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

                     A S I A   P A C I F I C

          Thursday, May 20, 2021, Vol. 24, No. 95

                           Headlines



A U S T R A L I A

HALIFAX INVESTMENTS: 12,000 Investors to Get Money Back
INTRINSIC INVESTMENT: First Creditors' Meeting Set for May 26
KAMI & CO: Second Creditors' Meeting Set for May 31
MONZA SMASH: Second Creditors' Meeting Set for May 26
PEMA HOLDINGS: First Creditors' Meeting Set for May 27

PRECAST AUSTRALIA: First Creditors' Meeting Set for May 31
VOYAGE AUSTRALIA: Moody's Assigns First Time B1 Corp Family Rating


C H I N A

CHINA HUARONG: Gets New President Amid Pressure on Bonds
CHINA HUARONG: Tests Beijing's Resolve on Financial Reform
GOLDEN WHEEL: Fitch Affirms Then Withdraws 'CCC+' LT IDR
LANDSEA GREEN: Fitch Affirms Then Withdraws 'B' LT IDR
REDSUN PROPERTIES: Moody's Assigns B3 Rating to Proposed USD Notes

SHINSUN HOLDINGS: Moody's Assigns First Time B2 Corp Family Rating


I N D I A

A TO Z LOGISTICS: CRISIL Keeps B Debt Rating in Not Cooperating
ABDUL RAHIMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
ALPHA CONSUMABLES: CRISIL Keeps B Debt Rating in Not Cooperating
AMBOOTIA TEA: CRISIL Lowers Rating on INR65cr Packing Loan to D
ANANDSWARN RESIDENCY: CRISIL Keeps C Ratings in Not Cooperating

APHRODITE 4WHEELS: CRISIL Keeps B Debt Ratings in Not Cooperating
ARIHANT METALS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ASA BHANU: CRISIL Keeps B Debt Ratings in Not Cooperating
ASHA ENTRADE: CRISIL Keeps B Debt Ratings in Not Cooperating
CALL EXPRESS: CRISIL Keeps B+ Debt Ratings in Not Cooperating

CAPITOL HILL: CRISIL Keeps D Debt Rating in Not Cooperating
CHALLA CHLORIDES: CRISIL Keeps B- Debt Ratings in Not Cooperating
CRACKERS INDIA: CRISIL Keeps C Debt Rating in Not Cooperating
DATTA FERTILIZERS: CRISIL Keeps B Debt Ratings in Not Cooperating
DURGA ESTATES: CRISIL Keeps B- Debt Ratings in Not Cooperating

ELA EDUCATIONAL: CRISIL Lowers Rating on INR12cr Loan to B-
GANESH COTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
GOWRI CASHEWS: CRISIL Keeps B Debt Ratings in Not Cooperating
JAYANT PRINTERY: CRISIL Lowers Rating on INR10cr Cash Loan to B+
KINGFISHER AIRLINES: Mallya Loses Bankruptcy Petition Amendment

LAXMIBADRI AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ROSHAN RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ROYAL FOODSTUFFS: CRISIL Keeps B Debt Ratings in Not Cooperating
SACHDEVA RICE: CRISIL Keeps B- Debt Ratings in Not Cooperating
SACRED HEART: CRISIL Keeps B Debt Rating in Not Cooperating

SAIHASTI AGROPRODUCTS: CRISIL Withdraws D Rating on INR17cr Loan
SALASAR IRON: CRISIL Keeps B Debt Ratings in Not Cooperating
SAMBARI ENTERPRISES: CRISIL Keeps B Rating in Not Cooperating
SIDDHI VINAYAK: CRISIL Keeps D Debt Ratings in Not Cooperating
VANI TOBACCOS: CRISIL Reaffirms B+ Rating on INR9cr Loans

VARAD BUILDERS: CRISIL Reaffirms B Rating on INR10cr Loans


I N D O N E S I A

BUANA LINTAS: Fitch Keeps at Watch Neg. Then Withdraws 'B' LT IDR


N E W   Z E A L A N D

FFWL: Scales Corporation Still in Talks on Buying Villa Maria
NORSKE SKOG: Future of 160 Jobs to be Decided


S I N G A P O R E

DONG FANG: Creditors' Meeting Set for June 3
GLAZIERS ENGINEERING: Court Enters Wind-Up Order
HUA KANG: Creditors' Meeting Set for June 3
UNITY RESOURCES: Court to Hear Wind-Up Petition on May 28
VIKING OFFSHORE: Deadline to Submit Resumption Bid Extended



T H A I L A N D

THAI AIRWAYS: Creditors Approve Debt Restructuring Plan

                           - - - - -


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

HALIFAX INVESTMENTS: 12,000 Investors to Get Money Back
-------------------------------------------------------
Sarah Danckert at The Sydney Morning Herald reports that as many as
12,000 Australian and New Zealand share traders will receive shares
or payouts for shares, potentially worth more than $200 million,
that were locked up in the collapse of broker Halifax Investments
two-and-a-half years ago.

Sydney-headquartered Halifax was one of the biggest independent
brokers of shares before its November 2018 collapse. The Age and
The Sydney Morning Herald first revealed the details of Halifax's
collapse and its shortfall of client funds of as much of AUD200
million in early 2018.

SMH relates that the two directors of Halifax, Jeff Worboys and
Matthew Barnett, have been banned from working in financial
services for six years over their alleged involvement in the
operations of another collapsed investment house,
Bondi-headquartered Courtenay House.

Liquidators at KPMG, led by Morgan Kelly, compared the collapse of
Halifax to those of Sonray Capital and BBY - given the size of its
business and that it had co-mingled clients funds rather than
keeping the funds separate, according to SMH. The co-mingling meant
it was incredibly difficult to tell which clients were directly
impacted by the shortfall and which were not.

SMH says the distribution process can now begin after the Federal
Court and the High Court of New Zealand on May 19 delivered
guidance on how Mr. Kelly and his colleagues can distribute the
funds and which investors cover the shortfall.

The Federal Court and the High Court of New Zealand sat jointly to
hear the competing ideas from various classes of investors as to
who should cover the shortfall. In the end it decided the shortfall
would be worn equally by the vast majority of clients.

According to the report, the distributions will come after
liquidators at KPMG sift through which investors are to receive
shares in return and which investors will have their shares sold on
their behalf and receive cash. Halifax used three different
investment platforms and also offered other services to its
clients.

KPMG will contract out the sale of the massive portfolio of
Australian and US shares. It is hoped the sales of shares and the
distributions could be sent out to investors as early as the end of
2021, SMH says.

"We're really pleased with the findings," the report quotes Mr.
Kelly as saying.  "I'm also very comfortable that everyone's had a
chance to have a say, and everyone's had access to justice here,
everyone's had a chance to represent their position."

Investor groups represented in the proceeding have 28 days to
appeal, SMH adds.

                     About Halifax Investment

Halifax Investment Services was a financial services licensee
headquartered in Sydney, with a partially owned subsidiary in
Auckland, New Zealand.

On Jan. 8, 2019, the Australian Securities and Investments
Commission (ASIC) suspended the Halifax AFS licence until Jan. 10,
2020.  This followed the appointment of Morgan Kelly, Stewart
McCallum and Phil Quinlan of Ferrier Hodgson as joint voluntary
administrators of Halifax on Nov. 23, 2018.

On March 20, 2019 at the second creditors meeting it was resolved
to place Halifax into liquidation and the administrators were
appointed as liquidators.

INTRINSIC INVESTMENT: First Creditors' Meeting Set for May 26
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Intrinsic
Investment Management Pty. Ltd. will be held on May 26, 2021, at
11:00 a.m. The meeting will be held virtually at the offices of Dye
& Co Pty Ltd, 165 Camberwell Road, in Hawthorn East.

Nicholas Giasoumi and Shane Leslie Deane of Dye & Co. were
appointed as administrators of Intrinsic Investment on May 18,
2021.


KAMI & CO: Second Creditors' Meeting Set for May 31
---------------------------------------------------
A second meeting of creditors in the proceedings of Kami & Co Pty
Ltd, formerly trading as Chop Chop Sushi, BurgerTime 69 Redcliffe
and My Greek Cuzina Redcliffe, has been set for May 31, 2021, at
10:00 a.m. via virtual meeting technology.

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 May 28, 2021, at 5:00 p.m.

Ian Alexander Currie of BRI Ferrier was appointed as administrator
of Kami & Co on April 27, 2021.


MONZA SMASH: Second Creditors' Meeting Set for May 26
-----------------------------------------------------
A second meeting of creditors in the proceedings of Monza Smash
Repairs Pty Ltd has been set for May 26, 2021, at 11:00 a.m. via
virtual meeting technology.

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 May 25, 2021, at 4:00 p.m.

Andre Lakomy & Jason Tang of Cor Cordis were appointed as
administrators of Monza Smash on April 21, 2021.


PEMA HOLDINGS: First Creditors' Meeting Set for May 27
------------------------------------------------------
A first meeting of the creditors in the proceedings of PEMA
Holdings Pty Ltd will be held on May 27, 2021, at 10:00 a.m. at the
offices of Morgan Conley, Level 6, 239 George Street, in Brisbane,
Queensland.

Daniel Moore of BCR Advisory was appointed as administrator of PEMA
Holdings on May 17, 2021.


PRECAST AUSTRALIA: First Creditors' Meeting Set for May 31
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Precast
Australia Pty Ltd will be held on May 31, 2021, at 10:00 a.m. via
electronic facilities.

Mathieu Tribut of GTS Advisory was appointed as administrator of
Precast Australia on May 19, 2021.


VOYAGE AUSTRALIA: Moody's Assigns First Time B1 Corp Family Rating
------------------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating to Voyage Australia Pty Limited.

In addition, Moody's has assigned a B1 senior secured rating to
Voyage's proposed AUD1.85 billion equivalent first-lien term loan
facility, and a B1 senior secured rating to Voyage's AUD150 million
delayed draw term loan.

The outlook on all ratings is stable.

The proceeds of the borrowings will be used to fund the acquisition
of Vocus Group Limited by a consortium comprising Macquarie
Infrastructure and Real Assets and its managed funds (MIRA) and
Aware Super Pty Ltd as trustee of Aware Super (Aware).

On March 9, 2021, Vocus announced that the consortium had entered
into a scheme implementation deed with the company to acquire 100%
of its share capital for AUD4.6 billion. The assignment of the
corporate family rating and instrument ratings is subject to the
successful close of the transaction and review of final
documentation.

RATINGS RATIONALE

Voyage's rating reflects the strength of Vocus Network Services
(VNS), which provides services to a diversified customer base
comprising wholesale, government and enterprise customers. VNS owns
Australia's second-largest inter-capital fibre-optic cable network.
VNS benefits from a high percentage of recurring revenue,
supporting earnings stability at the group level. Moody's expects
VNS to be the key growth driver for the group.

In addition, Moody's expects Vocus' New Zealand business to
continue to grow. While the New Zealand business is supportive of
the group's credit profile due to the diversification it provides,
it is also margin dilutive. Vocus New Zealand operates as a
vertically integrated telecommunication service provider offering
broadband, fixed voice, mobile and energy services across the
enterprise, wholesale and mass-market segments.

The Vocus Retail business is a telecommunication service provider
in Australia, but its market share remains small relative to the
size of the incumbents. Vocus Retail is the fourth-largest provider
of the National Broadband Network (NBN) and has a market share of
5%. The market is dominated by Telstra, TPG, and Optus, with market
shares of around 47%, 22%, and 16% respectively. Furthermore, the
rollout of the NBN and decline of legacy voice products have
negatively affected all telecommunication service providers in
Australia, although these impacts are largely behind them given the
NBN rollout is now complete and legacy products have now largely
unwound.

Voyage's ownership structure, following the completion of the
transaction, would not increase governance risk significantly.
Moody's expects Voyage to reduce its leverage over time, however
leverage is expected to remain slightly above 5x for fiscal 2021
and 2022.

The B1 senior secured rating is at the same level as the corporate
family rating, reflecting the facility's significant share of debt
in the capital structure.

Rating Outlook

The stable outlook reflects Moody's view that Vocus will maintain
credit metrics within the parameters set for its B1 rating over the
next 12-18 months.

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

Factors that Could Lead to an Upgrade

Moody's could upgrade Voyage's B1 rating if leverage is sustained
below 4.5x and it maintains positive free cash flow and good
liquidity.

Factors that Could Lead to a Downgrade

The rating could be downgraded if leverage increases above 5.5x,
which would be indicative of operational underperformance and/or a
change in financial policy such as shareholder friendly activity
that pressures credit metrics, and/or if liquidity deteriorates
meaningfully.

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

Voyage Australia Pty Limited, through Vocus (once acquired), is the
fourth largest full-service telecommunication company in Australia
and New Zealand. Vocus owns a portfolio of well-recognised brands
catering to enterprise, government, wholesale, small business and
residential customers across Australia and New Zealand and operated
under Vocus Network Services, Vocus Retail, and Vocus New Zealand.



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

CHINA HUARONG: Gets New President Amid Pressure on Bonds
--------------------------------------------------------
Quan Yue and Han Wei at Caixin Global report that China's embattled
bad-asset manager China Huarong Asset Management Co. Ltd. is
getting a new president, filling a nearly six-month vacancy as the
state-owned company's bonds come under pressure amid closer
scrutiny by investors.

Liang Qiang, a former deputy Communist Party chief and executive
director at China Great Wall Asset Management Co. Ltd., was named
Huarong's next president and will start his duties soon, Caixin
learned from people familiar with the matter.

Huarong's domestic and offshore bonds fell again Tuesday following
a media report that China is planning an overhaul of the company
that will lead to significant losses to Huarong's domestic and
foreign bondholders. A timetable for a full overhaul has not yet
been set, The New York Times reported, Caixin relays.

                        About China Huarong

China Huarong Asset Management Co., Ltd., together with its
subsidiaries, provides various financial asset management
services.

As reported in the Troubled Company Reporter-Asia Pacific on April
16, 2021, Moody's Investors Service has placed the A3 long-term and
P-2 short-term issuer ratings, as well as the b1 baseline credit
assessment, of China Huarong Asset Management Co., Ltd. (Huarong
AMC) under review for downgrade.  In addition, Moody's has placed
the debt ratings and medium-term note (MTN) program ratings of
Huarong AMC's offshore financing
vehicles under review for downgrade. These include the Baa1
long-term backed senior unsecured debt ratings and the (P)Baa1
backed senior unsecured MTN program ratings of Huarong Finance 2017
Co., Ltd and Huarong Finance II Co., Ltd, as well as the Baa1
long-term backed senior unsecured debt rating, the (P)Baa1
long-term and (P)P-2 short-term backed senior unsecured MTN program
ratings of Huarong Finance 2019 Co., Ltd.

CHINA HUARONG: Tests Beijing's Resolve on Financial Reform
----------------------------------------------------------
The New York Times reports that foreign investors had good reason
to trust Huarong, the sprawling Chinese financial conglomerate.
Even as its executives showed a perilous appetite for risky
borrowing and lending, the investors believed they could depend on
Beijing to bail out the state-owned company if things ever got too
dicey. That's what China had always done.

The New York Times relates that now some of those same foreign
investors may need to think twice. Huarong is more than $40 billion
in debt to foreign and domestic investors and shows signs of
stumbling. The Chinese government, which has stayed quiet about a
rescue, is in the early stages of planning a reorganization that
will require foreign and Chinese bondholders alike to accept
significant losses on their investments, according to two people
familiar with the government's plans.

According to the report, Beijing has spent decades bailing out
Chinese companies that got in over their heads, but in recent years
has vowed to turn off the tap. While regulators have promised to
make an example out of financial institutions that gorged on loans
and waited for the government to foot the bill, Huarong is testing
the limits of that resolve.

Unlike the handful of small banks and state-owned companies that
have been allowed to fall apart, Huarong is a central part of
China's financial system and, some say, "too big to fail." Its
vulnerable status has left China's leaders with a difficult choice:
let it default and pierce investor faith in the government as a
lender of last resort, or bail it out and undermine efforts to tame
the ballooning debt threatening the wider economy.

Analysts said Huarong's future may be the strongest indication of
China's commitment to financial reform, The New York Times relays.


"The regulator and investors are kind of playing a game of
chicken," the report quotes Zhangkai Huang, an associate professor
at Tsinghua University in Beijing, as saying. "The regulator is
saying there is going to be some serious reform in the financial
system. The investors are saying, 'I bet you don't have the courage
to let this default happen because there will be a crisis.'"

                        About China Huarong

China Huarong Asset Management Co., Ltd., together with its
subsidiaries, provides various financial asset management
services.

As reported in the Troubled Company Reporter-Asia Pacific on  April
16, 2021, Moody's Investors Service has placed the A3 long-term and
P-2 short-term issuer ratings, as well as the b1 baseline credit
assessment, of China Huarong Asset Management Co., Ltd. (Huarong
AMC) under review for downgrade.  In addition, Moody's has placed
the debt ratings and medium-term note (MTN) program ratings of
Huarong AMC's offshore financing vehicles under review for
downgrade. These include the Baa1 long-term backed senior unsecured
debt ratings and the (P)Baa1 backed senior unsecured MTN program
ratings of Huarong Finance 2017 Co., Ltd and Huarong Finance II
Co., Ltd, as well as the Baa1 long-term backed senior unsecured
debt rating, the (P)Baa1 long-term and (P)P-2 short-term backed
senior unsecured MTN program ratings of Huarong Finance 2019 Co.,
Ltd.

GOLDEN WHEEL: Fitch Affirms Then Withdraws 'CCC+' LT IDR
--------------------------------------------------------
Fitch Ratings has affirmed and withdrawn China-based homebuilder
Golden Wheel Tiandi Holdings Company Limited's (GWTH) Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDR) of 'CCC+'.
Fitch has also affirmed and withdrawn the senior unsecured ratings
of 'CCC+' with a Recovery Rating of 'RR4'.

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

KEY RATING DRIVERS

GWTH's credit profile has not changed materially since Fitch's last
rating action on 10 May 2021.

RATING SENSITIVITIES

No longer relevant, as the ratings have been withdrawn.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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

Fitch will no longer be providing the associated ESG Relevance
Scores for the issuer following the withdrawal of GWTH's ratings.

LANDSEA GREEN: Fitch Affirms Then Withdraws 'B' LT IDR
------------------------------------------------------
Fitch Ratings has affirmed China-based homebuilder Landsea Green
Properties Co., Ltd.'s Long-Term Foreign-Currency Issuer Default
Rating (IDR) at 'B'. The Outlook is Stable. Fitch has also affirmed
Landsea's senior unsecured rating and the ratings on its
outstanding US dollar senior notes at 'B' with a Recovery Rating of
'RR4'. At the same time, Fitch has withdrawn all the ratings.

Fitch uses the consolidated financials of Landsea Group Co. Ltd,
which holds a 50.1% equity interest in Landsea. Fitch regards the
linkage between the two entities to be moderate, as the parent has
some control over Landsea's board, in line with Fitch's Parent and
Subsidiary Linkage Rating Criteria.

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

KEY RATING DRIVERS

Small Land Bank: Fitch views Landsea's short land bank life as a
credit constraint because the company may have to replenish land to
support the current sales scale and sustain the business, even if
market conditions are not favourable. Landsea Group had 1.3 million
sq m in land bank at end-2020 evenly distributed in the US and
China, but this can only support 1.5 years of sales in both
markets. Landsea intends to keep a short land bank life of 1.5-two
years in China under its asset-light strategy, while gradually
extending its US land bank to above two years.

Resilient Sales: Landsea Group achieved CNY15 billion in
attributable sales in 2020 on flattish sales in China but a strong
performance in the US, where housing markets were boosted by low
mortgage rates and migration from urban to suburban locations
during the pandemic. Landsea's repositioning to suburban areas and
entry-level products in 2019 puts it in a favourable position to
cater to such strong demand in the US, where it achieved CNY6.8
billion in attributable sales in 2020, or double the CNY3.4 billion
in 2019.

Landsea's sales in China reached CNY8.4 billion in 2020,
underpinned by the solid housing markets in the Yangtze River Delta
(YRD) and Chengdu-Chongqing area, where the company has the most
exposure. However, limited saleable resources constrained sales
growth. Landsea's land bank in China is mainly in core Tier 2-3
cities in Chengdu-Chonqing and YRD. These two areas accounted for
41% and 53%, respectively, of the land bank by gross floor area at
end-2020.

Thinner Margin: Fitch expects Landsea Group's EBITDA margin,
excluding capitalised interest from cost of sales, to remain low at
15%-18% in 2021-2023. This is due to rising revenue contribution
from lower-margin US sales (gross profit margin at 13%-17%) and
squeezed profitability amid fierce competition in the Chinese
property business, especially as the company is under pressure to
acquire land at market prices due to a small land bank. Fitch
estimates Landsea's Chinese property development business to have a
lower gross margin of 20%-22% in 2021-2023, against above 30%
during 2018-2020.

Growing Non-Development Businesses: Fitch expects Landsea Group's
non-development EBITDAR net interest coverage to trend towards 1.0x
in 2021-2023 from 0.6x in 2020. Landsea's non-development
businesses include project management, investment properties,
long-term rental apartments and senior living. The asset-light
project management segment is the major revenue and profit
contributor. While the long-term rental apartment and senior living
businesses (held by Landsea Group) is not profitable, management
expects the business to break even from 2021.

Moderate Parent-Subsidiary Linkage: Fitch assesses the overall
linkage between Landsea and Landsea Group as moderate, reflecting
'Weak' legal ties and 'Moderate' operational ties. Landsea Group
and Landsea have the same chairman, who is also the controlling
shareholder of both entities. Landsea Group had two of the eight
seats on Landsea's board at end-2020. Landsea Group has provided
shareholder loans to Landsea that formed 14% of the subsidiary's
total borrowings at end-2020 (end-2019: 12%). They also share the
same brand name and domestic bank credit lines.

KEY ASSUMPTIONS

Key Recovery Rating Assumptions:

-- The recovery analysis assumes that Landsea would be liquidated
    in bankruptcy;

-- Fitch has assumed a 10% administrative claim.

Liquidation Approach:

-- The liquidation estimate reflects Fitch's view of the value of
    balance sheet assets that can be realised in sale or
    liquidation processes conducted during a bankruptcy or
    insolvency proceeding and distributed to creditors;

-- An advance rate of 70% is applied to onshore adjusted
    inventory and offshore inventory, as Landsea's EBITDA margin
    in China is at 20%-25%, and its US products have a gross
    profit margin of above 10%;

-- Property, plant and equipment advance rate at 60%;

-- An advance rate of 55% is applied to investment properties,
    which generates rental yield of around 4%;

-- A standard advance rate of 70% applied to accounts
    receivables;

-- An advance rate of 60% is applied to excess onshore cash (i.e.
    unrestricted cash - minimum cash amounting to three months of
    contracted sales);

-- An advance rate of 100% applied to restricted cash;

-- Fitch assumes the remainder of onshore liquidation value,
    together with offshore residual value, would be distributed to
    offshore creditors. Landsea Homes Corporation, Landsea's US
    division, was listed on NASDAQ in January 2021, leaving
    Landsea with an around 70% stake in Landsea Homes. Fitch hence
    assumes only residual value from Landsea Homes will be
    distributed to Landsea's offshore bondholders.

-- The allocation of value in the liability waterfall results in
    recovery corresponding to an 'RR1' Recovery Rating for the
    senior unsecured debt. However, the Recovery Rating for the
    senior unsecured debt is at 'RR4' because under Fitch's
    Country-Specific Treatment of Recovery Ratings Criteria, China
    falls into Group D of creditor friendliness, and the Recovery
    Ratings on instruments of issuers with assets in this group
    are subject to a cap of 'RR4'.

RATING SENSITIVITIES

No longer relevant, as the ratings have been withdrawn.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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

Fitch will no longer be providing the associated ESG Relevance
Scores for the issuer following the withdrawal of Landsea's
ratings.

REDSUN PROPERTIES: Moody's Assigns B3 Rating to Proposed USD Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured rating
to the proposed USD notes to be issued by Redsun Properties Group
Limited (B2 positive).

Redsun plans to use the note proceeds to refinance its existing
offshore debt.

RATINGS RATIONALE

"Redsun's B2 corporate family rating (CFR) reflects the company's
long operating history of developing mass-residential properties in
Jiangsu province, its high-quality land bank and growing operating
scale, underpinned by its strong sales execution over the past 2-3
years," says Cedric Lai, a Moody's Vice President and Senior
Analyst.

"Meanwhile, its rating is constrained the company's moderate,
though improving, credit metrics, highly concentrated geographic
coverage and significant exposure to its joint venture (JV)
businesses, which weaken corporate transparency," adds Lai.

The proposed bond issuance will lengthen Redsun's debt maturity
profile and improve its liquidity without having a material impact
on its credit profile, because the company will use the proceeds to
refinance maturing debt.

Moody's expects Redsun's debt leverage, as measured by
revenue/adjusted debt, will strengthen to 60%-65% over the next
12-18 months from 53% in 2020, underpinned by its strong contracted
sales growth over the past 1-2 years, as well as its disciplined
approach to pursuing growth and controlling debt increase.
Similarly, Moody's forecasts Redsun's EBIT/interest coverage will
improve to 2.1x-2.3x from 1.9x over the same period.

Moody's expects Redsun's sales to achieve average annual growth of
around 10% to RMB95 billion-RMB105 billion over the next 12-18
months from RMB87 billion in 2020, supported by Redsun's sizable
salable resources, strong sales execution ability and solid housing
demand in the company's core market, the Yangtze River Delta Area.

Redsun's total contracted sales amounted to RMB26.7 billion for the
first four months of 2021, representing 126% year-on-year growth
from RMB11.8 billion in the corresponding period a year earlier.
The improvement was largely driven by a low base in the first half
of 2020 due to disruptions from the pandemic.

Redsun's B3 senior unsecured debt rating is one notch lower than
the company's B2 CFR due to structural subordination risk. The
subordination risk refers to the fact that the majority of Redsun's
claims are at its operating subsidiaries and, in the event of a
bankruptcy, have priority over claims at the holding company. In
addition, the holding company lacks significant mitigating factors
for structural subordination. Consequently, the expected recovery
rate for claims at the holding company will be lower.

Redsun's liquidity position is good. Moody's expects the company's
cash holdings, together with expected operating cash inflow, to
cover its maturing short-term debt, unpaid land premiums and
dividend payments over the next 12-18 months. The company's cash
balance of RMB18.5 billion covered 1.6x of its short-term debt of
RMB11.4 billion as of the end of 2020.

In terms of environmental, social and governance (ESG)
considerations, Redsun's CFR considers the company's concentrated
ownership by its key shareholder, Zeng Huansha, who held a 72.29%
direct and indirect stake as of the end of 2020. Moody's has also
considered (1) the presence of three independent nonexecutive
directors on Redsun's seven-member board of directors, (2) the fact
that independent nonexecutive directors chair both the audit and
remuneration committees; (3) Redsun's moderate 25%-30% dividend
payout ratio over the past three years; and (4) the presence of
other internal governance structures and standards as required
under the Corporate Governance Code for companies listed on the
Hong Kong Stock Exchange.

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

The positive outlook reflects Moody's expectation that Redsun will
continue to grow its operating scale, improve its credit metrics
and maintain good liquidity over the next 12-18 months.

Moody's could upgrade Redsun's rating if the company improves its
debt leverage and funding channels while maintaining strong
contracted sales growth.

Credit metrics indicative of a potential upgrade include (1)
revenue/adjusted debt rising above 55%, (2) EBIT/interest coverage
rising above 2.0x-2.25x, and (3) cash/short-term debt above 1.25x,
all on a sustained basis.

Given the positive outlook, it is unlikely that Redsun's rating
will be downgraded in the near term. However, Moody's could revise
the outlook to stable if the company fails to improve its credit
metrics or maintain adequate liquidity over the next 12-18 months.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Founded in 1996, Redsun Properties Group Limited listed on the Hong
Kong Stock Exchange in July 2018. Its headquarters are in Shanghai
and Nanjing.

Redsun engages in real estate development, commercial properties
and hotel operations in China. As of the end of 2020, the company's
total saleable resources comprised a gross floor area of around 20
million square meters, with its footprint spread across 60 cities
in China.

SHINSUN HOLDINGS: Moody's Assigns First Time B2 Corp Family Rating
------------------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating to Shinsun Holdings (Group) Co., Ltd.

The rating outlook is stable.

RATINGS RATIONALE

"Shinsun's B2 CFR reflects the company's sizable operating scale
and established track record in its key markets of Yangtze River
Delta," says Kelly Chen, a Moody's Assistant Vice President and
Analyst. "The B2 CFR also considers Shinsun's solid credit metrics
compared with its B2-rated peers, as well as adequate liquidity."

"On the other hand, the B2 CFR is constrained by Shinsun's high
exposure to lower tier cities, low profit margin and heavy reliance
on trust financing," adds Chen, who is also Moody's Lead Analyst
for Shinsun.

The B2 CFR also considers the company's strategy to increase the
use of joint ventures (JVs). This strategy will lower the company's
transparency and increase the uncertainties over its contingent
liabilities, despite the benefits of reducing the capital outlay
for new property projects.

Shinsun has over 20 years of property development experience in the
Zhejiang province and greater Yangtze River Delta region. It has
also gradually expanded into other regions over the past several
years.

Moody's expects Shinsun's attributable contracted sales to grow by
8% and 6% in 2021 and 2022, respectively, from RMB78.2 billion in
2020, given sufficient saleable resources. It has achieved solid
sales growth of compound annual growth rate of 27% between
2017-2020 on a gross basis. The sales growth will support the
company's liquidity and revenue growth over the next 12-18 months.

Moody's expects Shinsun's revenue growth to be in line with its
debt growth, because the company is likely to limit its land
acquisition spending at 40%-45% of attributable pre-sale proceeds
in 2021 and 2022. As a result, its revenue/adjusted debt will
remain stable at 95%-100%, compared with 98% in 2020.

Meanwhile, Shinsun has a low profit margin given its rapid asset
turnover business model. Moody's expects that Shinsun's reported
gross margin will decline slightly to 16% over the next 12-18
months from 18% in 2020, in line with industry trend. As a result,
Shinsun's adjusted EBIT/interest coverage will drop to 2.1x over
the next one to two years from 2.4x in 2020.

Shinsun's B2 CFR is constrained by its high exposure to lower-tier
cities, which account for more than 70% of its total land bank as
of the end of 2020. The risk of volatile housing demand associated
with lower-tier cities is mitigated by the fact that most of these
cities are in Yangtze River Delta, a region with an affluent
economy.

Moreover, Shinsun's CFR is constrained by the company's high
reliance on non-bank financing. Shinsun primarily relies on bank
loans and non-bank financing to fund its business operations. As of
the end of 2020, non-bank loans accounted for 59% of the company's
reported debt. Given the government's tight policy stance on shadow
banking activities, the company's non-bank loan exposure will
increase its liquidity risk if sustained at high levels.

Shinsun's liquidity is adequate. Its total cash balance of RMB24.3
billion as of the end of 2020 covered 1.1x of its short-term debt
of RMB22.2 billion as of the same date.

Moody's expects that the company's cash holdings, along with its
projected operating cash flow, will be sufficient to cover its
short-term debt, committed land premiums and dividend payments over
the next 12 months.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership.
Mr.Chen, Shinsun's largest shareholder, holds a 78% equity stake in
the company as of December 31, 2020. Moody's has also considered
(1) the presence of three independent nonexecutive directors out of
a total of seven board members, (2) the presence of other internal
governance structures and standards as required by the Hong Kong
Stock Exchange (HKEX), and (3) the company's dividend policy to pay
out 20%-25% of its attributable net income.

In addition, Moody's has considered Shinsun's large amount of
related party transactions -- including advances to/from related
parties and purchase of services from related parties. These
transactions are governed by the Listings Rules of the HKEX and the
Securities and Futures Ordinance in Hong Kong.

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

The stable rating outlook reflects Moody's expectation that Shinsun
will maintain sufficient liquidity, while adhering to a disciplined
approach to land acquisitions.

Moody's could upgrade Shinsun's rating if the company (1) executes
its business plan and grows its scale without sacrificing
profitability; (2) strengthens its financial profile, with
EBIT/interest above 2.5x consistently; (3) maintains sufficient
liquidity, with cash/short-term debt consistently above 1.5x; and
(4) diversifies its funding channels and reduces its reliance on
non-bank financing.

On the other hand, Moody's could downgrade the rating if the
company (1) suffers from weaker contracted sales; or (2)
accelerates its land acquisitions beyond Moody's expectations,
weakening its financial metrics and liquidity; or (3) fails to
improve funding access.

Financial metrics indicative of a downgrade include: (1)
EBIT/interest coverage below 1.5x; (2) revenue/adjusted debt below
50%; or (3) a weaker liquidity position or higher refinancing risk,
such that its cash/short-term debt falls below 1.0x on a sustained
basis.

Moody's could also downgrade the rating if the company's contingent
liabilities associated with JVs or the likelihood of providing
funding support to JVs increases materially. This could be the
result of a material deterioration in the financial strength and
liquidity of its JV projects or a substantial increase in
investments towards new JV projects.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Established in 1995, Shinsun is a Zhejiang based Chinese property
developer with over 20 years of property development experience.
The company's attributable contracted sales reached RMB78.2 billion
in 2020. As of the end of 2020, the company had 218 property
development projects with an attributable land bank of 23.3 million
square meters.



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

A TO Z LOGISTICS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of A to Z
Logistics Limited (ATZL) continues to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             30        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ATZL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 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 ATZL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ATZL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ATZL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established in 2004 as a private limited company and reconstituted
as a closely held public limited company with the current name on
April 4, 2013, ATZL provides logistic services (on a contract
basis) such as cargo transportation to customers across India.
Operations are managed by Mr. Sanjeev Jindal, Mr. Sita Ram Jindal,
and Ms. Sunita Jindal.

ABDUL RAHIMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Abdul Rahiman
Engineer & Contractor - Udupi (AREC) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          5         CRISIL D (Issuer Not
                                     Cooperating)

   Secured Overdraft       7.5       CRISIL D (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with AREC for
obtaining information through letters and emails dated October 24,
2020 and April 20, 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 AREC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AREC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AREC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

AREC, setup in 2005 by Mr. Abdul Rahiman, is engaged in
construction of roads for government departments. The firm is based
out of Udupi (Karnataka).

ALPHA CONSUMABLES: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Alpha
Consumables continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with Alpha for
obtaining information through letters and emails dated October 24,
2020 and April 20, 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 Alpha, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Alpha
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Alpha continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established as a partnership firm in 1994, Alpha is an authorized
Hewlett Packard channel partner for ink and toner cartridges. Based
in Bengaluru, the firm is promoted and managed by Mr. Majid Yusuf
Patanwala.


AMBOOTIA TEA: CRISIL Lowers Rating on INR65cr Packing Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded the rating on the short-term bank
facilities of Ambootia Tea Exports Private Limited (ATEPL) to
'CRISIL D Issuer Not Cooperating' from 'CRISIL A4 Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          0.5       CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING)

   Credit Limit           10.0       CRISIL D (ISSUER NOT
   Under Gold Card                   COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING)

   Foreign Bill           15.0       CRISIL D (ISSUER NOT
   Purchase                          COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING)

   Packing Credit         65.0       CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING)

CRISIL Ratings has been consistently following up with ATEPL for
obtaining information through letters and emails dated October 24,
2020, and April 20, 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 the company, which restricts the
ability to take a forward-looking view on the credit quality.
CRISIL believes that the rating action on ATEPL is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on the short-term bank facilities of ATEPL
has been downgraded to 'CRISIL D Issuer Not Cooperating' from
'CRISIL A4 Issuer Not Cooperating'.  The downgrade reflects delays
in servicing bank debt.

Incorporated in 2009 and promoted by Mr. Sanjay Prakash Bansal,
ATEPL, based in Kolkata (West Bengal), trades in organic Darjeeling
teas and other inorganic varieties of teas in the international and
domestic markets. The company had taken over the business of Tea
Group Exports, a proprietorship concern formed by Mrs. Reena Bansal
(wife of Mr. Bansal) in 2010-11. Mr. Bansal has been engaged in the
tea business for almost three decades. The group is vertically
integrated, with the promoters cultivating and processing organic
Darjeeling tea and Assam tea, and trading in tea in the export and
domestic markets. The group deals in 67 varieties of tea and has 87
brands.


ANANDSWARN RESIDENCY: CRISIL Keeps C Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anandswarn
Residency Private Limited (ARPL) continue to be 'CRISIL C Issuer
Not Cooperating'.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term       0.75       CRISIL C (Issuer Not
   Bank Loan Facility                  Cooperating)

   Term Loan               11.75       CRISIL C (Issuer Not
                                       Cooperating)

CRISIL Ratings has been consistently following up with ARPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 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 ARPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ARPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ARPL continues to be 'CRISIL C Issuer Not Cooperating'.

ARPL, incorporated in 2010, is a 50:50 joint venture between
Kanpur-based Dolphin Developers Ltdand the Singh group. ARPL is
developing a residential complex in Kanpur with 52 flats (48 with
hree bedrooms, three with two bedrooms, and one with one bedroom)
and total built-up area of 101,903.85 square feet.


APHRODITE 4WHEELS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aphrodite
4Wheels Private Limited (A4PL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

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

   Electronic Dealer       8         CRISIL B/Stable (Issuer Not
   Financing Scheme                  Cooperating)
   (e-DFS)                 
                                   
   Proposed Fund-          6.91      CRISIL B/Stable (Issuer Not
   Based Bank Limits                 Cooperating)

   Term Loan               3.09      CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with A4PL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 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 A4PL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on A4PL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
A4PL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

A4PL was set up in 2013-14 (refers to financial year, April 1 to
March 31) by Mr. Vaibhav Ahuja. It is a dealer for Renault India
Pvt Ltd in Jamshedpur. It commenced operations in September 2013.


ARIHANT METALS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arihant
Metals (Jodhpur) (AMJ) continue to be 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Standby Line            1.8       CRISIL B+/Stable (Issuer Not
   of Credit                         Cooperating)

CRISIL Ratings has been consistently following up with AMJ for
obtaining information through letters and emails dated October 24,
2020 and April 20, 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 AMJ, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AMJ
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AMJ continues to be 'CRISIL B+/Stable Issuer not cooperating'.

Set up by Mr Padam Raj Abani in 1993, AMJ is a proprietorship
manufacturing stainless steel sheets, used to manufacture utensils,
kitchenware and pipes, at its facility in Jodhpur. Operations are
managed by Mr Abani and his sons, Mr. Pankaj Abani and Mr Gaurav
Abani.

ASA BHANU: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Asa Bhanu
Technical Services Limited (ATSL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting        3         CRISIL A4 (Issuer Not
   under Letter                      Cooperating)
   of Credit               
                                     
   Letter of credit       10         CRISIL A4 (Issuer Not
   & Bank Guarantee                  Cooperating)

   Long Term Loan          1         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Working Capital         2         CRISIL B/Stable (Issuer Not
   Demand Loan                       Cooperating)

   Cash Credit/            6         CRISIL B/Stable (Issuer Not
   Overdraft facility                Cooperating)

CRISIL Ratings has been consistently following up with ATSL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 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 ATSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ATSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ATSL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

ATSL was incorporated in 1995 as private limited company providing
engineering services and software solutions. The company is
promoted by Mr. B R Bhadra.

ASHA ENTRADE: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Asha Entrade
Private Limited (AEPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term        3        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan                 4.5      CRISIL B/Stable (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with AEPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AEPL was set up in 2012 by Mr. Suresh Jain, Mr. Rajesh Kumar
Surana, and Mr. Ashok Jain. The company develops real estate and
has an ongoing commercial-cum-residential real estate project of
78,000 square feet in Ulwe.


CALL EXPRESS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Call Express
Construction India Private Limited (CECPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          50        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

CRISIL Ratings has been consistently following up with CECPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 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 CECPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CECPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CECPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Set up in 2006, CECPL is currently developing a residential real
estate project at Chennai. The company is promoted by Mr. Ramesh
and his family.

CAPITOL HILL: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Capitol Hill
Hotels Private Limited (CHHPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               45        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with CHHPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 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 CHHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CHHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CHHPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2012, CHHPL is developing a four-star deluxe hotel
in Bistupur, Jamshedpur (Jharkhand). The company is promoted by Mr.
Ashwani Bhatia and Mr. Sanjay Bhatia.


CHALLA CHLORIDES: CRISIL Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Challa
Chlorides Private Limited (CCPL) continue to be 'CRISIL B-/Stable
Issuer Not Cooperating'.

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

   Long Term Loan          2.43      CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      1.57      CRISIL B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with CCPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CCPL was incorporated in 1994 and is promoted by Mr C.R.K.
Chowdhary and Mr. C Karuna Sree. Based in Telangana it manufactures
bulk drugs.


CRACKERS INDIA: CRISIL Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Crackers India
Infrastructure Limited (CIIL) continues to be 'CRISIL C Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          65        CRISIL C (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with CIIL for
obtaining information through letters and emails dated October 31,
2020 and April 28, 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 CIIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CIIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CIIL continues to be 'CRISIL C Issuer Not Cooperating'.

CIIL, incorporated in 2007, started operations in the retail and
the hotel segments. However, over time, it transferred its retail
operations to group entity The World Retail Pvt Ltd, and now has
two hotels: The World Business Hotel at Barbil in Odisha, and The
World Backwaters at Allepey in Kerala. CIIL is constructing an
11-storied hotel in Bhubaneswar, which is expected to commence
operations in June 2016.


DATTA FERTILIZERS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Datta
Fertilizers and Chemical Private Limited (SDFCPL) continue to be
'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Cash          1          CRISIL B/Stable (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with SDFCPL for
obtaining information through letters and emails dated October 31,
2020 and April 20, 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 SDFCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SDFCPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SDFCPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

SDFCPL was set up by Mr. Ashok Ratanlal Soni in 1999. It
manufactures nitrogen, phosphorous, and potassium (NPK) granulated
mixed fertilizers. The company sells these primarily through a
network of dealers in and around Vidarbha.


DURGA ESTATES: CRISIL Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Durga
Estates (SDE) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.


                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.5        CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.5        CRISIL B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SDE for
obtaining information through letters and emails dated October 24,
2020 and April 20, 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 SDE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SDE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SDE continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

SDE was set up in 2008 by Dr. K L Narayana and Mrs. K Anupama. The
firm undertakes construction of buildings in Andhra Pradesh. It is
based in Hyderabad.

ELA EDUCATIONAL: CRISIL Lowers Rating on INR12cr Loan to B-
-----------------------------------------------------------
CRISIL Rating has downgraded its rating on the long-term bank
facilities of ELA Educational Trust (ELA) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Term Loan           12         CRISIL B-/Stable (Downgraded
                                  from 'CRISIL B/Stable')

The downgrade reflects CRISIL Ratings' belief that business risk
profile of the Trust shall remain weak over the medium term on
account of weak admissions resulting in stagnant revenue and
operating losses. Revenue is estimated at INR0.86 crore for fiscal
2021 and is likely to remain small led by Covid-19 led disruptions.
This is expected to result in deterioration in financial risk
profile marked by a high gearing and negative debt protection
metrics.  CRISIL ratings believes that ELA's business and financial
risk profile shall remain weak over the medium term.

The rating reflects ELA's small scale of operations, geographical
concentration in revenue and below-average financial risk profile.
These weaknesses are partially offset by the experience of the
trustees in the educational sector and healthy growth prospects for
schools offering International Baccalaureate (IB) curriculum in
Chennai.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: The academic year 2018-19 was the
first full year of operations for ELA. The Trust is currently
scaling up and occupancy is low at around 20 percent in fiscal 2021
and revenue is expected to gradually improve over the medium term
with improving occupancy levels.

* Below-average financial risk profile: Gearing is high, estimated
at 5.30 times as on March 31, 2021, and expected to remain high
over the medium term owing to the recently concluded large
debt-funded capital expenditure (capex). The debt protection
metrics are weak due to negative accruals expected in the near term
due to operating losses.

* Geographical concentration in revenue: ELA operates a single
school in Chennai. This leads to a geographic concentration in
revenue. Demand for IB curriculum in Chennai is moderate currently,
however, will improve gradually given the success of IB in other
cities such as Delhi, Mumbai and Hyderabad. Although there are few
schools offering the IB course in Chennai, supply will also
gradually increase with more schools offering IB courses which may
lead to higher competition in the long term

Strength

* Experience of the trustees: The trustees have over three decades
of experience in the education industry with prior experience as
professors at the Madras University. The trustee's experience will
enable a competitive curriculum leading to healthy traction amongst
prospective students and help the institution scale up to above 400
students over the medium term.

Liquidity: Stretched

ELA liquidity is stretched marked by marginal cash and cash
equivalents of INR 1 crore expected as on March 31, 2021. The trust
has availed restructuring of its term loan repayments and hence
repayment obligations are expected to commence by March 2022. While
cash accrual is expected to remain inadequate to meet repayment
obligations, the liquidity shall be supported in the form of
unsecured loans from trustees. Nevertheless, the liquidity is
expected to remain stretched over the medium term.

Outlook: Stable

CRISIL Rating believes ELA will continue to benefit from the
experience of the trustees leading to scaling up of operations.


Rating Sensitivity factors

Upward Factors

* Improvement in occupancy resulting in better revenue and
improvement in profitability
* Improvement in accruals to over INR1 crore
* Improvement in financial risk profile

Downward factors

* Decline in financial support from trustees
* Further expansion plans funded by debt, creating additional
pressure on liquidity.

ELA, a non-profit association set up in 2017, operates a school in
Maraimalia Nagar, Chennai. The school provides education under a
Geneva based curriculum and has grades spanning from preschool,
elementary, middle, and high school levels. Ms M Samhita (managing
trustee), Mr Madanagobalane and Ms G Vijayalakshmi, all of whom are
professors at the Madras University, are the trustees.


GANESH COTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Ganesh
Cotex Private Limited (SGCPL) 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 Term      6.86      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               2.14      CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SGCPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 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 SGCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGCPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2013, SGCPL is promoted and managed by Mr.
Nagjibhai Parbatbhai Patel and family. The promoters are having
more than a decades' experience in cotton ginning and pressing at
the facility in Rajkot,Gujarat, with a capacity of 400 bales per
day.


GOWRI CASHEWS: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Gowri
Cashews (SGC) 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 Term      0.51      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               1.50      CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SGC for
obtaining information through letters and emails dated October 24,
2020 and April 20, 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 SGC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGC continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up as a proprietorship firm in 2006, SGC processes raw cashew
nuts and sells cashew kernels. Its facility in Udupi District,
Karnataka, has capacity to process around 8 tonnes of cashew
kernels per day. The operations are managed by the proprietor, Mr.
Mohan Das Hegde.


JAYANT PRINTERY: CRISIL Lowers Rating on INR10cr Cash Loan to B+
----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long term bank
facilities of Jayant Printery LLP (JPLLP) to 'CRISIL B+/Stable'
from 'CRISIL BB-/Stable'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          10       CRISIL B+/Stable (Downgraded
                                 from 'CRISIL BB-/Stable')

The downgrade reflects weakening of the business and financial risk
profile. The revenue is estimated to degrow by around 50% at INR31
crore in fiscal 2021, against INR62.7 crore a year before because
of lower orders by the customers due to restrictions placed amidst
the covid-19 pandemic and weak demand from the banking, insurance
and education sectors. This has also resulted into moderation of
the cash accruals in fiscal 2021. Moreover, working capital have
also witnessed a stretch (Gross Current Assets are estimated at
over 350 days as on March 31, 2021 against 226 days a year ago),
leading to weakening of liquidity reflected in high reliance on the
external fund, envisaged through high bank limit utilization
averaging around 99% for 12 months ended March, 2021, leading to
weakening of the debt protection metrics and therefore the
financial risk profile. Improvement in working capital management
will remain a key monitorable over the medium term.

The ratings continue to reflect extensive industry experience of
the partner, well established customer base. These strength are
partially offset by its working capital intensive operations, and a
below average financial risk profile.

Analytical Approach

Unsecured loans amounting to INR 6.13 crores as on March 31, 2020
have been treated as neither debt nor equity (NDNE) as the same is
expected to remain in the business over the medium term

Key Rating Drivers & Detailed Description

Weaknesses:

* Working capital intensive operations: Operations are working
capital intensive. Gross current assets (GCAs) are estimated at
over 350 days as on March 31, 2021, because of high inventory level
of around 200 days. This has increased in fiscal 2021 on account of
business being impacted in the first half due the lockdown and
restriction placed by the authorities to tackle the covid-19
pandemic leading to limited business for firm. With revival in
demand from its customers the firm has holds large work-in-process
and inventory because of business needs. Furthermore, it has to
extend sizeable credit to customers on account of intense
competition. Improvement in working capital management will remain
a key monitorable over the medium term.

* Below average financial risk profile: The financial risk profile
is average. Networth is modest estimated at INR11.4 crore as on
March 31, 2021, leading to a leveraged capital structure with
gearing and total outside liabilities to adjusted networth at 2.2
times and 3.2 times respectively estimated as on March 31, 2021.
The debt protection metrics have weakened with interest coverage
and net cash accrual to total debt (NCATD) ratio estimated at 1.5
times and 0.07 time respectively for fiscal 2021.

Strengths:

* Extensive industry experience of the partners: The partners Mr.
Chottubhai Shah and Ms. Divya Shah have been in the printing
business for over four decades. The operations are managed by Mr.
Shashank Shah, the second-generation of the promoter family in the
business. Over the years, the partners have established JPLLP as a
leading printing house in Mumbai with continuous technology upgrade
and capacity expansion. The promoters' industry experience has
helped the firm establish relationships with reputed customers.

* Diversified product basket and established reputed clientele: The
firm provides various types of products viz. Books, Annual reports,
magazines, leaflets, brochures, posters, calendars, diaries, and
services such as UV Varnish, Spot varnish, Embossing, Creasing,
Gilding, Foiling etc. The firm has reputed customer base which
includes Reserve Bank of India, State Bank of India, LIC of India,
Western Railway, Maharashtra State Board of Technical Education,
The Bharat Co-Operative Bank (Mumbai) Ltd, among others,
furthermore the firm has also diversified in printing for
disposable packaging products such as paper cups to support the
revenues.

Liquidity: Stretched

Liquidity is stretched, Cash accrual are expected to be about INR2
crore which are just sufficient against term debt obligation of
INR1.31 crore in fiscal 2022 and INR1.67 crore in fiscal 2023. Bank
limit utilization is high at averaging 99% for the past twelve
months ended March 2021. Current ratio is moderate estimated at 1.3
times on March 31, 2021. The partners are likely to extend support
through unsecured loans to meet any exigencies.

Outlook: Stable

CRISIL Rating believe JPLLP will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity factors

Upward factor

* Sustained improvement in scale of operation and sustenance of
operating margin, leading to higher cash accruals
* Improvement in working capital cycle, with gross current assets
of 250 days or lower

Downward factor

* Decline in operating profitability by over 200 basis points on a
sustainable basis
* Large debt-funded capital expenditure weakens capital structure
* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

JPLLP was set up in year 1986, as a partnership firm which
reconstituted in 2014 as Jayant Printery LLP. The firm prints
books, diaries, calendars, magazines, flyers, and tabloid
supplements. The firm has its manufacturing unit located in
Palghar, Maharashtra. It also provides pre-printing and
post-printing services and thus is a complete printing solution
provider. Mr. Chhotubhai Shah and Mr. Shashank Shah manage the
operations.


KINGFISHER AIRLINES: Mallya Loses Bankruptcy Petition Amendment
---------------------------------------------------------------
The Tribune of India reports that a consortium of Indian banks led
by the State Bank of India (SBI) on May 18 moved a step closer in
their attempt to recover debt from loans paid out to Vijay Mallya's
now-defunct Kingfisher Airlines after the High Court in London
upheld an application to amend their bankruptcy petition, in favour
of waiving their security over the embattled businessman's assets
in India.

According to the report, Chief Insolvencies and Companies Court
(ICC) Judge Michael Briggs handed down his judgment in favor of the
banks to declare there is no public policy that prevents a waiver
of security rights, as argued by Mallya's lawyers.

At a virtual hearing, July 26 was set as the date for final
arguments for and against granting a bankruptcy order against the
65-year-old Mallya after the banks accused him of trying to "kick
matters into the long grass" and called for the "bankruptcy
petition to be brought to its inevitable end," the report relays.

"I order that permission be given to amend the petition to read as
follows: 'The Petitioners (banks) having the right to enforce any
security held are willing, in the event of a bankruptcy order being
made, to give up any such security for the benefit of all the
bankrupt's creditors'," Justice Briggs' judgment reads.

"There is nothing in the statutory provisions that prevent the
Petitioners from giving up security," he notes.

The Tribune of India relates that Mallya's barrister, Philip
Marshall, had referenced witness statements of retired Indian
judges in previous hearings to reiterate that there is "public
interest under Indian law" by virtue of the banks being
nationalised.

However, Justice Briggs found no impediment to the creditors
relinquishing their security under Indian law because of the
engagement of a "principle concerning public interest" and favoured
the submissions made by retired Indian Supreme Court judge Gopala
Gowda at a hearing in December 2020 on the matter.

"In my judgment the simple stance taken by Justice Gowda that
Section 47 PIA 1920 is evidence of the ability of a secured
creditor to relinquish the creditor's security is to be preferred,"
the ruling notes.

The Indian banks, represented by the law firm TLT LLP and barrister
Marcia Shekerdemian, were also granted costs in totality for the
petition hearings, as the "overall successful" party in the case.

"Dr Mallya should have been extradited by now. He was refused
permission to go to the Supreme Court in May last year,"
Shekerdemian pointed out, in reference to one of Mallya's defence
planks that the cases against him are "politically motivated".

The Tribune of India says Mallya remains on bail in the UK while a
"confidential" legal matter, believed to be related to an asylum
application, is resolved in connection with the unrelated
extradition proceedings.

Meanwhile, the SBI-led consortium of 13 Indian banks, which also
includes Bank of Baroda, Corporation bank, Federal Bank Ltd, IDBI
Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Punjab & Sind
Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United
Bank of India and JM Financial Asset Reconstruction Co Pvt Ltd as
well as an additional creditor, have been pursuing a bankruptcy
order in the UK in relation to a judgment debt which stands at over
GBP1 billion.

Mallya's legal team contends that the debt remains disputed and
that the ongoing proceedings in India inhibit a bankruptcy order
being made in the UK.

"The pandemic is having a much more severe impact in India than
here, which has slowed things up. Dr Mallya would like things to be
faster," said his barrister Philip Marshall.

According to The Tribune of India, the case is now scheduled for a
day-long hearing on July 26 for Justice Briggs to hear arguments
from both sides on whether there is any reason why it should look
"behind the judgment debt" to consider all such factors and
therefore not grant a bankruptcy order.

Presenting a brief background to the petition, which dates back to
2018, the latest judgment describes Mallya as an "entrepreneur
businessman" who had considerable financial success in India and
other parts of the world as Chief Executive Officer and shareholder
of Kingfisher Airways (KFA) and controlling director and main
shareholder in United Breweries Holdings Ltd (UBHL).

"The cost of aviation fuel rose in 2008, and the value of the rupee
declined against the dollar. Dr Mallya decided to borrow
substantial sums from some of the Petitioners," the judgment, as
cited by The Tribune of India, reads.

"Dr Mallya provided personal guarantees for the sums borrowed from
the Petitioners in 2010. UBHL also provided a guarantee," it adds.

The debt in question comprises principal and interest, plus
compound interest at a rate of 11.5 per cent per annum from 25 June
2013. Mallya has made applications in India to contest the compound
interest charge, adds The Tribune of India.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines, formerly known
as Deccan Aviation Ltd., served about 35 domestic destinations with
a fleet of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
15, 2014, Bloomberg News said Kingfisher Airlines has grounded
planes since October 2012.  The airline lost its operating license
in January 2013 after failing to convince authorities it has enough
funds to restart flights.

As reported in the TCR-AP on Nov. 25, 2016, the Times of India said
the Karnataka high court has ordered the winding up of the
now-defunct Kingfisher Airlines (KFA).  Justice Vineet Kothari gave
this direction on Nov. 18, while allowing a petition filed in 2012
by Aerotron, a UK-based company, for recovery of a little over $6
million due to it for supply of rotable aircraft components to
KFA.


LAXMIBADRI AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri
Laxmibadri Agro Foods Private Limited (LAF) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8.07       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         5.00       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with LAF for
obtaining information through letters and emails dated October 24,
2020 and April 20, 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 LAF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LAF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LAF continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Shri LaxmiBadri Agro Foods Private Limited (LAF), incorporated in
October 2013, is promoted by Mr. Ritesh Gupta and his 9 other
family members. It is currently running a rice milling plant in
Uttaranchal. The project commenced operations in Nov 2015. It has
processing capacity of 8 tonnes/hour.

ROSHAN RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Roshan
Rice Industries (SRRI) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

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

   Cash Credit             4         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Term Loan               1.8       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SRRI for
obtaining information through letters and emails dated October 24,
2020 and April 20, 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 SRRI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRRI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRRI continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

Incorporated in 2004, by Mr Roshan Kela SRRI mills non-basmati rice
at its facility in Bhakra, Dhamtari district, Chhattisgarh. It also
mills rice on job work basis for the Food Corporation of India
(FCI).


ROYAL FOODSTUFFS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Royal
Foodstuffs Private Limited (RFPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            0.50       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan        10.91       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.09       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Export Packing         2.50       CRISIL B/Stable (Issuer Not
   Credit                            Cooperating)

CRISIL Ratings has been consistently following up with RFPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 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 RFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RFPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2001, RFPL is engaged in the business of processing
and marketing fruit pulps and vegetable both into domestic and
international markets. The company derives around 60 per cent of
its revenues from sale of mango pulp, around 40 per cent from sale
of pomegranate juice and the remaining from other fruits and
vegetables.


SACHDEVA RICE: CRISIL Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sachdeva Rice
and General Mills (SRGM) continue to be 'CRISIL B-/Stable Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL B-/Stable (Issuer Not
                                     Cooperating)


   Warehouse Receipts      8         CRISIL B-/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SRGM for
obtaining information through letters and emails dated October 24,
2020 and April 28, 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 SRGM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRGM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRGM continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

SRGM was set up in 2008 by Mr. Sachit Sachdeva and his family. It
is a partnership firm based in Fazilka, Punjab. The firm processes
paddy into basmati rice; it has a processing capacity of 6 tonnes
per hour.


SACRED HEART: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sacred Heart
Convent School (SHCS) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with SHCS for
obtaining information through letters and emails dated October 24,
2020 and April 20, 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 SHCS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SHCS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SHCS continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SHCS was set up in 1992 under the management of the Fathers of the
Little Flowers congregation. It is an English medium school in
Malout and runs Class Nursery to Class X under the affiliation of
Indian Certificate of Secondary Education board.


SAIHASTI AGROPRODUCTS: CRISIL Withdraws D Rating on INR17cr Loan
----------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long term bank
facilities of Shree SaiHasti Agroproducts Limited (SSAL) to 'CRISIL
B-/Stable' from 'CRISIL D' and has simultaneously withdrawn its
ratings at the company's request and on receipt of no due
certificate from the banker. The withdrawal is in line with CRISIL
Ratings' withdrawal policy.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            17        CRISIL D (Upgraded from
                                    'CRISIL D'; Rating Withdrawn)

   Proposed Long Term     0.6       CRISIL D (Upgraded from
   Bank Loan Facility               'CRISIL D'; Rating Withdrawn)

The upgrade reflects track record of no overdrawals for more than
30 days for last 3 months ending April 2021 in the working capital
limit.

Shree Sai Hasti Agro (SSHA), set up as a proprietorship firm in
2007 by Mr Pragnesh Kumar R Naik, initially traded in paddy. From
December 2012, it started manufacturing rice flakes. In fiscal
2019, Shree Sai Het Agro merged with Shree Sai Hasti Agro,
subsequently was reconstituted a limited company with the current
name.


SALASAR IRON: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Salasar Iron
And Steel Private Limited (SISPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             1         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan          9         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SISPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 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 SISPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SISPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SISPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 2009 by Mr. Kishore Agarwal, Salasaar Iron and Steels
Private Limited (SISPL) manufactures TMTCTD bars and commenced its
operations in February 2010. The company's manufacturing facility
is located in Moggliguda (Andhra Pradesh).


SAMBARI ENTERPRISES: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sambari
Enterprises (SE) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5.5       CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SE for
obtaining information through letters and emails dated October 24,
2020 and April 20, 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 SE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SE
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SE, established in 1983 by Mr. Jyotindra Sambari and his father,
Mr. Gajanand Sambari, is a Goa-based firm that distributes drugs of
different Indian pharmaceutical companies to all major hospitals
and government institutions and retailers in Goa.


SIDDHI VINAYAK: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Siddhi
Vinayak Alloys (SVA) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3.4        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              4.6        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SVA for
obtaining information through letters and emails dated October 24,
2020 and April 20, 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 SVA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVA continues to be 'CRISIL D Issuer Not Cooperating'.

SVA was set up as a partnership firm of Mr Jigar Patel and his
family, in September 2014. The Mehsana (Gujarat)-based firm has
been formed to manufacture mild steel castings for engineering
companies.


VANI TOBACCOS: CRISIL Reaffirms B+ Rating on INR9cr Loans
---------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long term bank facilities of Vani Tobaccos (VT).

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          3         CRISIL B+/Stable (Reaffirmed)

   Export Packing
   Credit               6         CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect VT's exposure to intense
competition, modest scale of operations, and weak financial risk
profile. The weaknesses are partially offset by the extensive
experience of the proprietor in the tobacco trading industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to intense competition: There are several organized and
unorganized players in the tobacco trading business because of low
capital requirement. Scale of operations determines negotiating
power with suppliers and customers and ability to withstand
business downturns.

* Modest scale of operations: VT's business risk profile is
constrained by its modest scale of operations and limited operating
flexibility. Working capital requirements will also be very high
for this business as indicated by GCA of 225 Days in fiscal 20
mainly driven by inventory of 130 Days. A similar trend is expected
to continue in fiscal 21 with GCA of around 320 Days and Inventory
in range 180 Days.

* Weak financial risk profile: Debt protection metrics were weak,
as reflected in the interest coverage and net cash accrual to total
debt ratios of 1.36 times and 0.01 time, respectively, in fiscal
2021. Moreover total outside liabilities to tangible net-worth
(TOL/TNW) ratio is very high at over 7 times as of March, 2020 and
estimated to be around 5.9 times as of March, 2021.

Strength:

* Extensive experience of the proprietor in the tobacco trading
industry: The proprietor's experience of more than 20 years,
understanding of market dynamics, and established relationships
with suppliers and customers will continue to support the
business.

Liquidity: Stretched

Liquidity is stretched with Bank Limit Utilization at 80% over last
12 months ended March 2021. However, cash accruals are in 15-40
Lakhs range tightly matching against term debt obligations of 10-35
Lakhs over medium term. The firm has a current ratio of 1.4 times
as on March 31st, 2021.

Outlook Stable

CRISIL Ratings believes VT will continue to benefit from its
longstanding relationships with principal suppliers and the
management's ability to mitigate risks inherent in trading-based
business.

Rating Sensitivity factors

Upward factors
* Increase of 40% in revenue and stable operating margin, leading
to higher net cash accrual
* Significant improvement in working capital cycle

Downward factors
* Decline in operating margin by more than 250 basis points,
leading to lower net cash accrual
* Large, debt-funded capital expenditure, weakening the capital
structure

Established in 1999, VT is located in Andhra Pradesh. It is owned
and managed by NV Siva Koteswara Rao. The firm trades in tobacco.


VARAD BUILDERS: CRISIL Reaffirms B Rating on INR10cr Loans
----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of Varad Builders (VB).

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

   Proposed Term Loan       8        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the firm's exposure to
project-related risk, inherent risks and cyclicality of the real
estate sector in India, and exposure to geographical concentration
in revenue. These weaknesses are partially offset by the extensive
experience of the partners in the real estate sector.

Key rating drivers and detailed description

Weaknesses:

* Exposure to project-related risk: Since construction of the
project is in the nascent stage and financial closure is yet to be
achieved, the firm is exposed to high project risk. Also, any delay
in project execution, due to the second wave of the Covid-19
pandemic, will remain a key monitorable.

* Vulnerability to risks and cyclicality inherent in the real
estate sector in India and exposure to geographical concentration
in revenue: The real estate sector in India is cyclical, as
indicated by volatile prices, opaque transactions and highly
fragmented market structure because of the presence of a large
number of regional players. Significant time overruns in earlier
projects has led the firm to apply for rescheduling and
restructuring of term loans in the past, on account of slow inflow
of customer advances. Majority of the units being constructed by
the firm are in Mumbai, Maharashtra. Any slowdown in the real
estate market in Mumbai will affect demand.

Strength:

* Extensive experience of the partners in residential real estate
construction: The partners have over two decades of experience and
have completed several projects in Mumbai, leading to established
presence and brand value in the region. Benefits from the partners'
expertise and their strong understanding of local market dynamics
should continue to support the business.

Liquidity: Stretched

Since financial closure is yet to be achieved, liquidity is under
pressure. The initial funding was provided by the partners. Going
ahead, liquidity will be supported through customer advances.

Outlook: Stable

CRISIL Ratings believes VB will benefit from the extensive
experience of its partners in the real estate industry.

Rating sensitivity factors

Upward factors:

* 50% of the units booked by March 2022, along with healthy
receipts of customer advances
* Lower-than-expected debt availed for the project

Downward factors:

* Cash buffer ratio deteriorating to below 1 time
* Delay or cost overrun in execution of the project

VB is presently developing a project, Prajatitk, in Badlapur,
Mumbai. The project comprises 5 apartment buildings with 205 flats.
The firm was incorporated in 2019 as a partnership firm by Mr
Chetan Apte and his family members.




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

BUANA LINTAS: Fitch Keeps at Watch Neg. Then Withdraws 'B' LT IDR
-----------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative (RWN) on
Indonesia-based tanker operator PT Buana Lintas Lautan Tbk's (BULL)
Long-Term Issuer Default Rating of 'B'. Fitch Ratings Indonesia has
also maintained the RWN on BULL's National Long-Term Rating of
'BBB+(idn)'. At the same time, Fitch has withdrawn all the ratings
of BULL.

Fitch has chosen to withdraw the ratings for commercial reasons.

KEY RATING DRIVERS

Fitch has maintained the RWN because there are no material changes
to BULL's credit profile since the previous rating action on 14
April 2021.

RATING SENSITIVITIES

No longer relevant, as the ratings have been withdrawn.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

BULL has an ESG Relevance Score of '4' for Management Strategy.
Management's inability to address upcoming debt maturities
sufficiently in advance indicates some weakness in the execution of
the refinancing plan. 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.

Following the withdrawal of ratings for BULL, Fitch will no longer
be providing the associated ESG Relevance Scores.



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

FFWL: Scales Corporation Still in Talks on Buying Villa Maria
-------------------------------------------------------------
Radio New Zealand reports that Rabobank and ANZ have appointed
Calibre Partners as the receivers of the holding company, FFWL, but
the value of what is owed to creditors is not yet known, and will
be made public when the receivers' report is published in a couple
of months time.

One of its receivers, Brendon Gibson, stressed the receivership did
not affect Villa Maria's domestic or international business which
continues to trade profitably.

He said it was no secret that Villa Maria had been looking for a
new investor for some time now, and the receivership was seen as a
way to bring the sales process to a conclusion.

"There have been a number of interested parties which we're
contacting or re-establishing contact with today and we will work
with those parties to find a new owner."

According to RNZ, Mr. Gibson said a number of parties had already
been granted access to Villa Maria's books to carry out due
diligence before making a formal offer.

Scales Corporation had previously shown an interest in purchasing
the wine business, whose brands include Esk Valley, Leftfield,
Vidal and Thornbury, RNZ relates.

Chief executive Andy Borland told RNZ it was still in discussions
with the board of Villa Maria and its advisors about a possible
acquisition.

"There is no certainty that these conversations will result in a
transaction," the report quotes Mr. Borland as saying.  "Once we
have certainty we will update the market with details."

Among the other parties rumoured to be in the running to take a
stake in Villa Maria were the French beverage giant Pernod Ricard,
Australian wine company Accolade Wines, and US beverage company
Constellation Brands, RNZ relays.

Parent company FFWL is wholly owned by Sir George Fistonich, widely
regarded as one of the pioneers of New Zealand's wine industry.

NORSKE SKOG: Future of 160 Jobs to be Decided
---------------------------------------------
NZ Herald reports that the owners of a Bay of Plenty mill have met
with employees to begin consulting on the future of the operation.

According to NZ Herald, Norske Skog began exploring "all options"
for the future of its Tasman mill in Kawerau in October last year.

The mill employs 160 people and has been operating in the small Bay
of Plenty town for 65 years, the report says.

A spokesman for the company said no decision has been made and
consultations will take place over the next few weeks, NZ Herald
relates.

"The company does not intend commenting further until the
consultation process is complete and it has had the opportunity to
consider feedback from employees," a statement, as cited by NZ
Herald, said.

NZ Herald relates that the review of operations raised urgent
questions last year in Kawerau, population 7150, including from the
town's mayor who said changes could have a "huge" affect on the
eastern Bay of Plenty.

In a statement issued by Norske's head office in Oslo at the
weekend, the company said it had announced to employees and
stakeholders it was starting a process to identify alternative
production options for its Tasman newsprint mill in Kawerau.

It said this was a result of the rapid, negative and likely
irreversible impact Covid-19 had on the industry in the region, the
report notes.




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

DONG FANG: Creditors' Meeting Set for June 3
--------------------------------------------
Dong Fang Shipping & Trading Pte Limited will hold a meeting for
its creditors on June 3, 2021, at 10:00 a.m., via electronic
facilities.

Agenda of the meeting includes:

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

   b. to appoint liquidators;

   c. to consider the judicial managers' remuneration and expenses

      as an expense of the winding-up;

   d. to be authorised to appoint solicitors to (i) assist the
      liquidators in the liquidators' duties; and/or (ii) to bring

      or defend any action or legal proceeding in the name and on
      behalf of the Company.

The company's provisional liquidators are:

         Paresh Jotangia
         Ho May Kee
         Grant Thornton Singapore Private Limited
         8 Marina View, #40-04/05 Asia Square
         Tower 1, Singapore 018960
         Email: paresh.jotangia@sg.gt.com
                maykee.ho@sg.gt.com


GLAZIERS ENGINEERING: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on May 14, 2021, to
wind up the operations of Glaziers Engineering Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

         Mr. Gary Loh Weng Fatt
         c/o BDO Advisory Pte. Ltd.
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778


HUA KANG: Creditors' Meeting Set for June 3
-------------------------------------------
Hua Kang Shipping Pte Limited will hold a meeting for its creditors
on June 3, 2021, at 1:30 p.m., via electronic facilities.

Agenda of the meeting includes:

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

   b. to appoint liquidators;

   c. to consider the judicial managers' remuneration and expenses

      as an expense of the winding-up;

   d. to be authorised to appoint solicitors to (i) assist the
      liquidators in the liquidators' duties; and/or (ii) to bring

      or defend any action or legal proceeding in the name and on
      behalf of the Company.

The company's provisional liquidators are:

         Paresh Jotangia
         Ho May Kee of Grant
         Thornton Singapore Private Limited
         8 Marina View, #40-04/05 Asia Square
         Tower 1, Singapore 018960


UNITY RESOURCES: Court to Hear Wind-Up Petition on May 28
---------------------------------------------------------
A petition to wind up the operations of Unity Resources Group Pte
Ltd will be heard before the High Court of Singapore on May 28,
2021, at 10:00 a.m.

Taylors International Services Inc. filed the petition against the
company on May 7, 2021.

The Petitioner's solicitors are:

         M/s Joseph Lopez LLP
         6 Shenton Way #17-11
         OUE Downtown 2
         Singapore 068809


VIKING OFFSHORE: Deadline to Submit Resumption Bid Extended
-----------------------------------------------------------
Vivien Shiao at The Business Times reports that Viking Offshore &
Marine has received no objection from the Singapore Exchange
Regulators (SGX RegCo) for another extension to June 30 to submit
its proposal to resume trading.

This is at least the third request for a fresh deadline. The
previous one was May 14, 2021, the report says.

This comes as the company is currently undergoing a
court-supervised process to reorganise its liabilities, during
which it has been granted moratorium against enforcement actions
and legal proceedings by its creditors, BT relates.

Since the date of a previous application for the resumption of
trading was submitted to SGX RegCo on March 9, the company
concluded the voting on its plan to reorganise its liabilities on
April 13; this scheme was approved by the requisite majorities of
creditors, according to BT.

In April, Viking Offshore & Marine announced that it had filed
applications for the sanction and approval of the scheme by the
High Court, and extensions of the existing statutory moratoriums
until the entry into effect of the scheme, BT recalls.

According to BT, the applications will be heard by the court on May
28. In view of the recent developments, the company said that it
needs to re-adjust the original indicative timeline set out in the
application up to the completion of the proposed scheme and
re-submit the resumption proposal on a later date.

                       About Viking Offshore

Viking Offshore and Marine Limited -- https://www.vikingom.com/ --
engages in the design, manufacture, project management, and
commissioning of heating, ventilation, air-conditioning, and
refrigeration systems for the marine and offshore industries
worldwide. It operates through Offshore and Marine, and Chartering
Services segments. The company also supplies hydraulic winches and
power packs, as well as deck machinery; and provides system
integration services for telecommunications systems, fire and gas
detection systems, and control and instrumentation systems.

Viking is undergoing a court-supervised process to reorganise its
liabilities, and has been granted moratoria against enforcement
actions and legal proceedings by creditors against the company and
its wholly-owned subsidiary, Viking Asset Management, according to
The Business Times.

Trading of its shares on the Singapore Exchange has been suspended
since June 14, 2019.




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

THAI AIRWAYS: Creditors Approve Debt Restructuring Plan
-------------------------------------------------------
Anuchit Nguyen at Bloomberg News reports that Thai Airways
International Pcl's creditors approved the airline's debt
restructuring plan, paving the way for the payment extension and
unpaid interest waiver on at least THB170 billion ($5.41 billion)
of its debt.

Bloomberg relates that the plan was backed by 91% of creditors at
an online meeting, Kitipong Urapeepatanapong, chairman of Baker &
McKenzie in Bangkok, the airline's legal adviser, said by phone on
May 19. Five people have been appointed as administrators, and the
court will meet on May 28 to consider the creditors' vote for final
approval, according to Kitipong.

The airline in March proposed a three-year freeze on loan payments
and a deferment of bond repayments for six years, Bloomberg notes.
To help it return to profitability after posting a record loss of
THB141 billion last year, Bangkok-based Thai Air also plans to cut
its workforce by half, sell property and is seeking to raise
THB50 billion in new capital.

There were some changes to the original debt proposals but not too
many, Kitipong said. These include allowing some creditors to
convert their debt into equity.

According to Bloomberg, the issues faced by the airline have become
more acute as the country has been hit by its deadliest outbreak of
the coronavirus so far. Thailand this week slashed its growth
outlook for this year, citing a delay in reopening borders to
foreign tourists and slow vaccination. New cases reached a record
this week, prompting a government's plan for additional borrowing
of 700 billion baht to fund new stimulus.

Thai Airways isn't alone in trying to get debt relief as mass
flight suspensions globally have decimated the travel industry,
says Bloomberg.

                         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' 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,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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