/raid1/www/Hosts/bankrupt/TCRAP_Public/220204.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, February 4, 2022, Vol. 25, No. 20

                           Headlines



A U S T R A L I A

ACQUIRE LEARNING: Demetriou Pays AUD360,000 to Settle AUD45MM Claim
ARG WORKFORCE: Commences Wind-Up Proceedings
CURRANS AUTOMOTIVES: Second Creditors' Meeting Set for Feb. 10
ELLA SABE: Commences Wind-Up Proceedings
MORTGAGE HOUSE 2022-1: S&P Assigns B (sf) Rating to Class F Notes

WICKHAM HILL: Court Enters Wind-Up Order
YOUNG DIGGERS: First Creditors' Meeting Set for Feb. 9


C H I N A

FARADAY FUTURE: Admits Releasing Fake Data Before 2021 Listing


H O N G   K O N G

GENTING HONG KONG: Dream Cruises Files Wind Up Petition


I N D I A

ACME BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
AMALESWARI CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
APINDIA BIOTECH: CRISIL Keeps C Debt Ratings in Not Cooperating
BHARUCH JILLA: CRISIL Keeps D Debt Rating in Not Cooperating
BLOOM DEKOR: CRISIL Reaffirms D Rating on INR32.5cr Loans

BRISTOL TOURIST: CRISIL Keeps D Debt Ratings in Not Cooperating
BULAND CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
CHEMMARATHIL CASHEW: CRISIL Keeps D Ratings in Not Cooperating
CRACKERS INDIA: CRISIL Keeps C Debt Ratings in Not Cooperating
DWARKADHEESH HAVELI: CRISIL Keeps D Rating in Not Cooperating

FAMOUS STATIONERY: CRISIL Keeps D Debt Ratings in Not Cooperating
FLAGMARK BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
FUTURE RETAIL: Lenders Call for Assets to be Put Up for Auction
GAYATRI COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
GOLDSTAR POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating

GOPINATH DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
HAJI SHEIK: CRISIL Keeps D Debt Ratings in Not Cooperating
HYDERABAD HANDLOOM: CRISIL Keeps C Debt Rating in Not Cooperating
IMPS EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
JANARDHAN INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating

JEET HOME: CRISIL Keeps D Debt Rating in Not Cooperating Category
KODARMA CHEMICAL: CRISIL Keeps D Debt Ratings in Not Cooperating
KOPPAL SOLAR: CRISIL Keeps D Debt Rating in Not Cooperating
KPT SPINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
KRISHNA VALLEY: CRISIL Keeps D Debt Ratings in Not Cooperating

PARAGON APPAREL: CRISIL Lowers Long and Short Term Ratings to D
SAISREE ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
SCAN ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
SOUTHERN AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating
[*] INDIA: FM Proposes Faster Resolution of Bankrupt Companies



N E W   Z E A L A N D

HAWKES BAY: Court to Hear Wind-Up Petition on March 16
JAZ KITCHENS: Creditors' Proofs of Debt Due April 2
SUGAR SISTERS: Creditors' Proofs of Debt Due March 2


P H I L I P P I N E S

PHILIPPINES: Debt Ratio Widens as Pandemic Rages


S I N G A P O R E

KWAN HWEE: Creditors' Proofs of Debt Due March 2
NEWFORT ALLIANCE: Creditors' Proofs of Debt Due March 2
PAYA LEBAR: Creditors' Proofs of Debt Due March 2

                           - - - - -


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

ACQUIRE LEARNING: Demetriou Pays AUD360,000 to Settle AUD45MM Claim
-------------------------------------------------------------------
The Sydney Morning Herald reports that former AFL boss Andrew
Demetriou will cough up AUD360,000 to settle claims against him
totalling nearly AUD45 million over the collapse of vocational
education group, Acquire Learning.

According to the report, the payment is part of a AUD5.1 million
settlement between the former leadership and shareholders of
Acquire Learning and liquidators to the group over the events
leading up to its 2017 collapse.

SMH says the settlement figure is a lot lower than the original
claims made by liquidators against Mr. Demetriou, a former director
of Crown Resorts, over his role at the company, including almost
AUD44 million for alleged breaches of director duties and shadow
director claims where he was never officially listed as a
director.

He was a shareholder in the group and the AUD360,000 settlement
with liquidators from Cor Cordis relates to the repayment of
shareholder loans taken out by Mr. Demetriou's private company
Katia.  

Acquire grew in three years to become a significant player in the
vocational education sector, owning registered training
organisations as well as running a call centre that directed
jobseekers into educational courses. Ahead of its collapse, Acquire
was raking in hundreds of millions of dollars a year in government
and student payments and was even planning to list on the ASX.

However, the group collapsed in 2017 following a crackdown on the
sector by the government after concerns that students and
jobseekers were being pressured into signing up for expensive
courses, many of which had poor outcomes, SMH notes.

Acquire's collapse left it owing its creditors, including the
federal government, AUD147 million and stranded tens of thousands
of students attending its colleges.

According to SMH, liquidators have long raised concerns about Mr.
Demetriou's role at the company where he claimed he was only a
member of the advisory board and not an official director. Public
examinations in 2019 showed Mr. Demetriou attending key meetings to
discuss the future of the company in his capacity as a
shareholder.

Co-founder and Mr. Demetriou's nephew Tim Demetriou variously
described his uncle in those examinations as an arm's length
sounding board for the executives of the company, a member of
senior management and executive chairman. His uncle also kept an
office at Acquire's Hawthorn headquarters.

Mr. Demetriou has denied ever being a company director or holding
any other role at the company apart from as an adviser to the
group's management, SMH says. The former AFL supremo faced
questions about his role at Acquire and the allegations by
liquidators at the NSW inquiry into Crown Casino in 2020, where he
again defended his involvement in the group.

SMH notes that the settlement will allow the Demetriou clan to put
the Acquire fiasco behind them. As part of the settlement, Cor
Cordis has agreed not to pursue a separate claim against Mr.
Demetriou's private company Katia for AUD753,826. Cor Cordis was
also seeking AUD6.9 million from Tim Demetriou but will accept
AUD25,000 to settle that claim.

Barry Wight, a liquidator at Cor Cordis, said in a letter sent to
creditors this week that pursuing those broader claims would incur
significant legal costs and reduce the amount of insurance that
could be paid out to creditors, SMH relays.

"Reaching a global settlement for all claims against A (Andrew)
Demetriou and Katia is the most commercial approach, noting the
legal costs and the liquidators' own costs if proceeded to trial."

Creditors will be asked to vote on the knockdown settlement with
the Demetrious at an upcoming meeting, the report notes.

Mr. Demetriou will have six months to pay the AUD360,000. The
settlement deed allows for him to pay monthly instalments of
AUD60,000.  Acquire's insurer will pay AUD4.36 million of the
settlement, while co-founder Jesse Sahely has agreed to pay
AUD350,000, adds SMH.

Acquire and its related companies, including the Glenn Wheatley
backed EON Sports Radio, was placed into administration in May
2017.  Barry Wight, Bruno A Secatore & Sam Kaso of Cor Cordis
Chartered Accountants have been appointed as administrators.


ARG WORKFORCE: Commences Wind-Up Proceedings
--------------------------------------------
Members of ARG Workforce Pty Ltd, on Feb. 3, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Darryl Kirk
          GPO Box 98
          Brisbane, Queensland 4001


CURRANS AUTOMOTIVES: Second Creditors' Meeting Set for Feb. 10
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Currans
Automotives Pty Ltd has been set for Feb. 10, 2022, at 3:00 p.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 Feb. 9, 2022, at 4:00 p.m.

Riad Tayeh and Suelen McCallum of de Vries Tayeh were appointed as
administrators of Currans Automotives on Dec. 24, 2021.


ELLA SABE: Commences Wind-Up Proceedings
----------------------------------------
Members of Ella Sabe Club Pty Ltd, on Feb. 3, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Michael Dullaway
          Mark William Pearce
          Pearce & Heers
          Level 12, 127 Creek Street
          Brisbane, Qld 4000


MORTGAGE HOUSE 2022-1: S&P Assigns B (sf) Rating to Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to nine classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Trustee Co. Ltd. as trustee for Mortgage House Capital
Mortgage Trust No.1 - Mortgage House RMBS Series 2022-1. Mortgage
House RMBS Series 2022-1 is a securitization of residential
mortgages originated by Mortgage House of Australia Pty Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support provided to
each class of notes is commensurate with the ratings assigned.
Credit support for the rated notes comprises note subordination,
lenders' mortgage insurance (LMI) on 6.6% of the loans in the
portfolio, and excess spread.

-- The underwriting standard and centralized approval process of
the seller, Mortgage House of Australia.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.2% of the outstanding balance of the notes, principal
draws, and a loss reserve that builds from excess spread, are
sufficient under its stress assumptions.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by Westpac Banking Corp. to hedge the mismatch between
receipts from any fixed-rate mortgage loans and the variable-rate
RMBS.

  Preliminary Ratings Assigned

  Mortgage House Capital Mortgage Trust No.1 - Mortgage House RMBS
Series 2022-1

  Class A1-S, A$101.00 million: AAA (sf)
  Class A1-L, A$324.00 million: AAA (sf)
  Class A2, A$35.00 million: AAA (sf)
  Class AB, A$8.80 million: AAA (sf)
  Class B, A$12.60 million: AA (sf)
  Class C, A$7.85 million: A (sf)
  Class D, A$4.90 million: BBB (sf)
  Class E, A$2.80 million: BB (sf)
  Class F, A$1.60 million: B (sf)
  Class G, A$1.45 million: Not rated


WICKHAM HILL: Court Enters Wind-Up Order
----------------------------------------
The Supreme Court of New South Wales entered an order on Feb. 3,
2022, to wind up the operations of Wickham Hill Holdings Pty
Limited.

The company's liquidators are:

          Michael Gregory Jones
          Alan Godfrey Topp
   Jones Partners
          Level 13, 189 Kent Street
          Sydney, NSW 2000


YOUNG DIGGERS: First Creditors' Meeting Set for Feb. 9
------------------------------------------------------
A first meeting of the creditors in the proceedings of Young
Diggers Limited will be held on Feb. 9, 2022, at 11:00 a.m. via a
video conference on Zoom.

Matthew Leslie Joiner of Cor Cordis was appointed as administrator
of Young Diggers on Jan. 28, 2022.




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

FARADAY FUTURE: Admits Releasing Fake Data Before 2021 Listing
--------------------------------------------------------------
Caixin Global reports that Faraday Future Intelligent Electric
Inc., the embattled electric vehicle (EV) maker founded by
controversial Chinese tycoon Jia Yueting, has admitted releasing
inaccurate vehicle booking figures.

According to Caixin, the Nasdaq-listed company said in a Feb. 1
exchange filing that its previous statements about receiving more
than 14,000 reservations for the FF91 vehicle were "potentially
misleading," as only several hundred of those reservations were
paid while the others - which totaled 14,000 - were merely unpaid
indications of interest.

                       About Faraday Future

Faraday Future (FF) -- https://www.ff.com/ -- is a California-based
global shared intelligent mobility ecosystem company focusing on
building the next generation of intelligent mobility ecosystems.
Established in May 2014, the company is headquartered in Los
Angeles with R&D Center and Futurist Testing Lab, and offices in
Silicon Valley, Beijing, Shanghai, and Chengdu.  FF is poised to
break the boundaries between the Internet, IT, creative, and auto
industries with product and service offerings that integrate new
energy, AI, Internet, and sharing models, that aim to continuously
transform the mobility of mankind.

                         About Yueting Jia

Yueting Jia is the founder of Leshi Holding Group and was the CEO
of Faraday Future.  Yueting Jia sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Del. Case No. 19-12220) on Oct.
14, 2019.  The Debtor was represented by James E. O'Neill, Esq., at
Pachulski, Stang, Ziehl & Jones LLP.

Faraday Future announced in August 2020 that the Reorganization of
its founder and CPUO (Chief Product and User Ecosystem Officer), YT
Jia (YT), became effective, and his Creditor Trust has also been
officially established and begun operations.   As part of the Plan,
Jia agreed to swap debt claims for pieces of his ownership stake in
Faraday Future.

FF said that approval of YT Jia's Restructuring Plan removed the
biggest hurdle in FF's equity financing efforts and the
implementation of the US-China dual home market strategy, allowing
FF to work vigorously towards its equity financing targets
including an IPO.



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

GENTING HONG KONG: Dream Cruises Files Wind Up Petition
-------------------------------------------------------
The Straits Times reports that cruise operator Dream Cruises has
filed to be wound up, following its parent company Genting Hong
Kong's woes.

This comes two weeks after the operator said it will continue
operating cruises in Singapore, even after its parent company
Genting Hong Kong filed to be wound up last month.

Genting Hong Kong had failed to secure funding to help it stay
afloat following the insolvency of its German shipbuilding
subsidiary, the report notes.

Dream Cruises is one of the operators running cruises to nowhere in
Singapore. It had temporarily suspended new bookings, and this was
slated to end on Friday (Feb. 4).

The other is Royal Caribbean's Quantum of the Seas.

In a statement last Friday (Jan. 28), Genting Hong Kong's appointed
joint provisional liquidators said Dream Cruises filed to wind up
the company with the Bermuda courts on Jan. 27, according to the
report.

It also added that it is seeking to appoint joint provisional
liquidators to develop and propose any restructuring plans in
respect of Dream Cruises' debts and liabilities, the report
relays.

The statement said that restructuring will offer "higher recoveries
to all creditors and stakeholders", compared to liquidation which
will destroy the value of Dream Cruises and its subsidiaries.

It added that Dream Cruises' subsidiaries remain valuable, with
potential for business transactions to be pursued in the future
that could benefit creditors.

The joint provisional liquidators are in discussion with both
Genting Hong Kong's and Dream Cruises' management to urgently
assess the financial condition of Genting Hong Kong and Dream
Cruises' subsidiaries, and to identify potential remediation plans,
the statement, as cited by the Straits Times, said.

Genting Hong Kong also owns two other cruise brands - Star Cruises,
which operates in the Asia-Pacific, and luxury brand Crystal
Cruises, which is headquartered in Miami, Florida.

                      About Genting Hong Kong

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

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
20, 2022, Genting Hong Kong has filed a winding-up petition in
Bermuda, after the bankruptcy of its shipyard in Germany triggered
US$2.78 billion of debt and forced Asia's largest operator of sea
cruises to be liquidated.

The owner of Dream Cruise Holding appointed Alvarez & Marsal's
Edward Simon Middleton and Tiffany Wong Wing-sze as provisional
liquidators, South China Morning Post disclosed citing a filing on
Jan. 19 to the Hong Kong stock exchange.




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

ACME BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Acme Builders
Private Limited (ABPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             50         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ABPL for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 ABPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ABPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ABPL continue to be 'CRISIL D Issuer Not Cooperating'.

ABPL, incorporated in 2010, is promoted by Mr. Harsh Kohli, Mr.
Jogesh Kohli, Mr. Ashween Singh, Mr. Mohinder Paul Singh Grewal and
Mr. Sukhwant Singh. The company has two ongoing residential
projects, Acme Floors and Acme Eden Court in Mohali (SAS Nagar),
Punjab.


AMALESWARI CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amaleswari
Constructions (AC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit            2.5       CRISIL D (Issuer Not
                                    Cooperating)

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

CRISIL Ratings has been consistently following up with AC for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 AC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AC
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Established as a partnership firm in 1988 by P. Venkata Rami Reddy,
ACS undertakes civil construction projects for government
departments. The firm is based in Hyderabad.


APINDIA BIOTECH: CRISIL Keeps C Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Apindia
Biotech Limited (ABPL; part of the MB group) continues to be
'CRISIL C Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          4.5         CRISIL C (Issuer Not
                                    Cooperating)

   Proposed Long Term   7.3         CRISIL C (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan            1.2         CRISIL C (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ABPL for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 ABPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ABPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ABPL continue to be 'CRISIL C Issuer Not Cooperating'.

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of APBPL and Madhya Bharat
Phospate Pvt Ltd (MBPPL). This is because the two companies
together referred to as the MB group, have strong business linkages
as they are engaged in the same line of businesses; APBPL has been
supplying raw material (rock phosphate) to MBPPL since July 2012.
Furthermore, MBPPL has a shareholding of 99.99 per cent in APBPL
and has provided loans and advances of Rs.52 million to the company
to support its working capital requirements.

MBPPL was originally incorporated in 1998 as Omni Seeds and Farms
(India) Pvt Ltd, promoted by Mr. Pawan Agrawal; the name was
changed to the current one in 2003. The company manufactures SSP
fertilisers. It has two manufacturing facilities, one each in
Raisen and Meghnagar (both in Madhya Pradesh).


BHARUCH JILLA: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bharuch Jilla
Kaival Kelavani Mandal (BJKKM) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan            8.74        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BJKKM for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 BJKKM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BJKKM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BJKKM continue to be 'CRISIL D Issuer Not Cooperating'.

BJKKM is a Kheda, Gujarat based trust which is establishing a
non-granted school named 'My Shannen School' and is promoted by Mr.
Kaushik Somabhai Patel, Mr. Shirish Naginbhai Patel, Mr. Dharmesh
Jashubhai Patel, Mr. Bhupendrabhai Patel, Mr. Mahendrabhai
Maganbhai Patel, Mrs. Lataben Naginbhai Patel and Mrs. Ushabahen
Patel with the capacity of approximately 3138 students in both
English and Gujarati Medium in the general and science stream from
K.G. to Std. 12.


BLOOM DEKOR: CRISIL Reaffirms D Rating on INR32.5cr Loans
---------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL D' rating on the
long-term bank facility of Bloom Dekor Ltd (BDL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          22.5        CRISIL D (Reaffirmed)
   Cash Credit          10          CRISIL D (Reaffirmed)

The rating is driven by poor liquidity leading to irregularities in
BDL's account conduct. The rating also factors BDL's weak financial
risk profile, constrained business risk profile, and large working
capital requirement. However, it benefits from the extensive
experience of its promoters in the household appliances industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: The continued losses have wiped off
BDL's net worth and it has inadequate debt protection measures
inadequate.

* Large working capital requirement: The company had gross current
assets of over 14 months as on March 31, 2021.

* Exposure to intense competition: BDL's small scale of operations,
reflected in revenue of Rs 31 crore for fiscal 2021, limits the
negotiating power with suppliers and customers, and renders the
company vulnerable to business downturns. Moreover, it faces
intense competition due to the presence of a large number of
unorganized players in the industry on account of low capital
requirement.

Strength:

* Extensive experience of the promoters: The promoters' have
experience of six decades and established relationships with
customers. Also, the promoters have extended unsecured loans to
support the company.

Liquidity: Poor

The high working capital requirements, continuous losses and
erosion of net worth have meant company has outstanding exposure of
around Rs. 30 cr (including the COVID-19 FITL) against sanctioned
bank limits of Rs. 25.5 cr. The accounts currently are frozen by
the bank.

Rating Sensitivity factors

Upwards factors

* Track record of at least 3 months of regular account conduct
* Significant fund infusion or improved working capital cycle,
accruals to correct the stress on liquidity

Based in Ahmedabad and listed on the Bombay Stock Exchange, BDL
manufactures laminated sheets and doors and sells to domestic and
international clients.


BRISTOL TOURIST: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bristol
Tourist Complex (BTC) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             35         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             15         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BTC for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 BTC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BTC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BTC continue to be 'CRISIL D Issuer Not Cooperating'.

BTC was set up by Mr Gurpreet Singh and his mother, Ms Sharanjit
Kaur. The firm operates a five-star hotel in Zirakpur, a satellite
town near Chandigarh. BTC has tied up with Park Plaza to manage its
hotel.


BULAND CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Buland
Construction continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       6.75        CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility   2.00        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term   3.75        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with Buland for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 Buland, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Buland is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Buland continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

Setup in 2011, Buland is a partnership firm, started by Mr. Rakesh
Sharma and Mr. Sandeep Sharma. Buland is engaged in civil
construction industry and caters to private as well as Government
customers.


CHEMMARATHIL CASHEW: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chemmarathil
Cashew Company (CCC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1          CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit       23          CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with CCC for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 CCC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CCC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CCC continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

CCC, set up in 2008 and based in Kollam (Kerala), processes and
trades in cashew nuts. Its operations are managed by partners Mr.
Sam C K and Mr. Syam C K.


CRACKERS INDIA: CRISIL Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Crackers
India (Alloys) Limited (CIAL) continue to be 'CRISIL C Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4          CRISIL C (Issuer Not
                                    Cooperating)

   Proposed Long Term    3.98       CRISIL C (Issuer Not
   Bank Loan Facility               Cooperating)

   Working Capital       2.02       CRISIL C (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with CIAL for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 CIAL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CIAL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CIAL continue to be 'CRISIL C Issuer Not Cooperating'.

Established in 2005 by Mr. Srinibash Sahoo, CIAL manufactures
sponge iron, stone chips, iron fines, fly ash bricks, and coal
fines. Since January 2016, the company has also started trading in
high speed diesel, motor spirit, and lubricants of Reliance
Industries Ltd.


DWARKADHEESH HAVELI: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dwarkadheesh
Haveli Builders (DHB) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             8.5        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with DHB for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 DHB, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DHB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DHB continue to be 'CRISIL D Issuer Not Cooperating'.

Established in 2010 as a partnership firm by Mr. Vijay Singh, Mr.
Rakesh Kumar Rai, Mr.Kishan L Sharma, Mr.Ajab Singh, Mr.Gulab
Singh, and Mr. D K Rai, DHB develops residential real estate in
Bhopal.


FAMOUS STATIONERY: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Famous
Stationery Private Limited (FSPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL D (Issuer Not
                                    Cooperating)

   Export Packing
   Credit                 6         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              9.8       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with FSPL for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 FSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
FSPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

FSPL, incorporated in 2013, is promoted by Mr Jayantilal Mehta and
his son Mr Ashish Mehta. It took over the business of its
promoters' firm in 2014. Based in Palghar, Maharashtra, the company
manufactures paper stationery such as textbooks, graph books,
diaries, notebooks, envelopes, calendars, and practical papers.
Most of its revenue comes from abroad.


FLAGMARK BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Flagmark
Builders Private Limited continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             10         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Flagmark for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 Flagmark, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Flagmarkis consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Flagmarkcontinues to be 'CRISIL D Issuer Not
Cooperating'.

Incorporated in 2013, Flagmark is engaged in real estate
development. The company is based out of Thiruvananthapuram
(Kerala). The company started its commercial operations in fiscal
2017.


FUTURE RETAIL: Lenders Call for Assets to be Put Up for Auction
---------------------------------------------------------------
Reuters reports that lenders to Future Retail, the company being
fought over by Reliance Industries and Amazon.com Inc, have told
India's Supreme Court that its assets should be put up for auction
after it missed payments.

They also said they have started classifying loans to the country's
second-largest retailer as non-performing and would have to make
combined provisions of INR80 billion-INR90 billion ($1.1
billion-$1.2 billion) due to the non-payment, Livemint.com
relates.

"Let it be subjected to an open bid . . . This is the only
solution," Rakesh Dwivedi, a lawyer acting for 30 or so of Future's
lenders, told the Supreme Court judges, citing the prolonged
litigation so far between Future and Amazon.

Dwivedi added that Future's two suitors - Amazon and Reliance -
could then bid for the retailer's assets, the report says.

The court did not hand down any decisions on Feb. 3 and said it
will hear the matter again in due course, the report notes.

According to Reuters, Future failed to complete a planned $3.4
billion sale of its retail assets to Reliance after business
partner Amazon successfully argued in arbitration and in court that
the Indian retail giant violated certain non-compete contractual
terms.

Future has denied any wrongdoing.

Amazon is keen to own a part of Future whenever Indian investment
regulations permit but has said its plans will be soured if Future
is allowed to sell its assets, the report says.

Reuters relates that Future has said it was unable to pay INR35
billion ($470 million) it owed to lenders on Dec. 31 as it could
not sell certain small stores due to the row with Amazon. It had
hoped to use a 30-day grace period to resolve the situation, but
was not able to do so.

Last month, Future filed legal action against its lenders to stop
them from initiating insolvency proceedings, hoping to acquire more
time to make its payments and avoid having its loans designated as
non-performing which gives the banks more control over its
finances, the report recalls.

Future, which has seen its businesses hit hard by the pandemic, has
1,700 outlets including some 900 small-sized stores, with the rest
being large-format hypermarkets and fashion outlets.

                        About Future Group

Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.

Cash-strapped Future Group owes around INR19,000 crore to banks and
INR6,000 crore to the vendors. Future Retail Limited owes INR6,278
crore debt with 28 banks, including SBI, Union Bank, Bank of India,
Bank of Baroda, Axis Bank, and IDBI Bank, among others.

Future, India's second-largest retailer, has sought to complete its
$3.4 billion retail asset sale to Reliance Retail since 2020.  The
Indian Supreme Court has upheld the Singapore Emergency
Arbitrator's award against Reliance Retail's takeover of Future
group companies.


GAYATRI COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gayatri
Cotton Mills (GCM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             8        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      2        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with GCM for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 GCM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GCM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GCM continue to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2012 as a partnership firm by Mr. Innamuri Bassavaiah and
Mr. Innamuri Subrahmanyam, GCM gins raw cotton at its facility in
Guntur, Andhra Pradesh.


GOLDSTAR POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Goldstar
Polymers Limited (GPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.25        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          7           CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Bank        2           CRISIL D (Issuer Not
   Guarantee                        Cooperating)

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

CRISIL Ratings has been consistently following up with GPL for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 GPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

GPL was incorporated in 1999 by Mr. Prem Saraogi and his family
members. The company is engaged in manufacturing of high density
polyethylene (HDPE) containers used in pharmaceutical, and
petroleum industry. GPL's manufacturing facility is located in
Daman.


GOPINATH DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gopinath
Dairy Products Private Limited (GDPPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           0.9        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Cash         0.1        CRISIL D (Issuer Not
   Credit Limit                     Cooperating)

   Rupee Term Loan      30.0        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GDPPL for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 GDPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GDPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GDPPL continue to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 1994 as Glaze Polycoat Pvt Ltd, it was renamed
Gopinath Dairy Products Pvt Ltd. The company is promoted by Mr
Rajesh Chitalia, Mr Lallubhai Chitalia and Ms Sonal Chitalia. It
has set up a plant for processing milk and milk products at Turbhe,
Navi Mumbai.


HAJI SHEIK: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Haji Sheik
Ismail Educational and Charitable Trust (HSIET) continue to be
'CRISIL D Issuer Not Cooperating'.

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

   Long Term Loan         10.58       CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      0.42       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with HSIET for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 HSIET, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HSIET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HSIET continue to be 'CRISIL D Issuer Not Cooperating'.

HSIET was set up by Mr. Mohamed Jahangeer in 2007. In 2008, the
trust set up Haji Sheik Ismail Polytechnic College, which offers
polytechnic courses. In 2013, Haji Sheik Ismail Engineering College
was established to provide engineering courses. Both these colleges
are located in Nagapattinam, Tamil Nadu.


HYDERABAD HANDLOOM: CRISIL Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Hyderabad
Handloom Centre (HHC) continues to be 'CRISIL C Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL C (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with HHC for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 HHC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HHC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HHC continue to be 'CRISIL C Issuer Not Cooperating'.

Set up in 1984 as a partnership firm HHC runs five retail textile
showrooms in Bengaluru. The firm is promoted by Ms. Jamunabhai and
family.


IMPS EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of IMPS
Educational Trust (IET) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      2.01       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               4.45       CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with IET for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 IET, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IET continue to be 'CRISIL D Issuer Not Cooperating'.

IET, founded by West Bengal-based Mr Bablu Bhattacharjee in 2000,
currently operates three college viz. IMPS Polytechnic College in
Jalpaiguri, IMPS College of Engineering and Technology in Malda and
Trinity B. Ed College in Siliguri. The trust also operates Delhi
Public World School in Malda.


JANARDHAN INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Janardhan
Industries Limited (JPIL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.50       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Fund-        1.35       CRISIL D (Issuer Not
   Based Bank Limits                Cooperating)

   Term Loan             0.8        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with JPIL for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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


JPIL, incorporated in 1987 by Mr Anil Goel, manufactures and trades
different grades of plyboard. It was taken over by Mr Gaurav
Singhal, Mr Vijender Shah, Mr Sanjay Taneja, and Mr Deepak Sudheja
in 2011. Its manufacturing facility is in Dehradun, Uttarakhand.


JEET HOME: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jeet Home
Solutions Private Limited (JHSPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              9         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with JHSPL for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 JHSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JHSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JHSPL continue to be 'CRISIL D Issuer Not Cooperating'.

JHSPL, incorporated in 2010, develops real estate in Varanasi,
Uttar Pradesh. The company is promoted by Mr Jitendra Kumar Sinha
and Mr Lallan Prasad Sinha. JHSPL currently has one residential
project, Jeet Rivera, under construction.


KODARMA CHEMICAL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kodarma
Chemical Private Limited (KCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          14.5        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             3.05       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KCPL for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 KCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KCPL continue to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in June 2008 and promoted by Mr. Khiru Shaw and Mr.
Panchdev Kumar Shaw, KCPL refines and distills industrial fuels,
lubricants, and solvents (coal tar, fuel oil, and various
industrial and laboratory chemicals) at its facility in Kodarma,
Jharkhand.


KOPPAL SOLAR: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Koppal Solar
Power Projects Private Limited (KSPP) continues to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              10        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KSPP for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 KSPP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KSPP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KSPP continue to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in June 2016, KSPP is based in Koppal, Karnataka. The
company is in the process of setting up a 2-megawatt solar
photovoltaic power plant at Sultanpura village, Koppal district.
The project is expected to be commissioned by January 2017. The
company has entered into a 25-year PPA with GESCOM at a price of Rs
8.4 per unit.


KPT SPINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KPT Spinning
Mills Private Limited 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        2.5        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KPT for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 KPT, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KPT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KPT continue to be 'CRISIL D Issuer Not Cooperating'.

KPT was promoted by Mr K P Thangamuthu and Mr Vetrivel in 2010 and
began commercial production in 2011-2012. The company is engaged in
the manufacture of cotton yarn (40 counts) and has its
manufacturing facility situated in Erode Dist, Tamil Nadu.


KRISHNA VALLEY: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Krishna
Valley Power Private Limited (KVPPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term       1.42       CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

   Term Loan               13.58       CRISIL D (Issuer Not
                                       Cooperating)

CRISIL Ratings has been consistently following up with KVPPL for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 KVPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KVPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KVPPL continue to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2001 and promoted by Mr Shankarlal Gilada and his
son, Mr Rajgopal Gilada, KVPPL executes hydro power projects. The
company currently operates a 1.5 MW hydroelectric power plant,
Vajra-II, near Shahapur in the Bhatsa river basin in Maharashtra,
which was commissioned in December 2012.


PARAGON APPAREL: CRISIL Lowers Long and Short Term Ratings to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Paragon Apparel Pvt Ltd (PAPL) at 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Rating       -         CRISIL D (Downgraded from
                                    'CRISIL BB+/Stable')

   Short Term Rating      -         CRISIL D (Downgraded from
                                    'CRISIL A4+ ')

The downgrade reflects instance of LC devolvement on November 17th,
2021 due to the delay in payments from export customers and account
was classified under SMA-1 category. The same got regularised on
December 23, 2021.

The rating also reflects working capital intensive operations and
modest financial risk profile. These weaknesses are partially
offset by extensive experience of the promoters.

Analytical Approach

Unsecured loans of Rs. 9.94 crores outstanding as at Mar 31, 2021
have been treated as debt as these loans are interest bearing in
nature and have been repaid in the past.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital intensive operations: Operations are working
capital intensive as reflected in its gross current assets (GCA) of
198 days as on March 31, 2021. Its's large working capital
requirements arise from its high debtor and inventory levels.
Debtors are stretched as company provides credit period of 90-120
days to few of its customers. Furthermore, due to its business
need, it holds large work in process & inventory. This has led to
high dependence on bank lines to fulfill working capital
requirements (utilized at 91%). Efficient management of working
capital cycle leading to improvement in liquidity will remain a key
monitorable.

* Modest financial risk profile: Financial risk profile is expected
to remain modest as reflected in estimated networth at Rs 22-24
crore and high TOL/TNW of 4 times as on March 21, 2022. This is due
to high dependence on debt to fund working capital requirements.
Debt protection metrics are expected to remain modest with interest
coverage at 1.5-1.7 times in fiscal 2022. In the absence of any
higher than expected debt-funded capex and steady accretion to
reserves, financial risk profile is expected to improve over the
medium term.

Strengths

* Extensive experience of the promoters: The company has a track
record of more than two decades, and the promoters have
considerable industry experience. The market position is further
strengthened by healthy relationships with major brands such as
Reliance Retail Ltd, Myntra Jabong India Pvt. Ltd, Best United
India Comforts Pvt Ltd and SKECHERS USA in the domestic and
international markets, which led to regular orders. Benefits of
these will continue to aid the business risk profile of PAPL over
the medium term.

Liquidity: Poor

There has been an instance of devolvement of LC in the month of
November 2021 and account has classified as SMA 1 category. Also,
cash credit limit was highly utilized at 91% during the past twelve
months ended December 2021 which further constraining its
liquidity.

Rating Sensitivity factors

Upward factors

* Track record of timely debt servicing for at least over 90 days
* Improvement in working capital management leading to improvement
in liquidity

PAPL, incorporated in 1995, manufactures readymade garments such as
T-shirts, tops, shorts, and track pants for men, women, and
children. The company has capacity to manufacture 700,000 pieces
per month. Mr Roshan Baid and family are the promoters.


SAISREE ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Saisree
Engineers Private Limited (SSEPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Cash Credit             5        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan          5        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SSEPL for
obtaining information through letters and emails dated October 16,
2021 and December 4, 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 SSEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSEPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2010, Hyderabad-based SSEPL undertakes coal mining
works (digging and dumping) and civil construction works. The
company is promoted by Mr. Suryanarayana Raju and his family.


SCAN ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Scan Energy
and Power Limited (SEPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

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

   Cash Credit            20        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            24        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit        7        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         45.83     CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         26.83     CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan          8.17     CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SEPL for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 SEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SEPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SEPL, part of the Scan group promoted by Mr G S Agarwal and his
family, was incorporated in 2007. The company has set up a steel
billet and thermo-mechanically treated bar manufacturing unit with
capacities of 450 tonnes per day (tpd) and 500 tpd, respectively in
the Mahboobnagar district of Telangana, around 60 kilometers from
Hyderabad.


SOUTHERN AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Southern Auto
Products Co. (SAPC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit            6.5       CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         2.5       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SAPC for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 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 SAPC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAPC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAPC continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Kerala-based SAPC is promoted by Mr. James Emmanuel and is engaged
in manufacturing of automobile spring leaf.


[*] INDIA: FM Proposes Faster Resolution of Bankrupt Companies
--------------------------------------------------------------
The Economic Times of India reports that Finance Minister Nirmala
Sitharaman on Feb. 1 proposed faster resolution of bankrupt
companies by paving the way for amendments to the Insolvency and
Bankruptcy Code (IBC), seeking to make cross-border deals easier
and speed up voluntary unwinding of defaulting borrowers.

"Necessary amendments in the Code will be carried out to enhance
the efficacy of the resolution process and facilitate cross- border
insolvency resolution," ET quotes Sitharaman as saying.

ET relates that the minister also said the Centre for Processing
Accelerated Corporate Exit (C-PACE) will be established to
facilitate and speed up the voluntary winding-up of companies from
the currently required two years to less than six months.

"A detailed statutory mechanism for resolution of cross-border
insolvency would help in tackling the complex insolvency cases of
groups having presence in different jurisdictions and would
maximise value for all stakeholders," said Anoop Rawat, Partner,
Shardul Amarchand Mangaldas & Co.

While IBC has significantly changed the insolvency landscape,
timelines for admission and resolution of cases have fallen short
of expectations, the report says.

"Ambiguities in the IBC on rights and priority of secured creditors
as well as dissenting creditors need to be clarified," the report
quotes Aashit Shah, Partner, J Sagar Associates, as saying. "The
resolution process is a bit prescriptive in certain situations such
as limiting the number of amendments to the resolution plan.
Changes or clarifications in some of these areas will help make the
IBC more effective. An IT based accelerated system for voluntary
winding up will assist companies to exit operations and help to
significantly reduce delays in winding up."




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

HAWKES BAY: Court to Hear Wind-Up Petition on March 16
------------------------------------------------------
A petition to wind up the operations of Hawkes Bay Seafoods Limited
will be heard before the High Court of at Auckland on March 16,
2022, at 10:00 a.m.

BDO Auckland filed the petition against the company on Nov. 24,
2022.

The Petitioner's solicitor is:

          Robert Bruce Hucker
          Hucker & Associates
          Fifth Floor, Hobson Towers West
          26–28 Hobson Street
          Auckland


JAZ KITCHENS: Creditors' Proofs of Debt Due April 2
---------------------------------------------------
Creditors of Jaz Kitchens Limited, which is in voluntary
liquidation, are required to file their proofs of debt by April 2,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 2, 2022.

The company's liquidators are:

          Christopher Carey McCullagh
          Stephen Mark Lawrence
          PKF Corporate Recovery & Insolvency (Auckland) Limited
          PO Box 3678, Auckland 1140


SUGAR SISTERS: Creditors' Proofs of Debt Due March 2
----------------------------------------------------
Creditors of Sugar Sisters Limited, which is in voluntary
liquidation, are required to file their proofs of debt by March 2,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 1, 2022.

The company's liquidator is:

          Heath Gair
          Palliser Insolvency
          PO Box 57124
          Mana, Porirua 5247




=====================
P H I L I P P I N E S
=====================

PHILIPPINES: Debt Ratio Widens as Pandemic Rages
------------------------------------------------
Bloomberg News reports that the Philippine government's outstanding
debt reached PHP11.7 trillion (US$229 billion) at end-December, up
by a fifth from a year ago, according to the Bureau of the
Treasury.

Bloomberg says the debt-to-GDP ratio widened to 60.5% in 2021 from
54.6% in the year previous.  The Treasury, in a statement on Feb.
1, said the ratio is still "within the accepted sustainable
threshold as the economy continues to recover from the effects of
the pandemic."

While the latest debt stock is slightly below a record posted in
October following some payments, it still shows that the
coronavirus pandemic has reduced business activity and slowed tax
collections, said Michael Ricafort, an economist at Rizal
Commercial Banking Corp. in Manila, Bloomberg relays. Economic
reopening would narrow the budget deficit and reduce the need for
borrowings, he said.

According to Bloomberg, Central bank Governor Benjamin Diokno had
brushed off concerns on rising borrowings, saying the 60%
debt-to-GDP ratio threshold which analysts consider manageable
doesn't apply to current events.  The government had forecast the
debt ratio to rise to 60.8% this year, before declining to 60.7% in
2023 and 59.7% in 2024, the report notes.




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

KWAN HWEE: Creditors' Proofs of Debt Due March 2
------------------------------------------------
Creditors of Kwan Hwee Investment Pte. Ltd., which is in voluntary
liquidation, are required to file their proofs of debt by March 2,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Jan. 28, 2022.

The company's liquidator is:

          Mdm Chia Lay Beng
          1 Scotts Road
          #21-07 Shaw Centre
          Singapore 228208


NEWFORT ALLIANCE: Creditors' Proofs of Debt Due March 2
-------------------------------------------------------
Creditors of Newfort Alliance (Kismis) Pte. Ltd., which is in
voluntary liquidation, are required to file their proofs of debt by
March 2, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 28, 2022.

The company's liquidator is:

          Mdm Chia Lay Beng
          1 Scotts Road
          #21-07 Shaw Centre
          Singapore 228208


PAYA LEBAR: Creditors' Proofs of Debt Due March 2
-------------------------------------------------
Creditors of Paya Lebar Development Pte. Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by March 2,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Jan. 28, 2022.

The company's liquidator is:

          Mdm Chia Lay Beng
          1 Scotts Road
          #21-07 Shaw Centre
          Singapore 228208



                           *********


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 2022.  All rights reserved.  ISSN: 1520-9482.

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

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



                *** End of Transmission ***