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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, December 5, 2019, Vol. 22, No. 243

                           Headlines



A U S T R A L I A

CONVEYOR & BELTING: First Creditors' Meeting Set for Dec. 13
MYWEALTH MANAGER: ASIC Takes Civil Action vs. Ex-Financial Adviser
RALAN GROUP: Offers Creditors Liquidation Ultimatum


B A N G L A D E S H

BANGLALINK DIGITAL: Moody's Withdraws Ba3 CFR for Business Reasons


C H I N A

CHINA: $17 Billion Default Wave is About to Break 2018 Record
PEKING UNIVERSITY FOUNDER: Races for Cash as Dollar Defaults Looms
RONSHINE CHINA: Fitch Rates Proposed Sr. Notes 'BB-'
SHANGRAO CITY CONSTRUCTION: Fitch Affirms BB+ LT IDRs
ZHENJIANG TRANSPORTATION: S&P Affirms 'B+' LT Issuer Credit Rating



H O N G   K O N G

PANDA GREEN: S&P Puts 'CCC+' ICR on CreditWatch Developing


I N D I A

ACCURA ORGANIC: ICRA Lowers Rating on INR1.29cr Loan to B+
AVADH COTEX: ICRA Moves B+ Rating to Not Cooperating Category
DEWAN HOUSING: Lenders Propose 4-Month Programme to Resolve Case
DEWAN HOUSING: NCLT Admits RBI Bid Seeking DHFL Bankruptcy
EPARI'S JEWELLERS: Ind-Ra Migrates 'B' Rating to Non-Cooperating

GANESH SPONGE: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
GEETANJALI VASTRALAYA: Ind-Ra Moves 'B+' Rating to Non-cooperating
GENESYS BIOLOGICS: CRISIL Lowers Rating on INR58.5cr Loan to D
K .S. IMPEX: CRISIL Maintains 'D' Rating in Not Cooperating
PRECISION ENGINEERING: ICRA Keeps 'D' Ratings in Not Cooperating

PROMPT TERMINALS: ICRA Maintains 'B+' Rating in Not Cooperating
PUDUCHERRY CANCER: CRISIL Maintains 'D' Rating in Not Cooperating
RAMESHWAR INDUSTRIES: ICRA Keeps 'D' Rating in Not Cooperating
RIDDHI SIDDHI: ICRA Maintains 'B' Rating in Not Cooperating
RIGHILL ELECTRICS: ICRA Moves B- Rating to Not Cooperating

SAI SANNIDHI: ICRA Reaffirms B+ Rating on INR7cr Fund Based Loan
SARAS HOTELS: CRISIL Keeps D Rating in Not Cooperating
SATYA WAREHOUSE: CRISIL Maintains 'D' Rating in Not Cooperating
SBA EDUCATION: CRISIL Maintains 'D' Rating in Not Cooperating
SCS CONSTRUCTIONS: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating

SHREE LAXMI: ICRA Keeps B+ on INR4cr Loan in Not Cooperating
SHRI HARI: CRISIL Maintains 'D' Rating in Not Cooperating
SINGLA RICE: ICRA Keeps B on INR7.5cr Credit on Not Cooperating
SRI VEER: ICRA Reaffirms B+ Rating on INR4.50cr LT Loan
SUNWAY INFRASTRUCTURE: ICRA Keeps D Rating in Not Cooperating

SURBHI FERRO: ICRA Keeps 'B' Rating in Not Cooperating
TAJ STONE: ICRA Keeps B+ on INR5.25cr Debt on Not Cooperating
VICHITRA PRESTRESSED: ICRA Keeps 'C+' Rating in Not Cooperating
VIKAS COTEX: ICRA Maintains 'B' Rating in Not Cooperating


J A P A N

NISSAN MOTOR: Halt Talks on Structure of Renault Alliance


M A L A Y S I A

SCOMI GROUP: Slips Into PN17 Status; Waiver Application Denied


N E W   Z E A L A N D

CLAYMARK GROUP: Placed Into Receivership, 510 Jobs at Risks
ZANY ZEUS: Placed in Receivership Due to Cashflow Issues


P H I L I P P I N E S

RB OF LEMERY: PDIC Urges Creditors to File Claims by Jan. 14


S I N G A P O R E

[*] SINGAPORE: 7 Companies Join SGX's Watch List From Dec. 4

                           - - - - -


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

CONVEYOR & BELTING: First Creditors' Meeting Set for Dec. 13
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Conveyor &
Belting Services Pty Ltd will be held on Dec. 13, 2019, at 10:30
a.m. at the offices of Morton's Solvency Accountants, Level 11, at
410 Queen Street, in Brisbane, Queensland.

Leon Lee of Morton's Solvency Accountants was appointed as
administrator of Conveyor & Belting on Dec. 3, 2019.


MYWEALTH MANAGER: ASIC Takes Civil Action vs. Ex-Financial Adviser
------------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
commenced civil proceedings in the Federal Court against Mustafa
Mohammed, Mahek Mustafa, Mubashir Mohammed, MyWealth Manager
Financial Services Pty Ltd (trading as MyWealth Manager), MyWealth
Protection Pty Ltd, 3M Financial Planning Pty Ltd (trading as MCube
Planners) and Secure Investments Pty Ltd.

ASIC is seeking declarations from the Federal Court that the
Defendants have contravened the Corporations Act by operating an
unregistered managed investment scheme called ‘MyWealth Manager'.
ASIC alleges the scheme should have been registered and that the
Defendants operated the scheme without holding an Australian
Financial Services (AFS) licence.

On Nov. 21, 2019, ASIC obtained interim orders in relation to the
Defendants, including orders:

   - appointing Tim Norman and Rob Woods of Deloitte as Receivers
     and Managers of MyWealth Manager Financial Services Pty Ltd
     and 3M Financial Planning Pty Ltd;

   - restraining the assets of the remaining Defendants;

   - restraining the Defendants from carrying on a financial
     services business in this jurisdiction without an AFS
     licence;

   - restraining the Defendants from managing, directing,
     controlling or otherwise operating the unregistered scheme;
     and

   - restraining the Defendants receiving, soliciting,
     transferring or disposing of investor funds received in
     connection with the unregistered scheme.

ASIC alleges Mustafa Mohammed operated My Wealth Manager from
February 2017and targeted consumers from certain ethnic and
cultural backgrounds.

ASIC alleges the scheme has raised approximately AUD7 million from
more than 55 investors where investors were encouraged to roll over
their externally managed superannuation into newly created
self-managed superannuation funds (SMSFs) and then invest the SMSF
monies, by way of a loan, in MyWealth Manager.

ASIC also alleges that the Defendants used investor funds for their
own personal use, including substantial payments to friends and
family members and the promotion of cryptocurrency.

ASIC's investigation is continuing.

The hearing has been adjourned to a date to be fixed after Dec. 5,
2019.

Mustafa Mohammed was an authorised representative of AMP from
October 2013 to March 2017.

ASIC's action against the Defendants falls within ASIC's Wealth
Management Major Financial Institutions Portfolio. The Portfolio
focuses on the financial services conduct of Australia's largest
financial institutions (NAB, Westpac, CBA, ANZ, Macquarie and AMP)
with respect to credit and retail lending, financial advice, fees
for no service, superannuation trustees, insurance, unfair contract
terms and other licensee obligations, and other conduct arising
from the Financial Services Royal Commission.


RALAN GROUP: Offers Creditors Liquidation Ultimatum
---------------------------------------------------
The Urban Developer reports that Ralan Group's apartment buyers
have been presented with an alternative to liquidation: more
apartments in separate, unrelated, projects.

Ralan, a high-profile developer of apartments in Sydney and the
Gold Coast, was trading insolvent from at least 2014 after the
collapse of two of its builders, the report discloses citing
preliminary findings from voluntary administrators Grant Thornton.

The Urban Developer relates that the company, led by William
O'Dwyer, has been found to owe AUD238 million to banks and
financiers as well as AUD241 million to hundreds of apartment
buyers after undertaking a Ponzi fund raising model.

In an attempt to keep the company afloat, Mr. O'Dwyer has now
tabled a convoluted compromise, offering apartment buyers and
unsecured creditors further apartments in separate unrelated
projects, to be handled by a third-party developer, through a deed
of company arrangement (DOCA), the report says.

Through the arrangement, buyers could deduct the deposits owed from
the purchase price of the new units, yet would forfeit any future
claims against the stricken developer, The Urban Developer relays.

"Mr. O'Dwyer has proposed a deed of company arrangement (DOCA) for
several companies in the group, however, we believe it is highly
speculative and contingent," Grant Thornton, as cited by The Urban
Developer, said.

"Given the collapse of the group, a significant amount of creditors
may not have the financial resources to enter into a contract for
the purchase of a new property which would result in them being
worse off than in a liquidation scenario where various claims can
be brought against related and third parties.

"Accordingly, we do not believe it is in the best interest of
creditors to vote for the deed of company arrangement and we have
recommended they instead vote for liquidation."

Nearly 1,200 apartment buyers, who invested in Ralan's Arncliffe
development, which is under construction, and the yet-to-be-built
Ruby tower on the Gold Coast, will now be given the opportunity to
review the administrators findings at a meeting next week where the
future of the group will be determined, according to The Urban
Developer.

The Urban Developer relates that the overwhelming majority of
buyers had allowed their deposits - that ranged from the standard
10 per cent up to 20 per cent - to be released to the developer in
return for an enticing 15 per cent interest rate on the funds
during the construction phase.

Ralan also sold apartments with unusually high 16-year rent
guarantees to appeal more to investors, the report notes.

It is understood many paid full price even before they were built
with some apartment buyers alleging they were owed as much as
AUD500,000 on their Sydney and Gold Coast off-the-plan purchases,
The Urban Developer says.

"There is no 'new money' being provided by Mr O'Dwyer as part of
the two DOCA funds in consideration for the releases he is
seeking," Grant Thornton said, The Urban Developer relays.

"There is no upside for creditors to compromise their claims and
potential actions that may exist in relation to the insolvent
trading, antecedent transaction and breach of director's duties, by
Mr. O'Dwyer.

"Creditors via the liquidation will be given an opportunity to
further pursue various legal avenues for potential recoveries."

The Urban Developer adds that the NSW state government has
indicated it was moving to ensure that off-the-plan apartment
deposits won't be able to be accessed prematurely by property
developers.

New legislation would safeguard deposits within the trust funds of
solicitors or conveyancers as well as estate agents or the public
trustee, the report says. The legislation passed parliament late
last year, but regulations have been delayed, The Urban Developer
adds.

                         About Ralan Group

The Ralan Group specializes in the development, marketing and
management of residential and commercial property.

Said Jahani, Philip Campbell-Wilson and Graham Killer were
appointed Voluntary Administrators of the Group by a resolution of
the Group's directors on July 30, 2019.

On Aug. 1, 2019, Jason Tracey, Timothy Heenan and Salvatore Algeri
of Deloitte were appointed Joint and Several Receivers and Managers
of Ralan Paradise Holdings Pty Ltd, Ralan Paradise No. 1 Pty Ltd,
Ralan Paradise No. 2 Pty Ltd, Ralan Paradise No. 3 Pty Ltd, Ralan
Budds Beach No 1 Pty Ltd and Ruby Apartments Pty Ltd.

On Aug. 5, 2019, Ken Whittingham was appointed Receiver and Manager
of Ralan Paradise Resort Pty Ltd and Ralan Paradise No 4 Pty Ltd.




===================
B A N G L A D E S H
===================

BANGLALINK DIGITAL: Moody's Withdraws Ba3 CFR for Business Reasons
------------------------------------------------------------------
Moody's Investors Service withdrawn Banglalink Digital
Communications Limited's Ba3 corporate family rating and stable
outlook.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

Banglalink Digital Communications Limited, established in 1998, is
the third-largest mobile operator in Bangladesh with 35 million
subscribers as of October 2019 (according to the Bangladesh
Telecommunication Regulatory Commission), equivalent to a market
share of around 21%. The company's subscribers are mostly prepaid
users.

Banglalink is wholly owned by VEON Ltd. (Ba2 positive), a leading
international telecommunications company operating in 10 countries,
including Russia, Ukraine, Kazakhstan, Algeria, Bangladesh,
Pakistan and other emerging markets.




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

CHINA: $17 Billion Default Wave is About to Break 2018 Record
-------------------------------------------------------------
Hong Shen and Molly Dai at Bloomberg News report that China is
hurtling toward another record year of onshore bond defaults,
testing the government's ability to keep financial markets stable
as the economy slows and companies struggle to cope with
unprecedented levels of debt.

At least 15 defaults since the start of November have pushed this
year's total to CNY120.4 billion ($17.1 billion), within a hair's
breadth of the CNY121.9 billion annual record in 2018, according to
data compiled by Bloomberg.

While the defaulted notes amount to a small sliver of China's $4.4
trillion onshore corporate bond market, they've fueled concerns of
potential contagion as investors struggle to gauge which companies
have Beijing's support, according to Bloomberg. Policy makers have
been walking a tightrope as they try to roll back the implicit
guarantees that have long distorted Chinese debt markets, without
dragging down an economy already weakened by the trade war and
tepid global growth, Bloomberg says.

"The authorities have found it hard to rescue all the companies,"
Bloomberg quotes Wang Ying, a Shanghai-based analyst at Fitch
Ratings, as saying.

This year's China debt woes have spread to a broad array of
industries, from property developers and steelmakers to new-energy
firms and software makers, the report notes. The types of borrowers
facing repayment difficulties has also expanded from private
companies and local state-run firms to business arms of
universities, an obscure and loosely regulated corner of China's
corporate world, Bloomberg says.

One of those business arms, Peking University Founder Group,
rattled investors on Dec. 2 after failing to repay a CNY2 billion
bond. The same day, Tunghsu Optoelectronic Technology Co., a maker
of photoelectric display components, failed to deliver early
repayment on both interest and principal for a CNY1.7 billion note,
Bloomberg discloses.

According to Bloomberg, recent signs of stress have also popped up
in China's offshore market, which has so far been more insulated
from defaults.

Bloomberg says Tewoo Group Co., a major commodities trader from the
northern city of Tianjin, is poised to become the most high profile
state-owned enterprise to default in the dollar bond market in more
than two decades. Bloomberg relates that the company has recently
offered a debt restructuring plan that entails deep losses for
investors or a swap for new bonds with significantly lower returns,
the first of its kind for an offshore SOE issuer.

Tewoo Group is likely to default on its $300 million dollar bond
due Dec. 16, one of the notes included in the plan, according to
investors who cited the company's offshore debt manager, Bloomberg
relays.

Despite the drumbeat of bad news, analysts say the threat of a
systemic debt crisis in China remains distant, reports Bloomberg.

"I don't think it is a tipping point," Bloomberg quotes Todd
Schubert, a managing director for fixed income at Bank of
Singapore, as saying. "China is a big market with a lot of issuers.
In a functioning capital market, one would naturally expect some
defaults."

The onshore default rate in China this year is expected to remain
the same as last year's 0.5%, S&P Global Ratings said in November.

In a report on Dec. 3, Fitch said the default rate for bonds issued
by non-state Chinese companies increased to a record 4.5% in the
first 10 months of 2019, adding that the figure might understate
the true level of defaults given that some borrowers settle with
bondholders privately rather than through clearing houses,
Bloomberg discloses. The default rate for state-owned companies was
just 0.2% thanks to financial support from the government and
better access to funding from banks, Fitch said.

According to Bloomberg, faced with a corporate debt pile that
swelled to a record 165% of gross domestic product last year,
Chinese policy makers are allowing more bond failures in part to
impose increased discipline on borrowers and investors.

"Rising defaults should be a natural part of credit-market cycle,"
the report quotes Anne Zhang, head of Asia fixed income for
JPMorgan Private Bank, as saying. "It is long-term positive for any
market to develop a good pricing mechanism for risks."

Still, the process will be less rocky for investors if policy
makers work to improve the transparency around defaults, according
to Cindy Huang, an analyst at S&P Global Ratings, Bloomberg
relays.

"So far, defaults and recovery can be unpredictable," Ms. Huang, as
cited by Bloomberg, said. "This will hinder market confidence and
weaken the healthy development of China's credit market."


PEKING UNIVERSITY FOUNDER: Races for Cash as Dollar Defaults Looms
------------------------------------------------------------------
Noah Sin, Cheng Leng and Steven Bian at Reuters report that China's
Peking University Founder Group is scrambling for funding after
failing to repay an onshore bond, three sources said, which could
trigger defaults on billions of the borrower's U.S. dollar offshore
debt.

Reuters relates that state-owned Peking Founder told investors on a
conference call on Dec. 3 it had yet to obtain the CNY2 billion
($284 million) it needs to repay the overdue note, the sources
said, although it had a grace period of 15 days to do that.

According to Reuters, the sources said the company is seeking
strategic investment from a large state-owned enterprise, and that
it would seek to deal fairly with all its debt, whether onshore or
offshore, and to make any repayments on time.

Failure by Peking Founder to repay the CNY2 billion within 15 days
will trigger cross-defaults of the company's $2.95 billion offshore
U.S. dollar debt, according to Nomura, Reuters relays.

"PK Founder's current situation is quite binary and is purely
dependent on being able to attract a high-quality strategic
investor," the Japanese brokerage's analysts wrote in a note on
Dec. 3.

Peking Founder did not immediately respond to a Reuters request for
comment.

Two of the sources also acknowledged that investor worries have
been brewing over the past month on Peking Founder's potential
default on billions of dollars, according to Reuters.

Reuters says several such bonds traded on double-digit yields with
one note maturing in 2020 hitting an eye-watering 79% in November,
reflecting growing investor concerns.

Shanghai-listed Founder Securities and China Hi-Tech Group issued
statements on Dec. 3 evening saying Peking Founder's plans for
strategic investments have not yet been finalized, Reuters
relates.

Peking Founder is the largest holder in both companies, according
to Refinitiv data.

Peking University Founder Group Corp provides information
technology services. The Company offers software development,
electronic publishing system development, smart city solution
development, data operation, and other services. Peking University
Founder Group also operates financing, medical technology
development, and other businesses.


RONSHINE CHINA: Fitch Rates Proposed Sr. Notes 'BB-'
----------------------------------------------------
Fitch Ratings assigned homebuilder Ronshine China Holdings
Limited's (BB-/Stable) proposed senior notes a rating of 'BB-'. The
notes are rated at the same level as Ronshine's senior unsecured
rating because they are unconditionally and irrevocably guaranteed
by the company. Ronshine intends to use the net proceeds to
refinance existing debt.

Ronshine's ratings reflect the sustained improvement in Ronshine's
financial profile since 2018; leverage, measured by net
debt/adjusted inventory, improved to 43% in 1H19, from 59% in 2017,
on slowing land acquisition and healthy margins. Fitch believes the
company has the incentive and ability to keep leverage below 45%,
supported by its quality land bank, which is sufficient for
development over the next three to four years and allows for
flexibility in land acquisition.

KEY RATING DRIVERS

Commitment to Deleveraging: Fitch expects leverage - measured by
net debt/adjusted inventory, including guarantees provided to and
net assets of joint ventures and associates - to stay below 45%
over the next two years. Fitch assumes the company will spend
around 40% of attributable sales proceeds to acquire land, as it
has sufficient land bank to support its contracted sales scale with
a moderate sales growth target. Ronshine deleveraged in 1H19 and
2018 and management says it is committed to optimising its debt
structure and lowering funding costs.

High Quality, Diversified Land Bank: Fitch expects Ronshine's
diversified land bank and focus on higher-tier cities to support
the company's sales growth over the next 12-18 months, as Fitch
believes there is still a pool of pent-up demand in these cities.
Ronshine had attributable land bank of 14.1 million square metres
(sq m) at end-1H19, up from 12.9 million sq m at end-2018. Its land
bank portfolio is well-diversified after acquiring Hailiang Group
in 2H17 and entering six new cities in 2018. Ronshine's projects
cover 44 cities across China, with a focus on Tier 1 and 2 cities,
which accounted for 70% of its land bank by area at end-June 2019.

Moderate Sales Growth: Fitch estimates that Ronshine will achieve
10% sales growth in 2019 in light of its diversified and quality
land bank as well as sellable resources of CNY120 billion available
in 2H19. The company saw sales growth of 6.0% to CNY65.6 billion in
7M19; this followed a 11% increase in gross floor area sold, which
was offset by a 4.3% fall in the average selling price (ASP), as a
slightly larger portion of sales came from projects with lower a
ASP than in the same period last year. Fitch expects the moderate
sales growth to support Ronshine's deleveraging, as it will not
need to aggressively increase land reserves or accept unfavourable
land prices to support sales growth and maintain a healthy land
bank life.

Healthy Margin: Fitch sees Ronshine's land cost as competitive
given its high-quality land bank and believe it will maintain an
EBITDA margin of 28%-30%. Ronshine has been securing low-cost
primary and secondary co-development projects in the cities of
Zhengzhou in Henan province and Taiyuan in Shanxi province since
2016 and continues to co-operate with large developers to bid for
land in high-tier cities to limit competition and acquire land at
reasonable prices in auctions. Its EBITDA margin, after adding back
capitalised interest in cost of goods sold (COGS) and excluding the
revaluation effect of M&A, was a high 30% in 1H19. Its average land
bank cost of CNY6,356/sq m accounted for 29% of its contracted ASP
in 2018.

Improving Debt Structure and Liquidity: Ronshine has improved its
debt structure over the year by extending its debt maturity through
a swap of USD390 million in senior notes in February, the early
redemption of a CNY1.8 billion private corporate bond and the
repurchase of its USD65 million 8.25% senior notes due 2021 in
June. Debt maturing in one year fell to 31% of total debt in 1H19,
from 40% in 2018, and its cash/short-term debt ratio improved to
1.7x, from 1.0x.

DERIVATION SUMMARY

Ronshine's attributable contracted sales scale of about CNY60
billion is slightly larger than that of most 'BB-' peers of CNY40
billion-50 billion. Its diversified and quality land bank is
comparable with that of Yuzhou Properties Company Limited
(BB-/Stable). Ronshine's financial profile is also comparable with
that of 'BB-' rated peers, as its leverage has continuously
improving to below 45%.

Ronshine's business scale and asset quality is stronger than that
of 'B+' rated peers, such as Helenbergh China Holdings Limited
(B+/Stable) and Zhongliang Holdings Group Company Limited
(B+/Stable). Ronshine has stronger profitability and lower leverage
than Helenbergh and more sustainable and predictable financials
than Zhongliang.

KEY ASSUMPTIONS

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

  - Contracted sales growth of 10% in 2019 and 8% in 2020 (1H19:
4%)

  - EBITDA margin, after adding back capitalised interest in COGS,
of 28%-30% in 2019-2020 (1H19: 30%)

  - Land acquisitions to account for around 40% of contracted sales
proceeds in 2019-2020 (1H19: 36%)

  - Cash collection rate of around 80% in 2019-2020 (1H19: 80%)

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

  - Leverage, measured by net debt/adjusted inventory, including
guaranteed debt for joint ventures and associates, sustained below
35% (1H19: 43%)

  - EBITDA margin, after adding back capitalised interest in COGS,
sustained at 30% or above (1H19: 30%)

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Leverage, measured by net debt/adjusted inventory, including
guaranteed debt for joint ventures and associates, above 45% for a
sustained period

  - EBITDA margin, after adding back capitalised interest in COGS,
below 25% for a sustained period

LIQUIDITY

Sufficient Liquidity: Ronshine had a cash balance of CNY31.9
billion at end-1H19, sufficient to cover short-term debt of CNY19.2
billion. In 2019 it issued USD600 million of 11.25% senior
unsecured notes due 2021, USD500 million of 10.5% senior notes due
2022, USD435 million 8.75% senior notes due 2022 and USD300 million
8.95% senior notes due 2023. All issuances were for refinancing
purposes.


SHANGRAO CITY CONSTRUCTION: Fitch Affirms BB+ LT IDRs
-----------------------------------------------------
Fitch Ratings affirmed Shangrao City Construction Investment
Development Group Co., Ltd.'s Long-Term Foreign- and Local-Currency
Issuer Default Ratings of 'BB+' with a Stable Outlook. Fitch has
also affirmed the rating on SCID's USD senior unsecured bonds at
'BB+'.

SCID focuses on funding for social overhead capital (SOC)
investments, including land development, roads, bridges, public
transportation, water treatment and underground pipe networks. It
also implements investments based on the local government's
development plan and undertakes public housing projects in the city
in Jiangxi, China. Its major businesses, which comprise SOC
construction and land development, accounted for 85% of the total
revenue.

KEY RATING DRIVERS

'Strong' Status, Ownership, Control: Fitch has lowered its status,
ownership and control assessment of SCID to 'Strong' from 'Very
Strong', mainly because the local government's control on the
entity has been less direct since 2019, and was transferred to the
parent company, Shangrao Investment Holding Group (97.6% of the
government ownership). The legal status and ownership structure
remain unchanged, and Fitch still thinks the government is highly
likely to provide extraordinary support, if needed, despite the
absence of special legal status.

'Strong' Support Record, Expectations: Financial support from the
government has been consistent while SCID continues undertaking
public works. The land transaction fee rebates for land development
projects and subsidies for public works mitigate the operating cost
burden. A debt swap started since 2015 has been completed and
another debt swap may start, yet the timing is unknown. The
government continued awarding a number of important public works to
SCID. This implies concomitant supports should continue.

'Moderate' Socio-Political Default Implications: SCID has carried
out a large amount of municipal projects and this will continue,
according to the government's project investment plan. SCID's
diversified business mix, from water treatment to public
transportation and infrastructure construction, contributes to
public welfare, but Fitch believes that other government-related
entities could stand-in for similar functions with only temporary
disruption in case of a default.

'Very Strong' Financial Default Implications: SCID's financing
activity is highly interrelated with the government's investment
plan on infrastructure projects due to its establishment purpose -
financing and constructing major public works in the municipality.
Fitch regards SCID as a proxy funding vehicle along with its parent
company, and there will be significant impact on the government's
financing options and borrowing capacity should the company
default.

SCP Assessed at 'b': The Standalone Credit Profile (SCP) reflects
'Midrange' assessments for both revenue defensibility and operating
risk because of steady captive orders from the government and the
stable contractual framework. Nevertheless, Fitch expects the
leverage ratio - measured by net adjusted debt/EBITDA - to remain
high (exceeding 40x by 2021) due to continued investment needs,
which restrains the SCP.

DERIVATION SUMMARY

The ratings are derived from the assessment of the four factors
under Fitch's Government-Related Entities Rating Criteria, giving a
score of 35. This is combined with the 'b' SCP assessment under the
Public Sector, Revenue-Supported Entities Rating Criteria.

RATING SENSITIVITIES

A revision in Fitch's perception of the government's ability to
provide subsidies, grants or other legitimate resources allowed
under China's policies and regulations would lead to a change in
ratings. Positive rating action may be triggered by a revised
assessment of the socio-political implications of a default,
enhancing the government's incentive to provide legitimate
support.

A downgrade may result from a significant weakening of the
assessment of the socio-political or financial implications of a
default, or the assessment of its expectations of support, or a
dilution of the government's ownership.

Bond Rating: Any rating action on SCID's Long-Term Foreign-Currency
Issuer Default Rating would result in similar rating action on the
US dollar senior unsecured bond.

ESG CONSIDERATIONS

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


ZHENJIANG TRANSPORTATION: S&P Affirms 'B+' LT Issuer Credit Rating
------------------------------------------------------------------
On Dec. 3, 2019, S&P Global Ratings affirmed its 'B+' long-term
issuer credit ratings on Zhenjiang Transportation Industry Group
Co. Ltd. S&P also affirmed its 'B+' long-term senior unsecured
issue ratings on the company's outstanding notes maturing in
December 2019.

S&P said, "We affirmed the ratings on Zhenjiang Transportation to
reflect our view of the company's very high likelihood of receiving
extraordinary support from the Zhenjiang municipal government if
needed. At the same time, we believe the completion of the
company's offshore refinancing will provide a modest buffer against
the municipal government's weakening credit profile. The ratings
also incorporate the company's persistently high onshore
refinancing risk, driven by its weak liquidity position and
unsustainable capital structure."

Zhenjiang's budgetary performance deteriorated substantially in
2018, driven by strong capital expenditure and an increase in
transfer outflows. S&P said, "We expect the city's large
after-capital deficits to persist through 2021. We therefore
believe the municipal government's debt will remain very high
relative to its fiscal revenue and further deteriorate."

S&P continues to assess Zhenjiang Transportation's likelihood of
receiving extraordinary support from the Zhenjiang municipal
government as very high. Besides allocations from government bond
proceeds and injections of operating assets, the Zhenjiang
municipal government has started facilitating the company's hidden
debt replacement with state-owned banks and other local banks. This
has helped moderately alleviate Zhenjiang Transportation's
refinancing pressure, as a small portion of its high-cost
short-term debt has been converted into longer-tenor lower-cost
bank loans. Nevertheless, the scale and effectiveness of such
government support is unproven, especially given the sheer size of
the company's outstanding debt.

S&P still sees very high refinancing risks from Zhenjiang
Transportation's large amount of short-term debt maturities. As of
Sept. 30, 2019, the company still has Chinese renminbi (RMB) 26.5
billion short-term onshore debt outstanding, even higher than at
end-2018. The company's recent issuance of US$220 million
three-year notes helped ease its offshore refinancing pressure. But
the offshore debt only represents a very small proportion of its
short-term maturities. In 2019, the majority of domestic bond
issuance was short- or ultrashort-term, with only one tranche of
medium-term notes. The new offshore bond's coupon rate of 7% is
also much higher than the 5.25% coupon rate of the refinanced notes
issued three years ago.

Zhenjiang Transportation is highly dependent on favorable financing
market and policy conditions to meet its obligations to creditors,
given its low unrestricted cash level and negative funds from
operations. The company's vulnerable financial position means its
refinancing efforts could be susceptible to other unexpected market
shocks.

S&P said, "The negative outlook on Zhenjiang Transportation
reflects our negative view on the credit profile of the Zhenjiang
municipal government. We expect Zhenjiang's debt burden and
deficits after capital accounts to remain very high, putting
persistent pressure on the city's debt services over the next two
years. We view this trend as unsustainable and expect it to bottom
out but the timing is uncertain and the city's financial metrics
may continue to deteriorate until that happens.

"The negative outlook also reflects our view that the company's
refinancing risks will remain heightened over the next six to 12
months."

S&P could downgrade Zhenjiang Transportation if any of the
following occurs:

-- The company's liquidity position weakens significantly, leading
to a highly unsustainable capital structure. This could happen if
the company's banking relationships or access to capital markets
deteriorate significantly, such that its funding costs increase
further or its dependence on short-term or off-balance-sheet
funding alternatives increases.

-- The credit profile of the Zhenjiang municipal government
materially weakens. S&P may lower the ratings if: (1) the city
keeps the current pace of capital spending, leading to persistently
large deficits after capital accounts and a further worsening of
its debt burden; or (2) local government financing vehicle (LGFV)
debt rises much faster than it expects which, combined with
anticipated strong growth in the government's direct debt,
increases the city's debt burden and constrains its liquidity
position.

-- S&P's expectation of the likelihood of Zhenjiang Transportation
receiving extraordinary government support diminishes due to a
change in government policies, strategies, or priorities for the
company. Heightened policy risk on LGFVs that could affect timely
extraordinary local government support, weakened government
control, reduction in government ownership, or a significant
increase in LGFVs' involvement in market competitive segments could
indicate such a scenario.

The upside potential for the ratings is limited over the next 12
months. S&P said, "However, we may revise the outlook to stable if
there are substantial improvements in the Zhenjiang municipal
government's credit quality and Zhenjiang Transportation's
liquidity position. This could occur, for example, if we believe
the city demonstrates greater discipline in its financial
management, as evident from improvements in its budgetary
performance and sustained deleveraging from its very high debt
level."

Zhenjiang Transportation is an LGFV wholly owned by the Zhenjiang
municipal government. The company's main businesses are investments
and operation of the city's transportation assets and primary land
development.




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

PANDA GREEN: S&P Puts 'CCC+' ICR on CreditWatch Developing
----------------------------------------------------------
On Dec. 3, 2019, S&P placed Panda Green Energy Group Ltd.'s (PGE)
'CCC+' long-term issuer credit rating on CreditWath with developing
implications. S&P took the same action on the 'CCC' rating on PGE's
senior unsecured U.S.-dollar notes. S&P has removed all the ratings
from CreditWatch Negative.

S&P said, "The CreditWatch-developing placement reflects our view
that PGE's liquidity and capital structure would materially improve
if Beijing Energy Holdings Co. Ltd. becomes the company's largest
shareholder, as planned. We believe Beijing Energy's backing could
help PGE meet its debt maturities, including US$350 million in
offshore notes due on Jan. 24, 2020. However, we are uncertain if
the deal can be executed within the scheduled timeline, and a
cancellation, or even a delay, would raise material uncertainty on
how PGE plans to address its mounting near-term debt maturities."

On Nov. 19, 2019, PGE entered into a conditional share purchase
agreement with Beijing Energy Investment Holding (Hong Kong) Co.
Ltd., a subsidiary of Beijing Energy, to allot and issue
approximately 7.2 billion of newly issued shares at HK$0.25 per
share. Upon completion, Beijing Energy would own some 32.0% of
PGE's enlarged share capital and become the largest shareholder.
The target completion date of the agreement is Jan. 6, 2020.

If finalized, the deal proceeds of HK$1.8 billion (about RMB1.6
billion) should help the company to meet part of its imminent
maturity on its U.S. dollar notes (about RMB2.5 billion) due on
Jan. 24, 2020. Moreover, the share-purchase agreement also states
that the new shareholder might provide credit enhancement
guarantees to PGE in a range of RMB8 billion-RMB10 billion. This
increases the chances of a successful repayment or refinancing on
the notes due in January.

S&P believes Beijing Energy is highly likely to provide financial
support to PGE upon the closing of the agreement, given the company
is willing to become PGE's largest shareholder knowing that the
company's liquidity is weak and likely insufficient to meet payment
on its U.S.-dollar notes. PGE also has RMB1.8 billion of onshore
notes due in the second half of 2020.

Without such an agreement, PGE's ability to meet its looming debt
obligations will be highly uncertain. At end-September 2019, PGE
had around RMB900 million of cash and short-term pledged deposits,
with the expectation to receive around RMB400 million–RMB600
million of renewable subsidies by the end of the year.

In S&P's view, the short timeline undermines the ability to execute
the agreement. Both parties will need to obtain approvals from
shareholders and government agencies to close the transaction by
early January, just two weeks before the maturity date on the U.S.
dollar notes. A delay or even cancellation of the transaction could
lead to a default on the U.S.-dollar notes, or result in
refinancing solutions that we might deem a distressed exchange.

Both parties will still need to make progress on various fronts.
This includes PGE's need to obtain approval to increase its share
capital, and to obtain a whitewash waiver so that Beijing Energy is
not required to make a mandatory general offer upon the completion
of share subscription. Beijing Energy also must obtain approvals,
consents and waivers from various government departments including
the Beijing Municipal Commission of Development and Reform, and the
Beijing State-owned Assets Supervision and Administration
Commission.

The CreditWatch-developing status reflects the uncertainty on
whether the transaction will be completed as scheduled, such that
PGE can meet its near-term debt maturities. Without the agreement
and related capital infusion, PGE's plan to address is near-term
debt obligations will be highly uncertain.




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

ACCURA ORGANIC: ICRA Lowers Rating on INR1.29cr Loan to B+
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Accura
Organic Foods (AOF), as:

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Unallocated        1.29       [ICRA]B+ (Stable) ISSUER NOT
   Limits                        COOPERATING; Rating downgraded
                                 from [ICRA]BB+ (Stable) and
                                 continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term        10.00       [ICRA]A4 ISSUER NOT
   fund-based                    COOPERATING; Rating downgraded
                                 from [ICRA]A4+ and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Short-term         1.80       [ICRA]A4 ISSUER NOT
   Non fund based                COOPERATING; Rating downgraded
                                 from [ICRA]A4+ and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding AOF 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 Accura Organic Foods, 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.

Incorporated in 2008 as a partnership firm, Accura Organic Foods is
engaged in processing and exporting sesame seeds and other agro
commodities, including soyabean, linseed and organic amaranth. AOF
is promoted by the Vachhani family. One of its partners, Mr. Deepak
Vachhani, has an extensive experience in the business of sesame
seed processing and export.


AVADH COTEX: ICRA Moves B+ Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA has moved the ratings for the INR16.95 crore bank facilities
of Avadh Cotex Private Limited (ACPL) to 'Issuer Not Cooperating'
category. The ratings are now denoted as "[ICRA]B+(Stable)/A4;
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long-term         15.00       [ICRA]B+ (Stable); ISSUER NOT
   fund based–                   COOPERATING; Rating moved to
   Cash Credit                   the 'Issuer Not Cooperating'
                                 Category

   Long-term/         1.95       [ICRA]B+ (Stable)/[ICRA]A4;
   Short term-                   ISSUER NOT COOPERATING;  
   Unallocated                   Rating moved to the 'Issuer
   Limits                        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.

Established in 2006, Avadh Cotex Private Limited is a private
limited company managed by Mr. Bharatbhai Bhalala and Mr.
Sanjaybhai Bhalala. The company is engaged in ginning and pressing
of raw cotton to produce cotton bales and cottonseeds. The plant is
equipped with 26 ginning machines and 1 pressing machine with
processing capacity of 2300 kg of raw cotton per day per machine
(assuming 12 hours shift). The key promoters, Mr. Bharatbhai
Bhalala and Mr. Sanjaybhai Bhalala, have extensive experience in
the cotton ginning business.


DEWAN HOUSING: Lenders Propose 4-Month Programme to Resolve Case
----------------------------------------------------------------
The Economic Times reports that banks have proposed a four-month
programme to resolve the Dewan Housing Finance (DHFL) case, the
biggest bankruptcy case in the financial services sector after the
Insolvency and Bankruptcy Code, said three people involved with the
process.

Lenders have already discussed about the 'timeline' with the
banking regulator Reserve Bank of India, which favored a quick plan
unhindered by multiple legal tangles, ET says.

According to ET, the government amended the Insolvency and
Bankruptcy Code brought financial services companies for the first
time now under the purview of the law. RBI did not respond to ET's
email query regarding the development.

"We are looking to resolve it in the next three-four months as any
lingering court case will hit employee morale, leading to
attrition," ET quote an executive involved in the process as
saying.

Lenders are looking to rework previous equity investments plans
from outsiders and with little involvement from the Wadhawan
family, sources said, ET relays. But they are fighting to retain
and incentivise existing staff who know the borrowers so that the
recovery is quicker, the report says.

Lenders collectively bought over Rs. 40,000 crore worth of
securitised loan portfolios. If the indebted company finds any
shortage in employee strength, it could hurt the recovery
processes, ET states.

"Any delay in resolution might cause increase in customer defaults,
both wilful as well as genuine reason," said another executive
involved in the resolution exercise citing the Essar Steel
resolution case that wound up after two years, ET relays.

According to the report, private equity firms Apollo Capital and
Cerberus are competing with the Adanis for a stake in DHFL as they
work out a revival package.

ET relates that DHFL has already submitted a resolution plan, which
lenders considered. As part of the capital restructuring, the
promoters were supposed to bring down their stake to 19% from 40%.
The new investor will buy 26% by way of fresh issuance of shares.

"DHFL case is not a fresh-start as background work is almost done.
Speed is an essential component for a financial services company's
debt to be restructured," ET quotes an official from an
institutional investor as saying.

Asset valuation is one of the key points in any resolution and to
realise full value, speed of decision making becomes a critical
component to make it attractive for new investor, one of the
lenders said. The non-banking finance company is looking for fresh
lending as the business needs to be sustained, ET notes.

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.


DEWAN HOUSING: NCLT Admits RBI Bid Seeking DHFL Bankruptcy
----------------------------------------------------------
Deccan Herald reports that the Mumbai bench of the National Company
Law Tribunal (NCLT) on Dec. 2 admitted an RBI petition seeking
bankruptcy proceedings to resolve the mortgage player Dewan Housing
Finance (DHFL).

According to Deccan Herald, the move came in after the Reserve Bank
on Nov. 29 made an application for bankruptcy proceedings to
resolve the credit and liquidity crisis at the company, which
became the first financial sector player being sent for
bankruptcy.

Admitting the petition, an NCLT bench said, "the petition deserves
admission," the report relays.

Deccan Herald says the third-largest pure-play mortgage player has
been in a liquidity crisis for long and on November 20 the RBI had
superseded its board and placed under an administrator.

Following this, the RBI had on Nov. 29 issued a statement that it
would be sent to NCLT for debt resolution, the report notes.

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.


EPARI'S JEWELLERS: Ind-Ra Migrates 'B' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Epari's Jewellers'
(EJ) 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 B
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR64.00 mil. Fund-based limits migrated to non-cooperating
     category with IND B (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 3, 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 1998 as a partnership firm, Odisha-based EJ is
engaged in the trading of gold jewellery.


GANESH SPONGE: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ganesh Sponge
Private Limited's (GSPL) 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 D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR260 mil. Fund-based limit (long-term) migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR55.63 mil. Term loans (long-term) due on March 2020
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 21, 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, GSPL is a manufacturer of sponge iron. The
company is managed by Mr. SK Dalmia.


GEETANJALI VASTRALAYA: Ind-Ra Moves 'B+' Rating to Non-cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Geetanjali
Vastralaya's (GV) 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 B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR100 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 28, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Started in 1992, GV is a proprietorship firm of Manoj Kasat and is
engaged in the trading of coriander seeds. The firm is based out of
Kumbhraj, Madhya Pradesh, which has one of the largest markets for
coriander seeds.


GENESYS BIOLOGICS: CRISIL Lowers Rating on INR58.5cr Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Genesys Biologics Private Limited (GBPL) to 'CRISIL D' from
'CRISIL B+/Stable'.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term       1.5        CRISIL D (Downgraded from
   Bank Loan Facility                  'CRISIL B+/Stable')

   Term Loan               58.5        CRISIL D (Downgraded from
                                       'CRISIL B+/Stable')

The downgrade reflects delays in debt servicing due to stretched
liquidity. Liquidity is weak because of nascent stage of operations
resulting in modest net cash accrual which are insufficient to meet
the maturing debt obligations.

The rating reflects risks associated with stabilisation of
operations post commercialisation and regulatory uncertainties
related to the biopharmaceutical market. These weaknesses are
partially offset by the benefits derived from the experience of the
promoters.

Key Rating Drivers & Detailed Description

Weakness
* Risks associated with stabilisation of operations post
commercialisation
Though the 1 kilo litre (KL) biosimilar plant has been completed
and validation for the API (Active Pharmaceutical Ingredient) has
been carried out, the stabilisation of operations post the
commercialisation would remain a key rating sensitivity factor.

* Regulatory uncertainties related to the biopharmaceutical market
GBPL is exposed to the regulatory changes in the Indian as well as
in the global market by regulatory authorities

Strengths
* Experience of the promoters and their funding support
Benefits from the decade-long experience of the promoters in the
biotech industry and healthy relationships with key customers and
suppliers should continue to support the business.

Liquidity: Poor
Liquidity is poor as reflected in instances of delays of more than
30 days in term loan payment and interest on working capital
because of weak liquidity.

Rating sensitivity factors

Upward factors
*Track record of timely debt servicing for at least more than 90
days
* Improvement in financial risk profile particularly liquidity.

GBPL, incorporated in November 2014 at Hyderabad, is focused on R&D
and commercial manufacture of insulin biosimilars. The company is
currently setting-up a KL manufacturing facility in Biotech Park,
Lalgadimalakpet Panchayat, R R District, Telangana. The facility is
expected to commence operations from January 2019. Mr Rajender Rao,
Mr Venkat Reddy, Krishna Rao and Mr Tulasi Ramu are the promoters.


K .S. IMPEX: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of K .S. Impex Limited
(KSIL; part of the Metalore group) continues to be 'CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Foreign Bill           32         CRISIL D (ISSUER NOT
   Discounting                       COOPERATING)

   Proposed Long Term      6         CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with KSIL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 KSIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KSIL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Based on the last available information, the ratings on bank
facilities of KSIL continues to be 'CRISIL D Issuer not
cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KSIL, Metalore Overseas Private Limited
(MOPL), and Shree Kripa Agro (SKA). This is because the three
entities, together referred to as the Metalore group, are in the
same line of business, have operational and financial linkages, and
are under the same promoter group and management.

The Metalore group, set up in 2001, exports steel utensils,
polyester yarn, cosmetics and standard toiletries, and agricultural
commodities, mainly to the UAE. The group also trades in these
commodities in the domestic market. Recently, it started processing
and selling edible oil (mustard and soya bean) in the domestic
market.


PRECISION ENGINEERING: ICRA Keeps 'D' Ratings in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR12.00 crore bank facilities of
Precision Engineering Corporation continues to remain under the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based–        9.00      [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Fund based–        1.08      [ICRA]D; ISSUER NOT COOPERATING;

   Working Capital              Rating continues to remain under
   Term Loan                    the 'Issuer Not Cooperating'
                                Category

   Non-Fund based–    0.80      [ICRA]D; ISSUER NOT COOPERATING;
   Letter of Credit             Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Non-Fund based–     1.12     [ICRA]D; ISSUER NOT COOPERATING;

   Bank Guarantee               Rating continues to remain under
                                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.

Set up in 1982 as a proprietorship firm, PEC was converted into a
partnership firm in 2009. The firm is involved in the manufacturing
of tubular pressure parts, steam pipe lines, bridges and structures
for the Indian Railways and other engineering products as well as
execution of construction projects for thermal and co-generation
power plants. PEC has manufacturing facility in Bhilai,
Chhattisgarh.


PROMPT TERMINALS: ICRA Maintains 'B+' Rating in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR20.00-crore bank facilities of
Prompt Terminals Private Limited (PTPL) Continues to remain under
'Issuer Not Cooperating' category'. The ratings are denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term–         18.50       [ICRA]B+(Stable); ISSUER NOT
   Term Loan                      COOPERATING; Rating Continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long term–          1.50       [ICRA]B+(Stable); ISSUER NOT
   Fund based-                    COOPERATING; Rating Continues
   cash credit                    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.

Prompt Terminals Private Limited was incorporated in September 2014
with the aim of establishing a container freight station at
Tuticorin in Tamil Nadu. The venture was set up to take advantage
of the burgeoning CFS market in Tuticorin, leveraging the
experience of the promoters, Mr. Muralidharan and Mr. Mathiprakash,
in the business of Clearing and Forwarding in the said market. The
facility would have a warehousing space of 75,000 square feet,
including a bonded warehouse and reefer points. Project
construction has been complete and the management expects the
operations to commence from September 2017.


PUDUCHERRY CANCER: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Puducherry Cancer
Trust (PCT) continues to be 'CRISIL D Issuer not cooperating'.

                  Amount
   Facilities   (INR Crore)   Ratings
   ----------   -----------   -------
   Term Loan         10       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with PCT for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 PCT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PCT is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

Based on the last available information, the ratings on bank
facilities of PCT continues to be 'CRISIL D Issuer not
cooperating'.

Established in April 2011, PCT is promoted by Dr M A S Subramaniam
along with other trustees.  The trust has set up a 30-bed cancer
speciality hospital in Puducherry.


RAMESHWAR INDUSTRIES: ICRA Keeps 'D' Rating in Not Cooperating
--------------------------------------------------------------
ICRA has continued the long-term ratings for the bank facilities of
Rameshwar Industries to the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund Based–       7.00        [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based–       0.67        [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Unallocated       1.08        [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity 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.

Established in May 2013 as a partnership firm, Rameshwar Industries
('RI' or 'the firm') is in the business of ginning and pressing of
raw cotton and cotton seed crushing. The firm commenced its
commercial operations in January 2014. Its manufacturing facility
is located at Tankara in Rajkot, Gujarat and is equipped with 24
ginning machines, 1 pressing machine and 5 crushing machines with
processing capacity of ~17,740 Metric Tonnes Per Annum (MTPA) of
cotton bales and ~13,140 MTPA of cotton seed oil. The promoters of
the firm have extensive experience in the cotton industry.


RIDDHI SIDDHI: ICRA Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR10.00-crore bank facilities of
Riddhi Siddhi Jewellers Pvt. Ltd. (RSJ) continues to remain under
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long-term         6.50        [ICRA]B (Stable) ISSUER NOT
   Fund based                    COOPERATING; Rating Continues
                                 to remain under the 'Issuer
                                 Not Cooperating' category

   Unallocated       3.50        [ICRA]B (Stable) ISSUER NOT
   Limits                        COOPERATING; Rating Continues
                                 to remain under 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.

Riddhi Siddhi Jewellers Pvt Ltd. (RSJ) was established as a private
limited company in the year 2010 by Patel family. The company is
mainly engaged in trading of gold jewellery. The company deals only
in BIS certified gold jewellery to ensure purity of the product it
sells. The company is primarily managed by Mr. Prashant Patel.


RIGHILL ELECTRICS: ICRA Moves B- Rating to Not Cooperating
----------------------------------------------------------
ICRA has moved the ratings for the INR8.00 crore bank facilities of
Righill Electrics Private Limited (REPL) to 'Issuer Not
Cooperating' category. The ratings are now denoted as [ICRA]B-
(Stable)/ [ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based–         3.50       [ICRA]B- (Stable) ISSUER NOT
   Cash Credit–                   COOPERATING; Rating moved to
   Long term                      'Issuer Not Cooperating'
                                  Category

   Non-fund based:     1.50       [ICRA]A4 ISSUER NOT
   Short term                     COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  Category

   Unallocated-        3.00       [ICRA]B- (Stable)/[ICRA]A4
   Long term/                     ISSUER NOT COOPERATING;
   Short term                     Rating moved to '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.

REPL was incorporated in 1993 as a private limited company by Mr.
Ashutosh Shukla and Mr. Vinod Sapre. The company designs and
manufactures control systems and assemblies for various
applications, including oil field equipment. It also manufactures
parts and assemblies like electronic control modules, printed
circuit boards (PCBs), plug and socket connectors etc. REPL
specialises in designing and manufacturing controls and electric
parts for oil rigs. Most revenue is derived from the sale of rig
equipment, and thus the revenues primarily depend on the rigging
activity and in turn on crude oil prices. It also provides services
pertaining to repairs and maintenance and offers annual maintenance
contracts (AMC) to customers. The manufacturing facility of the
company is located at Bhopal in Madhya Pradesh.


SAI SANNIDHI: ICRA Reaffirms B+ Rating on INR7cr Fund Based Loan
----------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of Sai Sannidhi
Agro Tech (SSAT), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based–
   Term Loan            1.00      [ICRA]B+(Stable); Reaffirmed

   Fund Based–CC        7.00      [ICRA]B+(Stable); Reaffirmed

Rationale
The rating reaffirmation continues to derive comfort from the
extensive experience of the promoters in the rice milling business
and the presence of SSAT in a major paddy-growing area resulting in
easy availability of the raw material and low transportation cost.
The rating takes into account the firm's revenue growth and
improvement in the operating margins in FY2019; however, these are
partially offset by an increase in its gearing. ICRA notes the
favourable demand prospects for rice as India is the world's second
largest producer and consumer of rice. However, the rating
continues to be constrained by the modest scale of operations in
the intensely competitive rice milling industry, coupled with
limited value addition in the business, constraining its pricing
flexibility. The rating factors in the susceptibility of revenues
and profitability to agro-climatic conditions, which can affect the
availability of the paddy in adverse weather conditions. ICRA notes
of the risk arising from the partnership constitution of SSAT.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that SSAT will continue to benefit from the extensive 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 and their description

Credit strengths

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

Presence in a major paddy-growing area results in easy availability
of raw material – The firm's plant is located in Manvi - 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 with small scale of operations – With
an operating income (OI) of INR55.73 crore in FY2019, SSAT's scale
of operations remains small. The financial profile remains moderate
with a modest net worth of INR3.24 crore and a gearing of 2.58
times as on March 31, 2019. With thin operating margins, the
coverage indicators remain moderate as indicated by interest cover
of 1.64 times and Total Debt/OPBDITA of 3.55 times in FY2019.

Intense competition in industry keeps margins under check – The
rice milling industry is highly competitive with presence of many
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. Its margins are also
exposed to price fluctuations of paddy.

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

Liquidity position: Adequate

SSAT's liquidity profile remains adequate in absence of any capital
expenditure plans and minimal term loan repayment obligations. The
company's fund flow from operations were positive and stood at
INR0.92 crore in FY2019. Retained earnings were also positive at
INR2.33 crore due to lower working capital requirement and less
withdrawal by the partners. The average utilisation of working
capital limits from November 2018 to October 2019 stood at 58.8%
providing adequate buffer in the form of undrawn credit lines.
Going forward, ICRA expects its cash accruals and undrawn limits to
be sufficient to meet the debt repayment obligations and
incremental working capital requirements, if any.

Rating sensitivities

Positive triggers – ICRA could upgrade the rating if 1) If the
company's scale of operations and net worth position continues to
improve and 2) interest cover improves to greater than 2 times on a
sustained basis.

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.

SSAT was founded in 2012 and is involved in milling of paddy and
produces raw rice and steamed rice. The firm started its commercial
production in February 2013 and is located in Manvi village in
Raichur district, Karnataka. The installed production capacity of
the rice mill is six tonnes per hour. It is a part of the MRV
Group, which owns other entities involved in similar business.


SARAS HOTELS: CRISIL Keeps D Rating in Not Cooperating
------------------------------------------------------
CRISIL said the ratings on bank facilities of Saras Hotels Private
Limited (SHPL) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Term Loan              15         CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with SHPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 SHPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SHPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Based on the last available information, the ratings on bank
facilities of SHPL continues to be 'CRISIL D Issuer not
cooperating'.

SHPL, established in 2014, and promoted by Mr.Selvaraj R, is based
in Chennai. It runs the 57-room deluxe Days Hotel in Chennai.


SATYA WAREHOUSE: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Satya Warehouse
(Satya) continues to be 'CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan          12.5      CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with Satya for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 Satya, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Satya is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Based on the last available information, the ratings on bank
facilities of Satya continues to be 'CRISIL D Issuer not
cooperating'.

Set up in 2012, Satya is a partnership firm promoted by Mr. Ram
Kumar Yadav, Mr. Ashok Yadav, and their friends. The firm has
constructed a warehouse with capacity of 70,000 tonne for
agricultural products in Hisar (Haryana). It has signed a 10-year
offtake agreement with HAFED.


SBA EDUCATION: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of SBA Education Society
(SBAES) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Long Term Loan        10.1        CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with SBAES for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 SBAES, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SBAES is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Based on the last available information, the ratings on bank
facilities of SBAES continues to be 'CRISIL D Issuer not
cooperating'.

Set up in May 2007, SBAES offers educational courses in engineering
and management. The trust owns two colleges ' Kruti Institute of
Technology and Engineering (KITE) and Kruti School of Business and
Management (KSBM) - in Raipur (Chhattisgarh). KITE, started in
2008, offers graduate and post-graduate courses in engineering. The
institute is approved by the All India Council for Technical
Education and is affiliated to the Chhattisgarh Swami Vivekananda
Technical University, Bhilai (Chhattisgarh). KSBM, started in 2012,
offers graduate and post-graduate courses in management and is
affiliated to the Pandit Ravishankar Shukla University, Raipur.


SCS CONSTRUCTIONS: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated SCS Constructions
India Private Limited's (SCS) 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:

-- INR19.17 mil. Term loan due on September 2025 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR50 mil. Fund-based limit migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR35 mil. Non-fund-based limit migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 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 2016, SCS is primarily engaged in the construction
of roads, bridges and irrigation projects in Odisha.


SHREE LAXMI: ICRA Keeps B+ on INR4cr Loan in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR11.00-crore bank facilities of
Shree Laxmi Lal Patel (LLP) continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]B+
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term: Fund      4.00      [ICRA]B+ (Stable); ISSUER NOT
   Based-Overdraft                COOPERATING; Continues to
                                  remain in the 'Issuer Not
                                  Cooperating' category

   Short Term: Non-     7.00      [ICRA]A4; ISSUER NOT
   Fund Based-Bank                COOPERATING; Continues to
   Guarantee                      remain 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.

LLP was established as a proprietorship firm in 1990. The firm is
engaged in construction of roads awarded under Pradhan Mantri Gram
Sadak Yojna (PMGSY). The firm majorly executes contracts from PWD
Udaipur Zone, PWD Division Salumber, Divisiom Khertwara, Division
Vallabhnagar and other sub divisions. The firm is registered as
class AA contractor which enables it to bid for contracts of any
value across state.


SHRI HARI: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Shri Hari Forging
Products (SHFP) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities         (INR Crore)      Ratings
   ----------         -----------      -------
   Bank Guarantee          .85         CRISIL D (ISSUER NOT
                                       COOPERATING)

   Bill Discounting      10.00         CRISIL D (ISSUER NOT
                                       COOPERATING)

   Cash Credit            3.25         CRISIL D (ISSUER NOT
                                       COOPERATING)

   Proposed Long Term    12.46         CRISIL D (ISSUER NOT
   Bank Loan Facility                  COOPERATING)

   Term Loan              3.85         CRISIL D (ISSUER NOT
                                       COOPERATING)

CRISIL has been consistently following up with SHFP for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 SHFP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SHFP is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Based on the last available information, the ratings on bank
facilities of SHFP continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

SHFP, a proprietorship firm set up in 2006, manufactures and
fabricates components such as transformer structures, top brackets,
and guarding cross arms, which are used in the power distribution
sector. The firm, promoted by Mr Shrikant Sharma, is based in
Jaipur (Rajasthan).


SINGLA RICE: ICRA Keeps B on INR7.5cr Credit on Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR7.50-crore bank facility of Singla
Rice Oil & General Mills continues to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]B
(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund      7.50        [ICRA]B (Stable); ISSUER NOT
   Based Cash Credit                COOPERATING; Continues to
                                    remain 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.

SRGM was established in 1985 as a partnership firm with Mr. Manoj
Kumar, Mr. Dharmpal, Ms. Vimla Devi and Ms. Anita Rani as partners
in equal ratio. The firm undertakes processing and trading of rice
(Basmati and Non- Basmati) in the domestic market. It also performs
custom milling operations for the state government of Haryana. The
manufacturing unit of the firm is located in Nissing, Haryana with
a milling capacity of 3 tonnes per hour of paddy.


SRI VEER: ICRA Reaffirms B+ Rating on INR4.50cr LT Loan
-------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of Sri Veer
Anjanaya Agro Foods (Veer Anjanaya), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term-fund
   based-Cash Credit    4.50      [ICRA]B+ (Stable); reaffirmed

   Long term-fund
   based-Term Loan      2.50      [ICRA]B+ (Stable); reaffirmed


Rationale

The rating reaffirmation of Veer Anjanaya takes into account the
extensive experience of the partners in the rice milling industry
and its established relationship with suppliers and customers. The
rating also considers the healthy growth of 27% in revenues in
FY2019. The rating also factors in the proximity of the firm to
paddy growing areas in Raichur facilitating easy procurement of raw
materials and the stable demand outlook of the industry.

The rating is however constrained by the firm's modest scale of
operations and moderate financial risk profile characterised by
thin margins, low net worth, moderate gearing and coverage
indicators. The rating is also constrained by the decline in
profitability at the operating level in FY2019 and deterioration in
capital structure and coverage indicators on account of increased
debt levels as on March 31, 2019. The rating also factors in the
intensely competitive nature of the rice industry with the presence
of numerous large and small-scale players which constrain the
volume and pricing flexibility of rice millers. The rating also
takes into account the susceptibility of revenues and margins to
inherent agro-climatic risks and changes in government policies,
which impact the availability of paddy and the price of paddy. 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 stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that Veer Anjaneya will continue to benefit from the extensive
experience of its promoters in the rice-milling business.

Key rating drivers and their description

Credit strengths

Extensive experience of promoters in the rice-milling business –
Incorporated in 2015, Veer Anjanaya is a partnership firm that
processes raw rice and parboiled rice. The promoters have been
involved in the rice-milling business for over two decades through
group entities. Experience of the promoter has enabled the company
to establish relationship with suppliers as well as customers,
which ensures timely availability of raw materials and repeat
orders from a diversified customer base. The firm's milling unit at
Raichur in Karnataka with an installed capacity of 4 MT per hour of
milling.

Proximity to rice-growing areas – The firm's plant is located at
Raichur, which is surrounded by areas such as Manvi, Sindhnoor and
Gangavathi where a major part of the paddy is cultivated. This
results in low transportation cost for the firm and easy
availability of paddy.

Favourable demand outlook – Demand prospect of rice is expected
to remain favourable as it a staple food grain and India is the
second largest producer of rice in the world.

Credit challenges

Modest scale of operations – The overall scale of operations is
moderate despite healthy growth in FY2019 with revenues of INR29.4
crore as compared to Rs 23.2 crore in FY2018, thereby, restricting
operational and financial flexibility to some extent.

Moderate financial risk profile – The operating margins of the
firm has been at 4.0% in FY2019 (reduced from 5.0% in FY2018) on
account of lower realisations for rice and increase in selling
expenses. Consequently, the net margins have also been low at 1.0%
in FY2019. The gearing increased to 1.4 times as on March 31, 2019
from 0.7 times as on March 31, 2018 due to increased working
capital borrowings and short-term pledge loan availed for
purchasing paddy. The coverage indicators also deteriorated with
Total Debt/OPBITDA at 4.6 times and NCA/Total Debt at 14.3% in
FY2019 as compared to 2.1 times and 31.2% in FY2018 respectively.

Intense competition marked by presence of a large number of players
– Owing to low entry barriers with readily available technology
and proximity to rice-cultivating belt, there are more than 90
rice-milling units in and around Raichur, leading to intense
competition for paddy procurement, in turn affecting volumes and
pricing flexibility of rice millers like Veer Anjanaya.

Inherent agro-climatic risks and vulnerability to changes in
Government policies – Being in the agricultural business,
industry players continue to face inherent risks such as
unfavourable monsoons, availability of raw materials at reasonable
prices, epidemics in paddy crop or shift of farmers to other cash
crops and cyclicality, as well as changes in Government
regulations.

Inherent risks associated with the partnership nature of the
business – The firm is exposed to risks associated with
partnership firms including capital withdrawal that could adversely
impact the capital structure.

Liquidity position: Adequate

The cash flows from operations turned negative owing to high
working capital requirements on account of high inventory holding.
Consequently, the free cash flows also turned negative due to
negative cash flow from operations. The working capital utilisation
has been moderate at around 47% from April 2018 to September 2019.
The firm had availed a short-term pledge loan for Rs 2 crore out of
which the firm had drawn Rs 1.2 crore as on March 31, 2019 for
purchase of raw material thereby increasing the repayment
obligations.

As on March 31, 2019, the firm had outstanding term loans of INR1.2
crore with Corporation Bank. The firm has repayment of INR0.41
crore for FY2020 towards the long-term loan. The loans are to be
completely repaid by FY2023. The firm's accruals are expected to be
comfortable to meet the repayment obligations. The liquidity
position is adequate with sufficient undrawn working capital limits
as on March 31, 2019.

Rating sensitivities

Positive triggers – ICRA could upgrade Veer Anjanaya's ratings if
the company is able to sustain its healthy revenue growth, while
improving profitability.

Negative triggers – Negative pressure on the company's ratings
could arise if there is a decline in revenues and profitability.
Any weakening of its liquidity position or a decline in interest
coverage lower than 1.50 times on a sustained basis could lead to
downward revision in the rating.

Incorporated in 2015, Sri Veer Anjanaya Agro Foods (Veer Anjaneya)
is a partnership firm managed by Mr. M R Vasanth and Mr. M R
Prathik. The firm is engaged in milling and trading of rice, broken
rice, bran and husk. The firm's manufacturing facility is located
in Raichur in Karnataka with an aggregate installed capacity of 4
tons per hour of milling. The firm procures majority of its raw
material requirements 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
different brand names such as Yoddha, Amrit, SV Gold, Choice India,
Little drops, etc. and has presence mainly in Karnataka and Tamil
Nadu.

In FY2019, the firm reported a net profit of INR0.3-crore on an
operating income of INR29.4-crore, as compared to a net profit of
INR0.2-crore on an operating income of INR23.2-crore in the
previous year.


SUNWAY INFRASTRUCTURE: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR8.50-crore bank facility of Sunway
Infrastructure Services Limited continues to remain under 'Issuer
Not Cooperating' category'. The ratings are denoted as "[ICRA]D
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term fund-      8.50       [ICRA]D; ISSUER NOT
   Based facility-                 COOPERATING; Continues to
   Term Loan                       remain 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.

SISL was incorporated in July 2012 and is a part of the Cygnus
Group. The company rents out construction equipment to major
construction players such as L&T in the NCR region. The company
currently owns various categories of boom trucks, Pumps and Lifts.


SURBHI FERRO: ICRA Keeps 'B' Rating in Not Cooperating
------------------------------------------------------
ICRA said the ratings for the INR15.00-crore bank facilities of
Surbhi Ferro Impex Private Limited continues to remain under
'Issuer Not Cooperating' category'. The ratings are denoted as
"[ICRA]B (Stable) ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term–        11.30       [ICRA]B; ISSUER NOT
COOPERATING;
   Fund Based                    Rating continues to remain under
   Cash Credit                   the 'Issuer Not Cooperating'
                                 category

   Long-term          3.70       [ICRA]B; ISSUER NOT COOPERATING;
   Unallocated                   Rating continues to remain under
                                 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.

SFIPL was incorporated in 2010 by Mr. Rajesh Kumar Gadiya. The
company is engaged in trading in ferrous and nonferrous metal scrap
such as steel, brass, copper, zinc, aluminium etc. In FY2017, SFPL
reported an operating income (OI) of INR38.14 crore and a profit
after tax (PAT) of INR0.03 crore, as compared to OI of INR54.00
core and a PAT of INR0.17 crore in the previous year.


TAJ STONE: ICRA Keeps B+ on INR5.25cr Debt on Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR5.25-crore bank facility of Taj
Stone Crushers Llp continues to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]B+
(Stable) ISSUER NOT COOPERATING".

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term-Fund         5.25      [ICRA]B+ (Stable); ISSUER NOT
   Based Cash Credit                COOPERATING; Continues to
                                    remain 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.

TSC is engaged in the crushing of stones (Boulders) into grits of
various sizes. TSC was incorporated in May 2014 and commenced
operations in November 2014. The firm is promoted by Mr. Waseem
Ahmed Khan and Mr. Anil Siwatch. The partners have prior experience
in the stone crushing business and are also involved in the
construction business. TSC operates one stone crushing plant with a
total capacity of 500 MT (Metric Tonnes) per hour, near Baheri
village (Uttar Pradesh).


VICHITRA PRESTRESSED: ICRA Keeps 'C+' Rating in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR20.00 crore bank facilities of
Vichitra Prestressed Concrete Udyog (P) Ltd. (VPCPL) continues to
remain under 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]C+/[ICRA]A4 ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term:         5.00      [ICRA]C+ ISSUER NOT COOPERATING;
   Cash Credit                  Continues to remain under the
                                'Issuer Not Cooperating' category

   Bank Guarantee    15.00      [ICRA]A4 ISSUER NOT COOPERATING;
                                Continues to remain under 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

Based in Delhi, Vichitra Prestressed Concrete Udyog (P) Ltd. (VPC)
was incorporated on 27th March 1989. The company is closely held by
promoters. The company undertakes contracts for manufacture and
lying and water and sewerage pipes for various government agencies
like Haryana Urban Development Authority (HUDA), U.P. Jal Nigam,
Rajasthan Urban Sector Development Investment Program (RUSDIP),
etc. VPC undertakes manufacturing of different types of pipes like
Prestressed Concrete Pipes, RCC Pipes and MS Pipes. The main
manufacturing facility of the firm is located in Gurgaon, Haryana.
Apart from this, the company also has two other manufacturing units
–located at Nashik (Maharashtra) and Unnav (U.P.).


VIKAS COTEX: ICRA Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the INR20.00 crore bank facilities of
Vikas Cotex (VC) continues to remain under 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit         12.35      [ICRA]B (Stable) ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Term Loan            1.75      [ICRA]B (Stable) ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Unallocated          5.90      [ICRA]B (Stable) ISSUER NOT
   Limits                         COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in the year August 2013, Vikas Cotex (VC) is engaged
in the business of cotton ginning. The firm commenced commercial
production from February 2014 from its manufacturing facility
located at Wankaner, Dist. Rajkot in Gujarat. The unit is equipped
with 48 ginning machines, 1 pressing machine, having processing
capacity of approx. 31000 MTPA of raw cotton. VC is a partnership
firm with the promoters having an extensive experience in the
cotton industry.




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

NISSAN MOTOR: Halt Talks on Structure of Renault Alliance
---------------------------------------------------------
The Financial Times reports that Nissan's new chief executive has
shelved talks on levelling the ownership structure on its alliance
with Renault, saying the two carmakers will focus on reviving their
struggling businesses.

In his first news conference since taking the top job on Dec. 1,
Makoto Uchida said Nissan was committed to its 20-year partnership
with the French group, where ties were strained in the wake of the
ousting a year ago of their former boss Carlos Ghosn, the FT
relates.

"I am not holding any discussions on capital structure at the
moment," the FT quotes Mr. Uchida as saying at Nissan's
headquarters in Yokohama. "Both Renault and Nissan are struggling
with earnings. In the near term, the priority is in finding how the
alliance can contribute to each of the companies in raising their
revenue and profits."

In the weeks ahead of his resignation as Nissan CEO in September,
Hiroto Saikawa held talks with Renault chairman Jean-Dominique
Senard about how to equalise the capital structure of the alliance,
the FT reports citing people with knowledge of the negotiations.
Renault owns 43 per cent in Nissan while the Japanese group holds
15 per cent in its French partner.

"The alliance is a core source of competitiveness for Nissan," Mr
Uchida, as cited by the FT, said. "We hope to continue with the
alliance based on the principle of equal partners and while
maintaining the company's independence."

Ahead of Mr. Ghosn's arrest last November over financial misconduct
allegations, which he denies, the former chairman had been pushing
for Nissan's full merger with Renault.

But officials both inside Nissan and Renault say Mr. Uchida's focus
should be in reviving the Japanese group, which has suffered a
collapse in profits and sales in its core markets, particularly in
the US, the FT relates. Its French partner has also issued a profit
warning, blaming tough market conditions and delays to key vehicle
launches.

On Dec. 2, the 53-year-old Mr. Uchida refrained from providing
details of how he would turn the company round but he left the
possibility open of re-examining the current restructuring
measures, involving a cut of 12,500 jobs globally, the FT reports.


According to the FT, Mr. Uchida, who grew up outside Japan, spent
more than a decade at a Japanese trading house before joining
Nissan in 2003, attracted to the company's growth strategy on the
back of its alliance with Renault. He was an alliance executive in
purchasing before leading the company's operations in China, one of
the group's most important markets.

He was chosen from a list of more than 100 CEO candidates as the
best-equipped to repair Nissan's ties with Renault and to make a
decisive break not only from the Ghosn era but also from subsequent
infighting that paralysed the company, the FT states.

"I do not believe our business strategy was wrong," Mr. Uchida
said, referring to Mr. Ghosn's revival of Nissan from near
bankruptcy in the late 1990s, the FT relays. "But over time, we had
created a corporate culture where people felt compelled to say they
can achieve targets they could not meet."

Last week, Renault, Nissan and its third partner Mitsubishi agreed
to launch alliance projects, which people familiar with the
discussions said would focus on new technologies such as autonomous
driving and artificial intelligence, adds the FT.

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




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

SCOMI GROUP: Slips Into PN17 Status; Waiver Application Denied
--------------------------------------------------------------
The Sun Daily reports that Scomi Group Bhd has become a Practice
Note 17 (PN 17) company after it triggered Paragraphs 2.1(a) and
2.1(e) of PN17 of the Listing Requirements, whereby its shareholder
equity fell below the 25% threshold with modified opinion from its
auditors.

The group said it is deliberating on whether to appeal against
Bursa Securities' decision, the report relates.

"Further announcement will be made to Bursa Securities should there
be any development," it said in a Bursa filing.

Meanwhile, Bursa Securities also rejected Scomi's application for a
waiver from being classified as an affected listed issuer pursuant
to Paragraph 8.04(2) and PN17 of the Listing Requirements as there
are concerns on the sustainability and growth potential of the
existing/remaining business and its ability to generate sufficient
revenue and profitability, Sun Daily relays.

Sun Daily says the rejection was made after having considered that
Scomi has been making consolidated net losses for the past three
financial years; and consolidated operating losses for the past
five out of six quarters up to September 30, 2019.

Following the deconsolidation of Scomi Engineering Bhd (SEB), Scomi
is unable to recognise the revenue and profits generated from the
transportation solution business segment, which has been making net
losses for the past three financial years. Scomi's proposed
acquisition of Scomi Transit Projects Sdn Bhd from SEB has also yet
to be completed.

In addition, Scomi's growth prospects and profitability are
dependent on, amongst others, its ability to commercialise new
drilling fluid base oils to increase the revenue stream, Sun Daily
says.

Although it has an outstanding order book as at June 30, 2019 for
its oilfield services business segment from umbrella contracts
and/or call-out contracts secured for a period of four years till
2023, the segment has been making net losses for the past three
years.

According to Sun Daily, Scomi is required to regularise its
condition within 12 months, failing which will result in the
suspension of the trading of its shares and delisting.

The group said it is formulating a plan to regularise its financial
condition and will make further announcement in due course, adds
Sun Daily.

Headquartered in Kuala Lumpur, Malaysia, Scomi Group Bhd --
http://www.scomigroup.com.my/publish/home.shtml-- provides
drilling fluids and mud engineering services and the supply of
industrial and production chemicals to the upstream and downstream
oil and gas industry.




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

CLAYMARK GROUP: Placed Into Receivership, 510 Jobs at Risks
-----------------------------------------------------------
NZ Herald reports that Grant Graham, Brendon Gibson and Neal
Jackson of financial advisory firm KordaMentha have been appointed
as receivers to the companies included in the group.

NZ Herald says the business currently employs 510 workers across
six manufacturing sites in Bay of Plenty, Thames and Auckland,
producing radiata pine wood products for export.

According to the receivers, the company has an annual turnover of
around NZ$160 million.

The receivership is limited to New Zealand and does not affect any
of Claymark's US-domiciled businesses, the report notes.

According to NZ Herald, the receivers said their intention is to
continue to trade the business while they work through the key
issues.

NZ Herald relates that the receivership followed on from a failed
deal announced in late August that would have NZ Future Forest
Products take over Claymark Group.

"As a result of NZFFP not yet settling, the group came under
increasing working capital pressure to stabilise the business and
fund future growth," the receivers said in a statement.

"The Group has been unable to secure additional funding and, as a
result, the board of Claymark has had to take the unfortunate step
of requesting its senior debt provider to appoint receivers."


ZANY ZEUS: Placed in Receivership Due to Cashflow Issues
--------------------------------------------------------
NZ Herald reports that Zany Zeus, the boutique Wellington dairy
company, has been placed in receivership after a troubled expansion
led to "significant" cashflow issues.

NZ Herald relates that the family-owned company, founded in
Wellington in 2000 but now operating out of a small factory and
cafe in Lower Hutt, appointed PwC as receivers on Dec. 3.

Selling premium organic products, the company is well known in the
capital's hospitality scene.

Originally founder Michael Matsis focused on Cypriot halloumi
cheese, but in 2003 it expanded to produce organic milk under the
Zorganic brand.  In 2012 it opened a cafe near its factory in Moera
in Lower Hutt. The factory also produces organic ice cream.

According to NZ Herald, the cafe gained fame in 2017 when actress
Scarlett Johansson, who had been based in Wellington for the
filming of Ghost in the Shell for several months, told
international media that the cafe had "the best piece of chocolate
cake I've had in my entire life".

NZ Herald relates that Richard Nacey, a restructuring director at
PwC said the company now supplied around 400 customers, from
supermarkets to restaurants and cafes, mainly across the lower
North Island. Its annual sales were "in the millions".

Mr. Nacey said the Lower Hutt factory had run into capacity issues
around four years ago and so its director had attempted to expand
to a new site in Seaview.

However the move had cost more and taken longer than expected, Mr.
Nacey said, NZ Herald relays.

"That's put some pretty significant cashflow pressures on the
business, to the extent that the directors had no choice but to
request the appointment of receivers."

NZ Herald adds that Mr. Nacey said Zany Zeus clearly had a loyal
following. He had been working from the company's cafe, which is
closed on Mondays and Tuesdays.

"There's been people constantly banging on the door, asking for
product. It's a pretty cool little place."

NZ Herald says PwC was continuing to operate the business as usual,
with none of the company's 29 staff made redundant as part of the
receivership.

As part of the process, receivers would consider a trade sale or
whether an investor wanted to put money into the business to trade
through the issue, the report notes.

Zany Zeus' products have won a number of awards, including the best
ice cream by a boutique manufacturer for its Ghana Chocolate ice
cream at the New Zealand Ice Cream Awards in November.




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

RB OF LEMERY: PDIC Urges Creditors to File Claims by Jan. 14
------------------------------------------------------------
All creditors of the closed Rural Bank of Lemery, Inc. have until
January 14, 2020 to file their claims against the assets of the
closed bank either personally or by mail. Creditors refer to any
individual or entity with a valid claim against the assets of the
closed Rural Bank of Lemery, Inc. and include depositors whose
deposits exceed the maximum deposit insurance coverage (MDIC) of
PhP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
creditors and depositors with uninsured deposits may file their
claims personally at the PDIC Public Assistance Center located at
the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Claims may also
be filed through mail addressed to the PDIC Public Assistance
Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A.
Rufino St., Makati City. Claims filed by mail must have a postmark
dated not later than January 14, 2020. The prescribed Claim Form
against the assets of the closed bank may be downloaded from the
PDIC website, www.pdic.gov.ph. PDIC reminds creditors to transact
only with authorized PDIC personnel.

Claims filed after January 14, 2020 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through mail.
Claims denied or disallowed by the PDIC may be filed with the
liquidation court within sixty (60) days from receipt of final
notice of denial of claim.

In addition, PDIC said that depositors with account balances of
more than the maximum deposit insurance coverage (MDIC) of
PhP500,000 who have already filed claims for the insured portion of
their deposits as of January 14, 2020 are deemed to have filed
their claims for the uninsured portion or the amount in excess of
the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

Rural Bank of Lemery, Inc. was ordered closed by the Monetary Board
(MB) of the Bangko Sentral ng Pilipinas on October 31, 2019 and
PDIC, as the designated Receiver, was directed by the MB to proceed
with the takeover and liquidation of the closed bank in accordance
with Section 12(a) of Republic Act No. 3591, as amended. The bank
is located on Illustre Ave., Brgy. District I (Pob.), Lemery,
Batangas.

All requests and inquiries relating to Rural Bank of Lemery, Inc.
shall be addressed to the PDIC Public Assistance Department through
mail at the 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A.
Rufino St., Makati City, through e-mail at pad@pdic.gov.ph, or
through telephone number (02) 8841-4141. Depositors and creditors
outside Metro Manila may call the PDIC Toll Free Hotline at
1-800-1-888-PDIC (7342). Walk-in clients may also visit the PDIC
Public Assistance Center at the 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00
AM to 5:00 PM. Inquiries may also be sent as private message at
Facebook through www.facebook.com/OfficialPDIC.




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

[*] SINGAPORE: 7 Companies Join SGX's Watch List From Dec. 4
------------------------------------------------------------
The Business Times reports that seven companies have entered the
Singapore Exchange's (SGX) watch list with effect from Dec. 4, all
for failing to meet the financial entry criteria.

They are ASL Marine Holdings, XMH Holdings, AEI Corporation, Debao
Property Development, USP Group, Singapore Myanmar Investco and
Reenova Investment Holding, as announced in their respective
regulatory filings on Dec. 3 and Dec. 4 morning, BT says.

BT relates that under the Singapore bourse's listing rules,
mainboard-listed companies will be placed on the watch list under
the financial entry criteria if they record pre-tax losses for the
three most recently completed consecutive financial years and also
fail to maintain an average daily market cap of at least S$40
million over the last six months.

To exit the watch list, the seven firms must take active steps to
satisfy the financial requirements within 36 months from Dec. 4,
the report states. That means they will need to record a
consolidated pre-tax profit for the most recently completed
financial year, based on the latest full-year consolidated audited
accounts, and have an average daily market cap of S$40 million or
more. Otherwise, they will be delisted from the SGX, or have their
trading suspended with a view to delisting the company, BT notes.



                           *********


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
to be reliable, but is not guaranteed.

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



                *** End of Transmission ***