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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

          Thursday, October 31, 2019, Vol. 22, No. 218

                           Headlines



A U S T R A L I A

DEPARTMENT 13: Second Creditors' Meeting Set for Nov. 6
FLEXI ABS 2019-2: Fitch Assigns BB+(EXP) Rating to Cl. E-G Notes
FORTESCUE METALS: Fitch Affirms Then Withdraws 'BB+' LT IDR
KNET TECHNOLOGY: First Creditors' Meeting Set for Nov. 7
NEW START: Second Creditors' Meeting Set for Nov. 6

SIMPLY ITALIAN: Second Creditors' Meeting Set for Nov. 14
SINCLAIR RECRUITMENT: Second Creditors' Meeting Set for Nov. 6
SUN TELECOMMS: First Creditors' Meeting Set for Nov. 7
VUE GROUP: Benny Burger Placed Into Liquidation


B A N G L A D E S H

PEOPLE'S LEASING: Depositors Demand Money Back by December


C H I N A

CHINA MINSHENG: To Slash Salaries of Top, Mid-Level Executives
GUANGDONG HELENBERGH: Fitch Corrects Oct. 28, 2019 Press Release
SUNAC CHINA: Moody's Rates Proposed USD Notes B1


H O N G   K O N G

[*] HONG KONG: Shops Shutter Following Months of Protest


I N D I A

AL-NAFEES PROTEINS: Insolvency Resolution Process Case Summary
AMARAVATHY SPINNING: CRISIL Migrates B+ Rating to Not Cooperating
APPEJAY TEA: Insolvency Resolution Process Case Summary
ASMI METAL: Insolvency Resolution Process Case Summary
BANSAL INTERNATIONAL: Insolvency Resolution Process Case Summary

BHOR ENGINEERING: Insolvency Resolution Process Case Summary
BIPHA DRUG: CRISIL Lowers Rating on INR3.53cr Cash Loan to D
BTT INDUSTRIES: Insolvency Resolution Process Case Summary
CAPSHARE IMPEX: CRISIL Migrates D Rating to Not Cooperating
CAUVERY POWER: Insolvency Resolution Process Case Summary

CORE INDO: Insolvency Resolution Process Case Summary
DALKAN SHIP: ICRA Cuts INR5.0cr Cash Loan Rating to B+, Not Coop.
DIDWANIA SPINNING: Insolvency Resolution Process Case Summary
DIMENSION STEEL: Insolvency Resolution Process Case Summary
EN POWER: Insolvency Resolution Process Case Summary

FARIDABAD STEEL: Ind-Ra Withdraws BB/Issuer Not Cooperating Rating
FERROX CHEMICALS: Insolvency Resolution Process Case Summary
GHODAWAT CONSUMER: Insolvency Resolution Process Case Summary
GOLDEN SPARROW: Insolvency Resolution Process Case Summary
HARIOM INGOTS: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating

HIMALAYA CONSTRUCTION: CRISIL Moves D Rating to Not Cooperating
IL&FS CLUSTERS: Ind-Ra Lowers Bank Loan Rating to 'D'
IL&FS SKILLS: Ind-Ra Lowers INR100MM Bank Loan Rating to 'D'
IL&FS TRANSPORTATION: ICRA Keeps D Rating in Not Cooperating
INTEGRATED SPACES: CRISIL Migrates D Rating to Not Cooperating

KANCHRAPARA MUNICIPALITY: ICRA Withdraws 'B+' Issuer Rating
KAY BOUVET: ICRA Lowers Rating on INR110cr LT Loan to B+, Not Coop.
KISH EXPORTS: ICRA Maintains 'B' Rating in Not Cooperating
KRISHNA FERRO: Insolvency Resolution Process Case Summary
MAHA ELECTRONICS: CRISIL Migrates D Rating to Not Cooperating

MODERN GLASS: ICRA Cuts INR21.61cr Loan Rating to 'D', Not Coop.
MORAL CERAMIC: ICRA Reaffirms B+ Rating on INR9.75cr Loan
NMC INDUSTRIES: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
PAN INDIA: Insolvency Resolution Process Case Summary
RANKAS TEXFAB: Ind-Ra Reassigns 'B+' Long Term Issuer Rating

ROJA NOTE: CRISIL Migrates 'B+' Rating to Not Cooperating
ROLJACK ASIA: CRISIL Withdraws B+ Rating on INR8.25cr LT Loan
SADGURU SRI: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
SAISRUSHTI BUILDERS: ICRA Withdraws D Rating on INR35cr NCD
SCHOOLNET INDIA: Ind-Ra Affirms Long Term Issuer Rating at 'D'

SHRI VENKATESHWARA: Ind-Ra Maintains 'D' Rating in Not Cooperating
SKIPPER HOMES: Insolvency Resolution Process Case Summary
SPA HEIGHTS: ICRA Withdraws B- Rating on INR12cr LT Loan
SRI ADIPARASAKTHI: ICRA Reaffirms B+ Rating on INR7cr Loan
SRI BALMUKUND: Insolvency Resolution Process Case Summary

TADAS WIND: ICRA Puts B+ Ratings on Watch Developing
TANEJA VIDYUT: CRISIL Migrates B+ Rating to Not Cooperating
TEXORANGE CORPORATION: Insolvency Resolution Process Case Summary
TOPMAN EXPORTS: Insolvency Resolution Process Case Summary
UNIVERSAL TUBE: CRISIL Migrates 'D' Rating to Not Cooperating

USHER AGRO: Ind-Ra Maintains 'D' Issuer Rating in Non-Cooperating
WIND URJA: ICRA Puts B- Rating on Watch Developing


M A L A Y S I A

UTUSAN MELAYU: Liquidation to Save Brand, Says Ex-Chief Editor


S I N G A P O R E

KRISENERGY LTD: To Sell 30% Stake in Andaman II PSC


S O U T H   K O R E A

DOOSAN CORP: To Shut Down Duty-Free Business in Seoul
HYUNDAI STEEL: Net Loss Widens to KRW65.8BB in Q3 Ended Sept. 30

                           - - - - -


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A U S T R A L I A
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DEPARTMENT 13: Second Creditors' Meeting Set for Nov. 6
-------------------------------------------------------
A second meeting of creditors in the proceedings of Department 13
International Ltd has been set for Nov. 6, 2019, at 11:00 a.m. at
the offices of Hayes Advisory, Level 16, at 55 Clarence Street, in
Sydney, NSW.

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 Nov. 5, 2019, at 5:00 p.m.

Alan Hayes of Hayes Advisory was appointed as administrator of
Department 13 on May 30, 2019.

FLEXI ABS 2019-2: Fitch Assigns BB+(EXP) Rating to Cl. E-G Notes
----------------------------------------------------------------
Fitch Ratings assigned expected ratings to Flexi ABS Trust 2019-2's
asset-backed floating-rate notes. The issuance consists of notes
backed by a pool of first-ranking Australian unsecured consumer
receivables, branded as 'humm', and originated by Certegy Ezi-Pay
Pty Ltd, a wholly owned subsidiary of FlexiGroup Limited. The notes
will be issued by Perpetual Corporate Trust Limited in its capacity
as trustee of Flexi ABS Trust 2019-2 (the issuer). At the cut-off
date September 26, 2019, the total collateral pool consisted of
89,165 receivables with an average balance of AUD2,730, totaling
AUD243.4 million. The receivables are retail point-of-sale,
interest-free consumer-finance loans used to finance a wide variety
of products such as solar equipment (47.0% of the portfolio), home
items (16.2%), jewellery (13.1%) and other items.

RATING ACTIONS

Flexi ABS Trust 2019-2

Class A1;   LT AAA(EXP)sf Expected Rating

Class A1-G; LT AAA(EXP)sf Expected Rating

Class B-G;  LT AA+(EXP)sf Expected Rating

Class C-G;  LT A(EXP)sf Expected Rating

Class D-G;  LT BBB(EXP)sf Expected Rating

Class E-G;  LT BB+(EXP)sf Expected Rating

Class F;    LT NR(EXP)sf Expected Rating

KEY RATING DRIVERS

Obligor Default Risk: Default rates have been stable since 2015,
despite falling weighted-average (WA) customer-deposit rates. A
greater proportion of Certegy's originations are from repeat
customers with a demonstrated performance history. Fitch assumed a
WA default rate of 5.0% based on the sound performance of Certegy's
previous comparable transactions and a WA default multiple of 5.0x
for 'AAAsf', which reflects the default data of a benign economic
period, the data's relative volatility and a higher default base
case for jewellery and other items.

Fitch expects stable asset performance, supported by sustained
economic growth in Australia. Fitch forecasts GDP growth of 2.3% in
2020, a stable labour market and low interest rates to support the
Outlook of the rated notes.

Cash Flow Dynamics: Fitch completed full cash-flow modelling and
determined that full and timely payment of principal and interest
was made in all target rating scenarios.

Structural Risk: A liquidity facility is available to ensure stable
cash flow for classes A1 to E-G notes as well as trust expenses.
The transaction includes fixed-rate swaps with notionals based on
fixed schedules and derivative reserve accounts to trap excess
spread to the extent that voluntary prepayments and defaults cause
the transaction to be overhedged.

Counterparty Risk: The transaction includes structural mechanisms
to ensure remedial action takes place if the ratings of the swap
providers or trust account bank fall below a certain level.

Servicer, Operational Risks: Fitch reviewed the originator's
underwriting and servicing capabilities and found that the
operations of the originator and servicer were comparable with
those of other consumer-finance lenders. Flexirent Capital Pty Ltd
(servicer) is not rated and servicer disruption risk is mitigated
via back-up arrangements. The nominated back-up servicer is illion
Australia Pty Ltd, which has live access to the servicer's systems
and can step in immediately upon servicer termination.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and is likely to result in a decline in
credit enhancement (CE) and remaining loss-coverage levels
available to the notes. Decreased CE may make certain note ratings
susceptible to negative rating action, depending on the extent of
the coverage decline. Hence, Fitch conducts sensitivity analysis by
stressing a transaction's initial base-case assumptions.

Class: A1/A1-G/B-G/C-G/D-G/E-G

Expected Rating: AAAsf/AAAsf/AA+sf/Asf/BBBsf/BB+sf

Expected impact on expected rating of increased defaults:

Increase defaults by 10%: AAAsf/AAAsf/AAsf/A-sf/BBB-sf/BB+sf

Increase defaults by 25%: AA+sf/AA+sf/A+sf/BBBsf/BB+sf/BBsf

Increase defaults by 50%: AAsf/AAsf/A-sf/BBB-sf/BBsf/B+sf

Key rating drivers and expected rating sensitivities are further
discussed in the corresponding presale report, "Flexi ABS Trust
2019-2".

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was available for this transaction.

As a part of its ongoing monitoring, Fitch conducted a review of a
small targeted sample of the originator's files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

FORTESCUE METALS: Fitch Affirms Then Withdraws 'BB+' LT IDR
-----------------------------------------------------------
Fitch Ratings affirmed Fortescue Metals Group Limited's Long-Term
Issuer Default Rating and senior unsecured rating at 'BB+'. The
Outlook on the IDR is Stable. Fitch has also affirmed the 'BB+'
rating on the outstanding senior unsecured bonds issued by FMG
Resources (August 2006) Pty Ltd and guaranteed by Fortescue.

At the same time, Fitch has chosen to withdraw the ratings on
Fortescue for commercial reasons.

KEY RATING DRIVERS
Price Realisation Affects Profitability: Fortescue's cost of mining
and shipping iron ore to China compares well with other major
low-cost iron-ore producers, such as Rio Tinto Ltd (A/Stable) and
BHP Group Limited (A/Stable). However, Fortescue's profitability is
not as strong due to price adjustments based on its lower Fe
content blend. Its price adjustment to the benchmark (62% Fe Platts
CFR Index) has narrowed from its highest level of around 35% since
December 2018 due to increased demand from Chinese steel mills. Its
mines were in the third quartile of the iron ore global cost curves
in 2019, according to CRU's business cost model, which adjusts for
grade and price realisation.

Fitch expects price realisation to improve as the Eliwana and Iron
Bridge mines come into production and raise production flexibility
and the average Fe content. Eliwana's approval has enabled
Fortescue to introduce a 60% Fe content blend--West Pilbara
Fines--which was first delivered in 2019, and volumes are likely to
rise to 40 million tonnes per annum once Eliwana begins production
in December 2020. Iron Bridge will enable Fortescue to market the
mine's 67% Fe content ore as a distinct product or use the ore in
the blending of other products, depending on market conditions.
This will enhance Fortescue's profitability as it can respond to
changes in demand and price realisation for various grades of iron
ore.

Further Cost Improvements Challenging: Fortescue's C1 costs (which
include the cost of mining, processing, port and rail) averaged
around USD13 per wet metric tonne (wmt) in the financial year ended
June 2019 (FYE19), which was at the top end of its guidance of
USD12-13/wmt, and the company has provided guidance that these
costs are expected to further increase in FY20 to
USD13.25-13.75/wmt. This recognises the effect of higher haulage
costs due to changes in production locations and increases in the
cost of labour after a period of minimal increases. Fitch also
continues to take into account factors beyond Fortescue's control,
such as crude oil prices and the Australian dollar exchange rate,
which can affect its forecasts on the mining company.

Investment Grade Credit Metrics: Fortescue's credit metrics are
strong for the company's rating. Fitch expects funds from
operations (FFO) adjusted net leverage to remain below 2.5x over
the next four years. This includes the impact of the Eliwana
project, which will be financed by operating cash flow, the USD2.1
billion contribution to Stage 2 of the Iron Bridge project, which
Fortescue has said will be funded by a combination of specific
non-recourse project debt and operating cash flow - although the
project financing has not yet been agreed on - as well as Fortescue
increasing its dividends to shareholders.

Fitch's consolidation of Fortescue's debt for its proportionate
share of the Stage 2 development at this point is due to the
strategic importance of the Iron Bridge mine despite the plan for
non-recourse project debt to fund the project.

Flat Iron Ore Prices: Fitch increased its expectation for benchmark
iron ore prices in March 2019 to USD75 per dry metric tonne (dmt)
for 2019, USD70/dmt in 2020 and USD60/dmt in 2021, keeping its
long-term price at USD55/dmt thereafter. This is based on its
forecast that iron ore prices will remain high, driving its
expectations that Fortescue's EBITDA margin will increase in FY20
(FY19: 59%). Prices rose recently after Vale S.A. (BBB-/Stable),
the world's largest iron-ore miner, said it would cut around 10% of
its output for up to three years after the collapse of a tailings
dam in January 2019.

DERIVATION SUMMARY

Fortescue is among the leading low-cost iron ore producers
globally, which positions it well against peers. Both Fortescue and
Vale are highly exposed to a single commodity - iron ore.
Historically, Vale has been stronger than Fortescue due to the high
iron content in its ore and low cost, despite Fortescue benefiting
from its proximity to China and lower sovereign risk than Brazil.
However, the financial impact on Vale of the tailings dam collapse
and the subsequent lower production, which resulted in Vale's
downgrade, offset its advantages and reduced the rating
differential between the companies to one notch. The gap between
their relative strengths will continue to narrow with its
expectations of the increase in the average grade of Fortescue's
product suite as its new mines come online.

Anglo American plc's (BBB/Stable) rating reflects its significant
commodity exposure and geographic diversification as one of the
world's largest mining companies. This is despite its high exposure
to South Africa, which is a challenging environment with an active,
unionised workforce and comparatively high wages and electricity
costs. Fortescue, like Anglo American, has improved its financial
profile as it prioritises balance-sheet strength. However,
Fortescue's weaker profitability is reflected in the two-notch
difference between the ratings on the two companies as a result of
lower price realisation due to the iron content of its ore being
lower than the benchmark.

KEY ASSUMPTIONS

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

  - Benchmark iron-ore price to average USD75/dmt for 2019,
USD70/dmt for 2020, USD60/dmt for 2021 and USD55/dmt for 2022

  - Fortescue's C1 cost to be around USD13/wmt in FY19 and FY20

  - Capex of around USD1.3 billion for FY19, including the
contribution to Iron Bridge, in line with company guidance

  - Dividend payout ratio to remain at the upper end of Fortescue's
guidance of 50%-80% of net profit after tax from FY19 to FY22

RATING SENSITIVITIES

Rating sensitivities are not applicable as the rating has been
withdrawn.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity, Debt Structure: Fortescue had USD1.9 billion
of cash on hand at FYE19 and a USD1.1 billion undrawn revolving
credit facility. Following the refinancing of its USD1.4 billion
term loan, the company will have no debt maturities until 2022,
when the first tranche of the unsecured notes issued in FY17 of
USD750 million falls due. Total debt (including finance leases) of
USD4.0 billion at FYE19 does not include financial maintenance
covenants. This provides the flexibility to reshape its capital
structure, which is supported by its strengthened financial credit
profile.

KNET TECHNOLOGY: First Creditors' Meeting Set for Nov. 7
--------------------------------------------------------
A first meeting of the creditors in the proceedings of KNet
Technology Pty Limited will be held on Nov. 7, 2019, at 10:00 a.m.
at the offices of Worrells Solvency and Forensic Accountants Suite
601B, Level 6, at 91 Phillip Street, in Parramatta, NSW.

Graeme Robert Beattie of Worrells Solvency was appointed as
administrator of KNet Technology on Oct. 28, 2019.

NEW START: Second Creditors' Meeting Set for Nov. 6
---------------------------------------------------
A second meeting of creditors in the proceedings of New Start
Australia Pty Ltd has been set for Nov. 6, 2019, at 11:00 a.m. at
Level 9, at 66 Clarence St, in Sydney, NSW.

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 Nov. 5, 2019, at 4:00 p.m.

Liam Bailey of O'Brien Palmer was appointed as administrator of New
Start on Oct. 1, 2019.


SIMPLY ITALIAN: Second Creditors' Meeting Set for Nov. 14
---------------------------------------------------------
A second meeting of creditors in the proceedings of Simply Italian
Cairns Pty Ltd has been set for Nov. 14, 2019, at 10:00 a.m. at the
offices of BDO (NTH QLD), Level 1, at 15 Lake Street, in Cairns,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 13, 2019, at 4:00 p.m.

Todd William Kelly of BDO (Nth Qld) was appointed as administrator
of Simply Italian on Oct. 11, 2019.

SINCLAIR RECRUITMENT: Second Creditors' Meeting Set for Nov. 6
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Sinclair
Recruitment (SA) Pty Ltd has been set for Nov. 6, 2019, at 10:30
a.m. at the offices of Worrells Solvency & Forensic Accountants,
Building 11 Unit A, Lakes Vista Park, at 2 Flinders Parade, in
North Lakes, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 5, 2019, at 5:00 p.m.

Lee Crosthwaite of Worrells Solvency was appointed as administrator
of Sinclair Recruitment on Oct. 3, 2019.

SUN TELECOMMS: First Creditors' Meeting Set for Nov. 7
------------------------------------------------------
A first meeting of the creditors in the proceedings of Sun
Telecomms Pty Ltd, trading as Sun Telecomms, Suntel, will be held
on Nov. 7, 2019, at 12:00 p.m. at Regus, Level 39, at 385 Bourke
Street, in Melbourne, Victoria.

Danny Vrkic of DV Recovery Management was appointed as
administrator of Sun Telecomms on Oct. 28, 2019.

VUE GROUP: Benny Burger Placed Into Liquidation
-----------------------------------------------
Chris Vedelago and Cameron Houston at Brisbane Times report that a
Melbourne burger joint owned by celebrity chef Shannon Bennett has
been placed into liquidation owing almost AUD170,000 to suppliers
and the tax office.

According to the report, the collapse of a Benny Burger restaurant
is the latest blow to Mr. Bennett's hospitality empire following
the closure of other venues, the departures of senior executives
and an ongoing Fair Work Ombudsman investigation into allegations
of underpayment at his flagship restaurant, Vue de monde.

Brisbane Times relates that a liquidator's report filed with the
corporate regulator on October 11 showed Benny Burger on Little
Collins Street in the CBD owed more than AUD27,000 to former
employees and almost AUD133,000 to about 20 suppliers.

The restaurant that served "ethical burgers" made with organic
products also owes almost AUD36,000 to the Australian Tax Office,
the report adds.

Mr. Bennett did not respond to requests for comment, but a Vue
Group spokesman insisted that all staff entitlements had already
been paid in full, while suppliers would be settled in accordance
with standard payment terms, according to Brisbane Times.

"Vue Group has made the commercial decision to exit the Benny
Burger brand due to a shift in priorities," the report quotes the
spokesman as saying.  "Vue Group remains focused on providing
aspirational guest experiences through its diverse portfolio of
venues."

The MasterChef star and his Singaporean partners Far East
Organisation were forced to close another Benny Burger outlet in
Richmond in May, claiming the Swan Street location did not "align
with its long-term vision for the brand," Brisbane Times recalls.

Last month, a live music venue owned by Bennett's Vue Group and
prominent businessman Lorenz Grollo's company shut down less than a
year after opening its doors in the CBD, the report says.

Brisbane Times says Mr. Bennett denied the Geddes Lane Ballroom had
been closed.

"Once again rumours and innuendo rubbish, Geddes Lane is not
closed," he said.

The Age and Sydney Morning Herald reported in August that Bennett's
venues, including the two-hatted Vue de monde, had been discreetly
offered to other restaurateurs at bargain-bin prices.

However, Mr. Bennett said any suggestion his restaurants were for
sale was "absolute rubbish" and that those who said otherwise were
"f - - - ing liars," the report relays.

According to Brisbane Times, Vue Group's former chief executive
Andrew Skinner said the company had been in conversations with
potential buyers who had approached it, but strongly denied the
restaurants were being actively shopped around.

"The company is fully solvent and able to meet all its obligations
. . . [and] Vue de monde is not for sale--it is the crown jewel in
our suite of brands," the report quotes Mr. Skinner as saying.

Mr. Skinner and Vue Group's chief operating officer Tom Little both
left the embattled business suddenly last month, the report notes.



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B A N G L A D E S H
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PEOPLE'S LEASING: Depositors Demand Money Back by December
----------------------------------------------------------
Dhaka Tribune reports that depositors of People's Leasing and
Financial Services (PLFS) have said they want their money back by
December this year.

They were speaking to reporters after a meeting with Bangladesh
Bank Governor Fazle Kabir on Oct. 14, the report recalls. On behalf
of the PLFS depositors, a five-member team sat with the governor.

Bangladesh Bank Executive Director Md Shah Alam and Bangladesh Bank
Deputy General Manager and Liquidator of PLFS Md Asaduzzaman Khan
were also present in the meeting, Dhaka Tribune relays.

"We invested in an institution licensed by Bangladesh Bank. We paid
tax against our deposits. Bangladesh Bank is responsible for taking
care of our money," the report quotes a depositor, Samia Binte
Mahbub, as saying.  "Now we are leading a miserable life. We want
our money back by December this year," she demanded.

After the meeting, depositor Anwarul Haque said: "The central bank
governor has promised to return our money very quickly. However,
the governor did not set a specific date for this."

"Hope that we will get back the money within two or three months
after the audit," he told reporters, Dhaka Tribune relays.

Dhaka Tribune notes that the depositors alleged that some existing
directors of PLFS were leading a luxurious life with their money
but no action was taken against them.

Talking to Dhaka Tribune, PLFS Liquidator Md Asaduzzaman Khan said:
"An audit firm has been appointed to look into the PLFS. The firm
started work on September 15. They have been directed to finish
work within two months. Currently audit activities are underway.
Until the audit is completed, nothing can be done."

Earlier in September, the depositors formed a 12-member ad-hoc
committee with Md Anwarul Haque as its convener. Other members
include joint conveners Kamal Ahmed and Rana Gosh, and secretary
Prashanta Kumar Paul, the report discloses.

                            About PLFS

People's Leasing & Finance was engaged in the leasing business. The
Company's business activities included providing finance leases,
hire-purchase assets financing, term loans, Islamic finance, margin
trading, share trading, issue of debt instruments, factoring and
mobilization of public deposits.

The head office of People's Leasing, which started its journey in
1997, is in Motijheel, with two branch offices--one at Gulshan in
Dhaka and the other in Chittagong.

Due to the big losses, the listed PLSF, a non-bank financial
institution (NBFI), failed to announce any dividend since 2014,
according to Dhaka Tribune.

Of its total outstanding loans, amounting to BDT1,131 crore, BDT748
crore (66.14 percent of the total loans) of the institution turned
into non-performing loans, Dhaka Tribune discloses.

On June 26, 2019, the government directed the central bank to
liquidate People's Leasing, Dhaka Tribune notes.



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C H I N A
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CHINA MINSHENG: To Slash Salaries of Top, Mid-Level Executives
--------------------------------------------------------------
Neha D'Silva and Rebecca Choong Wilkins at Bloomberg News report
that China Minsheng Investment Group will cut compensation of its
top and mid-level executives from this month to support strategic
restructuring, it said in an announcement.

Bloomberg relates that the Shanghai-based company that aspired to
become China's answer to JPMorgan Chase & Co. said on Oct. 29 it
will reduce salaries for senior and mid-level management by as much
as 83% to lower costs. Average cuts for senior and mid-level
management will be 53% while ordinary employee pay will remain
unchanged, it said.

According to Bloomberg, the latest plan comes a day after the
company laid out plans for a repayment arrangement of its dollar
bond that was due in August this year. It plans to use funds raised
from its asset disposals which it expects to receive in the
first-quarter of next year, Bloomberg says.

CMIG's debt repayment difficulties became apparent earlier this
year after it missed payment on a yuan bond, Bloomberg recalls.
Since then it has managed to repay some of its local bonds with a
delay. In July, it said that it won't be able to repay the $500
million bond which was due the next month and that it was in
discussions regarding possible disposals of certain offshore assets
to improve the group's current liquidity situation.

China Minsheng said in July that it sold its 100% stake in a
Tianjin-based unit to Wu Po Sum, chairman of Central China Real
Estate for CNY1.65 billion, Bloomberg adds.

                       About China Minsheng

China Minsheng Investment Group is a private equity firm. The firm
seeks to invest in solar energy industry, manufacturing,
sustainable energy, renewable energy, real estate, and business jet
services. The firm seeks to invest in Europe and the United
States.

As reported in the Troubled Company Reporter-Asia Pacific on April
22, 2019, Caixin Global said debt-mired private investment
conglomerate China Minsheng Investment Group Corp. Ltd. (CMIG) has
found itself in trouble with creditors--this time with a cross
default on $800 million in dollar bonds.  CMIG said on April 18
that cross-default clauses have been triggered on $300 million
worth of Hong Kong-listed bonds due in 2020 and $500 million worth
of Singapore-listed notes due in 2019.

GUANGDONG HELENBERGH: Fitch Corrects Oct. 28, 2019 Press Release
----------------------------------------------------------------
Fitch Ratings replaced a ratings release published on October 28,
2019 to correct the name of the obligor for the bonds.

Fitch Ratings affirmed the 'B+' Long-Term Foreign-Currency Issuer
Default Rating of Guangdong Helenbergh Real Estate Group Co., Ltd.
The Outlook is Stable. This follows the assignment of a Long-Term
Foreign-Currency IDR to Helenbergh China Holdings Limited, the
parent of Guangdong Helenbergh, on October 3, 2019. Prior to the
withdrawal of Guangdong Helenbergh, Fitch rated both companies on a
consolidated basis.

Fitch has chosen to withdraw the ratings on Guangdong Helenbergh
for commercial reasons. The ratings on Helenbergh China remain the
same.

KEY RATING DRIVERS

DERIVATION SUMMARY

Not applicable.

KEY ASSUMPTIONS

Not applicable.

RATING SENSITIVITIES

Rating sensitivities are no longer relevant as the ratings have
been withdrawn

LIQUIDITY

Not applicable.

SUNAC CHINA: Moody's Rates Proposed USD Notes B1
-------------------------------------------------
Moody's Investors Service assigned a B1 senior unsecured rating to
Sunac China Holdings Limited's (Ba3 stable) proposed USD notes.

The company plans to use the proceeds from the issuance mainly to
refinance existing debt.

RATINGS RATIONALE

"The proposed bond issuance will lengthen Sunac's debt maturity
profile and will not have a material impact on its credit metrics,
because it will mainly use the proceeds to refinance existing
debt," says Danny Chan, a Moody's Assistant Vice President and
Analyst.

Sunac's Ba3 corporate family rating (CFR) reflects its strong sales
execution, leading brand and market position in China's Tier 1 and
Tier 2 cities, as well as the good quality of its land bank. The
rating also considers Sunac's good liquidity profile, driven by its
rapid asset turnover business model.

However, the CFR is constrained by Sunac's modest credit metrics, a
result of the company's business expansion and the sizable
acquisitions made in the past two to three years.

The company's investments in non-property businesses and
large-scale acquisitions of land bank in the past have also reduced
the stability of its cash flow and credit metrics.

Nevertheless, Moody's expects that the company's credit metrics
will improve over the next 12-18 months.

Specifically, Moody's expects Sunac's revenue/adjusted debt
(including adjustments for its shares in joint ventures and
associates) will trend towards 75% over the next 12-18 months from
around 60% for the 12 months ended June 2019, supported by an
expected increase in revenue recognition and controlled spending on
land purchases and non-property investments.

Likewise, Moody's expects Sunac's EBIT/interest (including
adjustments for its shares in joint ventures and associates) will
improve to around 3.0x from around 2.8x over the same period.

The expected increase in revenue is driven by the company's strong
contracted sales in the past 1-2 years.

Moody's expects the company's contracted sales will remain solid
over the next 1-2 years, supported by its established brand name,
quality products and sizable saleable resources of around RMB572.2
billion for the second half of 2019.

Sunac reported 16% year-on-year growth in contracted sales to
RMB369.5 billion for the nine months ended September 30, 2019,
following 27% and 140% growth in 2018 and 2017.

Sunac's liquidity is strong. The company's cash holdings of RMB138
billion as of June 30, 2019 covered about 114% of short-term debt
as of June 30, 2019. Moody's expects its cash holdings, together
with expected operating cash inflow, will be sufficient to cover
its short-term debt, land purchases, dividend payments, as well as
capital spending and payables for its previous acquisitions, over
the next 12 months.

In terms of environmental, social and governance (ESG) factors,
Sunac's Ba3 CFR incorporates the company's concentrated ownership,
its history of making sizable acquisitions and investments, and its
large investments in joint ventures.

The B1 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.

This risk reflects the fact that the majority of claims are at the
operating subsidiaries and have priority over Sunac's senior
unsecured claims in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination.

The stable outlook reflects Moody's expectation that the company
will maintain healthy growth in contracted sales and revenue,
improve its profitability, control its investments in non-property
businesses and continue to deleverage over the next 12-18 months.

Upward ratings pressure could emerge if Sunac: (1) demonstrates its
ability to exercise restraint in its non-core business investments;
(2) maintains its solid liquidity position; and (3) improves its
credit metrics, such that adjusted revenue/debt rises above
95%-100% and adjusted EBIT/interest rises above 3.5x-4.0x on a
sustained basis.

However, the ratings could be downgraded in case of: (1) a material
decline in its contracted sales; (2) a weakening liquidity
position; (3) substantial investments in non-property development
businesses; or (4) weakening credit metrics, such that adjusted
revenue/debt falls below 60%-70% and adjusted EBIT/interest drops
below 2.5x-3.0x on a sustained basis.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Listed on the Hong Kong Stock Exchange on October 7, 2010, Sunac
China Holdings Limited is an integrated residential and commercial
property developer with projects in China's main economic regions.
The company develops a diverse range of properties, including
high-rise and mid-rise residences, detached villas, town houses,
retail properties, offices and car parks.



=================
H O N G   K O N G
=================

[*] HONG KONG: Shops Shutter Following Months of Protest
--------------------------------------------------------
Reuters reports that Hong Kong jeweler Jun Lam has already closed
one shop. His remaining outlet sits in an almost deserted shopping
mall at the heart of a district regularly hit by sometimes violent
protests that have rocked the Chinese-ruled city since June.

Reuters relates that restaurants, hotels and retail outlets like
Lam's, many of which cater to mostly mainland Chinese tourists,
form a central pillar of a small business sector that employs more
than one million people in the city.

But with visitors deterred by months of violence, many firms have
closed or are struggling to turn a profit, says Reuters.

"It's only a third of the pedestrian flow compared with the past.
On some days, almost no shops were open in this mall," Reuters
quotes Lam as saying. To stay afloat, he has closed his other store
in the New Territories district of Tseun Wan, the site of some
violent demonstrations between protesters and police.

When Reuters visited The Capital shopping mall, where Lam's
remaining shop sits, almost half the units were closed or emptied.

In the surrounding Tsim Sha Tsui shopping and hotel precinct, many
shutters on closed shops bore 'To Let' signs or letters demanding
rent from landlords, Reuters relates.

Just last Sunday [Oct. 27], the district was blanketed in tear gas
during cat-and-mouse clashes between police and pro-democracy
protesters.

It was the 21st consecutive weekend of protests over fears Beijing
is tightening its grip on the territory, the worst political crisis
since colonial ruler Britain handed Hong Kong back to China in
1997, Reuters notes.

According to Reuters, the unrest has dealt a double blow to the
financial hub, which was already grappling with sluggish economic
growth.

Government support has been modest, and there is little optimism
amid a record decline in retail sales, rising unemployment and
bankruptcies that have started to hit banks' bottom lines, Reuters
says.

Larger firms impacted by the protests can often fall back on their
wider footprint, access to emergency capital or international
business, industry watchers said, but for many small firms there is
no such safety net, Reuters relays.

"It's a very serious situation," Reuters quotes Brian King,
associate dean of the School of Hotel and Tourism Management at
Hong Kong Polytechnic University, as saying.  "There is no buffer
for the owners--it's not easy for them to get loans and there's not
a particularly strong welfare system in Hong Kong."

Confirming the city entered recession in the third quarter, the
city's finance chief Paul Chan on Oct. 27 urged an end to violence,
Reuters reports.

Reuters says Mr. Chan earlier this month said at least 100
restaurants have closed due to the unrest with about 2,000
employees affected.

Hong Kong is home to around 340,000 small and medium sized firms,
according to official figures, providing jobs for about 1.3 million
people. That accounts for around 45% of total employment, excluding
the civil service, and 98% of business units covered by quarterly
government surveys.

High street rents in the city, among the most expensive in the
world, fell the most since the 1998 Asian financial crisis in the
third quarter, while authorities have repeatedly called for
landlords to cut rents during the crisis.  

But, for many small firms, that may not be enough to stave off
closure, Reuters notes.



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

AL-NAFEES PROTEINS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Al-Nafees Proteins Private Limited
        6, Central Lane
        Bengali Market
        New Delhi 110001

Insolvency Commencement Date: October 16, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 12, 2020

Insolvency professional: Ram Phal Bhardwaj

Interim Resolution
Professional:            Ram Phal Bhardwaj
                         310/25, Onkar Nagar-B
                         Tri-Nagar, Delhi 110035
                         E-mail: bhardwajca@hotmail.com
                                 rpbhardwajip@gmail.com

Last date for
submission of claims:    October 30, 2019


AMARAVATHY SPINNING: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Amaravathy
Spinning Mills (ASM) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         .68       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft             4.75       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             2.57       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ASM for obtaining
information through letters and emails dated July 9, 2019,
September 23, 2019 and September 27, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ASM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ASM is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of ASM to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

ASM, set up in 1990 as a partnership firm, manufactures cotton
yarn, primarily carded yarn in 40's count. The manufacturing
facilities at Udumalpet, Tamil Nadu, has a capacity of 12,000
spindles. Mr. C Varatharajan, Mr S Shanmugam, Mr M Gururajamoorthy
and Mrs Nirmala are the promoters.

APPEJAY TEA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Apeejay Tea Limited
        15 Park Street
        Kolkata West Bengal 700016
        India

Insolvency Commencement Date: October 18, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 15, 2020

Insolvency professional: Samya Sengupta

Interim Resolution
Professional:            Samya Sengupta
                         Todi Chambers
                         2, Lal Bazar Street
                         Room No. 204 & 205
                         Kolkata 700001
                         E-mail: samyax@gmail.com
                                 cirp.apeejaytea@gmail.com

Last date for
submission of claims:    November 1, 2019


ASMI METAL: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Asmi Metal Products Private Limited
        Gat No. 110 to 112 and Gat No. 115 to 117
        Indrayani Industrial Estate
        Takawe Pune Mh 412206

Insolvency Commencement Date: October 14, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 11, 2020

Insolvency professional: Mr. Milind Kasodekar

Interim Resolution
Professional:            Mr. Milind Kasodekar
                         MRM Associates
                         Company Secretaries
                         77, Vijayanagar Colony
                         2147, Sadashiv Peth
                         Pune 411030
                         E-mail: milind.kasodekar@mrmcs.com

Last date for
submission of claims:    October 28, 2019


BANSAL INTERNATIONAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Bansal International Private Limited
        C 6 Summeru Township
        Opp. Varahi SOC
        Ghoga Road, Bhavnagar
        Gujarat 364001
        India

Insolvency Commencement Date: October 10, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: April 7, 2020

Insolvency professional: Bhavi Shreyans Shah

Interim Resolution
Professional:            Bhavi Shreyans Shah
                         C 201, Embassy Appt.
                         Near Ketav Petrolpump
                         Dr. V.S. Road
                         Ahmedabad, Gujarat 380015
                         E-mail: ca.bhavishah@gmail.com

                            - and -

                         9/B, Vardan Complex
                         Nr. Vimal House
                         Lakhudi Circle
                         Navrangpura
                         Ahmedabad 380014
                         E-mail: ipbhavishah@gmail.com

Last date for
submission of claims:    October 29, 2019


BHOR ENGINEERING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Bhor Engineering Private Limited
        Serial No. 81, Shivane
        N.D.A. Road
        Pune 411023
        Maharashtra

Insolvency Commencement Date: October 11, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 8, 2020

Insolvency professional: Rajesh S. Shah

Interim Resolution
Professional:            Rajesh S. Shah
                         635/84, Siddharth
                         Vijayanagar Colony
                         Next to MSEDCL Building
                         Opp. To Neelayam Theatre
                         Sadashiv Peth
                         Pune 411030
                         Maharashtra
                         E-mail: rsshah27@hotmail.com
                         Mobile: 9923700717

Last date for
submission of claims:    October 30, 2019


BIPHA DRUG: CRISIL Lowers Rating on INR3.53cr Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Bipha
Drug Laboratories Private Limited (BDLPL) to 'CRISIL D/CRISIL D'
from 'CRISIL B/Stable/CRISIL A4'.  The downgrade reflects recent
delays in meeting repayment obligations of term loan by the
company.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        .71        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit          3.53        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Long Term Loan       2.76        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating continues to reflect BDLPL's modest scale of operations
and below-average financial profile. These weaknesses are partially
offset by the promoters' extensive experience in the ayurvedic
products business.

Analytical Approach
Unsecured loans of INR1.5 crore from the promoter has been treated
as debt.

Key Rating Drivers & Detailed Description

Weakness
* Modest scale of operations in a competitive industry
BDLPL has a small networth of INR0.71 crore as on March 31, 2018,
and a modest turnover of INR12 crore in fiscal 2018. Though the
revenue has been growing gradually, competitive pressure and
regional presence continue to restrict scalability and business
risk profile.

* Below-average financial risk profile
Financial risk profile is below average with a high gearing of
11.42 times as on March 31, 2018. The networth was INR0.71 crore as
on March 31, 2018, while working capital borrowings were high due
to addition of new retail outlets. Nonetheless the gearing is
expected to improve over medium term with build-up in networth
primarily through accretion.

Strength
* Extensive experience of the promoters
The promoter family has been in the industry since 1929. Benefits
from their vast experience, their strong understanding of ayurvedic
products and market dynamics, and healthy relations with customers
and suppliers should continue to support the business.  
Liquidity: Poor

There has been delays in meeting repayment obligations of term loan
due to stretch in liquidity. This is primarily due to low cash
accruals against its repayments and almost full utilization of bank
limits.

Rating sensitivity factors
Upward factors
*Track record of timely servicing of debt obligations for at least
90 days
* Sustained improvement in financial risk profile, especially
liquidity.

BDLPL manufactures ayurvedic products for formulations, healthcare
and personal care. The company was started in 1929 as SGA Pharmacy
(St George Ayurvedic Pharmacy). The name was changed to Bipha Drug
Laboratories in 1995, and in 2010 to Bipha Drug Laboratories Pvt
Ltd.

BTT INDUSTRIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s. BTT Industries Pvt. Ltd.

        Registered office:
        Room No. 611, 6th Floor
        Taramandal Complex
        Saifabad, Hyderabad
        TG 500004
        IN

        Plant Address:
        Survey No. 41
        Appajipally, Balangar
        Mahabood Nagar District

Insolvency Commencement Date: October 15, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: April 12, 2020

Insolvency professional: Gonugunta Murali

Interim Resolution
Professional:            Gonugunta Murali
                         H.No. 16-11-19/4, G-1
                         Sri Laxmi Nilayam
                         Saleem Nagar Colony
                         Malakpet, Hyderabad
                         Telangana 500036
                         E-mail: gmurali34@gmail.com
                                 bttindip@gmail.com

Last date for
submission of claims:    October 29, 2019


CAPSHARE IMPEX: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Capshare Impex
Private Limited (CIPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.75       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit      5.00       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    2.00       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with CIPL for obtaining
information through letters and emails dated July 17, 2019,
September 23, 2019 and September 27, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of CIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of CIPL to 'CRISIL D/CRISIL D Issuer not cooperating'.

CIPL, a Kerala-based company, produces and supplies cement, and
trades in ordinary Portland cement (OPC).

CAUVERY POWER: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Cauvery Power Generation Chennai Private Limited

        Registered Address:
        New No. 5, Ranganathan Gardens
        Anna Nagar, Chennai 600040

        Plant:
        Billakuppam Village
        Gummidipoondi 601201

Insolvency Commencement Date: October 18, 2019

Court: National Company Law Tribunal, Special Bench, Chennai

Estimated date of closure of
insolvency resolution process: April 15, 2020

Insolvency professional: R. Venkatakrishnan

Interim Resolution
Professional:            R. Venkatakrishnan
                         'Rangas' 1/4, 4th Main Road
                         R.A. Puram, Chennai 600028
                         E-mail: rvk@rvkassociates.com
                                 cauverypower.cirp@
                                 rvkassociates.com

Last date for
submission of claims:    November 1, 2019


CORE INDO: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: M/s. Core Indo Ispat Private Limited
        No. 152, Thambu Chetty Street, IIIrd Floor
        Chennnai 600001

Insolvency Commencement Date: October 4, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: March 31, 2020

Insolvency professional: Ramachandran Subramanian

Interim Resolution
Professional:            Ramachandran Subramanian
                         Old No. 29, Raju Naicken Street
                         West Mambalam, Chennai 33
                         E-mail: subraman267@yahoo.com

Last date for
submission of claims:    October 20, 2019


DALKAN SHIP: ICRA Cuts INR5.0cr Cash Loan Rating to B+, Not Coop.
-----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Dalkan Ship Breaking Ltd. (DSBL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         (5.00)      [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Stable) and
                                   moved to the 'Issuer Not
                                   Cooperating' category

   Letter of Credit     50.00      [ICRA]A4 ISSUER NOT
                                   COOPERATING; Rating downgraded
                                   from [ICRA]A4+ and moved to
                                   the 'Issuer Not Cooperating'
                                   category

Rationale

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

As part of its process and in accordance with its rating agreement
with Vijaykumar And Co., ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Dalkan Ship Breaking Ltd. was incorporated in 1994 to carry out
ship recycling activities. Currently, the company operates from the
Alang Ship Breaking Yard in Bhavnagar, Gujarat. DSBL is part of the
Bhupatrai Chimanlal Group, which started its business in 1970 with
its flagship company, Mono Plast, and began ship breaking
activities from 1985. At present, the Group enjoys a diversified
presence across various industries like ship recycling,
shipbuilding, steel, textiles, mining and solar, among others. The
Group companies include Paras Steel Corporation (engaged in ship
breaking), Vijaykumar And Co. (engaged in ship breaking), Mono
Steel India Limited (engaged in manufacturing sponge iron, MS
billets and TMT bars), and Jay Bharat Steel Corporation (engaged in
manufacturing MS billets), etc.

DIDWANIA SPINNING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Didwania Spining Mills Private Limited
        Room No. 33, 3rd Floor
        New Vohra Building
        59 Nakhoda Street
        Mumbai 400003

Insolvency Commencement Date: October 14, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 11, 2020
                               (180 days from commencement)

Insolvency professional: Shrikant Zawar

Interim Resolution
Professional:            Shrikant Zawar
                         525, The Summit Business Bay
                         Behind Gurunanak Petrol Pump
                         Near Western Express Metro Station
                         Anderi (East), Mumbai 400093
                         E-mail: shrikantzawar1@yahoo.co.in

                            - and -

                         D-26/404, Yogi Ashram, Yogi Nagar
                         Boriwali, West Mumbai 400091
                         E-mail: cirp.didwania@gmail.com

Last date for
submission of claims:    October 30, 2019


DIMENSION STEEL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Dimension Steel & Alloys Private Limited
        25B, Camac Street
        Camac Court, Flat No. 6/B
        Kolkata 700016
        West Bengal

Insolvency Commencement Date: October 18, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 15, 2020
                               (180 days from commencement)

Insolvency professional: Meena Sureka

Interim Resolution
Professional:            Meena Sureka
                         "Central Plaza"
                         6th Floor, Room No. 'H'
                         41 B.B. Ganguly Street
                         Kolkata 700012
                         E-mail: ipmeenasureka@gmail.com
                                 cirp.dsapl@gmail.com

Last date for
submission of claims:    November 2, 2019


EN POWER: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: En Power Solutions Private Limited
        C/o Madhu Nair
        504, Old Ramdaspeth
        Near Lendra Park
        Nagpur, Maharashtra 440010

Insolvency Commencement Date: October 16, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 13, 2020
                               (180 days from commencement)

Insolvency professional: Amit Chandrashekhar Poddar

Interim Resolution
Professional:            Amit Chandrashekhar Poddar
                         'AKSHAT', 7, Vijay Nagar
                         Katol Road, Opp. NCC Office
                         Nagpur 440013
                         E-mail: amitpoddar.ca@gmail.com

                            - and -

                         Meera Apartments, 3rd Floor
                         Above Durva Restaurant
                         Opp. Yeshwant Stadium
                         Dhantoli, Nagpur 440012
                         E-mail: ip.enpower@gmail.com

Last date for
submission of claims:    October 30, 2019


FARIDABAD STEEL: Ind-Ra Withdraws BB/Issuer Not Cooperating Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the ratings of
Faridabad Steel Mongers Pvt Ltd.'s (FSMPL) to the non-cooperating
category and simultaneously withdrawn it.

The instrument-wise rating actions are:

-- 'IND BB' rating on INR500 mil. Fund-based working
    capital limit*; and

-- 'Provisional IND BB' rating on the INR50 mil. Proposed-
    fund-based working capital limit**.


* Migrated to 'IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING)' before being withdrawn

** Migrated to 'Provisional IND BB (ISSUER NOT
COOPERATING)'/'Provisional IND A4+ (ISSUER NOT COOPERATING)'  
    before being withdrawn

KEY RATING DRIVERS

FSMPL did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Ind-Ra is no longer required
to maintain the ratings, as the agency has received a no objection
certificate from the rated facilities' lenders. This is consistent
with the Securities and Exchange Board of India's circular dated
March 31, 2017 for credit rating agencies.

COMPANY PROFILE

FSMPL was set up as a partnership firm and was converted into a
private limited company in 2009. The company trades in hot-rolled
coils, hot strip mill plates and plate mill plates. Mr. Yogesh
Gupta is the promoter.

FERROX CHEMICALS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Ferrox Chemicals Private Limited

        Registered office:
        A-1203, Radha Madava
        Siddharth Nagar
        Nr. Garden Wafers
        Borivali (East), Mumbai
        Mumbai City
        Maharashtra 400066

Insolvency Commencement Date: October 9, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 6, 2020

Insolvency professional: Prakash Nath Mishra

Interim Resolution
Professional:            Prakash Nath Mishra
                         S-31, Regimental Plaza
                         Bitco Point, Nashik Road
                         Nashik, Maharashtra 422101
                         E-mail: prakash@pmishra.in
                                 irp.ferroxchemicals@gmail.com

Last date for
submission of claims:    October 26, 2019


GHODAWAT CONSUMER: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Ghodawat Consumer Products LLP
        Plot No. 438, A/P-Chipri
        Via-Jaysingpur
        Kolhapur MH 416101
        IN

Insolvency Commencement Date: October 10, 2019

Court: National Company Law Tribunal, Navi Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 7, 2020
                               (180 days from commencement)

Insolvency professional: Anurag Jain

Interim Resolution
Professional:            Anurag Jain
                         1401 Oriental Heights
                         Sector-44, Plot-158
                         Seawoods West
                         Navi Mumbai
                         Maharashtra 400706
                         E-mail: jainkpooja@gmail.com

                            - and -

                         Office No. 502
                         G Square Business Park
                         Opp. Sandapa Station
                         Vashi, Navi Mumbai 400703
                         E-mail ghodawat.insolvency@gmail.com

Last date for
submission of claims:    November 1, 2019


GOLDEN SPARROW: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Golden Sparrow Corporation Private Limited
        Madhav Heritage 1641
        Sadashiv Peth
        Pune MH 411030
        IN

Insolvency Commencement Date: September 24, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 22, 2020

Insolvency professional: Ms. Pooja Piyush Kabra

Interim Resolution
Professional:            Ms. Pooja Piyush Kabra
                         601, Sidhi Harmony
                         Buiding No. Ndr28
                         Opposite Building No. 87
                         Near R S Mani Supershop
                         Tilaknagar, Mumbai City
                         Maharashtra 400089
                         E-mail: rathipoojar@gmail.com

                            - and -

                         B-202, Sharaton Classic
                         Dr. Charatsingh Colony
                         Andheri East, Mumbai
                         Maharashtra 400069
                         E-mail: cirpgoldensparrow@gmail.com

Last date for
submission of claims:    October 26, 2019


HARIOM INGOTS: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Hariom Ingots &
Power Private Limited's Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR26.51 mil. Term loan due on September 2021 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR200 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR50 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 23, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2004 in Bhilai, Chhattisgarh, Hariom Ingots & Power
manufactures mild steel ingots and thermo-mechanically-treated
bars.

HIMALAYA CONSTRUCTION: CRISIL Moves D Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Himalaya
Construction Co. Pvt Limited (HCCPL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         20        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit             4        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with HCCPL for obtaining
information through letters and emails dated
September 23, 2019 and September 27, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HCCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HCCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of HCCPL to 'CRISIL D/CRISIL D Issuer not cooperating'.

Incorporated in 1979 in Delhi and promoted by Mr Manjit Singh,
HCCPL is a 'Class A' civil contractor that constructs tunnels for
hydroelectric projects for irrigation purposes, power houses, dams,
roads, and railways. It also undertakes other types of heavy
construction work.

IL&FS CLUSTERS: Ind-Ra Lowers Bank Loan Rating to 'D'
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded IL&FS Clusters
Development Initiative Limited's (ICDI) bank facilities:

-- INR300 mil. Fund-based working capital limits (long-
     term/short-term) downgraded with IND D rating; and

-- INR60 mil. Non-fund-based working capital limits (long-
     term/short-term) downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects ICDI's inability to timely service its
immediate debt liabilities. As per National Company Law Tribunal
(NCLT), ICDI has been restricted from making payment of dues,
whether interest or principal to any lenders. This moratorium on
their payments, along with ongoing liquidity challenges across the
group has led to the company committing a default on its financial
obligations.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.

COMPANY PROFILE

Set up in September 2006, ICDI specializes in cluster development
and project management consultancy services. It focuses on 10
sectors and has a diversified client base comprising government,
private sector, bilateral and multilateral institutions. Schoolnet
India Limited (SIL, formerly IL&FS Education & Technology Services
Ltd.) owns 100% stake in ICDI.

IL&FS SKILLS: Ind-Ra Lowers INR100MM Bank Loan Rating to 'D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded IL&FS Skills
Development Corporation Limited's (ISDC) bank facilities:

-- INR100 mil. Non-fund-based limit/fund-based limit (long-
     term/short-term)* downgraded with IND D rating.

* The limit is fungible

KEY RATING DRIVERS

The downgrade reflects ISDC's inability to timely service its
immediate debt liabilities. As per National Company Law Tribunal
(NCLT), ISDC has been restricted from making payment of dues,
whether interest or principal to any lenders. This moratorium on
their payments, along with ongoing liquidity challenges across the
group has led to the company committing a default on its financial
obligations.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.

COMPANY PROFILE

ISDC is a joint venture between Schoolnet India Limited's (formerly
IL&FS Education & Technology Services Ltd, 80.01% share) and
National Skill Development Corporation (19.99%). The company aims
at providing training to four million people by 2022 through a
network of 300 plus institutes of skills on hub-and-spoke model.
The training will be targeted towards providing solutions for
infrastructure deficiencies, trainer quality, and supply-driven
curriculum, linkages with the job market and employability issues.
The company addresses training needs across government
organizations, private companies, international bodies and trainees
themselves.

IL&FS TRANSPORTATION: ICRA Keeps D Rating in Not Cooperating
------------------------------------------------------------
ICRA has continued the ratings for the line of credit of IL&FS
Transportation Networks Limited (ITNL) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Commercial Paper    1000.0     [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Non-Convertible
   Debentures          2000.0     [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Term Loans           490.0     [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Fund-based Bank
   Limits               320.0     [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Preference Share     760.0     [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Non-Convertible
   Debentures          1963.5     [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

Incorporated in 2000, IL&FS Transportation Networks Limited (ITNL)
is a surface transportation infrastructure company and
Build-Operate-Transfer (BOT) road operator in India. The company is
promoted by Infrastructure Leasing & Financial Services Limited
which holds 71.92% equity stake in ITNL as on June 30, 2019. Since
inception, ITNL has been involved in the development, construction
and implementation, operation and maintenance of national and state
highways, roads, flyovers and bridges. ITNL, through its
wholly-owned subsidiary in Singapore, namely ITNL International Pte
Ltd (IIPL) holds 100% equity stake in Elsamex S.A, a Spanish O&M
operator which provides maintenance services for infrastructure
facilities largely in the roads sector in Spain and the rest of
Europe and 49% stake (51% being held by Chongqing Expressway Group
Company Limited) in Chongqing YuHe Expressway Company Limited
(CYECL), a toll-based road project in south-west China which has a
long operating history of over nine years.

INTEGRATED SPACES: CRISIL Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Integrated
Spaces Limited (ISL) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Loan Against           5         CRISIL D (ISSUER NOT
   Property                         COOPERATING; Rating Migrated)

   Term Loan             25         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Integrated ISL for
obtaining information through letters and emails dated September
23, 2019 and September 27, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ISL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ISL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of ISL to 'CRISIL D Issuer not cooperating'.

ISL was initially set up in 1995 as a partnership firm, named Shah
Construction and Company, by Gala and Savla families. The firm was
reconstituted as a private limited company, under the current name
in 2008. The company undertakes residential and commercial real
estate development in and around Mumbai, and presently has 6
ongoing projects with saleable area of 0.3 million square foot.

KANCHRAPARA MUNICIPALITY: ICRA Withdraws 'B+' Issuer Rating
-----------------------------------------------------------
ICRA has withdrawn the '[ICRA]B+ (Stable)' issuer rating of
Kanchrapara Municipality (KM).

Rationale

The rating withdrawal follows the completion of the one-time rating
exercise as per terms and conditions of Rating Agreement drawn with
the State Mission Directorate (AMRUT), Government of West Bengal.

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

Liquidity position
Liquidity position has not been captured as the rated instrument is
being withdrawn.

Rating Sensitivities
Not captured as the rated instrument is being withdrawn.

Established in 1917 as a ULB, the Kanchrapara Municipality (KM)
provides urban infrastructure services to the Kanchrapara city,
located in the North 24 Parganas district of West Bengal at a
distance of around 50-60 km from Kolkata. It is a part of the
Kolkata Metropolitan Area (KMA). According to Census 2011, the KM,
covering an area of 9.07 sq. km., serves a total population of 1.29
lakh and is governed by the West Bengal Municipal Act, 1993. The
Council comprises 24 Ward Councillors and is headed by a Chairman,
who is elected by the Ward Councillors. The executive powers of the
Council are vested with the Chairman-in-Council (CIC). The
Executive Officer, appointed by the state government, along with
various department heads, support the CIC in managing the functions
of the ULB. The key services extended by the ULB are construction
and maintenance of roads and drains, water supply, solid waste
management, streetlights and amenities such as shopping stalls,
community hall, playgrounds, parks/gardens, schools,
hospital/health centre etc.

KAY BOUVET: ICRA Lowers Rating on INR110cr LT Loan to B+, Not Coop.
-------------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Kay
Bouvet Engineering Limited (KBEL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         110.00       [ICRA]B+(Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating downgraded
                                   from [ICRA]BB(Stable) and
                                   continues to remain under the
                                   'Issuer Not Cooperating'
                                   Category

   Long Term-          41.00       [ICRA]B+(Stable) ISSUER NOT
   Fund Based TL                   COOPERATING; Rating downgraded
                                   from [ICRA]BB(Stable) and
                                   continues to remain under the
                                   'Issuer Not Cooperating'
                                   Category

   Short Term-Non-    300.00       [ICRA]A4 ISSUER NOT
   Fund Based                      COOPERATING; continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding Kay Bouvet Engineering Limited (Unit-I) performance and
hence the uncertainty around its credit risk. ICRA assesses whether
the information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

As part of its process and in accordance with its rating agreement
with Kay Bouvet Engineering Limited (Unit–I), ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

KBEL was incorporated in 1993 to manufacture heavy engineering
fabrication and machining components. Prime objective of the
company was to manufacture machinery for sugar plants and erect
complete sugar plants on turnkey basis. KBEL had purchased a design
for cane crushing plant from Jean Bouvet and Associates, USA in
1998 but currently there is no transaction between the two
entities. Jean Bouvet and Associates has a small equity holding of
1.3% in KBEL.

KBEL established a new division called Special Products Division
(SPD) in 2000. The division was established with an intention to
diversify into other business verticals. SPD serves two categories.
First category (SPD I) manufactures components of Nuclear Power
Plants, Defence equipment, Atomic research equipment and
refineries. The second category (SPD II) supplies components to
Cement and Steel plant OEMs. The company has three manufacturing
facilities located two in Satara, Maharshtra and one in
Yamunanagar, Haryana.

KISH EXPORTS: ICRA Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------
ICRA continues the long/short-term ratings for the bank facilities
of Kish Exports Limited (KEL) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable)/A4 ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based          10.00      [ICRA]B (Stable) ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Non-fund based       1.00      [ICRA]A4 ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

KEL was incorporated in 1993. The company, promoted by Mr. M.K.
Lakhwani and Ms. Sanjana Samtani, manufactures and exports all
types of woven garments for ladies and kids segments. KEL derives
90% of its revenues from sales of ladies garments, 5% from kids
garments and the remaining 5% from accessories. The company deals
in garments made of different fabrics like cotton, linen, silk,
mosscrepe, georgette, Y/D plaids etc., which are procured from
Surat and South India and some from Delhi NCR. The designing of
garments is done in-house based on the instructions/designs
approved by customers. Most of the garment manufacturing for KEL is
done by Ishvar International, which is a Group company
(proprietorship firm with Mrs. Lakhwani as proprietor). The entire
cutting, finishing and packing of garments is done in-house. The
company mainly exports to the US, the UK and South Africa.

KRISHNA FERRO: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Krishna Ferro Products Ltd.
        Mandiakudar, Kansbahal
        Rajgangpur, Odisha 770034
        IN

Insolvency Commencement Date: October 4, 2019

Court: National Company Law Tribunal, Cuttack Bench

Estimated date of closure of
insolvency resolution process: April 1, 2020

Insolvency professional: Chaitanya Kumar Ray

Interim Resolution
Professional:            Chaitanya Kumar Ray
                         MIG-26, Manarama Estate
                         Rasulgarh, Bhubaneswar 751010
                         Odisha
                         E-mail: cma.chaitanya@yahoo.com

Last date for
submission of claims:    October 18, 2019


MAHA ELECTRONICS: CRISIL Migrates D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Maha
Electronics Private Limited (MEPL) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            15        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      0.5      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MEPL for obtaining
information through letters and emails dated July 9, 2019,
September 23, 2019 and September 27, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MEPL to 'CRISIL D Issuer not cooperating'.

MEPL was set up as a partnership firm, Maha Electronics Service, in
1994 by Mr. S Venkateswarulu and his wife Mrs. S Punyavathy; the
firm was reconstituted as a private limited company and it got its
current name in 2002. MEPL is an authorized service partner for HP
and has also started erection and installation of towers. The
company is based out of Hyderabad, Telangana.

MODERN GLASS: ICRA Cuts INR21.61cr Loan Rating to 'D', Not Coop.
----------------------------------------------------------------
ICRA has downgraded the rating of bank facilities of Modern Glass
Industries (MGI) to [ICRA]D from [ICRA]BB-(Stable)/A4. The ratings
continue to remain in the 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based-        21.61      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Downgraded from [ICRA]BB-
                                 (Stable) ISSUER NOT
                                 COOPERATING; rating continues
                                 in the 'Issuer Not Cooperating'
                                 category

   Fund based-        10.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Downgraded from [ICRA]BB-
                                 (Stable) ISSUER NOT
                                 COOPERATING; rating continues
                                 in the 'Issuer Not Cooperating'
                                 category

   Long Term/          0.39      [ICRA]D ISSUER NOT COOPERATING;
   Short Term–                   Downgraded from [ICRA]BB-
   Unallocated                   (Stable)/A4 ISSUER NOT
                                 COOPERATING; rating continues
                                 in the 'Issuer Not Cooperating'
                                 category

   Short Term–         3.00      [ICRA]D ISSUER NOT COOPERATING;

   Non-fund Based                Downgraded from [ICRA]A4 ISSUER
                                 NOT COOPERATING; rating
                                 continues in the 'Issuer Not
                                 Cooperating' category

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

Rationale
The rating downgrade follows the delays in debt servicing by MGI to
the lender(s), based on information available in public domain.

Modern Glass Industries is an Uttar Pradesh (Firozabad) based firm,
incorporated in 1984. MGI's promoters are Mr. Balkrishnan Gupta,
Mrs. Urmila Bansal, Mrs. Neeta Gupta and Mrs. Sushma Gupta. Company
is engaged in the production of glass bulb shells and glass tubes
which are used in electrical industry.

MORAL CERAMIC: ICRA Reaffirms B+ Rating on INR9.75cr Loan
---------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of Moral Ceramic
Pvt. Ltd. (MCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based
   Cash Credit          4.00       [ICRA]B+ (Stable); reaffirmed

   Fund-based
   Term Loan            9.75       [ICRA]B+ (Stable); reaffirmed

   Unallocated
   Limits               1.00       [ICRA]B+(Stable)/[ICRA]A4;
                                   Reaffirmed

Rationale

The reaffirmation in the ratings is constrained by the weak
financial risk profile, which is characterised by small-scale
operations, modest profit margins, leveraged capital structure,
weak coverage indicators and stretched working capital cycle. The
ratings also factor in the intense competition in the ceramic
industry, the exposure of MCPL's profitability to volatility in raw
material and fuel prices and the vulnerability of the company's
operations and cash flows to the cyclicality in the real-estate
industry, which is the main end-user sector.

The ratings, however, continue to favourably factor in the
extensive experience of the promoters in the ceramic industry and
the proximity to raw material sources, by virtue of its presence in
Morbi (Gujarat).

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that MCPL will continue to benefit from the experience of its
promoters in the ceramic industry.

Key rating drivers

Credit strengths

Extensive experience of promoters in ceramic industry - MCPL is
managed by promoters who have extensive experience in the ceramic
industry by virtue of their association with other entities
involved in the ceramic business.

Location-specific advantage - The company benefits from the low
transportation cost and the easy access to quality raw materials
due to the plant's strategic location in the Morbi region of
Gujarat, which is considered to be the ceramic hub of India.

Credit challenges

Weak financial risk profile – The operating income of the company
increased to INR17.52 crore in FY2019 from INR12.20 crore in
FY2018; although, the scale of operations remains small. The
operating margin increased to 11.52% in FY2019 from 9.77% in
FY2018, with increase in scale and the consequent better absorption
of fixed expenses. The net profits margin increased to 0.58% in
FY2019 from net losses reported in FY2018. The capital structure
remained leveraged, with gearing of 3.60 times and 3.45 times in
FY2018 and FY2019, respectively, given the debt-funded capital
expenditure incurred for setting up the manufacturing unit.
Further, the coverage indicators remained weak, with interest
coverage at 1.70 times, TD/OPBDITA at 8.14 times, NCA/TD at 5% and
DSCR at 0.82 times in FY2019. The working capital intensity
remained high, with NWC/OI at 29% as on FY2019-end, due to
stretched receivables. Accordingly, the creditors also remained
stretched to support liquidity.

Vulnerability of profitability to adverse fluctuations in raw
material and fuel prices - Raw materials and fuel are the two major
components that determine the cost competitiveness in the ceramic
industry. The company has, however, little control over the prices
of its key inputs such as natural gas and raw materials. Thus, the
profit margins remain exposed to adverse movements in their prices,
as the ability to pass on any upward movement in cost to customers
is limited due to intense competition.

Intense competition and cyclicality in real estate industry - The
ceramic tile manufacturing industry remains highly fragmented
because of competition from organised as well as unorganised
players, most of whom are located in Gujarat and operate on
low-cost structures, creating a pressure on prices. Further, the
real estate industry accounts for majority uptake of ceramic tiles;
hence, MCPL's profitability and cash flows are expected to remain
vulnerable to the cyclicality in the real estate industry.

Liquidity position: Stretched

The company has sizeable debt repayment over near to medium term
and the cash accruals may remain inadequate to service the same.
The problem is further exacerbated by the absence of cushion in the
cash credit limits. Hence, timely support from promoters through
equity infusion/unsecured loans remains crucial in case of any cash
flow mismatch.

Rating sensitivities

Positive triggers - ICRA could upgrade MCPL's rating if the company
demonstrates substantial growth in revenue and profitability, which
along with efficient working capital management improves the
liquidity position and the overall financial risk profile.

Negative triggers - Negative pressure on MCPL's rating could arise
if any further decline in revenues and profitability along with any
major debt-funded capital expenditure, or further stretch in
working capital cycle weakens the company's liquidity profile and
delays the debt servicing.

MCPL was incorporated in 2016 as a private limited company and
commenced operations in April 2017. It manufactures glazed
vitrified parking tiles. Its plant is situated at Morbi in Gujarat
and has an installed capacity to manufacture 21,90,000 boxes per
annum of tiles. The promoters of the company have extensive
experience in the ceramic industry by virtue of their association
with other ceramic companies.

MCPL reported a profit after tax (PAT) of INR0.10 crore on an
operating income (OI) of INR17.52 crore in FY2019, compared to net
loss of INR0.24 crore on an OI of INR12.20 crore in FY2018.

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

The instrument-wise rating actions are:

-- INR200 mil. Non-fund based facility migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating; and

-- INR25 mil. Fund-based facility migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 6, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1949, NMC Industries is primarily engaged in the
construction of railway tracks and the manufacturing of railway
components such as rail switches, fish plates and joggled fish
plates. The company caters to the railway, thermal, fertilizer,
cement and other sectors.

PAN INDIA: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Pan India Network Limited
        135, Continental Building
        Dr. A.B. Road, Worli
        Mumbai, Maharashtra 400018

Insolvency Commencement Date: October 9, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 6, 2020

Insolvency professional: Hemant Sharma

Interim Resolution
Professional:            Hemant Sharma
                         2/263, Subhash Nagar
                         New Delhi 110027
                         E-mail: hemant78sharma@yahoo.com

                            - and -

                         Witworth Insolvency Professionals Private
                         Limited
                         D-54, First Floor
                         Defence Colony
                         New Delhi 110024
                         E-mail: cirp.pinl@gmail.com

Last date for
submission of claims:    October 28, 2019


RANKAS TEXFAB: Ind-Ra Reassigns 'B+' Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Rankas Texfab
Private Limited's (RTPL) Long-Term Issuer Rating to 'IND D' from
'IND BB'. Simultaneously, Ind-Ra has reassigned RTPL a Long-Term
Issuer Rating of 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR46.17 mil. (reduced from INR66.0 mil.) Long term loan* due
     on November 2022 downgraded and reassigned with IND B+/Stable

     rating;

-- INR148.0 mil. Fund-based working capital limit** downgraded and

     reassigned with IND B+/Stable/IND A4 rating; and

-- INR15 mil. Non-fund-based working capital limit*** downgraded
and
     reassigned with IND A4 rating.

* Reassigned 'IND B+'/Stable after being downgraded to 'IND D'
** Reassigned 'IND B+'/Stable/'IND A4' after being downgraded to
'IND D'
*** Reassigned 'IND A4' after being downgraded to 'IND D'

KEY RATING DRIVERS

The downgrade reflects RTPL's delay in debt servicing in April 2019
due to a stressed liquidity position.

The reassignment of the 'IND B+' Long-Term Issuer Rating reflects
RTPL's timely debt servicing for the five months ended September
2019, due to improvement in its liquidity position, resulting from
timely receipt of receivables from customers.

Liquidity Indicator - Poor: The company's average use of its
working capital facility was 97.8% for the 12 months ended
September 2019. The cash flow from operations turned positive to
INR64.0 million in FY19 from negative INR12.0 million in FY18, due
to an improvement in operating EBITDA. Its working capital cycle
also improved to 51 days in FY19 (FY18: 65 days) due to an increase
in creditor days to 136 (90). RSPL had cash and cash equivalents of
INR6.0 million at FYE19 (FYE18: INR12.0 million).

The ratings are also constrained by RTPL's continued small scale of
operations, despite increase in revenue to INR808 million in FY19
(FY18: INR799 million). The growth in revenue was due to a shift in
the product portfolio from microfiber bedsheets (cotton polyester)
to wider bedsheets (cotton). As of 1QFY20, the company booked
revenue of INR150.0 million. FY19 financials are provisional in
nature.

The company's EBITDA margin was modest at 5.6% in FY19 with a
return on capital employed of 5%. The company reported an EBITDA
profit of INR46.0 million in FY19, as against a loss of INR18.0
million in FY18. The improvement in EBITDA was attributed to due
change in the product mix.

The ratings also factor in RTPL's weak credit metrics as indicated
by low interest coverage (operating EBITDA/gross interest expense)
of 1.3x in FY19 and high net leverage (total adjusted net
debt/operating EBITDAR) due to low EBITDA  levels.

The ratings, however, are supported by the company's promoter's
experience of more than two decades in the textile sector, leading
to established relationships with customers and suppliers.

RATING SENSITIVITIES

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

Positive: An improvement in the liquidity position, along with a
substantial growth in the revenue and EBITDA margin, leading to an
improvement in the credit metrics, could lead to a positive rating
action.

COMPANY PROFILE

RTPL was incorporated in 1994 as a private limited company by Mr.
Chetankumar Motilal Ranka. The company is involved in textile
processing, dyeing, printing, and stitching. It has a plant in
Ahmedabad (Gujarat).

ROJA NOTE: CRISIL Migrates 'B+' Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Roja Note Book
Company Private Limited (RNBPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            5        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Term Loan         0.5      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RNBPL for obtaining
information through letters and emails dated July 9, 2019,
September 23, 2019 and September 27, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RNBPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RNBPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of RNBPL to 'CRISIL B+/Stable Issuer not cooperating'.

Set up in 1989 as a partnership firm (Roja Traders) in Sivakasi
(Tamil Nadu) by Mr C Duraipandian, Mr D Whiterose, and their family
members, and reconstituted as a private limited company in 2009,
RNBPL manufactures stationery products such as long notebooks and
school notebooks. Operations are managed Mr D Sreenivasan and his
brother, Mr D Bhaskaran.

ROLJACK ASIA: CRISIL Withdraws B+ Rating on INR8.25cr LT Loan
-------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Roljack
Asia Limited (RAL) on the request of the entity; further, RAL has
not availed of any bank facility from Oriental Bank of Commerce.
The rating action is in line with CRISIL's policy on withdrawal of
its ratings on bank loans.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Withdrawn)

   Proposed Long Term     8.25      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Withdrawn)

CRISIL has been consistently following up with RAL for obtaining
information through letters and emails dated September 7, 2018,
December 11, 2018, and December 17, 2018, apart from telephonic
communication. However, the issuer has remained non-cooperative.

The investors, lenders and all other market participants should
exercise due caution while using the ratings assigned/reviewed with
the suffix 'issuer not cooperating'. These ratings lack a
forward-looking component as they are arrived at without any
management interaction and are based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RAL, which restricts CRISIL's
ability to take a forward-looking view on the entity's credit
quality. CRISIL believes information available on RAL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower.

RAL, incorporated in 2011, is an Udaipur (Rajasthan)-based company
that manufactures precision engineered industrial supplies such as
crushers, cranes, and edge-cutting machinery. Mr S K Jain and his
family are the promoters.

SADGURU SRI: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sadguru Sri Sri
Sakhar Karkhana Limited's (SSSSKL) Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR207 mil. Term loans due on September 2019 - March 2023
     migrating to non-cooperating category with IND BB- (ISSUER
     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 5, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

SAISRUSHTI BUILDERS: ICRA Withdraws D Rating on INR35cr NCD
-----------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
SaiSrushti Builders Private Limited (SSBPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Non-convertible
   Debenture
   Programme          35.00        [ICRA]D; Withdrawn


Rationale
The long-term rating assigned to SSBPL has been withdrawn at the
request of the company, based on the debenture redemption
confirmation provided by its debenture trustee.

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

Incorporated in July 2015, SSBPL is an SPV of the SaiSrushti Group
(the Group) and is a wholly owned subsidiary of SaiSrushti
Developers Private Limited (SSDPL). The Group was founded and
promoted by Mr. Sreenadha Reddy Nayani in 2005. The Group comprises
companies having diversified interests in the domains of real
estate, construction, infrastructure and education. The Group's
flagship company SSDPL is a major property development company,
which has conceived and executed multiple projects including many
joint ventures (JV) with leading property developers with
developable area of over 3.0 million square feet (mn. sqft).

SCHOOLNET INDIA: Ind-Ra Affirms Long Term Issuer Rating at 'D'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Schoolnet India
Limited's (SIL, formerly IL&FS Education and Technology Services
Limited) Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR290 mil. Working capital term loan limits (Long-term)
     downgraded with IND D rating;

-- INR850 mil. Fund-based working capital limits (Long-
     term/Short-term) downgraded with IND D rating;

-- INR2.244 bil. Non-fund-based working capital limits (Long-
     term/Short-term) downgraded with IND D rating; and

-- INR100 mil. Term loan (Long-term) due on June 30, 2019
     downgraded with IND D rating.

KEY RATING DRIVERS

The affirmation continues to reflect SIL's inability to timely
service its immediate debt liabilities. This has led to the company
committing a default on its debt instruments.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.

COMPANY PROFILE

SIL is the education technology and training arm of Infrastructure
Leasing and Financial Services (IL&FS). IL&FS owns 68.9% in SIL,
whereas Lexington Equity Holdings Limited owns 26.1%. Started in
1997, SIL has a diversified business model and provides solutions
in education and training to schools, colleges, vocational training
institutes, state governments and corporate.

SHRI VENKATESHWARA: Ind-Ra Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shri
Venkateshwara Shikshan Sanstha's (SVSS) term loan rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-up by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The ratings will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR121.70 mil. Term Loan (long term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
October 25, 2016. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Shri Venkateshwara Shikshan Sanstha was established in 2000 under
the leadership of Vanashri Nanasaheb Mahadik. It runs 12
institutions under its umbrella (offering engineering, management
and polytechnic courses), along with three schools, two junior
colleges, two industrial training institutes and a career academy.
It is situated in Peth near Pune.

SKIPPER HOMES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Skipper Homes Private Limited
        16F, East Topsia Road, 1st Floor
        Kolkata 700046

Insolvency Commencement Date: October 21, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 18, 2020

Insolvency professional: Mahesh Chand Gupta

Interim Resolution
Professional:            Mahesh Chand Gupta
                         FE-2-2, Salt Lake City
                         1st Floor, Sector-III
                         Kolkata 700106
                         E-mail: mcgupta90@gmail.com

                            - and -

                         11/1, B.B. Ganguly Street
                         1st floor, Room No. 1
                         Kolkata 700012
                         (Above Thakkar Opticals)
                         E-mail: cirp.skipperhomes@gmail.com

Last date for
submission of claims:    November 4, 2019


SPA HEIGHTS: ICRA Withdraws B- Rating on INR12cr LT Loan
--------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B- and the
short-term rating of [ICRA]A4 assigned to the INR15.00 crore bank
limits of SPA Heights Private Limited (SHPL).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term fund
   based limit        (12.00)      [ICRA]B-(Stable) Withdrawn

   Short-term non-
   fund based limit    12.00       [ICRA]A4 Withdrawn

   Unallocated limit    3.00       [ICRA]B-(Stable)/[ICRA]A4
                                   Withdrawn

Rationale

The ratings assigned for the bank facilities of the company have
been withdrawn at the request of the company and based on the No
Dues Certificate received from its banker. However, ICRA does not
have information to suggest that the credit risk has changed since
the time the ratings were last reviewed.

Outlook: Not applicable

Key rating drivers

Key rating drivers have not been captured as the rated
instrument(s) are being withdrawn.

SRI ADIPARASAKTHI: ICRA Reaffirms B+ Rating on INR7cr Loan
----------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of Sri
Adiparasakthi Agro Tech (Adiprarshakthi Agro), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term–Fund-
   based–Cash Credit      7.00      [ICRA]B+ (Stable); Reaffirmed


   Long-term–
   Unallocated            3.00      [ICRA]B+ (Stable); Reaffirmed

Rationale
The rating reaffirmation takes into account the financial profile
of Adiprarshakthi Agro characterized by moderate scale of
operations, thin margins and low net worth. The rating also takes
into account the high competition in the industry with existence of
large number of rice mills, coupled with limited value-additive
nature of the business, constraining the pricing flexibility of the
firm.

The rating factors in the susceptibility of revenues and
profitability to agro-climatic risks as the availability of paddy
can be affected by adverse weather conditions. The firm is also
exposed to the inherent risks associated with the partnership
nature of the firm, wherein any significant withdrawals from the
capital account can adversely impact the firm's net worth and
capital structure.

The rating, however, derives comfort from the extensive experience
of the partners in rice milling industry, and its established
relationship with suppliers and customers. The rating also factors
in the proximity of the firm to paddy growing areas in Raichur
facilitating easy procurement of raw materials. The rating also
considers the improvement in the firm's revenues over the last two
fiscals, with stabilisation of operations.

The stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that Adiparashakti Agro will continue to benefit from the long
experience of the partners in the business and the stable demand
outlook of the industry as rice is a staple food grain.

Key rating drivers

Credit strengths

Extensive experience of the partners in the rice-milling and
trading business - The partners have been involved in the
rice-milling business for over two decades through other sister
entities. The experience of the partners helps the firm in managing
the business risks effectively and the new firm benefits from the
established relationship that the partners enjoy with the suppliers
and customers.

Presence of the firm in a major paddy-growing area results in easy
availability of the raw-material - The firm's plant is located in
Raichur, which is surrounded by paddy-cultivation areas, resulting
in easy procurement of paddy with low transportation cost. All the
paddy requirements are met locally through direct purchases from
farmers.

Favourable long-term demand prospects of rice - Demand prospects of
the industry are expected to remain good as rice is a staple food
grain in the country and India is the world's second-largest
consumer of rice.

Credit challenges

Moderate financial profile characterized by leveraged capital
structure and moderate coverage indicators - The firm's financial
profile is characterised by moderate scale of operations with an
operating income of INR57.17 crore in FY2019. The profitability of
the firm has remained low with operating margins ranging from 3-6%
on account of the limited value-additive nature of business coupled
with stiff competition. The total debt levels increased to INR8.31
crore as on March 31, 2019 from INR2.39 crore as on March 31, 2018
to fund the working capital requirement of the firm. With low net
worth of INR3.88 crore, the gearing increased to 2.14 times as on
March 31, 2019. The coverage indicators deteriorated and remained
moderate with TD/OPBDITA, interest-coverage ratio and TOL/TNW at
4.43 times, 2.85 times and 2.24 times in FY2019 respectively.

Intense competition in the industry keeps margins under check -
Rice-milling industry is highly competitive with presence of a
large number of organised and unorganised players. Intense
competition by large number of players limits the pricing
flexibility and margins of the firm.

Susceptibility to agro-climatic risks - The rice-milling industry
is susceptible to agro-climatic risks as adverse weather conditions
can affect the availability of the paddy. The margins of the firm
are also exposed to price fluctuations of paddy.

Risks inherent to the partnership nature of the firm - The firm is
exposed to risks associated with partnership firms including the
risk of capital-withdrawal which might adversely impact the capital
structure.

Liquidity position: Adequate

Adiparashakti Agro's liquidity profile remains adequate in the
absence of any capital expenditure plans and term loan repayment
obligations in the near term. The company's cash flow from
operations were negative in FY2019 due to high working capital
intensity. However, the same was funded through incremental working
capital limits and the company's internal accruals were sufficient
to meet the margin money requirements for the additional
borrowings. The average utilization of fund-based limits for the
period from April 2018 to July 2019 remained moderate at ~50%
providing buffer in the form of undrawn working capital limits.

Rating sensitivities

Positive triggers – The rating could be upgraded if the company's
scale of operations continues to improve, while maintaining Total
Debt/OPBIDTA less than 4 times.

Negative Triggers - Any deterioration in margins or increase in
working capital intensity, leading to weakening of coverage
indicators can be a negative for the rating. Any sizeable capital
withdrawals, leading to deterioration in the net worth position or
liquidity can also be a trigger for downgrade.

Incorporated in 2016, Sri Adiparashakti Agro Tech (Adiparashakti
Agro) is a partnership firm managed by Mr. M R Krishna and Mr. M R
Venkatesh. The commercial operations of the firm stared in December
2016. The firm is engaged in milling and trading of rice, broken
rice, bran and husk. The firm procures majority of its required raw
material from farmers located in Raichur and its neighbouring
districts in Karnataka and sells them in the domestic market. The
firm sells Sona Masuri rice in bulk quantities under the brand name
Anmol and Aakash and has presence mainly in Karnataka and
Maharashtra. The firm's manufacturing facility is located in
Raichur in Karnataka with an aggregate installed capacity of 6 tons
per hour of milling. The firm is part of the MRV group which also
owns other entities in similar business.

In FY2019, the firm reported a net profit of INR1.01 crore on an OI
of INR57.17 crore compared to a net profit of INR0.84 crore on an
OI of INR44.76 crore in the previous year.


SRI BALMUKUND: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Sri Balmukund Polyplast Private Limited
        32 Chowringhee Road
        Park Street Om Tower, 11 Floor
        Kolkata West Bengal 700071

Insolvency Commencement Date: October 16, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 13, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Manmohan Jhawar

Interim Resolution
Professional:            Mr. Manmohan Jhawar
                         M Jhawar & Co
                         203 Mahatma Gandhi Road
                         1st Floor, Kolkata
                         West Bengal 700007
                         E-mail: manmohanjhawar@yahoo.co.in

                            - and -

                         Resurgent Resolution Professionals LLP
                         (IPE)
                         CFB F-1, Paridhan Garment Park
                         19, Canal South Road
                         Kolkata 700015
                         E-mail: cirp.balmukundpolyplast@gmail.com

Last date for
submission of claims:    November 1, 2019


TADAS WIND: ICRA Puts B+ Ratings on Watch Developing
----------------------------------------------------
ICRA has placed the ratings of [ICRA]B+ outstanding on the INR955
crore bank facilities of Tadas Wind Energy Private Limited (TWEPL)
on ratings watch with developing implications.
                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based           30        [ICRA]B+; Placed on ratings
   limits                          watch with developing
                                   implications
   
   Term Loans           925       [ICRA]B+; Placed on ratings
                                   Watch with developing
                                   Implications

Material Event

Orix Corporation of Japan (ORIX), which previously owned 49% stake
in TWEPL acquired the remaining 51% stake from IL&FS Wind Energy
Limited (IWEL) as per the company's communication issued on October
17, 2019. With this development, ORIX has 100% ownership in TWEPL.

Impact of the Material Event
ICRA has taken note of the above event and placed the ratings of
[ICRA]B+ outstanding on the INR955 crore bank facilities of TWEPL
on ratings watch with developing implications. ICRA will continue
to monitor the developments and take a rating action post
discussion with the management of ORIX. The discussion would aim to
understand ORIX's strategic plans in renewable sector, and its
support and funding commitments towards the company.

TWEPL has developed & owns the aggregate wind energy-based capacity
of 256 MW as on date. The wind farms developed by the company in
the states of Andhra Pradesh, Karnataka and Gujarat with capacities
of 50.4 MW, 100.0 MW and 50.4 MW respectively were commissioned on
September 2012. The company has set up an additional 55.2 MW wind
farm in Gujarat which got commissioned in July 2015.

TANEJA VIDYUT: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Taneja Vidyut
Control Private Limited (TVCPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         3         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            2.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)


CRISIL has been consistently following up with TVCPL for obtaining
information through letters and emails dated
September 23, 2019, and September 27, 2019, among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of TVCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TVCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of TVCPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Incorporated in 1999 and promoted by Mr Anil Taneja and Ms Ritu
Taneja, TVCPL executes EPC projects on a turnkey basis for
installation of sub-station transmission lines and distribution
substations. It also undertakes highand low-tension electrical
wiring for hotels, hospitals, and residential and commercial real
estate. The company operates mainly in the National Capital Region,
Punjab, and West Bengal.

TEXORANGE CORPORATION: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Texorange Corporation Limited
        Building No. 6/160
        Udit Mittal Industrial Estate
        Andheri Kurla Road
        Sakinaka, Andheri (E)
        Mumbai MH 400059

Insolvency Commencement Date: October 11, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 8, 2020

Insolvency professional: Sudip Bhattacharya

Interim Resolution
Professional:            Sudip Bhattacharya
                         903 Quuensgate
                         Hiranandani Estate
                         Off Ghodbander Road
                         Thane-West 400607
                         E-mail: resolutionsudip@gmail.com

                            - and -

                         LSI Financial Services Private Limited
                         710 Madhva, Block-E
                         Bandra Krla Complex
                         Bandra East, Mumbai 400082
                         E-mail: cirp.texorange@gmail.com

Last date for
submission of claims:    October 29, 2019


TOPMAN EXPORTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Topman Exports Limited
        331-A, Badamwadi
        Shop No. 82, Kalbadevi Road
        Mumbai MH 400002
        India

Insolvency Commencement Date: October 14, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 14, 2020

Insolvency professional: Shri Vishal Bidawatjika

Interim Resolution
Professional:            Shri Vishal Bidawatjika
                         307, Business Classic
                         3rd floor, Chincholi Bunder Road
                         Near HP Petrol Pump
                         Malad (West)
                         Mumbai 400064
                         Tel.: 022-28899497
                         E-mail: finvishal@yahoo.com
                                 vishal@arck.in

Last date for
submission of claims:    October 31, 2019


UNIVERSAL TUBE: CRISIL Migrates 'D' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Universal Tube
Accessories Private Limited (UTAPL) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           .68        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan       4.32        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with UTAPL for obtaining
information through letters and emails dated July 17, 2019 and
August 19, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of UTAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on UTAPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of UTAPL to 'CRISIL D Issuer not cooperating'.

UTAPL, incorporated in 2011 by Mr Dayanand Petkar, manufactures
plastic pipe fittings used in oil and gas industries; it also
produces plastic packaging material for paint and chemical
industries, and food products. The production facility at Jejuri
MIDC (Pune) has installed capacity of 3.6 lakh sets per annum.

USHER AGRO: Ind-Ra Maintains 'D' Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Usher Agro
Limited's Long-Term Issuer Rating in the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will continue to appear as
'IND D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR550 mil. Non-convertible debentures (Long-term) issued on
     December 23, 2015 ISIN INE235G08016 11% coupon rate due on
     June 2021 maintained in non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 3, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

UAL is primarily engaged in the processing of non-basmati rice,
basmati rice and wheat products.

WIND URJA: ICRA Puts B- Rating on Watch Developing
--------------------------------------------------
ICRA has placed the ratings of [ICRA]B- outstanding on the
INR133.09 crore bank facilities of Wind Urja India Private Limited
(WUIPL) on ratings watch with developing implications.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   LT-Term Loans       133.09      [ICRA]B-; Placed on ratings
                                   Watch with developing
                                   implications

Material Event

Orix Corporation of Japan (ORIX), which previously owned 49% stake
in WUIPL has acquired the remaining 51% stake from IL&FS Wind
Energy Limited (IWEL) as per the company's communication issued on
October 17, 2019. With this developmeent, ORIX has 100% ownership
in WUIPL.

Impact of the Material Event
ICRA has taken note of the above event and placed the ratings of
[ICRA]B- outstanding on the INR133.09 crore bank facilities of
WUIPL on ratings watch with developing implications. ICRA will
continue to monitor the developments and take a rating action post
discussion with the management of ORIX. The discussion would aim to
understand ORIX's strategic plans in renewable sector, and its
support and funding commitments towards the company.

WUIPL is operating wind farms of 50.4 MW aggregate capacity in
Rajasthan and Tamil Nadu, with capacities of 38.4 MW and 12 MW,
respectively. The projects got commissioned on September 2010.



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

UTUSAN MELAYU: Liquidation to Save Brand, Says Ex-Chief Editor
--------------------------------------------------------------
Malay Mail reports that the decision by Utusan Melayu management to
choose creditors' voluntary liquidation of the newspaper is to save
the newspaper's brand and license.

Former Utusan Melayu group chief editor, Tan Sri Johan Jaafar also
alleged it only looked at the business interest even though more
than 800 employees lost their jobs in an instant with the decision,
Malay Mail relates.

"So what happened is that the company is winding up via voluntary
liquidation. So whoever is working with Utusan Melayu is deemed to
have lost his post. All assets under the company will be sold to
settle debts," the report quotes Johan as saying.  

"In this process, what is saved is the brand name and newspaper
license but welfare was not given any consideration. It was
strictly for business.

"In my opinion, they should think of other options," he told
reporters after attending a Media and Politics Workshop in New
Malaysia at Parliament, Malay Mail relays.

Apart from that, Johan who managed the newspaper in the 1990s said
he is sad personally to see the fate that befell the country's
oldest newspaper, Malay Mail relates.

"So there are no other ways to take back all the workers. It is
something very sad as the 80-year-old newspaper company is closed
down while the welfare of the staff was not given due
consideration.

On Oct. 9, an internal memo was circulated to all company employees
by Utusan Melayu executive chairman Datuk Abd Aziz Sheikh Fadzir
and it was reported as saying that the Utusan board of directors on
Oct. 7, 2019 approved the creditors' voluntary liquidation proposal
and made the decision to shut down the operation of the company,
the report adds.

                        About Utusan Melayu

Utusan Melayu (Malaysia) Berhad was engaged in the publication,
printing and distribution of newspapers. The Company's segments
included Publishing, distribution and advertisements, which is
engaged in publishing and distribution of newspapers, magazines and
books, and also indoor and outdoor advertising; Printing, which is
engaged in printing of magazines and books; Information technology
and multimedia, and Investment holding, management services and
others. It publishes newspapers, which include Utusan Malaysia,
Mingguan Malaysia, Kosmo! and Kosmo! Ahad. Its magazines included
Mastika, Saji, Infiniti and Wanita. The Company, through its
subsidiary, publishes educational books that cover all levels of
education, from pre-school to university. It also published
children's books and other general titles covering subjects, such
as religion and women's titles. Its other services included
transportation, audio video production and series, and archive and
research information services.

Utusan Melayu was classified as a PN17 company on Aug. 21, 2018, as
it had failed to provide a solvency declaration to Bursa Malaysia
after defaulting on its principal and profit payment to Maybank
Islamic Bhd and Bank Muamalat Malaysia Bhd.

On Aug. 30, Utusan Melayu said it will have the Corporate Debt
Restructuring Committee (CDRC), under the purview of Bank Negara
Malaysia, mediate between the group and its respective financiers.

The company said it is in the midst of formulating a regularization
plan to address its PN17 status.




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

KRISENERGY LTD: To Sell 30% Stake in Andaman II PSC
---------------------------------------------------
Vivienne Tay at The Business Times reports that Krisenergy said on
Oct. 29 that it has accepted a binding letter of offer from an
undisclosed "major international oil and gas company" for the sale
of its 30 per cent non-operated working interest in an Andaman II
production sharing contract (PSC) in the Malacca Strait,
Indonesia.

A PSC is an agreement between one or more investors and the
government, which grants corporates rights over an oilfield for a
specific period, the report notes.

The Andaman II PSC meanwhile, is an exploration block over the
North Sumatra Basin covering an area of 7,400 square kilometres,
the upstream oil and gas firm said in a regulatory update, BT
relays.

The firm's board felt it was "more prudent" to allocate
KrisEnergy's limited capital to fund near-term development, after
considering future exploration cost and risks associated with
deepwater activities.

According to the report, KrisEnergy said the disposal is in line
with the group's risk mitigation and intention to reduce exposure
to exploration capital expenditure.

It is also part of its strategy to focus its "limited financial
resources" on optimising operations at existing assets in
Bangladesh and the Gulf of Thailand, along with the development of
the Apsara oilfield in Cambodia block A, BT relates.

"The disposal is in the company's ordinary course of business and
does not change the company's risk profile," KrisEnergy, as cited
by BT, added.

BT says the disposal's completion is subject to all necessary
approvals from the Indonesian government for the assignment of the
working interest, and satisfactory due diligence by the purchaser.

The disposal terms indicated in the letter of offer are also
subject to certain assumptions and the execution and delivery of a
definitive sale and purchase agreement, adds BT.

The long stop date for the disposal is March 31, 2020, with the
proceeds of the sale payable upon completion, BT adds.

                     About KrisEnergy Limited

KrisEnergy Limited (SGX:SK3) -- https://krisenergy.com/ --
is a Singapore-based investment holding company. The Company is an
independent upstream oil and gas company with a portfolio of
exploration, appraisal, development and production assets focused
on the geological basins in Asia. The Company operates through
exploration and production of oil and gas in Asia segment. The
Company holds interests in approximately 20 licenses in Bangladesh,
Cambodia, Indonesia, Thailand and Vietnam covering a gross acreage
of approximately 60,750 square kilometers.

KrisEnergy reported net losses of US$237.1 million, US$139.2
million and US$137.3 million for the financial years 2016, 2017 and
2018, respectively.

KrisEnergy is under court protection from legal action by creditors
in Singapore. Its three-month debt moratorium, which lasts till Nov
14, was granted in September, according to the Strait Times.

Shares of KrisEnergy have been suspended since Aug. 14.




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

DOOSAN CORP: To Shut Down Duty-Free Business in Seoul
-----------------------------------------------------
Yonhap News Agency reports that Doosan Corp., the holding company
of South Korean conglomerate Doosan Group, said on Oct. 29 it has
decided to shut down its duty-free business in Seoul.

Doosan will return its duty-free business license and cease
operation of its duty-free shop in Dongdaemun, eastern Seoul,
beginning April 30, 2020, according to Yonhap.

"We plan to improve our financial status by closing the duty-free
business that is expected to suffer low profitability in the
long-term," the company said in a regulatory filing, Yonhap relays.
"We'll focus on fostering our existing electronic material business
and other sectors for future growth."

Doosan opened its duty-free outlet at Doosan Tower in Seoul in May
2016, Yonhap recalls. The duty-free shop swung to the black last
year, but apparently suffered difficulties in improving its
profitability amid fierce competition in the industry with fewer
Chinese tourists coming to South Korea, Yonhap discloses.

According to Yonhap, South Korean duty-free business operators have
been suffering due to a sharp fall in the number of Chinese
tourists to the country amid a diplomatic row between Seoul and
Beijing over the deployment of an advanced U.S. missile defense
system called Terminal High Altitude Area Defense in South Korea.

Beijing has banned its travel agencies from selling Korea-bound
package tours in apparent retaliation over the deployment of the
THAAD system, the report states.

Doosan is the second conglomerate to pull out of the duty-free
business this year. Earlier, Hanwha Group shuttered its duty-free
outlet in downtown Seoul, Yonhap says.

HYUNDAI STEEL: Net Loss Widens to KRW65.8BB in Q3 Ended Sept. 30
----------------------------------------------------------------
Yonhap News Agency reports that Hyundai Steel Co., South Korea's
No. 2 steelmaker, said on Oct. 29 its net losses widened in the
third quarter from a year earlier due to higher raw material
costs.

Net losses for the July-September quarter deepened to KRW65.8
billion (US$56 million) from KRW38.1 billion a year earlier, the
company said in a statement, Yonhap relays.

The affiliate of Hyundai Motor Group posted KRW5 trillion in sales
in the third quarter, down 3.6 percent from a year ago, while
operating profit plunged 66.6 percent on-year to KRW34.1 billion in
the same period.

According to Yonhap, Hyundai Steel said higher material costs
dragged down its bottom line, while the company struggled to
reflect the cost increase in its product prices. The average price
of iron ore in the third quarter was $102 per ton, compared with
$67 a year ago, Yonhap notes citing industry data.

The steelmaker added that its profitability was also hit by weak
sales of beams and bars due to a slump in the construction
industry, the report relays.

Hyundai Steel Co., Ltd, is a South Korean steel making company.


                           *********


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 2019.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***