/raid1/www/Hosts/bankrupt/TCRAP_Public/210101.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, January 1, 2021, Vol. 24, No. 261

                           Headlines



A U S T R A L I A

DOUBLE SUNRISE: First Creditors' Meeting Set for Jan. 11
GROCON CONSTRUCTORS: First Creditors' Meeting Set for Jan. 13


C H I N A

XUEBA100.COM: Shuts Operations; Thousands of Jobs Axed


H O N G   K O N G

GCL NEW ENERGY: Moody's Lowers CFR to Caa2 on Weak Liquidity


I N D I A

KEVIN METPACK: CRISIL Keeps D Debt Ratings in Not Cooperating
MALLIKARJUN CONSTRUCTION: CRISIL Keeps C Ratings in NonCooperating
SANGA AUTOMOBILES: CRISIL Lowers Rating on INR4.8cr Loan to D
SKANDASHREE JEWEL: CRISIL Keeps D Debt Rating in Not Cooperating
TEXAS LIFESTYLE: CRISIL Keeps D Debt Ratings in Not Cooperating

TIRUPATI BASMATI: CRISIL Keeps D Debt Ratings in Not Cooperating
TRIMURTI FLOUR: CRISIL Keeps C Debt Ratings in Not Cooperating
TRUMP IMPEX: CRISIL Keeps D on INR9.5cr Loan in Not Cooperating
URVARAK ABHIKARAN: CRISIL Keeps D Debt Ratings in Not Cooperating


M A L A Y S I A

AIRASIA GROUP: Sells Stake in India Venture to Tata for US$38MM


S I N G A P O R E

EAGLE HOSPITALITY: Rejects Lendco's Allegations of Loan Defaults
LIFEBRANDZ LTD: Net Loss Widens to SGD6.7MM for Year Ended July 31

                           - - - - -


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

DOUBLE SUNRISE: First Creditors' Meeting Set for Jan. 11
--------------------------------------------------------
A first meeting of the creditors in the proceedings of:

    - Double Sunrise Holdings Pty Limited
    - Gobel Aviation Pty Ltd
    - Soar Aviation (FIAD) Pty Ltd
    - Soar Aviation Aircraft Holdings Pty Ltd
    - Soar Aviation Holdings Pty Ltd
    - Soar Aviation Melbourne Pty Ltd
    - Soar Aviation Sydney Pty Ltd
    - Soar Maintenance Pty Ltd

will be held on Jan. 11, 2021, at 3:00 p.m. via teleconference.

Brendan Richards and James Stewart of KPMG were appointed as
administrators of Double Sunrise et al. on Dec. 29, 2020.


GROCON CONSTRUCTORS: First Creditors' Meeting Set for Jan. 13
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Grocon
Constructors Pty Ltd; Grocon (Northumberland St) Developer Pty Ltd;
and Grocon Constructors (Victoria) Pty Ltd will be held on Jan. 13,
2021, at 10:00 a.m. via videoconference on Microsoft Teams.

Craig Peter Shepard and Andrew Knight of KordaMentha were appointed
as administrators of Grocon Constructors on Dec. 31, 2020.




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

XUEBA100.COM: Shuts Operations; Thousands of Jobs Axed
------------------------------------------------------
Ding Jie, Wang Bowen and Yang Ge at Caixin Global report that
private one-on-one tutoring company Xueba100.com appears to have
collapsed, based on its sudden halt of most operations, leaving
thousands of employees jobless and owed back wages, and students
and parents seeking refunds for hours of prepaid tuition.

Caixin relates that the apparent collapse comes just two months
after another private tutoring company, Youwin Education, similarly
crumbled, prompting hundreds of parents to turn up at the company's
Beijing headquarters to demand their money back.

The pair of failures spotlight the difficulty of running profitable
one-on-one online tutoring services, and more broadly the cutthroat
state of competition in China's vibrant online education sector,
Caixin says.




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

GCL NEW ENERGY: Moody's Lowers CFR to Caa2 on Weak Liquidity
------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of GCL New Energy Holdings Limited to Caa2 from Caa1. At the
same time, Moody's has downgraded to Caa3 from Caa2 the senior
unsecured rating on the USD notes issued by GCL New Energy.

At the same time, Moody's has placed the ratings on review for
further downgrade.

The outlook was changed to ratings under review from negative.

RATINGS RATIONALE

"The downgrade reflects GCL New Energy's proposed distressed
exchange for its US dollar notes," says Ivy Poon, a Moody's Vice
President and Senior Analyst.

On December 23, GCL New Energy proposed an exchange offer for its
existing $500 million USD notes with 7.1% issued in 2018 and
maturing in January 2021. The new notes, due in January 2024, will
bear a 9.75% coupon rate per annum and include terms for mandatory
redemption upon receipt of renewable energy subsidies and
significant asset sales.

Moody's considers GCL New Energy's exchange offer as a way to avoid
default under the current existing notes. As such, Moody's views
this offer as a distressed exchange, which is a default under
Moody's definition.

The recovery prospects of USD noteholders are highly uncertain
because of GCL New Energy's limited cash sources and its weak
access to funding to repay the existing notes. The timing and
amount of any renewable subsidies, and of any proceeds from assets
disposals, are also uncertain, given the company's current
distressed situation.

GCL New Energy's Caa2 CFR reflects its very weak liquidity and high
refinancing risk for its maturing debt over the next 12-18 months.

The Caa3 senior unsecured rating takes into consideration the high
structural and legal subordination risk for USD noteholders, which
negatively affects recovery prospects.

The rating action also considers governance risks of GCL New Energy
due to its aggressive financial policy to expand and invest solar
projects in China, resulting in heavy debt burden and tight
liquidity shortfall.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's review will focus on the progress of the exchange offer;
the progress of asset disposals and associated receipts; the
receipt of subsidies for GCL New Energy's solar projects; and GCL
New Energy's liquidity profile and access to funding.

Upward ratings pressure is unlikely, given the ratings are under
review for downgrade. The outlook on the ratings could return to
stable if the company successfully refinances its maturing debt and
introduces other countermeasures to ease liquidity pressure.

The company's ratings could be further downgraded in the near term
if its liquidity profile further deteriorates which potentially
lower recovery prospect.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

Listed on Hong Kong Stock Exchange, GCL New Energy Holdings Limited
is a solar power generation company in China. The company's
installed capacity totaled 7.0GW as of June 30, 2020.




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

KEVIN METPACK: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kevin Metpack Private
Limited (KMPL) continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    41         CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              2         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KMPL for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 KMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KMPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KMPL
continues to be 'CRISIL D Issuer Not Cooperating'.

Founded in 2007 by Mr Vikas Malu, KMPL was set up to manufacture
metallised cast polypropylene and polyethylene terephthalate shrink
film, and thermoforming grade polyester for the packaging
industry.


MALLIKARJUN CONSTRUCTION: CRISIL Keeps C Ratings in NonCooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mallikarjun
Construction Co. (MCC) continue to be 'CRISIL C/CRISIL A4 Issuer
not cooperating'.

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

   Cash Credit           3          CRISIL C (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    0.5        CRISIL C (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Proposed Short Term   0.5        CRISIL A4 (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with MCC for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 MCC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MCC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MCC
continues to be 'CRISIL C/CRISIL A4 Issuer not cooperating'.

MCC was set up as a proprietorship firm in 1985 by Mr. Nelatury
Chuinchu Reddy. It constructs roads and bridges. In December 2004,
it was reconstituted as a partnership firm, with Mr. Reddy's sons,
Mr. Malleshwar Reddy and Mr. Mallikarjun Reddy, as partners.


SANGA AUTOMOBILES: CRISIL Lowers Rating on INR4.8cr Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on Sanga Automobiles Private
Limited (SAPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable Issuer Not Cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Inventory          4.8       CRISIL D (ISSUER NOT COOPERATING;
   Funding                      Downgraded from 'CRISIL B+/Stable
   Facility                     ISSUER NOT COOPERATING')

CRISIL has been consistently following up with SAPL and sought
information through letters and emails dated February 12, 2020 and
August 15, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 SAPL, which restricts the
ability to take a forward-looking view on the entity's credit
quality. CRISIL believes that the rating action on SAPL is
consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information, CRISIL has downgraded its
rating to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable
Issuer Not Cooperating'. The downgrade reflects delay by SAPL in
servicing debt obligations with Au Small Finance Bank and strong
likelihood of delay in servicing of debt obligation with other
banks.

SAPL was set up in 2004, by the promoter, Mr Aminuddin Kagzi. The
Jaipur ((Rajasthan)-based company is an authorised dealer of
vehicles manufactured by Maruti Suzuki India Ltd (MSIL; rated
'CRISIL AAA/Stable/CRISIL A1+'). The company has two showrooms and
three workshops in Jaipur.


SKANDASHREE JEWEL: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Skandashree Jewel
Creations (SJC) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee          1        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit             9        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SJC for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 SJC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SJC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SJC
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

SJC was set up in 2008 as a partnership firm by Mr. A V Vijay
Krishna and his brother-in-law, Mr Karthik Nallapeta. The firm
manufactures plain gold and diamond-studded jewellery. Its
clientele comprises retailers in Karnataka and Tamil Nadu. SJC's
manufacturing facility is in Bangalore.


TEXAS LIFESTYLE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Texas Lifestyle
Furniture Private Limited (Texas) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            3         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         4.3       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     0.3       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with Texas for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 Texas, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on Texas is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of Texas
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

Incorporated in 2003, Texas manufactures furniture and constructs
pre-engineered buildings. The company sells furniture under the
brand name next. It is based in Aurangabad (Maharashtra) and
promoted by Mr. Ranjeet Kakkad and Mr. Ankushkumar Kadam.


TIRUPATI BASMATI: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Tirupati Basmati
Exports Private Limited (TBEPL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           43.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Export Packing        52         CRISIL D (ISSUER NOT
   Credit                           COOPERATING)

   Foreign Bill          17.5       CRISIL D (ISSUER NOT
   Purchase                         COOPERATING)

   Foreign Exchange       5         CRISIL D (ISSUER NOT
   Forward                          COOPERATING)

   Proposed Long Term     3.5       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Standby Line          10.5       CRISIL D (ISSUER NOT
   of Credit                        COOPERATING)

   Term Loan              8         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with TBEPL for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 TBEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on TBEPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of TBEPL
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

Incorporated in 2009, TBEPL is a Karnal, Haryana based company
engaged in milling, processing, and sorting of PUSA 1121 basmati
rice. The company's operations are being looked after by Mr. Lalit
Kumar and his two brothers, Mr. Vijendra Kumar and Mr. Ravinder
Kumar.


TRIMURTI FLOUR: CRISIL Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Trimurti Flour Mill
Private Limited (TFMPL) continue to be 'CRISIL C Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit-
   Book Debt             1.5        CRISIL C (ISSUER NOT
                                    COOPERATING)

   Cash Credit-
   Stock                 4.5        CRISIL C (ISSUER NOT
                                    COOPERATING)

   Term Loan             3          CRISIL C (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with TFMPL for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 TFMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on TFMPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of TFMPL
continues to be 'CRISIL C Issuer Not Cooperating'.

Incorporated in 2010, TFMPL started commercial operations in
February 2014. The company is engaged in processing of wheat at its
facility in Patna. The day-to-day operations of the company are
managed by Mr. Abhishek Sinha.


TRUMP IMPEX: CRISIL Keeps D on INR9.5cr Loan in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Trump Impex Private
Limited (TIPL) continues to be 'CRISIL D Issuer Not Cooperating'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         9.5        CRISIL D (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with TIPL for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 TIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on TIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of TIPL
continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 2009, TIPL, promoted and managed by Mr Devang Mehta,
trades in ingots, billets, and ferrous and non-ferrous metal scrap.
Its office is in Mumbai.


URVARAK ABHIKARAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Urvarak Abhikaran
Neemuch Private Limited (UANPL; part of the Patwa group) continue
to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         3.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            6         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     6.75      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with UANPL for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 UANPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on UANPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of UANPL
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Patwa Marketing Pvt Ltd (PMPL) and
UANPL. This is because the two companies, together referred to as
the Patwa group, have common promoter and management, and are in
the same business.

UANPL and PMPL were incorporated in 1989 and 1995, respectively,
and are promoted by Mr. Surendra Patwa. The companies are del
credere agent (DCAs) for RIL's polymer products. PMPL is also a
carry and forwarding agent for TPL. Registered office is in Indore.
The promoter is also engaged in automobile dealership through other
entities.




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

AIRASIA GROUP: Sells Stake in India Venture to Tata for US$38MM
---------------------------------------------------------------
Ragini Saxena and P R Sanjai at Bloomberg News report that AirAsia
Group Bhd., hit by the coronavirus pandemic that's decimated
passenger demand, is selling its 32.7% stake in AirAsia India Ltd.
to its partner Tata Sons Ltd. for about $38 million.

The Malaysian low-cost carrier entered into an agreement with Tata
Sons, which already owns 51% of the venture, according to an
exchange filing on Dec. 29, Bloomberg relays.

Bloomberg relates that AirAsia Group last month said it was
reviewing investment in its cash-strapped Indian affiliate, hours
after its Japan unit filed for bankruptcy. The group has also
stopped funding AirAsia India leaving the future of the company
largely dependent on India's Tata Group.

According to Bloomberg, Chief Executive Officer Tony Fernandes this
month said AirAsia is evaluating its venture with the Tata Group,
while the two expand their relationship in the digital business.

"At the right time, we will make the announcements, but definitely
our strength is Southeast Asia and that's where most of our
expansion is going to be over the next two to three years," he said
in a Dec. 7 interview with Bloomberg Television.

AirAsia India started flying in 2014 with a promise to break even
in four months. But it's never made money in what is one of the
world's most difficult markets, where high fuel taxes and
cut-throat fares often make operations unprofitable, the report
notes.

"The AirAsia Brand in India, unlike AirAsia Operations in Thailand,
Indonesia, Malaysia and Philippines, wasn't able to capture
significant market share and repeatedly suffered from constant
blows from the competition," Bloomberg quotes Mark D. Martin, chief
executive officer of Martin Consulting, as saying. "Tata's
strategic takeover should bring in the much needed stability."

                           About AirAsia

AirAsia Berhad provides low-cost air carrier service. The company
provides services on short-haul, point-to-point domestic and
international routes. AirAsia, headquartered in Malaysia, operates
from hubs in Malaysia, Thailand, Indonesia, Philippines and India.

As reported in the Troubled Company Reporter-Asia Pacific on July
9, 2020, auditor Ernst & Young said the carrier's ability to
continue as a going concern may be in "significant doubt."  In a
statement to the Kuala Lumpur stock exchange, Ernst & Young said
AirAsia's current liabilities already exceeded its current assets
by MYR1.84 billion at the end of 2019, a year when it posted a
MYR283 million net loss, Bloomberg News disclosed. That was before
the coronavirus crisis, which has further hit the carrier's
financial performance and cash flow.




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

EAGLE HOSPITALITY: Rejects Lendco's Allegations of Loan Defaults
----------------------------------------------------------------
The Business Times reports that Eagle Hospitality Trust (EHT) has
rejected allegations by a lender, Lodging USA Lendco, and its
affiliated entity Claydon Hill Investments, that EHT had falsely
disclosed in a circular that Lendco had not demanded payment for an
US$89 million unsecured loan.

In letters sent to EHT managers, the two entities alleged that
Lendco has in fact demanded payment and gave notice to EHT of its
defaults under the loan, including directing a notice of default to
the embattled hospitality stapled group on Aug. 14, BT relates.

Among other things, Delaware-based Lendco and Claydon Hill also
alleged that EHT had not sought Lendco's consent before advancing
its proposal for a bridge facility to be obtained from a consortium
of banks led by Bank of America, for purposes of funding a
property-level budget, BT relays.

They also accused EHT for engaging in "other bad faith conduct" in
violation of its obligations to Lendco, which has "materially
prejudiced" Lendco's rights. These allegedly include failing to
advise Lendco of material changes to EHT and wrongfully conducting
negotiations with other lenders without Lendco's consent or
involvement, according to BT.

In a Singapore Exchange filing on Dec. 29, EHT's managers and
trustee said the allegations were without merit, BT reports.

BT relates that the managers, trustee and their respective
professional advisers said they are investigating the alleged false
disclosure as "none of them have any record of any alleged notice
relating to the default under or repayment of the unsecured Lendco
loan".

The managers and trustee added that EHT's proposed bridge facility
does not require Lendco's consent, nor does it constitute a breach
of any of Lendco's rights, BT relays.

There is also no obligation on EHT's part to advise Lendco of any
material changes to EHT, they asserted, adding that EHT has not
wrongfully conducted negotiations with other lenders.

According to BT, EHT also announced that a lender has applied to
appoint a receiver in relation to a default on a mortgage loan
related to the Hilton Houston Galleria Area hotel.

EHT's managers and trustee said they are assessing the implications
of the application, and are consulting professional advisers to
determine their next course of action.

In addition, EHT said that certain master lessors of
California-based properties - Holiday Inn Hotel & Suites Anaheim,
Four Points by Sheraton San Jose Airport, Embassy Suites by Hilton
Palm Desert, and Embassy Suites by Hilton Anaheim North - have
received letters of request from certain master lessees to initiate
private arbitration, BT relays.

Eagle Hospitality Reit and Eagle Hospitality Business Trust
together constitute EHT. Trading in EHT's stapled securities have
been voluntarily suspended since March 24 this year, the report
notes.

                         About Eagle Hospitality

Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust (Eagle H-REIT) and Eagle Hospitality Business Trust (Eagle
H-BT). Eagle HT has a well-diversified portfolio of primarily
freehold, internationally branded hotels, across 11 major U.S.
metropolitan statistical areas.

As reported in the Troubled Company Reporter-Asia Pacific in August
2020, independent auditors KPMG have issued a disclaimer of opinion
in respect of the financial statements of EHT, which released the
independent auditors' report on Aug. 28.  The auditors had been
tasked to audit the financial statements of EH-BT, EH-Reit and its
subsidiaries, and of EHT. The audit covered their respective
financial positions as at Dec. 31, 2019, and their fund movements
from April 11 till that date.  In the report dated Aug. 14, 2020,
the auditors said that they "have not been able to obtain
sufficient appropriate audit evidence to provide a basis for an
audit opinion on these financial statements". And thus, the
auditors do not express an opinion on the accompanying financial
statements of EH-BT and consolidated financial statements of
EH-Reit Group and EHT.


LIFEBRANDZ LTD: Net Loss Widens to SGD6.7MM for Year Ended July 31
------------------------------------------------------------------
Kelly Ng at The Business Times reports that catalist-listed
lifestyle investor LifeBrandz Ltd posted a net loss of SGD6.7
million for the year ended July 31, widening from a net loss of
SGD3 million a year ago.

Revenue fell 39 per cent year-on-year to SGD3.4 million, down from
SGD5.57 million, on the back of lower revenue from its food and
beverage (F&B) as well as travel booking services, BT discloses.

Loss per share for the year increased to 1.17 Singapore cents, from
0.62 Singapore cent.

According to BT, LifeBrandz, a holding company for various F&B,
fintech and travel brands, attributed the fall in F&B revenue
primarily to the closure of Japanese restarants Hashida Sushi in
Singapore and Sushi Nagai in the US in April and May 2020,
respectively.

Impairment losses on fixed assets and right-of-use assets due to
the two closures also contributed to the widening overall loss, BT
discloses.

Travel booking revenue also took a beating due to the shutdown of
global travel as local governments sought to control the spread of
Covid-19.

Across the year, F&B revenue fell 27 per cent while travel booking
revenue fell 59 per cent.

BT relates that LifeBrandz said it is working on restructuring its
debts and is negotiating with various stakeholders on debt
deferments, while reaching out to potential investors for
fundraising.

It expects that performance will continue to be adversely affected
by the pandemic. "The F&B industry is currently fraught with
challenges brought about by the Covid-19 outbreak, which impacted
the business in Singapore, the United States, Japan and Thailand,"
it said, BT relays.

"The board expects the business and financial performance of the
group to continue to be adversely affected, depending on the
duration of the Covid-19 pandemic, when borders will reopen for
general travel, and also the lifting of social distancing measures
to boost dining-in capacity and demand."

Singapore-based LifeBrandz Ltd. -- http://www.lifebrandz.com/-- an
investment holding company, engages in the brand development and
management, travel, fintech, IT, fund management, and food and
beverage businesses in Singapore, Thailand, Japan, and the United
States. The company operates in two segments, Lifestyle and
Entertainment, and Travel Agency Services. It provides leisure and
travel consultancy, and ticketing agency services; and other
travel-related services and products, such as travel insurance
arrangement, visa applications, and land transfers between airport
and accommodation. The company also offers financial institutions
white label wealth solutions to automate the process of financial
planning, saving, and investing through its digital platform. In
addition, it operates a relaxed pub with music, conversation, and
good fun fueled by alcohol; and restaurants.



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

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

Copyright 2021.  All rights reserved.  ISSN: 1520-9482.

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