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

                     A S I A   P A C I F I C

          Wednesday, January 8, 2020, Vol. 23, No. 6

                           Headlines



A U S T R A L I A

BLUESTONE PROJECT: ASIC Bans 3 Directors From Managing Companies
GRANNYFLAT LEADERS: First Creditors' Meeting Set for Jan. 16
HALIFAX INVESTMENT: ASIC Further Suspends AFS License


C H I N A

KWG GROUP: Fitch Rates Proposed USD Sr. Notes 'BB-'
LIANLUO SMART: Recurring Losses Cast Going Concern Doubt
WINTIME ENERGY: To File for Bankruptcy After Defaults
YUZHOU PROPERTIES: Fitch Rates Proposed USD Sr. Notes 'BB-'
[*] CHINA: Tech Start-ups Go Bust in 2019 'Capital Winter'



I N D I A

ANOUSHKA MEDICARE: Insolvency Resolution Process Case Summary
APPOLLO DISTRILLERS: ICRA Keeps D Debt Rating in Not Cooperating
ARDHENDU MONDAL: ICRA Lowers Rating on INR5.50cr Loan to 'D'
ASAP RETAIL: Insolvency Resolution Process Case Summary
CARBONTREE INDUSTRIES: Insolvency Resolution Process Case Summary

DISCOVERY LABORATORIES: ICRA Keeps B Debt Rating in Not Cooperating
EMPEE SUGARS: ICRA Maintains D on INR384cr Debt in Not Cooperating
FUTURE RETAIL: Fitch Corrects Jan. 5 Ratings Release
GANAPATI MOTORS: ICRA Keeps D on INR28.5cr Loans in Not Cooperating
GANESHPRASAD IMPEX: ICRA Withdraws B- Rating on INR12.3cr Debt

GAUTAM INDUSTRIAL: ICRA Keeps B+ on INR5cr Loan in Not Cooperating
INFRA INDUSTRIES: Insolvency Resolution Process Case Summary
JAK ASSOCIATES: ICRA Lowers Rating on INR2.46cr LT Loan to B+
KAVERI SILK: ICRA Lowers Rating on INR32.60cr LT Loan to B+
KRISH AGRO: ICRA Lowers Rating on INR14.38cr Term Loan to D

MALHATI TEA: ICRA Keeps 'B-' on INR6.46cr Debt in Not Cooperating
MODRINA AUTO: ICRA Lowers Ratings on INR16cr Loans to 'B+'
NABADIGANT EDUCATIONAL: ICRA Cuts Rating on INR15cr Loan to B+
NAVA BHARAT: Insolvency Resolution Process Case Summary
PATEL WOOD: ICRA Withdraws 'B-' Rating on INR10.10cr Loan

PEACOCK CONSTRUCTION: Insolvency Resolution Process Case Summary
R.H. SOLVEX: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
RAIPUR DEVELOPMENT: Ind-Ra Keeps D in INR4BB Debt in NonCooperating
RLJ MULTIGRAIN: ICRA Keeps B on INR12cr Loans on Not Cooperating
SHAKTI CABLES: ICRA Keeps B- on INR8.5cr Loans in Not Cooperating

SHANGRI-LA INDUSTRIES: ICRA Keeps B- Rating in Not Cooperating
SHILPI CABLE: ICRA Keeps D on INR27cr Debentures in Not Cooperating
SHIV REFOILS: Insolvency Resolution Process Case Summary
SUDHA SESAMUM: ICRA Keeps B+ on INR12cr Credit in Not Cooperating
TELAWNE POWER: ICRA Keeps B+ on INR12.7cr Loans in Not Cooperating

TEXMACO RAIL: NCLAT Sets Aside Insolvency Proceedings Against Unit
TRIDENT SUGARS: ICRA Keeps C on INR41.95cr Loans in Not Cooperating
UCO BANK: Recovers INR900 Crore From Four Stressed Accounts
VEDANT INDUSTRIAL: Insolvency Resolution Process Case Summary
WAY 2 HEALTH: Insolvency Resolution Process Case Summary



S I N G A P O R E

ASTAKA HOLDINGS: Auditors Raises Going Concern Doubt

                           - - - - -


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

BLUESTONE PROJECT: ASIC Bans 3 Directors From Managing Companies
----------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
disqualified Larry James Matthews, Richard James Matthews and
Rowena Ylaya Matthews, of Broadbeach, Queensland, from managing
corporations, following the appointment of liquidators to eight
companies they managed between them.

Messrs. Larry and Richard Matthews have both been disqualified for
five years and Ms. Rowena Matthews has been disqualified for four
years.

The disqualification follows the appointment of liquidators to the
following companies:

  - Bluestone Project Management Pty Ltd ACN 137 356 659;
  - Bluestone Constructions Pty Ltd ACN 137 356 686;
  - BluestoneInvest Pty Ltd ACN 146 827 581;
  - Bluestone Development Group Pty Ltd ACN 137 356 631;
  - Bluestone Administration Pty Ltd ACN 137 356 677;
  - Yarrl Property Pty Ltd ACN 150 979 463;
  - Daisyfield Securities Pty Ltd ACN 131 212 729; and
  - Blackrock Developments Pty Ltd ACN 161 715 162.

ASIC found that:

  * Mr. Larry Matthews had failed to exercise his duties as a
    director with due care and diligence, failed to ensure
    Bluestone Project Management and Bluestone Constructions had
    paid taxes, failed to prevent Bluestone Project Management and

    Bluestone Constructions from trading whilst insolvent,
    improperly used his position to gain an advantage for a
    related entity and was excluded by the Queensland Building and

    Construction Commission (QBCC) from being a director or
    secretary of a QBCC-licensed company;

  * Mr. Richard Matthews had failed to exercise his duties as a
    director with due care and diligence, failed to ensure
    Bluestone Project Management and Bluestone Constructions had
    paid taxes, failed to prevent Bluestone Constructions from
    trading whilst insolvent and was excluded by the Queensland
    Building and Construction Commission from being a director or
    secretary of a QBCC-licensed company;

  * Ms. Rowena Matthews had failed to exercise her duties as a
    director with due care and diligence, failed to ensure
    Bluestone Project Management and BluestoneInvest had paid
    taxes, failed to prevent Bluestone Project Management and
    BluestoneInvest from trading whilst insolvent and improperly
    used her corporate position to gain an advantage for a related

    entity.

The total amount of debts owed by the companies to creditors
exceeded AUD26.2 million.

In making its decision to disqualify Messrs Larry and Richard
Matthews and Ms Rowena Matthew, ASIC relied on supplementary
reports lodged by liquidators from Pilot Partners in relation to
Bluestone Project Management; from Worrells Solvency & Forensic
Accountants, in relation to Bluestone Constructions; and from
Rogers Reidy in relation to BluestoneInvest.

Funding from the Assetless Administration Fund was provided to the
liquidators from Pilot Partners, Worrells Solvency & Forensic
Accountants and Rogers Reidy to assist in preparing the
supplementary reports.

Mr. Larry Matthews is disqualified from managing companies from
Dec. 10, 2019 to Dec. 9, 2024.

Mr. Richard Matthews is disqualified from managing companies from
Nov. 11, 2019 to Nov. 10, 2024.

Ms. Rowena Matthews is disqualified from managing companies from
Dec. 17, 2019 to Dec. 16, 2023.

All three directors have the right to appeal to the Administrative
Appeals Tribunal.

Mr. Larry Matthews was a director of Bluestone Project Management,
Bluestone Constructions and Bluestone Development Group.

Mr. Richard Matthews was a director of Bluestone Project
Management, Bluestone Constructions, Blackrock Developments and
Bluestone Administration.

Ms. Rowena Matthews was a director of Bluestone Project Management,
BluestoneInvest, Bluestone Development, Bluestone Administration,
Yarrl Property and Daisyfield Securities.

Section 206F of the Corporations Act allows ASIC to disqualify a
person from managing corporations for up to five years if, within a
seven-year period, the person was an officer of two or more
companies that were wound up and the liquidator lodge reports with
ASIC about each company's inability to pay its debts or alleges
misconduct.

ASIC maintains a 'Banned and Disqualified Persons' register, which
provides information about people who have been disqualified from:

   * involvement in the management of a corporation;
   * auditing self-managed superannuation funds (SMSFs); and
   * practicing in the financial services or credit industry.


GRANNYFLAT LEADERS: First Creditors' Meeting Set for Jan. 16
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Grannyflat
Leaders Pty Ltd will be held on Jan. 16, 2020, at 11:00 a.m. at the
offices of O'Brien Palmer, Level 9, at 66 Clarence Street, in
Sydney, NSW.

Daniel John Frisken of O'Brien Palmer was appointed as
administrator of Grannyflat Leaders on
Jan. 6, 2020.


HALIFAX INVESTMENT: ASIC Further Suspends AFS License
-----------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
extended the suspension of the Australian financial services (AFS)
licence held by Halifax Investment Services Pty Ltd (Halifax) until
Jan. 8, 2021, effective Dec. 18, 2019.

The terms of the suspension allow the Halifax AFS licence to
continue in effect for the following purposes only:

   (a) to ensure that clients of Halifax continue to have access
       to an external dispute resolution scheme;

   (b) to ensure that Halifax continues to be required to have
       arrangements for compensating retail clients, including
       the holding of professional indemnity insurance cover;
       and

   (c) to allow for the termination of existing arrangements
       with clients of Halifax.

Halifax was a financial services licensee headquartered in Sydney
with a partially-owned subsidiary in Auckland, New Zealand.

On Jan. 8, 2019, ASIC suspended the Halifax AFS license until Jan.
10, 2020.

This followed the appointment of Morgan Kelly, Stewart McCallum and
Phil Quinlan, of Ferrier Hodgson as joint voluntary administrators
of Halifax on Nov. 23, 2018.

On March 20, 2019 at the second creditors meeting it was resolved
to place Halifax into liquidation and the administrators were
appointed as liquidators.

Under the Corporations Act, ASIC has the power to suspend or cancel
an AFS licence, without holding a hearing, where the AFS licence is
held by a body corporate which is placed under external
administration or that is being wound up.

The company has a right to seek a review of ASIC's decision at the
Administrative Appeals Tribunal.




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

KWG GROUP: Fitch Rates Proposed USD Sr. Notes 'BB-'
---------------------------------------------------
Fitch Ratings assigned a 'BB-' rating to KWG Group Holdings
Limited's (KWG, BB-/Stable) proposed US dollar senior notes. The
proposed notes are rated at the same level as KWG's senior
unsecured rating because they will constitute its direct and senior
unsecured obligations.

KWG's ratings are supported by its quality and sufficient land
bank, strong brand recognition in higher-tier cities across China,
consistently robust profitability, strong liquidity and healthy
maturity profile. The ratings are constrained by the small scale of
the company's development-property business as well as weak sales
efficiency.

KEY RATING DRIVERS

Diverse Coverage; Strong Branding: KWG's land bank is diversified
across China's Greater Bay Area, which includes Guangzhou, Foshan,
Shenzhen and Hong Kong, as well as eastern and northern China. The
company had 17.8 million square metres (sq m) of attributable land
in 1H19, spread across 38 cities in mainland China and Hong Kong,
with an average cost of CNY5,000/sq m (excluding Hong Kong) and
sufficient for around five years of development. Over CNY200
billion of assets out of total sellable resources of CNY450 billion
are located in the Greater Bay Area, where the company has
extensive experience and established operations.

KWG has established strong brand recognition in its core cities by
focusing on first-time buyers and upgraders. It appeals to these
segments by engaging international architects and designers and
setting high building standards.

Robust Profitability Through Cycles: Fitch expects KWG's EBITDA
margin, excluding capitalised interest, to remain at 30% in the
next two years. Its consolidated EBITDA margin decreased to around
20% by end-2018, from around 34% at end-2017, mainly due to the
sale of an office building that was classified as disposal of a
subsidiary and was not included in the margin calculation. The
margin would have declined by only 1-2 percentage points, after
accounting for the asset sale in the calculation, due to higher
selling, general and administrative (SG&A) expenses and recognition
of lower-margin projects.

Profitability of KWG's development properties has remained strong
through business cycles and is one of the highest among Chinese
homebuilders. Protecting the margin is one of KWG's key objectives
and is achieved by maintaining higher-than-average selling prices
through consistently high-quality products. The company's
experienced project team also ensures strong execution capability
and strict cost control. Moreover, KWG has a low unit land cost of
around 25% of its average selling price due to its strong foothold
in Guangzhou, where land prices have not risen as much as in other
Tier 1 cities.

Leverage Under Control: Fitch expects leverage, measured by net
debt/adjusted inventory, to stay at around 35%-40% based on the
company's sales prospects and land-bank replenishment strategy.
KWG's leverage on an attributable basis was around 35% at end-2018
(2017: 34%). The cash collection rate decreased in 2018 due to a
tighter credit environment, but leverage remained stable because
the company slowed land acquisitions as it spent only 61% of sales
proceeds to purchase land compared with 93% in 2017.

JVs with Leading Peers: KWG's prudent expansion strategy has
created strong partnerships with leading industry peers, including
Sun Hung Kai Properties Limited (A/Stable), Hongkong Land Holdings
Limited, Shimao Property Holdings Limited (BBB-/Stable), China
Vanke Co., Ltd. (BBB+/Stable), China Resources Land Ltd
(BBB+/Stable) and Guangzhou R&F Properties Co. Ltd. (BB-/Stable).
These partnerships help KWG lower project-financing costs, reduce
competition in land bidding and improve operational efficiency.
Joint venture (JV) pre-sales made up 50% of KWG's total
attributable pre-sales in 2018 and 53% in 2017.

JV cash flow is well-managed and investments in new projects are
mainly funded by excess cash from mature JVs. Leverage is also
lower at the JV level because land premiums are usually funded at
the holding-company level and KWG pays construction costs only
after cash is collected from pre-sales.

Small Scale; Weak Churn: KWG's 2018 total pre-sales rose by 72% yoy
to CNY65.5 billion, but only 65% of total sales were attributable
to the company as around 50% of pre-sales in 2018 came from JVs.
KWG's sales target in 2019 of CNY85 billion, which will be
equivalent to an attributable sales scale of around CNY55 billion,
remains smaller than 'BB' peers that had contracted sales of over
CNY70 billion in 2018. KWG's sales efficiency, measured by
attributable contracted sales/gross debt, of 0.5x is slower than
most 'BB-' peers' of about 1.0x.

DERIVATION SUMMARY

KWG's ratings are supported by its established homebuilding
operations in Guangzhou and strong high-tier cities across China,
consistently robust profitability, strong liquidity and healthy
maturity profile. KWG has maintained one of the highest margins
among Chinese homebuilders throughout the cycle. Its EBITDA margin
is comparable with that of Logan Property Holdings Company Limited
(BB/Stable) and some investment-grade peers, such as Poly
Developments and Holdings Group Co., Ltd. (BBB+/Stable) and China
Jinmao Holdings Group Limited (BBB-/Stable), and is higher than
that of some 'BB' peers, including Seazen Group Limited
(BB/Stable), Yuzhou Properties Company Limited (BB-/Stable) and
CIFI Holdings (Group) Co. Ltd. (BB/Stable). However, its contracted
sales scale is small compared with that of these peers.

KEY ASSUMPTIONS

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

  - Contracted sales gross floor area (GFA) rising by more than
    20% from 2019

  - Annual increase in average selling price of 5% from 2019

  - EBITDA margin (exclude capitalised interest) maintained at
    around 30% for 2019-2020

  - Land replenishment rate at 1.3x contracted sales GFA
    (attributable) in 2019-2021

RATING SENSITIVITIES

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

  - Increase in scale without compromising financial metrics

  - EBITDA margin sustained above 30%

  - Net debt/adjusted inventory sustained below 35%

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

  - EBITDA margin below 25% for a sustained period

  - Net debt/adjusted inventory sustained above 45%

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: KWG has well-established diversified funding
channels and strong relationships with most offshore and onshore
banks. It has strong access to domestic and offshore bond markets
and was among the first companies to issue panda bonds. KWG had
available cash of CNY52.6 billion at end-2018, which was enough to
cover the repayment of CNY17.4 billion in short-term borrowings and
outstanding land premiums. Fitch believes the group maintained
sufficient liquidity to fund development costs, land premium
payments and debt obligations in 2019 due to its diversified
funding channels, healthy maturity profile and flexible
land-acquisition strategy.

Available cash increased further to CNY55.5 billion in 1H19, more
than sufficient to cover short-term liabilities of CNY12.3
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.


LIANLUO SMART: Recurring Losses Cast Going Concern Doubt
--------------------------------------------------------
On Dec. 27, 2019, Lianluo Smart Limited filed its Form 6-K,
disclosing a comprehensive loss of $3,435,666 on $242,213 of
revenues for the six months ended June 30, 2019, compared to a
comprehensive loss of $3,548,793 on $301,293 of revenues for the
same period in 2018.

At June 30, 2019, the Company had total assets of $3,718,999, total
liabilities of $3,968,868, and $249,869 in total shareholders'
deficit.

The Company suffered recurring losses from operations, and recorded
a working capital deficit of US$937,906 as of June 30, 2019.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.  The ability to continue as a going
concern is dependent upon the Company's profit generating
operations in the future and/or obtaining the necessary financing
to meet its obligations and repay liabilities arising from normal
business operations when they become due.

A copy of the Form 6-K is available at:

                       https://is.gd/RiAKhh

Lianluo Smart Limited, through its subsidiaries, designs, develops,
markets, and distributes medical products and medical components
primarily in China and internationally. The company offers medical
devices, including wearable sleep respiratory solutions, general
hospital products, medical compressors, and related supporting
products. It also provides smart devices for sports, social
contact, entertainment, remote-control, and family health
management; and smart ecosystem platform to interconnect smart
products, and smart products and users through cloud computing. In
addition, the company offers technical services in relation to the
detection and analysis of obstructive sleep apnea syndrome to
hospitals and medical centers through medical wearable devices.
Further, it distributes medical products designed and manufactured
by other companies. Lianluo Smart Limited sells its products
primarily through distributors; and directly to hospitals, physical
examination centers, insurance companies, and governmental
agencies, as well as to individual consumers. The company was
formerly known as Dehaier Medical Systems Limited and changed its
name to Lianluo Smart Limited in November 2016. Lianluo Smart
Limited was founded in 2003 and is headquartered in Beijing,
China.


WINTIME ENERGY: To File for Bankruptcy After Defaults
-----------------------------------------------------
Reuters, citing a document, reports that a listed Chinese coal
conglomerate that defaulted on bonds worth about $2 billion could
file for bankruptcy under a restructuring plan proposed by
creditors, as record bond defaults push China to improve risk
management.

Beijing-based Wintime Energy Co Ltd, saddled with debt worth more
than $10 billion, would use a combination of asset disposals,
debt-for-equity swaps and extended deadlines to improve its debt
structure and ease liquidity stress, Reuters relates citing the
plan.

The company and a creditor source confirmed the proposal as
genuine, Reuters notes.

Reuters relates that under the proposal, Wintime will repay a
portion of its CNY29.3 billion (US$4.20 billion) in unsecured debts
through asset disposals and debt-to-equity swaps. The remaining
debt will be extended for 12 years, with repayments financed by
cashflows generated by subsidiaries.

Wintime's subsidiaries will restructure their debt out of court as
a supplementary plan through asset disposals and term extensions,
according to the document cited by Reuters.

A bond investor, who declined to be identified, said that the
proposal is still subject to negotiations as the restructuring
could risk Wintime's major shareholders losing control of the
company, Reuters relays.

The document sets a deadline of Jan. 17 for feedback on its
proposals, Reuters notes.

But another source briefed on the restructuring plan said that the
company's bank creditors have agreed to the proposal to extend the
debt repayment period, while non-bank creditors have "largely
agreed to convert the debt to equity," the report relays.

Reuters, citing Refinitiv data, says Wintime has missed payments on
onshore bonds with a total principal value of CNY14.71 billion
since 2018. A subsidiary, Huachen Energy Co Ltd, has also defaulted
on a $500 million U.S. dollar bond, the data showed.

According to Reuters, Chinese companies defaulted on bond payments
at a record rate in 2019, squeezed by the slowest pace of growth in
three decades due to weak demand and a trade war with the United
States.

While the rise in defaults reflects authorities' eagerness to
reduce expectations of implicit state backing, high-profile missed
payments last year by state-owned enterprises in onshore and
offshore markets raised fresh concerns about debt and contagion
risks, Reuters states.

In December, regulators introduced new rules that improve
market-based disposals of bad corporate debt in a push to reduce
systemic financial risks, adds Reuters.


YUZHOU PROPERTIES: Fitch Rates Proposed USD Sr. Notes 'BB-'
-----------------------------------------------------------
Fitch Ratings assigned China-based Yuzhou Properties Company
Limited's (BB-/Stable) proposed US dollar senior notes a 'BB-'
rating.

The notes are rated at the same level as Yuzhou's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. Yuzhou intends to use net proceeds from the issue to
primarily refinance its existing debt.

Yuzhou's ratings are supported by a higher contracted sales scale
and healthy profitability, with an EBITDA margin of above 25%. Its
quality, low-cost land bank should continue to support a wider
margin than those of peers. The company's sales expansion and
relatively short land-bank life of about three years, however, will
limit room for deleveraging.

KEY RATING DRIVERS

Expansion Pressures Leverage: Fitch expects leverage - measured by
net debt/adjusted inventory that proportionately consolidates joint
ventures and associates - to stay at about 40% in the next 18-24
months (1H19: about 40% after adjusting for unpaid land premium of
CNY2.8 billion, end-2018: 39%). The company had a total land bank
by end June-2019 of 19.2 million square metres (sq m), which was
sufficient for development in the next three to four years.
Yuzhou's contracted sales will not be able to continue expanding at
the current pace unless the company replenishes its land bank.
Fitch estimates Yuzhou will spend 50%-60% of its annual total
contracted sales on acquiring land (1H19: 49%).

Larger Sales Scale: Fitch expects Yuzhou's total annual contracted
sales to increase to CNY67 billion in 2019 and to more than CNY100
billion in 2021 (2018: CNY56 billion). Yuzhou's total contracted
sales climbed by 33% to CNY67.2 billion in 11M19, driven by a 32%
yoy increase in gross floor area sold to 4.4 million sq m, while
the contracted average selling price rose to CNY15,187 per sq m
(11M18: CNY15,049). The company has achieved its full-year sales
target for 2019, taking into account it had a pipeline of CNY80
billion in saleable resources available in 2H19, of which 55% by
sales value were projects located in the Yangtze River Delta, where
housing demand remains resilient.

Margins to Stay Healthy: Fitch expects Yuzhou's gross profit and
EBITDA margins to stay healthy at 27%-28% and 25%, respectively, in
2019-2020. Yuzhou's gross profit margin was 27% in 1H19 (2018:
31%). Yuzhou had unrecognised contracted sales by end-June 2019 of
CNY68 billion, which carry a gross profit margin of about 30% and
will be recognised on the income statement over the next two to
three years. Operating costs remained well-controlled, with
selling, general and administrative expenses as a percentage of
revenue falling to 4.2% in 1H19, from 5.3% in 1H18.

DERIVATION SUMMARY

CIFI Holdings (Group) Co. Ltd. (BB/Stable) is Yuzhou's closest peer
in terms of geography, as both companies focus on the Yangtze River
Delta region. Yuzhou is also strongly positioned in the West Strait
Economic Zone and has less exposure to the Bohai Rim region. CIFI
has higher attributable contracted sales and lower leverage, which
explains why it is rated a notch higher than Yuzhou. CIFI has
higher sales efficiency than Yuzhou, but a narrower EBITDA margin.

In terms of scale, Times China Holdings Limited (BB-/Stable), which
is focussed on the Greater Bay Area, had a similar level of 2018
attributable contracted sales as Yuzhou, at around CNY50 billion.
Times China has adopted a faster churn strategy, and thus its
EBITDA margin is narrower than that of Yuzhou, as is its leverage.

KWG Group Holdings Limited (BB-/Stable) has slightly lower
attributable contracted sales than Yuzhou. KWG's focus is on
Guangzhou, although both companies have some exposure to Suzhou,
Shanghai and Tianjin. KWG has a slower churn model than Yuzhou,
which explains its slightly wider EBITDA margin. KWG's leverage is
rising towards Yuzhou's level.

KEY ASSUMPTIONS

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

  - Annual total contracted sales of CNY67 billion in 2019,
    CNY86 billion in 2020, and CNY104 billion in 2021
    (2018: CNY56 billion)

  - 50%-60% of contracted sales to be spent on land acquisitions
    to maintain a land-bank reserve sufficient for three to four
    years of development (1H19: about three years)

  - Gross profit margin of 27%-28% in 2019-2021 (1H19: 27%)

RATING SENSITIVITIES

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

  - Proportionally consolidated net debt/adjusted inventory
    sustained below 40%

  - Proportionally consolidated contracted sales/gross debt
    sustained above 1.2x (2018: 0.8x)

  - EBITDA margin sustained above 25%

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

  - Proportionally consolidated net debt/adjusted inventory
    above 45% for a sustained period

  - Proportionally consolidated contracted sales/gross debt
    below 1.0x for a sustained period

  - EBITDA margin below 20% for a sustained period

LIQUIDITY

Sufficient Liquidity: Yuzhou had a total cash balance of CNY38.9
billion, including restricted cash of CNY3.2 billion, as of
end-1H19. This is sufficient to cover debt maturing within a year
of CNY13.6 billion and to support planned expansion. The company
has diversified funding channels to ensure the sustainability of
its liquidity, including bank loans, onshore and offshore bond
issuance, as well as equity placements.


[*] CHINA: Tech Start-ups Go Bust in 2019 'Capital Winter'
----------------------------------------------------------
Ryan McMorrow at The Financial Times reports that hundreds of
Chinese tech start-ups - including several unicorns - failed in
2019, with many more limping into the new year, as companies burned
through cash in the face of growing financial headwinds.

The FT, citing new data from business information provider ITjuzi,
discloses that 336 start-ups in the country were forced to cease
operations over the course of last year, having collectively raised
CNY17.4 billion ($2.5 billion) from investors. Among them were
companies valued individually at more than $1 billion.

Of the 20 costliest failures of "new economy" start-ups - those
that have sprung up alongside the internet and private industry
over the past two decades - about half occurred in 2019, the FT
relays.

According to the FT, the closures come as tech companies in China
face an advancing "capital winter", a funding shortage that began
last year as investors grappled with a slowing economy and the end
of a venture capital boom. Meanwhile, tech start-ups' penchant for
employing expensive and risky strategies such as large subsidies
intended to woo new customers has added to their problems.

By the time Zhang Zhengping, the founder of social ecommerce
start-up Taojiji, announced the pending bankruptcy filing of his
company last month, the platform had collected 130 million shoppers
buying its subsidised clothes, cosmetics and groceries, the FT
reports.

But Taojiji had also spent the $42 million raised from venture
capitalists such as Tiger Global Management and DST Global in 2018,
and owed merchants and suppliers another CNY1.6 billion ($230
million). Debt collectors piled into its office building in
Shanghai demanding payment, the report says.

"Me and other executives have received countless threatening calls,
text messages and even threats to the safety of our families and
relatives," Mr. Zhang wrote in a letter to employees and suppliers,
claiming that two investors had failed to wire previously
agreed-upon financing in December, necessitating the bankruptcy,
the FT relates.

According to the FT, creditors similarly besieged the offices of
last year's largest failure, the peer-to-peer lender Tuandaiwang,
which was valued at CNY10 billion ($1.4 billion) before being hit
by a regulatory crackdown that aimed to shrink its overextended
business and exposed holes in its finances.

Lacking the cash to repay their thousands of individual lenders,
the company's two founders turned themselves in to police in March
on charges of illegal fundraising, the FT relates.

Losing money is not unusual among start-ups. But China's fiercely
competitive market and knack for copycats pushes many founders to
turn to burning cash early on to win market share. The FT relates
that analysts said customer acquisition costs in the country are
also some of the highest in the world, with William Bao Bean, a
partner at SOSV Investments in Shanghai, estimating a single user
app download cost $10 to $100.

"A lot of investors have a herd mentality and they've turned
against business models that use money as a weapon to subsidise
customer acquisition," the report quotes Mr. Bean as saying, adding
that fundraising was particularly hard for start-ups with
unprofitable unit economics.

Grocery delivery start-ups had received an influx of investor
capital in recent years, seeding a wave of new companies fighting
to provide consumers with highly subsidised fruit and vegetables -
and leaving almost all unprofitable, the FT says. Renminbi unicorns
Wochu.cn and Miao Life were among more than a dozen that failed
last year, according to ITjuzi, the FT relays.

Investors once gave China's lossmaking start-ups time to turn
things round, the FT notes. Meituan Dianping had raised more than
$4 billion privately, with much of the capital burnt on consumer
and merchant subsidies, before it listed publicly in Hong Kong in
2018. Last year it turned profitable and its value jumped, making
it China's third most valuable tech company.

But as a result of the "capital winter", the number of venture
capital deals fell 36 per cent last year, with total deal value
down to $51 billion, from $112 billion the year prior, the FT
discloses citing data from Preqin.




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

ANOUSHKA MEDICARE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Anoushka Medicare and Diagnostic Pvt. Ltd.
        3, Ashirwad
        51, Vallabh Nagar
        N.S. Road 2, JVPD
        Vile Parle (West)
        Mumbai 400056
        MH

Insolvency Commencement Date: December 11, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Rajendra K. Bhuta

Interim Resolution
Professional:            Rajendra K. Bhuta
                         1207, Yogi Paradise
                         Yogi Nagar, Borivali (West)
                         Mumbai 400092
                         E-mail: rkbhuta@gmail.com

                            - and -

                         303, Raghuveer Tower
                         Chamunda Circle
                         Borivali (West)
                         Mumbai 400092
                         E-mail: anoushka.irp@gmail.com

Last date for
submission of claims:    December 31, 2019


APPOLLO DISTRILLERS: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR75.00-crore bank facility of
Appollo Distrillers Private Limited continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]
D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Term Loans         75.00      [ICRA]D ISSUER NOT COOPERATING;
                                 Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

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

ADPL owns and operates a brewery plant having an installed capacity
of 50,000 KLPA (kilo liter per annum) at Billakuppam, Gummidipundi,
Tamil Nadu (TN). The commercial operation of ADPL's manufacturing
facility commenced in May 2012. ADPL is a subsidiary of Empee
Distilleries Limited (part of Empee group of companies).


ARDHENDU MONDAL: ICRA Lowers Rating on INR5.50cr Loan to 'D'
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of M/s.
Ardhendu Mondal, as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund based–        5.50        [ICRA]D ISSUER NOT
COOPERATING;
   Cash Credit                    Rating downgraded from [ICRA]B+
                                  (Stable) and Continues to
                                  remain under 'Issuer Not
                                  Cooperating' category

   Unallocated        2.48        [ICRA]D ISSUER NOT COOPERATING;
   Limit                          Rating downgraded from [ICRA]B+
                                  (Stable) and Continues to
                                  remain under 'Issuer Not
                                  Cooperating' category

   Non-Fund based–    2.02        [ICRA]D ISSUER NOT
COOPERATING;
   Bank Guarantee                 Rating downgraded from [ICRA]A4
                                  and Continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

Rationale

The ratings for the INR10.00 crore bank facilities of M/s. Ardhendu
Mondal Downgraded and continues to remain under
'Issuer Not Cooperating' category.  The rating is now denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

The rating downgrade is because of lack of adequate information
regarding M/s. Ardhendu Mondal.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 M/s. Ardhendu Mondal.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 2004 as a partnership firm, M/s. Ardhendu Mondal is
involved primarily in the business of civil construction in West
Bengal. The registered office of the firm is in Burdwan, West
Bengal. The activities of the firm include earth work, river bank
protection, bridge construction and maintenance work, road and
building construction work etc.


ASAP RETAIL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: ASAP Retail Private Limited
        23, Bankim Mukherjee Sarani Kolkata
        West Bengal 700053

Insolvency Commencement Date: December 6, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: June 20, 2020

Insolvency professional: Daulat Ram Jain

Interim Resolution
Professional:            Daulat Ram Jain
                         33, Shakespeare Sarani
                         Kolkata, West Bengal 700017
                         E-mail: daulatjain@rediffmail.com
                                 asap.cirp@gmail.com

Last date for
submission of claims:    January 6, 2020


CARBONTREE INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Carbontree Industries Private Limited
        192, 19th Floor, Yugdharma
        Link Road, Goregaon West
        Mumbai MH 400062

Insolvency Commencement Date: December 12, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: June 9, 2020

Insolvency professional: Mr. Rajan Rawat

Interim Resolution
Professional:            Mr. Rajan Rawat
                         B-602, Azziano
                         Rustomjee Urbania
                         Majiwada, Thane (W)
                         Mumbai 400601
                         E-mail: rajanrawat61@rediffmail.com

Last date for
submission of claims:    December 26, 2019


DISCOVERY LABORATORIES: ICRA Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------------
ICRA said the rating for the INR6.25 crore bank facilities of
Discovery Laboratories Private Limited (erstwhile Discovery
Intermediates Private Limited) to remain under 'Issuer Not
Cooperating' category. The rating is now denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash credit         6.25        [ICRA]B(Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2004, Discovery Intermediates Private Limited
(DLPL) is engaged in the manufacturing of pharmaceutical
intermediates. The name of the company changed to Discovery
Laboratories Private Limited in January 2017. The company presently
manufactures various types of intermediates and supplies them to
bulk drug manufacturers. The company is promoted by Mr. M.V.
Sekhara Rao and his son Mr. Prashanth Manne. The entire
shareholding of the company is held by the promoters and their
family members. The company's manufacturing facility is based in
Choutuppal in Bhongir district of Telangana. The commercial
production for the unit commenced in 2006. The facilities are
designed and constructed to comply CGMP guidelines and to meet
global standards. The business was started by Mr. M. V. Sekhara Rao
in 1998 with the incorporation of VSN Plastics Pvt Ltd, which is
engaged in the manufacturing of moulded plastic furniture and
crates. Subsequently in 2004, his son Mr. Prashanth Manne (Chemical
engineer) promoted Discovery Intermediates Pvt Ltd, which is
engaged in manufacturing of pharmaceutical intermediates. Further
in 2005, Mr. Rao's daughter (Mrs. Swapnika) and her husband (Mr.
Kiran Rao) promoted Alshine Composites Pvt Ltd, which is engaged in
the manufacturing of aluminium composite panels.


EMPEE SUGARS: ICRA Maintains D on INR384cr Debt in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR641.00-crore bank facility of
Empee Sugars and Chemicals Private Limited continues to remain
under 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA] D ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loans         384.90      [ICRA]D ISSUER NOT COOPERATING;
                                  Continues to remain under the
                                  'Issuer Not Cooperating'
                                  Category

   Cash Credit        127.14      [ICRA]D ISSUER NOT COOPERATING;
                                  Continues to remain under the
                                  'Issuer Not Cooperating'
                                  Category

   Non-Fund Based     128.18      [ICRA]D ISSUER NOT COOPERATING;
                                  Continues to remain under the
                                  'Issuer Not Cooperating'
                                  Category

   Unallocated          0.78      [ICRA]D ISSUER NOT COOPERATING;
                                  Continues to remain under the
                                  'Issuer Not Cooperating'
                                  Category

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

ESCL is engaged in the manufacturing of sugar and spirits including
ethanol. The Company started its cane crushing operation in 1992 at
Naidupet Unit in Andhra Pradesh and later ventured into the
production of Spirits namely rectified spirits and extra neutral
alcohol. ESCL has two operating units at Naidupet (Nellore) in
Andhrapradesh and Ambasamudram (Tirunelveli) in Tamil Nadu. ESCL
has 8000 TCD cane crushing capacity, integrated with 60 klpd
distillery and 50 MW cogeneration plant at Ambasamudram and 3000
TCD and 20 klpd distillery at Naidupet. ESCL also has a subsidiary
Empee Power Company Limited, which operates 20 MW cogeneration
power plant at Naidupet. Its Ambasamudram unit is facing cane
availability issues and the sugar production is discontinued.
Further, the 50 MW power co-gen plant also has stopped generation
of power since Dec. 1, 2014.


FUTURE RETAIL: Fitch Corrects Jan. 5 Ratings Release
----------------------------------------------------
Fitch Ratings replaced a ratings release on Future Retail Limited
published on January 5, 2020 to correct the name of the obligor for
the bonds.

The amended release is as follows:

Fitch Ratings published Indian retailer Future Retail Limited's
expected Long-Term Foreign-Currency Issuer Default Rating of
'BB(EXP)'. The Outlook is Positive. Fitch has also assigned the
proposed senior secured US dollar bond to be issued by Future
Retail Limited a rating of 'BB(EXP)'.

The rating is "expected" as the rating analysis has been based on
the restructured FRL entity. Under the restructuring, FRL will buy
the in-store infrastructure assets it currently leases from Future
Enterprises Limited for INR40 billion. The purchase will be funded
by INR15 billion in additional equity the main shareholders have
committed to contribute and the combination of FRL's internal
accruals, security deposits paid to Future Enterprises under the
lease rental arrangements, and borrowings, including a proposed
benchmark-sized senior secured bond.

As part of the restructuring, the cross-guarantee arrangements
between FRL and Future Enterprises will cease upon payment of the
proceeds of the bond for the assets to be acquired and Future
Enterprises using the funds to repay debt with the
cross-guarantees. Fitch will look to convert the ratings from
expected to final once this transaction is completed and the
cross-guarantees removed, ensuring that the final terms and
conditions of the bond conform to its understanding.

FRL's expected rating reflects its strong business profile, as
India's leading retail group. The company owns the country's
leading hypermarket chain, Big Bazaar; convenience stores, Easyday
and Heritage; fashion chain, fbb; and premium food store, Foodhall.
Its network is one of the most extensive in India with a presence
in 29 states (including 4 Union Territories). Its stores generated
more than 350 million customer footfalls and USD2.9 billion in
revenue in the financial year ended March 31, 2019 (FY19).

The Positive Outlook reflects its belief that FRL's strong business
profile will allow it to take advantage of the continued forecast
growth in Indian consumption expenditure - particularly in
organised retail - and help FRL's financial profile improve to a
level commensurate with a 'BB+' rating by FY22. Fitch believes that
the recently completed deal for Amazon.com, Inc. (A+/Positive) to
take a stake in a shareholder of FRL will provide opportunities for
FRL to increase sales and assist with the implementation of its
"online-to-offline" strategy to improve customer engagement,
particularly given Amazon's position as a global market leader in
online retailing.

KEY RATING DRIVERS

Leading Indian Retailer: FRL had 1,550 stores and around 16.4
million square feet in retail space in 432 cities across India at
September 30, 2019 (1HFYE20). It plans to expand to around 1,800
stores by end-FY23, mainly through its Big Bazaar, fbb standalone
fashion stores and Easyday convenience stores. With its large
Indian footprint and Big Bazaar's reputation as one of India's most
trusted brands, Fitch believes that FRL is in a strong position to
take advantage of the rise in Indian consumers' spending and move
towards organised retailers from the informal market.

Changing Indian Retail Landscape: Consumption expenditure in India
rose at an average annual rate of around 7% from 2012 to 2016, and
Fitch expects it to continue to grow at a CAGR of around 9% until
2020. Annual same-store sales growth (SSSG) at two of FRL's leading
chains, Big Bazaar and fbb, reflect this trend, with SSSG of
10%-14% and 9%-12%, respectively, from FY15 to FY19. Fitch also
expects organised retailers, such as FRL, to benefit from
consumers' shift away from informal retailers, which make up around
90% of the Indian retail market, as convenience and selection
become more important.

Despite the favourable environment for organised retailers, the
sector continues to face challenges from the highly diverse
demographics of Indian consumers, and hence complexity of
penetrating beyond the middle- and high-income groups in the
cities, and strong competition from the unorganised sector.

Benefits from Restructuring: The proposed restructuring will
simplify the structure of the group for debt investors. The new
issuing entity, FRL, is the main income-generator of the group, and
the transfer of the in-store infrastructure assets to FRL will
provide the security for the proposed senior secured bond. In its
view, there are also operational benefits from the new structure,
with FRL having better visibility and control over growth plans and
capex requirements.

Controls to Protect Creditors: While Future Enterprises will
continue to be a critical part of the supply chain in both
procurement and logistics, there are numerous controls in place to
ensure all related-party transactions are on a market basis, which
will protect the access of FRL shareholders and creditors to
profits and cash.

M&A and Partnership Appetite Reduced: FRL's main shareholder has
historically used M&A to help to grow its business, including the
purchase of Travel News Services India (licensee of WH Smith) and
Foodworld in 2018, and the HyperCity acquisition and the merger
with Heritage Foods Limited in 2017. Fitch is not aware of any
transactions under consideration, and believe FRL's main focus in
the future is on organic growth. Fitch believes that the
development of its recent tie-ups with WH Smith and 7-Eleven in
India will reduce the need to identify M&A opportunities.

Any future M&A that may delay FRL's ability to improve its credit
metrics to within the positive guidelines beyond FY22 could result
in Fitch revising the Outlook to Stable.

Amazon Transaction Supports Growth: Fitch views the deal with
Amazon as positive for FRL's credit profile, particularly as the
company prioritises increasing its online presence as part of its
growth strategy. Fitch believes that Amazon's global leadership in
online retailing will provide FRL with know-how that can accelerate
FRL's ability to generate more sales and implement its
"online-to-offline" strategy to improve customer engagement.

In its view, Amazon's commitment to its partnership with FRL is
underscored by its USD200 million investment in FRL shareholder
Future Coupons Private Limited; its call option to purchase a
controlling stake in FRL in three to 10 years; and the access that
FRL provides to India's population of 1.3 billion.

DERIVATION SUMMARY

FRL's rating compares well with China-based retailer, Golden Eagle
Retail Group Limited (BB/Stable), whose rating reflects the solid
execution of its strategy and stable performance in its retail
operations. This results in Golden Eagle having a slightly better
financial profile than the post-restructuring FRL. However, FRL's
larger scale, better diversification across India and exposure to a
fast-growing consumer market - which Fitch believes will be
enhanced by its partnerships with major international retailers -
underscores the two issuers' ratings at the same level, with FRL
having a Positive Outlook.

The ratings on FRL and US-based retailer, Burlington Stores Inc.'s
(BB+/Stable) are supported by exposure to growing markets and
comparative advantages in their respective markets. Burlington has
a stronger financial profile than FRL now, but the Positive Outlook
on FRL reflects its expectation that its financial profile will
move to be more in line with that of Burlington as it continues to
execute on its partnerships with international retailers.

While FRL's business profile is strong for its rating, it is weaker
than its larger and internationally diversified peers, including
Cencosud SA (BBB-/Rating Watch Negative). Compared with FRL,
Cencosud is significantly larger and has better diversification
with activities in food retail, shopping mall, department store and
non-food retail segments, as well as geographic diversification
across Latin America. This underscores the two-notch rating gap
between the two entities. Cencosud's exposure to Argentina and high
leverage constrain its rating, while the heightened economic
uncertainty in Chile is reflected in the Rating Watch Negative.

KEY ASSUMPTIONS

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

  - Sales to grow by between 14%-20% per year from FY20 to FY23,
    including additional sales expected from the Amazon deal
    from FY21

  - EBITDA margins to improve by around 3pp in FY21, and then
    by around 0.5pp per year to FY23

  - Capex to range between INR7 billion and INR10 billion per
    year from FY20 to FY23

  - Dividends to resume in FY20

  - Equity contribution of INR20 billion to be received as
    part of the warrant issue to Future Coupons Private
    Limited in FY20 (INR5 billion received in April 2019)

RATING SENSITIVITIES

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

  - Leverage, defined as total adjusted net debt/operating
    EBITDAR, declining to below 3.0x for a sustained period
    (FY19: 4.5x).

  - Fixed-charge cover, defined as operating EBITDAR/(interest
    paid + rents) increasing to above 2.5x for a sustained
    period (FY19: 1.5x).

  - EBITDA margin sustained above 9% (FY19: 5.2%).

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

Fitch will revise the Outlook to Stable should the above metrics
not be met. Fitch will consider downgrading the rating if leverage
remains above 4.0x for a sustained period.

LIQUIDITY AND DEBT STRUCTURE

Free Cash Flow Supports Liquidity: FRL's capital structure mainly
consists of a term loan, working capital loan and equity. At FYE19,
FRL had INR37.53 billion in committed, but unused, facilities.
Under the proposed transaction, FRL intends to issue a
benchmark-sized senior secured note, proceeds of which will be used
to finance the payment to Future Enterprises for the in-store
infrastructure assets. Following this, the cross-guarantees between
FRL and Future Enterprises will cease and financing for FRL will be
solely located within the FRL group.

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.

Fitch has assessed FRL's Exposure to Social Impact at a score of 4,
indicating that it has exposure to shifting consumer preferences
which, in combination with other factors, impacts the rating.


GANAPATI MOTORS: ICRA Keeps D on INR28.5cr Loans in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR28.50 crore bank facilities of
Ganapati Motors continue to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund-based–       7.50        [ICRA]D; ISSUER NOT
COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Fund based        21.0        [ICRA]D; ISSUER NOT COOPERATING;
   Dealer Financing              Rating continues to remain under
   Scheme                        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.

Established in 2004, Ganapati Motors (GM) is involved in the
automobile dealership business as an authorized dealer of Maruti
Suzuki India Limited in Bhilai, Chhattisgarh.


GANESHPRASAD IMPEX: ICRA Withdraws B- Rating on INR12.3cr Debt
--------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Ganeshprasad impex Private Limited (GIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Cash Credit        (2.00)#      [ICRA]B-(Stable); withdrawn

   Non-fund based-
   Letter of Credit    7.62        [ICRA]A4; withdrawn

   Non-fund based-
   Buyers Credit      (7.00) #     [ICRA]A4; withdrawn

   Unallocated
   limits             12.38        [ICRA]B-(Stable)/[ICRA]A4;
                                    withdrawn

# Sublimit of Letter of Credit

Rationale

The ratings of [ICRA]B- and [ICRA]A4 has been withdrawn in
accordance with ICRA's policy on withdrawal and suspension and at
the request of the company and also based on no objection
certificate provided by the banker. ICRA does not have requisite
information to suggest any change in the credit risk since the time
the rating was last reviewed.

Key rating drivers and their description

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

Incorporated in 2004, Ganeshprasad impex Private Limited (GIPL) is
involved in the import of round log and cut-to-size Burmese teak
timber as well as and South African hardwood. It caters to the
domestic market with ~70% revenues being generated from southern
India. The firm mainly deals in teak wood (~90-95% of the total
sales) and hard wood (~5-10%). The timber traded is used for door
frames, furniture, and interiors, etc. It imports timber through
Mumbai and Tuticorin ports and caters to the saw millers in the
domestic market. GIPL's head office is at Reay Road in Mumbai.


GAUTAM INDUSTRIAL: ICRA Keeps B+ on INR5cr Loan in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR6.80-crore bank facilities of
Gautam Industrial Corporation Pvt. Ltd. (GICPL) continue to remain
under 'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term, Fund      5.00       [ICRA]B+ (Stable) ISSUER NOT
   Based Limit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short-term, Non-     1.80       [ICRA]A4 ISSUER NOT
   Fund Based Limit                COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

   Short-term,         (3.00)      [ICRA]A4 ISSUER NOT
   Interchangeable                 COOPERATING; Rating continues
   Limit                           To remain under 'Issuer Not
                                   Cooperating' category

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

The late Mr. Nareshkumar Bhansali, Mr. Jayantilal Bhansali and Ms.
Nirmala Bhansali set up GICPL as a partnership firm in December
1993. It was converted into a private limited company in 2014. The
company trades in mild steel, alloy steel and stainless-steel pipes
and tubes (electric resistance welded and seamless) as well as
ferrous and non-ferrous fittings of various dimensions and sizes.
Its registered office is in Surat (Gujarat).


INFRA INDUSTRIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Infra Industries Limited
        4B1, Floor-4, Plot-15A
        Court Chambers
        Vitthaldas Thackarsey Marg
        New Marin Lines
        Churchgate, Mumbai
        Mumbai City
        MH 40020
        IN

Insolvency Commencement Date: December 12, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: June 9, 2020

Insolvency professional: Rajan Deshraj Agarwal

Interim Resolution
Professional:            Rajan Deshraj Agarwal
                         Office No. 404, Laxmi Mall
                         Laxmi Industrial Estate
                         New Link Road, Andheri (W)
                         Mumbai 400053
                         E-mail: iprajanagarwal@gmail.com
                                 cirp.infrainds@gmail.com

Last date for
submission of claims:    January 3, 2020


JAK ASSOCIATES: ICRA Lowers Rating on INR2.46cr LT Loan to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of JAK
Associates, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-Term–          2.46        [ICRA]B+ (Stable) ISSUER NOT
   Fund based                      COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Long Term-Non       1.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Long Term-          3.54        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating downgraded
   Facilities                      from [ICRA]BB- (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

Rationale

The ratings are downgrade because of lack of adequate information
regarding Jak Associates 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 Jak Associates, 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.

JAK Associates is a partnership firm established in 2008. The firm
runs a 4-star hotel property in Domlur, Bangalore under the brand
'Ramada Encore'. The firm is promoted by Mr. A.N Raju, Mrs.
Kamalamma, Mr. A.S.N. Raju, Mrs. J. Sridevi, Mr. J. Krishna
Chaitanya and Mr. J.S.R. Raju. The latter four partners are members
of the founder family of NCC Limited (formerly Nagarjuna
Construction Company Limited). The hotel is a G+7 structure, spread
over a land area of ~16,700 sft and having a built-up area of
~5,600 0sft. The hotel has a franchisee agreement with Ramada
International Inc. for 15 years. Ramada Encore has an inventory of
88 rooms, one restaurant, a bar, a lobby lounge, a conference room
and a gym. The hotel is operational since April 2014.


KAVERI SILK: ICRA Lowers Rating on INR32.60cr LT Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Kaveri
Silk Mills Private Limited (KSMPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term fund-     32.60       [ICRA]B+ (Stable) ISSUER NOT
   Based limits                    COOPERATING; Rating downgraded
                                   from [ICRA]BB-(Stable) and
                                   continues to remain under
                                   Issuer Not Cooperating
                                   Category

   Long Term-           0.62       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating downgraded
   limit                           from [ICRA]BB-(Stable) and
                                   continues to remain under
                                   Issuer Not Cooperating
                                   Category

Rationale

The rating downgrade is because of lack of adequate information
regarding KSMPL'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 Kaveri Silk Mills 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.

Kaveri Silk Mills Private Limited was incorporated in 1987 and is
engaged in the business of selling sarees wherein the company buys
the greige cloth locally and outsources the value additive works
like dyeing, printing, embroidery to local job-workers. The sarees
are sold under the brand name 'Kaveri'. KSMPL has its office as
well as its warehouse in Surat (Gujarat).


KRISH AGRO: ICRA Lowers Rating on INR14.38cr Term Loan to D
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Krish
Agro Farms Pvt. Ltd (KAFPL), as:

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund-based-       14.38       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating downgraded from
                                 [ICRA]BB- (Stable) and Rating
                                 moved to the 'Issuer Not
                                 Cooperating' category

   Fund-based-       12.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating downgraded from
                                 [ICRA]BB- (Stable) and Rating
                                 moved to the 'Issuer Not
                                 Cooperating' category

Rationale

The downgrade of the rating factors in the delay in debt servicing
by KAFPL due to stretched liquidity position of the company.

The rating is based on limited information on the entity's
performance since the time it was last rated in June 2018. 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 Krish Agro Farms Pvt. Ltd., 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 2013, KAFPL is involved in milling of paddy to
produce non-basmati parboiled rice. The company started its
operation (Unit-I) with a milling capacity of 60,000 metric tonne
per annum (MTPA) in December 2015. The overall milling capacity was
enhanced to 132,000 MTPA in May 2018 with the commissioning of
Unit-II. The production facilities of the company are in Hooghly
district of West Bengal. The company is promoted by Hooghly-based
Shaw family.


MALHATI TEA: ICRA Keeps 'B-' on INR6.46cr Debt in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR10.00 crore bank facilities of
Malhati Tea & Industries Limited 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–         0.89        [ICRA]B- (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Fund based–         6.46        [ICRA]B- (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Fund based          2.50        [ICRA]B- (Stable) ISSUER NOT
   Working Capital                 COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Non-Fund based      0.15        [ICRA]A4 ISSUER NOT
   Working Capital                 COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

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

Malhati Tea & Industries Limited was acquired by the present
management in 2010-11 from the erstwhile promoters. MTIPL has a tea
garden in the Jalpaiguri district of West Bengal, with a total area
of around 463.47 hectares under plantation. The total production
capacity of MTIL is around 14 lac kg of tea.


MODRINA AUTO: ICRA Lowers Ratings on INR16cr Loans to 'B+'
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Modrina
Auto Enterprises (MAE), as:

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

   Unallocated         9.00        [ICRA]B+ (Stable) ISSUER NOT
   Limits                          COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   Rating continues to remain
                                   under the 'Issuer Not
                                   Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding MAE'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 Modrina Auto Enterprises, ICRA has been trying to seek
information from the entity to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. 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.

Modrina Auto Enterprises (MAE) was set up as a proprietorship firm
by Mr. Modrick Nongkynrih in 1997. MAE is an authorised dealer of
Tata Motor Limited's Commercial vehicle (CV) and Passenger vehicle
(PV) in Shillong, and is involved in the sale of vehicles (new and
pre-owned), sale of spare parts and servicing/repairing of
vehicles. At present, the firm deals in various models of PVs of
TML except Jaguar & Land Rover. In the CV segment, MAE deals in the
entire range of Tata trucks and buses including light commercial
vehicles (LCV), medium & heavy commercial vehicles (M&HCV) and
small trucks.


NABADIGANT EDUCATIONAL: ICRA Cuts Rating on INR15cr Loan to B+
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Nabadigant Educational Trust (NDET), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          15.00       [ICRA]B+ (Stable) ISSUER NOT
   Limit-Term                      COOPERATING; Rating downgraded
   Loan                            from [ICRA]BB (Stable) and
                                   Rating continues to remain
                                   under the 'Issuer Not
                                   Cooperating' category

   Fund based–          4.95       [ICRA]B+ (Stable) ISSUER NOT
   Corporate                       COOPERATING; Rating downgraded
   Mortgage                        from [ICRA]BB (Stable) and
                                   Rating continues to remain
                                   under the 'Issuer Not
                                   Cooperating' category

   Fund based–          0.05       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating downgraded
                                   from [ICRA]BB (Stable) and
                                   Rating continues to remain
                                   under the 'Issuer Not
                                   Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding NDET'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 Nabadigant Educational Trust, ICRA has been trying to seek
information from the entity to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. 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.

NDET is a charitable trust, established in 1997, with an aim to
impart higher education in India. The trust manages five colleges,
located at Bhubaneswar, Odisha, offering courses across various
streams like engineering, information technology, management and
media under the brand name "Koustuv Group of Institutions".


NAVA BHARAT: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Nava Bharat Press (Bhopal) Pvt. Ltd.
        Nava Bharat Bhawan
        Cotton Market
        Nagpur 18
        Maharashtra, India

Insolvency Commencement Date: December 16, 2019

Court: National Company Law Tribunal, Bhopal Bench

Estimated date of closure of
insolvency resolution process: June 28, 2020

Insolvency professional: Amresh Shukla

Interim Resolution
Professional:            Amresh Shukla
                         F-05, Jaideep Complex
                         112, Zone-II, M.P. Nagar
                         Bhopal, M.P. 462011
                         E-mail: insolvencyprofessionalsindia@
                                 gmail.com
                                 cirp.navbharat@gmail.com

Last date for
submission of claims:    January 14, 2020


PATEL WOOD: ICRA Withdraws 'B-' Rating on INR10.10cr Loan
---------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of Patel
Wood Works & Timber Mart (PWTM), as:

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

   Non-fund based-    10.00        [ICRA]A4; withdrawn
   Letter of Credit   

   Non-fund based-   (10.00)#      [ICRA]A4; withdrawn
   Buyers Credit      

   Unallocated        10.10        [ICRA]B-(Stable)/[ICRA]A4;
   limits                           withdrawn

# Sublimit of Letter of Credit

Rationale

The ratings of [ICRA]B- and [ICRA]A4 has been withdrawn in
accordance with ICRA's policy on withdrawal and suspension and at
the request of the company and also based on no objection
certificate provided by the banker. ICRA does not have requisite
information to suggest any change in the credit risk since the time
the rating was last reviewed.

Established in 1984 as a partnership firm, Patel Wood Works &
Timber Mart (PWTM) is involved in the import of round log and
cut-to-size Burmese teak timber and South African hardwood. It
caters to the domestic market with ~70% revenues being generated
from southern India. The firm mainly deals in teak wood (~90-95% of
total sales) and hard wood (~5-10%). The timber traded is used for
door frames, furniture, and interiors, etc. It imports timber
through Mumbai and Tuticorin ports and caters to the saw millers in
the domestic market. PWTM's head office is at Reay Road in Mumbai.


PEACOCK CONSTRUCTION: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Peacock Construction Private Limited
        Shop no. 10, Mithila Shopping Centre
        Ground Floor, V.M. Road
        Juhu Scheme, Vile Parle (West)
        Mumbai 400049
        Maharashtra, India

Insolvency Commencement Date: December 31, 2019

Court: National Company Law Tribunal, Mumbai Bench-II

Estimated date of closure of
insolvency resolution process: June 28, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Arun Kapoor

Interim Resolution
Professional:            Mr. Arun Kapoor
                         G-601, Army Co-operative Housing Society
                         Sector-09, Nerul (East)
                         Navi Mumbai 400706
                         Maharashtra
                         E-mail: arun.kapoor58@yahoo.in

                            - and -

                         Sumedha Management Solutions
                         Private Limited
                         809-810, 8th Floor, B-Wing
                         Trade World, Kamala Mills Compound
                         Lower Parel (West)
                         Mumbai 400013
                         Maharashtra
                         E-mail: pcpl@sumedhamanagement.com

Last date for
submission of claims:    January 14, 2020


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

The instrument-wise rating action is:

-- INR100.0 mil. Fund-based working capital limit migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 15, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in September 2010, RHSPL is promoted by Harman Prasad
Agrawal, Meena Agrawal, Rohit Agrawal, and Rahul Agrawal. The
company manufactures de-oiled soya cakes and refined soybean oil.


RAIPUR DEVELOPMENT: Ind-Ra Keeps D in INR4BB Debt in NonCooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained the Raipur
Development Authority's (RDA) bank facilities in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR4.863 bil. Bank loans (long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 4, 2019. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

RDA is a statutory body constituted by the state government for the
integrated development of Raipur under the Town and Country
Planning Act 1973 of the Chhattisgarh state. It functions under the
provisions of Section 38 (1) of the CG Nagar Tatha Gram Nivesh
Adhiniyam 1973.


RLJ MULTIGRAIN: ICRA Keeps B on INR12cr Loans on Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR12.00 crore bank facilities of RLJ
Multigrain Private Limited continues to remain under the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B
(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-Cash      6.50       [ICRA]B (stable) ISSUER NOT
   Credit                          COOPERATING; Rating  
                                   continues to remain under the
                                   'Issuer Not Cooperating'
                                   Category

   Fund-based-Term       5.50      [ICRA]B (stable) ISSUER NOT
                                   COOPERATING; Rating  
                                   continues to remain under the
                                   'Issuer Not Cooperating'
                                   Category

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

RLJ Multigrain Private Limited was originally incorporated as a
partnership firm M/s Swastik Udyog. Subsequently the promoters
reconstituted the company as a private limited entity in 2012. The
company is promoted by Jain family based out of Kolkata and the
unit has rice milling annual capacity of 63,000 tons.


SHAKTI CABLES: ICRA Keeps B- on INR8.5cr Loans in Not Cooperating
-----------------------------------------------------------------
ICRA said the rating for the INR10.00 crore bank facilities of
Shakti Cables Private Limited to remain under 'Issuer Not
Cooperating' category. The rating is now denoted as
"[ICRA]B-(Stable)/A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Cash       1.75       [ICRA]B-(Stable); ISSUER NOT
   Credit                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-Non        3.00       [ICRA]B-(Stable); ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/Short      3.75       [ICRA]B-(Stable)/A4; ISSUER
   Term- Unallocated               NOT COOPERATING; Rating
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Short Term-Non       1.50       [ICRA]A4; ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Shakti Cables Pvt. Ltd. (SCPL) was in corporated in 1984 by Mr.
Anil Parikh to manufacture cables and conductors. The company is
engaged in the manufacturing of Low Tension (LT) power cables,
control cables, and instrumentation cables for supply to Andhra
Pradesh and Telangana Transmission and Distribution companies.
SCPL's plant is in Patancheru, Hyderabad having manufacturing
capacity of 150 tons per month.


SHANGRI-LA INDUSTRIES: ICRA Keeps B- Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR43.00 crore bank facilities of
Shangri-La Industries Private Limited (SIPL) continues to remain
under the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]B- (Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based          43.00       [ICRA]B- (Stable) ISSUER NOT
   limits                          COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

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

Incorporated in 2008, Shangri-La Industries Private Limited (SIPL)
commenced manufacturing operations in FY2018. It is involved in the
contractual manufacturing of tablets, capsules, ointments and
related packing materials on a principal-to principal basis. The
manufacturing facility of the company is in Sikkim. Prior to
FY2018, SIPL was involved in stonechipping activities.


SHILPI CABLE: ICRA Keeps D on INR27cr Debentures in Not Cooperating
-------------------------------------------------------------------
ICRA has continued the long-term ratings for the bank facilities of
Shilpi Cable Technologies Limited (SCTL) in the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA] D
ISSUER NOT COOPERATING". The rating continues to remain under
review due to non-receipt of information from the rated entity and
Debenture Trustee ["DT"] regarding timely servicing of debt, and
non-availability of debt servicing disclosure(s) on recognized
stock exchange as mandated under Securities Exchange Board of India
(Listing Obligation and Disclosure Requirements) Regulations,
2015.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Non-convertible     27.00      [ICRA]D ISSUER NOT COOPERATING;
   debenture (NCD)                Rating continues to remain in
   programme                      the 'Issuer Not Cooperating'
                                  category and under review due
                                  to non-confirmation on ISIN
                                  status

The rating is based on no updated information on the entity's
performance since the time it was last rated in March 2017. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the time
it was last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

As part of its process and in accordance with its rating agreement
with SCTL, 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.

SCTL was established in July 2006 as Rosenberger Shilpi Cable
Technologies Limited, a 50:50 joint venture (JV) between Shilpi
Communications Private Limited and Rosenberger Hochfrequenztechnik
GmbH & Co. KG, Germany. The JV was formed to manufacture and sell
radio frequency (RF) feeder cables in the domestic market. The JV
set up a manufacturing facility at Chopanki, Rajasthan. The
facility commenced commercial production in early 2008, and during
the same year the stake of the German partner was bought by the
Indian promoters. Though initially SCTL was only into RF feeder
cables manufacturing, it has, over the years, added products such
as wiring harnesses and battery cables for automobiles, wiring
harness sets and power cords for white goods, and copper conductors
(magnet copper wires and bunched copper wires) to expand and
diversify its offerings. SCTL thus caters to automotive, telecom,
and consumer durables segments, among others. In addition, it sells
house wires, circuit breakers (MCCB and RCCB), and switches through
distributors under the 'SAFE' brand name.

SCTL, headquartered in Delhi, has five manufacturing units in
Bhiwadi, Chopanki, Bahadurgarh (owned by an associate – AGH
Wires), Hosur, and Pune (Bhiwadi and Chopanki plants are owned by
the company, while the remaining have been taken on lease), and has
13 sales offices across India. SCTL also has subsidiaries and joint
ventures in Singapore and UAE, which trade in copper cables and
other products. The company is listed on Bombay Stock Exchange
(BSE) and National Stock Exchange (NSE) since 2011.


SHIV REFOILS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Shiv Refoils and Cakes Private Limited
        Plot No. 2, G.I.D.C. Estate
        Chanasma, Patan
        Gujarat 384220

Insolvency Commencement Date: December 17, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: June 14, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Sanjay Gupta

Interim Resolution
Professional:            Mr. Sanjay Gupta
                         E-10A, Kailash Colony
                         Greater Kailash-1, New Delhi
                         Delhi 110048
                         E-mail: sanjaygupta@aaainsolvency.com
                                 shivrefoils@aaainsolvency.com

Last date for
submission of claims:    January 15, 2020


SUDHA SESAMUM: ICRA Keeps B+ on INR12cr Credit in Not Cooperating
-----------------------------------------------------------------
ICRA said the rating for the INR13.00 crore bank facilities of Sri
Sudha Sesamum Agro Foods and Exports Private Limited to remain
under 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term loan            0.04       [ICRA]B+(Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Cash Credit         12.00       [ICRA]B+(Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated          0.96       [ICRA]B+(Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Sri Sudha Sesamum Agro Foods and Exports Private Limited (SSS) was
incorporated in the year 2010 and commenced operations in Q2 of
fiscal year 2012. The company is engaged in manufacture and sales
of mechanically-hulled autodried optically-sorted Sesame Seeds in
Andhra Pradesh, Tamil Nadu and to countries such as Malaysia,
Taiwan and Indonesia. The facility is in Tadepalligudam - 50 Km
from Rajahmundry in Andhra Pradesh. The annual production capacity
is 6900 MT.


TELAWNE POWER: ICRA Keeps B+ on INR12.7cr Loans in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR15.00-crore bank facilities of
Telawne Power Equipments Private Limited (TREPL) continue to remain
under Issuer Not Cooperating category. The ratings are denoted as
[ICRA]B+(Stable)/[ICRA}A4 ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term, Fund     6.70       [ICRA]B+ (Stable) ISSUER NOT
   Based Limit                    COOPERATING; Rating continues
                                  to remain under Issuer Not
                                  Cooperating category

   Short-term, Non     6.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based Limit               COOPERATING; Rating continues
                                  to remain under Issuer Not
                                  Cooperating category

   Long-term and       2.30       [ICRA]A4 ISSUER NOT
   Short term                     COOPERATING; Rating continues
   Unallocated                    to remain under Issuer Not
   Limit                          Cooperating category

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

Incorporated in January 2004, TREPL is engaged in manufacture and
repair of industrial transformers. The company is equipped for
manufacturing and repairing of different type of transformers up to
50MVA 132KV class transformers. The products are sold under the
brand name of 'Telawne' in domestic as well as overseas market. The
factory is located in Rabale, Navi Mumbai across an area of 38,000
sq.ft. The factory is ISO 9001- 2008 and ISO 14001:2004 certified
and the company has received approvals for its products from
agencies such as Electrical Research and Development Association
and Central Power Research Institute.


TEXMACO RAIL: NCLAT Sets Aside Insolvency Proceedings Against Unit
------------------------------------------------------------------
The Financial Express reports that Texmaco Rail & Engineering, the
flagship company of the Adventz Group, on Jan. 3 said the National
Company Law Appellate Tribunal (NCLAT) has set aside an order
passed by the Kolkata bench of the National Company Law Tribunal
(NCLT) to initiate insolvency proceedings against erstwhile Bright
Power Projects (lndia), now a unit of the company.

Last month, Texmaco Rail had moved the NCLAT after the NCLT had
admitted an insolvency petition of Veekay General lndustries, an
operational creditor of the erstwhile Bright Power under Section 9
of the Insolvency and Bankruptcy Code, against the EPC firm for an
"alleged operational debt of INR63 lakh (approx.)," the report
recalls.

The Financial Express relates that in a stock exchange filing, the
Kolkata-based company said the appellate tribunal has disposed of
the Veekay General's application against Bright Power as
"withdrawn" pursuant to its settlement with the operational
creditor.

Notably, Bright Power Projects (India), which had been a subsidiary
of Texmaco Rail & Engineering, was merged into with the latter in
terms of the Scheme of Amalgamation approved by the shareholders
and the Kolkata bench of the National Company Law Tribunal (NCLT)
vide order dated April 4, 2019, effective date being April 1, 2017,
the report says.

In its latest annual report, Texmaco Rail said the Bright division,
specialised in railway electrification, had posted a turnover of
only INR17.52 crore in the last fiscal due to lack of orders, The
Financial Express discloses. "However, the outlook is bright as the
Bridge Division has been able to book a total order of INR90 crore,
which will reflect in the turnover of the coming year," the report,
as cited by The Financial Express, said. For last fiscal, Texmaco
Rail's net profit and gross revenue from operations were INR75.30
crore and INR2,005.20 crore, respectively.

Based in India, Texmaco Rail & Engineering Limited is an
engineering and infrastructure company. The Company is engaged in
offering rolling stock and steel castings.


TRIDENT SUGARS: ICRA Keeps C on INR41.95cr Loans in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR41.95-crore bank facility of
Trident Sugars Limited continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA] C ISSUER
NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Cash Credit        28.00       [ICRA]C ISSUER NOT COOPERATING;
                                  Continues to remain under the
                                  'Issuer Not Cooperating'
                                  Category

   Term Loans         13.95       [ICRA]C ISSUER NOT COOPERATING;
                                  Continues to remain under the
                                  'Issuer Not Cooperating'
                                  Category

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

Trident Sugars Limited commenced its operation as a cooperative
mill and was acquired by Ganapati Sugar Mills in 2002. TSL was then
acquired by Rajshree Sugars and Chemicals Limited in 2006, further
it was subsequently acquired by Natems Sugar Private Limited (NSPL)
in April 2017 and now is a 100% subsidiary of NSPL. The standalone
sugar mill of TSL, having crushing capacity of 2500 tons of cane
per day, is located in Zaheerabad Tq. of Andhra Pradesh.


UCO BANK: Recovers INR900 Crore From Four Stressed Accounts
-----------------------------------------------------------
The Telegraph India reports that public sector lender Uco Bank has
made a recovery of INR900 crore from four stressed accounts where a
resolution was reached under the Insolvency and Bankruptcy Code or
outside the framework.

This puts the bank on track in its pursuit to bring down net non
performing assets as a proportion of advances to less than 6 per
cent, a key requirement to come out of the Prompt Corrective Action
framework of the RBI, the report says.

The Telegraph India relates that the bank's managing director and
CEO A.K. Goel on Jan. 4 said following the resolutions at Essar
Steel, Ruchi Soya, Prayagraj Power and RattanIndia Power, the bank
has made the recovery. "We have already received the money," the
report Goel as saying.

He added that in case of stressed accounts the bankers are
initially looking at ways to come out with a resolution within 180
days before the mandatory time bound insolvency process kicks in.
Some of the stressed power sector assets have seen resolution
outside IBC with the regulator announcing a framework to resolve
stressed assets, the report relays.

In certain cases where the lenders are close to a resolution, but
are unable to conform to the 180 days deadline, they have
approached the RBI to explore possible extension. Bankers apprehend
value erosion when cases are referred for resolution under IBC.
"NCLT is not the only solution. If we can revive the unit we should
explore the possibility as well," Goel, as cited by The Telegraph
India, said.

For the September quarter of 2019, the net non-performing assets
ratio of the bank was 7.32 per cent. Goyal said the bank has
received around INR4,270 crore as capital infusion from the
government this year besides raising INR1,000 crore from the
market.

"We are comfortable on the capital side. There is also recovery
from the stressed accounts. So, the bank is on track to bring down
the net NPA ratio to less than 6 per cent by March," The Telegraph
India quotes Goel as saying.

The Telegraph India says the bank is also aiming at a credit growth
of 8-10 per cent and is rebalancing the loan book in favour of
retail credit. It has set a target to disburse INR4,000 crore
retail credit over a 45-day period starting January 6, 2020 under
the Uco Carnival campaign.

"We have consciously taken a decision to rebalance the loan book
increasing the share of retail advances. We are looking to disburse
around INR4000 crore comprising of home loan, automobile loan, gold
loan and MSME loan. We are looking at a 8-10 per cent credit growth
and this Carnival will help in achieving that," he said.

As of the quarter ended September retail advances of the bank stood
at INR22,965 crore increasing from INR20,741 crore in the
corresponding quarter previous year, adds The Telegraph India.

UCO Bank provides a full range of banking services throughout
India. UCO Bank operates over 1,700 banking branches in India, as
well as four branches in overseas locations.


VEDANT INDUSTRIAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Vedant Industrial Systems and Automation Private Limited
        421, 4th Floor, Diamond Industrial Estate
        Ketki Pada, Near Western Highway
        Dahisar (East), Mumbai 400068

Insolvency Commencement Date: November 18, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Rakesh Rathi

Interim Resolution
Professional:            Mr. Rakesh Rathi
                         21, 2nd Floor, Hassan Ali Bldg.
                         Jijibhoy Dadabhoy Lane
                         Fort, Mumbai
                         Maharashtra 400001
                         E-mail: rakeshrrathi@yahoo.com
                                 ip4vedant@gmail.com

Last date for
submission of claims:    January 6, 2020


WAY 2 HEALTH: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Way 2 Health Diagnostics Private Limited
        Shop No. 3&4, Ground Floor
        Om Neelkanth CHS
        Plot No. 31, Sector-42A
        Seawoods, Nerul (W)
        Navi Mumbai 400706

Insolvency Commencement Date: December 20, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: June 17, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Kamal Kishor Gurnani

Interim Resolution
Professional:            Mr. Kamal Kishor Gurnani
                         Flat No. 1301, Building No. 23E
                         Palazzio CHS Ltd
                         Mahada Housing Society
                         Powai, Mumbai 400076
                         E-mail: kamalgurnaniip@gmail.com

                            - and -

                         702, Janki Centre
                         Dattaji Salvi Road
                         Off Veera Desai Road
                         Andheri West, Mumbai 400053
                         E-mail: cirp.way2health@rirp.co.in

Last date for
submission of claims:    January 3, 2020




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

ASTAKA HOLDINGS: Auditors Raises Going Concern Doubt
----------------------------------------------------
Vivienne Tay at The Business Times reports that the independent
auditors of Astaka Holdings have drawn attention to potential
doubts about the company's ability to continue as a going concern,
and flagged uncertainties related to the pending outcome of an
independent review.

The opinion of the independent auditors from KPMG remains
unqualified, the group said in a regulatory update on Jan. 6, BT
relates.

Due to Malaysia's property market slowdown which impacted the sale
of Astaka's development properties, Astaka may not be able to
generate sufficient operating cash flows for the next 12 months to
cover operating costs and settle current liabilities, according to
BT.

"This indicates that a material uncertainty exists that may cast
significant doubt on the ability of the group and the company to
continue as a going concern. Our opinion is not modified in respect
of this matter," the auditors said in an emphasis of matter, BT
relays. Their audit report was on the company's financial
statements for the financial year ended June 30, 2019.

Astaka had incurred a net loss of MYR113.7 million (SGD37.4
million) for the year ended June 30. It also recorded MYR400.7
million in development properties - completed properties held for
sale and future phases of land to be developed, the report
discloses.

With this in mind, the group's FY2019 financial statements have
been prepared on a going concern basis - which KPMG has deemed
appropriate. This was after taking into consideration an
undertaking by Astaka's controlling shareholder to provide the
necessary financial support for the group to continue its
operations and pay any debts which are due.

According to BT, to ensure there is enough funds to meet
obligations and working capital needs, Astaka has also prepared an
18-month consolidated cash flow forecast from July 1, 2019.
Assumptions made in the forecast include a settlement agreement
with a main contractor over outstanding balances of MYR74.4
million; and the group being able to sell its completed properties
and launch new projects planned during the forecast period.

KPMG also flagged uncertainties related to the pending outcome of
an independent review by an external reviewer regarding the
circumstances leading to an adjustment in the prior year, the
report relates. As the review is still ongoing and could provide
new information and findings – uncertainties currently exist and
may impact the financial statements, KPMG added.

Astaka shares have been suspended since September, BT adds.

Astaka Holdings Ltd is a Singapore-based property developer. The
Company is engaged in the business of property development in
Malaysia. Its projects include One Bukit Senyum and Bukit Pelali at
Pengerang. One Bukit Senyum project includes two residential
towers, a five-star hotel, branded residences, serviced apartments,
a shopping mall and an office tower. One Bukit Senyum has a total
gross floor area of approximately six million square feet. Bukit
Pelali at Pengeran is an approximately 360 acre strata township.
Bukit Pelali at Pengeran comprises residential units, shop offices,
a clubhouse, hotel, private hospital, mart, school, mosque, food
and beverage hub and petrol station. The Bukit Pelali at Pengeran
project is located five kilometers away from the Pengerang
Integrated Petroleum Complex in southern Johor.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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