/raid1/www/Hosts/bankrupt/TCRAP_Public/200709.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, July 9, 2020, Vol. 23, No. 137

                           Headlines



A U S T R A L I A

AFG 2020-1: S&P Assigns Prelim BB (sf) Rating on Class E Notes
EDGE HOLDINGS: Second Creditors' Meeting Set for July 15
FAIRVIEW ARCHITECTURAL: First Creditors' Meeting Set for July 17
FIRSTMAC MORTGAGE 2-2020: S&P Assigns Prelim BB Rating on E Notes
MORETON RESOURCES: Second Creditors' Meeting Set for July 15

TRITON SMSF 2020: S&P Assigns Prelim B (sf) Rating on Cl. F Bonds
VIRGIN AUSTRALIA: Deloitte Defends Fire Sale to Bain Capital


C H I N A

CHINA HONGXING: Gets Delisting Notice from SGX


I N D I A

ADHIKARI BROTHERS: CARE Keeps D INR86.15cr Debt Rating in Not Coop.
AKAR AUTO: Ind-Ra Lowers Long Term Issuer Rating to BB
ALUMATIC CANS: CARE Withdraws D Rating on Bank Facilities
AMRITLAL NARESH: CARE Lowers Rating on INR1.50cr Loan to B-
ANNAPURNA TRADING: ICRA Keeps D Debt Ratings in Not Cooperating

ANSAL PROPERTIES: CARE Keeps D INR72.50cr Debt Rating in Not Coop.
APAR CHARITABLE: ICRA Moves B Debt Rating to Not Cooperating
BABANRAOJI SHINDE: ICRA Withdraws C Rating on INR110cr Loan
BTM CORP: CARE Keeps D INR27cr Debt Rating in Not Cooperating
BTM INDUSTRIES: CARE Keeps D INR27cr Debt Rating in Not Cooperating

DELHI INTERNATIONAL AIRPORT: S&P Downgrades LongTerm ICR to B+
E&G GLOBAL ESTATES: Insolvency Resolution Process Case Summary
EDUCOMP SOLUTIONS: CARE Keeps D Debt Ratings in Not Cooperating
EXCLUSIVE STEEL: Insolvency Resolution Process Case Summary
FLORESSENCE PERFUMES: CARE Withdraws D Rating on Bank Facilities

GUPTA SONS: CARE Lowers Rating on INR12.8cr LT Loan to B-
IL&FS: SEBI Can Increase Penalties Imposed on ICRA, Rules SAT
INFINITY INFRATECH: CARE Lowers Rating on INR4.91cr Loan to C
JASMINE INDUSTRIAL: ICRA Keeps B INR5.0cr Debt Rating in Not Coop.
KAIZEN COLD: CARE Lowers Rating on INR6.0cr LT Loan to B

KAMAKHYA BOARD: ICRA Reaffirms B Rating on INR1.0cr Cash Loan
KUNDAN VENTURES: CARE Lowers Rating on INR15cr LT Loan to B
LAJ EXPORTS: CARE Lowers Rating on INR3.74cr LT Loan to B
MAGNI TECH: CARE Keeps B INR2cr Debt Rating in Not Cooperating
ORNATE SPACES: Insolvency Resolution Process Case Summary

P.M. COTFIBERS: CARE Keeps D INR7.11cr Debt Rating in Not Coop.
PATEL PHOSCHEM: CARE Keeps D INR14.75cr Debt Rating in Not Coop.
PODDAR CAR: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
POSCO-POGGENAMP: Ind-Ra Keeps BB Rating, Outlook Stable
PRAKASH PARCEL: Ind-Ra Cuts LT Issuer Rating to BB, Not Coop.

SENDRAYAPERUMAL TRANSPORTS: CARE Cuts INR4.50cr Loan Rating to B-
SHARON BIO-MEDICINE: CARE Keeps D Debt Ratings in Not Cooperating
SHRI KK: Ind-Ra Moves BB+ Loan Rating to Non-Cooperating
SIDDHI VINAYAK: CARE Lowers Rating on INR6.50cr LT Loan to C
STERLING GLOBAL: CARE Keeps D Debt Ratings in Not Cooperating

STERLING OIL: CARE Keeps D INR4,649.55cr Debt Rating in Not Coop.
SUPER SHIV: CARE Keeps D INR32.44cr Debt Rating in Not Cooperating
SUSTAINABLE AGRO: Ind-Ra Moves B Loan Rating to Non-Cooperating
SWARGIYA BHIKAM: Ind-Ra Keeps BB Loan Rating in Non-Cooperating
TV VISION: CARE Keeps D INR24.39cr Debt Rating in Not Cooperating

V.R. NACHIMUTHU: CARE Lowers Rating on INR15cr LT Loan to B


J A P A N

[*] JAPAN: Bankruptcies Jump 148% From May as Courts Reopen


M A L A Y S I A

AIRASIA GROUP: Shares Fall as Auditor Raises Going Concern Doubt


S I N G A P O R E

CHINA TAISAN: To Delist from Singapore Exchange


S O U T H   K O R E A

STX OFFSHORE: Urges Workers to Stop General Strike


X X X X X X X X

[*] Asia Braces for Insolvency Storm Amid COVID-19 Fallout

                           - - - - -


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

AFG 2020-1: S&P Assigns Prelim BB (sf) Rating on Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven of the
eight classes of prime residential mortgage-backed securities
(RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee
for AFG 2020-1 Trust in respect of Series 2020-1.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and lenders' mortgage
insurance on 9.3% of the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.0% of the aggregate outstanding amount of the notes,
subject to a floor of A$350,000, and the principal draw function
are sufficient to ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000 funded by AFG
Securities Pty Ltd. on the closing date to meet extraordinary
expenses. The reserve is to be topped up from excess spread, if
any, to the extent it has been drawn.

-- The counterparty exposure to National Australia Bank Ltd. as
liquidity facility provider and an appropriately rated counterparty
as bank account provider. The transaction documents for the
liquidity facility and bank account include downgrade language
consistent with S&P Global Ratings' counterparty criteria.

-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 might put upward pressure on mortgage
arrears over the longer term. S&P recently updated its outlook
assumptions for Australian RMBS in response to changing
macroeconomic conditions as a result of the COVID-19 outbreak. The
collateral pool at close for this transaction will not include any
loans that are in COVID-19 hardship payment arrangement.
Nevertheless, S&P undertook additional cash-flow sensitivity
analysis to assess the rated notes' sensitivity to delays in
borrower payments should some loans enter hardship arrangements
following the closing date.

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. S&P said, "We are using this assumption in
assessing the economic and credit implications associated with the
pandemic. As the situation evolves, we will update our assumptions
and estimates accordingly."

  PRELIMINARY RATINGS ASSIGNED

  AFG 2020-1 Trust in respect of Series 2020-1

  Class      Rating       Amount (mil. A$)
  A1-S       AAA (sf)     115.00
  A1-L       AAA (sf)     191.25
  AB         AAA (sf)      24.50
  B          AA (sf)       10.20
  C          A (sf)         3.80
  D          BBB (sf)       2.10
  E          BB (sf)        1.40
  F          NR             1.75

  NR--Not rated.


EDGE HOLDINGS: Second Creditors' Meeting Set for July 15
--------------------------------------------------------
A second meeting of creditors in the proceedings of Edge Holdings
No 7 Pty Ltd has been set for July 15, 2020, at 11:00 a.m. at Level
8, at 235 St Georges Terrace, in Perth, WA.

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 14, 2020, at 4:00 p.m.

Hayden Leigh White and Thomas Donald Birch of KPMG were appointed
as administrators of Edge Holdings on June 10, 2020.

FAIRVIEW ARCHITECTURAL: First Creditors' Meeting Set for July 17
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Fairview
Architectural Pty Limited will be held on July 17, 2020, at 2:00
p.m. via teleconference facilities only.

John McInerney & Said Jahani of Grant Thornton Australia Limited
were appointed as administrators of Fairview Architectural on July
7, 2020.

FIRSTMAC MORTGAGE 2-2020: S&P Assigns Prelim BB Rating on E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned preliminary ratings to eight of the
nine classes of prime residential mortgage-backed securities (RMBS)
to be issued by Firstmac Fiduciary Services Pty Ltd. as trustee for
Firstmac Mortgage Funding Trust No.4 Series 2-2020.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view of the credit support, which is sufficient to
withstand the stresses it applies. Credit support for the rated
notes comprises note subordination, excess spread, and lenders'
mortgage insurance on 14.0% of the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity reserve
equal to 1.2% of the outstanding note balance, subject to a floor
of A$600,000, and the principal draw function are sufficient to
ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000, funded from day
one by Firstmac Ltd., available to meet extraordinary expenses. The
reserve will be topped up via excess spread if drawn.

-- The fixed- to floating-rate interest-rate swap provided by
National Australia Bank Ltd. to hedge the mismatch between receipts
from fixed-rate mortgage loans and the variable-rate RMBS.

Loss of income for borrowers in the coming months due to the
effects of COVID-19 might put upward pressure on mortgage arrears
over the longer term. S&P said, "We recently updated our outlook
assumptions for Australian RMBS in response to changing
macroeconomic conditions as a result of the COVID-19 outbreak. The
collateral pool at close for this transaction will not include any
loans where the borrower has applied for a COVID-19 hardship
payment arrangement. Nevertheless, we undertook additional
cash-flow sensitivity analysis to assess the rated notes'
sensitivity to delays in borrower payments should some loans enter
hardship arrangements following the closing date."

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. S&P said, "We are using this assumption in
assessing the economic and credit implications associated with the
pandemic. As the situation evolves, we will update our assumptions
and estimates accordingly."

  PRELIMINARY RATINGS ASSIGNED

  Firstmac Mortgage Funding Trust No.4 Series 2-2020

  Class     Rating        Amount (mil. A$)
  A-1a      AAA (sf)      240.00
  A-1b      AAA (sf)      185.00
  A-2       AAA (sf)       35.00
  A-3       AAA (sf)       15.00
  B         AA (sf)        12.00
  C         A (sf)          5.50
  D         BBB (sf)        3.00
  E         BB (sf)         2.00
  F         NR              2.50

  NR--Not rated.


MORETON RESOURCES: Second Creditors' Meeting Set for July 15
------------------------------------------------------------
A second meeting of creditors in the proceedings of:

   -- Moreton Resources Ltd
   -- MRV Metals Pty Ltd
   -- MRV Tarong Basin Coal Pty Ltd
   -- MRV Bowen Basin Coal Pty Ltd
   -- MRV Surat Basin Coal Pty Ltd

has been set for July 15, 2020, at 11:30 a.m. at the offices of
Deloitte, Level 23, at 123 Eagle Street, in Brisbane, Queensland.

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 14, 2020, at 4:00 p.m.

David Orr and Grant Sparks of Deloitte Financial Advisory Pty Ltd
were appointed as administrators of Moreton Resources et al. on
June 10, 2020.

TRITON SMSF 2020: S&P Assigns Prelim B (sf) Rating on Cl. F Bonds
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to nine classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Corporate Trust Ltd. as trustee for Triton SMSF Bond
Trust 2020 Series 1. This is the first Australian 100% self-managed
super fund (SMSF) RMBS transaction rated by S&P Global Ratings.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, which entirely comprises residential mortgage loans to
SMSFs. Because this is a closed portfolio, no further loans will be
assigned to the trust after the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for all rated notes.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 1.0% of the invested amount of all notes subject
to a floor of 0.10%, principal draws, and a loss reserve that
builds from excess spread, are sufficient under its stress
assumptions to ensure timely payment of interest.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by National Australia Bank Ltd. (NAB) to hedge the
mismatch between receipts from any fixed-rate mortgage loans and
the variable-rate RMBS.

-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 might put upward pressure on mortgage
arrears over the longer term. S&P said, "We recently updated our
outlook assumptions for Australian RMBS in response to changing
macroeconomic conditions as a result of the COVID-19 outbreak. The
collateral pool at close for this transaction will not include any
loans where the borrower has applied for a COVID-19 hardship
payment arrangement. Nevertheless, we undertook additional
cash-flow sensitivity analysis to assess the rated notes'
sensitivity to delays in borrower payments should some loans enter
hardship arrangements following the closing date."

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. S&P said, "We are using this assumption in
assessing the economic and credit implications associated with the
pandemic. As the situation evolves, we will update our assumptions
and estimates accordingly."

  PRELIMINARY RATINGS ASSIGNED

  Triton SMSF Bond Trust 2020 Series 1

  Class      Rating        Amount (mil. A$)
  A1-AU      AAA (sf)      137.50
  A1-3Y      AAA (sf)       75.00
  A2         AAA (sf)       17.50
  AB         AAA (sf)        7.50
  B          AA (sf)         4.00
  C          A (sf)          3.50
  D          BBB (sf)        2.00
  E          BB (sf)         1.50
  F          B (sf)          0.50
  G          NR              1.00

  NR--Not rated.


VIRGIN AUSTRALIA: Deloitte Defends Fire Sale to Bain Capital
------------------------------------------------------------
Patrick Hatch at The Sydney Morning Herald reports that Virgin
Australia's administrator Deloitte has defended its fire sale of
the airline to Bain Capital, saying doing so avoided the company
being liquidated, as bondholders step up their own efforts to take
control of the company.

According to SMH, one of Virgin's largest bondholders, Broad Peak
Investment, lodged an interlocutory process in the Federal Court on
July 7 seeking access to the secret sale agreement signed on June
26 between Deloitte and Bain.

SMH says Bain and Deloitte have refused to say how much the private
equity firm will pay Virgin's creditors, which are owed a combined
AUD6.8 billion, or how many of Virgin's 9,000 workers will lose
their jobs.

SMH relates that Broad Peak, a Singaporean hedge fund, was part of
a group of bondholders that proposed swapping their AUD2 billion in
debts for ownership of Virgin. Deloitte passed over the proposal
and a rival bid from Cyrus Capital in favor of Bain.

The court action on July 8 comes after it was revealed on July 8
that Broad Peak and Hong Kong-based bondholder Tor Investment
Management have applied to the Takeovers Panel to intervene in the
sale to Bain, arguing the way Deloitte ran the administration was
"unacceptable" and blocked them from presenting their alternative
deal to creditors at the second creditors' meeting in August, SMH
relates.

Broad Peak's legal action is seeking a variation to the court's
non-publication order over the Bain deal so that Broad Peak, the
Takeovers Panel and any party involved in the Takeovers Panel's
proceedings can access the documents, according to SMH.

But Deloitte shot back on July 8, saying Broad Peak and Tor made up
a minority in the bondholder group in value and number, and that
the sale agreement with Bain was in "the best interest of all
creditors and have avoided the airline going into liquidation," SMH
relays.

"The expedited sale process, and now binding agreement with Bain
Capital, provides transaction certainty so that liquidation can be
avoided and a return to unsecured creditors is achieved," the
report quotes a Delloite spokesman as saying.

SMH relates that the spokesman said the bondholder proposal for
Virgin could not be taken forward because it was "highly
conditional, and without evidence of committed funding".

Bondholders fear they will receive less than 10 cents for each
dollar they are owed under the sale to Bain, SMH says. The
bondholder group is being advised by boutique Sydney firm Faraday
Associates and lawyers from Corrs Chambers Westgarth. The group's
debt-for-equity plan involved pouring AUD925 million into Virgin to
keep the company alive and listed on the Australian Securities
Exchange.

Virgin's AUD2 billion worth of unsecured bonds are owned by 30
large institutional investors and about 6,000 "mum and dad" retail
investors. Broad Peak is backed by Singapore's sovereign wealth
fund Temasek, which held an interest in Virgin through its majority
ownership of Singapore Airlines, which in turn owned 20 per cent of
Virgin, the report adds.

                      About Virgin Australia

Brisbane, Queensland-based Virgin Australia is Australia's
second-largest airline. It commenced services in 2000 as Virgin
Blue, wholly owned by the Virgin Group.

As reported in the Troubled Company Reporter-Asia Pacific on April
22, 2020, Bloomberg News related that Virgin Australia Holdings
Ltd. became Asia's first airline to fall to the coronavirus after
the outbreak deprived the debt-burdened company of almost all
income.  Administrators at Deloitte, who have taken control of the
Brisbane-based carrier, aim to restructure the business and find
new owners within months.  More than 10 parties have expressed an
interest, Deloitte related on April 21.  

Virgin Australia, which has furloughed 80% of its 10,000 workers,
will continue to operate some flights for essential workers,
freight and the repatriation of Australians, Bloomberg said. The
airline's frequent flyer program is a separate company and is not
in administration.

Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri
of Deloitte were appointed as administrators of Virgin Australia,
et al., on April 20, 2020.

The company owes AUD6.8 billion to lenders, bondholders, aircraft
lessors, trade creditors and employees.

On April 29, 2020, the company and certain affiliates filed
petitions pursuant to Chapter 15 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of New York.

As reported in the Troubled Company Reporter-Asia Pacific on June
29, 2020, The Sydney Morning Herald said Virgin Australia
administrator Deloitte said it has agreed to sell the bankrupt
airline to American private equity giant Bain Capital, after rival
bidder Cyrus Capital Partners withdrew its rescue offer due to a
"lack of engagement".

Joint administrator Vaughan Strawbridge said in a statement that
Bain had presented a "strong and compelling bid" for Virgin that
would "secure the future of Australia's second airline". However,
neither Deloitte nor Bain would reveal the size of the bid, how
many jobs will be lost or how much would be paid to creditors,
which are owed AUD6.8 billion, SMH said.



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

CHINA HONGXING: Gets Delisting Notice from SGX
----------------------------------------------
Rachel Mui at The Business Times reports that the Singapore
Exchange (SGX) has separately issued delisting notifications to
fabric maker China Taisan Technology Group, and sporting goods
company China Hongxing Sports, both companies announced on July 7.


China Hongxing Sports, which became a cash company in May 2018, has
received a notification of delisting from the Singapore bourse.

Under the listing rules, SGX will remove an issuer if it is unable
to meet the requirements for a new listing within 12 months from
the time it becomes a cash company, BT says.

According to BT, China Hongxing was granted several extensions by
SGX to meet this new listing requirement as it involved a proposed
reverse takeover that could make gold mining the core business of
the company instead.

However, SGX noted that as at July 7, there is a "lack of
information on the financials and viability of the mining assets to
demonstrate that the proposed transaction meets the requirements
for a new listing".

Therefore, SGX is unable to grant any further extension for China
Hongxing to satisfy the requirements for a new listing and will
direct it to be delisted, BT relays.

Among other things, China Hongxing noted that the Covid-19 pandemic
has caused "severe disruptions" to the company trying to meet the
conditions stated in the extensions granted by SGX.

It added that the target company is also seeking to raise capital
to secure sufficient funding to finance the proposed transaction
and for its operations. Nonetheless, due to the lockdown in the
Philippines and Singapore, potential investors have not been able
to complete their site visits and due diligence process, while
scheduled road shows for investors were also postponed, according
to BT.

Shares in China Hongxing have been suspended and last traded in
February 2011, the report notes.

According to the listing rules, both companies or their controlling
shareholders will have to provide a "reasonable exit offer" to
shareholders, and submit an exit offer proposal to SGX no later
than one month from July 6, which is the date when they received
the delisting notifications.

According to the listing rules, both companies or their controlling
shareholders will have to provide a "reasonable exit offer" to
shareholders, and submit an exit offer proposal to SGX no later
than one month from July 6, which is the date when they received
the delisting notifications, BT relates.

China Hongxing Sports Ltd. designs, manufactures and markets
athletic shoes, and markets sports apparel and accessories. The
Company sells its products in the People's Republic of China.




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

ADHIKARI BROTHERS: CARE Keeps D INR86.15cr Debt Rating in Not Coop.
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri
Adhikari Brothers Television Network Limited (SABTNL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Bank Facilities-     86.15      CARE D; Issuer not cooperating;
   Rupee Term Loan                 Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 26, 2019, placed the
rating of SABTNL under the 'Issuer non-cooperating' category as
SABTNL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. SABTNL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letters/emails dated
March 30, 2020,April 1, 2020, April 3, 2020, April 7, 2020, April
16, 2020, May 1, 2020, May 4, 2020, May 6, 2020, May 8, 2020, May
14, 2020, May 30, 2020, June 1, 2020, June 3, 2020, June 5, 2020,
June 8, 2020, June 12, 2020, June 16, 2020 and June 18, 2019. 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 Sri Adhikari Brothers Television Network Ltd's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account the ongoing delay in servicing debt
obligations primarily on account of slowdown in business
performance and stretched working capital cycle resulting in
deterioration of liquidity position of the company.

Detailed description of the key rating drivers

At the time of last rating on June 26, 2019 the following were the
rating strengths and weaknesses: (updated for the information
available from Registrar of Companies, stock exchanges etc.)

Key Rating Weakness

* Ongoing delay in debt servicing: As per the recent audit report
for 9MFY20 and Audit Report available with the company's stock
exchange disclosure for FY19 results, there are ongoing delays in
debt servicing. Further, the audit report mentions that the account
has been classified as Non-Performing Asset (NPA) by the banks due
to delay in repayment of loans taken from the banks. The same is on
account of stretched working capital cycle resulting from high
debtor days. The low business performance combined with elongated
working capital cycle has led to weak liquidity position.

Sri Adhikari Brothers Television Network Limited (SABTNL),
incorporated in 1994, was promoted by Mr. Gautam Adhikari and Mr.
Markand Adhikari (Sri Adhikari Brothers). The company was listed on
bourses in 1995. It is in the business of content production and
syndication in India since 1990s. The company launched a Hindi
general entertainment channel (GEC) "SAB TV" in 2000 which was
subsequently sold to a group company of Sony TV in 2005. TV Vision
Ltd: (TVVL; earlier a wholly owned subsidiary of SABTNL) is engaged
in the business of broadcasting. The company has channels like
Mastiii, Dabangg, Maiboli, Dhamaal and Dillagi. Mastiii is music
channel for pan India. Dabangg and Dhamaal are R-GECs catering to
the Hindi speaking belt of Bihar, Uttar Pradesh and Jharkhand and
Gujarat respectively. Maiboli is a regional Marathi channel for
Maharashtra while Dillagi is a dedicated TV channel for small towns
and villages of India.

At present, the group operates in two major segments i.e. (i)
content production and distribution/syndication and (ii)
broadcasting.

AKAR AUTO: Ind-Ra Lowers Long Term Issuer Rating to BB
------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Akar Auto
Industries Limited's (Akar) Long-Term Issuer Rating to 'IND BB
(ISSUER NOT COOPERATING)' from 'IND BB+ (ISSUER NOT COOPERATING)'.


The instrument-wise rating actions are:

-- INR45 mil. Long-term loans downgraded with IND BB (ISSUER NOT
     COOPERATING) rating;

-- INR343 mil. Fund-based facilities Long-term rating downgraded;

     Short-term rating affirmed with IND BB (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR60 mil. Non-fund-based facilities affirmed with IND A4+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

KEY RATING DRIVERS

The downgrade reflects the deterioration in Akar's financial
performance in FY20. The revenue declined to INR1,988.3 million in
FY20 (FY19: INR2,778 million) on account of subdued demand owing to
the ongoing slowdown in the domestic automobile industry. The
EBITDA margin declined to 4.7% in FY20 (FY19: 6.7%) due to an
increase in raw material prices.                                   
               

The ratings are also constrained by the company's weak credit
metrics. The metrics deteriorated in FY20 due to a decline in the
operating EBITDA to INR93.5 million (FY19: INR185 million). The
interest coverage (EBITDA/interest expense) was 1.2x in FY20 (FY19:
2.3x), and the net leverage (adjusted net debt/operating EBITDA)
was 6.4x (3.6x).

Akar has availed the Reserve Bank of India-prescribed moratorium on
its loans.

The ratings are supported by the promoter's experience of over
three decades in the automobile industry.

The ratings have been maintained in the non-cooperating category as
Akar did not participate in the surveillance exercise and has not
provided information about bank utilization, order book details,
financial projections for three years, future plans, and management
certificate.

COMPANY PROFILE

Incorporated in 1989, Akar Tools manufactures and sells hand tools,
automobile forgings, leaf springs, and parabolic springs.


ALUMATIC CANS: CARE Withdraws D Rating on Bank Facilities
---------------------------------------------------------
CARE has reviewed the ratings assigned to the bank facilities of
Alumatic Cans Private Limited (ACPL) at CARE D; Issuer Not
Cooperating and has simultaneously withdrawn it, with immediate
effect. The rating takes into account delays in servicing debt
obligation in the term loan facility.

The rating withdrawal is at the request of client and 'No Objection
Certificate' received from the bank that have extended the
facilities rated by CARE.

Detailed description of the key rating drivers

Key Rating Weakness

* Delays in debt servicing: As per banker feedback, there were
delays in servicing debt obligation in the term loan facility.

ACPL, incorporated in April 2011 is an Indian-based private limited
company, engaged into manufacturing of aluminium aerosol cans used
as a packaging material for perfumes and deodorants and it
commenced commercial operations in December 2012. ACPL has its
manufacturing facilities based out of Pargao in Khandala, District
Satara in Maharashtra with an installed capacity of manufacturing
of 65 lakh cans per month (as on February 28, 2019). The company is
promoted by Mr. Danesh Sayani (Managing Director), Mr. Yasin Sayani
(brother of Mr. Danes h Sayani) and Mrs Meenaz Sayani (wife of Mr.
Yasin Sayani). The same promoters are also engaged in manufacturing
of perfumes via Floressence Perfumes Private Limited (FPPL) (rated
'CARE D; Issuer Not Cooperating') and a Dubai -based company,
Natural Fragrances LLC (NF).

AMRITLAL NARESH: CARE Lowers Rating on INR1.50cr Loan to B-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Amritlal Naresh Kumar (ANC), as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long–term Bank      1.50      CARE B-; Issuer not
cooperating;
   Facilities                    Revised from CARE BB- on the
                                 basis of best available
                                 information

   Short-term Bank    11.00      CARE A4; Issuer Not Cooperating;
   Facilities                    Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 11, 2019, placed the
ratings of ANC under the 'Issuer non-cooperating' category as ANC
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. ANC continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and letter/emails dated June 11,
2020, June 3, 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 rating.

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

Detailed description of the key rating drivers

At the time of last rating done on July 11, 2019, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

* Weak debt coverage indicators: Interest coverage ratio improved,
however, remained satisfactory at 1.23 times in FY15 as against
1.21 times in FY14. Despite the improvement, its total debt to
gross cash accrual remained high at 44.28 times as on March 31,
2015, as compare with 90.12 times as on March 31, 2014.

* Foreign Exchange Fluctuation:  ANK is a 100% import-oriented firm
due to which its profit margins are highly vulnerable to
fluctuations in the import prices of timber along with fluctuations
in the foreign exchange rates. ANK does not have active hedging
policy in place to mitigate the foreign exchange risk keeping its
margins fully exposed to the exchange rate fluctuations.

* Presence in competitive and fragmented timber market: The timber
trading industry is highly fragmented in nature with large number
of unorganized players due to low-entry barriers and limited value
addition. High fragmentation and intense competition results in
very thin margins in the industry. Furthermore, profitability in
the industry is susceptible to the volatility in the prices of
timber logs as well as to fluctuations in foreign exchange rates.

Key Rating Strengths

* Long experience of proprietor in the timber trading business:
The proprietor of ANK, Mr. Amritlal has an experience of more than
two decades in the field of trading of timber logs. His long-term
experience along with the experience of his sons has enabled the
concern in appropriately taking timber procurement decisions and in
building long-term relationship with the customers from whom ANK
gets repeat orders.

* Improvement in profit margins:  During FY15, the total operating
income (TOI) of ANK has decreased by 13.10% to INR29.65 crore from
INR34.12 crore in FY14.  Further, the PBILDT margin has improved by
28 bps to 2.27% from 1.99% in FY14.

* Improvement in capital structure: Capital structure has improved
as on March 31, 2015, marked by its overall gearing ratio of 1.24
times as on March 31, 2015 (March 31, 2014: 2.36 times).

ANK was established by Mr. Amritlal Naresh Kumar Gupta in the year
1997, as a proprietorship concern. ANK is engaged in the trading of
imported timber. It primarily imports round timber logs from
Singapore and Malaysia, which is subsequently sawn and sized into
various sizes as per the requirement of the customers. The facility
is located in Gandhidham, Kutch near Kandla port which facilitates
easy imports and transportation of the products. ANK imports
various types of timber such as Meranti, Kapur, Saal, Razzaq, Pine
wood, etc. Mr. Amritlal Naresh Kumar Gupta and his son Mr. Sushil
Kumar jointly manage the operations of ANK.

ANNAPURNA TRADING: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for the INR10.00 crore bank facilities of
Annapurna Trading Company continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based–        8.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                'Issuer Not Cooperating' category

   Fund-based–        2.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
   against pledge               'Issuer Not Cooperating' category
   of warehouse
   receipts           

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Established in 2011 and promoted by Mr. Ritesh kumar Singh, ATC is
a proprietorship entity involved in trading agro commodities
namely, maize, cotton-seed cake, wheat, rice and paddy. Based out
of Nagpur, the entity sources the trading products from western and
northern India, which are sold to traders, cattle feed and
poultry-feed factories and starch factories based out of
Maharashtra and Chhattisgarh.

ANSAL PROPERTIES: CARE Keeps D INR72.50cr Debt Rating in Not Coop.
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ansal
Properties & Infrastructure Limited under (APIL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       72.50      CARE D; Issuer not cooperating;
   Facilities                      Bases on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 19, 2019, placed the
ratings of APIL under the 'Issuer Not Cooperating' category as the
company had failed to provide the requisite information required
for monitoring of the rating as agreed to in its rating agreement.
Ansal Properties & Infrastructure Limited continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and a letter/email dated May 27,
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. The ratings on bank facilities of Ansal Properties &
Infrastructure Limited will be denoted as 'CARE D; Issuer not
cooperating'.

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

Detailed description of the key rating drivers

CARE has not received any information from the company. However,
the rating takes into account the continuing default and
classification of account as NPA.

APIL, part of the Ansal group, was promoted by Late Shri
Chinranjjiv Lal Ansal and Mr. Sushil Ansal in 1967. The Company was
originally incorporated as Ansal & Saigal Properties Pvt. Ltd and
subsequently changed its constitution to public limited company and
the name to the present one in March 1990. APIL is a public limited
company (listed) engaged in real estate development in North India
(in states of Delhi, Haryana, Punjab, Rajasthan and Uttar Pradesh).
Some of the notable commercial areas developed by APIL in the past
include Statesman House (Connaught Place, New Delhi) and other
prominent central business districts in Nehru place and Connaught
place. The company is a part of API group engaged in real estate
development with wide range of business verticals viz. integrated
townships, Condominiums, group housing, commercial, retail,
hospitality, special economic zones, information technology parks,
and facility management.

APAR CHARITABLE: ICRA Moves B Debt Rating to Not Cooperating
------------------------------------------------------------
ICRA has moved the ratings for the INR15.00 crore bank facilities
of APAR Charitable Trust For Education And Research to the 'Issuer
Not Cooperating' category'. The ratings are denoted as "[ICRA]B
(Stable) ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term/         15.00     [ICRA]B (Stable); ISSUER NOT
   Fund-based–                  COOPERATING; Moved the 'Issuer  
   Term Loan                    Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Incorporated in 2010, APAR is a two-asset trust operating two
colleges, Arya Institute of Engineering, Technology and Management
(AIETM) and Arya Perfect Graduate College (APGC), in Jaipur,
Rajasthan. AIETM commenced operations in FY2014 and at present
offers B.Tech courses in five streams (Civil, Mechanical,
Electrical and Computer Science Engineering) with a total capacity
of 1,200 students. APGC commenced operations in 2017 and offers
four courses (BA., BBA, B.Sc. and B.Com.). The colleges are a part
of the Arya Group of Colleges offering courses related to
Engineering (B.Tech and M.Tech), Management and Pharmacy through
its four constituent colleges based out of Jaipur, Rajasthan.

The Group started operations in 1999 and enrolled more than 9,000
students in FY2017. 3 In FY2018, the trust reported a net loss of
INR0.39 crore on operating income (OI) of INR6.79 crore compared
with a net profit of INR0.52 crore on OI of INR8.23 crore in the
previous year.

BABANRAOJI SHINDE: ICRA Withdraws C Rating on INR110cr Loan
-----------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Babanraoji Shinde Sugar And Allied Industries Ltd., as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       110.00     [ICRA]C; ISSUER NOT COOPERATING;
   Cash Credit                  Withdrawn

Rationale

The ratings have been withdrawn in accordance with ICRA's policy on
withdrawal and suspension, and as desired by the company on receipt
of no Dues certificate provided by the bank. ICRA does not have
adequate information to suggest that the credit risk has changed
since the time the ratings were last reviewed.

Key rating drivers and their description

Key rating drivers have not been captured for the rating withdrawal
due to inadequacy of incremental information since the time the
ratings were last reviewed.

Liquidity position

Liquidity position has not been captured for the rating withdrawal
due to inadequacy of incremental information since the time the
ratings were last reviewed.

Rating sensitivities

Sensitivities have not been captured for the rating withdrawal due
to inadequacy of incremental information since the time the ratings
were last reviewed.

Babanraoji Shinde Sugar And Allied Industries Ltd. was incorporated
in 2011 and is involved in manufacturing of sugar and its allied
products. The company currently has 5000 TCD (tonnes crush per day)
sugar plant integrated with cogeneration unit of 25 MW (megawatt).
The plant is located at Barshi Taluka of Solapur district in
Maharashtra. The company commenced its operations in February 2015
for sugar mill while co-generation operations began in March 2015.
Sugar year (Sep-Oct) 2014-15 was the first year of operations for
the company. However, the plant remained nonoperational in SY
2016-17 due to the drought conditions in the region in the previous
year which led to nonavailability of sugarcane for crushing.

BTM CORP: CARE Keeps D INR27cr Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of BTM Corp
Limited (BTM) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        27.00     CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 26, 2019, placed the
rating(s) of BTM under the 'issuer noncooperating' category as BTM
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. BTM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and 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.

Detailed description of the key rating drivers

At the time of last rating on April 26, 2019, the following were
the rating strengths and weaknesses: (Updated for the information
available from ROC)

Key rating weaknesses

* Irregularity in debt servicing:  There was delay in debt
servicing.

Bhilwara (Rajasthan) based BCL was incorporated in October, 2005 by
Tekriwal brothers as a closely held public limited company. Mr.
Rajeev Tekriwal is the Managing Director and the other two brothers
Mr. Anil Tekriwal and Mr. Sanjeev Tekriwal are the Directors on the
board of BCL. The company is engaged in the business of
manufacturing of grey (cotton, polyester and synthetic) fabrics
grey fabric.

BTM INDUSTRIES: CARE Keeps D INR27cr Debt Rating in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of BTM
Industries Limited (BTMIL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        27.00     CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 26, 2019, placed the
rating(s) of BTMIL under the 'issuer non-cooperating' category as
BTMIL had failed to provide information for monitoring of the
rating for the rating exercise as agreed to in its Rating
Agreement. BTMIL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and 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.

The rating assigned to BTM Industries Limited (BTMIL) continued to
constrained on account delay in debt servicing in the past owing to
poor liquidity position.

Detailed description of the key rating drivers

At the time of last rating on April 26, 2019, the following were
the rating strengths and weaknesses: (Updated for the information
available from ROC)

Key rating weaknesses

* Irregularity in debt servicing:  There was delay in debt
servicing.

Incorporated in 1998, BTMIL is part of "BTM group" based out of
Bhilwara. BTMIL is engaged in the business of processing of
synthetic grey fabrics and trading of finished fabrics. BTM group
consists of BTM Corp Limited (BCL) and Prestige Suitings Private
Limited (PSPL) which are also engaged in manufacturing of synthetic
grey fabric.

DELHI INTERNATIONAL AIRPORT: S&P Downgrades LongTerm ICR to B+
--------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Delhi International Airport Ltd. (DIAL) and its long-term issue
rating on the company's senior secured notes to 'B+' from 'BB-'.

S&P said, "We lowered the rating on DIAL because weak passenger
traffic due to COVID-19 and the company's high committed spending
over the next three years will result in significantly higher
leverage than we anticipated. One or more environmental, social and
governance (ESG) credit factors is a key driver behind the rating
action.

"We forecast that DIAL's leverage, as measured by the ratio of
operational cash flow (OCF) to debt, will be less than 5% over the
next two years. This compares with our earlier expectation of 5%-9%
over the period."

S&P believes passenger traffic volumes in India will remain
depressed as the country struggles to control the pandemic. While
30% of domestic routes restarted at the end of May, passenger
traffic will remain muted, given the spread of the virus in the
country is yet to be brought under control. This is particularly
the case in most tier-one cities such as Delhi, Mumbai, Chennai,
and Ahmedabad that cater to most of the domestic routes.

S&P said, "In our view, while the virus continues to spread in
India, the passenger propensity to travel will be low. Combined
with ongoing travel restrictions and social distancing measures in
India and abroad, this will likely lead to a sharper fall in air
traffic in India than global estimates by the International Air
Transport Association. We estimate international traffic in India
will decline 75% and domestic traffic 55% in fiscal 2021 (year
ending March 31, 2021). We had earlier assumed a 25%-30% drop in
international traffic and a 20%-25% drop for domestic traffic for
the year for Indian airports.

"We consider that domestic and international traffic in India is
unlikely to recover to pre-COVID 19 levels before fiscal 2024. We
project total passengers in fiscal 2021 would be just below 27
million, 40% of fiscal 2020 (pre-COVID) levels. Total traffic in
fiscal 2022 would be about 75% of fiscal 2020 levels, improving to
about 90% in fiscal 2023 and picking up thereafter. We anticipate
these revised traffic assumptions will translate to about a 45%
drop in total revenue for DIAL in fiscal 2021, before growing by
around 60% in the following year."

DIAL's receipt of CPD income from Bharti Realty Ltd. continues to
be delayed due to pending approval from the Airport Authority of
India (AAI). Non receipt or significant delays in CPD income will
put pressure on DIAL's liquidity and financial metrics because
funding of the company's committed expansion plan is highly
dependent on it.

In this scenario, DIAL's cash balance will deplete more quickly
and, given the company's high interest servicing costs, S&P
anticipates negative carry will increase further, causing EBITDA
interest coverage to fall below 1.0x.

DIAL's current high cash balance means it is unlikely to face any
liquidity pressure over the next 12 months. However, in the absence
of the CPD income or other funding sources, liquidity risk will
increase, especially as the company approaches its bond maturity in
February 2022. DIAL's anticipated CPD income consists of lease
rentals of about Indian rupee (INR) 3.7 billion per year and a
one-off upfront security deposit payment of about INR15.3 billion.

S&P believes DIAL has limited flexibility to not continue its
expansion plans because it is already operating at above-capacity
levels. The company has slightly delayed its capital expenditure
(capex) and plans to complete expansion in fiscal 2024, rather than
fiscal 2023. However, DIAL's total capex program will still amount
to INR100 billion, with about 30% having already been spent as of
the fiscal year ended March 31, 2020.

DIAL's cash flows will also depend on the implementation of a
sufficiently higher tariff for control period 3 (CP3; April 1, 2019
to March 31, 2024). The regulator published the CP3 consultation
paper in June 2020, with current base airport charges (BAC)
continuing for the next control period. However, the BAC was
determined on passenger traffic numbers without considering the
impact of the COVID-19 outbreak.

S&P said, "Given the philosophy of the Indian regulatory framework
for airports, we believe DIAL will be compensated for its lower
passenger traffic as a result of COVID-19 in the next regulatory
period. We therefore expect the eventual tariff would be at least
50% higher than the current BAC levels. However, we see further
downside risk for DIAL if the regulator approves a lower tariff
increase, CP3 is significantly delayed, or DIAL's actual passenger
numbers are lower than incorporated in the tariff determination.
Our base case assumes that the CP3 tariff will be implemented on
Jan. 1, 2021."

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions, but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. S&P said, "We are using this assumption in
assessing the economic and credit implications associated with the
pandemic. As the situation evolves, we will update our assumptions
and estimates accordingly."

Environmental, social, and governance (ESG) factors relevant to the
rating action:  

-- Health and safety.

S&P aims to resolve the CreditWatch within the next 60-90 days
based on the status of receipt of CPD income and level and timing
of CP3 tariff implementation.

S&P could lower the ratings on DIAL by at least one notch if: (1)
the CPD income is cancelled (resulting in the refund of DIAL's
initial INR3.6 billion deposit) or is materially delayed further;
(2) the company's CP3 tariff is significantly delayed or is less
than 50% more than current levels; or (3) DIAL's passenger numbers
are lower than our estimates.

These factors could result in funds from operations (FFO) cash
interest cover being sustainably below 1.0x. The refund of the CPD
deposit, negative working capital pressure due to delay in payment
from airlines, or other liquidity pressure could lead to more than
a one-notch downgrade.

S&P could affirm the ratings if the CPD money is received and the
regulatory developments are sufficiently positive, sustainably
supporting the company's FFO cash interest cover of more than
1.2x.


E&G GLOBAL ESTATES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: E&G Global Estates Limited
        6, New Shivsagar Society
        Gangapur College Link Road
        Thatte Nagar, Nashik
        Maharashtra 422005

Insolvency Commencement Date: June 24, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 21, 2020
                               (180 days from commencement)

Insolvency professional: Gajesh Labhchand Jain

Interim Resolution
Professional:            Gajesh Labhchand Jain
                         D-501, Clifton Soc
                         Raviraj Oberoi Marg
                         Shastri Nagar
                         Andheri (West)
                         Mumbai 400053
                         E-mail: gajeshjain@gmail.com

                            - and -

                         502, Brookfield Society
                         Old Lokhandwala Complex Road
                         Opp. Ashok Academy
                         Andheri West
                         Mumbai 400053
                         E-mail: irp.engglobalestates@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    CA Anil Raj Kotia
                         CA Jitendra Kothari
                         CS Hemanshu Kapadia

Last date for
submission of claims:    July 8, 2020


EDUCOMP SOLUTIONS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Educomp
Solutions Limited (ESL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank     1,884.40     CARE D; Issuer not cooperating;
   Facilities                      Bases on best available
                                   Information

   Long-term/Short-      37.40     CARE D/CARE D; Issuer not
   Term Bank                       cooperating; Based on the basis

   Facilities                      of best available information

   NCD                   45.00     CARE D; Issuer not cooperating;

                                   Based on the basis of best
                                   available information
     
   Receivables          404.08     CARE D; Issuer not cooperating;
   Assignment                      Based on the basis of best
   Facility                        available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 26, 2019, placed the
ratings of ESL under the 'Issuer Not Cooperating' category as the
company had failed to provide the surveillance fees and requisite
information required for monitoring of the ratings as agreed to in
its rating agreement. Educomp Solutions Limited continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and a letter/email dated June 17,
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. The ratings on bank facilities of Educomp Solutions Limited
will be denoted as 'CARE D; Issuer not cooperating'.

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

Detailed description of the key rating drivers

CARE has not received any information from the company. However,
the company is under corporate insolvency resolution process in
NCLT.

Educomp Solutions Ltd. (ESL) was incorporated in 1994 as Educomp
Datamatics Pvt. Ltd. and the name of the company was changed to the
present one in August 2005. The company was engaged in providing
digital educational content in the classroom through its patented
product 'Smart Class' and Edureach (earlier known as Instructional
and Computational Technology (ICT)).

'Smart Class' was a first of its kind, teacher-led educational
content based solution which provides technology based learning
into the classrooms. Edureach worked closely with various State and
Central Government agencies to implement large scale
Public-Private-Partnership projects. The company was also engaged
in providing High Learning Solutions comprising vocational, higher
education and professional development, K-12 schools (comprising
pre-schools and high schools) and online, supplementary & global
Business.

EXCLUSIVE STEEL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Exclusive Steel and Casting Limited
        Plot 13, Survey No. 271
        Village Mandali
        Opp. Bhagyoday Hotel
        Mandali GJ 384130

Insolvency Commencement Date: July 2, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: Decemeber 29, 2020

Insolvency professional: Bharat Ramakant Upadhyay

Interim Resolution
Professional:            Bharat Ramakant Upadhyay
                         507, 5th floor, C2 Wing
                         Skyline Wealth Space
                         Skyline Oasis Complex
                         Premier Road
                         Near Vidyavihar Station
                         Ghatkopar-West
                         Mumbai 400086
                         E-mail: brupadhyay@hotmail.com
                                 brupadhyay.irp@gmail.com

Last date for
submission of claims:    July 16, 2020


FLORESSENCE PERFUMES: CARE Withdraws D Rating on Bank Facilities
----------------------------------------------------------------
CARE has reviewed ratings assigned to the bank facilities of
Floressence Perfumes Private Limited (FPPL) at CARE D; Issuer Not
Cooperating and has simultaneously withdrawn it, with immediate
effect. The rating takes into account delays in servicing debt
obligation in the term loan facility.

The rating withdrawal is at the request of client and 'No Objection
Certificate' received from the bank that have extended the
facilities rated by CARE.

Detailed description of the key rating drivers

Key Rating Weakness

* Delays in debt servicing: As per banker feedback, there were
delays in servicing debt obligation in the term loan facility.

FPPL, incorporated in August 2005, is a private limited company and
is currently being managed by Dubai based Sayani family. FPPL is
100% Export oriented unit (EOU) of Natural Fragrance (NF) which is
a Dubai based LLC (Limited Liability Company). FPPL is engaged into
manufacturing of perfumes, deodorants and roll-ons from its owned
manufacturing facility located at Daravali , Taluka Mulshi, Pune,
Maharashtra spread across 6 acres. The company markets its products
the same under brand names 'Rio' Collection, Echo-Orbit, 'Bravo'
etc.

GUPTA SONS: CARE Lowers Rating on INR12.8cr LT Loan to B-
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gupta Sons (GS), as:

                      Amount
   Facilities      (INR crore)   Ratings
   ----------     -----------    -------
   Long–term Bank      12.8      CARE B-; Issuer not
cooperating;
   Facilities                    Revised from CARE B+ on the
                                 basis of best available
                                 information

   Short-term Bank      8.00     CARE A4; Issuer Not Cooperating;
   Facilities                    Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 28, 2019 placed the
ratings of GS under the 'issuer non-cooperating' category as GS had
failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. GS continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated June 12, 2020,
June 15, 2020 and June 16, 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 28, 2019, the following
were the rating strengths and weaknesses:

Key Rating Weakness

* Financial risk profile characterized by moderate scale of
operations, fluctuating profitability, leveraged capital structure
and moderate debt coverage indicators:  During FY15 (refers to the
period April 1 to March 31), the scale of operations of the firm
stood modest with fluctuating profitability mainly on account of
slowdown in demand for diamonds and Jewellery business as well as
vulnerability of margins to fluctuation in raw material prices.
Capital structure stood moderate marked by overall gearing ratio of
1.74 times as on March 31, 2015. Debt coverage indicators also
stood moderate as on March 31, 2015.

* Inventory price risk & partnership nature of the firm: Inherently
the gold prices have remained widely fluctuating which will have an
impact on the margins of players in gems & jewellery industry. The
changes in the gold prices could impact the profitability to the
extent of Gupta Sons's inventory holding which is very long.
Further, its constitution as a partnership concern has a risk of
withdrawal of capital.

Key rating strengths

* Experienced promoters and its association with established brand
"Tanishq":  Mr. Rakesh Gupta and Mr. Mayank Gupta, key partners
possess experience of around 10 years in the business of selling of
branded gold and diamond jewellery. Both the key partners manage
the overall operations of Gupta Sons.

Being the distributor of gold and diamond jewellery of Tanishq
brand, Gupta Sons get the benefit of well-established brand name of
TATA group which ensures superior quality of jewellery, varieties
in designs in plain and studded jewellery.

Bhopal (Madhya Pradesh) based, Gupta Sons is promoted by Mr. Rakesh
Gupta, Mr. Mayank Gupta, Ms. Manju Gupta and Ms. Archana Gupta. It
was established in 2003 and is engaged in trading of gold and
diamond jewellery as a franchisee of Tanishq. Gupta Sons has two
retail showrooms located in Bhopal.  Gupta Sons has also
commissioned 0.5 MW and 1.25 MW solar projects in March 2012 and
March 2013 which is situated in the district of Rajgarh in Madhya
Pradesh.

IL&FS: SEBI Can Increase Penalties Imposed on ICRA, Rules SAT
-------------------------------------------------------------
The Hindu BusinessLine reports that the Securities Appellate
Tribunal (SAT) has ruled in favor of the Securities and Exchange
Board of India (SEBI) enhancing penalties on credit rating agency
ICRA in the case of Infrastructure Leasing and Financial Services
Ltd (IL&FS), as per reports.

BusinessLine, citing LiveMint, relates that the tribunal, in a
hearing of the petition filed by ICRA Ltd against a second
show-cause notice issued by SEBI, had ruled that it had powers to
enhance the penalty for the credit rating agency.

According to BusinessLine, SEBI in December had slapped a INR25
lakh on credit rating agencies ICRA and CARE Ratings for negligence
in the IL&FS case.

The fine was levied for a lack of "due diligence" in credit ratings
to non-convertible debentures of IL&FS, said previous reports,
BusinessLine relays.

BusinessLine says SEBI had issued a fresh notice on January 28
under Section 15-I (3) of SEBI Act, Section 15(I). As per this
notice, the board can examine the record of these proceedings. It
can then increase the penalty if it deems the INR25 lakh
inadequate.

BusinessLine relates that ICRA had appealed to SAT against SEBI's
ability to enhance penalties. However, SAT ruled that the
securities board can do so if it deems the earlier penalty
insufficient.

"We are prima facie of the opinion that SEBI has the power to
initiate proceedings under Section 15-I(3) of the SEBI Act," said
SAT, as quoted by LiveMint.

Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.

As reported in the Troubled Company Reporter-Asia Pacific, the
Indian Express related that the Indian government, in October 2018,
stepped in to take control of crisis-ridden IL&FS by moving the
National Company Law Tribunal (NCLT) to supersede and reconstitute
the board of the firm which has defaulted on a series of its debt
payments. This was said to be an attempt to restore the confidence
of financial markets in the credibility and solvency of the
infrastructure financing and development group.

INFINITY INFRATECH: CARE Lowers Rating on INR4.91cr Loan to C
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Infinity Infratech (IIT), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long–term Bank       4.91      CARE C; Issuer not
cooperating;
   Facilities                     Revised from CARE B on the basis

                                  of best available information

   Short-term Bank      0.60      CARE A4; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 2, 2019, placed the
ratings of IIT under the 'Issuer noncooperating' category as IIT
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. IIT continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and letter/emails dated May 25,
2020, May 27, 2020 and May 29, 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 ratings assigned to the bank facilities of IIT have been
revised on account of non-availability of requisite information.

Detailed description of the key rating drivers

At the time of last rating done on August 2, 2019, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

* Proprietorship nature of constitution: The constitution as a
proprietorship firm restricts IIT's overall financial flexibility
in terms of limited access to external funds for any future
expansion plans. Furthermore, there is inherent risk of possibility
of withdrawal of capital and closure of the firm in case of
insolvency of the proprietor.

* Fluctuating scale of operations:  The total operating income
(TOI) of IIT during FY16 (refers to the period April 1 to March
31)has reached to INR17.26 crore which shows increase of almost 3
fold as compared with FY15 while TOI during FY15 was INR6.16 crore
which had declined by 14.80% as compared with FY14.

* Declining profit margins:  PBILDT margin of IIT has declined to
12.35% during FY16 as compared with 24.75% during FY15. This
decline was mainly due to increase in material cost. Despite
decline in operating margins, the PAT margin decreased by 62 bps
during FY16 and remained at 2.99% (3.61% during FY15).

* Leveraged capital structure and moderate debt coverage
indicators:  The capital structure of IIT although improved
substantially stood leveraged marked by an overall gearing of 2.03
times as on March 31, 2016 as against 6.81 times as on March 31,
2015. The debt coverage indicators remained moderate marked by
total debt to Gross Cash Accruals (TDGCA) of 3.49 times [FY15: 5.36
years] and interest coverage ratio of 4.47 times [FY15: 6.93 times]
in FY16 due to healthy operating margins but leveraged capital
structure.

* Operates in the fragmented and unorganized sector characterized
by environmental issues associated with stone crushing: IIT
predominantly operates in the unorganized and fragmented sector
which is marked by severe price undercutting especially among the
small players leading to intense competition. Also, the stone
crushing industry is perceived to be a highly polluting industry
both in terms of noise pollution and air pollution and also
unscrupulous mining activities associated with the stone crushing
industry.

* Risk inherent due to linkage with the real estate sector which is
cyclical in nature coupled with low entry barriers:  IIT supplies
to the construction and real estate sector mainly in Gujarat,
Maharashtra and Dadra Nagar & Haveli, the demand for which is
linked to the economic cycles. Furthermore, due to low entry
barriers the competition gets intensified, which might put pressure
on profitability of the existing as well as new players.

Key Rating Strengths

* Experienced proprietor and established relationship with
customers and suppliers:  Mr. Pratik Desai, the proprietor, aged 29
years is B.Tech by qualification. Mr. Pratik has an experience of 6
years in the stone aggregate and concrete pipe industry. He has
well established relationship with the customers and suppliers.

Liquidity Analysis: Stretched

The operations of IIT are working capital intensive in nature as
marked by current ratio and quick ratio at 1.15 times and 1.12
times respectively as on March 31, 2016. Its cash credit limit was
utilized at around 85% over the past 12 months ended March 31,
2016. The firm had an operating cycle of 18 days in FY16. The cash
flow from operations remained low at INR2.00 crore during FY16 as
against negative INR0.55 crore during FY15. Cash and bank balance
remained low at INR0.07 crore as on March 31, 2016.

Vapi-based (Gujarat), IIT was established by the proprietor, Mr.
Pratik Desai in 2010. The firm is engaged mainly in stone crushing
activity and manufacturing of RCC (Reinforced Cement Concrete) Hume
pipes and service tenders of government in civil projects. The
proprietor owns a quarry from which stone is extracted and then
extracted material is crushed and transformed in the form of
various stones and artificial crushed sand. IIT owns two plants for
stone crushing in Karajgam, located near Vapi (Gujarat). The
installed capacity was of 9.6 lakh stones per annum as on March 31,
2016. The major customers of IIT are located in Gujarat,
Maharashtra and Dadra & Nagar Haveli.

JASMINE INDUSTRIAL: ICRA Keeps B INR5.0cr Debt Rating in Not Coop.
------------------------------------------------------------------
ICRA said the ratings for the INR30.00 crore bank facilities of
Jasmine Industrial Corporation continues to remain under the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-      (5.00)      [ICRA]B (Stable) ISSUER NOT
   Cash Credit                  COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

   Non-Fund based   30.00       [ICRA]A4 ISSUER NOT COOPERATING;
   Letter of                    Rating continues to remain under
   Credit(LC)                   'Issuer Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Jasmine Industrial Corporation (JIC or the firm) was established in
1972 as a partnership firm and is managed by the partner Mr. Ajay
Mehta who has been in the business since 1978. JIC trades in
various forms of steel products like hot rolled coils, plates, TMT
bars, angles, beams and others. The firm caters to the domestic
market, primarily Maharashtra and Gujarat with its clientele mostly
constituting steel traders and construction companies. JIC has a
registered office in Mumbai and a rented warehouse in Taloja, Navi
Mumbai.

KAIZEN COLD: CARE Lowers Rating on INR6.0cr LT Loan to B
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kaizen Cold Formed Steel Private Limited (KCFSPL), as:

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

   Short-term Bank       8.07      CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 22, 2019 placed the
rating(s) of KCFSPL under the 'Issuer non-cooperating' category as
KCFSPL had failed to provide information for monitoring of the
rating. KCFSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated May 18, 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

The ratings have been revised on account of non-availability of
requisite information due to non- cooperation by KCFSPL 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. The ratings of the bank facilities of
KCFSPL continues to be tempered by modest scale of operations,
working capital intensive nature of operations, susceptibility of
profitability margins to volatility in the raw material prices and
highly competitive business segment due to presence of numerous
organised and unorganised players. The rating also factors improved
profitability margins degrowth in total operating income,
deterioration in capital structure and debt coverage indicators and
elongated operating cycle. The ratings, however, continues to
derive strength from experienced promoters in trading of Steel
products.
Key Rating Weakness

* Modest scale of operations with improved profitability margins:
The scale of operations of the company continues to be modest,
marked by its total operating income of INR66.72 Crore achieved in
FY19. Further, the profitability margins continued thin however
improved marked by PBILDT margin of 3.30% as against 2.91%, and PAT
margin of 0.38% in FY19 as against 0.36% in FY18.

* Working capital intensive nature of operations with elongated
operating cycle: The nature of operations of the company continues
to be working capital intensive in nature, marked by its elongated
operating cycle of 158 days in FY19, which has continued to
stretch, compare to previous year (113 days in FY18).

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company continues to be leveraged
marked by its overall gearing ratio of 3.37x as in March 31,
2019, which has been deteriorated compare to previous fiscal (3.06x
as on March 31, 2018), on the back of increase in the debt profile
of the company.

Further, the debt coverage indicators also deteriorated and
continues to be weak marked by TD/GCA at 70.1x as on March 31, 2019
viz a viz 35.27x as on March 31, 2018. Interest coverage ratio,
stood stable at 1.19x as on March 31, 2019 in comparison with
previous year (1.21x as on March 31, 2018).

* Degrowth in total operating income: Total Operating income of the
company has decreased by 29.99% in FY19 and stood at INR66.72 Crore
as against INR95.31 Crore in FY18.

* Susceptibility of profitability margins to volatility in the raw
material prices: The primary traded products of Kaizen is HR
coils/Sheets and CR Coils / Sheets other steels TMT Bars, channels
etc. whose prices are dependent on prevailing international
commodity price fluctuation. Change in the steel price in commodity
market on day to day basis has a direct impact on the prices of
steel products and risk of lag in passing on the same to customers
could in turn affect the profitability of the concern. Furthermore,
90% of the purchases of Kaizen are made from domestic
suppliers based on the market demand and availability of the
products.

* Highly competitive business segment due to presence of numerous
organised and unorganised players: The spectrum of the steel
industry in which the company operates is highly fragmented and
competitive marked by the presence of numerous players in India.
Kaizen faces direct competition from various organized and
unorganized players in the market. There are a number of small and
regional players who are located in India and catering to the same
market.

Key Rating Strengths

* Experienced promoters in trading of Steel products: The overall
affairs of Kaizen are managed by Mr. Raghav Saraf and his brother
Mr. Rahul Saraf. They have an extensive experience in this trading
of steel products like HR coils/Sheets and CR Coils / Sheets other
steels TMT Bars, channels etc. of more than three decades. Both of
them look after the overall management of the company.

Kaizen Cold Formed steel Private Limited (Kaizen) was incorporated
in 2009 by Mr. Raghav Saraf and his brother Mr. Rahul Saraf. The
company is located at Chennai, Tamilnadu. Kaizen deals in trading
of wide range of products steels such as HR coils/Sheets and CR
Coils/Sheets other steels TMT Bars, channels etc.

KAMAKHYA BOARD: ICRA Reaffirms B Rating on INR1.0cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Kamakhya
Board (KB), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based
   Cash Credit        1.00      [ICRA]B(Stable); reaffirmed

   Non-fund based
   Letter of Credit   5.75      [ICRA]A4; reaffirmed

Rationale

The ratings reaffirmation remains constrained by the KB's weak
financial risk profile, characterised by its small scale of
operations, leveraged capital structure and weak coverage
indicators. KB's liquidity position remains tight with high working
capital requirements due to stretched receivables.

Further, the ratings continue to remain constrained due to the
highly fragmented nature of the industry and the easy availability
of substitutes, both of which intensify the market competition. The
ratings further consider the vulnerability of its profitability to
the volatility in timber prices and exposure to foreign exchange
fluctuation owing to its procurement through imports. It is also
dependent on the availability of timber, which depends upon export
regulations in the key supplying markets. ICRA also takes note that
since KB is a proprietorship firm, any substantial withdrawals from
the capital account would adversely affect the entity's net worth
and thereby the capital structure.

The ratings, however, continue to favorably factor in the extensive
experience of the proprietor in the timber business and the
proximity of the entity's facilities to the Kandla port in Gujarat
easing procurement.

The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that Kamakhya Board (KB) will continue to benefit from the
extensive experience of its promoters in the timber industry.
ICRA also notes that the company has two letter of credit (LC)
facilities due in April 2020 and May 2020 has been converted into
fund-based limits, repayable in six months as a part of the
Covid-19 regulatory package announced by the Reserve Bank of India
(RBI). Also, the entity has applied for conversion of its LC due on
June 14, 2020 to a fund-based facility to the lender and as per the
lender, the approval is under process. ICRA has not recognised this
instance as a delay as of now. This is based on ICRA's expectation
that a formal approval for conversion of LC to fund based limit
would be received soon, as permitted by the RBI's relief measures.
Non-recognition of delay in this case is as per the guidance
provided by the SEBI circular number
SEBI/HO/MIRSD/CRADT/CIR/P/2020/53 dated March 30, 2020. However, it
may be noted that if the lenders do not approve the same, in due
course, ICRA would review the above stance on default recognition.

Key rating drivers

Credit strengths

* Past experience of the proprietor in the timber industry: KB's
operations are managed by its proprietor, Mr. Shashinath Sharma,
who has more than four decades of experience in the timber
business.

* Location-specific advantage in terms of procurement of raw
material: The company's facility is located at Gandhidham in
Gujarat, which has been declared as a timber zone by the
Government. Further, a major part of its procurement is made
through imports and thus the proximity to the Kandla port in
Gujarat provides a logistics advantage to the firm.

Credit challenges

* Weak financial risk profile: The operating income (OI) stood flat
at INR13.90 crore in FY2019 vis-à-vis INR13.91 crore in FY2018 and
further grew by 10% to INR15.30 crore (provisional) in FY2020 led
by an increase in the timber demand. The operating margin remained
low as inherent to timber trading business at 6.01% in FY2019
vis-a-vis 5.72% in FY2018. In line with lower operating margins,
the net margin stood at 2.00% in FY2019 vis-à-vis 1.88% in FY2018.
With high debt levels and low net worth, the gearing was aggressive
at 3.65 times as on March 31, 2019 vis-a-vis 4.61 times as on March
31, 2018. The coverage indicator remained weak marked by TD/OPBDITA
of 6.72 times in FY2019 (8.14 times in FY2018), interest coverage
ratio of 1.35 times in FY2019 (1.59 times in FY2018), TOL/TNW of
6.83 times in FY2019 vis-à-vis 9.75 times in FY2018.

* High working capital intensity and tight liquidity owing to
stretched receivables: The entity's working capital intensity
(NWC/OI) stood high at 36% in FY2019 mainly owing to the stretched
receivables. The debtor days stood at 218 days as on March 31, 2019
due to the stretched receivable cycle, coupled with receivables
amounting to INR3.45 crore since FY2017. Further, the overall
liquidity position remains tight, leading to almost full
utilisation of the cash credit limits. The working capital gap was
fulfilled through an infusion of the unsecured loan from friends
and relatives.

* Intense competition due to presence of numerous players: Timber
sawing and wooden pallets manufacturing is a low value-added
business and faces stiff competition from numerous players
operating in the fragmented industry. Further, availability of
substitutes limits the pricing flexibility of industry participants
and keeps the margins under pressure.

* Exposure to Government regulations and volatility in timber
prices and adverse fluctuation in foreign currency exchange rate:
KB's timber requirement is met through imports from the New Zealand
and African countries. This exposes the firm to the risk associated
with timber availability and adverse changes/restrictions in timber
export policies by the Government of the timber-supplying
countries. Also, since import constitutes a major part of KB's
total purchase and the entity does not have any formal hedging
policy for its forex risk, it remains exposed to the risk of
adverse movement in forex rates with respect to its import
payables.

* Risks associated with proprietorship concern: Any substantial
capital withdrawal, given the proprietorship nature of the
constitution, could adversely impact the capital structure of the
firm.

Liquidity position: Poor

The liquidity position of the entity remains poor given the low
cash accruals, stretched working capital intensity due to stretched
debtor's position, limited cushion in working capital limits. Thus,
timely infusion of unsecured loans/capital infusion by the promoter
will remain crucial in case of any cash flow mismatches.

Rating sensitivities

Positive triggers – Substantial increase in the scale of
operations and profitability, along with efficient management of
working capital and timely realisation of the stretched debtors
leading to improvement in the liquidity position may trigger a
rating upgrade.

Negative triggers - Downward pressure on the rating could emerge if
the revenue and profitability decline substantially. Further,
substantial delays/writing-off the receivables may further weaken
the capital structure and liquidity which may result in a rating
downgrade.

Established in 1999, the Kamakhya Board is a proprietorship concern
manufacturing wooden pallets and sawn timber and trades timber. The
entity's facility is located at Gandhidham in the Kutch district
(Gujarat) and is managed by the proprietor, Mr. Shashinath Sharma,
who has a four-decade long experience in the timber industry.

In FY2019, the firm reported a net profit of INR0.28 crore on an
operating income of INR13.90 crore compared to a net profit of
INR0.26 crore on an operating income of INR13.91 crore in FY2018.
In FY2020, the firm reported an operating income of INR15.30 crore
on a provisional basis.

KUNDAN VENTURES: CARE Lowers Rating on INR15cr LT Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kundan Ventures (KV), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long–term Bank      15.00       CARE B; Issuer not
cooperating;
   Facilities                      Revised from CARE BB- on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 6, 2019 placed the
rating of KV under the 'issuer noncooperating' category as KV had
failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. KV continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and e-mails dated May 18, 2020, May
25, 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 rating.

The ratings have been revised on account of no due diligence
conducted and non-availability of information due to noncooperation
by KV with CARE's efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk.

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

Key Rating Weaknesses

* Project execution risk emanating from low booking status: The
total project cost is estimated at INR105.44 crore which is
expected to be funded through promoters' contribution, term loan
and customer contribution in the proportion of 0.19:0.14:0.67. As
on September 30, 2017 the firm has incurred approximately 45% of
total cost.

* Cyclical nature of the real estate industry: The firm is exposed
to the cyclicality associated with the real estate sector which has
direct linkage with the general macroeconomic scenario, interest
rates and level of disposable income available with individuals. In
case of real estate companies, the profitability is highly
dependent on property markets. A high interest rate scenario could
discourage the consumers from borrowing to finance the real estate
purchases and may depress the real estate market.

* Presence in a competitive environment: The real estate industry
in India is highly fragmented with most of the real estate
developers having region-specific presence. KV also faces
competition from other real-estate projects in the area.

Key Rating Strengths

* Long track record and experience of the promoters: The firm is a
SPV formed for development of the proposed residential project,
"Eternia" at Ghorpadi, Pune and is promoted by Kundan Group. The
key promoters Mr. Ashish Jain and Mr. Dhanesh Mehta have been in
the industry for more than 2 decades. The Kundan Group is engaged
in the business of real estate development since 1980. Being in the
industry for so long has helped the promoters in gaining adequate
acumen about the business. In the past three and a half decades,
the group has completed around 19 projects and has developed 21.83
lakh square feet (lsf).

* Low funding risk: The receivables from the sold inventory of the
project cover 81% of residual construction cost, outstanding debt
and interest payments resulting in low funding risk. Also, 60% of
the total saleable area has been sold.

* Strategic location of the projects: The project is located at
Ghorpadi which is in the south of Pune. The area is coveted to be
one of the most desirable residential destinations of Pune. It is
conveniently accessible from MG Road which directly links the area
to Camp and Pune Railway Station. In addition, the project is
situated in an area with easy access to basic civic amenities such
as schools, hospitals, colleges, malls, situated close by and has
close proximity to Kharadi IT Park, and Pune International
Airport.

* Receipt of approvals and clearances for the projects: The company
has received all the necessary clearances and approvals for the
projects related to land acquisition and construction. The
requisite sanction plan of the buildings of the said project has
been approved by the Pune Collectorate. The company has registered
its projects under MAHA-RERA (Maharashtra Real Estate Regulatory
Authority).

KV was established in year 2012, and is engaged in the business of
real estate development. The firm belongs to Kundan Group of Pune
and is a SPV formed for execution of the residential project,
"Eternia" at Ghorpadi, Pune.

LAJ EXPORTS: CARE Lowers Rating on INR3.74cr LT Loan to B
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Laj
Exports Limited (LEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term bank        3.74      CARE B; Stable; Issuer Not
   facilities                      Cooperating; Revised from
                                   CARE BB; Stable based on best
                                   available information

   Short Term Bank      60.00      CARE A4; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE A4+ based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 1, 2019 placed the
ratings of LEL under the 'issuer non-cooperating' category as LEL
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. LEL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated June 3, 2020, June
5, 2020 & 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 ratings assigned to the bank facilities of LEL have been
revised on account of non-availability of requisite information as
well as CARE's inability to carry out due diligence exercise with
lender(s).

The ratings take into account moderate scale of operations with
moderate profitability margins, leveraged capital structure, weak
coverage indicators, working capital intensive nature of
operations, and potential adverse impact of covid-19 pandemic on
business operations, exposure to exchange fluctuation risk and
fragmented nature of the industry. Further, the ratings derive
comfort from the experience of the promoters, established
relationships with reputed customers.

Detailed description of the key rating drivers

At the time of last rating on April 1, 2019 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses:

* Woking capital intensive nature of operations: The company has
working capital intensive nature of operations as reflected by
elongated operating cycle of 164 days as on March 31, 2019 (PY: 134
days). The company offers a credit period of 30-60 days to its
customers as majority of them are large size players which possess
high bargaining power as compared to LEL. Average collection period
stood at 50 days (PY: 45days) as on March 31, 2019. The company
gets a credit period of ~30 days from its creditors. Majority of
the working capital is blocked in the inventory with inventory days
of 129 days (PY: 103 days) as on March 31, 2019 because of increase
in inventories to INR79.18 cr (PY: INR66.12 cr). Further, In FY19,
cost of material consumed stood at INR147.69 cr as compared with
FY18, wherein it stood at INR174.30 cr. due to reduction in scale
of operations.  The average working capital utilization of the
company has been high at 91.61% (PY: 92%) for the 12 month ended
Dec'18.

* Exposure to raw material price volatility & exchange fluctuation
risk: In FY19, the ratio of cost of materials consumed to sales has
decreased to 67.40% as compared to 70.82% in FY18. However, the
company is exposed to the raw material price volatility experienced
in the prices of polyester, cotton and crude oil derivatives. As
these materials form majority of the raw materials used for
production of goods, it directly impacts the profitability margins
of the company. As the company gets majority of its payment in
foreign currency and the payment to suppliers is done in domestic
currency, there exists an exchange fluctuation risk.

Further, In FY19, the company has reported overall net profit of
INR3.95 cr. as compare to profit of INR3.46 cr. in FY18. Further,
the company has report loss in income of INR13.24 cr. due to
fluctuations in the exchange rate as compared to a gain in income
of INR20.70 cr in FY18.

* Leveraged capital structure and weak coverage indicators:  The
debt coverage indicators have improved with debt to equity at 0.50x
(PY: 0.70x) and overall gearing ratio at 1.92x (PY: 2.54x) as on
March 31, 2019, on the account of repayments of the term loans. The
interest coverage ratio has decreased to 1.98x (PY: 4.24x) on
account of increase in the interest expenses in FY19 (Rs. 8.39 cr)
as compared to (Rs. 2.40 cr) in FY18.

* Highly fragmented and competitive market:  The readymade garment
industry in India is highly fragmented and dominated by a large
number of independent and small scale unorganized players leading
to high competition among them. The 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 Promoters and management team: Laj Exports Limited
(LEL) was initially formed as a proprietorship firm in 1996 by Mr.
R. K. Aneja. Later, in 2004, it was converted to public limited
company with Mr. R.K. Aneja and Mr. N.K. Aneja as promoters. Mr.
R.K. Aneja and Mr. N.K. Aneja have more than 2 decades of
experience in the apparel business. Both of them were also engaged
in providing consultancy for setting up production, finance,
inventory and quality control systems in numerous textiles and
apparel companies in India, Nepal, Oman, etc. for more than a
decade. Mr. R.K. Aneja (Chairman) manages the overall affairs of
the company whereas Mr. N.K. Aneja (Managing Director) and Mr.
Suvrat Bidani (Director) looks after the finance & procurement and
production function respectively.

* Established relationship with reputed customers: The Company has
been in the business of manufacturing of apparels for more than a
decade and has developed strong relationships with its customers,
from whom it gets repeat orders. The customer base of the company
includes reputed domestic players like United Colors of Benetton
India, Lifestyle International Pvt Ltd (Max) etc. and overseas
players like WE Europe BV (Netherlands), Just Brands BV
(Netherlands), United Colors of Benetton (Italy), Sanjeev 1979 Ltd
(UK), etc. Further, all the sales of the company are order backed
since each apparel order is as per the technical and design
specifications of the customer.

* Moderate scale of operations with moderate profitability margins:
The total operating income has declined to INR219.14 cr in FY19 as
compared to INR246.11 cr in FY18. However, the company reported net
loss on the income from other operations like foreign exchange
fluctuations of -INR13.24 cr in FY19 (PY: INR20.70 cr). The
profitability margins have however improved with PBILDT margin at
7.60% (PY: 4.14%) and PAT margin at 1.80% (PY: 1.40%) mainly on
account of decline in cost of material consumed. In FY19, cost of
material consumed stood at INR147.69 cr as compared with FY18,
wherein it stood at INR174.30 cr.

Laj Exports Limited (LEL) is a closely-held public limited company
incorporated in February 2004, promoted by Mr. R.K. Aneja and his
brother Mr. N.K. Aneja. The company is engaged in manufacturing of
ready-made garments for men, women and kids wear segments. The
major products are shirts & trousers (men), tops, bottoms, skirts
and blouses (women), and t-shirts and shirts (kids). The main raw
materials of the company's products are yarn, fabrics and trims
which are mainly procured from Punjab, Haryana, Rajasthan and
Karnataka as well as imported as per its requirements. The company
has its manufacturing facilities located at Noida (UP) and
Bengaluru (Karnataka) with a total installed capacity of 72 lakh
pieces per annum.

MAGNI TECH: CARE Keeps B INR2cr Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Magni Tech
Speciality Cables Private Limited (MTSCPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       2.00       CARE B; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 30, 2019, placed
the rating(s) of MTSCPL under the 'issuer non-cooperating' category
as MTSCPL had failed to provide information for monitoring of the
rating for the rating exercise as agreed to in its Rating
Agreement. MTSCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated June 12, 2020, June 15, 2020, June 16,
2020 and June 17, 2020 etc. In line with the extant SEBI
guidelines, CARE has reviewed the rating based on 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 December 30, 2019 the following were
the rating strengths and weaknesses.

Key Rating Weakness

* Modest scale of operations with moderate Profitability margins:
Total Operating Income (TOI) of the company has improved by 69.25%
in FY19 over FY18 and stood at INR18.40 crore. Profitability of the
company stood thin with PBILDT and PAT margin of 5.23% and 0.89%
respectively in FY19 as against 7.53% and 0.68% respectively in
FY18.

* Weak solvency position:  The capital structure of the company
stood weak with an overall gearing ratio of 5.20 times as on March
31, 2019. Same, total debt to GCA increased from 27.01 times as on
March 2018 to 20.11 times as on March 2019.

* Susceptibility of profitability margins to volatile raw material
prices coupled with presence in a highly fragmented and competitive
industry:  The major raw materials required for manufacturing of
conductors are aluminum, steel and copper, prices of which are
highly fluctuating in nature and move in tandem with global
demand-supply factors. Adverse changes in prices of the same would
have an impact on the profitability margins of the company. To
mitigate its risk, MTSCPL stocks up raw material as and when it
gets a favourable rate.

MTSCPL operates in a highly fragmented market with the presence of
a large number of organized and unorganized players due to low
entry barriers. Also, the presence of large players with an
established marketing & distribution network leads to intense
competition in the industry. Additionally, on account of rapidly
changing dynamics of the end user industries (power distribution &
transmission and electrical products) as well as competition from
cheap Chinese imports, conductor manufacturers are required to
upgrade their facilities at regular intervals resulting in regular
capital commitments.

Key Rating Strength

* Experience of promoters in cable manufacturing industry:  Mr.
Ranjeet Singh Deora has experience of more than three decade in the
industry and look after production and financials activities of the
company. Mr. Laxman Singh Deora, Director, has 9 years of
experience in the industry and looks after the overall affairs of
the company.

* Stable demand outlook for Indian power transmission industry:
Power sector, in any country, is critical for the socio-economic
development. India is expected to add 278 GW of generation capacity
in the next four years till FY22 including conventional and
non-conventional energy sources. Further, investments to modernize
the existing T&D network to improve efficiency augur well for the
T&D sector and for the companies engaged in business of laying
power transmission lines etc.

Liquidity: Stretched

Liquidity position of PPL stood elongated with operating cycle of
111 days in FY19. The current ratio and quick ratio of the company
stood 1.49 times and 0.64 times respectively as on March 31, 2019.
Further, it has cash and bank balance of INR0.02 crore as on March
31, 2019.

Sikar (Rajasthan) based Magni Tech Speciality Cables Private
Limited (MTSCPL) was incorporated in 2014 by Mr. Laxman Singh Deora
and  Mr.  Virendra Singh Deora. MTSCPL is engaged in the business
of manufacturing and supplying of Insulated wire and cable,
Shielded cable, Screened Cable and Communication cable (Industrial
Used for machinery), Single core house cable, flat submersible
cable and Optical fiber cables. It manufacturers Insulated wire and
cable in different sizes from its manufacturing facility located at
Shree Khatu Shyamji Industrial Area, Sikar.

ORNATE SPACES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Ornate Spaces Private Limited
        774, Ornate Galaxy
        Tilak Road, Parsi Colony
        Dadar East Mumbai 400014

Insolvency Commencement Date: June 29, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 26, 2020
                               (180 days from commencement)

Insolvency professional: Jayesh Natvarlal Sanghrajka

Interim Resolution
Professional:            Jayesh Natvarlal Sanghrajka
                         C/o Jayesh Sanghrajka & Co. LLP
                         405-407, Hind Rajasthan Building
                         95, Dada Saheb Phalke Road
                         Dadar East, Mumbai 400014
                         Maharashtra, India
                         E-mail: jayesh@jsandco.in
                                 cirp.ornatespaces@gmail.com

Classes of creditors:    Allottees under a Real Estate Project
                         As per clause (f) of section 5(8)

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Mukesh Khathuria
                         Mr. Hemant Mehta
                         Mr. Vithal M. Dahake

Last date for
submission of claims:    July 15, 2020


P.M. COTFIBERS: CARE Keeps D INR7.11cr Debt Rating in Not Coop.
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P. M.
Cotfibers (PMCF) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        7.11      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 under the 'issuer non-cooperating' category as PMCF had
failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. PMCF continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated June 12, 2020,
June 15, 2020 and June 16, 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 strengths and weaknesses

Detailed description of key rating drivers

Key Rating Weakness

* Delay in debt servicing:  There are on-going delays in debt
servicing due to weak liquidity position of the firm.

Barwani (Madhya Pradesh) based PMCF was formed in April 2014 as a
partnership firm by three partners with unequal profit and loss
sharing agreement between them to undertake green field project in
the field cotton ginning & pressing of cotton bales and cotton
seeds. PMCF operates from its sole manufacturing facility located
in Barwani (Madhya Pradesh) with proposed installed capacity of
25,000 MTPA for cotton bales.

PATEL PHOSCHEM: CARE Keeps D INR14.75cr Debt Rating in Not Coop.
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Patel
Phoschem Limited (PPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       14.75      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 30, 2019, placed the
rating(s) of PPL under the 'issuer non-cooperating' category as PPL
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. PPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 9, 2020, June 11, 2020, June 12, 2020 and
June 15, 2020 etc. In line with the extant SEBI guidelines, CARE
has reviewed the rating based on 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 July 30, 2019 the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

* Delay in debt servicing:  There was ongoing delay in debt
servicing in past due to poor liquidity position.

Udaipur (Rajasthan) based Patel Phoschem Private Limited (PPL) was
incorporated in 2006 by Mr. Roop Lal Patel along with his family
members. In April, 2014, the company changed its constitution from
private limited to public limited. Initially, PPL was engaged in
the business of executing turnkey projects related to installation
of fertiliser plants which includes construction of plant to supply
of machineries. Later, from September, 2012, PPL started production
of SSP, GSSP and PA. It has total installed capacity of 100,000
Metric Tonnes Per Annum (MTPA) of SSP, 50,000 MTPA of GSSP and
21,000 MTPA of PA as on March 31, 2017.

PODDAR CAR: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Poddar Car World
Private Limited's (PCWPL) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR831.5 mil. (increased from INR403 mil.) Fund-based limits
     affirmed with IND BB+/Stable/IND A4+ rating;

-- INR2 mil. (reduced from INR2.5 mil.) Non-fund-based limits
     affirmed with IND A4+ rating; and

-- INR18.22 mil. Long-term loan due on March 2021 withdrawn (paid
    in full).

KEY RATING DRIVERS

The affirmation reflects PCWPL's continued modest credit profile
even as it improved in FY20 due to a decline in net borrowings, led
by the lower utilization of working capital limits. According to
the provisional financials for FY20, the gross interest coverage
ratio (operating EBITDA/gross interest expense) was 2.9x (FY19:
2.4x) and net leverage (adjusted net debt/operating EBITDAR) was
5.7x (FY19: 6.3x). In FY20, the EBITDAR interest coverage ratio was
1.69x (FY19: 1.63x). The ratings continue to be constrained by the
company's modest EBITDA margin that deteriorated further to 2.63%
in FY20 (FY19: 2.87%; FY18: 2.81%) due to an increase in the cost
of material consumed as a percentage of sales. The return on
capital employed was 10% in FY20 (FY19: 13%).

Liquidity Indicator - Adequate: PCWPL's average maximum utilization
of working capital facilities was comfortable at 49.29% over the 12
months ended May 2020. The unaudited year end cash balance was
INR21.6 million in FY20 (FY19: INR36.94 million). The cash flow
from operations improved to INR287 million in FY20 from negative
INR278 million in FY19. Ind-Ra estimates this improvement to have
been based on a shorter working capital cycle of 47 days in FY20
(FY19: 62 days). Of its three bankers, PCWPL availed moratorium
from one bank for its INR175 million fund-based limits over
June-August 2020

The ratings continue to be supported by PCWPL's medium scale of
operations with revenue of INR4,956 million in FY19 (FY18: INR4,680
million). In FY20, the revenue fell 5.9% yoy to INR4,660.30 million
due to a slowdown in the automobile sector leading to a fall in the
sales volume. The revenue is likely to decline further in FY21 due
to muted sales in the first quarter following the COVD-19-led
country-wide lockdown.

Furthermore, the ratings continue to benefit from PCWPL's promoter
having over a decade-long experience in running the dealership
business of Maruti Suzuki India Limited in the north-east India
region.

RATING SENSITIVITIES

Negative: Any weakening of the credit metrics with the interest
coverage ratio falling below 1.5x and deterioration in the
liquidity profile could lead to a negative rating action.

Positive: An increase in the scale of operations, along with the
gross interest coverage ratio remaining above 2.5x and the
maintenance of the liquidity profile could lead to a positive
rating action.

COMPANY PROFILE

PCWPL has 3S (sales, service and spares) showrooms located in Assam
and West Bengal for cars manufactured by Maruti Suzuki India. In
addition, it deals in pre-owned car sales and provides facility for
exchanging used cars through Maruti True Value.


POSCO-POGGENAMP: Ind-Ra Keeps BB Rating, Outlook Stable
-------------------------------------------------------
India Ratings and Research (Ind-Ra) rates Posco-Poggenamp
Electrical Steel Private Limited's at 'IND BB' with a Stable
Outlook. As part of the ongoing rating review exercise and in line
with the regulatory requirement, Ind-Ra had requested the issuer on
February 18, 2020, March 19, 2020, April 9, 2020 and April 20,
2020, for updated information on the company's performance. In view
of the COVID-19 led lockdown, the issuer has informed the agency
that it needs more time to provide the required data.

Ind-Ra is working with Posco-Poggenamp Electrical Steel to see if
any information can be readily provided, so that the agency can
update its credit view as per the regulatory requirement. Ind-Ra
will try to complete the process by August 15, 2020 using the best
available information. If Ind-Ra is unable to do so due to the lack
of adequate data, then the rating may have to be migrated into the
issuer non-cooperating category, so that banks are aware that the
agency is unable to update its credit view.


PRAKASH PARCEL: Ind-Ra Cuts LT Issuer Rating to BB, Not Coop.
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Prakash Parcel
Services Limited's (PPSL) Long-Term Issuer Rating to 'IND BB' from
'IND BBB-' and has simultaneously migrated it to the
non-cooperating category. The issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups by
the agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR290 mil. Fund-based working capital limit downgraded and
     migrated to non-cooperating category with IND BB (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR30.0 mil. Non-fund-based working capital limit downgraded
     and migrated to non-cooperating category with INDA4+ (ISSUER
     NOT COOPERATING) rating; and

-- INR4.5 mil. Term loan due on December 2019 withdrawn (Paid in
     full).

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

The downgrade reflects deterioration in PPS's credit metrics,
operating profitability and stretched liquidity in FY19.

KEY RATING DRIVERS

PPSL's gross interest coverage (operating EBITDA/gross interest
expense) declined to 1.2x in FY19 (FY18: 2.0x) and net leverage
(adjusted net debt/operating EBITDAR) to 6.5x (4.4x). PPSL's modest
EBITDA margin declined to 4.9% in FY19 (FY18: 7.8%). The scale of
operations remained weak with the operating revenue declining to
INR1,171 million in FY19 (FY18: INR1,221 million). In 11MFY20, the
company reported revenue of INR954 million.

Liquidity Indicator – Stretched: The company's working capital
limit utilization was high at 97.9% during the 12 months ended
February 2020. The free cash flow turned positive at INR25 million
in FY19 (FY18: negative INR19 million), mainly on account of the
positive cash flow from operations and the absence of major capital
expenditure.

The ratings have been migrated to the non-cooperating category as
the company did not provide Ind-Ra with its revised projections
data, full-year FY20 provisional financials and the updated
management certificate. The company also did not participate in the
management meeting in a timely manner due to the COVID-19-led
lockdown.

COMPANY PROFILE

PPSL commenced operations in 1992 as a partnership firm. In 2008,
it was reconstituted as a limited liability company. The company
provides freight and allied services to customers across India. It
has 115 branches and over 100 franchises across the country. It
uses nearly 68 own commercial vehicles and sources 125 vehicles
every day to carry out its operations and provides customized
solutions to customers.


SENDRAYAPERUMAL TRANSPORTS: CARE Cuts INR4.50cr Loan Rating to B-
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Sendrayaperumal Transports (SST), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long–term Bank       4.50      CARE B-; Issuer not
cooperating;
   Facilities                     Revised from CARE B 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 SST under the 'Issuer non-cooperating' category as SST
had failed to provide information for monitoring of the rating. SST
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and 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.

The ratings have been revised on account of non-availability of
requisite information due to non- cooperation by SST 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 weaknesses:

Key Rating Weakness

* Modest scale of operation: The firm has a moderate scale of
operations which impacts its negotiation power with the customers.
Furthermore, being a partnership concern, it has an inherent risk
of withdrawal of capital by the partners and restricted access to
funding which could limit its growth opportunities.

* Highly leveraged capital structure:  The firm has a weak capital
structure marked by high gearing and debt equity ratio. The gearing
ratio deteriorated from 8.4x as on March 31, 2015 to 18x in as on
March 31, 2016 due to increase in term loan and decline in net
worth. The partner's capital in SSL substantially decreased from
INR1.13 crore as on March 31, 2015 to INR0.35 crore as on March 31,
2016. This also deteriorated the debt equity ratio from 6.87x as on
March 31, 2015 to 13.48x as on March 31, 2016. The debt profile of
the firms after combining the financials consisted of term loan of
INR33.14 crore and Working capital limit of INR11.12 crore as on
march 31, 2016 as against net worth of INR2.46 crore in FY16.

* Working capital intensive nature of operations:  The firms have
almost nil credit period and inventory period owing its nature of
operation. The collection period increased from 42 days in FY15 to
64 days in FY16. The firms have a combined cash credit facility of
Rs10.5 crore which are almost fully utilized.

* Fluctuating diesel and unregulated toll charges: The diesel
charges move in tandem with global crude oil prices and with de
regulation of diesel prices on every fortnight the diesel prices
are decided by oil marketing companies in India.  The toll charges
are fixed by entity which manage the road; due to the same the
price paid to toll differs accordingly across India which squeezes
the profit margin of truck operators.

* Fragmented industry with presence of many small operators: With
low entry barriers and availability of easy credit, more small
scale transport operators have evolved over the past decade which
intensifies competition in the segment. Due to ease in availability
of credit with hypothecation of vehicle, the borrowing cost is
higher from NBFC which consequently have a bearing on margin. More
than 90% of the trucks in India are bought on credit. However, the
presence of the many small operators increases the competition in
the already fragmented industry which also has an impact on the
profit margins of the fleet operators.

* Operations aligned with growth of an economy: The road transport
mode serves as one of the key factors in the developmental process
of any economy. With sluggishness in the operating capacity of
domestic industries on the back of slowdown in demand/consumption
pattern leads to fewer goods to haul and stagnant freight rate. The
impact is most pronounced in the heavy duty trucks that are
deployed for longdistance haulage. Truck freight rates are in turn
governed by demand for transport, the number of freight trips and
capacity utilization. When demand is weak, part of the fleet is
grounded and fewer freight trips are made every month. In such
cases, freight rates fall as operators try to avoid keeping trucks
idle.

Key Rating Strengths

* More than a decade long experience of partners in transport
services business: Mr. P. Jayavel, Managing partner and Mr. P.
Maruthavel are brothers with 13 years of experience in the
transport business.  The family is engaged in the truck services
business since 2002; earlier operated by both the brothers under
individual names separately. After the constitution of SST in 2011,
the assets of both the brothers were combined and partitioned
between SST and SSL. Before 2002, the promoter family was engaged
into agricultural activities. The promoters also have interest in
finance, petrol bunks and distributor of truck tyres (Bridgestone)
through another group entity Sri Sendraya Perumal Tyres.
Established relationship derived from experience of partners in
transport services with reputed customer base The promoters have
established good relationship with some of the prominent regular
customers across various industry segments.

* Healthy growth in turnover with consistent improvement in
profitability:  Based on combined financials the total operating
income of the firms increased by 13.74% from INR64.77 crore in FY15
to INR73.67 crore in FY16 due to increase in number of customers.

SST was incorporated in September 2011 with an objective to carry
out Full Truck Load (FTL) services as a partnership firm by Mr. P.
Maruthavel and his brother Mr. P. Jayavel with their family
members. SST currently owns 97 trucks being operated in the state
of Tamil Nadu, Kerala, Haryana, Punjab, Delhi, Uttar Pradesh,
Rajasthan, Jammu and Kashmir catering to industries such as paper,
textile (fabrics & yarn), steel, cashew, spices, household items,
automobile items and any other parcel services. SST also operates
trucks on contract basis to companies with a time period of 3-12
months which are normally renewed after the contract period. SST's
group entity SSPT Logistics (SSL), established in January 2013, is
also managed by the same family and is engaged into the similar
nature of business. Therefore, the financials of both the firm are
combined for the analysis purpose.

SHARON BIO-MEDICINE: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sharon
Bio-Medicine Limited (SBML) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      367.54      CARE D; Issuer not cooperating;
   Facilities-                     Bases on best available
   Term Loan                       Information

   Long term Bank      299.99      CARE D; ISSUER NOT COOPERATING;
   Facilities–                     on the basis of best
available
   Fund based                      information
   Facilities          
                                   
Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SBML to monitor the rating
vide e-mail communications dated June 18, 2020, June 17, 2020 and
June 16, 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 SBML's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account the ongoing delays in debt servicing
owing to the strained liquidity position.

Detailed description of the key rating drivers

At the time of last rating on March 27, 2019, the following were
the rating weaknesses (Updated for the information available from
announcement of financial results on BSE website and NCLT website
for December 2019 quarterly results).

Key Rating Weaknesses

* Delays in servicing the debt:  The ratings of Sharon Bio Medicine
Limited continue to take into account the ongoing delays in debt
servicing owing to the strained liquidity position. Besides, Sharon
Bio Medicine Limited was admitted to the Corporate Insolvency
Resolution Process ('CIRP') by the NCLT vide order dated April 11,
2017. NCLT pursuant to order dated March 08, 2018 approved the
Resolution Plan submitted by one of its financial creditors. While
in the process of implementing the plan, an appeal has been filed
against the NCLT order with the National Company Law Appellate
tribunal ('NCLAT), Delhi and 'status quo' has been observed in
accordance with the order of the NCLAT. However, as on date the
resolution plan is not yet implemented
as the Company is facing procedural delays leading to obtain
necessary approvals from regulatory authorities,

Sharon Bio-Medicine Ltd. (SBML) is engaged in the manufacturing of
Active Pharma Ingredients (API), Intermediaries, Formulations (own
brands) and Contract Manufacturing for finished formulations. The
company has a diversified product portfolio with presence mainly in
acute therapies such as anti-infective and anti-biotics along with
presence in chronic therapies such as diabetes and cardiovascular.
The company has three manufacturing facilities, two at Taloja in
Maharashtra and one at Dehradun. In addition, the company has three
R&D centres which are approved by the Department of Science &
Technology, Government of India.


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

The instrument-wise rating actions are:

-- INR102.7 mil. Term loan due on February 2024 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR100 mil. Working capital facility migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 9, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1998, Shri K. K. Jain Educational Trust operates
three schools in collaboration with Delhi Public School Society
namely Delhi Public School Aligarh, Delhi Public School Civil Lines
(Aligarh) and Delhi Public School Hathras.


SIDDHI VINAYAK: CARE Lowers Rating on INR6.50cr LT Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Siddhi Vinayak Cottsin (SVC), as:

                      Amount
   Facilities      (INR crore)   Ratings
   ----------     -----------    -------
   Long–term Bank      6.50      CARE C; 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 June 28, 2019 placed the
ratings of SVC under the 'issuer non-cooperating' category as SVC
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. SVC continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated June 12, 2020,
June 15, 2020 and June 16, 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 SVC have been
revised on account of non-availability of requisite information.

Detailed description of the key rating drivers

At the time of last rating done on June 28, 2019, the following
were the rating strengths and weaknesses.

Key Rating Weakness

* Decline in Total Operating Income (TOI):  During FY15 (refers to
the period April 1 to March 31), TOI of SVC declined by 34.30% over
the previous year to INR48.45 crore as against INR73.75 crore
during FY14. Decline in TOI was primarily on account of lower rain
and crop availability in the region as the industry is dependent on
monsoon.

* Financial risk profile marked by thin profit margins, moderate
capital structure and debt coverage indicators:  During FY15, the
PBILDT margin of SVC improved by 131 bps over the previous year to
3.05% (1.74% during FY14).  Improvement in PBILDT margin was
primarily on account of decline in cost of raw material which SVC
passed proportionately to its customers during FY15. Owing to
increase in interest and finance charges, PAT margin remained in
line with previous year to 0.23% during FY15 (0.21% during FY14).

As on March 31, 2015; the capital structure of SVC continued to
remained moderate marked by debt equity ratio of 0.36 times (0.39
times as on March 31, 2014) and overall gearing ratio of 1.78 times
(2.91 times as on March 31, 2014).  During FY15, the debt coverage
indicators of SVC continued to remain weak. Total debt to GCA
remained 13.74 times as on March 31, 2015 (14.81 times as on March
31, 2014). Furthermore, on account of increase in interest and
finance charges, interest coverage ratio deteriorated to 1.39 times
during FY15 as against 1.64 times during FY14.

* Operating margins susceptible to cotton price fluctuation and
seasonality associated with the cotton industry:  Operations of the
cotton business are seasonal in nature, as sowing season is done
during March to July and harvesting cycle (peak season) is spread
from November to February every year. Prices of raw material, i.e,
raw cotton are highly volatile in nature and depend upon factors
like monsoon condition, area under production, yield for the year,
international demand supply scenario, export policy decided by the
government and inventory carried forward of last year.

Key rating strengths

* Experienced partners:  SVC was established by Mr. Kishanlal
Padamdas Swami and Mr. Sanjay Trilokchand Goyal in 2010.  Mr.
Kishanlal Padamdas Swami has more than a decade of experience in
cotton trade; agro processing and trading industry. He looks after
the production and maintenance functions at SVC. He is accompanied
by Mr. Sanjay Trilokchand Goyal who also has more than a decade
long experience in the cotton trade, marketing and development.

* Strategically located in the cotton-growing region: SVC plant is
located in the cotton producing belt of Maharashtra region which is
the second largest producer of raw cotton in India after Gujarat.
SVC's presence in the cotton producing region results in benefit
derived from lower logistics expenditure (both on transportation
and storage), easy availability and procurement of raw materials at
effective prices and consistent demand for finished goods resulting
in sustainable revenue visibility.

Established in July 2010, Siddhi Vinayak Cottsin (SVC) is a
partnership firm formed by two partners named Mr. Kishanlal
Padamdas Swami and Mr. Sanjay Trilokchand Goyal. SVC is engaged
into cotton ginning and pressing activity. The partners were
primarily engaged in processing of raw cotton and manufacturing and
trading of cotton bales and cotton seeds. SVC operates from its
sole manufacturing facility located at Ralegaon (Maharashtra) with
an installed capacity to process 475 cotton bales per day as on
March 31, 2013.

In addition to SVC, other associate entities also operate in other
cotton processing units named Riddhi Siddhi Cotex Private Limited
and Rishi Fibers Private Limited in Ahmednagar district and
Aurangabad district of Maharashtra respectively. Furthermore, two
proprietorship firms namely Riddhi Siddhi Enterprises and Riddhi
Siddhi Cotton Corporation in Sendhwa District of Madhya Pradesh are
engaged in trading of cotton bales and cotton seeds.

STERLING GLOBAL: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sterling
Global Oil Resources Private Limited (SGORL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank     4,804.27     CARE D; Issuer not cooperating;
   Facilities                      Based on best available
   (SBLC)                          Information

   Long Term Loans    1,586.56     CARE D; Issuer not cooperating;

                                   Based on best available
                                   Based on best available

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SGORL to monitor the
rating(s) vide e-mail communications/letters dated June 16, 2020,
June 17, 2002, June 18, 2020 and numerous phone calls. However,
despite CARE's repeated requests, SGORPL 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
SGORPL's bank facilities continue to be denoted as CARE D; ISSUER
NOT COOPERATING.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

* On-going delays in debt servicing: Ongoing delays in servicing of
interest and default in repayment of debt obligation by the
company.

SGORL is the energy arm of the erstwhile Sandesara Group headed by
Mr. Nitin Sandesara. The Sandesara group had harboured diversified
business interests ranging from Oil & Gas, Pharmaceuticals,
Healthcare Engineering, Infrastructure, Onshore rigs, Seismic
studies and Oil trading.

STERLING OIL: CARE Keeps D INR4,649.55cr Debt Rating in Not Coop.
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sterling
Oil Exploration & Energy Production Company Limited (SEEPCO)
continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term          4,649.55     CARE D; Issuer not cooperating;
   Corporate Loan                  Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SEEPCO to monitor the
rating(s) vide e-mail communications/letters dated June 16, 2020,
June 17, 2002, June 18, 2020 and numerous phone calls. However,
despite CARE's repeated requests, SEEPCO 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
SEEPCO's bank facilities continue to be
denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

* On-going delays in debt servicing:  Ongoing delays in servicing
of interest and default in repayment of debt obligation by the
company.

SEEPCO is a step down subsidiary of Sterling Oil Resources Limited
(SORL) rate CARE D'ISSUER NOT COOPERATING' and is into development
and production of crude oil in OML 143 block of Nigeria. SORL is
the energy arm of the erstwhile Sandesara Group headed by Mr. Nitin
Sandesara. The Sandesara group had harbored diversified business
interests ranging from Oil & Gas, Pharmaceuticals, Healthcare
Engineering, Infrastructure, Onshore rigs, Seismic studies and Oil
trading. However, the company defaulted on about INR6000 crore
loans between 2006 and 2011. In October 2017, CBI filed two cases
against Sandesara Group's management under Prevention of Corruption
Act and Prevention of Money Laundering Act, 2002.

SUPER SHIV: CARE Keeps D INR32.44cr Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Super Shiv
Shakti Chemicals Private Limited (SSSCPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       32.44      CARE D; Issuer not cooperating;
   Facilities                      Bases on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 16, 2019, placed the
rating(s) of SSSCPL under the 'issuer non-cooperating' category as
SSSCPL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. SSSCPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and letter dated June 18,
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
ratings.

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 Super Shiv Shakti
Chemicals Private Limited is continue to constrained on account of
its ongoing delay in debt servicing in past owing to poor liquidity
position.

Detailed description of the key rating drivers

At the time of last rating on July 16, 2019 the following were the
rating strengths and weaknesses

Key Rating Weaknesses

* Delay in debt servicing owing to liquidity crunch:  There were
ongoing delays in debt servicing in past due to poor liquidity
position.

Bhilwara based Super Shiv Shakti Chemicals Private Limited (SSCPL)
was incorporated in 2004 as a private limited company. The company
has a license from Department of Explosives under Explosive Act,
1884 for manufacturing of industrial explosives, detonating fuse
and detonators with installed capacity of 30,000 Metric Tonne for
slurry as on March 31, 2018.

SUSTAINABLE AGRO: Ind-Ra Moves B Loan Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sustainable
Agro-commercial Finance Ltd's bank loans and subordinate-debt's
rating to the non-cooperating category. The issuer did not
participate in the rating exercise, despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will now appear as 'IND B (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR700 mil. Subordinated debt ISIN INE511S08015 issued on
     March 31, 2015 9% coupon rate due on June 30, 2021 migrated
     to non-cooperating category with IND B (ISSUER NOT
     COOPERATING) rating; and

-- INR3.265 bil. Bank loans migrated to non-cooperating category
     with IND B (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
October 23, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SAFL is a Mumbai-based non-banking finance company providing
agriculture and allied financial services. Jain Irrigation System
Limited ('IND D') directly holds 49% in SAFL and an additional 21%
through common promoters. International Finance Corporation
Washington and Mandala Capital AG Limited hold 10% and 20% stake in
SAFL, respectively.


SWARGIYA BHIKAM: Ind-Ra Keeps BB Loan Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Swargiya Bhikam
Singh Smriti Samaj Kalyan Sansthan's bank loan 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 action is:
-- INR74.28 mil. Bank loans maintained in non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on July
10, 2015. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Swargiya Bhikam Singh Smriti Samaj Kalyan Sansthan was established
in 1998 under the Societies Registration act, 1973 in Gwalior,
Madhya Pradesh. It manages two colleges and offers nursing,
computer application, and business administration courses. The
society also has a 350-bed hospital.


TV VISION: CARE Keeps D INR24.39cr Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of TV Vision
Limited (TVVL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Bank Facilities-     24.39      CARE D; Issuer not cooperating;
   Rupee Term Loan                 Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 26, 2019, placed the
rating of TVVL under the 'Issuer noncooperating' category as TVVL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. TVVL continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
March 30, 2020, April 1, 2020, April 3, 2020, April 7, 2020, April
16, 2020, May 1, 2020, May 4, 2020,  May 6, 2020, May 8, 2020, May
14, 2020, May 30, 2020, June 1, 2020, June 3, 2020, June 5, 2020,
June 8, 2020, June 12, 2020, June 16, 2020 and June 18, 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. The
rating on TV Vision Limited's bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account the ongoing delay in servicing debt
obligations primarily on account of slowdown in business
performance and stretched working capital cycle resulting in
deterioration of liquidity position of the company.

Detailed description of the key rating drivers

At the time of last rating on June 26, 2019 the following were the
rating strengths and weaknesses:  (updated for the information
available from Registrar of Companies, stock exchanges etc.)

Key Rating Weakness

* Ongoing Delay in debt servicing:  As per the recent audit report
for 9MFY20 and Audit Report available with the company's stock
exchange disclosure for FY19 results available with the company's
stock exchange disclosure for FY20 results, there are ongoing
delays in debt servicing. Further, the financial report mentions
that the account has been classified as Non-Performing Asset (NPA)
by the banks due to delay in repayment of loans taken from the
banks. The same is on account of stretched working capital cycle
resulting from high debtor days. The low business performance
combined with elongated working capital cycle has led to weak
liquidity position.

Sri Adhikari Brothers Television Network Limited (SABTNL),
incorporated in 1994, was promoted by Mr. Gautam Adhikari and Mr.
Markand Adhikari (Sri Adhikari Brothers). The company was listed on
bourses in 1995. It is in the business of content production and
syndication in India since 1990s. The company launched a Hindi
general entertainment channel (GEC) "SAB TV" in 2000 which was
subsequently sold to a group company of Sony TV in 2005. TV Vision
Ltd: (TVVL; earlier a wholly owned subsidiary of SABTNL) is engaged
in the business of broadcasting. The company has channels like
Mastiii, Dabangg, Maiboli, Dhamaal and Dillagi. Mastiii is music
channel for pan India. Dabangg and Dhamaal are R-GECs catering to
the Hindi speaking belt of Bihar, Uttar Pradesh and Jharkhand and
Gujarat respectively. Maiboli is a regional Marathi channel for
Maharashtra while Dillagi is a dedicated TV channel for small towns
and villages of India.

At present, the group operates in two major segments i.e. (i)
content production and distribution/syndication and (ii)
broadcasting.

V.R. NACHIMUTHU: CARE Lowers Rating on INR15cr LT Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of V.R.
Nachimuthu (VRN), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long–term Bank       15.00      CARE B; Issuer not
cooperating;
   Facilities                      Revised from CARE B+ 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 VRN under the 'Issuer noncooperating' category as VRN
had failed to provide information for monitoring of the rating. VRN
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and 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.

The ratings have been revised on account of non-availability of
requisite information due to non- cooperation by VRN 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 weaknesses:

Key Rating Weakness

* Relatively small size of operations with low diversification of
customer base and geographical concentration:  VRN is a relatively
small construction player with major focus on property and flat
construction. The firm purchases land in various parts of the city,
develops and constructs apartments and sells the same to customers.
The operations of VRN remain small marked by the total income of
INR2.69 crore (INR21.89 crore in FY15) and networth of INR8.28
crore as on March 31, 2016 (Provisional). As the company is in
developmental phase during FY16 for Arum lily project, the revenue
has declined during FY16 by 87% due to majority of the flats was
sold in previous year and revenues are recognised on the basis of
miles stone. Furthermore, the decline in total operating income in
FY16 is also because the firm is fully concentrating on completing
its ongoing project of construction of villas and apartments in
Kalapatti, Coimbatore. Furthermore, given operations concentrated
to Tamil Nadu especially Coimbatore, VRN is exposed to geographical
concentration risk.  Nevertheless, going forward, its ability to
complete the orders in timely manner shall be critical from credit
perspective.

* Implementation risk associated with timely completion of the
projects:  As on June 30, 2016, VRN is executing a project by name
Arum-lily with total saleable area of 3.99 lakh square feet. The
firm normally enters into joint venture (JV) agreement with land
owner by paying an upfront minimal percentage of the land value as
refundable security deposit. The execution of the projects through
joint venture (JV) route is advantageous for the firm as it
involves limited cash outflow initially for purchase of land. The
JV partner is compensated by transfer of built up area to the land
owner or by revenue sharing decided on a project to project basis.
Furthermore, this arrangement also reduces the saleability risk for
the project as the firm's responsibility for sales is limited to
its share. The firm's projects are predominantly funded by
promoter's contribution and term debt from financial institutions,
with lesser dependence on customer advances. This enables execution
of the projects with planned timelines. With respect to ongoing
projects with total project cost of INR73.73 crore, the dependence
on customer advance is proposed to be moderate at 30%. Furthermore,
around 60-70% of the customer advances are backed by home loans
from various bank/FI which mitigates payment risk from the
customers.

Generally, the project is launched only after the receipt of
requisite approvals which would eventually reduce the delay in
construction. The firm executes all the projects with its own
construction team, without subcontracting the work.  Considering
the gestation period of around 3 years for the completion, any
volatility in the raw material prices will impact the cost of the
project. With the selling prices fixed upon booking, the firm is
exposed to volatility in the prices of construction materials and
labour costs (on daily basis). Nevertheless, the project
implementation risk is outweighed by the long experience of the
promoter in the construction business. The timely completion of the
projects would be critical from the credit perspective of VRN.

* Elongated Operating cycle and working capital intensive nature of
operations:  Overall operations of the firm have been working
capital intensive with funds being blocked in inventory due to its
nature of the business. The investments in the inventory has been
high as the firm has significant funds held in closing stock which
is primarily the unsold properties and properties for which the
full payments are not received as the collections are on the basis
of milestones. Moreover, certain funds have been blocked in raw
material and store and consumables, purchased to timely completion
the project.

Normally the firm's collection period will on lower side as the
firm receives advance from customers for completion of project. Due
to elongated creditors and inventory period, the operating cycle
has been stretched in FY16 (Prov.). The tenor of execution of all
projects may take on an average of 3 years. The realization from
the projects depends on the basis of completion of milestones. The
funding for the projects are normally through 40% internal accruals
and promoter's contribution, 30% by customers advances and 30% by
bank term loan. The unsecured loans are repaid in lumpsum as and
when the flat/villa is sold. The liquidity position is marked by
moderately comfortable current ratio and quick ratio. While the
current ratio was at 4.24x, its quick ratio stood at 0.44x due to
high closing inventory as on Mar 31, 2016 (Provisional). The
operations are working capital intensive with funds being blocked
in inventory. The investments in the inventory has been high as the
firm has significant funds held in closing stock which is primarily
the unsold properties and properties for which the full payments
are not received as the collections are on the basis of milestones.
Moreover, certain funds have been blocked in raw material and store
and consumables, purchased to timely completion the project. There
has been significant deterioration in the operating cycle in FY16,
due to higher closing inventory in the form of properties. The firm
manages its working capital through unsecured loan from sister
concerns in the range of INR2.00 crore to INR5.00 crore and
promoter's funds.

* Constitution of the entity as a partnership firm:  Constitution
as a partnership firm has the inherent risk of possibility of
withdrawal of the partner's capital at the time of personal
contingency which will affect its capital structure. Moreover,
partnership firms have restricted access to external borrowing
which limits their growth opportunities to some extent.

Key Rating Strengths

* Long experience of partners in the construction industry coupled
with long track record of the firm:  VRN has been in the civil
construction business for more than five decades and has
satisfactory track record of completion of housing projects, urban
development projects and other civil construction contracts awarded
by government bodies in the state of Tamil Nadu.

Mr. V. N. Subramanian, Managing partner, is a qualified Engineer
and have more than three decades of experience in the civil
construction industry and currently monitors all the projects of
VRN. He is assisted by his sons, Mr. V. S. Saravanan who is also an
Engineer and has more than a decade experience in the same
industry. Mr. V. S. Gokul, a graduate is engaged in the business
for about 8 years and assists his father in monitoring the overall
affairs of the firm. The partners are assisted by qualified and
experienced management team consisting of a technical team of 30
members which includes 20 engineers with an average experience of
more than 10 years.

* Established relationship with its suppliers and customers due to
long track record of group:  As the firm is in existence since
1962, VRN is able to gain reputation and as a result bagged more
orders leading to work diversification. On account of the timely
completion of the project, VRN has established good relationships
with various government entities and private companies thus has
received repeat orders from these entities. The firm has
relationship with few suppliers for more than three decades and
offers a credit period of around 90 days.

VRN belongs to the Sakthi Constructions group which was established
in the year 1983 and has more than three decades of existence in
real estate market. Coimbatore-based Sakthi Constructions Group has
built up a portfolio of diverse projects across the entire
residential spectrum right from value-for-money apartments to
ultra-luxury, city center lifestyle to villa projects. The group
has 2 firms and one private limited company under this Group
flagship which are spread across Coimbatore. Over the years, the
group has successfully executed and completed many real estate
projects in Coimbatore and has developed over 22 lakh square feet
area comprising more than 1500 flats approx. Furthermore, the group
has two ongoing projects in Kalapatti in Coimbatore within same
compound.

* Comfortable capital structure and debt coverage indicators:
Overall capital structure of the firm has been comfortable with
overall gearing at 0.52x as on March 31, 2016 (Prov.) compared to
0.81x as on March 31, 2015, mainly on account of low reliance on
debt to fund its operations. Moreover, the company majorly has debt
in form of unsecured loans from sister concerns and relatives to
support its operations. Going  forward, the company intends to
avail long-term debt of INR20 crore in FY17, to fund its project,
thereby the capital structure is likely to be deteriorated.

The interest coverage of the firm has also been comfortable at
41.98x in FY16 (provisional) compared to 214.67x in FY15 due to
satisfactory operational profit and nominal financial expenses.
However, TD/GCA was moderate at 7.22x in FY16 (Provisional)
compared to 2.17x in FY15 on account of low cash accruals. Going
forward, the ability of the company to efficiently manage its
operating cycle, with minimum reliance on debt, shall be critical
from credit perspective.

* Satisfactory profit margins albeit high fluctuation:  The
profitability margins are fluctuating due to the nature of the
business and volatility in the market despite growth in total
income from operations in the review period (FY13-FY15). The
operating profitability margins of the company have been
fluctuating in the past few years. During FY15, the PBILDT margins
have improved due to higher realizations earned on the order
executed. Nevertheless, the operating profitability margins are on
the higher side in FY16 at 22.57% as the projects being under
construction phase and the revenue is recognized on the stage-wise
payment with no additional materials costs in FY16 (Prov.)
(material costs constituted only 14.56% in FY16 on total operating
income (66% in FY15)in FY16 (Prov.).

* Location advantage of the Arum lily project:  The location of the
project gives considerable advantage as it is situated in the
centre of all basic amenities. The location gives easy
accessibility to airport, schools, hotels, college and hospitals.

V. R. Nachimuthu (VRN) is a partnership firm established in the
year 1962 by Mr. V. R. Nachimuthu. After the demise of the latter
in the year 2008, the business was taken over by Mr. V.N.
Subramanian, Son of Mr. V. R. Nachimuthu along with the other
partners. After several reconstitutions in the partnership, the
present partners are Mr. V. N. Subramanian, his wife Mrs. S.
Jayanthi and his sons Mr. V.S. Saravanan, Mr. V.S. Gokul, and Mr.
T.M. Logakumaresan, relative. All the partners share the profit and
loss equally except T.M. Logakumaresan. Mrs. S. Jayanthi and T. M.
Logakumaresan who are dormant partners. Till 2000, the firm was
engaged in undertaking civil construction projects for both
government as well as private sector companies. The firm has
executed state government projects such as urban development
project, construction of overhead tanks and underground reservoirs,
building [Low-Income Groups (LIG), Middle-Income Groups (MIG) and
HighIncome Groups (HIG)] in favour of Tamil Nadu Housing Board,
construction of flats to Erode Housing Unit, Coimbatore housing
units, Tamil Nadu Water Supply and Drainage Board etc. The entity
is presently engaged in business of real estate property
development, housing projects, and other civil constructions such
as laying pipes, Base Transceiver Station (BTS) towers, etc.



=========
J A P A N
=========

[*] JAPAN: Bankruptcies Jump 148% From May as Courts Reopen
-----------------------------------------------------------
Yuko Takeo at Bloomberg News reports that after an odd event last
month where Japan's bankruptcies fell the most since the 1960s, the
impact of the pandemic is now evident with a growing number of
businesses failing.

Some 780 Japanese firms filed for bankruptcy last month, 148% more
than the prior month and the most this year, Bloomberg discloses
citing Tokyo Shoko Research Ltd. In May, the numbers were low
because the courts weren't operating at full capacity due to a
national state of emergency.

Bloomberg relates that there were 94 pandemic-driven cases last
month according to TSR, the highest number yet, bringing the total
to 240 in the first half of the year. Unsurprisingly, sectors such
as hotels and restaurants were badly hit as the pandemic forced
people to stay indoors and cut off a steady stream of tourists from
abroad.

Growing distress among businesses is in line with the record jump
in bank loans and deposits in June, as companies continued to tap
emergency credit facilities and hoard cash, Bloomberg says.

According to Bloomberg, the Japanese government has so far pledged
virus-response measures worth around 40% of gross domestic product
to help households and companies. Yet, much of it has remained
stuck in the country's dated and complex administrative pipeline, a
problem compounded by a lack of staff.

While the government is expected to compile another extra budget to
support the economy later in the year, the Bank of Japan is seen
standing pat when it meets next week, Bloomberg states.



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

AIRASIA GROUP: Shares Fall as Auditor Raises Going Concern Doubt
----------------------------------------------------------------
Kyunghee Park at Bloomberg News reports that AirAsia Group Bhd.
shares slumped nearly 18% when trading resumed following a
suspension that came as auditor Ernst & Young said the carrier's
ability to continue as a going concern may be in "significant
doubt."

In a statement to the Kuala Lumpur stock exchange, Ernst & Young
said AirAsia's current liabilities already exceeded its current
assets by MYR1.84 billion ($430 million) at the end of 2019, a year
when it posted a MYR283 million net loss, Bloomberg discloses. That
was before the coronavirus crisis, which has further hit the
carrier's financial performance and cash flow.

The slump in air travel and poor financial performance "indicate
existence of material uncertainties that may cast significant doubt
on the Group's and the Company's ability to continue as a going
concern," Ernst & Young said in its unqualified audit opinion
statement, Bloomberg relays.

Covid-19 plunged the aviation industry globally into crisis as
border controls and health concerns vaporized demand for air
travel. According to Bloomberg, AirAsia on July 6 reported a record
quarterly loss of MYR803.8 million. It wasn't until late March and
the end of the quarter that the budget airline suspended flights.

"This is by far the biggest challenge we have faced since we began
in 2001," Bloomberg quotes AirAsia's Chief Executive Officer Tony
Fernandes as saying.

He said the carrier is in talks for joint-ventures and
collaborations that may result in additional investment, and it has
also applied for bank loans and is weighing proposals to raise
capital, Bloomberg relays.

Last month, South Korean conglomerate SK Group said it was
reviewing a proposal to buy a small stake in the airline. In May,
AirAsia sent a memo to Malaysian banks seeking to borrow MYR1
billion, people familiar with the matter said at the time, recalls
Bloomberg.

According to Bloomberg, AirAsia said in an exchange filing on July
8 that Ernst & Young's statement and a decline in shareholder
equity triggered the criteria for a so-called Practice Note 17,
which applies to financially distressed companies. However, the
airline won't be classified as PN17 as the Malaysian exchange
suspended application of the status from April through June next
year as part of relief measures in light of the coronavirus
pandemic, the report states.

AirAsia needs at least MYR2 billion this year to stay afloat,
according to K. Ajith, an aviation analyst at UOB Kay Hian Pte in
Singapore.

"There's not a lot of options, and the best one could be the
government stepping in but seeking a rights offering by the company
in exchange," the report quotes Mr. Ajith as saying.

Despite the warnings, there are signs of improvement with the
gradual lifting of restrictions on interstate travel and domestic
tourism activities in the countries where AirAsia and its units
operate, Ernst & Young said, Bloomberg relays.

Bloomberg adds that the airline's recovery depends on government
policies on travel, discussions with financial institutions and
investors and its ability to address concerns of its liabilities,
the auditor said.

AirAsia Berhad provides low-cost air carrier service. The company
provides services on short-haul, point-to-point domestic and
international routes. AirAsia, headquartered in Malaysia, operates
from hubs in Malaysia, Thailand, Indonesia, Philippines and India.



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

CHINA TAISAN: To Delist from Singapore Exchange
-----------------------------------------------
Rachel Mui at The Business Times reports that the Singapore
Exchange (SGX) has separately issued delisting notifications to
fabric maker China Taisan Technology Group, and sporting goods
company China Hongxing Sports, both companies announced on July 7.


BT relates that mainboard-listed China Taisan has been on SGX's
watch list since June 5, 2017, and its shares have been suspended
from trading since June 2018. It has been under judicial management
since August 2018.

Firms on the financial watch list need to fulfil exit requirements
within 36 months, namely to record consolidated pre-tax profit for
the most recently completed financial year, and post an average
daily market cap of at least S$40 million over the last six months,
BT states.

BT says China Taisan will be delisted from SGX, as it was not able
to exit the financial watch list by the deadline of June 4, 2020.

Last September, the High Court of Singapore granted that China
Taisan be wound up, with liquidators from BDO appointed, BT
discloses. The liquidators are now reviewing the delisting
notification and will make further announcements as and when there
are material developments on this, the company said, adds BT.

According to the listing rules, both companies or their controlling
shareholders will have to provide a "reasonable exit offer" to
shareholders, and submit an exit offer proposal to SGX no later
than one month from July 6, which is the date when they received
the delisting notifications, BT relates.

China Taisan Technology Group Holdings Limited is a Singapore-based
investment holding company. The Company is a producer of knitted
performance fabrics in the People's Republic of China. It is
engaged in the knitting, dyeing and finishing of fabrics under its
own Lianjie brand, as well as the provision of fabric-processing
services. The Company is a supplier of performance fabrics used in
the manufacture of sportswear and casual wear for international and
domestic brands. The Company's subsidiary, Jinjang Lianjie Textile
& Printing Dyeing Industrial Co., Ltd, is engaged in the
manufacture of knitted textile, printing and dyeing of fabrics, and
engaged in the knitting and weaving of fabrics. The Company's
production facility is located in Jinjiang City, Fujian Province.



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

STX OFFSHORE: Urges Workers to Stop General Strike
--------------------------------------------------
Yonhap News Agency reports that mid-sized shipbuilder STX Offshore
& Shipbuilding Co. on July 8 called on its unionized workers to
stop their general strike.

According to Yonhap, the shipbuilder's unionized workers went on
general strike starting on June 1, calling for a stop to six-month
unpaid furloughs, which half of about 500 unionized workers have
taken in rotation since June 2018.

Due to the strike, operations at the company's shipyard in Jinhae,
410 kilometers southeast of Seoul, are being suspended from June 17
till July 16, the report relates.

"Some buyers are contacting other shipbuilders to discuss reaching
a new deal to build ships, expressing their woes over the recent
walkout," STX Offshore said in its in-house newsletter, Yonhap
relays.

Even after its ongoing voluntary retirement program is completed by
July 13, remaining workers have to reduce fixed costs and minimize
the company's losses, the shipbuilder, as cited by Yonhap, said.

Yonhap says STX Offshore 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.

Union leaders of STX Offshore went on a hunger strike as well,
calling for the reinstatement of workers under unpaid furlough.

"Workers have been under unpaid furlough over the past two years,
but the expansion of the unpaid suspension by the company has
blighted workers' family life," the report quotes Lee Jang-sop, the
head of the union, as saying.

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

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.



===============
X X X X X X X X
===============

[*] Asia Braces for Insolvency Storm Amid COVID-19 Fallout
----------------------------------------------------------
SDC Executive reports that as global recession looms, Asian
businesses tighten their credit management processes in a bid to
minimize bad debt risks.

COVID-19 containment measures around the world have impacted both
national and international supply chains and trade. According to
the report, responses to the 2020 Atradius Payment Practices
Barometer (PPB) survey in Asia suggest the resulting delays in
payments are largely being financed by suppliers as the use of
trade credit in most markets surveyed, and along with it, payment
delays, have climbed. Compared to last year's survey, in four of
the markets surveyed, credit-based sales grew an average of 14%
while at the same time the value of overdue invoices spiked 56%,
the report discloses. In two markets credit sales fell, but overdue
invoices still spiked an average 49%. India's decline in credit use
might even be the result of its dramatic rise in overdues.

"With the global economy dipping into recession payment default
risks are growing. We expect bad debts and insolvencies to continue
rising into 2021. Suppliers need to manage reduced demand and
financial stress. Minimizing these burdens with thorough credit
worthiness assessments and ensuring adequate financial
sustainability will be key to survival for many of these
businesses," SDC Executive quotes Andreas Tesch, Chief Market
Officer of Atradius, as saying.

SDC Executive relates that although the Atradius PPB survey
indicates a varied approach to trade credit across the region with
marked differences between markets, it also reveals a consistent
commitment to credit control. Without exception, businesses in
every market expressed their dedication to credit management
processes, with many seeking to increase their focus on minimizing
risk.

Interestingly, despite the gloomy outlook, most of the businesses
surveyed across Asia expressed optimism that government support or
bank finance would be available to help support their industries
and the economy, the report relays. While this may be true to a
certain extent, the results of the PPB survey indicate that many
buyers rely on trade credit from their suppliers to finance their
operations and extend that even more by delaying payment of
invoices.

This survey was carried out in March, at a relatively early stage
in the COVID-19 pandemic and ensuing economic crisis, according to
SDC Executive. It represents an important snapshot of business
confidence in Q1 2020. Looking forward, it will provide valuable
information about the developing payment practices for this key
economic region during the early days of the unfolding crisis.

The 2020 Atradius Payment Practices Barometer for Asia was
conducted in China, Hong Kong, India, Indonesia, Singapore, Taiwan,
and the United Arab Emirates (UAE), this latter featured in the
survey for the first time, SDC Executive notes.


                           *********


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

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***