---

       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

          Monday, July 13, 2020, Vol. 23, No. 139

                           Headlines



A U S T R A L I A

AMP LTD: S&P Reinstates BB+/Watch Neg. Rating on Capital Notes 2
ARES TRANSPORT: First Creditors' Meeting Set for July 17
CARRIAGEWORKS PTY: Set to be Saved as Lease and Funding Guaranteed
EQUESTRIAN AUSTRALIA: Liquidation Looms as Disagreement Erupts
METRO FINANCE 2020-1: Moody's Gives Ba2 Rating to Class E Notes

MILLARS HEAVY: First Creditors' Meeting Set for July 17
MY BEST: First Creditors' Meeting Set for July 22
SPEEDCAST INT'L: Committee Hires Husch Blackwell as Co-Counsel
SPEEDCAST INT'L: Committee Taps Berkeley as Financial Advisor
UNION STANDARD: First Creditors' Meeting Set for July 20



C H I N A

FUFENG GROUP: Fitch Affirms LT IDR at BB+, Outlook Stable
LIFAN INDUSTRY: Creditors File Bankruptcy Bid Against 10 Units
PINGDINGSHAN TIANAN: S&P Withdraws BB- LT Issuer Credit Rating
REMARK HOLDINGS: Reports $2.4 Million Net Loss for First Quarter


I N D I A

BALJEET POULTRY: CARE Cuts INR7.0cr LT Loan Rating to B, Not Coop.
DUTTA AGRO: CARE Moves D Debt Ratings from Not Cooperating
GANDHI ENTERPRISES: ICRA Keeps D INR50.95cr Debt Rating in Not Coop
GARG & COMPANY: CARE Lowers Rating on INR14cr LT Loan to D
GLENMARK PHARMACEUTICALS: Fitch Affirms BB LT IDR, Outlook Stable

J.V AGRO: CARE Cuts Rating on INR9.64cr LT Loan to B, Not Coop.
JSW STEEL: Moody's Confirms CFR & Senior Unsec. Debt Rating at Ba2
MAHESH TRADERS: CARE Lowers Rating on INR9.20cr Loan to B-
NAGESHWARI CERAMIC: ICRA Withdraws D Rating on INR3.0cr Loan
NIKHIL INFRASTRUCTURES: CARE Keeps D INR50cr Debt, Not Coop. Rating

ORIENTAL ENTERPRISE: CARE Cuts Rating on INR37.41cr Loan to D
ORIENTAL EPC: CARE Lowers Rating on INR15cr LT Loan to C
ORIGIN FORMULATIONS: CARE Keeps D INR27.4cr Debt Rating in Not Coop
RAJESHREE COTEX: CARE Keeps D Debt Ratings in Not Cooperating
RAJESHREE FIBERS: CARE Keeps D INR8cr Debt Rating in Not Coop.

RAJESHREE INDUSTRIES: CARE Keeps D INR22cr Debt Rating in Not Coop.
SHIV COTTON: CARE Lowers Rating on INR5.40cr LT Loan to C
SHRADHA AGENCIES: CARE Keeps D INR28cr Debt Ratin in Not Coop.
STRAWBERRY STUDIO: ICRA Moves B+/A4 Rating to Not Cooperating
UNITED SEAMLESS: ICRA Withdraws D Rating on INR289cr Loan

V2 RETAIL: NCLT Admits Insolvency Plea against Retail Chain
VEERABHADRA EXPORTS: ICRA Withdraws B+ Rating INR40cr Loan
ZUBIC LIFESCIENCE: CARE Keeps D INR12.80cr Debt in Not Coop


M A L A Y S I A

PAPPARICH GROUP: Faces Two Winding-up Petitions


M O N G O L I A

MONGOLIA: S&P Affirms B Sovereign Credit Ratings, Outlook Stable


N E W   Z E A L A N D

URBAN BEACH: Clothing Retailer Shuts Doors After 20 Years in CBD


S I N G A P O R E

AVATION PLC: S&P Downgrades ICR to CCC on Rising Refinancing Risks
HOOQ DIGITAL: Coupang to Buy Assets to Take on Video Streaming
SPORTS LINK: High Court Enters Wind Up Order

                           - - - - -


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

AMP LTD: S&P Reinstates BB+/Watch Neg. Rating on Capital Notes 2
----------------------------------------------------------------
S&P Global Ratings said it has reinstated its 'BB+' rating on AMP
Ltd.'s A$275 million Capital Notes 2. The rating is on CreditWatch,
where it was placed with negative implications on June 12, 2020.
S&P had withdrawn the rating in error on July 8, 2020.


ARES TRANSPORT: First Creditors' Meeting Set for July 17
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Ares
Transport Group Pty Ltd will be held on July 17, 2020, at 2:00 p.m.
via electronic means.

Philip Newman of PCI Partners Pty Ltd was appointed as
administrator of Ares Transport on July 7, 2020.

CARRIAGEWORKS PTY: Set to be Saved as Lease and Funding Guaranteed
------------------------------------------------------------------
Linda Morris at The Sydney Morning Herald reports that the
Berejiklian government has backed a philanthropist-led lifeline for
Carriageworks in a move that promises to lift the multi-arts venue
out of voluntary administration.

According to the report, Arts Minister Don Harwin announced he
would grant Carriageworks Pty Ltd an initial 10-year lease over the
Eveleigh railyards and five years guaranteed funding two months
after its stunning collapse.

SMH relates that creditors have yet to see the proposal but a long
term lease and a commitment to future annual funding of AUD2.5
million were two conditions that the KPMG administrator, Phil
Quinlan, said needed to be met for the organisation to avoid
liquidation.

Carriageworks entered voluntary administration on May 4, the board
citing an irreparable loss of income caused by the coronavirus
lockdowns.

Amid a push for Sydney Opera House to take over Carriageworks,
philanthropists led by Kerr Neilson and daughter Paris, pledged
support for an independent Carriageworks, SMH states.

SMH says the Neilson Foundation committed AUD500,000 and the Gonski
family foundation AUD200,000, most of the latter to kick in over
four years once Carriageworks has resumed trading.

Geoff Ainsworth and wife Johanna Featherstone pledged AUD2 million
through their philanthropic Oranges and Sardines Foundation, of
which AUD200,000 is upfront cash and AUD1.8 million is to be given
as a low-interest five-plus-year loan, upon which Carriageworks can
drawdown for working capital.

The Packer Family Foundation/Crown Foundation promised
Carriageworks AUD240,000 for the continuation of the Solid Ground
Project. All money is conditional on an independent future of
Carriageworks, the report notes.

According to SMH, the government's offer is for a 10-year lease,
with the option of another two five year terms, important because
Carriageworks has been operating on a month-by-month lease since
2018.

The organisation owes more than AUD2 million to 225 creditors, SMH
discloses citing company records to the market regulator. With
agreement, Carriageworks' employees would be guaranteed their
entitlements and unsecured creditors would receive between 20 and
30 per cent and this position seems likely to win support, the
report discloses.

On July 9 Carriageworks chief executive Blair French notified
Carriageworks' staff and key stakeholders of the "good news".
Chairman Cass O'Connor advised KPMG it could begin the process of
calling the second meeting of creditors.

SMH adds that Mr. French said the NSW Government had verbally
confirmed its support of the terms attached to the Deed of Company
Arrangement for the return of Carriageworks to its management.
While there were still a number of steps to go through before the
matter was finalised the commitment was "welcome news and critical
to our future".

"Most importantly, the final decision on the Deed of Company
Arrangement rests with the creditors," the report quotes Mr. French
as saying. "The meeting of creditors where this will be voted on
should now be able to be held sometime during the week beginning
July 20."

Once out of voluntary administration, Mr. French acknowledged the
testing economic environment in which Carriageworks would reopen,
the report says.

Phil Quinlan and Morgan Kelly of KPMG were appointed as
administrators of Carriageworks Limited on May 4, 2020.

EQUESTRIAN AUSTRALIA: Liquidation Looms as Disagreement Erupts
--------------------------------------------------------------
Olivia Caisley at The Australian reports that Equestrian Australia
is in danger of liquidation after a disagreement erupted between
the organisation's administrators and five state branches over the
sport's reformation.

The Australian relates that the receivership of the sport, that has
delivered Australia 12 Olympic medals, including six golds, has
descended into open warfare with five of the seven state branches
issuing public memos threatening to block the administrators'
proposal, which is endorsed by both Sport Australia and the
Australian Olympic Committee.

Should the KordaMentha Deed of Company Arrangement (DOCA) not
receive the majority of votes at a creditor's meeting on July 15,
the sport's hopes of restoring government funding will be
scuppered, the report says.

The Australian says such a move would also be disastrous for the
body's 20,000 members and every rider across the nation­,
effectively preventing com­petitions and events, and dashing hopes
of sending an Australian team to the Olympics.

According to The Australian, the deadlock comes weeks after the
national body's government funding was rescinded when Sport
Australia decided Equestrian Australia's governance had "fallen
well short of acceptable standards" with the resignation of eight
directors, including three chairs, over just 16 months.

Within days Craig Shepard and Kate Conneely of KordaMentha had been
appointed as administrators, the report relates.

The Australian reports that in a letter sent to Mr. Shepard on July
5, the chairpeople of the NSW, Victorian­, Tasmanian, South
Aust­ralian and Western Australian branches raised concerns about
the administrator's proposal to clean up the organisation and
provided an alternative they argued is a "vastly better path to
take".

The Australian relates that the five state branches issued a call
to arms to their members, arguing that KordaMentha's proposal would
stop meaningful representation for smaller disciplines such as
vaulting and will dilute the voices of smaller branches.

But Mr. Shepard and Ms. Conneely struck back at the branches on
July 9, poking holes in their claim that members would not be able
to vote on the future of the organisation under the administrator's
proposal.

"The Administrators have and continue to encourage all members to
participate and vote in the administration process," they said. The
four remaining directors have no say on who can or cannot vote. The
Administrators are not seeking to deny any member a right to
vote."

The Australian adds that they also called out the threat of legal
action, declaring: "we are very pleased to read the States believe
that it is not fair or equitable for members not to have a vote. We
share this view. We note the States have identified the only way to
make this process fair is by taking court action."

If the state proposal is successful, it won't satisfy the
requirements of Sport Australia, the Australian Olympic Committee
or the Federation Equestre Internationale, meaning the model is
doomed to fail, the report notes.

Alternatively if KordaMentha's proposal gets up and the states
don't make the requisite changes, the body will be forced into
liquidation, according to The Australian.

In an eleventh-hour change to their proposal late on July 9, the
states withdrew their push for the appointment of former NSW
Office­ of Sport chief Matt Miller as an independent external
adviser.

The Australian revealed in March that AUD1 million in taxpayer
funds was awarded to a firm connected to the son of Equestrian NSW
president and former ACT magistrate Peter Dingwall to resurface­
two arenas at the Sydney Inter­national Equestrian Centre.

Mr. Miller signed off on the tender, which was referred to the
state's Independent Commission Against Corruption in May after
concerns over conflicts of interest.

The Australian is not suggesting Mr. Miller or the Dingwalls had
any conflict of interest, only that it was reported to ICAC.

One Equestrian WA member told The Australian they had been
bombarded with emails about the voting process since KordaMentha
had published their scathing report into the organisation,
receiving fourteen emails directing them on how to vote.

The state branches have the advantage of having a direct point of
contact with members, whereas the national body does not, the
report states.

The Australian adds that the KordaMentha report revealed the
states' proposal did not meet any of the requirements of
stakeholders such as the Australian Sporting Commission and the
Australian Olympic Committee; a state-based structure would only be
representative of the state branch­es (excluding Equestrian
Queens­land); and members would miss out on an immediate vote.

KordaMentha argues its own model would best serve the interests of
creditors and members.

Catherine Margaret Conneely and Craig Peter Shepard of KordaMentha
were appointed as administrators of Equestrian Australia on  June
9, 2020.

METRO FINANCE 2020-1: Moody's Gives Ba2 Rating to Class E Notes
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Perpetual Corporate Trust Limited, as trustee of Metro
Finance 2020-1 Trust.

Issuer: Metro Finance 2020-1 Trust

AUD109.00 million Class A-S Notes, Assigned Aaa (sf)

AUD138.20 million Class A-L Notes, Assigned Aaa (sf)

AUD18.60 million Class B Notes, Assigned Aa2 (sf)

AUD11.10 million Class C Notes, Assigned A2 (sf)

AUD5.10 million Class D Notes, Assigned Baa2 (sf)

AUD9.30 million Class E Notes, Assigned Ba2 (sf)

The AUD4.95 million Class GA Notes and the AUD3.75 million Class GB
Notes are not rated by Moody's.

The transaction is a cash securitisation of a portfolio of
Australian prime commercial auto and equipment loans and leases
originated by Metro Finance Pty Limited. This is Metro Finance's
first auto and equipment asset backed securities transaction for
2020.

Metro Finance was established in 2011 as a commercial
auto/equipment lender. It targets prime borrowers, for small-ticket
auto and equipment assets in low volatility industries. Metro
Finance originates its lending through the commercial auto and
equipment broker and aggregator industry nationally. Significant
origination growth began in 2014.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

  - The limited amount of historical loss data. The static loss
data used for its extrapolation analysis, which reflects Metro
Finance's short origination history, was limited to the origination
vintages between Q3 2014 and Q3 2018.

  - The evaluation of the underlying receivables and their expected
performance;

  - The fact that 69.7% of the receivables were extended to prime
commercial obligors on a no-income verification basis, referred to
as "streamlined". This streamlined product allows obligors who meet
certain stringent requirements to access the loan without providing
financial statements;

  - The 50.2% exposure to loans with a balloon payment at the end
of the receivable term. The aggregate balloon exposure as a
percentage of current portfolio balance is 16.6%. Loans with a
balloon payment are subject to higher refinancing and,
consequently, default risk;

  - The evaluation of the capital structure;

  - The availability of excess spread over the life of the
transaction;

  - The liquidity facility in the amount of 3.00% of the note
balance subject to a floor of AUD1,000,000;

  - The interest rate swap provided by National Australia Bank
Limited (Aa3/P-1/Aa2(cr)/P-1(cr)). The notional balance of the swap
will follow a schedule based on the amortisation of the portfolio,
assuming no prepayments. Any prepayments or defaults will result in
the transaction becoming over-hedged. The prepayment risk is
mitigated by the fact that break costs are charged to the obligors
and these funds will flow through to the trust as collections; and

Initially, the Class A-S, Class A-L, Class B, Class C, Class D, and
Class E Notes benefit from 17.60%, 17.60%, 11.40%, 7.70%, 6.00% and
2.90% of note subordination, respectively. The notes will initially
be repaid on a sequential basis until the credit enhancement of the
Class A Notes is at least 30%.

The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs on the notes or if the first call
option date has occurred. At all other times, the structure will
follow a pro-rata repayment profile (assuming pro-rata conditions
are satisfied).

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 3.25%, a
recovery rate of 35.0% and a portfolio credit enhancement of
20.00%. After accounting for the seasoning of the initial portfolio
(7.3 months), Moody's mean default rate assumption was adjusted to
3.50%. Moody's assumed default rate and recovery rate are stressed
compared to the historical levels of 1.44% and 57.77%
respectively.

The difference between the historical and assumed default rate and
recovery rate is in part explained by the additional stresses
assumed by Moody's to address the lack of a full economic cycle in
the historical data, and by exposure to balloon loans in the
portfolio.

To address the limited historical loss data on Metro Finance's
portfolio, Moody's has benchmarked the short historical data for
Metro Finance to data from comparable Australian commercial auto
and equipment ABS originators. Moody's has also overlaid additional
stresses into its default and PCE assumptions.

The streamlined product offering has been originated for almost
twelve years in the Australian auto and equipment loan space.
However, through-the-cycle historical data on the performance of
this product is limited. To address this risk and the fact that the
portfolio has a very high proportion of streamlined (69.7%),
Moody's has applied further qualitative stresses in its analysis.

Risks arising from the lack of income verification for these
borrowers are partly mitigated by the stringent requirements to
access this product. These requirements include property ownership
with confirmed equity greater than the loan amount or a 30% deposit
for non-property owners, a satisfactory credit reference from a
reputable finance company running at least 12 months, no adverse
credit history, and the business being registered for the
goods-and-services tax for at least 2 years continuously.

The rapid spread of the coronavirus outbreak, the government
measures put in place to contain it and the deteriorating global
economic outlook, have created a severe and extensive credit shock
across sectors, regions and markets. Its analysis has considered
the effect on the performance of small businesses from the collapse
in Australia economic activity in the second quarter and a gradual
recovery in the second half of the year. However, that outcome
depends on whether governments can reopen their economies while
also safeguarding public health and avoiding a further surge in
infections. As a result, the degree of uncertainty around its
forecasts is unusually high. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
May 2020.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance and
fraud.

MILLARS HEAVY: First Creditors' Meeting Set for July 17
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Millars
Heavy Haulage Pty Ltd will be held on July 17, 2020, at 3:00 p.m.
via electronic means.

Philip Newman of PCI Partners Pty Ltd was appointed as
administrator of Millars Heavy on July 7, 2020.


MY BEST: First Creditors' Meeting Set for July 22
-------------------------------------------------
A first meeting of the creditors in the proceedings of My Best Gift
Holdings Pty Ltd and My Best Gift Pty Ltd will be held on July 22,
2020, at 10:00 a.m. at Level 13, at 50 Margaret Street, in Sydney,
NSW.

Jamieson Louttit of JLA Insolvency & Advisory Pty Ltd was appointed
as administrator of My Best on July 10, 2020.

SPEEDCAST INT'L: Committee Hires Husch Blackwell as Co-Counsel
--------------------------------------------------------------
The official committee of unsecured creditors of SpeedCast
International Limited and its affiliates seeks approval from the
U.S. Bankruptcy Court for the Southern District of Texas to retain
Husch Blackwell, LLP.

Husch Blackwell will serve as conflicts counsel and as co-counsel
with Hogan Lovells US, LLP, the other firm tapped by the committee
to represent it in Debtors' Chapter 11 cases.   

The standard hourly rates charged by Husch Blackwell range from
$365 to $850 for partners and senior counsel, $250 to $510 for
associates and senior attorneys, and $140 to $350 for paralegals.

The firm's services will be provided mainly by Randall Rios, Esq.,
and Timothy Million, Esq., who will charge $600 per hour and $500
per hour, respectively.

Mr. Rios, senior counsel at Husch Blackwell, disclosed in court
filings that the firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Randall A. Rios, Esq.
     Husch Blackwell LLP
     600 Travis Street, Suite 2350
     Houston, TX 77002
     Tel: 713-647-6800
     Fax: 713-647-6884

                   About SpeedCast International

Headquartered in New South Wales, Australia, SpeedCast
International Limited and its affiliates provide remote and
offshore satellite communications and information technology
services.  SpeedCast's fully-managed service is delivered to more
than 2,000 customers in 140 countries via a global, multi-access
technology, multi-band and multi-orbit network of more than 80
satellites and an interconnecting global terrestrial network,
bolstered by on-the-ground local support from more than 40
countries.  Speedcast services customers in sectors such as
commercial maritime, cruise, energy, mining, government, NGOs,
enterprise and media.

SpeedCast International and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-32243) on April 23, 2020.  At the time of the filing, Debtors
each had estimated assets of between $500 million and $1 billion
and liabilities of the same range.

Judge David R. Jones oversees the cases.

Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel;
Herbert Smith Freehills as co-counsel with Weil; Moelis Australia
Ltd. as financial advisor; FTI Consulting Inc. as restructuring
advisor; and Kurtzman Carson Consultants LLC as claims agent.

The Office of the U.S. Trustee appointed a committee to represent
unsecured creditors in Debtors' bankruptcy cases.  The committee is
represented by Hogan Lovells US, LLP.

SPEEDCAST INT'L: Committee Taps Berkeley as Financial Advisor
-------------------------------------------------------------
The official committee of unsecured creditors of SpeedCast
International Limited and its affiliates seeks approval from the
U.S. Bankruptcy Court for the Southern District of Texas to retain
Berkeley Research Group, LLC as its financial advisor.

The firm's services will include:

     a) analyzing any business plan proposed by Debtors, including
revenue projections by vertical, bandwidth costs, employee needs
and costs, and cost saving opportunities;

     b) assisting the committee's legal counsel in the
investigation of the secured lenders' liens, and in identifying
unencumbered assets;

     c) advising the committee with respect to any
debtor-in-possession financing arrangement and the use of cash
collateral;

     d) evaluating relief requested in cash management motion;

     e) assisting the committee in its analysis and monitoring of
Debtors' and non-Debtor affiliates' financial affairs;

     f) monitoring liquidity throughout the cases, including
scrutinizing cash disbursements to non-debtor entities;

     g) developing a periodic monitor report to enable the
committee to evaluate Debtors' financial performance relative to
projections and any relevant operational issue on an ongoing
basis;

     h) assisting the committee in reviewing and evaluating court
papers filed or to be filed by Debtors and other parties;

     i) analyzing both historical and ongoing related party
transactions of Debtors and non-debtor affiliates;

     j) assisting the committee in identifying and reviewing any
preferential payment, fraudulent conveyance and other potential
causes of action that Debtors' estates may hold against insiders
and third parties;

     k) analyzing potential recoveries to unsecured creditors under
various scenarios;

     l) negotiating a plan of restructuring and disclosure
statement and if applicable, preparing any bankruptcy plan proposed
by the committee;

     m) monitoring Debtors' claims management process;

     n) analyzing any asset sale proposed by Debtors;

     o) assessing Debtors international operations;

     p) assessing the impact of any insolvency proceedings in
foreign countries;

     q) working with Debtors' tax advisors to ensure that any
restructuring or sale transaction is structured to minimize tax
liabilities to the estate;

     r) working with Debtors' tax advisors to maximize the value of
U.S. and international tax attributes including any potential
refunds under the CARES act;

     s) participating in meetings and discussions; and

     t) providing expert reports or testimonies.

The firm's standard hourly rates as follows:

     Managing Director   $825 - $1,095
     Director            $625 - $835
     Professional Staff  $295 - $740
     Support Staff       $135 - $260

The professionals expected to provide the services are:

     Christopher Kearns    $1,095 per hour
     Rick Wright           $825 per hour
     Michael Whalen        $650 per hour
     Farris Ashraf         $415 per hour
     Juliana Radovanovich  $365 per hour

Christopher Kearns, managing director at Berkeley, disclosed in
court filings that his firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Christopher J. Kearns
     Berkeley Research Group, LLC
     810 Seventh Avenue, Suite 4100
     New York, NY 10019
     Tel: 646-205-9320
     Fax: 646-454-1174

                   About SpeedCast International

Headquartered in New South Wales, Australia, SpeedCast
International Limited and its affiliates provide remote and
offshore satellite communications and information technology
services.  SpeedCast's fully-managed service is delivered to more
than 2,000 customers in 140 countries via a global, multi-access
technology, multi-band and multi-orbit network of more than 80
satellites and an interconnecting global terrestrial network,
bolstered by on-the-ground local support from more than 40
countries.  Speedcast services customers in sectors such as
commercial maritime, cruise, energy, mining, government, NGOs,
enterprise and media.

SpeedCast International and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-32243) on April 23, 2020.  At the time of the filing, Debtors
each had estimated assets of between $500 million and $1 billion
and liabilities of the same range.

Judge David R. Jones oversees the cases.

Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel;
Herbert Smith Freehills as co-counsel with Weil; Moelis Australia
Ltd. as financial advisor; FTI Consulting Inc. as restructuring
advisor; and Kurtzman Carson Consultants LLC as claims agent.

The Office of the U.S. Trustee appointed a committee to represent
unsecured creditors in Debtors' bankruptcy cases.  The committee is
represented by Hogan Lovells US, LLP.

UNION STANDARD: First Creditors' Meeting Set for July 20
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Union
Standard International Group Pty Ltd will be held on July 20, 2020,
at 2:00 p.m. via zoom.

Peter Paul Krejci & Andrew John Cummins of BRI Ferrier were
appointed as administrators of Union Standard on July 8, 2020.



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

FUFENG GROUP: Fitch Affirms LT IDR at BB+, Outlook Stable
---------------------------------------------------------
Fitch has affirmed China-based amino acid producer Fufeng Group
Limited's Long-Term Foreign-Currency Issuer Default Rating at
'BB+'. The Outlook is Stable. The agency has also affirmed the
company's senior unsecured rating at 'BB+'.

Fufeng's ratings reflect the company's leading position in the
niche amino acid and xanthan gum markets globally, and its modest
leverage across economic cycles. The ratings are constrained by
Fufeng's small operational scale and lack of meaningful
diversification beyond monosodium glutamate, which subjects the
company's performance to volatility in the price of the key input,
corn.

The Stable Outlook reflects Fitch expectation that Fufeng's food
additive business (including MSG) will remain intact despite severe
disruptions to the foodservice sector during the coronavirus
pandemic in China in 2020 and gradual recovery of its animal feed
business from an industry trough in 2019 due to an outbreak of
African swine fever. Fitch also expects the company's leverage to
stay moderate within its sensitivities in 2020 and free cash flow
to return to neutral in 2021.

KEY RATING DRIVERS

Foodservice Slump Reduces MSG Sales: Fitch believes lower demand
from the foodservice sector caused by restrictions to curb the
spread of COVID-19 will impair sales of MSG in 2020. However, this
will not materially affect Fufeng's cash flows. Foodservice demand
in China fell by 35.6% yoy in 5M20. The sector accounts for around
30% of Fufeng's MSG business.

However, Fitch believes the company's MSG business will be intact
following a modest decline in volume and prices in 2020, due to
continued supply discipline by producers, gradual recovery of the
Chinese economy and robust demand from food additive industries and
retail customers.

Animal Feed to Recover: Fitch expects Fufeng's animal nutrition
segment to gradually recover from 2020, along with the recovery of
China's hog production and demand from overseas markets. Fufeng's
margins for its threonine and lysine products narrowed in 2019 due
to weak demand for animal feed caused by ASF outbreaks. The
segment's blended gross margin fell to 11.6% in 2019 from 15% in
2018. Demand for animal feed has started to recover, particularly
as the China economy reopened. Threonine and lysine prices rose by
around 20% and 10%, respectively, in 6M20.

Elevated Corn Prices Pressure Margin: Fitch expects Fufeng's
margins to be squeezed in 2020 by high prices for corn, which
accounts for more than half of its production cost. Fufeng's
facility locations help it to access cheaper corn and thermal coal,
but this does not fully offset the rise in corn prices in China.
Domestic prices rose by around 10% in 6M20 as end-users stocked up
on agricultural goods due to the pandemic. Government policies like
stockpiling and farmer subsidies also affect corn prices. Fitch
expects Fufeng's cost-saving programmes, facility upgrades and the
fall coal prices to mitigate a spike in corn prices.

Capex to Decline: Fitch expects Fufeng's capex to decrease
following the completion of its Longjiang plant. Fitch expects the
company's capex intensity rate to remain between 8% and 10% in the
next few years, mainly for facility maintenance and upgrade to
ensure production efficiency. According to management, the
coronavirus pandemic in 1H20 slowed the progress of some projects.

Dividend Payout to Normalise: Fitch expects the company's dividend
pay-out to normalise at 35% in the coming years, after a large
dividend of CNY785 million in 2019. That was equivalent to about
40% of 2018 net profit and followed the receipt of nearly CNY1
billion from a land sale.

Moderate Leverage, Neutral FCF: Fitch expects Fufeng to maintain
its moderate leverage profile, with FFO net leverage ratio below 1x
in 2020 and remaining stable afterwards. Fufeng's leverage was 0.7x
in 2019 (2018: 0.7x), after receiving the land disposal proceeds,
which partly offset the negative FCF of CNY1.4 billion caused by
large capex and dividend payments. Fitch expects the company's FCF
to be slightly negative in 2020 due to the impact from COVID-29,
and return to neutral FCF once operating cash flows recover in
2021.

DERIVATION SUMMARY

Fufeng is comparable with 'BB' category rated chemical peers.
Compared with US-based CF Industries, Inc. (BB+/Positive), Fufeng's
scale is significantly smaller and its margin weaker. The two
companies have similar product diversification, but CF has a larger
geographic footprint.

Fufeng may also be compared with Tata Chemicals Limited
(BB+/Stable). Tata Chemicals' focus on soda ash, salt and
food-related consumer products makes its product diversification
similar to Fufeng's, but it has stronger market diversification by
geography. Fufeng is lower leveraged than Tata Chemicals.

China based Yingde Gases Group Company Limited's (BB/Stable)
business profile is weaker than that of Fufeng due to its
end-customer concentration in steel producers in China. The company
has improved its customer mix to chemical producers and commercial
gas users, but it remains less diversified by end-market and
product compared with Fufeng.

The majority of international investment-grade rated chemical
entities typically have a mixture of commodity and specialty
chemicals as their core products, with multiple sites across
regions and global or multi-regional footprints. Their EBITDA scale
is typically double or more of Fufeng's, as they serve larger end
markets. Their main end markets and operations are also not
concentrated at their home countries, but are spread over developed
and developing countries.

Fufeng is dependent on corn prices in China, which compromises its
cost position, despite its high production efficiency and fair
capacity utilisation. In comparison, higher rated peers, even those
that focus on commodity chemicals, usually have low-cost advantages
from their own feedstock mines or sources, which provide margin
stability across the commodity price cycles.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer

  - Fufeng's revenue to decline by a single digit percentage in
2020 and recover to low-single digit growth from 2021;

  - Fufeng's operating EBITDA margin to weaken to 13.5% in 2021 but
to return back to above 15% from 2021;

  - Moderate working capital change outflow;

  - Annual capex to decline to CNY1.3 billion in 2020 and CNY1.5
billion in 2021. Capex intensity rate to stabilise at 10% from
2021;

  - Dividend pay-out rate to remain at 35%.

RATING SENSITIVITIES

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

  - No positive rating action will be considered until Fufeng
significantly increases its scale and improves its product
diversification

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

  - FFO net leverage above 1.0x (2019: 0.7x) for a sustained
period

  - Negative FCF for a sustained period

  - Sustained loss in MSG market share or sustained structural
decline in MSG demand

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fufeng's liquidity remains adequate with the
company's total cash balance reported at CNY1.8 billion at
end-2019, which is sufficient to repay its short-term debt
obligation of CNY935 million. In addition, the company also
maintains uncommitted unused bank facilities of CNY3.4 billion,
supported by longstanding relationships with domestic and foreign
banks.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

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

LIFAN INDUSTRY: Creditors File Bankruptcy Bid Against 10 Units
--------------------------------------------------------------
Caixin Global reports that creditors of 10 subsidiaries of
debt-mired automobile and motorcycle manufacturer Lifan Industry
Group Co. Ltd. have petitioned a Chongqing court to forcibly put
the units into a court-led reorganization under Chinese bankruptcy
law.

All of the units were unable to repay their financial obligations
on time, Lifan said in a stock exchange filing dated July 10.

Lifan added that production and business at the affected units was
generally "not normal."

According to Caixin, the subsidiaries and their creditors must now
wait for a judge to decide whether to accept the reorganization
application. One of Lifan's creditors already filed to put the
company into a court-led reorganization at the end of June, Caixin
says.

Founded in 1992, Lifan has become marginalized in China's immense
car market, which is the world's largest but is also highly
competitive. The company's sales tumbled to just 19,000 vehicles
last year from 111,000 in 2017, and it sold just over 1,200
vehicles in the first five months of this year, the report
discloses.

China-based Lifan Industry (Group) Co., Ltd is principally engaged
in the research and development, manufacture and distribution of
passenger cars (including new energy vehicles), motorcycles,
engines, general purpose gasoline engines. Its passenger cars
include cars, sport utility vehicles (SUVs) and multi-purpose
passenger vehicles (MPVs). It distributes its products within
domestic market and to overseas markets.

PINGDINGSHAN TIANAN: S&P Withdraws BB- LT Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings said that it has withdrawn its 'BB-' long-term
issuer credit rating on Pingdingshan Tianan Coal Mining Co. Ltd.
(PingCoal) at the company's request.

The stable outlook at the time of withdrawal reflects S&P's view
that: (1) PingCoal will remain a core subsidiary of China Pingmei
Shenma Energy & Chemical Group Co. Ltd. (Pingmei Shenma); and (2)
the parent will continue to have a high likelihood of receiving
extraordinary support from the Henan provincial government during
financial distress. It also reflects S&P's expectation that Pingmei
Shenma's leverage will remain high over the next 12 months, given
moderately lower coal prices and high capital spending.

PingCoal engages in upstream coal mining and produces coking coal
and thermal coal in Pingdingshan city, Henan province, China, and
is listed on the Shanghai stock exchange. Pingmei Shenma is a
provincial state-owned enterprise based in Pingdingshan city. The
group engages in the coal mining, chemicals, nylon, new energy, and
trading businesses.


REMARK HOLDINGS: Reports $2.4 Million Net Loss for First Quarter
----------------------------------------------------------------
Remark Holdings, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $2.42 million for the three months ended March 31, 2020,
compared to a net loss of $8.85 million for the three months ended
March 31, 2019.

As of March 31, 2020, the Company had $12 million in total assets,
$37.27 million in total liabilities, and a total stockholders'
deficit of $25.27 million.

"The first quarter of 2020 was one of renewed focus for Remark
Holdings as our development team localized our award winning
AI-solutions for the U.S. market, and improved our educational
thermal scanning product in response to the ongoing COVID-19
pandemic.  Our product line of high-quality, highly-effective
thermal imaging solutions leverages our innovative software to
provide customers with the ability to scan crowds and areas of high
foot traffic for indications that certain persons may require
secondary screening," noted Kai-Shing Tao, chairman and chief
executive officer of Remark Holdings.  "We spent much of the
quarter on product development and building out our U.S. sales and
support team, recently showing initial success with casinos,
entertainment complexes, sports venues, restaurants, hospitals and
medical centers as well as other industries."

Revenue for the first quarter of 2020 was $0.4 million, down from
$1.2 million during the first quarter of 2019.  The company's
business was adversely impacted by several factors including
January's Chinese New Year celebrations, the trade war between the
U.S. and China, the COVID-19-related quarantines and working
capital constraints, which factors combined to negatively affect
revenue by preventing personnel in China from continuing project
roll outs and by delaying project testing and customization work on
larger projects.  The result was a slight decrease in the Company's
Technology & Data Intelligence business segment instead of expected
revenue growth.

Additionally, Advertising and Other revenue decreased by nearly
$0.7 million due to certain Remark Entertainment contracts that
were not renewed as the company scaled back such business, and due
to a decline in e-commerce revenue resulting from the combined
effects of the COVID-19 pandemic changing consumer behavior and a
decision by the company to sell certain inventory at lower prices.

Total cost and expense for the first quarter of 2020 was $3.9
million, a decrease from the $7.1 million reported in the same
period of 2019.  The decrease is primarily attributable to a $1.6
million decline in the cost of revenue resulting from fewer project
completions, while a $1.0 million decrease in payroll and related
expense as well as in stock-based compensation expense as headcount
declined also contributed.  The fewer project completions and
headcount declines were heavily influenced by the trade war between
the U.S. and China, the COVID-19 pandemic and working capital
constraints.

Operating loss declined to $3.5 million in the first quarter of
2020 from $5.9 million in the first quarter of 2019 commensurate
with the cost and expense declines.

Loss from continuing operations totaled $2.4 million, or $0.05 per
diluted share, in the first quarter ended March 31, 2020, compared
to a net loss from continuing operations of $7.7 million, or $0.20
per diluted share in the first quarter ended March 31, 2019.

At March 31, 2020, the cash and cash equivalents balance was $1.6
million, compared to a cash position of $0.3 million at Dec. 31,
2019.  Cash increased primarily due to proceeds from common stock
issuances, which proceeds offset operating losses, as well as from
the timing of payments related to elements of working capital.

"We remain extremely optimistic about our current business
prospects as we have been installing our solutions throughout the
U.S. for a diverse group of customers.  We are pleased to be
helping the country safely get back to normal," concluded Mr. Tao.

A full-text copy of the Form 10-Q is available for free at:

                     https://is.gd/tiWQrb

                    About Remark Holdings

Remark Holdings, Inc. (NASDAQ: MARK) --
http://www.remarkholdings.com-- delivers an integrated suite of AI
solutions that enable businesses and organizations to solve
problems, reduce risk and deliver positive outcomes.  The company's
easy-to-install AI products are being rolled out in a wide range of
applications within the retail, financial, public safety and
workplace arenas.  The company also owns and operates digital media
properties that deliver relevant, dynamic content and ecommerce
solutions.  The company is headquartered in Las Vegas, Nevada, with
additional operations in Los Angeles, California and in Beijing,
Shanghai, Chengdu and Hangzhou, China.

As of Dec. 31, 2019, the Company had $14.83 million in total
assets, $42.56 million in total liabilities, and a total
stockholders' deficit of $27.73 million.

Cherry Bekaert LLP, in Atlanta, Georgia, the Company's auditor
since 2011, issued a "going concern" qualification in its report
dated May 29, 2020, citing that the Company has suffered recurring
losses from operations and negative cash flows from operating
activities and has a negative working capital and a stockholders'
deficit that raise substantial doubt about its ability to continue
as a going concern.



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

BALJEET POULTRY: CARE Cuts INR7.0cr LT Loan Rating to B, Not Coop.
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Baljeet Poultry Farms, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      7.00       CARE B; Stable; Issuer not
   Facilities                     cooperating; Revised from
                                  CARE B+; Stable; On the basis
                                  of Best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Baljeet Poultry Farms to
monitor the rating vide letter dated June 10, 2020 and e mail
communications dated June 9, 2020, June 3, 2020, May 5, 2020 and
numerous phone calls. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Baljeet Poultry Farm's bank
facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

The long term rating of the company has been revised on account of
partnership nature of constitution. The ratings, however, derive
strength from experienced partners along with long track record of
operations.

Key Rating Weaknesses

* Partnership nature of constitution: BPF's constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partners' capital at the time of personal contingency and
firm being dissolved upon the death/retirement/insolvency of
partners. Moreover, partnership firms have restricted access to
external borrowing as credit worthiness of partners would be the
key factors affecting credit decision of the lenders.

Key Rating Strengths

* Experienced partners along with long track record of operations:
BPF was established in 2005 and its day to day operations are
looked after by the partners jointly. Mr. Jagtar Singh has an
industry experience of more than three decades gained through his
association with BPF and other regional entities engaged in similar
business operations. Mr. Kulbir Singh and Mr. Baljeet Singh have
industry experience of more than one decade gained through her
association with BPF only. The partners have adequate acumen about
various aspects of business which is likely to benefit BPF in the
long run. The long track record has aided the firm in having
established relationship with customers and suppliers.

Haryana-based, Baljeet poultry Farm (BPF) was established in 2005
as a partnership firm by Mr. Jagtar Singh, Mr. Kulbir Singh, Mr.
Baljeet Singh, sharing profit and losses in 1:24:25. BPF is engaged
in poultry business which includes broiler farming which involves
growing of one day chick into egg laying birds. Subsequently the
eggs laid by them are artificially incubated into chicks
(incubation time is 35 days). The processing facility of the firm
is divided into 3 units, each located at Assandh, Karnal, Haryana.

DUTTA AGRO: CARE Moves D Debt Ratings from Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Dutta
Agro Plantations Private Limited (DAPPL) from Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank
   Facilities          8.89       CARE D Revised from CARE D;
                                  ISSUER NOT COOPERATING
   Short term Bank
   Facilities          0.35       CARE D Revised from CARE D;
                                  ISSUER NOT COOPERATING

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the ratings of
DAPPL and in line with the extant SEBI guidelines, CARE revised the
ratings of bank facilities of the company to 'CARE D; ISSUER NOT
COOPERATING. However, the company has now submitted the requisite
information to CARE. CARE has carried out a full review of the
rating and the rating stands at 'CARE D'.

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of Dutta Agro
Plantations Private Limited (DAPPL) are continue to remain
constrained by the on-going delay in debt servicing of the
company.

Rating Sensitivities

Positive factors

* Track record of timely servicing of debt obligations for at least
90 days.

* Sustained improvement in financial risk profile, especially
liquidity.

Detailed description of the key rating drivers

Key Rating Weaknesses

* On-going delay in debt servicing:  There are on-going delays in
term debt servicing of the company owing to inadequate cash
accruals from operations which has resulted into poor liquidity of
the company. The liquidity position was poor due to inadequate
accruals from operations as compared to repayment obligations and
almost full bank limit utilization along with frequent instances of
overdrawing in bank limits.

Liquidity: Poor - Poor liquidity marked by inadequate accruals as
compared to repayment obligations, almost fully utilized bank
limits and frequent instances of overdrawing in bank limits. This
could constrain the ability of the entity to repay its debt
obligations on a timely basis. Moreover, the company has not
availed any moratorium from its lender.  

Dutta Agro Plantations Private Limited (DAPPL) was incorporated in
1998 by Mr. Sanjay Dutta. Earlier the company was into trading of
tea leaves till October 2015. However, the company has set up its
tea processing plant and started processing and sale of tea from
November 2015 onwards. The processing plant of the company is
located at Chaoaphali Basti, Jalpaiguri, West Bengal with an
processing capacity of 10,00,000 kgs per annum. DAPPL owns three
tea estates in Jalpaiguri, West Bengal. The aggregate area under
cultivation is 1000 acre; having yielding capacity of 30.00 lakh kg
per annum of green leaves. The tea estate meets about 90% of
DAPPL's annual requirement of green leaves; the rest is procured
from other local gardens. The company mainly sells its products in
domestic market through auction, agents and private brokers.

There was restriction on the manufacturing activities of the
company since the lockdown was imposed in the country. Accordingly
the company was not able to operate and the company has incurred
huge expenditure in payment of labour wages. Moreover, the company
has resumed its operations from May 3, 2020. Moreover, the company
has achieved a turnover of INR9.56 crore during FY20, Provisional.

GANDHI ENTERPRISES: ICRA Keeps D INR50.95cr Debt Rating in Not Coop
-------------------------------------------------------------------
ICRA said the ratings for the INR50.95 crore bank facilities of
Gandhi Enterprises continues to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based        50.95      [ICRA]D/[ICRA]D ISSUER NOT
   limits                       COOPERATING; Rating continues
                                to remain under '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.

Mr. Mahendra Gandhi and his two cousins, Mr. Bhupendra Gandhi and
Mr. Chandresh Gandhi, established M/s. Gandhi Enterprises in 1984
as a partnership firm. The principal business of this firm is to
export CPD. Concurrently, the Gandhi family also set up M/s Chayya
Gems for the CPD business. Mr. Mahendra Gandhi was the senior
partner of both these firms, and over the years, most of the
business was routed through M/s Chayya Gems. In FY2006, Mr.
Mahendra Gandhi and Mr. Chandresh Gandhi decided to part ways with
M/s Chayya Gems. Subsequent to the separation, both cousins
concentrated their efforts on promoting the business of M/s. Gandhi
Enterprises till FY2011.

In FY2012, GENTP's business was further split into two
companies—Gandhi Enterprises and Akshar Impex Private Limited
(AIPL). Currently, GENTP's business is driven by Mr. Mahendra
Gandhi, while AIPL is managed by Mr. Chandresh Gandhi. GENTP
operates its CPD business through facilities in Gujarat (Surat,
Ahmedabad and Vishnagar), while its head office is in Mumbai.

GARG & COMPANY: CARE Lowers Rating on INR14cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Garg
& Company (Ludhiana) (GCO), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      14.00      CARE D; Revised from CARE B+;
   Facilities                     Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of GCO
takes into account ongoing delays in the servicing of debt
obligation.

Detailed description of the key rating drivers

* Ongoing delays in the servicing of debt obligation: There have
been ongoing delays in the servicing of debt obligation.
Furthermore, the account has been classified as NPA in March,
2020.

Garg & Company (GCO) was initially constituted as a proprietorship
firm in 1972 by Mr. Harish Kumar Garg and in 2009, it was converted
into a partnership concern with Mr. Lokesh Jain, Mr. Kailash Jain
and Mr. Harish Kumar Garg as the partners. GCO is a family managed
business and the firm is engaged in the trading of steel products,
mainly, CR strips, HR strips, HR coils and HR strips and
manufacturing of Electric Resistance Welded (ERW) pipes with total
installed capacity of 15,000 tonnes per annum.

GLENMARK PHARMACEUTICALS: Fitch Affirms BB LT IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed India-based Glenmark Pharmaceuticals
Ltd's Long-Term Issuer Default Rating at 'BB'. The Outlook is
Stable. The agency has also affirmed Glenmark's USD200 million
4.50% senior unsecured notes due 2021 at 'BB'. The notes are rated
at the same level as the IDR because they constitute Glenmark's
direct and senior unsecured obligations. At the same time, Fitch
has withdrawn the rating on Glenmark's proposed US-dollar bonds
assigned in January 2020 as the company chose not to proceed with
the offering.

Glenmark's geographic diversification and satisfactory record of
regulatory compliance mitigate the business risk arising from its
small size and support its rating relative to larger global generic
drug makers. The rating affirmation also factors in Glenmark's
adequate product pipeline, which, combined with robust long-term
growth prospects in India, will limit the impact on profitability
from continued pricing pressure in the US generic pharmaceutical
market. Glenmark's de-risking strategies in its novel drug
development programme will preserve its financial flexibility from
the inherent risks.

The Stable Outlook reflects Fitch's expectation that leverage
headroom will remain comfortable, as a prudent approach to capex
and R&D, combined with proceeds from already announced or completed
disposals in the financial year ending March 2021 (FY21), will
support cash flow and counterbalance lower profitability stemming
from the coronavirus pandemic. Fitch believes Glenmark remains on
track to address large debt maturities in 2021 over the next few
months, despite the withdrawal of its proposed US-dollar notes.
Nonetheless, failure to address debt maturities in line with its
expectations would be credit negative.

The ratings were withdrawn with the following reason: Fitch is
withdrawing Glenmark's proposed bond rating as the bonds were
cancelled.

KEY RATING DRIVERS

Comfortable Leverage Despite Pandemic: Glenmark benefits from the
defensive nature of pharmaceutical sales, although global
pandemic-mitigation efforts have moderated doctor visits and
prescriptions, particularly for non-chronic therapies, such as
dermatology and respiratory, two of Glenmark's core segments. Fitch
expects a gradual rebound in sales in 2HFY21, but weaker
performance in 1HFY21, combined with higher input costs due to
pandemic-driven supply disruption, will still lower profitability
in FY21, despite Glenmark cutting R&D and other costs.

However, Fitch still expects financial leverage - measured by net
debt/EBITDA - of 2.3x in FY20 to stay broadly stable at 2.2x in
FY21. Glenmark is likely to incur lower capex of around INR8
billion (FY20: INR9.3 billion) and generate proceeds from already
announced / completed non-core asset disposals, which will help
reduce debt. Profitability should improve after FY21, but leverage
will remain broadly unchanged, as Fitch expects moderate negative
free cash generation, consistent with its view of the company's
growth strategy.

Large Maturities in 2021: Fitch expects Glenmark to make concrete
progress in addressing large debt maturities in 2021 by
end-September 2020. A failure to do so could lead to negative
rating pressure. Glenmark's USD200 million notes are due in August
2021 and, while its USD113.5 million of remaining convertible bonds
have a final maturity date in June 2022, bondholders have a right
to require Glenmark to redeem at a premium in July 2021. Glenmark's
cash balance and internal accruals will be insufficient to meet
them, but Fitch believes it is advanced in arranging bank financing
to address the refinancing risk.

Adequate Product Pipeline: Fitch believes Glenmark's adequate R&D
capabilities and product pipeline will enable a steady flow of new
product launches, particularly in the US, which will limit the
impact of sustained pricing pressure on profitability. Glenmark
received 14 abbreviated new drug application approvals, including
two tentative approvals, from the US Food and Drug Administration
(FDA) in FY20 and had 44 ANDAs pending approval as of end-March
2020. Glenmark was India's first company to launch generic
Favipiravir to treat mild to moderate COVID-19 cases under
emergency-use authorisation, after successfully synthesising the
necessary active pharmaceutical ingredients in-house.

Small, but Diversified: Glenmark's revenue and operating EBITDA are
small compared with that of global major generic drug makers, but
the risk is counterbalanced by its geographic diversification
across pure and branded generic markets globally - including the US
(30% of revenue in FY20), India (30%), Europe (12%), Latin America
(5%) and others (23%). Scale and diversification are important for
generic drug companies to maintain stable margins. The company also
has an adequate competitive position in its core dermatology and
respiratory therapy segments.

Robust Growth Prospects in India: Glenmark's adequate market
position helps it benefit from healthy long-term growth prospects
in the Indian pharmaceutical market. Its revenue rose by 15.3% yoy
in FY20, ahead of the 10.6% market growth rate. Notwithstanding the
near-term impact of the pandemic, long-term prospects remain intact
due to the government's focus on increasing mass access to
healthcare. Glenmark ranked 14th in India with revenue market share
of 2.2%, according to IQVIA MAT March 2020 data, but the fragmented
and physician-driven market, as well as Glenmark's stronger share
in its focus therapy areas of respiratory (5.1%), cardiovascular
(4.7%) and dermatology (8.9%) underpin its position.

Risks in Novel Drugs: Inherent risks of novel drug development
appear more pronounced for Glenmark due to its small scale and
limited record. Glenmark's R&D spending - as percentage of sales -
remained in the low teens, despite some reduction in FY20, weighing
on profitability and free-cash generation. Fitch expects Glenmark
to take a more measured and collaborative approach to R&D spending,
in line with its strategy, as evident from the signing of multiple
partnerships for its R&D assets and intent to raise equity in
Ichnos Sciences Inc - a newly established subsidiary holding novel
drug IPs.

A more aggressive approach could pressure credit metrics and
financial flexibility, potentially outweighing the benefits of
lower dependence on the highly competitive generic drug business
over the long term. Glenmark aims to launch or monetise its R&D
drugs in the advanced stages of development in the medium term,
which could provide significant earnings. Its rating case does not
include any launches due to the uncertainty and potential delays in
the approval process, as highlighted by the delay in the approval
of Ryaltris; Glenmark's maiden new drug application for the US
market.

Regulatory Risk: Glenmark has lower production-facility
diversification than larger global peers, exposing it to
above-average risk from adverse regulatory actions. Nonetheless,
its compliance record is satisfactory, with no further adverse
actions following US FDA inspections of its other facilities
subsequent to the warning letter for domestic Baddi facility in
October 2019. Fitch does not think the warning will affect the sale
of existing products, which are still allowed. In addition, Baddi's
contribution to Glenmark's US sales is 7% and there are no major
pending new-product approvals from the plant.

Glenmark has been named as one of the defendants in a US drug-price
fixing lawsuit. Fitch will treat this as an event risk, as there is
a lack of visibility on the crystallisation of potential
liabilities for Glenmark.

DERIVATION SUMMARY

Glenmark has smaller scale and diversification than large generic
pharmaceutical companies, such as Mylan N.V. (BBB-/Rating Watch
Positive) and Teva Pharmaceutical Industries Limited
(BB-/Negative). The large peers also benefit from deeper launch
pipelines with a focus on more complex products, which mitigates
price-erosion risk, notably in the US. Glenmark is rated two
notches below Mylan due to its weaker business profile and
profitability, which are partly counterbalanced by Mylan's higher
leverage from its acquisitive posture. Glenmark is rated a notch
above Teva, as Teva's stronger business profile is counterbalanced
by acquisitions that raised leverage and limited financial
flexibility in view of pricing pressure for its top product and
litigation.

Glenmark compares favourably with Ache Laboratorios Farmaceuticos
S.A. (BB/Negative) and Jubilant Pharma Limited (JPL, BB-/Rating
Watch Positive), with a larger scale and more diversified
geographic presence. Nonetheless, JPL's greater presence in
specialty pharmaceuticals limits its exposure to ongoing pricing
pressure in the US generic pharmaceutical market. The Rating Watch
Positive reflects a probable improvement in JPL's business profile
post the demerger of its parent's largely commoditised chemicals
business. Ache has a strong competitive position in Brazil and
robust credit ratios, but its foreign-currency IDR is capped by
Brazil's Country Ceiling of 'BB'.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer

  - Consolidated revenue to increase by low- to mid-single digits
annually over FY21-FY23

  - EBITDA margin to decline to 14.2% in FY21 (FY20: 15.3%) due to
impact of the pandemic; the margins should improve to between 15%
and 16% over FY22 and FY23

  - Capex of around INR8 billion in FY21 and 9.0% of sales during
FY22

  - Stable annual dividend payout at below 15% of net income

RATING SENSITIVITIES

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

  - An increase in scale to around USD2 billion in sales, while
improving the EBITDA margin to above 20%

  - Sustained free cash flow generation

  - Financial leverage, as measured by net debt/EBITDA, sustained
at less than 1.5x (FY20: 2.3x)

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

  - Weakening of the competitive position or adverse US FDA action

  - Deterioration in financial leverage, as measured by net
debt/EBITDA, to more than 3.0x

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Liquidity Adequate Over FY21: Glenmark had readily available cash
of INR11.1 billion as of end-March 2020. This was sufficient to
meet INR8.3 billion of near debt maturities, which included INR4.4
billion of short-term debt that Fitch expects lenders to roll over
in the normal course of business, given Glenmark's reasonable
leverage. Glenmark has already refinanced a portion (USD20 million,
or INR1.5 billion) of long-term debt due FY21. Fitch expects it to
generate positive free cash in FY21, after including proceeds from
disposals. This further supports its near-term liquidity profile.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

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

Glenmark Pharmaceuticals Ltd

  - LT IDR BB; Affirmed

  - Senior unsecured; LT BB; Affirmed

  - Senior unsecured; LT WD; Withdrawn

J.V AGRO: CARE Cuts Rating on INR9.64cr LT Loan to B, Not Coop.
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of J.V
Agro Exports, as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      9.64       CARE B; Stable; Issuer not
   Facilities                     cooperating; Revised from
                                  CARE B+; Stable; On the basis
                                  of Best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from J.V Agro Exports to
monitor the rating vide e mail communications dated June 15, 2020,
June 5, 2020, June 1, 2020 , June 3, 2020 ,May 29, 2020,
May 8, 2020, May 6, 2020 and numerous phone calls. However, despite
repeated requests, the company has not provided No Default
Statement for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on J.V Agro
Export's bank facilities will now be denoted as CARE B; Stable;
ISSUER NOT COOPERATING.

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

The rating has been revised by taking into account non- cooperation
by JVA 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. The rating assigned to JVA
continues to remain constrained by susceptibility to fluctuation in
raw material prices and monsoon dependent operations, fragmented
nature of industry coupled with high level of government
regulation, and partnership nature of constitution. The ratings,
however, draw comfort from experienced partners and location
advantages.
Detailed description of the key rating drivers

Key Rating Weaknesses

* Susceptibility to fluctuation in raw material prices and monsoon
dependent operations:  Agro-based industry is characterized by its
seasonality, as it is dependent on the availability of raw
materials, which further varies with different harvesting periods.
Availability and prices of agro commodities are highly dependent on
the climatic conditions. Adverse climatic conditions can affect
their availability and leads to volatility in raw material prices.
Also, there is a long time lag between raw material procurement and
liquidation of inventory, the firm is exposed to the risk of
adverse price movement resulting in lower realization than
expected.

* Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product makes
the industry highly fragmented with numerous players operating in
the unorganized sector with very less product differentiation.
There are several small scale operators which are not into
end-to-end processing of rice from paddy, instead they merely
complete a small fraction of processing and dispose-off
semi-processed rice to other big rice millers for further
processing. Furthermore, the raw material (paddy) prices are
regulated by government to safeguard the interest of farmers, which
in turn limits the bargaining power of the rice millers.

* Partnership nature of constitution: JVA's constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partners' capital at the time of personal contingency and
firm being dissolved upon the death/retirement/insolvency of
partners.

Key Rating Strengths

* Experienced partners: JVA is currently being managed by Mr.
Deepak Goel and Mr. Sahil Kadyan. Mr. Deepak Goel has an industry
experience of one decade through his association with other group
concerns and other regional entities. Furthermore, the partners are
supported by experienced team having varied experience in the field
of marketing and finance aspects of business.

* Location advantages: JVA will be engaged in processing of paddy
and will also be engaged in grading, sorting & packaging of rice.
The firm's processing facility is situated at District Karnal,
Haryana which is one of the hubs of processing of paddy in India.
The firm benefits from the location advantage in terms of easy
accessibility to large customer base.  Additionally, various raw
materials required is readily available owing to established
supplier base in the same location as well

J.V. Agro Exports (JVA) was established as a partnership firm in
December 2017 by Mr. Deepak Goel and Mr. Sahil Kadyan sharing
profit and loss equally. JVA is engaged in manufacturing and
trading of rice, rice bran, husk and phak at its facility located
at District Karnal, Haryana with installed capacity of 42,000 tonne
of rice per annum. The commercial operations of the unit commenced
in November, 2018. The firm plans to sell to government as well as
private players. Furthermore, the firm is in talks with Adani
Wilmar Limited (CARE A; Stable/ CARE A1) for processing of paddy on
job work basis. Besides this, one of the partners is also engaged
in another group concerns namely New Goel Pesticides & Fertilizers
and Real Agro Foods. New Goel Pesticides & Fertilizers is a
partnership firm engaged in commission agent business of pesticides
& fertilizers since 2011. Real Agro Foods is a partnership firm
engaged in similar business of processing of paddy since 2011.

JSW STEEL: Moody's Confirms CFR & Senior Unsec. Debt Rating at Ba2
------------------------------------------------------------------
Moody's Investors Service has confirmed JSW Steel Limited's Ba2
corporate family rating and Ba2 senior unsecured debt rating.

The outlook has been changed to negative from ratings under
review.

This concludes the review process initiated on April 14, 2020.

RATINGS RATIONALE

"The rating confirmation recognizes that while JSW's credit profile
will deteriorate reflecting the challenges brought by the pandemic,
Moody's believes that the company's financial metrics will likely
recover to levels commensurate with the current ratings by the
fiscal year ending March 2023 (fiscal 2023)," says Kaustubh
Chaubal, a Moody's Vice President and Senior Credit Officer.

"However, JSW's leverage and coverage will remain weak until that
time, and the negative outlook indicates the risk of a downgrade if
the steel industry does not recover as Moody's currently expects or
if there is a slower-than-anticipated recovery in the company's
financial metrics," adds Chaubal.

Moody's expects JSW's leverage, as measured by adjusted
debt/adjusted EBITDA, will increase to an estimated 6.4x by the end
of fiscal 2021, up from 6.0x a year earlier, and stay in breach of
the 4.5x downgrade trigger for the company's Ba2 CFR. However, JSW
should be able to restore its metrics to appropriate levels by
fiscal 2023, considering its relatively strong business profile,
brand strength and technological capabilities, which will help the
company sustain above-average profitability.

"While the deterioration in demand caused by the pandemic will
cause JSW's EBIT margin to decline to single digits for the first
time in 14 years, the company's profitability at 8% will still be
at the higher end of its Ba rating range," says Chaubal, who is
also Moody's Lead Analyst for JSW.

Moody's expects steel consumption in India (Baa3 negative), JSW's
key operating market, to contract by at least 15% through fiscal
2021 because of weak automotive and manufacturing demand, even as
infrastructure investments rise. India's economic growth will also
remain materially lower than in the past with real GDP shrinking
3.0%.

A contracting steel market in India will hurt JSW, but this is
partially mitigated by the company's market position and brand
strength. Moody's further expects JSW will deploy any steel
surpluses towards exports. The company's export shipments surged in
Q1 of fiscal 2021 when domestic demand was soft. Key export
destinations included South East Asia, Southern Europe, the Middle
East and China.

The confirmation of the ratings also reflects JSW's inherently
strong operating profile, with credit metrics supportive of a
higher rating prior to the pandemic. The outlook on the company's
ratings was positive until March 2020, when it was changed to
stable in anticipation of a slow recovery in credit metrics.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices and asset
price declines are creating a severe and extensive credit shock
across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The steel sector
has been one of the sectors most significantly affected by the
shock, given its sensitivity to consumer demand and sentiment.

More specifically, the weaknesses in JSW's credit profile,
including its exposure to steel demand for manufacturing and
volatile material costs, have left it vulnerable to shifts in
market sentiment in the current unprecedented operating conditions,
and it remains vulnerable to further disruptions caused by the
ongoing pandemic.

Moody's regards the coronavirus outbreak as a social risk under its
environmental, social and governance framework, given the
substantial implications for public health and safety. Its action
reflects the impact of the breadth and severity of the shock on
JSW, and the broad deterioration in credit quality it has
triggered.

JSW's Ba2 CFR continues to reflect the company's large scale and
strong position in its key markets; competitive conversion costs,
resulting from its efficient operations and use of the latest
furnace technology; and good product and end-market
diversification, with an increasing focus on value-added products
and retail sales.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects Moody's view that tougher economic
conditions in JSW's key markets will likely stay for an extended
period and that there are significant downside risks from the
pandemic, which could cause a delay in the company's recovery. The
outlook also incorporates Moody's expectation that JSW's credit
profile will remain weak for a prolonged period, with no meaningful
recovery anticipated at least over the next 18-24 months.

LIQUIDITY

Moody's assesses JSW's liquidity as weak based on its assessment of
the company's cash needs for the period April 2020 through
September 2021.

JSW held cash equivalent to $1.6 billion as of March 2020. This
along with a $133 million-equivalent INR bond issuance in Q1 fiscal
2021, undrawn term loans to the tune of $730 million and cash flow
from operations aggregating $1.4 billion in the 18-month period
ending in September 2021 will be insufficient to meet the company's
capital expenditure and debt repayments (including short-term
debt), which total $4.5 billion, over the same period.

Additionally, while cash flow from operations aids in reducing the
deficit, JSW may need to continue relying on short-term 364-day
working capital facilities to tide over temporary mismatches caused
by working capital volatility within the year. JSW also continues
to have strong access to the domestic capital markets, and has
long-standing relations with Indian and multinational banks.

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

An upgrade of the ratings is unlikely in the near term, as it will
likely be difficult for JSW to improve its credit metrics to
pre-pandemic levels, given the current environment and the
company's stretched credit metrics. However, the outlook could
return to stable if improved market conditions lead to an improving
trajectory in its metrics. Specifically, Moody's could change the
outlook to stable if leverage declines to 4.5x and EBIT/interest
coverage rises to 2.0x.

Its rating action incorporates Moody's expectation that JSW will
continue to implement measures to restore its financial profile and
strengthen liquidity. As such, any departure from this expectation
would immediately pressure the Ba2 ratings.

Moody's could downgrade JSW's CFR if its leverage remains above
4.5x, or EBIT/interest coverage below 2.0x, or its EBIT margin
below 12%, all on a sustained basis and Moody's does not see
evidence of improvement in fiscal 2022. Downward rating pressure
could also build if JSW undertakes a large debt-financed
acquisition without an immediate and meaningful counterbalancing
effect on earnings, thereby resulting in a sustained increase in
leverage. Execution risks related to the timely and seamless
integration of a potential acquisition could also pressure the
ratings.

PRINCIPAL METHODOLOGY

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

JSW Steel Limited is one of the largest producers of steel products
in India, with an installed steelmaking capacity of 18 million tons
per annum (mtpa). Its international operations comprise (1) 1.2
million net tonnes plates and pipes mills in Texas; (2) a 3.0 mtpa
hot rolling mill and a 1.5 mtpa electric arc furnace in Ohio; and
(3) a 1.32 mtpa long steel rolling facility in Piombino, Italy.

MAHESH TRADERS: CARE Lowers Rating on INR9.20cr Loan to B-
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mahesh Traders (MT), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       9.20      CARE B-; Issuer not cooperating;
   Facilities                     Revised from CARE B+; ISSUER NOT

                                  COOPERATING; On the basis of
                                  Best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 1, 2019 placed the
ratings of MT under the 'issuer non-cooperating' category as MT had
failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. MT 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 1, 2019, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Low profitability and susceptibility to fluctuation in raw
material prices:  The PBILDT margin of MTS remained low in the
range of 2.00%-2.14% during past three years ended FY15 owing to
limited value addition in the product. The PBILDT margin of MTS
remained stagnant at 2.03% during FY15. Furthermore, during FY15,
the PAT margin was thin and also remained stagnant at 0.53% during
FY15.

* Leveraged capital structure and weak debt coverage indicators:
The overall gearing stood leveraged at 3.27x as on March 31, 2015
as against 2.50x as on March 31, 2014. The deterioration in overall
gearing ratio over previous year was primarily on account of
reduction in networth. Total debt to Gross Cash Accruals (GCA) has
marginally improved and stood at weak level from 18.76x as on March
31, 2014 to at 16.45x as on March 31, 2015 mainly due to decrease
in total debt as on balance sheet date. However, the interest
coverage ratio has marginally deteriorated from 1.43x in FY14 to
1.39x in FY15 due to increase in the interest and finance cost
during FY15.

* Presence in highly fragmented and competitive nature of industry
and seasonal nature of agro industry:  MTS has its presence in the
competitive nature of agro-product processing industry. The same is
characterised by low entry barriers, high fragmentation and the
presence of a large number of players in the organized and
unorganized sector puts pressure on the profitability margins.
Furthermore, agro based industries have seasonality associated with
availability of raw materials due to different harvesting periods.
Also, the supply of key raw materials is primarily dependent upon
monsoon during a particular year as well as overall climatic
conditions.

Key Rating Strengths

* Diversified experience of partners: Mr Mahesh Dudani is engaged
with MTS since its inception and has vast experience of more than
two decades. Mr Manoharlal Dudani containing diversified experience
of more than two decades.

* Location advantage: MTS is located in the state of Madhya Pradesh
which the largest food grains producing state followed by Punjab.
The location also provides proximity to sources of raw material
access and smooth supply of raw materials at competitive prices and
lower logistic expenditure (both on the transportation and
storage). It enjoys good road, rail and air connectivity leading to
better lead time and facilitating delivery of finished products in
a timely manner.

* Consistent improvement in scale of operations: MTS has
operational track record of over two decade. The Total Operating
Income (TOI) of MTS has grown at a healthy Compounded Annual Growth
Rate (CAGR) of 14% during FY13-FY15. As per the audited results of
FY15 (refers to the period April 1 to March 31), MTS reported the
TOI of INR66.21 crore with the healthy growth of 15.87% over FY14
on account of increase in the demand from the customers.

Pipariya-based (M.P.) MTS was formed in 1990 as a proprietorship
firm by Mr Mahesh Dudani and later on in 2009 it converted into
partnership by adding Mr Manohar Dudani as a partner in MTS. MTS is
engaged in the trading of food grains, oil seeds, bardana etc &
commission agent. The unit of the firm is located at Pipariya, M.P.
The firm sells its products in the brand name of 'Mahesh Traders,
Pipariya' and caters to the domestic market. MTS sells its products
majorly in Gujarat, Rajasthan, Madhya Pradesh, Uttar Pradesh and
Tamil Nadu.

NAGESHWARI CERAMIC: ICRA Withdraws D Rating on INR3.0cr Loan
------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Nageshwari Ceramic Pvt. Ltd. (NCPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based
   Term Loan          1.90      [ICRA]D; Withdrawn

   Fund-based-
   Cash Credit        3.00      [ICRA]D; Withdrawn

   Non-fund Based-
   Bank Guarantee     1.50      [ICRA]D; Withdrawn

   Unallocated
   Limits             2.80      [ICRA]D; Withdrawn

Rationale

The long-term and short-term ratings assigned to NCPL has been
withdrawn at the request of the company, based on the no objection
certificate provided by its banker. ICRA is withdrawing the rating
and that it does not have information to suggest that the credit
risk has changed since the time the rating was last
reviewed.

Key rating drivers and their description

Key rating drivers have not been captured as the rating is being
withdrawn.

Liquidity position
Not captured as the rating is being withdrawn.

Rating sensitivities
Not captured as the rating is being withdrawn.

NCPL was established as a private limited company in November 2013
by Mr. Mahendra Jivani along with other family members and
relatives. The company has been manufacturing digital wall tiles
since April 2015. The manufacturing unit is located at Morbi,
Gujarat and it has an installed capacity to produce 20,00,000 boxes
of ceramic wall tiles per annum in three sizes – 12"X12", 12"X18"
and 12"X24". NCPL is managed by Mr. Mahendra Jivani and Mr. Nilesh
Sinojiya.

NIKHIL INFRASTRUCTURES: CARE Keeps D INR50cr Debt, Not Coop. Rating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nikhil
Infrastructures Indus Ltd. continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       50.00      CARE D; Issuer Not Cooperating;
   Facilities                      Based on Best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 28, 2019 placed the
ratings of NIPL under the 'issuer non-cooperating' category as NIPL
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. NIPL 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 was
the rating weakness

Detailed description of key rating drivers

Key Rating Weakness

* Delay in debt servicing:  There had been delays in debt servicing
due to weak liquidity position of the firm.

Nikhil Infrastructures Indus Ltd. (NIIL) was incorporated on
October 9, 2007 as a limited company to carry out the real estate
development and is a part of IBD group. On April 7, 2010 the name
of the company was changed to NIIL Infrastructures Limited.
Further, on August 2, 2011 NIIL Infrastructure Limited was
converted into Private Limited, namely NIIL Infrastructures Private
Limited (NIIL). NIIL was promoted by Mr. Vinay Bhadauria, who is
engineer by qualification and has rich experience in the logistics
and management at Naval Dockyard, Mumbai of Indian Navy. The
promoters have over a decade long experience in construction of
residential and commercial buildings.

At present, NIIL is executing residential project (Township) namely
'Florence Platinum' at Agra of which NIIL is presently developing
Phase-I (2/3/4/5 BHK) and started Phase-II (3/4 BHK) with total
build up area of the projects are estimated to be 6,96,324 Sq. ft.
and 5,24,880 Sq. ft. respectively. The land is owned by company.
NIIL has received all land and other clearances for the project.
Phase-I is at final stage of completion and it has launched
Phase-II in January 2014.

ORIENTAL ENTERPRISE: CARE Cuts Rating on INR37.41cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Oriental Enterprise Private Limited (OEPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      20.41      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE BB+; Stable;
                                  ISSUER NOT COOPERATING; on the
                                  basis of best available
                                  Information

   Long-term/Short-    17.00      CARE D; Issuer not cooperating;
   Term Bank                      Revised from CARE BB+; Stable;
   Facilities                     CARE A4+ ISSUER NOT COOPERATING;

                                  on the basis of best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 2, 2019, placed the
rating of OEPL under the 'issuer non-cooperating' category as OEPL
had failed to provide information for monitoring of the rating.
OEPL continues to be non-cooperative despite repeated requests for
submission of information through emails/ letter dated May 8, 2020
and June 24, 2020. Further, OEPL has also not provided 'Default if
any' statements for past more than 12 months. 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 of OEPL have been revised on account of on-going delays
in repayment of term loan installments by the client, as verbally
confirmed by the lender.

Key Rating Weakness

* On-going delays in debt servicing by OEPL: As per telephonic
interaction with one of the bankers of OEPL dated June 24, 2020,
the banker has confirmed that there are delays / irregularities in
repayment of installments of term loan by the company and the
account is overdue. Additionally, the company has not submitted
monthly NDS for more than a year.

Analytical approach: Consolidated

A consolidated view of OEPL and its wholly owned subsidiary
Oriental EPC Pvt Ltd (OEPCPL) has been considered for analysis due
to their common management, parent – subsidiary relationship and
their operational linkages. OEPL and OEPCPL have been together
referred to as Oriental Group (OG).

OEPL was formed in February 2013 by merging two group entities
namely Sarabhai Machinery Private Limited (SMPL) and Oriental
Manufacturers Private Limited (OMPL). SMPL has been in operations
since 1979. Presently, OEPL operates two divisions, a manufacturing
division with facilities located at Vadodara and a capital goods
trading division. OEPL's manufacturing division is engaged in
production of process equipment like centrifuges, heat exchangers,
pressure vessels, reactors and vehicle washing machines. OEPL's
trading division is involved in import and distribution of various
machines made by reputed international manufacturers used in
industries such as textiles, chemicals, rubber and packaging. It
also provides servicing and annual maintenance contracts to
entities to which it has sold the machines. OEPCPL is 100%
subsidiary of OEPL and is engaged in the business of Engineering,
Procurement and Construction (EPC) of projects on a turnkey basis
for steel, power, oil & gas, petrochemical and chemical industry.
OEPCPL was incorporated with an objective to acquire the project
division of Nicco Corporation Limited (NCL). The project division
of NCL was established in 1986. The acquisition was completed in
FY15 and under the arrangement all technical know-how, human
capital and ongoing projects were transferred to OEPCPL.

ORIENTAL EPC: CARE Lowers Rating on INR15cr LT Loan to C
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Oriental EPC Private Limited (OEPCPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      15.00      CARE C; Stable; Issuer not
   Facilities                     cooperating; Revised from
                                  CARE BB+; Stable; ISSUER NOT
                                  COOPERATING; On the basis
                                  of Best available information

    Long-term/Short    35.00      CARE C; Stable/CARE A4;
    term Bank                     Issuer not cooperating;
    Facilities                    Revised from CARE BB+;
                                  Stable/CARE A4+; on the
                                  basis of best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 02, 2019, placed the
rating of OEPCPL under the 'issuer non-cooperating' category as
OEPCPL had failed to provide information for monitoring of the
rating. OEPL continues to be non-cooperative despite repeated
requests for submission of information through emails/ letter dated
May 8, 2020. Further, OEPCPL has also not provided 'Default if any'
statements for past more than 12 months. 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

Revision in ratings of OEPCPL takes into account decline in the
group's scale of operations followed by deterioration in the
liquidity position of the company. It also takes into account
delays in repayments of term loans by its 100% holding company –
Oriental Enterprise Pvt Ltd (OEPL).

Key Rating Weaknesses

* Modest scale of operations with weak overall gearing:  During
FY19, OG's TOI declined by ~10% y-o-y to INR104.77 crore. The
decline in TOI of OG group is mainly due to decline in scale of
operations of both the companies during FY19. Furthermore, OG
continued to have a weak capital structure marked by overall
gearing of 3.18x as on March 31, 2019, due to its low networth
base, high amount of unsecured loans and sizeable working capital
bank borrowings.

* On-going delays in debt servicing by OEPL (100% holding company
of OEPCPL):  As per telephonic interaction with one of the bankers
of OEPL dated June 24, 2020, the banker has confirmed that there
are delays/irregularities in repayment of installments of term loan
by the company and the account is overdue. Additionally, the
company has not submitted monthly NDS for more than a year.

* Working capital intensive nature of operations: The operations of
OG are working capital intensive in nature, with investment
required in both receivables and inventory. A milestone based
billing and need to hold inventory for supplies to be made under
its EPC contracts translates into a considerable inventory holding
period, particularly for OEPCPL. Also, the retention money held by
debtors leads to increase in amount of receivables. OG's working
capital requirements are being funded through a mix of working
capital borrowings and internal accruals. During FY19, OG's
operating cycle further elongated to 172 days further due to
increase in inventory and collection period deteriorating the
liquidity position of OG. The deterioration in liquidity position
of the company is also witnessed by delays in repayments of term
loan installments by OEPL.

* Vulnerability of profitability to volatile raw material prices: A
sizeable part of OG's operations includes fabrication using various
metals and EPC of projects consisting of these items. A
considerable order execution period of 150-180 days exposes OG to
volatility in the prices of metals, which are its primary raw
material. However, OEPL builds in variation in raw material prices
to a certain extent while taking orders from its customers to
mitigate the price fluctuation risk. Also, OG books a substantial
part of its raw material requirement immediately based on receipt
of order to reduce the effect of volatility on its profitability.

Key Rating Strengths

* Experienced promoters: The promoters of OG, Mr. Vishwesh Patel
and Mr. Pranjal Patel, have over two decades of experience in the
capital goods industry. Mr. Jigar Patel, another key director, is
also technically qualified and experienced in the capital goods
industry.  The management is supported by a team of qualified
personnel to look after various aspects of business including
operations, marketing and finance. Further, the promoters have
demonstrated continued support towards OG's operations with
infusion of unsecured loans, which stood at INR19.41 crore as on
March 31, 2019.

Analytical approach: Consolidated

A consolidated view of OEPL and its wholly owned subsidiary OEPCPL
has been considered for analysis due to their common management,
parent – subsidiary relationship and their operational linkages.
OEPL and OEPCPL have been together referred to as Oriental Group
(OG).

Oriental EPC Private Limited (OEPCPL; formerly known as Oriental
Nicco Projects Pvt. Ltd.) is 100% subsidiary of Oriental Enterprise
Private Limited (OEPL). OEPL was formed in February 2013 by merging
two group entities namely Sarabhai Machinery Private Limited (SMPL)
and Oriental Manufacturers Private Limited (OMPL).OEPL operates two
divisions, a manufacturing division with facilities located at
Vadodara and a capital goods trading division. OEPL's manufacturing
division is engaged in production of process equipment like
centrifuges, heat exchangers, pressure vessels, reactors and
vehicle washing machines. OEPL's trading division is involved in
import and distribution of various machines made by reputed
international manufacturers used in industries such as textiles,
chemicals, rubber and packaging.

OEPCPL is engaged in the business of Engineering, Procurement and
Construction (EPC) of projects on a turnkey basis for steel, power,
oil & gas, petrochemical and chemical industry. OEPCPL was
incorporated with an objective to acquire the project division of
Nicco Corporation Limited (NCL). The project division of NCL was
established in 1986. The acquisition was completed in FY15 and
under the arrangement all technical know-how, human capital and
on-going projects were transferred to OEPCPL.

ORIGIN FORMULATIONS: CARE Keeps D INR27.4cr Debt Rating in Not Coop
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Origin
Formulations Private Limited (OFPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       27.40      CARE D; Issuer Not Cooperating;
   Facilities                      Based on Best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 23, 2018, placed
the rating of OFPL under the 'Issuer non-cooperating' category as
OFPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. CARE had further reviewed the
ratings on the above bank facilities of OFPL under the 'issuer
non-cooperating' category vide its press release dated May 9, 2019.
OFPL continues to be non-cooperative despite repeated requests for
submission of information through email dated June 1, 2020. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on May 9, 2019, the following were the
rating strengths and weaknesses (updated on the basis of best
available information, i.e. interaction with the banker)

Key Rating Weaknesses

* Ongoing Delay in debt servicing: Debt servicing of OFPL is
irregular as reflected by ongoing delays in servicing of its debt
obligation.

* Weak Liquidity: Liquidity of the company is stressed due to
continuous operating losses and substantial elongation in
working capital cycle.

* Negative net-worth and high debt level: The financial risk
profile of OFPL is weak marked by operating loss, high interest
cost and substantial inventory write-off during FY18. Further, the
company had negative net-worth as on March 31, 2018 due to
continuous losses during the past. Furthermore, the company has
very high reliance on outside borrowings for meeting its working
capital requirement.

Incorporated in 2010, OFPL is engaged in trading of formulation and
in FY14 it had started manufacturing of pharmaceutical formulation
in various dosage forms i.e. Tablets, Capsules, Ointments,
Injections, and Syrups at its facility at Kotdwar, Uttrakhand. For
exports, the company has received the certification from WHO-GMP
for Betalactum section of manufacturing.

RAJESHREE COTEX: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M/s
Rajeshree Cotex (RC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE D; Issuer Not Cooperating;
   Facilities                      Based on Best available
                                   Information

   Long-term/short-     18.00      CARE D/CARE D; Issuer Not
   Term Bank                       Cooperating; Based on best
   Facilities                      Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated February 27, 2019, placed the
rating of RC under the 'Issuer Non-cooperating' category as the
firm had failed to provide information for monitoring of the
ratings. RC continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/e-mail 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.

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

Detailed description of the key rating drivers

At the time of last rating on July 2, 2019, the following were the
rating weakness (updated based on the best available information
i.e. banker's feedback).

Key Rating Weakness

* Delays in servicing of debt obligations: There were
delays/default in debt servicing till March 2020. As informed by
the banker, the account of RC was classified as Non-performing
Asset (NPA) till March 2020 since there were a default in debt
servicing by the entity as per the revised debt repayment schedule
as agreed under the resolution plan approved by lenders in January
2020. Presently RC has availed the moratorium as permitted by the
RBI as a Covid relief measure.

RC is part of the Rajeshree group, formed in 2005. RC is a
partnership firm promoted by seven partners with unequal share of
profit among them. The key partners of RC are Mr. Nilesh Gandhi and
Mr. Rajendra Kumar Mahajan. The firm is engaged in the ginning of
raw cotton with processing of bales of cotton at its manufacturing
facility at Jalgaon in Maharashtra. The Rajeshree group has other
two entities, namely, M/s Rajeshree Fibers (rated: CARE D; Issuer
not cooperating) and Rajeshree Industries India Private Limited
(rated: CARE D; Issuer not cooperating). Both these entities are
also involved in the business of cotton ginning and pressing.

RAJESHREE FIBERS: CARE Keeps D INR8cr Debt Rating in Not Coop.
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajeshree
Fibers (RF) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE D; Issuer Not Cooperating;
   Facilities                      Based on Best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated January 28, 2019, placed the
rating of RF under the 'Issuer Noncooperating' category as the firm
had failed to provide information for monitoring of the ratings. RF
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/e-mail 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.

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

Detailed description of the key rating drivers

At the time of last rating on July 2, 2019, the following were the
rating weakness (updated based on the best available information
i.e. banker's feedback).

Key Rating Weakness

* Delays in servicing of debt obligations:  There were
delays/default in debt servicing by RF. As informed by the banker,
the account of the same was classified as Non-performing Asset
(NPA) since there was a default in debt servicing by the entity as
per the revised debt repayment schedule as agreed under the
resolution plan approved by lenders in January 2020. Presently, RF
has availed the moratorium as permitted by the RBI as a Covid
relief measure.

Established in the year 2001, Rajeshree Fibers (RF) is a
partnership firm established by three partners having equal
profit/loss sharing ratio. The key partner of RF is Mr. Nilesh
Gandhi and the other two partners are Mrs. Rajeshree Mahajan and
Mrs. Anita Mahajan. RF is engaged in ginning and pressing of raw
cotton and its manufacturing facility is located at Khargone,
Madhya Pradesh. RF has two associate firms namely Rajeshree Cotex
and Rajeshree Industries India Private Limited (rated: CARE D;
Issuer not cooperating) which are involved in the business of
cotton ginning and pressing. All the partners of Rajeshree Fibers
are also partners in M/s Rajeshree Cotex (rated: CARE D/CARE D;
Issuer not cooperating). Mr. Nilesh Gandhi is also the Managing
Director in RIPL.

RAJESHREE INDUSTRIES: CARE Keeps D INR22cr Debt Rating in Not Coop.
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajeshree
Industries India Private Limited (RIIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       22.00      CARE D; Issuer Not Cooperating;
   Facilities                      Based on Best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated July 2, 2019, placed the rating
of RIIPL under the 'Issuer Non-cooperating' category as the company
had failed to provide information for monitoring of the ratings.
RIIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/e-mail 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. Users of this rating
(including investors, lenders and the public at large) are hence
requested to exercise caution while using the above ratings.

Detailed description of the key rating drivers

At the time of last rating on July 2, 2019, the following were the
rating weakness (updated based on the best available information
i.e. banker's feedback).

Key Rating Weakness

* Delays in servicing of debt obligations: There were
delays/default in debt servicing till March 2020. As informed by
the banker, the account of RIIPL was classified as Non-performing
Asset (NPA) till March 2020 since there were a default in debt
servicing by the company as per the revised debt repayment schedule
as agreed under the resolution plan approved by lenders in January
2020. Presently, RIIPL has availed the moratorium as permitted by
the RBI as a Covid relief measure.

Incorporated in 2011, RIIPL is primarily engaged in ginning and
pressing of raw cotton at its manufacturing unit in Khargone,
Madhya Pradesh. RIIPL is a part of Rajeshree Group, which also
operates other cotton ginning and pressing units under partnership
firms M/s Rajeshree Cotex (rated: CARE D/CARE D; Issuer not
cooperating) and M/s Rajeshree Fibers (rated: CARE D; Issuer not
cooperating).

SHIV COTTON: CARE Lowers Rating on INR5.40cr LT Loan to C
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Shiv
Cotton Industries (SCI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        5.40      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 August 1, 2019, placed the
ratings of SCI under the 'Issuer non-cooperating' category as SCI
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. SCI continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and letter/emails dated May 25,
2020, June 1, 2020 and June 16, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings assigned to the bank facilities of SCI 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 1, 2019, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

* Fluctuating scale of operations while profit margins continue to
remain very low: SCI reported de-growth of 15.14% in its total
operating income (TOI) to INR47.32 crore during FY15. PBILDT margin
has improved by 68 bps y-o-y but remained low at 2.18% during FY15.
Further, due to low value addition nature of business operations,
profit margins and cash accruals remained very low during FY15.

* Moderately leveraged capital structure and moderate debt coverage
indicators:  Capital structure of SCI remained moderately leveraged
as on March 31, 2015 as reflected by debt equity ratio of 0.94
times and overall gearing ratio of 1.36 times. On account of
decline in total debt level, TD/GCA improved to 8.95 times in FY15,
however, higher interest costs led to decline in interest coverage
ratio to 2.04 times during FY15.

* Presence in highly fragmented industry with limited value
addition:  SCI is engaged in the ginning and pressing of cotton
which involves very limited value addition and hence results in
thin profitability. Moreover, on account of large number of units
operating in cotton ginning business, the competition within the
players remains very high resulting in high fragmentation and
further restricts the profitability. Thus, ginning players have
very low bargaining power against its customer as well as
suppliers.

* Partnership nature of its constitution:  Constitution as
partnership restricts SCI's overall financial flexibility in terms
of limited access to external funds for any future expansion plans.
Further, there is inherent risk of possibility of withdrawal of
capital and dissolution of the firm in case of
death/insolvency of partner.

Key Rating Strengths

* Promoters experience in cotton ginning business: SCI's operations
are jointly managed by five partners of the firm. Majority of the
partners have prior experience in cotton
ginning and pressing industry through their earlier employment with
other entities having same business.

* Strategically located within the cotton producing area: SCI's
plant is located in cotton producing belt of Gujarat region which
is the largest producer of raw cotton in India. Hence, SCI's
presence in 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.

SCI was established in November 2011 as a partnership firm by 12
partners for setting up of new ginning and pressing unit with the
installed capacity of 7,668 MT per annum. The manufacturing plant
is situated at Babara (District: Amreli), Gujarat.   SCI commenced
its operations from July 2012 onwards.

SHRADHA AGENCIES: CARE Keeps D INR28cr Debt Ratin in Not Coop.
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shradha
Agencies Pvt. Ltd. (SAPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       28.00      CARE D; Issuer Not Cooperating;
   Facilities                      Based on Best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 6, 2019, placed the
rating(s) of SAPL under the 'issuer non-cooperating' category as
SAPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 10, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

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

* Ongoing delays in debt servicing: There are ongoing delays in
debt servicing and the account has been classified as NonPerforming
Asset by the bankers.

* Deteriorated financial risk profile: SAPL's operating income has
been reducing over the last three years and stood at INR1.67 crore
in FY19 (INR39.57 crore in FY18 and INR67.08 crore in FY17).
Accordingly, SAPL incurred operating loss of INR11.66 crore and net
loss of INR23.68 crore. The loss incurred during FY18 and FY19
resulted in erosion of networth which turned negative as on
March 31, 2019.

* Stretched working capital cycle: The operating cycle stretched in
FY19 due to significantly low operating income achieved during the
year.

Analytical approach: Standalone

Shradha Agencies Pvt. Ltd. (SAPL) which was originally incorporated
as a sole proprietorship firm in 1992 by the name of Shradha
Agencies was later reconstituted as a private limited company in
1996. It is a part of the Shradha group of Kolkata which has been
promoted by Late Dr. C. L. Arora during early 1970 with primary
interest into trading and logistics. Currently, the company is
being managed by Shri Rajeev Arora (son of Late Dr. C. L. Arora).
The company currently functions as a distributor of FMCG products,
Mobile handsets and accessories, Pens and Safety Matches across the
state of West Bengal (WB).

STRAWBERRY STUDIO: ICRA Moves B+/A4 Rating to Not Cooperating
-------------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of
Strawberry Studio Exports Private Limited (SSEPL) to Issuer Not
Cooperating category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long term/        12.70      [ICRA]B+ (Stable)/[ICRA]A4 ISSUER
   short term-                  NOT COOPERATING; Ratings moved to
   Fundbased                    'Issuer Not Cooperating' category
                                And Long-term rating downgraded
                                from [ICRA]BB- (Stable)

   Short term         0.98      [ICRA]A4 ISSUER NOT COOPERATING;
   Non-fund                     Rating moved to 'Issuer Not
   Based                        Cooperating' category

Rationale

The long-term rating downgrade is because of lack of adequate
information on SSEPL performance and hence the uncertainty around
its credit risk. ICRA assesses whether the information available
about the entity is commensurate with its rating and reviews the
same as per its "Policy in respect of noncooperation by the rated
entity". The lenders, investors and other market participants are
thus advised to exercise appropriate caution while using this
rating as the rating may not adequately reflect the credit risk
profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with SSEPL, 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. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.  

SSEPL was incorporated as a proprietorship concern for the
manufacturing of ladies and kids wear in 1996 by second generation
entrepreneur Mr. Hemant Ruparleia. Mr. Hemant had previously worked
in his father Mr. Atul Ruparleia's business at Maestro fashion. In
1999, the proprietorship was incorporated as a private limited
company and post 1999, the company shifted its focus to kids wear.
The company is engaged in the manufacturing and export of readymade
kids garments like skirts, dresses, tops etc. They deal in the
manufacturing of woven and trading of knitted garments.

UNITED SEAMLESS: ICRA Withdraws D Rating on INR289cr Loan
---------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of United
Seamless Tubulaar Private Limited (USTPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based/       289.00     [ICRA]D/[ICRA]D ISSUER NOT
   Non-fund based               COOPERATING; rating withdrawn
   (Long Term/  
   Short Term)                 

   Non-Convertible  1006.50     [ICRA]D ISSUER NOT COOPERATING;
   Debentures                   rating withdrawn

Rationale

The ratings assigned to the non-convertible debentures and bank
facilities of USTPL have been withdrawn in accordance with ICRA's
policy on withdrawal and suspension of credit rating, as the rated
instruments have been fully closed.

Key rating drivers and their description: Not Applicable

Liquidity position: Not Applicable

USTPL is involved in the manufacturing of seamless pipes with a
capacity of 350,000 MT per annum in Nalgonda district of Telangana.
The company was recently acquired by Maharashtra Seamless Limited
(rated at [ICRA]AA-(Negative)/[ICRA]A1+) under the Corporate
Insolvency Resolution Process.

V2 RETAIL: NCLT Admits Insolvency Plea against Retail Chain
-----------------------------------------------------------
ETRetail.com reports that the Delhi bench of the National Company
Law Tribunal (NCLT) has admitted an insolvency plea against retail
chain V2 Retail.

The insolvency application was filed under Section 9 of the
Insolvency and Bankruptcy Code (IBC) by an operational creditor,
Totem Media Solutions Private Ltd which is into several business
activities including sale of advertising print space, the report
says.

According to the operational creditor, 24 invoices were raised for
orders placed by V2 Retail for purchase of advertising print space
during July 2018 to May 2019, out of which over INR86.61 lakh
remain due including the interest, ETRetail.com relates.

ETRetail.com says the operational creditor sent reminders for
payment on six instances through e-mail but the dues were not
paid.

On a notice sent by the creditor, the corporate debtor replied that
the invoices reflect excessive and arbitrary rates.

According to ETRetail.com, V2 Retail said it has already paid a sum
of over INR17.84 lakh to the Totem Media Solutions and the former's
bank showed a payment of over INR26.64 lakh towards the creditor.

ETRetail.com notes that post the order as per the Insolvency and
Bankruptcy Code the powers of the Board of Directors of V2 Retail
stand suspended and such powers are vested with the insolvency
professional Amit Gupta with effect from the insolvency
commencement date, June 25, 2020.

V2 Retail CMD Ram Chandra Agarwal founded Vishal Megamart Ltd in
2001, and the brand 'Vishal' was sold in 2011, post which 'V2
Retail' came into existence.

The company currently has 73 operational stores after it announced
to shut two stores two weeks ago, one in Lakhisarai, Bihar and the
other in Davangere, Karnataka, the report adds.

VEERABHADRA EXPORTS: ICRA Withdraws B+ Rating INR40cr Loan
----------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Veerabhadra Exports Private Limited (VEPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        14.04      [ICRA]B+(Stable) ISSUER NOT
   Fund Based TL                 COOPERATING; Withdrawn

   Long Term-        40.00      [ICRA]B+(Stable) ISSUER NOT
   Fund Based/CC                COOPERATING; Withdrawn

   Long Term-         6.00      [ICRA]B+(Stable) ISSUER NOT
   Non-Fund Based               COOPERATING; Withdrawn

   Long Term–         4.96      [ICRA]B+(Stable) ISSUER NOT
   Unallocated                  COOPERATING; Withdrawn

Rating action

The long-term assigned to VEPL have been withdrawn at the request
of the company, based on the no-objection certificate provided by
its banker. ICRA is withdrawing the rating and that it does not
have information to suggest that the credit risk has changed since
the time the rating was last reviewed.  ICRA has withdrawn the
Stable outlook on the long-term rating.

Key rating drivers and their description

Key rating drivers have not been captured as the rating is being
withdrawn.

Liquidity Position:
Not captured as the rating is being withdrawn.

Rating sensitivities:
Not captured as the rating is being withdrawn.

Founded in 2011, Veerabhadra Exports Private Limited (VEPL) is
engaged in processing and export of cultured and sea caught
shrimps. The unit is located in Kakinada, Andhra Pradesh and
started commercial operations in January 2016 with a capacity of 40
tons per day (TPD). The firm is promoted and managed by Mr. D.
Veerabhadra Reddy. The company was earlier engaged in trading of
maize and aqua feeds. VEPL's end product is frozen shrimps
processed in various forms such as: shrimp head on, shrimp head
less and shrimps – peeled and undeveined (PUD), butterfly cut
etc.

ZUBIC LIFESCIENCE: CARE Keeps D INR12.80cr Debt in Not Coop
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Zubic
Lifescience Private Limited (ZLPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.80      CARE D; Issuer Not Cooperating;
   Facilities                      Based on Best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 10, 2019, placed the
ratings of ZLPL under the 'Issuer non-cooperating' category as ZLPL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. ZLPL 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, May 29, 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.

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 done on July 10, 2019, the following
were the rating weaknesses:

Key Rating Weaknesses

* Delay in debt servicing:  The rating takes into account delays in
its debt servicing due to weak liquidity position of the company.

Incorporated in the year 2015, ZLPL is implementing green field
project for manufacturing of small volume parenteral at Baroda
(Gujarat). ZLPL is promoted by four promoters led by Mr Paras Kumar
Kacchadiya. ZLPL has undertaken project to manufacture small volume
parenteral with proposed installed capacity of 1,92,000 ampoules
per day (2 ml to 10 ml) and 1,92,000 vials per day (30 ml to 100
ml) at its facilities located at Baroda-Gujarat. The products
manufactured by the company will find application in local
anaesthetics, vaccines and other traditional injectable. The
company will perform subcontracting work for manufacturing of
injectable for various pharmaceutical companies in Gujarat and the
raw materials costs for it will be borne by the Pharmaceutical
companies themselves.



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

PAPPARICH GROUP: Faces Two Winding-up Petitions
-----------------------------------------------
Olivia Poh at The Business Times reports that winding-up petitions
have been filed against food-chain operator PappaRich Group Sdn
Bhd, the joint venture partner of an indirect subsidiary of
Australia-based ST Group Food Industries Holdings.

The two petitions were filed separately by Chen Khai Voon and
investment holdings firm Agathisfour with the High Court of Malaya,
ST Group Food said on July 8.

Hearings have been scheduled for Nov. 3 for Agathisfour and Sept.
21 for Mr. Chen, BT discloses.  

BT relates that ST Group Food does not expect the petitions to have
any impact on its business and operations. "Our group will continue
to hold the exclusive rights to the PappaRich brand in Australia
and New Zealand," it said.

The company will provide further updates to its shareholders and
potential investors when there are material developments, the
report adds.



===============
M O N G O L I A
===============

MONGOLIA: S&P Affirms B Sovereign Credit Ratings, Outlook Stable
----------------------------------------------------------------
On July 9, 2020, S&P Global Ratings affirmed its 'B' long- and
short-term sovereign credit ratings on Mongolia. The outlook on the
long-term rating is stable.

Outlook

The stable outlook reflects S&P's expectation that the economic
shock from COVID-19 will be temporary and that economic growth will
rebound over the next 12 months, leading to a stabilization in
Mongolia's external, fiscal, and debt metrics.

Downside scenario

Downward pressure could emerge if the economic slowdown is sharper
and more protracted than we expect, leading to a material
deterioration in Mongolia's real GDP growth and its fiscal or debt
metrics. Likewise, a disruption in access to external financing
could also lead to downward pressure on the rating.

Upside scenario

S&P could raise the rating if the economy outperforms our current
projections over the next 12 months such that fiscal, debt, or
external metrics improve more rapidly than we expect.

Rationale
S&P's ratings on Mongolia reflect the country's modest per capita
income level, evolving institutional settings, and elevated
external imbalances. S&P weighs these factors against steady access
to concessional funding from multilateral and bilateral partners,
and Mongolia's above-average economic growth prospects. The
government's recent track record of fiscal discipline also lends
support to the rating. Nevertheless, Mongolia continues to face
significant vulnerabilities stemming from a concentrated economic
base and elevated external and public indebtedness.

Institutional and economic profile: Strong medium-term growth
prospects underpin credit metrics

-- S&P forecasts Mongolia's economy to contract by 1% in 2020
owing to the external demand shock, virus containment measures, and
weaker foreign direct investment resulting from the COVID-19
pandemic.

-- However, S&P believes the downturn is likely to be short-lived,
and expect growth to pick up in 2021 alongside China's economic
recovery.

-- With the ruling Mongolian People's Party (MPP) party scoring a
landslide victory at the June 24 parliamentary election, S&P
expects policy stability ahead, which should be positive for
foreign investor confidence.

Mongolia's low middle-income economy is vulnerable to exogenous
shocks due to its heavy dependence on commodity exports to China.
Although the country has recorded a low number of COVID-19 cases
and zero deaths or local transmission, strict border controls and
social restrictions implemented by the government to contain the
pandemic have hit the economy hard. As a result, Mongolia's real
GDP contracted by 10.7% year on year in the first quarter of 2020.

S&P said, "We forecast the Mongolian economy to contract by 1% in
2020, although we expect growth to recover to 8.5% in 2021 as
activity comes back online, and mineral production improves. Our
baseline assumes that Mongolia's economic downturn will be
relatively short-lived. China, which accounts for over 90% of total
exports and 60% of external trade, has already started to see a
rebound in economic activity, and commodity demand has picked up in
tandem. Nevertheless, downside risks to Mongolia's growth outlook
remain significant amid uncertainty over how the pandemic will
progress.

"Over the medium term, we estimate real GDP growth to average
approximately 7.5% annually through 2023 as sustained investment in
the Tavan Tolgoi and Oyu Tolgoi mining projects continues to fuel
the economy's expansion. We expect investment to continue even amid
ongoing negotiations between the government of Mongolia and Rio
Tinto over taxation, delays, power-supply issues, and cost
overruns."

The Mongolian parliament approved a resolution in November 2019 to
allow the government to renegotiate for more favorable terms with
Rio Tinto on existing agreements governing the investment,
financing, and shareholder terms of the enormous Oyu Tolgoi copper
and gold mine in the Gobi Desert. S&P said, "The outcome of these
negotiations remains uncertain, but major revisions to the terms of
the agreements are unlikely, in our view, because they could
undermine foreign investment confidence and potentially challenge
the development of the project itself. Given the enormous stakes,
we believe minor revisions appear to be the more probable outcome
as they could lead to a slightly more favorable financial outcome
for the government without materially undermining the project's
viability."

In view of Mongolia's 10-year weighted average real GDP per capita
growth of 3.4% per year, S&P assesses its economic performance to
be higher than that of other countries with similar GDP per capita.
That said, the economy remains highly vulnerable to acute shifts in
commodity prices, which heightens volatility in economic and fiscal
outcomes.

With the ruling Mongolian People's Party returning to power for a
second consecutive term, S&P expects the government to maintain its
track record of constructive economic policymaking. This includes
prudent fiscal settings, and close collaboration with multilateral
and bilateral partners to institute reforms and ensure continued
access to concessional financing. The ruling party's strong
parliamentary majority (with 62 out of 76 seats in the State Great
Khural) should support policy continuity.

Flexibility and performance profile: External vulnerabilities still
elevated, but strong concessionary support tempers risks

-- Mongolia's creditworthiness remains constrained by its elevated
public and external indebtedness, albeit steady access to
concessional funding mitigates some risks.

-- While S&P expects Mongolia's credit metrics to start improving
again from 2021, the pandemic has set back some fiscal progress
seen in the past three years, with external vulnerabilities likely
remaining elevated for some time.

-- S&P expects the reelected government to resume fiscal
consolidation after the pandemic subsides, which should see the
government's debt stock start to decline again from 2021.

Mongolia's macroeconomic settings and fiscal balances have shown
sustained improvement over the past three years, but both external
and public indebtedness remain elevated. With the onslaught of the
COVID-19 pandemic, S&P expects this positive trajectory to be
temporarily disrupted in 2020. The government has implemented
fiscal measures to mitigate the economic shock, while foreign
direct investment and export are disrupted.

S&P sid, "We forecast Mongolia's net general government
indebtedness to increase to 71.7% in 2020, from 65.2% in 2019,
before gradually declining over the forecast period. In March,
policymakers announced a stimulus package comprising of
infrastructure projects, tax relief, and health and social spending
totaling US$1.8 billion (13% of GDP) to cushion the impact of
COVID-19. We estimate these stimulus measures will result in a
budget deficit of 4.3% of GDP in 2020 as part of the cost of the
stimulus package will be diverted from existing budget items, while
the proposed infrastructure spending will be spread over a number
of years.

"Although Mongolia's net indebtedness and liquidity positions have
improved in the past few years, its external position is still
weak, and liquidity pressures remain elevated, in our opinion. We
expect Mongolia's current account deficit this year to widen to
17.6% of GDP due to substantial income payments to foreign
investors and a significant decline in commodity exports. As a
result, we project Mongolia's narrow net external debt to increase
to 197.2% of current account receipts in 2020, from 166.0% in
2019."

Risks associated with Mongolia's high external indebtedness and
financing needs are partially mitigated by strong donor support
from both bilateral and multilateral partners.

In recent months, the IMF has approved a US$99.0 million loan under
its Rapid Financing Instrument (RFI). At the same time, the Asian
Development Bank and Asian Infrastructure Investment Bank have each
agreed to provide a US$100.0 million loan through the COVID-19
Rapid Response Program to help Mongolia meet its budgetary and
external financing needs. The EU has also pledged EUR50.8 million
in grants over four years to support Mongolia's budget and reform
program. In total, S&P expects the Mongolian government to receive
more than US$400 million in concessionary loans, grants, and
assistance from bilateral and multi-lateral donors.

S&P said, "Meanwhile, we project the ratio of gross external
financing needs to current account receipts plus usable reserves to
decrease to 118% by the end of 2020, largely owing to a slowdown in
capital goods imports and a decrease in external interest payments.
We forecast liquidity needs to remain roughly stable through 2023,
owing to rising external maturities, which will be balanced by a
narrowing current account deficit and higher foreign direct
investment inflows.

"Although we continue to assess the Bank of Mongolia's (BoM)
currency regime as floating, persistent intervention over time
could lead to lower reserve coverage and an overvalued exchange
rate." The vast majority of government debt and a third of banking
system loans are in foreign currency, pointing to balance sheet
vulnerabilities.

Mongolia's central bank has previously executed quasi-fiscal
spending programs on behalf of the government, and therefore its
independence is deemed to be limited. Although central bank
governance has been strengthened by ongoing reforms adopted from
2016 onward, BoM's track record of operational independence remains
limited.

S&P Global Ratings considers the Development Bank of Mongolia (DBM)
as part of the general government, given its past quasi-fiscal
activity and the government's provision of extraordinary support to
meet DBM's debt repayments in 2017. Furthermore, the Ministry of
Finance has become the sole shareholder of DBM as of April 2020.
The adoption and ongoing implementation of more robust laws for DBM
and the Deposit Insurance Corp. of Mongolia should curtail fiscal
risks in future. S&P expects the revised DBM law to successfully
address the quasi-fiscal nature of the bank's future operations.

S&P said, "We view the rest of the financial and public enterprise
sectors as posing limited contingent liabilities to the government,
largely due to the modest size of Mongolia's financial sector. The
country's banks remain exposed to vulnerabilities associated with
the undeveloped, primarily commodity-based, low-income economy.
Delays in the recapitalization of some banks, as stipulated under
the IMF's Extended Funding Facility program which expired in
end-May, suggest that there is further progress to be made in
strengthening Mongolia's financial sector. The resolution of any
discrepancies or shortfalls in the banks' capital-raising
exercises, as identified by the recent forensic audit, will be
important in beginning to address structural vulnerabilities in the
financial sector. We also observe continued weaknesses in
Mongolia's regulatory framework, transparency, and disclosures. Our
Bank Industry Credit Risk Assessment for Mongolia is '9' (with '1'
being the highest assessment and '10' being the lowest)."

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."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Ratings Affirmed

  Mongolia

   Sovereign Credit Rating     B/Stable/B

  Transfer & Convertibility Assessment

   Local Currency              B+

  Mongolia

   Senior Unsecured             B




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

URBAN BEACH: Clothing Retailer Shuts Doors After 20 Years in CBD
----------------------------------------------------------------
Tim O'Connell at Stuff.co.nz reports that it's been a presence on
Nelson's main street since the turn of the century but street wear
shop Urban Beach is shutting its doors.

Signs advertising a 75 per cent off closing down sale signalled the
store's closure, the report says.

Stuff relates that owner Dave Waine said on July 10 he aimed to
close the shop on July 14--subject to anything still being on the
shelves.

"The last two days have been like Boxing Day--everyone loves a
bargain."

While shops had come and gone over the years along Nelson's CBD,
Urban Beach's adaptability had worked and--according to Mr.
Waine--had made the business profitable, the report relays.

"It's always challenging but if the fundamentals of your business
are good, there's no reason why you won't succeed."

He has weathered the ups and downs of inner-city trade since
February 2000, beginning as a jeans speciality retailer.

"I could see that jeans were something that really had a good
market--I thought I could take on Just Jeans--a chain store--so we
got a site across the road from where we are now," Stuff quotes Mr.
Waine as saying.

As the clothing market and fashion trends changed in the subsequent
years, so did the shop.

By 2003, Urban Beach had tapped into the growing surf wear market,
Stuff notes.

As street wear became more popular throughout the decade, the
clothing focus altered once again with New Zealand brands in
particular emerging as a big seller.

The decision to close was not Covid-19 related, he said, Stuff
relays.

Plans to retire had been on the cards for more than a year but
efforts to sell the business had failed to yield a buyer, despite
several interested parties, adds Stuff.



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

AVATION PLC: S&P Downgrades ICR to CCC on Rising Refinancing Risks
------------------------------------------------------------------
On July 9, 2020, S&P Global Ratings lowered the long-term issuer
credit rating on Avation PLC to 'CCC' from 'B'. S&P also lowered
the long-term issue rating on the company's US$349 million senior
unsecured notes to 'CCC-' from 'B' and revised the recovery ratings
on the notes to '5' from '4'. The ratings remain on CreditWatch
with negative implications.

The downgrade reflects Avation's growing refinancing risk on its
US$349 million senior unsecured notes due in May 2021.

Avation has made limited progress on the refinancing of its U.S.
dollar bonds due May next year, with reduced flexibility to find
alternative funding sources to repay or refinance the notes.

In S&P's view, the company will increasingly be dependent on
favorable funding conditions outside its control to repay or
refinance the US$349 million notes. Due to the sizable amount of
the bond compared with the company's size and its limited capacity
to generate substantial free operating cash flows, Avation will be
heavily reliant on debt capital markets, and hence on investor
appetite, yields, and covenant conditions to refinance the notes.
This could make it increasingly challenging for the company to
refinance the notes in a timely and cost-effective manner.

Liquidity could weaken significantly.   Over the next 12 months, we
anticipate Avation will require over US$400 million to cover its
maturing debt and scheduled amortizations. The company has deferred
some loan amortization with its banks due in the financial year
2021 (ending June 30, 2021). Still, the US$145 million in cash and
operating cash flows that we estimate as a liquidity source over
the next 12 months will be insufficient, with a cash deficit we
estimate to be close to US$300 million. Further lease
cancellations, renewals at lower rates, or lease deferments could
deplete this cash flow quickly.

Aircraft lessors have historically used asset disposals as a
liquidity source. In fiscal 2019, Avation made a US$10 million gain
on the disposal of two aircraft. In addition, the company has about
US$54 million of unencumbered assets as of March 31, 2020. Yet, the
ability of the company to monetize these assets on a timely basis
and use this as a source toward repaying amortizing debt remains
uncertain in the current operating environment. S&P notes the
company has two A321-200 aircraft on its books that were previously
repossessed from Thomas Cook Airlines Ltd. and re-leased to Vietjet
Aviation Joint Stock Co. that have been available for sale for more
than six months.

Overhang of the pandemic will continue to weigh on air travel
demand, taking a further toll on Avation's earnings, cash
collection, and cash flow adequacy.   A concentration of earnings
magnifies the company's vulnerability to weaker operating
conditions and customers' eroding credit quality. Compared with
larger rated peers, Avation has a less globally diverse range of
customers with 18 airline customers across 15 countries. Over the
past two months, two of Avation's customers entered into
administration; one of which was Virgin Australia Holdings Ltd.,
which historically contributed close to 20% of monthly revenues.
Avation has granted partial lease deferrals to 11 out of 18 airline
customers over a three-to-six month period, to be repaid over three
to nine months following the relevant deferral period. The company
had also reduced lease rates for a few of its clients in return for
contract extensions. The protracted recovery in air travel could
exacerbate collections as well as lease deferral requests.

S&P said, "We now project Avation's ratio of funds from operations
to debt could fall below 4% in 2021, compared with our earlier
projections of 5.5%. We see EBIT interest coverage sliding below
1.0x in 2021 versus 1.5x previously. Even with the deferral of all
its eight aircraft deliveries to fiscal 2022, we anticipate Avation
will incur negative to minimal free operating cash flow for fiscal
2020 and 2021, in the absence of aircraft sales." These levels
indicate a balance sheet quality that is no longer commensurate
with a 'B' rating.

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Health and safety


HOOQ DIGITAL: Coupang to Buy Assets to Take on Video Streaming
--------------------------------------------------------------
Bloomberg News reports that South Korean e-commerce giant Coupang
Corp. is buying the software of Hooq Digital Ltd., the Southeast
Asian video streaming service owned by Singtel, Sony and Warner
Bros that's filed for liquidation, according to people familiar
with the deal.

Coupang has already struck a deal to acquire the assets, the people
said, asking not to be named because the information hasn't been
announced, Bloomberg relates.

According to Bloomberg, the deal ushers SoftBank-backed Coupang
into a competitive but fragmented video streaming arena and pits it
against the likes of Amazon.com Inc. and Netflix Inc. Bloomberg
says U.S. giants have emerged as frontrunners, squeezing out a
number of domestic players with splashier local programming and
fuller Hollywood slates. In a sign of accelerating consolidation,
Tencent Holdings Ltd. recently agreed to buy the assets of
Malaysian streaming platform iFlix Ltd. And last month,
ride-hailing giant Gojek won funding from Golden Gate Ventures and
other backers for its own video foray.

Bloomberg relates that Coupang, backed also by BlackRock Inc. and
Sequoia Capital, has designs too on its own home market. Korea in
recent years birthed blockbusters that captivated global audiences
from "Parasite" to "Train to Busan," yet Netflix and Alphabet
Inc.'s Youtube remain dominant local players. South Korea's
government announced a plan last month to nurture five homegrown
over-the-top or streaming service providers into global companies,
and support their growth by expediting deals and investment in
content.

Hooq, a joint venture between Singapore Telecommunications Ltd.,
Sony Pictures Television Inc. and Warner Bros Entertainment Inc.,
filed for liquidation in March and discontinued service at the end
of April, Bloomberg recalls. Set up in 2015, it offered movies and
drama series across Singapore, the Philippines, Thailand, Indonesia
and India, but ran into trouble during the pandemic.

Bloomberg says Coupang, widely regarded as South Korea's Amazon,
has been aggressively expanding into new businesses such as food
delivery and digital payments, mirroring the U.S. giant by
broadening its services. The Seoul-based company, founded in 2010
by Chief Executive Officer Bom Kim, was said to be valued at $9
billion in late 2018 and has been eyeing a public listing as early
as next year, Bloomberg News reported in January.

Buoyed by the growth in subscribers to its delivery service, sales
at the startup rose to a record KRW7.15 trillion ($5.9 billion) in
2019, Bloomberg discloses.

                          About HOOQ Digital

HOOQ Digital was Singapore-headquartered video-on-demand streaming
service provider.  The service was available across Singapore, the
Philippines, Thailand, Indonesia and India.

As reported in the Troubled Company Reporter-Asia Pacific on March
30, 2020, The Business Times said HOOQ Digital, a joint-venture
company in which Singtel has an indirect 76.5 per cent effective
interest, has commenced a creditors' voluntary liquidation.

Hooq has appointed Messrs Lim Siew Soo and Brendon Yeo Sau Jin as
its joint and several provisional liquidators to oversee ongoing
operations in the interim period, according to BT.

SPORTS LINK: High Court Enters Wind Up Order
--------------------------------------------
Tay Peck Gek at The Business Times reports that Sports Link
Holdings has been ordered to be wound up upon an application by
supplier Adidas Singapore over SGD1 million in overdue trade
payables. The retailer with total debts amounting to at least
SGD3.4 million did not oppose the move.

Sports Link's cash-flow difficulties appeared to have predated the
novel coronavirus outbreak and became acute in April 2018, when it
failed to pay sportswear manufacturer Adidas Singapore SGD1.3
million it owed in trade payables, BT discloses citing an affidavit
by an Adidas Singapore director.

BT relates that despite Sports Link having repaid a fraction of the
debt and also agreeing to a repayment plan, it failed to follow
through on its financial obligations. By November last year, the
amount the company--which was incorporated in 1994--owed to Adidas
stood at about SGD991,000.

Adidas Singapore, through its law firm BlackStone & Gold, served a
statutory demand on Sports Link seeking immediate repayment last
November. It then applied to liquidate Sports Link after repayment
was not forthcoming, according to BT.

After the intention to liquidate Sports Link was advertised, a few
other creditors--mainly sportswear vendors and an interior design
firm--also came forward in support of the move, the report says.
The total amount of debt owed to them is at least SGD2.4 million,
with the single-largest sum being SGD1.2 million due to a Malaysian
sports vendor for Brooks brand of products.

The High Court granted Adidas Singapore's application on July 3,
with no objection from Sports Link, The Business Times
understands.

It is unknown how much liabilities the company has in its books, as
a search of the Accounting and Corporate Regulatory Authority
database showed that Sports Link has not filed its financial
statements in recent years, BT states.

A website showed that Sports Link at a time had about 24 outlets in
Singapore, including under brands known as ae by Sportslink and
Hoops Factory.

According to a past article, Sports Link was founded by the late
businessman Lim Kau Tee who used to sell stationery from the back
of a bicycle before setting up Sports Link, BT relays.

BT has tried to contact Sports Link by email and calls but was
unsuccessful.


                           *********


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.

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



                *** End of Transmission ***