/raid1/www/Hosts/bankrupt/TCRAP_Public/191212.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, December 12, 2019, Vol. 22, No. 248

                           Headlines



A U S T R A L I A

ALITA RESOURCES: Second Creditors' Meeting Set for Dec. 17
BELATORO PTY: Second Creditors' Meeting Set for Dec. 17
BUILD CLEAN: Second Creditors' Meeting Set for Dec. 18
CHOPPAIR HELICOPTERS: First Creditors' Meeting Set for Dec. 20
CO-OP: Zookal Mulls Making Bid to Acquire Bookshop

DENTEQUIP (AUST): Second Creditors' Meeting Set for Dec. 18
FOODCORP (VIC): Second Creditors' Meeting Set for Dec. 19
FREESTYLE TECHNOLOGY: First Creditors' Meeting Set for Dec. 18
GLAZING MASTA'S: Second Creditors' Meeting Set for Dec. 17
HARRIS SCARFE: Placed Into Receivership

STERLING INCOME: ASIC Takes Court Action vs. Firm, Directors


C H I N A

361 DEGREES INT'L: Fitch Affirms BB- LongTerm IDR, Outlook Stable
HNA GROUP: Debt Fears Return on Shaky Airline, Trading Suspension
RESORT SAVERS: Posts $125,000 Net Income for Sept. 30 Quarter
XINYI CITY INVESTMENT: Fitch Rates $100MM Sr. Unsec. Bond 'BB-'


H O N G   K O N G

SEASPAN CORP: Egan-Jones Cuts Commercial Paper Ratings to B


I N D I A

ASHOK BRICKS: ICRA Lowers Rating on INR10cr Cash Loan to B+
CELESTIAL AQUA: ICRA Assigns B+ Rating to INR10cr LT Loan
DECO EQUIPMENTS: ICRA Cuts Rating on INR8.19cr LT Loan to 'D'
DMK PARTICLEBOARD: ICRA Cuts Rating on INR7.10cr Loan to 'D'
DOLLY EXIM: ICRA Reaffirms 'B' Rating on INR16cr Cash Loan

ISHAAN METALS: ICRA Moves 'B+' Rating to Not Cooperating
JAYARAMA MOTORS: ICRA Lowers Rating on INR9.75cr Loan to B+
KARVY STOCK: ICRA Lowers Rating on INR300cr Loan to 'D'
NATIONAL CONTRACTORS: ICRA Removes D Rating From Not Cooperating
NATRAJ INDUSTRIES: ICRA Cuts Rating on INR15cr Cash Loan to D

ORIENT GREEN: ICRA Reaffirms 'D' Rating on INR34.39cr Term Loan
POLESTAR TRADERS: ICRA Maintains 'D' Rating in Not Cooperating
PRABHU AGARWALLA: ICRA Lowers Rating on INR20cr Cash Loan to B+
RAJGANGPUR ISPAT: ICRA Maintains B- Rating in Not Cooperating
SHREE AMBIKA: ICRA Maintains 'D' Ratings in Not Cooperating

TERRA ENERGY: ICRA Maintains 'D' Ratings in Not Cooperating
THIRU AROORAN: ICRA Maintains 'D' Rating in Not Cooperating
VAISHNAVI BIOTECH: ICRA Cuts Rating on INR8cr Term Loan to B+
[*] INDIA: 10K+ Cases Under IBC Pending Before NCLT as of September


J A P A N

JAPAN: Preparing JPY13TT Stimulus Package as Recession Risks Rise


S I N G A P O R E

KOON HOLDINGS: Ends JV with Penta-Ocean Amid Debt Restructuring


S R I   L A N K A

SRI LANKA TELECOM: S&P Withdraws 'B' LT Issuer Credit Rating


X X X X X X X X

[*] ADB Trims Growth Forecasts as Asia's Biggest Economies Slow

                           - - - - -


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

ALITA RESOURCES: Second Creditors' Meeting Set for Dec. 17
----------------------------------------------------------
A second meeting of creditors in the proceedings of Alita Resources
Limited, Lithco No.2 Pty Ltd, and Tawana Resources Pty Ltd, has
been set for Dec. 17, 2019, at 10:00 a.m. at The Duxton Hotel, at 1
St Georges Terrace, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 16, 2019, at 4:00 p.m.

John Bumbak of Kordamentha was appointed as administrator of Alita
Resources, et al. on Aug. 28, 2019.


BELATORO PTY: Second Creditors' Meeting Set for Dec. 17
-------------------------------------------------------
A second meeting of creditors in the proceedings of Belatoro Pty
Ltd, trading as CQ ProPest, has been set for Dec. 17, 2019, at
12:30 p.m. at the offices of Moore Stephens Biloela, at 54 Callide
Street, in Biloela, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 16, 2019, at 5:00 p.m.

Morgan Gerard James Lane of Worrells Solvency was appointed as
administrator of Belatoro Pty on
Nov. 12, 2019.


BUILD CLEAN: Second Creditors' Meeting Set for Dec. 18
------------------------------------------------------
A second meeting of creditors in the proceedings of Build Clean
Site Solutions Pty Ltd has been set for Dec. 18, 2019, at 10:00
a.m. at the offices of Deloitte Financial Advisory Pty Ltd, Level
19, at 60 Station Street, in Parramatta, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 17, 2019, at 4:00 p.m.

David Ian Mansfield and Neil Robert Cussen of Deloitte Financial
were appointed as administrators of Build Clean on Nov. 13, 2019.


CHOPPAIR HELICOPTERS: First Creditors' Meeting Set for Dec. 20
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Choppair
Helicopters Pty. Ltd. will be held on Dec. 20, 2019, at 10:00 a.m.
at the offices of PKF Melbourne, Level 13, at 440 Collins Street,
in Melbourne.

Jason Glenn Stone and Stirling Lindley Horne of PKF Melbourne were
appointed as administrators of Choppair Helicopters on Dec. 10,
2019.


CO-OP: Zookal Mulls Making Bid to Acquire Bookshop
--------------------------------------------------
Nick Bonyhady at The Sydney Morning Herald reports that the Co-op
bookshop is in early sale discussions with an online textbook
retailer it issued legal threats against and later discussed
acquiring.

Online bookstore Zookal, which was founded by five students in
2011, has entered into takeover talks with administrators of the
Co-op as they seek a buyer for the struggling chain, SMH says.

According to SMH, the talks come as students argue the Co-op, which
is more than 60 years old and employs almost 200 people, is a
viable business and should be returned to student control.

SMH relates that Ahmed Haider, co-founder and chief executive of
Zookal, said his company had been in sale discussions with the
Co-op in 2013 but the response had been "quite dismissive".

"I don't really blame them, maybe if four students walked through
the door and said this is how you should run your business, I
wouldn't necessarily listen to them," the report quotes Mr. Haider
as saying.  "It is quite strange how it has turned out."

SMH relates that Mr. Haider said the discussion had come after
Zookal ran advertisements promoting its textbooks as cheaper than
campus bookstores, which prompted a cease-and-desist letter from
the Co-op.

Zookal is yet to access the Co-op's financials and Mr. Haider said
the company was not interested in the Curious Planet chain, which
formerly traded under the Australian Geographic banner and
comprises most of the company's stores, SMH relays.

The Co-op was put into administration last month after The Sydney
Morning Herald and The Age revealed it owed millions to creditors
while it had prepaid for stock from a supplier ultimately
controlled by its chief executive, Thorsten Wichtendahl.

PwC's Phil Carter, one of the Co-op's administrators, said he had
reduced the amount owing to the organisation from those
transactions and that the company controlled by Mr. Wichtendahl
would buy back unsold stock from the Co-op after the peak Christmas
trading period, according to SMH.

SMH adds one creditor was pleased to learn of Zookal's interest in
the Co-op but said they did not have "any great hopes that there
will be some fantastic resurrection of the business".

Mr. Haider said Zookal hoped to partner with a retail specialist,
which he declined to name, and "preserve as many jobs as possible"
but said it was too early to say how many stores would be kept open
under any acquisition, SMH relays.

A student group called Take Back Our Co-op, which has been
campaigning for the Co-op to be returned to students since 2017,
released an open letter on Dec. 10.

"It is not farfetched to suggest . . . if the Co-op is run using
responsible co-operative business practices, the business could
still be saved, and suppliers fully recompensed," the students
wrote, SMH relays.

The Co-op has no students and only one academic on its board,
former Macquarie University vice-chancellor Dianne Yerbury, despite
being founded by students.

SMH adds that Mr. Carter said he would "assess all viable proposals
from interested purchasers to ensure that creditors are presented
with options that deliver the greatest return".


DENTEQUIP (AUST): Second Creditors' Meeting Set for Dec. 18
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Dentequip
(Aust) Pty Ltd has been set for Dec. 18, 2019, at 11:00 a.m. at
Suite 203, at 517 Flinders Lane, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 17, 2019, at 5:00 p.m.

Liam William Bellamy and Trajan John Kukulovski of Chan & Naylor
were appointed as administrators of Dentequip (Aust) on Nov. 25,
2019.


FOODCORP (VIC): Second Creditors' Meeting Set for Dec. 19
---------------------------------------------------------
A second meeting of creditors in the proceedings of Foodcorp (Vic)
Pty Ltd has been set for Dec. 19, 2019, at 2:30 p.m. at the offices
of Romanis Cant, 2nd Floor, at 106 Hardware Street, in
Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 18, 2019, at 5:00 p.m.

Anthony Robert Cant and Renee Sarah Di Carlo of Romanis Cant were
appointed as administrators of Foodcorp (Vic) on Nov. 15, 2019.


FREESTYLE TECHNOLOGY: First Creditors' Meeting Set for Dec. 18
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Freestyle
Technology Limited will be held on Dec. 18, 2019, at 11:00 a.m. at
Novotel, Glen Waverly Meeting and Special Events Center, at 285
Springvale Road, in Glen Waverly, Victoria.

Todd Gammel and Barry Taylor of Freestyle Technology were appointed
as administrators of Freestyle Technology on Dec. 9, 2019.


GLAZING MASTA'S: Second Creditors' Meeting Set for Dec. 17
----------------------------------------------------------
A second meeting of creditors in the proceedings of The Glazing
Masta's Pty Ltd has been set for Dec. 17, 2019, at 11:00 a.m. at
Suite D, Level 14, at 241 Adelaide Street, in Brisbane,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 16, 2019, at 4:00 p.m.

Domenico Alessandro Calabretta and Thyge Trafford-Jones of Mackay
Goodwin were appointed as administrators of Glazing Masta's on Nov.
26, 2019.

HARRIS SCARFE: Placed Into Receivership
---------------------------------------
Carolyn Cummins at The Sydney Morning Herald reports that
department store chain Harris Scarfe has become the latest casualty
of the flagging retail sector after being placed into
receivership.

The AUD380 million chain has 66 stores across the country from Top
Ryde in Sydney's northern suburbs, Westfield Chermside and
Carindale in Brisbane, Canberra, Wagga Wagga down to Geelong in
Victoria, Adelaide and Hobart.

Harris Scarfe employs more than 1,800 staff and said the
appointment of DRS partners Vaughan Strawbridge, Kathryn Evans and
Tim Norman was made by an unnamed secured lender to the group.

While the stores will remain fully operational and staff will be
paid by the receivers, a sale process of the business will now
commence, SMH says.

It comes only a month after the private equity group Allegro Funds
bought the business from Greenlit, the report notes. That purchase
included Harris Scarfe, Best & Less and the New Zealand-based
Postie Plus. Only Harris Scarfe has been put into receivership.

According to SMH, Harris Scarfe is a long-running chain that sells
everything from bed linen to kitchenware, homewares, electrical
appliances and apparel. It is aimed at the discount end of the
market rather than the middle ring Myer and the upmarket David
Jones demographic.

Its main competitors are Kmart and Big W which have also had to
reinvent their businesses in order to survive.

"Harris Scarfe is a longstanding retail institution. We will be
making every effort to secure a future for the business and intend
to commence an immediate sale of business process," SMH quotes  Mr.
Strawridge as saying.

The DRS partners confirmed gift cards and lay-by deposits would be
honoured, the report adds.


STERLING INCOME: ASIC Takes Court Action vs. Firm, Directors
------------------------------------------------------------
Australian Securities and Investments Commission (ASIC) has
commenced action in the Federal Court in Western Australia focused
on the promotion and management of the Sterling Income Trust.

The action is against:

     * Theta Asset Management Ltd (Theta), an Australian financial

       services licensee and responsible entity of Sterling Income

       Trust; and

     * Robert Patrick Marie, a director of Theta.

ASIC alleges that Theta and Mr Marie were responsible for
authorising the issue of five Product Disclosure Statements for the
Sterling Income Trust, failing to ensure that each of them was not
defective, in particular, that they did not contain:

     * misleading or deceptive statements; and

     * omissions in respect to statements and information required

       to be disclosed.

ASIC also alleges that contrary to the compliance plan that Theta
issued for the Sterling Income Trust, Theta:

     * issued five defective Product Disclosure Statements for the

       Sterling Income Trust;

     * failed to take all steps necessary to effectively monitor
       the performance of Sterling Corporate Services Pty Ltd
       (SCS) as the investment manager of the Sterling Income
       Trust and satisfy itself that SCS had carried out its
       contractual obligations adequately;

     * failed to identify, document, assess, evaluate and
       effectively manage and control all conflicts of interest;
       and

     * failed to ensure all financial statements of the Sterling
       Income Trust were completed and available for audit within
       two months of the relevant period and were lodged with ASIC

       on or before the lodgement date.

ASIC is seeking declarations of breach against Theta and Mr Marie
for various alleged breaches of the responsible entity and
director's duties provisions of the Corporations Act 2001,
including that they failed to exercise appropriate care and
diligence when issuing each of the relevant Product Disclosure
Statements. ASIC is also seeking civil penalties against Theta and
Mr Marie, and an order banning Mr Marie from managing corporations
for such period as the Court deems fit.

The alleged breaches of section 601FC of Act by Theta and breaches
of 601FD by Marie each carry a maximum possible pecuniary penalty
of AUD200,000.

In total, between May 20, 2016 to April 30, 2018, AUD16,749,974 was
raised from retail investors pursuant to the alleged defective
Product Disclosure Statements.

ASIC's investigation is ongoing into other conduct by entities and
officers within the Sterling Group of companies.

Of the 101 consumers who entered into Sterling New Life Leases, 63
of those Lessees invested in the Sterling Income Trust to generate
funds to cover their rental expenses under such Leases.  The
remaining 38 Lessees did not invest in that Trust, rather they
invested in Preference Shares offered by companies within the
Sterling Group of Companies.




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C H I N A
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361 DEGREES INT'L: Fitch Affirms BB- LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings affirmed China-based sportswear maker 361 Degrees
International Limited's Long-Term Foreign-Currency Issuer Default
Rating (IDR) at 'BB-' with a Stable Outlook. 361 Degrees' senior
unsecured rating and the rating on its outstanding USD400 million
7.25% senior notes due 2021 have also been affirmed at 'BB-'.

The ratings reflect the company's small scale and are constrained
by its lower market share than both global and leading domestic
brands. In addition, the company's working capital has been
volatile, which has affected free cash flow (FCF) generation. The
ratings are supported by the company's sustained net cash
position.

KEY RATING DRIVERS

Brand Rebuilding Programme Underway: 361 Degrees started in 2H18 to
align its product offerings more closely with consumer needs and
improve its marketing initiatives, which contributed to revenue
growth picking up to 7% yoy in 1H19 from only 1% for full-year
2018. Other domestic brands have been able to turn around and
return to strong sales growth following similar strategies, but the
time taken varied and the execution risk is high. Fitch would need
to see evidence of renewed retail sales growth and brand relevance
to determine 361 Degrees' business profile.

Lower Market Share: Fitch thinks 361 Degrees' revenue growth and
brand recognition still lag those of the overall industry. China's
sportswear industry has benefited from a number of structural
changes, such as increased health consciousness among consumers and
supportive policies. The retail sales for the core brands of listed
domestic peers, such as Anta, Li Ning and Xtep, grew by
double-digit rates in 1H19. 361 Degrees' core brand revenue growth
remained in low single-digit rates in 1Q19-3Q19, although its
growth may be slightly understated compared with peers, which
include e-commerce sales.

Stable Profitability: Fitch expects EBITDA margin to remain at
around 14% over the next few years with cost control measures
potentially offset by investments in brand building and e-commerce.
The ratio of selling, general and administrative costs to revenue
fell by 1.2pp yoy to 24.1% in 1H19, but the company may still need
to spend in other areas to stimulate revenue growth. For instance,
the e-commerce segment has grown rapidly but carries lower gross
margin and requires significant outlay on promotions.

Working Capital Movements: Fitch assumes FCF will turn positive in
2019 with stable working capital. Working capital is likely to be
the primary driver of FCF as capex remains low with no major
projects in the short term and the dividend payout is stable. Cash
outflow for trade and bills receivables persisted in 1H19, but the
ageing breakdown has improved, with the trade and bills receivables
due within 90 days representing 82% of the total balance compared
with 62% at end-December 2018. Fitch does not expect the cash
outflow for working capital to increase further, due to revenue
growth and measures to shorten the delivery time to distributors.

Upcoming Bond Maturity: The company is preparing for the maturity
of its USD400 million 7.25% senior notes due 2021 and is
considering options to reduce its interest obligations in the short
term. 361 Degrees purchased a portion of the senior notes, and the
outstanding balance was USD355 million on November 21, 2019. FFO
adjusted gross leverage was 4.8x at end-2018 but FFO fixed-charge
coverage was still healthy at over 3x, so the current interest
expense remains manageable relative to the company's cash flow
generation.

DERIVATION SUMMARY

361 Degrees has a smaller scale of operation and is less
diversified in terms of geography and products than global consumer
peers. However, 361 Degrees has a strong financial profile, with a
sustained net cash position, although there is some volatility in
FCF. Compared with branded apparel company Levi Strauss & Co.
(BB+/Stable), 361 Degrees has a smaller scale, with EBITDA that is
about 16% of that of the US company, but benefits from higher
profitability, a higher coverage ratio, and is in a net cash
position. Levi Strauss has an FFO adjusted net leverage ratio of
around 3x at end-November 2018.

KEY ASSUMPTIONS

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

  - Low single-digit revenue growth per year in 2019-2022

  - EBITDA margin at 14% in 2019-2022 (2018: 13.6%)

  - Capital expenditure of CNY50 million in 2019 and CNY100 million
annually thereafter

  - Inventory days increasing by 8 days in 2019 and remaining
stable thereafter and receivable days increasing by 2-4 days
annually from 2019-2022

  - Dividend payout of 47% in 2019 and 40% in 2020-2022 (2018:
43%)

RATING SENSITIVITIES

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

  - Revenue growth (2018: 0.6%) exceeding that of industry peers
and showing evidence of market share gain on a sustained basis

  - EBITDA margin above 15% for a sustained period (2018: 13.6%)

  - No further deterioration in working capital

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

  - Deceleration in revenue growth that indicates a significant
deterioration in market position compared with industry peers

  - Deteriorating working capital, which will be evident from
worsening trade receivables (including bill receivables) days or a
significant increase in channel inventory

  - Widening negative FCF

  - Failure to sustain a net cash position

LIQUIDITY AND DEBT STRUCTURE

Ample Liquidity: 361 Degrees had sufficient capital and liquidity
resources at end-June 2019, reflected in the total debt balance of
CNY2.8 billion - of which CNY112 million was current borrowings -
and a readily available cash balance of CNY6.4 billion. The company
also had unutilised banking facilities of over CNY3 billion.

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.


HNA GROUP: Debt Fears Return on Shaky Airline, Trading Suspension
-----------------------------------------------------------------
Rebecca Choong Wilkins at Bloomberg News reports that concern is
growing about HNA Group Co. after one of the airlines it backed
almost collapsed and trading in some of its bonds was halted.

According to Bloomberg, the group shot to prominence between 2016
and 2017 after spending more than $40 billion on acquisitions
across six continents. The once little-known airline operator
became the biggest shareholder of iconic companies such as Hilton
Worldwide Holdings Inc. and Deutsche Bank AG as well as paying top
dollar for high-end properties from Manhattan to Hong Kong.

But the buying spree attracted scrutiny on things such as its
opaque ownership structure, the report says. Eventually, its
spiraling debt caught up with the group and prompted an equally
dramatic selling spree. On top of that, the group's co-chairman
suddenly died in 2018, exacerbating the conglomerate's crisis.

Once among the most ambitious and acquisitive Chinese private
firms, HNA has since come under pressure from Beijing to sell off
assets amid concerns that the group's borrowing spree could pose a
systemic risk to the nation's economy, Bloomberg relates.

The company has been mulling the sale of its majority stake of SR
Technics, attracting interest from companies including Airbus SE as
well as the Hainan provincial government, according to people
familiar with the matter, Bloomberg relays.

According to Bloomberg, HNA has periodically been in the news in
recent years for missing payments, selling assets and struggling
with debts that climbed to as high as CNY598.2 billion ($85
billion). In September, an airport backed by HNA units, Haikou
Meilan International Airport, failed to make good on a $200 million
bond due Sept. 6, recalls Bloomberg.

Further signs of stress have emerged in the past week, when the
near-collapse of HNA-backed Hong Kong Airlines Ltd. narrowly
avoided losing its license to fly and the group suspended a bond
because of an unspecified "major" event, says Bloomberg.  

Bloomberg reports that trading on HNA's 10-year 7.6% CNY1.3 billion
bond will be halted from Dec. 6 till the maturity date of Dec. 24,
the company said in a filing, though it did not elaborate on the
reason for the pause. Separately, Blue Skyview Co. issued a
statement on Dec. 8 that its perpetual security linked to Hong Kong
Airlines will be suspended until further notice, Bloomberg
relates.

HNA-backed Hainan Airlines Holding Co.'s 6.2% CNY1.44 billion bond
due May 2021 fell the most since Aug. 1 on Dec. 6 after news
emerged about the trading halt. It fell further on Dec. 9, heading
for its lowest indicated price since February 2018, according to
data compiled by Bloomberg.

According to Bloomberg, HNA remains one of China's biggest
conglomerates: It had total assets of about $139 billion and debts
of $75 billion during its latest financial report - the first half
of this year - meaning the group has the scale to roil Chinese
markets. The group is still vulnerable, with short-term debts
exceeding its cash, equivalents, short-term investment and
earnings, Bloomberg says.

"HNA appears surprisingly reluctant to sell off more assets to pay
down its debt, perhaps because it is concerned about "fire sales"
at low valuations," Bloomberg quotes Andrew Collier, managing
director at Orient Capital Research, as saying. "Whether the
company survives is unclear but it is certainly attempting to keep
its financial situation from completely collapsing."

HNA Group faces "immense" debt obligations, and its financing costs
remain at a high levels, according to a credit report by Shanghai
Brilliance Credit Rating & Investors Service Co. in June, Bloomberg
relays.

Bloomberg says investors will be watching how HNA tackles two of
its bonds coming due this year, including its suspended CNY1.3
billion note and a CNY500 million security due Dec. 15. Haikou
Meilan Airport, which said it missed payment on $626 million of
bonds last week, also has a CNY1 billion issue due on Dec. 14,
Bloomberg adds.

The group will also have to service about CNY8.6 billion in local
and offshore bonds in 2020, though it also has the right to borrow
as much as CNY7.4 billion in loans over this period, according to
data compiled by Bloomberg.

                          About HNA Group

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
17, 2018, the Financial Times related that HNA Group defaulted on a
CNY300 million (US$44 million) loan raised through Hunan Trust.

According to the FT, the company is already under strict
supervision by a group of bank creditors, led by China Development
Bank, following a liquidity crunch in the final quarter of 2017.
The default came despite an estimated $18 billion in asset sales by
HNA in 2018 that have done little to address its ability to meet
its domestic debts, the FT noted.


RESORT SAVERS: Posts $125,000 Net Income for Sept. 30 Quarter
-------------------------------------------------------------
Resort Savers, Inc. filed its quarterly report on Form 10-Q/A,
disclosing a net income of $125,304 on $3,210,091 of revenue for
the three months ended Sept. 30, 2019, compared to a net income of
$397,871 on $10,231,079 of revenue for the same period in 2018.

At Sept. 30, 2019, the Company had total assets of $19,363,193,
total liabilities of $9,731,320, and $9,631,873 in total equity.

Company President, Chief Executive Officer and Director Ding-Shin
"DS" Chang said, "The Company has not yet had sufficient revenues
to cover its operating cost, and requires additional capital to
commence its operating plan.  The ability of the Company to
continue as a going concern is dependent on the Company obtaining
adequate capital to fund operating losses until it becomes
profitable.  If the Company is unable to obtain adequate capital,
it could be forced to cease operations.  These factors raise
substantial doubt about its ability to continue as a going
concern.

"In order to continue as a going concern, the Company will need,
among other things, additional capital resources.  Management's
plan to obtain such resources for the Company include: sales of
equity instruments; traditional financing, such as loans; and
obtaining capital from management and significant stockholders
sufficient to meet its minimal operating expenses.  However,
management cannot provide any assurance that the Company will be
successful in accomplishing any of its plans.

"There is no assurance that the Company will be able to obtain
sufficient additional funds when needed or that such funds, if
available, will be obtainable on terms satisfactory to the Company.
In addition, profitability will ultimately depend upon the level
of revenues received from business operations.  However, there is
no assurance that the Company will attain profitability.  The
accompanying financial statements do not include any adjustments
that might be necessary if the Company is unable to continue as a
going concern."

A copy of the Form 10-Q/A is available at:

                       https://is.gd/Gwrx7D

Resort Savers, Inc. trades in oil, gas, and lubricant products in
the People's Republic of China. It also provides nutrition
consultancy services and training, as well as sells health products
through an online store. The company is based in Puchong,
Malaysia.


XINYI CITY INVESTMENT: Fitch Rates $100MM Sr. Unsec. Bond 'BB-'
---------------------------------------------------------------
Fitch Ratings assigned a final 'BB-' rating to China-based Xinyi
City Investment & Development Co., Ltd.'s (XCID, BB-/Stable) USD100
million 7% senior unsecured bond due 2022, issued by its wholly
owned subsidiary, Xingang International Holding Limited.

The assignment of the final rating follows the receipt of documents
conforming to information already received. The final rating is in
line with the expected rating assigned on November 13, 2019.

KEY RATING DRIVERS

XCID provides an unconditional and irrevocable guarantee on the
notes, which rank at least equally with all its other present and
future unsecured and unsubordinated obligations.

Proceeds will be used to refinance offshore debt that matures
within one year.

RATING SENSITIVITIES

Any change in XCID's Issuer Default Ratings will result in similar
rating action on the notes.

Any change to the guarantee structure will result in negative
rating action on the notes.




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

SEASPAN CORP: Egan-Jones Cuts Commercial Paper Ratings to B
-----------------------------------------------------------
Egan-Jones Ratings Company, on December 5, 2019, downgraded the
foreign commercial and local commercial paper ratings on debt
issued by Seaspan Corporation to B from A3.

Headquartered in Hong Kong, Seaspan Corporation operates a fleet of
containerships. The Company's ships are chartered to customers on a
long-term fixed-rate basis.




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

ASHOK BRICKS: ICRA Lowers Rating on INR10cr Cash Loan to B+
-----------------------------------------------------------
ICRA said the ratings for the INR32.00 crore bank facilities of
Ashok Bricks Industries Private Limited was downgraded and
continues to remain under 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]B+ (stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based–         10.00       [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                     COOPERATING/ Rating downgraded
                                   from [ICRA]BB-(Stable) and
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Fund-based-          0.47       [ICRA]B+(Stable) ISSUER NOT
   Term Loan                       COOPERATING/ Rating downgraded
                                   from [ICRA]BB-(Stable) and
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   category

   Fund based–          1.50       [ICRA]B+(Stable) ISSUER NOT
   Standby Line                    COOPERATING/Rating downgraded
   of Credit                       from [ICRA]BB-(Stable) and
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   category

   Non-Fund based–     20.00       [ICRA]B+(Stable)/[ICRA]A4
   Bank Guarantee                  ISSUER NOT COOPERATING/
                                   Long term rating downgraded
                                   from [ICRA]BB-(Stable)
                                   Ratings continues to remain
                                   under 'Issuer Not
                                   Cooperating' category

   Unallocated Limit    0.03       [ICRA]B+(Stable)/[ICRA]A4
                                   ISSUER NOT COOPERATING/
                                   Long term rating downgraded
                                   from [ICRA]BB-(Stable)
                                   Ratings continues to remain
                                   under 'Issuer Not
                                   Cooperating' category

The rating downgrade is because of lack of adequate information
regarding Ashok Bricks Industries Private Limited 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 Ashok Bricks Industries Private Limited.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.

ABIPL was incorporated in the year 2000 at Jharsuguda, Odisha by
the Agarwal family. ABIPL is engaged in civil construction –
construction of roads, over-bridges etc. in Odisha. ABIPL is
registered as a Special Class civil contractor with the Public
Works Department (PWD), Odisha. The company has a reputed clientele
with a mix of both government and private entities. ABIPL operates
primarily in the state of Odisha, with marginal existence in
Jharkhand, Karnataka and Chattisgarh.


CELESTIAL AQUA: ICRA Assigns B+ Rating to INR10cr LT Loan
---------------------------------------------------------
ICRA has assigned rating to the bank facilities of Celestial Aqua
Limited (CAL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term fund
   based limit         10.00       [ICRA]B+(Stable); Assigned

Rationale

The assigned rating is constrained by the working capital intensive
nature of CAL's operations emanating from high receivable days.
Consequently, CAL's reliance on creditors for funding its working
capital requirements has remained high. The rating further
considers its exposure to high customer and asset concentration
risks as the company's cash flows are solely dependent on a single
customer and the revenues are dependent on the only barge owned by
CAL. ICRA further notes the vulnerability of the company's
operations to the crude oil industry, international maritime laws
and changes in regulatory environment of various nations.

However, the rating, favourably factors in the extensive track
record of CAL's promoters in the marine services industry and the
company's healthy profitability level and low debt levels,
resulting in strong coverage ratios. The rating draws comfort from
the constant flow of revenues as the barge is employed for 365 days
a year.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that CAL will continue to benefit from the extensive track record
of its promoters in the shipping industry.

Key rating drivers and their description

Credit strengths

Established track record of promoters in marine services like
barges, deep sea diving – CAL is a part of the Vasuda Group and
was incorporated in 2013 by Mr. Vikram Naik and his son, Mr. Praman
Naik. Mr. Vikram Naik is the founder of the Vasuda Group and is a
retired Lieutenant commander of the Indian Navy with 30 years of
experience in this line of business. He is a qualified deep-sea
diver. Mr. Praman Naik is involved in the Group's business since
2004.

Barge employed for 365 days a year ensures constant flow of
revenues – The company has entered into a contract with its Group
company, Golden Creative Assets Limited (GCAL) for management of
the vessel, Ocean 240. In turn, GCAL has chartered out the vessel
to Smit Lamnalco Onshore Services Limited (charterer) on a fixed
charter rate per day basis. It has been receiving the payment
towards the charter on a regular basis from February 2016.

Financial profile characterised by healthy profitability and
coverage ratios – CAL's financial profile is marked by high
profitability with an operating profit margin and net profit margin
at 85.00% and 47.90%, respectively, in FY2019 (71.60% and 20.69% in
FY2018). Due to its high profitability and low debt, the coverage
indicators are comfortable with a gearing of 0.62 times and
NCA/Total debt ratio of 39% times in FY2019 (0.62 times and 23%,
respectively, in FY2018).

Credit challenges

Working capital intensive nature of operations due to high debtors;
working capital subjected to creditor funding – CAL's operations
are working capital intensive in nature, as reflected by a NWC/OI1
ratio of 48% in FY2019. The receivables have remained high over the
years and it increased significantly in FY2019 to AED2 18.20
million from AED 7.97 million. The company's working capital cycle
has been subjected to creditor funding with creditors worth AED
11.24 million outstanding as on March 31, 2019.

High asset concentration risk; dependence on a single customer
resulting in customer concentration – The entire revenue of CAL
comes from a single customer, Smit Lamnalco Onshore Services
Limited, which has taken the entire vessel on lease. In near term,
the customer concentration is expected to remain at similar level
as the long-term contract is likely to be maintained till February
2021. The company's 100% revenue is dependent upon the charter
received from the Ocean 240 vessel.

However, ICRA notes that the company has a firm contract in place
with the charterer, which includes compensation for early
termination clause. Moreover, CAL has a demonstrated track record
of receiving timely payment from the charterer.

Operations vulnerable to international maritime laws; revenues
exposed to crude oil industry with barge being used for E&P3
companies – The vessel, Ocean 240 is employed in the oil
exploration business, off the coast of Iraq. The operations of the
vessel are subjected to stringent marine laws, which differ from
country to country. The ship is a sensitive commodity, which goes
through numerous certifications. For a minor issue, the ship may
not be allowed to move for days, resulting in business loss. As the
barge is used mostly for exploration and production of oil and gas,
the charter rates are susceptible to the dynamics of the
international crude oil industry such as demand-supply scenario,
any potential crisis in oil-producing countries, trade wars, etc.
Liquidity position: Stretched

CAL's liquidity profile remained stretched owing to the high
receivables from its Group company, GCAL. The working capital
requirement was partially supported by creditor funding. It has
annual repayment obligations of AED 4.82 million, till FY2024. The
timely extension of contract, along with timely receipt of
payments, will be crucial to build the cash accruals required for
these repayments. ICRA notes that the term loan repayments are
quarterly and CAL deposits a fixed sum per month in a debt service
reserve account (DSRA), from which the bank debits the repayment,
every quarter.

Rating sensitivities

Positive triggers – ICRA could upgrade CAL's rating if there is
an improvement in its working capital position, along with the
renewal of contract with the charterer at remunerative rates.
Negative triggers – Negative pressure on the ratings could arise
if there is further stretch in working capital or a non-renewal of
the contract with the charterer, impacting its business
operations.

Incorporated in 2013, CAL is a vessel-owning company located in
British Virgin Islands (BVI). It owns an accommodation cum crane
barge Ocean 240 (also called OC 240) and it has entered into a
chartered party agreement (CPA) with its Group company, GCAL for
its rent. The company is a part of the Vasuda Group, which is
involved in marine-related services such as barges, deep sea diving
and fabrication of ships amongst others.

CAL recorded a net profit of AED 7.24 million on an operating
income (OI) of AED 15.12 million in FY2019 (provisional numbers).


DECO EQUIPMENTS: ICRA Cuts Rating on INR8.19cr LT Loan to 'D'
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Deco
Equipments Private Limited, as:

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long-term–        4.00        [ICRA]D ISSUER NON COOPERATING;
   Cash Credit                   Downgraded from [ICRA]B-
                                 (Stable) continues under Issuer
                                 Non Cooperating

   Long-term-        8.19        [ICRA]D ISSUER NON COOPERATING;
   Fund Based-TL                 Downgraded from [ICRA]B-
                                 (Stable) continues under Issuer
                                 Non Cooperating

Rationale

The rating downgrade factors in the delay in debt-servicing, as
confirmed by the banker. The delay pertains to repayment of
principal and interest of the term loan availed.  ICRA has limited
information on the entity's performance since the time it was last
rated with information in January 2018.

As part of its process and in accordance with its rating agreement
with DEPL, 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 1989, Deco Equipments Private Limited manufactures
custom-made axel parts, break assembly related parts, engine &
transmission components, earth moving components etc., which finds
its application in commercial vehicles and construction equipments.
DEPL is a closely held company and managed by Mr. Deric Fernandis,
Managing Director who served as an Engineer at Machinery
Manufactures Corporation – textile division for 8 years before
starting DEPL in 1989. DEPL's manufacturing facility is located in
Hebbal industrial area at Mysore in Karnataka and presently employs
around 160 workers (85 permanent employees and the rest on
contractual basis).

DMK PARTICLEBOARD: ICRA Cuts Rating on INR7.10cr Loan to 'D'
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of DMK
Particleboard LLP, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based           2.00       [ICRA]D; Downgraded from
   Cash Credit                     [ICRA]B+(Stable)

   Fund-based           7.10       [ICRA]D; Downgraded from
   Term Loan                       [ICRA]B+(Stable)

   Non-fund Based       0.65       [ICRA]D; Downgraded from
   Bank Guarantee                  [ICRA]A4

Rationale

The rating downgrade takes into account the irregularities in term
debt servicing and the instances of overutilisation in the cash
credit limit (more than 30 days), owing to the company's poor
liquidity position. The liquidity was strained by the delay in
stabilisation and scale up of operations, which led to inadequate
cash accruals. The ratings are further constrained by the firm's
weak financial risk profile, characterised by small-scale
operations, net losses, leveraged capital structure, weak
debt-protection metrics and high working capital intensity. The
ratings also factor in the vulnerability of the firm's operations
and profitability to intense competition, adverse fluctuations in
raw material prices, cyclicality in the real estate industry and
availability of substitutes such as medium density fiberboard and
plywood. It may be noted that the company had been sharing 'No
default statements' with ICRA, indicating a regular track record of
debt servicing.  However, based on the communication received from
the lender, it has come to notice that there were delays in
termdebt servicing by the firm and instances of overutilisation of
the cash credit limits (more than 30 days) in the recent past. The
ratings, however, continue to favorably factor in the proximity to
Gandhidham (Gujarat), which has been declared as a timber zone by
the Government.

Key rating drivers and their description

Credit strengths

Locational advantage - The firm benefits from the low
transportation costs and the easy access to quality raw material
(wood waste, paper and resin) due to its proximity to Gandhidham
(Gujarat), which has been declared a timber zone by the
Government.

Credit challenges

Delays in debt servicing and overutilisation of cash credit limit -
Tight liquidity position due to inadequate cash accruals delayed
the debt servicing for the term loan and led to overutilisation of
the cash credit limit (more than 30 days) in the recent past.

Weak financial risk profile – The financial risk profile of the
firm remained weak, characterised by small-scale of operations, net
losses, leveraged capital structure, weak debt-protection metrics
and high working capital intensity. The operating income of the
firm increased by ~100% to INR10.5 crore in FY2019 from INR5.09
crore in FY2018, albeit the scale of operations remained small. The
operating profitability remained moderate at 14.1% in FY2019, which
coupled with high depreciation and interest expense led to net
losses in FY2018 and FY2019, thereby eroding the net worth.

Consequently, the capital structure of DMK remained leveraged, with
gearing at 3.3 times in FY2019 (compared to 2.9 times in FY2018).
The debt coverage indicators also remained weak as reflected by the
interest coverage ratio of 1.4 times, NCA/TD of 8% and DSCR of 0.8
times in FY2019. The liquidity remained tight due to high working
capital intensity given the high inventory holding, which has led
to stretched creditor position to support the liquidity.

Vulnerability of profitability to fluctuation in raw material
prices - The major raw materials required by the firm are wood
waste and resin. Hence, the company's profitability remains exposed
to any fluctuation in prices of its key raw materials. The firm's
revenues and profitability are also exposed to cyclicality in the
real estate industry and availability
of better substitutes such as medium density fiberboard and
plywood.

Intense competition and fragmented industry structure - The
competition from numerous small and unorganized players in the
particleboard industry limits the firm's pricing flexibility and
bargaining power with the customers, thus pressurising the revenues
and profitability of the firm.

Risk associated with firm's LLP structure - Given the limited
liability partnership structure of the firm, it is exposed to
capital withdrawal risks by the partners.

Liquidity position: Poor

DMK's liquidity is poor. Inadequate cash accruals against the debt
repayments has delayed the term-debt servicing and resulted in
overutilisation of the cash credit limit (more than 30 days). The
liquidity is expected to remain tight going forward, and hence
infusion of capital by partners/unsecured loan will remain crucial
to support the liquidity.

Rating sensitivities

Positive triggers - ICRA could upgrade DMK's rating if the firm
regularises its debt servicing on a sustained basis for more
than three months.

Negative triggers - Not applicable

Established in 2016, DMK Particleboard LLP manufactures plain
wooden particleboards and pre-laminated particleboards in the
dimension of 8"x4" and 8"x3", which are used in furniture. The
commercial operations of DMK commenced in April 2017 at its
manufacturing facility in Morbi (Gujarat). The company has an
annual installed capacity of manufacturing 6,00,000 particleboard
sheets.

In FY2019, the company reported a net loss of INR0.7 crore on an
operating income of INR10.5 crore, compared to a net loss of INR1.3
crore on an operating income of INR10.5 crore in the previous
year.


DOLLY EXIM: ICRA Reaffirms 'B' Rating on INR16cr Cash Loan
----------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of Dolly Exim
Private Limited (DEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based–
   Cash Credit         16.00       [ICRA]B (Stable); Reaffirmed

   Fund-based–
   Term Loan            2.00       [ICRA]B (Stable); Reaffirmed

Rationale

The rating reaffirmation remains constrained by the modest scale of
operations of DEPL with significant de-growth in operating income
in FY2019 due to decline in fabric trading volumes and its low
profitability due the trading nature of its business. Coupled with
a highly fragmented nature of the fabric trading business, this
keeps the profitability margins under pressure. Further, ICRA notes
the qualification in the audit report mentioning overstatement of
profits in FY2019 due to non-provisioning for doubtful short-term
loans and advances for INR1.4 crore and erosion in the value of
investment in shares of a listed company from INR2.1 crore to
INR0.2 crore. Any delays in retrieving these loans could further
strain the company's financial risk profile. Further, the stretched
liquidity profile of the company is evident from the near to full
working capital limit utilisation in the past two-year period, in
addition to high reliance on creditor funding resulting in elevated
TOL/TNW of 3.7 times as on March 31, 2019. Coupled high
geographical concentration risk, since the operations are
restricted to a single location, this is likely to impact the
growth potential of the company. Further, the rating is also
constrained by the company's low coverage indicators and leveraged
capital structure as indicated by gearing of 2.0 times, interest
coverage of 1.2 times, DSCR of 1.0 time and TD/OPBDITA of 7.8 times
as on March 31, 2019. The rating is also constrained by the
considerable cash lock up in the business due to significant
interest free loans and advances extended to Group concerns and
third parties.

The rating, however, favourably factors in the extensive experience
of DEPL's promoters spanning over two decades in the textiles
trading business.

With the Stable outlook, ICRA believes DEPL will continue to
benefit from the extensive experience of its promoters and
established relationships with its customers.

Key rating drivers

Credit strengths

Extensive experience of promoters in the textiles trading business
– DEPL is promoted by Mr. Vinod Deora, the promoter of the KDJ
Group, with extensive experience in the textile business. The
extensive experience of the promoter helps the company in garnering
repeat business from its customers.

Credit challenges Qualification in the audit report mentioning
overstatement of profits in FY2018 and FY2019 due to
non-provisioning of possible losses - The auditor has made
qualification against the company in the audit report stating that
short-term loan and advances of INR1.4 crore (INR0.88 crore in
FY2018) is considered doubtful of recovery. Due to this profit for
the year is higher by INR1.4 crore (INR0.88 crore in FY2018) with
consequential effect on reserves and surplus as well as short-term
loan and advances, which are higher by INR1.4 crore (INR0.88 crore
in FY2018). Further, qualification is regarding non-provisioning
for possible loss due to erosion in the value of investment in the
shares of a listed company – amount not ascertainable. Due to
this, profit for the year is higher with consequential effect on
reserves and surplus and non-current investment are higher by
amount which is not ascertainable Modest scale of operations;
significant de-growth in OI in FY2019 as compared to FY2018 - The
company has a small scale of operations and has witnessed
significant revenue de-growth of 27% in FY2019 to INR36.7 crore
from INR49.9 crore in the previous year due to the company's
inability to garner sufficient fabric trading orders. Further, due
to a limited customer base and geographical concentration risk the
scale of business remains restrained.

Weak financial risk profile as reflected by low profitability
indicators, adverse capital structure and weak debt coverage
indicators - The debt profile of DEPL as on March 31, 2019,
comprised interest free promoter loans (INR0.4 crore), loan against
property from the bank (INR1.5 crore) and working capital debt
(INR15.6 crore). The promoters withdrew unsecured loans amounting
to INR1.6 crore in FY2019, thereby improving the gearing marginally
from 2.1 times as on March 31, 2018 to 2.0 times as on March 31,
2019, though it remains high. Further, low profitability leading to
minimal build of net worth resulted in weak coverage indicators
with interest coverage of 1.2 times and DSCR of 1.0 time in
FY2019.

Significant advances to Group concerns / third parties with no
fixed repayment schedule; delays in repayment could strain the
company's liquidity profile – The liquidity position of the
company is constrained by the large number of loans and advances
(INR34.4 crore as on March 31, 2019 as compared to INR39.4 crore as
on March 31, 2018) extended to promoters and related parties, third
parties as well as advances to various suppliers at an interest
rate of 8-10% per annum. These advances have no fixed repayment
schedules and any delays in retrieving them, or any further
increase in the loan amount outstanding, could stretch the
liquidity profile of the company. Stretched liquidity has led to
high reliance on external working capital debt and creditor funding
with payable days of 161 as on March 31, 2019.

Intense competition in textile trading business - The company faces
stiff competition from other unorganised as well as organised
players, which limits its pricing flexibility and bargaining power
with customers, thereby putting pressure on its revenues and
margins. Further, the low value addition in the nature of the
trading business restricts its profit margins.

High geographical concentration risk – Since the company has a
small scale of operations, it only caters to wholesalers and
garment manufacturers from Mumbai, resulting in high geographical
concentration risk, which is likely to impact the growth potential
of the company.

Liquidity position: Stretched

DEPL had external term loans of INR1.8 crore on its books as on
March 31, 2019, with a remaining tenure of four years. The
company's fund flow from operations (FFO) has remained positive,
albeit low recently, because of high operating and interest costs.
However, free cash flows from operations and retained cash flows
were negative due to high advances for purchases as on March 31,
2019. The company has very limited cushion available in the form of
undrawn working capital limits and negligible free cash. With
moderate repayment obligations, low undrawn limits, low
profitability, high loans and advances, and negligible free cash,
the liquidity of the company is expected to remain stretched in the
near to medium term.

Rating sensitivities

Positive triggers – ICRA could upgrade DEPL's rating if the
company demonstrates a sustained growth in its operating income
along with improved profitability and recovers doubtful short-term
loans and advances, thereby strengthening the coverage ratios,
liquidity position and the net worth of the company.

Negative triggers – Negative pressure on DEPL's rating could
arise if the revenue shows further de-growth coupled with
provisioning of doubtful short-term loans and advances, thereby
eroding the net worth.

Incorporated by Mr. Vinod Deora in 1978, DEPL is primarily engaged
in trading grey yarn and fabric for suiting and shirting. DEPL
primarily operates in the Mumbai and enjoys established
relationships with most of its customers and suppliers. Apart from
fabric trading, the company is also engaged in trading gold
jewellery and diamonds, although on a relatively small scale (less
than 5% of the total operating income). Interest received from
investments and advances contributes around 5% of the company's
total operating income.

In FY2019, the company reported a net profit of INR0.2 crore on an
operating income of INR36.7 crore compared to a net profit of
INR0.1 crore on an operating income of INR49.9 crore in the
previous year.


ISHAAN METALS: ICRA Moves 'B+' Rating to Not Cooperating
--------------------------------------------------------
ICRA has moved the long term rating for the bank facilities of
Ishaan Metals Private Limited (IMPL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B+
(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-Cash     10.00       [ICRA]B+ (Stable) ISSUER NOT
   Credit (CC)/                    COOPERATING; Rating moved to
   Overdraft (OD)                  the 'Issuer Not Cooperating'
                                   category

   Unallocated          2.50       [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating moved to
                                   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.

IMPL was established in 2003 as a private limited company with Mr.
Lalit Sharma, Mr. Anshul Gupta and Mr. Vikas Singhal as promoters.
The company is entirely held by the promoters and their family
members. It is involved in trading agricultural commodities. The
company is a member of the National Commodity and Derivatives
Exchange (NCDEX) and Multi Commodity Exchange (MCX). It is also
involved in client and proprietary trading through these
exchanges.

In FY2017, the company reported a net profit of INR1.51 crore on an
OI of INR62.01 crore compared with a net profit of INR1.36 crore on
an OI of INR82.29 crore in the previous year. Also, the company
reported a net profit of INR2.44 crore on an OI of INR58.26 crore
on a provisional basis in FY2018.


JAYARAMA MOTORS: ICRA Lowers Rating on INR9.75cr Loan to B+
-----------------------------------------------------------
ICRA has revised the long-term rating of bank facilities of Sri
Jayarama Motors Private Limited to [ICRA]B+(Stable)ISSUER NOT
COOPERATING from [ICRA]BB(Stable); ISSUER NOT COOPERATING and
reaffirmed the short term rating at [ICRA]A4. The outlook on the
long-term rating is Stable. The ratings continue to be in 'Issuer
Not Cooperating' category and denoted as "[ICRA]B+(Stable)/
[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit          9.75       [ICRA]B+ (Stable); ISSUER NOT
                                   COOPERATING; Rating downgraded
                                   from [ICRA]BB(Stable) and
                                   Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

   Term Loan            1.09       [ICRA]B+ (Stable); ISSUER NOT
                                   COOPERATING; Rating downgraded
                                   from [ICRA]BB(Stable) and
                                   Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

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

   Long Term/Short      0.16       [ICRA]B+(Stable)/A4; ISSUER
   Term-Unallocated                NOT COOPERATING; long Term
                                   Rating downgraded from
                                   [ICRA]BB(Stable); Ratings
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   category

The long-term rating downgrade is because of lack of adequate
information regarding SJMPL's 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 SJMPL, 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.

Sri Jayarama Motors Private Limited was incorporated in 2011 and is
engaged in dealership of passenger cars of MSIL. The company is the
exclusive distributor of MSIL in Mahabubnagar district, Telangana.
The company is promoted by Mr. Ram Reddy Bekkari (Managing
Director) and his wife Mrs. Jayalaxmi Bekkari.


KARVY STOCK: ICRA Lowers Rating on INR300cr Loan to 'D'
-------------------------------------------------------
ICRA has downgraded the rating on Commercial Paper Programme of
Karvy Stock Broking Limited (KSBL) to [ICRA]D from [ICRA] A4 ISSUER
NOT COOPERATING. ICRA has also downgraded the rating on Long-term
Bank Lines KSBL to [ICRA]D from [ICRA] BB (Negative) ISSUER NOT
COOPERATING.

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long-term        250.00       [ICRA]D ISSUER NOT COOPERATING;
   Bank Lines                    Downgraded from [ICRA]BB
                                 (negative); ISSUER NOT
                                 COOPERATING, continues to remain
                                 in issuer not cooperating
                                 category

   Commercial       300.00       [ICRA]D ISSUER NOT COOPERATING;
   Paper                         Downgraded from [ICRA]A4 ISSUER
   Programme                     NOT COOPERATING, continues to
                                 remain in issuer not cooperating
                                 category

The rating action follows the default on commercial paper by KSBL
on November 27, 2018 and November 28, 2019 (Material Event Date -
November 28, 2019).

Rating continue to be under ISSUER NOT COOPERATING category on
account of lack of adequate information regarding the performance
of Karvy Stock Broking Limited and hence the uncertainty around its
credit risk profile. The rating is based on limited or no updated
information on the entity's performance since the time it was last
rated in March 2019.

As part of its process and in accordance with its rating agreement
with Karvy Stock Broking Limited. 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.  The Karvy Group is a business group that spans the
entire financial services spectrum as well as data processing and
managing segments. It caters to over 70 million individual
investors in various capacities and provides investor services
to over 600 corporate houses, comprising the best of Corporate
India.

Karvy Stock Broking Limited is the broking arm of the Karvy Group.
It provides broking and wealth management services to its clients.
KSBL provides a combined account facility that caters to all
investment opportunities such as equities, derivatives, currency,
IPOs, mutual funds and NCDs.


NATIONAL CONTRACTORS: ICRA Removes D Rating From Not Cooperating
----------------------------------------------------------------
ICRA has removed its earlier rating of [ICRA]D (Stable)/[ICRA]D
from the 'ISSUER NOT COOPERATING' category as National (India)
Contractors & Engineers (NICE), has now submitted its 'No Default
Statement' ("NDS"). The company's rating was moved to the 'ISSUER
NOT COOPERATING' category in November 2019.

The current rating considers the continued delays in servicing debt
obligations owing to the poor liquidity position and its weak
financial profile of NICE, characterised by volatile revenues and
stretched capitalisation and coverage indicators. The rating also
remains constrained by the execution risk for the projects in hand,
high customer concentration risk and intense competition in the
trading and construction businesses. Further, ICRA notes that NICE
is a partnership firm and any significant withdrawals from the
capital account may impact its own net worth and capital
structure.


NATRAJ INDUSTRIES: ICRA Cuts Rating on INR15cr Cash Loan to D
-------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Natraj Industries, as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       15.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating downgraded from [ICRA]B+
                                (Stable) and moved to the
                                'Issuer Not Cooperating' category

Rationale

The rating downgrade follows the suspension of the operations and
delays in debt servicing as confirmed by the lender.

The rating is based on limited information on the entity's
performance since the time it was last rated in August 2018. As
part of its process and in accordance with its rating agreement
with Natraj Industries, 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.

Key rating drivers and their description

Credit strengths
Not Applicable

Credit challenges
Irregularity in the debt servicing: The entity has suspended
operations and there has been delays in debt as confirmed by the
lender.

Liquidity position: Poor

NI's liquidity profile is poor as reflected by irregularities in
debt servicing by entity.

Rating sensitivities

Positive triggers: Resumption of the operations along with
regularization of debt servicing on a sustained basis (more than
three months).

Established in 1995 as a partnership firm by the Patel family of
Junagadh, Natraj Industries trades agro commodities, processes
groundnuts and crushes oilseeds. The trading portfolio of the firm
includes groundnuts, seeds and oil, castor seeds and oil, groundnut
seeds and oil, wheat, cotton etc. The company has suspended its
operation currently.


ORIENT GREEN: ICRA Reaffirms 'D' Rating on INR34.39cr Term Loan
---------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of Orient Green
Power Company Limited (OGPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Term Loan           34.39       [ICRA]D; Reaffirmed

Rationale

The reaffirmation of rating takes into consideration delays in debt
servicing by OGPL in the recent past. ICRA, however, notes that the
company has sold its 10 MW Narsingpur biomass plant and has closed
the concerned term loan with the sales proceeds in November 2019.
The rating further takes into consideration the modest financial
risk profile of the company characterised by weak debt protection
metrics and high working capital intensity.

ICRA, however, continues to take note of the established presence
and a reasonable track record of operations of the company in the
renewable power segment with an installed capacity of 425 MW in the
wind power division.

Key rating drivers

Credit strengths

Established presence in the renewable power segment – OGPL has an
established presence in the renewable power segment with an
installed capacity of 425 MW wind power projects.

Credit challenges

Delays in debt repayment obligations in the recent past – Loans
availed for the Narsingpur biomass plant of OGPL were under NPA
status until closure in November 2019. Furthermore, there have been
continued delays in repayments in the loans availed at subsidiary
level. However, at a standalone level, the company has prepaid debt
till Q2 FY2020 using escrowed cashflows of wind power assets in one
of the subsidiaries(partial assets of Clarion Wind Farm Private
Limited).

Financial profile characterised by leveraged capital structure and
weak debt coverage indicators - Given the debt funded capex
undertaken over the years, the company's gearing level continues to
remain high. The debt service coverage indicators (consolidated) of
OGPL remain modest with interest coverage of 1.2 times and
NCA/Total Debt of 4% for FY2019.

Vulnerability of cashflows to variation in wind speed - Variability
in wind speed may affect PLF levels and actual electricity
generation thereby leading to volatility in revenues and
cashflows.

Liquidity position: Stretched

The liquidity position of the company is stretched as evidenced
from the delay in repayment of debt obligations. At a consolidated
level, the company continues to remain plagued by high interest
burden and sizeable debt repayment obligations arising out of
significant debt funded capex taken up in the past.

Rating sensitivities

Positive Triggers: Improved performance which would result in
regularisation of debt servicing for a period of a minimum of three
months could trigger an upward revision in rating.
Negative Triggers: Not applicable.

Incorporated in 2006, Orient Green Power Limited (OGPL) is into
renewable power generation with focus on wind and biomass power
segments. As on March 31, 2018, the company had installed capacity
of 425 MW of wind power plants across Tamil Nadu, Andhra Pradesh,
Gujarat, Karnataka and Europe. As part of its restructuring
strategy, the company is in the process of offloading biomass
assets from its portfolio. OGPL is promoted by SVL Limited (Shriram
Group) and is listed on both BSE and NSE.

In FY2019, at a consolidated level, the company reported a net loss
of INR48.64 crore on an operating income of INR323.38 crore, as
compared to a net loss of INR71.43 crore on an operating income of
INR356.98 crore in the previous year.


POLESTAR TRADERS: ICRA Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the Rs.09.50 crore bank facilities of
Polestar Traders Private Limited continue to remain under Issuer
Not Cooperating category. The long-term rating is denoted as
[ICRA]D ISSUER NOT COOPERATING and short-term rating is denoted as
[ICRA]D ISSUER NOT COOPERATING

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based-        8.00       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based-        1.50       [ICRA]D; ISSUER NOT COOPERATING;
   Letter of Credit              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 dated 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.

Polestar Traders Private Limited was incorporated in March 2013 by
Mr. Umesh Vrajlal Damania and Mr. Manish Babel. The company started
operations by taking over the asset and liabilities of M/s Polestar
Industries, a proprietorship concern established by Mr. Umesh
Vrajlal Damania. The company is engaged in trading of various
ferrous and non ferrous metals. It predominantly deals in trading
of various types of stainless steel like pipes, plates, sheets,
wire rods etc. The company has its registered office in Mumbai and
warehouse in Navi Mumbai.


PRABHU AGARWALLA: ICRA Lowers Rating on INR20cr Cash Loan to B+
---------------------------------------------------------------
ICRA said the ratings for the INR90.00 crore bank facilities of
Prabhu Agarwalla Construction Private Limited (PACPL) was
downgraded and continues to remain under 'Issuer Not Cooperating'
category.  The rating is now denoted as "[ICRA]B+
(stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based–         20.00       [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                     COOPERATING/ Rating downgraded
                                   from [ICRA]BB (Stable) and
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Fund-based-          2.00       [ICRA]B+(Stable) ISSUER NOT
   Term Loan                       COOPERATING/ Rating downgraded
                                   from [ICRA]BB (Stable) and
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Non-Fund based–      40.00      [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING/Ratings Continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated Limit    28.00      [ICRA]B+(Stable)/[ICRA]A4
                                   ISSUER NOT COOPERATING/
                                   Long term rating downgraded
                                   from [ICRA]BB (Stable)
                                   Ratings continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

The rating downgrade is because of lack of adequate information
regarding Prabhu Agarwalla Construction Private Limited's
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 Prabhu Agarwalla Construction Private Limited. 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 01, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

Incorporated in 2003, PACPL is primarily involved in the civil
construction (roads, bridges and buildings) business in Assam. With
effect from March 31, 2013, PACPL took over the entire business of
its group entity M/s. Prabhu Agarwalla (PA), a partnership firm,
which was previously involved in the civil construction business in
Assam.


RAJGANGPUR ISPAT: ICRA Maintains B- Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR8.00 crore bank facilities of
Rajgangpur Ispat Udyog continues to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B-
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based–          3.00       [ICRA]B- (stable); ISSUER NOT
   Cash credit                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Fund based–          5.00       [ICRA]A4; ISSUER NOT
   Bill                            COOPERATING; Rating continues
   Discounting                     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.

Rajgangpur Ispat Udyog, promoted in the year 1982, is a partnership
concern promoted by the Agarwal family based out of Odisha. The
firm has an installed annual crushing capacity of 90000MT for iron
ore lumps and 30000MT for iron ore fines.

SHREE AMBIKA: ICRA Maintains 'D' Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR562.30-crore bank facilities of
Shree Ambika Sugars Limited (SASL) continue to remain under 'Issuer
Not Cooperating' category. The ratings are denoted as "[ICRA]D
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-         34.63     [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based TL                Continues to remain under the
                                'Issuer Not Cooperating'
                                Category

   Long Term-Non      527.67    [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                   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
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.

Shree Ambika Sugars Limited, is a part of the Thiru Arooran Group,
and was incorporated in 1988. Its sugar plants are based in
Cuddalore and Thanjavur districts of Tamil Nadu. It has 11,500 TCD
of cane crushing capacity, 56 MW cogeneration unit and 60 KLPD
distillery. It also has 750 TPD sugar refinery.


TERRA ENERGY: ICRA Maintains 'D' Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR50.00-crore1 bank facilities of
Terra Energy Limited (TEL) continue to remain under 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/D2
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-Fund     8.95       [ICRA]D; ISSUER NOT COOPERATING;
   Based/CC                      Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

   Long Term-Fund     9.89       [ICRA]D; ISSUER NOT COOPERATING;
   Based TL                      Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

   Long Term–        20.16       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

   Short Term-       11.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund Based                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
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.

Terra Energy Limited was incorporated in March 2000, following the
demerger of the cogeneration plants of Thiru Arooran Sugars Limited
(TASL). It has an installed capacity of 47.1 MW. TASL is the
holding company of TEL with 66% shareholding. These cogeneration
plants are located adjacent to the sugar plants of TASL. TEL has
barter arrangement with TASL for supply of steam and power in lieu
of bagasse. TEL exports surplus power to Tamil Nadu Generation and
Distribution Corporation (TANGEDCO).

THIRU AROORAN: ICRA Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR339.18-crore bank facilities of
Thiru Arooran Sugars Limited (TASL) continue to remain under
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D/D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-Fund    56.84      [ICRA]D; ISSUER NOT COOPERATING;
   Based/CC                     Continues to remain under the
                                'Issuer Not Cooperating'
                                Category

   Long Term-Fund    29.70      [ICRA]D; ISSUER NOT COOPERATING;
   Based TL                     Continues to remain under the
                                'Issuer Not Cooperating'
                                Category

   Long Term-Non    235.30      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                   Continues to remain under the
                                'Issuer Not Cooperating'
                                Category

   Long Term–        16.11      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Continues to remain under the
                                'Issuer Not Cooperating'
                                Category

   Short Term-        1.50      [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund Based               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
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 1954, Thiru Arooran Sugars Limited is one of the
oldest sugar companies in India. Its sugar plants are based in
Cuddalore and Thanjavur districts of Tamil Nadu. It has 8500 TCD of
cane crushing capacity in its two plants, and a 60-KLPD distillery.
The plants are integrated with a 47.10-MW cogeneration unit of the
company's subsidiary Terra Energy Limited (TASL holds 66.19% stake
in Terra Energy Limited), with which it has barter arrangement for
supply of steam and power.

VAISHNAVI BIOTECH: ICRA Cuts Rating on INR8cr Term Loan to B+
-------------------------------------------------------------
ICRA has revised the long-term rating of bank facilities of
Vaishnavi Biotech Limited (VBL) to [ICRA]B+(Stable) ISSUER NOT
COOPERATING from [ICRA]BB-(Stable) ISSUER NOT COOPERATING and
reaffirmed the short term rating at [ICRA]A4. The outlook on the
longterm rating is Stable. The ratings continue to be in 'Issuer
Not Cooperating' category and denoted as "[ICRA]B+(Stable)/[ICRA]A4
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-         8.00        [ICRA]B+(Stable); ISSUER NOT
   Term Loan                       COOPERATING; Rating downgraded
                                   from [ICRA]BB-(Stable) and
                                   Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

   Fund Based-         7.00        [ICRA]B+(Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating downgraded
                                   from [ICRA]BB-(Stable) and
                                   Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

   Unallocated        13.00        [ICRA]B+(Stable)/A4; ISSUER
                                   NOT COOPERATING; Long term
                                   rating downgraded from
                                   [ICRA]BB- (Stable), Ratings
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

The long-term rating downgrade is because of lack of adequate
information regarding VBL's 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 VBL, 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 2000, Vaishnavi Biotech Limited (VBL) is into
manufacturing and marketing of eco friendly products to cater the
need of agricultural and veterinary/poultry sectors. The company
has a diversified product portfolio consisting of nutritional
fertilizers, bio-fertilizers other value added products which are
being manufactured through fermentation process. The manufacturing
facility of the company is located at Sihor Taluk, Bhavnagar,
Gujarat.


[*] INDIA: 10K+ Cases Under IBC Pending Before NCLT as of September
-------------------------------------------------------------------
BloombergQuint reports that as many as 10,860 cases under the
Insolvency and Bankruptcy Code were pending before the National
Company Law Tribunal at the end of September 2019, Parliament was
informed on Dec. 3.

"As per the data provided by National Company Law Tribunal, total
19,771 cases were pending with NCLT benches on 30.09.2019, which
include 10,860 cases under Insolvency and Bankruptcy Code, 2016,"
Minister of State for Finance and Corporate Affairs Anurag Singh
Thakur said in a written reply to the Rajya Sabha, BloombergQuint
relays.

In a separate reply, the minister said that out of 18,782 cases
filed under IBC, 2016 at the end of June 2019, 2,173 cases were
admitted under the Code.

"Out of 2,173 admitted cases, 1,274 cases were ongoing under
different stages of resolution process, 129 cases have resulted in
resolution, 491 cases have been approved for commencement of
liquidation process, 279 cases have been closed," Sabha, as cited
by BloombergQuint, said.

The action is taken as per the provisions of the Code in all these
cases admitted under the Code, Thakur added.




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

JAPAN: Preparing JPY13TT Stimulus Package as Recession Risks Rise
-----------------------------------------------------------------
The Japan Times reports that the government is preparing an
economic stimulus package worth JPY13 trillion to support fragile
economic growth, two government officials with direct knowledge of
the matter said Dec. 10, complicating government efforts to fix
public finances.

The Japan Times says the spending would be earmarked in a
supplementary budget for this fiscal year and an annual budget for
the coming fiscal year that starts April 1.

Both budgets will be compiled later this month, the sources said,
declining to be identified because the package has not been
finalized, the report relates.

While the package would come to around JPY13 trillion (US$120
billion), it would rise to JPY25 trillion when private sector and
other spending is included.

However, the spending could strain the industrial world's heaviest
public debt burden, which is more than twice the size of the
Japanese economy, according to The Japan Times.

And despite the headline size of the stimulus, actual spending
would be smaller in the current fiscal year, and economists are not
expecting much of a boost.

"We expect this fiscal year's extra budget to total around JPY3 to
JPY4 trillion. We should not expect it to substantially push up the
GDP growth rate," the report quotes Takuya Hoshino, senior
economist at Dai-ichi Life Research Institute, as saying.

According to The Japan Times, the JPY13 trillion includes more than
JPY3 trillion from fiscal investment and loan programs, as the
heavily indebted government seeks to take advantage of low
borrowing costs under the Bank of Japan's negative interest rate
policy.

Local governments will be expected to shoulder more than JPY1.5
trillion.

Direct government spending is expected to reach around JPY7
trillion to JPY8 trillion, the sources said.

A final decision on the package could be made as early as Dec. 12,
the report notes.

The Japan Times notes that the previous policy package compiled in
August 2016 totaled JPY28.1 trillion, including JPY6.2 trillion
from the central government.

Last month, Abe instructed ministers to formulate the economic
package following disasters including Typhoon Hagibis in October.

The government plans to promote information and communications
technology in education by supplying more computers to public
schools to ensure each student in the fifth to ninth grades has
access to one, The Japan Times relates citing sources.

The Japan Times adds the stimulus is also aimed at alleviating the
negative impact of the Oct. 1 consumption tax hike to 10 percent
from 8 percent, as economic figures have signaled some damage.




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

KOON HOLDINGS: Ends JV with Penta-Ocean Amid Debt Restructuring
---------------------------------------------------------------
Vivienne Tay at The Business Times reports that Koon Holdings on
Dec. 9 said the joint venture (JV) between its unit Koon
Construction & Transport (KCT) and Japanese firm Penta-Ocean
Construction has been terminated.

Following the move, Koon Holdings and KCT will no longer need to
provide corporate guarantees in respect of the JV - significantly
reducing their contingent liabilities and obligations, BT says.

According to the report, the JV was formed for a S$1.108 billion
project awarded by the Ministry of Transport (MOT) in 2014 to carry
out land preparation works for Changi Airport's expansion. The
project is nearing completion, with over 90 per cent of works being
completed as at October 2019, the group said.

With the termination, Penta-Ocean will indemnify KCT against any
claims the JV incurred and would be solely responsible for the
completion of remaining works for the project, BT says. All of the
JV's rights and obligations for the project will also be taken over
by Penta-Ocean, and KCT will be released and discharged from the
contract's performance.

In connection with the termination, the JV has entered into a
novation agreement with the transport ministry and Penta-Ocean to
replace the existing contract. This will see Penta-Ocean assuming
responsibility and liability for all works previously undertaken by
the JV, the report relays.

BT relates that Koon Holdings said the termination and novation
agreements are not expected to have any material impact on the
group's consolidated net tangible assets and earnings per share for
the financial year ending Dec. 31, 2019.

Shares of Koon Holdings have been suspended since Aug. 30.

Koon Holdings is an infrastructure and civil engineering service
provider specialising in reclamation and shore protection works.
KCT is the group's main operating company.

As reported in the Troubled Company Reporter-Asia Pacific Nov. 12,
2019, The Business Times said the High Court of Singapore has
granted a debt moratorium to Koon Holdings and its subsidiary Koon
Construction & Transport (KCT).  It will last from Nov. 7, 2019, to
Feb. 28, 2020.  In October, the two companies applied for court
protection as they intend to propose and implement a scheme of
arrangement as part of the group's restructuring exercise to
restore their financial position.




=================
S R I   L A N K A
=================

SRI LANKA TELECOM: S&P Withdraws 'B' LT Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings withdrew its 'B' long-term issuer credit rating
on Sri Lanka Telecom PLC (SLT) at the company's request. The
outlook was stable at the time of withdrawal.

S&P said, "Our rating on SLT reflected our view of the integrated
telecom service provider's established brand presence, leadership
in the fixed-line telephony business, and network coverage. SLT is
likely to increase spending on its mobile network rollout and
improving its fixed-line broadband penetration, resulting in
moderate leverage. We expect the company's operations in a single
country and Sri Lanka's persistent macroeconomic risks to continue
to offset these strengths.

"The stable outlook on SLT at the time of withdrawal reflected our
outlook on the sovereign credit rating on Sri Lanka (B/Stable/B)."





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

[*] ADB Trims Growth Forecasts as Asia's Biggest Economies Slow
---------------------------------------------------------------
The Asian Development Bank (ADB) has trimmed its forecasts for
economic growth in developing Asia this year and next year as
growth in the People's Republic of China (PRC) and India is weighed
down by both external and domestic factors.

In a supplement to its Asian Development Outlook 2019 Update
released in September, ADB now expects gross domestic product (GDP)
in the region to expand 5.2% in both 2019 and 2020, down from the
September forecast of 5.4% growth this year and 5.5% next year.

"While growth rates are still solid in developing Asia, persistent
trade tensions have taken a toll on the region and are still the
biggest risk to the longer-term economic outlook. Domestic
investment is also weakening in many countries, as business
sentiment has declined," said ADB Chief Economist Mr. Yasuyuki
Sawada. "Inflation, on the other hand, is ticking up on the back of
higher food prices, as African swine fever has raised pork prices
significantly."

The supplement forecasts inflation of 2.8% in 2019 and 3.1% in
2020, up from the September prediction that prices would rise 2.7%
this year and next.

In East Asia, growth in the PRC is now expected at 6.1% this year
and 5.8% next year due to trade tensions and a slowdown in global
activity coupled with weaker domestic demand, with family wallets
being hit by pork prices that have doubled relative to a year ago.
Growth could accelerate, however, should the United States and the
PRC come to an agreement on trade, the report says. In September,
ADB forecast GDP growth of 6.2% in 2019 and 6.0% in 2020.

Hong Kong, China, already in technical recession, will see severe
downward pressures persist possibly into 2020. The economy is now
expected to contract 1.2% this year and grow 0.3% next year.

In South Asia, India's growth is now seen at a slower 5.1% in
fiscal year 2019 as the foundering of a major nonbanking financial
company in 2018 led to a rise in risk aversion in the financial
sector and a credit crunch. Also, consumption was affected by slow
job growth and rural distress aggravated by a poor harvest. Growth
should pick up to 6.5% in fiscal year 2020 with supportive
policies. In September, ADB forecast India's GDP to grow 6.5% in
2019 and 7.2% in 2020.

In Southeast Asia, many countries are seeing continued export
declines and weaker investment, and growth forecasts have been
downgraded for Singapore and Thailand. GDP growth is expected to
slow in the Pacific with activity in Fiji, the subregion's second
largest economy after Papua New Guinea, expected to be more subdued
than previously anticipated.

Central Asia is the only subregion where prospects look a little
brighter now than in September, largely thanks to increased public
spending in Kazakhstan, the region's largest economy. Central Asia
is now forecast to grow 4.6% in 2019, up from the previous
prediction for expansion of 4.4%.  The forecast for 2020 is for
growth of 4.5%. Kazakhstan's economy is seen expanding by 4.1% this
year and 3.8% next year.

ADB is committed to achieving a prosperous, inclusive, resilient,
and sustainable Asia and the Pacific, while sustaining its efforts
to eradicate extreme poverty. In 2018, it made commitments of new
loans and grants amounting to $21.6 billion. Established in 1966,
it is owned by 68 members - 49 from the region.



                           *********


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
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***