 and converted
into private limited company in 2009. The company, promoted by Mr.
Arun Kumar Pandey and Mr. Ayush Kumar Pandey, provides
transportation and logistics services throughout India.


GANPATI STRUCTURES: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ganpati
Structures Private Limited (GSPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           8          CRISIL B+/Stable (Issuer Not
                                    Cooperating)
   
   Term Loan             4.76       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

GSPL, which was set up in 2006 by Mr. Ashok Joshi, Mr. Amit Joshi
and Mr. Omprakash Joshi, manufactures TMT bars, MS angles, bars,
rounds and plates. The manufacturing facilities are located at
Indore (Madhya Pradesh).


HERMAN PROPERTIES: Ind-Ra Keeps BB- Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Herman
Properties Private Limited's (HPPL) Long-Term Issuer Rating of 'IND
BB- (ISSUER NOT COOPERATING)' in the non-cooperating category and
has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR150 mil. Term loan* due on June 2020 maintained in the non-

     cooperating and withdrawn; and

-- INR50 mil. Fund-based limits** m maintained in the non-
     cooperating and withdrawn.

  *Maintained at 'IND BB- (ISSUER NOT COOPERATING)' before being
withdrawn

**Maintained at 'IND BB- (ISSUER NOT COOPERATING)'/'IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn.

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

The agency is no longer required to maintain the ratings, as the
agency has received a no-objection certificate from the lenders.
This is consistent with the Securities and Exchange Board of
India's circular dated March 31, 2017 for credit rating agencies.
Ind-Ra will no longer provide analytical or rating coverage for
HPPL.

COMPANY PROFILE

Established in 1986, HPPL is engaged in real estate development.
The company has its registered office in New Delhi.


INDIA TOLL: Moody's Gives Ba2 Rating on US$300M Sr. Secured Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba2 rating to
the 3.5-year USD300 million senior secured notes issued by India
Toll Roads (ITR).

The outlook for the rating is stable.

The proceeds from the USD issuance are used principally to fund
ITR's purchase of onshore senior secured non-convertible debentures
(INR NCDs) issued by IRB Infrastructure Developers Limited (IRB,
Ba1 stable). IRB, in turn, used the proceeds of the INR NCDs mainly
to refinance existing debt, to fund capital expenditure and for
general corporate purposes.

ITR is held by a trust and its ownership is not related to IRB. ITR
will not undertake any other business activity other than investing
in the INR NCDs.

In the context of the INR NCD transaction, IRB and its subsidiaries
form a restricted group (RG) as defined by the INR NCDs' debenture
trust deed. The RG includes the following IRB entities and assets
(among others):

(1) IRB Infrastructure Developers Limited

(2) Modern Road Makers Private Limited

(3) IRB MP Expressway Private Limited (IRB MPEPL)

(4) IRB Ahmedabad Vadodara Super Express Tollway Private Limited

RATINGS RATIONALE

IRB's credit quality reflects (1) India's fair concession and
regulatory framework; (2) its large asset portfolio in a country
with robust demand dynamics; and (3) its established track record
of fundraising and project execution.

However, the rating also takes into consideration (1) IRB's high
debt load relative to its cash generation in the next few years,
which is a key rating constraint; (2) its complex capital structure
with secured debt being the dominant class in the capital
structure.

Over the next four years, Moody's expects the company's adjusted
funds from operations (FFO)/debt to be in the range of 3%-6% and
cash interest coverage between 1.3x and 1.5x, positioning IRB at
the lower end of its rating. However, the rating incorporates an
expectation that IRB's credit metrics will continue to improve as
traffic ramps up on new and soon-to-be completed projects.

IRB's assets benefit from long-term concession agreements with the
National Highways Authority of India (NHAI, Baa3 negative) and
state counterparties. The long remaining lives facilitate cash-flow
predictability and refinancing. The weighted average life remaining
for all concessions is around 22 years.

Although IRB's portfolio is large and there are variations in
specific terms, Moody's regards the concessions as fair in terms of
risk allocation. IRB entities have also demonstrated their ability
to implement contracted tariff hikes on a timely basis, which is
credit positive. Moody's regards NHAI as a supportive regulator
that provides timely and clear guidance to the sector, as
demonstrated through its actions during the COVID-19 pandemic and
related government containment measures.

IRB's scale as India's largest privately-owned toll road operator
gives the company certain advantages in terms of cost efficiencies,
diversification and also helps with refinancing. India's toll road
traffic has demonstrated resilience in the face of COVID-19,
rebounding quite strongly from the traffic declines resulting from
India's containment measures. With projected economic recovery in
India and continued growth of the middle class, demand dynamics
should be robust for 2021 and beyond.

IRB's fully integrated toll road operations are credit positive
given the long concession lives, since this facilitates a lifecycle
approach to asset construction and maintenance. IRB has project
construction capability in addition to operations and maintenance.
The company has demonstrated access to institutional capital via
fundraising at the listed group level, as well as innovative
transactions such as the listed Infrastructure Investment Trust
(IRB InvIT Fund) and the unlisted private InvIT (IRB Infrastructure
Trust) with GIC, a sovereign wealth fund of Singapore (Aaa
stable).

Moody's expects IRB's credit metrics to improve materially as
projects are completed and as traffic growth and toll adjustments
kick in for the portfolio as a whole. At the same time, IRB's
credit metrics in the coming years will be weighed down by its high
debt-funded capital spending needs. The expected improvement in
IRB's credit metrics is sensitive to IRB's future investment
decisions regarding new capital expenditure.

Moody's expects India will require significant additional toll road
infrastructure in the next decade, especially post-COVID, to
support its economic recovery. However, IRB has historically been
selective in its investments and has also undertaken deleveraging
measures, as indicated by its strong credit metrics in the past
three financial years before the pandemic.

IRB's capital structure is complex, comprising entirely of secured
debt at various levels of the debt capital structure. The complex
capital structure may lead to subordination risks for creditors,
depending on the priority of claim and underlying security. IRB's
CFR is based on a single class of debt and a single consolidated
legal entity structure. The rating assumes that IRB's plans to
refinance all of IRB Infrastructure Trust's SPV debt at the trust
level will be executed in a timely manner.

IRB's complex capital structure and its leading roles in project
construction and operation, as well as in private and public
investment in infrastructure trusts (InvITs), put greater focus on
governance considerations. IRB's corporate governance benefits from
regulations in relation to its listing as well as the InvIT
regulations of the Securities and Exchange Board of India. External
directors comprise the majority of IRB's board and the company has
limited related party transactions. Nonetheless, IRB did declare
certain compliance and reporting shortcomings during the 2008
initial public offering. These were resolved expeditiously and no
corporate governance issues have been reported since then.

The Ba2 rating for the USD bonds factors in subordination risks for
USD bondholders primarily because: (1) debt service is reliant on
holdco cash flows; and, (2) security provided for the INR NCD is in
relation to a key asset which already has project finance debt.
Security at the USD bonds level comprises a share pledge of 100% of
the equity of ITR as well as a floating charge over all assets of
ITR except the INR NCDs. Security at the INR NCD comprises among
other items, a 49% share pledge of the equity of IRB MPEPL and a
charge of the subordinated debt from IRB to IRB MPEPL.

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

The stable outlook reflects Moody's expectation that IRB will: (1)
gradually improve its credit metrics as traffic on new assets
(including in the private InvIT) grows in line with Moody's
projections; (2) maintain a disciplined approach to capital
spending; and (3) execute the construction of new projects within
time and cost budgets.

Given the expectation that financial metrics will only recover from
a trough during the next two years, an upgrade in IRB's CFR is
unlikely in the next 12 to 18 months. Nonetheless, an upgrade is
possible if IRB's financial metrics materially strengthen such that
FFO/debt rises above 11% and cash interest coverage above 2.2x on a
sustained basis. ITR's secured notes rating will also be upgraded
if IRB's CFR is upgraded.

IRB's CFR can be downgraded if its financial metrics fall short of
Moody's projections on a sustained basis, due for example to
corporate actions by IRB and/or an extended material capital
expenditure program. Metrics indicative of a downgrade includes
FFO/debt falling below 4% and cash interest coverage below 1.3x on
a sustained basis. ITR's secured notes rating will also be
downgraded if IRB's CFR is downgraded.

The principal methodology used in this rating was Privately Managed
Toll Roads Methodology published in December 2020.

IRB Infrastructure Developers Limited is a listed company and one
of India's largest toll road operators. As of December 2020, the
company operated a portfolio of 22 assets spanning 12,537 lane
kilometers.

Other than assets held directly by IRB, the company also holds (1)
a 51% stake in IRB Infrastructure Trust, a private investment in
infrastructure trust and (2) a 16% stake in IRB InvIT Fund, a
listed InvIT. In the fiscal year ending March 2020, 52% of IRB's
EBITDA was derived from its toll road business and the remaining
48% from its in-house engineering and construction business.

As of the end of March 2020, the weighted average concession life
remaining for IRB's portfolio was 22 years. The National Highways
Authority of India is the regulator for the industry and the
concession counterparty for most of IRB's concessions.

JAYPEE INFRATECH: Supreme Court Remands Case Back to CoC
--------------------------------------------------------
CNBCTV18.com reports that the Supreme Court on March 24 remanded
the Jaypee Infratech case back to the Committee of Creditors (CoC)
while holding that INR750 crore deposited by Jaypee Infratech's
parent company, Jaiprakash Associates, is not a part of the
resolution plan. This amount cannot be used for construction by
NBCC, it said.

The court has allowed its previous bidders -- NBCC and Suraksha
Realty -- to submit a revised resolution plan, according to
CNBCTV18.com.

CNBCTV18.com relates that the apex court has also given an
additional period of 45 days to the creditors for the completion of
the Corporate Insolvency Resolution Process (CIRP).

Earlier in March, the Allahabad bench of the National Company Law
Tribunal (NCLT) had mandated that INR750 crore would be a part of
the resolution plan.

The INR750-crore deposited by Jaiprakash Associates was a payment
towards the obligation of the debt-ridden firm and should be
treated as the asset of the corporate debtor, the NCLT had
observed, the report relays.

Jaypee Infratech is a landmark case under the Insolvency and
Bankruptcy Code (IBC) and is the primary reason behind the
amendment to the IBC that gave homebuyers the status of a financial
creditor to protect their rights, CNBCTV18.com notes.

                      About Jaypee Infratech

Jaypee Infratech Limited (JIL) is engaged in the real estate
development.  The Company's business segments include Yamuna
Expressway Project and Healthcare.  The Company's Yamuna Expressway
Project is an integrated project, which inter alia includes
construction of 165 kilometers long six lane access controlled
expressway from Noida to Agra with provision for expansion to eight
lane with service roads and associated structures on build, own,
operate and transfer basis.  The Company provides operation and
maintenance of Yamuna Expressway for over 36 years, collection of
toll and the rights for development of approximately 25 million
square meters of land for residential, commercial, institutional,
amusement and industrial purposes at over five land parcels along
the expressway.  The Healthcare business segment includes
hospitals.  The Company has commenced development of its Land
Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at
Agra.

JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017.  The parent company,
Jaiprakash Associates Ltd. (JAL), owes more than INR29,000 crore to
various banks.

On Aug. 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified JIL
as an insolvent company.  With this, the board of directors of the
company remains suspended.

Anuj Jain was appointed as Interim Resolution Professional (IRP) to
manage the company's business.  The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck real
estate projects in Noida and Greater Noida.

In the first round of insolvency proceedings conducted in 2018, the
INR7,350-crore bid of Lakshdeep, part of Suraksha Group, was
rejected by lenders. The Committee of Creditors (CoC) rejected the
bids of Suraksha Realty and NBCC Ltd in the second round held in
May-June 2018, according to The Economic Times.

On Nov. 6, 2019, the Supreme Court directed completion of Jaypee
Infratech's insolvency process within 90 days and said the revised
resolution plan will be invited only from NBCC and Suraksha Realty,
ET related.


JOSEPH LESLIE: Ind-Ra Cuts Long-Term Issuer Rating to 'D'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Joseph Leslie
Dynamiks Manufacturing Private Limited's (JLDPL) Long-Term Issuer
Rating to 'IND D (ISSUER NOT COOPERATING)' from 'IND B- (ISSUER NOT
COOPERATING)'. 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 instrument-wise rating actions are:

-- INR50 mil. Fund-based limit (long term) downgraded with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based limits (short term) downgraded 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 JLDPL's delays in servicing of term loan
repayment, as per the information available in the public domain.

RATING SENSITIVITIES

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

COMPANY PROFILE

JLDPL was incorporated in 1987 as Joseph Leslie Drager
Manufacturing Pvt Ltd by Mumbai-based Leslie family and
Dragerwerks, AG (Germany). The company trades and manufactures
equipment used in gas detection, fire safety and disaster
management. Its manufacturing unit is located in Vasai,
Maharashtra.

KAKATIYA INDUSTRIES: Ind-Ra Gives 'BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kakatiya
Industries Private Limited (KIPL) a Long-Term Issuer Rating of 'IND
BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR8.8 mil. Fund-based working capital facility assigned with
     IND BB-/Stable/IND A4+ rating; and

-- INR429.87 mil. Term loan due on March 2032 assigned with IND
     BB- rating.

KEY RATING DRIVERS

The ratings reflect KIPL's small scale of operations, average
EBITDA margins, and weak credit metrics owing to high debt levels.
The company operates through two divisions namely chemical and
hydropower. The revenue grew to INR54.4 million in FY20 (FY19:
INR51.9 million), mainly on account of revenue generation from the
manufacturing of chemical products - ammonium nitrate (contributing
an average 70% to the total revenue) and sodium nitrate (30%). KIPL
achieved revenue of INR37.77 million in 9MFY21. As of March 4,
2021, it had an order book of INR50.34 million, likely to be
executed during FY22. Ind-Ra expects the revenue to grow further in
FY22 on the back of the commencement of the hydropower plant in
FY22.

The EBITDA margins were volatile in the range of 15%-22% during
FY17-FY20 (FY20: 17.7%, FY19: 15.70%) due to volatility in
manufacturing expenses such as electricity charges, coal, and
firewood expenses. The improvement in the margins was owing to the
increase in the revenue and a reduction in the cost of raw
materials consumed during FY20. Ind-Ra expects the margins to
expand further in FY21, owing to the commencement of the hydropower
division. The expenses from the new division are only to the extent
of maintenance charges.

The ratings draw comfort from the adequate progress of the
hydro-electric project at Hirakud dam as planned. The project has
an installed capacity of 9MW and a gross generation potential of
35.64 million units. The project is scheduled to be completed by
June 2021 and depending on the water inflow (monsoon), the plant is
likely to commence operations from July 2021. Of the total project
cost of INR689 million, INR420 million will be funded through a
term loan, INR239.10 million of equity infusion from the parent NCL
Holdings (A&S) Ltd (holds  97% stake in KIPL), and the remaining
through unsecured loans from the promoters.

The net leverage (total adjusted net debt/operating EBITDA)
deteriorated to 12.29x in FY20 (FY19: 4.09x), due to an increase in
the debt levels to INR115.53 million (INR 33.81 million) on the
back of additional infusion of funds (INR96.73million) for
hydropower CAPEX. However, the interest coverage (operating
EBITDA/gross interest expense) improved to 3.49x in FY20 (FY19:
2.57x), due to a decrease in interest expenses owing to scheduled
repayment of term loans. Ind-Ra expects the credit metrics to
deteriorate further in FY21 owing to the ongoing debt-funded
CAPEX.

Liquidity Indicator - Stretched: KIPL's average maximum utilization
of the fund-based working capital limits stood at 97% for the 12
months ended February 2021. The company had low cash and cash
equivalents of INR1.15 million at FYE20 (FYE19: INR0.41 million),
against scheduled annual repayment of  INR2.32 million, INR15.62
million, and INR44.22 million for FY21, FY22, and FY23,
respectively. KIPL's cash flow operations turned negative to
INR30.59 million (FY19: INR15.45 million), majorly on account of an
increase in advances to suppliers on capital goods for the
execution of the hydro-electric project. This, along with the
ongoing CAPEX led free cash flow to also turn negative to INR228
million in FY20 (FY19: INR5.40 million). The company had a
comfortable working capital cycle of negative 164 days in FY20
(FY19: negative 73 days) with benefit from extended payable days,
due to a longstanding relationship with its sole raw material
supplier.  

The ratings are also constrained by KIPL's high customer
concentration with the top five customers contributing average more
than 80% to the total revenue, dependence on a single supplier for
purchase of raw material and concentrated product portfolio limited
to two products.

However, the ratings are supported by the corporate guarantee
provided by the parent for KIPL's term loan.

The ratings also benefit from the promoter's more than four decades
of experience in the chemical industry, leading to established
relationships with the customers and suppliers.

RATING SENSITIVITIES

Positive: Successful completion of the ongoing CAPEX without time
overrun, leading to an improvement in the scale of operations and
operating profitability, and consequently the liquidity position
and the net leverage reducing below 5.0x, would result in a
positive rating action.

Negative: Any delay in completion of the ongoing CAPEX, leading to
lower-than-expected revenue and operating profitability, and
deterioration in the liquidity position or credit metrics would
result in a negative rating action.

COMPANY PROFILE

Hyderabad-based KIPL (formerly Kakatiya Chemicals Private Limited)
was incorporated on July 31, 1979. The company has an installed
manufacturing capacity of 2,160 metric tons per annum of ammonium
nitrate and 180 metric tons per annum of sodium nitrate on February
28, 2021.


KESHAV CEMENTS: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Keshav
Cements and Infra Limited'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 action is as follows:

-- INR413 mil. Term loan (Long-term) due on January 2030 migrated

     to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR267 mil. Fund-based working capital limits (Long-term/
     Short-term) migrated to non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 24, 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 1993, Shri Keshav Cements and Infra Limited is
manufactures ordinary portland cement.


KOTHARI M: CRISIL Withdraws B+ Rating on INR7cr Cash Loan
---------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Kothari M Land Developers Private Limited (KMLDPL) on the request
of the company and after receiving no objection certificate from
the bank. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loan facilities.

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

CRISIL Ratings has been consistently following up with KMLDPL for
obtaining information through letters and emails dated February 24,
2021 and March 1, 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 KMLDPL. 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 KMLDPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
KMLDPL to 'CRISIL B+/Stable Issuer not cooperating'.

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

KMLDPL is a Mumbai based construction company which undertakes
construction work for real estate builders. It is promoted by Mr.
Mahendra Kothari and Ms. Kavita Kothari.


KUMAR INFRATRADE: CRISIL Lowers Rating on INR11cr Term Loan to B
----------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Kumar
Infratrade Enterprises Private Limited (KIEPL) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              11        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING)

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

Incorporated in 2010 in Patna and promoted by Mr. Sunil Kumar and
family, KIEPL operates a 108-room five-star hotel, Lemon Tree
Premium Hotel, which began operations from June 2017. The hotel
also has 8 banquet halls and 2 restaurants.


LAKSHMI KNIT: Ind-Ra Moves 'D' LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Lakshmi Knit
Wear'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:

-- INR50 mil. Fund-based working capital limits (Long-term/Short-
     term) migrated to non-cooperating category with IND D (ISSUER

     NOT COOPERATING) rating; and

-- INR6.4 mil. Term loan (Long-term) due on  March 2024 migrated
     to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 11, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Lakshmi Knit Wear is a partnership firm established in 2000. It is
promoted by Ayyaswamy and A. Jayaprakash. The firm manufactures and
exports knitted garments.

MANDAKINI HEAVEN: CRISIL Withdraws D Rating on INR7.15cr Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Mandakini Heaven Huts Private Limited (MHHPL) 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.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Overdraft         7.15       CRISIL D (ISSUER NOT COOPERATING;
   Facility                     Migrated from 'CRISIL D'; Rating
                                Withdrawn)

CRISIL Ratings has been consistently following up with MHHPL for
obtaining information through letters and emails dated February 27,
2021 and March 5, 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 MHHPL. 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 MHHPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
MHHPL to 'CRISIL D Issuer not cooperating'.

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

MHHPL was set up in 2011, by the Kanpur-based Kukreja family. The
company operates four banquets, and one party hall and restaurant.
Daily operations are managed by Mr. Abhay Kukreja and his family
members.


MKJ TRADEX: CRISIL Keeps B+ on INR75cr Debt in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of MKJ Tradex
Limited (MKJ) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

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

MKJ was set up in 1995 by Mr. Mahendra Kumar Jalan. It is part of
the Kolkata-based Keventer group. The company trades in stainless
steel products such as wires, wire rods, and bright bars. It
procures these products from Mukand Ltd, with which it has been
associated for about three decades. The Keventer group has diverse
operations, with presence in the dairy, food packaging, and real
estate segments.


MYSORE TIMBER: Ind-Ra Moves B- LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mysore Timber
Trading Co.'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 B- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based facilities migrated to non-cooperating
     category with IND B- (ISSUER NOT COOPERATING) / INDA4 (ISSUER

     NOT COOPERATING) rating; and

-- INR100 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4 (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 30, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Mysore Timber Trading Co. was incorporated in 1974 as partnership
firm. The firm is engaged in the trading of timber in Bangalore.

OVERSEAS TRADERS: CRISIL Lowers Rating on INR15cr Loans to D
------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
Overseas Traders (OT) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.  The ratings downgrade reflects delays in
servicing of debt obligations.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee          2        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Export Packing         12        CRISIL D (Downgraded from
   Credit & Export                  'CRISIL A4')   
   Bills Negotiation/
   Foreign Bill
   discounting            
                                    
   Proposed Long Term      1        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')

OT has a delay in servicing of debt, subdued interest coverage,
large working capital cycle and experience of the partners in
trading industry

Analytical Approach

Unsecured loans have been treated as debt

Key Rating Drivers & Detailed Description

Weakness:

* Delay in servicing of debt: OT has delayed servicing its debt
obligation due to a stretched liquidity, which resulted from weak
cash flow.

* Subdued debt protection metrics: Debt protection metrics were
subdued, reflected in estimated interest coverage of 1.31 time in
fiscal 2020.

* Working capital intensive operations: Its intensive working
capital management is reflected in its estimated gross current
assets (GCA) of 886 days as on March 31, 2020, due to high debtor
of 390 days and inventory levels of 480 days. The debtor days are
estimated to be high on account of stretch in payments from export
counter parties. The inventory days are high on account of seasonal
nature of traded products. This leads to high dependence on bank
lines.

Strength:

* Extensive experience of the partners: The partners have an
experience of around one decade in commodities trading industry.
This has given them an understanding of the dynamics of the market,
and enabled them to establish relationships with suppliers and
customers

Liquidity: Poor

OT has weak liquidity as reflected in delay in repayment of debt
obligations on account of weak cash flows

Rating Sensitivity factors

Upward factor

* Timely repayment of debt obligations for 90 days

* Improvement in working capital cycle and liquidity profile

OT, set in 1977 in Mumbai, trades beedi leaves, tobacco, spices,
onion and potatoes. OT is owned & managed by Mr. Sunil Katharani,
Mr. Anil Katharani, Mr. Amit Katharani and Mr. Amar Katharani.


P. HITESH & CO: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained P. Hitesh &
Co.'s Long-Term Issuer Rating 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 as follows:

-- INR85 mil. Fund-based working capital facilities is withdrawn
     (paid in full);

-- INR18.6 mil. Term loan issued on September 2018 - March 2022
     maintained in non-cooperating category with IND BB+ (ISSUER
     NOT COOPERATING) rating;

-- INR111.4 mil. Proposed fund-based working capital facilities*
     is withdrawn; and

-- INR35 mil. Proposed term loan* is withdrawn.

*The ratings have been withdrawn since the instruments were
outstanding for more than 180 days

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 5, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 1998, P. Hitesh & Co. is owned and managed by the Mehta
family. The firm is engaged in the cutting and polishing of -2, +2,
+6.5, +11-carat-sized diamonds. It has a manufacturing facility in
Surat, Gujarat, and a registered office in Mumbai, Maharashtra.

RAMYA REPROGRAPHIC: Ind-Ra Gives 'BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ramya Reprographic
Private Limited (RRPL) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Positive.

The instrument-wise rating actions are:

-- INR50 mil. Long-term loan due on September 2024 assigned with
     IND BB+/Positive rating; and

-- INR205 mil. Fund-based working capital facility assigned with
     IND BB+/Positive/IND A4+ rating.

The Positive Outlook reflects Ind-Ra's expectation of an
improvement in RRPL's operating EBITDA and its overall credit
metrics in FY21, backed by an increase in the orders received, the
presence of long-term contracts/agreements, and the absence of any
major CAPEX to be undertaken over the medium term.

KEY RATING DRIVERS

The ratings reflect RRPL's small scale of operations, as indicated
by the revenue of INR790.8 million in FY20 (FY19: INR721.9
million). The revenue grew yoy in FY20 due to an increase in the
number of orders received by the company. Ind-Ra expects the
revenue to decline in FY21 on account of the operational
disruptions due to the COVID-19-led lockdown. During 9MFY21, the
company achieved a revenue of INR426.26 million (9MFY20: INR600
million). At end-February 2021, RRPL had an order book of INR250
million to be executed within three months.

The ratings reflect RRPL's high customer concentration, with 85.7%
of its FY20 revenue (FY19: 91%) being generated from Haokun
Technology India Pvt Ltd. Any slowdown in the orders from this
company or any change in its sourcing policy could impinge RRPL's
revenue profile. However, the company has a 10-year agreement with
Haokun Technology India for the supply of Xiaomi mobile boxes and
also with Hongke Packaging Private Limited for the supply of mobile
boxes for the handsets of Lava, Samsung, Nokia and other brands.
This helps mitigate the customer concentration risk to some
extent.

The ratings factor in RRPL's healthy operating margins of 10%-16.1%
over FY17-FY20. During FY20, the company's margin declined
marginally to 10.37% (FY19: 12.61%) due to an increase in the raw
material cost as well as competition. The return on capital
employed was 18% in FY20 (FY19: 24%). During 9MFY21, the margins
rose sharply to 19.9% on the back of the various cost-control
measures implemented by the company during the COVID-19-led
lockdown, such as reducing the luxury spending and rental expenses.
In addition, the company was temporarily engaged in the
manufacturing of masks, that also helped to boost the operating
margins during the nine months period. Therefore, Ind-Ra expects
the margin to be higher on a yoy basis in FY21.

The company's credit metrics are comfortable with the net leverage
(adjusted net debt/operating EBITDAR) of 1.87x in FY20 (FY19:
1.83x) and the interest coverage (operating EBITDA/gross interest
expense) of 3.49x (3.27x). The interest coverage improved in FY20
due to a decrease in the interest expenses to INR23.49 million
(FY19: INR27.87 million). Ind-Ra expects the credit metrics to
improve in FY21, on the back of an increase in the absolute EBITDA.
During 9MFY21 financials, the company has achieved operating EBITDA
of INR84.9 million (FY20: INR82.0 million).

Liquidity Indicator - Adequate: The average maximum utilization of
RRPL's working capital facilities was 68.7% during the 12 months
ended December 2020. The cash flow from operations remained
positive and improved to INR96.3 million in FY20 (FY19: INR65.91
million) due to reduced working capital requirements. The net
working capital cycle improved to 82 days in FY20 (FY19: 129 days),
due to a reduction in the inventory days to 53 (63) and an increase
in creditors days to 52 days in (25 days). At the end-March 2020,
the company had a cash balance of INR28.76 million (FYE19: INR15.19
million). RRPL has principal repayment obligations of INR34.65
million for FY21. Furthermore, the entity does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. The company did not avail of the
Reserve Bank of India-prescribed moratorium. In FY21, the company
availed a COVID-19 emergency credit facility of INR23.66 million
under the Guaranteed Emergency Credit Line scheme from its primary
bank to support the working capital requirements.

The ratings are supported by the promoters' extensive experience of
over two decades in the printing industry has helped establish
strong relationships with customers and suppliers.

RATING SENSITIVITIES

Negative: A substantial decline in the revenue or operating EBITDA,
leading to lower-than-expected interest coverage and/or stress on
the liquidity position, could lead to the Outlook being revised to
Stable.

Positive: A substantial increase in the revenue while maintaining
the operating EBITDA and liquidity position, along with credit
metrics, in line with Ind-Ra's expectations, all on a sustained
basis, will be positive for the ratings.

COMPANY PROFILE

RPPL was incorporated in 1997 by R Narendra and Bharathi
Chinnaswamy in Bangalore, Karnataka. It is engaged in digital and
offset printing for the commercial and packaging segment. The
company mainly manufactures the packaging of rigid boxes for mobile
phones.

RAVIAN LIFE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ravian Life
Science Private Limited (RLSPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

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

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

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

Incorporated in 2005, RLSPL undertakes contract manufacturing of
allopathic pharmaceutical formulations in the form of tablets,
capsules, and syrups.


REKHA CORPORATION: Ind-Ra Gives BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rekha Corporation
Private Limited (RCPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based facilities assigned with IND BB-/
     Stable /IND A4+ rating; and

-- INR10 mil. Term loans due on May 2024 assigned with IND BB-
     /Stable rating.

KEY RATING DRIVERS

The ratings reflect RCPL's small scale of operations as indicated
by revenue of INR858 million in FY20 (FY19: INR754 million). The
increase in the revenue was on account of launch of new products
and addition of new customers. During 9MFY21, the company booked
net revenue of INR900 million. Ind-Ra expects RCPL to record a
higher revenue in FY21 than FY20 because of an increase in the
number of orders received.

The ratings also factor in RCPL's average EBITDA margins of 3.4% in
FY20 (FY19: 3.5%) with a return on capital employed of 12.4%
(13.2%), due to the trading nature of the business. Despite the
revenue growth, the EBITDA margin declined on account of a marginal
increase in operating expenses and a reduction in sales margins due
to an increase in competition. Ind-Ra expects the margins to
marginally improve in FY21 from FY20, on account of its high
operating leverage.

Liquidity Indicator - Poor: The company's fund-based limits were
fully utilized over the 12 months ended January 2021. The cash flow
from operations remained negative, although improved to INR11.17
million in FY20 (FY19: negative INR20.5 million) on account of
favorable changes in working capital. The cash and cash equivalent
was low at INR14.36 million at FYE20 (FYE19: INR1.23 million). RCPL
had availed the Reserve Bank of India-prescribed moratorium under
the COVID-19 relief package scheme from March to August 2020. Also,
RCPL has availed a COVID-19 loan of INR10 million in June 2020. The
net cash conversion cycle was fluctuating between 34 days and 75
days during FY17-FY20 (FY20: 34 days, FY19: 75 days, FY18: 71
days). The improvement in the net cash conversion cycle was on
account of an increase in the creditor period to 204 days in FY20
(FY19: 104 days).

The ratings are further constrained by RCPL's weak credit metrics
as reflected by the interest coverage (operating EBITDA/gross
interest expense) of 1.55x in FY20 (FY19: 1.58x) and the net
leverage (total adjusted net debt/operating EBITDAR) of 5.85x
(6.0x, 6.77x). In FY20, the net leverage marginally improved on
account of an increase in absolute EBITDA. RCPL did not undertake
any major debt-led capex in FY21 and does not plan to do so in FY22
as well. Ind-Ra expects the credit metrics to remain weak in FY21
on account of an increase in total debt, resulting from an increase
in the fund-based limit and availing of the COVID-19 loan.

However, the ratings are supported by the promoter Gaddam
Suryachandra Rao's experience of more than five decades in
distributorship of pesticides and seeds, which has enabled RCPL to
establish longstanding relationships with its customers and
suppliers.

RATING SENSITIVITIES

Positive: A rise in the revenue and profitability, leading to the
net leverage reducing below 5.0x, along with an improvement in the
liquidity, all on a sustained basis, could be positive for the
ratings.

Negative: A decline in the revenue or profitability, leading to
deterioration in the credit metrics or a further stress on the
liquidity, all on a sustained basis, could be negative for the
ratings.

COMPANY PROFILE

Hyderabad-based RCPL was established in 1967 as a proprietorship
firm and was converted into a private limited company in December
2001. RCPL is an exclusive distributor of pesticides and seeds for
Syngenta India Limited.

RIDCOR INFRA: Ind-Ra Affirms 'D' Senior Project Bank Loan Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the rating of
RIDCOR Infra Projects Limited's (RIPL) senior project bank loans at
'IND D' as follows:

-- INR2,977.2 bil. (outstanding INR2,769.4 bil. as of February
     28, 2021) Senior project bank loans (long-term) affirmed with
     IND D rating.

KEY RATING DRIVERS

The rating action reflects the continuation of non-payment of
interest and principal by RIPL.

The National Company Law Appellate Tribunal order dated October 15,
2018 provided a moratorium to Infrastructure Leasing & Financial
Services Limited (IL&FS; 'IND D') and its group companies
(including Road Infrastructure Development Company of Rajasthan
Limited (RIDCOR)) for the servicing of debt to the lenders.

IL&FS and its group companies are categorized as red, amber and
green vide the tribunal order dated March 12, 2020 and the previous
orders. Although RIPL has not been categorized yet, the parent
RIDCOR is categorized as a red entity (domestic group entities
which cannot meet their payment obligations towards even senior
secured financial creditors, as and when such payment obligations
become due). In view of the same, RIPL (a wholly-owned subsidiary
of RIDCOR) stopped servicing financial obligations to all its
financial creditors. Subsequently, RIPL has been classified as
non-performing asset by the lenders due to the non-payment of
interest and principal on respective due dates.

RATING SENSITIVITIES

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

COMPANY PROFILE

RIPL, a wholly-owned subsidiary of RIDCOR (a 50:50 joint venture
between IL&FS and the government of Rajasthan), was incorporated to
develop, design, finance, construct, operate and maintain Phase-III
project stretches under the mega highways project. The Phase-III
projects comprise the 65.5km Mathura-Bharatpur-Gangapur-Bhadoti
stretch starting from the Uttar Pradesh border and running up to
the 117.32km Rawatsar-Nohar-Bhadra at the Haryana border.

RISHI ICE: Ind-Ra Hikes BB+ Long-Term Issuer Rating, Outlook Stable
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Rishi Ice & Cold
Storage Private Limited's (RICSPL) Long-Term Issuer Rating to 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR16.64 mil. (reduced from INR79.4 mil.) Term loan due on
     April 2024 upgraded with IND BB+/Stable rating; and

-- INR20 mil. Fund-based working capital limit assigned with
     IND BB+/Stable/INDA4+ rating.

KEY RATING DRIVERS

The upgrade reflects RICSPL's improved credit metrics in FY20,
despite the continued small scale of operations, owing to reduced
debt levels. The interest coverage (operating EBITDA/gross interest
expense) improved to 9.29x in FY20 (FY19: 7.24x) and the net
leverage (adjusted net debt/operating EBITDAR) to 0.57x (0.97x) on
account of a reduction in debt to INR36 million (INR72.06 million),
backed by the prepayment of loans. Ind-Ra expects the credit
metrics to remain strong over the short-to-medium term as the
company does not have any debt-led capex plans.

The company's revenue reduced to INR148.5 million in FY20 (FY19:
INR158.4 million). This was because the rent collected for the
storage of dates, a high-margin product, increased during FY20
resulting in the lower utilization of RICSPL's facility. The
company recorded a revenue of INR105 million in 9MFY21 and Ind-Ra
expects the revenue to marginally decline in FY21 on account of
COVID-19-led disruptions. RICSPL's capacity utilization remained in
the range of 75%-80% during FY20 and 11MFY21

During FY20, RICSPL's modest EBITDA margins declined to 39.62%
(FY19: 45.25%) due to an increase in the repairs & maintenance cost
of cold storage. The return on capital employed was 8.2% in FY20
(FY19: 10.5%). Ind-Ra expects the margins to remain at similar
levels in FY21.

Liquidity Indicator – Stretched: The average use of RICSPL's
fund-based facilities was 68% over the 12 months ended January
2021. The company did not avail the Reserve Bank of
India-prescribed moratorium. The cash and cash equivalents remained
low at INR2.43 million in FY20 (FY19: INR2.83 million). The
company's cash flow from operations declined to INR46.04 million in
FY20 (FY19: INR53.44 million) due to a decline in the operating
EBITDA. Its working capital cycle shortened to 32 days in FY20
(FY19: 68 days) due to fewer receivable days. Ind-Ra expects the
company's cash flow from operations to remain positive over the
medium term due to a favorable working capital cycle. RICSPL has a
term loan repayment obligation of INR8.2 million, INR9.03 million
and INR3.59 million for FY21, FY22 and FY23, respectively. Ind-Ra
takes comfort from the promoters' ability to infuse funds, in case
of any requirement.

The ratings also factor in RICSPL's presence in the highly
competitive cold storage business. The company is also exposed to
agro-climatic risks, with its performance being entirely dependent
upon commodities such as spices, grains, pluses and dates. RICSPL
has a limited bargaining power as the facility rent is determined
by a local Cold & Storage Association; thus, the company a
price-taker in the value chain, exerting pressure on the
profitability.

However, the ratings continue to benefit from the promoters'
extensive experience of over two decades in the cold storage
industry.

RATING SENSITIVITIES

Positive:  A substantial increase in the scale of operations and
profitability margin along with an improvement in the liquidity
position could be positive for the ratings.

Negative: A lower-than-expected improvement in the top line and/or
EBITDA margins and any debt-funded capex plans, leading to a
weakening of the credit profile could be negative for the ratings.

COMPANY PROFILE

RICSPL is engaged in cold storage business. The company was setup
on April 24, 2002 by Nanda family after having almost two decade of
experience.

RYTHU MITRA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rythu Mitra
Fertilizers Private Limited (RMF) continue to be 'CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.75       CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan       10.25       CRISIL D (Issuer Not
                                    Cooperating)

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

RMF, based in Andhra Pradesh, is engaged in manufacturing of
nitrogen, phosphorus and potassium (NPK) fertilizer. RMF is
promoted by Mr. M Sambasiva Rao and Mr. G Gopichand.


SAINEL CASHEW: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sainel Cashew
Traders (SCT) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.


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

   Proposed Working      1          CRISIL B+/Stable (Issuer Not
   Capital Facility                 Cooperating)

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

Established in 2008, Saimel cashew traders (SCT) is a
proprietorship firm, established by Mr. Sanoj S and his son, and is
engaged in the processing of raw cashew nuts and sales of cashew
kernels. The total capacity is around 150 bags per day. The firm is
based out of Kollam, Kerala.


SPECTRUM ELECTRICAL: Ind-Ra Gives 'BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Spectrum
Electrical Industries Limited a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR282 mil. Fund-based limit assigned with IND BB+/Stable/IND
     A4+ rating; and

-- INR360.7 mil. Long-term loans due on April 2027 assigned with
     IND BB+/Stable rating.

KEY RATING DRIVERS

The ratings reflect Spectrum's medium scale of operations with a
revenue of INR1,411.98 million in FY20 (FY19: INR1,468.29 million).
The company's revenue fell yoy in FY20 due to COVID-19-led
disruptions during the 4QFY20. During 9MFY21, Spectrum booked a
revenue of INR996.6 million. Ind-Ra expects the revenue to decline
further yoy in FY21, mainly due to the nationwide lockdown and
labor availability issue during 1QFY21. As of January 31, 2021,
Spectrum's unexecuted order book was worth INR300 million, likely
to be complete by end-March 2021.

The ratings are constrained by Spectrum's modest EBITDA margin that
fell to 10.42% in FY20 (FY19: 12.04%) due to an increase in raw
material as well as employee cost; the return on capital employed
was 7% (13%). In FY21, the agency expects the margins to improve
marginally, owing to the increase in the absolute EBITDA to
INR143.0 million in 9MFY21 (FY20: INR147.19 million; FY19:
INR176.84 million) resulting from a reduction in the fixed cost
expenses.

The ratings also factor Spectrum's moderate credit metrics with the
interest coverage (operating EBITDAR/gross interest expense) and
the net leverage (adjusted net debt/operating EBITDA) deteriorating
to 4.50x in FY20 (FY19: 6.19x) and 4.42x (2.62x), respectively. The
yoy deterioration in the credit metrics in FY20 was due to a
decline in the absolute EBITDA. Ind-Ra expects the credit metrics
to weaken further yoy in FY21 on account of the company's debt-led
capex towards the addition of plant and machinery in the sheet
metal and fabrication segment.

Liquidity Indicator – Stretched: Spectrum's average maximum
utilization of fund-based limits was about 98.36% over the 12
months ended January 2021. The cash flow from operations remained
negative at INR132.76 million in FY20 (FY19: negative INR368
million) on account of the unfavorable changes in working capital
requirement. The net working capital cycle elongated to 159 days in
FY20 (FY19: 115 days) as the company has to maintain a long
inventory period to avoid raw material price fluctuation; moreover,
the debtors were also high due to low realizations in 4QFY20. At
FYE20, Spectrum had cash of INR28.48 million (FYE19: INR16.97
million) against the repayment obligations of INR41.47 million and
INR96.5 million in FY21 and FY22, which are likely to be met
through internal accruals. The company availed the Reserve Bank of
India-prescribed moratorium over March-August 2020. Moreover,
during FY21, the company availed a COVID-19 emergency credit
facility of INR123.7 million under the Guaranteed Emergency Credit
Line scheme to support the working capital requirements.

The ratings factor in Spectrum's high customer concentration risk
with the top 10 customers contributing around 91% to the annual
turnover during FY20 (FY19: 93%). However, the customer
concentration risk is mitigated by the long-standing relationship
with customers and fixed agreement contracts with the majority of
its customers for a period of three years.

The ratings are, however, supported by the promoters' more than
two-decade of experience in the electroplating business.

RATING SENSITIVITIES

Positive: A positive rating action could result from a substantial
rise in the scale of operations and the EBITDA margin, along with
an improvement in the overall credit metrics, with the net leverage
reducing below 3.5x, all on a sustained basis.

Negative: A negative rating action could result from a substantial
decline in the scale of operations and EBITDA margin, leading to
deterioration in the overall credit metrics, all on a sustained
basis.

COMPANY PROFILE

Based in Jalgaon, Maharashtra, Spectrum was incorporated in 1995.
The company manufactures electrical press components, electrical
wire accessories, tools, molds & dies, sheet metal fabrication,
irrigation equipment, and so on. Spectrum has operational
manufacturing facilities in Jalgaon, Nashik and Hyderabad, and a
proposed facility in Bangalore. Spectrum Electrical Industries
Limited (Spectrum) is listed on the National Stock Exchange of
India Limited.

T. K. PAPER: CRISIL Lowers Rating on INR5.4cr Cash Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of T. K.
Paper Mills (TKPM) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5.4       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING)

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

TKPM was set up as a partnership between Mr. Nitin Mahajan and his
brother, Mr. Vineet Mahajan, in 2004. It manufactures kraft paper
at its unit in Kathua, Jammu.


TI AUTOMOTIVES: CRISIL Lowers Ratings on INR14cr Loans to B
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of TI
Automotives Private Limited (TIAPL) Revised to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Drop Line              2         CRISIL B (ISSUER NOT
   Overdraft                        COOPERATING; Revised from
   Facility                         ‘CRISIL BB/Stable ISSUER NOT

                                    COOPERATING)

   Inventory Funding     12         CRISIL B (ISSUER NOT
   Facility                         COOPERATING; Revised from
                                    ‘CRISIL BB/Stable ISSUER NOT

                                    COOPERATING)

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

TIAPL, incorporated in 2012 and based in Assam, is promoted by Mr.
Ujjal Goswami, Mr. Hemanta Kumar Sharma, Mr. Maniraj Baruah, and
Mr. Pradip Rajkhowa. It is an authorised dealer of RIPL's entire
range of passenger and utility vehicles. TIAPL operates two
showroom and two workshops in Guwahati.


VAISHNAOI HOTELS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vaishnaoi
Hotels (India) Private Lmited (Vaishanoi) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         8         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

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

Vaishanoi Hotels was set up by Mr. Y Ravi Prasad and Mr. A Krishna
Reddy, in December 2006. It owns and operates a 3-star hotel at
Kachiguda in Hyderabad.

Vaishnaoi Resorts, incorporated in 2007 is currently setting up a
4-star resort in Coorg, Karnataka and is expected to commence full
operations in September 2019.


VANILLA CLEAN: Ind-Ra Cuts Bank Loan Rating to B+, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vanilla Clean
Power Private Limited's (VCPPL) bank loans to 'IND B+' from 'IND
BB-'. The Outlook is Stable.

The detailed rating actions are:

-- INR2.30 bil. Term loan due on June 30, 2030 downgraded with
    IND B+/Stable rating; and

-- INR210 mil. Overdraft downgraded with IND B+/Stable rating.

KEY RATING DRIVERS

The downgrade reflects a breach of the negative sensitivities
mentioned in Ind-Ra's previous rating rationale, VCPPL's stretched
liquidity, elongated receivable period and absence of envisaged
refinancing. The average duration between the bill date and payment
receipt date under the power purchase agreement with Jodhpur Vidyut
Vitran Nigam Limited (Jodhpur distribution company;) accounts 88%
of the total capacity increased in 11MFY 21 from FY20, resulting in
high working capital utilization over April-June 2020 and December
2020-February 2021.

Liquidity Indicator – Poor: The company has not yet created a
debt service reserve equivalent to six months of debt servicing
obligation requirements yet. VCPPL had a low bank balance of INR0.4
million at 11MFYE21 owing to principal repayments in November 2020
and February 2021. The company has been depending on its INR210
million working capital facility to ride over the delays from the
off-takers; it had utilized INR200 million as of February 28, 2021.
The company availed the Reserve Bank of India-prescribed moratorium
under the COVID-19 relief package for March to August 2020. VCPPL
was able to meet the reduced debt service obligations due to
moratorium through internal accruals during FY21.

The ratings are further constrained by moderate counterparty risk,
which has led to high uncertainties in tariff receipts. The
receivable days increased to 250 days at 11MFYE21 from 70 days at
end-March 2020. VCPPL last received payment from Jodhpur discom for
March 2020 in February 2021 and from Ajmer Vidyut Vitran Nigam
Limited (Ajmer discom) in January 2021 for the invoice generated in
July 2020. However, the ratings are supported by the presence of
VCPPL's 25-year-long power purchase agreements with Jodhpur discom
for 56MW capacity and Ajmer discom for the balance 8MW capacity,
both at a fixed tariff of INR5.18/kWh.

The plant load factor (PLF) improved to 15.22% in 11MFY 21
(11MFY20: 14.92%), although was lower than P90 levels (16.6%),
owing to an improvement in machine availability to 94.38% during
the same period (FY20: 86%). However, wind energy generation in
FY21 was subdued across the country due to lower resources.
Furthermore, a change in the operations and maintenance (O&M)
contractor to Renom Energy Services LLP in May 16, 2019 has augured
well for VCPPL. Debt service coverages are constrained assuming 16%
PLF levels until FY23 and 17.5% thereafter. A further improvement
in the PLF could be positive for the ratings.

VCPPL is entitled to a generation-based incentive (GBI) from Indian
Renewable Energy Development Agency Limited (IREDA; 'IND
AAA'/Negative) at INR0.50/unit generation annually till FY23.
Although IREDA is a financially strong counterparty, any material
delay in GBI payments can affect VCPPL's liquidity. VCPPL received
GBI payments until June 2020; outstanding receivables since July
2020 amounted to INR 23.49 million.

Ind-Ra has taken some comfort from Leap Green Energy Private
Limited's (holding company) intention to support VCPPL. However,
lack of internal liquidity in VCPPL continues to be a concern.
VCPPL has a cross default with respect to Ivy Ecoenergy India
Private Limited (another special purpose vehicle company owned by
the sponsor).

RATING SENSITIVITIES

Negative: Further increase in receivable days by three months, PLF
levels lower than 16% on a continuous basis and any further
deterioration in liquidity levels may result in rating downgrade.

Positive:  Better-than-expected operating and financial
performance, creation of the debt service reserve and receivables
sustaining at six months for a continuous period of 12 months may
lead to a rating upgrade.

COMPANY PROFILE

Vanilla Clean Power is a special purpose vehicle formed by Leap
Green Energy to operate two wind farms in Jaisalmer, Rajasthan.
These plants were acquired from Inox Renewables (Jaisalmer) Limited
on a slump sale basis in August 2017.

VELAVAN STORES: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Velavan
Stores Jewellers (VSJ; a part of the Velavan group) continue to be
'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            15        CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

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

For arriving at the rating, CRISIL Ratings  has combined the
business and financial risk profiles of Velavan Stores Jewellers
(VSJ), Velavan Stores (VS), and Velavan Hyper Market (VHM). This is
because the entities, collectively referred to as the Velavan
group, are in similar lines of business and under the same
management, and have significant fungible funds.

Set up in 2007, VSJ is engaged in jewellery retail. VS, established
in 1998, is engaged in apparel retail. VH was established in 2014
and operates a supermarket. The group is located in Tuticorin and
the operations are managed by Mr. T Maharajan.


VIDYANIKETHAN EDUCATIONAL: Ind-Ra Moves D Rating to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sree Vidyanikethan
Educational Trust's bank facilities' rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-up by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The ratings will now appear as 'IND D
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR1,106.30 bil. Bank loans (Long-term) migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR150.00 mil. Fund-based working capital limits (Long-term)
     migrated to non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on March
2, 2020. Ind-Ra is unable to provide an update as the agency does
not have adequate information to review the rating.

COMPANY PROFILE

Sree Vidyanikethan Educational Trust was established as a public
charitable trust in 1992 in Tirupati (Andhra Pradesh) by Dr M Mohan
Babu. The trust operates five colleges and three schools across
Tirupati.

VJTF INFRASCHOOL SERVICES: CRISIL Cuts Rating on Loan to B+
-----------------------------------------------------------
CRISIL Ratings has migrated its rating on the long-term bank
facility of VJTF Infraschool Services (Udaipur) Private Limited
(VJTF Udaipur; formerly known as Rishi Reality Leasing Services Pvt
Ltd) to 'CRISIL B+/Stable Issuer Not Cooperating' and removed it
from 'Rating Watch with Negative Implications'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Lease Rental
   Discounting Loan      15        CRISIL B+/Stable (ISSUER NOT
                                   COOPERTAING; Migrated from
                                   'CRISIL BB+; Removed from
                                   'Rating Watch with Negative
                                   Implications'')

CRISIL Ratings has been consistently following up with VJTF Udaipur
for obtaining information through letters and emails (dated
February 24, 2021; March 2, 2021; March 3, 2021 and March 8, 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 VJTF Udaipur, which restricts
its ability to take a forward-looking view on the entity's credit
quality. CRISIL Ratings believes that rating action on VJTF Udaipur
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 VJTF
Udaipur had applied for in November, 2020, CRISIL Ratings has
migrated its rating on the long-term bank facility of VJTF Udaipur
to 'CRISIL B+/Stable Issuer Not Cooperating' and removed it from
'Rating Watch with Negative Implications'.

VJTF Udaipur is a special purpose vehicle floated by Cerestra
Infrastructure Trust (CIT; part of the Cerestra group) which owns
the assets (land, buildings, and other fixed assets) of Witty
International School – Udaipur (part of Witty Global Education
Trust (WGET)). The assets were leased by VJTF Udaipur (lessor) to
WGET (lessee).


VJTF INFRASCHOOL: CRISIL Cuts Rating on INR50cr Loan to B+
----------------------------------------------------------
CRISIL Ratings has migrated its rating on the long-term bank
facility of VJTF Infraschool Services (Mumbai) Private Limited
(VJTF Mumbai; formerly known as VJTF Infrastructure Pvt Ltd) Mumbai
to 'CRISIL B+/Stable Issuer Not Cooperating' and removed it from
'Rating Watch with Negative Implications'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Lease Rental           50        CRISIL B+/Stable (ISSUER NOT
   Discounting Loan                 COOPERTAING; Migrated from
                                    'CRISIL BB+; Removed from
                                    'Rating Watch with Negative
                                    Implications')

CRISIL Ratings has been consistently following up with VJTF for
obtaining information through letters and emails (dated
February 24, 2021; March 2, 2021; March 3, 2021 and March 8, 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 VJTF Mumbai, which restricts its
ability to take a forward-looking view on the entity's credit
quality. CRISIL Ratings believes that rating action on VJTF Mumbai
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 VJTF
Mumbai had applied for in November, 2020, CRISIL Ratings has
migrated its rating on the long-term bank facility of VJTF Mumbai
to 'CRISIL B+/Stable Issuer Not Cooperating' and removed it from
'Rating Watch with Negative Implications'.

VJTF Mumbai is a special purpose vehicle floated by Cerestra
Infrastructure Trust to acquire the assets (land and building) of
Witty International School in Pawan Baug, Malad, run by Pratiksha
Foundation Charitable Trust (PFCT). The assets were leased by VJTF
Mumbai (lessor) back to PCFT (lessee). VJTF Mumbai funded the
acquisition through a mix of equity, OCDs, and lease rental
discounting loan.


VRUNDAVAN CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vrundavan
Ceramic Private Limited (VCPL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.25       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           9.75       CRISIL D (Issuer Not
                                    Cooperating)

   Funded Interest       3.30       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Proposed Long         0.7        CRISIL D (Issuer Not
   Term Bank                        Cooperating)
   Loan Facility         
                                    
   Working Capital       9.0        CRISIL D (Issuer Not
   Term Loan                        Cooperating)

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

VCPL, incorporated in Morbi (Gujarat) as a limited company in 2000,
was promoted by Mr. O T Patel. It was reconstituted as a private
limited company in 2003. VCPL manufactures floor and wall tiles
that are sold under the Vrundavan and Spaniso brands. Gangotri is a
partnership firm engaged in the same line of business.


[*] INDIA: More Than 280 Companies Declared Bankrupt Amid Pandemic
------------------------------------------------------------------
The Times of India reports that the National Company Law Tribunals
(NCLT) across India admitted a total of 283 companies into
insolvency amid the pandemic after the announcement of the
nationwide lockdown last year.

In a written reply to the Lok Sabha, the minister of state for
corporate affairs, Anurag Thakur, also said that during the period
of April 1, 2020 and December 31, 2020, a total of 76 corporate
insolvency resolution processes (CIRP) ended in resolution, 128
CIRPs were closed due to withdrawal or appeal or settlement and 189
companies went into liquidation, TOI relates.

Further, the government temporarily suspended the initiation of
CIRP under Section 7, 9 and 10 of the Code for a period of six
months or such further period not exceeding one year from March 25,
2020, TOI says. The benefit of the suspension is applicable to all
those defaults of the corporate debtor that occur from March 25,
2020 and till the end of period of suspension.

Such defaults arising from March 25, 2020 and till completion of
suspension period will remain as 'non est' for the purpose of
initiation of CIRP under the code as permanent carve out.

The 283 bankruptcies declared the pandemic pertain to defaults made
before March 25, 2020, the report discloses.

TOI adds that Thakur told the house that 30 corporate persons were
dissolved or sold as a going concern or undergone compromise or
arrangement under section 230 of Companies Act, 2013 under
liquidation process. Further, 59 corporate persons were dissolved
under voluntary liquidation process.




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

REJEKI ISMAN: Fitch Cuts LT IDR to 'B-', On Watch Negative
----------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based textile manufacturer
PT Sri Rejeki Isman Tbk's (Sritex) Long-Term Issuer Default Rating
(IDR) to 'B-' from 'BB-'. Fitch has also downgraded Sritex's
outstanding and proposed US dollar notes to 'B-'/'RR4' from 'BB-'.
At the same time, Fitch Ratings Indonesia has downgraded Sritex's
National Long-Term Rating to 'BB(idn)' from 'A+(idn)'. These
ratings have been placed on Rating Watch Negative (RWN).

The downgrades are based on increasing liquidity risk and
refinancing risk that arises from uncertainty with respect to
extension of Sritex's USD350 million syndicated loan maturing in
January 2022. The RWN reflects the uncertainty of execution of the
refinancing plan.

'BB' National Ratings denote an elevated default risk relative to
other issuers or obligations in the same country or monetary
union.

The rating on the proposed notes is being withdrawn at the same
time as the issuance did not proceed and has been cancelled.

KEY RATING DRIVERS

Uncertain Syndicated Loan Extension: Sritex's credit profile is
under pressure due to the uncertainty about increasing delays in
finalising the extension on its USD350 million syndicated loan,
which matures in January 2022. In November 2020, Sritex requested
an extension of the loan to January 2024. Fitch understands that
Sritex has obtained some lenders' consent, amounting to USD205
million as of 23 March 2021. However, the delays in signing have
led to a multi-notch downgrade because there is no final agreement,
and in the context of negative sentiment towards Indonesian textile
sector.

Liquidity Pressure: The renewal of the working capital lines is
integral to Sritex's working capital and liquidity. Sritex also has
a number of working capital lines expiring in 2021, in addition to
a USD25 million medium-term note (MTN) due May 2021. Fitch
estimates Sritex's free cash flow will be less than USD50 million
in 2021. This is significantly less than the nearly USD200 million
(comprising short-term bilateral facilities and the USD25 million
MTN) and USD350 million due January 2022.

Sritex had around USD158 million in cash at end-September 2020, but
such a level of cash might be necessary to support its high
working-capital requirement.

Deleveraging Requires Working Capital Management: Fitch estimates
Sritex's net debt/EBITDA will remain above 3.0x in 2021, on minimal
growth in EBITDA due to constrained capacity. Sritex's leverage
improvement from 2021 onwards will rely on significantly reducing
its working capital days, which have been increasing since 2018.

ESG - Sritex has an ESG Relevance Score of '4' for both Management
Strategy and Governance Structure due to delays in securing an
extension of its facilities, which is putting pressure on its
credit profile given the increasing refinancing risks. The
governance structure score of '4' has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

DERIVATION SUMMARY

Sritex's IDR of 'B-' is lower that PT Tunas Baru Lampung Tbk (TBLA,
B+/A(idn)/Negative). Both Sritex and TBLA face challenges with high
working capital and its management. Both companies also have a
similar level of leverage with net debt/EBITDA remaining above 3.0x
in 2020 before recovering in 2021. However, Sritex's debt
maturities are concentrated and it faces immediate liquidity
pressure. These contrasts lead to a multi-notch difference between
TBLA and Sritex.

Sritex's National Rating of 'BB(idn)' is several notches lower than
that of PT Bali Towerindo Sentra Tbk (Bali Tower,
BBB+(idn)/Positive). The latter has a better business profile as
illustrated with long-term contracted revenue that results in high
cash flow visibility and a solid EBITDA margin. Bali Tower's EBITDA
margin of above 60% is significantly higher than Sritex's of around
18%. In addition, Bali Tower has no immediate liquidity pressure of
significant debt maturing in less than a year.

KEY ASSUMPTIONS

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

-- Revenue growth of around 1.5% in 2021 and 2022;

-- EBITDA margin of around 18% in 2021 and 2022;

-- Stable working capital days from Fitch's 2020 estimate of
    around 260-270 days;

-- Annual capex of around USD55 million-65 million through to
    2022, mostly for maintenance.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Sritex would be reorganized
    as a going-concern (GC) in bankruptcy rather than liquidated.

-- Fitch has assumed a 10% administrative claim.

-- The GC EBITDA estimate reflects Fitch's view of a sustainable,
    post-reorganisation EBITDA level upon which Fitch bases the
    enterprise valuation.

-- Fitch estimates EBITDA at USD210 million; this is 5% lower
    than the last 12 months 3Q20 EBITDA of USD221 million to
    reflect the industry's mid-cycle conditions and competitive
    dynamics.

-- An enterprise value multiple of 5x EBITDA is applied to the
    going-concern EBITDA to calculate a post-reorganisation
    enterprise value. The multiple reflects a discount from the
    median global multiple of 9x for completed M&A transactions in
    the textile industry over the past decade, based on Bloomberg
    data. The 5x multiple also reflects Sritex's smaller size
    compared with global manufacturers.

-- The going-concern enterprise value covers 71%-90% of all
    Sritex's debts, which are unsecured, corresponding to a 'RR2'
    Recovery Rating for the senior unsecured notes after adjusting
    for administrative claims. Nevertheless, Fitch has rated the
    senior unsecured bonds 'B-'/'RR4' because under Fitch's
    Country Specific Treatment of Recovery Ratings criteria,
    Indonesia is classified under the Group D of countries in
    terms of creditor friendliness, and the instrument ratings of
    issuers with assets located in this group are subject to a
    soft cap at the issuer's IDR.

RATING SENSITIVITIES

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

-- Fitch would resolve the RWN upon the refinancing completion of
    both syndicated and bilateral loans.

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

-- Inability to extend the syndicated and bilateral loans.

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

Weak Liquidity, High Refinancing Requirements: Sritex's liquidity
position has weakened significantly. It has around USD175 million
outstanding under bilateral working facilities that expire in 2021.
Its access to these facilities together with the extension is key
to supporting the company's liquidity position.

Sritex's debt maturity is concentrated: USD350 million syndicated
loan in 2022, USD155 million of bonds in 2024 and USD225 million of
bonds in 2025. Successful extension of the syndicated loan to 2024
will ease some of the liquidity pressure. Even so, this will
increase the degree of Sritex's debt concentration in 2024.

ESG CONSIDERATIONS

Sritex has an ESG Relevance Score of '4' for Management Strategy
due to significant delays in executing its refinancing plan, which
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Sritex has an ESG Relevance Score of '4' for Governance Structure
due to delays in finalising its refinancing, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

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.




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

MGM CHINA: Fitch Assigns BB- Rating on Proposed Unsec. Notes
------------------------------------------------------------
Fitch Ratings has assigned a 'BB-'/'RR4' rating to MGM China
Holdings Ltd's (MGM China) proposed senior unsecured notes. Fitch
rates MGM China and MGM Resorts Internationals' (collectively, MGM)
Issuer Default Ratings (IDR) 'BB-'. The Rating Outlook is Negative.
MGM China intends to use the proceeds for general corporate
purposes including paying down its revolver, of which $770 million
was drawn as of Dec. 31, 2020.

Fitch views the proposed issuance neutrally as the transaction
should not materially affect pro forma leverage and provides
additional liquidity to MGM China. Negatively, the notes add more
permanent debt to its capital structure.

MGM's Negative Rating Outlook continues to reflect the risks and
uncertainty the global gaming industry is facing from the
coronavirus pandemic, particularly jurisdictions that rely on
international or fly-in visitation. Fitch could revise the Rating
Outlook to Stable when there is a greater degree of confidence in
the gaming industry's recovery trajectory and MGM's ability to
de-lever back to 6.0x adjusted gross leverage (on a consolidated
basis).

KEY RATING DRIVERS

Coronavirus Exposure: Based on 4Q19 results, the Las Vegas Strip,
U.S. Regional and Macau segments represented 47%, 28% and 23% of
MGM's consolidated EBITDA, respectively. Fitch expects the Las
Vegas recovery to take longer, relative to the U.S. Regional
markets, given the former's greater reliance on air travel and
group business. Macau should begin to see improved visitation in
mid-2021 as travel restrictions ease further. Fitch is projecting
market-wide revenue declines in 2021 in the Las Vegas Strip, U.S.
Regional and Macau segments relative to 2019 of about 45%, 7% and
45%, respectively.

Reduced Financial Flexibility: After the sale-and-leaseback
transactions of Bellagio and MGM Grand in 2019-2020, MGM has
monetized all of its meaningful wholly-owned assets and the
increase in lease-equivalent debt mostly offset the subsequent
decline in traditional debt.

The additional fixed costs created by the transactions weakened
MGM's domestic FCF generation, inclusive of distributions from its
subsidiaries. MGM guarantees the two mortgages for the Bellagio and
MGM Grand/Mandalay Bay joint ventures (JVs), respectively, which is
another negative liquidity consideration, albeit a manageable one,
given that both are collection guarantees. Fitch does not
consolidate the JV debt. MGM's run-rate triple-net leases annualize
to roughly $1.4 billion, although a portion of that goes back to
MGM vis-a-vis distributions from its 42%-owned MGP Growth
Properties LLC (BB+/Negative).

MGP Ownership Uncertainty: Consolidated rent-adjusted leverage will
remain elevated should MGM achieve its target of 1.0x domestic net
financial leverage. MGM paid down $4.1 billion of traditional debt
between 2018 and early 2020 with asset-sale proceeds, prior to
pandemic-related debt issuance, but created $4.3 billion of
lease-equivalent debt in the process. Uncertainties around MGP
ownership reduction make leverage trajectory opaque, as
deconsolidation will result in roughly $6.5 billion of incremental
lease-equivalent debt from capitalizing the MGP master lease at
8.0x.

Favorable Asset Mix: MGM has good geographic diversification, which
includes international properties in Macau. MGM's portfolio of Las
Vegas Strip assets is mainly of high quality, and its regional
assets are typically market leaders. The regional portfolio's
diversification partially offsets the more cyclical nature of Las
Vegas Strip properties. MGM's two properties in Macau provide
global diversification benefits and exposure to a market with
favorable long-term growth trends.

MGM Growth Properties: MGP is roughly 42% owned and effectively
controlled by MGM. Therefore, Fitch analyzes MGM on a consolidated
basis and subtracts distributions to minority holders from EBITDAR.
MGM has actively been reducing its ownership stake in MGP through
OP unit redemptions, down from nearly 70% at YE 2019. MGM's
ownership of the sole MGP Class B share and controlling voting
power (intact until ownership falls below 30%) will continue to
support a consolidated analysis with adjustments for the minority
stake in MGP.

Should MGM reduce its stake in MGP below 30% and deconsolidate,
Fitch would likely analyze the MGM domestic credit on a standalone
basis. The financial flexibility of this credit is weaker, given
the high amount of fixed costs associated with the MGP and non-MGP
master leases.

ESG Considerations - Complex Group Structure: MGM has an
Environmental, Social and Governance (ESG) Relevance Score (RS) of
'4' for Group Structure due to the complexity of MGM's ownership
structure for its primary operating subsidiaries and JVs and
increasing group transparency risk. This has a negative impact on
the credit profile and is relevant to the ratings in conjunction
with other factors.

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.

DERIVATION SUMMARY

MGM's 'BB-' IDR reflects the issuer's strong liquidity, diversified
operating footprint and de-levering path back to moderate
consolidated gross-adjusted leverage metrics. This is offset by
weaker financial flexibility following the monetization of its
remaining wholly-owned Las Vegas Strip properties, resulting in
higher fixed costs. The IDR takes into consideration MGM's multiple
liquidity sources to withstand the near-term cash burn from the
coronavirus disruption and potential de-levering path back to 6.0x
consolidated gross-adjusted leverage amid a moderate recovery in
global gaming. Peer Las Vegas Sands Corp. (BBB-/Negative) has a
track record of adherence to a more conservative financial policy
and stronger international diversification in attractive regulatory
regimes.

Fitch links MGM China's IDR to MGM's. Fitch views MGM's and MGM
China's standalone credit profiles as roughly on par with each
other but it would not de-link the ratings if the standalone credit
profiles moderately diverge. MGM China is strategically and
operationally important to MGM, and MGM China does not have
material ring-fencing mechanisms in its financing documentation
that would limit MGM's access to MGM China's cashflows.

KEY ASSUMPTIONS

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

-- Total revenues relative to 2019 levels are -35%, -15%, and -6%
    from 2021 through 2023, respectively, with a full recovery by
    2024. Near-term declines are greater for Las Vegas, given its
    reliance on air travel and group business, and Macau, given
    lingering albeit easing travel restrictions. MGM's regional
    portfolio performs relatively stronger, as the properties rely
    mostly on drive-in visitation;

-- Flow though to EBITDAR is 40% to 50% in the near term as a
    result of meaningful cost cuts. As operations normalize
    through the recovery, Fitch assumes MGM's long-term margins
    will slightly exceed those of the prior cycle, with some
    initiatives taken during the pandemic resulting in a lower
    overall cost base;

-- Capex returns to more normalized maintenance levels of roughly
    $500 million beginning 2021 ($100 million attributable to MGM
    China). Some additional capex is assumed in Macau for MGM
    Cotai's south hotel tower (roughly $100 million);

-- Macau revolver is paid down with proposed notes' proceeds,
    while MGM's $1 billion in 2022 unsecured notes are redeemed
    for cash. Fitch assumes some amount of MGM's unsecured notes
    maturing 2023-2025 are redeemed for cash;

-- No shareholder returns at the MGM parent level are assumed
    until at least 2023. The majority of cashflow after capex is
    distributed at the MGM China, MGP and CityCenter levels.

RATING SENSITIVITIES

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

-- Evidence of stabilization in demand and signs of a significant
    rebound in global gaming demand could lead to a revision of
    the Rating Outlook to Stable;

-- Greater certainty of gross-adjusted debt/EBITDAR trending
    toward 6.0x by YE 2022 could likewise lead to a revision of
    the Rating Outlook to Stable. This could be on a net basis
    should the company's plans for debt paydown become more
    explicit.

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

-- Net-adjusted debt/EBITDAR exceeding 6.0x beyond 2023, either
    through a more prolonged disruption to global gaming demand or
    adoption of a more aggressive financial policy. As the
    operating environment normalizes and balance sheet liquidity
    returns to levels consistent with historical practices, Fitch
    will reemphasize gross-adjusted leverage metrics of below 6.0x
    for the 'BB-' IDR level;

-- A reduction in overall liquidity (low cash and revolver
    availability, heightened covenant risk or increased FCF burn)
    as a result of prolonged coronavirus pressures.

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

MGM's liquidity is very strong and will help weather the negative
$900 million in negative FCF Fitch is forecasting for 2021. MGM's
domestic operations had $5.1 billion in excess cash (net of
estimated cage cash and pro forma for $1.2 billion MGP operating
partnership unit redemption in March 2021) and full availability on
its $1.5 billion revolver as of Dec. 31, 2020. MGM China had $195
million of excess cash and $880 million in revolver availability,
which will subsequently increase commensurate with the announced
note offering. Voluntary debt paydowns during 2020 from the
Bellagio and MGM Grand transactions have eliminated meaningful
maturities until 2022, when the $1 billion in 7.75% notes mature.

SUMMARY OF FINANCIAL ADJUSTMENTS

Leverage: Fitch subtracts distributions to minority holders of
non-wholly-owned consolidated subsidiaries from EBITDA to calculate
leverage. Fitch also adds recurring distributions from
unconsolidated JVs.


MGM CHINA: Moody's Rates New $500M Senior Unsecured Notes 'Ba3'
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to MGM China
Holdings Limited's ("MGM China") proposed $500 million senior
unsecured notes due 2027. MGM China Holdings Limited is a 55.95%
owned discretely financed publicly traded subsidiary of MGM Resorts
International ("MGM"). MGM's Ba3 Corporate Family Rating, Ba3-PD
Probability of Default Rating, and existing Ba3 rated senior
unsecured notes, along with the Ba3 ratings on MGM China's existing
senior unsecured notes are affirmed. MGM's speculative-grade
liquidity rating of SGL-2 is unchanged. The outlook remains
negative.

Proceeds from the proposed $500 million senior unsecured notes, net
of fees and expenses, will be used to repay a portion of the
amounts outstanding under MGM China's revolving credit facility and
for general corporate purposes to further enhance the company's
liquidity in China. The additional liquidity is beneficial to
improve flexibility to manage in the current weak operating
environment including reduced visitation levels, but the
incremental debt is a credit negative increase in leverage to help
further cover any additional cash burn.

Moody's affirmed the Ba3 CFR because MGM and MGM China have good
liquidity to manage through temporary operating weakness related to
the coronavirus. Moody's expects visitation and earnings to improve
over the next year, and that debt-to-EBITDA leverage will decline
to below 6.0x within a reasonable period of time. The company's
properties also have strong market positions and brands that will
attract sizable volume and generate good operating cash flow once
the coronavirus-related distruptions subside.

The following ratings/assessments are affected by the action:

New Assignments:

Issuer: MGM China Holdings Limited

  Senior Unsecured Global Notes, Assigned Ba3 (LGD4)

Ratings Affirmed:

Issuer: MGM China Holdings Limited

Senior Unsecured Global Notes, Affirmed Ba3 (LGD4)

Issuer: MGM Resorts International

Corporate Family Rating, Affirmed Ba3

Probability of Default Rating, Affirmed Ba3-PD

Senior Unsecured Notes, Affirmed Ba3 (LGD4)

Outlook Actions:

Issuer: MGM China Holdings Limited

Outlook, Remains Negative

Issuer: MGM Resorts International

Outlook, Remains Negative

RATINGS RATIONALE

MGM's Ba3 CFR reflects the meaningful earnings weakness expected
from efforts to contain the coronavirus and the slow recovery in
volume now that properties have reopened. MGM is constrained by its
concentration in Las Vegas, and exposure to the Macau gaming market
that is experiencing volatility and dependent on travel, which is
being curtailed during the pandemic. As a result of a slow expected
recovery in Las Vegas and Macau, MGM is weakly positioned at the
Ba3 level, as leverage is expected to remain elevated for at least
the next year. The rating is supported by MGM's large scale, a
diversified presence on the Las Vegas Strip across multiple
customer segments, a solid position within several regional markets
that are leading the company's recovery, and its presence in the
large Macau market with favorable long-term prospects.

MGM's speculative-grade liquidity rating is SGL-2 reflecting good
liquidity. As of December 31, 2020, the company, excluding MGM
China and MGM Growth Properties LLC, had $4.1 billion of cash and
cash investment balances, and an undrawn $1.5 billion revolving
credit facility. As of December 31, 2020, MGM China had total
liquidity of $1.25 billion, including $345 million of cash and $880
million of revolver availability between its two MGM China
revolvers ($1.7 billion total liquidity proforma for $500 million
bond offering). Moody's estimates the company could maintain
sufficient internal cash sources after maintenance capital
expenditures to meet required annual amortization and interest
requirements for the next two year assuming annual EBITDA remains
below the pre-coronavirus level. The expected EBITDA recovery will
not be ratable over the next year and will very among the company's
Las Vegas, Macau, and regional US properties. Because EBITDA will
remain depressed and free cash flow will be negative for an
uncertain time period, liquidity and leverage could deteriorate
quickly depending on whether properties are open and the volume of
activity.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
MGM from the current weak US economic activity and a gradual
recovery for the coming year. Although an economic recovery is
underway, it is tenuous, and its continuation will be closely tied
to containment of the virus. As a result, the degree of uncertainty
around our forecasts is unusually high. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
The gaming and related sectors have been one of the sectors most
significantly affected by the shock given its sensitivity to
consumer demand and sentiment. More specifically, the weaknesses in
MGM's credit profile, including its exposure to travel disruptions
and discretionary consumer spending have left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions and MGM remains vulnerable to the outbreak continuing to
spread.

MGM, like others in the gaming sector, is exposed to elevated
social risks, particularly in terms of evolving demographic and
societal trends that may drive a change in demand away from
traditional casino-style gaming.

MGM's financial policy is typically weighted towards shareholders
with approximately 50%-65% of its free cash flow in normal
operating periods allocated to dividends and share repurchases
while the remaining 35%-50% will be used to fund investment
spending or debt reduction. Leverage is typically high. MGM has
favorably suspended its common dividend but still pays minority
interest dividends since certain properties are not wholly owned
(included MGM China). The company has engaged in sizable
sale-leasebacks of its properties and partially utilized proceeds
to repay debt and bolster the cash position. The master lease
arrangement nevertheless creates risks including the inability to
halt lease payments at individual properties without violating the
master lease, thus creating a sizable annual fixed rent obligation.
Moody's expects the company's financial policy will remain weighted
towards shareholders but that the focus will favorably be on
liquidity preservation and financial flexibility until the
visitation drag from the coronavirus meaningfully eases.

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

The negative outlook reflects the uncertain duration and recovery
from the coronavirus-related earnings and cash flow pressure, which
has led to higher debt and leverage even when property earnings
recover. Moody's believes the disruption to visitation will make it
challenging for MGM to reduce debt-to-EBITDA leverage below 6.0x
and restore positive free cash flow over the next twelve months.
Earnings are recovering from the disruption in casino visitation
resulting from efforts to contain the spread of the coronavirus
including recommendations from federal, state and local governments
to avoid gatherings and avoid non-essential travel, but remain well
below pre-coronavirus levels, particularly in Las Vegas and Macau.
These efforts included mandates to close casinos on a temporary
basis, although facilities have reopened. The negative outlook also
reflects the negative effect on consumer income and wealth stemming
from job losses and asset price declines, which will diminish
discretionary resources to spend at casinos once this crisis
subsides. MGM remains vulnerable to travel disruptions and
unfavorable sudden shifts in discretionary consumer spending and
the pace at which consumer spending at the company's properties
will recover.

While not anticipated in the near term due to the current weak
operating environment, ratings could be upgraded if: consolidated
debt/EBITDA is sustained below 5.0x; the company maintains
sufficient liquidity to support both recourse and non-recourse
subsidiaries; operating results of MGM China operations, including
MGM Cotai, track to estimated levels and share repurchases are
funded with asset sale proceeds or cash on hand rather than debt.
The leverage required for an upgrade also takes into account that
reported credit metrics may experience some variability due to the
timing of new resort openings and the closing of the announced and
potential acquisitions.

Ratings could be downgraded if liquidity deteriorates or if Moody's
anticipates MGM's earnings declines to be deeper or more prolonged
because of actions to contain the spread of the coronavirus or
reductions in discretionary consumer spending. If consolidated
debt/ EBITDA is sustained above 6.0x or the company deviates
materially from its financial policy goals, the ratings could be
downgraded.

The principal methodology used in these ratings was Gaming
Methodology published in October 2020.

MGM owns and operates casino resorts in Las Vegas, Nevada;
Springfield, Massachusetts; and, through its majority ownership
stake of MGM China Holdings Limited, the MGM Macau resort and
casino and MGM Cotai, which opened in February 2018. MGM also owns
50% of CityCenter in Las Vegas and a 42% stake in MGM Growth
Properties LLC (MGP), a real estate investment trust formed in
April 2016. MGM has entered into a long-term triple net master
lease with MGP pursuant to which the company leases and operates 14
properties for MGP. Consolidated net revenue for the year ended
December 31, 2020 was approximately $5.2 billion, down sharply from
$12.9 billion in 2019.




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

MAA GROUP: Uplifted From PN17 Status
------------------------------------
Bernama reports that MAA Group Bhd was uplifted from being
classified as a Practice Note 17 (PN17) company effective from
March 26.

This follows Bursa Malaysia Securities Bhd's (Bursa Securities)
approval of the insurance group's application for a waiver from
complying with Paragraph 8.04(3)(a) and PN17 of the Main Market
Listing Requirements (Main Market LR), Bernama relates.

"The decision (by Bursa Securities) was arrived at after taking
into consideration all facts and circumstances of the matter
including, amongst others, that the company no longer triggers any
prescribed criteria under Paragraph 2.1 of PN17 of the Main Market
LR, " the regulator said in a statement on March 25.

According to the report, Bursa Securities said it also took into
account MAA's latest financial position as of Dec. 31,2020,
including net assets of RM533.01 million, and that the general
insurer had recorded three consecutive quarters of net profit up to
the quarter ended Dec. 31,2020. The results have been subjected to
a limited review by an external auditor.

MAA Group Berhad is an investment holding company. The Company is
engaged in providing management services. The Company's segments
include General insurance, Family takaful business, General takaful
business, Shareholders' fund of the insurance and takaful
businesses, Card business and Investment holdings. The General
insurance segment includes underwriting all classes of general
insurance business. The Family takaful business segment includes
underwriting family takaful business. The General takaful business
segment includes underwriting general takaful business. The Card
business segment includes the business of prepaid cards and other
related cards and services. Its Other segments consist of hire
purchase, leasing and other credit activities, property management,
consultancy services and education services. Its subsidiaries
include MAA Takaful Berhad, MAA Corporation Sdn Bhd., MAA Credit
Berhad, MAA-Medicare Sdn Bhd and MAA Corporate Advisory Sdn Bhd,
among others.

MAA Group slipped into Practice Note 17 (PN17) status in 2011 after
the sale of the company's conventional insurance arm Malaysian
Assurance Alliance Bhd to Switzerland-based Zurich Insurance Co
Ltd.




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

ACL AN NAM: FTI Consulting Appointed as Provisional Liquidators
---------------------------------------------------------------
Yit Chee of Wah of FTI Consulting (Singapore) on March 18, 2021,
were appointed as provisional liquidator of ACL An Nam Tower
Holding Pte Ltd.

The liquidators may be reached at:

         Yit Chee Wah
         FTI Consulting (Singapore) Pte. Ltd.
         8 Shenton Way
         #32-03 AXA Tower
         Singapore 068811


DONG CHENG: Court to Hear Wind-Up Petition on April 9
-----------------------------------------------------
A petition to wind up the operations of Dong Cheng Construction Pte
Ltd will be heard before the High Court of Singapore on April 9,
2021, at 10:00 a.m.

Orion-One Residential Pte Ltd filed the petition against the
company on March 9, 2021.

The Petitioner's solicitors are:

         Veritas Law Corporation
         No. 336 Smith Street #04-302
         New Bridge Road
         Singapore 050336


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

SB Infrastructure Pte Ltd filed the petition against the company on
March 9, 2021.

The Petitioner's solicitors are:

         Infinitus Law Corporation
         77 Robinson Road
         #16-00, Robinson 77
         Singapore 068896


KHENG CHEONG: Commences Wind-Up Proceedings
-------------------------------------------
Members of Kheng Cheong Company (Private) Limited, on March 19,
2021, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Mr. Tan Eng Soon
         100 Cecil Street
         The Globe #08-01/02
         Singapore 069532


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

DBS Bank Ltd filed the petition against the company on March 17,
2021.

The Petitioner's solicitors are:

         Rajah & Tann Singapore LLP
         9 Straits View
         #06-07 Marina One West Tower
         Singapore 018937


MMID UTILITIES: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on March 19, 2021, to
wind up the operations of MMID Utilities Pte Ltd.

Sembcorp Utilities Pte Ltd and Sembcorp Myingyan Holding Company
Pte Ltd filed the petition against the company.

The company's liquidators are:

          Mr. Goh Yeow Kiang Victor
          Mr. Khor Boon Hong
          Baker Tilly TFW LLP     
          600 North Bridge Road
          #05-01 Parkview Square
          Singapore 188778




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T H A I L A N D
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THAI AIRWAYS: Warns of Extended Delisting Risk
----------------------------------------------
Nikkei Asia reports that Thai Airways International's listing on
the Stock Exchange of Thailand will remain in jeopardy, the flag
carrier said on March 26, as the company does not expect to regain
positive shareholder equity for nearly a decade.

The airline "expects to generate profits from its main business
operation in 2023, and the shareholder equity will be greater than
zero in 2030," Chansin Treenuchagron, the acting president, said in
a statement, citing a preliminary estimate under the company's
reorganization plan, Nikkei Asia relays.

According to Nikkei Asia, the COVID-19 pandemic virtually halted
international air travel in 2020, dealing a crushing blow to the
underperforming airline. Thai Airways' net loss in 2020 grew
twelvefold from the previous year to THB141 billion ($4.54 billion
at current rates), and shareholder equity sank from THB11.7 billion
to minus THB128.6 billion.

On March 8, the stock exchange notified the flag carrier that it
fell within the criteria for delisting under the bourse's
regulations by reporting negative shareholder equity. Chansin's
statement on March 26 came as a response to the bourse's notice,
Nikkei Asia states.

Nikkei Asia says the Thai carrier, in rehabilitation under Central
Bankruptcy Court supervision, on March 2 revealed the plan it will
propose to debtors. But this rehab plan lacked measures to improve
the company's battered balance sheet quickly, even though bourse
regulations require Thai Airways to resolve the issue within three
years.

Thai Airways did not ask creditors to write off any debt, nor did
it propose secured sources of funding through the rehabilitation
period, which could last five to seven years, the report says.

In the March 26 statement, Chansin mentioned a possible capital
increase, Nikkei Asia reports. The airline also plans to offer
creditors the option of debt-to-equity conversion to increase
shareholder equity and reduce debts. But the company does not
expect these efforts to lift the airline out of negative
shareholder equity.

"It can be seen that [Thai Airways] might not be able to fully
eliminate the [grounds for delisting] because the shareholder
equity would remain less than zero," the acting president, as cited
by Nikkei Asia, said. "It may result in the Stock Exchange of
Thailand proposing" that its board of governors "consider possible
delisting" of the airline.

Nikkei Asia relates that thai Airways' rehabilitation plan focused
on improving profitability, with restructuring measures for the
company's fleet, lease contracts, flight routes and workforce. The
airline looks to cut staff to between 13,000 and 15,000, down by
roughly half from 27,944 in 2019 before the pandemic.

The airline on March 22 released results from a survey of current
employees, excluding outsourced workers and staff at overseas
branches. Roughly 13,500 of the 17,121 employees expressed interest
in continuing to work at Thai Airways, Nikkei Asia adds.

                        About Thai Airways

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

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

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

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

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

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

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



                           *********


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

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

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

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