/raid1/www/Hosts/bankrupt/TCRAP_Public/200824.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

          Monday, August 24, 2020, Vol. 23, No. 169

                           Headlines



A U S T R A L I A

BARTOLO HOSPITALITY: First Creditors' Meeting Set for Aug. 28
BIGAMBUL LIMITED: First Creditors' Meeting Set for Aug. 28
LEPAK BATEMAN: Second Creditors' Meeting Set for Aug. 28
MARY STREET: First Creditors' Meeting Set for Sept. 1
OVVIO PTY: First Creditors' Meeting Set for Sept. 1

PEPPER RESIDENTIAL 27: S&P Assigns BB- Rating on F Notes


C H I N A

ANTON OILFIELD: Moody's Alters Outlook on B1 CFR to Negative
CBAK ENERGY: Incurs $1.2 Million Net Loss in Second Quarter
JIAYUAN INTERNATIONAL: S&P Affirms 'B' ICR, Outlook Negative
REMARK HOLDINGS: Incurs $9.8 Million Net Loss in Second Quarter
TD HOLDINGS: Incurs $4.36 Million Net Loss in Second Quarter

UCAR INC: Shares Slump 53% in Week After Trading Resumed


I N D I A

AHALYA AGENCIES: CRISIL Keeps B+ on INR5.4 Debt in Not Cooperating
AMAR GINNING: CRISIL Keeps B+ on INR6.75cr Debt in Not Cooperating
AMRITVARSHA INDUSTRIES: Ind-Ra Moves BB Rating to Non-Cooperating
ANNANYA INTERFACE: CRISIL Keeps C Debt Ratings in Not Cooperating
ARUJ BUILDCON: Ind-Ra Assigns 'B+' LongTerm Issuer Issuer Rating

INDUSTRIAL MINERAL: CRISIL Lowers Rating on INR10cr Loan to B
INKAL VENTURES: CRISIL Keeps D on INR15cr Loans in Not Cooperating
J J BUILDTECH: CRISIL Lowers Rating on INR15cr Term Loan to B
JET AIRWAYS: Deadline for Insolvency Process Extended Anew
KAMAL SUITINGS: CRISIL Keeps D Debt Ratings in Not Cooperating

KAPOOR PRESERVATIONS: CRISIL Keeps B Ratings in Not Cooperating
KDM CLOTHING: Ind-Ra Gives 'BB-' Rating, Outlook Stable
KHUKHRAIN COLD: CRISIL Keeps D Debt Ratings in Not Cooperating
KOENIG SOLUTIONS: CRISIL Lowers Rating on INR3.56cr Loan to B
LAKHO AGRICULTURAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating

LAKSHMI GOLD: CRISIL Lowers Rating on INR198.5cr Cash Loan to B
LAXMI INDUSTRIES: CRISIL Lowers Ratings on INR10cr Loans to B
MALIEAKAL ELECTRONICS: CRISIL Moves B+ Ratings From Not Cooperating
MARUTHI COTTON LTD: CRISIL Keeps B Ratings in Not Cooperating
MARUTI COTTON: CRISIL Keeps D on INR7cr Loans in Not Cooperating

METAL PRODUCTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
METROSTAR PRINT: CRISIL Keeps D Debt Ratings in Not Cooperating
MITHRA SEEDS: CRISIL Keeps B Debt Ratings in Not Cooperating
NATURO FOOD: CRISIL Keeps B Debt Ratings in Not Cooperating
NEW PASHCHIM: CRISIL Lowers Rating on INR32.49cr Cash Loan to B

NIKISU FAB: CRISIL Lowers Ratings on INR6cr Loans to B
NOEL TEXTILES: CRISIL Lowers Rating on INR7cr Cash Loan to B
PASWARA PAPERS: CRISIL Lowers Rating on INR42.50cr Loan to B
PEARL POLYMERS: Ind-Ra Cuts LT Issuer Rating to B-, Outlook Stable
POORVI HOUSING: CRISIL Keeps B on INR20cr Loans in Not Cooperating

PRASAD COTTON: CRISIL Lowers Ratings on INR7cr Loans to B
PRITS LEATHER: CRISIL Keeps D Debt Ratings in Not Cooperating
PROTAC FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
RADHIKA COTEX: CRISIL Keeps B Debt Ratings in Not Cooperating


I N D O N E S I A

WASKITA BETON: Fitch Cuts National LongTerm Rating to 'CCC-(idn)'
WASKITA KARYA: Fitch Lowers National LongTerm Rating to 'B(idn)'


J A P A N

RENOWN INC: To Sell D'urban, Other Brands, May Go Into Liquidation


M A C A U

MGM CHINA: Fitch Affirms BB- LongTerm IDR, Outlook Negative


N E W   Z E A L A N D

STA TRAVEL: NZ Firms Face Uncertain Wait as Parent Ceases Trading


P A K I S T A N

PAKISTAN: S&P Affirms 'B-/B' Sovereign Credit Ratings


P H I L I P P I N E S

RIZAL COMMERCIAL: Moody's Rates AT1 Capital Securities 'Ba3(hyb)'


S I N G A P O R E

GEO ENERGY: Moody's Affirms Caa3 CFR & Alters Outlook to Stable

                           - - - - -


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

BARTOLO HOSPITALITY: First Creditors' Meeting Set for Aug. 28
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Bartolo
Hospitality Pty Ltd will be held on Aug. 28, 2020, at 11:00 a.m.
either by video conference or telephone.

Nicarson Natkunarajah of Roger & Carson was appointed as
administrator of Bartolo Hospitality on Aug. 18, 2020.


BIGAMBUL LIMITED: First Creditors' Meeting Set for Aug. 28
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Bigambul
Limited will be held on Aug. 28, 2020, at 10:00 a.m. via
teleconference facilities only.

Thyge Trafford Jones and Domenic Calabretta of Mackay Goodwin were
appointed as administrators of Bigambul Limited on Aug. 19, 2020.


LEPAK BATEMAN: Second Creditors' Meeting Set for Aug. 28
--------------------------------------------------------
A second meeting of creditors in the proceedings of Lepak Bateman
Pty Ltd has been set for Aug. 28, 2020, at 2:00 p.m. at the offices
of Auxilium Partners, Level 2, 949 Wellington 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 Aug. 27, 2020, at 4:00 p.m.

Robert Allan Jacobs of Auxilium Partners was appointed as
administrator of Lepak Bateman on July 24, 2020.


MARY STREET: First Creditors' Meeting Set for Sept. 1
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Mary Street
Centre Pty Ltd will be held on Sept. 1, 2020, at 10:00 a.m. via
virtual meeting.

Bruce Gleeson and Alan Godfrey Topp of Jones Partners were
appointed as administrators of Mary Street on Aug. 21, 2020.


OVVIO PTY: First Creditors' Meeting Set for Sept. 1
---------------------------------------------------
A first meeting of the creditors in the proceedings of Ovvio Pty
Ltd will be held on Sept. 1, 2020, at 9:00 a.m. via Zoom.

Cameron Gray and Ronald Dean-Willcocks at DW Advisory were
appointed as administrators of Ovvio Pty on Aug. 20, 2020.


PEPPER RESIDENTIAL 27: S&P Assigns BB- Rating on F Notes
--------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of
nonconforming and prime residential mortgage-backed securities
(RMBS) issued by Permanent Custodians Ltd. as trustee of Pepper
Residential Securities Trust No.27. Pepper Residential Securities
Trust No.27 is a securitization of nonconforming and prime
residential mortgages originated by Pepper Homeloans Pty Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including our view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and excess spread. The
assessment of credit risk takes into account the underwriting
standard and centralized approval process of the seller, Pepper
Homeloans.

-- The availability of a retention amount, amortization amount,
and yield reserve, which will all be funded by excess spread, but
at various stages of the transaction's term. They will have
separate functions and timeframes, including reducing the balance
of senior notes, reducing the balance of the most subordinated
notes, and paying senior expenses and interest shortfalls on the
rated notes.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 2.5% of the outstanding balance of the notes, and
principal draws, are sufficient under our stress assumptions to
ensure timely payment of interest.

-- The condition that a minimum margin will be maintained on the
assets.

S&P said, "That we also have factored into our ratings the legal
structure of the trust, which has been established as a
special-purpose entity and meets our criteria for insolvency
remoteness.
That loss of income for borrowers in the coming months due to the
effects of COVID-19 will likely put upward pressure on mortgage
arrears. We have recently updated our outlook assumptions for
Australian RMBS in response to changing macroeconomic conditions as
a result of the COVID-19 outbreak. We have also applied a range of
additional stresses in our analysis to assess the rated notes'
sensitivity to liquidity stress and the possibility of higher
arrears. As of July 31, 2020, borrowers with COVID-19 related
hardship arrangements make up 5.55% of the closing pool balance."

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

  Pepper Residential Securities Trust No. 27

  Class      Rating         Amount (mil. A$)
  A1-s       AAA (sf)       297.10
  A1-a       AAA (sf)       402.90
  A2         AAA (sf)       155.00
  B          AA (sf)         55.00
  C          A+ (sf)         30.00
  D          BBB+ (sf)       22.00
  E          BB+ (sf)        13.00
  F          BB- (sf)         9.10
  G          NR              15.90

  NR--Not rated.




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

ANTON OILFIELD: Moody's Alters Outlook on B1 CFR to Negative
------------------------------------------------------------
Moody's Investors Service has changed Anton Oilfield Services
Group's outlook to negative from stable. At the same time, Moody's
has affirmed the company's B1 corporate family and senior unsecured
ratings.

"The change in outlook to negative reflects our expectation that
Anton's earnings and liquidity will weaken over 2020-21, reducing
its buffer against the challenging operating environment and
volatile oil prices," says Chenyi Lu, a Moody's Vice President and
Senior Credit Officer.

"The rating affirmation reflects that despite this likely temporary
weakening, the company's strong domestic market position places it
well to benefit from increasing natural gas and shale gas
production activity in China, in turn providing it with some
business resilience," adds Lu.

RATINGS RATIONALE

Anton's B1 corporate family rating reflects the company's (1)
integrated business model; (2) strong market position in the
domestic oil field services sector in China (A1 stable); (3)
growing capabilities, improved customer mix and more established
track record of operating geographically diversified businesses;
and (4) modest financial leverage.

At the same time, Anton's rating is constrained by the company's
(1) exposure to oil price volatility and risks related to its
overseas expansion; (2) small scale and high customer
concentration; and (3) weak liquidity.

Moody's expects Anton's revenue will drop 10% in 2020 but grow 8%
in 2021, following strong 22.3% growth in 2019. This expectation
balances weak demand for Anton's products and services amid low oil
prices against a gradual recovery in its domestic business, as
Anton is well positioned to benefit from strong growth in China's
natural gas sector over the next two years.

Anton's adjusted EBITDA margin will also weaken to 24.5%-25.0% over
the next 12-18 months from 30.0% in 2019, mainly due to intense
pricing pressure amid weak demand, high fixed costs and additional
coronavirus-related expenses. These challenges are only partially
offset by sustained cost and expense control measures.

As a result, Moody's expects Anton's debt leverage, as measured by
adjusted debt/EBITDA, will increase to 3.5x-4.0x over the next
12-18 months from 2.7x in 2019, excluding the USD300 million bonds
issued in December 2019 to pre-fund its December 2020 debt
maturities. This level of leverage is weaker than Moody's had
previously expected, but still provides some buffer against high
oil price volatility and its high short-term working capital
needs.

Moody's further expects the company to prudently manage its working
capital cycle and remain cautious in its capital spending. As a
result, Moody's expects the company's overall debt levels to
decrease over the next 12-18 months.

Anton's liquidity position has weakened as a result of lower
operating cash flow. As of year-end 2019, the company had cash and
cash equivalents of RMB2.42 billion and restricted cash of RMB369
million. These liquidity sources and Moody's expected operating
cash flow of about RMB200 million-RMB250 million over the next 12
months are insufficient to cover its RMB2.75 billion of short-term
debt, RMB410million of bills payable, and estimated maintenance
capital spending of about RMB100 million over the next 12 months.
Anton's short-term debt included RMB498 million short-term bank
loans, USD300 million (RMB2.1 billion) senior notes due December
2020 (2020 notes), finance lease and lease liabilities.

In March 2020, the company completed a tender offer to purchase
USD103 million of its 2020 notes. Moody's further expects the
company to repay the remaining outstanding maturities of its 2020
notes by using the proceeds from its USD300 million bond issuance
in December 2019 as a source to partially pre-fund this majority.

This weak liquidity position is mitigated by Anton's track record
of rolling over its short-term bank loans, especially during the
weak oil price environment in 2015 and 2016, and its track record
of good access to the domestic bank and debt and equity capital
markets.

The rating also takes into account the following environmental,
social and governance (ESG) considerations.

Firstly, the company is exposed to increasingly stringent
regulations for oil and gas operations and access to new resources.
However, Anton has to date not experienced any major compliance
violations related to air emissions, water discharge or waste
disposal.

Secondly, on the governance front, the company's key shareholder,
Luo Lin, held a sizeable 24% stake at the end of 2019. In addition,
the majority of its board of directors is not independent.
Meanwhile, Anton has demonstrated financial prudence as reflected
in its USD300 million bond issuance in December 2019 to pre-fund
its 2020 maturities.

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

An upgrade of Anton's ratings is unlikely over the next 12-18
months, given the negative outlook. The outlook could return to
stable if Anton (1) maintains its order backlog, revenue and
earnings even amid the challenging operating environment; (2)
remains prudent in its working capital management and capital
investments, with adjusted debt/EBITDA remaining below 4.0x-4.5x on
a sustained basis; and (3) improves in its free cash flow
generation and liquidity.

The ratings could be downgraded if Anton's (1) order book declines
materially; (2) financial leverage weakens, such that adjusted
debt/EBITDA exceeds 5.5x on a sustained basis, because of declining
profitability or higher debt arising from the pressure on its
working capital needs; or (3) liquidity position weakens further.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.

Anton Oilfield Services Group is a major Chinese oil field services
company that offers integrated oil and gas field services
solutions, covering various phases of field development, including
drilling technologies, well completion and oil production
services.

Anton was founded by its chairman, Luo Lin, in 1999 and was listed
on the Hong Kong Stock Exchange in December 2007.


CBAK ENERGY: Incurs $1.2 Million Net Loss in Second Quarter
-----------------------------------------------------------
CBAK Energy Technology, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q, disclosing a
net loss of $1.19 million on $4.62 million of net revenues for the
three months ended June 30, 2020, compared to a net loss of $2.33
million on $4.27 million of net revenues for the three months ended
June 30, 2019.

For the six months ended June 30, 2020, the Company reported a net
loss of $3.55 million on $11.52 million of net revenues compared to
a net loss of $5.14 million on $9.44 million of net revenues for
the six months ended June 30, 2019.

As of June 30, 2020, the Company had $92.41 million in total
assets, $77.28 million in total liabilities, and $15.12 million in
total equity.

The Company had a working capital deficiency, accumulated deficit
from recurring net losses and short-term debt obligations as of
Dec. 31, 2019 and June 30, 2020.  These factors raise substantial
doubts about the Company's ability to continue as a going concern.

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

                     https://is.gd/DQNJxW

                       About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn/-- is engaged in the
business of developing, manufacturing and selling new energy high
power lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.

CBAK Energy reported a net loss of $10.85 million for the year
ended Dec. 31, 2019, compared to a net loss of $1.96 million for
the year ended Dec. 31, 2018.  As of March 31, 2020, the Company
had $94.20 million in total assets, $82.70 million in total
liabilities, and $11.50 million in total equity.

Centurion ZD CPA & Co., in Hong Kong, China, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated May 14, 2020, citing that the Company has a working capital
deficiency, accumulated deficit from recurring net losses and
significant short-term debt obligations maturing in less than one
year as of Dec. 31, 2019.  All these factors raise substantial
doubt about its ability to continue as a going concern.


JIAYUAN INTERNATIONAL: S&P Affirms 'B' ICR, Outlook Negative
------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Jiayuan International Group and the 'B-' long-term issue rating
on the company's outstanding U.S. dollar-denominated senior
unsecured notes.

S&P affirmed the rating with a negative outlook because it believes
Jiayuan will face refinancing risk from its large offshore debt
maturities over the next 12-18 months. The company's limited
onshore banking relationships could add to the pressure.

S&P said, "Jiayuan's improving sales execution partly offsets the
risk, in our view. We forecast the company's organic contracted
sales will increase 4%-11% to Chinese renminbi (RMB) 30
billion-RMB32 billion in 2020, from RMB29 billion in 2019. Our
estimates exclude potential asset injection from the company's
chairman. Contracted sales rose 6% in the first seven months of
2020, compared with the same period last year, despite the COVID-19
pandemic. We also anticipate satisfactory cash collection of
77%-80% of contracted sales over the next two years.

"We believe Jiayuan has a reasonably viable plan to tackle its
concentrated offshore maturities in 2021, though it faces execution
risks." The company could refinance via a sizable new issuance but
market demand may be inadequate. It could also repay with internal
sources. Unrestricted cash on hand and operating cash flow appear
sufficient to cover maturities. However, it needs to upstream the
project-level cash and execute the remittance offshore in a timely
manner. Jiayuan's US$1 billion maturity wall in the next 18 months
consists of US$17 million of senior notes maturing in October 2020;
US$150 million of 364-day senior notes maturing in June 2021; and
US$322 million, US$250 million, and US$327 million of senior notes
puttable in March, May, and October 2021, respectively.

Jiayuan's capital structure will likely remain weak. As of June 30,
2020, the company's average debt maturity (including puttable
notes) was around 1.7 years, with 86% of debt maturing in the next
24 months. This is partly due to its high reliance on alternative
financing (37% of total debt as of June 2020), which typically has
shorter terms and higher interest costs. Jiayuan's bank loans
accounted for only 24% of total debt. The company's capital
structure will unlikely see material improvement in the next 12-18
months, as it will take time to build relationships with more
domestic banks.

SP said, "In our opinion, Jiayuan will accelerate investments and
increase cash on hand in the second half of 2020. The
debt-to-EBITDA ratio will likely increase to 3.5x-4.0x by end-2020.
This compares with 3.0x in June 2020 and 5.5x in June 2019. The
improvement over the past 12 months was driven by robust revenue
growth, stable margin, and prudent investment spending. It was also
attributable to the equity-funded asset injection in Anhui province
from Jiayuan Chuangsheng Holding Group Co. Ltd., a private company
controlled by Jiayuan's chairman. The asset injection reduced
investment burden and provided additional liquidity support.

"We expect Jiayuan to maintain above-average profitability compared
with its peers. We estimate the company's gross profit margin will
be in the low 30% range for the next two to three years. Jiayuan
lowered its ratio of new land cost to average selling price to
13.5% in 2019, from 19% in 2018. This was partly due to the low
land cost from the newly injected Anhui asset, which has an average
gross profit margin of 35%-37% according to our estimates."

Jiayuan's geographic diversity and operating scale will likely
improve moderately, as the company is gradually expanding into
areas outside of Jiangsu province. In the first half of 2020, the
company expanded into new cities such as Huizhou and Kaili and
obtained 4.3 million square meters of new land bank, bringing its
total land bank to 17.2 million square meters. S&P believes
Jiayuan's land bank is sufficient for three to four years of
development.

S&P said, "The negative outlook reflects our view that Jiayuan will
face refinancing pressure from its significant offshore maturities
over the next 12-18 months. It also reflects the company's weak
capital structure with an average debt maturity of below two years.
However, we still expect Jiayuan to cover the short-term maturities
with its funds from operations and cash on hand.

"We could lower the rating on Jiayuan if the company faces
difficulties or delays in refinancing its offshore bond maturities
(including puttable notes), or its liquidity weakens such that
liquidity sources drop below liquidity uses. This could stem from
significant slippage in contracted sales, or refinancing
difficulties in its funding channels. Material cash depletion or a
sharp increase in funding costs could signal such deterioration.

"We could also lower the rating if Jiayuan's debt-funded expansion
is more aggressive than we anticipate, or its key project launches
and completions are delayed, such that the debt-to-EBITDA ratio
rises above 6.5x."

S&P may revise the outlook to stable if:

-- Jiayuan resolves its substantial offshore maturities in 2021
through refinancing or repaying with its own resources, while
maintaining its liquidity profile such that liquidity sources
comfortably cover uses; and

-- The company maintains good sales execution and controls
leverage, such that the debt-to-EBITDA ratio stays below 6.5x on a
sustained basis.


REMARK HOLDINGS: Incurs $9.8 Million Net Loss in Second Quarter
---------------------------------------------------------------
Remark Holdings, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net loss
of $9.82 million on $2.30 million of revenue for the three months
ended June 30, 2020, compared to a net loss of $2.77 million on
$2.86 million of revenue for the three months ended June 30, 2019.

For the six months ended June 30, 2020, the Company reported a net
loss of $12.24 million on $2.73 million of revenue compared to a
net loss of $11.63 million on $4.07 million of revenue for the same
period during the prior year.

As of June 30, 2020, the Company had $23.08 million in total
assets, $30.52 million in total liabilities, and a total
stockholders' deficit of $7.44 million.

"The second quarter of 2020 was highlighted by the initial rollout
of our AI-powered thermal imaging solutions for the U.S. market
that generated $1.1 million in revenue during its introduction.
With China now emerging from post-COVID-19 lockdowns, we anticipate
growth on both sides of the Pacific moving forward," noted
Kai-Shing Tao, chairman and chief executive officer of Remark
Holdings.  "During the quarter we also successfully recapitalized
our balance sheet by paying off over $13 million of debt and
liabilities, while also ending the quarter with over $10 million of
cash.  These funds will help fuel our growth domestically and
abroad as we grow our team, services and solutions."

At June 30, 2020, the cash and cash equivalents balance was $10.2
million, compared to a cash position of $0.3 million at Dec. 31,
2019.  Cash increased primarily due to $32.1 million in proceeds
from common stock issuances, which increase was partially offset by
use of the proceeds to make debt principal repayments of $13.3
million, to make other liability payments and to generally operate
the business.

"Our U.S. thermal business is off to a great start.  We are seeing
the momentum started in our second quarter carrying into our third
quarter, and initial orders are leading to many new and large
opportunities in various industries.  Our ownership in Sharecare
continues to grow more valuable each quarter, especially in light
of Teladoc Health's recent acquisition of Livongo Health for $18.5
billion, which validates Sharecare's strategy of creating a
platform versus a point solution.  Finally, we expect our
businesses to grow as the world's economies recover and reopen. Our
AI-powered solutions are proven, tested and live," concluded Mr.
Tao.

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

                     https://is.gd/sg1UK7

                     About Remark Holdings

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

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

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


TD HOLDINGS: Incurs $4.36 Million Net Loss in Second Quarter
------------------------------------------------------------
TD Holdings, Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q, disclosing a net loss of $4.36
million on $3.71 million of total revenue for the three months
ended June 30, 2020, compared to a net loss of $1.04 million on
$540,895 of total revenue for the three months ended June 30,
2019.

For the six months ended June 30, 2020, the Company reported a net
loss of $4.50 million on $5.19 million of total revenue compared to
a net loss of $2.87 million on $940,894 of total revenue for the
same period in 2019.

As of June 30, 2020, the Company had $95.54 million in total
assets, $6.78 million in total liabilities, and $88.76 million in
total equity.

For the six months ended June 30, 2020, the Company reported cash
outflows of approximately $2.61 million from operating activities.
As of June 30, 2020, the Company had cash balance of $1.5 million.
The Company said these factors caused concern as to its liquidity
as of June 30, 2020.

In assessing the Company's liquidity, the Company monitors and
analyzes its cash and its ability to generate sufficient cash flow
in the future to support its operating and capital expenditure
commitments.  The Company's liquidity needs are to meet its working
capital requirements and operating expenses obligations.

As of June 30, 2020, the Company had a positive working capital of
approximately $85.4 million, among which the Company had a loan due
from a customer of approximately $79.4 million for the purpose of
developing supply chain financing business.  Pursuant to the loan
agreement, the loan term for each individual loan was twelve months
from disbursement, but in practice the loans are revolving every
3-4 months.  From July 1, 2020 to the date of the report, the
Company collected approximately RMB 507.63 million, or $71.80
million from the customer.

Going forward, the Company plans to fund its operations through
revenue generated from its commodity trading business, operating
lease income, funds from its private placements as well as
financial support commitments from the Company's chief executive
officer and major shareholders.

Based on above operating plan, the management believes that the
Company will continue as a going concern in the following 12
months.

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

                      https://is.gd/89ACV8

                        About TD Holdings

Headquartered in Beijing, People's Republic of China, TD Holdings,
Inc., (formerly known as Bat Group, Inc.) operates a luxurious car
leasing business as well as a commodities trading business
operating in China.

As of March 31, 2020, the Company had $12.61 million in total
assets, $5.36 million in total liabilities, and $7.26 million in
total equity.

For the year ended Dec. 31, 2019, the Company incurred net loss
from continuing operations of approximately $6.94 million, and
reported cash outflows of approximately $2.17 million from
operating activities.  These factors caused concern as to the
Company's liquidity as of Dec. 31, 2019.


UCAR INC: Shares Slump 53% in Week After Trading Resumed
--------------------------------------------------------
Iris Ouyang at South China Morning Post reports that Ucar, owner of
one of China's biggest ride-hailing firms, slumped 53 per cent last
week after investors dumped the stock upon resumption of trading as
it sought more time to publish its accounts and failed to distance
itself from the scandal involving Luckin Coffee.

According to the report, the company, controlled by Luckin Coffee's
co-founder Charles Lu Zhengyao, closed at CNY1.06 on Aug. 21 from
CNY2.25 when they were halted from trading on June 30 on National
Equities Exchange and Quotation or NEEQ, an over-the-counter market
for local small and medium-sized enterprises. The stock slumped on
Aug. 20 and was little-changed on Aug. 21.

The slump last week wiped out CNY3.2 billion (US$462.8 million)
from its market capitalization, the report discloses.

UCar's shares have been under pressure by association since Luckin
Coffee's accounting scandal emerged almost four months ago, the
report says. The coffee chain, dubbed as China's Starbucks, said on
April 2 that several top executives had fabricated sales worth
CNY2.2 billion from the second to the fourth quarters of 2019.

The Post says the scandal contributed to Washington tightening
scrutiny of Chinese companies listed on American bourses, stoking a
broader spat between regulators in the world's two largest
economies which have already been entangled in rising tensions.

Investors, worried by the Luckin scandal and the fact that former
Luckin executives worked closely with Lu and his companies for
years, have slammed UCar's shares by 93 per cent so far this year,
ranking the stock among the top 10 biggest losers on the NEEQ,
according to the Post.

The Post says UCar shares were suspended from trading on June 30,
after the company delayed the release of its financial results for
2019. Since the auditing of the company's books was affected by
measures to rein in a resurgence of Covid-19 infections in Beijing
in June, UCar said on Aug. 20 that it would be postponing the
results for a second time, the report relays.

If the company fails to release the results by August 31, its
shares are likely to be delisted from NEEQ, the Post notes.

Meanwhile, its unit Car Inc. is in talks to be taken private,
Reuters reported on Aug. 20, citing people it did not identify, the
Post relays.  Reuters said South Korean private equity firm MBK
Partners was in talks with BAIC to acquire its stake in the
company. Car Inc said it was not in any discussion with MBK. BAIC
last month signed an agreement to acquire more than 20 per cent
stake in the car rental company for US$180.6 million from UCar,
which would have made it largest shareholder of Car Inc.

Car Inc's shares shed 4.2 per cent on Aug. 21, taking the overall
decline to 53 per cent this year, the Post adds.

Ucar Inc. of China offers automobile electronic commerce platform
services. The Company provides online car hailing, one stop
automobile financing, and other services. Ucar of China provides
its services throughout China.




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

AHALYA AGENCIES: CRISIL Keeps B+ on INR5.4 Debt in Not Cooperating
------------------------------------------------------------------
CRISIL said the rating for the bank facilities of Ahalya Agencies
(Ahalya) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5.4       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Ahalya for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Ahalya, established in 1968 by Mr. Vasudevan Nair, is engaged in
the trading of kitchen utensils and crockeries in Kerala.


AMAR GINNING: CRISIL Keeps B+ on INR6.75cr Debt in Not Cooperating
------------------------------------------------------------------
CRISIL said the rating for the bank facilities of Amar Ginning
Factory (AG) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.75       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with AG for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AG was established as a partnership firm in 1999. The operations
are managed by the Patel family, who has over 10 years of
experience in the cotton industry. The firm in processes raw cotton
to produce cotton bales and crushing of cotton seed to produce
cotton seed oil and cotton seed oil cake.


AMRITVARSHA INDUSTRIES: Ind-Ra Moves BB Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Amritvarsha
Industries Limited's 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 the rating. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR185 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR45 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     / IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 6, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1995, Amritvarsha Industries manufactures
small-sized iron garters, channels, and angels, which are used in
construction activities. The company has a 40,000 tons per annum
plant in Dadri, Uttar Pradesh.


ANNANYA INTERFACE: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating for the bank facilities of Annanya Interface
and Controls Private Limited (AICPL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee          2        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit             2.5      CRISIL C (ISSUER NOT
                                    COOPERATING)

   Letter of Credit        1.5      CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      1.06     CRISIL C (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with AICPL for obtaining
information through letters and emails dated February 12, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AICPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on AICPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of AICPL
continues to be 'CRISIL C/CRISIL A4 Issuer not cooperating'.

AICPL was set up by Mr P S Pendharkar and Mr S P Pendharkar as a
partnership firm in 1989, and was reconstituted as a private
limited company in 2004. The company primarily provides real time
monitoring and control systems, and automation solutions for water
supply schemes and electrical sub-stations. It installs, tests,
erects, and commissions control systems for water treatment plants,
water pumping stations, power stations, and sub-stations/switching
stations.


ARUJ BUILDCON: Ind-Ra Assigns 'B+' LongTerm Issuer Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Aruj Buildcon
Private Limited (ABPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR32 mil. Fund-based limit assigned with IND B+/Stable
     rating.

KEY RATING DRIVERS

The ratings reflect ABPL's small scale of operations, as indicated
by its revenue of INR720 million in FY20 (FY19: INR686 million).
The revenue rose due to an increase in the number of orders
received by the company. The company's order book amounted to
INR354 million as on 30 June 2020, providing negligible revenue
visibility (0.5x of FY20 revenue). Ind-Ra expects the revenue to
decline in FY21 owing to a fall in the number of orders received,
due to the ongoing slowdown in the market, and the shutdown of
operations during April-May 2020 on account of the COVID-19-led
lockdown. The figures for FY20 are provisional in nature.

Liquidity Indicator - Poor: ABPL's average utilization of its
fund-based limits was around 87% during the 12 months ended June
2020, with instances of over-utilization that were regularized
within 10 days. The cash flow from operations declined to INR1.12
million in FY20 (FY19: INR25.89 million) due to an elongation in
the working capital cycle to 15 days (eight days), resulting from a
decline in creditor days to 60 days (98 days). The working capital
cycle is likely to remain on the same lines in the near term. The
company has availed the Reserve Bank of India-prescribed debt
moratorium during March-August 2020.

The ratings factor in the company's moderate credit metrics due to
its high debt levels.  The metrics weakened in FY20 due to an
increase in debt (FY20: INR107.66 million; FY19: INR56.88 million)
and the resultant rise in interest costs. The interest coverage
(operating EBITDA/gross interest expense) was  5x in FY20 (FY19:
11.6x), while the net financial leverage (total adjusted
debt/operating EBITDAR) was 2.7x (1.2x). Ind-Ra expects slight
deterioration in the credit metrics in FY21 on account of a fall in
the absolute EBITDA (FY20: INR34.50 million; FY19: INR31.08
million).

The ratings are also constrained by ABPL's short operational track
record, as FY18 was the first full year of operations. Moreover,
the company caters to only one client - Dineshchandra R Agrawal
Infracon Private Limited ('IND A+'/Stable).

The ratings are supported by the healthy EBITDA margins due to its
nature of business. The margin increased to 4.8% in FY20 (FY19:
4.5%) due to a decline in the raw material costs. The ROCE was 18%
in FY20 (FY19: 34%). The margins are likely to fall in FY21 due to
the aforementioned reasons.

The ratings also benefit from the director's experience of more
than two decades in the construction business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations, as well as the
liquidity position and a decrease in the customer concentration
risk, will be positive for the ratings.

Negative: Further stress on the liquidity position and/or a decline
in the revenue will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2017, the company undertakes civil contracts. It is
managed by Bharatamram Agarwal.


INDUSTRIAL MINERAL: CRISIL Lowers Rating on INR10cr Loan to B
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Industrial
Mineral Company (IMC) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Packing Credit         10        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with IMC for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in the year 1999 by Mr.Chandresan along with his wife
as a partnership firm, IMC is engaged in the business manufacturing
and exporting of garnet and ilmenite.


INKAL VENTURES: CRISIL Keeps D on INR15cr Loans in Not Cooperating
------------------------------------------------------------------
CRISIL said the rating for the bank facilities of Inkal Ventures
Private Limited (IVPL) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         4.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           10.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with IVPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2008, and based at Cochin, IVPL is a part of
Arabcal group of companies in the Middle East. The company has
diversified business streams, which include execution of
(Engineering, Procurement, and Construction) EPC projects, local
distributorship for global industrial machinery companies and food
processing (specifically dairy products). Mr. Prasad Balakrishnan
Nair manages the daily operations.


J J BUILDTECH: CRISIL Lowers Rating on INR15cr Term Loan to B
-------------------------------------------------------------
CRISIL has revised ratings on bank facilities of J J Buildtech
(JJB) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              15        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT  
                                    COOPERATING')

CRISIL has been consistently following up with JJB for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

JJB was setup in 2002 as a partnership firm by Dehradun,
Uttaranchal based Lumba family. The firm is engaged in residential
and commercial real estate development in Dehradun, Uttaranchal.
Mr. Raj Lumba is the main partner in the firm and is engaged in the
real estate development since 2000. Since inception, JJB has
executed three residential and one residential cum commercial
projects.


JET AIRWAYS: Deadline for Insolvency Process Extended Anew
----------------------------------------------------------
Livemint.com reports that the deadline for completion of Jet
Airways (India) Ltd's insolvency resolution process, which was
earlier extended until August 21 due to the nationwide lockdown to
contain the spread of the covid-19 virus, will be extended further
due to the pandemic.

However, the resolution professional (RP) entrusted by the lenders
of the airline to complete the insolvency process hasn't given a
fresh deadline yet.

Livemint.com relates that in a letter to the now defunct airline's
employees on Aug. 20 -- a day before the completion of the latest
deadline for the insolvency process -- the lenders-appointed
Resolution Professional (RP) for the airline, Ashish Chhawchharia,
said that it is difficult to predict the timeline for the
completion of the insolvency process due to the ongoing covid-19
pandemic.

"While the CoC (Committee of Creditors) and the RP are taking all
necessary steps to expedite the insolvency process, it is difficult
to exactly predict when it will be completed," Chhawchharia said in
the letter, Livemint.com relays.

"The complications are multiplied due to the prevalent pandemic
situation, but please be assured that the CoC and I are doing
everything possible to conclude the process at the earliest," he
added.

A copy of the letter has been reviewed by Mint.

According to Livemint.com, the insolvency process for Jet Airways,
which has been grounded since April 2019 due to acute fund crunch,
was earlier supposed to be completed by June 13. This deadline was
further extended to August 21 due to the nation-wide lockdown,
imposed by the government to contain the spread of the covid-19
pandemic.

As things stand, Jet Airways has received bids from two
consortiums, the report says. These included bids from a consortium
comprising UK-based Kalrock Capital and UAE-based entrepreneur
Murari Lal Jalan, and a consortium of Haryana-based Flight
Simulation Technique Centre, Mumbai-based Big Charter and Abu
Dhabi's Imperial Capital Investments LLC.

When contacted, Ashish Chhawchharia said that the deadline for the
completion of the insolvency process has been extended due to the
ongoing covid-19-related restrictions, Livemint.com notes.

Chhawchharia added that the fresh deadline for completion of the
process hasn't been announced due to covid-19 related
uncertainties, adds Livemint.com.

                         About Jet Airways

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

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

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

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

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


KAMAL SUITINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating for the bank facilities of Kamal Suitings
Private Limited (KSPL) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       .5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Standby Letter         .5        CRISIL D (ISSUER NOT
   of Credit                        COOPERATING)

   Term Loan             3.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KSPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

KSPL is a Bhilwara (Rajasthan)-based entity acquired in 2008 by Mr.
Kapil Maheshwari. The company manufactures and markets synthetics
blended suiting cloth, which it supplies to wholesalers all over
the country.


KAPOOR PRESERVATIONS: CRISIL Keeps B Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating for the bank facilities of Kapoor
Preservations LLP (KPL) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1.2       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan              4         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

KPL has been set up by Mr Arpit Kapoor and his family members for
setting up a cold storage facility at Fatehpur in Barabanki. The
firm is setting up a multipurpose cold storage, with capacity to
store 6013 tonne of potatoes for farmers and traders. The unit is
expected to start commercial operations from November 2018.


KDM CLOTHING: Ind-Ra Gives 'BB-' Rating, Outlook Stable
-------------------------------------------------------
India Ratings and Research (Ind-Ra) rates KDM Clothing Co. at 'IND
BB-' with a Stable Outlook. As part of the ongoing rating review
exercise and in line with the regulatory requirement, Ind-Ra had
requested the issuer on June 15, 2020, June 4, 2020, and May 14,
2020, for updated information on the company's performance. In view
of the COVID-19 led lockdown, the issuer has informed the agency
that it needs more time to provide the required data. The company
has not opted for the debt moratorium allowed by the Reserve Bank
of India.

Ind-Ra is working with KDM Clothing Co. to see if any information
can be readily provided so that the agency can update its credit
view as per the regulatory requirement. Ind-Ra will try to complete
the process by September 20, 2020, using the best-available
information. If Ind-Ra is unable to do so due to the lack of
adequate data, then the rating may have to be migrated into the
issuer non-cooperating category, so that banks are aware that the
agency is unable to update its credit view.


KHUKHRAIN COLD: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating for the bank facilities of Khukhrain Cold
Storage & Ice Factory (KCS) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             1.05       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KCS for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Chandigarh-based KCS is a partnership firm promoted by the Sahni
family. The firm provides warehousing and logistics services for
dairy products, frozen meat products and vegetables, and beverages
through a cold storage and a fleet of refrigerated vehicles.


KOENIG SOLUTIONS: CRISIL Lowers Rating on INR3.56cr Loan to B
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Koenig
Solutions Private Limited (KSL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Bank        3.56       CRISIL B/Stable (ISSUER NOT
   Facility                         COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Overdraft             1.60       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    2.77       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan             3          CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with KSL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KSL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KSL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KSL
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB+/Stable Issuer Not Cooperating'.

KSL was incorporated in 1993, by promoter, Mr Rohit Agarwal and his
family members. The company is primarily engaged in IT training,
both in the retail and corporate segments. In the retail division,
it offers training solutions related to software and infrastructure
management services, among others. In the corporate sector, the
company mainly provides staffing and training solutions to IT
companies.


LAKHO AGRICULTURAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------------
CRISIL said the rating for the bank facilities of Lakho
Agricultural and Food Products Private Limited (LAFPL) continues to
remain in the 'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7.9       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Cash          1.6       CRISIL B+/Stable (ISSUER NOT
   Credit Limit                     COOPERATING)

CRISIL has been consistently following up with LAFPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2011 and promoted by Mr. Uma Nand Singh and Mr.
Vishal Kumar Singh, LAFPL mills non-basmati parboiled rice at its
facility in Buxsar, Bihar. The company sells under the Lakho
brand.


LAKSHMI GOLD: CRISIL Lowers Rating on INR198.5cr Cash Loan to B
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Lakshmi Gold
Khazaanaa Private Limited (LGKPL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          198.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan        31         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    70.5       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with LGKPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of LGKPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on LGKPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of LGKPL
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB+/Stable Issuer Not Cooperating'.

Set up in 2007 and promoted by Mr. KP Nanjundi, LGKPL retails gold
jewellery. The company is based in Bengaluru and operates eight
jewellery showrooms, spread across Karnataka.


LAXMI INDUSTRIES: CRISIL Lowers Ratings on INR10cr Loans to B
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Laxmi
Industries - Bengalore (LI) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from  
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan         1.21      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from  
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Working       1.79      CRISIL B/Stable (ISSUER NOT
   Capital Facility                 COOPERATING; Revised from  
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with LI for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 1998 and based in Bengaluru, LI manufactures bright steel
bars. The firm's day-to-day operations are managed by its
proprietor, Mr. Basant Jalan.


MALIEAKAL ELECTRONICS: CRISIL Moves B+ Ratings From Not Cooperating
-------------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Malieakal Electronics
(Malieakal) to 'CRISIL B+/Stable Issuer Not Cooperating'. However,
the management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of the
rating.  Consequently, CRISIL is migrating the rating on the long
term bank facilities of Malieakal to 'CRISIL B+/Stable' from
'CRISIL B+/Stable Issuer Not Cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Overdraft           1.5        CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable Issuer Not
                                  cooperating')

   Proposed Long       1          CRISIL B+/Stable (Migrated from
   Term Bank                      'CRISIL B+/Stable Issuer Not
   Loan Facility                  cooperating')

   Term Loan           3.6        CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable Issuer Not
                                  cooperating')

The rating continue to reflect the modest scale of operations
amidst intense competition in the consumer electronics and home
appliances retail segment and average financial risk profile. These
weaknesses are partially offset by extensive experience of the
proprietor.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amidst intense competition: Intense
competition from other retailers, having a wider scale and
geographic presence, has kept the scale of operations modest, with
estimated revenue of INR30 crore in fiscal 2020. Furthermore, the
firm derives its entire revenue from a showroom at Kollam, which
leads to high geographic concentration.

* Average financial risk profile:  Estimated Interest coverage and
net cash accrual to adjusted debt ratios were modest at 2.5 times
and 0.24 time, respectively, during fiscal 2020. Gearing is
expected to be less than 2 time in fiscal 2020.With no major debt
funded capital expenditure in near term, financial risk is expected
to be at similar levels.

Strength:

* Extensive experience of the proprietor: The three decade-long
experience of the proprietor in the consumer electronics and
appliances segment, and his healthy relationships with suppliers,
will continue to support the business risk profile

Liquidity Stretched

Bank limit is moderately utilized at an average of 90% during the
past twelve months ended April, 2020. Cash accrual are expected to
be around INR1crore which is sufficient against term debt
obligation of INR0.4-0.6 crore over the medium term. Current ratio
is estimated to be moderate at 1.3 times as on March 31, 2020. The
firm has availed moratorium due to COVID ' 19 lock down with its
banker.

Outlook: Stable

CRISIL believes Malieakal will continue to benefit from its
moderate operating margin, and extensive experience of its
proprietor

Rating Sensitivity factors

Upward factor

  * Sustained improvement in scale of operation by 20% and
sustenance of operating margin, leading to higher cash accrual

  * No Major debt funded capital expenditure plan.

Downward factor

  * Decline in operating profitability to below 5% level leading to
fall in accruals.

  * Stretch in working capital cycle.

Based in Kollam (Kerala) and set up in 1979, Malieakal deals in
consumer electronics and home appliances. Daily operations are
managed by the proprietor, Mr. James Joseph.


MARUTHI COTTON LTD: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating for the bank facilities of Maruthi Cotton
Mills Private Limited (MCMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         4         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MCMPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in January, 2014 as a partnership firm, MCMPL is
engaged in the business of cotton ginning and pressing. Based in
Srikakulan, Andhra Pradesh, the firm is promoted and managed by
Mr.P Srinivasa Rao and Mrs. P Suneetha.


MARUTI COTTON: CRISIL Keeps D on INR7cr Loans in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating for the bank facilities of Maruti Cotton
Industries (MCI) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     .18       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              .82       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MCI for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MCI, a partnership firm, started commercial production in January
2012. The firm gins and presses raw cotton (kapas). There are 11
partners in the firm, with Mr. Savji Savsani (holding 15% stake)
and Mr. Mukesh Ghodsara (5%) actively managing the operations.


METAL PRODUCTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating for the bank facilities of Metal Products
(ORA) (MP) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting      5.35       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Cash Credit           1.70       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MP for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Metal Products was set up in 1989 in Agra. The firm initially
manufactured imitation jewelry wires, and began manufacturing
electrical winding wires in 2002. Mr. Vijay Kumar Agarwal is the
key promoter.


METROSTAR PRINT: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating for the bank facilities of Metrostar Print
Solutions Private Limited (MPSPL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.26       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             8.74       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MPSPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MPSPL, incorporated in 2011, is setting up a unit for manufacturing
offset printing plates that are used in the printing industry. The
proposed facility is located at Taloja (Maharashtra). The company
is promoted by Mr. Mukund Bhuta and his wife, Mrs. Hetal Bhuta.


MITHRA SEEDS: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the rating for the bank facilities of Mithra Seeds (MS)
continues to remain in the 'Issuer Not Cooperating' category.

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term       4.55      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

   Secured Overdraft        4.45      CRISIL B/Stable (ISSUER NOT
   Facility                           COOPERATING)

CRISIL has been consistently following up with MS for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2012 as a sole proprietorship entity, Mithra Seeds (MS)
is involved in the trading of sowing seeds such as groundnuts,
Bengal gram, black gram, Green gram, paddy, Jute and soybean. Based
in Guntur, Andhra Pradesh, the firm is promoted and managed by
Narasimha Rao.


NATURO FOOD: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating for the bank facilities of Naturo Food and
Fruit Products Private Limited (Naturo) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         1.35      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      .95      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with Naturo for obtaining
information through letters and emails dated February 12, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1987 and based in Bangalore, Naturo is promoted by
Mr. Vikram Reddy and family. The company is engaged in manufacture
and sale of fruit bars and fruit bites under its 'Naturo' brand.


NEW PASHCHIM: CRISIL Lowers Rating on INR32.49cr Cash Loan to B
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of New Pashchim
Maharashtra Patra Depot (NPMPD) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           32.49      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan         6.80      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    20.71      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with NPMPD for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NPMPD, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on NPMPD is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of NPMPD
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB+/Stable Issuer Not Cooperating'.

Established in 1994, NPMPD is a proprietorship firm of Mr. Prashant
Bedmutha. The firm primarily manufactures steel roofs at its plant
in Sangli, Maharashtra, which has a capacity of 2,500 tonnes per
month. These are marketed under its own brand, Duratuff. The firm
has recently diversified into mild steel and electric resistance
welded pipes the manufacturing plant for these is at Pune,
Maharashtra.


NIKISU FAB: CRISIL Lowers Ratings on INR6cr Loans to B
------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Nikisu Fab
Private Limited (NFPL) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            .5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan        5.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with NFPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Nikisu Fab Private Limited (NFPL) was incorporated in 1988, is
engaged into dyeing and printing of fabrics. Company has its
manufacturing plant in Ahmedabad, Gujarat. It is promoted by
brothers Mr. Dashrathbhai Patel and Mr. Pravinbhai Patel.


NOEL TEXTILES: CRISIL Lowers Rating on INR7cr Cash Loan to B
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Noel Textiles
(India) Private Limited (Noel) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with Noel for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Noel Textiles (India) Private Limited (Noel) was incorporated in
2011 by Mr. Suryakant Agarwal. The company is engaged in the
trading of yarn, fabric and and is focused primarily in the
domestic market. The company trades in all categories of fabrics,
yarns etc. including woollen, synthetic etc.


PASWARA PAPERS: CRISIL Lowers Rating on INR42.50cr Loan to B
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Paswara Papers
Limited (PPL) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          15.73       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan            42.50       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with PPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

PPL incorporated in 1980, is engaged in manufacturing of Single and
Multi-layer Kraft paper with 32 burst factor (BF) and paper board
that finds application in packaging industry. The manufacturing
unit is located in Meerut, Uttar Pradesh. The company is managed by
Aggarwal family.


PEARL POLYMERS: Ind-Ra Cuts LT Issuer Rating to B-, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Pearl Polymers
Limited's (PPL) Long-Term Issuer Rating to 'IND B-' from 'IND BB-'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR188 mil. Fund-based working capital limit downgraded with
     IND B-/Stable/IND A4 rating; and

-- INR97 mil. Non-fund-based working capital limit downgraded
     with IND B-/Stable/IND A4 rating.

KEY RATING DRIVERS

The downgrade reflects PPL's continued EBITDA losses due to
volatility in the price of its raw material - polyethylene
terephthalate (PET) resin –which is closely linked to crude oil
price. The company's EBITDA turned negative to INR23.82 million in
FY20 (FY19: INR36.80 million) and EBITDA margin contracted to
negative 1.71% (2.06%) owing to the increased input prices, which
couldn't be passed on to clients as the company doesn't have a
price-escalation clause, along with increased employee and
administrative expenses. The management plans to improve its EBITDA
margin in FY21 by reducing its overhead cost and increasing its
selling price.

The ratings are constrained by PPL's continued medium scale of
operations, as reflected by a fall in revenue to INR1,395.32
million in FY20 (FY19: INR1,787.20 million) owing to decreased
orders. The agency expects the company's revenue to decline further
in FY21 owing to the COVID-19 led lockdown, coupled with the
slowdown in the plastic industry.

The ratings factor in the company's modest credit metrics, which
deteriorated significantly due to the operating loss. In FY20, the
gross interest coverage (operating EBITDAR/gross interest expense +
rents) stood at negative 0.57x (FY19: 0.74x) and net financial
leverage (total adjusted net debt/operating EBITDA) at negative
10.87x (7.09x) due to the continued EBITDA losses. In FY21, Ind-Ra
expects the credit metrics to improve on account of the marginal
improvement in the absolute EBITDA.

Liquidity Indicator - Poor: PPL's average maximum utilization of
fund-based limits was over 90% for the 12 months ended July 2020.
The company's net working capital cycle increased to 79 days in
FY20 (FY19: 75 days) owing to increased inventory days of 83 (73).
In FY20, PPL's cash flow from operations fell to INR13.34 million
(FY19:INR28.40 million) due to the increase in inventory days, the
EBITDA loss and early payments to creditors. In FY20, the free cash
flows turned negative to INR1.02 million (FY19: INR 22.60 million)
due to the maintenance capex incurred. As of March 31, 2020, PPL
had cash and cash equivalents of INR4.53 million against a total
debt of INR263.46 million. PPL has availed of the Reserve Bank of
India-prescribed debt moratorium for six months starting March
2020.

The rating, however, is supported by PPL's well-known brand-
Pearlpet and its promoter's extensive experience of four decades in
the market. PPL has strong relations with principal customers such
as Glaxo SmithKline Pharmaceuticals Ltd, Johnson & Johnson Pvt Ltd,
Reckitt Benckiser India Limited, United Spirits Limited, Perfetti
Van Melle India Private Limited.

RATING SENSITIVITIES

Negative: Continued EBITDA losses or any further stress in the
liquidity position and further weakening of credit metrics will be
negative for the ratings.

Positive: Improvement in the liquidity position, along with the
EBITDA turning positive, leading to the interest coverage exceeding
1x, could lead to positive rating action.

COMPANY PROFILE

PPL was established in 1971 and has been manufacturing PET bottles
and jars since 1986.   It has 80 machines across five locations:
Mahad (Maharashtra), Baddi (Himachal Pradesh), Jigani (Karnataka),
Pant Nagar (Uttarakhand) and Guwahati (Assam).  


POORVI HOUSING: CRISIL Keeps B on INR20cr Loans in Not Cooperating
------------------------------------------------------------------
CRISIL said the rating for the bank facilities of Poorvi Housing
Development Company Private Limited (PHDC) continues to remain in
the 'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            15        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Term Loan      5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with PHDC for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2013, PHDC is engaged in residential real estate
construction in Bangalore (Karnataka). The promoters have been
associated with group entity Poorvi Developers and have completed
five projects in the South Bengaluru region. The day-to-day
operations of the company are managed by Mr. Prakash S Naik.


PRASAD COTTON: CRISIL Lowers Ratings on INR7cr Loans to B
---------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Prasad Cotton
Industries Private Limited (PCIPL; part of Prasad group) to 'CRISIL
B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     1         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with PCIPL for obtaining
information through letters and emails dated February 12, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of PCIPL and Prasad Fibers Pvt Ltd (PFPL),
together referred to as the Prasad group. This is because both
entities are managed by the same promoter and operate in similar
lines of business.

The Prasad group, set up by Mr. Hari Prasad Soni and his family
members, gins and presses raw cotton into bales and extracts oil
from cotton seed. Operations are jointly managed by Mr. Ramprasad
Soni and his brothers, Mr. Hariprasad Soni, Mr. Dwarkaprasad Soni,
and Mr. Shivprasad Soni.

PCIPL, originally set up in 2003 as a partnership firm, was
reconstituted as a private limited company in May 2013. PFPL was
established in 2008 and is engaged in the same line of business.


PRITS LEATHER: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating for the bank facilities of Prits Leather Art
(P) Ltd. (PLA) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bills Discount/        8         CRISIL D (ISSUER NOT
   Cheque Purchase                  COOPERATING)

   Export Packing         2         CRISIL D (ISSUER NOT
   Credit                           COOPERATING)

CRISIL has been consistently following up with PLA for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

PLA was incorporated in 2006 as a private limited company. Promoted
by Mr. Ashwani Bhatia and his wife Ms. Seema Bhatia, the company
manufactures and exports leather garments, leather bags, and
accessories. PLA has manufacturing facilities located in Noida,
Uttar Pradesh and derives its revenue primarily through export of
leather garments and bags to European countries.


PROTAC FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the rating for the bank facilities of ProTAC Foods
International Private Limited (PFIPL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     2.5       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             18.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with PFIPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Protac Foods International Pvt Ltd was promoted by Mr. Tarun Kunzru
(managing director), Mr. Chethan MV and Mr. Abhishek Gowda M.N to
engage in chicken processing, with an integrated cold chain
preservative system and sales. The company was incorporated on
February 5, 2014. The company has commenced operations since June
2016.


RADHIKA COTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating for the bank facilities of Radhika Cotex
(RC) continues to remain in the 'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     2.38      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              1.12      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with RC for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2005, RC is a partnership firm based in Amreli (Gujarat)
that gins and presses raw cotton and sells cotton lint and cotton
seeds. Mr. Ramesh Vadera and Mr. Sharad Vadera are the partners.




=================
I N D O N E S I A
=================

WASKITA BETON: Fitch Cuts National LongTerm Rating to 'CCC-(idn)'
-----------------------------------------------------------------
Fitch Ratings Indonesia has downgraded precast concrete
manufacturer PT Waskita Beton Precast Tbk's National Long-Term
Rating to 'CCC-(idn)', from 'BB(idn)'/Negative, and placed it on
Rating Watch Negative. At the same time, Fitch has downgraded
WSBP's IDR2 trillion unsecured bond programme and the bonds issued
under the programme to 'CCC-(idn)', from 'BB(idn)'.

The downgrade follows similar rating action on parent PT Waskita
Karya Tbk (WSKT, B(idn)/ RWN), after Fitch lowered the parent's
Standalone Credit Profile to 'ccc-(idn)' from 'bb(idn)' on
weakening liquidity and higher refinancing risk. Fitch rates WSBP -
which Fitch believes has a stronger credit profile than the parent,
as evident from its SCP of 'b-(idn)' - based on WSKT's SCP due to
moderate ties between the two entities. The RWN similarly reflects
its parent's RWN.

'CCC' National Ratings denote a very high level of default risk
relative to other issuers or obligations in the same country or
monetary union.

KEY RATING DRIVERS

Parent's Weakening SCP; Stronger Subsidiary: Moody's sees WSBP's
stronger profile as following the 'Stronger Subsidiary' path under
its Parent and Subsidiary Rating Linkage criteria. Moody's assesses
legal and operating ties to be moderate due to senior management
overlap and influence over WSBP's investments, strategy and
operations.

Weakening Cash Flow Generation: WSBP's liquidity has been
deteriorating on the back of slower project completion and
challenging cash collection from project owners. These will
ultimately result in depressed cash flow from operations for WSBP
as payment terms from customers are prolonged despite project
completion.

Challenging cash collections from project owners translated into
significantly lower receipts from customers of IDR1.6 trillion in
1H20 - representing a nearly 60% decline from IDR3.8 trillion in
1H19. CFO was a negative IDR240 billion in 1H20 after adjusting for
the impact of a one-off receipt from value-added tax restitution of
IDR416 billion.

Deteriorating Credit Metrics: Fitch estimates that net debt/EBITDA
will rise above 7.0x by end-2020 from around 3.5x at end 2019. This
will be driven by significantly lower revenue and EBITDA from
slower project completion. WSBP's revenue has declined
significantly, by 72% to IDR1.1 trillion in 1H20 (1H19: IDR3.8
trillion), as project completion and delivery were affected by the
large-scale social distancing measures in 2Q20. At the same time,
Fitch estimates that debt will continue to rise in the next 18
months as WSBP will need to cover the decline in CFO from
borrowings - exacerbating the CFO pressure with a rising interest
burden.

Significantly Lower Order Book: Fitch expects WSBP's order-book to
remain under pressure until end- 2021 as new contracts will not
recover substantially in 2020 and 2021. New contract achievement is
unlikely to return to the 2018-2019 level of above IDR6.5 trillion
by end-2020, although tenders for new projects will resume in 2H20
as social distancing measures ease and business operations
normalise.

WSBP had only secured an additional IDR931 billion of new contracts
up to 1H20, down by more than 70% from IDR3.2 trillion in 1H19. As
a result, its order-book fell to IDR5.6 trillion from IDR12.6
trillion in 1H19.

Rising Counterparty Risk: WSBP's challenging cash-flow generation
is exacerbated by the weakening credit profile of WSKT. WSBP's new
contract and cash-flow generation are reliant on the WSKT group, as
the latter contributed more than 40% of the former's revenue and
outstanding project billings at end-June 2020. Fitch believes that
WSKT's payment capability relies on the timely receipts of turnkey
project payments, which are under similar pressure in light of the
challenge of project verification and potential resource
reallocation of project owners.

Reduced Financial Flexibility: WSBP's additional liquidity and
financial flexibility are subject to the banks' willingness to roll
over the working-capital facilities - which are renewed every year.
On June 2020, WSBP's IDR2.1 trillion of short-term loans (56%) came
from non-related state-owned banks, out of a total IDR3.8 trillion
outstanding. Fitch believes that these banks now adopt more
stringent lending standards to avoid rising non-performing loans in
a time of pandemic.

DERIVATION SUMMARY

WSBP's 'b-(idn)' SCP is comparable with the rating of PT Sawit
Sumbermas Sarana Tbk (SSMS, CCC+/BB-(idn)/Stable), which is based
on the consolidated credit profile of its parent PT Citra Borneo
Indah. Both WSBP and CBI have high leverage, with net debt/EBITDA
rising above 7.0x by end-2020. Both also have lumpy maturities as
they both have a large chunk of debt coming from bonds that mature
within a particular year. The former has better access to funding,
although it is now subject to higher uncertainty due to stricter
lending policy by banks.

Both companies will also face challenging interest coverage of
below 1.5x by end-2020. SSMS's improving industry dynamics through
higher crude palm oil prices places it in a better position against
WSBP which faces slower customer collection and weakening
counterparty risk from WSKT. WSBP's weaker counterparty risk and
challenging industry dynamics result in lower ratings than those of
SSMS.

KEY ASSUMPTIONS

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

  - New contracts of around IDR3 trillion-4 trillion in 2020 and
    2021

  - Lower average burn rate in 2020 and 2021 as project
    completions are delayed in 2020, and recovery will happen
    gradually from 4Q20

  - Longer working-capital cycle in 2020 and 2021 due to longer
    payment from project owners as project completion and delivery
    are delayed

  - IDR150 billion-165 billion of capex in 2020 and 2021

RATING SENSITIVITIES

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

  - Significant improvement in liquidity on the back of recovery
    in cash collection from project owners

  - An upward revision of WSKT's SCP

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

  - Weakening liquidity position

  - A downward revision of WSKT's SCP

LIQUIDITY AND DEBT STRUCTURE

Concentrated Maturity: At end-June 2020, WSBP had IDR145 billion of
readily available cash against IDR3.8 trillion of short-term
working-capital loans outstanding. WSBP is therefore reliant on the
banks rolling over these facilities continuously as they mature.
Fitch believes that this will be increasingly challenging, given
WSBP's weakening credit metrics. The remainder of the debt
structure comprises IDR2 trillion of bonds that will mature in
2022.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The rating of PT Waskita Beton Precast Tbk is driven by the rating
of its parent, PT Waskita Karya (Persero) Tbk, in accordance with
its Parent and Subsidiary Linkage Rating criteria under the path of
stronger subsidiary and weaker parent.


WASKITA KARYA: Fitch Lowers National LongTerm Rating to 'B(idn)'
----------------------------------------------------------------
Fitch Ratings Indonesia has downgraded Indonesia-based contractor
PT Waskita Karya Tbk's National Long-Term Rating to 'B(idn)' from
'BBB+(idn)'/Negative and placed the rating on Rating Watch
Negative. At the same time, the agency has downgraded WSKT's senior
unsecured note programme and the notes issued under the programme
to 'B-(idn)' from 'BBB(idn)'.

The downgrade reflects WSKT's tight liquidity position, which is
exacerbated by the coronavirus pandemic. Fitch believes this
elevates WSKT's refinancing risks in repaying its near-term
maturities that include its supply-chain financing facilities and
IDR2.5 trillion in bonds maturing October 2020. The Rating Watch
Negative reflects the uncertainty over the company's ability to
boost liquidity in a timely manner to repay the near-term debt
maturities and Fitch's potential re-assessment of government
support.

WSKT's rating of 'B(idn)' incorporates a four-notch uplift from its
standalone credit profile of 'ccc-(idn)' due to the company's
strong linkages with its majority shareholder, the Indonesian
sovereign (BBB/Stable).

The programme and the bonds issued under the programme will
continue to be rated one notch below the company's National
Long-Term Rating in light of significant prior-ranking debt. Fitch
expects WSKT's prior-ranking debt/EBITDA to be considerably above
2.5x, the threshold at which Fitch believes the interests of senior
unsecured creditors are significantly subordinated to the interests
of secured or prior-ranking creditors.

'B' National Ratings denote a significantly elevated level of
default risk relative to other issuers or obligations in the same
country or monetary union.

KEY RATING DRIVERS

Weakening Liquidity; Higher Refinancing Risk: The social-distancing
measures during the pandemic have slowed construction progress,
weakened cash collection and cut new contracts, materially
weakening WSKT's liquidity. Fitch believes this raises WSKT's
refinancing risk in repaying its near-term maturities until
end-2020, including the SCF facilities of IDR7.7 trillion in 1Q20
and the total IDR2.5 trillion in bonds maturing in October 2020.
The company will also be dependent on further external funding and
the availability of an undrawn loan facility (1Q20: IDR10 trillion)
to support its substantial capex and debt-servicing obligations.

Negative FCF; Elevated Leverage: Fitch believes the challenges in
collecting payments due to the slower completion of its projects,
including turnkey contracts, will result in negative cash flow from
operations as the working-capital cycle is lengthened. The company
received turnkey payments of IDR7.1 trillion in the year to June
2020, which it will mainly use to reduce debt, although this will
be temporary. Fitch projects free cash flow will continue to be
negative while leverage (net debt/EBITDA) will remain high, above
15x, and coverage (EBITDA/interest paid) will be below 1.0x in the
medium term due to high investments to complete toll-road
projects.

Weakening New Contracts Amid Pandemic: Fitch expects growth in
WSKT's order book to slow as tenders from government and private
parties will be limited during the pandemic. Fitch estimates new
contract wins will drop by 25% to IDR19 trillion (1H20: IDR8.1
trillion) in 2020 as both domestic and offshore projects will be
affected by the lockdown.

Its rating case assumes that social-distancing measures will ease
in 2021, at which time major tenders will resume. This could boost
WSKT's new contracts to IDR25 trillion-35 trillion in 2021-2023.
However, a prolonged pandemic may prompt the government to
re-allocate resources away from infrastructure projects to combat
COVID-19, which would reduce the number of contracts up for
tender.

Strong State Linkage: The state owns 66% of WSKT, primarily via the
Ministry of State-Owned Enterprises, and has strong influence over
investment decisions, strategy and operations. The state holds a
'golden share' that allows it to veto important decisions,
including the appointment and dismissal of board members,
distribution of profit and M&A, irrespective of the presence of
minority shareholders. The government also injected IDR3.5 trillion
of equity into WSKT in 2015 and supported WSKT's subsidiary, PT
Waskita Toll Road, through strategic partnerships via
government-affiliated institutions with total proceeds of IDR3.5
trillion in 2017. Around 70% of WSKT's outstanding order book at
end-2019 included nationally strategic government projects.

This results in its assessment of the company's strong operational
and strategic linkages with the Indonesian government, which is a
stronger parent, based on Fitch's Parent and Subsidiary Rating
Linkage criteria, which is reflected by the four-notch uplift to
WSKT's SCP. However, Fitch may re-assess the linkages should there
be evidence of weaker support when WSKT's liquidity is under
pressure.

DERIVATION SUMMARY

WSKT's SCP reflects the company's pressured liquidity and elevated
refinancing risks due to its weaker cash flow generation, which may
result in challenges to repay its near-term maturities. Fitch
believes the execution risk of the company's strategy to boost its
liquidity in a timely manner during the pandemic, such as obtaining
further external debt facilities and collecting major cash inflows
from its projects, heightens its refinancing risks.

KEY ASSUMPTIONS

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

  - New contract wins of IDR19 trillion in 2020 and IDR26 trillion
in 2021 (2019: IDR26 trillion)

  - Slower contribution from turnkey projects in 2H20

  - EBITDA margin of 14.5%-15.5% in 2020-2021

  - Capex of IDR9 trillion in 2020 and IDR10 trillion-11 trillion
in 2021-2022

  - Dividend payout ratio of 20% in 2021-2023

RATING SENSITIVITIES

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

  - Fitch may resolve the Rating Watch Negative if WSKT can
meaningfully improve its liquidity such that it is able to address
its near-term debt maturities.

  - Stronger linkage between WSKT and the Indonesian government

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

  - Further weakening in liquidity that undermines WSKT's ability
to service its debt

  - Weakening linkage between WSKT and the Indonesian government

LIQUIDITY AND DEBT STRUCTURE

High Refinancing Risk: Fitch believes the company's cash generation
has been materially affected by the pandemic, with challenges in
collecting cash due to the slower progress in construction
pressuring liquidity. The sustained negative free cash flow as a
result will cause WSKT to depend on the availability of its undrawn
bank facilities (1Q20: IDR10 trillion) as well as the ability to
source further external funding. The pressure on liquidity also
highlights the difficulty in repaying the maturing SCF facilities
and bonds due October 2020.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch treats WSKT's supply-chain financing (1Q20: IDR7.7 trillion)
as debt, as it extends the trade payable cycle significantly to
around 180 days, compared with the standard 90 days.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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




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

RENOWN INC: To Sell D'urban, Other Brands, May Go Into Liquidation
------------------------------------------------------------------
The Japan Times reports that failed Japanese apparel maker Renown
Inc. said Aug. 21 it will sell some of its main brands, including
the D'urban suit brand, to an apparel group in Osaka for an
undisclosed amount.

Renown is likely to go into liquidation after the planned sale of
its brands to Koizumi Co.'s group companies on Sept. 30, sources
close to the matter said, The Japan Times relates.

Tokyo-based Renown also said it plans to sell its Aquascutum and
Simple Life brands to the group.

Renown Incorporated is a holding company established through the
merger of Renown and D'urban. The Company manages its subsidiaries
of apparel manufacturers.

As reported in the Troubled Company Reporter-Asia Pacific on May
18, 2020, Renown Inc. said May 15 it filed for bankruptcy
protection after the coronavirus pandemic hit sales sharply in
recent months.

Founded in 1902, Renown filed for protection from creditors with
the Tokyo District Court under the civil rehabilitation law. It was
the first bankruptcy of a listed company in Japan since January
2019, according to credit research firm Teikoku Databank.

Renown has debts totaling JPY13.88 billion (US$129 million).




=========
M A C A U
=========

MGM CHINA: Fitch Affirms BB- LongTerm IDR, Outlook Negative
-----------------------------------------------------------
Fitch Ratings has affirmed the 'BB-' Long-Term Issuer Default
Ratings of MGM Resorts International and MGM China Holdings Ltd.
Fitch has also affirmed MGM Resorts' and MGM China's unsecured debt
at 'BB-/RR4'. The Rating Outlook is Negative.

The affirmation reflects MGM's strong liquidity position to weather
the challenging operating environment and allow MGM to return to
within its downgrade sensitivity thresholds by 2023. Fitch revised
downward its assumptions for major gaming jurisdictions,
particularly for the Las Vegas Strip and Macau, to reflect a more
challenging recovery trajectory as the coronavirus pandemic
continues to hinder international and domestic tourism. As a
result, Fitch now forecasts MGM's gross-adjusted leverage at 8.3x
and 5.9x in 2022 and 2023, respectively, and net-adjusted leverage
at 7.1x and 4.8x, respectively. Fitch's downgrade sensitivity for
MGM is 6.0x gross-adjusted leverage.

As of June 30, 2020, MGM had $4.5 billion of excess cash (net of
estimated cage cash) and $3.3 billion of revolver availability. The
excess cash excluding MGM China ($144 million in excess cash) and
MGM Growth Properties (MGP; $726 million in excess cash) is $3.6
billion. Revolver availability excluding MGP is $940 million in the
U.S. and $1.2 billion at MGM China, the latter of which includes an
untapped $400 million secondary revolver. These ample liquidity
sources provide for approximately 17 months of operations in the
U.S. and 22 months of operations in Macau in a zero-revenue
environment. MGM also has no meaningful maturities until 2022 and
manageable maintenance capex requirements. The $700 million
remaining on MGM's operating partnership unit redemption option
with MGM Growth Properties represents another source of potential
liquidity.

The company was in a favorable liquidity position heading into the
pandemic, having recently monetized Bellagio and MGM Grand
vis-a-vis sale leaseback transactions, but it also took proactive
steps to increase cash as operations halted. This included raising
unsecured debt at the U.S. and Macau levels to repay precautionary
revolver draws, terminating a $1.25 billion stock tender offer,
suspending all other shareholder returns and exercising $700
million of its MGP OP redemption option.

Fitch's weaker assumptions in Las Vegas is the primary driver of
MGM's prolonged elevated leverage. Fitch sees a challenging path
for international and domestic visitation, which relies
meaningfully on air travel, to return to pre-coronavirus levels
absent a material change in the global travel environment. Las
Vegas' air capacity is currently at about 40% to 50% of normalized
levels, and visitation declines are even greater. Group business
will also see meaningful challenges, with participants being less
keen to engage in large-scale events while the spread of
coronavirus remains top-of-mind. Fitch now expects revenue declines
in Las Vegas to be 48% and 20% in 2021 and 2022 relative to 2019
levels, respectively, with a full recovery to 2019 levels by 2024.
Positively, flowthrough to EBITDAR has been better than expected
(roughly 40% to 50%) thanks to operators' cost-cutting initiatives
and more limited amenity offerings.

MGM's regional portfolio has re-opened, with the exception of
Empire Resorts in New York, and should see less severe declines
given this segment's reliance on drive-in visitation. In Macau,
casinos are open but with limited volumes as travel restrictions to
Macau from mainland China are keeping visitation at de minimis
levels, although these restrictions are expected to be loosened
over the next couple of months. China plans to start issuing visas
to visit Macau to Guangdong residents on August 26 and nationwide
on September 23.

The Negative Rating Outlook continues to reflect the risks and
uncertainty the global gaming industry is facing from the
pandemic.

Fitch could revise the Rating Outlook to Stable when there is a
greater degree of confidence in the gaming industry's recovery
trajectory and MGM's ability to de-lever back to 6.0x adjusted
gross leverage.

KEY RATING DRIVERS

Coronavirus Exposure: Based on 4Q19 results, the Las Vegas Strip,
U.S. Regional and Macau segments represented 47%, 28% and 23% of
MGM's consolidated EBITDA, respectively. At this point, most of
MGM's assets are open with the exception of the Mirage and Park MGM
in Las Vegas and Empire City in New York. Fitch expects the Las
Vegas recovery to take longer relative to the U.S. Regional markets
given the former's greater reliance on air travel and group
business. Macau should see improved visitation in 4Q20, with China
planning to restart broad visa issuances in late September subject
to the coronavirus remaining contained in the region. Fitch is
projecting marketwide revenue declines in the Las Vegas Strip, U.S.
Regional and Macau segments relative to 2019 of 48%, 14% and 19%,
respectively.

Reduced Financial Flexibility: With the sale-and-leaseback
transactions of Bellagio and MGM Grand since late last year, MGM
has monetized all of its meaningful wholly-owned assets, and the
increase in lease-equivalent debt has mostly offset the decline in
traditional debt. The new fixed costs created by the transactions
have weakened MGM's domestic FCF generation, inclusive of
distributions from its subsidiaries. MGM guarantees the two
mortgages for the Bellagio and MGM Grand/Mandalay Bay joint
ventures, respectively, which is another negative liquidity
consideration albeit a manageable one given that both are
collection guarantees (Fitch does not consolidate the JV debt).

MGM's run-rate triple-net leases annualize to $1.4 billion,
although about $400 million of that goes back to MGM vis-a-vis
distributions from its 57%-owned MGP.

MGP Ownership Uncertainty: Consolidated rent-adjusted leverage will
remain elevated should MGM achieve its target of 1.0x "domestic net
financial leverage." MGM has paid down $4.1 billion of traditional
debt since YE18 with asset-sale proceeds (prior to pandemic-related
debt issuance) but has created $4.3 billion of lease-equivalent
debt in the process. Uncertainties around MGP ownership reduction
make leverage trajectory opaque, as deconsolidation will result in
roughly $6.5 billion of incremental lease-equivalent debt from
capitalizing the MGP master lease at 8.0x. Separately, Fitch does
not expect IAC's recently announced 12% ownership stake in MGM (and
potential board presence) to materially change MGM's financial
policies.

Favorable Asset Mix: MGM has good geographic diversification, which
includes international properties in Macau. Since 2016, the company
has improved its diversification with acquisitions and developments
in U.S. regional markets and the Cotai Strip in Macau. MGM's
portfolio of Las Vegas Strip assets are mostly of high quality, and
its regional assets are typically market leaders. The regional
portfolio's diversification partially offsets the more cyclical
nature of Las Vegas Strip properties. MGM's two properties in Macau
provide global diversification benefits and exposure to a market
with favorable long-term growth trends.

MGM Growth Properties: MGP (BB+/Negative) is roughly 57% owned and
effectively controlled by MGM. Therefore, Fitch analyzes MGM on a
consolidated basis and subtracts distributions to minority holders
from EBITDAR. MGM has publically stated its desire to reduce its
ownership stake in MGP to under 50% by 2020. MGM could further
dilute its stake through its remaining exercise of a $1.4 billion
agreement with MGP, in which MGP would be required to redeem OP
units for cash (expires in January 2022; $700 million exercised in
May 2020). MGM's ownership of the sole MGP Class B share and
controlling voting power (intact until ownership falls below 30%)
will continue to support a consolidated analysis with adjustments
for the minority stake in MGP.

Should MGM reduce its stake in MGP below 30% and deconsolidate,
Fitch would likely analyze the MGM domestic credit on a stand-alone
basis. The financial flexibility of this credit is weaker given the
high amount of fixed costs associated with the MGP and non-MGP
master leases.

ESG Considerations - Complex Group Structure: MGM has an
Environmental, Social and Governance Relevance Score of 4 for Group
Structure due to the complexity of MGM's ownership structure for
its primary operating subsidiaries and JVs and increasing group
transparency risk. This has a negative impact on the credit profile
and is relevant to the ratings in conjunction with other factors.

DERIVATION SUMMARY

MGM's 'BB-' IDR reflects the issuer's strong liquidity, diversified
operating footprint and de-levering path back to moderate
consolidated gross-adjusted leverage metrics. This is offset by
weaker financial flexibility following the monetization of its
remaining wholly owned Las Vegas Strip properties, resulting in
higher fixed costs.

The IDR takes into consideration MGM's multiple liquidity sources
to withstand the near-term cash burn from the coronavirus
disruption and potential de-levering path back to 6.0x consolidated
gross-adjusted leverage amid a moderate recovery in global gaming.
Peer Las Vegas Sands Corp. (BBB-) has a track record of adherence
to a more conservative financial policy and stronger international
diversification in attractive regulatory regimes.

Fitch links MGM China's IDR to MGM's. Fitch views MGM's and MGM
China's stand-alone credit profiles as roughly on par with each
other, but it would not de-link the ratings if the stand-alone
credit profiles moderately diverge. MGM China is strategically and
operationally important to MGM, and MGM China does not have
material ring-fencing mechanisms in its financing documentation
that would limit MGM's access to MGM China's cashflows.

KEY ASSUMPTIONS

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

  -- Total revenues relative to 2019 levels are -59%, -31%, -14%
and

  -- 6% from 2020 through 2023, respectively. Near-term declines
are greater for Las Vegas given its reliance on air travel and
group business, as well as Macau given lingering travel
restrictions. MGM's regional portfolio performs relatively
stronger, as the properties rely mostly on drive-in visitation.

  -- Flowthough to EBITDAR is 40% to 50% in the near term as a
result of meaningful cost cuts. As operations normalize through the
recovery, Fitch assumes MGM's long-term margins will slightly
exceed those of the prior cycle, with some initiatives taken during
the pandemic resulting in a lower overall cost base.

  -- Capex of $250 million in 2020 before returning to normal
maintenance levels of $550 million annually thereafter ($100
million attributable to MGM China). Some additional capex is
assumed in Macau for MGM Cotai's south hotel tower (roughly $100
million).

  -- Remaining revolver draws in the U.S. and at the MGP level are
repaid by YE20. Fitch assumes the Macau revolver will be paid down
gradually, while MGM's $1 billion in 2022 unsecured notes are
redeemed for cash.

  -- MGM exercises its remaining $700 million MGP OP unit
redemption option in 2021, and MGP debt funds the payment to MGM.

  -- No shareholder returns at the MGM parent level are assumed
until at least 2023. The majority of cashflow after capex is
distributed at the MGM China, MGP and CityCenter levels.

RATING SENSITIVITIES

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

  -- Evidence of stabilization in demand and signs of a significant
rebound in global gaming demand could lead to a revision of the
Rating Outlook to Stable.

  -- Greater certainty of gross-adjusted debt/EBITDAR trending
toward 6.0x by YE22 could likewise lead to a revision of the Rating
Outlook to Stable. This could be on a net basis should the
company's plans for debt paydown become more explicit.

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

  -- Net-adjusted debt/EBITDAR exceeding 6.0x beyond 2023, either
through a more prolonged disruption to global gaming demand or
adoption of a more aggressive financial policy. As the operating
environment normalizes and balance sheet liquidity returns to
levels consistent with historical practices, Fitch will
re-emphasize gross-adjusted leverage metrics of below 6.0x for the
'BB-' IDR level.

  -- A reduction in overall liquidity (low cash and revolver
availability, heightened covenant risk or increased FCF burn) as a
result of prolonged coronavirus pressures.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Ample Liquidity Sources: Heading into the coronavirus disruption,
MGM had meaningful cash balances and revolver availability and
generated solid FCF. While FCF has deteriorated, available
liquidity has improved due to opportunistic unsecured issuance at
the MGM Resorts and MGM China levels. Voluntary debt paydowns from
the Bellagio and MGM Grand transactions have eliminated meaningful
maturities until 2022, when the $1 billion in 7.75% notes mature.
These liquidity sources, plus the termination of the previously
announced $1.25 billion share tender, are expected to help weather
the $1.8 billion in negative FCF Fitch is forecasting for 2020.

SUMMARY OF FINANCIAL ADJUSTMENTS

Leverage: Fitch subtracts distributions to minority holders of
non-wholly owned consolidated subsidiaries from EBITDA to calculate
leverage. Fitch also adds recurring distributions from
unconsolidated JVs.




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

STA TRAVEL: NZ Firms Face Uncertain Wait as Parent Ceases Trading
-----------------------------------------------------------------
Radio New Zealand reports that New Zealand businesses owed money by
STA Travel face uncertainty after the global youth travel agency
filed for insolvency.

According to RNZ, STA's parent company, based in Switzerland,
announced on its website it was ceasing trading, saying the
pandemic had "brought the travel industry to a standstill".

RNZ says Tourism Holdings Ltd chief executive Grant Webster is
among New Zealand operators waiting for payment for last summer's
bookings.

Between the company's Kiwi Experience business and rental motorhome
business, he said the amount owed is in the hundreds of thousands
of dollars, RNZ relays.

RNZ relates that STA said customers with existing bookings would
receive advice in coming days.

"Over recent months, the company took decisive measures to secure
the business beyond Covid-19," STA said.  "However, sales have not
picked up as anticipated, due to consumer uncertainties, further
restrictions and renewed lock-down measures, which are expected to
largely continue into 2021."

In the UK, where STA Travel has more than 50 shops, about 500 jobs
are thought to be at risk as a result of the failure, RNZ
discloses.

STA Travel, which originally stood for Student Travel Australia,
but was later rebranded Student Travel Association, was founded in
1971, and specialises in long-haul, adventure and student travel.




===============
P A K I S T A N
===============

PAKISTAN: S&P Affirms 'B-/B' Sovereign Credit Ratings
-----------------------------------------------------
S&P Global Ratings, on Aug. 20, 2020, affirmed its 'B-' long-term
and 'B' short-term sovereign credit ratings on Pakistan. The
outlook for the long-term rating is stable.  S&P also affirmed its
'B-' long-term issue rating on Pakistan's senior unsecured debt and
sukuk trust certificates.

Outlook

S&P said, "The stable outlook reflects our expectations that donor
and partner financing will ensure that Pakistan can meet its
external obligations over the next 12 months, and that the country
will continue to roll over its commercial credit lines.

"We may lower our ratings if Pakistan's fiscal, economic, or
external indicators deteriorate further, such that the government's
external debt repayments come under pressure. Indications of this
would include external or fiscal imbalances higher than what we
expect.

"Conversely, we may raise our ratings on Pakistan if the economy
materially outperforms our expectations, strengthening the
country's fiscal and external positions more quickly than
forecast."

Rationale

The ratings on Pakistan reflect the fallout of the COVID-19
pandemic on the country's already weak economy, considerable
external indebtedness and liquidity needs, and an elevated general
government fiscal deficit and debt stock. While Pakistan had made
progress toward consolidating its fiscal accounts during the first
nine months of its Extended Funding Facility (EFF) program with the
IMF, related imbalances have been worsened by much slower economic
growth since March 2020.

-- COVID-19 is exacerbating the weakness in Pakistan's economy,
which has slowed markedly since 2017.

-- Pakistan's economic growth trend has fallen below that of its
international peers'.

-- Reform initiatives have improved since the introduction of
IMF's EFF program in 2019, but progress is likely to be delayed
amid the pandemic.

The pandemic has worsened Pakistan's deep economic downturn. In
particular, domestic demand in the economy remains very weak, as
evident from contractions in both real consumption and imports in
the fiscal year ended June 2020. Prospects for a near-term recovery
have dimmed following strict domestic virus containment measures
implemented between March and June, and in the face of a much
weaker global economic outlook.

Prior to the onset of the pandemic, Pakistan was making important
headway toward implementing economic and fiscal reforms under its
EFF program with the IMF. As of end-December 2019, the government
had met all performance criteria and completed all structural
benchmarks of the IMF program. In particular, Pakistan had made
strong progress toward containing its twin current account and
primary fiscal deficits, and had begun to rebuild its foreign
exchange reserves alongside a more flexible rupee exchange rate
regime.

The pandemic will challenge further progress in some of these
areas, especially fiscal consolidation and reserve accumulation.
Despite having stabilized in the first three quarters of the fiscal
year, a deep downturn in the April-June period led the Pakistani
economy to a full-year contraction of nearly 0.4% in fiscal 2020.
Renewed weakness in the economy will undermine revenue generation
while complicating the government's efforts to curtail expenditure.
The government is likely to focus on implementing last year's new
revenue measures in the current fiscal period, rather than to
introduce additional policies against a backdrop of poor business
and consumer sentiment.

The ratings on Pakistan remain constrained by a narrow tax base and
domestic and external security risks, which continue to be high.
Although the country's security situation has gradually improved
over the recent years, ongoing vulnerabilities weaken the
government's effectiveness and weigh on the business climate.

Pakistan's economy is likely to recover only gradually as the
global pandemic is progressively better contained. Following
Pakistan's worst economic performance on record in fiscal 2020, S&P
forecasts a modest expansion of 1.3% in fiscal 2021. Taken together
with its relatively fast population growth of approximately 2.0%
per year, real per capita economic growth will likely remain
negative for a third straight year, at -0.7%. That will contribute
to a further decline in Pakistan's 10-year weighted average per
capita growth rate to just 0.6%, well below the global median of
1.5% for economies at a similar level of income.

The Pakistani rupee's approximately 38% depreciation against the
U.S. dollar between 2017 and 2020 has also contributed to a
considerable decline in the economy's nominal GDP per capita. S&P
forecasts GDP per capita to remain just above US$1,200 by the end
of this fiscal year, versus closer to US$1,600 in fiscal 2018.

Although S&P believes the government's adoption of reforms under
the IMF program has been constructive in addressing accumulated
economic and external balances, the economy is likely to face
further stress until the pandemic is meaningfully contained and
global conditions materially improved.

Growth will also be constrained by domestic security challenges and
extended hostility with neighboring India and Afghanistan. These
conditions, along with inadequate infrastructure, mainly in
transportation and energy, are additional bottlenecks to foreign
direct investments. The former Pakistan Muslim League government
improved the security situation within the country, and we would
expect the Pakistan Tehreek-e-Insaf (PTI) government to continue
this positive momentum. However, tensions with neighboring India
flared on multiple occasions in 2019, and further incidents,
especially in the vicinity of the line of control in Kashmir,
cannot be ruled out.

-- Pakistan's external metrics have stabilized in line with a much
smaller current account deficit in 2020.

-- The government still faces considerable external liabilities,
including commercial bank loans.

-- The country's fiscal and debt positions will deteriorate
further owing to the pandemic-induced economic downturn.

Despite the ongoing implementation of reforms, the Pakistan
government continues to face substantial pressure on its finances.
After an estimated general government fiscal deficit of 8.1% of GDP
in fiscal 2020, S&P forecasts an elevated shortfall equivalent to
8.5% of GDP this year, largely owing to revenue constraints amid
the weak economy.

Heading into 2020, the government had begun to implement difficult
reform measures, with an emphasis on revenue generation. These
measures appeared to be leading toward a more sustainable fiscal
trajectory for the government, with the primary balance shifting
into surplus prior to the onset of the pandemic. The economy's weak
performance in the April-June quarter undermined these
improvements, and we estimate that the general government's net
indebtedness rose by 11.8% of GDP in fiscal 2020.

Under the auspices of the IMF EFF program, the government has shown
a strong willingness to consolidate its fiscal position, and S&P
believes it would have achieved lower annual fiscal deficits and a
greater revenue share of GDP in the absence of the exogenous shock
of the pandemic.

Constructive measures including the withdrawal of exemptions and
preferential rates under the government's sales tax regime, a
rationalization of income tax thresholds and rates, and the
augmentation of Federal Excise Duties, among others, should help to
solidify the government's revenue base over the next three years.
However, Pakistan's ratio of tax revenue to GDP remains one of the
lowest among sovereigns S&P rates, and it believes material
improvements will be delayed by Pakistan's weak economic outlook.

S&P said, "In our view, it is difficult to increase revenue as a
share of GDP during a period of muted economic growth; we therefore
expect the government's revenue-to-GDP ratio to retreat slightly to
12.5% this fiscal year, before recovering to more than 13% from
fiscal 2022. We forecast the average annual change in net general
government debt at 6.9% of GDP through 2023, reflecting our
expectations for a high deficit this year, followed by gradually
smaller shortfalls."

Coupled with the economy's weak growth outlook, continued high
fiscal deficits will push Pakistan's net general government debt to
a multi-decade high of 84.5% of GDP this fiscal year.

Pakistan's unusually high interest expense relative to fiscal
revenue is an additional constraint on our assessment of the
government's debt burden. Interest expense is set to rise to a
record high of more than 57% of revenues this year, an extremely
elevated level where more of the government's income goes toward
debt servicing than to the provision of public goods and services.
The government's ability to scale this ratio down over the coming
years, mostly through increased revenue generation, will be
critical in maintaining its debt sustainability.

To meet the economy's elevated external funding needs, the
government has secured substantial foreign exchange support from a
large contingent of multilateral and bilateral creditors. Amid
Pakistan's 2018-2019 economic downturn, the country secured
financing from the IMF, Saudi Arabia, United Arab Emirates, Qatar,
and China, among others; they have committed total support for
Pakistan of approximately US$38 billion. More recently, Pakistan
has secured an additional commitment of US$1.4 billion from the IMF
under its Rapid Financing Instrument, as well as US$1.8 billion
from the World Bank, and US$1.7 billion from the Asian Development
Bank. These funds have helped to stabilize Pakistan's gross foreign
exchange reserves.

The government has secured Pakistani rupees (PKR) 335 billion
(approximately US$2 billion) in debt forgiveness on official
obligations to G20 creditors, with an agreement set to be signed by
the various parties before Dec. 31, 2020. The agreement will
alleviate the government's high external debt stock, although it
represents only a small share of its total external public
indebtedness, which S&P estimates at approximately US$89 billion.
Critically, the Pakistan government has stated that it has no
intention to seek debt relief or restructuring on its commercial
debt.

Combined support from Pakistan's international partners remains
crucial in meeting its external financing needs over the coming
years. That said, the country's external position has stabilized
and improved somewhat from one year ago. Its current account
deficit fell to 1.1% of GDP in fiscal 2020, from 4.8% the year
before and 6.1% in fiscal 2018. The narrowing of the deficit was
due largely to import compression amid weakening demand, especially
following official administrative measures, along with the
decreased purchasing power of the Pakistani rupee. Much lower
energy prices have also played an important role. S&P expects the
current account deficit to remain below 2% of GDP over the next few
years as the economy continues to rebalance, although higher
capital imports associated with the restart of China-Pakistan
Economic Corridor projects could widen the deficit again.

Pakistan's external financing and indebtedness metrics have
moderated in line with its lower current account deficit. However,
gross external financing needs remain elevated, at approximately
140% of current account receipts and usable foreign exchange
reserves at the end of fiscal 2020. S&P said, "We expect this
figure to gradually decline to nearly 119% by the end of fiscal
2023, but a rekindling of import demand or higher commodity prices
would challenge that trend. We deduct approximately US$5 billion
from gross reserves owing to the central bank's borrowing position
from the domestic commercial banking sector." Pakistan's usable
reserves have improved considerably over the past two years, rising
from a nadir of just US$2.4 billion in fiscal 2019 to nearly US$10
billion as of June 2020.

S&P said, "We expect the central bank to continue to gradually pare
down its short position over the coming years, which would enhance
the quality of its gross reserves. Pakistan's external indebtedness
remains very high, with narrow net external debt forecast to rise
to 171% of current account receipts this year. Although external
aid is helping to meet immediate external financing requirements,
it will also add to the debt stock.

Pakistan's banking system is relatively small by international
standards, with total bank assets comprising approximately 56% of
GDP. S&P does not have a Banking Industry Country Risk Assessment
on Pakistan. However, its banking system appears stable, reflecting
adequate liquidity and strong capitalization. Combining our view of
Pakistan's government-related entities and its financial system, we
assess the country's contingent fiscal risks as limited. That said,
at more than 20% of total system assets, Pakistan's banking system
bears an outsized exposure to the sovereign.

S&P believes the State Bank of Pakistan's (SBP) autonomy and
performance have strengthened since the setup of a monetary policy
committee for rate-setting in January 2016. The SBP's interest rate
corridor helps the monetary transmission mechanism by providing
directions for short-term market interest rates. The central bank
has also allowed the Pakistani rupee to float more freely and to
find its level over recent quarters, which should mitigate the risk
of further external imbalances in future.

Inflation rates have improved, with price levels having largely
adjusted to the much weaker rupee. S&P expects inflation to
gradually decline from 2020 toward its long-term trend of about 6%.
The government's commitment to end budget financing by the SBP
starting July 2019 should also assist in cutting inflationary
pressure over the medium term.

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

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

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

  Ratings List

  Ratings Affirmed

  Pakistan
   Sovereign Credit Rating                B-/Stable/B
   Transfer & Convertibility Assessment   B-
   Senior Unsecured                       B-
   Short-Term Debt                        B

  The Third Pakistan International Sukuk Company Limited
   Senior Unsecured                       B-




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

RIZAL COMMERCIAL: Moody's Rates AT1 Capital Securities 'Ba3(hyb)'
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3(hyb) rating to Rizal
Commercial Banking Corporation's proposed US dollar, perpetual,
non-cumulative and subordinated Additional Tier 1 capital
securities.

RATINGS RATIONALE

The Ba3(hyb) rating of the proposed AT1 issuance is three notches
below the bank's Baseline Credit Assessment and Adjusted BCA of
baa3, reflecting Moody's assessment of higher expected losses in
light of (1) a mandatory and/or discretionary coupon suspension on
a non-cumulative basis, (2) the contractual principal write-down
feature, and (3) the issuance's subordinated claim in liquidation.

The AT1 securities are contractual non-viability preferred
securities. The securities are perpetual, with a first call date in
2025. In liquidation, they rank senior only to ordinary shares.
Coupons can be cancelled on a non-cumulative basis at the bank's
discretion. Coupon skip is mandatory if distributable profits are
insufficient, applicable regulatory capital requirements are
breached or at regulatory discretion. In the event of a coupon
skip, dividends on common shares must also be stopped.

The proposed issuance also contains a clause mandating a permanent
write down of the principal in the event that the bank becomes
non-viable as defined in the terms and conditions.

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

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING

The rating on the AT1 securities could be upgraded if Moody's
upgrades RCBC's baa3 BCA and Adjusted BCA. The BCA could be
upgraded if there is an improvement in its profitability and
capital while maintaining asset quality at current levels.

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING

Conversely, Moody's could downgrade the rating on the AT1
securities if RCBC's baa3 BCA and Adjusted BCA are downgraded.
RCBC's BCA could be downgraded if (1) there is a meaningful decline
in RCBC's asset quality, along with indications that it will remain
weak for some time; or (2) its capital buffers fall materially.

The principal methodology used in this rating was Banks Methodology
published in November 2019.

Rizal Commercial Banking Corporation, headquartered in Manila,
reported total assets of PHP 767 billion as of December 31, 2019.




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

GEO ENERGY: Moody's Affirms Caa3 CFR & Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed the Caa3 corporate family
rating of Geo Energy Resources Limited and the Caa3 senior
unsecured guaranteed notes issued by Geo Coal International Pte.
Ltd., a wholly-owned subsidiary of Geo Energy.

At the same time, Moody's has revised the outlook to stable from
negative.

"The ratings affirmation and outlook revision to stable reflects
the reduction in near-term refinancing risk for Geo Energy, as its
mine license extensions and higher coal reserves will help it meet
the conditions required to prevent the triggering of a put option
on its US dollar notes in April 2021," says Maisam Hasnain, a
Moody's Assistant Vice President and Analyst.

RATINGS RATIONALE

On August 13, Geo Energy announced that it had secured mining
license extensions for its two operating mines, PT Sungai Danau
Jaya (SDJ) and PT Tanah Bumbu Resources (TBR) to 2027 and 2028,
respectively, from 2022. The company also announced that SDJ and
TBR have increased their combined coal reserves to 87.5 million
tons (MT) as of April 30, 2020, up from 64.8 MT at the end of 2019
[1].

Both of these factors indicate the company will satisfy the minimum
reserve conditions needed to prevent the triggering of a put option
on its outstanding US dollar notes. These minimum reserve
conditions include (1) extension of existing mining licenses at SDJ
and TBR to beyond October 4, 2025 and (2) having more than 80 MT of
coal reserves, with the reserves measured no earlier than six
months before April 4, 2021.

As a result, Moody's expects the notes will mature as originally
scheduled in October 2022. This affords the company more time to
improve its credit profile and increase cash generation prior to
its outstanding notes maturity.

However, with total proved and probable reserves of 87.5 MT as of
April 30, Geo Energy has a relatively short reserve life of about
seven years at its target production level of 12 MT per annum.

"Moreover, the company's low cash buffer, which has declined
considerably this year on continued debt buybacks, constrains its
scale and limits its ability to make acquisitions in order to grow
and replenish its declining coal reserves," adds Hasnain, also
Moody's Lead Analyst for Geo Energy.

Over the last nine months, Geo Energy has used its cash on hand to
repurchase around $190 million of its original $300 million
principal amount on its US dollar notes at a considerable discount
to the original par value. In March 2020, Moody's recognized the
company's discounted buybacks as a distressed exchange, which is a
default under the rating agency's definition.

While Geo Energy's financial leverage and interest costs have
fallen, the bond buybacks have crystallized a significant loss of
value for creditors relative to the original obligation. In
addition, although the near-term refinancing risk has been
alleviated, it has not been entirely eliminated, given $110 million
of notes will mature in October 2022.

Moody's expects Geo Energy to have sufficient cash to meet its cash
needs over the next 18 months, but without a material improvement
in coal prices, its cash buffer will likely be insufficient to
repay its outstanding notes when they come due in October 2022.

Moody's also expects Geo Energy's ability to raise debt to
refinance its outstanding notes will be challenging because the
company's credit profile will weaken as its existing coal reserves
continue to decline.

ESG CONSIDERATIONS

Geo Energy faces elevated environmental risks associated with the
coal mining industry, including carbon transition risks as
countries seek to reduce their reliance on coal power.

Geo Energy's two operating mines are adjacently located in South
Kalimantan and vulnerable to adverse weather. For example,
operations at one of its mines were temporarily halted for around a
week in June 2019 due to prolonged flooding.

Geo Energy is exposed to social risks associated with the coal
mining industry, including health and safety, responsible
production and societal trends. The company has implemented an
Environmental and Social Management System, which seeks to address
issues such as workplace health and safety procedures, and local
community development.

With respect to governance, Geo Energy's ownership is concentrated
in its promoter shareholders, who own around 39% of the company.
Other governance risks entail the company's financial policies
including willingness to use cash for discounted notes repurchases,
resulting in a loss of value for creditors relative to the original
obligation.

OUTLOOK

The outlook is stable, reflecting Moody's expectation that Geo
Energy will have sufficient cash sources to meet its cash needs
over the next 12-18 months, and that it will maintain sufficient
coal reserves to prevent a put option being triggered on its US
dollar notes in April 2021.

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

Moody's could upgrade the ratings if Geo Energy (1) improves its
earnings and operating cash flow on a sustained basis, (2)
maintains a sufficient cash balance to meet its cash needs over the
next 12-18 months, and (3) increases its coal reserves.

On the other hand, Moody's could downgrade the ratings if (1) Geo
Energy's cash balance declines materially, such that its cash
sources would not be sufficient to meet its needs over the next
12-18 months, or (2) there is an unforeseen reduction in coal
reserves when Geo Energy updates its coal reserve report in
October.

The principal methodology used in these ratings was Mining
published in September 2018.



                           *********


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,
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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.

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