/raid1/www/Hosts/bankrupt/TCRAP_Public/200724.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, July 24, 2020, Vol. 23, No. 148

                           Headlines



A U S T R A L I A

AEGES PTY: Second Creditors' Meeting Set for July 31
ALL TRADES: First Creditors' Meeting Set for Aug. 3
CHASCOT INTERNATIONAL: Second Creditors' Meeting Set for July 31
COUGAR METALS: Second Creditors' Meeting Set for July 31
GIANT POWER: First Creditors' Meeting Set for July 31

PACE LOGISTICS: Second Creditors' Meeting Set for Aug. 3
PEARSON CONTRACTING: First Creditors' Meeting Set for July 31
TRITON SMSF 2020-1: S&P Assigns B Rating on Class F Notes


C H I N A

CAR INC: Moody's Puts Caa1 CFR on Review for Upgrade


I N D I A

AMRIT HOMES: CARE Keeps D on INR25.90cr Debt in Not Cooperating
AQUAFIL POLYMERS: CARE Keeps D Debt Ratings in Not Cooperating
ARRAY LAND: CARE Keeps D on INR33.61cr Debt in Not Cooperating
ASHTAVINAYAK BUILDERS: CARE Cuts Rating on INR7.50cr Debt to C
BHAVNA GEMS: CARE Lowers Rating on INR2cr LT Loan to C

CAPTRONIC SYSTEMS: CARE Reaffirms D on INR9.50cr ST Loan
CRYSTAL SEA: Ind-Ra Assigns 'B-' LT Issuer Rating, Outlook Stable
DABRA AGRO: CARE Keeps D on INR24cr Debt in Not Cooperating
DEV COTEX: CARE Keeps D on INR10cr Debt in Not Cooperating
GALAXY CONSTRUCTIONS: CARE Cuts Rating on INR32cr LT Loan to C

GEFAB FACADE: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Stable
GUJARAT GINNING: CARE Lowers Rating on INR12cr LT Loan to C
IL&FS: Creditor Repayments May Spill Over to Next Year
INDIA: Banker Warns Pandemic Will Hit Strained Financial Sector
KHANDWA INDUSTRIES: CARE Keeps D on INR12cr Debt in Not Cooperating

KISHORE INFRASTRUCTURES: Ind-Ra Cuts LongTerm Issuer Rating to BB
M.A. ENTERPRISES: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
M/S GMA PINNACLE: Ind-Ra Lowers LongTerm Issuer Rating to 'B+'
MALWA STRIPS: CARE Maintains D Debt Ratings in Not Cooperating
MANISHA PROJECTS: Ind-Ra Moves BB+ Issuer Rating to NonCooperating

MANTHARAGIRI TEXTILES: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
MICROTEX FASHION: CARE Keeps D on INR7cr Debt in Not Cooperating
NEMCARE HOSPITAL: CARE Keeps D on INR15cr Debt in Not Cooperating
NITHYA TOBACCOS: CARE Reaffirms & Then Withdraws D Rating
OZONE PROJECTS: CARE Keeps C on INR126.30cr Debt in Not Cooperating

PARSOLI MOTOR: CARE Keeps D Debt Ratings in Not Cooperating
PRADEEP UDYOG: CARE Keeps D on INR10cr Debt in Not Cooperating
PRAGAT AKSHAY: CARE Maintains D Debt Ratings in Not Cooperating
QUADROS MOTORS: CARE Keeps D on INR6.20cr Debt in Not Cooperating
R. M. AUTO LINK: CARE Lowers Rating on INR7.50cr Loan to C

RAM NATH: CARE Keeps D on INR20.15cr Debt in Not Cooperating
RKD CONSTRUCTION: Ind-Ra Withdraws BB+ Issuer Rating
S.C. ENTERPRISES: CARE Keeps D on INR5cr Debt in Not Cooperating
SAI CHHAYA: CARE Lowers Rating on INR11.48cr LT Loan to C
SAVANI INFRACON: CARE Lowers Rating on INR25cr LT Loan to B

SOUTHERN PHARMA: CARE Keeps D on INR15cr Debt in Not Cooperating
SRINIVASA EDUCATIONAL: CARE Keeps on INR37cr Debt in NonCooperating
SSG INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
SUKH SAGAR: CARE Keeps D on INR6.48cr Debt in Not Cooperating
ZEE MEDIA: CARE Lowers Rating on INR102cr LT Loan to C



J A P A N

NISSAN MOTOR: Offers to Postpone Barcelona Plant Closure


M A L A Y S I A

TH PLANTATIONS: Needs Debt Restructuring, Not Asset Sale


P H I L I P P I N E S

ABS-CBN CORP: KidZania Manila to Permanently Shut Doors by Aug. 31


S I N G A P O R E

AGRITRADE INT'L: Nithia Capital Seeks to Acquire Firm


S O U T H   K O R E A

EASTAR JET: On Brink of Bankruptcy on Jeju Air Deal Collapse
HANJIN INTERNATIONAL: Moody's Alters Outlook on B3 CFR to Negative


V I E T N A M

[*] Moody's Confirms Ratings on 5 Vietnamese Financial Institution


X X X X X X X X

[*] ASIA: Investors Face Tough Choices on Delayed Payments

                           - - - - -


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

AEGES PTY: Second Creditors' Meeting Set for July 31
----------------------------------------------------
A second meeting of creditors in the proceedings of Aeges Pty Ltd
has been set for July 31, 2020, at 11:00 a.m. at Level 2, 1160 Hay
Street, in West Perth, WA.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 30, 2020, at 5:00 p.m.

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


ALL TRADES: First Creditors' Meeting Set for Aug. 3
---------------------------------------------------
A first meeting of the creditors in the proceedings of All Trades
Queensland Pty Ltd will be held on Aug. 3, 2020, at 1:00 p.m. via
electronic facilities only.

Joanne Emily Dunn and John Richard Park of FTI were appointed as
administrators of All Trades on July 22, 2020.


CHASCOT INTERNATIONAL: Second Creditors' Meeting Set for July 31
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Chascot
International Pty Ltd (trading as Auto One Karratha, West Coast
Auto N Sound, King Brown Supply Co. and Ruff Country 4X4 and
formerly trading as Auto One Hedland) has been set for July 31,
2020, at 11:00 a.m. via teleconference.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 30, 2020, at 2:00 p.m.

Stephen Robert Dixon of Hamilton Murphy Advisory was appointed as
administrator of Chascot International on Feb. 24, 2020.


COUGAR METALS: Second Creditors' Meeting Set for July 31
--------------------------------------------------------
A second meeting of creditors in the proceedings of Cougar Metals
NL has been set for July 31, 2020, at 10:00 a.m. at the offices of
Pitcher Partners, Level 11, at 12-14 The Esplanade, in Perth, WA.


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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 30, 2020, at 4:00 p.m.

Bryan Kevin Hughes and Daniel Johannes Bredenkamp of Pitcher
Partners were appointed as administrators of Cougar Metals on June
30, 2020.


GIANT POWER: First Creditors' Meeting Set for July 31
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Giant Power
Australia Pty Ltd will be held on July 31, 2020, at 11:00 a.m. at
the offices of Hall Chadwick, Level 4, at 240 Queen Street, in
Brisbane, Queensland.

Ginette Muller of Hall Chadwick was appointed as administrator of
Giant Power on July 21, 2020.


PACE LOGISTICS: Second Creditors' Meeting Set for Aug. 3
--------------------------------------------------------
A second meeting of creditors in the proceedings of Pace Logistics
Pty Ltd has been set for Aug. 3, 2020, at 10:00 a.m. at the offices
of Slaven Torline, Ground Floor 243 Northbourne Avenue, in Lyneham,
ACT.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 31, 2020, at 3:00 p.m.

Michael Slaven of Slaven Torline was appointed as administrator of
Pace Logistics on June 30, 2020.


PEARSON CONTRACTING: First Creditors' Meeting Set for July 31
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Pearson
Contracting Pty Ltd will be held on July 31, 2020, at 2:30 p.m. at
the offices of Hamilton Murphy, Level 1, 255 Mary Street, in
Richmond, Victoria.

Stephen Dixon of Hamilton Murphy was appointed as administrator of
Pearson Contracting on July 21, 2020.


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

The ratings reflect:

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

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

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

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

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

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

  RATINGS ASSIGNED

  Triton SMSF Bond Trust 2020 Series 1

  Class      Rating        Amount (mil. A$)
  A1-AU      AAA (sf)      220.00
  A1-3Y      AAA (sf)      120.00
  A2         AAA (sf)       28.00
  AB         AAA (sf)       12.00
  B          AA (sf)         6.40
  C          A (sf)          5.60
  D          BBB (sf)        3.20
  E          BB (sf)         2.40
  F          B (sf)          0.80
  G          NR              1.60

  NR--Not rated.




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

CAR INC: Moody's Puts Caa1 CFR on Review for Upgrade
----------------------------------------------------
Moody's Investors Service has placed on review for upgrade the Caa1
corporate family rating and senior unsecured rating of CAR Inc.

The outlook on the ratings has changed to ratings under review from
negative.

The rating action follows CAR's announcement on July 20, 2020
that:

(1) UCAR Inc. has entered into a sale and purchase agreement with
Jiangxi Province Jinggangshan Beiqi Investment Management Co., Ltd.
for the acquisition of UCAR's 443 million CAR shares, or about
20.9% of CAR's total issued share capital, for a total
consideration of HKD1.4 billion.

(2) Amber Gem Holdings Limited, a subsidiary of Warburg Pincus &
Co., had signed an offer letter with Jinggangshan BAIC for the
proposed acquisition of no less than 171 million CAR shares, or
about 8.0% of CAR's total issued share capital, by Jinggangshan
BAIC for a total consideration of HKD529 million.

The transactions are subject to a number of conditions precedent,
including approvals or confirmations from relevant government and
regulatory authorities.

If both transactions are completed, Jinggangshan BAIC will hold an
approximate 28.9% stake in CAR.

Jinggangshan BAIC is 40%, 30% and 30% owned by BAIC Group
Industrial Investment Co., Ltd. (a wholly-owned subsidiary of
Beijing Automotive Group Co., Ltd. (BAIC Group, Baa3 stable)),
Jiangxi Provincial Investment Group Co., Ltd. and Jiumu Ruiyuan
(Beijing) Investment Co., Ltd., respectively.

"The review for upgrade reflects its expectation that the
introduction of Jinggangshan BAIC as a key shareholder could
improve CAR's funding access and weak liquidity profile," says
Gerwin Ho, a Moody's Senior Credit Officer and also Moody's Lead
Analyst for CAR.

"Additionally, the change in shareholder could ease CAR's
refinancing and reduce governance concerns associated with UCAR's
shareholdership," adds Ho.

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

Although BAIC Group accounted for Jinggangshan BAIC as a long-term
equity investment in its 2019 financials, BAIC Group is a key
shareholder in Jinggangshan BAIC with a 40% stake. BAIC Group is
one of the top five automakers in China by unit sales, and is a
state-owned enterprise owned by the Beijing Municipal Government
through its parent company Beijing State-owned Capital Operation
and Management Center (A1 stable).

Jinggangshan BAIC's shareholding could help improve CAR's access to
funding, which is key to CAR's business operations and its ability
to refinance its USD300 million notes due February 2021.

From a governance perspective, while independent directors only
make up a minority of CAR's board, the company is a listed and
regulated entity. The company has a diversified shareholder base
that includes major shareholders such as Legend Holdings
Corporation. Its action factors in the potential reduction in
governance and refinancing concerns that could result from the
change in substantial shareholder from UCAR to Jinggangshan BAIC.

Concerns around UCAR's shareholding arose in April, when Luckin
Coffee Inc. issued an announcement [1] regarding an internal
investigation into misconduct. At the time of the announcement, Mr.
Charles Zhengyao Lu was the chairman of Luckin Coffee's board of
directors, the chairman of the board of CAR and chairman of the
board of UCAR. Mr. Lu is currently the chairman of the board of
UCAR.

UCAR had pledged its CAR shares as collateral for some of its
borrowing as of June 30, 2019, creating the risk of a change of
control that would accelerate CAR's debt repayments and impact its
operations.

Moody's review will focus on (1) the progress of the two
transactions; (2) the impact of Jinggangshan BAIC's shareholdership
on CAR's access to funding and refinancing plan; (3) any changes to
the composition of CAR's board of directors, such as Jinggangshan
BAIC's participation; and (4) CAR's business plan and financial
policy.

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

CAR Inc., founded in 2007 and headquartered in Beijing, provides
car rental services, including car rentals and fleet rentals in
China. CAR listed on the Hong Kong Stock Exchange in September
2014.




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

AMRIT HOMES: CARE Keeps D on INR25.90cr Debt in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amrit Homes
Private Limited (AHPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       25.90      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 30, 2019, placed
the rating of AHPL under the 'Issuer non-cooperating' category as
AHPL had failed to provide information for monitoring of the
ratings as agreed to in its rating agreement. AHPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated June 9,
2020, June 15, 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.

Detail description of the key rating drivers

At the time of last rating on December 30, 2019, the following was
the rating weakness

Key rating weaknesses

* Delays in debt servicing: As per banker interaction, the account
has turned NPA.

Bhopal (Madhya Pradesh) based Amrit Homes Private Limited (AHPL)
was incorporated by Mr. Dalip Singh Bindra and Mr. Pritpal Singh
Bindra in 1995 with an objective to carry out real estate activity.
The company has completed various real estate projects which
include 6 residential and 2 commercial complexes.


AQUAFIL POLYMERS: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aquafil
Polymers Company Private Limited (APCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       31.19      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

   Short-term Bank      17.00      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 24, 2019, placed the
rating(s) of APCPL under the 'issuer non-cooperating' category as
APCPL had failed to provide information for monitoring of the
rating for the rating exercise as agreed to in its Rating
Agreement. APCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email dated May 21, 2020, May 29, 2020, June 3, 2020 and
June 23, 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 July 24, 2019, the following was the
rating weakness:

Key Weakness

* Ongoing delay in debt servicing:  APCPL has been irregular in
servicing its debt obligation due to weak liquidity position of the
company.

Incorporated in 1995 as Ronak Refrigeration Private Limited to
carry out the business of trading of air conditioners, the company
was renamed as Aquafil Polymers Company Private Limited (APCPL)
after its present promoter Mr. Hitesh Shah took over in 1997.
Presently, managed by Mr. Hitesh Shah and his son Mr. Poojan Shah,
APCPL is involved in designing, engineering, construction and
commissioning of sewage and water treatment plants. APCPL has
executed works for various reputed public and private organizations
in the states of Gujarat, Haryana, Rajasthan, Karnataka, and Madhya
Pradesh. APCPL is accredited "S-5 class" (on the scale of S-1 to
S-5, S-5 being the highest) contractor by Public Health Engineering
Department (PHED), Government of Gujarat (GoG) and it is also
registered with various other government, semi-government and
private organizations.


ARRAY LAND: CARE Keeps D on INR33.61cr Debt in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Array Land
Developers Private Limited (ALDPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       33.61      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 26, 2019 placed the
rating(s) of ALDPL under the 'Issuer non-cooperating' category as
ALDPL had failed to provide information for monitoring of the
rating. ALDPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated June 15, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

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

Detailed description of the key rating drivers

At the time of last rating on April 26, 2019, the following were
the rating weaknesses.

Key Rating Weakness

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

Array Land Developers Private Limited (ALDPL) was incorporated in
the year 2008 and promoted by Mr. K Siva Kumar and Mrs. V. K.
Shashikala. The company is engaged in wind power generation.


ASHTAVINAYAK BUILDERS: CARE Cuts Rating on INR7.50cr Debt to C
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ashtavinayak Builders & Developers (ABD), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       7.50       CARE C; Issuer not cooperating;
   Facilities                      Revised from CARE B; Issuer not

                                   cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 24, 2019, placed the
rating of ABD under the 'issuer non-cooperating' category as ABD
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. ABD
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and an email dated
May 21, 2020, May 29, 2020, and June 23, 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 ABD have been
revised on account of non-availability of requisite information.

Detailed description of the key rating drivers

At the time of last rating on July 24, 2019, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Lower receipt of booking advances and risk related to timely
receipt of further advances: ABD started construction activities of
project in June, 2014 and the project was expected to be completed
by March 2016, while possession would be given from April 2016
onwards. ABD has received booking for 40% of the total units and
has received the booking advances of INR1.70 crore till September
30, 2015, which forms only 19.40% of sales value of booked units
against 65.07% of cost incurred reflecting lower receipt of
advances against cost incurred and thereby high risk associated
with timely receipt of remaining booking advances remains crucial.

* Constitution as a partnership firm: ABD being a partnership firm
is exposed to inherent risk of the partner's capital being
withdrawn at the time of contingency and also limits the ability to
raise the capital. The partners may withdraw capital from the
business as when it is required, which may put pressure on the
capital structure of the firm.

* Highly fragmented industry and sensitive to interest rates: The
real estate sector in India is highly fragmented with many regional
players, who have significant presence in their respective local
markets which in turn leads to intense  competition within the
industry. The real estate sector is sensitive to the economic cycle
and interest rates.

* Cyclical nature of real estate industry:  The life cycle of a
real estate project is long and the state of the economy at every
point in time, right from land acquisition to construction to
actual delivery, has an impact on the project.

Key Rating Strengths

* Experienced partners:  ABD is promoted by six partners namely Mr.
Amitbhai Patel, Mr. Bhagwanbhai Gujarati, Mr. Bharatbhai Patel, Mr.
Bhumin Vithani, Mr. Pankajbhai Laniya and Mr. Sureshbhai Italiya
are partners of the firm with unequal profit and loss sharing
proportion. The group/partners have successfully executed four real
estate projects covering total area of 561,000 square feet and
total value of INR156 crore.

Surat-based (Gujarat) ABD was established as a partnership firm in
April 25, 2014. Partners of ABD through their associate concerns in
past have executed various projects regarding residential and
commercial projects. ABD is engaged in the real estate development
and is currently executing its residential project named 'River
Marvella' at Surat, Gujarat. It comprises 2 blocks i.e. block A and
block B which consists of 44 flats divided into two wings i.e. wing
A and wing B only. Wing A comprises 22 flats of 1700 sq feet. Wing
B comprises 22 flats of area 1545 sq feet.


BHAVNA GEMS: CARE Lowers Rating on INR2cr LT Loan to C
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bhavna Gems (BG), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        2.00      CARE C; Issuer not cooperating;
   Facilities                      Revised from CARE B-; Issuer
                                   Not Cooperating; Based on best
                                   Available information

   Long/Short-           8.00      CARE C/CARE A4 Issuer Not
   term Bank                       Cooperating; Rating revised
   Facilities                      from CARE B-/CARE A4; ISSUER
                                   NOT COOPERATING; Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 1, 2019, placed the
rating(s) of BG under the 'issuer noncooperating' category as
Bhavna Gems had failed to provide information for monitoring of the
rating. Bhavna Gems continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter dated June 26, 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
it is not sufficient to arrive at a fair rating.

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

The ratings have been revised on account of non-cooperation by BG
and CARE's efforts to undertake a review of the ratings
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on June 27, 2019, the following were the
rating strengths and weaknesses.

Key rating Weakness

* Modest scale of operation with relatively low profitability
margins:  Despite more than a decade of existence in the industry,
scale of operations remained at modest level. During FY14-16, the
PBILDT and PAT margins of the firm had marginally declined and it
continues to remain relatively low due to low value addition
business along with intense competition.

* Moderately high leveraged capital structure, debt coverage
indicators and working capital intensive nature of operations:
BG's capital structure remained leveraged during the period
FY14-16, due to increasing dependence on working capital borrowing
for funding the growth in the scale of operations. Further owing to
low cash accruals and profitability, debt coverage indicators
remained weak during the period FY14-16. Further the operations
remained working capital intensive on account of funds being
blocked in receivables and inventory and gets around two months
credit period from its suppliers. Therefore operations remained
working capital intensive.

* Foreign exchange fluctuation risk, partially mitigated by natural
hedge: BG derives considerable revenue from exports, thereby
exposing the company to any adverse movement in forex.
Nevertheless, risk is mitigated to an extent due to natural hedge
created on account of 99% purchases of raw diamonds are made
through imports. However, given the difference in the timings of
import or export, ability of the firm to maintain its profitability
margins amidst fluctuation in forex shall be critical from credit
perspective.

* Competition from large number of players in the organized and
unorganized sectors and susceptibility to volatility in raw
material prices: The Cut & Polished Diamond (CPD) industry in India
is highly fragmented with presence of numerous unorganized players
apart from some very large integrated G&J manufacturers leading to
high level of competition. Although India plays a prominent role in
G&J industry in terms of processing and consumption, it
significantly lags behind in mining of gold and diamonds because of
meager reserves. The Indian CPD industry is working capital
intensive and primarily export oriented.

* Partnership nature of the Firm: BG is a partnership entity, the
risks associated with withdrawal of partner's capital exists. The
firm is exposed to inherent risk of partner's capital being
withdrawn at time of personal contingency.

Key Rating Strengths

* Experienced promoters: BG is managed by Sojitra family and its
promoters have been in the business of diamond trading for about
three decades and have established strong relations with the
customers. The partners Mr. Bharat Sojitra and Mr. Ashok Sojitra
have an extensive experience in the diamonds industry. The
promoters are supported by experienced management team to carry out
day to day activities.

Established in the year 2004, Bhavna Gems (BG) is engaged in
processing and exporting of cut and polished diamonds up to size of
from 0.10 carats to 10.0 carats. BG has its processing plant
located at Surat (Gujarat). BG imports rough diamonds from Belgium
and Dubai. Furthermore, BGs sales are derived from both domestic
and export. It primarily exports to countries namely Hong Kong,
Israel, South Africa and Australia.


CAPTRONIC SYSTEMS: CARE Reaffirms D on INR9.50cr ST Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Captronic Systems Private Limited (CSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank
   Facilities            8.71      CARE D Reaffirmed

   Short term Bank
   Facilities            9.50      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of CSPL is on account
of ongoing delays in servicing debt obligations.

Key Rating Sensitivities

Positive factors

* Improvement in liquidity position and delay free track for a
minimum period of consecutive three months.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delays in debt servicing obligations: There are on-going
delay reported up to 10 days in servicing of term loan obligations
as per the bank statements on account of stretched liquidity
position.

* Small scale of operation during the review period: The scale of
operations of the company though improved stood small at INR41.86
crore in FY20 (Prov.) as compared to INR37.10 crore in FY19
representing a growth of 12.83% on account of execution of the
orders in hand.

* Medium term revenue visibility from order book position: The
company has an order book of INR18.57 crore which translates to
0.44x of total operating income of FY20 (Prov.) to be executed by
December 2021.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company marked by overall gearing
stood negative due to the erosion of net worth on back of under
absorption of carry forward losses during the previous financial
years. The debt coverage indicators marked by PBILDT interest
coverage and TD/GCA though improved stood weak at 2.21x and 6.70x
as on March 31, 2020 (Prov.) as compared to 1.30x and 18.15x as on
March 31, 2019 on account of increase in the total debt levels.

* Elongated Receivable days: The operating cycle of the company
stood negative during the review period due to elongated average
debtors period of 187 days coupled with average creditors of 216
days. The revenue recognition is subjected the technical
certification by the customer for the projects executed and
retention money of around 10% of project cost will be realized
after 1 year for the projects executed. Further, the projects worth
INR 20.00 crore from LRDE and The Aeronautical Development Agency
has pileup the receivables due to long gestation period, which is
expected to complete by the end of FY21. In general, the company
receives payment from its customer on average of 90-120 days from
the date of invoice raised and makes the payment to its suppliers.

* Foreign exchange fluctuation risk:  The company imports a portion
of the commercial off-the-shelf (COTS) goods like national
instrument hardware and hence is exposed to the risk of foreign
currency fluctuation as the company has not undertaken any hedging
mechanism to protect against the risk of any adverse movement in
the currency rates

Key Rating Strengths

* Established track record and experience of the promoters in the
automobile automation industry:  The promoter is a graduate in
Bachelor of Engineering in Electronics, has an overall experience
of over three decades, including over two decades of experience in
design and development of automated test equipment, data
acquisition and control systems, mainly for defense and aerospace.
The company has a track record of over 15 years and due to long
presence, in the industry, of the promoters, the company is able to
establish long term relationship with customer and suppliers.

* Satisfactory profitability margins:  The profitability margins
improved during the review period. The PBILDT margin improved and
stood at 9.74% in FY20 (Prov.) as compared to 7.88% in FY19 due to
increase in the scale of operations. Further the company has
turnaround from losses to profit and the PAT margin stood at 4.21%
in FY20 (Prov.) on account of decrease in depreciation costs,
interest and increase in PBILDT in absolute terms.

* Established relationship with customers and suppliers: CSPL has
established relationship with some of its major clients such as
Vikram Sarabhai Space centre, Bosch Automotive Electronics India
Private Limited, U R Rao Satellite Centre, Gas Turbine Research
Establishment, Integrated Test Range etc.

Liquidity analysis: Stretched

Liquidity is stretched marked by sufficient cushion available on
debt repayments, however bank limits are highly utilized marked by
95% for 12 months ended May 31, 2020 along with modest cash balance
of INR2.94 crore as on March 31, 2020 (Prov.) and stretched
collection period. The current ratio of the company stood above
unity at 1.06x as on March 31, 2020 (Prov.). Further, the company
has availed the moratorium of 6 months announced by RBI on its debt
obligation from March, 2020 to August, 2020.

Bangalore, Karnataka based Captronics Systems Private Limited
(CSPL) specialized in providing custom-built Automated Test
Equipment (ATE's), Automation & Data Acquisition services to
Aerospace & Defense, Nuclear, Automotive and manufacturing
industries. CSPL specializes in design and development of automated
test & measurement and control & automation solutions for R&D and
Production T&M requirements. The company derives a major part of
its revenues from Aero, Defense, Space and Nuclear industries (Core
Industries). It has 6 Sales & Support offices in India, located
close to its customers in Bangalore, Pune, Chennai, Trivandrum,
Hyderabad and Delhi. The company is a "Level 1 Certified Member" by
CISA and is also an ISO certified company.


CRYSTAL SEA: Ind-Ra Assigns 'B-' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Crystal Sea Foods
Private Limited (CSFPL) a Long-Term Issuer Rating of 'IND B-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR57.5 mil. Term loan due on October 2023 assigned with IND  
     B-/Stable rating; and

-- INR250 mil. Fund-based facilities assigned with IND B-/Stable
     /IND A4 rating.

KEY RATING DRIVERS

The ratings reflect CSFPL's small scale of operations, as indicated
by revenue of INR135 million in FY20 (FY19: INR503 million). The
revenue declined by a sharp 73%, as exports declined significantly
owing to a fall in shrimp supply, resulting from the outbreak of
the white spot disease. While the issue was resolved during
mid-FY20, the COVID-19 outbreak led to a considerable fall in
export orders in the last quarter of the year. The company derives
its entire revenue from exports, with China accounting for 60% of
the total income. In 1QFY20, CSFPL recorded a revenue of INR300
million. The figures for FY20 are provisional in nature.

Liquidity Indicator - Poor: CSFPL fully utilized its fund-based
facilities during the 12 months ended June 2020. With the COVID-19
outbreak in China, and the resultant decrease in orders, the
company faced liquidity issues during December 2019-February 2020.
However, as per the feedback received from the bank, the company
serviced its debt in a timely manner during the four months ended
June 2020. The cash flow from operations increased to INR13 million
in FY20 (FY19: INR4 million) due to an improvement in the other
current assets. The company's cash balance stood at INR3 million at
end-FY20 (end-FY19: INR6 million). CSFPL has a scheduled debt
repayment of INR24 million in FY21. The working capital cycle
elongated sharply to 1,754 days in FY20 (FY19: 217 days) due to an
increase in inventory holding days to 1,812 days (243 days). The
company generally holds an inventory of INR200 million-250 million.
CSFPL has availed the Reserve Bank of India-prescribed debt
moratorium for March-August 2020.

The ratings are constrained by the modest EBITDA margins due to the
high competition in the industry. The EBITDA margin improved to
26.6% in FY20 (FY19: 12.5%) as the company was able to secure
better pricing for the produce owing to high demand. The return on
capital employed was 5% in FY20 (FY19: 10%). CSFPL typically stocks
up inventory worth up to INR250 million when shrimp prices are low.
This enables the company to improve its margins even during times
when the revenue witnesses a decrease.

The rating reflects the weak credit metrics due to the modest
EBITDA margins. The metrics weakened in FY20 due to a decline in
the absolute EBITDA to INR36 million (FY19: INR61 million). The
interest coverage (operating EBITDA/gross interest expense) was
1.3x in FY20 (FY19:  1.5x) and the net leverage (adjusted net
debt/EBITDA) was 8.8x (5.6x).

The ratings are supported by the promoters' experience of more than
two decades in the shrimp-processing industry.  

RATING SENSITIVITIES

Positive:  An improvement in the liquidity position and revenue
while maintaining the EBITDA margins, leading to an improvement in
the credit metrics, will be positive for the ratings

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

COMPANY PROFILE

Incorporated in June 2013, CSFPL operates a shrimp processing unit
at Chirala in Andhra Pradesh. The company has an installed
processing capacity of 10,500 metric tons and cold storage capacity
of 2,100 metric tons.


DABRA AGRO: CARE Keeps D on INR24cr Debt in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dabra Agro
Private Limited (DAPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       24.00      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 24, 2019, placed
the rating of DAPL under the 'Issuer non-cooperating' category as
DAPL had failed to provide information for monitoring of the
ratings as agreed to in its rating agreement. DAPL continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter dated
June 10, 2020, June 15, 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.

Detail description of the key rating drivers

At the time of last rating on December 24, 2019, the following was
the rating weakness

Key rating weaknesses

* On-going delay in debt servicing:  There have been on-going
delays in debt servicing owing to stressed liquidity position.

Dabra (Madhya Pradesh) based Dabra Agro Private Limited (DAPL, CIN:
U51101MP2006PTC018589) was incorporated as a private limited
company in 1996. DAPL is mainly engaged in the processing of rice
and is also engaged in the trading of paddy. The processing plant
of the company has an installed capacity of 8 Metric Tonnes per
Hour (MTPD) for processing of rice as on March 31, 2017. The
company purchases paddy from traders as well as farmers and sells
rice (basmati, parmal, Shela etc.) to Gujarat, etc. The company
sells rice under the brand name of 'Dinner King'.


DEV COTEX: CARE Keeps D on INR10cr Debt in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dev Cotex
Private Limited (DCPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       10.00      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 24, 2019, placed the
rating of DCPL under the 'issuer non-cooperating' category as DCPL
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. DCPL
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and an email dated
May 22, 2020, May 29, 2020, and June 23, 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 July 24, 2019, the following was the
rating weaknesses:

* Delay in Debt servicing:  The account of DCPL has been irregular
in debt servicing owing to weak liquidity position and it was
classified as NPA.

Gondal-based (Rajkot) Dev Cotex Private Limited (DCPL) is engaged
into of trading of cotton, cotton bales and cotton seeds. It was
established in 2010 by Mr. Anilkumar Selani and Mr. Dhirajlal
Selani and was taken over by Mr. Bharatkumar V Selani a nd Mr.
Chirag B Selani in October 2014. Present directors are associated
with Shiv Cotgin Private Limited of Gondal (Rajkot) which is also
into cotton trading business. DCPL operates from its sole warehouse
situated at new sardar market yard, Gondal.


GALAXY CONSTRUCTIONS: CARE Cuts Rating on INR32cr LT Loan to C
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Galaxy Constructions and Contractors Private Limited (GCCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       32.00      CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B; Stable Based on
                                   best available information

   Short term Bank       2.00      CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers

CARE had, vide its press release dated August 16, 2019, placed the
rating of GCCPL under the 'issuer non-cooperating' category as
GCCPL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. GCCPL continues to be
non-cooperative despite repeated requests for submission of
information through email dated June 22, 2020, June 24, 2020 and
June 26, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The revision in the rating assigned to the bank facilities of GCCPL
takes into account no due diligence conducted and nonavailability
of information due to non-cooperation by GCCPL with CARE's efforts
to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

* Exposed to geographical concentration risk of order book: The
company in past has generated revenue through projects executed in
Maharashtra region. Furthermore, out of its total order book
position, all the projects are within the region of Maharashtra,
thereby making the entity susceptible to geographical concentration
risk.

* Exposed to fluctuations in raw material prices: The total raw
material cost accounts for about 74.58% of the total operating
income and have fluctuating market prices. Furthermore, the company
do not have a built in price escalation clause for every contract
leading to price fluctuation risk.

* Intense competition faced by the entity along with tender based
nature of operations: Tender driven nature and lengthy bidding
process can impact the revenue growth of the entity while timely
completion of orders and translation of the same into revenues is
essential.

* Working capital intensive nature of business: Operations continue
to be working-capital-intensive in nature due to greater time lag
between receipts and payments. Delays in collecting proceeds from
its government contracts and funds blocked accentuate the need for
working capital which remained utilized at high level.

Key Rating Strengths

* Long experience of the promoters and established track record of
operations: The promoters Mr. Deepak Gugale and Mr. Amit Thepade
are well qualified and have a long experience of more than one and
half decades in the construction industry.

* Steady growth of revenue with moderate order book position
providing revenue visibility over the medium-term: The total
operating income of the company has reported a CAGR of about 31%
over the last three years period ending FY16. Increase in the order
book position along with repeat work orders from its existing
clientele has led to a stable growth in the revenue
over the years.

* Healthy profitability margins: The Profitability margins remained
healthy in the range of 14%-15% during last three years ended FY16.
However, the same have been fluctuating owing to fluctuation in
input material cost and other manufacturing
expenses.

Incorporated in the year 2001, GCCPL is promoted by Mr. Deepak
Gugale and Mr. Amit Thepade. The company is engaged in the civil
construction of commercial and residential projects and undertakes
project on contract basis for various customers including
government, semi-government and private entities.


GEFAB FACADE: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Gefab Facade
Solutions Private Limited's (GFSPL) Long-Term Issuer Rating at 'IND
B+' with a Stable Outlook and has simultaneously withdrawn the
rating.

The instrument-wise rating actions are:

-- INR115 mil. Fund-based working capital limits* affirmed and
     withdrawn; and

-- INR50 mil. Non-fund-based working capital limits# affirmed and

     Withdrawn.

* Affirmed at 'IND B+'/Stable/'IND A4' before being withdrawn

# Affirmed at 'IND A4' before being withdrawn

KEY RATING DRIVERS

The affirmation reflects GFSPL's continued small scale of
operations even as the revenue grew to INR126.4 million in FY20
(FY19: INR74.2 million) due to the timely order execution. FY20
numbers are provisional in nature.

Liquidity Indicator – Stretched: GFSPL's average use of
fund-based limits was 92% during the 12 months ended May 2020. The
unaudited year-end cash balance was INR1.2 million at FYE20 (FYE19:
INR5.5 million). The company's cash flow from operations turned
negative to INR4.0 million in FY20 (FY19: INR9.8 million) due to
its high working capital requirements owing to a high inventory
level of INR128 million (INR130.3 million). GFSPL has availed the
Reserve Bank of India-prescribed moratorium for its term loan and
short-term facilities over March-August 2020.   

The ratings factor in the company's modest EBITDA margin that
deteriorated to 18.2% in FY20 (FY19: 27.9%) due to lower sales in
4QFY20. The return on capital employed stood at 10% in FY20 (FY19:
10%).

The ratings are also constrained by GFSPL's modest credit metrics
even as they improved in FY20 with the net financial leverage
(adjusted net debt/operating EBITDA) of 6.4x (FY19: 6.6x) and the
interest coverage (operating EBITDAR/gross interest expense +
rents) of 1.4x (1.3x). The slight improvement in the metrics in
FY20 was due to an increase in the absolute EBITDA to INR23.0
million (FY19: INR20.7 million) and a fall in the interest cost to
INR16.3 million (INR16.5 million).

The ratings, however, are supported by GFSPL's promoters'
experience of around three decades in the glass facade solutions
and aluminium fabrication businesses.

Ind-Ra is no longer required to maintain the ratings as the agency
has received a no objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

Established in 2011, GFSPL offers glass facade solutions,
structural glazing work, aluminum composite panel cladding, curtain
walling, patch fitting glass assemblies, among others.


GUJARAT GINNING: CARE Lowers Rating on INR12cr LT Loan to C
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gujarat Ginning and Oil Industries (GGOI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       12.00      CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 21, 2019, placed the
rating(s) of GGOI under the 'issuer non-cooperating' category as
GGOI had failed to provide information for monitoring of the
rating. GGOI continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated June 16, 2020, June 19, 2020, and June 24,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The ratings assigned to the bank facilities of GGOI have been
revised on account of non-availability of latest financial and
operational information as well as CARE's inability to carry out
due diligence exercise with lenders. The ratings are constrained on
account of leveraged capital structure and moderate debt coverage
indicators in FY18 (Provisional; refers to the period from April 1,
2017 to March 31, 2018). Furthermore, the ratings are also
constrained on account of its partnership nature of constitution,
presence in a highly fragmented cotton industry and seasonality
associated with cotton availability, susceptibility of margins to
cotton price fluctuations and prices and supply for cotton being
highly regulated by the government.

The rating derives comfort from the improvement in scale of
operations coupled with moderate profit margins. The rating also
derives comfort from experienced promoters and proximity to cotton
growing area of Gujarat.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

* Leveraged capital structure and moderate debt coverage
indicators: On the back of increase in tangible net worth base,
capital structure of the firm has improved but stood leveraged
marked by an overall gearing ratio of 2.82x as on March 31, 2018
(Prov.) as against 4.56x as on March 31, 2017. Further, the debt
coverage indicators have also improved and stood moderate marked by
an interest coverage ratio of 1.32x during FY18 (Prov.) as against
1.16x during FY17 and total debt to GCA stood at 42.49x as on March
31, 2018 (Prov.) as against 65.15x as on March 31, 2017.

* Presence in a highly fragmented cotton ginning industry along
with partnership nature of constitution: High proportion of small
scale units operating in the cotton value chain has resulted in the
fragmented nature of the industry as well as intense competition
within the players. Further, being a partnership firm, GGOI is
exposed to inherent risk of partners' capital being withdrawn at
the time of personal contingency, and the firm being dissolved upon
the death/retirement/insolvency of partners.

* Susceptibility of margins to cotton price fluctuations and supply
for cotton are highly regulated by government: Profit margins of
GGOI remain susceptible to changes in its primary raw material i.e.
raw cotton which is being agricultural commodity its prices are
volatile in nature and linked to production in the domestic market.
Further, the cotton prices in India are highly regulated by the
government through MSP (Minimum Support Price) hence any adverse
change in government policy may also impact the prices of raw
cotton.

Key Rating Strengths

* Improving scale of operations coupled with moderate profit
margins during FY18: During FY18 (Prov.), the scale of operations
has registered a growth of 22.59% compared to FY17 (A), marked by
the total operating income of GGOI which has stood at INR72.08
crore as against INR58.80 crore during FY17 due to addition of new
customers. Overall profit margins stood moderate marked by PBILDT
and PAT Margin which stood at 2.09% and 0.51% during FY18(Prov.) as
against 2.87% and 0.13% during FY17.

* Experienced promoters: GGOI has been promoted by nine partners in
1994. Currently, the firm has been managed by two partners and both
the partners hold healthy experience in the cotton industry through
their association with GGOI as well as other two associate
concerns Gujarat Hy-spin Limited and Paras Cotton.

* Proximity to cotton-growing area of Gujarat: The manufacturing
facilities of GGOI are located at Gondal in Gujarat. GGOI's
presence in the cotton producing region results in benefit derived
from a lower logistic expenditure (both on transportation and
storage), easy availability and procurement of raw materials at
effective prices.

GGOI was promoted in 1994 as a partnership firm; currently there
are two partners Mr. Maganlal Parvadia having 65% share and Mr.
Chandulal Parvadia having 35% share in the firm. GGOI is involved
in the cotton ginning & pressing and crushing of cotton seed with
main products as cotton bales, cotton seeds and cotton seed oil. It
has an installed capacity of 300 bales per day (annualized capacity
of 90,000 bales as 300 working days) and 50 MT Cotton Oil per day
(annualized capacity of 15000 MT as 300 working days) for cotton
bales as on March 31, 2018 at its sole manufacturing facility
located at Gondal (Gujarat).The firm has two associate concerns
named Gujarat Hy-spin Private Limited and Paras Cotton.


IL&FS: Creditor Repayments May Spill Over to Next Year
------------------------------------------------------
Bijou George and Rahul Satija at Bloomberg News report that a
keenly watched Indian shadow bank insolvency process has been
delayed, highlighting how the virus pandemic is impeding the
nation's nascent bankruptcy regime.

Payments to creditors from Infrastructure Leasing & Financial
Services Ltd. (IL&FS), whose default in September 2018 triggered a
lingering credit crisis in India, are likely to spill over to the
financial year beginning April 2021, management said in a call on
July 20, the report relays. It had previously aimed to resolve a
bulk of those by this month, Bloomberg says.

The pandemic has led to binding bids for key assets being pulled,
hindered the diligence and decision making process for potential
buyers, and slowed the already complicated judicial process
required for asset sales, according to the IL&FS management cited
by Bloomberg.

It's another sign of how Covid-19 is obstructing an insolvency
regime introduced in 2017 that was supposed to help India manage
one of the world's worst bad loan ratios, Bloomberg states. A long
line of the nation's companies are now mired in bankruptcy courts,
including Jet Airways India Ltd. and power generator KSK Mahanadi
Power Co., both of which have been forced into over half a dozen
extensions of their sale process deadlines, Bloomberg notes.

                            About IL& FS

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

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


INDIA: Banker Warns Pandemic Will Hit Strained Financial Sector
---------------------------------------------------------------
The Financial Times reports that India's coronavirus outbreak
threatens a years-long clean up of its financial system, according
to the head of the country's biggest bank, who urged lenders to
boost support to struggling industries.

Rajnish Kumar, chairman of the State Bank of India - which has $500
billion in assets - told the Financial Times that public-sector
banks may require further capitalisation by the government, debt
reschedulings and writedowns due to pressures on their loan books.

"If it were not for Covid, a bank like the State Bank of India
would be in a very happy situation," the FT quotes Mr. Kumar as
saying. "In the last couple of years, we have done the clean up, so
this is the time when we would have been reaping the fruits of that
clean up. But unfortunately now we are in another situation."

According to the FT, India's banking system is dominated by
publicly-owned lenders and has been plagued by one of the world's
highest bad-loan ratios. In recent years the share of bad debt had
started to fall thanks to reforms including the introduction of a
four-year-old bankruptcy code, the FT says.

Since India announced a strict nationwide lockdown in March, the
financial system has been buttressed by emergency liquidity
injections, credit guarantees and a temporary moratorium on loan
repayments that runs through August.

With the virus still raging - cases in India exceeded 1 million
last week - Mr. Kumar said particularly vulnerable industries like
aviation, hotels and jewellery are candidates for further support,
according to the report.

"We will take all necessary steps to ensure that we're able to help
out whoever needs it," Mr. Kumar said. "There are many people who
have good intentions but may not be having enough cash at their
disposal."

The FT relates that Sunil Mehta, chief executive of the Indian
Banks Association, which Mr. Kumar chairs, said he has submitted a
proposal to the government to extend tax relief and other emergency
measures to airlines and others lest they collapse and contaminate
lenders' loan books.

"Every impact on the economy is transferred to the balance sheets
of the banks," the FT quotes Mr. Mehta as saying.

Even before the pandemic, the financial system had been rocked by a
series of near-misses. In March, Yes Bank, a previously
fast-growing private lender, was the subject of a central bank-led
rescue by SBI and a consortium of investors, recalls the FT.

While the system-wide ratio of non-performing loans had eased from
a 2018 peak of 11 per cent, credit rating agency S&P expects it to
rise back as high as 14 per cent in the financial year ended next
March, the FT says.

Fitch estimates Indian banks will need anywhere from $15 billion to
$58 billion next year to withstand the shock to their loan books,
the FT discloses.

According to the FT, SBI said last week it planned to raise INR200
billion ($2.7 billion) in equity capital, joining a range of other
private and public lenders like ICICI, Axis and Punjab National
Bank in seeking to bolster their balance sheets. But weaker
public-sector banks may require government support.

The FT relates that Mr. Kumar said the "real test" would come later
this year.

"We're in wait and watch mode," Mr. Kumar, as cited by the FT,
said. "Depending on how fast the recovery happens, the capital
buffer and the speed of resolution of stressed assets  .  .
 . can enable the financial system to deal with this current
situation."


KHANDWA INDUSTRIES: CARE Keeps D on INR12cr Debt in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Khandwa
Industries Private Limited (KIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       12.15      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 24, 2019, placed the
rating of KIPL under the 'issuer non-cooperating' category as KIPL
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. KIPL
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and an email dated
May 22, 2020, May 29, 2020 and June 23, 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 July 24, 2019, the following was the
rating weakness:

Key Rating Weaknesses

* Delay in debt servicing: The account has become NPA on the back
of weak liquidity position.

KIPL was incorporated in the year 2008 for manufacturing of cotton
bales & seeds and trading of cotton bales, oil, cakes and seeds.
KIPL is promoted by the Gupta family who are into the cotton
business since the year 1950. Mr. Sandeep Gupta and Ms Ramadevi
Gupta are actively involved in operations of KIPL. KIPL is
primarily engaged in trading of ginned cotton. It also has an
installed capacity of processing 12800 metric tons per annum (MTPA)
of cotton seeds and 6700 MTPA of ginned cotton as on March 31,
2015.


KISHORE INFRASTRUCTURES: Ind-Ra Cuts LongTerm Issuer Rating to BB
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Kishore
Infrastructures Private Limited's (KIPL) Long-Term Issuer Rating to
'IND BB' from 'IND BB+ (ISSUER NOT COOPERATING)'. The Outlook is
Negative.

The instrument-wise rating actions are:

-- INR160 mil. Fund-based facilities Long-term rating downgraded
     and short-term rating affirmed with IND BB/Negative/IND A4+
     rating;

-- INR800 mil. Non-fund-based facilities affirmed with IND A4+
     rating; and

-- IN40 mil. Proposed fund-based facilities # Long-term rating
     downgraded and short term rating affirmed with Provisional
     IND BB/Negative/ Provisional IND A4+ rating.

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

The downgrade reflects KIPL's stretched liquidity position. The
Negative Outlook reflects Ind-Ra's expectation of a fall in KIPL's
revenue and EBITDA margins in FY21 due to the COVID-19-led
lockdown, labor issues and the slow work during the rainy season;
KIPL's credit metrics are also likely to deteriorate in FY21 as the
company has capex plans.

KEY RATING DRIVERS

Liquidity Indicator - Stretched: The company utilized its
fund-based limits almost fully in the 12 months ended May 2020.
Also, KIPL availed temporary overdrafts multiple times in FY20. Its
cash and cash equivalent remained low at INR4.5 million in FY20
(FY19: INR3.5 million). In FY20, the net cash conversion cycle
deteriorated to negative 41 days (FY19: negative 91 days) on
account of an increase in the inventory days to 39 (27) and a
reduction in the creditor days to 159 (194 days). Ind-Ra expects
the net cash conversion cycle to marginally deteriorate in FY21 on
a reduction in the creditor days. In FY20, the cash flow from
operations turned negative to INR134 million (FY19: INR245 million)
on account of deterioration in the working capital. In FY20, the
fund flow from operations remained positive at INR51 million (FY19:
INR59 million) due to high absolute EBITDA. FY20 numbers are
provisional in nature.

In FY20, the company's credit metrics turned comfortable from
modest on account of a rise in the absolute EBITDA to INR126
million (FY19: INR38.3 million). The interest coverage (operating
EBITDA/gross interest expense) improved to 4.0x in FY20 (FY19:
1.5x) and the net leverage (adjusted net debt/operating EBITDAR) to
1.5x (FY19: 2.7x). However, Ind-Ra expects the credit metrics to
weaken in FY21 on account of KIPL's capex plan of around INR50
million (60% term loan from bank and 40% internal accruals) to
purchase advance machinery for digging and laying underground
cables. Furthermore, in FY22, KIPL has a capex plan of around INR25
million (60% term loan from bank and 40% internal accruals) for the
purchase of advance machinery.

The ratings also factor in KIPL's medium scale of operations. In
FY20, KIPL's revenue grew 25.0% yoy to INR1,836 million due to the
timely execution of orders in hand and bills being certified on
time. In FY19, the revenue grew a whopping 116.6% yoy to INR1,468
million due to the same reasons along with increased clarity on the
application of the Goods and Services Tax. On 31 March 2020, KIPL
had an order book of INR3,467 million (1.89x of FY20 revenue),
likely to be executed by FYE22. In addition, KIPL also plans to
apply for tenders in FY21 in Assam, Goa, Uttar Pradesh and
Maharashtra, with a total project value of around INR3,000 million.
In April 2020 and May 2020, the revenue achieved was INR150 million
and INR320 million, respectively. Ind-Ra expects the FY21 revenue
growth to be impacted, mainly in the initial two quarters due to
the lockdown, labor issues and the rains.

The ratings continue to be constrained by KIPL's high customer
concentration risk as the top three customers contributed around
64.2% to its total revenue in FY20 (FY19: 73.8%).

The ratings are supported by KIPL's healthy EBITDA margins of 6.9%
in FY20 (FY19: 2.6%, FY18: 6.5%) with return on capital employed of
29.8% (FY19: 11.7%). In FY19, the margins fell drastically to 2.61%
(FY18: 6.55%) on an increase in the cost of raw material consumed,
especially aluminium. In FY20, however, the margins recovered to
their normal levels due to controlled operating expenses. Ind-Ra
expects the margins to deteriorate in FY21 due to an increase in
the operating expenses after the lockdown.

The ratings continue to be supported by the promoter's experience
of a decade in undertaking rural electrification works.

RATING SENSITIVITIES

Negative: A further stretch in the liquidity position or any
decline in the revenue or EBITDA margin, leading to the interest
coverage falling below 3.0x, on a sustained basis, will be negative
for the ratings.

Positive: A substantial improvement in the revenue and an increase
in the EBITDA margin, leading to an improvement in the credit
metrics, along with an improvement in the liquidity, will lead to
the Outlook being revised back to Stable.

COMPANY PROFILE

KIPL was incorporated in May 2010. The company is engaged in
electrical distribution projects and transmission projects, which
mainly include power transmission, distribution lines and
electrical sub stations in Madhya Pradesh, Uttar Pradesh,
Maharashtra, Jharkhand, Rajasthan, and so on. It is located at
Hyderabad.


M.A. ENTERPRISES: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M.A.Enterprises
(MAE) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR10 mil. Fund-based limit assigned with IND BB-/Stable
     rating; and

-- INR390 mil. Non-fund-based limit assigned with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect MAE's moderate scale of operations. The
company's revenue grew to INR3,252.23 million in FY20 (FY19:
INR2,687.79 million) driven by a sustained improvement in the
domestic demand for edible oil. MAE enjoys strong presence in its
operational regions. In the three months ended May 2020, MAE booked
a revenue of INR150 million, and the agency expects the company to
report muted revenue growth in FY21 owing to the prolonged COVID-19
led lockdown. FY20 financials are provisional in nature.

The ratings also factor in the company's average margin. MAE's
margin contracted to 2.1% in FY20 (FY19: 2.95%) due to an increase
in the cost of raw materials. The company operates in a highly
competitive edible oil industry, which has a large number of
organized and unorganized players with low entry barriers,
resulting in thin margins. The company's return on capital employed
stood at 12.1% in FY20 (FY19: 15%).

The ratings are further constrained by the company's weak credit
metrics. Its gross interest coverage (operating EBITDA/gross
interest expense) improved to 1.50x in FY20 (FY19: 0.96x) due to a
reduction in interest expenses to INR48.91 million (INR82.75
million). Its net leverage (total adjusted net debt/operating
EBITDAR), however, deteriorated in FY20 to 15.72x (FY19: 5.85x) due
to the inclusion of outstanding letters of credit (LCs) in total
adjusted debt, which led to higher net debt of INR1,075.96  million
(INR465.34 million).

Liquidity Indicator- Poor: MAE's utilization of non-fund based
limits during the 12 months ended May 2020 stood at 96.52%. The
cash flow from operations turned positive in FY20 to INR170.05
million (FY19: negative INR185.78 million) owing to the substantial
improvement in the working capital cycle to one day (25 days) due
to elongated creditor days The company maintains no inventory as it
sells its products almost immediately. The company has no repayment
obligation except its auto and car loan, for which it has availed
of the moratorium benefit announced by the Reserve Bank of India.
As of end-FY20, out of a total of INR1,840 million creditors,
INR800 million was backed by LCs and out of total debtors of
INR1,880 million, INR940 million were backed by LCs.
The ratings, however, draw comfort from the partners' decade-long
experience in the trading of edible oil, which has helped them
establish a strong network with suppliers and customers.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue, leading to a
sustained improvement in the margins, credit metrics and liquidity,
will be positive for the ratings.

Negative: Deterioration in the profitability and liquidity, leading
to the gross interest coverage reducing below 1.3x will be negative
for the ratings.

COMPANY PROFILE

M.A Enterprises is a partnership firm incorporated in the year 2015
in Savita Vihar, Delhi, engaged in the business of importing and
trading edible oil in India.


M/S GMA PINNACLE: Ind-Ra Lowers LongTerm Issuer Rating to 'B+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded M/s GMA Pinnacle
Automotives Private Limited's (GMA) Long-Term Issuer Rating to 'IND
B+' from 'IND BB-'. The Outlook is Negative.

The instrument-wise rating action is:

-- INR150 mil. Fund-based limits downgraded with IND B+ /Negative

     /IND A4 rating.

KEY RATING DRIVERS

The downgrade and Negative outlook reflect deterioration in GMA's
operating performance over the past two years and the likelihood of
it continuing over the medium term. This is based on the persisting
slowdown in the automobile sector coupled with the ongoing economic
downturn, exacerbated by the COVID-19 led business disruptions. The
company's revenue declined to INR658 million in FY20 (FY19: INR961
million), due to a fall in the sales volumes. FY20 figures are
provisional in nature.

The ratings also factor in the company's weakening credit metrics,
with interest coverage (operating EBITDAR/net interest expense +
rents) of 1.0x in FY20 (FY19: 1.2x) and net leverage (adjusted net
debt/operating EBITDAR) of 11.2x (8.2x). The credit metrics
weakened in FY20 because of a decline in operating EBITDA to INR8.8
million (FY19: INR20.5 million).

The ratings also continue to factor in GMA's modest operating
margins (FY20: 1.3%; FY19: 2.1%) due to its nature of business
(dealership) and intense competition. The fall in FY20 margins was
the result of the revenue decline while the operating costs
remained intact. The company's return on capital employed reduced
to 1% in FY20 (FY19: 6%). However, according to the management, the
company has undertaken cost reduction measures to contain the
impact of COVID-19 that is likely to aid the EBITDA margins in
FY21. This includes rental expenses reduction from all the
landlords and management expects there will be an increase in the
sale of service and spare parts.

Liquidity Indicator – Stretched: The average maximum utilization
of fund-based limits for the 12 months ended May 2020 was 66.3%.
The company's fund flow from operations was positive but low at
INR7 million in FY20 (FY19: INR9 million). GMA's cash flow from
operations, though increased, was just INR40 million in FY20 (FY19:
INR8 million). The increase was mainly due to a shortening of the
working capital cycle to 36 days in FY20 (FY19: 40 days), on
account of a decrease in inventory days. GMA has availed the
Reserve Bank of India prescribed debt moratorium over March-August
2020.

However, the ratings are supported by promoter's experience of
almost a decade in the automobile industry.

RATING SENSITIVITIES

Negative: Any significant decline in the revenue and profitability,
leading to deterioration in the liquidity profile and credit
metrics would be negative for the ratings.

Outlook Revision to Stable: An improvement in the profitability,
along with an improvement in the credit metrics could result in an
Outlook revision to Stable.

COMPANY PROFILE

Incorporated in July 2016, GMA has an authorized dealership of Jeep
brand.


MALWA STRIPS: CARE Maintains D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Malwa
Strips Private Limited (MSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       6.00       CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

   Short-term Bank      3.25       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 1, 2019, placed the
rating of MSPL under the 'Issuer non-cooperating' category as MSPL
had failed to provide information for monitoring of the ratings as
agreed to in its rating agreement. MSPL continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter dated
June 9, 2020, June 15, 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.

Detail description of the key rating drivers

At the time of last rating on August 1, 2019, the following was the
rating weakness

Key rating weaknesses

* On-going delay in debt servicing and overdrawing in bank
overdrafts limit:  There have been instances of delays in debt
servicing owing to poor liquidity.

Malwa Strips Private Limited (MSIL, CIN: U27107MP1987PTC004101) was
incorporated in 1987 in Dewas (Madhya Pradesh) by Mr. Dilip Doshi
along with his family members. MSPL is engaged in the business of
manufacturing of copper metal based products like copper bars,
rods, strips, foils and other copper based products. The products
of MSPL are mainly used in power and infrastructure sector. MSPL
has its manufacturing facility situated at Dewas having an
installed capacity of 120 Metric Tonnes Per Annum (MTPA) as on
March 31, 2016. Major raw material used by MSPL is copper rods and
copper strips.


MANISHA PROJECTS: Ind-Ra Moves BB+ Issuer Rating to NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Manisha Projects
Private Limited's (MPPL) Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR190 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR1.086 bil. Non-fund-based working capital limit migrated to

     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR224 mil. Proposed non-fund-based working capital limit
     migrated to non-cooperating category with Provisional IND A4+

     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 4, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Manisha Projects, set up as a partnership firm in 1989, was
reconstituted as a private limited company with the present name in
1998. The company executes civil contracts such as construction of
buildings, roads, and drainage systems for the Uttar Pradesh
government. It majorly executes projects for the Public Works
Departments. The company is an 'A' class government contractor in
the state.


MANTHARAGIRI TEXTILES: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
------------------------------------------------------------------
Ind-Ra-India Ratings and Research (Ind-Ra) has downgraded
Mantharagiri Textiles (MT) Long-Term Issuer Rating to 'IND D' from
'IND B+'. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based working capital limit (Long Term)
     downgraded with IND D rating;

-- INR19.7 mil. (reduced from INR41.8 mil.) Term loan (Long Term)

     due on August 2026 downgraded with IND D rating; and

-- INR8.8 mil. Non-fund-based working capital limit (Short Term)
     downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects delays in MT's repayment of principal and
interest in January and February 2020 owing to insufficient funds.
The company has availed of the Reserve Bank of India-prescribed
moratorium for its term loan facilities over March-August 2020 and
an INR20 million of the working capital term loan under the
COVID-19 regulatory package scheme.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a rating upgrade.

COMPANY PROFILE

Founded in 1990, Mantharagiri Textiles is a partnership firm that
manufactures cotton yarn at its facility in Senjerimalai near
Coimbatore (Tamil Nadu).


MICROTEX FASHION: CARE Keeps D on INR7cr Debt in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Microtex
Fashion Industries (MTFI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       7.23       CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 3, 2019, placed
the rating of MTFI under the 'issuer non-cooperating' category as
MTFI had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. MTFI
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and an email dated
May 29, 2020, June 1, 2020 and June 25, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on September 3, 2019, the following was
the rating weakness:

Key Rating Weaknesses

* Delay in debt servicing:  The account has become NPA on the back
of weak liquidity position.

Valsad-based (Gujarat) MTFI was established in the year 2015 by the
proprietor Ms Beena Jayesh Gor, with an objective of manufacturing
and trading of linen fabric from flax yarn, which finds application
in the textile industry. MTFI commenced trading operations in linen
fabric from April 2015 while the manufacturing operations commenced
from September 2015 from its sole manufacturing facility located in
Valsad (Gujarat) with 48 rapier looms having an installed capacity
of about 1.75 lakh metres of linen fabric per month. MTFI procures
flax yarn domestically and sells the finished product to retailers
and wholesalers located in various cities of India like Ludhiana,
Hyderabad, Kanpur etc.


NEMCARE HOSPITAL: CARE Keeps D on INR15cr Debt in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nemcare
Hospital Tezpur Private Limited (NHTPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       15.0       CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 6, 2019, placed the
rating of NHTPL under the 'issuer non-cooperating' category as
NHTPL 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. NHTPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated January
27, 2020 and June 19, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 6, 2019 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Ongoing delay in debt servicing: There is an ongoing delay in
servicing of interest on term loan.

* Project implementation risk:  The financial closure of the debt
portion is already tied up. However, the commencement of proposed
hospital has been delayed from April 2018 to April 2020.

* Capital intensive nature of business:  Healthcare industry is a
capital intensive industry with long gestation period due to low
occupancy rate in the initial period of operation. Thus, the
promoter support is imperative for the operation until the
occupancy rate reaches to the minimum desired level.

* High vulnerability to treatment-related and operating risks:
Healthcare is a highly sensitive sector where any mishandling of a
case or negligence on part of any doctor and/or staff of the unit
can lead to distrust among the masses.

Key Rating Strengths

* Qualified and experienced promoters:  The promoters of the NHTPL
group namely Dr. Hiteshwar Baruah (MBBS, MAIMS, FAIMS) and Dr Mihir
Kumar Baruah (MBBS, PGDHHM) have more than two decades of
experience in the healthcare industry. Both the promoters have been
providing healthcare services for more than 2 decade through their
flagship company, North East Medical Care & Research Centre Pvt.
Ltd. (NEMCRCPL) which operates a 100 bed multi-speciality hospital
in Guwahati, Assam.

* Strategic Location of the hospital with established brand image
of NEMCARE group:  The proposed multi-specialty hospital is being
set up at Tezpur, Sonitpur, Assam which will have locational
advantage and will be first of its kind in the said region with
complete healthcare setup backed by qualified professionals. In
absence of strong competition in the said region, NHTPL is expected
to enjoy the competitive position.

NHTPL was incorporated on May 23, 2016 by Guwahati based NEMCARE
Group. North East Medical Care & Research Centre Pvt Ltd (NEMCRCPL)
holding 88.64% stake in NHTPL is the flagship company of the group
which is already operating a 100 bed multi-speciality hospital in
Guwahati, Assam since last 2 decade. This apart, Nemcare Hospital
Pvt Ltd (NHPL, IND D) another company of the group is running a 200
bed multi-speciality hospital in Guwahati.

NHTPL is setting up a 60 bed multi-speciality hospital in Tezpur,
Assam at an estimated cost of INR25.98 crore (being funded at a
debt equity ratio of 1.7:1). The commencement of the same has been
postponed from April 2018 and the project is expected to be
completed by April 2020.

Dr. Mihir Kumar Baruah, Director [MBBS, PGDHHM] along with Dr.
Hiteshwar Baruah (MBBS, MAIMS, FAIMS) serving as the chairman and
Managing Director of NHTPL is looking after day to day operations
of the company. The promoters are having an experience of more than
two decades in the healthcare industry.


NITHYA TOBACCOS: CARE Reaffirms & Then Withdraws D Rating
---------------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding ratings of 'CARE
D' (issuer not cooperating) assigned to the bank facilities Nithya
Tobaccos with immediate effect.  The action has been taken at the
request of Nithya Tobaccos and 'No Objection Certificate' received
from the banker that have extended the facilities rated by CARE.

Ongole based Nithya Tobaccos (NT) was established in March 2016 as
a proprietorship concern by Mr. G Vasu Babu. Mr. Babu is an
authorized licensed holder for processing and selling of Flue-Cured
Virginia (FCV) Non Traditional tobacco from Government of Andhra
Pradesh. NT is mainly engaged in processing and selling of FCV Non
Traditional tobacco. The orders undertaken by the firm are secured
through the competitive bidding process conducted by Tobacco Board
(TB) at Andhra Pradesh location.


OZONE PROJECTS: CARE Keeps C on INR126.30cr Debt in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ozone
Projects Pvt Ltd (OPPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible      126.30     CARE C Issuer not cooperating;
   Debentures Issue                Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from OPPL to monitor the rating
vide e-mail communications dated July 8, 2020, July 7, 2020, July
3, 2020, July 2, 2020 and June 30, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided confirmation on redemption of Non-Convertible Debentures
(NCD) which fell due on June 30, 2020. CARE had also sent e-mail to
debenture trustee (DT) for payment confirmation, to which DT has
responded that it is yet to receive payment confirmation. E-mail
sent to investor also elicited no response. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on OPPL's NCDs
will now be denoted as CARE C; ISSUER NOT COOPERATING.

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

The rating action follows non-receipt of redemption confirmation on
NCD which fell due on June 30, 2020 from the company, debenture
trustee and investor despite several attempts.

Detailed description of the key rating drivers

At the time of last rating on March 31, 2020 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Continuous deferment of NCD: The Company has deferred redemption
of NCDs-I five times till now from Oct 31, 2019 to June 30, 2020.
Redemption of NCDs which fell due on March 31, 2020 has now been
deferred to June 30, 2020 as the company is not able to generate
adequate cash flows from the project due to fall in sales
velocity.

* Cyclicality associated with the real estate industry: The
capital-intensive real estate industry is highly cyclical in
nature. Weak macro-economic scenario characterized by weak demand
following demonetization and RERA implementation in the real estate
and construction industry. Ability of the company to improve sales
momentum and collection efficiency would be critical.

Key Rating Strengths

* Experienced promoters and group's established presence in real
estate: Ozone Group is engaged in the real estate development
including Information Technology (IT) parks, commercial space,
malls, hotels, service apartments, residential apartments and
townships. Ozone Propex Private Limited is the group's flagship
company promoted by Mr. S. Vasudevan, Mr. C.P. Bothra and Urban
Infrastructure Venture Capital Fund. Mr. S. Vasudevan, Chairman and
MD of the Ozone Group, is an architect and has over two decades of
experience in property design and development.

Analytical approach: Standalone

Incorporated in 2005, Ozone Projects Pvt. Ltd. (OPPL) is promoted
by the Bengaluru based Ozone group and is currently developing a
township at Anna Nagar, Chennai called 'Ozone Metrozone'.


PARSOLI MOTOR: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Parsoli
Motor Works Private Limited (Parsoli) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       2.50       CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

   Long-term/Short-    11.00       CARE D/CARE D; Issuer not
   term Bank                       cooperating; Based on best
   Facilities                      available information

   Short-term Bank      8.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 11, 2019, reviewed the
rating of Parsoli under the 'issuer non-cooperating' category as
Parsoli had failed to provide information for monitoring of the
rating. Parsoli continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated June 29, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on April 11, 2019 the following were the
rating strengths and weaknesses.

Key Ratings Weaknesses

* Delays reported in servicing of debt obligation: As reported in
audit report for the year ended March 31, 2018, Parsoli made
delays/ defaults in the repayment of debt obligation due to
stressed liquidity.

* Continuous losses leading to erosion in net-worth base and tight
liquidity: Total operating income of Parsoli declined by 50% during
FY18 over FY17 on account of decline in sales volume of cars. After
reporting a net loss of INR17 crore during FY17, Parsoli continue
to incur net loss of INR15 crore during FY18 on account of
relatively higher operating overheads followed by decline in scale
of operation apart from high interest cost. Continued losses
resulted in substantial deterioration in the net-worth base as on
March 31, 2018. Moreover, continuous losses resulted into tight
liquidity leading to delays/ defaults in debt servicing.

Parsoli (CIN: U29199GJ2007PTC051546), promoted by Sareshwala
family, is an authorized dealer of BMW series of luxury cars in
Gujarat. Parsoli entered into a dealership agreement with BMW India
Pvt. Ltd. (BMW India) in May 2008. The company was dealing in BMW
spares parts, car accessories and provides car servicing
facilities. Parsoli had three exclusive showrooms each at
Ahmedabad, Rajkot and Surat in the state of Gujarat. However, as
per the publically available information, BMW India has terminated
its dealership agreement with Parsoli and presently Parsoli does
not have any operations.


PRADEEP UDYOG: CARE Keeps D on INR10cr Debt in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pradeep
Udyog (PU) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       10.00      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 8,2019, placed the
rating of PU under the 'issuer noncooperating' category as PU had
failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. PU continues to be
non-cooperative despite repeated requests for submission of
information through numerous phone calls and email dated June 19,
2020, June 23, 2020, June 25, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on August 8, 2019, following were the
rating weaknesses:

Key Rating Weakness

* Delay in debt servicing obligations: As per the interaction with
the banker dated February 12, 2018, the account has been classified
as NPA on account of continues over-drawals in the cash credit
limit and delay in repayment of interest obligation.

PU, based in Nagpur (Maharashtra), is promoted by Mr. Pradeep
Agarwal and commenced operation in January 2016. PU is engaged in
trading of iron & steel products such as Thermo Mechanically
Treated (TMT) bars, round bars, angles, channels, beams, flats,
etc, which find application in various industries like
construction, infrastructure and engineering, amongst others. The
entity has its registered office and servicing facility based in
Nagpur. The servicing facility is owned by the entity and has an
area of 6,000 square feet (sq. ft.).


PRAGAT AKSHAY: CARE Maintains D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pragat
Akshay Urja Limited (PAUL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       6.00       CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

   Short-term Bank      2.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 22, 2019, placed the
rating of PAUL under the 'Issuer non-cooperating' category as PAUL
had failed to provide information for monitoring of the ratings as
agreed to in its rating agreement. PAUL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails; phone calls and a letter dated
June 8, 2020, June 11, 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.

Detail description of the key rating drivers

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

Key rating weaknesses

* Delay in debt servicing: As per banker interaction, there have
been irregularities in the debt servicing.

Indore-based (Madhya Pradesh) Pragat Akshay Urja Limited (PAUL,
CIN: U29190MP2009PLC021620) was incorporated in 2009 by Mr. Satish
Jain, Mr. Rakesh Jain, Mr. Prakash Chandra Jain and Mr. Anjesh
Jain. PAUL is engaged in manufacturing of photovoltaic solar
Modules, solar cooker, solar lights and home light system. PAUL is
also engaged in complete System Integration (SI) Business for
government departments.


QUADROS MOTORS: CARE Keeps D on INR6.20cr Debt in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Quadros
Motors Private Limited (QMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        6.20      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed description of the key rating drivers

CARE had, vide its press release dated August 8, 2019, placed the
rating of QMPL under the 'issuer non-cooperating' category as QMPL
had failed to provide information for monitoring of the rating as
agreed to in its rating agreement. QMPL continues to be
non-cooperative despite repeated requests for submission of
information through email dated June 19, 2020, June 22, 2020, and
June 24, 2020 and numerous phone calls. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

At the time of last rating on August 08, 2019 the following were
the rating weaknesses:

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: As per the interaction with the banker
dated March 6, 2018, there have been delays in servicing of
interest and principal on long term debt and the account was
classified as NPA.

Incorporated in the year 2005, QMPL is an authorized dealer for
Suzuki Motors India Private Limited (Suzuki) for its two wheelers
and covers the whole Goa State, being a '3-S' dealer, it also
provides spares and services. QMPL had four showrooms located at
Margao, Ponda, Mapusa and Vasco.


R. M. AUTO LINK: CARE Lowers Rating on INR7.50cr Loan to C
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of R.
M. Auto Link Private Limited (RMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       7.50       CARE C; Issuer not cooperating;
   Facilities                      Revised from CARE B; Issuer not

                                   cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 31, 2019, placed the
rating of RMPL under the 'Issuer non-cooperating' category as RMPL
had failed to provide information for monitoring of the ratings as
agreed to in its rating agreement. RMPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated June 9,
2020, June 15, 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.

The rating assigned to the bank facilities of RMPL have been
revised on account of non-availability of requisite information to
carry out rating exercise. The revision also factored in decline in
scale of operations along with profitability, deterioration in the
capital structure as well as debt coverage indicators during FY19
(Audited, FY refers to the period April 1 to March 31).

The rating also factored in its presence in highly competitive and
cyclical automobile industry. The rating, however, continues to
derive strength from experienced promoters and its established
operations with long standing association with HMSI.

Detail description of the key rating drivers

At the time of last rating on July 31, 2019, the following were the
rating strengths and weaknesses (Updated for the information
available from Registrar of Companies)

Key rating weaknesses

* Declining scale of operations along with profitability: Total
operating income (TOI) has declined from INR49.07 crore in FY17 to
INR39.73 crore in FY18 and further down to INR37.81 crore in FY19
owing to subdued performance of automobile industry. Further, owing
to its trading nature of operation profitability remained thin
marked by PBILDT margin of 0.83% in FY19 against 0.97% in FY18.
Furthermore, on back of higher interest cost incurred during the
year, RMPL has reported net loss in FY18 and FY19 of INR0.28 crore
and INR0.73 crore respectively. Resultantly, RMPL has reported cash
loss of INR0.61 crore in FY19 against cash loss of INR0.16 crore in
FY18.

* Deterioration in capital structure and debt coverage indicators:
Capital structure has further deteriorated on back of reduction in
tangible net worth base as a result of accumulation of losses as
indicated by negative gearing position as on March 31, 2019 against
10.60 times as on March 31, 2018. As a result of thin operating
profitability with cash loss reported during the year and poor
gearing level, debt coverage indicators also deteriorated and
remained weak marked by below unity interest coverage of 0.27 times
in FY19 (FY18: 0.53 times) and poor total debt to GCA ratio during
FY19.

* Presence in highly competitive and cyclical automobile industry:
Indian auto dealership business is highly fragmented and
competitive with presence of large number of auto dealers catering
to different brands. RMPL faces aggressive competition on account
of established presence of other automobile manufacturers like
Bajaj, Hero MotoCorp, Yamaha, Suzuki, TVS in 2-wheeler segment.
Moreover, the auto industry is inherently vulnerable to the
economic cycles and is highly sensitive to the interest rates and
fuel prices.

Key rating strengths

* Vast experience of the promoters in automobile dealership
business:  RMPL is promoted by Rajpal and Moochandani family who
are based out of Bhopal, Madhya Pradesh. Rajpal family has been
associated with various businesses in automobile dealership and
auto component industry for around two decades. Promoters are
assisted by qualified and well experienced workshop and sales team
comprising of dedicated showroom and field executives who are
professionally trained by Honda Motors Cycle and Scooter India Pvt.
Ltd. (HMSI).

* Established operations with long standing association with HMSI:
RMPL was established in year 2005 and since then it has been
engaged into automobile dealership business. RMPL holds an
authorized dealership of two wheelers of HMSI, based out of Bhopal.
RMPL owns and operates one showroom with 3S facility (Sales,
Services and Spare Parts) in Bhopal. The company offers complete
solution including arranging finance for its customers.

R. M. Auto Link Private Limited (RMPL, CIN: U34103MP2005PTC017555)
was incorporated in April 2005 and was promoted by Rajpal and
Moolchandani family. RMPL is engaged in two wheeler (2W) automobile
dealership business as an authorized dealer of Honda Motors Cycle
and Scooter India Pvt. Ltd. (HMSI). RMPL has one showroom with 3S
facility (Sales, Services and Spare Parts), one service centre with
2S facility (Services and Spare parts) and one sales outlay in
Bhopal.


RAM NATH: CARE Keeps D on INR20.15cr Debt in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ram Nath
Memorial Trust Society (RNMS) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       20.15      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 14, 2019 placed the
ratings of RNS under the 'issuer non-cooperating' category as Ram
Nath Memorial Trust Society had failed to provide information for
monitoring of the rating. Ram Nath Memorial Trust Society continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 30, 2020, July 2,2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 14, 2019, the following were the
rating weakness:

The ratings take into account the ongoing delays in debt servicing
obligations due to stressed liquidity position.

Ram Nath Memorial Trust Society (RNMS) was established in 1999
under the Society Registration Act, 1860 with an objective to
provide education services by establishing and operating various
educational institutions. It operates institutes offering courses
in arts, computer applications certificate courses in basic
training, post-graduate courses in education, management and
short-term courses in computer science. The society is managed by
the Singhal family and was founded by Dr. P.N. Singhal (S/O Late
Shri Ram Nath Singhal). This society is named after an eminent
educationalist and social activist Late Shri Ram Nath Singhalji.
Currently, Ms. Seema Singhal is the president of the society. The
day to day affairs of the society is carried out by Mr. P.N.
Singhal.


RKD CONSTRUCTION: Ind-Ra Withdraws BB+ Issuer Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained RKD Construction
Private Limited's (RKDCPL) Long-Term Issuer Rating of 'IND BB+
(ISSUER NOT COOPERATING)' in the non-cooperating category and
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR108.84 mil. Term loan* due on June 2022 maintained in non-
     cooperating category and withdrawn;

-- INR975 mil. Fund-based working capital limits* maintained in
     non-cooperating category and withdrawn;

-- INR1.925 bil. Non-fund-based working capital limits**
     maintained in non-cooperating category and withdrawn;

-- INR60 mil. Proposed fund-based working capital limits#
     maintained in non-cooperating category and withdrawn; and

-- INR1.390 bil. Proposed non-fund-based working capital limits##

     maintained in non-cooperating category and withdrawn.

* Maintained at 'IND BB+ (ISSUER NOT COOPERATING)' before being
withdrawn

** Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

# Maintained at 'Provisional IND BB+ (ISSUER NOT COOPERATING)'
before being withdrawn

## Maintained at 'Provisional IND A4+ (ISSUER NOT COOPERATING)'
before being withdrawn

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise, despite repeated requests by the agency, and
has not provided information about the interim financial
performance for FY20, sanctioned bank facilities and utilization,
business plan and projections for next three years, information on
corporate governance, and management certificate.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders (prior to
30 June 2020). This is consistent with the Securities and Exchange
Board of India's circular dated March 31, 2017 for credit rating
agencies.

COMPANY PROFILE

Incorporated in 1996, RKD was promoted by Rohit Kumar Das as a sole
proprietorship in 1963. The company is primarily engaged in civil
construction activities, mainly construction of roads and highway.


S.C. ENTERPRISES: CARE Keeps D on INR5cr Debt in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S.C
Enterprises (SCE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       5.00       CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 14, 2019 placed the
ratings of SCE under the 'issuer noncooperating' category as S.C.
Enterprises had failed to provide information for monitoring of the
rating. SCE continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated June 30, 2020, July 2, 2020. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 14, 2019, the following were the
rating weakness:

The ratings take into account the ongoing delays in debt servicing
obligations due to stressed liquidity position.

Faridabad (Haryana) based S.C Enterprises (SCE) was established in
1995 as a proprietary firm by Mr. Subhash Chand. SCE is engaged
trading of textile products viz. fabrics of ladies and gents suits,
mattress cover, blankets, slip cover, sofa covers, cushion covers
etc. The firm sells its product to retailers mainly in Delhi,
Gurgaon and Faridabad. SCE procure the traded products.


SAI CHHAYA: CARE Lowers Rating on INR11.48cr LT Loan to C
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sai
Chhaya Autolink Private Limited (SCAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       11.48      CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B; Stable; Issuer not
                                   cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 20, 2019, placed the
rating of SCAPL under the 'Issuer non-cooperating' category as
SCAPL had failed to provide information for monitoring of the
ratings as agreed to in its rating agreement. SCAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated
June 8, 2020, June 11, 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.

The rating assigned to the bank facilities of SCAPL have been
revised on account of non-availability of requisite information to
carry out a rating exercise. The revision also factored in
declining scale of operations with deterioration in the capital
structure as well as debt coverage indicators during FY19 (Audited,
FY refers to the period April 1 to March 31). The rating also
factored in its thin profitability and its presence in highly
competitive industry with its limited bargaining power with
principal automobile manufacturers. The rating, however, continues
to derive strength from experienced and qualified promoters with
long track record of operations in the industry.

Detailed description of the key rating drivers

At the time of last rating on May 20, 2019, the following were the
rating strengths and weaknesses (Updated for the information
available from Registrar of Companies)

Key rating weaknesses

* Declining scale of operations with thin profitability:  Total
operating income (TOI) has declined from INR63.47 crore in FY17 to
INR57.26 crore in FY18 and further down to INR50.05 crore in FY19
due to subdued performance of automobile industry. Further, owing
to its trading nature of operation profitability remained thin
marked by PBILDT margin of 3.01% in FY19 against 2.28% in FY18.
Further, on back of higher interest and depreciation cost SCAPL has
reported net loss in FY18 and FY19 of INR0.09 crore and INR0.18
crore respectively.

* Deterioration in capital structure and debt coverage indicators:
Capital structure has further deteriorated owing to decrease in net
worth base as a result of accumulation of losses generated during
the year and remained highly leveraged as indicated by overall
gearing of 6.20 times as on March 31, 2019 against 5.72 times as on
March 31, 2018. Consequently, Debt coverage indicators also
deteriorated and remained weak marked by below unity interest
coverage of 0.95 times in FY19 (FY18: 0.94 times) and high total
debt to GCA ratio of 50.37 times (31.31 times as on March 31, 2018)
as on March 31, 2018.

* Presence in highly competitive industry: Indian auto dealership
business is highly fragmented and competitive with presence of
large number of auto dealers catering to different brands. SCAPL
faces aggressive competition on account of established presence of
other automobile manufacturers like Maruti Suzuki, Honda, Hyundai,
Chevrolet, Nissan, Fiat, Tata, Renault, Skoda, Mahindra and
Mahindra in car segment. Moreover, the auto industry is inherently
vulnerable to the economic cycles and is highly sensitive to the
interest rates and fuel prices.

* Limited bargaining power with principal automobile manufacturers:
SCAPL business model is purely in the nature of trading wherein
profitability margins are very thin. Moreover, in this business a
dealer has very less bargaining power over principal manufactures.
The margin on products is set at a particular level by the
principal manufacturer thereby restricting the company to earn
incremental income.

Key rating strengths

* Experienced and qualified promoters with long track record of
operations in the industry:  Mr. Jai Moolchandani, the key
promoter, has an extensive experience in this domain of more than
15 years and looks after the overall management of the company. The
top management is assisted by Mr. Satya Prakash Sharma, General
Manager, who looks after finance function of the company. Further
SCAPL has long operational track record of more than 15 years.

* Authorized dealer of Ford India Private Limited (FIPL) for
passenger cars:  SCAPL is the authorized dealer of FIPL for
passenger cars in Bhopal that includes all type of passenger
vehicles. It also provides authorized after sales service and deals
in accessories & spare parts apart from selling cars. This is
supported by requisite infrastructure in terms of showroom and
workshop to carry out business of sales and service of FIPL's
passenger cars.

Bhopal-based Sai Chhaya Autolink Private Limited (SCAPL, CIN:
U50103MP2003PTC015830) was incorporated in 2003 by Mr. Jai
Moolchandani along with Mr. Krishna Moolchandani, Mr. Deepak Rajpal
and Mrs Neelam Rajpal. SCAPL is an authorized dealer of FIPL and
operates two showrooms cum service outlet and a small sales outlet
in Bhopal, Madhya Pradesh. It is the only Ford dealer in Bhopal and
is one of the five dealers in Madhya Pradesh. The Moolchandani
family has also promoted R.M. Autolink Private Limited which has
Honda bikes & scooter dealership in Madhya Pradesh.


SAVANI INFRACON: CARE Lowers Rating on INR25cr LT Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Savani Infracon LLP (SIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank         25       CARE B; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable Based on
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 6, 2019, placed
the rating(s) of SIL under the 'issuer non-cooperating' category as
SIL had failed to provide information for monitoring of the rating.
SIL continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated May 28, 2020, June 1, 2020 and June 3, 2020. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The ratings assigned to the bank facilities of SIL have been
revised on account of non-availability of latest financial and
operational information. The ratings take into account high project
implementation risk, risk related to timely receipt and advances
and presence in a cyclical and highly fragmented real estate
industry. The ratings take comfort from experienced promoters
supported by a professional team and location advantage.

Detailed description of the key rating drivers

At the time of last rating on September 6, 2019, following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* High project implementation risk:  SIL started construction
activities of 'World Centre 3' from June 2017 and it is expected to
be completed by end of September 2019. Till Feb. 4, 2018, the firm
has incurred cost to the extent of 29.02% out of total project cost
of INR116.25 crore.  With balance major costs yet to be incurred,
SIL is exposed to project implementation risk.

* Risk related to timely receipt of advances: Till February 04,
2018, SIL has not received any booking advance towards the project
and the costs incurred towards the project are primarily funded
through partners' contribution. With booking advances yet to be
received, SIL is exposed to timely receipt of overall advances
towards the project.

* Presence in a cyclical and highly fragmented real estate
industry: The life cycle of a real estate project is long and the
state of the economy at every point in time, right from land
acquisition to construction to actual delivery, has an impact on
the project. This capital intensive sector is extremely vulnerable
to the economic cycles. Currently, slowdown in sales of units and
volatile input costs has increased liquidity concerns for highly
leveraged players. Further, the real estate sector in India is
highly fragmented with presence of many regional players, who have
significant presence in their respective local markets which in
turn leads to intense competition within the industry.

Key Rating Strengths

* Experienced promoters supported by a professional team SIL is
managed by Mr. Vishal Sheth, Mr. Madhavray Savani and Mrs.
Narmadaben Savani. Mr. Vishal Sheth is holding total experience of
more than a decade into real estate business. Further, the entity
has been supported a professional team. Mr. Arun Savani, who is an
engineer by profession, involved in the proposed project i.e. World
Centre 3 as a key technical person. He holds total experience of
more than two decades into same line of business. Further, Savani
group has a strong presence in Ahmedabad's market by completing
various Residential and Commercial projects.

* Location Advantage: SIL is constructing 'World Centre 3' at
Sabarmati Riverfrtont, which is very near to the already
established business hub at Ashram Road, Ahmedabad. Further, its
close proximity to Airport, Railway Station and Bus Station is
giving an add-on benefit to the project.

Ahmedabad (Gujarat) based, SIL was established as a limited
liability partnership firm in March 2017. Mr. Madhavray K. Savani,
Mrs. Narmadaben M. Savani and Mr. Vishal S. Sheth are the key
partners of the firm. The firm is engaged into Real Estate
Development. Currently the firm is constructing a commercial
project known as 'World Centre 3' at Ahmedabad with the total cost
of INR116.25 crore and till February 04, 2018 the firm has incurred
cost of INR33.74 crore towards the project. The project consists of
11 storey building for 5 shops and 42 offices (aggregate 47 units)
on Sabarmati Riverfront, Ashram Road, Ahmedabad, Gujarat. The firm
has commenced project from June, 2017 and it is expected to be
completed by September, 2019. The firm belongs to Savani group
which is into same line of business for more than a decade and
successfully completed five Projects.


SOUTHERN PHARMA: CARE Keeps D on INR15cr Debt in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Southern
Pharma India Private Limited (SPIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       15.80      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 22, 2019, placed the
ratings of SPIPL under the 'issuer non-cooperating' category as
company had failed to provide information for monitoring of the
rating. The company continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and email dated June 15, 2020 .In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on February 16, 2018 the following were
the rating strengths and weaknesses

Key Rating Weakness

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

Southern Pharma India Private Limited (SPIPL), was incorporated on
April 22, 2015 promoted by Mr. Venkat Raju and Mr. Rakesh. The
company has proposed to set-up a manufacturing unit of API and
intermediaries with a proposed installed capacity of 700 MTPA. The
manufacturing unit of the company is located at Plot No.28, I & H,
APIIC, Denotified Area, Rambilli Mandal, Atchutapuram,
Visakhapatnam. SPIPL planning to manufacture the products like
Atorvastatin Calcium (Ulcer), Esomeprazole Magnesium Trihydrate
(anti vomting) and Rabeprazole Sodium (gastric) among others.


SRINIVASA EDUCATIONAL: CARE Keeps on INR37cr Debt in NonCooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Srinivasa
Educational Academy (SEA) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       37.20      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 20, 2018, placed the
rating of SEA under the 'issuer non-cooperating' category as SEA
had failed to provide information for monitoring of the rating.
Further, vide press release dated July 4, 2019, CARE has continued
the rating in issuer non-cooperation category.

SEA continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an
e-mail dated June 29, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The rating takes into account the ongoing delays in debt servicing
by the trust.

Detailed description of the key rating drivers

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

* Weak liquidity position resulting in delays in debt-servicing:
The trust has been undertaking large capex plans for setting up a
medical college named 'RVS Institute of Medical Sciences' since
FY15 (refers to the period April 1 to March 31). During FY16, SEA
incurred capex of around INR40 crore partly funded by debt, while
the balance was funded by way of internal accruals. Also, there is
delay in receipt of fee reimbursement from the Government of Andhra
Pradesh resulting in stretched collection period. The liquidity
position of the trust continues to remain weak with internal
accruals generated being used to part fund the capex activities,
along with cash flow mismatches due to the fee collection pattern
of the trust. The same has led to continued delays with respect to
debt servicing.

The trust was incorporated in 1998 by Dr R Venkataswamy, a
philanthropist and an educationist, to render educational and
development facilities in the rural areas of Chittoor District in
Andhra Pradesh (A.P.). The oldest educational institute of the
trust is Sri. R.K.M Law College started in 1991-1992 which was
taken over from Swami Vivekananda Society. His family members are
the trustees for SEA. SEA currently manages eleven educational
institutions, which include engineering, law, computer science,
pharmacy, business management, nursing, medicine, etc. SEA also
provides hostel facilities to its students, teachers and other
staffs. The trust had set-up a 362 bedded hospital in 2013. Out of
the eleven institutes, two institutes are located in Hyderabad,
Telangana while the rest are in Chittoor district, A.P.


SSG INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SSG
Infratech Private Limited (SIPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       35.00      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

   Long-term/Short-     62.50      CARE D/CARE D; Issuer not
   term Bank                       cooperating; Based on best
   facilities                      available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 25, 2019 placed the
rating of SIPL under the 'issuer non-cooperating' category as SIPL
had failed to provide information for monitoring of the rating.
SIPL continues to be non-cooperative despite repeated requests for
submission of information through letter/emails dated July 2, 2020,
July 1, 2020, and June 30, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of rating on March 25, 2019, the following were the
rating weakness.

Key Rating Weaknesses

* Delays in the servicing of debt obligations:  There are ongoing
delays in the interest servicing of the debt by the company along
with instances of LC devolvement. There are irregularities in the
debt servicing by the company on account of stressed liquidity
position. Current status on the same is not known as CARE could not
contact the banker.

SSIPL was incorporated in 2004 by Mr. Harjit Singh Sahni. The
company is engaged in providing design and infrastructure services
in civil and electrical contracts on turnkey basis, which primarily
involves installation and commissioning of electrical substations,
water treatment plants, sewerage treatment plants, construction of
underground reservoirs and rainy wells primarily in state of Uttar
Pradesh and Northern India.


SUKH SAGAR: CARE Keeps D on INR6.48cr Debt in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sukh Sagar
Motors Private Limited (SSMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       6.48       CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 1, 2019, placed the
rating of SSMPL under the 'Issuer non-cooperating' category as
SSMPL had failed to provide information for monitoring of the
ratings as agreed to in its rating agreement. SSMPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails phone calls and a letter dated June 9,
2020, June 15, 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.

Detail description of the key rating drivers

At the time of last rating on July 1, 2019, the following was the
rating weakness

Key rating weaknesses

* Delay in debt servicing: There have been delays in interest
servicing.

Sukh Sagar Motors Private Limited (SSMPL, CIN:
U34100MP2008PTC020216), incorporated in the year 2008, is promoted
by Mr. Amandeep Singh Khanna and family members. The company has
entered into an authorized dealership agreement with Tata Motors
Limited (TML) for sales and service of passenger cars along with
sale of spare parts in Jabalpur, Madhya Pradesh. SSMPL's revenue
sources include sale of vehicles and their spare parts, service
income, target incentive from TML and commission from financers.


ZEE MEDIA: CARE Lowers Rating on INR102cr LT Loan to C
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Zee
Media Corporation Limited (ZMCL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      102.00      CARE C; Negative Revised from
   Facilities–                     CARE B; Negative
   Term Loan           

   Long-term Bank       50.00      CARE C; Negative Revised from
   Facilities–                     CARE B; Negative
   Cash Credit          
                                    
Detailed Rationale & Key Rating Drivers

The revision in rating assigned to long term bank facilities of
ZMCL takes into account the default on Non-Convertible Debentures
(NCDs) issued by Diligent Media Corporation Limited (DMCL) on June
30, 2020, and the subsequent invocation of the corporate guarantee
issued by ZMCL, to guarantee the debt obligations of these NCDs, by
the Investors. ZMCL would not be able to meet its payment
obligation under the corporate guarantee from its current cash
balances, and operational cash flows, and hence the rating is
revised to C with negative outlook.

DMCL's financial profile stands weak with negative net-worth and
debt size of INR817.96 crore as on March 31, 2019. In addition DMCL
has ceased operations of its print business. ZMCL had an investment
of INR436.27 crore in DMCL which has been fully impaired during
Q4FY19 &FY20. The rating also factors in high level of pledging of
the promoter holding. As on March 31, 2020, total promoter holding
in ZMCL stood at 44.86%, of which, 99.80% is pledged. The ratings
assigned to the bank facilities of ZMCL continue to factor in the
intense competition in the news broadcasting space, and highly
regulated industry segment. The ratings, however, continue to
derive strength from the established track record of the promoter
group in the media and entertainment industry, availability of a
wide platform for distribution with a bouquet of national and
international channels. The ratings further take into consideration
growth in income and profitability.

Rating Sensitivities

  * Positive Factors: ZMCL making payment within two working days
from notice of demand.

  * Negative Factors: ZMCL unable to make payment within two
working days from notice of demand.

Outlook: Negative

The negative outlook factors in the inability to meet the Rs 438.90
crore NCDs obligations within the time frame allowed under the
corporate guarantee.

Detailed Rationale & Key Rating Drivers

Key Rating Weaknesses

* Invocation of Corporate Guarantee extended for the NCD raised by
DMCL: ZMCL has extended corporate guarantee to the NCD raised by
DMCL amounting to INR438.90crore, due to be paid on June 30, 2020.
Further, corporate guarantee has been invoked as confirmed by
Debenture Trustee to CARE via e-mail dated July 1, 2020.

* Deterioration in capital structure characterized by impairment of
investment in DMCL: ZMCL has accounted for impairment of investment
in DMCL which has been charged to profit & loss account for Q4FY19
and FY20. The same resulted in net loss and in turn reduction in
the net-worth base of the company. Reduction of networth due to
impairment of investment in DMCL and also factoring in the
contingent liability in the form of corporate guarantee extended to
DMCL for its NCD issue, the overall gearing of ZMCL on a
consolidated basis deteriorated to 1.48x as on March 31, 2020 (as
compared to 1.05x as on March 31, 2019).

* Operates in highly competitive and regulated industry segment:
The competition is ever increasing with large number of players
entering the News Broadcasting industry. Moreover, technological
changes have laid new distribution platforms inviting competition
from newer players. To maintain its competitive edge in such a
scenario, the company will need to anticipate viewer preferences to
create, acquire, commission, and produce compelling content across
platforms favoured by the consumers.

Key Rating Strengths:

* Established track record of promoter group in media and
entertainment industry: Essel Group has been in the media and
entertainment business for more than two decades, as the flagship
channel (Zee TV) was launched in 1992. ZEE brand has a strong
recognition in the media and entertainment industry given its long
and successful track record. Further, Essel Group has a presence
across allied media value chains including television broadcasting,
cable distribution, direct-to-home satellite service and digital
media amongst others. The group is headed by Mr. Subhash Chandra
while the media business is headed by his son Mr. Punit Goenka. The
promoters are well supported by experienced and qualified
management team.

* Wide platform for distribution with a bouquet of national and
international channels: Over the past 19 years, ZMCL has built a
strong portfolio of 14 news channels in eight different languages
and reaching more than 422 million users through digital channels.
In addition, ZMCL manages its multi-lingual digital news platform
i.e. Zeenews.com.

* Integration of advertisement sales function resulting in reduced
cost: The Zee Group's advertisement sales function has been
integrated into a separate company i.e. ZEE Unimedia Limited. ZUL
has entered into an agreement with the media entities of the Essel
Group to act as a canvassing agent for sale of available
advertisement space. The approach of collective advertisement sales
not only benefits the group in maximizing advertising revenues for
its entities but also helps the advertisers/agencies in single Ad
solution and wider reach across multiple platforms i.e. television,
print, digital, radio etc. In consideration for the services
provided.

* Moderate financial performance of the company in FY20 amidst
Covid-19: ZMCL's Total Operating Income (TOI) on a consolidated
basis reported a decline of 8% on a YoY basis to INR 640.81crore in
FY20, led by lower advertisement revenue which accounted for around
90%-92% of the total revenue. Despite lower TOI, PBILDT margin of
ZMCL on consolidated basis improved by 372 bps to 29.89% in FY20,
led by lower marketing, distribution and business promotion
expense. Further, ZMCL had an investment of Rs436.27 crore in DMCL
which has been fully impaired during Q4FY19 &FY20.Resulting which
the ZMCL reported a net loss of INR 271 crore in FY20 as against a
reported loss of INR6.32 crore in FY19. However, the company
continued to report a healthy PBT of INR80 crore in FY20 as
compared to INR108 crore in FY19; albeit some decline on a YoY
basis.

Liquidity: Poor

ZMCL's cash position as on March 31, 2010 was at INR53.23crore
(vis-à-vis INR24.30crore as on March 31, 2019). However, given the
significant debt obligation arising from the aforesaid invocation
of corporate guarantee the liquidity position of the company remain
significantly stretched.

Analytical approach:

CARE has considered the consolidated financials of ZMCL for
analytical purposes owing to financial and operational linkages
between the company and its subsidiaries. The consolidated
financials include financials of the following subsidiaries.

ZEE Media Corporation Limited (ZMCL) incorporated on August 27,
1999 is a part of Essel group. It is one of the largest news
networks in the country with portfolio of fourteen news channels in
eight different languages in the linear TV platform while it
reaches out to more than 422 million users through the digital
platform. It has a strong national presence and has strengthened
its position as a regional player in North, West, East and Central
India.

With effect from April 2017, the newspaper printing business
carried out through Mediavest India Private Limited and PriMedia
Services Private Limited has been demerged from ZMCL and
subsequently merged with DMCL. DMCL which was a wholly-owned
subsidiary of ZMCL has become an independent entity w.e.f. April
2017 and accordingly, the printing business has been completely
hived off from ZMCL.




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

NISSAN MOTOR: Offers to Postpone Barcelona Plant Closure
--------------------------------------------------------
Reuters reports that Nissan Motor Co. said on July 21 it is willing
to postpone until June 2021 the closure of its Barcelona plants and
talk about "everything" with unions, but insisted it sees no
alternative to the factories shutting.

The three Barcelona plants, which employ around 3,000 workers, were
originally due to close by December this year, Reuters says.

Reuters relates that the postponement depends on reaching a deal
with unions before July 30 or early August that would imply
resuming production, which was stopped in May, and agreeing on the
compensation that workers would receive once the plants close, a
top Nissan executive told reporters.

In exchange, Nissan would not conduct layoffs until the end of 2020
but would maintain its plan to fire at least around 2,500 workers
once the factories shut, Frank Torres, the head of the Japanese
carmaker's industrial operations in Spain, said, Reuters relays.

According to Reuters, the decision to shut them was announced in
May as part of a turnaround plan for Nissan, prompting protests by
workers and a commitment by Madrid to convince the company to
stay.

The industry ministry was "closely following" the talks between the
company and union representatives, a spokesperson said and "hoped
the final decision is to keep the automotive activity in
Barcelona," Reuters relays.

Reuters relates that Javier Hernandez, UGT union leader at Nissan,
said it was "very complicated" to reach a deal with the carmaker in
the next two weeks, especially if it maintains its layoff plans
because it would discourage workers to go back to the factories.

But he supported the postponement of their closure. "Anything that
implies gaining time is essential for us because we have to find an
industrial alternative."

Mr. Hernandez added he was afraid Nissan would not help find a
company that could be interested in its plants if workers agree in
coming weeks on the compensation they would receive once the
factories fully close, Reuters says.

On whether the closure was irreversible as Nissan has been
insisting, Mr. Torres said shutting them was the only viable option
even if it received a new public aid package, adding there were no
concrete offers for now from other companies.

"We are willing to talk about everything", Reuters quotes Mr.
Torres as saying.

The plants, which have been operating since the 1980s, mainly
produce electric vans and pickup trucks and are Nissan's main
European plants after its England one.

                          About Nissan Motor

Nissan Motor Company Ltd, usually shortened to Nissan, is a
Japanese multinational automobile manufacturer headquartered in
Nishi-ku, Yokohama, Japan.

As reported in the Troubled Company Reporter-Asia Pacific on July
16, 2020, Egan-Jones Ratings Company, on July 6, 2020, downgraded
the foreign currency and local currency senior unsecured ratings on
debt issued by Nissan Motor Co., Ltd. to BB- from BB.  EJR also
downgraded the rating on commercial paper issued by the Company to
B from A3.




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

TH PLANTATIONS: Needs Debt Restructuring, Not Asset Sale
--------------------------------------------------------
Adam Aziz at theedgemarkets.com reports that the debt burden
currently faced by TH Plantations Bhd (THP) cannot be resolved via
asset sale but rather a restructuring of its debt, said Deputy
Minister in the Prime Minister's Department (Religious Affairs)
Ahmad Marzuk Shaary.

Speaking in the Dewan Rakyat on July 22, Ahmad Marzuk
[PAS-Pengkalan Chepa] raised the suggestion on grounds that the
bulk of THP's debt goes to parent Lembaga Tabung Haji, and that
asset sale will negatively impact THP's cash flow rather than
improve it, the report says.

"About 75% of the loans by THP came from Tabung Haji. Sale of
assets will not resolve the debt burden issue . . . THP will
require a restructuring of the loans," the report quotes Ahmad
Marzuk as saying.

He was responding to questions by former minister in the Prime
Minister's Department (Religious Affairs) Datuk Seri Mujahid Yusof
Rawa on how THP can turn around without selling its assets
considering the ballooning debt after the aggressive expansion of
its landbank, according to theedgemarkets.com.

Earlier, Ahmad Marzuk said the government will review the sale of
certain THP subsidiaries, citing the low transaction price as
opposed to market valuation.

THP has grown its landbank from 15,740ha in its early years to
100,976 ha at end-2019, theedgemarkets.com discloses citing the
company's annual report.

theedgemarkets.com says much of the land bank remains unplanted,
raising concern that the assets are bleeding the company instead of
generating the needed cash flow.

The group has also taken on huge borrowings, with short- and
long-term borrowings totalling MYR1.243 billion as at end-March
this year, the report relays.

According to theedgemarkets.com, THP's high net gearing of over 2.1
times is attributed to the company's dismal performance, alongside
rising costs, low productivity and low crude palm oil (CPO) prices.


The group's net finance costs have risen from MYR60.66 million in
the financial year ended Dec. 31, 2017 (FY17) to MYR66 million in
FY18 and MYR74 million in FY19, theedgemarkets.com discloses.

THP has been in the red in FY18 and FY19 on impairments and as core
operations remained loss-making. For the first quarter ended March
31, 2020 (1QFY20), its net loss widened to MYR11.53 million from
MYR8.09 million a year ago, as revenue remained flat at MYR115.55
million from MYR115.28 million, theedgemarkets.com adds.

Malaysia-Based TH Plantations Berhad (THP) is engaged in the
cultivation of oil palm, processing of fresh fruit bunches (FFB),
marketing of crude palm oil (CPO), palm kernel (PK) and FFB.




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

ABS-CBN CORP: KidZania Manila to Permanently Shut Doors by Aug. 31
------------------------------------------------------------------
CNN Philippines reports that KidZania Manila, an amusement facility
owned by ABS-CBN Corporation, is also closing down by end of August
after months of shutdown due to the COVID-19 pandemic.

"After 5 years of providing a learning experience for children,
Play Innovations, Inc. has decided to cease the operations of
KidZania Manila effective August 31, 2020," the establishment
announced in a statement on July 22. Play Innovations, Inc. is a
subsidiary of ABS-CBN, the report relays.

According to the report, the media giant earlier said a number of
its workers will lose their jobs on August 31 as the network stays
off-air without a congressional franchise.

CNN Philippines relates that KidZania explained the ban on mass
gathering and stay-at-home rule for children gave them no choice
but to "close the play city's doors permanently."

The center assured that they will provide their employees with
severance pay as mandated by law as well as job placement programs,
the report relays.

The management of the play space expressed gratitude for the trust
of its industry partners, schools and families over the last five
years, adds CNN Philippines.

ABS-CBN Corporation operates a network of TV & radio stations in
the Philippines. The Company produces entertainment and news
programs for basic and cable channels. The Company has interests in
film and music production and distribution as well as online and
mobile services and magazine publishing. Content is broadcasted
through TFC Channel via cable, sattelite and internet.

As reported in the Troubled Company Reporter-Asia Pacific on May
11, 2020, BusinessWorld Online said ABS-CBN Corp. stands to suffer
millions of pesos in foregone advertising revenues daily, impair
its credit standing, and risks defaulting on debts after it was
forced to stop broadcasting with the issuance of a cease-and-desist
order (CDO) by the National Telecommunications Commission (NTC),
the Lopez-led media network said.

CNN Philippines said ABS-CBN will stay off the air as a House of
Representatives panel denied its application for a fresh 25-year
franchise on July 5.

With its continued shutdown, the network had said it may start
laying off some of its 11,000 workers by August, CNN Philippines
related.




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

AGRITRADE INT'L: Nithia Capital Seeks to Acquire Firm
-----------------------------------------------------
Reuters reports that London-based Nithia Capital Resources Advisors
LLP is seeking to acquire troubled Singapore commodity trader
Agritrade International Pte Ltd (AIPL) and its shares in its Hong
Kong-listed subsidiary, according to a source familiar with the
matter.

AIPL, whose businesses span palm oil and coal, is undergoing a
court-appointed restructuring after it collapsed earlier this year
amid fraud allegations, according to Reuters. It owes $1.55
billion, including $983 million to at least 20 banks.

Nithia Capital, an alternative investment manager that specialises
in turning around underperforming companies, has proposed the
creation of a Special Purpose Vehicle (SPV) to invest in AIPL,
according to the source, who declined to be named because the
matter is confidential, Reuters relays.

A SPV ringfences the financial risk from buying assets because it
is a separate company to its parent group, the report states.
Agritrade's collapse is among a number of failures to hit the
opaque world of commodities trading in Singapore, which is
dominated by privately held firms.

Ng Xinwei, the chief executive of Agritrade Resources, the Hong
Kong-listed subsidiary, told Reuters in an email that "negotiations
are still ongoing in respect of the proposed deals" and declined to
comment further.

The vehicle, comprising a consortium of investors, would invest $65
million to acquire the entire share capital of AIPL, including its
stake of about 55.7% in Agritrade Resources Ltd, according to the
source, Reuters relates.

Up to $35 million in cash, or cash and convertible debentures in
Agritrade Resources, would be allocated towards debt repayment, the
source said, Reuters relays. The rest would be loaned to Agritrade
Resources to release security held over a power plant in India,
repay debts and as working capital, the source added.

Nithia Capital's conditions include that Ng, whose father founded
AIPL, remain as director of Agritrade Resources to manage the
company, which would in turn require him to work out arrangements
with creditors to avoid bankruptcy, the source, as cited by
Reuters, said.

AIPL creditors Commerzbank and Natixis have filed bankruptcy orders
against Ng, according to Reuters. Under Singapore law, a person
cannot be a company director while they are declared bankrupt. They
can be reappointed as a director once they have been discharged
from bankruptcy.

AIPL's creditors have accused the company, Ng and his father, Say
Peck Ng, of fraud, Reuters says. They allege that they were duped
into lending AIPL money because duplicate documents were used to
obtain financing from multiple banks for the same shipments.

Reuters relates that Ng has previously said that he managed the
day-to-day business of the company's Hong Kong-listed unit and his
father was in charge of AIPL's trading business. He has said he
supported efforts to fully uncover the extent, if any, of the
alleged fraud and recover money owed.

The elder Ng's employment was terminated on Feb. 1. He has not
commented publicly on the allegations and Reuters was unable to
reach him for comment.

Agritrade International started off as a family-run palm oil
trading firm in 1979. Hong Kong-listed Agritrade Resources said in
November that coal prices have been declining due to "shrinking
coal import" from major markets like China and India, and under
such unfavourable markets, the group reduced its coal production.




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

EASTAR JET: On Brink of Bankruptcy on Jeju Air Deal Collapse
------------------------------------------------------------
Yonhap News Agency reports that debt-ridden Eastar Jet Co. may face
bankruptcy after Jeju Air Co. scrapped its plan to acquire the
smaller budget carrier amid the new coronavirus' impact on the
airline industry, sources said July 23.

Yonhap relates that Jeju Air, South Korea's biggest low-cost
carrier, said earlier in the day that it has decided to nix the
takeover deal due mainly to rising COVID-19 pandemic-related
uncertainties.

"It's regrettable that we have decided to scrap the deal despite
the government's intention to support the deal. But the decision
was inevitable due to uncertainties amid the pandemic and the
possible impact on shareholders' value," Jeju Air said in a
statement, Yonhap relays.

In response to Jeju's announcement, Eastar said Jeju Air violated
terms of the deal.

"We urge Jeju Air to proceed with the deal, and we will seek every
possible measure to make Jeju take responsibility for the deal's
collapse," Eastar Senior Vice President Kim You-sang told Yonhap
News Agency over the phone.

According to Yonhap, the Ministry of Land, Infrastructure and
Transport demanded Eastar come up with a Plan B and said it will
make efforts to avoid massive job losses. The carrier has some
1,500 employees.

"It appears to be very uncertain for Eastar to normalize its
operations at the moment. The government will extend a helping hand
to Eastar if the company presents a Plan B," Kim Sang-do, director
general for aviation policy at the ministry, said in a briefing,
Yonhap relates.

According to the report, analysts said Eastar will inevitably go
broke if there are not viable investors to take over the
debt-ridden carrier.

"Eastar's capital erosion and snowballed debts appear to be a
stumbling block," Yonhap quotes Shinyoung Securities Co. analyst Um
Kyung-a as saying.

Yonhap notes that the deal's rupture comes four months after Jeju
Air signed a deal in March to acquire a controlling 51.17 percent
stake in Eastar Jet from Eastar Holdings for KRW54.5 billion
(US$45.53 million) as part of its expansion strategy despite the
pandemic.

The deal had been at risk of falling through despite the
government's intention to support it as the two sides failed to
narrow differences on terms of the contract, the report states.

On July 1, Jeju Air sent an ultimatum demanding Eastar Jet pay off
all of its debts, estimated at up to KRW170 billion (US$142
million), including unpaid wages to its employees, delayed payments
to subcontractors and office operating expenses, by
July 15, recalls Yonhap.

But Eastar failed to meet the demand. The company said the debt
payment is not part of the deal and that it is not Eastar's duty
but Jeju Air's, Yonhap relays.

AK Holdings, the holding firm of South Korean retail conglomerate
Aekyung Group, holds a 56.94 percent stake in Jeju Air, the report
discloses.

Also on July 23, the state-run Korea Development Bank (KDB) and the
Export-Import Bank of Korea said they will withdraw their plan to
extend loans worth KRW170 billion to Jeju following the deal's
collapse, Yonhap reports.

Yonhap says the state lenders were planning to inject the capital
into Jeju Air to help it take over Eastar and ride out the virus
crisis.

As for possible loans to Eastar, the KDB said, "We are not
considering providing financial support for Eastar."

Eastar Jet is a low-cost airline with its headquarters in
Banghwa-dong, Gangseo-gu, Seoul.


HANJIN INTERNATIONAL: Moody's Alters Outlook on B3 CFR to Negative
------------------------------------------------------------------
Moody's Investors Service has confirmed the B3 corporate family
rating of Hanjin International Corp. and the B1 senior secured
rating on the company's term loan due in October 2020.

At the same time, Moody's has revised the outlook on the ratings to
negative from ratings under review.

This rating action concludes the review for downgrade initiated on
March 12, 2020.

"The confirmation of the ratings reflects its view that HIC's
credit quality will benefit from the improved liquidity of its
parent, Korean Air, after the latter's equity issuance and the
Korean government's provision of liquidity support," says Sean
Hwang, a Moody's Assistant Vice President and Analyst.

RATINGS RATIONALE

HIC's B3 CFR is mainly driven by Moody's assessment of a strong
likelihood of support from its parent, Korean Air Lines Co., Ltd,
given the latter's guarantee of all of HIC's existing debt. Based
on this assessment, Moody's has incorporated a two-notch uplift to
HIC's CFR from its standalone credit quality.

Moody's assessment also reflects an improvement in KAL's near-term
liquidity profile and its ability to support HIC, following the
KRW1.1 trillion KAL raised from a new equity issuance in July and
the KRW1.2 trillion in liquidity support that Korean policy banks
have extended to KAL in June. These developments have increased
KAL's liquidity to a level that is sufficient to cover its debt
maturities for at least over the next 2-3 months, including HIC's
USD600 million term loan due in October 2020.

However, KAL's liquidity profile remains inadequate because of its
large debt and capital lease maturities over the next 12 months.
Still, this risk is substantially mitigated by (1) the possibility
of further liquidity support from the Korean government (Aa2
stable) and a continued roll-over of its bank borrowings, given the
company's strategic importance to Korea's economy; and (2) KAL's
additional self-rescue measures, such as potential sales of idle
assets or stakes in business divisions.

In addition, Moody's expects KAL to generate sufficient EBITDA over
the next 6-12 months to cover its interest expenses and capital
spending, as its strong cargo business and a reduction in fuel and
other variable costs help offset the steep fall in passenger
revenue.

Moody's expects KAL's adjusted debt level -- including lease and
hybrid obligations -- will likely decline slightly over the next
6-12 months from KRW21 trillion as of March 30, 2020, given the
substantial equity it has raised, the relatively moderate decline
in its operating cash flow, and its deferrals of new aircraft
purchases. The debt reduction will allow KAL's leverage metrics to
improve gradually in 2021-22 once demand for air travel begins to
recover.

HIC's standalone credit quality mainly reflects its persistently
high debt leverage and weak cash flow as well as the small scale of
its single-location operations, although the latter risk is
mitigated by the prime location and competitive profile of its
mixed-use building, the Wilshire Grand Center in downtown Los
Angeles.

"The negative outlook on the ratings reflects the high uncertainty
over the timing and pace of demand recovery for KAL and HIC's
operations. A protracted demand shock could heighten the companies'
liquidity risk again and delay an improvement in financial
metrics," says Hwang.

Moody's expects the coronavirus pandemic will keep global demand
for air travel deeply constrained in 2020 and 2021, with the
airline industry unlikely to recover to 2019 passenger volumes
until 2023 at the earliest. The risk of downside scenarios remains
high, because the severity and duration of the pandemic and the
lifting of travel restrictions remain highly uncertain,
particularly given the threat of an increase in the number of
infections as social distancing practices ease.

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.

The B1 rating on the term loan reflects the first lien on
substantially all of the assets owned by HIC. The USD600 million
term loan benefits from ranking above the Aa2-rated senior
unsecured note of USD300 million -- guaranteed by the Export-Import
Bank of Korea (KEXIM, Aa2 stable) -- in the company's priority of
claims.

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

Given the negative outlook, an upgrade of HIC's ratings is
unlikely. Moody's could return the outlook on the ratings to stable
if HIC and KAL's liquidity improves materially, and if KAL's
financial metrics improve on a sustained basis.

Moody's could downgrade the ratings if HIC or KAL's liquidity and
refinancing risk increases materially, due to protracted weaknesses
in their operations or a significant tightening in the domestic
funding market, for example.

A downgrade is also likely if KAL demonstrates unwillingness to
provide financial support for HIC, by reducing its guarantee of
HIC's debt.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Hanjin International Corp. is a wholly-owned subsidiary of Korean
Air Lines Co., Ltd and owns the Wilshire Grand Center, a 73-story
Class A mixed-use building located in Los Angeles in the US.

Established in 1962, KAL is a leading airline company based in
Korea. It owns a fleet of 143 passenger aircraft and 23 cargo
aircraft, serving 123 destinations across 43 countries as of June
2020. KAL is also engaged in the aerospace and catering businesses,
as well as the hotel business in the US through HIC.




=============
V I E T N A M
=============

[*] Moody's Confirms Ratings on 5 Vietnamese Financial Institution
------------------------------------------------------------------
Moody's Investors Service has confirmed the long-term ratings and
assessments of three finance companies and two banks in Vietnam.

The three finance companies are VPBank Finance Company Limited,
Home Credit Vietnam Finance Company Limited, and SHBANK Finance
Company Limited.

The two banks are Vietnam Prosperity Joint Stock Commercial Bank,
which fully owns FE Credit, and Saigon - Hanoi Commercial Joint
Stock Bank, which fully owns SHB Finance.

With the exception of VP Bank's long-term foreign currency deposit
rating which is on a negative outlook, the outlook on all other
ratings of the finance companies and banks, where applicable, are
stable.

Moody's rating action concludes the review for downgrade initiated
on April 7, 2020.

RATINGS RATIONALE

CONFIRMATION OF FE CREDIT, HCV AND SHB FINANCE'S RATINGS

The confirmation of FE Credit, HCV and SHB Finance's ratings takes
into account Moody's expectation that solvency and liquidity risks
caused by the coronavirus is mitigated by (1) early reopening of
Vietnam (Ba3 negative)'s economy due to the successful control of
the outbreak; (2) stabilizing financing conditions supported by
ample liquidity following supportive domestic and global measures;
and (3) the companies' ability to manage credit and liquidity risks
amid disruptions from the coronavirus outbreak.

The companies' funding and liquidity positions were stable during
the review period supported by ample international and domestic
liquidity, which helped the companies to roll over their existing
funding and access new funding. The companies have diversified
their funding sources and reduced their funding costs during the
same period. However, the companies' reliance on wholesale funding
and limited balance sheet liquidity remain a weakness for their
credit profiles.

The short duration of the economic disruptions in Vietnam has
helped the companies to manage delinquencies and collections within
the historical range. While Moody's has observed early signs of
stress in delinquencies and collections, especially in April due to
social distancing measures, collections recovered and delinquencies
dropped in the rest of the second quarter of 2020. The companies
have also shown prudent risk management, such as tightening
underwriting criteria against the backdrop of slowing economic
growth.

CONFIRMATION OF RATINGS OF VP BANK AND SHB

In confirming VP Bank's b1 Baseline Credit Assessment, Moody's
acknowledges the bank's above-industry average profitability and
strong capitalization, offset by the heightened credit risk from
its consumer finance subsidiary that targets the low-income
population in Vietnam, as well as its rapid loan growth in previous
years. VP Bank has higher reliance on market funds than other rated
Vietnamese banks because of the non-deposit taking nature of its
consumer finance subsidiary. But Moody's views the associated risks
to be offset by the bank's comfortable stock of liquid assets.

In the case of SHB, the confirmation of its b3 BCA takes into
consideration the steady improvements made by the bank in resolving
its legacy problem assets, albeit offset by downside risks posed by
the ongoing coronavirus outbreak on the debt repayment capacity of
the bank's borrowers and the thin loss absorbing buffers SHB has
against rising risks. The BCA also takes into account SHB's modest
capitalization and profitability compared to other rated banks in
Vietnam.

STABLE OUTLOOKS ON THE RATINGS

In the wake of coronavirus-related shocks, Moody's expects slower
economic growth for Vietnam in the next 12-18 months, which will
result in negative pressure on asset quality and profitability of
banks and finance companies. Deteriorating external demand is
weighing on exports and tourism, while global containment measures
disrupt supply chains, curb consumption and weaken investment
activity. That said, the stable outlooks reflect an abatement in
the degree of downside risks than initially expected when Moody's
took the rating action on the five financial institutions in April
2020, and Moody's views that the downside risks have already been
adequately factored into their standalone credit profiles.

The negative outlook on VP Bank's long-term foreign currency
deposit rating mirrors the negative outlook on Vietnam's sovereign
rating, because a downgrade of the sovereign rating would likely
lead to a corresponding lowering in the country's foreign-currency
bank deposit ceiling, which is currently at B1.

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

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

FE Credit, HCV, SHB Finance, VP Bank, SHB

A rating upgrade is unlikely given the ongoing coronavirus
pandemic.

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

FE Credit

  - A downgrade in FE Credit's Standalone Assessment could result
in a downgrade of its ratings.

  - Moody's could downgrade the company's Standalone Assessment if
(i) there is a material deterioration in its asset quality and
profitability, as a result of a more challenging operating
environment following a resurgence in coronavirus infections and
the revival of social distancing measures in Vietnam; and (ii) the
company faces liquidity shortfalls due to an unfavorable financing
conditions or deterioration in loan collection.

  - A downgrade of VP Bank's BCA or any indication of a change in
the company's importance to its parent, which would alter Moody's
assessment of the probability of parental support, could lead to a
downgrade of FE Credit's rating.

HCV

  - A downgrade in HCV's Standalone Assessment could result in a
downgrade of its ratings.

  - Moody's could downgrade the company's Standalone Assessment if
(i) there is a material deterioration in its asset quality and
profitability, as a result of a more challenging operating
environment following a resurgence in coronavirus infections and
the revival of social distancing measures in Vietnam; and (ii) the
company faces liquidity shortfalls due to an unfavorable financing
condition.

SHB Finance

  - A downgrade in SHB Finance's Standalone Assessment could result
in a downgrade of its ratings.

  - Moody's could downgrade the company's Standalone Assessment if
(i) there is a material deterioration in its asset quality and
profitability, as a result of a more challenging operating
environment following a resurgence in coronavirus infections and
the revival of social distancing measures in Vietnam; and (ii) the
company faces liquidity shortfalls due to unfavorable financing
conditions.

  - A downgrade of SHB's BCA or any indication of a change in the
company's importance to its parent, which would alter Moody's
assessment of the probability of support in times of stress, could
also lead to a downgrade of SHB Finance's ratings.

VP Bank

  - A resurgence in coronavirus infection rates both globally as
well as in Vietnam would depress economic activities and weaken
borrowers' debt repayment capacity.

  - Moody's could downgrade VP Bank's ratings and assessments if
the bank's BCA is downgraded. VP Bank's BCA could be downgraded if
its solvency weakens as a result of a prolonged outbreak of the
coronavirus. Material deterioration in the credit strength of its
consumer finance subsidiary, FE Credit, will also be credit
negative for VP Bank.

  - While Moody's expects VP Bank's funding and liquidity to remain
stable over the next 12 -- 18 months, any indication of a bank run
will be negative for the bank's BCA.

SHB

  - A resurgence in coronavirus infection rates both globally as
well as in Vietnam would depress economic activities and weaken
borrowers' debt repayment capacity.

  - Moody's could downgrade SHB's ratings and assessments if the
bank's BCA is downgraded. SHB's BCA could be downgraded if its
solvency weakens as a result of a prolonged outbreak of the
coronavirus. While Moody's expect SHB's funding and liquidity to
remain stable over the next 12 -- 18 months, any indication of a
bank run or limited access to market funds will also be negative
for the bank's BCA.

RATING METHODOLOGY

The principal methodology used in rating Home Credit Vietnam
Finance Company Limited, SHBANK Finance Company Limited and VPBank
Finance Company Limited was Finance Companies Methodology published
in November 2019.

VPBank Finance Company Limited (FE Credit), headquartered in Ho Chi
Minh City, reported total assets of VND69 trillion as of December
31, 2019.

Home Credit Vietnam Finance Company Limited (HCV), headquartered in
Ho Chi Minh City, reported total assets of VND24 trillion as of
December 31, 2019.

SHBANK Finance Company Limited (SHB Finance), headquartered in
Hanoi, reported total assets of VND3 trillion as of December 31,
2019.

Vietnam Prosperity Joint Stock Commercial Bank (VP Bank),
headquartered in Hanoi, reported total assets of VND399 trillion as
of June 30, 2020.

Saigon - Hanoi Commercial Joint Stock Bank (SHB), headquartered in
Hanoi, reported total assets of VND369 trillion as of March 31,
2020.

LIST OF AFFECTED RATINGS

Issuer: VPBank Finance Company Limited (Lead Analyst: Jeffrey Lee)

Corporate Family Rating, Confirmed at B1

Outlook, Changed to Stable from Ratings Under Review

Issuer: Home Credit Vietnam Finance Company Limited (Lead Analyst:
Jeffrey Lee)

Long-term Issuer Ratings (Foreign and Local Currency), Confirmed at
B3

Corporate Family Rating, Confirmed at B3

Outlook, Changed to Stable from Ratings Under Review

Issuer: SHBANK Finance Company Limited (Lead Analyst: Jeffrey Lee)

Long-term Issuer Ratings (Foreign and Local Currency), Confirmed at
B3

Corporate Family Rating, Confirmed at B3

Outlook, Changed to Stable from Ratings Under Review

Issuer: Vietnam Prosperity Joint Stock Commercial Bank (Lead
Analyst: Rebaca Tan)

Adjusted Baseline Credit Assessment, Confirmed at b1

Baseline Credit Assessment, Confirmed at b1

Long-term Counterparty Risk Assessment, Confirmed at Ba3(cr)

Long-term Counterparty Risk Ratings (Foreign and Local Currency),
Confirmed at Ba3

Long-term Issuer Ratings (Foreign and Local Currency), Confirmed at
B1, Outlook changed to Stable from Review for Downgrade

Long-term Senior Unsecured Medium-Term Note Program (Foreign
Currency), Confirmed at (P)B1

Long-term Senior Unsecured Bond (Foreign Currency), Confirmed at
B1, Outlook changed to Stable from Review for Downgrade

Long-term Deposit Ratings (Foreign Currency), Confirmed at B1,
Outlook changed to Negative from Review for Downgrade

Long-term Deposit Ratings (Local Currency), Confirmed at B1,
Outlook changed to Stable from Review for Downgrade

Short-term Issuer Ratings (Foreign and Local Currency), Affirmed at
NP

Short-term Deposit Ratings (Foreign and Local Currency), Affirmed
at NP

Short-term Counterparty Risk Ratings (Foreign and Local Currency),
Affirmed at NP

Short-term Counterparty Risk Assessment, Affirmed at NP(cr)

Outlook, Changed to Stable(m) from Ratings Under Review

Issuer: Saigon - Hanoi Commercial Joint Stock Bank (Lead Analyst:
Rebaca Tan)

Adjusted Baseline Credit Assessment, Confirmed at b3

Baseline Credit Assessment, Confirmed at b3

Long-term Counterparty Risk Assessment, Confirmed at B1(cr)

Long-term Counterparty Risk Ratings (Foreign and Local Currency),
Confirmed at B1

Long-term Issuer Ratings (Foreign and Local Currency), Confirmed at
B2, Outlook changed to Stable from Review for Downgrade

Long-term Senior Unsecured Medium-Term Note Program (Foreign
Currency), Confirmed at (P)B2

Long-term Deposit Ratings (Foreign and Local Currency), Confirmed
at B2, Outlook changed to Stable from Review for Downgrade

Short-term Issuer Ratings (Foreign and Local Currency), Affirmed at
NP

Short-term Deposit Ratings (Foreign and Local Currency), Affirmed
at NP

Short-term Counterparty Risk Ratings (Foreign and Local Currency),
Affirmed at NP

Short-term Counterparty Risk Assessment, Affirmed at NP(cr)

Outlook, Changed to Stable from Ratings Under Review




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

[*] ASIA: Investors Face Tough Choices on Delayed Payments
----------------------------------------------------------
Denise Wee at Bloomberg News reports that a growing number of Asian
firms are delaying bond repayments or seeking debt swaps amid
mounting stress, boosting uncertainty for debtholders.

Flagship carrier PT Garuda Indonesia and Dr. Peng Telecom & Media
Group Co. have extended the maturity on their dollar bonds in
recent months, while Chinese business-park developer Yida China
Holdings Ltd. conducted a debt exchange earlier this year,
according to Bloomberg. Indonesian builder PT Modernland Realty's
bondholders last week agreed to lengthen the maturity of its rupiah
notes, Bloomberg says.

"Exchange offers and debt extensions are very much en vogue at the
moment," Bloomberg quotes Darryl Flint, chief investment officer of
hedge fund Double Haven Capital, as saying. "The alternative is to
go through a restructuring process," which risks cross-defaults and
critical damage to the underlying business, he said.

While the region's junk bonds have rallied since March, there's
little relief for the riskiest corner of the market. Dollar debt
yielding at least 15% and maturing this year from companies across
Asia-Pacific amount to $6.8 billion, according to
Bloomberg-compiled data. That massive bill is coming due as Goldman
Sachs Group Inc. said wider yield premiums for high-yield notes of
weaker Asian borrowers reflect heightened default risk, Bloomberg
relates.

An issue for borrowers seeking to roll over their debt is that
investors aren't always willing to accept the move, Bloomberg says.
Hilong Holding Ltd., a Shanghai-headquartered oil equipment and
services firm, failed to get its debt swap done and ended up
defaulting on its bonds last month.

"Exchange offers and extensions are likely to be most successful
where terms offered are fair and where the bondholder group is
suitably cohesive to negotiate terms and then support the deal,"
the report quotes Mr. Flint as saying.

For many debtholders, the Covid-19 pandemic has left them in a
weaker position than before so they have little choice but to go
along with distressed companies' plans, the report states. As the
crisis strains borrowers' finances, investors have been left trying
to simply lose less in these cases.

"Bond investors are often stuck between a rock and a hard place in
these situations," Bloomberg quotes Raymond Chia, head of credit
research for Asia-excluding Japan at Schroder Investment
Management, as saying. "They may not like what the company is
offering but they feel they will be worse off if the company
defaults and goes into liquidation or a lengthy restructuring."



                           *********


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 ***