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

                     A S I A   P A C I F I C

          Wednesday, July 1, 2020, Vol. 23, No. 131

                           Headlines



A U S T R A L I A

AEGES PTY: First Creditors' Meeting Set for July 8
KADEN HOLDINGS: Second Creditors' Meeting Set for July 7
MYPLANNER PROFESSIONAL: ASIC Cancels AFS License Amid Liquidation
NATIONAL GROUP: Moody's Assigns B2 CFR, Outlook Stable
NATIONAL GROUP: S&P Assigns Preliminary B ICR, Outlook Stable



C H I N A

GOLDEN WHEEL: Moody's Assigns B2 Rating to New USD Bond
TIMES CHINA: Moody's Assigns Ba1 Rating to New Sr. Unsec. Notes


F I J I

FIJI: Moody's Affirms Ba3 Sr. Unsec. Debt Rating, Outlook Now Neg.


I N D I A

AG8 VENTURES: CARE Keeps D INR150.40cr Debt Rating in Not Coop.
ANIK INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
ANNAI INFRA: Ind-Ra Cuts LT Issuer Rating to D, Outlook Stable
APOLLO COMPUTING: Ind-Ra Moves BB- Issuer Rating to Non-cooperating
ARUN POLYMERS: CARE Lowers Rating on INR9cr Loan to D

ARVIND SYNTEX: CARE Lowers Rating on INR7cr Debt to B-
ASHOKA MANUFACTURING: CARE Hikes Rating on INR7.24cr Debt from D
CI AUTOMOTORS: CARE Lowers Rating on INR17.50cr Loan to B
CI FINLEASE: CARE Lowers Rating on INR42.83cr Loan to B
GMR RAJAHMUNDRY: CARE Keeps D Debt Ratings in Not Cooperating

GO GREEN: CARE Keeps D INR9.56cr Debt Rating in Not Cooperating
GUJARAT HY-SPIN: CARE Keeps D Debt Ratings in Not Cooperating
JAI VENKAY: CARE Keeps D INR7.74cr Debt Rating in Not Cooperating
JET AIRWAYS: Brand Value, AOP, Few Assets Before Potential Bidders
KRISHNAGANGA SPINNING: CARE Keeps C INR18cr Debt Rating in Not Coop

LOKMANGAL MAULI: CARE Keeps D INR210.85cr Debt Rating in Not Coop.
NIAGARA METALS: CARE Lowers Rating on INR7cr Loan to D
NOVARC LABS: CARE Keeps D INR7.0cr Debt Rating in Not Cooperating
P. VENKAT: CARE Lowers Rating on INR6cr Long Term Loan to B
PATIDAR AGRICARE: CARE Cuts Rating on INR2.75cr Loan to B-

PLATINUM AAC: CARE Keeps D INR10.75cr Debt Rating in Not Coop.
RATNA COTTEX: CARE Keeps D INR5.60cr Debt Rating in Not Cooperating
RIDDHI SIDDHI: CARE Keeps D Debt Ratings in Not Cooperating
ROYAL WOOD: CARE Keeps D Debt Ratings in Not Cooperating
SALASAR BALAJI: CARE Lowers Rating on INR5.85cr Debt to B-

SHLOGAM AGRO: CARE Keeps D INR30cr Debt Rating in Not Cooperating
SHREE GOKULESH RICE: CARE Lowers Rating on INR6.56cr Loan to B-
SHREE VISHWAKARMA: CARE Keeps D INR6cr Debt Rating in Not Coop.
SHRI SHAMRAO PATIL: CARE Keeps D INR5.49 Debt Rating in Not Coop.
SHUBH ALUMINIUM: CARE Cuts Rating on INR14cr Loan to C/A4

SINGER IMPEX: CARE Keeps D INR10cr Debt Rating in Not Cooperating
SJP CONSTRUCTION: CARE Keeps B+ INR8.66cr Debt Rating in Not Coop.
SUNGRACE SYNTEX: CARE Lowers Rating on INR7.59cr LT Loan to B-
THEXA PHARMA: CARE Keeps D Debt Ratings in Not Cooperating
UC JAIN: CARE Keeps D INR9.0cr Debt Rating in Not Cooperating

UMAK EDUCATIONAL: CARE Keeps D INR66.37cr Debt Rating in Not Coop.


N E W   Z E A L A N D

SIKA HOMES: Auckland Housebuilder Goes Into Liquidation


S I N G A P O R E

EAGLE HOSPITALITY: Launches Forensic Accounting Probe Into Sponsor
PUMA ENERGY: Fitch Affirms BB- LT IDR, Outlook Stable


S O U T H   K O R E A

STX OFFSHORE: To Cut Jobs Thru Voluntary Retirement on Weak Orders


T H A I L A N D

NOKSCOOT AIRLINES: Domestic Aviation Industry Unfazed by Closure

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A U S T R A L I A
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AEGES PTY: First Creditors' Meeting Set for July 8
--------------------------------------------------
A first meeting of the creditors in the proceedings of Aeges Pty
Ltd will be held on July 8, 2020, at 11:00 a.m. at the offices of
Avior Consulting, Suite 2, Level 2, at 1160 Hay Street, in West
Perth, WA.

Dermott Joseph McVeigh of Avior Consulting was appointed as
administrator of Aeges Pty on June 26, 2020.

KADEN HOLDINGS: Second Creditors' Meeting Set for July 7
--------------------------------------------------------
A second meeting of creditors in the proceedings of Kaden Holdings
Pty Ltd has been set for July 7, 2020, at 11:00 a.m. via electronic
facilities.  

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 July 6, 2020, at 5:00 p.m.

Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
appointed as administrators of Kaden Holdings on Nov. 4, 2019.

MYPLANNER PROFESSIONAL: ASIC Cancels AFS License Amid Liquidation
-----------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
cancelled the Australian Financial Services (AFS) license of
Queensland-based financial services provider MyPlanner Professional
Services Pty Ltd.

MyPlanner Professional held AFS licence no. 425542 since Sept. 18,
2012. The license cancellation took effect on June 23, 2020.

ASIC cancelled the license because MyPlanner Professional is no
longer operating a financial services business and is in
liquidation. Under the Corporations Act 2001, ASIC may suspend or
cancel an AFS license if the licensee ceases its financial services
business.

ASIC imposed additional conditions on MyPlanner Professional's
license in December 2017 because ASIC was concerned that MyPlanner
Professional's representatives were providing poor financial advice
and the licensee was not adequately monitoring and supervising its
representatives.

On Feb. 12, 2020, ASIC suspended MyPlanner Professional's license
for 10 weeks due to continued compliance concerns.


NATIONAL GROUP: Moody's Assigns B2 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors service assigned a B2 corporate family rating to
National Group Corporation Pty Ltd ('National'). At the same time,
Moody's has also assigned a backed B2 rating to National Group
Corporation Pty Ltd's proposed $275 million senior secured notes
due 2023. The outlook is stable.

This is the first time that Moody's has assigned ratings to
National Group Corporation Pty Ltd.

RATINGS RATIONALE

"National's B2 CFR reflects its solid position in the mining
equipment rental industry, with a large and growing fleet of
relatively young heavy earth moving equipment," says Matthew Moore,
a Moody's Vice President and Senior Credit Officer.

The rating also reflects National's improved operating utilization
rates, which, along with its increased fleet size and contract
wins, has allowed the company to materially grow its revenue and
earnings generation while maintaining solid margins. The rating
further reflects the company's moderate leverage profile.

"The rating is balanced by the company's limited track record of
increased revenue and earnings, and its exposure to the inherent
cyclicality of the minerals industry, which can cause sharp
declines in earnings and cash flow during a downturn," adds Moore.

The rating is also balanced by National's small scale from a global
perspective, as well as the shorter-term nature and cancellability
of its contracts, which can create added downside risk in a
downturn.

National has grown its owned fleet to 237 pieces of mining
equipment as at March 2020, which is up from around 84 pieces in
the fiscal year ended June 2017. Over this period, National has
experienced significant revenue and earnings growth. Operating
utilization rates have also remained strong, with utilization for
its dry hire fleet remaining around 75%. Growth has continued in
fiscal 2020, with year to date revenue and EBITDA for the nine
months to March 2020 roughly equaling the levels achieved for the
fiscal 2019 full year. Moody's expects fiscal 2020 revenue and
EBITDA of around AUD240-250 million and AUD125-135 million,
respectively.

National's contracts with its mining customers are typically
shorter term, averaging around 12-24 months in length, which is
typical for the mining equipment rental sector. While this provides
some level of earnings visibility, contracts can generally be
cancelled on relatively short notice, providing limited downside
protection during cyclical downturns. However, National's
counterparty exposure is concentrated to large and diversified
major miners with generally strong credit profiles. This increases
the likelihood that its customers will continue to operate during
weak commodity price environments, as these companies generally
operate lower cost mines and have financial flexibility to deal
with weaker markets.

Despite the weaker operating environment for National's customers
following the coronavirus outbreak, Moody's expects National's
focus on large mining customers with lower cost operations will
allow it to secure new contracts and sustain, or increase, its
revenue and earnings, while maintaining a solid level of operating
utilisation over the next 12 to 18 months.

In this regard, National has identified several potential new
contracts, some of which it is in advanced negotiations on, and
expects to use around AUD70 million of its proposed bond proceeds
to fund, should the contracts be executed. While the coronavirus
outbreak creates added uncertainty around the ability to win new
contracts, National has continued to execute on new contracts
during the pandemic and typically does not purchase new equipment
until contracts are executed. Therefore, Moody's expects cash
available to fund new contracts would remain available to support
its credit profile if these new contracts do not materialise.

National is exposed to the variability of steel markets, which can
drive downturns in iron ore and metallurgical coal production and
demand. National's customer exposure is concentrated to these steel
making commodities with metallurgical and iron ore representing
around 65% and 15% of revenue, respectively.

Moody's expects that National will maintain appropriate financial
metrics for the B2 rating with Moody's adjusted leverage, as
measured by debt/EBITDA, and forecast to be in the 3.25x-3.75x
range for the 12-18 months following the transaction. The rating is
constrained by Moody's expectation that free cash flow will be
negative over the next 12-18 months as National looks to execute on
new contracts and grow its fleet and earnings. Moody's would expect
the company to materially reduce its capital expenditures if there
is a downturn in mining equipment demand.

The senior secured notes rating of B2 is at the same level as the
corporate family rating, reflecting the notes' position as the vast
majority of drawn debt in the capital structure. In conjunction
with the note's issuance, National expects to enter into an AUD25
million, 33-month, super senior secured revolver. While the
revolver will rank ahead of the notes in priority of claim, this
will represent a relatively small portion of the overall capital
structure and Moody's expects that this will remain largely
undrawn.

In terms of liquidity, pro forma for the proposed bond issuance,
Moody's expects National to have around AUD85 million of cash and
AUD25 million of availability under its proposed new revolving
credit facility. This, combined with Moody's expectation of
internally generated cash flow of around AUD90-120 million per
annum, will be adequate to meet the company's capital expenditure
needs, which Moody's expects to be elevated, averaging around
AUD100 million per annum for the next 24 months.

If National does not execute on its current proposed refinancing
task without a clear alternate refinancing plan for its current
indebtedness, its CFR would likely be downgraded. Also, given the
relatively short tenor of the proposed new notes, Moody's expects
National to proactively manage its refinancing needs and
communicate refinancing plans for the new notes at least 12-18
months prior to maturity.

The stable outlook reflects Moody's expectation that, despite the
weakening operating and macroeconomic environment, National's young
fleet and strong relationships with major miners will allow it to
sustain or improve its recent revenue and earnings gains, while
maintaining appropriate credit metrics for the rating.

National's rating also takes environmental risks into account,
given its end market exposure to the mining sector, which Moody's
views as having elevated environmental risk. Around 67% of
National's revenue for the first nine months of fiscal 2020 was
generated from metallurgical coal customers, with a further 6% from
thermal coal customers. The environmental impact of the coal
industry includes issues such as carbon emissions, land use, waste
management, and water and air pollution caused by its mining,
processing and end-use. These issues could materially affect demand
and costs for National's customers and indirectly affect National's
profitability, and/or reduce demand for National's services.

However, Moody's views National as being somewhat insulated from
these risks over the next few years, given its focus is
predominately on customers exporting high quality coal from
Australia. Moody's expects that demand for high quality coal will
be less impacted from environmental risks than lower quality coal
from other regions over the next few years.

The rapid spread of the coronavirus outbreak, deteriorating global
economic outlook, low oil prices and high asset price volatility
have created an unprecedented credit shock across a range of
sectors and regions. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. The action reflects the
impact on National of deterioration in credit quality it has
triggered, given its exposure to mining companies that are facing
weaker pricing and demand for several commodities, and which has
left National vulnerable to shifts in market sentiment in these
unprecedented operating conditions.

National's rating also reflects corporate governance risks, given
its private company status and concentrated ownership by the
Ackroyd Group. National enters into transactions with related
parties which could lead to transactions that are not in the best
interest of National and its bondholders. Moody's expects financial
policies to favour growth over dividends in the next several years,
but the rating reflects the risk that the company could choose to
pay material dividends to its shareholder.

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

For a ratings upgrade to be considered, Moody's would expect
National to continue to secure new contracts and increase its
revenue and earnings, while maximizing utilization rates and
displaying a track record of maintaining conservative financial
policies. Improved diversity in terms of commodity and customer
exposure and a continued lengthening of contract tenures would also
be supportive ratings improvement.

Specifically, National's ratings could be upgraded if the company
generates positive free cash flow on a sustained basis and is able
to sustain its adjusted debt/EBITDA below 3x through all points in
the cycle.

The ratings could be downgraded if an adverse operating environment
or increased competition results in a large number of National's
contracts being terminated, or not renewed or replaced on similar
terms and margins, leading to deterioration in operating
performance and credit metrics.

Specifically, the ratings could be downgraded if the company's
adjusted debt/EBITDA exceeds 4x on a sustained basis, it generates
materially negative free cash flow, and/or utilization rates
deteriorate meaningfully. An inability to complete its current
refinancing plans without a clear alternate refinancing plan would
also lead to a downgrade.

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.

Based in Queensland, National Group Corporation Pty Ltd is a
private company focused on providing equipment rental and services
to the mining industry, predominately focused on the Australian
mining sector. National is focused on providing large and
extra-large, including ultra-class, heavy earthmoving mining
equipment rentals, on both a dry and wet basis to the mining
industry in Australia. National generated around AUD180 million of
revenue and AUD93 million of EBITDA for the fiscal year ended June
30, 2019.

NATIONAL GROUP: S&P Assigns Preliminary B ICR, Outlook Stable
-------------------------------------------------------------
On June 29, 2020, S&P Global Ratings assigned its 'B' preliminary
issuer credit rating to National Group Corp. Pty Ltd. S&P also
assigned its 'B' preliminary issue rating to the company's proposed
senior secured US$275 million notes with a recovery rating of '4',
reflecting average (30% to 50%; rounded estimate: 35%) recovery
prospects in a payment default.

The preliminary ratings on Australia-based heavy earthmoving
equipment rental company National Group principally reflects the
company's established market position in the dry hire rental
sector. In addition, the company has longstanding customer
relationships with global mining houses and high-quality, low fleet
hour heavy earthmoving equipment in the mining services industry.

That said, the company's small size, commodity and customer
concentration, and capital-intensive operations with a narrow focus
on heavy earthmoving equipment rental services constrain the
ratings. National's contract exposure to BHP Mitsubishi Alliance
(BMA) is about 40% of total revenues. In addition, the company's
forecast commodity revenue exposures for the year ending June 30,
2020, to metallurgical coal, iron ore, thermal coal, and others are
about 70%, 20%, 5%, and 5% respectively. S&P said, "Current spot
prices for both coking and thermal coal are facing downward
pressure; however, we expect coal prices to likely recover from
current lows. We also expect iron ore prices and demand are likely
to remain robust over the next six to 12 months."

National is refinancing its existing facilities with proposed
US$275 million three-year senior secured 144A/Reg. S notes, as well
as a A$25 million super senior secured revolving credit facility.
The company aims to repay its existing OCP Asia loan obligations
and super senior loan obligation, as well as invest in growth
capital expenditure for existing contract fleet renewals that
should incrementally add revenues and EBITDA in the following
years. The company's proposed US$275 million senior secured notes
are likely to be swapped back into Australian dollars from U.S.
dollars, eliminating interest expense volatility from currency
fluctuations.

The preliminary ratings are predicated upon the successful
completion of National's proposed refinancing and the issue rating
is based on the preliminary terms and conditions of the facilities.
The '4' recovery rating on the senior secured notes indicates our
expectation of average (35%) recovery prospects in the event of a
payment default.

S&P believes National's competitive advantage is underpinned by its
high-quality, young fleet in the Australian heavy earthmoving
equipment rental industry. National's average fleet age is between
three and four years and about 18,700 hours, compared with the
industry average of 55,000 hours or about 6.3 years. The company
has a total fleet of about 237 machines (including ultra-class
yellow goods) with a higher value per unit compared with peers'.
S&P believes a newer fleet is more efficient, has lower repair and
maintenance costs, and remains attractive to respective customer
bases.

National's utilization rates have increased over the past two years
to about 76%, with the majority of its fleet under contract. In
particular, the company is expecting to invest about A$95 million
of growth capital expenditure in fiscal 2021 in existing contracts
with fleet renewals, indicating the capital-intensive nature of
equipment rental providers. Further, the company's acquisition of
Wolff Group Pty Ltd. in 2019 has incrementally increased the
group's scale and exposure to wet hire rental.

Importantly, National has longstanding relationships of more than
15 years with tier one global mining houses such as BHP Group PLC,
Rio Tinto PLC, Fortescue Metals Group Ltd., and Anglo American PLC.
These are among the lowest cost producers globally that we believe
are likely to sustain production through the cycle. In addition, a
majority of National's contract revenues are exposed to client
mines that are in the first and second quartile of the cash cost
curve across coking coal and iron ore, which should support demand
for National's rental services.

S&P believes that increasing strip ratios and heightened production
levels will require increased levels of equipment and after-market
support to facilitate material movement. However, mining sector
investment and capital expenditure remain disciplined due to
increasingly uncertain demand amid geopolitical events. As a
result, miners and contractors continue to adjust their fleet to
match cyclical end-market demand, which provides opportunities and
risks for heavy mining equipment rental providers.

Like its peers, National is indirectly exposed to volatile
commodity prices and the cyclical, fragmented, and competitive
mining service industry in Australia. Mining service providers have
short contract durations of about three years to five years, which
provide limited revenue visibility over the longer term. In line
with industry practice, contracts provide little downside
protection for termination if they are brought in-house. Further,
S&P believes that should commodity prices fall with lower
investment across the mining industry, contracts are likely to be
more competitively contested. Therefore, equipment rental companies
may have limited ability to significantly increase pricing.

S&P said, "We believe National's cash flows and credit metrics will
continue to improve over the next 12 months, supported by company's
target to reduce gross debt to EBITDA to about 3.0x (company's
measure). The company continues to demonstrate good operating
performance, generating strong EBITDA growth. We expect the
company's adjusted debt-to-EBITDA to be in the mid to high 3x range
in fiscal 2021 and low to mid 3x range in fiscal 2022. To date,
National has experienced no material financial fallout from
COVID-19 related interruptions across its operations. National's
underlying mine commodity exposure is about 70% to metallurgical
coal, 20% to iron ore, 5% to thermal coal, and about 5% to other
commodities in fiscal 2020.

"In our view, demand for heavy mining equipment rental remains
robust, driven by our expectations that mining customers continue
to focus on mining productivity and efficiency. This should support
National's financial metrics over the medium term. We anticipate
capital expenditure levels to increase substantially in fiscal 2021
from fiscal 2020, as the company funds growth from existing
contracts that should add incrementally to revenues and EBITDA,
particularly in fiscal 2022. As a result, we forecast free cash
flows to remain negative in fiscal 2021.

"The outlook on National Group is stable, reflecting our
expectation that the group will grow its contract book and earnings
from existing contract renewals with stable utilization rates
following a period of growth. We forecast National's adjusted
debt-to-EBITDA ratio to be within the 3x range over the next 12
months, with an EBITDA interest coverage ratio of above 3x.

"We could lower the rating if National's adjusted debt-to-EBITDA
ratio sustains above 4x. This scenario could occur if there is a
further deterioration in key end-markets, particularly
metallurgical coal, loss of key contracts, or a reversal of
improved trading conditions in the equipment rental industry.

"In our view, rating upside is limited over the next 12-18 months.
However, we could consider an upgrade if we were confident that
National Group could comfortably sustain adjusted debt-to-EBITDA
below 2.5x and EBITDA interest coverage above 4.5x through the
cycle."




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GOLDEN WHEEL: Moody's Assigns B2 Rating to New USD Bond
-------------------------------------------------------
Moody's Investors Service has assigned a B2 senior unsecured rating
to the proposed USD bond to be issued by Golden Wheel Tiandi
Holdings Company Limited (B2 stable).

Golden Wheel will use the bond proceeds mainly to refinance
existing debt.

RATINGS RATIONALE

"The proposed bond issuance will lengthen Golden Wheel's debt
maturity profile and will not have a material impact on its credit
metrics," says Cedric Lai, a Moody's Vice President and Senior
Analyst.

Golden Wheel's B2 corporate family rating reflects its (1) good
track record in developing integrated commercial and residential
property projects in Nanjing; (2) stable recurring income from
investment properties; and (3) track record of prudent financial
management, with the company cautiously expanding its operations.

On the other hand, Golden Wheel's credit profile is constrained by
its small operating scale, and by its weak liquidity and volatile
credit metrics because of its small operating scale and geographic
concentration.

Moody's expects that Golden Wheel's adjusted EBIT/interest and
revenue/adjusted debt will improve to around 1.7x-1.8x and 30%-38%
respectively over the next 12-18 months from 1.3x and 24% in 2019.
These ratios are in line with its B2 ratings, given the company's
stable recurring income.

Golden Wheel's liquidity position is weak. Moody's expects that the
company's cash holdings and operating cash flow will be
insufficient to cover its short-term debt and committed land
payments over the next 12 months. However, Moody's believes that
the risk is mitigated by the company's track record of accessing
diversified funding channels, including the bank and capital
markets for debt refinancing.

The stable ratings outlook reflects Moody's expectation that the
company will refinance its maturing debt, adopt a disciplined
approach to expansion, and maintain a stable recurring income
stream.

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

The ratings could be upgraded if Golden Wheel: (1) expands its
scale through stable revenue growth, and maintains a stronger and
less volatile financial profile; or (2) maintains solid liquidity.

Credit metrics that could trigger an upgrade include: (1) net
rental income that covers 1.0x of gross interest expenses; (2)
revenue to debt above 60%-70%; and (3) cash to short-term debt
above 1.3x on a sustained basis.

Moody's could downgrade the ratings if Golden Wheel: (1)
experiences a significant decline in sales or rental income; (2)
materially increases its debt-funded investment projects; or (3)
fails to maintain adequate liquidity.

Credit metrics that could trigger a downgrade include: (1) net
rental income to gross interest below 0.3x; (2) adjusted EBIT to
gross interest below 1.5x on a sustained basis; or (3) cash to
short-term debt below 1.0x.

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

TIMES CHINA: Moody's Assigns Ba1 Rating to New Sr. Unsec. Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to the proposed
senior unsecured USD notes to be issued by Times China Holdings
Limited (Ba3 stable).

The rating outlook is stable.

Times China will use the proceeds from the proposed issuance mainly
to refinance certain of its existing debt.

RATINGS RATIONALE

"The proposed notes will not materially impact Times China's
financial profile or Ba3 corporate family rating, because it will
mainly use the proceeds to refinance existing debt," says Danny
Chan, a Moody's Assistant Vice President and Analyst, and also
Moody's Lead Analyst for Times China.

Moody's expects Times China's leverage, as measured by
revenue/adjusted debt, to improve towards 75%-80% over the next
12-18 months from 68% in 2019, supported by steadily increasing
revenue recognition from strong contracted sales over the past two
years and slowing debt growth.

Moody's expects the company's interest-servicing ability, as
measured by adjusted EBIT/interest coverage, will improve to
3.3x-3.9x over the same period from 3.0x in 2019, underpinned by
stable gross margins. Such credit metrics support the company's Ba3
corporate family rating (CFR).

Times China's gross contracted sales fell 2% year-on-year to
RMB24.6 billion in the first five months of 2020 due to the impact
from the coronavirus outbreak. But Moody's expects contracted sales
will remain largely stable in 2020 when compared to 2019, supported
by abundant saleable resources and the company's good execution
track record. The company registered 29% year-on-year growth in
contracted sales to RMB78.4 billion in 2019.

Times China's Ba3 CFR reflects its growing operating scale,
established brand, and good track record of property development in
Guangdong Province. The rating also takes into account the
company's stable profit margins and strong liquidity profile.

However, the company's Ba3 CFR is constrained by its geographic
concentration in Guangdong Province.

The B1 rating on the proposed notes reflects the risk of structural
subordination, given the fact that the majority of claims are at
the operating subsidiaries and have priority over claims at the
holding company in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination, reducing the expected recovery rate for claims at
the holding company level.

Times China's liquidity is good. Moody's expects the company's cash
holdings along with its operating cash flow will be sufficient to
cover its committed land payments and maturing debt in the next
12-18 months.

The company's reported cash balance of RMB29.3 billion at the end
of 2019 well covered its short-term debt of RMB18.6 billion and
committed capital spending.

The stable outlook on Times China's CFR reflects Moody's
expectation that the company will maintain growth in its contracted
sales, as well as carry out disciplined land acquisitions and debt
management to maintain a financial profile that is consistent with
its Ba3 CFR.

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

Moody's could upgrade the ratings if Times China achieves stable
growth in sales and an increased operating scale, maintains a
strong liquidity position and improves its credit metrics.

Credit metrics indicative of an upgrade include cash/short-term
debt above 1.5x, EBIT/interest coverage above 3.5x and
revenue/adjusted debt above 75%-80% on a sustained basis.

Conversely, Moody's could downgrade the ratings if the company's
sales decline, its debt leverage increases or liquidity position
weakens, or if it undertakes aggressive land or project
acquisitions.

Credit metrics indicative of a downgrade include cash/short-term
debt below 1.0x, EBIT/interest coverage below 2.5x or
revenue/adjusted debt below 60% on a sustained basis.

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

Times China Holdings Limited is a property developer based in
Guangdong Province, focused on meeting end-user demand for
mass-market housing. As of December 31, 2019, the company had 127
property projects across 12 cities in Guangdong Province, Changsha
in Hunan Province, Wuhan in Hubei Province, Chengdu in Sichuan
Province and Hangzhou in Zhejiang Province. The company's land bank
totaled around 23 million sqm as of the same date.



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FIJI: Moody's Affirms Ba3 Sr. Unsec. Debt Rating, Outlook Now Neg.
------------------------------------------------------------------
Moody's Investors Service affirmed the Government of Fiji's local
and foreign currency long-term issuer and senior unsecured debt
ratings at Ba3 and changed the outlook to negative from stable.

The change in outlook to negative is driven by the risk that the
government is not able to reverse a large increase in its debt
burden and weakening in debt affordability as a result of the
significant shock to Fiji's tourism sector due to the global
coronavirus outbreak. In particular, in a downside scenario where a
gradual recovery in international travel to Fiji does not
materialise over the next few quarters, the government's credit
profile would weaken and may be consistent with a lower rating.

The sharp deterioration in global economic outlook and significant
reduction in risk appetite due to the coronavirus pandemic are
creating a severe economic and financial shock. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
For Fiji, the closure of borders, restrictions on international
travel, and potential, protracted weakness in travel demand will
have a significant impact on the country's tourism sector, which
will in turn weigh on its economic prospects and result in a
sharply higher debt burden and weaker debt affordability.

The rating affirmation reflects limited financing risks given
Fiji's large captive source of domestic financing through the
national provident fund and increased external financing from
development partners that keep a lid on interest payments, despite
the large shock to government finances. The policymaking
institutions' track record of effective macroeconomic management
provide some economic resiliency, while ample foreign exchange
reserves limit external vulnerability risks. These credit strengths
are balanced against the economy's small size and limited
diversification that continue to constrain its shock absorption
capacity, as the coronavirus shock reveals. Sudden weather events
and the effects of long-term climate change also pose risks to
Fiji's narrowly diversified economic base.

Fiji's long-term local currency bond and deposit ceilings remain
unchanged at Baa3. The Ba3 long-term foreign currency bond ceiling
and B1 long-term foreign currency deposit ceiling are also
unchanged. The short-term foreign currency bond and deposit
ceilings remain unchanged at Not-Prime. These ceilings act as a cap
on the ratings that can be assigned to the obligations of other
entities domiciled in the country.

RATINGS RATIONALE

RATIONALE FOR CHANGING THE OUTLOOK TO NEGATIVE FROM STABLE

The impact of coronavirus on Fiji's tourism sector will weaken the
government's fiscal profile. In particular, sharply lower
international tourist arrivals and the resulting economic
contraction relative to pre-coronavirus levels over the next 1-2
years will significantly reduce government revenue and widen the
fiscal deficits and sharply raise the debt burden. Absent a gradual
resumption in international travel over the next few quarters,
whether because of continued border closures or a reduced appetite
for tourism, Fiji's credit profile may deteriorate further to be
consistent with a lower rating.

The tourism sector contributes around 40% of GDP, accounts for
around 45% of total domestic exports including services, employs a
third of the labour market, and makes up around 30% of government
revenue. Weak tourism activity will only be partly offset by the
likely increase in agriculture production, including for sugar
cane, in a solid growing season. Moody's expects that the
government's coronavirus stimulus package and assistance to
affected businesses and households will only provide a modest boost
to domestic spending.

Moody's assumes that the Pacific travel bubble that is currently
under discussion will allow for travel between Australia, New
Zealand and the South Pacific islands including Fiji to resume late
this year. The travel bubble would be significant as it would set
Fiji on a path to normalisation in tourism-related flows, with
Australia and New Zealand accounting for nearly two-thirds of
Fiji's visitor arrivals. Arrivals would be further supported by a
gradual reopening of international borders outside the travel
bubble in 2021. In general, Moody's assumes that the recovery in
tourism will span multiple quarters, with visitor arrivals only
reaching pre-coronavirus levels some time in 2022.

Depressed levels of tourism activity at least through 2021 will
result in lower government revenue. Moody's expects the
government's fiscal deficit to widen to slightly more than 9% of
GDP in fiscal year 2020 (ending July 2020) and remain wide at
around 11% of GDP in fiscal year 2021. This is significantly wider
compared to the average deficit of 3.6% of GDP over fiscal years
2016-19, which spanned periods of higher spending for post-cyclone
rehabilitation and ahead of a general election. Underlying Moody's
assumptions is that government spending will remain broadly
unchanged despite lower revenue, in order to provide some support
to domestic demand.

In turn, wider government deficits, combined with lower nominal GDP
than would have been achieved without the coronavirus shock, will
lead to a sharp increase in the government's debt burden. Moody's
expects Fiji's debt to GDP ratio to jump to 60-65% of GDP by the
end of fiscal 2020, compared to around 48% as of the end of fiscal
2019, and increase further to around 65-70% of GDP by the end of
fiscal 2021 -- compared to a median debt burden of around 55% of
GDP for similarly rated peers.

As tourism-related flows gradually normalise, Moody's expects the
fiscal deficit to narrow significantly to around 5% of GDP from
fiscal 2022, and for the debt to GDP ratio to begin declining.
However, significant risks remain that further delays in border
openings compared to the current assumptions or a weaker than
expected recovery in tourism after borders reopen will lead to
weaker growth and higher debt for longer.

RATIONALE FOR THE RATING AFFIRMATION

The rating affirmation reflects Fiji's large captive source of
domestic financing and increased external financing from
development partners that keep a lid on interest payments, despite
Moody's expectations that the country's fiscal and debt dynamics
will weaken over the next 1-2 years. Policymaking institutions have
also demonstrated a track record of effective macroeconomic
management, including through large climate shocks, that provide
some economic resiliency. Moreover, ample foreign exchange reserves
and the financial support from development partners limit external
vulnerability risks.

These credit strengths are balanced against economy's small size
and limited diversification that continue to constrain its shock
absorption capacity, as the coronavirus shock reveals. Sudden
weather events and the effects of long-term climate change also
pose risks to Fiji's narrowly diversified economic base.

Domestic sources of financing include the Fiji National Provident
Fund (FNPF) in particular, whose assets amount to 150% of the
government's debt currently, and to a lesser extent bank that are
liquid and well-capitalised. Fiji's increased engagement in recent
years with development partners such as the international financial
institutions as well as Australia and New Zealand has also raised
the level of external financial support, which Moody's expects will
exceed the government's external financing needs. These sources of
financing contain liquidity risks for the government and preserve
debt affordability.

External vulnerability risks are further limited by ample foreign
exchange reserves and a stable balance of payments. In particular,
Moody's expects the coverage by foreign exchange reserves of
external debt due to remain high, while the reserve coverage of
retained imports is likely to exceed six months by the end of this
year. This is supported by Moody's forecast for the current account
deficit to widen only modestly to around 13-15% of GDP in 2020,
compared to around 12.5% in 2019, as the sharp decline in imports
of goods and fuel by tourism-related businesses, including hotels
and the national airline, Fiji Airways, and repatriation of incomes
by foreign-owned businesses will largely offset the reduction in
tourism-related exports.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Environmental considerations are material for Fiji's credit
profile, as both the Fijian economy and the government's finances
are highly vulnerable to both sudden climate events and gradual
climate change trends, a key constraint on the sovereign rating. As
mentioned, Fiji largely relies on its tourism and agricultural
sectors to drive output and employment. These sectors are heavily
exposed to the physical impact of climate change. Meanwhile,
rehabilitation costs associated with past cyclones have weighed on
government finances. While the government is highly focused on
climate change mitigation and building more resilient
infrastructure and early warning systems, the benefits in increased
resilience will take time to materialise.

Social considerations are material for Fiji's credit profile.
Access to basic services continues to be addressed by government's
social programmes, mandatory savings in FNPF provide many
households with emergency funds, and per capita incomes have risen
steadily despite the occurrence of large climate shocks. Moody's
regards the coronavirus outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safety. The outbreak, through movement restrictions and border
closures globally, including in Fiji, will have a significant,
negative impact on the country's tourism sector and key economic
driver.

Governance considerations are material for Fiji's credit profile.
Moody's assessment of Fiji's institutions and governance strength
takes into account the country's continued progress on
institutional reforms that continue to be reflected in its
Worldwide Governance Indicator scores. These include stronger rule
of law and control of corruption. Moody's expects reform momentum
to continue to be underpinned by technical assistance from
development partners.

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

WHAT COULD CHANGE THE RATING UP

The negative outlook signals that a rating upgrade is unlikely over
the near term. The outlook would likely be changed to stable if
prospects for Fiji's tourism sector were to significantly improve
in the coming quarters, containing the deterioration in the
government's fiscal and debt metrics or resulting in a rapid
reversal of the sharp increase in government debt. Signs of faster
and sustained fiscal consolidation once the crisis passes would
also be credit positive. Moreover, ongoing and further reforms that
were to translate into sustained improvements in economic
competitiveness and the business climate, supporting economic
diversification and resiliency, would further create conditions for
a stable outlook.

WHAT COULD CHANGE THE RATING DOWN

The rating would likely be downgraded if a weaker than expected
recovery in Fiji's tourism sector causes the country's economic
potential and fiscal outcomes to remain significantly weaker over
the medium term compared to pre-coronavirus levels. The emergence
of a further large shock, possibly stemming from a natural
disaster, that the government were unable to cushion, would also
put downward pressure on the rating. Balance of payments strains
that were to result in a significant decline in external buffers,
threatening policy credibility and macroeconomic stability, would
additionally be credit negative.

GDP per capita (PPP basis, US$): 12,147 (2019 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 1% (2019 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): -0.9% (2019 Actual)

Gen. Gov. Financial Balance/GDP: -4% (2019 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -12.5% (2019 Actual) (also known as
External Balance)

External debt/GDP: 17.6% (2019 Actual)

Economic resiliency: ba2

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On June 24, 2020, a rating committee was called to discuss the
rating of the Fiji, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have not materially changed. The issuer's
institutions and governance strength, have not materially changed.
The issuer's fiscal or financial strength, including its debt
profile, has materially decreased. The issuer's susceptibility to
event risks has not materially changed.

The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019.



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

AG8 VENTURES: CARE Keeps D INR150.40cr Debt Rating in Not Coop.
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AG8
Ventures Limited (AVL) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank     150.40      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 26, 2018 (subsequently
reviewed on May 22, 2019), placed the rating of AVL under the
'issuer non-cooperating' category as AVL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. AVL continues to be non-cooperative despite
repeated requests for submission of information through phone calls
and e-mails dated May 11, 2020, May 13, 2020 and May 16, 2020. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on May 22, 2019, the following was the
rating weakness:

Key Rating Weaknesses

* Delay in servicing of interest obligations: AVL has delayed
servicing of its debt obligations due to its stressed liquidity
position.

Originally incorporated in 1997 as Aakriti Dwellings Pvt. Ltd., AVL
is the flagship company of the Bhopal based "Aakriti Group". AVL is
engaged in development of multi-storied residential as well as
commercial properties around Bhopal region. In addition to the real
estate sector, "Aakriti Group" has presence in sugar, hospitality
and education industry.

ANIK INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anik
Industries Ltd (AIL) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      65.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short-term Bank    175.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 15, 2019, placed the
rating(s) of AIL under the 'issuer noncooperating' category as AIL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. AIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated June 5,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of last rating on August 21, 2019, following were the
rating weaknesses (updated for the published results & filings
available from Bombay Stock Exchange and feedback received from
lenders):

Key Rating Weaknesses

* Ongoing delay in debt servicing: As per telephonic interaction
with one of the lenders of AIL, there were recent delays in debt
servicing by the company. Also, in its filing on the stock exchange
dated June 13, 2020, management of AIL has stated that the lockdown
announced due to the Covid-19 pandemic has adversely impacted AIL's
liquidity and resulted in delay in debt servicing. AIL's management
has informed that there are on-going over-drawings in the fund
based working capital limits due to tight liquidity following cash
loss reported in FY19 (A) and 9MFY20 (Prov.) results.

Incorporated in 1976, AIL is engaged in commodity trading and
real-estate development, after sale of its dairy business in
September 2016. AIL trades in agro commodities such as edible oils,
soya bean and wheat. It also engages in trading of other
commodities such as coal and also imports crude palm oil and sells
the same in bulk after getting it refined through third party
refineries. In the real estate segment, AIL is developing a
commercial cum residential real estate project in Kolkata, which is
scheduled to be completed by December 2020.

ANNAI INFRA: Ind-Ra Cuts LT Issuer Rating to D, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Annai Infra
Developers Limited's (ADIL) Long-Term Issuer Rating to 'IND D' from
'IND B-'. Simultaneously, Ind-Ra has reassigned AIDL a Long-Term
Issuer Rating of 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR608.8 mil. (reduced from INR 740 mil.) Fund-based working
     capital limits # downgraded and reassigned with IND B+/Stable

     rating;

-- INR1.827 bil. (reduced from INR2.30 bil.) Non-fund-based
     limits* downgraded and reassigned with IND A4 rating;

-- INR41.2 mil. (increased from INR10 mil.) **Proposed fund-based

     limits#* downgraded and reassigned with Provisional IND B+ /
     Stable rating; and

-- INR23 mil. (reduced from INR350 mil.) **Proposed  non-fund-
     based limits$* downgraded and reassigned with Provisional IND

     A4 rating.

# Reassigned 'IND B+'/Stable' after being downgraded to 'IND D'

* Reassigned 'IND A4' after being downgraded to 'IND D'

#* Reassigned 'Provisional IND B+/Stable' after being downgraded
    to 'Provisional IND D'

$* Reassigned 'Provisional IND A4' after being downgraded to
    'Provisional IND D'

** The above rating is provisional and shall be confirmed upon the
sanction and execution of the documents for the above facility by
AIDL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The downgrade to 'IND D' reflects AIDL's delay in debt servicing in
term loans  during November 2019-March  2020 as the bank accounts
were frozen owing to the goods and services tax (GST) dispute and
the payments were made before the end of every month  from personal
funds. In October 2019, the company had become involved in a GST
dispute for the wrongful availment of input tax credit for a
disputed turnover of around INR4,500 million, following which the
director had been arrested and the bank accounts had been frozen.
The director was released in December 2019 and the accounts were
unfrozen in April 2020.  The ratings are constrained by the
uncertainty regarding the GST dispute, as the issue has not been
resolved yet

The reassignment of the Long-Term Issuer Rating of 'IND B+'
reflects the timely servicing of debt during the three months ended
June 2020.

Liquidity Indicator- Stretched: AIDL's average utilization of
fund-based and non-fund based facilities was around 90.89% and
83.08%, respectively, over the 12 months ended March 2020. The cash
flow from operations turned positive at IN923 million in FY20
(FY19: negative INR293 million) due to an improvement in the
working capital cycle to 14 days (FY19: 21 days), resulting from a
decline in receivable days to 89 days (113 days). The cash balance
stood at INR94 million at year end-FY20 (FY19: INR9 million). The
numbers for FY20 are provisional. AIDL has availed moratorium for
March-May 2020 from a few banks

The ratings are also constrained by AIDL's high geographical
concentration, with most of the company's projects being based in
Tamil Nadu (90% of the orders) and Kerala.

The ratings factor in AIDL's medium scale of operations, as
indicated by revenue of INR4,769 million in FY20 (FY19: INR8,418
million; FY18: INR4,679 million). The revenue had surged by 79.9%
yoy in FY19 due to the execution of higher number of orders on a
sub-contract basis. However, the revenue fell by 44% in FY20 owing
to a change in the operating model. AIDL's unexecuted order book
amounted to INR13,945.6 million as of April 2020 (2.9x of FY20
revenue), providing revenue visibility for FY21-FY22. Government
projects accounted for 60% of the order book and private projects
constituted the balance. Overall, the company has a total of 29
projects that are scheduled be completed over FY21-FY22. The
company, which resumed operations in May 2020, has not been
affected significantly by the COVID-19 outbreak and associated
lockdown. Ind-Ra expects AIDL's revenue likely to grow moderately
over the medium term.

The ratings also factor in AIDL's moderate credit metrics. The
interest coverage (operating EBITDA/gross interest expense)
deteriorated to 4.5x in FY20 (FY19: 7x), primarily on account of an
increase in interest expenses to INR151 million (INR 126 million)
due to higher utilization of the bank guarantee and a decline in
the operating EBITDA to INR680 million(FY19: INR924 million). The
net leverage (adjusted net debt/operating EBITDAR) improved to 0.8x
in FY20 (FY19: 1.3x) due to a decrease in the total debt to INR673
million (INR1,125 million).

The ratings are supported by the healthy EBITDA margins. The margin
increased to 14.5% in FY20 (FY19:11%) because of a decline in
subcontracting and employee benefit expenses. It is likely to
continue to be at similar levels over the medium term due to the
change in the operating model from subcontracting to
self-execution. The return on capital employed stood at 25% in FY20
(FY19: 41%).

The ratings also derive comfort from the promoters' experience of
more than eight years in the execution of engineering, procurement
and construction projects.

RATING SENSITIVITIES

Negative: Any stretch in the liquidity position, along with a
decline in the revenue or EBITDA margin, resulting in a sustained
deterioration in the credit metrics, could lead to a negative
rating action.

Positive: The resolution of the GST dispute and sustainable
improvement in the liquidity will be positive for the ratings.

COMPANY PROFILE

AIDL, incorporated in 2008, is headquartered in Erode, Tamil Nadu.
It is primarily engaged in heavy highway, dam and bridge; canal
mining; pond building; earthmoving industrial site work;
transmission and distribution and water supply projects.


APOLLO COMPUTING: Ind-Ra Moves BB- Issuer Rating to Non-cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Apollo Computing
Laboratories Private Limited's Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR120 mil. Fund-based working capital limits migrating to
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating; and

-- INR260 mil. Non-fund based limits migrating to non-cooperating

     category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
14, 2019. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1992, Apollo Computing Laboratories manufactures a
wide range of customized electronic systems (around 300 products)
for the defense and aerospace industry. The company's manufacturing
unit is located in Hyderabad, Telangana.


ARUN POLYMERS: CARE Lowers Rating on INR9cr Loan to D
-----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Arun
Polymers (AP), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      9.00       CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B+; ISSUER NOT
                                  COOPERATING on the basis of best

                                  available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 22, 2019, placed the
rating(s) of AP under the 'issuer noncooperating' category as Arun
Polymers had failed to provide information for monitoring of the
rating. Arun Polymers continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and email dated June 16, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The revision in the ratings assigned to the bank facilities of Arun
Polymers takes into account of ongoing delays in the
servicing of debt obligations.

Detailed description of the key rating drivers

Key Rating Weakness

* Ongoing delays: The firm is unable to generate sufficient cash
flows leading to strained liquidity position resulting in on-going
delays in meetings debt obligations.

Arun Polymers is a proprietorship firm, incorporated in 2013 by Mr.
Arun Kumar. It started commercial operations from April 2013. The
firm is engaged in the business of manufacturing polypropylene sack
bags (PP bags). The manufacturing unit is located in Dindigul
district in the state of Tamil Nadu and has around 40 employees.
The major raw material for the unit is virgin raffia (a by-product
of petroleum) granules which are majorly purchased from Reliance
Industries Limited. The firm had an installed capacity of 100 tons
per month as on March 31, 2016, which has been increased to 250
tons per month as on July 31, 2016. The firm has majority of
customers in Tamil Nadu and Telangana region.


ARVIND SYNTEX: CARE Lowers Rating on INR7cr Debt to B-
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Arvind Syntex Private Limited (ASPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      7.00       CARE B-; Issuer not cooperating;
   Facilities                     Revised from CARE B; Issuer not
                                  cooperating; on the basis of
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 23, 2019, placed the
ratings of ASPL under the 'issuer non-cooperating' category as the
company had failed to provide information for monitoring of the
rating. ASPL continues to be non-cooperative despite repeated
requests for submission of information through numerous phone calls
and emails dated June 5, 2020 and June 3, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The rating has been revised by taking into account non-availability
of information and no due diligence conducted with banker due to
non-cooperation Arvind Syntex Private Limited with CARE'S efforts
to undertake a review of the rating outstanding. CARE views
information non-availability risk as a key factor in its assessment
of credit risk. Further, the ratings take into account small scale
of operations, weak financial risk profile, elongated operating
cycle and fragmented and unorganized nature of textile industry.
The rating, however, draws comfort from experienced management
coupled with long track record.

Detailed description of the key rating drivers

At the time of last rating on April 23, 2019 the following were the
rating weaknesses and strengths (Updated for the information
available from the Registrar of Companies):

Key Rating Weaknesses

* Small scale of operations: Despite being operational for nearly
three decades, the scale of operations has remained small marked by
total operating income of INR10.33 crore and gross cash accruals of
INR0.50 crore during FY19 (FY refers to the April 01 to March 31)
along with low net worth of ASPL stood at INR2.78 crore as on March
31, 2019. The small scale limits ASPL's financial flexibility in
times of stress and deprives it from scale benefits.

* Weak financial risk profile:  Profitability margin marked by
PBILDT margin stood moderate at 11.62% in FY19. However, PAT margin
stood weak and stood negative in FY19 on account of higher
financial and depreciation cost. The capital structure as marked by
debt equity and overall gearing stood leveraged for past three
balance sheet date on account of low net worth base. Debt equity
and overall gearing stood at 1.92x and 3.34x respectively as on
March 31, 2019 as against 1.63x and 2.98x respectively as on March
31, 2018 on account of additional loans taken for machinery and
increase in unsecured loans and higher utilization of working
capital limits. Further, the debt service coverage indicators as
marked by interest coverage ratio and total debt to gross cash
accruals stood weak at 1.72x and 18.40x in FY19.

* Elongated operating cycle: The company maintains sufficient stock
of different forms of raw materials i.e. cotton and synthetic
fabric and yarn for smooth production process. Entailing an average
inventories holding stood at 127 days for FY19. The average
collection period stood at 172 days in FY19 owing to intense
competition coupled with low bargaining power of the company while
it receives average payable period of around 126 days in FY18.

* Fragmented and unorganized nature of textile industry: The
textile related products industry is characterized by numerous
small players and is concentrated in the northern part of India.
Low entry barriers and low investment requirement makes the
industry highly lucrative and thus competitive. Smaller companies
in general are more vulnerable to intense competition due to their
limited pricing flexibility, which constrains their profitability
as compared to larger companies who have better efficiencies and
pricing power considering their scale of operations.

Key Rating Strengths

* Experienced management & long track record of operations:  Mr.
Hari Ram Sharma, promoter of ASPL has rich experience of almost
four decades in manufacturing of textile products. He has been
associated with ASPL since inception. Further, prior to ASPL; he
was associated with Orient Syntex Limited as the managing director
of the company. Mr. Arvind Sharma, other director of ASPL three
years of experience in textile industry. Prior to this, he has
around a decade of experience in the steel industry though his
association with Ajay Overseas Private Limited.

Alwar (Rajasthan) based, Arvind Syntex Private Limited (ASPL) was
incorporated by Mr. Hari Ram Sharma and Mr. Subhash Sharma in
November 1986 as a private limited company. The company started its
operations by manufacturing readymade garments. In 2013, the
business operations were discontinued. However, in March 2014, the
company resumed its business operations of manufacturing of
readymade garments. Currently, the company is being managed by Mr.
Hari Ram Sharma, Mr. Arvind Sharma and Punam Sharma. The raw
material required for the manufacturing of garments include cotton
yarn, polyester yarn, viscose yarn, etc., which is procured by the
company from manufacturers and wholesalers based in Delhi, Himachal
Pradesh, Punjab and Uttar Pradesh. The company sells its products
to wholesalers based in Punjab, Delhi and Uttar Pradesh. ASPL has
an associate concern, namely, Ajay Overseas Private Limited, which
is engaged in manufacturing of steel ingots (established in 2003).

ASHOKA MANUFACTURING: CARE Hikes Rating on INR7.24cr Debt from D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ashoka Manufacturing Limited (AML), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      7.24       CARE BB-; Stable; Revised from
   Facilities                     CARE D

   Short-term Bank
   Facilities          3.50       CARE A4 Revised from CARE D

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of AML
mainly takes into account the default free track record of debt
servicing of the company on account of improvement in liquidity
position of the company. However, the ratings continue to remain
constrained by its small scale of operations with moderate profit
margins, volatility in raw material prices, stretched operating
cycle resulted into large working capital requirements and intense
competition in the industry. Moreover, the ratings continue to
drive strength from experienced promoters with long track record of
operations, comfortable capital structure with moderate debt
coverage indicators and reputed clientele.

Key Rating Sensitivities

Positive Factors

* Increase in scale of operation (turnover beyond INR50 crore)
while maintaining its current operating margin on a sustained
basis.

* Improvement in gross current assets days below 120 days with
reduced reliance on external borrowing for funding its working
capital requirement on a sustained basis.

Negative factors

* Sizable decline in scale of operation (turnover below INR20
crore) with deterioration in operating margin from current level on
a sustained basis.

* Increase in gross current assets days beyond 200 days and
increased reliance on external borrowing for funding these
requirements on a sustained basis.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations with moderate profit margins: The scale
of operations of the company remained small marked by total
operating income of INR31.85 crore (Rs.20.09 crore in FY19) with a
PAT of INR0.91 crore (Rs.3.65 crore in FY19) in FY20 provisional.
However, the total operating income of the company witnessed an
erratic trend during last three years (FY18-FY20). Furthermore, the
total net worth has also remained low at INR11.66 crore as on March
31, 2020 provisional. However, the profit margins of the company
remained moderate marked by PBILDT margin of 8.82% and PAT margin
of 2.85% in FY20 provisional. There was restriction on the
operation activities since the lockdown was imposed on 25th March
so the company was not been able to operate. However, the company
has resumed its manufacturing activities from May 14, 2020 and the
company has booked revenue of INR0.80 crore during the period from
April 1, 2020 to May 31, 2020.

* Volatility in raw material prices: The company does not have
backward integration for its basic raw-materials (Brass, Aluminum,
Copper, Steel etc.) and it procures the same from Malaysia, Taiwan
and rest from Indian market. Since the raw-material is the major
cost driver and the prices of which are volatile in nature, the
profitability of the company is susceptible to fluctuation in
raw-material prices.

* Stretched operating cycle resulted into large working capital
requirements: The company is into manufacturing of parts made up of
base metals (Brass, Aluminum, Copper, Steel, Zinc etc.) mainly used
for defence industry and accordingly has to maintain a large
quantity of raw material inventories for smooth running of its
production process and mitigate the price fluctuations risk.
Accordingly the average inventory period of the company remained on
the higher side during past years. Furthermore, the company allows
credit of more than a month to its customers due to its low
bargaining power which also resulted into working capital intensive
nature of its operations. However, it receives high credit period
from its suppliers due to its long presence in the industry which
mitigates its working capital intensity to a certain extent. The
average utilization of fund based limit remained on the higher side
at about 98.44% during last twelve months ending on May 31, 2020.

* Intense competition in the industry: AML is engaged in the
manufacturing of guns shells, spare parts used in arms and
ammunition industry and submarine industry, which is primarily
dominated by large players and characterized by high
fragmentation and competition due to the presence of numerous
players in India owing to relatively low entry barriers. High
competitive pressure limits the pricing flexibility of the industry
participants which induces pressure on profitability.

Key Rating Strengths

* Experienced promoters with long track record of operations: AML
is into manufacturing of spare parts for the defence sector since
1995 and thus has around more than two decades of track record of
operations. Being in the same line of business since long period,
the promoters have built up established relationship with its
clients and the company is deriving benefits out of this. Ms. Rita
Patodia has more than three decades of experience in the same line
of business, looks after the day to day operations of the company
supported by other directors who also has more than a decade of
experience in the same industry.

* Reputed clientele: AML has been associated with a number of
reputed customers since its inception and has marked a remarkable
presence in arms and ammunition industry. Some of its reputed
clientele of the company are Target Multi Activities Company
Limited (Sudan, Sudan Government Undertaking Company), Bharat
Dynamics Limited, Ministry of Defense, Ordinance Factory at
Khamaria, Maharastra, Odisha, Ammunition Factory at Kirkee, Pune,
Gun & Shell Factory (Kashipur) etc. for supplying defense arms and
ammunitions (mainly bullet making, submarine spare parts, warship
tank parts etc.). Hence, reliance on few customers for substantial
portion of its revenue exposes the company to customer
concentration risk. However, AML has long standing relationship
with these PSUs and large private parties for about one and half
decades which offsets the risk to some extent.

* Comfortable capital structure with moderate debt coverage
indicators: The capital structure of the company remained
comfortable marked by debt equity and overall gearing ratios of
0.17x and 0.62x respectively as on March 31, 2020. Furthermore, the
leverage ratios were improved as on March 31, 2020 provisional due
to lower utilisation of working capital as on balance sheet date
and accumulation of surplus into reserve. The debt coverage
indicators of the company also remained moderate marked by interest
coverage of 2.77x and total debt to GCA of 4.80x in FY20
provisional.

Liquidity: Adequate - Liquidity is marked by sufficient cushion in
accruals vis-a-vis modest cash balance. The average utilization of
working capital limit was high 98.44% during last 12 month ended on
May 31, 2020. The unencumbered cash and cash equivalent stood at
INR1.26 crore as on March 31, 2020. During FY20, Provisional the
company has reported a gross cash accrual of INR1.51 crore as
against term loan repayment obligation of INR0.36 crore for FY21.
However, the company has not availed moratorium from its lender
that could be availed as per RBI recent circular.

Incorporated on November 8, 1995, Ashoka Manufacturing Limited
(AML) was promoted by Mr. Anil Kumar Patodia and his family
members. Since its inception, AML has been engaged in manufacturing
of base metal parts made up of brass, aluminum, copper, steel, zinc
etc. which are mainly used for defense arms and ammunitions (mainly
bullet making, submarine spare parts, warship tank parts etc.). The
manufacturing facility of the company is located at industrial
area, Hempal Lane of Howrah and Beleghata (both in West Bengal).
The manufacturing facility of the company has ISO 9001:2015
certified. The company mainly manufactures and supplies its
products to Target Multi Activities Company Limited (Sudan, Sudan
Government Undertaking Company), Bharat Dynamics Limited, Ministry
of Defense, Ordinance Factory at Khamaria, Maharastra, Odisha,
Ammunition Factory at Kirkee, Pune, Gun & Shell Factory (Kashipur)
etc. The company has an order book position of around INR55.00
crore as on May 31, 2019 which is to be completed by September
2021. The company imports its raw materials from Malaysia, Taiwan
etc and sales its products under its name ASHOKA both in the
domestic as well as international market. The major export
destinations of the company are Sudan (Iran),  Bulgaria, Spain,
Egypt etc. and to Indian Ordinance factory mainly associated with
Bharat Dynamics Limited (one of India's manufacturers of
ammunitions and missile systems).


CI AUTOMOTORS: CARE Lowers Rating on INR17.50cr Loan to B
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of C.I.
Automotors Private Limited (CIAPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      17.50      CARE B; Stable; Issuer not
   Facilities                     cooperating; Revised from
                                  CARE B+; Stable; Issuer not
                                  cooperating; on the basis of
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 13, 2019, placed
ratings of CIAPL under the 'Issuer Not-Cooperating' category as
CIAPL had failed to provide information for monitoring of the
ratings and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. CIAPL continues to
be non-cooperative despite repeated requests for submission of
information through phone calls and email dated May 7, 2020. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The revision in the ratings for CIAPL takes into account
non-availability of adequate information (including financials for
FY20 refers to the period from April 1 to March 31) and overall
demand slowdown in the automobile industry which has adversely
affected the prospects of automobile dealership companies.

Detailed description of the key rating drivers

At the time of last rating on March 13, 2019, the following were
the rating strengths and weaknesses (updated for the information
available from MCA filings, lenders feedback and publicly available
information):

Key Rating Weaknesses

* Moderate scale of operations and thin profitability: CIAPL has
moderate scale of operations marked by total operating income (TOI)
of INR136.00 crore in FY19 which has declined by ~18% over the past
year TOI of INR165.17 crore. However, operating profitability have
improved marginally yet continued to remain thin at 5.14% in FY19
(FY18: 3.13%). Further, PAT margin remained at 1.00% in FY19 (FY18:
0.45%).

* Leveraged capital structure with weak debt coverage indicators:
The capital structure continued to remain highly leveraged at 7.14
times as on March 31, 2019 due to high debt level on back of
working capital intensive nature of operation though marginally
improved from FY18 (FY18: 8.54 times). The debt coverage indicators
continued to remain weak during FY19 marked by interest coverage
ratio of 1.58 times (FY18: 1.40 times) and total debt to gross cash
accrual (TD/GCA) ratio of 13.72 times (FY18: 15.70).

High inventory holding: The operations of CIAPL are working capital
intensive in nature with substantial investment required in
maintaining inventory of various models to meet the customer demand
and unforeseen supply shortage. The liquidity of the company
remained tight marked by low cash accruals, modest current ratio of
1.25 times as on March 31, 2019 (FY18: 0.99 times).

* Highly competitive and fragmented auto dealership business along
with cyclical nature of automobile industry: Indian auto dealership
business is highly fragmented and competitive with presence of
large number of auto dealers catering to different brands. CIAPL
faces aggressive competition from other auto dealers in the
vicinity like Honda, Maruti, Fiat, Tata, Renault, Hundai in car
segment. Moreover, the auto industry is inherently vulnerable to
the economic cycles and is highly sensitive to the interest rates
and fuel prices.

In FY19, with a high base of FY18 post demonetization and GST and
implementation of BS IV norms in April 2017, the auto industry
witnessed a slower growth of about 6.5% in sales (including PVs,
CVs and two & three wheelers) vis-à-vis a double digit growth of
14.5% during FY18. Further in FY20, the industry sales witnessed a
sharp de-growth of 14.8% led by factors such as increased insurance
costs, uneven monsoon, high ownership costs, curtailed lending by
the NBFC segment, weak festival demand, weak consumer sentiments
and the spread of Covid-19 in the country.

Key Rating Strength

* Experienced promoters in the automobile dealership business:
Established in the year 1997, CIAPL is promoted by Mr. Rakesh Malik
and Mrs. Anju Malik who have been associated with the automobile
dealership industry for more than 20 years and look after the
overall operations of the company.

Incorporated in May 1997, C.I. Automotors Private Limited (CIAPL)
is promoted by Mr. Rakesh Malik, Chairman, of C. I. group of
companies and has experience of more than three decades in managing
various businesses. CIAPL primarily deals in Mahindra & Mahindra's
(M&M) vehicles, spare parts and accessories while it also offers
servicing of M&M vehicles. The company operates 3 showrooms and 2
service centers in Bhopal catering to the passenger and commercial
vehicle segment.

CIAPL belongs to C.I group headquartered in Bhopal, Madhya Pradesh.
The group has three other companies under its umbrella viz; C.I.
Finlease Limited having a dealership of Hyundai Motors India
Limited, C.I. Capital Private Limited an NBFC engaged in vehicle
financing and C.I. Builders Private Limited engaged in the real
estate development.

CI FINLEASE: CARE Lowers Rating on INR42.83cr Loan to B
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of C.I.
Finlease Limited (CIFL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      42.83      CARE B; Stable; Issuer not
   Facilities                     cooperating; Revised from
                                  CARE B+; Stable; Issuer not
                                  cooperating; on the basis of
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 13, 2019, placed
ratings of CIFL under the 'Issuer Not-Cooperating' category as CIFL
had failed to provide information for monitoring of the ratings and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. CIFL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated May 7, 2020. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The revision in the ratings for CIFL takes into account
non-availability of adequate information (including financials for
FY20 refers to the period from April 1 to March 31) and overall
demand slowdown in the automobile industry which has adversely
affected the prospects of automobile dealership companies.
Detailed description of the key rating drivers

At the time of last rating on March 13, 2019, the following were
the rating strengths and weaknesses (updated for the information
available from MCA filings, lenders feedback and publicly available
information):

Key Rating Weaknesses

* Moderate scale of operations and thin profitability: CIFL has
moderate scale of operations marked by total operating income (TOI)
of INR187.31 crore in FY19 which has declined by ~19% over the past
year TOI of INR229.85 crore.

* Operating profitability have improved marginally yet continued to
remain thin at 4.95% in FY19 (FY18: 3.62%). Further, PAT margin
remained at 0.62% in FY19 (FY18: 0.27%).

* Leveraged capital structure with weak debt coverage indicators:
The capital structure continued to remain highly leveraged at 5.01
times as on March 31, 2019 due to high debt level on back of
working capital intensive nature of operation though marginally
improved from FY18 (FY18: 5.98 times). The debt coverage indicators
continued to remain weak during FY19 marked by interest coverage
ratio of 1.37 times (FY18: 1.33 times) and total debt to gross cash
accrual (TD/GCA) ratio of 13.28 times (FY18: 15.85).

* High inventory holding: The operations of CIFL are working
capital intensive in nature with substantial investment required in
maintaining inventory of various models to meet the customer demand
and unforeseen supply shortage. The liquidity of the company
remained tight marked by low cash accruals, modest current ratio of
1.05 times as on March 31, 2019 (FY18: 1.01 times).

* Highly competitive and fragmented auto dealership business along
with cyclical nature of automobile industry: Indian auto dealership
business is highly fragmented and competitive with presence of
large number of auto dealers catering to different brands. CIFL
faces aggressive competition from other auto dealers in the
vicinity like Honda, Maruti, Fiat, Tata, Renault, Mahindra and
Mahindra in car segment. Moreover, the auto industry is inherently
vulnerable to the economic cycles and is highly sensitive to the
interest rates and fuel prices.  In FY19, with a high base of FY18
post demonetization and GST and implementation of BS IV norms in
April 2017, the auto industry witnessed a slower growth of about
6.5% in sales (including PVs, CVs and two & three wheelers)
vis-à-vis a double digit growth of 14.5% during FY18. Further in
FY20, the industry sales witnessed a sharp de-growth of 14.8% led
by factors such as increased insurance costs, uneven monsoon, high
ownership costs, curtailed lending by the NBFC segment, weak
festival demand, weak consumer sentiments and the spread of
Covid-19 in the country.

Key Rating Strengths

* Experienced promoters in the automobile dealership business:
Established in the year 1996, CIFL is promoted by Mr. Rakesh Malik
and Mrs. Anju Malik who have been associated with the automobile
dealership industry for more than 20 years and look after the
overall operations of the company.

Incorporated in the year 1996, C.I. Finlease Limited (CIFL) is
promoted by Mr. Rakesh Malik, Chairman, of C. I. group of companies
and has experience of for more than three decades in managing
various businesses. CIFPL was engaged in auto financing for TVS
motors in Bhopal for tenure of 12 years. Later in the year 2005,
CIFL became authorized dealer and service provider for Hyundai
Motors India Limited (HMIL). It has 3 showrooms and 3 service
centres in Bhopal, Madhya Pradesh.

CIFL is the flagship company of C.I group headquartered in Bhopal,
Madhya Pradesh. The group has three other companies under its
umbrella viz; C.I. Automotors Private Limited having a dealership
of Mahindra & Mahindra Limited (M&M), C.I. Capital Private Limited,
an NBFC engaged in vehicle financing and C.I. Builders Private
Limited engaged in the real estate development.

GMR RAJAHMUNDRY: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of GMR
Rajahmundry Energy Limited (GREL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank    2,352.39     CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short-term Bank      67.02     CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Long-term/Short     138.02     CARE D; Issuer not cooperating;
   term Bank                      Based on best available
   Facilities                     information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GREL to monitor the ratings
vide e-mail communications dated May 7, June 5, June 8, June 11 and
June 13, 2020 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on GMR
Rajahmundry Energy Limited's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on February 6, 2019 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Detailed description of the key rating drivers

Key Rating Weaknesses

* Continuing delays in the servicing of debt obligations: There are
continuing delays in the servicing of debt obligations pertaining
to the debt drawn for the project on account of stretched liquidity
position of the company. Due to lower availability of gas, the
plant operated at sub optimal level. This led to deterioration in
the financial risk profile and impacted the cash accruals which
were not sufficient to service the debt obligations. At present,
the plant has no operations on account of absence of long term fuel
supply arrangement and power purchase agreement.

* Resolution Plan (RP) approved by lenders:  In view of constraints
in servicing of debt obligation, the company had submitted RP to
consortium of lenders pursuant to circular on resolution of
stressed assets announced by RBI on 12th February 2018. The RP
submitted by company was based on detailed analysis of future power
scenario, availability of domestic/imported gas at affordable price
and future outlook of gas based power plants. As conveyed by the
company, the said RP has been approved by the consortium of lenders
and has been implemented.

Incorporated in November 2009, GMR Rajahmundry Energy Limited
(GREL) is a Special Purpose Vehicle (SPV) promoted by GMR
Generation Assets Limited to set up a 768 MW (2x384 MW) gas-based
Combined Cycle Power Plant (CCPP) at Vemagiri, Dist. East Godavari,
Andhra Pradesh. GREL has been set up adjacent to the existing 389
MW gas-based CCPP of GMR Vemagiri Power Generation Limited, the
project achieved Commercial Operations Date (COD) on October 22,
2015.

GO GREEN: CARE Keeps D INR9.56cr Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of The Go
Green Build Tech Private Limited (TGGBTPL) continues to remain in
the 'Issuer Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      9.56       CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 23, 2019 placed the
rating of TGGBTPL under the 'issuer non-cooperating' category as
TGGBTPL had failed to provide information for monitoring of the
rating. TGGBTPL continues to be non-cooperative despite repeated
requests for submission of information through emails dated June 8,
2020, June 10, 2020 and numerous phone calls. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on April 23, 2019 the following were the
rating weaknesses and strengths (Updated for the information
available from the Registrar of Companies):

Key Rating Weaknesses

* Delay in debt servicing: There was delay in stabilization of the
newly set up manufacturing facilities which was also new venture
for its promoters. This has resulted into liquidity stress position
and Ongoing delays in servicing the debt obligations.

The Go Green Build tech Private Limited (GBP) was incorporated in
December 26, 2012. The company is promoted by Mr. Umesh Chand Jain,
Mr. Rishabh Jain and Mr. Nikhil Jain. GBP is a part of the
"Velveleen Group" which has interests in the manufacturing of
velvet and fabric, real estate infrastructure development,
manufacturing of concrete bricks and education. GBP is engaged in
manufacturing of civil construction materials such as fly ash
bricks at its manufacturing unit at Dadri, Uttar-Pradesh with
installed capacity of 5 crore pieces per annum. The commercial
production of its fly ash plant was commenced form June 15, 2014.
The product finds its usage in construction of commercial building
and residential building. The main raw material for manufacturing
the products is fly ash and the same is procured from NTPC. Others
raw material such as cement, lime etc is procured from local
market. GBP sells its product to real estate and commercial space
developers mainly located in Delhi NCR region.

GUJARAT HY-SPIN: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gujarat
Hy-Spin Limited (GHSL) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      28.77      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Long term/           2.00      CARE D/CARE D; Issuer not
   Short term                     cooperating; Based on best
   Bank Facilities                available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 20, 2019, placed the
ratings of GHSL under the 'issuer non-cooperating' category as GHSL
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. GHSL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 21, 2020, April 23, 2020 and April 27, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the ratings on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at fair ratings.

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

The ratings take into account delay in servicing of its debt
obligations.

Detailed description of the key rating drivers
At the time of last rating on March 20, 2019 the following were the
rating weaknesses:

Key rating weakness:

* Delay in debt servicing:  GHSL has been irregular in servicing of
its debt obligation due to poor liquidity position of the company.

Liquidity: Poor

Liquidity position of GHSL remained poor marked by elongated gross
current asset days which resulted into elongated operating cycle
days during FY19. Unencumbered cash and bank balance with the
company remained low at INR0.12 crore as on March 31, 2019 as
against INR0.09 crore as on March 31, 2018. Further, current ratio
of GHSL remained at 1.25x as on March 31, 2019, however, quick
ratio remained below unity at 0.78x as on March 31, 2018 owing to
higher inventory level as on March 31, 2019.

GHSL was incorporated as a private limited company on February 01,
2011 by Mr. Maganbhai Parvadia and Mr. Chandulal Parvadia, and
converted to limited company on February, 2017. GHSL has two group
concerns namely Gujarat Ginning & Oil Industry and Paras Cotton.
The former is engaged in cotton ginning, pressing and crushing of
oil seeds while the latter carries out trading of cotton seeds and
cotton bales. GHSL has a spinning mill with an installed capacity
of 17,952 spindles or 3,582 MTPA as on March 31, 2017 for
manufacturing of cotton yarn having combed counts yarn of 30 at its
Gondal plant (Gujarat). GHSL started commercial production from
December, 2013.

JAI VENKAY: CARE Keeps D INR7.74cr Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jai Venkay
Poultry Farms (JVPF) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      7.74       CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 17, 2019, placed the
ratings of JVPF under the 'issuer non-cooperating' category as
company had failed to provide information for monitoring of the
rating. The company continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and email dated June 2, 2020 .In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating dated April 17, 2019, the following were
the rating strengths and weaknesses.

Key rating weaknesses

* Delays in servicing debt obligation due to delay in realizing
debtors:  The firm has elongated operating cycle due to high
inventory levels. The average inventory days of the firm during
review period lies within the range of 150-180 days. Due to, the
egg production starts from the small chicks takes on an average of
20 weeks from the date of starting farming of every batch of
chicks, resulted in high inventory levels. The firm receives the
payment from its customers within 60-80 days. However, the firm is
making payment to its creditors within 15-20 days. The said factor
resulted in high dependence on working capital borrowings. Due to
the above said factor the firm is unable to make the timely payment
of debt obligation.

Key rating strengths

* Experience of the partners for one decade in Poultry business:
JVPF was established in the year 2008 and promoted by Mr. K Venkata
Rao and family members. Mr. K Venkata Rao and Ms. T Lakshmi Sujatha
are qualified arts graduates and have one decade of experience in
the poultry industry. Apart, Ms. T Bhavani Reddy is also a
qualified commerce graduate has one decade of experience in the
poultry industry. Due to long term presence in the market, the
partners have good relations with suppliers and customers.

Andhra based, Jay Venkay Poultry Farms (JVPF) was established in
the year 2008 and promoted by Mr. K Venkata Rao and family members.
The firm is engaged in farming of egg laying poultry
birds(chickens) and trading of eggs and live birds.  The firm sells
its products like eggs and live birds in Andhra Pradesh to
retailers through own sales personnel. The firm buys chicks (small
chickens) from Srinivasa hatcheries private limited, Vijayawada.
The firm purchases raw materials like rice brokens, sun flower cake
from local farmers, and soya from Harikrishna & Co, Suvarnalakshmi
trading company.


JET AIRWAYS: Brand Value, AOP, Few Assets Before Potential Bidders
------------------------------------------------------------------
Livemint.com reports that with Jet Airways finding renewed interest
among some new bidders, there is fresh focus on the airline's
assets including its brand value, Air Operator Permit (AOP), a
stake in a profitable frequent flyer programme and a few relatively
old planes.

The emergence of new bidders has rekindled interest in the residual
asset value of the bankrupt airline, Livemint says. According to
the report, Nripendra Singh, industry principal, aerospace, defence
and security practice at Frost & Sullivan, said potential bidders
are probably looking at Jet's international bilateral rights, six
old aircraft, ticketing and code share arrangements with other
legacy airlines, the Jet Airways brand value as a known
full-service carrier, fixed assets which are still not auctioned
since bankruptcy procedures never started, and human resources,
since not everyone from the airline has been re-employed so far.

Challenges to turn the grounded airline around will include its
existing debt obligation, pending dues towards employees, airports,
ground handlers and other stakeholders like caterer and fuel
suppliers, high costs of restarting operations as maintenance costs
to refit grounded aircraft are going to be high, and hiring pilots
to operate such aircraft, amid low travel demand due to the
covid-19 outbreak, Mr. Singh said, Livemint relays.

"The loyalty programme of Jet Airways (InterMiles, earlier
JetPrivilege) is still functional and has data of passengers. Data
(may) look small but it's of a big value," Mr. Singh added.

Jet Airways also had some key slots at busy foreign airports as
well as key domestic airports like Delhi and Mumbai, said a senior
airline official, requesting anonymity, Livemint relays. "However,
rights to these slots have expired and other airlines are now using
them. It will be a tough fight to get these slots back from the
incumbents," the official said.

"The key attractions for potential bidders for the airline will be
its AOP and the Jet Airways brand," the official, as cited by
Livemint, added. Jet Airways also owned a few planes while a large
number of aircraft in its fleet were leased and were sent back to
lessors after the airline was grounded. "The airline still has in
its fleet a few Boeing 777 and Boeing 737 planes," said aviation
analyst Ameya Joshi, also the founder of NetworkThoughts.

According to Livemint, the turnaround of Jet Airways will, however,
not be easy even if a new promoter comes on board as the airline
will need a huge amount of cash infusion to start flying again.
"The latest decision of the RP (resolution professional) to
finalize four potential bidders for Jet Airways seems like a delay
tactic. None of the groups shortlisted by the RP has strong
aviation experience or are known to be backed by big money," said
an industry expert, who didn't want to be named.

Livemint says the resolution professional to grounded Jet Airways
has finalized four consortia of potential bidders who may submit a
bid proposal after due diligence. This is the fourth attempt by the
resolution professional to find a suitor to revive the ailing
airline. The four consortia include the UK's Kalrock Capital
Partners along with Dubai-based Murari Lal Jalan, Abu Dhabi-based
Imperial Capital Investments Llc along with Haryana-based Flight
Simulation Technique Centre Pvt. Ltd and Mumbai-based Big Charter
Pvt. Ltd, Canada-based entrepreneur Sivakumar Rasiah, and Kolkata's
Alpha Airways, Livemint discloses. Last week, the potential bidders
were given two weeks to review the financial health of the company
and firm up their ids, the report notes. When contacted, Jet
Airways resolution professional, Grant Thornton's Ashish
Chhawchharia, didn't offer comments.

                          About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal.  It provided
passenger and cargo air transportation services as well aircraft
leasing services. It operated flights to 66 destinations in India
and international countries.  

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.

Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas will represent the interests of the lenders' consortium,
according to a Reuters report.

Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.

Creditors have filed claims worth INR30,907 crore, according to
Financial Express.  The RP has so far admitted claims worth over
INR14,000 crore.

KRISHNAGANGA SPINNING: CARE Keeps C INR18cr Debt Rating in Not Coop
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Krishnaganga Spinning Mills Private Limited (KGSMPL) continues to
remain in the 'Issuer Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       18.00     CARE C; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short-term Bank
   Facilities            3.35     CARE A4; Issuer not cooperating;
                                  Based on best available
                                  Information

CARE had, vide its press release dated March 29, 2019, placed the
rating(s) of KGSMPL under the 'issuer non-cooperating' category as
KGSMPL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. KGSMPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 08, 2020, May 29, 2020, and April 30, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The ratings have been revised as CARE was unable to undertake
proper due-diligence for the company. The ratings factor in
relatively small scale of operation, fluctuating operating income
and profit margins over the years and working capital intensive
nature of industry. The rating also take cognizance of experienced
promoters and management team, adequate raw material availability
due to geographical advantage, moderate gearing level and debt
protection metrics and stable demand outlook of the industry.

Detailed description of the key rating drivers

At the time of last rating on March 29, 2019, the following were
the rating strengths and weaknesses:

(Updated with information from Ministry of Corporate Affairs)

Key rating weakness:

* Working capital intensive nature of industry: KSMPL procures its
raw material majorly from Reliance Industries Limited (RIL) and
Grasim India Limited (GIL). Both being significantly large
suppliers, KSMPL has low bargaining power. The operating cycle of
the company stretched to 102 days in FY19 from 97 days in mainly
due to stocking of inventory to meet orders which led
to increase in inventory period (to 70 days in FY19 from 58 days).

* Fluctuating total operating income and profit margins: KSMPL has
a moderate scale of operations and the financial performance of the
company continues to fluctuate during FY17-FY19 primarily due to
sluggish demand in textile industry and decline in yarn prices in
the country.

Key Rating Strengths:

* Experience of the promoters and management team: KSMPL was
promoted by Mr. G. Punnaiah Choudary, who is M.Com from Andhra
University. He has more than 44 years of experience in Cottonseed,
Edible Oil Manufacturing and Spinning Industry. Besides KSMPL has
also started a Charitable Trust and helps poor merit students and
elderly citizens for the past 25 years. Currently, he is Honorable
Chairman of Andhra Pradesh Spinning Mills Association and Andhra
Pradesh Cotton Association. He is assisted by his son, Mr. G.
Prudhvi (Chairman of KSMPL) who has graduated in Bachelor of
Business Administration. He also looks after the day to day
operations of the company.

* Favorable location of manufacturing facility: KSMPL has its
manufacturing unit located at Guntur, Andhra Pradesh which serves
as major market for textile commodities in the state. Due to close
proximity of the main textile market, the company has the ease of
procurement of fiber and selling of the yarn in the same market.
Further, KGSMPL is one of the established players Guntur region and
also has lower transportation cost as compared to other players
which are selling in Andhra Pradesh from different states.

* Diversification in product profile: KSMPL is engaged in
manufacturing of Polyester, Polyester Viscose and cotton yarn which
helps the company to reduce the income dependency on a single fibre
and mitigates the risks arising out of changes in market variables
such as prices, demand etc. However, due to decline in demand for
cotton yarn from past few years, the company has shifted its focus
towards producing polyester and polyester viscose yarns.

Krishnaganga Spinning Mills Private Limited (KSMPL) was
incorporated on September 6, 1983 and was promoted by Mr. G
Punnaiah Choudary as a public limited company, 'Krishnaganga
Spinning Mills Limited' near Guntur, Andhra Pradesh. It was
converted into a private limited company on March 10, 2003. The
company is engaged into manufacturing of synthetic blended yarns
(installed capacity of 37,296 spindles).

LOKMANGAL MAULI: CARE Keeps D INR210.85cr Debt Rating in Not Coop.
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lokmangal
Mauli Industries Limited (LMIL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      210.85      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 25, 2019, placed the
rating of LMIL under the 'issuer non-cooperating' category as LMIL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. LMIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 3, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 25, 2019, the following were
the rating weakness (updated for the information available from
Registrar of Companies).

Key Rating Weakness

The Company defaulted in repayment of loans/borrowings to the
financial institutions and the account is classified as
Nonperforming asset (NPA) as per the banker interaction

LMIL was incorporated in August 2007 to undertake sugar and sugar
related production by Mr. Subhash Deshmukh (Founder chairman) and
Mr. Ravikant Patil (Managing Director) with an installed capacity
of 6,000 Tonnes of Cane Crushed Per Day (TCD). To mitigate the
seasonal and cyclical nature of sugar industry, LMIL has also
installed Co-generation unit of 30 Megawatt (MW). The partially
integrated sugar factory of LMIL is located at Post Khed, Taluka
Lohara.

NIAGARA METALS: CARE Lowers Rating on INR7cr Loan to D
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Niagara Metals India Limited (NMI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE BB+; Stable;
                                   Issuer not cooperating; on the
                                   basis of best available
                                   information

   Short-term Bank      5.00       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE A4+; ISSUER
                                   NOT COOPERATING on the basis of

                                   Best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 3, 2019, placed the
rating(s) of NMI under the 'issuer non-cooperating' category as NMI
had failed to provide information for monitoring of the rating. NMI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated June 15, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The ratings have been revised on account of on-going delays in the
servicing of the debt obligations.

Detailed description of the key rating drivers

Key Rating Weakness

* Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligations by NMI. The company has been
classified as Non-Performing Asset (NPA) by the bank.

Niagara Metals India Limited (NMI) was incorporated in December,
2004 as a 100% export oriented unit for railway components.
Initially, NMI was promoted by Mr. Thomas (USA citizen) and Mr.
Vinod Kumar Soni, holding equal number of shares in the company. In
the year 2007, Mr. Soni bought the entire stake of Mr. Thomas. The
company is currently being managed by Mr. Vinod Kumar Soni, Mr.
Vikram Soni (son of Mr. Vinod Kumar Soni) and Mr. Charanjit Singh.
NMI's manufacturing facility is situated at Ludhiana, Punjab. The
company was initially engaged in the manufacturing of railway
components and exported the same to the USA markets. However, in
2009, the company diversified its business and started
manufacturing auto components also, apart from manufacturing
railway components. Later on, in 2011, NMI ventured into
construction and installation of pre-engineered steel structural
buildings (PEBs) also, providing turnkey solutions in
infrastructure space and shifted its selling arrangements from
exports to domestic sales.

NOVARC LABS: CARE Keeps D INR7.0cr Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Novarc Labs
Private Limited (NLPL) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      7.00       CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 30, 2019, placed the
ratings of NLPL under the 'issuer non-cooperating' category as
company had failed to provide information for monitoring of the
rating. The company continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and email dated January 31, 2020 to June 2, 2020. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating dated April 30, 2019, the following were
the rating strengths and weaknesses.

Key rating weaknesses

* Ongoing delays in working capital facility:  The company was
unable to generate sufficient cash flows leading to strained
liquidity position resulting in delays in debt serving of working
capital facility.

Key Rating Strengths

* Experienced and well qualified promoter: NSPL is promoted by Mr.
Thilotham R Kolanu (Managing Director) and Ms Vishali Sravanthi. M
(Director), and Ms Pooja N. Mr. Thilotham R Kolanu is a qualified
Doctorate of Philosophy (Environmental Science) and having one
decade of overall experience, with three years of experience in
pharma business. Due to the promoters' experience in pharma
business, the directors have established relation with customer and
suppliers. The overall business of the company is managed by Mr.
Thilotham R Kolanu.

Novarc Labs Private Limited (NLPL) was established in the year
2012, promoted by Mr. Thilotham R Kolanu. The company is engaged in
trading of medical drug products. The company purchases the medical
components (used in manufacturing of medicines) like 2 hydroxy
methyl, 2 chloro methyl and 2m5m benzimidizole from suppliers,
namely i.e Ariston pharma Novatech, Nexus Drugs and Prabhu
Chemicals. The company receives the work orders directly from the
customers, namely Ariston Pharma Novatech (P) Ltd, Vijayasri Pharma
Chem and Leavochem Labs Private Limited. The company is located at
Madhapur, Hyderabad (Telangana).

P. VENKAT: CARE Lowers Rating on INR6cr Long Term Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of P.
Venkat Reddy (PVR), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      6.00       CARE B; Stable; Issuer not
   Facilities                     cooperating; Revised from
                                  CARE BB; Stable; Issuer not
                                  cooperating; on the basis of
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 22, 2019, placed the
ratings of PVR under the 'issuer noncooperating' category as firm
had failed to provide information for monitoring of the rating. The
company continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and
email dated January 31, 2020 to June  2, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The revision in the rating takes into account the non-availability
of requisite information due to non-cooperation by P. Venkat Reddy
with CARE's efforts to undertake a review of the outstanding
ratings as CARE views information availability risk as key factor
in its assessment of credit risk profile.

Detailed description of the key rating drivers

At the time of last rating on April 22, 2019 the following were the
rating strengths and weakness

Key Rating Weakness

* Small scale of operations:  PVR was established in the year 2004.
Further, the scale of operations of the company marked by total
operating income (TOI), remained small at INR21.64 crore in FY16
coupled with moderate net worth base of INR10.62 crore as on March
31, 2016 as compared to other peers in the industry.

* Tender based nature of operations:  The firm receives 100% work
orders from government organizations. All these are tender-based
and the revenues are dependent on the firm's ability to bid
successfully for these tenders. Profitability margins come under
pressure because of competitive nature of the industry. However,
the promoter's long industry experience of more than one decade
mitigates this risk to some extent. Nevertheless, there are
numerous fragmented & unorganized players operating in the segment
which makes the civil construction space highly competitive.

* Constitution of the entity as partnership firm with inherent risk
of withdrawal of capital:  Constitution as a proprietorship has the
inherent risk of possibility of withdrawal of the capital at the
time of personal contingency which can adversely affect its capital
structure.  Furthermore, proprietorships have restricted access to
external borrowings as credit worthiness of the partners would be
key factors affecting credit decision for the lenders.
Key Rating Strengths

* Experience of the proprietor for more than one decade in
construction industry: P. Venkat Reddy (PVR) was established in the
year 2004. Currently, the firm is managed by Mr. P. Venkat Reddy.
Mr. P. Venkat Reddy is a qualified Science graduate and has more
than one decade of experience in the civil construction
industry.

* Growth in total operating income and Comfortable profit margins
albeit marginal fluctuations during review period:  The total
operating income of the PVR grew at a CAGR of 39.95% from INR11.05
crore in FY14 to INR21.64 crore in FY16 due to year on year
increase in execution of work orders over the years. During 7MFY17
(Provisional), the firm has achieved total operating income of INR
15 crore. The PBILDT margin of the firm has been comfortable albeit
marginal fluctuation during review period. The PBILDT margin of the
firm declined by -130 bps from 12.17% in FY14 to 10.87% in FY15 due
to increase in sub contract work expenses coupled along with
increase in power & fuel costs. However, the PBILDT margin
increased by 796 bps to 18.83% in FY16 over FY15 due to execution
of majority of work orders by the firm thereby reducing dependence
on sub-contractors resulting in improvement in operating margins.
However, The PAT margin of the PVR has been improved y-o-y during
review period from 4.86% in FY14 to 5.65% in FY16, at the back of
increase in PBILDT in absolute terms.

* Reputed clientele and moderate order book of INR23.75 crore
albeit high customer and geographic concentration risk:  The firm
has moderate order book of INR23.75 crore as on November 31, 2016
which translates to 1.1x of total operating of FY16 and the same is
likely to be completed by FY18. The said order book provides
revenue visibility for short to medium term. PVR has received about
100% of the work orders from top two customers i.e., TSIIC
(Telangana State Industrial Infrastructure Corporation)( 50%), TS R
& B Department (50%) resulting in high customer and geographic
concentration risk.

* Financial risk profile marked by comfortable capital structure,
operating cycle and debt coverage indicators:  The capital
structure of the PVR has been comfortable during review period at
the back of low debt levels and moderate tangible net worth. The
debt equity ratio of the PVR, though deteriorated from 0.19x as on
March 31, 2014 to 0.52x as on March 31, 2016 due to increase in
machinery loan, remained comfortable at below unity level. Despite
increase in total debt levels as on March 31, 2016, the overall
gearing ratio of the firm though deteriorated from 0.35x as on
March 31, 2015 to 0.47x as on March 31, 2016 still remained
comfortable at below unity due to lower outstanding working capital
bank borrowings on closing date coupled with increase in tangible
net worth resulted in comfortable capital structure. Inspite of
increase in debt levels, the total debt/GCA of the firm improved
significantly from 2.05x in FY14 to 1.48x in FY16 due to increase
in cash accruals at the back of increase in PAT levels.

The PBILDT interest coverage ratio is improving y-o-y and remained
comfortable at 9.09x in FY16. The operating cycle of the firm
remained comfortable during review period. The average collection
period of the firm remained in the range of 5-8 days during last
two balance sheet date ended March 31, 2016. Furthermore, the firm
is making payment to most of its creditors within 45-60 days.
During FY16, the average creditor's period is 110-120 days due to
submission of bills by most of the creditors in the month of March
2016 resulting in negative operating cycle in FY16. Subsequently,
creditors were paid during April and May 2016.

Telangana Based, P. Venkat Reddy (PVR) is a sole proprietorship
firm. PVR was established in the year 2004 and promoted by Mr.
Pasunuri Venkat Reddy. Mr. P Venkat Reddy is a special class
contractor. PVR is engaged in the civil construction works like
laying of roads in the states of both Telangana and Andhra Pradesh.
The firm receives the work orders directly from the customers like
Telangana State Industrial Infrastructure Corporation (TSIIC), TS R
& B Department through participating in tenders.

PATIDAR AGRICARE: CARE Cuts Rating on INR2.75cr Loan to B-
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Patidar Agricare (PAGR), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      2.75       CARE B-; Stable; Issuer not
   Facilities                     cooperating; Revised from
                                  CARE B; Stable; Issuer not
                                  cooperating; on the basis of
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 21, 2019, placed the
rating of PAGR under the 'issuer noncooperating' category as PAGR
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. PAGR continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated May 25,
2020, June 1, 2020 and June 2, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The rating assigned to the bank facilities of PAGR have been
revised on account of non-availability of requisite information.

Detailed description of the key rating drivers

At the time of last rating on May 21, 2019 the following were the
rating strengths and weaknesses

Key Rating Weaknesses

* Financial risk profile marked by small scale of operations, thin
profitability, moderate capital structure, moderate debt coverage
indicators:  The scale of operation remains small marked by total
operating income of INR1.90 crore during FY18 (A) as against
INR5.50 crore during FY17 mainly on account of discontinuation of
trading activity during the year. Profitability stood thin during
FY18 marked by PAT margin of 1.10%. Capital structure deteriorated
on back of decrease in networth base and stood moderate marked by
overall gearing ratio of 1.19 times as compare to 0.80 times as on
March 31, 2017. On account of improvement in GCA along with
decrease in total debt outstanding as on March 31, 2018 (A), debt
coverage indicators improved and stood moderate marked by total
debt to gross cash accruals of 6.02 times and interest coverage
ratio of 2.85 times during FY18.

* Partnership nature of constitution:  Being a partnership firm,
PAGR faces risk of withdrawal of capital and dissolution of the
firm in case of death/insolvency of partner which may ultimately
put pressure on financial flexibility of the firm.

* Competition from other local players and seasonal nature of
business:  The firm operates in the cold storage services industry
which is highly fragmented with presence of numerous independent
small-scale enterprises owing to low entry barriers leading to high
level of competition in the segment. As PAGR is engaged into cold
storage facilities of potatoes, which are seasonal in nature and
are available only for a limited period of time therefore firm will
have to depend on the their seasonality and keep stock for the
entire year. Therefore, providing cold storage services throughout
the year depends upon the seasonal harvest of the potatoes.

Key Rating Strengths

* Experienced partners: PAGR is established by Mr. Dilip Patel, Mr.
Ashok H. Patel, Mr. Suresh Patel, Mr. Narendra Patel, Mr. Arvind
Patel, Mr, Pravin Patel, Mr. Harshad Patel and Mr. Ashok L. Patel.
All the partners have more than two decades of experience in
growing and cultivating better quality grading of potatoes. Mr.
Dilip Patel manages overall operations of PAGR with help of other
partners.

* Location advantage:  The cold storage facility of the firm is
located in potato growing region of Gujarat having wide network of
potato growers, thereby making it suitable for the farmers and
potato chips manufacturers in terms of transportation and
connectivity. Hence, PAGR's presence in potato producing region
results in benefit of consistent demand from potato chips
manufacturers and farmers; providing sustainable and clear revenue
visibility.

* Fiscal benefits from the government:  PAGR has received credit
linked back-ended subsidy of INR1.40 crore from Central Government
and INR0.60 crore of additional capital investment subsidy from the
Government of Gujarat (GoG) during 2017. PAGR is also eligible for
rebate on electricity tariff from Uttar Gujarat Vij Company Limited
(UGVCL), excise duty exemption on purchase of plant and machinery
etc.

PAGR was established in 2015 by Mr. Dilip Patel and his family
members. PAGR was set up to provide cold storage facilities at
Dehgam (Gujarat) with total installed capacity of 1,00,000 bags (50
kg each) along with trading of potatoes. Earlier PAGR was engaged
into both trading operations and cold storage facilities. FY 2018
onwards PAGR discontinued its trading operations and only focused
on providing cold storage facilities on rent basis to customers.
Trading operations are transferred to its associated entity named
Patidar Trading (established during 2017 and engages into trading
of potato and other agriculture products).

PLATINUM AAC: CARE Keeps D INR10.75cr Debt Rating in Not Coop.
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Platinum
AAC Blocks Private Limited (PABPL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      10.75      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 14, 2019, placed the
rating of PABPL under the 'issuer non-cooperating' category as
PABPL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. PABPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated May 25,
2020, June 2, 2020 and June 3, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on October 14, 2019 the following was
the rating weakness:

Key Rating Weaknesses

* Ongoing delay in debt servicing:  There are on-going delays in
debt servicing on account of poor liquidity position of PABPL.

Platinum AAC Block Private Limited (PABPL) was incorporated in
September 2012 to take up the business of manufacturing Aerated
Autoclaved Concrete (AAC) blocks. PABPL was initially promoted and
managed by Mr. Jitendra Jalawadia, Mr. Dilip Kadivar, Mr. Sanjay
Bhut Bhanubhai, Mr. Hasmukh Patel, Mr. Pragji Van and Mr. Vinay
Gandhi. Since May, 2017, four new promoters joined as directors
named Mr. Denis Kadivar, Mr. Ghanshyam Polar, Mr. Parth Gandhi &
Mr. Khimji Bhappa and Mr. Vinay Gandhi retired as a director during
November 2017 but continue to operate and manage day to day
operations of the company. PABPL is operating with its plant
location based in Village-Kherdi (Dadara and Nagar Haveli, Gujarat)
having total capacity of 1,50,000 cubic meters per annum as on
March 31, 2018. PABPL has commenced its operations from November
2017 after successful completion of its project.

RATNA COTTEX: CARE Keeps D INR5.60cr Debt Rating in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ratna
Cottex (RATNA) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      5.60       CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 3, 2019, placed the
rating of RATNA under the 'issuer noncooperating' category as RATNA
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. RATNA continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and an email dated May 25,
2020, June 1, 2020 and June 2, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 3, 2019 the following was the
rating weakness.

Key Rating Weakness

* Ongoing delay in debt servicing:  There has been irregularity in
servicing of debt obligation due to poor liquidity position of the
firm.

Morbi based Ratna Cottex (Ratna) was established in May, 2015 as a
partnership firm owned and managed by Mr. Harshad Jasmatbhai
Ghodasara, Mr. Manojkumar Jasmatbhai Ghodasara and Mr. Jasmatbhai
Valjibhai Ghodasara. The firm is currently engaged in cotton
ginning and pressing for BT variety of cotton with short and medium
staple fibre, having sole manufacturing facility located in Morbi,
with an annual installed capacity of 5,488.56 Metric Tons of cotton
bales and 10977.12 Metric Tons of cotton seeds as on March 31,
2017. Ratna commenced its operations from December, 2015 with 24
ginning machines.

RIDDHI SIDDHI: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Riddhi
Siddhi Cold Storage Pvt. Ltd (RSCS) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      15.10      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short-term Bank      0.21      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RSCS to monitor the rating
vide e-mail communications/letters dated June 2, 2020, June 4,
2020, June 5, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the Company has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which, however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating of
Riddhi Siddhi Cold Storage Pvt. Ltd bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING. Further, the banker
could not be contacted.

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

The rating assigned to the bank facilities of Riddhi Siddhi Cold
Storage Pvt. Ltd. (RSCSPL) takes into account the ongoing
delays in debt servicing obligations of the company.

Detailed description of the key rating drivers

At the time of last rating in April 30, 2019 the following was the
key rating weakness:

Key Rating Weaknesses

* Ongoing delays in debt servicing:  There are several instances of
overdrawals in working capital borrowings account for more than 30
days.

Riddhi Siddhi Cold Storage Pvt Ltd (RSCS) was incorporated in
August 2015 by one Mr. Raja Chakraborty and Ms. K Chakraborty from
Kolkata to set-up a cold storage and potato trading business.
Afterwards the company started to install the cold storage service
at Shamuktala in Alipourduar district of West Bengal. During March
2016 the company started weighbridge service at the site and during
June 2016 the commercial operation of cold storage service and
trading activities of potato has been started with an installed
capacity of 27,500 MTPA. The day-to-day affairs of the company are
looked after by Mr. Raja Chakraborty (Director) with adequate
support from other director- Ms. K Chakraborty (wife of Mr. Raja
Chakraborty) and a team of experienced personnel.

ROYAL WOOD: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Royal Wood
Private Limited (RWPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        4.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short-term Bank       9.50      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 4, 2019 placed the
ratings of RWPL under the 'issuer non-cooperating' category as RWPL
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. RWPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated June 5, 2020, June
8, 2020, June 9, 2020 and June 11, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the ratings on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating done on July 4, 2019 the following were
the rating weaknesses:

Detailed description of key rating drivers

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are on-going delays in
debt servicing in the bank facilities availed by RWPL.

Incorporated in March 2008, Gandhidham based RWPL is engaged in the
trading of timber and manufacturing of plywood, veneer etc. The
company's manufacturing facility is located at Gandhidham (Gujarat)
and is promoted by Mr.Rakesh Gupta, Mr. Naresh Garg and Mr. Kewal
Garg.

SALASAR BALAJI: CARE Lowers Rating on INR5.85cr Debt to B-
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Salasar Balaji Cold Storage (SBCS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.85       CARE B-; Stable; ISSUER NOT CO-
   Facilities                      OPERATING; Revised from CARE B;

                                   Stable; Issuer not cooperating;

                                   On the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 29, 2019 placed the
ratings of SBCS under the 'issuer non-cooperating' category as SBCS
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. SBCS continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated June 5, 2020, June
8, 2020, June 9, 2020 and June 10, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the ratings on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings assigned to the bank facilities of SBCS have been
revised on account of non-availability of latest operational and
financial information as well as CARE's inability to carry out due
diligence exercise with lenders.

The rating assigned to the bank facilities of SBCS continue to
remain constrained on account of its constitution as a partnership
firm, competition from other local players and seasonal nature of
business. The rating is further constrained on account of short
track record of its operations and its overall financial position
marked by net losses, moderate capital structure and debt coverage
indicators.

The rating, however, continue to derive strength from the wide
experience of the key promoter in the cold storage industry
and location in potato growing region of Gujarat.

Detailed description of the key rating drivers

At the time of last rating done on July 29, 2019 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Partnership nature of constitution along with competition from
other local players and seasonal nature of business:  The
constitution of SBCS as a partnership firm restricts its overall
financial flexibility and has inherent risk of possibility of
withdrawal of capital in times of personal contingency. SBCS is
present in a highly fragmented and competitive industry
characterized by presence of numerous independent small scale
enterprises along with seasonal nature of business contingent upon
the vagaries of weather.

* Short track record of operations with net losses:  SBCS commenced
operations from February 2016 onwards, while the Total Operating
Income (TOI) registered for FY17 (Provisional) remained modest at
INR1.70 crore, while it reported net losses of INR0.40 crore during
the same period.

* Moderate capital structure:  The solvency position as marked by
an overall gearing ratio remained moderate at 2.18 times as on
March 31, 2017 (Provisional), while the debt coverage indicators as
marked by Total Debt to Gross Cash Accruals (TDGCA) remained
moderate at 12.08 years. Interest coverage ratio remained at 1.67
times March 31, 2017 (Provisional).

Key Rating Strengths

* Wide experience of the key promoter along with locational
advantage:  The key promoter, Mr. Motiji Laxmanji Jat has an
experience of more than a decade in the cold storage industry.
Furthermore, the cold storage facility of SBCS is located in Deesa,
which is potato growing belt of Gujarat having the benefits of easy
availability of potatoes and consistent demand from end-users.

Deesa-based (Gujarat) SBCS, was established in April, 2015 as a
partnership firm by five partners. Later on, in May, 2015, the
partnership firm was reconstituted with retirement of one partner,
with currently four partners managing the operations as on June 30,
2017. The entity is into providing cold storage facilities to
farmers for storing potatoes on a rental basis, with an installed
capacity of 1,65,000 bags (50 kg each). The firm commenced its
commercial operations from February 2016 from its plant located at
Deesa. Besides availing cold storage facilities to preserve
potatoes for a longer duration, the farmers also avail interest
bearing advances for potato farming purposes against the stock of
potatoes stored.

SHLOGAM AGRO: CARE Keeps D INR30cr Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shlogam
Agro Private Limited (SAPL) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Short-term Bank     30.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
   (fund based)                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 18, 2019, placed the
rating(s) of SAPL under the 'issuer non-cooperating' category as
SAPL had failed to provide information for monitoring of the
rating. SAPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and letter/email dated June 15, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on Mar 18, 2019 the following were the
rating weaknesses:

Key Rating Weaknesses

* Ongoing delays in debt servicing:  The company is currently
classified as an NPA by its bankers. There have been ongoing delays
in servicing the debt obligations by the company.

Shlogam Agro Private Limited (SAPL), incorporated in May 2008 is a
closely held family business engaged in trading of rice, millet,
maize, groundnut meal, soya bean meal, millet, barley and chick
peas among other agro commodities since inception. SAPL is managed
by Mr. Rahul Bakliwal and Mr. Nikhil Bakliwal. The company is
non-operational since April 2017.

SHREE GOKULESH RICE: CARE Lowers Rating on INR6.56cr Loan to B-
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Gokulesh Rice Mills (SGRM), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      6.56       CARE B-; Stable; Issuer not
   Facilities                     cooperating; Revised from
                                  CARE B; Stable; Issuer not
                                  cooperating; on the basis of
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 30, 2019, placed the
rating of SGRM under the 'issuer non-cooperating' category as SGRM
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. SGRM continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and an email dated May 20,
2020, May 21, 2020 and May 25, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The rating assigned to the bank facilities of SGRM have been
revised on account of non-availability of requisite information.

Detailed description of the key rating drivers

At the time of last rating on May 30, 2019 the following were the
rating strengths and weaknesses

Key Rating Weaknesses

* Thin profit margins, leveraged capital structure, weak debt
coverage indicators: The PBILDT margin stood low at 2.78% during
FY16 (refers to the period April 1 to March 31) due to low value
addition nature of operations. Consequently, PAT margin also
remained thin during FY16. The capital structure marked by overall
gearing stood leveraged at 4.06 times as on March 31, 2016 on the
back of low net worth base and high level of debt. Furthermore,
with low cash accruals, debt coverage indicators also stood weak
marked by total debt to GCA of 18.49 times as on March 31, 2016.

* Presence into the fragmented agro-processing industry along with
partnership nature of its constitution: SGRM generates its revenue
from processing of rice and is exposed to inherent risks associated
with agro-climatic conditions and seasonality of agro product. SGRM
being a partnership firm is exposed to inherent risk of partners'
capital being withdrawn at time of personal contingency and firm
being dissolved upon the death/retirement/insolvency of key
partners.

* Risk associated with on-going debt-funded capex: SGRM is
currently undertaking debt-funded capex, thus SGRM exposed to risk
associated with implementation and stabilisation of operation for
ongoing capex.

Key rating strengths

* Experienced and resourceful promoters: The operation of SGRM is
currently managed by Mr. Minesh H. Patel, Mr. Raghav J. Patel, and
Mr. Tejas K. Patel. All the partners collectively look after all
day-to-day operations of the firm. Mr. Minesh Patel possess more
than decade of experience in the industry.

* Proximity to paddy-growing areas:  SGRM's plant is located at
Ahmedabad, Gujarat, which is in proximity to the paddy-growing
areas of the country.

Established in the year 2004, Ahmedabad-based Shree Gokulesh Rice
Mill (SGRM) is a partnership firm engaged in the processing of
non-basmati rice. Key partners include Mr. Minesh H. Patel, Mr.
Raghav J. Patel, and Mr. Tejas K. Patel who manages the day-to-day
operations. As on March 31 2016, it had a total installed capacity
of 36,000 Metric Tonne per Annum (MTPA) for paddy processing and
operates through its sole manufacturing facility at Jetalpur
(Ahmedabad). SGRM procures paddy from local traders and supplies
its products in pan India levels through brokers. SGRM has base of
150 brokers in pan India level. However, it supplies mainly to
Gujarat, Maharashtra, Karnataka and Rajasthan. SGRM sells its
products under three brands named 'Galaxy', 'Butterfly' and
'Gokulesh'.

SHREE VISHWAKARMA: CARE Keeps D INR6cr Debt Rating in Not Coop.
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Vishwakarma Cold Storage (SVCS) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       6.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 26, 2019 placed the
ratings of SVCS under the 'issuer non-cooperating' category as SVCS
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. SVCS continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated May 13, 2020,
May 14, 2020 and May 19, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating done on June 26, 2019, the following was
the rating weakness (updated for details available from publicly
available information).

Detailed description of key rating drivers

* Ongoing delays in debt servicing:  The rating assigned to the
bank facilities of SVCS takes into account the on-going delays in
debt servicing due to the weak liquidity position of the firm. The
cash credit account is overdrawn for a period of more than 30
days.

SVCS was established in 1998 by Mr. Chamanlal Gajjar, Veljibhai
Suthar, Mr. Thannaji Suthar and Mr.Chunilal Chaudhary. However, Mr.
Veljibhai Suthar retired from SVCS from October 2016. SVCS was set
up to provide cold storage facilities at Deesa (Gujarat). The main
objective of setting up SVCS is to preserve potatoes for longer
duration. The plant will be located at Deesa (Gujarat) which is one
of the major Potatoes growing area region in Gujarat.

SHRI SHAMRAO PATIL: CARE Keeps D INR5.49 Debt Rating in Not Coop.
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Shamrao Patil Yadravkar Educational and Charitable Trust (SPCT)
continues to remain in the 'Issuer Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       5.49      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Note: Term loan sanctioned from federal bank was withdrawn based on
No Due Certificate from the lender

Detailed description of the key rating drivers

CARE had, vide its press release dated February 1, 2019, placed the
rating of SPCT under the 'issuer non-cooperating' category as SPCT
had failed to provide information for monitoring of the rating as
agreed to in its rating agreement. SPCT continues to be
non-cooperative despite repeated requests for submission of
information through email dated April 17, 2020, April 23, 2020, May
5, 2020, June 6, 2020 and numerous phone calls. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

At the time of last rating on February 1, 2019 the following were
the rating weaknesses:

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: As per the interaction with the banker
during last review, there have been delays in servicing of interest
and principal on term loan and the account was classified as
SMA-1.

Established in the year 1986, SPCT is engaged in managing education
institutes. The trust is registered under Bombay Public Trust Act
1950. The trust was established by Patil family of Kolhapur.
Currently, the trust is managing four colleges and three schools.

SHUBH ALUMINIUM: CARE Cuts Rating on INR14cr Loan to C/A4
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shubh Aluminium Private Limited (SAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term/Short-     14.00      CARE C; Stable/CARE A4;
   term Bank                       Issuer not cooperating;
   Facilities                      Revised from CARE B; Stable/
                                   CARE A4; Issuer Not Cooperating

                                   on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 11, 2019, placed the
rating(s) of SAPL under the 'Issuer not Cooperating' category as
SAPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its rating agreement. SAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated May 20,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The rating assigned to the bank facilities of SAPL have been
revised on account of significant decline in its Total Operating
Income (TOI) in FY19.

The rating, further, continued to remain constrained on account of
thin profitability margins, weak solvency position and working
capital intensive nature of operations and short track record of
operations with presence in a highly fragmented and competitive
trading industry along with vulnerability of margins to fluctuation
in raw material prices and foreign exchange rates. The rating,
however, continued to derive strength from the experienced
management in diversified business activity.

Detailed description of the key rating drivers

At the time of last rating on March 11, 2019, the following were
the rating strengths and weaknesses (Updated for the information
received from ROC).

Key Rating Weaknesses

* Significant decline in scale of operations in FY19 with thin
profitability margins: During FY19, Total Operating Income (TOI) of
the company has decreased by 62.68% over FY18 and stood at Rs 34.37
crore. Further, profitability margins of the company remained thin
with PBILDT margin and PAT margin at 4.45% and 0.31% respectively
in FY19 as against 1.78% and 0.17% respectively in FY18.

* Weak solvency position:  The capital structure of the company
remained leveraged marked by overall gearing at 2.28 times as on
March 31, 2019, however improved from 3.71 times as on March 31,
2018 mainly on account of lower utilization of working capital bank
borrowings. Further, total debt to GCA has improved from 77.40
times as on March 31, 2018 to 63.72 times as on March 31, 2019. The
interest coverage remained moderate at 1.23 times in FY19. The
tangible net worth of the company stood INR 4.37 crore as on March
31, 2019 as against INR 4.27 Crore as on March 31, 2018.

* Working capital intensive nature of operations: The business of
the company is working capital intensive in nature with elongated
operating cycle of 149 days in FY19. The liquidity ratios of the
company stood moderate with current ratio and quick ratio at 1.88
times and 1.84 times respectively as on March 31, 2019.

* Short track record of operations with presence in a highly
fragmented and competitive trading industry along with
vulnerability of margins to fluctuation in raw material prices and
foreign exchange rates:  SAPL commenced its business in September,
2015; therefore have short track record of operations. Further, it
is primarily engaged in trading of Iron & Steel, Polyester Yarn and
PET bottles which is characterized by high fragmentation mainly due
to presence of a large number of unorganized players. Further, the
profitability margins of the company is envisaged to stood lower
due to trading nature of operations along with margins being
susceptible to any adverse movement in raw material
prices as the company will not be immediately able to pass on the
increased price to its customer and its raw material inventory
holding period. Moreover, small regional players like SAPL are more
susceptible to adverse industry scenario as compared to large
companies which have advantages in terms of broad service offerings
and market reach, which give them the edge over newer entrants.

Key rating Strengths

* Experienced management in diversified business activity: The
promoters of the company have wide experience of more than a decade
in diversified business activity. Mr. Babulal Motawat, Director
have promoted other group company Shubh Mangal Marbles and Granite
Private Limited (SMGPL) engaged in the business of processing and
trading of marbles, similarly Shubh Builders and Developers (SBD;
formed in 2003) engaged in the business of real estate. Further,
the overall affairs of SMPL are controlled and managed by
promoters.

Udaipur-based (Rajasthan) Shubh Aluminum Private Limited (SAPL) was
incorporated in 2012 by 'Motawat family' along with Mr. Ashok
Agarwal. SAPL commenced its commercial operation from September,
2015 onwards and is primarily engaged in trading of Iron & Steel,
Aluminium scrap, Polyester Yarn and PET bottles. SAPL mainly caters
to the domestics market with sales concentrated predominantly in
Rajasthan, Gujarat and Delhi to various processing and end user
manufacturing units pertaining to industry. Further, Motawat
family' have promoted other group concerns namely "Shubh Mangal
Marbles and Granite Private Limited, Shubh Builders and Developers
and Shubh Grah Metals Private Limited having interest in mining and
processing of marbles, trading as well as real estate industry.

SINGER IMPEX: CARE Keeps D INR10cr Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Singer
Impex (SIM) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       10.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 4, 2019 placed the
ratings of SIM under the 'issuer noncooperating' category as SIM
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. SIM continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated June 5, 2020, June
8, 2020, June 9, 2020 and June 10, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the ratings on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating done on July 4, 2019 the following were
the rating weaknesses:

Detailed description of key rating drivers

Key Rating Weaknesses

* Ongoing delays in debt servicing: There is on-going delays in
debt servicing in the bank facilities availed by the firm.

Surat-based (Gujarat) Singer Impex (SIM) was established in 2008 by
Mr. Deepak Narang and Mr. Ankur Narang. It is engaged in the
wholesale trading of embroidery spare parts. SIM is the authorized
distributor of TOYO brand embroidery parts and needles from China.

SJP CONSTRUCTION: CARE Keeps B+ INR8.66cr Debt Rating in Not Coop.
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SJP
Construction Private Limited (SCPL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       8.66      CARE B+; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 29, 2019 placed the
ratings of SCPL under the 'issuer non-cooperating' category as SCPL
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. SCPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated May 13, 2020, May
14, 2020 and May 19, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the ratings on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating done on August 29, 2019 the following
were the rating strengths and weaknesses (updated for publically
available information).

Key Rating Weaknesses

* Small scale of operations albeit comfortable profit margins: The
scale of operations of SCPL marked by Total Operating Income (TOI)
continued to remain small at INR8.63 crore during FY19 as against
INR6.58 crore during FY18. The PBILDT margin continued to remain
comfortable at 91.81% in FY19 as against 93.03% during FY18. PAT
margin remained comfortable at 47.14% during FY19 as against 28.65%
during FY18 owing to decrease in the amount of interest cost led by
repayment of term loans during FY19.

* Comfortable capital structure and moderate debt coverage
indicators: As on March 31, 2019, financial risk profile of SCPL
improved and remained comfortable marked by below unity overall
gearing of 0.82 times as on March 31, 2019 as against 2.59 times as
on March 31, 2018. The improvement in capital structure is owing to
repayment of term loan during FY19. Consequently, debt coverage
indicators of SCPL improved and remained comfortable marked by
total debt to Gross Cash Accruals (TDGCA) of 1.10 years and
interest coverage ratio of 48.85 times as against total debt to GCA
of 2.61 years and interest coverage ratio of 6.65 times as on March
31, 2018.

* Risk of termination of the lease after expiration of agreement
period: The lease agreements with tenants are for the tenure of
eleven months as per the current market scenario at textile market
in Surat and the lease agreements contain lock in period of the
same tenure. Hence in case of termination of any lease and
inability to identify potential lessee may lead to short-term
liquidity mismatches for the company which could ultimately impact
debt servicing in future.

* Susceptibility of revenues to demand for commercial estate in and
around Surat:  SCPL earns its substantial revenue from the lease
rentals and other incomes from shops in Radhakrishna Textile
Market, Surat. The company's revenues would be highly dependent
upon the demand of the customers related to textile wholesalers to
which SCPL gives the property on lease to, which is dependent on
the level of economic activity in Surat textile market.

* Dependence on seasonal wind patterns leading to uneven plant load
factor (PLF) and consequent volatility in the
Profitability:  The power generation depends on the vagaries of
wind patterns, which leads to variations in the PLF. Generally, the
wind mill enjoys high PLF during June – November period (monsoon
period). However, unfavourable wind conditions results in lower PLF
which may have an impact on the overall output.

Key Rating Strengths

* Extensive experience of promoters: Mr. Zunjabhai P. Patel has an
experience of nearly three decades in the real estate industry.
Prior to incorporation of SCPL, he was associated with Sagar
Builders Pvt. Ltd. since 1984 as a director which has executed
several real estate projects in Surat. Mr. Sanjaybhai Z. Patel has
an experience of two decades in the real estate industry.

Incorporated in 2005 and based at Surat (Gujarat), SCPL is promoted
and managed by Mr. Zunjabhai P. Patel and Mr. Sanjaybhai Z. Patel.
The Company owns 238 shops of approximately 170 sq. ft. each in
Radha Krishna Textiles Market, Sahara Darwaja Ring Road, Surat in
the middle of the textile cluster. The primary source of income for
SCPL is rental income generated from letting out of these shops. It
has also ventured into the windmill power generation business since
2013 for which it has set up a 2 windmills of 2 megawatt capacity
each at Sangli (Maharashtra). Windmill business commenced its
operations from October 2015 onwards. Power generated from these
windmills is directly sold to Maharashtra State Electricity
Authority under the Government of Maharashtra.

SUNGRACE SYNTEX: CARE Lowers Rating on INR7.59cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sungrace Syntex Private Limited (SSPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      7.59       CARE B-; Stable; Issuer not
   Facilities                     cooperating; Revised from
                                  CARE B; Stable; Issuer not
                                  cooperating; on the basis of
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 25, 2019, placed the
rating(s) of SSPL under the 'issuer non-cooperating' category as
SSPL had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. SSPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated June 9, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The rating has been revised on account of non-availability of
requisite information.

The rating continues to remain constrained on account of its modest
scale of operations with moderate profit margins in a highly
competitive and fragmented textile industry. The rating, further,
continued to remain constrained due to its weak solvency position,
stretched liquidity position and vulnerability of margins to
fluctuation in the raw material prices. The rating, however,
continues to derive strength from the experienced promoters with
established track record of operations in the textile industry and
location advantage by virtue of being situated in the textile
cluster of Bhilwara.

Detailed description of the key rating drivers

At the time of last rating on March 25, 2019 the following were the
rating strengths and weaknesses: (Updated for the information
available from ROC)

Key Rating Weaknesses

* Modest scale of operations with moderate profit margins in a
highly competitive and fragmented textile industry:  During FY19,
SSPL has registered Total Operating Income (TOI) of INR16.05 crore
improved by 14.32% over FY18. Further, the profitability margins
also stood moderate marked by PBILDT and PAT margin of 12.15% and
1.35% respectively in FY19, however, improved as against 12.11% and
0.98% respectively in FY18.

* Weak solvency position: The solvency position of the company
remained weak marked by moderately leveraged overall gearing of
2.51 times as on March 31, 2019 although improved from 3.55 times
as on March 31, 2018. Further, debt coverage ratios also stood
moderate marked by Total debt to GCA of 8.39 times as on March 31,
2019, deteriorated from 12.70 times as on March 31, 2018.

* Stretched liquidity position:  The liquidity position of the
company stood stretched marked by below unity current ratio and
quick ratio of 0.87 times and 0.65 times respectively as on March
31, 2019. Further operating cycle stood at 86 days in FY19 however
improved from 118 days in FY18.

* Vulnerability of margins to fluctuation in raw material prices:
The main raw material of the company is synthetic and polyester
yarn and prices of yarn are in a fluctuating trend and hence,
the profitability of the company is vulnerable to any adverse
movement in the raw material prices.

Key Rating Strengths

* Experienced and qualified promoter with long track record of
company in the textile industry: Being present in the industry
since a long period of time, the management of the company has
established marketing network of its products and it has good
customer base in Gujarat and Rajasthan.

* Location advantage by virtue of being situated in the textile
cluster of Bhilwara: SSPL's presence in the textile manufacturing
region results in benefit derived from cheap and easy availability
of raw material, processing of grey fabrics at cheaper cost and low
transportation and storage cost.

SSPL was incorporated in 2003 in Bhilwara (Rajasthan) by Mr. Amit
Surana along with his family members. SSPL is engaged in the
business of manufacturing of synthetic grey fabrics. Furthermore,
the company does weaving activity on job work basis for others.
Furthermore, the company is also engaged in the business of trading
of grey and finished synthetics fabrics. The plant of SSPL is
located at Bhilwara, Rajasthan which is a textile cluster and has
17 Airjet looms as on March 31, 2017.


THEXA PHARMA: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Thexa
Pharma Private Limited continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      33.27      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short-term Bank      1.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 17, 2019, placed the
ratings of Thexa Pharma Private Limited under the 'issuer
non-cooperating' category as company had failed to provide
information for monitoring of the rating. The company continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated January
31, 2020 to June 2, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating dated April 17, 2019, the following were
the rating strengths and weaknesses:

Key rating weaknesses

* Ongoing delays in meeting of debt obligations: The company was
unable to generate sufficient cash flows leading to strained
liquidity position resulting in ongoing delays in meeting its debt
obligations in time.

Thexa Pharma Pvt Ltd (formerly known as Nitya Fine Chem Private
Limited) was incorporated in 2007 as a private limited company and
commenced its operations from 2009. It is currently managed by Mr.
N. Subbarao, Mr. N. Sharat and six other directors. The company is
engaged in manufacturing of active pharmaceutical ingredients
(API's) and intermediates pertaining to antiulcer therapeutic
segment. Products range of TPPL includes APIs like Omeprazole
(contributes approx. 70% of revenue), Lansoprazole (contributes
approx. 20% of the revenue), Esomeprazole, Pantaprazole and
Rabiprazole, intermediates like Diethyl Tartarate and Omeprazole
Sulphide and chemicals like Sodium Methoxide. The manufacturing
facility has an installed capacity to manufacture 20MT of APIs per
month. The company sells its products domestically to customers in
Andhra Pradesh, Telangana, Maharashtra and Gujarat. Raw materials
are procured from Gujarat and Andhra Pradesh.

UC JAIN: CARE Keeps D INR9.0cr Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of U. C. Jain
Foundation Trust (UCJFT) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      9.00       CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 23, 2019 placed the
rating of UCJFT under the 'issuer non-cooperating' category as
UCJFT had failed to provide information for monitoring of the
rating. UCJFT continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
08, 2020, June 10, 2020 and numerous phone calls. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on April 23, 2019 the following were the
rating weaknesses and strengths (Updated for the information
available from the Registrar of Companies):

Key Rating Weaknesses

* Delay in debt servicing:  There are on-going delays in the debt
obligation due to the stretched liquidity position on account of
lower enrolment of students which leads to lower receipts.

U.C. Jain Foundation Trust (UCJ) is an educational trust and was
formed in July, 2012 by Mr. U.C. Jain (aged 63 years) and his sons;
Mr. Rishab Jain (aged 32 years) and Mr. Nikhil Jain (37 years) with
the objective to provide education services. Mr. U.C. Jain has a
decade of experience in the education sector. Mr. Rishab and Nikhil
have experience in manufacturing sector. UCJ is a part of the
"Velveleen Group" which has interests in the manufacturing of
velvet and fabric, real estate infrastructure development,
manufacturing of concrete bricks and education. For imparting
education, the trust started school under the name of Wisdom Global
School in June, 2012 affiliated from Central Board of Secondary
Education (CBSE). The first academic session was started in April,
2014.

UMAK EDUCATIONAL: CARE Keeps D INR66.37cr Debt Rating in Not Coop.
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Umak
Educational Trust (UET) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      66.37      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 22, 2019, placed the
ratings of UET under the 'issuer noncooperating' category as the
company had failed to provide information for monitoring of the
rating. Umak Educational Trust continues to be non-cooperative
despite repeated requests for submission of information through
numerous phone calls and emails dated June 5, 2020 and June 3,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The rating take into account non-availability of information and no
due diligence conducted with banker due to noncooperation of Umak
Educational Trust with CARE'S efforts to undertake a review of the
rating outstanding. CARE views information non-availability risk as
a key factor in its assessment of credit risk. Further, the ratings
take into account delays in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on April 22, 2019 the following were the
rating weaknesses and strengths:

Key Rating Weaknesses

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

Umak Educational Trust (UET) was established in 2006 with an
objective to provide education services. The trust operates a
college under the name of Vedatya Institute (VEI) in Gurgaon,
Haryana, offering varied courses. Dr Ramesh Kapur is the chairman
of the trust and has more than three decades of experience through
his association with UET as well as with other group companies.
Furthermore, he is assisted by others members of the trust and
other qualified professional in the relevant experience to carry
out the day-to-day operations the Kapur family is also the
promoters of AB Hotels Limited which manages the overall operations
of the Radisson Hotel, Mahipalpur (Delhi) and Bhadoi Hotels Limited
manages the Radisson Hotel at Varanasi (Uttar Pradesh).



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

SIKA HOMES: Auckland Housebuilder Goes Into Liquidation
-------------------------------------------------------
Stuff.co.nz reports that Auckland housebuilder Sika Homes has gone
into liquidation.

The company was paid NZD121,000 through the Government wage subsidy
scheme, but was put into liquidation on June 18.

According to Stuff, liquidators Steven Khov and Kieran Jones said
they had been advised Sika Homes' failed because excessive labor
costs and other project cost overruns eroded profit and margins
resulting in an unsustainable business model.

"We are advised by the director that cost overruns totalling over
NZD400,000 across two specific projects have caused the Company's
cashflow to become expended," they said in their first liquidation
report filed with the Companies Office, Stuff relays.

"The company has not been able to recover sufficient profitability
to sustain the servicing requirements of its overall liability
position. Following the exit from Level 4 Lockdown due to Covid-19,
the shareholders have assessed the financial position of the
Company and elected to place the company into liquidation," they
said.

Stuff relates that Messrs. Khov and Jones had requested the
delivery of the company's books, records and legal files, and had
frozen the company's bank account and issued notices to the secured
creditors asking for details of their debt and securities.

The liquidators had also attended the four construction sites the
company was completing and locked them down, the report said.

The liquidators' report showed debts of just under NZD400,000 were
owed by the company to creditors, Stuff discloses.

These included finance companies UDC and Nissan Financial Services
as well as the Inland Revenue and Sika employees.

A search of the Government's wage subsidy database showed Sika
Homes was paid NZD70,296 in wage subsidies for 10 people during the
first phase of the subsidy scheme, and a further NZD51,550.40 for
11 employees under the extension of the scheme, according to
Stuff.

Stuff adds that the liquidators said it was too early to comment on
any recoveries and the likelihood of a distribution to creditors.

Skia Homes engages in architectural new builds, renovations and
reclads.



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

EAGLE HOSPITALITY: Launches Forensic Accounting Probe Into Sponsor
------------------------------------------------------------------
Fiona Lam at The Business Times reports that FTI Consulting, as
chief restructuring officers of Eagle Hospitality Trust's (EHT)
managers, has commenced a forensic accounting investigation into
EHT sponsor Urban Commons and its master lessees.

BT relates that the EHT managers, acting through the special
committee, as well as Eagle Hospitality Real Estate Investment
Trust's (EH-Reit) trustee, DBS Trustee, directed FTI to do so on
June 25.

According to the report, the scope of the work agreed with FTI for
the forensic accounting investigation includes, among other things,
reviewing and analysing the fluctuations of the financial
statements of the master lessees, which are wholly-owned by Urban
Commons.

Under the probe, FTI will also compare the sources and uses of the
master lessees' funds to the payment of fixed and variable rents by
the master lessees to the master lessors as well as the various
reserves, capital expenditure and other payment obligations in the
master lease agreements (MLAs). This includes whether there was any
failure by master lessees to apply funds received from the hotel
operations towards the rents for the months of January and February
2020, before the Covid-19 pandemic's onset in the US, due under the
MLAs. BT relays.

"Depending on the initial outcome and findings of the
investigation, the scope of the investigation may be extended," BT
quotes EHT managers as saying in a bourse filing on June 29.

Meanwhile, the master lessors, which are EH-Reit subsidiaries, have
also issued two notices of default to the master lessees of EHT's
properties, BT reports.

One notice is in respect of delinquencies in the provision of
security deposits under certain MLAs, BT says.

Among the 18 master lessors, 15 had further extended the deadline
on Feb. 14 for their master lessees to provide the outstanding
security deposits owed. According to BT, the master lessees were
required to provide about US$15 million in security deposits by
June 8 through cash contribution and/or letters of credit, which
would have brought the total security deposits to US$43.7 million
as stipulated in EHT's prospectus.

However, the 15 master lessees had not provided the outstanding
security deposits as at June 29. This constitutes an event of
default under their relevant MLAs and the Feb 14 extension
agreement. Accordingly, the master lessors on June 10 issued a
notice of default for the security deposits.

BT says the other notice was issued by the master lessors on June
19 to all of the master lessees, relating to numerous defaults as
follows.

For one thing, the fixed rent for January to May 2020 as well as
the variable rent and additional rent for January to March 2020 for
all EHT properties "remain substantially unpaid” by the master
lessees as at June 29, the EHT managers, as cited by BT, said.
Certain master lessors have thus used the security deposits
provided by the relevant master lessees to pay certain outstanding
rents.

Furthermore, there were additional defaults under the MLAs, arising
from the master lessees' defaults under the hotel management
agreements (HMAs) when they failed to provide and/or maintain
sufficient working capital for the hotels' operations, did not pay
management fees and/or failed to make funds available to pay hotel
operating expenses.

The master lessees also defaulted on other obligations under the
MLAs, as they failed to do the following: make timely payment of
outgoings; make reserve contributions for the repair, alteration,
improvement and replacement of the plant, services infrastructure,
furniture, fixtures, furnishings and equipment of EHT's properties;
and replenish the security deposits for three properties within the
stipulated time period, after having used part of these security
deposits to pay outstanding rent, BT adds.

Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust (Eagle H-REIT) and Eagle Hospitality Business Trust (Eagle
H-BT). Eagle HT has a well-diversified portfolio of primarily
freehold, internationally branded hotels, across 11 major U.S.
metropolitan statistical areas.

PUMA ENERGY: Fitch Affirms BB- LT IDR, Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed Puma Energy Holdings Pte. Ltd's
Long-Term Issuer Default Rating (IDR) at 'BB-' with a Stable
Outlook. Fitch has also affirmed Puma International Financing
S.A.'s senior unsecured notes at 'BB-'.

Puma Energy's rating reflects its geographical and business
diversification, and its high leverage, high cash flow volatility
due to currency fluctuations and rebased profitability that remains
below the 2015-2017 levels. Fitch expects continued delivery of
strategic objectives by Puma Energy's management team, including
disposals, aimed at debt reduction. Fitch projects Puma Energy's
leverage to be above its guidance for the 'BB-' rating in 2020 due
to the impact of the coronavirus pandemic, but the leverage should
normalise in 2021 and beyond, which, along with sufficient
liquidity, supports the Stable Outlook.

Fitch also views the support coming from Puma Energy's largest
shareholder, Trafigura Group Pte. Ltd. (49.99%), as credit
positive.

KEY RATING DRIVERS

Limited Impact on Profitability: Fitch expects the temporary
reduction in Puma Energy's profitability due to the impact of the
pandemic on fuel demand to be largely offset by USD100 million of
shareholder support through an interim price adjustment on fuel
supply. Fitch forecasts a 10% like-for-like reduction (i.e. USD46
million) in 2020 EBITDA, following the USD23 million EBITDA
reduction reported in 1Q20 from inventory adjustment and the impact
of the pandemic on profitability.

Profitability in 2019 was affected by lower gross profit in Angola
due to currency devaluation, while regulated prices remained
unadjusted, and foreign exchange effects from the devaluation of
other currencies against the USD. The global unit margin declined
to USD48 per cubic metre in 2019 from USD52 per cubic metre in
2018.

Sufficient Liquidity: Fitch believes that Puma Energy has
sufficient liquidity to withstand the impact of the coronavirus
pandemic in the form of cash (USD570 million available as of 1Q20),
working capital facilities drawn by operating companies in local
currencies (USD272 million as of 1Q20), available revolving credit
facilities (USD0.7 billion), and committed undrawn shareholder loan
(USD500 million), in addition to USD1 billion uncommitted
shareholder loans.

In response to the coronavirus outbreak, Puma Energy reduced the
capex programme to USD130 million, aims to reduce operating costs
by USD40 million in 2020 and has agreed interim price adjustment
supply arrangements with a shareholder supplier that are expected
to realise USD100 million over a five-month period. Fitch expects
some working capital outflow in 2020 due to lower volumes and a
drop in oil prices.

Recovery Shape Post-Coronavirus: Fitch expects a fairly quick fuel
demand recovery for Puma Energy by end-2020 following the expected
sharp drop in volumes of approximately 30% in 2Q20 amid the
lockdowns, assuming gradual easing of lockdowns and no second wave
of the coronavirus infection. This is supported by the
diversification of the business across 46 countries and various
business segments, and largely non-discretionary nature of the
demand post lockdown in the emerging economies.

Fitch continues to expect EBITDA to trend towards USD500 million
over the rating horizon (pre-IFRS 16). Regulated price structure
and leading positions in some of the de-regulated markets support
Puma Energy's margins, whilst foreign exchange volatility, as
proven by the issues faced in Angola, can shrink the
profitability.

Deleveraging in Progress: Puma Energy is implementing its
deleveraging strategy towards its target net debt (minus
inventory)/EBITDA of 2.5x (versus 3.2x at 1Q20) through portfolio
management/disposals, working capital and capex discipline. Funds
from operations (FFO) RMI and lease-adjusted net leverage is
expected to decrease to 4.7x over the rating horizon from 5.5x in
2019. This compares to the previous forecast of 3.9x and 4.9x,
respectively. Application of the new Lease Criteria (to adjust for
IFRS 16 reporting) has increased the leverage by 0.5x in 2019 and
by 0.4x over the forecast period. This is reflected in amended
sensitivities.

In addition to USD150 million prepayment of term loan made during
1Q20, the sale of the Australian commercial and retail fuels
business (Australia Fuels Business) is on track to close, with
disposal proceeds to be applied against the term loan in 2020, with
plans to dispose of other non-core assets valued at about USD100
million by end-2021.

Vulnerability in Angola: Angola's contribution continued to decline
in 2019 due to foreign exchange volatility. Whilst margins have
remained stable in local currency, helped by fuel purchases and
other costs in local currency, the profitability in US dollars has
declined. This highlights the country's increased contribution to
Puma Energy's earnings historically, due to above-average regulated
unit margins. Historical unit margins were estimated at around
USD200 per cubic metre. They are now estimated to be closer to,
although still higher than, the average unit margin of the group
(USD50 per cubic metre in 1Q20). This drop in 2019 affected Puma
Energy's performance and its view on its cash flow stability.
Earnings concentration from any single market is lower now.

Increased Refinance Risk: Fitch views that refinance risk is
slightly higher with term loan (USD0.7 billion at 1Q20) maturing in
May 2021, along with two revolving facilities (about USD0.7 billion
at 1Q20).

Limited impact from the pandemic on performance, progress on
deleveraging and the reduction in Cochan Holding's interest in the
company mitigate the refinance risk. The disposal proceeds from
Australia Fuels Business (USD285 million) are to be used to prepay
the term loan, therefore reducing the refinancing needs for the
term loan to about USD415 million. Fitch expects that under its
base case the covenants will be met. Drawings under shareholder
facilities do not count towards the debt in the leverage covenant,
while interest is included in the interest covenant.

Limited Oil Price Risk: Puma Energy hedges its physical fuel
supply. All of its supply stock is either pre-sold or hedged
against price fluctuations. Therefore, in evaluating leverage and
interest coverage ratios, Fitch excludes debt associated with
financing RMI (such as refined oil products) and reclassifies the
related interest costs as cost of goods sold. The difference
between RMI lease-adjusted and RMI-unadjusted lease-adjusted FFO
net leverage is 0.5x-1.0x.

No Rating Impact from Share Buyback: In June 2020, Puma Energy and
its shareholders Trafigura and Cochan completed their shareholding
restructuring transaction, which reduced Cochan's stake in Puma
Energy to less than 5% from 15%. The transaction was financed by a
USD390 million subordinated shareholder loan from Trafigura with an
initial tenor of seven years. Puma Energy's management believes the
move should allow it better access to capital markets and to
international banks, although the company's priority is still to
reduce its debt.

The instrument has no impact on the group's leverage metrics as
Fitch considers it as equity under its Corporate Rating Criteria.
The equity treatment is driven by the lack of cash payment options
on its coupon (only pay-in-kind), Trafigura's interests being
aligned with those of common equity and, critically, the absence of
an 'event of default' clause in the loan agreement. Trafigura will
be subordinated to the senior creditors of Puma Energy.

DERIVATION SUMMARY

Puma Energy's closest peer is Vivo Energy plc (BB+/Stable), which
operates on a smaller scale with limited midstream activities and
high concentration in Africa (23 countries post-Engen transaction).
Vivo Energy's capital intensity is lower than that of Puma Energy,
whose significant investments in midstream infrastructure over the
past few years have not yielded sufficient cash flows. This, in
turn, materially increased leverage. Vivo Energy's rating is
supported by a cash-generative and conservative financial profile,
with RMI lease-adjusted net leverage below 1x.

Puma Energy's retail operations can be compared, to some extent,
with those of EG Group Limited (B-/Stable), a UK-based independent
petrol retailer. EG's overall scale and diversification have
recently improved through acquisitions and the group is present in
the mature European, US and Australian markets. EG has a higher
exposure to more profitable convenience and food-to-go retail than
Puma Energy. EG's rating reflects its weaker financial profile
following a period of mainly debt-funded acquisitions with FFO
lease-adjusted gross leverage at 12.0x in 2019, and forecast
deleveraging to 8.6x by 2021.

KEY ASSUMPTIONS

  - Low double-digit decline in sales volumes in 2020, followed by
a recovery to 2019 levels (excluding Paraguay and Australia) in
2021 and onwards.

  - USD100 million support from shareholder suppliers compensating
for reduced performance in 2Q20 and 3Q20.

  - Fairly stable gross profit unit margins during 2021-2023 that
are close to 2019 levels.

  - Working capital outflow of USD50 million in 2020, followed by
modest inflows until 2023.

  - Capex to be reduced to USD130 million in 2020, increasing to
USD200 million-USD230 million during 2021-2023.

M&A:

  - 2020: proceeds of AUD425 million (USD285 million equivalent)
from the sale of Australian commercial and retail fuels business
and USD36 million from the sale of non-core assets.

  - 2021: proceeds of remaining USD46 million from the sale of the
Paraguay business and USD54 million from the sale of non-core
assets.

  - Further foreign exchange cash impact of around USD70 million in
2020 and USD50 million in 2021, decreasing to USD35 million a year
onward. This is partly related to Angola.

RATING SENSITIVITIES

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

  - Improved headroom under financial metrics with FFO RMI
lease-adjusted net leverage sustained below 4.4x.

  - Improved competitive position, with either sustained
operational improvements or favourable changes in regulatory
frameworks leading to a material and sustained improvement in unit
margins and free cash flow (FCF) generation.

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

  - FFO RMI lease-adjusted net leverage sustained above 5.4x.

  - Deteriorating competitive position or adverse changes in
regulatory frameworks, with further material and sustained
weakening in unit margins.

  - Deterioration in liquidity position, either due to a prolonged
impact from the coronavirus pandemic or from a reduction in
available committed credit lines, leading to one/two-year liquidity
ratios falling to or below 1.0x

  - Lack of progress on the refinancing of upcoming debt maturities
by end of 2020.

  - FCF/EBITDAR excluding expansionary capex (cash conversion)
decreasing to 15% or below on a sustained basis

LIQUIDITY AND DEBT STRUCTURE

Liquidity Manageable: Puma Energy's 2020 liquidity ratio projected
by Fitch is strong (5.1), but it falls substantially in 2021
(1.1x), suggesting that the liquidity position could deteriorate in
absence of new committed funding received until the year-end.

At end-March 2020, Puma Energy held an available cash balance of
USD570 million and undrawn committed credit lines beyond one year
of USD1.2 billion. This includes a USD0.5 billion committed tranche
of a shareholder loan from Trafigura maturing in September 2023,
and undrawn since 2014, and USD0.7 billion under revolving credit
facilities maturing beyond one year in May 2021.

The available liquidity of USD1.8 billion is larger than the
reported current debt of USD441 million (as at 1Q20, excluding IFRS
16 impact) and neutral FCF under its rating case in 2020. An
additional USD1 billion undrawn facility from Trafigura was
excluded from its assessment of available liquidity as it is
uncommitted.

Moderate Refinancing Risk: Puma Energy's USD700 million term loan
will mature in May 2021 with two extension options left. Fitch
expects the proceeds from Australian commercial and retail fuels
business to reduce part of it in 2020, and the rest to be
refinanced by the end of 2020.

Its base case assumes slightly higher refinancing risk, although
this should be manageable based on good access to banks and debt
capital markets. It also assumes that Puma Energy will maintain
metrics below its net leverage covenant, with support from its
shareholder in 2Q20 and 3Q20.

SUMMARY OF FINANCIAL ADJUSTMENTS

Operating lease: in 2019, Fitch reclassified USD671 million of
operating lease from debt to other liabilities and reclassified
USD215 million of lease charge from financing cash flow to
operating cash flows (-USD146million of depreciation and
amortisation and -USD68.6 million of lease interest).

Hybrid Debt: in the 2020 forecast Fitch treats USD390 million
shareholder loans as equity.

Debt Factoring : in 2019 Fitch has adjusted trade receivables and
debt in the balance sheet by the amount of receivables sold in 2019
(USD284 million) and adjusted the cash flow statement by the
variation of factoring utilisation between 2018 and 2019 (+USD13.4
million in working capital and -USD13.4 million in debt
repayment).

Other adjustments: in 2019 Fitch has reclassified USD79 million
from other operating income to other non-operating income (mainly
related to asset disposals in Paraguay and Indonesia).

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).



=====================
S O U T H   K O R E A
=====================

STX OFFSHORE: To Cut Jobs Thru Voluntary Retirement on Weak Orders
------------------------------------------------------------------
Yonhap News Agency reports that STX Offshore & Shipbuilding Co., a
midsized shipyard, said on June 29 it will cut jobs through a
voluntary retirement plan due to weak new orders.

According to Yonhap, the shipbuilder has not secured any new orders
in the first half of the year, with an order backlog of just seven
ships to be built by the first quarter of 2021.

"The overall suspension of our shipyards will be inevitable if
things remain the same," the company said in an emailed statement,
Yonhap relays.

It could be difficult to secure a competitive edge against rivals
unless fixed costs are reduced, the company said.

Workers of STX Offshore have laid down their tools since late May,
calling for stopping six-month unpaid furloughs, which half of
about 500 workers have taken in rotation since June 2018, Yonhap
says.

Due to the walkout, the shipbuilding line of the company is being
halted from June 17 till July 12.

STX Offshore has been under a restructuring program pushed by its
main creditor, the Korea Development Bank, since 2013.

STX Offshore & Shipbuilding Co. Ltd. is a Korea-based company
mainly engaged in the shipbuilding and offshore business.  The
company operates its business through five segments: merchant
vessel, cruise, offshore and specialized vessel (OSV), vessel
apparatus and other segment.



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

NOKSCOOT AIRLINES: Domestic Aviation Industry Unfazed by Closure
----------------------------------------------------------------
Bangkok Post reports that NokScoot's closure is unlikely to have a
significant impact on the domestic aviation industry due to
international flight restrictions, with the industry's existence
depending on vaccine development, brokerage firms said.

According to the report, the regional budget carrier said its board
of directors decided on June 26 to liquidate the airline, with the
decision to be announced at a general meeting of shareholders
slated within two weeks.

Bangkok Post says the airline had been struggling with fierce
competition from other low-cost carriers before the Covid-19
pandemic caused most airlines to be grounded because of lockdown
measures and travel restrictions.

The decision will leave 450 staff unemployed, except for some who
will work on the liquidation process, the report notes.

Bangkok Post adds that the closure will not affect Nok Airlines'
routes and services as the company operates mainly domestic
flights, said KTB Securities Thailand (KTBST). Every route operated
by NokScoot remains closed and it is uncertain when these
destinations will allow inbound flights to resume, said KTBST.

Although the impact on the domestic aviation industry is limited,
NokScoot's closure reflects the struggle of the aviation industry,
said Finansia Syrus Securities, citing the International Air
Transport Association's (IATA) report on how half of all airlines
could go bankrupt if financial assistance is not provided,
according to Bangkok Post.

NokScoot was established in 2014 as a joint venture between
Singapore-based Scoot and SET-listed Nok Airlines Plc, with the
former holding 51%.

NokScoot operated medium- and long-haul Asian routes serving seven
cities in China and three in Japan, as well as New Delhi, Singapore
and Taipei, from its base at Don Mueang airport in Bangkok.


                           *********


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 2020.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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