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

                     A S I A   P A C I F I C

          Monday, October 5, 2020, Vol. 23, No. 199

                           Headlines



A U S T R A L I A

BOTANICA BRANDS: First Creditors' Meeting Set for Oct. 13
CITI PRIVATE: First Creditors' Meeting Set for Oct. 13
COLLINS FOODS: Sizzler Chain to Shut Doors on November 15
FLIGHT CENTRE: To Close 90 More Stores Across Australia
HALO GO AUSTRALIA: Second Creditors' Meeting Set for Oct. 9

HALO GO: Second Creditors' Meeting Set for Oct. 9
HUME INDUSTRIAL: First Creditors' Meeting Set for Oct. 12
MORTGAGE HOUSE 2020-1: S&P Assigns B (sf) Rating to Class F Notes
PACIFIC PLUMBING: Second Creditors' Meeting Set for Oct. 13
RESIMAC TRIOMPHE 2020-1: S&P Assigns B+ (sf) Rating to Cl. F Notes

SMART CITY: Second Creditors' Meeting Set for Oct. 12


I N D I A

AADHISHIVA ENTERPRISES: CARE Keeps D Rating in Not Cooperating
AMRUTH ORGANIC: CARE Lowers Rating on INR10cr LT Loan to C
ARG HOUSING: CARE Keeps D Debt Rating in Not Cooperating Category
AZAM RUBBER: CARE Keeps D Debt Ratings in Not Cooperating
CHOUDHARY BROTHERS: CARE Keeps D Debt Rating in Not Cooperating

GAYATRI BIOORGANICS: CARE Keeps D Debt Ratings in Not Cooperating
GURANDITTA MAL: CARE Lowers Rating on INR17cr LT Loan to C
K.R KUMAR: CARE Lowers Rating on INR9.00cr LT Loan to C
KARTHICK POULTRY: CARE Lowers Rating on INR14cr LT Loan to B-
MERCATOR LIMITED: CARE Keeps D Debt Ratings in Not Cooperating

MERCATOR OIL: CARE Keeps D Debt Ratings in Not Cooperating
MERCATOR PETROLEUM: CARE Keeps D Debt Rating in Not Cooperating
MITTAL CLOTHING: CARE Lowers Rating on INR20.51cr LT Loan to B+
PACIFIC ACADEMY: CARE Keeps D Debt Ratings in Not Cooperating
PUNE BUILDTECH: CARE Keeps D Debt Rating in Not Cooperating

S.M MUSTHAFA: CARE Keeps D Debt Rating in Not Cooperating Category
SAI INTERNATIONAL: CARE Cuts Rating on INR9.70cr LT Loan to C
THEOS IMAGING: CARE Keeps D Debt Rating in Not Cooperating
VIJAYANAG POLYMERS: CARE Lowers Rating on INR7.30cr Loan to B-


I N D O N E S I A

MODERNLAND REALTY: Fitch Cuts IDR to RD on Uncured Payment Default


N E W   Z E A L A N D

BRUCE WOOLLEN: Liquidation Completed; Creditors Face Shortfall


S I N G A P O R E

EAGLE HOSPITALITY: Ex- and Current Directors Arrested, Out on Bail
FLOATEL INTERNATIONAL: Creditors Extend Forbearance to Oct. 15
SILVERLAKE AXIS: To Liquidate Wholly Owned Subsidiary in Japan


T H A I L A N D

THAI AIRWAYS: Plans to Franchise Own Version of Deep-Fried Dough

                           - - - - -


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

BOTANICA BRANDS: First Creditors' Meeting Set for Oct. 13
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Botanica
Brands Pty Ltd will be held on Oct. 13, 2020, at 10:30 a.m. via
electronic facilities only.

John Richard Park and Kelly-Anne Lavina Trenfield of FTI Consulting
were appointed as administrators of Botanica Brands on Sept. 30,
2020.


CITI PRIVATE: First Creditors' Meeting Set for Oct. 13
------------------------------------------------------
A first meeting of the creditors in the proceedings of Citi Private
Capital Pty Ltd will be held on Oct. 13, 2020, at 11:15 a.m. at
Level 13, 50 Cavill Avenue, in Surfers Paradise, Queensland.

Travis Pullen of B&T Advisory was appointed as administrator of
Citi Private on Sept. 30, 2020.

COLLINS FOODS: Sizzler Chain to Shut Doors on November 15
---------------------------------------------------------
Dominic Powell at The Sydney Morning Herald reports that iconic
all-you-can-eat chain Sizzler will fry its final cheese toast in
November after parent company Collins Foods said the COVID-19
pandemic had forced it to pull the plug on the brand.

The Herald relates that the company's final nine sites will shut
their doors on November 15 following years of underperformance.
Around 600 jobs will be affected by the closures and Collins said
appropriate redundancy payouts would be awarded and other positions
would be found for as many staff as possible, across the company's
Taco Bell and KFC network across Australia.

According to the Herald, Collins chief executive Drew O'Malley said
the decision was a difficult one for the retailer, but was
necessary due to the outsized impact of the coronavirus pandemic on
the buffet-centric brand.

"The ongoing impact of COVID-19 on revenues has meant that
unfortunately, these restaurants have not established a clear path
to profitability in the foreseeable future," the report quotes
Mr. O'Malley as saying.

The Herald says Sizzler first originated in the US in 1958,
beginning as a self-service steakhouse before expanding into the
all-you-can-eat offering associated with the brand today.

Its first Australian store was opened by Collins Foods in 1986,
where it gained significant popularity, especially throughout
Queensland where it was first launched.  

However, since 2013 Sizzler's performance has languished, and in
2015 Collins deemed the business 'non-core' and begun to shut
stores in Australia, leaving it with just nine, the report states.

Sizzler revenues contributed to under 3 per cent of Collins Foods'
total revenue for the 2020 financial year, and the company flagged
that some one-off costs would be incurred for the first half of
2021, the Herald discloses.

According to the report, the nine Sizzler stores set to close are
in Queensland at Mermaid Beach, Loganholme, Toowoomba, Maroochydore
and Caboolture; in Western Australia in Innaloo, Kelmscott and
Morley; and in New South Wales in Campbelltown.

"Closing restaurants is not something we do often and not a
decision we take lightly, especially for a brand as beloved as
Sizzler, which has been such an important part of the Collins
Foods' history," the report quotes Mr. O'Malley as saying.

"We are extremely grateful to our dedicated employees, suppliers
and customers for their support and look forward to engaging with
them through our other brands as Collins Foods' overall growth
story continues."

The Sizzler brand will live on in Asia however, with Collins
pressing ahead with its plans to expand the restaurant chain in the
region, the Herald adds.

                        About Collins Foods

Queensland, Australia-based Collins Foods Ltd. (ASX:CKF) engages in
the operation of restaurants and food service retail outlets. It
operates through the following business segments: KFC Restaurants
Australia & Europe, Sizzler Restaurants and Shared Services.

FLIGHT CENTRE: To Close 90 More Stores Across Australia
-------------------------------------------------------
Dean Blake at Inside Retail reports that embattled travel retailer
Flight Centre is closing approximately 90 further stores across
Australia, prompted by the continued domestic and international
travel bans put in place to stem the spread of the coronavirus.

After the mass shutdown the business will hold a total national
network of around 330 shops in its flagship brand, though 60 of
these will remain in hibernation for the next six to 12 months. At
the beginning of 2020, Flight Centre had over 900 stores, the
report says.

According to Inside Retail, Flight Centre Australia managing
director James Kavanagh said the closures were carefully selected
to deliver effective coverage for Australia consumers, and to
reduce overlap between shops in high density areas.

"Without question, the past six months have been the most
challenging period in our almost 40 year history," the report
quotes Mr. Kavanagh as saying in a statement.

"We are incredibly sorry that some of our great people are not able
to continue on their Flight Centre journey with us at this time but
we are taking steps to preserve as many roles as possible for the
future, while building a smaller but stronger overall network."

Inside Retail says the decision came just days after business
support measures were cut, with JobKeeper cuts lowering the
assistance given to retailers in one of the most difficult times
the industry has seen, and months after the business suffered a
AUD510 million full year loss.

According to the Australian Federation of Travel Agents, the
industry provides over AUD28 billion to the economy each year, and
deserves targeted assistance similar to that received by other
sectors, such as construction, arts, and aviation, Inside Retail
relays.

Headquartered at Brisbane, in Queensland, Australia, Flight Centre
Ltd. -- http://www.flightcentre.com/-- is an Australian owned and
New Zealand-run independent retail travel group, guaranteeing the
lowest prices on all airfares.  It had a turnover in excess of $3
billion worldwide and 18 years of consecutive profits until its
shares plunged more than 8% following the announcement of its first
ever annual profit decline.

HALO GO AUSTRALIA: Second Creditors' Meeting Set for Oct. 9
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Halo Go
Australia Pty Ltd has been set for Oct. 9, 2020, at 11:00 a.m. at
DuncanPowell, Level 4, 70 Pirie Street, in Adelaide, South
Australia.

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 Oct. 8, 2020, at 4:00 p.m.

Christopher Robert Powell of DuncanPowell was appointed as
administrator of Halo Go on Sept. 10, 2020.


HALO GO: Second Creditors' Meeting Set for Oct. 9
-------------------------------------------------
A second meeting of creditors in the proceedings of Halo Go
Holdings Pty Ltd has been set for Oct. 9, 2020, at 9:30 a.m. at
DuncanPowell, Level 4, 70 Pirie Street, in Adelaide, South
Australia.

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 Oct. 8, 2020, at 4:00 p.m.

Christopher Robert Powell of DuncanPowell was appointed as
administrator of Halo Go Holdings on Sept. 3, 2020.

HUME INDUSTRIAL: First Creditors' Meeting Set for Oct. 12
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Hume
Industrial Pty Ltd will be held on Oct. 12, 2020, at 10:00 a.m. via
virtual Meeting by telephone conference.

Gavin Moss and Desmond Teng of Chifley Advisory Pty Ltd were
appointed as administrators of Hume Industrial on Aug. 30, 2020.


MORTGAGE HOUSE 2020-1: S&P Assigns B (sf) Rating to Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for Mortgage House Capital Mortgage
Trust No.1 - Mortgage House RMBS Series 2020-1. Mortgage House RMBS
Series 2020-1 is a securitization of residential mortgages
originated by Mortgage House of Australia Pty Ltd.

The ratings reflect:

-- S&P views of the credit risk of the underlying collateral
portfolio, including its view that the credit support provided to
each class of notes is commensurate with the ratings assigned.
Credit support for the rated notes comprises note subordination,
lenders' mortgage insurance (LMI) on 8.0% of the loans in the
portfolio, and excess spread.

-- The underwriting standard and centralized approval process of
the seller, Mortgage House of Australia.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.2% of the outstanding balance of the notes, principal
draws, and a loss reserve that builds from excess spread, are
sufficient under our stress assumptions.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by Westpac Banking Corp. to hedge the mismatch between
receipts from any fixed-rate mortgage loans and the variable-rate
RMBS.

-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 will likely put upward pressure on mortgage
arrears. S&P said, "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 an additional stress in our analysis to assess
the rated notes' sensitivity to liquidity stress. As of Sept. 17,
2020, borrowers with COVID-19 related hardship arrangements make up
1.44% of the closing pool balance and loans in arrears greater than
30 days comprise 0.96% of the pool."

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The current consensus
among health experts is that COVID-19 will remain a threat until a
vaccine or effective treatment becomes widely available, which
could be around mid-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

  Mortgage House Capital Mortgage Trust No.1 - Mortgage House RMBS

  Series 2020-1

  Class      Rating         Amount (A$ mil.)
  A1         AAA (sf)       340.0
  A2         AAA (sf)        28.0
  AB         AAA (sf)         7.4
  B          AA (sf)          8.2
  C          A (sf)           6.8
  D          BBB (sf)         4.4
  E          BB (sf)          2.4
  F          B (sf)           1.6
  G          NR               1.2

  NR--Not rated.

PACIFIC PLUMBING: Second Creditors' Meeting Set for Oct. 13
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Pacific
Plumbing Group Pty Ltd has been set for Oct. 13, 2020, at 12:00
p.m. via BPS teleconference facility.

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 Oct. 12, 2020, at 4:00 p.m.

David Anthony Hurst and David Henry Sampson of BPS Recovery were
appointed as administrators of Pacific Plumbing on Sept. 7, 2020.


RESIMAC TRIOMPHE 2020-1: S&P Assigns B+ (sf) Rating to Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to 10 classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust – RESIMAC
Premier Series 2020-1. RESIMAC Triomphe Trust - RESIMAC Premier
Series 2020-1 is a securitization of prime residential mortgages
originated by RESIMAC Ltd.

The ratings reflect:

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

-- S&P's view that the credit support is sufficient to withstand
the stresses we apply. This credit support comprises note
subordination for the rated notes and lenders' mortgage insurance
on 20.4% of the portfolio, which covers 100% of the face value of
these loans, accrued interest, and reasonable costs of
enforcement.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including principal draws, and a
liquidity facility equal to 0.75% of the outstanding balance of the
notes, are sufficient under our stress assumptions to ensure timely
payment of interest.

-- The extraordinary expense reserve of A$250,000, funded by
RESIMAC Ltd. before closing, available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.

-- The benefit of cross-currency swaps provided by National
Australia Bank Ltd. to hedge the mismatch between the Australian
dollar receipts from the underlying assets and the U.S. dollar
payments on the class A1a and A1b notes.

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

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The current consensus
among health experts is that COVID-19 will remain a threat until a
vaccine or effective treatment becomes widely available, which
could be around mid-2021. S&P siad, "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

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2020-1

  Class      Rating        Amount (mil.)
  A1a        AAA (sf)      US$135.000
  A1b        AAA (sf)      US$65.000
  A2         AAA (sf)      A$460.000
  A3         AAA (sf)      A$160.000
  AB         AAA (sf)       A$48.000
  B          AA (sf)        A$19.500
  C          A (sf)         A$15.500
  D          BBB (sf)        A$8.000
  E          BB (sf)         A$4.000
  F          B+ (sf)         A$2.000
  G          NR              A$3.000

  NR--Not rated.

SMART CITY: Second Creditors' Meeting Set for Oct. 12
-----------------------------------------------------
A second meeting of creditors in the proceedings of Smart City
Solutions Pty Ltd has been set for Oct. 12, 2020, at 3:00 p.m. at
DuncanPowell, Level 4, 70 Pirie Street, in Adelaide, South
Australia.

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 Oct. 9, 2020, at 4:00 p.m.

Christopher Robert Powell and Peter James Lanthois of DuncanPowell
were appointed as administrators of Smart City on Sept. 7, 2020.




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

AADHISHIVA ENTERPRISES: CARE Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aadhishiva
Enterprises (AE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.35      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 9, 2019, placed the
rating(s) of AE under the 'issuer noncooperating' category as AE
had failed to provide information for monitoring of the rating. AE
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated August 13, 2020 to September 10, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 9, 2019 following were the
strengths and weaknesses.

Key Rating Weakness

* Delays in debt servicing: The firm has been facing tight
liquidity position on account of the delay in receipts from its
customers. Further the firm has high level of inventory holding.
The tight liquidity has led to firm delaying on its repayment
obligations.

Key Rating Strengths

* Experience of the promoter: Mr. Prathap Chandran has an overall
experience of around two decades. Prior to establishing AE, he was
working as a Marketing Executive with a pharmaceutical company for
around a decade.

Aadhishiva Enterprises (AE) is a proprietorship concern established
by Mr. Prathap Chandran in July 2007. AE is engaged in trading of
imported cashews and is operating in 3 facilities in Kerala
(Nedumpana and Pooyappally in Kollam and Attingal in
Thiruvananthapuram). AE imports raw cashews from African countries
like Ivory Coast, Ghana, Tanzaniya, Benin etc. and once the goods
reaches the port (Tutucorin or Cochin), the goods are taken to the
processing units and undergo the process of borma (process of
heating the cashews kernels), Shelling, peeling, grading and
packing. AE has got a centralized packing unit in Kollam where the
packing is done based on customer requirements.

AMRUTH ORGANIC: CARE Lowers Rating on INR10cr LT Loan to C
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Amruth Organic Fertilizers (AOF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 9, 2019, placed the
rating(s) of AOF under the 'issuer not cooperating' category as AOF
had failed to provide information for monitoring of the rating. AOF
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and e-mails dated
August 31, 2020 to September 4, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings have been revised on account of non-availability of
last three year financials.

Detailed description of the key rating drivers

At the time of last press release dated July 09, 2019 the following
were the rating strengths and weaknesses:

Key Rating Weakness

* Small scale of operations with fluctuating total operating
income: The scale of operations of the firm is small marked by
total operating income (TOI) of INR11.46 crore in FY17 with low net
worth of INR0.73 crore as on March 31, 2017 as compared to other
peers in the industry. However, the total operating income of the
firm has decreased from INR12.83 crore in FY16 to INR11.46 crore in
FY17.

* Leveraged capital structure and weak debt coverage indicators:
The debt to equity ratio and overall gearing ratio of the firm has
deteriorated from 0.00x and 6.60x respectively as on March 31, 2016
to 5.22x and 9.92x respectively as on March 31, 2017 due to
increase in total debt. The Total Debt to GCA deteriorated from
13.41x in FY16 to 16.91x in FY17 on account of increase in total
debt as on March 31, 2017. The interest coverage ratio of the
company stood at 1.82x in FY 17 deteriorated from 1.90x in FY 16.

* Elongated Operating cycle: The operating cycle of the firm has
elongated and stood at 150 days in FY17 as compared to 85 days in
FY16 mainly on account of increase in average collection period
from 88 days in FY 16 to 163 days in FY17.

* Constitution of the firm as partnership firm: Constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partners' capital at the time of personal contingency which
can affect its capital structure. Furthermore, the partnership
concern has restricted access to external borrowing which limits
their growth opportunities to some extent.

* High competition due to fragmented nature of the industry: The
fertilizers industry in which the firm operates is highly
fragmented and competitive marked by the presence of numerous
players across India. Hence, the players in the industry do not
have any pricing power and are exposed to competition induced
pressures on profitability.

Key rating strengths

* Satisfactory track record and experienced partners: AOF have
satisfactory track record of 7 years. AOF is promoted by Mr. K
Nagaraja (Managing Partner), along with his spouse Ms K Padmavathi.
Both the partners are qualified graduates and have around one
decade of experience in organic fertilizer industry. The operations
of the firm are well supported by the other employees who are well
qualified.

* Increase in profitability margins: The PBILDT margin of the firm
has increased from 5.01% in FY16 to 8.34% in FY17 due to decrease
in cost of raw material cost and employee cost. Despite increase in
interest and depreciation cost, the PAT margin of the firm is
increased from 1.63% in FY16 to 2.37% in FY17 due to increase in
PBILDT level in absolute terms.

* Stable demand of organic fertilizers: Fertilizers play an
important role in increasing efficiency of agricultural output.
With the strengthening of pricing control policies and reforms, the
fertilizers market is expected to be regulated soon in India. The
major factors which are driving the growth of the agricultural
fertilizers market in India is increased demand of food grains.
Fertilizers are used as the most important input after seeds as
they help in increasing the agricultural production. Fertilizer
production has increased over time due to land scarcity and
increased demand for agricultural products

Amruth Organic Fertilizers (AOF) is a certified ISO 9001:2008 firm
which was established in the year 2011. The firm is promoted by Mr.
K Nagraj and his spouse Ms. K Padmavathi. AOF is engaged in
manufacturing of organic fertilizers of around 25 varieties under
different quantities. The firm sells its product under the brand
name "Amruth". The clientele of the firm includes local traders
like Aruna Enterprises, Karthik Enterprises, Ramanjaneya Agencies
and Horticulture department of Karnataka.

ARG HOUSING: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of ARG Housing
Pvt Ltd (AHPL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       17.17      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 8, 2020, placed the
rating of AHPL under the 'issuer non-cooperating' category as AHPL
had failed to provide information for monitoring of the rating.
AHPL continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and
letters/emails dated September 4, 2020, September 7, 2020 and
September 14, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: The banker of AHPL has confirmed that
there are ongoing delays in servicing of debt obligations by the
company and the account has been classified as NPA.

ARG Housing Private Limited (AHPL) was incorporated in 2008 with an
objective to work on the real estate project and is a part of
Jaipur based 'ARG' group. Currently, AHPL is executing one
integrated township project under the name of 'ARG Puram' at Jaipur
on the total built up area of 15.04 lakh sq. feet (lsf). The
project consists of construction of 568 duplex bungalows which
comprise 81 units of 3BHK deluxe duplex Villa (type 'A deluxe'),
210 units of 3BHK bungalows (type 'A'), 100 units of 2BHK deluxe
bungalows (type 'B') and 177 units of 2BHK bungalows (type 'C').
The project area also includes shops, community centre, gym,
swimming pool, playground, central park, gym, 1BHK houses and odd
size homes, roads and other city development etc. The project
construction was started in December, 2008 and it has completed
phase –I of the project under which it has constructed 110 units
and playground, club house, central park, community hall and
swimming pool. The company has already sold 110 units and
possession has been given for the same. Under phase-II, AHPL is
constructing remaining 458 units and is expected to be completed by
August, 2017 with the total envisaged cost of INR99.52 crore.

AZAM RUBBER: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Azam Rubber
Products Limited (ARPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       51.98      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short Term Bank      30.80      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 31, 2019, continues to
place the ratings of ARPL under the 'Issuer Not Cooperating'
category as the company had failed to provide the requisite
information required for monitoring of the ratings as agreed to in
its rating agreement. Azam Rubber Products Limited continues to be
noncooperative despite repeated requests for submission of
information through phone calls and a letter/email dated Sept. 2,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available Information which
however, in CARE'S opinion is not sufficient to arrive at a fair
rating. The ratings on bank facilities of Azam Rubber Products
Limited are denoted as 'CARE D; Issuer not cooperating'.

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

Detailed description of the key rating drivers

CARE has not received any information from the company. At the time
of last rating on July 31, 2019 the following were the rating
strengths and weaknesses (updated for FY19 financials extracted
from ROC):

Key Rating Weaknesses

* Irregularities in debt servicing: There have been instances of
over drawls in cash credit facility availed by the company during
September 2016 to March 2017. The average working capital
utilization remained high at 109.36% during the trailing 12 months
period ending April 2017 reflecting the stressed liquidity
position. The company reported losses in FY17 (refers to April 1 to
March 31).

* Decrease in operating income and reduction in margins: The
operating income of ARPL decreased by 21.88% y-o-y to INR66.47
crore in FY19 (PY: INR85.09 crore) on account of lower sales
realization due to low end products damaged in fire sold at
discounts. The company suffered losses at the operating level as
well as net level largely due to the fire at the company's
premises.

* Weak financial risk profile and elongated working capital cycle:
The overall gearing stood at 1.57x as on March 31, 2019 (PY:
1.86x). The company's operating cycle also deteriorated on account
of increase in collection period and inventory holding period.

* Susceptible of margins to volatility in raw material prices: The
major raw materials of ARPL are natural rubber, Ethylene Vinyl
Acetate (EVA) and Polyvinyl Chloride (PVC) whose prices fluctuate
with the fluctuations in crude oil prices. As the raw material cost
comprises major cost out of the total cost of sales, the volatility
in price of raw materials impacts the profitability margins of the
company.

* Competition from organized and unorganized players: Footwear
industry is highly competitive in nature due to low entry barriers
on account of low capital investment required to set up a new
facility. Also, operations are labor intensive resulting in
presence of a large number of unorganized players. Driven by larger
penetration into tier II, III cities and growing rural market,
various footwear brands are foraying into Indian
market which restricts the profitability margins of industry
players like ARPL.

Key Rating Strengths

* Experienced promoters with continued financial support: ARPL is a
closely-held family-owned business which was incorporated in 1994
by Mohd. Azam Khan who has an experience of over three decades in
the field of rubber footwear and related products. His long
industry experience has led to established relationships with the
customers and suppliers. In the past, company had received support
from promoters in the form of capital infusion.

* Diverse product portfolio: The company is primarily present in
low/ medium value footwear with a diversified product range which
includes hawai, fancy and leather slippers, sandals, sports and
canvas shoes and other varieties of footwear. The diversified
product portfolio mitigates the risk of decline in demand of a
particular type of the product manufactured by the company.

Liquidity: Poo - Operating cycle days of the company had increased
to 506 days in comparison to 341 days in FY18; with substantial
increase in Average inventory period from 149 days in FY18 to 247
days in FY19.

Incorporated in 1994, ARPL is promoted by Mr. Mohd Azam Khan. The
company is engaged in manufacturing of footwear including hawai
slippers, sandals and sports shoes among others and has two
manufacturing units located at GIDA (Gorukhpur Industrial
Development Authority), Gorakhpur, Uttar Pradesh with a total
installed capacity of 5.52 crore pairs as on March 31, 2017. In
Unit 1, Hawaii footwear is produced and in Unit 2, Ethylene Vinyl
Acetate/Polyvinyl chloride (EVA/PVC) footwear is produced. The main
raw material used by the company is rubber, EVA and PVC which it
procures domestically. The products of the company are marketed in
U.P, Bihar, Jharkhand, Chhattisgarh and Madhya Pradesh under brand
name 'ARP' through a network of around 250 dealers.

CHOUDHARY BROTHERS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Choudhary
Brothers Agri Exports Private Limited (CBEPL) continues to remain
in the 'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CBEPL to monitor the rating
vide e-mail communications/letters dated July 7, 2020, August 4,
2020, August 10, 2020, September 7, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the rating.
Further, CBEPL has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on CBEPL's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The rating takes into account ongoing delays in debt servicing.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

* Ongoing delays in debt servicing: One of the bankers of CBEPL has
confirmed that there are ongoing delays in servicing of debt
obligations by the company and the account has been classified as
NPA.

Jaipur (Rajasthan) based Choudhary Brothers Agri Exports Private
Limited (CBEPL) was incorporated in 2015 by Mr. Amandeep Tarar and
Mr. Om Prakash Tarar, with an objective to primarily engage in
trading of different agricultural commodities including guar seeds,
barley, guar gum, mustard seeds, pulses and wheat. CBEPL procures
the agriculture commodities from various mandis in Rajasthan and
thereafter supplies to various processing and end user
manufacturing units as well as traders located in the markets of
Rajasthan, Haryana and Madhya Pradesh.

CBEPL is a part of 'CGR Group' which has been involved in the
business of trading of agro-commodities since 1960. Apart from
this; the business interests of CGR group includes real estate and
ware housing. Other major entities of the group include CGR
Collateral Management Limited (CCML) engaged in warehousing and
collateral service as well as Choudhary Buildmart Private Limited
(CBPL) which is engaged in real estate activities.

GAYATRI BIOORGANICS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gayatri
BioOrganics Limited (GBL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       16.66      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short Term Bank      10.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers:

CARE had, vide its press release dated July 18, 2019, placed the
rating(s) of GBL under the 'issuer non-cooperating' category as GBL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. GBL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 30, 2020, July 31, 2020, August 31, 2020 & September 2, 2020.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The ratings assigned to the company takes into account the delays
in debt servicing owing to stretched liquidity position of the
Company.

Detailed description of the key rating drivers

On account non-cooperation of the company the information presented
in the press release is dated.  Further, at the time of last rating
on July 18, 2019 the following were the rating strengths and
weaknesses:

(Updated information taken from Bombay Stock Exchange (BSE) as the
company is listed)

Key Rating weakness

* Delays with respect to debt servicing on account of stretched
liquidity position: The Company was facing stretched liquidity
position which had led to delays in debt servicing at the back of
losses resulting in erosion of Networth.

Gayatri Bio-organics Ltd (GBL) was originally incorporated as
Starchkem Industries Ltd in December 1991 by Mr. T. Sandeep Kumar
Reddy (Present Chairman). GBL is a part of Hyderabad based Gayatri
Group, which is in the business of civil constructions, sugar and
hospitality. GBL was engaged in the business of manufacturing of
Maize, Starch, sorbitol (Sugar Alcohol), Liquid Glucose and other
allied products. During FY2019, GBL transferred its assets to
Bluecraft Agro Private Ltd under Business Transfer Agreement by way
of slump sale.

GURANDITTA MAL: CARE Lowers Rating on INR17cr LT Loan to C
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Guranditta Mal Mohan Lal (GMML), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       17.00      CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B-; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 9, 2019, placed the
rating of GMML under the 'issuer non-cooperating' category as GMML
had failed to provide information for monitoring of the rating.
GMML continues to be non-cooperative despite repeated requests for
submission of information through emails, phone calls and a
letter/email dated September 14, 2020, September 11, 2020,
September 10, 2020 and September 9, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The rating has been revised on account of susceptibility to
fluctuation in raw material prices and monsoon dependent
operations, fragmented nature of industry coupled with high level
of government regulation. The ratings, however, drive strength from
experienced partners and established track record of entity and
location advantage.

Key Rating Weaknesses

* Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, due to its dependence on raw materials whose
availability is affected directly by the vagaries of nature. The
price of rice moves in tandem with the prices of paddy.
Availability and prices of agro commodities are highly dependent on
the climatic conditions. Adverse climatic conditions can affect
their availability and leads to volatility in raw material prices.
Paddy is the major raw material and the peak paddy procurement
season is during November to January during which the firm builds
up raw material inventory to cater to the milling and processing of
rice throughout the year. The monsoon has a huge bearing on crop
availability which determines the prevailing paddy prices. Since
there is a long time lag between raw material procurement and
liquidation of inventory, the firm is exposed to the risk of
adverse price movement resulting in lower realization than
expected.

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

Key Rating Strengths

* Experienced partners and established track record of entity: GML
was established in 1978 as a partnership firm which aids in
establishing relationship with both customers and suppliers. The
firm is currently being managed by Mr. Adarsh Kumar and Mr. Roshan
Lal. Mr. Roshan Lal has an industry experience of around four
decades while Mr. Adarsh Kumar has an industry experience of around
three decades, through their association with GML only. Both the
partners have adequate acumen about various aspects of business
which is likely to benefit GML in the long run.

* Location advantage: GML's manufacturing unit is located in
Fazilka, Punjab which is one of the hubs for paddy/rice, leading to
its easy availability of paddy which is the key raw material for
the processing of rice. The unit is also in proximity to the grain
market resulting in procurement at competitive rates. The presence
of GML in the vicinity of paddy producing regions gives it an
advantage over competitors operating elsewhere in terms of easy
availability of the raw material as well as favorable pricing
terms. The favorable location also puts the firm in a position to
cut on the freight component of incoming raw materials.

Guranditta Mal Mohan Lal (GMML) was established in 1978 as a
partnership firm. The firm is currently being managed by Mr. Adarsh
Kumar and Mr. Roshan Lal as its partners sharing profit and losses
equally. The firm is engaged in processing of paddy at its
manufacturing facility in Fazilka, Punjab. GMML sells basmati and
nonbasmati rice directly to various wholesalers based in Delhi,
Chandigarh, Haryana, Maharashtra and Punjab. The raw material,
primarily paddy, is procured from local grain markets located in
Punjab only.

K.R KUMAR: CARE Lowers Rating on INR9.00cr LT Loan to C
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of K.R
Kumar (KRK), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 24, 2019, placed the
rating(s) of KRK under the 'issuer not cooperating' category as KRK
had failed to provide information for monitoring of the rating. K.R
Kumar continues to be non-cooperative despite repeated requests for
submission of information through phone calls and e-mails dated
September 8, 2020 to September 14, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings have been revised on account of non-availability of
financials for last four years

Detailed description of the key rating drivers

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

Key Rating Weaknesses

* High customer concentration with dependence on a single customer:
KRK has a single warehouse located in Nelamangala taluk in
Karnataka and has rented it to Future Supply Chain Solutions Ltd
(FSC). The addition of rental income in FY16 increased the firm's
total operating income from INR0.40 crore to INR1.67 crore. Thus
the firm's total income highly depends on rent received from FSC.
This exposes KRK to high dependence on a single
customer.

* Leveraged capital structure marked by high gearing levels: The
firm has a highly leveraged capital structure with gearing high at
5.78x in FY16 due to high term debt availed towards setting up of
new warehouse. The firm has availed a term debt of INR9 crore to
set up its warehouse. The unsecured loans have increased from
INR0.07crore in FY15 to INR0.17crore in FY16. The net worth of the
firm was INR1.79 crore in FY16, after addition of rental income and
finance expenses as explained above, the net worth of the firm
increases to INR2.61 crore.

* Proprietorship nature of business: Proprietorship nature of
business has an inherent risk of withdrawal of capital at the time
of personal contingency. It also has the risk of business being
discontinued upon the death/insolvency of the proprietor. The
ability to raise funds is also very low as proprietorship concerns
have restricted access to external borrowings.

Key Rating Strengths

* Revenue Visibility for the near future: The firm has a godown
situated in Nelamangala Taluk, Karnataka. The gowdown is being
rented for INR19.3 lakhs per month for 5 years which can be renewed
for further 5 years. The rental agreement contains clause for
increase in rental income by 5% every year. Thus, ensuring revenue
visibility to the firm.

* Reputed client base: The firm has rented its Godown to Future
Supply Chain Solutions Ltd (FSC). FSC is India's first fully
integrated and IT enabled end-to-end Supply Chain and Logistics
Company in India with capabilities in handling modern warehousing
express logistics, cold chain and e-commerce  logistics. Because of
the reputed clientele base the counter party risk for KRK remains
low.

* Favorable financial risk profile marked by healthy profitability
margins and debt coverage indicators: The firm was initially
running only brick manufacturing business and maintaining hathway
cable network. The total operating income of the firm reduced from
INR0.58crore in FY15 to INR0.40crore in FY16 since the firm
diverted its concentration towards setting up of warehouse. The
rental income from warehouse is considered as income form house
property and the same is added to capital account in FY16 balance
sheet. However, if the rental income from warehouse is added to the
total operating income in FY16 the TOI increases to INR1.67 Crore.
The firm incurred operational as well as net loss in FY15 on
account of high material cost and employee cost. However, the firm
was able to achieve a PBIDLT margin of 17.18% in FY16 due to the
decline in these expenses. In line with operational profit, the
firm achieved PAT of INR0.03 crore in FY16 compared to net loss of
INR0.14 crore in FY15. The PBILDT and PAT margins improves to
79.95% and 50.75% respectively after addition of the rental income
to the total operating income and interest expense incurred towards
the term loan availed for setting up of warehouse to interest and
finance charges. The interest coverage ratio is high at 143.84x in
FY16 as the interest expense incurred towards the term loan is not
expensed in P & L as the same is reduced from the rental income of
the proprietor. However, after considering the interest expense as
expenses, the interest coverage ratio though reduces would still
remain comfortable at 2.96x in FY16.

K.R. Kumar (KRK) is a proprietorship concern established in 2015
and promoted by Mr. K.R. Kumar. The firm was initially engaged into
brick manufacturing business and maintains server for Hathway cable
connection. The firm has now constructed a Godown of 1.42 lakh sq
feet at Nelamangala taluk, Bangalore rural district.

KARTHICK POULTRY: CARE Lowers Rating on INR14cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Karthick Poultry Farm, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.00      CARE B-; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from Sri Karthick
Poultry Farm to monitor the ratings vide e-mail communications
dated September 10, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided no default
statement for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating.

MERCATOR LIMITED: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mercator
Limited (ML) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term-           50.00      CARE D; Issuer not cooperating;
   Cash credit                     Based on best available
                                   information

   Long Term           653.97      CARE D; Issuer not cooperating;
   Loan                            Based on best available
                                   information

   Long Term-LC        255.56      CARE D; Issuer not cooperating;
   (Non-fund based)                Based on best available
                                   information

   Short Term          150.00      CARE D; Issuer not cooperating;
   LC/BG                           Based on best available
                                   information        

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ML to monitor the ratings
vide e-mail communications dated September 2, 2020, September 3,
2020, and September 4, 2020. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on Mercator
Limited's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

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

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in debt-servicing obligations: The ratings of Mercator
Limited continue to reflect the on-going delays in servicing of
debt obligations by the company.

Mercator Limited (ML) along with its subsidiaries is a diversified
group engaged in shipping (dry bulk, wet bulk and dredging), gas,
coal mining and E&P activities. ML commenced business as a shipping
company in 1984 (taken over by present promoters in FY89) and has
over the years, through its subsidiaries, diversified into various
other sectors like coal mining and logistics, E&P and dredging.
Huge accumulated losses and significant losses in the current
period have completely eroded the net worth.

MERCATOR OIL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mercator
Oil and Gas Ltd (MOGL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      99.20       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
   (Non-fund                       Information
   based-BG)                                                    
                                   
   Short Term Bank    124.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
   (Non-Fund                       Information
   based- LC)         

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MOGL to monitor the ratings
vide e-mail communications dated September 2, 2020, September 3,
2020, and September 4, 2020. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on Mercator
Oil and Gas Limited's bank facilities will now be denoted as CARE
D; ISSUER NOT COOPERATING.

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

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

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in debt-servicing obligations: The ratings of Mercator Oil
and Gas Limited continue to reflect the on-going delays in
servicing of debt obligations by the company.

Mercator Oil and Gas Ltd (MOGL), a wholly-owned subsidiary of
Mercator Limited was incorporated in 2005 in India with the main
business of providing oil & gas services. Arbitration proceeding
against ONGC to the tune of $252 million has adversely affected the
company. Post the termination of the only available contract with
the company, there has been no business activity carried on by
MOGL.

MERCATOR PETROLEUM: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mercator
Petroleum Ltd. (MPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long/Short Term      95.00      CARE D; Issuer not cooperating;
   Bank Facilities                 Based on best available
   (Term Loan)                     Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MPL to monitor the ratings
vide e-mail communications dated September 2, 2020, September 3,
2020, and September 4, 2020. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on Mercator
Petroleum Limited's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

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

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in debt-servicing obligations: The ratings of Mercator
Petroleum Limited continue to reflect the on-going delays in
servicing of debt obligations by the company.

Mercator Petroleum Ltd. (MPL) is a subsidiary of Mercator limited
engaged in the business of surveying, prospecting, drilling,
exploring, acquiring, developing and producing of petroleum and
petroleum products, their derivatives and allied products. It
received termination notice dated October 24, 2019 from the
Government of India with respect to Production Sharing Contract
(PSC) for oil block CB-ONN-2005/3 in Cambay Basin (Gujarat) under
the Seventh New Exploration Licensing Policy round (NELPVII). The
bankers have classified the account as NPA as on June 2019 due to
non-payment of interest and quarterly installment due since March
2019. There has been no production of oil during year ended 31st
March 2020 on account of non-availability of working capital.


MITTAL CLOTHING: CARE Lowers Rating on INR20.51cr LT Loan to B+
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mittal Clothing Company (MCC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       20.51      CARE B+; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE BB-; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 9, 2019, placed the
rating(s) of MCC under the 'issuer not cooperating' category as MCC
had failed to provide information for monitoring of the rating.
Mittal Clothing Company continues to be non-cooperative despite
repeated requests for submission of information through phone calls
and e-mails dated August 25, 2020 to September 2, 2020. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The ratings have been revised on account of non-availability of
last three year financials.

Detailed description of the key rating drivers

At the time of last press release dated July 9, 2019 the following
were the rating strengths and weaknesses:

Key Rating Weakness

* Partnership nature of constitution: Being a Partnership concern,
the firm has an inherent risk of withdrawal of capital at the time
of personal contingency.

* Customer concentration risk: MCC faces high customer
concentration risk with almost 80% of its income from H & M Hennes
& Mauritz AB (H&M). However, H&M is geographically diversified and
has branches around 40 countries all over the world such as the
USA, Canada, Germany, Italy, Belgium, Sweden, France, Australia and
other countries.

* Profitability margins susceptible to foreign exchange fluctuation
risk and raw materials price fluctuations: As the firm is engaged
in export oriented nature of business, its profitability margins
are highly exposed to foreign exchange rate movements. Any
appreciation of Indian Rupee against the foreign currencies will
have adverse impact on the firm's profitability. Further any
fluctuations in raw material prices referring to yarn, fabrics and
other accessories etc would directly impact profitability margins
of the firm.

* Highly fragmented and government regulated industry: The
readymade garment industry in India is highly fragmented and
dominated by a large number of independent and small unorganized
players leading to high competition among industry players. Thus,
MCC is exposed to significant competition both in domestic as well
as export apparel market.

Key Rating Strengths

* Growth in total operating income and marginal increase in PAT
margin: The total operating income of MCC increased by 74% from
INR58.28 crore in FY16 to INR91.29 crore in FY17.  The PAT margin
marginally improved and remained stable at 1.89% in FY16 compared
with 1.04% in FY16 owing to decrease in interest expenses.

* Improvement in operating cycle on account of decline in
receivable days and inventory period: The working capital cycle of
the firm has improved from 62 days in FY15 to 16 days.

* Comfortable debt coverage indicators: The debt coverage indictors
of total debt to gross cash accruals improved and remained
comfortable at 3.28x in FY17 as against 10.55x in FY16 due to
decline in debt levels along with increase in cash accruals.
Further, interest coverage ratio improved to 2.53x in FY17 from
1.62x in FY16 due to decline in interest costs. TD/GCA also
improved to 10.55x in FY16 from 13.75x in FY15.

* Comfortable capital structure: The overall gearing of the firm
marginally improved from 1.05x as on March 31, 2016, to 0.52x as on
March 31, 2017, due to repayment of unsecured loans and other car
loans from various NBFC's in FY17 coupled with increase in net
worth on account of accretion of profits.

* Experience of promoters in manufacturing of textiles industry and
in-house designing capabilities: MCC was promoted by Mr. Gajanand
Mittal and his family members; who have more than four decades of
experience in similar line of business. Currently, the firm is
managed by Mr. Mukesh Mittal and Mr. Pankaj Mittal, who has around
two decades of experience in the textile industry, looks after the
day-to-day activities of the firm.

Mittal Clothing Company (MCC) was established in 1995 as a
partnership firm and is promoted by Mr. Gajanand Mittal and his
family members. Mr. Gajanan has four decades of experience in the
same line of business. MCC is engaged in manufacturing of knitted
readymade garments (Men's, Ladies and Children's wear). The firm
operates with two manufacturing units located at Yeshwanthpur,
Karnataka and Tirupur, Tamil Nadu which is a hub for manufacturing
of readymade garments in South India. The firm's manufacturing
facility at Bangalore has designing capabilities for cutting,
embroidering, printing, ironing and packing whereas the other unit
located at Tirupur (Tamil Nadu) is the sourcing facility for yarn,
fabric and accessories.

PACIFIC ACADEMY: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pacific
Academy of Higher Education and Research Society (PAHER) continues
to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       43.09      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short Term Bank       6.20      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 8, 2019, placed the
ratings of PAHER under the 'Issuer not-cooperating' category as
PAHER had failed to provide information for monitoring of the
rating for the rating exercise as agreed to in its Rating
Agreement. PAHER continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email dated September 7, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings take into account on-going delays in servicing of debt
obligation.

CARE also takes cognizance of the society availing the moratorium
granted by two of its lenders as a Covid relief measure (as
permitted by the Reserve Bank of India) for the period from
March 2020 to August 2020 on its term loan and overdraft limit
facilities.

Detailed description of the key rating drivers

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

Key rating weaknesses

* Irregularity in debt servicing: The bankers of PAHER have
confirmed that there are on-going delays in servicing of debt
obligations by the society.

Udaipur-based (Rajasthan) PAHER was formed as Pacific Education
Society in October 1995 with an objective to set up educational
institutions. In March 2007, its name was changed to the current
form. PAHER was founded by Mr. B.R. Agarwal who is the founder
Chairman of Pacific Group (PG). The other society members are Mrs
Leela Devi Agarwal, Mr. Rahul Agarwal and Mr. Ashish Agarwal.
Presently, PAHER offers courses in varied fields including
pharmacy, dental, engineering, management, education, media and
mass communication, information technology, hospitality and fashion
technology.

PUNE BUILDTECH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pune
Buildtech Pvt. Ltd. (PBPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      286.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

CARE has been seeking information from PBPL to monitor the
rating(s) vide e-mail communication/letter dated September 3, 2020
and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Pune Buildtech Pvt. Ltd.'s bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account the ongoing delays in servicing of
the debt obligations by the company on account of its constrained
liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delays in servicing of debt obligations: There have been
ongoing delays in servicing of the debt obligations by the company
on account of its constrained liquidity position.

PBPL (formerly known as Dynamix Balwa's Resorts Pvt. Ltd.) is a
wholly-owned subsidiary of Marine Drive Hospitality & Realty Pvt.
Ltd. (MDHRPL), formerly known as DB Hospitality Pvt. Ltd. MDHRPL is
a private limited company incorporated with an object of setting up
chain of hotels across the country under five star deluxe, five
star, four star categories and construction of real estate
buildings. MDHRPL has been promoted by DB Group, a diversified
business group in India with interests in real estate and
hospitality and currently operates two hotel properties.

PBPL is developing a project 'DB Solitaire' with both residential
and commercial use near Pune Airport. PBPL had initial plans to
develop a residential project but to tap in the demand for the
commercial space; PBPL is developing the project as a mix use -
residential and commercial. Due to this change, the total saleable
area potential of the project has reduced to 5.76 lsf from 6.1 lsf
envisaged earlier. The project building consists of one tower
having two wings – one residential and other commercial of 18
floors each. Total number of units for sale is 380.

S.M MUSTHAFA: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S.M
Musthafa (SMM) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       22.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 24, 2019, placed the
rating(s) of SMM under the 'issuer not cooperating' category as SMM
had failed to provide information for monitoring of the rating. S.M
Musthafa continues to be non-cooperative despite repeated requests
for submission of information through phone calls and e-mails dated
September 8, 2020 to September 14, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings have been revised on account of non-availability of
last four year financials.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

* Small scale of operations and low net worth base: SMM was
established in 2011. In spite of six years of track record, the
scale of operations remains small marked by total operating income
of INR9.26 crore in FY16 (refers to the period April 1 to March 31)
and small net worth of INR1.81 crore as on March 31, 2016 compared
to other peers in the construction industry.

* Financial risk profile marked by leveraged capital structure and
weak debt coverage indicators: The firm has leveraged capital
structure due to increasing debt exposure along with low net worth
base. The overall gearing ratio of the firm deteriorated from 0.73x
as on March 31, 2015 to 6.83x as on March 31, 2016 mainly due to
the additional bank facility (term loan) of INR14.00 crore availed
by the firm out of which INR11.80 crore was disbursed as on March
31, 2016 for execution of work orders. Considering the above
factors, the total debt/GCA of the firm also remained weak during
review period i.e, TD/GCA deteriorated from 7.03x in FY14 to 12.14x
in FY16. However, the PBILDT interest coverage ratio improved from
30.50x in FY15 to at 37.55x in FY16 due to high PBILDT levels.

* Short-term revenue visibility from order book position: The firm
has order book of INR2.15 crore as on February 28, 2017. The said
order book provides revenue visibility for short term period.

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

Key Rating Strengths

* Experience of the proprietor for more than one decade in the
construction industry: SMM was established in the year 2011,
promoted by Mr. Sajeepa Mohammed Musthafa. He is a qualified
Graduate and has over one decade of experience in the civil
construction industry. He is actively involved in the day to day
operations of the firm.

* Growth in total operating income and satisfactory profit margins
during the review period: The total operating income of the SMM
increased from INR0.83 crore in FY14 to INR9.26 crore in FY16 due
to year on year increase in execution of work orders coupled with
addition of new orders. The PBILDT margin of the firm has increased
during review period i.e., 5.95% in FY15 to 6.49% in FY16 due to
absorption of fixed overheads due to increase in scale of
operations.  Moreover, despite increase in interest and
depreciation cost, the PAT margin of the firm has increased from
4.83% in FY15 to 9.95% in FY16 due to income received from long
term capital gains in FY16 amounting to INR0.43 crore.

* Comfortable operating Cycle: The operating cycle of the entity
remained comfortable during the review period due to timely
collection of payments along with moderate inventory levels.
Furthermore, the firm has established relationship with vendors for
sand, aggregates, etc. who provide credit period of around 2
months. The firm receives the payment from its customer within
15-30 days from the date of raising the bill. Apart, the firm
manages its working capital requirement through unsecured loans
from the proprietor.

* Moratorium: The firm had opted moratorium for a period of 6
months from March 1, 2020 to August 31, 2020 on its debt
obligations.

S.M Musthafa (SMM) was established in the year 2011 promoted by Mr.
Sajeepa Mohammed Musthafa. The firm is engaged in construction of
buildings for the Education Sector. The firm receives the work
orders directly from the customers for construction in various
segments like building hostels and college building.

SAI INTERNATIONAL: CARE Cuts Rating on INR9.70cr LT Loan to C
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sai
International (SIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.70      CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

   Long Term/Short       4.75      CARE C; Stable/CARE A4;
   Term Bank                       Issuer not cooperating;
   Facilities                      Revised from CARE B+; Stable/
                                   CARE A4; ISSUER NOT
                                   COOPERATING on the basis of
                                   Best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 18, 2019, placed the
rating of SIL under the 'issuer non-cooperating' category as SI had
failed to provide information for monitoring of the rating. SI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 14, 2020, September 11, 2020,
September 10, 2020 and September 9, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The rating has been revised on account of susceptibility to
fluctuation in raw material prices, fragmented and competitive
nature of industry, partnership nature of constitution. The
ratings, however, drive strength from experienced partners and long
track record of operations and favorable location of plant.

Weaknesses

* Susceptibility to fluctuation in raw material prices: PU and
rexine are the primary raw materials required for production of
footwear products. Any wide fluctuation in price of its key raw
material and inability to timely pass on the complete increase in
the prices to its customers is likely to affect its profitability
margins as the prices of the raw materials are volatile due to
linkage to global crude oil prices.

* Fragmented and competitive nature of industry: SIL operates in
the footwear industry which is highly fragmented and has various
organised and unorganized players due to low capital investment
which resulted into low entry barriers. Furthermore, there is a low
product differentiation among the players.

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

Strengths

* Experienced partners and long track record of operations: SIL is
engaged in the business of manufacturing of footwear for around a
decade and is currently being managed by Mr. Vishal Jagga and his
brother Mr. Nishant Jagga who have an industry experience of around
a decade. The partners have adequate acumen about various aspects
of business which is likely to benefit SIL in the long run.

* Favorable location of plant: The manufacturing facility of SIL is
located in footwear park Bahadurgarh, Haryana. It gives the firm
easy availability of raw materials and other support items as a
large number of companies engaged in the related business are
located in the footwear park.

Sai International (SIL) was established in December 2005 as a
partnership firm by Mr. Vishal Jagga and Mr. Nishant Jagga as its
partners sharing profit and loss equally. The firm is engaged in
manufacturing of footwear products like shoes, sandals and slippers
at its three manufacturing facilities located at Bahadurgarh,
Haryana. The main raw materials required for manufacturing footwear
are PolyUrethane (PU), Rexine, leather cloth and synthetic fabric.
While PU is imported from Singapore, other raw materials are
procured domestically majorly from Haryana. Furthermore, the firm
sells its products under the brand name of 'Tavera' for shoes and
'PU Lite' for sandals and slippers to various wholesalers in
different states of India through a network of around 200
distributors and dealers.

THEOS IMAGING: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Theos
Imaging and Diagnostics LLP (TIDL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 9, 2019, placed the
rating(s) of TIDL under the 'issuer not cooperating' category as
TIDL had failed to provide sufficient information for monitoring of
the rating. Theos Imaging and Diagnostics LLP continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and e-mails dated August 31, 2020
to September 4, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The rating takes into account the delays in debt servicing
obligations and classification of the firm's account as
Non-Performing Asset (NPA).

Detailed description of the key rating drivers

At the time of last press release dated July 9, 2019 the following
were the rating strengths and weaknesses:

Key Rating Weakness

* Ongoing delays in meeting of debt obligations: Theos Imaging and
Diagnostics LLP has been facing liquidity issues hence couldn't
able to meet its debt obligations.

Key Rating Strengths

* Experienced and qualified promoters for more than two decades in
healthcare industry: TID was established in the year 2016 as
Limited Liability Partnership by Dr. Bobby Jose, Mr. Manoj Kumar
and Mrs Rosemary Manjooram. Mr. Bobby Jose is MBBS by qualification
and has more than two decades of experience in healthcare industry.
Mr. Bobby Jose was the chief of Neuro intervention & Professor of
Neurosurgery, MOSC Medical College, Kolencherry. Mr. P V Manoj
Kumar is the administrative manager of chazhikattu hospital and
post graduate by qualification. Mrs Rosemary Manjooram is the wife
of Mr. Bobby Jose and graduate by qualification equipment's and
interiors of building. The said expenses are funded by the
partners' capital (Rs.7 crore) and term loan (INR19 crore).

Theos Imaging and Diagnostic LLP (TID) was established in the year
2016 as Limited Liability Partnership by Mr. Dr. Bobby Jose, Mr.
Manoj Kumar and Mrs. Rosemary Manjooram. The firm has proposed to
set-up an imaging and diagnostic center in the compound of super
specialty 700 bedded Chazhikattu Hospital Private Limited (CHPL),
at Thodupuzha, Idukky district, Kerala with the most advanced MRI
scan, CT scan, Cath lab, Ultra sound scan, Mammography and EEG
equipment under an arrangement with the hospital to provide imaging
& diagnostic services as part of the hospital as well as on
reference by other doctors.

VIJAYANAG POLYMERS: CARE Lowers Rating on INR7.30cr Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on the long term bank facilities
of Vijayanag Polymers Private Limited (VPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.30      CARE B-; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 27, 2019 placed the
rating(s) of Vijayanag Polymers Private Limited (VPPL), VPPL under
the 'issuer non-cooperating' category as VPPL had failed to provide
information for monitoring of the rating. VPPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an e-mail
communications dated from January 31, 2020 to September 8, 2020. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers
(Updated for the information available from ROC)

The rating has been revised by taking into account non-availability
of requisite information and no due-diligence conducted due to
non-cooperation by Vijayanag Polymers Private Limited with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. The ratings continues to be tempered by short track
record and small scale of operations, decline in total operating
income, elongated creditor days, leveraged capital structure & weak
debt coverage indicators and susceptibility of margin to volatile
raw material prices. The rating also factors in Net losses during
the review period. The ratings however underpinned by moderate
experience of promoter in packaging industry and stable outlook
packaging industry.

Key Rating Weakness

* Short track record and small scale of operations: The scale of
operations of the company remained small at INR5.35 crore and net
worth stood at negative.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure and debt coverage indicators marked overall
gearing ratio and Total debt/GCA of the company remained negative
at as on March 31, 2019 due to the erosion of net worth on account
net losses.

* Net losses during the review period: The company has incurred net
loss of INR0.96 crore in FY19 as due to high financial expenses and
depreciation provisions.

* Elongated creditor days: The working capital cycle remained
negative at -81 days in FY19 due to elongated creditor days from
348 days in FY18 to 385 days in FY18.

* Decline in total operating income: The total operating income of
the company declined from INR5.35 crore in FY18 to INR4.97 crore in
FY19.

* Susceptibility of margins to volatile raw material prices: The
primary raw material required by VPPL is LDPE, polymers, polyester
etc, which constituted around 80% of total raw material requirement
from various domestic suppliers. The price of LDPE, polymers,
polyester is linked to crude oil prices which are volatile in
nature thus affecting the raw material prices.

Key rating strengths

* Moderate experience of promoter in packaging industry: The
company was incorporated in 2011 and currently promoted by Dr. V V
Nagi Reddy and his wife Mrs. M Vijaya Lakshmi. Dr. V V Nagi Reddy
is a retired Physics professor and has an experience of four years
in packaging industry.

* Stable demand outlook for packaging industry: The Indian
packaging industry constitutes about 4 percent of the global
packaging industry. The per capita packaging consumption in India
is quite low at 4.3 kgs, compared to countries like Germany and
Taiwan where it is 42 kgs and 19 kgs respectively. However,
organised retail and boom in e-commerce, which offer huge potential
for future growth of retailing, is giving a boost to the packaging
sector. Packaging Industry is an important sector driving
technology and innovation growth in the country and adding value to
the various manufacturing sectors including agriculture and FMCG
segments.

Vijayanag Polymers Private Limited (VPPL), an ISO 9001:2008 and
AGMARK certified company, was incorporated in the July 2011 and
commenced commercial operation in the second half of FY13. VPPL is
currently promoted by Dr. V V Nagi Reddy and his wife Mrs. M Vijaya
Lakshmi. Dr. Nagi Reddy is a retired Physics professor, according
to the management; Mr. Nagi Reddy is having 10% shareholding in
Midwest Granite Pvt. Ltd, which has been in the mining business
since 1981. VPPL is engaged in production of plain and printed
packaging laminated materials like laminated films, Pouches, Poly
bags and others, which are used across a wide range of industries
like consumer food, fertilizers and others. number of orders are in
pipeline.




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

MODERNLAND REALTY: Fitch Cuts IDR to RD on Uncured Payment Default
------------------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based property developer PT
Modernland Realty Tbk's (Modernland) Long-Term Issuer Default
Ratings (IDR) to 'RD' from 'C'.

The downgrade follows the expiry of the 30-day grace period
following the non-payment of the coupon on the group's USD150
million senior unsecured notes due 2021, which are issued by JGC
Ventures Pte Limited. The cross-acceleration clause of the USD240
million 2024 notes has also been triggered by the non-payment of
the 2021 notes. The 'RD' rating indicates an issuer that in Fitch's
opinion has experienced an uncured payment default, but has not
entered bankruptcy filings and has not ceased operating.

At the same time, Fitch has affirmed the ratings on USD150 million
notes due 2021 and USD240 million notes due 2024 issued by its
wholly owned subsidiaries, JGC Ventures Pte. Ltd. and Modernland
Overseas Pte Ltd, respectively, and guaranteed by Modernland, at
'C' and Recovery Rating of 'RR4'.

KEY RATING DRIVERS

Missed Coupon, Grace Period Expiry: Modernland says its liquidity
is under severe pressure, which led to the restructuring of a
IDR150 billion bond in July 2020. The company claims the
coronavirus pandemic has made it difficult to collect payments from
buyers, and it has granted payment deferrals and seen increased
cancellations from pre-sales. Efforts to revive sales may also face
challenges due to weak buyer sentiment amid the pandemic. The
publicly announced debt restructuring, with its shares and onshore
bonds suspended on the Indonesia Stock Exchange, has cast doubt on
Modernland's business continuity and may impair confidence in the
company's projects.

2021 Notes Restructuring: JGC Ventures has applied for a moratorium
and will restructure its debt in the Singapore courts. The company
plans to provide bondholders with a restructuring proposal sometime
in October. Fitch will reassess Modernland's capital structure and
reassign an IDR once the restructuring is finalised.

ESG - Governance: Modernland has ESG Relevance Scores of 5 for
Management Strategy and Financial Transparency. This follows its
assessment that financial management with respect to refinancing
and disclosure of pertinent information has deteriorated. This is
evident from the challenges the company faces in meeting its debt
obligations, and the company is unable to provide timely
information on its liquidity position, cash balance and concrete
refinancing plan.

In addition, management has not been able to implement a strategy
to secure funding or improve cashflows and therefore pay the coupon
on the US dollar bond.

DERIVATION SUMMARY

Modernland's downgrade to 'RD' reflects the uncured payment default
on the coupon for its US dollar notes due in 2021.

KEY ASSUMPTIONS

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

  - Limited access to new funding

  - No pre-sales in both industrial and residential segments in
2Q20, with pre-sales to gradually resuming in 3Q20 and 4Q20

  - Zero collections in 2Q20 and 3Q20 from industrial properties
sold in the past

  - Around 25% of Modernland's residential pre-sales are paid in
cash or instalments to the developer. Fitch has assumed zero
collections on these in 2Q20 and 3Q20

  - Collections from new residential pre-sales to resume in 3Q20

  - No significant reduction in operating expenditure except for
marketing expenses, in line with lower pre-sales

Key Recovery Rating Assumptions

The recovery analysis assumes Modernland would be liquidated in a
bankruptcy rather than be considered a going-concern. Fitch has
also assumed a 10% administrative claim in the recovery analysis.

The estimate reflects Fitch's assessment of a 50% advance rate on
the value of trade receivables under a liquidation scenario, and
the same rate for inventory, fixed assets, investments in
associates and land bank for long-term development. Fitch adjusted
the advance rate assumptions for trade receivables, investments in
associates and land bank for long-term developments to 50% from a
previous 75%, 100% and 100%, respectively. The adjustments reflect
its view that the company's financial distress may have influenced
buyers' confidence over the company's projects, impairing the
recovery prospects of these assets.

Fitch has also deducted from trade receivables the amount due from
PT Waskita Modern Realty (Waskita) and from investments in
associates, PT Lotte Land Modern Realty and Waskita. This is
because Fitch believes the company may not be able to recover these
assets considering the challenges faced in collecting the amount
due from Waskita in the past year, while the joint-venture projects
are still at an early development stage.

These estimates result in a recovery rate corresponding to an 'RR2'
Recovery Rating for Modernland's senior unsecured notes.
Nevertheless, Fitch rates the senior notes 'C' and maintained the
Recovery Rating of 'RR4' because under the agency's
Country-Specific Treatment of Recovery Ratings Criteria, Indonesia
falls into Group D of creditor friendliness. Instrument ratings of
issuers with assets in this group are subject to a soft cap at the
issuer's IDR and a Recovery Rating at 'RR4'.

RATING SENSITIVITIES

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

  - Fitch will reassess Modernland's capital structure once the
restructuring is completed

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

  - The IDR will be further downgraded to 'D' if Modernland enters
bankruptcy proceedings, administration, receivership, liquidation,
or other formal winding-up procedures or if it ceases operations.

LIQUIDITY AND DEBT STRUCTURE

Liquidity under Pressure: Modernland missed the USD8 million coupon
due August 31, 2020 on its 2021 bond, for which the grace period
ended on September 30, 2020. Modernland says its liquidity is under
severe pressure due to the pandemic, and does not have sufficient
liquidity to service its debts.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

Modernland has ESG Relevance Scores of 5 for Management Strategy
and Financial Transparency based on its assessment that the
management of refinancing risks and the disclosure of pertinent
information has deteriorated. These have a negative impact on the
credit profile and are highly relevant to the rating, and resulted
in a change in the Long-Term IDR to 'CCC-' from 'B' in June 2020.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.



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

BRUCE WOOLLEN: Liquidation Completed; Creditors Face Shortfall
--------------------------------------------------------------
Jacob McSweeny at Otago Daily Times reports that the liquidation of
the Bruce Woollen Mill in Milton has been completed.

In 2017, Insolvency Management Ltd principal Iain Nellies, of
Dunedin, sold off the company's plant and equipment, which allowed
secured creditors to be paid NZD350,000 as well as nearly
NZD400,000 for costs such as running expenses and receiver's fees.

A shortfall of NZD4.3 million remained owing to all creditors, Mr.
Nellies said in his final receiver's report issued in 2017, ODT
relates.

After a review of the mill's books and records from when the
company went into liquidation in March 2016, PricewaterhouseCoopers
liquidator Malcolm Hollis started litigation against a secured
creditor that had received some of the funds raised by the
receiver, according to ODT.

"Ultimately, our process was successful in that we settled the
litigation prior to court and agreed a settlement figure of
NZD50,000," the final liquidators' report, as cited by ODT, said.

Once that was sorted out via two lump-sum payments of NZD40,000 and
NZD10,000, the liquidator declared the process complete but no
funds were "realised" for creditors left out of pocket.

There were four secured creditors with total claims of about
NZD750,000.

Of the unsecured creditors, about 66 parties were left short of
NZD882,042.

A public notice was lodged to give intention for Bruce Woollen Mill
to be removed from the companies register, ODT notes.




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

EAGLE HOSPITALITY: Ex- and Current Directors Arrested, Out on Bail
------------------------------------------------------------------
Natalie Choy at The Business Times reports that Eagle Hospitality
Trust's (EHT) former and current Singapore-based directors were
arrested and released on bail on Oct 1 on "reasonable suspicion"
over breaches of disclosure rules.

This follows from ongoing police investigations, first announced in
June, over suspected breaches of disclosure requirements on Section
203 read with Section 331 of the Securities and Futures Act
(Chapter 289) of Singapore, said the managers in a regulatory
filing on Oct. 2, BT relates.

EHT's former and current directors out on bail are Lau Chun Wah,
Kelvin Peng, Tarun Kataria, Salvatore G Takoushian, Carl Gabriel
Florian Stubbe and Ng Kheng Choo.

BT says the managers confirmed that the current directors have
attended interviews with the Monetary Authority of Singapore to
assist in the investigation. Former directors have also been, or
will be, interviewed.

"EHT further understands that the investigations are still ongoing,
and none of the aforementioned individuals have been charged for
any offence nor do the arrests necessarily signify that there will
be charges," said the managers. No further details can be provided
at this time.

EHT's current directors will continue to serve on the boards amid
"unprecedented levels" of stress and challenges, and will work
through the restructuring process of EHT "as far as they are able
to", said the managers, BT relays.

Trading of [3]EHT units was voluntarily suspended on March 24,
2020, after the manager defaulted on a loan of US$341 million.

                      About Eagle Hospitality

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

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
31, 2020, independent auditors KPMG have issued a disclaimer of
opinion in respect of the financial statements of EHT, which
released the independent auditors' report on Aug. 28.  The auditors
had been tasked to audit the financial statements of EH-BT, EH-Reit
and its subsidiaries, and of EHT. The audit covered their
respective financial positions as at Dec. 31, 2019, and their fund
movements from April 11 till that date.  In the report dated Aug.
14, the auditors said that they "have not been able to obtain
sufficient appropriate audit evidence to provide a basis for an
audit opinion on these financial statements".

"Accordingly, we do not express an opinion on the accompanying
financial statements of EH-BT and consolidated financial statements
of EH-Reit Group and EHT."


FLOATEL INTERNATIONAL: Creditors Extend Forbearance to Oct. 15
--------------------------------------------------------------
Fiona Lam at The Business Times reports that the forbearance
agreement between Floatel International and an ad-hoc committee
(AHC) of holders of its US$400 million senior secured, first-lien 9
per cent bonds has again been extended, this time to Oct. 15, from
Sept. 30.

The AHC holds more than 56 per cent of the Oslo-listed bonds'
outstanding amount, BT says.

BT relates that Floatel, an associate company of Keppel Corp, on
Sept. 30 announced the standstill extension in an update about its
discussions with secured financial creditors.

Aside from the first-lien bonds, Floatel also has US$75 million in
second-lien 12.75 per cent bonds and is the borrower under a US$150
million term loan and US$100 million in undrawn revolving credit
facilities with a syndicate of bank lenders, according to BT.

Signed in April, the forbearance agreement has been extended
numerous times, and relates to about US$22.8 million in coupon
payments due under both the first-lien and second-lien bonds.

Floatel on Sept. 30 said it is still in negotiations with its key
stakeholders, BT relays.

It added that the vessels that are on charter continue to operate
as normal and it is business as usual for the group's operations.

Floatel International Ltd. owns and operates a fleet of oil
production platform vessels. The Company charters mobile oil
platform drilling vessels for the production of crude oil. Floatel
International offers their vessels to oil production companies
internationally.

SILVERLAKE AXIS: To Liquidate Wholly Owned Subsidiary in Japan
--------------------------------------------------------------
Claudia Tan at The Business Times reports that mainboard-listed
fintech firm Silverlake Axis announced on Sept. 30 that its wholly
owned subsidiary, Silverlake Japan, will be dissolved by way of a
voluntary liquidation by its shareholder.

BT relates that Silverlake Japan, which is incorporated under
Japanese laws, has ceased its operations, said Silverlake Axis in a
regulatory update. It provided system and business outsourcing
services and sold software as a resource-sharing third-party
processor for credit card companies and banks in Japan.

The liquidation process was to commence on Oct. 1, BT says.

According to the report, Silverlake Axis said the dissolution of
Silverlake Japan will not have any material impact on the net
tangible assets or net earnings per share of the company for the
financial year ending June 30, 2021.

None of the directors or substantial shareholders of the company
has any interest, directly or indirectly, in the dissolution, other
than through their respective shareholdings in the company, the
report notes.

Silverlake Axis Limited provides customized software solutions. The
Company provides digital economy software solutions and services to
the banking, insurance, payment, retail and logistics industries.



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

THAI AIRWAYS: Plans to Franchise Own Version of Deep-Fried Dough
----------------------------------------------------------------
Bangkok Post reports that Thai Airways International plans to
franchise its own popular version of patong-go, or deep-fried
dough, which already brings in about THB10 million in monthly
sales.

According to Bangkok Post, acting THAI president Chansin
Treenuchagron told reporters that the fried dough sticks were
popular and people formed long queues to buy them each morning at
the airline's five food outlets in Bangkok.  Monthly sales were
around THB10 million.

Encouraged by this, the airline planned to franchise its fried
dough sticks, so THAI and its partners could mutually benefit from
their popularity, Bangkok Post says.

Each THB50 box has three sticks of fried dough and a cup of dipping
sauce made from purple sweet potato and egg custard.

Bangkok Post relates that the five outlets are at the airline's
Puff & Pie bakery at Or Tor Kor market, its headquarters in
Chatuchak district, the Rak Khun Tao Fa building and Thai Catering
building in Don Muang district, and THAI's Silom branch.

The sets are also sold at two outlets in Chiang Mai province. It is
sold in the morning, but some outlets do not sell it every day.

After years of financial mismanagement, compounded by the
coronavirus pandemic, the airline has filed for bankruptcy, with
total liabilities of THB332.2 billion. The Central Bankruptcy Court
has given approval for debt restructuring.

                         About Thai Airways

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company provides air transportation, freight and
mail services on domestic and international routes including Asia,
Europe, North America, Africa and South West Pacific. The Company
is a state enterprise which is controlled by the government and
partly owned by the public.

As reported in Troubled Company Reporter-Asia Pacific on May 21,
2020, Thailand's cabinet approved a plan to restructure troubled
Thai Airways International Pcl's finances through a bankruptcy
court, the Southeast Asian country's prime minister said on May
19.

The plan for a court-led restructuring of the national carrier
replaces a previous proposal of a government-backed rescue package
that was heavily criticised in the country.

Thai Airways on May 27, 2020 said it appointed board members as
rehabilitation planners in a bankruptcy court submission.

On Sept. 14, 2020, Thailand's Central Bankruptcy Court approved
Thai Airways debt restructuring.

Thai Airways posted losses every year after 2012, except in 2016.
In 2019, it reported losses of THB12.04 billion.


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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