/raid1/www/Hosts/bankrupt/TCRAP_Public/210528.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, May 28, 2021, Vol. 24, No. 101

                           Headlines



A U S T R A L I A

ECO COFFEE: Second Creditors' Meeting Set for June 2
GOLD VALLEY: First Creditors' Meeting Set for June 8
GROCON GROUP: Avoids Liquidation as ATO, Creditors Accept DOCA
PEDLEY'S SOLAR: First Creditors' Meeting Set for June 7
STRATA VOTING: First Creditors' Meeting Set for June 4

SUB ZERO: Second Creditors' Meeting Set for June 4
SUPERIOR GLASS: First Creditors' Meeting Set for June 3


C H I N A

CHINA HUARONG: Regulator Approves New President to Aid Overhaul
TIMES CHINA: S&P Rates New USD Senior Unsecured Notes 'B+'


H O N G   K O N G

NEWAY MUSIC: Liquidation Bid No Impact on KTV Branches in Macau
ZHONGRONG INT'L: S&P Alters Outlook to Stable, Affirms 'BB-/B' ICRs


I N D I A

A1 PAPERS: CARE Lowers Rating on INR7.66cr LT Loan to D
AAACORP EXIM: CARE Keeps D Debt Ratings in Not Cooperating
ADITYA AUTO: CARE Lowers Rating on INR8.80cr LT Loan to B-
ANAND RICE: CARE Lowers Rating on INR44cr LT Loan to D
ANNAPURNA COTTON: CARE Lowers Rating on INR6cr LT Loan to B

AVIGHNA DAIRY: CARE Keeps D Debt Ratings in Not Cooperating
BELL FINVEST: CARE Keeps D Debt Rating in Not Cooperating
BLISSFUL GARMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating
CLRK EXTRACTIONS: CARE Keeps D Debt Ratings in Not Cooperating
DEWAN HOUSING: Appeals Court Stays Order on Wadhawan Proposal

GVR PANNA: CARE Keeps D Debt Rating in Not Cooperating Category
MANIBHADRA FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
NAGARSHETH SHIPBREAKERS: CRISIL Keeps D Rating in Not Cooperating
NANGALI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
NEXUS FEEDS: CARE Keeps D Debt Ratings in Not Cooperating

OM COTTEX: CARE Keeps D Debt Rating in Not Cooperating Category
PANCHAMI ELECTRONICS: CARE Cuts Rating on INR5.60cr Loan to C
R. L. AGRO: CARE Lowers Rating on INR70cr LT Loan to D
RANA OIL: CARE Keeps B- Debt Rating in Not Cooperating Category
SAMPAT ALUMINIUM: CARE Keeps D Debt Rating in Not Cooperating

SARDAR COTTON: CARE Keeps D Debt Rating in Not Cooperating
SAYA HOMES: CARE Lowers Rating on INR380cr LT Loan to D
SCG EXPORTS: CARE Lowers Rating on INR340cr ST Loan to D
SEGURO FOUNDATIONS: CARE Keeps D Debt Ratings in Not Cooperating
SHIVALIK VYAPAAR: CARE Keeps C Debt Rating in Not Cooperating

SUNSHINE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
VISHNURAAM TEXTILES: CRISIL Keeps D Ratings in Not Cooperating
WIZCRAFT INTERNATIONAL: NCLT Admits Insolvency Bid vs. Firm


N E W   Z E A L A N D

TICKET ROCKET: Unsecureds Unlikely to Receive Any Payment
ZANY ZEUS: BNZ Gets High Court OK to Pursue Former Owner


S I N G A P O R E

ENVY GLOBAL: Singapore Court Calls in KPMG as Judicial Manager

                           - - - - -


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

ECO COFFEE: Second Creditors' Meeting Set for June 2
----------------------------------------------------
A second meeting of creditors in the proceedings of Eco Coffee Pty
Ltd has been set for June 2, 2021, at 9:00 a.m. via
teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 1, 2021, at 4:00 p.m.

Richard Albarran and Kathleen Vouris of Hall Chadwick were
appointed as administrators of Eco Coffee on April 28, 2021.


GOLD VALLEY: First Creditors' Meeting Set for June 8
----------------------------------------------------
A first meeting of the creditors in the proceedings of Gold Valley
Holdings Pty Ltd will be held on June 8, 2021, at 10:00 a.m. via
virtual meeting technology.

Richard Tucker and John Allan Bumbak of KordaMentha were appointed
as administrators of Gold Valley on May 26, 2021.


GROCON GROUP: Avoids Liquidation as ATO, Creditors Accept DOCA
--------------------------------------------------------------
Simon Johanson at The Sydney Morning Herald reports that property
scion Daniel Grollo has avoided the humiliation of his collapsed
Grocon construction empire being liquidated after the tax office
and creditors of 88 failed companies voted to accept an arrangement
that will see small creditors and employees paid out.

SMH says creditors met on May 20 to vote on Mr. Grollo's proposal
for an amended Deed of Company Arrangement (DOCA), which included a
AUD6 million upfront payment to the Australian Tax Office (ATO) and
a full payout of employee entitlements and small creditors owned
less than AUD10,000.

SMH relates that the tax office, owned AUD13.7 million in GST
payments by Grocon companies, was Mr. Grollo's largest creditor and
critical in supporting the vote to approve the revised
arrangement.

It will now get a payout of 43.9 cents in the dollar.

According to the report, the tax office said it would back the
arrangement because of the significant uncertainty in recovering
funds if the companies were put into liquidation.

"The Commissioners will support the proposed final amended Deed of
Company Arrangement as it is considered to be in the best interest
of creditors," SMH quotes a tax official as saying.

The payout to former employees is expected to be made in a
relatively short period following execution of the deed,
administrator KordaMentha's Craig Shepard said, SMH relays.

SMH says the amended arrangement included a cash contribution of
AUD13.32 million for creditors, up from the AUD10 million Mr Grollo
originally proposed. Grocon collapsed owing about AUD104 million.

Larger creditors, some of them subcontractors who will get a payout
of just 2.9 cents in the dollar, resisted the arrangement, but
small creditors and employees were in favor, the report states.

Mr. Grollo attended the meeting but did not speak, SMH notes.

In total, administrators identified about the AUD94.4 million in
intra-company loans.

According to SMH, Mr. Grollo and his ex-wife Kat are embroiled in
divorce proceedings but the administrators said Ms Grollo would
make no further claims on company assets in the Eureka Tower if the
deed was accepted.

Mr. Grollo blames the collapse of his empire on a AUD270 million
legal dispute with Infrastructure NSW over the Central Barangaroo
development in Sydney. Infrastructure NSW is defending itself in
the Supreme Court against the claims.

Under the deed arrangement, Mr. Grollo has promised to payout
creditors if he wins the case, the report notes.

                           About Grocon

Australia-based Grocon engages in development, construction and
funds management.

Craig Peter Shepard and Mark Korda of KordaMentha were appointed as
administrators of Grocon Pty on Nov. 27, 2020.

Craig Peter Shepard and Andrew Knight of KordaMentha were also
appointed as administrators of Belgrave Street et al. on Nov. 27,
2020.

   - Belgrave Street Developments Pty Ltd
   - Grocon (Fairfield) Developer Pty Ltd
   - Grocon (Belgrave St) Developer Pty Ltd
   - Grocon (Fairfield) Pty Ltd
   - Grocon Builders (Vic) Pty Ltd
   - Grocon (Parklands) Holdings Pty Ltd
   - Grocon Services Pty Ltd
   - QV No 1 Pty Ltd
   - Grocon Operations Pty Ltd
   - Grocon Developments NSW Pty Ltd
   - 61 Lt Collins Street Pty Ltd
   - Grocon (Victoria Street) Pty Ltd
   - Grocon Developments (Box Hill) Pty Ltd
   - Grocon (480 Queen Street) Pty Ltd
   - Grocon (Scots Church) Pty Ltd
   - QV Pty Ltd
   - Grocon (Bouverie Street) Pty Ltd
   - Grocon (Pitt Street) Developments Pty Ltd
   - Grocon Developments (55 Elizabeth St) Pty Ltd
   - Grocon Constructors (SA) Pty Ltd
   - Grocon (Baroona Rd) Holdings Pty Ltd
   - Grocon (Bouverie St) Holdings Pty Ltd
   - Grocon (CB) Development Manager Pty Ltd
   - Grocon (Spring Street) Pty Ltd
   - Grocon QV Investments Pty Ltd
   - QV Property Management Pty Ltd
   - Grocon (Pixel) Pty Ltd
   - Grocon (Swanston Square) Holdings Pty Ltd
   - Grocon (Carlton Brewery) Developments Pty Ltd
   - Grocon (SQ Stage 2) Developments Pty Ltd
   - Grocon (FCAD) Pty Ltd
   - Grocon (Castlereagh St, NSW) Pty Ltd
   - Grocon Development Holdings Pty Ltd
   - QV No 2 Pty Ltd ATF Grocon Land Owning Trust 2
   - QV No 3 Pty Ltd ATF Grocon Land Owning Trust 3
   - QV No 4 Pty Ltd ATF Grocon Land Owning Trust 4
   - QV No 5 Pty Ltd ATF Grocon Land Owning Trust 5
   - Grocon (Victoria Street) Developments Pty Ltd ATF


PEDLEY'S SOLAR: First Creditors' Meeting Set for June 7
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Pedley's
Solar Pty Ltd ATF Ware Solar Solutions Trust, will be held on June
7, 2021, at 10:00 a.m. via telephone conference facilities.

David James Hambleton and Kaily Lyn Chua of Rodgers Reidy were
appointed as administrators of Pedley's Solar on May 26, 2021.


STRATA VOTING: First Creditors' Meeting Set for June 4
------------------------------------------------------
A first meeting of the creditors in the proceedings of Strata
Voting Pty Ltd will be held on June 4, 2021, at 11:00 a.m. via
virtual meeting technology.

Brent Kijurina and Richard Albarran of Hall Chadwick were appointed
as administrators of Strata Voting on May 26, 2021.


SUB ZERO: Second Creditors' Meeting Set for June 4
--------------------------------------------------
A second meeting of creditors in the proceedings of Sub Zero Cold
Storage & Logistics Pty Ltd ATF The Sub Zero Refrigerated Transport
Unit Trust has been set for June 4, 2021, at 10:30 a.m. via Zoom.

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 June 3, 2021, at 4:00 p.m.

Glenn Anthony Crisp and Andrew Mattinson of Jirsch Sutherland were
appointed as administrators of Sub Zero Cold on April 30, 2021.


SUPERIOR GLASS: First Creditors' Meeting Set for June 3
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Superior
Glass (Aust) Pty Ltd and Superior Fitouts (Aust) Pty Ltd will be
held on June 3, 2021, at 9:30 a.m. via virtual facilities.

Graeme Robert Beattie of Worrells Solvency & Forensic Accountants
was appointed as administrator of Superior Glass on May 24, 2021.




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

CHINA HUARONG: Regulator Approves New President to Aid Overhaul
---------------------------------------------------------------
Bloomberg News reports that China Huarong Asset Management Co. is
on track to get a new president in the shape of Liang Qiang, who
currently heads another bad-debt manager, according to regulatory
officials familiar with the matter.

According to Bloomberg, Liang's appointment has been approved by
the banking regulator's Communist Party committee, said the
officials, who asked not to be identified discussing a private
matter. Liang's promotion to president at China Great Wall Asset
Management Co. last week was part of the plan to allow him to take
up a similar position at Huarong, the officials said.

Bloomberg relates that the move, if it goes ahead, may instill
greater investor confidence in the company's management. Caixin
reported earlier this week that Liang didn't accept the appointment
to become Huarong's president, stoking concern among investors keen
for clarity over the state-owned firm's future. Beijing has said
little about its plans for Huarong since a record selloff in the
embattled company's bonds began almost two months ago.

Huarong has continued to repay its bonds and said it has seen no
change in support from China's government, Bloomberg relays.

Liang, who was born in 1971, is a standing member of the All-China
Financial Youth Federation, which is widely seen as a pipeline to
groom leaders of financial state-owned enterprises, Bloomberg
discloses. He has worked at the three other big state asset
managers that were established, like Huarong, to help clean up bad
debts at the nation's banks.

Huarong has been without a president since Li Xin retired in
November, the report notes. The company's former chairman Lai
Xiaomin was executed for crimes including bribery in January. Lai
was replaced in 2018 by Wang Zhanfeng as a corruption scandal was
engulfing the financial giant.

Liang obtained a bachelor's degree in economics in 1999 from
Shanghai University of Finance and Economics and he also received
an MBA from Tsinghua University in 2005. Before joining Great Wall,
he worked at China Orient Asset Management Co., China Cinda Asset
Management Co. and China Construction Bank Corp.

                         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.


TIMES CHINA: S&P Rates New USD Senior Unsecured Notes 'B+'
----------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating to a
proposed issue of U.S.-dollar-denominated senior unsecured notes by
Times China Holdings Ltd. (BB-/Stable/--). The China-based
developer intends to use the proceeds to refinance its existing
debt. The issue rating is subject to its review of the final
issuance documentation.

S&P said, "We rate the notes one notch below the issuer credit
rating on Times China to reflect structural subordination risk. As
of Dec. 31, 2020, Times China's capital structure consisted of
Chinese renminbi (RMB) 20.6 billion in secured debt and RMB25.5
billion in unsecured debt at its subsidiary level, which we
consider to be priority debt." Unsecured debt at the subsidiary
level includes financial guarantees provided to borrowings of joint
ventures. The company also has RMB24.6 billion in unsecured debt at
the parent level. As such, Times China's priority debt ratio is
about 65.2%, above our threshold of 50% for notching down an issue
rating.

Times China's revenue is likely to regain momentum in 2021,
resulting in lower leverage. S&P believes the developer's ratio of
debt to EBITDA will improve to about 5x over the next 12 months. A
strong rise in EBITDA and slower debt growth will drive the
recovery and partially offset a moderate decline in margins.




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

NEWAY MUSIC: Liquidation Bid No Impact on KTV Branches in Macau
---------------------------------------------------------------
Macau Business reports that popular KTV hotspot Neway Karaoke Bar
will not close its operations in Macau, despite the group's Hong
Kong-based parent company legal issues, the company stated to Macau
Concealers.

Macau Business, citing Hong Kong news website Stand News, says
Neway Music Limited - a subsidiary of Neway Entertainment Limited -
received a creditor petition for liquidation by the Hong Kong
Karaoke Licensing Alliance Limited on May 3, with a hearing
scheduled for July 28.

According to the report, the petition was said to have been on
behalf of the three major record companies, namely Universal,
Warner and Sony concerning unpaid fees for KTV music videos.

Last year, Hong Kong authorities ordered the closure of karaoke
establishments three times due to the pandemic progression, the
report recalls.

Media reports also previously quoted Neway Karaoke employees as
saying that they did not receive their salary on the payday in
early April with no explanation provided, Macau Business relays.

A Neway spokesperson later stated that the company was making
suspension arrangements for all employees of the company, involving
nearly 500 employees.

                     About Neway Entertainment

Hong Kong-based Neway Entertainment Limited operates some 14 KTV
branches in Hong Kong, mainland China and Malaysia, including two
outlets in Macau, one at the Chong Fok building and another at
Hotel Beverly Plaza.

The company provides several sizes of karaoke rooms equipped with
lounge sofas, TV screens, karaoke machines, while also providing
food orders.

Neway Entertainment Limited was founded in 1993 by Neway Group
Holdings Limited.


ZHONGRONG INT'L: S&P Alters Outlook to Stable, Affirms 'BB-/B' ICRs
-------------------------------------------------------------------
S&P Global Ratings revised its ratings outlook on Zhongrong
International Holdings Ltd. (ZRH) to stable from negative. S&P
affirmed its 'BB-' long-term and 'B' short-term issuer credit
ratings on the company. S&P also affirmed the 'BB-' long-term issue
rating on the senior unsecured notes that the Hong Kong-based
finance company guarantees.

The outlook revision was driven by two factors: improved liquidity
risk; and high growth in ZRH's asset management business, albeit
from a very low base.

S&P anticipates the company will grow the asset-management
franchise to a meaningful size over the next two years, in line
with management's strategy focus. This in turn would be supportive
of ZRH's strategically important subsidiary status to China-based
parent Zhongrong International Trust Co. Ltd.

Liquidity risk has reduced because investors did not exercise their
rights to put back bonds issued by ZRH. The puttable period has now
expired. ZRH also secured additional bank funding secured by the
onshore parent's collateral. Nonetheless, another bond maturity
wall looms in May 2022, and confidence could weaken if the date
moves closer without refinancing or liquid assets secured.

S&P said, "We continue to assess ZRH's liquidity position as weak.
This is given the recurring nature of its lumpy liquidity needs for
bond repayments and our expectation that most of the funding will
be used for the company's principal investments in spread lending
and bonds. The weak liquidity in turn caps our stand-alone credit
profile (SACP) at 'b-'. A more diversified funding channel with
meaningful contingent and unused liquidity sources would contribute
to a more favorable assessment.

"We affirmed the ratings based on our view that ZRH will maintain
its strategically important status with the parent, and slower debt
growth and improving profits should support its capital
accumulation.

"We now assess ZRH's capital, leverage and earnings as moderate, an
improvement over our previous weak assessment. This is driven by
slower debt accumulation than we had expected and gradually
improving profits. Our earnings forecast takes into account a
reasonable spread and return on ZRH's investment portfolio over its
average funding cost. Another driver is continued higher growth in
AUM and brokerage fees, though the latter two are likely to remain
relatively small.

"We continue to expect high volatility and uncertainty associated
with investment income, which is the mainstay of ZRH's revenues. In
addition, the company's investment exposures are concentrated.
ZRH's overall credit profile is sensitive to asset quality and
price swings, and as such we continue to view it as a finance
company.

"The stable outlook reflects our view that ZRH will maintain its
strategically important role to its parent. This is supported by
the company's reasonable profits, continued development, and higher
earnings contribution from its asset management business over the
next 12 months. The outlook also reflects our view that ZRH's weak
liquidity will not improve in the next year, given large bond
maturities in May 2022.

"We may downgrade ZRH if we believe the company's liquidity
situation, after considering any contingency arrangements and
proceeds from investment securities sales, makes it vulnerable to
nonpayment of its obligations within the next 12 months."

S&P may also downgrade ZRH if its importance to the group weakens
to a moderate strategically important level. This could happen if:

-- Strategic shifts or significant delays in its current plans to
develop its asset management business undermine its linkages to the
wider group's business model; or

-- Timely financial support from the parent becomes less likely,
in S&P's view. It expects the parent's backing to be timely and
sufficient to support ZRH's liquidity and capitalization.

Weaker group support without offsetting improvements in ZRH's
stand-alone creditworthiness could result in a downgrade of two
notches.

In a remote scenario, S&P may upgrade ZRH if its importance to the
group significantly improves to a core level with significant
development of and contributions from its asset management
business.




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

A1 PAPERS: CARE Lowers Rating on INR7.66cr LT Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of A1
Papers Private Limited (APP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.66      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 2, 2020, placed the
rating(s) of APP under the 'issuer non-cooperating' category as APP
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. APP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated May 11,
2021, May 7, 2021, and among other emails. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The rating has been revised on account of delays in the servicing
of its debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: There were ongoing delays in debt
servicing due to stretched liquidity position.

A1 Papers Private Limited (APP) was incorporated as a private
limited company in December, 1989. The company is currently being
looked after by Mr. Simranjot Singh Sethi and Ms. Ayana Sethi. APP
was incorporated with an aim to set up a manufacturing facility at
Ludhiana, Punjab for manufacturing of corrugated boxes. The company
manufactures corrugated boxes of different sizes which finds
application in packaging industry. The commercial operations of the
company commenced in April, 2017.


AAACORP EXIM: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AAACorp
Exim India Private Limited (AEIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     19.40       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 13, 2019 placed the
rating of AEIPL under the 'issuer non-cooperating' category as
AEIPL had failed to provide information for monitoring of the
rating. AEIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
29, 2021, April 8, 2021 and April 18, 2021 and numerous phone
calls. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of last rating review held on May 13, 2020, following
were the rating strengths and weaknesses (updated for the
information available from Registrar of Companies):

Key Rating Weaknesses

* Stressed Liquidity Position faced by the company and its group
companies: One of the group company has been classified as NPA by
the bankers and the group and the company faces liquidity
constraints.

* Moderate financial risk profile: Overall gearing of AEIPL
(Consolidated basis) was 12.19x as on March 31, 2020 (1.76x as on
March 31, 2019). AEIPL's PBILDT interest coverage remained below
unity in FY20 on consolidated basis.

* Losses reported due to weaker performance of the associate
entities: AEIPL's reported PBILDT losses in FY20 on consolidated
basis.

* Operating margins are susceptible to raw material price
fluctuation: The operating margins of the JJ group remain
susceptible to volatility in the cost of traded goods, that are
dependent on plastic granules and plastic scrap, which is a
derivative of crude oil. Thereby any adverse fluctuation in crude
oil prices is likely to impact the profitability margins of JJ
group. Furthermore, due to stiff competition any inability to pass
on the volatility may put pressure on the profit margins.

* Highly competitive and fragmented industry: The plastic bag
manufacturing industry is highly fragmented with the presence of a
large number of unorganized players in domestic market and faces
stiff competition from China in the international market. The
intense competition is also driven by low entry barriers in terms
of capital and technology requirements and limited product
differentiation.

* Foreign exchange fluctuation risk: The group hedges about 70% of
its creditors by way of entering into forward contracts, while the
remaining 30% remain exposed to forex fluctuation risk. Hence, any
adverse or favorable movements in forex rate and the economic
conditions could have an impact on the profitability of the group
as majority of the raw materials and traded goods are imported from
overseas suppliers.

Key Rating Strengths

* Established track record of promoters in the plastic business:
The JJ group's founder Mr. Joseph Parakkott, is the chairman and
Managing director of AAACorp Exim India Private Limited. The
promoter of the company has rich and valuable experience of more
than two decades in the business of trading of plastic
raw-materials. JJ Group has been engaged in the business of trading
of Plastic Polymers – LLDPE, LDPE, HDPE, PP & Specialty Polymers
– PVC Resin & EVA for more than two decades.

* Geographically diversified customer base of the group: JJ group
has established a diversified customer base in different
geographies in the domestic markets, through its group company JJ
Poly Impex, while it caters to export markets of UK and other
countries through AAACorp Exim India Pvt Ltd. It caters to the
Western and Southern India by renting warehouses for storage of
imported polymers.

Analytical approach:

As AAACorp Exim India Pvt Ltd and JJ Poly Impex Private Limited and
have a similar line of business and are held by the same promoter
Joseph Parakkott of JJ Group and operations are supported by the
group companies, we have taken a combined view of the financials of
the two companies.

JJ Group has been engaged in the business of trading of Plastic
Polymers – LLDPE, LDPE, HDPE, PP & Specialty Polymers – PVC
Resin & EVA for more than two decades. The group has diversified
into trading of Specialty Polymers since 2005. The group is also
into manufacturing of plastic bags and polymer granules from
plastic waste imported from US, Europe, UK, Middle East etc. The
group has its marketing offices located with adequate
infrastructure at Mumbai, Delhi and Chennai for overseeing its
domestic trading operations. The group also exports its product
mainly plastic bags to UK.

ADITYA AUTO: CARE Lowers Rating on INR8.80cr LT Loan to B-
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Aditya Auto Industries (AAI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.80       CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 29, 2020, placed the
ratings of AAI under the 'issuer non-cooperating' category as AAI
had failed to provide information for monitoring of the ratings.
AAI continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated April 29, 2021, April 4, 2021, March 25, 2021, March 15,
2021. In line with the extant SEBI guidelines, CARE has reviewed
the ratings on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The rating has been revised by considering non-availability of
information and no due-diligence conducted due to noncooperation by
AAI with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk. Further, the rating
continues to remain constrained on account of leveraged capital
structure and high inventory holding. The rating is further
constrained on account of volatility in prices of raw material and
finished goods.  The rating, however, continues to derive strength
from experienced proprietor, concentrated though reputed customer
base and growing scale of operations coupled with moderate
profitability margins.

Detailed description of the key rating drivers

Key Rating Weakness

* Leveraged capital structure: The capital structure of the firm
stood leveraged on account of high dependence on working capital
borrowings.

* High inventory holding period: AAI has working capital intensive
nature of operations mainly on account of high inventory period.
The firm maintains inventory mainly in the form of raw materials
for 120 days in FY15 for smooth production process. Suppliers allow
around 45 days of credit period to AAI, while the firm also grants
a credit period of around 25 days.

* Volatility in prices of raw material and finished goods: The
finished goods as well as raw material prices of machine components
are highly volatile in nature and dependent on the
fortunes of steel & iron industry. Since the raw material cost is
the major cost driver and any southward movement in the price of
finished goods with no decline in raw material price is likely to
result in adverse performance. Moreover, with no long-term
agreement for procurement of raw materials, price volatility of the
same may affect profitability.

Key Rating Strength

* Experienced proprietor: The operations of (AAI) are currently
managed by Ms Neetu Rajput. Ms Neetu Rajput has an experience of
more than a decade in the manufacturing of sheet metal components
and plastic moulding components through her association with AAI.

* Concentrated though reputed customer base: The firm has
established good relationship with Original Equipment Manufacturers
(OEM's) such as LG Electronics India Private Limited. In light of
the satisfactory work, it has managed to get repeat orders from its
clients. A reputed client base assures timely payment and lends
comfort to the revenue realization. However, the firm's sales are
concentrated to one single client and in the event of change in
procurement policy of these players the business of the client will
be adversely impacted. CARE is unable to comment on its present
level of concentrated customer base due to non-cooperation from
client.

* Growing scale of operations coupled with moderate profitability
margins: AAI has been growing continuously and the growth was
attributable to increase in quantity sold to new and existing
customers. The PBILDT margin of the firm stood moderate. However,
high financial charges and depreciation cost restricted the net
profitability of the firm. Debt coverage indicators of the firm
have remained satisfactory levels owing to moderate PBILDT
margins.

Greater Noida-based (Uttar Pradesh) AAI, a proprietorship concern,
was established in 2003 by Ms. Neetu Rajput. AAI is engaged in the
manufacturing of sheet metal components and plastic moulding
components. The firm majorly procures the raw material from LG
Electronics India Private Limited and Bhushan Steels Limited. The
firm also imports some of the raw material from Korea and any
shortfall is met through suppliers located in the local area. AAI
has agreement with LG Electronics India Private Limited for supply
of sheet metal components and plastic molding components. The firm
also sells the products to local traders.

ANAND RICE: CARE Lowers Rating on INR44cr LT Loan to D
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Anand Rice Mills (ARM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       44.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 11, 2020, placed
the ratings of ARM under the 'issuer noncooperating' category as
ARM had failed to provide information for monitoring of the rating
as agreed to, in its rating Agreement. ARM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails and phone calls. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The revision in the rating assigned to the bank facilities of the
company takes into account ongoing delays in the servicing of the
debt obligations for more than 30 days. The same is owing to the
stretched liquidity position of the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in the servicing of the debt obligation: There have been
ongoing delays in the servicing of the debt obligations for more
than 30 days in the bank facilities availed by ARM. The same is
owing to the stretched liquidity position of the company.

ARM is engaged in the business of milling and processing of basmati
rice with an installed manufacturing capacity of 8 metric tonnes
per hour (MTPH) in Nissing (Karnal, Haryana). In FY19, the firm
realized ~89% of the total income from domestic market and
remaining from the export market. The firm is also engaged in
procurement of semi-processed rice from the market which is further
processed through color sorter and grading machines to remove the
impurities.

ANNAPURNA COTTON: CARE Lowers Rating on INR6cr LT Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Annapurna Cotton Impex (ACI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated May 8, 2020, had placed the
ratings of ACI under the 'Issuer Non-cooperating' category as the
firm had failed to provide information for monitoring of the
ratings. ACI continues to be non-cooperative despite requests for
submission of information through phone calls and e-mails dated
March 24, 2021, April 3, 2021 and April 13, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The rating assigned to the bank facilities of ACI have been revised
on account of non-availability of requisite information and CARE's
inability to conduct due diligence with lenders.

ACI is established in May 2012 as a partnership firm by the members
of Goyal family. ACI is engaged in cotton ginning and pressing
activities. The manufacturing facilities of the firm is in Sendhwa
(Madhya Pradesh) with installed capacity for cotton bales of 76,500
MTPA and cotton seeds of 15,000 MTPA as on March 31, 2017.


AVIGHNA DAIRY: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Avighna
Dairy Products Private Limited (ADPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.95       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale and Key Rating Drivers

CARE had, vide press release dated May 5, 2020, had placed the
ratings of ADPPL under the 'Issuer Non-cooperating' category as the
company had failed to provide information for monitoring of the
ratings. ADPPL continues to be non-cooperative despite requests for
submission of information through phone calls and e-mails dated
March 21, 2021, March 31, 2021 and April 10, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Dewas (Madhya Pradesh) based Avighna Dairy Products Private Limited
(ADPPL) was formed in 2007 as a private limited company by Mr.
Nitin Panchal, Mrs. Priya Panchal, Mr. Sunil Kumawat and Mrs. Kanta
Kumawat. The company is engaged in the business of processing of
milk and milk-based products.

BELL FINVEST: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bell
Finvest (India) Limited (BFIL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Proposed Long       150.00      CARE D; ISSUER NOT COOPERATING
   Term Bank                       Rating continues to remain
   Facilities                      under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 23, 2020, placed the
rating of BFIL under the 'issuer non-cooperating' category as Bell
Finvest (India) Limited had failed to provide information for
monitoring of the rating and had not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. Bell
Finvest (India) Limited continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated April 29, 2021. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

Key Rating Strengths

* Delays in Debt Servicing: There have been continuing delays in
servicing of debt obligations to the lenders.

Bell Finvest (India) Ltd (BFIL), incorporated in 2008, is RBI
registered NBFC-ND- Non-SI Company. The company provides term loans
and working capital loans to SME customers. Mr. Bhupesh Rathod is
the promoter and CEO of the company who looks after the operations
of the company. He is ably supported by his son Mr. Chirag Rathod,
Director, who looks after the financial operations of the company.

BLISSFUL GARMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Blissful
Garments Private Limited (BGPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3.5        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         6.5        CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 2016, BGPL is involved in manufacturing of
readymade garments and has its manufacturing capacity in Palakkad,
Kerala. The day-to-day operations are looked after by Mr.
Sankaranarayan.

CLRK EXTRACTIONS: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of CLRK
Extractions & Exports Private Limited (CLRK) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       35.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       3.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 12, 2020, continued
the ratings of CLRK under the 'issuer non-cooperating' category as
CLRK had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. CLRK continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated
February 5, 2021. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on February 12, 2020, following were the
rating weaknesses (updated for the information available from
Registrar of Companies):

Key Rating Weakness

* Delay in servicing of debt obligation: There are delays in
servicing of debt obligations by CLRK. The company incurred net
loss of INR7.57 crore on operating income of INR0.02 crore in FY20
(refers to the period April 1 to March 31).

CLRK was promoted in 2011 by Chhattisgarh based Mr. Gopal Singhal.
It is engaged in trading and export of raw and boiled rice. Besides
the trading activity, the company also processes rice, with
installed capacities of 32,000 MTPA. The manufacturing facility of
CLRK is located at Raipur Chhattisgarh. The manufacturing
facilities commenced operation from December 2015 and   FY17 was
the first full year of operation. The company primarily exports to
Africa and Middle East countries. Apart from export, the company
also sells rice in domestic market, particularly in North East.

DEWAN HOUSING: Appeals Court Stays Order on Wadhawan Proposal
-------------------------------------------------------------
Livemint.com reports that an appeals court on May 25 stayed a
bankruptcy tribunal order that directed lenders to Dewan Housing
Finance Corp. Ltd to consider a proposal by Kapil Wadhawan, the
former promoter of the insolvent mortgage lender.

This follows DHFL's committee of creditors, led by the Union Bank
of India, as well as the Reserve Bank of India-appointed
administrator filing separate applications before the National
Company Law Appellate Tribunal (NCLAT), challenging the order of
the Mumbai bench of the National Company Law Tribunal (NCLT) that
asked them to evaluate Wadhawan's offer within 10 days,
Livemint.com relates.

According to Livemint.com, NCLAT said the appeal should not delay a
resolution process currently underway, where the Ajay Piramal-led
Piramal Group has received approval to acquire DHFL. In its appeal,
the RBI-appointed administrator has termed the NCLT's order as
"illegal and in breach of the settled provision of law". "The
impugned order passed by the Hon'ble adjudicating authority has
been passed without application of mind and without considering
facts of the present case," the administrator said in its appeal.

On May 19, NCLT directed the lenders to consider Wadhawan's offer
to fully settle DHFL's dues worth ₹91,000 crore, including
₹43,000 crore in the initial few years, for its "consideration,
decision, voting," Livemint.com says. The consortium of creditors,
in its appeal, said the NCLT order was passed without any
jurisdiction as there is no such provision in law or, more
specifically, under the Insolvency and Bankruptcy Code (IBC).
"Incorrectly failing to recognize any legal basis, either under
Section 29A or Section 12A, which underlay the Second Proposal
(Wadhwan's offer), instead choosing to simply accept Respondent 1's
(Kapil Wadhawan) baseless statement that this was a "precursor" to
a settlement proposal under Section 12A of the Code: a concept not
recognized under any provision of law," the RBI administrator, as
cited by Livemint.com, said in its appeal.

Section 29A bars promoters of a bankrupt firm from submitting a
resolution plan, while Section 12A deals with withdrawing the firm
from bankruptcy proceedings.

RBI had in November 2019 referred DHFL to NCLT for insolvency
proceedings, Livemint.com recalls. The corporate affairs ministry
is probing the Mumbai-based firm through the Serious Fraud
Investigation Office. The Enforcement Directorate is also
investigating the company in relation to loans given by it to
certain borrowers.

"The impugned order has the effect of creating a disruption from
the strict discipline of the timelines set out under the CIRP
(corporate insolvency resolution process) and has the effect of
compelling CoC to vote on a settlement proposal offered by
Respondent 1, which the CoC in its commercial wisdom had chosen not
to," according to the administrator's appeal cited by
Livemint.com.

Livemint.com adds that lenders said the NCLT order may set a bad
precedent, with more promoters moving the court to consider their
offer.

"That if the impugned orders were allowed to operate, it would be
extremely prejudicial as it creates a new process, which is
contrary to the express provisions of the Code and, if allowed, the
CIRP will be never ending where parties will be permitted to keep
making offers without regard to sanctity of the process or
timelines, including after CoC has exercised its commercial wisdom
and approved a plan, which has been submitted by an eligible
resolution applicant in compliance with the Code," DHFL's lenders
said in their appeal.

                            About DHFL

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.

As reported in the Troubled Company Reporter-Asia Pacific, Deccan
Herald said the Mumbai bench of the National Company Law Tribunal
(NCLT) on Dec. 2, 2019, admitted a petition by the Reserve Bank of
India (RBI) seeking bankruptcy proceedings to resolve DHFL.  The
move came in after the Reserve Bank on Nov. 29, 2019, made an
application for bankruptcy proceedings to resolve the credit and
liquidity crisis at the company, which became the first financial
sector player being sent for bankruptcy.  RBI appointed R
Subramaniah Kumar as the company's administrator.  Financial
creditors to DHFL have submitted claims worth INR86,892 crore
against the mortgage lender, BloombergQuint disclosed.


GVR PANNA: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of GVR Panna
Amanganj Tollway Private Limited continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      70.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GVR Panna Amanganj Tollway
Private Limited to monitor the rating vide e-mail communications
dated March 5, 2021, April 8, 2021 and April 19, 2021, and phone
calls. However, despite repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The rating takes into account ongoing delays in servicing the debt
obligations of the company.

Detailed description of the key rating drivers

At the time of last rating on February 24, 2020, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Stretched liquidity position with delays in debt servicing:  The
company owing to delay in receipt of semiannual annuity from Madhya
Pradesh Road Development Corporation (MPRDC) has led to strained
liquidity position resulting in delays in meeting its debt
obligation in time.

Established in October 2011, GVR Panna Amanganj Tollway Private
Limited is a special purpose vehicle (SPV) set up to undertake the
strengthening, widening, operating, and maintaining of a
58.18-kilometre stretch of the state highway 47 in Madhya Pradesh.
The SPV is floated by GVR Infra Projects Ltd. The project is being
executed on a hybrid toll-plus-annuity model.


MANIBHADRA FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Manibhadra Food Product Private Limited (SMFPPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            53         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        5         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               2.5       CRISIL D (Issuer Not
                                     Cooperating)

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

SMFPPL, incorporated in 2010, is promoted by Ahmedabad-based Mr.
Prakash Shah and his family members and relatives. The company
processes non-basmati rice.


NAGARSHETH SHIPBREAKERS: CRISIL Keeps D Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Nagarsheth
Shipbreakers (NS) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Line of Credit           85       CRISIL D (Issuer Not
                                     Cooperating)

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

NS was set up in 1983 and is engaged in ship-breaking in Alang,
Gujarat. The firm's operations are managed by Mr. Mukund Nagarsheth
and his son, Mr. Devang Nagarsheth.

NANGALI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Nangali
Agro Tech Private Limited (SNA) continues to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             22        CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 1996 and promoted by Mr. Vijay Kumar, Mr. Satish
Kumar, and Mr. Anil Kumar, SNA manufactures wheatbased products
such as flour, maida, and sooji. Unit in Gurdaspur has processing
capacity of 120 tonne per day for each product.


NEXUS FEEDS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nexus Feeds
Limited (NFL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      100.86      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      10.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 5, 2018, placed the
rating of NFL under the 'Issuer NonCooperating' category as NFL had
failed to provide information for monitoring of the rating. NFL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and emails
dated February 21, 2021 and March 13, 2021. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The rating factors in stretched liquidity position resulting in
delays in debt servicing obligation.

Detailed description of the key rating drivers

At the time of last rating on April 7, 2020, the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

* Delays in debt servicing: The company has stretched liquidity
resulting in delays in debt servicing obligation.

* Working capital intensive nature of the business: The business
operation of NFL is working capital intensive given high stock of
inventory of raw materials kept due to volatile prices of the
same.

* Volatility in raw material prices: The raw materials (Soya,
Mustard, De Oiled Rice Bran, Maize, Broken rice, Rice Bran etc.)
are available throughout the year. However, most of the raw
materials being agro based, the prices of same are subject to high
volatility which in turn may impact the profitability in times of
high volatility.

* Moderate capital structure: The capital structure of NFL remained
moderate as on March 31, 2016 and March 31, 2017 with marginal
improvement in both the debt equity ratio and overall gearing
ratio. The company has high dependence on working capital
borrowings and has been facing a working capital gap which if
remained un-bridged might impact the business operations.

Key Rating Strengths

* Experienced promoters and management team: The key promoters and
the directors of the company, Mr. G Ramakrishna Reddy, Mr. G
Venkata Reddy and Mr. G Srirama Reddy have long established
presence in the fish feed industry through several other group
companies which are engaged in fish and prawns feed/shrimp
processing business.

* Growth in revenue during FY17: Total operating income improved by
6.63% to INR512.16 crore in FY17 from INR480.29 crore in FY16
backed by increased sales. However, TOI declined substantially by
38.25% in last 3 years from INR583.34 crore in FY18 to INR360.20
crore in FY20.

Nexus feed Limited (NFL) was incorporated as Gold City Limited
(GCL) on December 21, 2006, with operations in real estate
business. The company was renamed NFL on March 02, 2010, with
change in business profile to manufacturing and sales of Fish feed
(pellet form), Prawns Feeds and Shrimp feeds. The company is
engaged in manufacturing of fish feeds (commenced commercial
production from November 18, 2011) having installed capacity of
158,400 TPA; and prawn feeds (commenced commercial production from
September 13, 2013) having installed capacity of 95,040 TPA.

NFL has in place a 20 year licensing and technology transfer
agreement (signed on December 22, 2011) with Hanaqua Tech Inc., a
Taiwan based Aqua feed manufacturing company which has significant
brand presence in India. The products of NFL are sold under the
trademark and logo "Nexus" and "Hanaqua 4S" as per arrangement with
Hanaqua.


OM COTTEX: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Om Cottex
(OMC) continues to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 30, 2020 placed the
ratings of OMC under the 'issuer noncooperating' category as OMC
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. OMC continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated March 16, 2021,
March 26, 2021, March 31, 2021, April 5, 2021 and May 06, 2021. In
line with the extant SEBI guidelines, CARE has reviewed the ratings
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating done on April 30, 2020 the following was
the rating weakness.

Key rating weaknesses

* Delays in debt servicing: OMC was irregular in servicing its debt
obligations due to weak liquidity position of the firm.

Botad (Gujarat) based Om Cottex (OMC) was established in 2008 as a
partnership firm. Currently, OMC is managed by six partners with
unequal profit and loss sharing agreement between them. OMC is into
the business of cotton ginning & pressing and crushing of cotton
seeds. While cotton bales are used in manufacturing of cotton yarn,
cotton seeds are further processed for extraction of edible oil.
OMC operates from its sole manufacturing facility located in Botad
(Gujarat) and has an installed capacity of 6048 metric tons per
annum (MTPA) for cotton bales, 756 MTPA for cotton seed oil & 5418
MTPA for cake as on March 31, 2016. OMC markets its products in the
states of Gujarat, Tamil Nadu and Maharashtra.

PANCHAMI ELECTRONICS: CARE Cuts Rating on INR5.60cr Loan to C
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Panchami Electronics Private Limited (PEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.60      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; ISSUER NOT COOPERATING

   Short Term Bank       0.40      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 16, 2020, placed the
rating(s) of PEPL under the 'issuer non-cooperating' category as
PEPL had failed to provide information for monitoring of the
rating. The company continues to be non-cooperative despite
repeated requests for submission of information through emails
dated May 6, 2021. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the public available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The ratings of Panchami Electronics
Private Limited bank facilities will now be denoted as long term
rating of 'CARE C; Issuer Not Cooperating' and short term rating of
'CARE A4; Issuer Not Cooperating'.

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

Detailed description of the key rating drivers

The rating assigned to the bank facilities of Panchami Electronics
Private Limited continues to be tempered by small scale of
operations, leveraged capital structure and weak debt coverage
indicators, working capital intensive nature of business operation,
highly cyclical to economic scenario and seasonal in nature. The
rating however continues to draw its strength from experienced
promoters and established track record.

Key Rating Weakness

* Small Scale of operations: The total operating income of the
company declined to INR27.22 crore in FY20 from INR32.09 Cr in
FY19.

* Leveraged capital structure and moderate debt coverage
indicators: The debt equity ratio and overall gearing ratio of the
company has deteriorated significantly due to decrease in networth
on account of loss.

* Working capital intensive nature of business operation: Retailing
business is highly working capital intensive mainly on account of
the high level of inventory required to be maintained to ensure
ready availability of stock. PEPL, being in business of retailing,
has to keep stock of variety of products so as to offer choice and
quick delivery to its various consumers. High level of inventory
coupled with low credit on purchases, makes the operations of the
company working capital intensive. However the operating cycle days
increased from 72 days in FY19 to 75days in FY20.

* Highly cyclical to economic scenario and seasonal in nature: The
electronic home appliances industry is inherently vulnerable to the
economic cycles and is highly seasonal in nature. Purchase
decisions are often influenced by proximity of seasons, festivals
and sports events. The company thus faces significant risks
associated with the dynamics of the electronic home appliances
industry.

Key Rating Strengths

* Experienced promoters and established track record: The promoters
Mr. Jwalaprasad and Mr. M. Veerendra have over 4 decades of
business experience and have around a decade of experience in the
retail business. The day-to-day affairs of the company are looked
after by Mr. Mithun Chowter along with experienced professionals
Mr. Suresh Shetty and Mr. Anil D. Souza looking after finance and
marketing functions, respectively. Over the years, the company has
earned a strong brand presence in Mangalore.

Panchami Electronics Private Limited (PEPL) was promoted by Mr.
Jwalaprasad in February 2007. Initially, PEPL started with one Sony
Exclusive showroom at Chilimbi, Mangaluru. Later, the company added
three more Sony brand stores located at Kodialbail, Kankanady, and
Udupi. PEPL also started one exclusive retail outlet of Panasonic
at Balmatta, Mangaluru. PEPL has one sister concern company
Panchami Distributors Private Limited (PDPL) which started
operations during the year 2009. The Board of Directors is the same
as of PEPL. Through PDPL, the company started wholesaling and
became the distributors for Panasonic and Onida. Later, it also
added Sony, Whirlpool, Haier, Bosch and Intex in their
distribution.

R. L. AGRO: CARE Lowers Rating on INR70cr LT Loan to D
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of R.
L. Agro Foods Private Limited (RLAF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       70.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable

Detailed Rationale & Key Rating Drivers

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

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

The revision in the rating assigned to the bank facilities of RLAF
takes into account delays in the servicing of the debt obligation
of the company for more than 30 days.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: There are ongoing delays in the
servicing of the debt obligation for more than 30 days, for the
bank facilities availed by the company.

RLAF is engaged in the business of milling and processing of
basmati rice with an installed manufacturing capacity of 16 metric
tonnes per hour (MTPH) in Nissing (Karnal, Haryana). The company is
also engaged in procurement of semi processed rice from the market
which is further processed through colour sorter and grading
machines to remove the impurities.


RANA OIL: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rana Oil
Industries (ROI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 25, 2020, placed
the rating of ROI under the 'issuer noncooperating' category as ROI
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. ROI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls email dated March 10,
2021. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

ROI was established as a partnership concern in the year 1996. The
firm is engaged in ginning and pressing of cotton and extraction of
oil from cotton seed. The ginning and pressing unit and oil
extraction unit is located at Yavatmal, Maharashtra.


SAMPAT ALUMINIUM: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sampat
Aluminium Private Limited (SAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.54       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 26, 2020, placed
the rating(s) of SAPL under the 'issuer non-cooperating' category
as SAPL had failed to provide information for monitoring of the
rating. SAPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated March 3, 2021, April 6, 2021, May 4, 2021,
May 5, 2021, May 6, 2021, May 7, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on February 26, 2020, the following was
the rating weakness:

Key Rating Weaknesses

* Delay in Debt Servicing: There are irregularities in debt
servicing due to poor liquidity position.

Ahmedabad-based (Gujarat) Sampat Aluminium Private Limited (SAPL)
is a private limited company incorporated in June 11, 1999,
promoted by Mr. Sanjay Deora, accompanied by Mr. Sanket Deora.
Further the company is also getting benefit of Mr. Samyak Deora
(working as director in group companies). SAPL is engaged into
manufacturing of aluminum wires and conductors, which finds its
application in power utility sector for transmission of
electricity. Its manufacturing unit is located at Rakanpur, Santej,
Gujarat with an installed capacity of 7200 Metric Tonnes per year
per annum as on March 31, 2018.


SARDAR COTTON: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sardar
Cotton (SC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Proposed Long        10.87      CARE D; ISSUER NOT COOPERATING
   Term Bank                       Rating continues to remain
   Facilities                      under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 24, 2020 placed the
ratings of SC under the 'issuer noncooperating' category as SC had
failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. SC continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated March 10, 2021,
March 20, 2021 and March 30, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on April 24, 2020 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Delays in debt servicing: SC had been irregular in servicing its
debt obligations.

Rajkot (Gujarat)-based, SC is a partnership firm established in
2012 by Mr. Pravinbhai Kurjibhai Mendpara, Mr. Ajaybhai Haribhai
Zalavadiya and Mr. Dineshbhai Virjibhai Tada. The firm is engaged
into the business of cotton ginning and pressing of raw cotton to
produce cotton bales and cottonseeds. SC spreads across 2 acres and
possesses set of 24 cotton ginning machines with an installed
capacity of manufacturing 200 bales per day.


SAYA HOMES: CARE Lowers Rating on INR380cr LT Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Saya
Homes Private Limited (SHPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      380.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 16, 2020; placed the
rating of SHPL under the 'issuer non-cooperating' category as SHPL
had failed to provide information for monitoring of the rating.
SHPL continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and emails
dated January 30, 2021, February 9, 2021 and March 1, 2021. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The revision in rating assigned to the bank facilities of SHPL
takes into account delay in servicing of debt obligation by the
company.

Detailed description of the key rating drivers

At the time of last rating on March 16, 2020 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

* Delay in servicing of debt obligation: There have been delays in
the servicing of debt obligation by SHPL as confirmed by the banker
of the company.

* Residual project execution risk: Till March 31, 2018, the company
has incurred INR934 cr out of the total project cost of INR1227 cr
that is 76% of the total project cost. Moreover, it has incurred
INR317 cr out of total construction cost of INR515 cr that is more
than 61% of the total construction cost which demonstrates advanced
stage of construction in the project. The company expects to
complete the project by August 2020.

* Subdued industry scenario: The real estate sector has been
grappling with issues such as unsold inventory, delayed delivery
and financial stress on the developers for quite some years now and
post demonetisation; due to higher liquidity the buyers have
deferred their purchases as they are expecting the borrowing rates
to come down. However, with the introduction of Real Estate
(regulation and Development) Act (RERA) and GST (Goods and Services
Tax), the residential real estate sector is on the path of
transformation with modified rules and mandatory approvals which
will enhance the transparency and customers' trust in the sector
but also add additional burden on the developers which might hamper
the sentiments of the market.

Key Rating Strengths

* Experienced promoters and management: SHPL was incorporated on
Dec 03, 2010 for the development of residential/group housing
project. SHPL is a part of Saya Group which has been engaged in
real estate developments since 2006. The group has delivered 2
projects (total saleable area of 9.74 lsf) in the past in North
India. The promoter of the company, Mr. Vikas Bhasin has more than
two decades of experience in the field of construction and
marketing. Apart from the promoter, the management team consists of
Mr. Manoj Jain, who has more than 20 years of experience in finance
and Mr. Shivendra Nath, who has more than 15 years of expertise in
architecture. Currently, the company is developing a residential
housing project in Indirapuram with a saleable area of 25.80 lsf.

* Satisfactory sales with healthy collections status and
comfortable liquidity: The company has sold 16.03 lsf of area out
of the total saleable area of 25.95 lsf that is ~62% of the total
saleable area for a total sale value of INR884.81 cr. Out of the
total sale value, the company has already collected INR667.67 cr
that is more than 75% of the total sales value. From Apr 2018 to
Nov 2018, the company has sold 2.79 lsf of area and has collected
INR129.62 cr with a healthy average monthly collection of ~INR16.20
cr.

* Financial closure achieved in FY18: The company has proposed to
take a term loan of INR395 cr for its project which has completely
tied up in FY18. The company has already availed INR380 cr out of
the same by the end of FY18 and has availed INR6.25 cr in Q1FY19.
The balance of INR8.75 cr is kept by the bank as DSRA.  As the
complete debt has been tied up; the financial closure for the
project has been achieved.

* All major approvals in place: All the major approvals and
clearances for the project are in place with the company (such as
environment, pollution etc.), thereby, reducing the probability of
any delay due to the non-availability of the same.

SHPL was incorporated on Dec 03, 2010 for the development of
residential/group housing project. SHPL is a part of Saya Group
which has been engaged in real estate developments since 2006. The
group has delivered 2 projects (total saleable area of 9.74 lsf) in
the past in North India. The promoter of the company, Mr. Vikas
Bhasin has more than two decades of experience in the field of
construction and marketing. Apart from the promoter, the management
team consists of Mr. Manoj Jain, who has more than 20 years of
experience in finance and Mr. Shivendra Nath, who has more than 15
years of expertise in architecture.

SCG EXPORTS: CARE Lowers Rating on INR340cr ST Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of SCG
Exports Private Ltd (SEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank      340.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SEPL to monitor the
rating(s) vide e-mail communications dated February 10, 2021,
February 20, 2021 and March 2, 2021. However, despite repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on SCG Exports
Private Limited's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

Key Rating Weaknesses

* Delays in debt servicing: The revision in ratings assigned to
bank facilities of SCG Exports Private Limited is on account of
delay in servicing of its debt obligation as reflected in CIBIL
database and as confirmed by management.

SCG Exports Private Ltd (SEPL), promoted by the Gouti family
commenced its operations in January 2007. SEPL started it's
operation by selling 'hand-made gold Jewellery' to Middle East
markets where its entire hand-made jewellery are sold to SCG
Jewellers LLC (SJL) and ALL Amirats Jeweller LLC (AAJL), (not
related) based in Dubai, which in turn caters to countries in the
Middle East. During FY14, SEPL forayed into Indian markets.


SEGURO FOUNDATIONS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Seguro
Foundations and Structures Private limited (SFPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      60.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          30.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Ratings continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SFPL to monitor the ratings
vide e-mail communications dated April 14, 2021, April 19, 2021 and
April 22, 2021 and numerous phone calls. However, despite repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings take into account the interest on cash credit account
remaining overdue for a period of more than 30 days.

Detailed description of the key rating drivers

At the time of last rating on February 14, 2020 the following were
the rating weaknesses and strength:

Key Rating Weaknesses

* Small scale of operations with moderate order book position: The
company initially started with pile foundation works and over the
years, from 2012, it developed its expertise in bridge construction
and bridge maintenance works. The operating income had increased
from INR21.17 crore in FY13 to INR125.7 crore in FY17 at a CAGR of
56.41% over the past four years ended FY17. However, during FY18
the operating income has dropped by 59% to INR52 crore as against
INR126 crore during FY17. The order book position of SFPL continues
to be moderate with order book of INR94.26 crore to be executed
over a period of one year as on August 31, 2018 as against INR69.09
crore as on October 31, 2017.

* Profitability exposed to volatility in raw material prices The
contracts secured by SFPL are mostly cost-plus price contracts in
which unit price rates for major raw materials are fixed at the
time of submission of bid. The company receives payment based on
milestone achievements. The profit margin is exposed to volatility
in the raw material cost, since the company cannot pass the
increase in raw material prices to the customer in the absence of
price escalation clause. The PBILDT margin had been volatile in the
past three years ended FY18 in the range of 5.43%- 11.33% in line
with volatile raw material prices.

* Moderately leveraged capital structure though improved over the
past two years: The overall gearing (including mobilization
advance) improved from 3.48x as on March 31, 2016 to 2.02x as on
March 31, 2018 and part of the improvement can be attributed to the
infusion of equity amounting to INR9 crore in FY18 by parent
company Inkel Ltd and reduction in mobilization advance in line
with the moderate order book.

* Working capital and liquidity position: The company generally
receives payment based on Milestone achievements and the collection
period generally lies in the range of 20-30 days. However, during
FY18, collection period has gone up to 112 days from 41 days in
FY17. The total receivable outstanding as on March 31, 2018 stood
at INR13.29 crore, of which receivables from five customers namely
Greenworth Infrastructures, Kerala State Construction Corporation,
Soma Enterprises, Seguro Inkel and various PWD of Kerala
constitutes  around 65% of the total receivable outstanding as on
March 31, 2018. With respect to creditors, SFPL avails credit
period of around 2 months from the suppliers and the working
capital cycle stood at 46 days in FY18 as against negative working
capital cycle of 16 days in FY17. SFPL has CC limit of INR60 crore
and the average utilization stood at 85% during the last 12 months
ended August 2018.

Key rating strengths

* Vast experience of the board of directors in the construction
sector: Mr. C V Rajeev, Managing Director was a former engineer in
PWD, Kerala Government and has more than three decades of
experience in the construction industry, specialized in piling and
bridge construction works. The directors are collectively involved
in business development, planning, procurement, project management
and administration of the company. Post change in shareholding,
director Mr. P J Jacob has resigned and Dr. Sagheed Mohammed,
Managing Director of Inkel Ltd has joined as the chairman. Mr.
Abdul Basheer, who is also the director of INKEL-KSIDC Projects
Limited, has also joined the board of SFPL. Mr. C.V Rajeev
continues to hold the position of Managing Director of SFPL.

* Established client profile: SFPL executes bridge construction and
piling foundation works for well reputed clients such as various
departments of Kerala Government, Bharat Petroleum Corporation
Limited (BPCL, rated 'CARE AAA/ CARE A1+'), Soma Enterprises,
Kerala State Construction Corporation, Roads and Bridges
Development Corporation of Kerala Limited, DLF Limited, Kerala
Rural Water Supply and Sanitation Agency etc. Some of the major
works completed by the company include piling work for NH
connectivity, PetroNet LNG project and refinery project for BPCL.
The company generally receives mobilization advance from the
clients to facilitate the construction process and the same gets
adjusted with the bills raised on every milestone event.

* Industry outlook and prospects: SFPL receives its work orders
mainly from government and quasi government
departments/Institutions. All these are tenderbased and the
revenues are dependent on the company's ability to bid successfully
for these tenders. Profitability margins come under pressure
because of this competitive nature of the industry. There are
numerous fragmented & unorganized players operating in the industry
which makes the civil construction space highly competitive.
However, with Inkel acquiring 65% stake of SFPL during FY18, order
book of SFPL is expected to improve.  Going forward, the company's
ability to complete the proposed projects in a timely manner while
maintaining the capital structure & profitability and any
significant change in the support to group companies will be key
rating sensitivities.

Seguro Foundations Private Limited (SFPL) was established in the
year 2007 by Mr. C. V Rajeev and four others in Kochi, Kerala. The
company initially started with pile foundation works and over the
years developed its expertise in bridge construction and bridge
maintenance works. SCPL started executing the super structure works
for the bridges and elevated Highways since 2012 around regions of
Kerala by undertaking government contracts from Public Works
Department, Irrigation Department and Harbour Engineering
Department etc. As on October 31, 2018, the company has order book
of INR94.26 crore to be executed. During FY18, Inkel has acquired
the entire stake from Mr. PJ Jacob who had 50% of the total shares
of the company as on March 31, 2017. This apart, Inkel has also
subscribed to 90.91 lakh shares amounting to INR9.09 crore freshly
issued by SFPL during FY18. As on March 31, 2018, around 65% of the
total shares of SFPL is held by Inkel and remaining 34.99% of the
total shares is held by Ms. Seena Rajeev.


SHIVALIK VYAPAAR: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shivalik
Vyapaar Private Limited (SVPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.00      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 29, 2020, placed the
rating(s) of SVPL under the 'issuer non-cooperating' category as
SVPL had failed to provide information for monitoring of the
rating. SVPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
15, 2021, March 25, 2021, April 4, 2021 and phone calls. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The ratings assigned to the bank facilities of SVPL are constrained
on account of modest scale of operations with leveraged capital
structure. The rating, further, continues to remain constrained on
account of its presence in competitive and fragmented nature of
industry along with vulnerability to fluctuation in raw material
prices. The rating, however, continues to remain favorable on
account of experienced management.

Detailed description of the key rating drivers

At the time of last rating on April 29, 2020 the following were the
rating strengths and weaknesses (updated for information available
from Registrar of Companies):

Key Rating Weakness

* Modest scale of operations with leveraged capital structure:
Scale of operations of SVPL remained modest marked by TOI of
INR38.21 crore during FY20 and INR39.40 crore during FY19.The
company has turned profitable with net profit of INR0.71 crore in
FY19 and INR0.44 crore in FY20. Capital structure of the company
remained leveraged marked by overall gearing of 2.39x as on March
31, 2020 and 2.48x as on March 31, 2019. Further debt coverage
indicators remained weak marked by TDGCA of 19.23 years and 14.26
years during FY20 and FY19 respectively and interest coverage
remained at 1.90x and 1.79x during FY20 and FY19 respectively.

* Competitive and fragmented nature of industry along with
vulnerability to fluctuation in raw material prices: The company is
engaged in the trading of steel and aluminium scrap where many
players are operating in the same business with many unorganized
players and few organized players. Further, the profitability
margins of the company remain lower due to trading nature of
operations and its inability to pass on rise in prices to its
customers due to highly fragmented and competitive nature of the
industry. The prices of scrape have exhibited volatile trend in the
past and same volatility is expected to continue in future on
account of domestic and international demand scenario.

Key Rating Strengths

* Experienced management: Mr. Rajendra Agrawal, director has wide
experience of more than two decade in the auto component industry
and looks after overall affairs of the company. He is assisted by
his son, Mr. Goldi Agrawal who has experience of 7 years in the
auto component industry. Due to longstanding presence in the
industry, the promoters of the company have established better
relations with customers and suppliers.

Indore (Madhya Pradesh) based Shivalik Vyapaar Private Limited
(SVPL) was incorporated in 2006 by Mr. Rajendra Agrawal along with
his family members. SVPL is engaged in the business of
manufacturing of batteries and lead. The manufacturing unit of the
company is located near Indore with total installed capacity of 45
lakh batteries and 3250 Metric Ton Per Annum (MTPA) of lead as on
March 31, 2017.


SUNSHINE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sunshine
Infra Engineers India Private Limited (SIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         70         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    105         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Secured Overdraft      35         CRISIL D (Issuer Not
   Facility                          Cooperating)

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

SIPL was set up in 2010 by Smt. Lalitha Kumari and her business
associates. The company undertakes integrated projects for
construction of concrete and asphalt roads, including installation
of streetlights. It also undertakes projects involving resurfacing
of roads. The company is based in Hyderabad (Telangana), and caters
to state government entities in South India.


VISHNURAAM TEXTILES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vishnuraam
Textiles Limited (VTL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.11       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            4.3        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       2.75       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         6.82       CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 1990, VTL is into manufacturing of cotton yarn. The
company has its manufacturing facilities in Tirupur and Udumalpet.


WIZCRAFT INTERNATIONAL: NCLT Admits Insolvency Bid vs. Firm
-----------------------------------------------------------
Free Press Journal reports that the National Company Law Tribunal
(NCLT) on May 24 admitted a petition filed by IDBI Bank Ltd.
seeking to invoke Insolvency and Bankruptcy proceedings against
Wizcraft International Entertainment Private Limited for failing to
pay around Rs 60 crore, an amount, which the original loan borrower
- Great Indian Nautanki Company Private Limited (GINCL) failed to
pay.

According to the report, the bank alleged that Wizcraft being the
corporate guarantor to the loan it granted to GINCL had issued an
"unconditional and unrecoverable" Corporate Guarantee by which it
undertook to pay forthwith upon demand without any demur all
amounts payable by the borrower - GINCL. The bank even issued
proceedings under the Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest (SARFAESI)
Act, in this matter.

However, Wizcraft contended that it wasn't liable to pay any
amounts as GINCL along with the bank had entered into an agreement
with the Haryana Shahari Vikas Pradhikaran (HSVP) also known as
Haryana Urban Development Authority, without it's (Wizcraft)
consent, Free Press Journal states. It claimed that the bank by a
no-objection certificate in July 2019, freeing GINCL and making the
new bidder (HSVP) responsible for the discharge of the said loan.

Free Press Journal relates that the NCLT Coram of Suchitra
Kanuparthi, Member (Judicial) and V Nallasenapathy, Member
(Technical), however, noted that Wizcraft in September 2017
responded to a letter of IDBI demanding the payment, had sought
some time for the same.

"The Corporate Debtor (Wizcraft) has sought time which amounts to
admission and acknowledgment of liability and also recorded the
default of non-payment of money by the Principal Borrower (GINCL)
thus the letter of September 2017, amounts of acknowledgment of
liability," the NCLT held.

The NCLT further noted that the IDBI Bank has complied with all the
provisions of the Insolvency and Bankruptcy Code and thus it's plea
"deserved to be admitted."

According to Free Press Journal, the bench noted that the bank has
proposed to issue Insolvency Resolution Process and has introduced
name of one Vinit Gangwal as the Interim Resolution Professional.

"Having admitted the petition, the provisions of Moratorium as
prescribed under the Insolvency and Bankruptcy Code, shall be
operative henceforth with effect from the date of order, and shall
be applicable by prohibiting institution of any Suit before a Court
of Law, transferring or encumbering any of the assets of the Debtor
etc," the coram said.

"However, the supply of essential goods or services to Wizcraft,
shall not be terminated during Moratorium period. It shall be
effective till completion of the Insolvency Resolution Process or
until the approval of the Resolution Plan prescribed under the
Code," the NCLT added.

Wizcraft International Entertainment Private Limited provides
communication and entertainment services. The Company designs and
manages television, theatrical, and sports events, as well as
offers travel, hotel reservation, airline, group insurance and visa
services and solutions. Wizcraft International Entertainment serves
customers worldwide.




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

TICKET ROCKET: Unsecureds Unlikely to Receive Any Payment
---------------------------------------------------------
Riley Kennedy at Otago Daily Times reports that it is unlikely that
unsecured creditors of failed ticketing company Ticket Rocket will
receive any money, a liquidator said.

In the first six-monthly liquidator's report by joint liquidator
Geoff Brown released late last week, it said liquidators were aware
of unsecured creditors totalling just over NZD4.5 million, ODT
discloses.

The updated statement of affairs had Inland Revenue Department
(IRD) listed as unsecured creditor, owed just under NZD430,000.

The balance, just over NZD4 million, was listed to "Other
Creditors," ODT relays.

According to ODT, liquidators also received a preferential claim
from the IRD for GST and PAYE arrears of more than NZD500,000. The
report said no payment had been made towards that.

It said more than NZD5.1 million was owed to BNZ at the appointment
of the liquidators, and NZD200,000 payment had been made towards
that.

Just under NZD9,000 in court costs were awarded to the two
creditors who petitioned for the company to be liquidated. No
payments had been made, ODT states.

The company had made preferential employee claims of about
NZD25,000.

The next report is due in late November, adds ODT.

                        About Ticket Rocket

Fortress Information Systems Ltd, that traded as Ticket Rocket and
Ticket Direct, was placed in receivership in October last year
under the terms of a General Security Agreement (GSA) with Bank of
New Zealand (BNZ) from 2005.

The company was the brainchild of Canadian businessman Matthew
Davey and had been based in Dunedin, where it sold tickets to
events around New Zealand, for about 20 years.  It ran into trouble
earlier last year as it failed to refund money for events, leading
promoters to demand money.  Ticket-holders were left with tickets
for events that did not go ahead because of Covid-19, and they
could not get refunds.


ZANY ZEUS: BNZ Gets High Court OK to Pursue Former Owner
--------------------------------------------------------
Stuff.co.nz reports that Bank of New Zealand has won a High Court
judgment to call in a personal guarantee given by the former owner
of Wellington cheese and ice cream maker Zany Zeus.

Zany Zeus, name-checked by Hollywood star Scarlett Johansson for
its chocolate cake, was sold during the Covid-19 alert level 4
lockdown after hitting financial trouble. It had been placed in
receivership owing millions of dollars in December 2019, Stuff
discloses.

On April 3, last year, the business and assets were sold to a new
company, Zany Zeus 2020 Ltd, for NZD1.8 million. The new company is
running the cafe and factory, which are still open.

Stuff relates that former owner Michael Matsis, who had given
guarantees to BNZ over the business' financial obligations in 2016,
was employed by the new company.

In October, BNZ sued Mr. Matsis, claiming the difference between
the bank's losses from the sale and the NZD2 million maximum he had
guaranteed, together with contractual interest and costs.

The High Court found in favor of the bank, according to a summary
judgment by Associate Judge Kenneth Johnston, QC, released on May
19, Stuff reports.

Mr. Matsis opposed the bank's claim, the report says.

According to Stuff, Mr. Matsis' lawyer, Callum Reid, said the
receivers, with the consent of BNZ, failed to get the best price in
the sale, which caused loss and damage to Mr. Matsis.

Stuff relates that Mr. Reid contended there was a possibility the
receivers may have panicked when the initial lockdown was
announced, and were "tunnel visioned" in selling at any price,
according to the judgment.

He also claimed the conduct of the receivers and the bank before
the sale barred it from forcing Mr. Matsis to act as guarantor.

In an affidavit, Mr. Matsis said: "When I was working with the
receivers they always lead me to believe that if I cooperated and
worked hard, the bank would be happy and wouldn't sue me under my
personal guarantee."

In response, a BNZ manager, Michael Williams, said that at no point
did BNZ say to Mr. Matsis that was the case. Receiver Richard Nacey
also rejected making that statement to Mr. Matsis, Stuff says.

BNZ had no direct involvement in the negotiation or sale, although
the receivers kept the bank updated about the process, Mr. Nacey
said.

On March 6, last year, Gerald McDouall, who headed the consortium,
signed a binding, conditional bid of NZD3.5 million for the
business, which the receivers at PWC accepted, Stuff notes.

Mr. McDouall came back with a price of NZD1.5 million plus stock,
about NZD2 million below the conditional offer. The receivers
responded with an offer of NZD1.8 million all up, which was
accepted in April, Stuff says.




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

ENVY GLOBAL: Singapore Court Calls in KPMG as Judicial Manager
--------------------------------------------------------------
Consultancy.asia reports that Singapore's high court has called in
KPMG to support with a potentially fraudulent nickel trading scheme
that involved allegedly illicit investments of roughly $750
million.

Consultancy.asia relates that two companies, Envy Global Trading
and Envy Asset Management, are suspected of channeling hundreds of
millions into deals that never actually happened -- a scheme that
traces all the way to Envy Global Trading managing director Ng Yu
Zhi.

11 charges of fraud have been lodged against Zhi, including
accusations that he falsified financial documents to enable illicit
trades, according to the report. Singapore's high court has now
named KPMG judicial manager for the case - giving the Big Four
accounting and advisory firm till the end of this month to gather
key information.

"The immediate focus of the interim judicial managers is to conduct
an inquiry into the affairs, business and property, with a view to
preparing a report for the court within four weeks of April 27 as
to whether the objectives of judicial management will be
achievable," Consultancy.asia quotes KPMG Singapore's partner and
head of restructuring Bob Yap as saying.

"At this juncture, it is still preliminary to provide any
information on the affairs, business and property of the
companies," he added. Yap is joined by fellow KPMG partners Martin
Wong and Toh Ai Ling in the latest task of administrating the two
trading companies while the financial fraud matters are settled.

A number of lawsuits have been filed against Zhi -- who reportedly
took sums ranging from $500,000 to $3 million from five big-ticket
investors at the start of this year, for transactions that never
materialized, Consultancy.asia discloses. Among the plaintiffs is
construction firm Debenho, which is suing for roughly $17 million.
It remains to be seen whether investor losses can be covered.

This is the second notable company placed under the charge of Yap,
Wong and Ling in the span of a few months. In July last year, the
trio took over judicial management of Singapore-based oil trader
ZenRock – after a KPMG investigation found over 200 questionable
transactions in the company's trading activity, Consultancy.asia
adds.



                           *********


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
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Information contained herein is obtained from sources believed
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                *** End of Transmission ***