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

                     A S I A   P A C I F I C

          Thursday, January 23, 2020, Vol. 23, No. 17

                           Headlines



A U S T R A L I A

FLEXI ABS 2019-1: Moody's Upgrades Class E Notes Rating to Ba1(sf)
STAMPER NOMINEES: First Creditors' Meeting Set for Jan. 29
TIMEPIECES AUSTRALIA: Second Creditors' Meeting Set for Feb. 4
ZMG PTY: Second Creditors' Meeting Set for Jan. 30


C H I N A

GUANGXI FINANCIAL: Moody's Affirms Ba1 LT Corp. Family Rating
HENGDA REAL: Moody's Assigns B2 Sr. Unsec. Rating to New USD Notes
JMU LIMITED: Liyun Cao Resigns as Director
PARKSON RETAIL: S&P Withdraws 'B-' Long-Term Issuer Credit Rating
ROAN HOLDINGS: Appoints New Chief Financial Officer

TAIZHOU HUAXIN: Fitch Affirms BB+ LT IDRs, Outlook Stable
UNIVERSAL SOLAR: Finalizing Year End Financials for OTC Filing
YINGKOU JINNENG: Misses Debt Payment Worth Millions
[*] CHINA: Vulture Funds Circle Debt-Laden Corporate Sector


H O N G   K O N G

HONG KONG: Wuhan Virus Compounds Economic Woes, Analysts Say


I N D I A

ANIL CONSTRUCTION: CRISIL Migrates B+ Rating to Not Cooperating
ANKUR IRON: Insolvency Resolution Process Case Summary
ARAFA GOLD: CRISIL Migrates 'B+' Rating to Not Cooperating
ARTS WATERMATICS: CRISIL Migrates B+ Rating to Not Cooperating
ASSOCIATED APPLIANCES: CRISIL Moves D Rating to Not Cooperating

BEST EDUCATION: CRISIL Migrates 'B' Rating to Not Cooperating
BHURJI SUPER-TEK: CRISIL Migrates D Rating to Not Cooperating
CHENAB MACHINERY: CRISIL Migrates 'B' Rating to Not Cooperating
D. VANSH: CRISIL Lowers Rating on INR17cr Cash Loan to 'C'
DAKSHIN EXPORTS: CRISIL Migrates B+ Rating to Not Cooperating

E - WAY GALLERY: CRISIL Migrates 'D' Rating to Not Cooperating
EL-TE MARINE: CRISIL Migrates B+ Rating to Not Cooperating
G S M INDUSTRIES: CRISIL Migrates B- Rating to Not Cooperating
GANESH FABRICATION: CRISIL Migrates B+ Rating to Not Cooperating
GANESH GREENZ: CRISIL Migrates 'B' Rating to Not Cooperating

GOYAL AGRO: CRISIL Migrates B+ Rating to Not Cooperating
GREEN CHANNEL: CRISIL Migrates B- Rating to Not Cooperating
GSR & TSR: CRISIL Migrates B+ Rating to Not Cooperating
HEALTH SECURE: Insolvency Resolution Process Case Summary
ISHAVASHYAM INFRA: Insolvency Resolution Process Case Summary

JAMPANA PADMAVATHI: CRISIL Migrates B+ Rating to Not Cooperating
JAMPANA USHA: CRISIL Migrates B+ Rating to Not Cooperating
JAYPEE PROJECTS: CRISIL Migrates B+ Rating to Not Cooperating
K.R.R. ENGINEERING: CRISIL Migrates B- Rating to Not Cooperating
KALAISELVI MODERN: CRISIL Migrates B+ Rating to Not Cooperating

KALINDI RESORTS: CRISIL Migrates B Rating to Not Cooperating
KAVERI WAREHOUSING: CRISIL Migrates B Rating to Not Cooperating
KRISHNA SAHIL: CRISIL Migrates 'C' Rating to Not Cooperating
MAHAVIR SHEETGRAH: CRISIL Migrates B+ Rating to Not Cooperating
MINAKSHI COTEX: CRISIL Migrates 'D' Rating to Not Cooperating

POLYBOND INSULATION: CRISIL Migrates B+ Rating to Not Cooperating
SABARI REALTORS: Insolvency Resolution Process Case Summary
SHIVPURI WATER: Insolvency Resolution Process Case Summary
STATCO INFRAPROJECTS: Insolvency Resolution Process Case Summary
SUPER SHIV: Insolvency Resolution Process Case Summary

SVMR LOGISTICS: Insolvency Resolution Process Case Summary
TEEMPER LIFESTYLE: Insolvency Resolution Process Case Summary
TURNING POINT: Insolvency Resolution Process Case Summary
UTTAM GALVA: Challenges Deutsche's $20-Mil. Recovery Plea at NCLT


M A L A Y S I A

MULTI SPORTS: To Be Delisted from Bursa Malaysia on January 31
SCOMI ENERGY: Slips Into PN17 Status


M O N G O L I A

MONGOLIA: Moody's Affirms B3 Sr. Unsec. Rating, Outlook Stable


S I N G A P O R E

HYFLUX LTD: More Than 400 Investors Turn Up for Townhall Meetings

                           - - - - -


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A U S T R A L I A
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FLEXI ABS 2019-1: Moody's Upgrades Class E Notes Rating to Ba1(sf)
------------------------------------------------------------------
Moody's Investors Service upgraded the ratings for four classes of
notes issued by Flexi ABS Trust 2019-1.

The affected ratings are as follows:

Issuer: Flexi ABS Trust 2019-1

Class B-G Notes, Upgraded to Aa1 (sf); previously on Mar 28, 2019
Definitive Rating Assigned Aa2 (sf)

Class C-G Notes, Upgraded to A1 (sf); previously on Mar 28, 2019
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to Baa1 (sf); previously on Mar 28, 2019
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Mar 28, 2019
Definitive Rating Assigned Ba2 (sf)

RATINGS RATIONALE

The upgrade was prompted by an increase in note subordination
available for the affected notes. In addition, the transaction
portfolio has been performing within Moody's expectations.

The notes were repaid sequentially from closing in March 2019 until
November 2019. During this period, the credit enhancement available
for the Class B-G, Class C-G, Class D and Class E Notes increased
to 27.7%, 19.0%, 13.2% and 7.8%, respectively, from 17.8%, 12.2%,
8.5% and 5.0%.

The notes have been repaid on a pro-rata basis since November
2019.

The performance of the transaction has been stable since closing.
As of December 2019, 2.1% of the outstanding pool was 30-plus day
delinquent, and 0.4% was 90-plus day delinquent. Cumulative
defaults were at 1.7% of the original pool balance. This level is
in line with Moody's expectation based on the historical timing of
defaults.

Based on the observed performance and outlook, Moody's has
maintained its expected default assumption at 3.3% as a percentage
of the original pool balance.

The transaction is a cash securitisation of a portfolio of
unsecured, retail, 'no interest ever' receivables extended to
obligors located in Australia.

The principal methodology used in these ratings was Moody's
Approach to Rating Consumer Loan-Backed ABS published in March
2019.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in note subordination
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in note subordination available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.

STAMPER NOMINEES: First Creditors' Meeting Set for Jan. 29
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Stamper
Nominees Pty Ltd, formerly trading as ASH Services (Aust) Pty Ltd,
will be held on Jan. 29, 2020, at 11:00 a.m. at the offices of
Pitcher Partners, Level 13, at 664 Collins Street, in Docklands,
Victoria.  

Gess Michael Rambaldi and Andrew Reginald Yeo of Pitcher Partners
were appointed as administrators of Stamper Nominees on Jan. 16,
2020.

TIMEPIECES AUSTRALIA: Second Creditors' Meeting Set for Feb. 4
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Timepieces
Australia Pty Limited has been set for Feb. 4, 2020, at 11:00 a.m.
at Level 7, 151 Castlereagh Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 3, 2020, at 4:00 p.m.

Shumit Banerjee and Jason Lloyd Porter of SV Partners was appointed
as administrator of Timepieces Australia on Dec. 13, 2019.

ZMG PTY: Second Creditors' Meeting Set for Jan. 30
--------------------------------------------------
A second meeting of creditors in the proceedings of ZMG Pty Ltd has
been set for Jan. 30, 2020, at 12:00 p.m. at the offices of Veritas
Advisory, Level 5, at 123 Pitt Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 29, 2020, at 4:00 p.m.

Steve Naidenov of Veritas Advisory was appointed as administrator
of ZMG Pty on Dec. 13, 2019.



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C H I N A
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GUANGXI FINANCIAL: Moody's Affirms Ba1 LT Corp. Family Rating
-------------------------------------------------------------
Moody's Investors Service affirmed Guangxi Financial Investment
Group Co., Ltd's Ba1 long-term corporate family rating and Ba1
senior unsecured rating. At the same time, Moody's has affirmed the
b1 Baseline Credit Assessment. The entity-level outlook has been
changed to developing from stable.

RATINGS RATIONALE

The change in outlook follows the company announcement on January
8, 2020 that GXFIG is becoming a wholly-owned subsidiary of Guangxi
Investment Group, a company 100% directly owned by the Guangxi
provincial government.

The change in outlook to developing from stable reflects the
uncertainties surrounding both the standalone credit profile and
the level of government support available to GXFIG following the
restructuring.

On a temporary basis, GXFIG will continue to run largely
independently although the chairman of GIG will become the new
chairman of GXFIG while over time the financial services-related
assets under GXFIG and GIG will be consolidated to form a financial
holding company. The proposed restructuring is in the preliminary
stage with the change of business registration yet to be completed
and details on the path to restructuring yet to be determined by
the government and the company's management. Specifically, it is
unclear what assets will be transferred into and out of the rated
entity during the restructuring period to form a financial holding
company. Meanwhile, the change from a state-owned enterprise (SOE)
directly owned by the provincial government to a subsidiary of
another SOE impose negative implications on the level of
extraordinary support from the government to GXFIG. However,
Moody's expects the political linkage and government intervention
to remain strong for GXFIG for the time being with company's senior
management continuing to report directly to the Guangxi SASAC and
being appointed by the government and Guangxi SASAC.

Partially mitigating the negative implications on the level of
government support are a series of supportive measures announced in
November 2019 by the provincial government. For example, GXFIG has
been appointed as the managing entity of the provincial social
security enrichment fund which a certain level of equity interests
from selected SOEs and financial institutions will be transferred
into to make up the potential shortfalls in the public pension
system. The provincial government also injected a couple of SOEs
into GXFIG for free in 2018 and 2019. These examples are evidences
of GXFIG's strong political linkage to the provincial government
along with strategic importance to the region's financial services
sector.

The USD500 million senior unsecured debt outstanding for GXFIG has
a change of control covenant which would trigger redemption when
the Guangxi government directly or indirectly ceases to hold or own
100% of the issued shared capital of the company. Given that GXFIG
will still be effectively 100% owned by the Guangxi government,
Moody's does not expect that such covenant to be breached.

However, this bond is maturing in January 2021 and Moody's will
monitor and review the plans of the company to redeem or refinance
such bonds outstanding along with its restructuring plans.

On a standalone basis, the b1 BCA reflects GXFIG's weak
profitability, increased operational risks and complexity arising
from the evolving business mix as well as a low level of liquid
assets compared to the amount of debt maturing in one year. The b1
BCA also reflects the company's concentration in the Guangxi Zhuang
Autonomous Region which exposes the company to regional economic
uncertainties and consequent volatility in earnings and asset
quality. Offsetting these credit challenges are GXFIG's franchise
in financial services in Guangxi and solid level of capital
adequacy supported by various capital injections from the
provincial government.

Governance considerations were also a driver of GXFIG's BCA.
Moody's has made one-notch downward qualitative adjustment on
opacity and complexity to reflect GXFIG's complex organizational
structure, evolving business model as well as centralized
governance.

The Ba1 CFR incorporates a three-notch government support
reflecting its continued expectation of a strong level of support
from the Guangxi government in times of need -- although there are
uncertainties arising from the restructuring -- based on GXFIG's
strategic importance, political linkage as well as the various
support it has received from the Guangxi government. The level of
dependence between GXFIG and the provincial government remains very
high reflecting the operational and financial linkages as well as
exposure to common credit risks.

What Could Change the Rating -- Up

GXFIG's ratings could be upgraded if: 1) Moody's believes that
support from the Guangxi government in times of need strengthens as
it assumes a greater policy role in the region; 2) the company's
obligations become directly linked to the Guangxi government's
obligations; and 3) its BCA strengthens significantly.

GXFIG's BCA could be upgraded if the company materially improves
and maintains its profitability, asset quality and liquidity
metrics.

What Could Change the Rating -- Down

GXFIG's ratings could be downgraded if Moody's believes that
support from the Guangxi provincial government will weaken in times
of need as a result of reduced importance of the company's
activities to the regional economy or weakened political linkage
and/or government intervention. GXFIG's ratings could also be
downgraded its BCA is downgraded.

GXFIG's BCA could be downgraded if: 1) the company's secured
borrowings increase to over 35% of gross tangible assets; 2) its
tangible common equity/tangible managed assets consistently
declines to below 12%; or 3) a change in business and asset mix
results in a material deterioration in its profitability, capital
and liquidity or an increase in operational risk.

The methodologies used in these ratings were Finance Companies
Methodology published in November 2019, and Government-Related
Issuers published in June 2018.

HENGDA REAL: Moody's Assigns B2 Sr. Unsec. Rating to New USD Notes
------------------------------------------------------------------
Moody's Investors Service assigned a B2 senior unsecured rating to
the proposed USD notes to be issued by Scenery Journey Limited and
guaranteed by Tianji Holding Limited (B2 stable).

The proposed notes will also be supported by a deed of equity
interest purchase undertaking and a keepwell deed between Hengda
Real Estate Group Company Limited (B1 stable), Tianji, Scenery
Journey, and the bond trustee.

The net proceeds will be used mainly for refinancing and general
corporate purposes.

RATINGS RATIONALE

"The proposed bond issuance will provide Hengda and Tianji with
additional liquidity and lengthen Hengda and Tianji's debt maturity
profile, with limited impact on their credit metrics, because they
will use the proceeds mainly to refinance maturing debt," says
Josephine Ho, a Moody's Vice President and Senior Analyst.

Tianji's B2 corporate family rating reflects the company's
standalone credit profile and a one-notch rating uplift, based on
Moody's expectation that Hengda will provide financial support to
Tianji in times of stress.

The one-notch uplift reflects (1) Hengda's full ownership of
Tianji, (2) Tianji's status as the primary offshore platform for
Hengda to invest in property projects and raise offshore funds, and
(3) Hengda's track record of providing financial support to
Tianji.

Tianji's standalone credit profile factors in the operational
benefits arising from the company's background as a subsidiary of
Hengda, such as cost efficiencies and a strong brand name. However,
Tianji's rating is also constrained by its weak liquidity and
Moody's expectation of volatility in its sales performance.

Tianji's liquidity position is weak. The company relies on Hengda's
support to maintain its access to funding and liquidity. Its cash
holdings of RMB17.6 billion at June 30, 2019 was inadequate to
cover its short-term debt of RMB70.6 billion. Nevertheless, Moody's
expects that Tianji will have adequate banking facilities to fund
its operations because of Hengda's credit standing and support.

Tianji's EBIT/interest will likely fall to around 1.5x over the
next 12-18 months from 2.1x in 2018, because of increased interest
cost.

On the other hand, Tianji's debt leverage — as measured by
revenue/adjusted debt — will deteriorate to around 25% over the
next 12-18 months from 38% in 2018.

Tianji's stable rating outlook reflects the stable outlook on
Hengda's rating, as well as Moody's expectation that Hengda will
provide financial support to Tianji in times of financial stress.

Moody's expects that Hengda will have the ability to provide
support to Tianji, if needed. Hengda's B1 CFR reflects its status
as an onshore flagship subsidiary of China Evergrande Group (B1
stable), and as the platform that owns and manages Evergrande's
core property development business in China.

Hengda accounted for 89% of Evergrande's revenue in 1H 2019 and 84%
of Evergrande's total reported assets at June 30, 2019.

Hengda's B1 CFR reflects the company's strong market position as
one of the top property developers in China (A1 stable) in terms of
contracted sales and size of land bank. The rating also reflects
Hengda's nationwide geographic coverage, strong sales execution and
low-cost land bank. While Moody's points out that Hengda's
liquidity is weak and its debt leverage is high, Hengda's leverage
and interest coverage are on an improving trend, supported by
reduced land acquisitions.

However, Moody's explains that Hengda's rating is constrained by
its private company status, because information disclosure is less
transparent than that of its listed peers.

The B2 senior unsecured rating of the proposed USD notes reflects
Moody's expectation that Hengda will provide financial support
through honoring its obligations under the Deed of Equity Interest
Purchase Undertaking rather than through a payment guarantee.

The B2 senior unsecured rating is unaffected by subordination to
claims at the operating companies because Moody's expects support
from Hengda to Tianji to flow through the holding company rather
than directly to the main operating companies; thereby mitigating
any differences in expected loss that could result from structural
subordination.

Moody's expects that the company's leverage, as measured by
revenue/adjusted debt, to improve to 65%-70% over the next 12-18
months from around 64% in 2018, primarily driven by the company's
controlled land acquisitions.

Meanwhile, Moody's expects Hengda's EBIT/interest coverage to
improve to around 2.8x over the next 12-18 months from 2.6x in
2018.

Hengda's liquidity is weak, with cash/short-term debt standing at
0.7x at June 30, 2019. Nevertheless, this liquidity risk is
mitigated by the company's track record of accessing diversified
funding channels, including the bank and capital markets for debt
refinancing.

In terms of governance considerations, Moody's has considered the
issue of concentrated ownership, with Evergrande holding 63.5% of
Hengda, and Evergrande in turn 77%-held by its key shareholders,
Hui Ka Yan and his wife, as of June 30, 2019.

Hengda is a private company whose procedures with regard to
information disclosure and corporate governance are less
transparent than that of listed property developers. Part of this
governance risk is mitigated by the fact that Evergrande is a
listed company that demonstrates established internal governance
structures and standards, as required under the Corporate
Governance Code for companies listed on the Hong Kong Stock
Exchange.

The stable rating outlook reflects Moody's expectation that Hengda
will deleverage and will be able to refinance its maturing debt
over the next 12-18 months.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Hengda Real Estate Group Company Limited is among the top property
developers in China by sales volume, with a standardized operating
model. Founded in 1996 in Guangzhou, Hengda has rapidly expanded
its business across the country over the past few years. At the end
of 2018, Hengda's land bank totaled 255 million square meters in
gross floor area.

Hengda is the property arm and the flagship subsidiary of China
Evergrande Group. At June 30, 2019, Evergrande owned 63.5% of
Hengda's shares.

Incorporated in Hong Kong in 2009, Tianji Holding Limited is an
offshore holding company that houses some of Hengda's property
projects in China and overseas, including Hengda's Hong Kong
headquarters.

JMU LIMITED: Liyun Cao Resigns as Director
------------------------------------------
Liyun Cao has resigned from the board of directors of JMU Limited
for personal reasons, effective Jan. 14, 2020. The Company is
grateful to Ms. Cao for her valuable contributions over the past
years.

                         About JMU Limited

Headquartered in Shanghai, People's Republic of China, JMU Limited
currently operates an online platform for providing
business-to-business services to food-industry suppliers and
customers in China.

Michael T. Studer CPA P.C., in Freeport, New York, USA, the
company's auditor since 2019, issued a "going concern"
qualification in its report dated June 28, 2019, citing that the
Group experienced a net loss of approximately $25.3 million, $161.9
million and $123.2 million for the years ended Dec. 31, 2016, 2017
and 2018, respectively, and negative cash flows from operations of
approximately $5.8 million, $9.9 million and $4.3 million for the
years ended Dec. 31, 2016, 2017 and 2018, respectively. As at Dec.
31, 2018, the Group's current liabilities exceeded its current
asset by $15.7 million and there was a capital deficiency of $22.2
million. These conditions raise substantial doubt about the Group's
ability to continue as a going concern.

PARKSON RETAIL: S&P Withdraws 'B-' Long-Term Issuer Credit Rating
-----------------------------------------------------------------
S&P Global Ratings withdrew its 'B-' long-term issuer credit rating
on Parkson Retail Group Ltd. at the company's request.

S&P said, "The stable outlook at the time of withdrawal reflected
our view that Parkson will be able to meet its financial commitment
over the next 12 months despite its weak operating cash flows,
given that the company remains financially disciplined. We had
anticipated that the company will not undertake material capital
expenditure, acquisitions, or shareholder-friendly measures during
the period."



ROAN HOLDINGS: Appoints New Chief Financial Officer
---------------------------------------------------
Shen Lihua has joined Roan Holdings Group Co., Ltd. as its new
chief financial officer, effective Jan. 17, 2020. Her predecessor,
Ms. Li Jingping, will continue to serve as chairwoman for the
Company's Board of Directors.

"We are excited to welcome Lihua to the team as she assumes the
role of Chief Financial Officer," commented Mr. Liu Zhigang, chief
executive officer of Roan. "With more than two decades of
experience in financial management, accounting, and auditing, Lihua
is the ideal candidate to lead our financial team and spearhead
growth going forward. Lihua will play a crucial role during our
current business upgrade as she oversees the fiscal components of
our business, further augments our financial performance, and
supports the advancement of new initiatives. I would also like to
express our gratitude to Jingping for all she has done and
continues to do for the company. Her expertise and insights
continue to add value at each stage of our development."

Ms. Shen holds over 29 years of accounting experience and has
distinguished herself via her thorough knowledge of corporate
finance and internal financial controls. Ms. Shen has held a number
of senior financial positions with corporations in China, from
director of finance to chief accountant. Since 2017 and prior to
joining Roan, Ms. Shen served as the director of finance for Lixin
(Hangzhou) Asset Management Co., Ltd. From 2002 to 2017, Ms. Shen
served as a department manager at Da Hua CPAs (Special General
Partnership) Zhejiang Wanbang Branch. From 1998 to 2000, Ms. Shen
served as the chief accountant for Wanxiang Qianchao Co., Ltd.,
before becoming an audit manager at Wanxiang Group. Ms. Shen holds
the CICPA designation and is a graduate of Zhejiang University of
Finance & Economics.

                        About Roan Holdings

Founded in 2009, Roan (formerly known as China Lending) is a
non-bank financial corporation and provides comprehensive financial
services to micro-, small- and medium-sized enterprises, and
individuals. Roan is engaged in asset management, supplier chain
financing, and business factoring. Roan has moved its headquarter
from Urumqi, the capital of Xinjiang Autonomous Region, to
Hangzhou, the capital of Zhejiang province.

China Lending reported a net loss US$94.13 million for the year
ended Dec. 31, 2018, compared to a net loss of US$54.78 million for
the year ended Dec. 31, 2017. As of June 30, 2019, the Company had
US$55.40 million in total assets, US$108.26 million in total
liabilities, $9.99 million in convertible redeemable Class A
preferred shares, and a total deficit of $62.85 million.

Friedman LLP, in New York, the Company's auditor since 2017, issued
a "going concern" qualification in its report dated April 26, 2019,
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, citing that the Company has incurred
significant losses and is uncertain about the collection of its
loans receivables and extension of defaulted loans. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.

TAIZHOU HUAXIN: Fitch Affirms BB+ LT IDRs, Outlook Stable
---------------------------------------------------------
Fitch Ratings affirmed China-based Taizhou Huaxin Pharmaceutical
Investment Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer
Default Ratings at 'BB+'. The Outlook is Stable. Fitch has also
affirmed the 'BB+' ratings on THPI's USD206 million 6.8% senior
unsecured notes due 2021 issued by its wholly owned subsidiary,
Huaxin Pharmaceutical (Hong Kong) Co., Limited.

THPI is a flagship government-related entity responsible for the
urban development of the Taizhou medical high-tech development zone
and the incubation of the pharmaceutical industry.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: Its assessment
reflects Taizhou municipality's 76.73% ownership of THPI via
Taizhou State-owned Assets Supervision and Administration
Commission (Taizhou SASAC) as of end-September 2019, including a
5.63% repurchase from Fuanda; Fitch expects Taizhou SASAC to
repurchase the remaining minority stake over the medium term. Its
assessment also reflects the municipality's strong control of
THPI's board and strategic and financial direction.

'Strong' Support Record and Expectation: Fitch sees the
government's recurring financial support via subsidies, injections
and debts swaps as an indication of future support. THPI received
CNY418 million in subsidies during 2018, which accounted for 82% of
its profit before tax, as well as a CNY3.2 billion debt swap. The
government has committed to a further injection of CNY1.0 billion
by end-June 2020.

'Moderate' Socio-Political Implications of Default: THPI's key
policy mission to develop the pharmaceutical industry and is an
important part of Taizhou's economic development. Its default could
disrupt economic activity within the HTDZ, which accounted for 5.1%
of Taizhou's 2018 GDP. However, the company's role could be
substituted by other urban development GREs within Taizhou.

'Strong' Financial Implications of Default: Fitch believes a
failure by the government to provide timely support to the company
could damage the municipality's credibility and its willingness to
support its GREs. This in turn could interrupt the availability and
cost of financing options for Taizhou's other key functional GREs.
Fitch did not assess this attribute higher, despite THPI being
Taizhou's largest GRE by assets in 2018, due to the company's
geographical focus and the small economic contribution of the
HTDZ.

'b-' Standalone Credit Profile: The assessment is driven by the
company's weak financial profile, with net debt/EBITDA of over 40x
in 2018. The company also has weak liquidity with a high percentage
of short-term financing. This results in a lower Standalone Credit
Profile than for other urban developers with similar leverage.
Fitch assesses THPI's revenue defensibility as 'Weaker' and
operating risk as 'Midrange' to reflect the company's high
geographic and industry concentration.

Fitch does not believe that the company's Standalone Credit Profile
will significantly improve in the absence of large capital
injections. The government's support commitment should partially
mitigate refinancing risk.

DERIVATION SUMMARY

The ratings of THPI are assessed under Fitch's GRE Rating Criteria,
with an overall support score of 30 out of 60. The assessment
reflects the government's ownership and control, 'Strong' support
record and the company's policy role in developing Taizhou HTDZ.

THPI's Issuer Default Rating is derived from the four factors under
Fitch's GRE Rating Criteria and the 'b-' Standalone Credit Profile
under its Public Sector, Revenue-Supported Entities Rating
Criteria.

RATING SENSITIVITIES

A change in Fitch's credit view on Taizhou municipality's ability
to provide subsidies, grants and other legitimate resources allowed
under China's polices and regulations my result in rating action.

A weakening of the municipality's strength of linkage, including a
dilution in shareholding or support, or a weakening incentive to
support, including a reduced functional role, may result in a
downgrade.

Deterioration in the Standalone Credit Profile; in particular, a
poorer liquidity profile could affect the company's ratings.

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.

UNIVERSAL SOLAR: Finalizing Year End Financials for OTC Filing
--------------------------------------------------------------
Universal Solar Technology, Inc. announced that the finalization of
the year end financials is being completed for filing through OTC
Markets in advance of the required filing deadline to resume OTC
Markets reporting. In addition, the Company announced the launch of
a PIPE (Private Investment in a Public Equity) to build and scale
the Entrex Carbon Market management team and marketing
initiatives.

The Market was launched in 2019 and has 12 offerings of Carbon
Offsets and 49 Buyers registered as Entrex Market Members. The
Market offers a regulatory compliant trading platform to buy, sell
and retire securitized carbon offsets.

Details of the Offering can be provided to Accredited and
Institutional investors from Stephen H. Watkins, CEO of Entrex at
SWatkins@entrex.net

                       About Universal Solar

Headquartered in Guangdong Province, The People's Republic of
China, Universal Solar Technology, Inc. --
http://www.ustnevada.com/-- was incorporated in the State of
Nevada on July 24, 2007. The Company operates through its
wholly-owned subsidiaries, Kuong U Science & Technology (Group)
Ltd., a company incorporated in Macau, Peoples Republic of China on
May 10, 2007, and Nanyang Universal Solar Technology Co., Ltd., a
company incorporated in Nanyang, PRC on Sept. 8, 2008. The Company
sells silicon wafers and solar photovoltaic modules.

Universal Solar reported a net loss of $1.28 million in 2013
following a net loss of $5.66 million in 2012. As of Sept. 30,
2014, the Company had $4.78 million in total assets, $15.92 million
in total liabilities, and a total stockholders' deficiency of
$11.14 million.

Paritz & Company, P.A., in Hackensack, New Jersey, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2013. The independent auditors noted that
the Company had not generated cash from its operation, had a
stockholders' deficiency of $10,663,106 and had incurred net loss
of $11,175,906 since inception. These circumstances, among others,
raise substantial doubt about the Company's ability to continue as
a going concern. The Company filed its last SEC documents for the
third quarter of 2014 on Nov. 18, 2014.

YINGKOU JINNENG: Misses Debt Payment Worth Millions
---------------------------------------------------
Luo Guoping and Lu Yutong at Caixin Global report that a company
backed by embattled solar firm Hanergy Mobile Energy Holding Group.
Co. Ltd. failed over the weekend to repay a tranche of debt raised
to finance a factory project, and more payments are set to be
missed through the end of February.

Yingkou Jinneng Mobile Energy Co. Ltd., in which Hanergy holds a
12.5% stake, raised CNY252.6 million ($36.6 million) in mid-2018 to
finance the construction of a solar-film production project in
Yingkou, Northeast China's Liaoning province, according to a
document obtained by Caixin.  State-owned Yingkou Coastal
Development Construction Group Co. Ltd., which holds 66.7% of
Yingkou Jinneng's shares, provided a guarantee for the debt, the
document showed, Caixin relays.

The document said that neither Yingkou Jinneng nor its guarantor
would be able to repay the debt in a timely manner, and that they
had no specific plans to address the debt, Caixin notes.

[*] CHINA: Vulture Funds Circle Debt-Laden Corporate Sector
-----------------------------------------------------------
The Financial Times reports that Wang Yizhi sensed an opening last
July when local investors raced to dump the debt of Future Land
Development, a Shanghai-based developer, after the arrest of its
founder on sexual abuse charges.

Shortly after the scandal broke, Mr. Wang, general manager of Raman
Capital, bought four-year bonds for 88 cents on the dollar. Within
weeks, he had sold them for 95 cents, after the developer put
dozens of projects on sale to improve its cash flows, the FT says.

"FLD is a strong company with a very low probability of default,"
the FT quotes Mr. Wang, 35, at his office in Shanghai's financial
district, as saying. Shrugging off the founder's arrest, he added:
"We make money by having a better idea than our counterparties of
how much risky bonds are worth."

According to the FT, Raman is among a growing band of hedge funds
trying to exploit opportunities in China's corporate bond market --
which the central bank puts at CNY24.6 trillion ($3.6 trillion) --
as a slowing economy and a deleveraging campaign by the nation's
leaders send defaults through the roof.

The FT relates that the going has not always been easy: a
regulatory crackdown two years ago forced banks to pull cash from
Raman, which was named after an Indian physicist known for his work
on the scattering of light. But one of the biggest challenges has
been getting hold of reliable information in a largely opaque
market, which makes operating as a "vulture" fund in China more
tricky than in the US or Europe.

There are times when bond prices fall off a cliff after the
publication of a social media post -- censored in 15 minutes --
that mentions a closed-door government-led meeting where the
issuer's financial problems are discussed, the FT relays. Moreover,
some of China's bond issuers have a reputation for cooking the
books and there is a lack of law enforcement to stamp out fraud.

"The market is certainly not getting more transparent," Mr. Wang,
as cited by the FT, said. "Investors and issuers don't trust each
other."

Mr. Wang, a native of the northwestern province of Gansu, moved to
Shanghai after graduating from college in 2009 and joined a local
brokerage as a research assistant.

Three years later, he launched Raman in a 300 sq ft room with three
partners and about CNY5 million ($728,000) in assets. Life was
"very miserable" back then, he recalled, the FT relays.

Like many start-ups, Raman struggled for many months to obtain
capital. The turning point came after Chinese banks began looking
for places to park investment products offered to rich customers.
Such products promised high returns, but were kept off banks'
balance sheets to bypass credit controls and other regulatory
restrictions.

In 2014 Mr. Wang made a breakthrough with Industrial and Commercial
Bank of China, the nation's largest lender by assets, which handed
him CNY450 million to manage, the FT recalls. Other banks soon
followed suit, driving Raman's assets to a peak of CNY8 billion in
2016.

By then Mr. Wang had a lifestyle he could only have dreamt of,
growing up in Gansu's capital, Lanzhou. His family of three moved
from a CNY8,000 per month, two-bedroom apartment to a five-bedroom
house in an expatriate neighbourhood for CNY50,000 a month. He
bought cases of Château Beychevelle wine at more than CNY2,000 per
bottle, and drank them like beer.

"I was full of myself when there was easy money to be made," he
said.

But in 2018 Beijing began a crackdown on shadow banking,
introducing new rules on asset management that required banks to
move wealth-management products back on to their books. That
prompted banks to trim bond-backed funds with high risk weightings
that could hurt their capital ratios, the FT relates.

The exodus slashed Raman's assets, which determine its fee income,
by two-thirds within two years.

Worse still, his track record took a hit after several portfolio
companies defaulted. "I have paid a price for being overly
aggressive," said the fund manager, the FT relays. He dug in to his
own pocket to provide CNY100 million of compensation for his
investors, partially offsetting their losses.

Just over a year ago the Wangs downsized to a three-bedroom flat
out of the expat enclave. Instead of taking first-class flights and
booking five-star hotels, Mr. Wang downgraded to economy and
CNY80-per-night hostels, according to the FT.

The FT relates that the setbacks prompted Raman to shift its focus
to seeking underpriced high-yield bonds, rather than distressed or
special situations, a move that probably saved it from going under.
Raman reported a return of 21 per cent last year, slightly higher
than his six-year average of 19.4 per cent and putting the investor
close to the top of its peer ranking.

However, Mr. Wang does not expect such performance to continue, as
a rush of capital into the high-yield bond market makes bargains
harder to come by.

"I clean my glasses three times a day to make sure I get all the
numbers right," the FT quotes Mr. Wang as saying. "But I am just
not sure which issuer is truly safe."



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

HONG KONG: Wuhan Virus Compounds Economic Woes, Analysts Say
------------------------------------------------------------
Channel News Asia reports that the emergence of a SARS-like virus
in China is the last thing Hong Kong's struggling economy needs,
analysts said, as the city reels from the twin storms of the global
trade war and months of political unrest.

CNA says the semi-autonomous financial hub is currently on high
alert for any appearance of the new coronavirus, which first
surfaced in the Chinese city of Wuhan and has since spread to the
United States and around Asia.

In 2003, nearly 300 people were killed in Hong Kong during an
outbreak of Severe Acute Respiratory Syndrome (SARS), which also
began on the mainland and hammered the city's economy as tourists
arrivals plunged, recalls CNA.

"We are on extreme high alert and preparing for the worst," chief
secretary Matthew Cheung told reporters on Jan. 21, CNA relays. "We
have not lowered our guard."

The timing could hardly be worse, the report states.

According to CNA, Hong Kong has been tipped into a recession by the
US-China trade war and months of seething protests that have
upended its reputation for stability.

On Jan. 20, Moody's downgraded Hong Kong's credit rating, saying
the government had failed to respond to the economic and political
demands of protesters and that China's increased influence was
undermining the city's once-vaunted institutions, CNA reports.

A disease outbreak in the densely packed city would only add to
current economic woes, the report notes.

"This is definitely the last thing Hong Kong people want to see,"
the report quotes Jackson Wong, an asset management director at
Amber Hill Capital Ltd, as saying. "The current situation will
definitely remind investors about what we suffered in 2003 during
the SARS outbreak in Hong Kong," he added.

Hong Kong's stock market sank on Jan. 21 - with tourism-linked
stocks leading the losses -- after a top Chinese scientist said the
Wuhan virus has now been found to pass between humans, according to
CNA.

CNA relates that the brewing crisis comes days before the Chinese
New Year holiday, which sees hundreds of millions of people travel
across China and overseas.

The number of mainland Chinese travelling to Hong Kong has dropped
dramatically since the anti-government protests began last summer,
and there are fears the Wuhan virus will only make things worse for
the battered tourist industry, CNA adds.



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

ANIL CONSTRUCTION: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Anil
Construction (AC) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        2.5       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit           3.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility    1.0       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Short Term
   Bank Loan Facility    1.0       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AC for obtaining
information through letters and emails dated January 6, 2020 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

AC, a partnership firm in Koderma (Jharkhand), was established by
Mr Anil Pandey and Ms. Ajita Pandey. It undertakes civil
construction works mainly for government clients on a tender basis.

ANKUR IRON: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Ankur Iron (India) Private Limited
        404/405 Dhoot Business Center
        R.B. Meha Marg
        Ghatkopar East
        Mumbai 400077

Insolvency Commencement Date: January 10, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 8, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Santanu T Ray

Interim Resolution
Professional:            Mr. Santanu T Ray
                         AAA Insolvency Professionals LLP
                         A-301, BSEL Tech Park
                         Sector 30a
                         Opp. Vashi Railway Station
                         400705
                         E-mail: santanutray@aaainsolvency.com
                                 ankuriron@aaainsolvency.com

Last date for
submission of claims:    January 27, 2020


ARAFA GOLD: CRISIL Migrates 'B+' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Arafa Gold -
Thiruvananthapuram (AG) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           15         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan         0.9       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     2.6       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AG for obtaining
information through letters and emails dated January 6, 2020 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

AG was founded in 2010 and manages jewellery retail stores in
Thiruvananthapuram. The operations are managed by Mr Abdul Latheef.

ARTS WATERMATICS: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Arts
Watermatics Private Limited (AWPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.5        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit           3          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    0.5        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan             2.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AWPL for obtaining
information through letters and emails dated October 30, 2019 and
December 26, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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


AWPL, incorporated in 2009, manufactures, assembles and markets
drip and sprinkler irrigation systems and high density polyethylene
and polyvinyl chloride pipes. It has manufacturing facilities at
Parbhani, Maharashtra. Mr. Milind Deshpande, Mr. Sujit Gupta, Mr.
Balchandra Pedgaonkar, and Mr. Sudhakar Yadav are the promoters.

ASSOCIATED APPLIANCES: CRISIL Moves D Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Associated
Appliances Limited (AAL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

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

   Cash Credit           10         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)
    
   Inland/Import         11         CRISIL D (ISSUER NOT
   Letter of Credit                 COOPERATING; Rating Migrated)

   Term Loan              3         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AAL for obtaining
information through letters and emails dated October 30, 2019 and
November 22, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

AAL was founded in New Delhi in 1994, by Mr Dev Dutta Sharma and
his family members. The company manufactures and trades in home and
kitchen appliances, including liquefied petroleum gas stoves and
kitchen ventilation hoods.

BEST EDUCATION: CRISIL Migrates 'B' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Best Education
Trust (BET) to 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan        5.8       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Overdraft              .75      CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    3.45      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BET for obtaining
information through letters and emails dated October 30, 2019 and
November 22, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

BET was founded in fiscal 2007 by Mr Muniraju D (founder secretary
and principal). It operates Attibele Public School in Bengaluru.

BHURJI SUPER-TEK: CRISIL Migrates D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Bhurji
Super-tek Industries Limited (BSIL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         .5        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit           4.0        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    3.82       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan            16.68       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BSIL for obtaining
information through letters and emails dated January 6, 2020 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

BSIL, incorporated in 1986, provides end-to-end solutions for
manufacturing electronic goods, including coolers, water filters,
and geysers. It also manufactures moulded plastic structures/body
primarily for original equipment manufacturers, catering mainly to
the electronics industry. Mr Kamaljeet Singh Bhurji and his son, Mr
Amarjeet Singh Bhurji, are the promoters.

CHENAB MACHINERY: CRISIL Migrates 'B' Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Chenab
Machinery & Engineering Private Limited (CMEPL) to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            4        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan         2        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Letter        2        CRISIL A4 (ISSUER NOT
   of Credit                       COOPERATING; Rating Migrated)

CRISIL has been consistently following up with CMEPL for obtaining
information through letters and emails dated November 30, 2019 and
December 26, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2014 and promoted by Mr Vijay Aggarwal, CMEPL
manufactures engineering products particularly pre-fabricated
structures, colour-coated profiled sheets, and steel bridges. The
company is based in Kathua, Jammu & Kashmir.

D. VANSH: CRISIL Lowers Rating on INR17cr Cash Loan to 'C'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
D. Vansh Enterprises (DVE) to 'CRISIL C' from 'CRISIL B/Stable'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            17         CRISIL C (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects continuous overutilisation of the cash
credit facility by the firm, though the limit gets regularised
within 30 days, resulting in the account turning SMA-0, over the
past three months.

The firm is susceptible to intense competitive pressure and to
changes in government regulations, and is exposed to risks inherent
in the trading business. It also has a stretched working capital
cycle and a weak financial risk profile. However, it benefits from
its established distribution network.

Key Rating Drivers & Detailed Description

Weaknesses:
* Delays in debt servicing:
There has been continuous overutilisation of the cash accredit
facility during the past three months because of stretched
liquidity.

* Susceptibility to changes in government regulations:
The pricing of liquor products is susceptible to government
regulations and taxes. Furthermore, retail and distribution is
strictly controlled by the government. Heavy taxes levied on liquor
products could influence end users to switch to cheaper brands,
which could constrain the revenue of players such as DVE.

* Vulnerability to intense competitive pressure and risks inherent
in the trading business:
Intense competition in the liquor distribution business, on account
of small initial investment and low complexity of operations,
continues to constrain the operating margin of DVE, estimated at
5.4% in fiscal 2019. Susceptibility to risks inherent in trading
business persists.

* Stretched working capital cycle:
Operations will remain working capital intensive over the medium
term. Gross current assets were 170-200 days in the four fiscals
through 2019, driven by receivables and inventory of 47 days and
135 days, respectively. Receivables remain high as the firm extends
extensive credit to customers.

* Weak financial risk profile:
Debt protection metrics are weak and should remain so over the
medium term due to high reliance on working capital borrowings and
low accrual. Interest coverage and net cash accrual to total debt
ratios are estimated at 1.23 times and 0.02 time, respectively, in
fiscal 2019.

Strength
* Established distribution network:
DVE has a large distribution network in Fazilka, Punjab, with L1
stores, 47 L2 stores, and 76 L14 stores. Revenue is estimated at
INR51.23 crore in fiscal 2019. Moreover, healthy relationships with
suppliers and customers should continue to support business risk
profile.

Liquidity Poor
Liquidity is poor, as indicated by instances of overutilisation of
the cash credit facility.

Rating Sensitivity factors

Upward factors:
* Utilisation of working capital facility within the limit for at
least 90 days
* Significant improvement in operating performance, with adequate
cash accrual, and better financial risk profile.

DVE was established in 2008 as a proprietorship firm. It is engaged
in wholesale and retail distribution of liquor such as Indian-made
foreign liquor (IMFL) and country liquor in Punjab.

DAKSHIN EXPORTS: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Dakshin
Exports (DE) to 'CRISIL B+/Stable Issuer not cooperating'.

                          Amount
   Facilities           (INR Crore)     Ratings
   ----------           -----------     -------
   Export Packing Credit     24.6       CRISIL B+/Stable
   & Export Bills                       (ISSUER NOT COOPERATING;
   Negotiation/Foreign                  Rating Migrated)
   Bill discounting           
  
CRISIL has been consistently following up with DE for obtaining
information through letters and emails dated December 31, 2019,
January 6, 2020 and January 10, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

Established in 1996 as a partnership firm by Mr Rajendra Babu and
his wife, Ms R Vinitha, DE trades and processes granite slabs.

E - WAY GALLERY: CRISIL Migrates 'D' Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of E - Way
Gallery (E way) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Cash
   Credit Limit          2.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with E way for obtaining
information through letters and emails dated January 6, 2020 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

E Way is a partnership firm set up in 2014 in Manjeri (Malappuram
District,Kerala) and is engaged in trading in tiles and sanitary
ware. The operations are managed by Mr.Abdul Azeez. The firm has a
single showroom at Malappuram which is spread over 70000 sq ft.

EL-TE MARINE: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of El-Te Marine
Products (ETMR) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Packing Credit         20        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Post Shipment Credit   14        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ETMR for obtaining
information through letters and emails dated October 30, 2019 and
November 22, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

ELTE, set up in Alappuzha, Kerala, in 2007, exports frozen shrimp
and squids. Its daily operations are managed by proprietor Mr.
Primal Thomas.

G S M INDUSTRIES: CRISIL Migrates B- Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of G S M
Industries Private Limited (GSMIPL) to 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

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

   Letter of Credit       5         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GSMIPL for obtaining
information through letters and emails dated
October 30, 2019 and December 26, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

Based in Gandhidham (Gujarat), GSMIPL was taken over in 2006 by its
current promoter, Mr Ramesh Chinaria. The company manufactures
marine plywood, commercial plywood, block boards, and flush doors
under the GSM brand.

GANESH FABRICATION: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ganesh
Fabrication Works (GFW) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            2        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Fund-        18        CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GFW for obtaining
information through letters and emails dated January 6, 2020 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

GFW was formed as a proprietorship firm in 1996, by Mr Rajender
Jadhav. The firm manufactures playground equipment (accounting for
90% of revenue) and open garden fitness equipment (10%). The
manufacturing facility is situated at Nasik, Maharashtra.

GANESH GREENZ: CRISIL Migrates 'B' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ganesh Greenz
(GG) to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Fund-        25         CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GG for obtaining
information through letters and emails dated October 30, 2019 and
November 22, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

GG was set up by Mr Rajinder S. Jadhav and Mr Shrikant in 2016 as a
partnership firm. The firm is engaged in government park
development project for supply and installation of wide range of
outdoor gym and children playground equipment in Delhi.

GOYAL AGRO: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Goyal Agro
Industries - Raipur (GAI) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

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

   Cash Credit              3         CRISIL B+/Stable (ISSUER
                                      NOT COOPERATING; Rating
                                      Migrated)

   Proposed Long Term       0.16      CRISIL B+/Stable (ISSUER
   Bank Loan Facility                 NOT COOPERATING; Rating
                                      Migrated)

   Term Loan                1.40      CRISIL B+/Stable (ISSUER
                                      NOT COOPERATING; Rating
                                      Migrated)

CRISIL has been consistently following up with GAI for obtaining
information through letters and emails dated January 6, 2020 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Formed in 2007, Raipur, Chhattisgarh-based GAI is engaged in rice
milling. Mr Devendra Agrawal and Mr. Ganesh Agrawal manages the
operations.

GREEN CHANNEL: CRISIL Migrates B- Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Green Channel
Traders (GCT) to 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         .97       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft             5.00       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term  
   Bank Loan Facility    2.03       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GCT for obtaining
information through letters and emails dated January 6, 2020 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in April 2016, GCT is an Alapuzzha, Kerala - based
partnership firm engaged in the trading of cuttle fish, prawns and
squids.

GSR & TSR: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------
CRISIL has migrated the rating on bank facilities of G.S.R. &
T.S.R. Educational Society (GSR) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan         5.1       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GSR for obtaining
information through letters and emails dated January 6, 2020 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

GSR was established in 2001 by Mr. Ravi Kumar in Guntur, Andhra
Pradesh. GSR offers undergraduate and post graduate courses in
engineering, business management and a school.

HEALTH SECURE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Health Secure (India) Private Limited
        1 Land Scape, D Souza Colony
        Gangapur Road Nashik 400005

        Plant address:
        C-10, MIDC, Taloja
        Navi Mumbai 410208

Insolvency Commencement Date: January 10, 2020

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Manish Sukhani

Interim Resolution
Professional:            Manish Sukhani
                         B 213, Orchard Road Mall
                         Royal Palms, Aaery Colony
                         Goregaon (East), Mumbai
                         Maharashtra, India 400065
                         E-mail: ca.m.sukhani@gmail.com
                                 cirp.hsipl@gmail.com

Last date for
submission of claims:    January 29, 2020


ISHAVASHYAM INFRA: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Ishavashyam Infra LLP
        Giriraj, Darga Road
        Opp. Mental Hospital
        Vadodara, GJ 390018
        IN

Insolvency Commencement Date: January 13, 2020

Court: National Company Law Tribunal, Ahmedabad (Gujarat) Bench

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

Insolvency professional: Mr. Shalabh Kumar Daga

Interim Resolution
Professional:            Mr. Shalabh Kumar Daga
                         C/o JLNUS & Co., Chartered Accountants
                         405, Atlantis Enclave
                         Above Dinner Bell
                         Subhash Chowk, Gurukul
                         Memnagar, Ahmedabad 380052
                         Gujarat, India
                         E-mail: jlnus.ahd@gmail.com

Last date for
submission of claims:    January 27, 2020


JAMPANA PADMAVATHI: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jampana
Padmavathi (JP) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan        8.8       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Working      1.2       CRISIL B+/Stable (ISSUER NOT
   Capital Facility                COOPERATING; Rating Migrated)

CRISIL has been consistently following up with JP for obtaining
information through letters and emails dated October 30, 2019 and
November 22, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

JP was set up in 2015 is proprietorship firm of Mrs. Jampana
Padmavathi. The operations are managed by Ms. Usha Gandhi Jampana,
It has setup and leased warehouse, located at Andhra Pradesh
Kakinada to APSCSCL.

JAMPANA USHA: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jampana Usha
Gandhi (JUS) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan         8.8      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Working
   Capital Facility       1.2      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with JUS for obtaining
information through letters and emails dated October 30, 2019 and
November 22, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

JUS is proprietorship firm was set up in 2015 and operations were
started from April 2017, engaged in building of warehouse and
renting it to Andhra Pradesh State Civil Supply Corporation
Limited.

JAYPEE PROJECTS: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jaypee
Projects Limited (JPL) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         7        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit            6        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     8        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with JPL for obtaining
information through letters and emails dated November 30, 2019 and
December 26, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2000 and promoted by Mr Jayprakash Mehta, JPL
constructs buildings and also undertakes roads, air conditioning,
and water treatment projects across India. The company is a Class-1
contractor and is registered with the Central PWD.

K.R.R. ENGINEERING: CRISIL Migrates B- Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of K.R.R.
Engineering Private Limited (KRR) to 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         4        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit            5        CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Export Packing
   Credit                 2        CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit       3        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan         0.8      CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Standby Letter
   of Credit              0.2      CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KRR for obtaining
information through letters and emails dated January 6, 2020 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Based in Chennai, KRR was established as a proprietorship in 1976
and reconstituted as a private limited company in 1986. It
undertakes heavy fabrication and machining for a wide range of
process industries. Mr Sakthivel Ramaswamy manages the day-to-day
operations.

KALAISELVI MODERN: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kalaiselvi
Modern Rice Mill (KMRM) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           10.5      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Cash          1.5      CRISIL B+/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KMRM for obtaining
information through letters and emails dated October 30, 2019 and
November 22, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 2007, as a proprietorship firm by Mr. Jayaraman, KMRM is
engaged in the processing of paddy into rice. The firm has a
milling unit in located at Dindugal (Tamil Nadu) with an installed
capacity of 5 tonnes per hour (TPH).

KALINDI RESORTS: CRISIL Migrates B Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kalindi
Resorts And Hotels (KRH) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan         12       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KRH for obtaining
information through letters and emails dated October 30, 2019 and
November 22, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

KHR, set up in April 2015, is constructing a hotel at Jaipur.
Commercials operations of the hotel will start from end of fiscal
2019.

KAVERI WAREHOUSING: CRISIL Migrates B Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kaveri
Warehousing (KW) to 'CRISIL B/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Long Term Loan       5.5       CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KW for obtaining
information through letters and emails dated October 30, 2019 and
November 22, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

KW, established in 2015 in Dhanbad is engaged in setting up a
godown for FCI with a capacity of 20,000 MT.

KRISHNA SAHIL: CRISIL Migrates 'C' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Krishna Sahil
Constructions Private Limited (KSCPL) to 'CRISIL C/CRISIL A4 Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         8         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft              0.75      CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     1.25      CRISIL C (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KSCPL for obtaining
information through letters and emails dated January 06, 2020 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

KSCPL was incorporated in 2008, is engaged in tender based
sub-contracts for construction projects.

MAHAVIR SHEETGRAH: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mahavir
Sheetgrah Private Limited (MSPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft              0.35      CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     1.78      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan              2.37      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MSPL for obtaining
information through letters and emails dated October 30, 2019 and
November 22, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in May 2011, Firozabad (Uttar Pradesh)-based MSPL
provides cold storage facilities to farmers for potatoes.

MINAKSHI COTEX: CRISIL Migrates 'D' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Minakshi Cotex
(Minakshi) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Minakshi for
obtaining information through letters and emails dated November 30,
2019 and December 26, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Minakshi was set up in 2003 as a partnership firm by the Tayal
family of Madhya Pradesh. The firm has two units in Georai and
Khamgaon (Maharashtra), where it undertakes cotton ginning and
pressing.

POLYBOND INSULATION: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Polybond
Insulation Private Limited (PIPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

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

   Cash Credit            3        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     1        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PIPL for obtaining
information through letters and emails dated January 06, 2020 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Established in 1995, PIPL, promoted by Mr Umesh Chitalangia, Mr
Sudhir Ghosh, and Mr Aashish Chitalangia, manufactures Rockwool
Thermal Insulation products such as pre-formed sectional pipe
insulation, lightly resin-bonded mattresses, resin-bonded slabs,
superfine loose mineral wool, and building rolls.

SABARI REALTORS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Sabari Realtors Private Limited
        29, Thirumalai Pillai Road
        T. Nagar, Chennai
        Tamil Nadu 600017

Insolvency Commencement Date: January 13, 2020

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Geetha Sridhar

Interim Resolution
Professional:            Geetha Sridhar
                         Block 3, 7E Rani Meyammai Towers
                         MRC Nagar, Chennai 600028
                         E-mail: gs.gsconsultants@gmail.com

                            - and -

                         3F Sai Kiran Apartments, 3rd Floor
                         7 First Main Road
                         Kasturibai Nagar
                         Chennai 600020
                         E-mail: ibcsabari@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. S. Lakshmisubramanian
                         E-mail: slsip@slswin.com

                         Mr. M. Raghuram
                         E-mail: adiyensaranagathi@gmail.com

                         Mrs. Revathi Sridharan
                         E-mail: revisri@yahoo.co.uk

Last date for
submission of claims:    January 27, 2020


SHIVPURI WATER: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Shivpuri Water Infrastructure Pvt. Ltd.
        Building No. 9, Sigma Corporate
        Behind Rajpath Club
        Off S.G. Road, Bodakdev
        Ahmedabad GJ 380054

Insolvency Commencement Date: January 8, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: July 5, 2020

Insolvency professional: Prawincharan Prafulcharan Dwary

Interim Resolution
Professional:            Prawincharan Prafulcharan Dwary
                         407, Akchhat Tower
                         PakwanCross Road
                         S.G. Highway, Bodakdev
                         Ahmadabad, Gujarat 380015
                         E-mail: dwaryprawin@gmail.com

                            - and -

                         9B, Vardan Tower
                         Nr. Vimal House
                         Lakhudi Circle, Navrangpura
                         Ahmadabad, Gujarat 380014

Last date for
submission of claims:    January 27, 2020


STATCO INFRAPROJECTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Statco Infraprojects Private Limited
        Flat GA, Florentina
        Old no. 21, New no. 43
        1st Main Road
        Gandhi Nagar, Adyar
        Chennai 600020
        Tamil Nadu, India

Insolvency Commencement Date: January 10, 2020

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: July 8, 2020
                               (180 days from commencement)

Insolvency professional: Chandramouli Ramasubramaniam

Interim Resolution
Professional:            Chandramouli Ramasubramaniam
                         'RAJI' 3B1, 3rd floor
                         Gaiety Palace, No. 1L
                         Blackers Road, Mount Road
                         Chennai, Tamil Nadu 600002
                         E-mail: fcs.rms@gmail.com

Last date for
submission of claims:    January 24, 2020


SUPER SHIV: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Super Shiv Shakti Chemicals Private Limited

        Registered office:
        C-112, Shastri Nagar
        Near Shyam Temple, Bhilwara
        Rajasthan 311001

Insolvency Commencement Date: January 10, 2020

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Brajesh Kumar Varma

Interim Resolution
Professional:            Brajesh Kumar Varma
                         B 329, Sector 105
                         Noida 201304
                         E-mail: varma.brajesh@gmail.com

                            - and -

                         C/o LSI Financial Services Private
                         Limited
                         1205, Chiranjeev Tower
                         43, Nehru Place
                         New Delhi 110019
                         Tel: 91 11 46628856/18/50
                         E-mail: cirp.ssscpl@gmail.com

Last date for
submission of claims:    January 27, 2020


SVMR LOGISTICS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: SVMR Logistics Private Limited
        Flat No. 608A, 6th Floor
        Devika Tower, Nehru Place Delhi
        South Delhi DL 110019

Insolvency Commencement Date: January 8, 2020

Court: National Company Law Tribunal, Gurugram Bench

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

Insolvency professional: Ajit Kumar

Interim Resolution
Professional:            Ajit Kumar
                         1A, Sanskriti Apartment GH-22
                         Sector 56, Gurugram
                         Haryana & Punjab 122011
                         E-mail: cmaajitjha@gmail.com

                            - and -

                         Sun Resolution Professionals Pvt. Ltd.
                         83, National Media Centre
                         Shanker Chowk
                         Nr. Ambiance Mall/DLF Cyber City
                         Gurugram 122002
                         E-mail: cirp.svmr@gmail.com

Last date for
submission of claims:    January 22, 2020


TEEMPER LIFESTYLE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Teemper Lifestyle Private Limited

        Registered office:
        601, Pluto, B Wing
        Vasant Galaxy
        Bangur Nagar Goregaon (West)
        Mumbai 400104
        Maharashtra

Insolvency Commencement Date: October 11, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 8, 2020
                               (180 days from commencement)

Insolvency professional: Mahesh Kumar Gupta

Interim Resolution
Professional:            Mahesh Kumar Gupta
                         C/o AEMG & Associates
                         Chartered Accountants
                         202, New Heera Panna Industrial Estate
                         Opp Business Park
                         Near Virwani Industrial Estate
                         Off Western Express Highway
                         Goregaon (East)
                         Maharashtra 400063
                         E-mail: camkg59@gmail.com
                                 irp.teemper@gmail.com

Last date for
submission of claims:    January 24, 2020


TURNING POINT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Turning Point Estates Private Limited

        Registered office:
        Shop No. 118, 1st Floor V Mall
        Thakur Complex, Kandivali East
        Mumbai 400101

Insolvency Commencement Date: January 10, 2020

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Namrata Amol Randeri

Interim Resolution
Professional:            Namrata Amol Randeri
                         215, Laxmi Plaza
                         Laxmi Industrial Estate
                         New Link Road, Andheri West
                         Mumbai 400053
                         E-mail: namrataranderi@gmail.com
                                 turningpoint.bkc@gmail.com

Last date for
submission of claims:    January 27, 2020


UTTAM GALVA: Challenges Deutsche's $20-Mil. Recovery Plea at NCLT
-----------------------------------------------------------------
The Economic Times reports that Uttam Galva Steels on Jan. 21
challenged Deutsche Bank's application at the National Company Law
Tribunal (NCLT) for the recovery of $20 million (INR142 crore).

The Singapore branch of Deutsche Bank had given a $20 million
credit facility to Uttam Galva on May 2, 2013, ET recalls.

According to the report, Uttam Galva has raised two contentions
opposing the petition -- one that the debt was time-barred and the
other that the loan agreement was not stamped.

Since the document is not stamped in Maharashtra, Deutsche's claim
cannot be enforced, argued Khaitan Legal Associates, the law firm
representing Uttam Galva at the NCLT, ET relays.

As per a recent judgement by the Supreme Court on the Limitations
Act 1963, winding up of a company shall be deemed to commence at
the time of the presentation of a petition, its counsel said.
Therefore, according to the counsel, even for the debt the relevant
date to be taken will be the date of filing the petition, which is
today [Jan. 22]. The debt amount cannot be recovered if the time
period exceeds three years from the date of lending, he argued,
claiming the debt to be time-barred, ET says.

ET relates that the bank's counsel said it had sent timely notices
to Uttam Galva reminding the payment and that the company had
failed to repay the amount except for some of the interest.

Jerome Merchant, the law firm representing Deutsche Bank, pointed
out that treating the bank as an operational creditor in the books
of Uttam Galva was wrong and that it had to be considered as a
financial creditor, ET discloses.

Uttam Galva, against which the central bank had asked lenders to
initiate corrective actions, has yet to come up with a resolution
plan, after State Bank of India withdrew an insolvency petition it
had filed in November 2018, ET notes. The associate companies of
Uttam Galva - Uttam Value Steel and Uttam Galva Metallics - were
acquired by a consortium of US-based company CarVal and Asset
Reconstruction Company of India in April last year.

A Mumbai bench of the NCLT, comprising Bhaskara Pantula Mohan and
Rajesh Sharma, adjourned the hearing in the case to January 30, the
report notes.

                         About Uttam Galva

Uttam Galva Steels Limited (NSE: UTTAMSTL) manufactures and sells
cold rolled steel and galvanized steel products in India. The
company procures hot rolled steel and processes it into cold rolled
steel and further into galvanized steel and color coated coils. It
offers cold rolling and cold rolled close annealed products;
galvanized plain products and corrugated sheets; and color coated
products. The company's products are used in various applications,
such as construction, household appliances, and transportation, as
well as in containers, packaging, furniture, light fixtures, and
computer peripherals. It also exports its products to approximately
132 countries, including the United States, Canada, Italy, Belgium,
Greece, Germany, France, the United Kingdom, Spain, Australia,
Japan, China, etc., as well as Africa, South America, and the Far
East Asian countries.

Uttam Galva Steels is a part of the Reserve Bank of India's second
list of cases, which will be referred to the bankruptcy tribunal
for insolvency proceedings after lenders failed to
resolve the account by December 2017.



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

MULTI SPORTS: To Be Delisted from Bursa Malaysia on January 31
--------------------------------------------------------------
Emir Zainul at The Edge Financial Daily reports that Multi Sports
Holdings Ltd will be delisted from Bursa Malaysia on Jan. 31,
unless an appeal against the delisting is submitted to Bursa on or
before Jan. 28.

This is because the stock exchange regulator has dismissed the
Practice Note 17 (PN17) company's application for more time to
submit its regularisation plan, the deadline for which was on Nov.
13, 2019, the report says.

This means Multi Sports had failed to comply with its obligation to
submit its regularisation plan by the stipulated time frame.

If the delisting proceeds, Multi Sports will be the second stock
taken out of Bursa this month, after Perisai Petroleum Teknologi
Bhd announced on Jan. 17 that it would be delisted Jan. 22, the
report relates.

In December 2019, Bursa publicly reprimanded Multi Sports for
failing to issue its annual report for the financial year ended
Dec. 31, 2017 (AR 2017) on or before April 30, 2018, recalls the
Edge. The AR 2017 was only issued on June 7, 2018 after a delay of
23 market days.

The Edge says the company was also reprimanded for failing to
announce its quarterly report for the financial period ended March
31, 2018 (1QFY18) on or before May 31, 2018. The 1QFY18 report was
only announced on June 14, 2018 after a delay of 10 market days.

                           About Multi Sports

Multi Sports Holdings Ltd is a Malaysia-based investment holding
company. The Company is engaged in footwear production. The Company
has five segments; TPR shoe soles, RB shoe soles, MD1 shoe soles,
MD2 shoe soles and Apparels and accessories. TPR shoe soles are a
physical mix of polymers, usually rubber and plastic.  The RB shoe
soles are waterproof and weatherproof. Natural and synthetic
rubbers are used in the production of RB shoe soles. The MD1 shoe
soles are lightweight, soft, flexible, elastic, resistant to wear
and tear. The main components of MD2 shoe soles are similar to MD1
shoe soles. Apparels and accessories segment comprise the main
component is men's fashion wear and accessories. The Company's
subsidiaries include Pak Sing Shoe Material (H.K.) Limited,
Jinjiang Baixing Shoe Material Co., Ltd, Fujian Evidoma Ltd.,
Fujian Qingte Investment Ltd and Quanzhou Sente Trading Ltd.

Multi Sports slipped into PN17 status on Nov. 13, 2017, after its
external auditor Messrs RT LLP issued a disclaimer of opinion in
respect of AR2015.  Among the concerns highlighted by the external
auditor were its inability to obtain sufficient audit evidence with
regards to inventories, investment in subsidiaries, tax provisions,
litigation and risk to fraud, theedgemarkets.com disclosed.  In
AR2017, Multi Sports said it has until November 2018 to submit its
plan to Bursa to regularise its PN17 status.

SCOMI ENERGY: Slips Into PN17 Status
------------------------------------
New Straits Times reports that Scomi Energy Services Bhd has
slipped into Bursa Malaysia's Practice Note 17 status.

According to the report, Bursa said Scomi Energy had met the
criteria subject to Paragraph 2.1 (e) of Practice Note No. 17
(PN17) of its Main Market listing requirements.

It added that it would continue to monitor the company's progress
in compliance with the listing requirements, New Straits Times
relates.

On Oct. 31 last year, Scomi Energy triggered the PN17 criteria
after its shareholders' equity on a consolidated basis fell below
50 per cent of its issued share capital as at June 30 2019.

Shares of Scomi Energy and its holding company Scomi Group Bhd were
suspended on Jan. 21 ahead of the announcement.

Scomi Group owns 65.64 per cent of the stake in Scomi Energy.

Prior to the suspension, Scomi Group's share price closed 1.5 sen
or 25 per cent at 4.5 sen for a market capitalisation of MYR43.21
million, New Straits Times discloses.

Based in Malaysia, Scomi Energy Services Berhad --
https://scomienergy.com.my/ -- provides marine vessel
transportation services. The Company offers marine logistical
services to the coal industry and offshore marine support services
to oil and gas operators and contractors. Scomi Energy Services
serves the coal, oil and gas industries in South East Asia.



===============
M O N G O L I A
===============

MONGOLIA: Moody's Affirms B3 Sr. Unsec. Rating, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service affirmed the Government of Mongolia's B3
long-term issuer ratings and senior unsecured ratings and the (P)B3
senior unsecured MTN program rating; and maintained the stable
outlook. The short-term issuer ratings are affirmed at Not Prime.

The B3 rating incorporates Mongolia's still weak albeit improving
debt and fiscal metrics and weak institutions and governance,
balanced by strong growth potential.

The stable outlook indicates balanced risks in the near term,
including greater financial buffers than seen during past episodes
of financing stress against still significant external and
government liquidity risks. Moody's expects foreign exchange
reserves to be sufficient to meet external debt obligations and
growth to remain relatively strong, notwithstanding a projected
moderation. From 2021, the public sector debt refinancing needs
will increase significantly. The stable outlook assumes that the
government will be able to refinance its external debt obligations
at affordable costs as they begin to come due.

Mongolia's country ceilings remain unchanged: the local-currency
bond and deposit ceilings remain at Ba2, the long-term foreign
currency deposit ceiling at Caa1, and the long-term foreign
currency bond ceiling at B1; all short-term foreign currency
ceilings also remain unchanged at Not Prime.

RATINGS RATIONALE

RATIONALE FOR B3 RATING

TIGHTER FISCAL POLICY TO KEEP DEBT, DEFICT METRICS IN-LINE WITH
PEERS, ALBEIT AT WEAK LEVELS

Moody's expects government debt to continue to moderate to around
57.5% in 2020 and stabilize around these levels, from close to 80%
of GDP in 2015-16, as sustained nominal GDP growth offsets ongoing
fiscal deficits. This is in line with the B3-median of 57.2% of
GDP.

Significant tightening since fiscal deficits spiked in 2016, has
resulted in a marked narrowing in both deficits and the debt burden
both through an improvement in revenue collection and sharp
spending cuts. Together, these measures have contributed to a
nearly balanced fiscal position, with deficits at less than 1% of
GDP in 2019 and 2018, significantly narrower than deficits of over
13% and 5% of GDP in 2016 and 2017, respectively.

Moody's expects the budget deficit to widen in the next few years,
to 4.8% and 6.4% of GDP in 2020 and 2021 respectively, as moderate
commodity prices and uncertainty around copper production dampen
revenue growth, while spending accelerates, in particular before
elections due in June 2020.

However, the fiscal tightening of the last few years has changed
the debt dynamics in a favourable direction, by contributing to
lower the cost of debt well below nominal GDP growth. Unless fiscal
slippage is much larger than Moody's currently expects, the
projected deficits are consistent with a stable debt burden.

WEAK INSTITUTIONS AND GOVERNANCE ARE AN INHERENT RATING CONTRAINT

While fiscal and monetary policy tightening has improved Mongolia's
fiscal buffers, the sovereign's institutions and governance remain
weak, a significant rating constraint. The implementation of
reforms that would reduce Mongolia's vulnerability to commodity
price cycles has been partial and, at this stage, is not broadly
embedded in the conduct of macroeconomic policy.

A key source of uncertainty to the future reform trajectory comes
from the Extended Fund Facility with the IMF that began in May
2017. While the program has identified and anchored reforms thus
far, delays to the disbursal of funding following the sixth review
originally due in September 2018 raise the possibility of the
program lapsing without achieving full completion. The review has
been held up by issues surrounding the recapitalization of banks,
following the 2018 asset quality review that identified capital
shortfalls.

Beside the potential pressure on access to financing explained,
there is no clarity about the framework for further reform that the
government would pursue in the absence of an IMF program.

Ahead of the parliamentary elections in June, government spending
will likely increase as has occurred in the past, with no certainty
as yet about the capacity of the elected government to rein in
spending later or about the direction of fiscal and monetary policy
in general. For instance, the government's budget targets for 2020
factor in a significant increase in spending, which will result in
a wider fiscal deficit.

The electoral cycle could also precipitate changes to the Oyu
Tolgoi mining agreement, which a government-affiliated
parliamentary working group is currently calling for.

GROWTH WILL REMAIN ROBUST DESPITE SOFTENING COMMODITY PRICES

Strong growth will mitigate the risks related to persistent fiscal
and institutional weaknesses.

Real GDP growth was over 6.0% in 2019 and Moody's projects robust
growth to continue at 5.5% in 2020, one of the fastest rates among
B3-rated sovereigns.

Moody's growth forecasts take into consideration moderate commodity
prices, slower demand from China, and shifting demand and supply
dynamics for Mongolia's key mining exports - coal and copper.
Although demand for coal will soften as China moves towards greater
reliance on renewable sources of energy, nearly all of Mongolia's
coal exports to China are coking coal, used primarily for steel,
the Chinese demand for which has remained relatively stable.
Meanwhile, demand for copper will be supported by global moves
toward battery electric vehicles.

A key driver of Mongolia's longer-term growth trajectory remains
prospects from the Oyu Tolgoi mining project. Challenges to the
second phase implementation, including time and cost overruns, and
potential changes to the original mining agreement present downside
risks to the growth outlook. Moody's macroeconomic projections are
premised on the assumption that production will continue
notwithstanding some occasional delays.

Medium-term growth will also be supported by key infrastructure
projects, particularly in the transport sector -- for instance,
railways connecting the largest coal mine, Tavan Tolgoi, to the
Chinese border -- that will reduce trade bottlenecks and improve
efficiency. Similarly, the construction of new roads and a power
and coal washing plant will raise productivity. The government also
has plans to revamp and upgrade major ports, improving capacity and
access.

RATIONALE FOR THE STABLE OUTLOOK

BUFFERS TO REMAIN ADEQUATE TO MANAGE UPCOMING EXTERNAL PAYMENTS

The financial buffers rebuilt over the past two years offer some
time to the government to manage external vulnerabilities, which
drive event risk for Mongolia. As external debt repayments rise,
Mongolia's credit profile will be increasingly susceptible to a
potential change in access to financing from international and
bilateral creditors and financial markets.

Foreign exchange reserves increased to close to $4 billion
(including gold) at the end of 2019 from $1 billion in February
2017. Though reserve accretion has slowed over the past year due to
delays in donor financing, a narrower trade surplus, and sales by
the central bank to limit exchange rate pressures, reserves will
remain adequate to meet upcoming external obligations if bilateral
support and access to financial markets at moderate costs are
maintained.

In the near term, Moody's assessment that reserves will remain
adequate is based on its projections of a broadly stable current
account deficit and ongoing financing from bilateral creditors,
while taking into account ongoing delays to disbursements by the
IMF as well as a possible disruption to funding from some other
multilateral institutions. In addition, Moody's expects the central
bank's -- the Bank of Mongolia - swap line with the People's Bank
of China, which expires in August 2020, will be renewed, given the
two countries' continued bilateral relations.

Debt maturities will start to mount in 2021 and spike in 2023, when
bonds worth $1.3 billion mature. The stable outlook assumes that
bilateral funding remains available and anchors financial market
confidence to allow Mongolia to refinance its debt at affordable
costs. Disruptions to access to funding and investors' appetite for
Mongolian assets would raise external vulnerability risks and weigh
on the credit profile.

ENVIRONMENTAL SOCIAL AND GOVERNANCE CONSIDERATIONS

Environmental considerations are material for Mongolia, since moves
towards renewable energy and electric vehicles will likely drive
strong demand for some of its mineral products, particularly
copper, significantly lifting its growth potential. However,
Mongolia is also exposed to environmental risk. Agriculture, which
is also an important sector for the Mongolian economy, is
negatively affected by land degradation, which hurts the livestock
industry and increases its vulnerability to extreme weather
conditions and climate change.

Social considerations are not material for Mongolia. While income
levels are low on average and the distribution of proceeds from the
mining sector is uneven, macroeconomic measures of income
inequality such as the Gini coefficient do not signal significant
exposure.

Governance considerations are material to Mongolia's credit profile
and primarily relate to low credibility of fiscal targets, the
absence of a track record of adherence of major reforms, and past
experience of pro-cyclical policies linked to electoral and
commodity price cycles. High levels of corruption and factious
politics also present broad governance risks.

FACTORS THAT COULD LEAD TO AN UPGRADE

Upward rating pressure would likely develop if sustained and
effective implementation of structural reforms pointed to a
significant increase in Mongolia's financial buffers and increased
the likelihood that even in an adverse commodity price environment,
macroeconomic volatility and fiscal pro-cyclicality would be
reduced.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Increasing risks to Mongolia's access to financing at affordable
costs ahead of significant external debt maturities would put
downward pressure on the rating.

Indications that the improvement in fiscal and debt metrics of the
last few years was likely to reverse with a possible significant
renewed increase in the debt burden would also weigh on Mongolia's
credit profile.

GDP per capita (PPP basis, US$): 13,451 (2018 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 6.9% (2018 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 8.1% (2018 Actual)

Gen. Gov. Financial Balance/GDP: 0.9% (2018 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -16.9% (2018 Actual) (also known as
External Balance)

External debt/GDP: 220.0% (2018 Actual)

Economic resiliency: b1

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On January 16, 2020, a rating committee was called to discuss the
rating of the Mongolia, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed. The
issuer's institutions and governance strength, have not materially
changed. The issuer's governance and/or management, have not
materially changed. The issuer's fiscal or financial strength,
including its debt profile, has not materially changed. The issuer
has become less susceptible to event risks.

The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019.



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

HYFLUX LTD: More Than 400 Investors Turn Up for Townhall Meetings
-----------------------------------------------------------------
The Strait Times reports that over 400 investors showed up at two
townhall meetings held on Jan. 20 by United Arab Emirates utility
firm Utico on the matters relating to the restructuring of troubled
water treatment firm Hyflux.

This comes after Hyflux signed a SGD400 million rescue deal with
Utico last November that is pending approval of its creditors, BT
says.

According to BT, Utico chief executive Richard Menezes said on Jan.
20 that he is confident that Utico can get the vote in terms of
numbers of voters, but he wasn't as sure in terms of value.

That is because he believes that at least 15 per cent of PnP
investors who had invested more than SGD150,000 are not likely to
support the deal as they stand to get less than 7 per cent
recovery, BT relays.

Some 60 per cent of the 34,000 were among those who invested
between SGD10,000 and SGD15,000, are likely to get about 15 per
cent recovery.

A morning session was held at Sheraton Towers for investors holding
medium-term notes (MTN), followed by an evening session at Suntec
City Convention Centre for perpetual securities and preference
shares (PnP) investors, BT says.

According to BT, among questions raised were what role chief
executive Olivia Lum will have after the restructuring and whether
investors of significantly larger sums can get a better payout.

"The new board of Hyflux will decide. Her role will be decided by
the new management. There is no pre-agreed role or understanding
with Olivia," BT quotes Mr. Menezes as saying.

Hyflux had sought court protection for debt restructuring in May
2018. Last week, Hyflux applied for a three-month extension of its
debt moratorium and to hold scheme meetings, which will be heard on
Jan. 29.

To pass, the schemes of arrangement need to be approved by at least
75 per cent in value and 50 per cent in number of each creditor
class, the report notes.

BT says Mr. Menezes appealed to the 70 MTN investors who attended
the townhall meeting to vote in favor of the restructuring plan it
had signed with Hyflux.

These investors belong to a group of unsecured senior creditors who
are owed SGD265 million. This comprises SGD100 million, 4.25 per
cent notes due in 2018; the SGD65 million, 4.6 per cent notes due
in 2019; and the SGD100 million, 4.2 per cent notes due in 2019.

Under the deal, they stand to recover SGD42 million in two tranches
if the restructuring is allowed to proceed. They should get their
first payment in April and another over the next 18 months,
Mr. Menezes said, BT relays.

He added that the payout Utico is offering exceeds what MTN holders
will get according to a liquidation analysis by EY. If Hyflux were
to be liquidated, the investors stand to get between SGD7.5 million
and SGD16 million, the report notes.

Meanwhile, retail PnP investors, who are owed SGD900 million, stand
to recover between SGD50 million to SGD100 million. They can choose
to either be paid upfront or to be paid in half-yearly intervals
over a four-year period, BT discloses.

The PNP holders who opt for upfront payment will stand to receive
up to 50 per cent of the value of their debt securities holdings,
capped at SGD1,500.

Those who opt for deferred payments, which will be paid in
half-yearly intervals over four years, will be entitled to receive
up to 50 per cent of the value of their debt securities holdings,
capped at SGD1,500.

They will also receive a pro rata share in an additional cash
payout. If all PNP holders opt for the deferred payment option, the
quantum of the additional cash payout will be SGD50 million.

A number of retail investors who hold "substantial debt" plan to
block the Utico offer, according to the Securities Investors
Association (Singapore) or Sias, who said they were doubtful of
Utico's ability to meet its financial obligations under the
proposed scheme, BT reports.

Sias added that there has been sparse financial information on
Utico FZC and Utico Singapore, which are providing the guarantee or
share pledge to PnP holders choosing the second option.

Separately, there is a success fee of up to SGD25 million payable
to Hyflux adviser nTan Corporate Advisory, helmed by principal
Nicky Tan. PnP holders want a "full understanding" of this fee, or
else they will vote against the Utico deal, BT says.

The current valuation of Hyflux is significantly below the proposal
we put on the table. This is more than a fair deal, Utico's banker
Mr. Asar Mashkoor, managing director of investment banking with
Emirates NBD Capital, and Utico's banker, told the PnP investors.

"Our offer of SGD400 million is well above Hyflux's liquidation
value of SGD100 million. That (SGD400 million) value is there only
if Hyflux's debt can be extinguished. The company is losing money.
If no investor comes to invest in the business, then Hyflux will
just run out of cash. That SGD4.5 billion worth of debt is the
bottleneck in the deal," Mr. Mashkoor added, BT relays.

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It has business
operations across Asia, Middle East and Africa.

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses.  The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.

The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this process.

In November 2019, Hyflux entered into a restructuring deal with
United Arab Emirates-based utility Utico FZC, according to Reuters.


                           *********


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,
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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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