TCRAP_Public/190610.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

          Monday, June 10, 2019, Vol. 22, No. 115

                           Headlines



A U S T R A L I A

INOVIN PTY: First Creditors' Meeting Set for June 19
JUST EARTH: First Creditors' Meeting Set for June 17
LUXURY YACHT: First Creditors' Meeting Set for June 17
MAJESTIC TIMBERS: Second Creditors' Meeting Set for June 19
ONTERRAN LIMITED: Creditors Approve Deed of Company Arrangement

SALLY ANNA: First Creditors' Meeting Set for June 17
SOLOMONS MINES: Second Creditors' Meeting Set for June 11
STERLING FIRST: Retirees Face Ruin After Investing in Rent Scheme
TRANSIT CLOTHING: In Administration; To Close Last 3 Stores
WENTWORTH POINT: First Creditors' Meeting Set for June 18



C H I N A

DAFA PROPERTIES: Moody's Assigns First-Time B2 CFR, Outlook Stable
GCL-POLY ENERGY: State Firm Looks to Buy Majority Stake of Unit
GEMDALE EVER: Moody's Rates Senior Unsecured Proposed Bonds 'Ba3'


I N D I A

ADLABS ENTERTAINMENT: Corporation Bank Seeks Insolvency vs. Firm
ALANKAR REAL: CRISIL Assigns 'B+' Rating to INR5.5cr Cash Loan
ARA MUNICIPAL: Ind-Ra Withdraws 'BB' Issuer Rating, Outlook Stable
BHARATH LAJHNA: CRISIL Assigns 'CCR B' Corporate Credit Rating
BHOLARAM EDUCATION: CRISIL Revokes D Rating on INR5.5cr Loan

BISHAMBHER SARAN: CRISIL Assigns 'B' Rating to INR9.75cr Loan
BREW BERRYS: Insolvency Resolution Process Case Summary
CRBR INDUSTRIES: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
DHANRAJ COTTON: CRISIL Reaffirms 'B' Rating on INR5cr Cash Loan
IND-ANDHRA AGRO: CRISIL Cuts INR38cr Loan Rating to 'D', Not Coop.

INNOVATIVE TEXTILES: Insolvency Resolution Process Case Summary
JALAN JEE: CRISIL Lowers Rating on INR9cr Cash Loan to D
JNC CONSTRUCTIONS: Insolvency Resolution Process Case Summary
K.L. RATHI: Ind-Ra Migrates BB LT Issuer Rating to Non-Cooperating
KAMLA LANDMARC: Insolvency Resolution Process Case Summary

KRISHNA COTTON: CRISIL Reaffirms B+ Rating on INR5.75cr Loan
KSC ENGINEERS: Ind-Ra Affirms BB+ Issuer Rating on INR80.40MM Loan
KWALITY LTD: NCLT Extends Insolvency Resolution Period By 90 Days
LANCO SOLAR: Insolvency Resolution Process Case Summary
MATHURAM SWASTHYA: Ind-Ra Maintains 'B+' Rating in Non-Cooperating

NAVKAR WHEELS: CRISIL Reaffirms B+ Rating on INR4.9cr Term Loan
P. RAJAGOPAL: CRISIL Lowers Rating on INR12cr Term Loan to D
P.S.K. ENGINEERING: CRISIL Withdraws D Rating on INR35cr Loan
PARAMOUNT WHEELS: Insolvency Resolution Process Case Summary
RAJHANS FERROUS: CRISIL Assigns B+ Rating to INR5cr Cash Loan

ROYAL WOOD: Insolvency Resolution Process Case Summary
S AND A: Insolvency Resolution Process Case Summary
SAI INDO: CRISIL Lowers Rating on INR8cr Packing Loan to 'B'
SARVAM CHARITABLE: CRISIL Assigns B Rating to INR10cr LT Loan
SHREE RUDRA: Insolvency Resolution Process Case Summary

SIDDARTH INTERCRAFTS: Insolvency Resolution Process Case Summary
SWAGAT DEVELOPERS: CRISIL Reaffirms B+ Rating on INR65cr LT Loan
TRANSCORP INT'L: CRISIL Keeps FB+ Rating on Notice of Withdrawal
WORLDWIDE TRADELINKS: Ind-Ra Lowers Long Term Issuer Rating to B+


I N D O N E S I A

LIPPO MALLS: Fitch Corrects June 3 Ratings Release


M A L A Y S I A

CHINA STATIONERY: Bursa Publicly Reprimands Co., Fines Directors

                           - - - - -


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A U S T R A L I A
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INOVIN PTY: First Creditors' Meeting Set for June 19
----------------------------------------------------
A first meeting of the creditors in the proceedings of Inovin Pty
Ltd will be held on June 19, 2019, at 10:00 a.m. at Hannell Meeting
Room, Rydges Newcastle, at Wharf Rd & Merewether St, in Newcastle,
NSW.

Chad Rapsey of Rapsey Griffiths was appointed as administrator of
Inovin Pty on June 6, 2019.

JUST EARTH: First Creditors' Meeting Set for June 17
----------------------------------------------------
A first meeting of the creditors in the proceedings of Just Earth
People Passion Purpose Pty Ltd will be held on June 17, 2019, at
11:00 a.m. at the offices of SM Solvency Accountants, at Level
10/144 Edward Street, in Brisbane, Queensland.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Just Earth on June 6, 2019.

LUXURY YACHT: First Creditors' Meeting Set for June 17
------------------------------------------------------
A first meeting of the creditors in the proceedings of Luxury Yacht
Refinishers Pty. Ltd. will be held on June 17, 2019, at 11:00 a.m.
at the offices of Hilton Cairns, at 34 Esplanade, in Cairns City,
Queensland.

David Allan Ingram of Hall Chadwick was appointed as administrator
of Luxury Yacht on June 5, 2019.

MAJESTIC TIMBERS: Second Creditors' Meeting Set for June 19
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Majestic
Timbers Australia Pty Ltd has been set for June 19, 2019, at 10:30
a.m. at the offices of Paul Cook & Associates, 105 Macquarie
Street, in Hobart.

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 June 18, 2019, at 4:00 p.m.

Paul John Cook of Paul Cook & Associates was appointed as
administrator of Majestic Timbers on June 19, 2019.

ONTERRAN LIMITED: Creditors Approve Deed of Company Arrangement
---------------------------------------------------------------
Business News Australia reports that Onterran Limited's creditors
have approved a deed of company arrangement (DOCA) following its
failed attempt to transform the Couran Cove Island Resort on
Stradbroke Island.

At a second creditor's meeting on June 6, the administrators of
Onterran passed a resolution that the company should execute a
DOCA, the report says.

David Clout and Patricia Talty, Onterran's administrators, have
been appointed as the deed administrators, BNA discloses.

According to the report, the two are currently arranging for the
company to execute the DOCA which must occur within 15 business
days after the meeting.

The DOCA follows a debacle which saw Onterran fall into voluntary
administration, the report notes.

BNA says the Couran Cove Island Resort was supposed to be a gold
mine for Onterran, with $95 million expected to come through for
the company, but it quickly deteriorated.

Citing a lack of capital to make the asset truly successful, the
group announced the $17 million sale of Couran Cove's holding
company Island Resorts to a subsidiary of Sydney boutique property
group EDG Capital back in March, the report recalls.

The sale means Onterran has given up the rights to develop or
manage the property or run its associated business, but the company
still owns 80 apartments on the site, BNA says.

The DOCA will determine what the company will do with these
properties at Couran Cove that it still owns, BNA notes.

David Lewis Clout and Patricia Talty of David Clout & Associates
were appointed as administrators of Onterran Limited on March 8,
2019.

Onterran Limited, together with its subsidiaries, engages in
construction business in Australia. The company operates through
three segments: Transportable, Construction, and Rental. It is
involved in commercial and residential construction, and property
development management activities; the manufacture of modular
transportable buildings, and related project management and
installation; and the rental of accommodation assets.

SALLY ANNA: First Creditors' Meeting Set for June 17
----------------------------------------------------
A first meeting of the creditors in the proceedings of Sally Anna
Pty Ltd, trading as The Dutch Butcher Lunchbar & Cafe, will be held
on June 17, 2019, at 11:00 a.m. at the offices of WA Insolvency
Solutions, a division of Jirsch Sutherland Level 49, at 108 St
Georges Terrace, in Perth, WA.

Jimmy Trpcevski and Greg Mathew Prout of WA Insolvency were
appointed as administrators of Sally Anna on June 5, 2019.

SOLOMONS MINES: Second Creditors' Meeting Set for June 11
---------------------------------------------------------
A second meeting of creditors in the proceedings of Solomons Mines
Investments Pty Ltd, trading as Kincraig Hotel, has been set for
June 11, 2019, at 11:00 a.m. at the offices of DuncanPowell, at
Level 4, 70 Pirie Street, in South Australia.

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 June 10, 2019, at 4:00 p.m.

Andrew Langshaw and Stephen Duncan of DuncanPowell were appointed
as administrators of Solomons Mines on May 7, 2019.

STERLING FIRST: Retirees Face Ruin After Investing in Rent Scheme
-----------------------------------------------------------------
Sean Smith and Neale Prior at The West Australian report that about
100 retirees caught up in a corporate collapse fear they will be
left homeless after investing millions of dollars in a complex
retirement scheme which offered to pay their rent for life.

Sterling First, the flagship of a sprawling WA group of property
management and investment companies behind the scheme, collapsed
last month, leaving the retirees facing eviction, the report
discloses.

According to the report, some of the 101 investors handed over
their life savings to Sterling First to secure a home on a lifetime
lease of up to 40 years via a subsidiary Sterling New Life, which
was promoted by former Test cricketer Mitchell Johnson and media
personality Jenny Seaton.

It is believed their work was purely promotional and they had no
other involvement in Sterling First's schemes or investments, the
report says.

But administrators from insolvency firm Ferrier Hodgson said the
retirees "failed to comprehend and/or were not made aware of the
complex financial arrangements that involved their investments, nor
that their leasing arrangements were not secure," the report
relays.

The West Australian relates that the retirees face significant
losses on their up-front investment, with Ferrier Hodgson noting on
June 7 that "arguably a large portion of the capital was used to
fund ongoing losses of the (Sterling First) group".

Golden Bay retiree Sheryl Sofield said she believed her $135,000
investment had been used to fund the expansion of Sterling First's
rental management business.

"We were told all along the money was secured," she said.

In their statutory report on the collapse last week, the
administrators also said they had "been made aware of serious
allegations made against a number of companies within the group . .
. by solicitors acting for tenants of properties".

The report says the allegations include misleading or deceptive
conduct, unconscionable conduct and breaches of conduct. Some
investors have already sounded out lawyers over a possible class
action to try and recover their funds.

Catherine Dall, who contacted Seven West Media last week on behalf
of her mother and four other affected retirees with nearly $2
million at stake, said investor losses could run into the tens of
millions of dollars.

"We're talking about retirees who have invested their life savings,
who potentially have now not only lost their retirement funds, but
are also being evicted from their homes," the report quotes Ms.
Dall, who has started a Facebook group to marshal support, as
saying.

According to the report, the Australian Securities and Investments
Commission, which had been investigating Sterling First for more
than a year, said on June 6 it shared retirees' concerns and was
working with other authorities to alleviate their fears. A
spokesman said the commission was focused both on minimising
investors' losses and preventing evictions.

Sterling First first came to the attention of regulators nearly
2-1/2 years ago. In early 2017, the Department of Mines, Industry
Regulation and Safety, which regulates the real estate industry,
queried whether the Sterling First rental deals were in breach of
the Residential Tenancy Act, The West Australian recalls.

It later referred the company to ASIC, which launched an
investigation last June, the report relates.

Consumer Protection confirmed on June 6 it been contacted by some
people caught up in Sterling First.

"We have been able to clarify their situation in relation to
tenancy laws," the report quotes a spokesman as saying.  "However,
this is primarily an investment issue that is currently being
investigated by ASIC."

The West Australian says the retirees' chances of recovering funds
from the collapse rests on the administrators' sale of Sterling
First's rent roll business, which manages 3,600 properties in three
States, and 20 residential properties owned by the group, mainly in
the Peel region.

But, Sterling First's secured creditors have first call on any sale
proceeds, meaning investors will likely get little back unless some
compromise is negotiated, the report adds.

Martin Bruce Jones and Wayne Anthony Rushton of Ferrier Hodgson
were appointed as administrators of Sterling First (Aust) Pty Ltd
and related companies on May 3, 2019.

TRANSIT CLOTHING: In Administration; To Close Last 3 Stores
-----------------------------------------------------------
Daniel Newell at The West Australian reports that a late rush for
heavily discounted youth and young adult apparel has not been
enough to save WA's remaining Transit Clothing stores.

According to the report, administrators from FTI Consulting were
put into the two companies behind the fashion chain--Doubleup
Holdings Pty Ltd and GGA Lifestyle Pty Ltd--three weeks ago.

The West Australian relates that Transit's new direct factory
outlet at Perth Airport and its stores at Dunsborough Centrepoint,
Mandurah Forum and Ocean Keys Clarkson were closed almost
immediately while administrators sought a buyer for the business.

But with no bidders coming forward, FTI Consulting on June 7 said
the remaining outlets at Joondalup, Carousel and Cockburn would
close in the coming week.

Transit was founded in Perth in 2004 and at its peak in 2011 had 18
stores across WA. Nine stores employing 45 staff were still open
when administrators stepped in, the report notes.

Clothing, footwear and accessories will be now discounted further
to clear remaining stock before the doors close for good, The West
Australian says.

According to the report, FTI Consulting managing director Daniel
Woodhouse said despite improved sales, the current trading
performance could not justify keeping the stores open.

"Without a buyer coming forward for the business, or a real marked
transformation in trading conditions, we are now at a stage where
an orderly wind-down of the Transit Clothing business makes the
most sense," the report quotes Mr. Woodhouse as saying.

"Transit Clothing has been a well-known brand in WA over a number
of years, but what we have seen is a repeat of a common retail
scenario where a successful brand is impacted by declining sales
revenue coming down against fixed and stubbornly high overhead
costs, like leases.

"Unfortunately, even for successful retailers, eventually the
balance sheet can no longer bear this strain."

All staff working through the closure will be paid in full and all
entitlements will be covered by the sale of remaining assets or the
Commonwealth Fair Entitlements Guarantee, the report adds.

WENTWORTH POINT: First Creditors' Meeting Set for June 18
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Wentworth
Point Supermarket Pty Ltd, trading as "IGA Market Central Wentworth
Point" and "IGA Market Central", will be held on June 18, 2019, at
11:00 a.m. at the offices of BRI Ferrier (NSW) Level 30, Australia
Square, at 264 George Street, in Sydney, NSW.

Peter Paul Krejci and James Koutsoukos of BRI Ferrier were
appointed as administrators of Wentworth Point on June 5, 2019.



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DAFA PROPERTIES: Moody's Assigns First-Time B2 CFR, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating to DaFa Properties Group Limited.

The rating outlook is stable.

RATINGS RATIONALE

"DaFa's B2 CFR reflects the company's track record of developing
properties in the Yangtze River Delta and its demonstrated ability
to maintain debt leverage at a level comparable to that of other
high B-rated Chinese property peers," says Celine Yang, a Moody's
Assistant Vice President and Analyst.

DaFa, a Shanghai-based property developer, has over 20 years of
property development experience in Shanghai and Nanjing and has in
recent years gradually expanded to other cities in the Yangtze
River Delta.

The company was listed in Hong Kong Exchange in October 2018.
Following the company's listing, its debt leverage--as measured by
revenue to adjusted debt--improved to 105% at the end of 2018 from
76.2% at the end of 2017.

Although Moody's expects DaFa's debt leverage will weaken again to
around 70% over the next 12-18 months as it replenishes its land
bank, this level of debt leverage remains appropriate for its B2
rating.

DaFa's land bank of around 3.1 million square meters as of December
2018 could support around 2 years of property development.

"The B2 CFR also considers the company's small scale, high
geographic concentration in low-tier cities, and the high
proportion of trust loans in its funding mix," adds Yang, who is
also Moody's Lead Analyst for DaFa Properties.

DaFa's contracted sales and revenue registered around RMB12.5
billion and RMB5.8 billion, respectively, in 2018, which are levels
comparable to other mid B-rated Chinese property peers.

The company's small scale exposes it to potential volatility in its
sales performance. However, the company recorded strong contracted
sales growth of 204.1% in 2018, and Moody's expects its gross
contracted sales will reach RMB14-16 billion over the next 12-18
months.

DaFa's operations are concentrated in tier 2 and lower-tier cities,
with these cities accounting for around 22% and 75% respectively of
its total land bank at the end of 2018. Moody's expects property
demand in lower-tier cities will weaken in the next 12-18 months,
and has already factored this expectation into its forecast for
DaFa's contracted sales.

DaFa's sizable exposure to trust loans, accounting for 42% of its
total reported debt as of end of 2018, increases its average
interest cost, thereby weakening its interest coverage. Combined
with the increase in debt to fund replenishment of its land
reserve, Moody's expects DaFa's adjusted EBIT/interest coverage
will decline to 1.8x-2.0x over the next 12-18 months from 2.3x in
2018.

However, Moody's expects the company will widen its funding sources
following its October 2018 listing, and reduce its reliance on
trust loans.

DaFa's liquidity is adequate. Its cash balance of RMB2.27 billion
at the end of 2018 was sufficient to cover its short-term debt of
RMB2.19 billion.

Moody's expects the company to generate gross contracted sales of
around RMB16 billion in 2020 which, together with its estimated
cash holding of RMB2.7 billion at the end of 2019, will be
sufficient to cover its refinancing needs in 2020, including its
USD120 million of offshore bonds.

The stable rating outlook reflects Moody's expectation that DaFa
will maintain moderate liquidity and grow its scale as planned,
while maintaining moderate debt leverage.

DaFa's rating could be upgraded if it: (1) successfully executes
its business plan and grows its scale; (2) strengthens its
financial profile, with revenue/adjusted debt exceeding 70% and
EBIT/interest above 2.5x-3.0x; and (3) maintains moderate
liquidity, with cash consistently above 1.5x of short-term debt,
and diversifies its funding channels.

On the other hand, the rating could be downgraded if: (1)
contracted sales weaken; or (2) if the company accelerates its land
acquisitions beyond Moody's expectations, thereby weakening its
financial metrics and liquidity.

Financial metrics indicative of a rating downgrade include: (1)
EBIT/interest coverage below 1.5x; (2) revenue/adjusted debt below
50%-55%; or (3) cash/short-term debt below 1.0x on a sustained
basis.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

DaFa Properties Group Limited is a Shanghai-based residential
property developer. At 31 December 2018, its land reserves totaled
3.1 million square meters in planned floor area. Its key operating
cities include Wenzhou, Huzhou, Hefei, and Ningbo.

At the end of 2018, DaFa Properties was 72.5% owned by its founder
Mr. Ge Hekai and his family.

GCL-POLY ENERGY: State Firm Looks to Buy Majority Stake of Unit
---------------------------------------------------------------
Chen Xuewan and David Kirton at Caixin Global reports that China's
biggest solar power firm may soon have a white knight from the
state sector to rescue it from the consequences of a debt-fueled
expansion binge that left it mired in financing issues.

A subsidiary of China Huaneng Group Co. Ltd. has signed a
"cooperation intent agreement" to buy a 51% stake in GCL New Energy
Holdings Ltd. (GNE), according to a filing posted by its parent,
GCL-Poly Energy Holdings Ltd., on the Hong Kong Stock Exchange on
June 5, Caixin relays.

Caixin relates that the deal would reduce GCL-Poly's current stake
in GNE from 62.28% to 11%, and make China Huaneng the majority
shareholder. The transaction price has not yet been announced as
the deal is still in the preliminary stages, according to the
filing cited by Caixin. GCL-Poly is also a leading manufacturer of
solar panel materials.

According to Caixin, the majority takeover would be another
dramatic move for GNE, which more than doubled its installed
capacity to 7.3 gigawatts (GW) between its listing in Hong Kong at
the end of 2014 and the beginning of 2018. It accumulated major
debts in the process, with its liability-to-asset ratio standing at
84% the end of last year, Caixin relates citing the company's 2018
annual report. While its shareholders still could split a profit of
CNY467,000 ($67,500) last year, its financing costs ballooned by
almost two-thirds from the previous year to CNY2.3 billion.

Analysts said debt became a major burden for both GNE and its
parent, particularly after the government unexpectedly announced
the end of subsidy support for solar power generators in May 2018,
in what became known as the '531' policy, Caixin relays. The
company was also harmed by delays in solar subsidy payments from
the government due to a widespread backlog, with GNE only receiving
CNY1.47 billion ($210 million) in 2018, 60% less than a year
earlier.

"The spinoff is actually very good for [parent] GCL Poly as it will
no longer be so tied to paying off its subsidiary's debts," the
report quotes Alex Liu, an equity research director focusing on
renewables at UBS, as saying. "We estimate that it could drop
several percentage points in its leverage ratio, reduce its own
financial expenses, and after the deal is completed, use some of
the money generated to pay back its own debts," he added.

Caixin adds that the deal also appears to be a good move for
Huaneng as the company looks to increase its renewables capacity,
which constituted almost 40% of its total 176 GW as of the end of
December 2018. The company's chairman Shu Yinbiao told Caixin
earlier this year that the company is looking to grow its
renewables capacity as it becomes more difficult to get approval
for conventional coal-fired power plants.

GCL-Poly produces solar polysilicon and manufactures solar wafer.

GEMDALE EVER: Moody's Rates Senior Unsecured Proposed Bonds 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 backed senior
unsecured rating to the proposed bonds to be issued by Gemdale Ever
Prosperity Investment Limited, a wholly owned subsidiary of Famous
Commercial Limited (Ba3 stable).

The proposed bonds will be guaranteed by Famous and will be
supported by a deed of equity interest purchase undertaking and a
keepwell deed between Famous, Gemdale Corporation (Ba2 stable) and
the bond trustee.

The proceeds from the issuance will be used to refinance Gemdale
group's existing indebtedness and for general corporate purposes.
Famous Commercial Limited, Gemdale Ever Prosperity Investment
Limited and Gemdale Corporation are herein collectively referred to
as the Gemdale group.

RATINGS RATIONALE

"The proposed bond issuance will not have a material impact on the
credit metrics of either Gemdale or Famous, because the majority of
the proceeds will be used to repay existing debt," says Kaven
Tsang, a Moody's Senior Vice President.

Moody's expects that Gemdale's revenue/adjusted debt (after
adjustments for joint ventures (JVs)) will improve to 75%-80% over
the next 1-2 years from an estimated 74% in 2018, supported by
increased revenue recognition following strong contracted sales
over the past two years.

However, JV-adjusted EBIT/interest coverage will fall to around
5.0x in the next 1-2 years from an estimated 6.2x in 2018, due to
an increased level of debt and rising finance costs. These
JV-adjusted financial metrics continue to support its Ba2 CFR.

The Ba3 bond rating reflects Famous' standalone credit profile and
a two-notch uplift, based on Moody's expectation that its parent,
Gemdale, will provide financial support to Famous in case of need.

The two-notch uplift considers (1) Gemdale's full ownership of
Famous, (2) Famous' status as a primary platform for Gemdale to
raise funds from the offshore bank and debt capital markets, and
(3) Gemdale's track record of providing financial support to
Famous.

Famous' standalone credit profile is constrained by the small scale
of its operations, its weak financial metrics and the potential for
volatility in its sales performance. The standalone credit profile
also factors in the operational benefits arising from the company's
status as a subsidiary of Gemdale, such as cost efficiencies and a
strong brand name.

Moody's expects that Gemdale will have the ability to provide
support, if needed. Its Ba2 corporate family rating (CFR) reflects
its established brand name and track record in China's (A1 stable)
property market, disciplined management, adequate liquidity and
good access to funding.

Gemdale's liquidity is also good, supported by its strong
contracted sales and good access to funding. As of December 2018,
the company's cash of RMB44 billion could cover 4.0x of its
short-term debt as of the same date.

The stable outlook on Famous reflects Moody's expectation that (1)
the company's standalone credit profile will remain largely stable,
and (2) the likelihood of support from Gemdale will remain intact
over the next 12-18 months.

Upward rating pressure could emerge if (1) Famous expands its scale
and diversity to reduce sales and earnings volatility, (2) the
company improves its financial profile, with EBIT/interest
exceeding 3.0x, or (3) Gemdale's rating is upgraded.

On the other hand, a downgrade of Gemdale's rating would result in
a downgrade of Famous' rating.

In addition, any evidence of reducing support from Gemdale, or a
weakening in the link between Famous and Gemdale, could be negative
for the company's rating.

Famous' rating could also come under downward pressure if (1) its
operating cash flow becomes weaker than expected, or (2) it
materially accelerates project development and rolls out an
aggressive land acquisition plan, such that its financial profile
weakens, with EBIT/interest falling below 1.25x-1.50x on a
sustained basis.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Incorporated in China and listed on the Shanghai Stock Exchange,
Gemdale Corporation is a leading developer in China's residential
property sector. At the end of December 2018, the company's land
bank totaled around 44 million square meters (sqm) in saleable
gross floor area (GFA) in over 50 cities in China.

Incorporated in Hong Kong in 1995, Famous Commercial Limited is a
wholly owned subsidiary of Gemdale Corporation. The company also
serves as a funding vehicle in overseas markets.



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ADLABS ENTERTAINMENT: Corporation Bank Seeks Insolvency vs. Firm
----------------------------------------------------------------
BloombergQuint reports that public sector lender Corporation Bank
has approached the National Company Law Tribunal to initiate
insolvency resolution process against theme park company Adlabs
Entertainment Ltd.

Adlabs Entertainment has received a notice from the Mumbai-bench of
the NCLT filed by Corporation Bank to initiate Corporate Insolvency
Resolution Process under Section 7 of Insolvency and Bankruptcy
Code, 2016, the company said in a regulatory filing, BloombergQuint
relays.

"The company has received a notice from NCLT, Mumbai Bench on June
7, 2019 via an email, regarding an application filed by one of the
financial creditors of the company i.e. Corporation Bank to
initiate Corporate Insolvency Resolution Process . . . ," it said.

Corporation Bank, a financial creditor of the company, has claimed
a default of INR68.84 crore, it added.

Promoted by Mr. Manmohan Shetty and his family, Adlabs
Entertainment Limited, has set up an amusement park which is a
combination of a theme park, a water park, a snow park and Novotel,
a 4-star hotel--all under the Imagica Umbrella--at Khopoli, spread
over an area of 140 acres, with another surplus area of 170 acres.
The project was started in April 2011. The theme park commenced
partial operations and after a soft launch on April 18, 2013, it
commenced full scale operations from November 1, 2013. The water
park was commissioned from October 1, 2014, and the first phase of
the hotel, comprising 116 rooms, commenced in September 2015. The
snow park started operating from the first week of April 2016.
Currently, Novotel has 287 rooms.

ALANKAR REAL: CRISIL Assigns 'B+' Rating to INR5.5cr Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Alankar Real Estates Private Limited (AREPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       3          CRISIL A4 (Assigned)
   Cash Credit          5.5        CRISIL B+/Stable (Assigned)

The ratings reflect the company's modest scale of operations in the
competitive infrastructure construction segment, average financial
risk profile, and large working capital requirement. These
weaknesses are partially offset by the promoter's extensive
experience and funding support.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in competitive segment: With turnover
estimated at INR28 crore in fiscal 2019, AREPL's scale remains
small in the competitive infrastructure industry and restricts its
ability to bid for large projects. Also, operations are
tender-based, thereby reducing pricing flexibility.

* Large working capital requirement: Gross current assets are
estimated at 320 days as on March 31, 2019, driven by large
work-in-progress inventory and sizeable security deposits and
retention money with government departments.

* Average financial risk profile: Networth was modest at INR6.35
crore and gearing high at 2 times as on March 31, 2019. Debt
protection metrics were modest, reflected in estimated interest
coverage of 2 times and net cash accrual to total debt of 14% in
fiscal 2019. The financial risk profile is expected to remain
average over the medium term.

Strengths
* Extensive experience of the promoter: Presence of over two decade
in the civil construction segment has enabled the promoter to bid
successfully for projects and execute them efficiently. Also, the
promoter has been supporting the business through unsecured loans
which is estimated at 3.82 crore as on 31st March 2019.

Liquidity
Liquidity is stretched, as reflected in fully utilised bank limit
over the 12 months through April 2019. Net cash accrual is
estimated at INR1.40 crore in fiscal 2019, and expected at
INR1.60-1.80 crore per fiscal against annual debt obligation of
INR0.85 crore over the medium term. Financial assistance may be
expected from the promoters whenever necessary, as in the past.

Outlook: Stable

CRISIL believes AREPL will benefit over the medium term from the
expected moderate growth in the infrastructure and construction
industry. The outlook may be revised to 'Positive' if there is a
significant improvement in operating profitability and revenue. The
outlook may be revised to 'Negative' if the financial risk profile
weakens because of delays in realisation of receivables, large,
debt-funded capital expenditure, or lower-than-expected cash
accrual.

Incorporated in 1994 and based in Nagpur, Maharashtra, AREPL is
promoted by Mr Sutinderpalsingh Arora and his family members. The
company undertakes civil construction works such as construction of
roads, bridges, and buildings.

ARA MUNICIPAL: Ind-Ra Withdraws 'BB' Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ara Municipal
Corporation's (AMC) Long-Term Issuer Rating of 'IND BB'. The
Outlook was Stable.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating, as the issuer
rating was assigned under the Atal Mission for Rejuvenation and
Urban Transformation Programme and no specific debt was issued
against the rating.

COMPANY PROFILE

AMC is the administrative headquarter of the Bhojpur district in
Bihar. AMC is mainly responsible for the administration of the
city, providing and maintaining the various infrastructure
facilities including roads, housing, water, solid waste management,
education, health services, etc. to its citizens.

BHARATH LAJHNA: CRISIL Assigns 'CCR B' Corporate Credit Rating
--------------------------------------------------------------
CRISIL has assigned its 'CCR B/Stable' rating on the corporate
credit rating of Bharath Lajhna Multi State Housing Co-operative
Society Limited (BLMSHCS).

The rating factors in small scale of operation, modest capital
position, and exposure to risk inherent in co-operative societies.
These weaknesses are partially offset by resourceful directors with
experience in housing development space and moderate profitability
of the society.

Key Rating Drivers & Detailed Description

Weakness:

* Established presence in operating geographies, however operations
remain small with limited seasoning: BLMSHCS has operating as a
housing co-operative society for more than a decade. Society has
started its operations in February 2006, with property development
for residential, commercial, retail and hospitality sector. BLMSHCS
operates in 3 states namely Tamilnadu, Kerala and Pondicherry with
AUM of INR5.2 crore as on September 30, 2018 which has increased
from INR1.5 crore as on March 31, 2017. It has total number base
30000 as on date and total deposit base of INR37.3 crore as on
September 30, 2018. BLMSHCS has plans to invest around INR340 crore
in the Joint Venture with Alka Ventures Pvt Ltd of 'Milleniam
Tower' project. Society has implemented various house site schemes
and flat housing schemes in various places in 3 states.

* Modest Capitalisation: Capital position of the company is modest
with a networth of INR1.0 crore and high gearing of 37 times as on
September 30, 2018. Also the networth coverage for overdue assets
was comfortable at around 9 times as on March 31, 2018.
Nevertheless, given it operates as society, there are inherent
limitations in raising equity capital as compared to other
financing companies. Being a society, it can only raise capital
from its members and cannot raise capital from any external sources
or investors.

* Exposure to risk inherent in co-operative societies: Co-operative
societies are not subject to stringent regulatory oversight.
BLMSHCS, is administered by the co-operative registrar and state
government. However, these societies are not under the ambit of the
Reserve Bank of India's (RBI's) regulations, and therefore, are not
subject to prudential norms of RBI, unlike other deposit-raising
entities such as banks and non-banking finance companies. Several
societies raise deposits repayable on demand, though only from
their members. RBI has, in its Financial Stability Report of June
2011, observed that there are gaps in regulation of cooperative
societies. If RBI brings such cooperative institutions under its
ambit, the societies could be subject to stricter prudential norms
on capital adequacy, asset classification, and income recognition.
Furthermore, the cooperative societies sector continues to bear the
risk of political events that can impact their businesses. BLMSHCS
is likely to remain exposed to risks inherent in the cooperative
societies sector.

Strengths:

* Resourceful management with experience in housing development
space: The promoter, Mr Premkumar has rich experience in housing
space and resourceful enough to extend funding, managerial and
operational support to the society. BLMSHCS has operating as a
co-operative society for more than a decade. Society has started
its operations in February 2006, with property development for
residential, commercial, retail and hospitality sector. Over the
past 10 years society has developed a good understanding of the
area of operations and they have invested in around 11 project in 3
districts namely Tamilnadu, Kerala and Pondicherry. Directors will
be extending INR350 crore of funding in phased manner to the
'Milleniam Tower' project in the span of 3 years.

* Moderate profitability: The profitability is moderate with return
on asset of 1.2% for the half year ended September 30, 2018. The
operating cost of the society is slightly high at 8.6% as society
is opening new branches. The society had a Profit after tax (PAT)
of INR21 lakhs for the half year ended September 30, 2018 as
against INR52 lakhs for fiscal 2018 (profit of INR12 lakhs for
fiscal 2017).

Liquidity
Liquidity is adequate and should remain so over the medium term.
Cash and cash equivalents were INR1.6 crore as on September 30,
2018. The society had INR37 crore of fixed deposits as on September
30, 2018, and is expected to collect around INR65 crore by August
31, 2019.

Outlook: Stable

CRISIL believes BLMSHCS will benefit on account of its established
presence in the operating geography with track record. It will also
maintain moderate profitability and comfortable asset quality over
the medium term. The outlook may be revised to 'Positive' if the
company scales up its operations while improving geographical
diversity and capitalisation. Conversely, the outlook may be
revised to 'Negative' if capitalisation is affected by weakening of
asset quality and profitability.

BLMSHCS is multi state housing co-operative society develops lands
for residential, commercials and other business segments with
operations in 3 states namely Tamilnadu, Kerala and Pondicherry.

The society started its operations in Chennai in February 2006 with
property development for residential, commercial, retail and
hospitality sectors in South India. This comprise of various aspect
of housing development activities such as land identification and
acquisition, project planning, designing, marketing and execution.
At present, the focus is on the development of residential projects
in Chennai and other key cities of Southern India.

BHOLARAM EDUCATION: CRISIL Revokes D Rating on INR5.5cr Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Bholaram Education Society (BES) and assigned its
'CRISIL D/CRISIL D' ratings to the bank facilities. CRISIL had, in
its rating rationale dated September 28, 2016, announced suspension
of the rating since BES had not provided information necessary for
a rating review. It has now shared the requisite information.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee         4        CRISIL D (Assigned;
                                   Suspension Revoked)

   Proposed Fund-         5.5      CRISIL D (Assigned;
   Based Bank Limits               Suspension Revoked)

   Rupee Term Loan        0.5      CRISIL D (Assigned;
                                   Suspension Revoked)

The ratings also reflect BES's weak liquidity, and susceptibility
to any adverse impact of regulatory changes. These weaknesses are
partially offset by the society's established presence in the
education services sector on account of running a Delhi Public
School (DPS) franchisee.

Key Rating Drivers & Detailed Description

Weakness

* Delay in servicing term debt because of weak liquidity: Cash
accrual remained insufficient to meet debt obligation, leading to
delays in repayment of bank debt due to cash flow mismatch.

Strength
* Established presence in the education sector: The trust runs a
DPS in Gandhinagar, Gujarat. BES is expected to remain supported by
the established DPS brand.

Liquidity
Liquidity is stretched marked by insufficient cash accrual to meet
debt obligation resulting in delay in repayment of term loan.

Set up in 2002, BES, promoted by Mr Apoorva Goenka and family, runs
DPS in Gandhinagar, Goenka Research Institute of Dental Sciences
(GRIDS), Manjushree research institute of Ayurvedic Science, and
the 100-bed multi-speciality Goenka Hospital in Piplaj (Gujarat).

BISHAMBHER SARAN: CRISIL Assigns 'B' Rating to INR9.75cr Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the bank
facilities of Bishambher Saran Vinod Kumar (BSVK).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan             .1        CRISIL B/Stable (Assigned)

   Cash Credit          9.75       CRISIL B/Stable (Assigned)

   Proposed Fund-
   Based Bank Limits    2.15       CRISIL B/Stable (Assigned)

The ratings reflect the firm's modest scale of operations and
working capital-intensive operations, exposure to intense
competition and the highly leveraged capital structure. These
weaknesses are partially offset by the extensive experience of the
proprietor.

Analytical Approach
Unsecured loans estimated around INR1.7 crore as on March 31, 2019,
are treated as neither debt nor equity, as these funds have been
infused by the proprietor and his family and friends, and are
non-interest bearing in nature.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amidst intense competition:: Intense
competition in the allied steel products business will continue to
restrict the firm's scalability and operating flexibility. Limited
capital requirement and lack of value addition have led to entry of
large number of unorganised players, catering to regional demand.

* Working capital-intensive nature operations: Gross current assets
ranged between 201 and 227 days over the three years ended March
31, 2018, and are estimated around 280 days as on March 31, 2019,
led by receivables and inventory of 45 and 230 days, respectively.
The firm requires to hold large inventory of finished goods due to
vast product portfolio.

Strength

* Extensive experience of the proprietor: The three-decade-long
experience of the proprietor in the steel products business, their
strong understanding of local market dynamics, and healthy
relationships with suppliers and customers, will continue to
support the business risk profile.

Liquidity
Liquidity is adequate, marked by cash accrual of INR0.16-0.21
crore, sufficient to cover the maturing debt of INR0.09-0.12 crore
over the medium term. Bank limit of INR9.75 crore was utilised at
an average 99.1% over the 12 months ended March 31, 2018. The
proprietor would offer support via unsecured loans (estimated
around INR1.7 crore in fiscal 2019), to help the firm meet its
working capital and debt obligation.

Outlook: Stable

CRISIL believes BSVK will continue to benefit from its longstanding
relationships with principals, and the extensive experience of the
management, which would mitigate the inherent risk in the trading
business.  The outlook may be revised to 'Positive' if the firm
reports sustained revenue growth and improvement in the financial
risk profile.  The outlook may be revised to 'Negative' if the
business stagnates due to weak demand, or if a stretch in
receivables or pile-up of inventory, adversely affects liquidity.

BSVK was set up as a proprietorship firm of Mr Vinod Kumar Agarwal.
The Kashipur Uttarakhand-based firm trades in stainless steel, AC
sheets and cement.

BREW BERRYS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Brew Berrys Hospitality Private Limited
        Shop No. 7/8, Greenwood Complex
        Makarpura Road, Vadodara 390010
        Gujarat

Insolvency Commencement Date: May 29, 2019

Court: National Company Law Tribunal, Vadodara Bench

Estimated date of closure of
insolvency resolution process: November 24, 2019

Insolvency professional: Shri Nitin Hasmukhlal Parikh

Interim Resolution
Professional:            Shri Nitin Hasmukhlal Parikh
                         737, Fortune Tower, Sayajigunj
                         Vadodara 390020, Gujarat
                         E-mail: nitin_parron2000@yahoo.com

Last date for
submission of claims:    June 12, 2019


CRBR INDUSTRIES: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn CRBR
Industries Private Limited's (CIPL) Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- The 'IND BB' rating on the INR10 mil. Fund-based working
     capital limit* affirmed and withdrawn; and

-- The 'IND A4+' rating on the INR55 mil. Non-fund-based working
     capital limit** affirmed and withdrawn.

* Affirmed at 'IND BB'/Stable/'IND A4+' before being withdrawn

** Affirmed at 'IND A4+' before being withdrawn

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the rated facilities'
lenders. This is consistent with the Securities and Exchange Board
of India's circular dated March 31, 2017, for credit rating
agencies.

KEY RATING DRIVERS

The affirmation reflects CIPL's continued small scale of
operations, as indicated by revenue of INR391.09 million in FY19
(FY18: INR287 million; FY17: INR219 million). The revenue increased
on a YoY basis on the back of demand growth. The figures for FY19
are provisional.

The ratings also factor in the moderate liquidity position. The
working capital cycle lengthened to 63 days in FY19 (FY18: 35 days)
due to an increase in receivable days as well as inventory days.
The cash flow from operations increased to INR22.23 million in FY19
(FY18: INR15.16 million) owing to favorable changes in the working
capital. The cash and cash equivalent amounted to INR0.23 million
in FY19 (FY18: INR6.39 million).

The ratings, however, are supported by the healthy EBITDA margins.
The margin increased to 3.85% in FY19 (FY18: 3.59%) due to a
decline in raw material costs; the RoCE was 17.08% (12.7%).

Additionally, the company's credit metrics are strong. They
improved on a YoY basis in FY19 on account of a reduction in
external borrowings and associated interest obligations. The gross
interest coverage was 29.56x in FY19 (FY18: 8.58x) and the net
leverage was 0.34x (2.42x).

The ratings are also supported by CIPL's promoter's experience of
around 18 years in the timber trading industry.

COMPANY PROFILE

CIPL was established in 1999 as a proprietorship firm under the
name of Chaudhary Ram Baldev Raj. It was converted into a private
limited company in June 2016. The company is also engaged in the
manufacturing and trading of wooden doors, small furniture items,
moldings, etc.

DHANRAJ COTTON: CRISIL Reaffirms 'B' Rating on INR5cr Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating to the bank
facilities of Dhanraj Cotton Industries - Mehsana (DCI).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           5.00      CRISIL B/Stable (Reaffirmed)
   Term Loan             2.88      CRISIL B/Stable (Reaffirmed)

CRISIL's rating on the bank facilities of DCI continues to reflect
its modest scale of operations, and working capital intensity in,
operations in the intensely competitive cotton ginning industry.
These rating weaknesses are partially offset by benefits the firm
derives from the extensive industry experience of its promoters and
from proximity to the cotton-growing belt.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in intensely competitive industry:
DCI's scale of operations is expected to be limited in a highly
competitive industry. Entry barriers are low on account of low
capital and technology requirements and low end product
differentiation, leading to high fragmentation and low
profitability. CRISIL believes that DCI will be subject to risks
related to direct competition from several unorganized players in
Gujarat, and thus will have limited pricing power and a modest
scale of operations in the near term.

* Working capital intensive operations: DCI's operations could
remain highly working capital intensive with an increase in
inventory and debtors during crop season. CRISIL believes that DCI
will report gross current assets (GCAs) of around 45 days. CRISIL
believes that firm will extensively depend on external borrowings
to meet its working capital requirements. Effective working capital
management will remain a rating sensitivity factor.

Strengths
* Extensive industry experience of its promoters and from proximity
to the cotton-growing belt: DCI is owned by 15 partners who have
varied industry experience such as elastic tapes, re-rolling mill,
cotton ginning, and black board manufacturing. The promoters are
now engaged in ginning cotton. DCI is expected to continue to
benefit from the promoters' understanding of local market dynamics
and established relationships with suppliers and customers. CRISIL
believes that DCI will continue to benefit from its promoter's
extensive industry experience, over the medium term.

Liquidity
* Tightly matched cash accruals against its term debt obligation:
The cash accrual is expected to be over INR50 lakhs against term
debt obligation of INR48 lakhs over the medium term.

* Low bank limit utilization: Average bank limit utilization for
the last twelve months ended Dec 2018 for the company is around
41%. The company has total limits of INR5 Cr. CRISIL believes that
bank limit utilization is expected to remain moderate over the
medium term.

* Healthy current ratio: Current ratio is moderate at 1.6 times as
on March 31, 2018.

Outlook: Stable

CRISIL believes DCI will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if ramp-up in scale of operations and
improved profitability and capital structure strengthen key credit
metrics. Conversely, the outlook may be revised to 'Negative' if
profitability reduces because of volatility in cotton prices; or
financial risk profile, particularly liquidity, declines because of
stretch in working capital cycle or sizeable debt-funded capital
expenditure.

Incorporated in 2014, DCI is a partnership firm based at Mehsana,
Gujarat. The firm gins and presses cotton, and commenced operations
in December 2014.

IND-ANDHRA AGRO: CRISIL Cuts INR38cr Loan Rating to 'D', Not Coop.
------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Ind-Andhra Agro Products Private Limited (IAPPL) to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B-/Stable/CRISIL A4
Issuer Not Cooperating'.  The downgrade reflects overdraws in the
cash credit account for more than 30 days. Overdraws in the account
is due to stretch in receivables cycle.


                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            3        CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL B-/Stable
                                   ISSUER NOT COOPERATING')

  Packing Credit         38        CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL A4 ISSUER
                                   NOT COOPERATING')

CRISIL has been consistently following up with IAPPL for obtaining
information through letters and emails (dated November 30, 2018 and
May 13, 2019, among others), apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL has
not received any information on either the financial performance or
strategic intent of IAPPL. This restricts CRISIL's ability to take
a forward-looking view on the credit quality of the entity. CRISIL
has downgraded its ratings on the bank facilities of IAAPL to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B-/Stable/CRISIL A4 Issuer Not Cooperating'.

The downgrade reflects overdraws in the cash credit account for
more than 30 days. Overdraws in the account is due to stretch in
receivables cycle.

IAPPL was set up by Mr. Arimilli Rama Krishna, Mr. Gudimetla Rama
Krishna, and Mr. Samanthapudi Sree Rama Raju. The company trades in
agro-commodities, and derives revenue from trading in maize and
rice. The company is based in West Godavari District (Andhra
Pradesh).

INNOVATIVE TEXTILES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Innovative Textiles Limited

        Registered office:
        81 Vigyan Vihar
        Delhi DL 110092 IN

        Corporate office:
        606, 607, Suncity Business Tower Sector-54
        Gurgaon 122002 HR IN

        Factory:
        T-71, MIDC Industrial Area Butibori
        Nagpur 441122, Maharashtra

Insolvency Commencement Date: April 15, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: November 24, 2019
                               (180 days from commencement)

Insolvency professional: Rohit Aggarwal

Interim Resolution
Professional:            Rohit Aggarwal
                         P7B, Green Park Extn.
                         New Delhi 110016
                         E-mail: rohit@nkumarandaggarwal.com
                                 irp.innovativetext@gmail.com

Last date for
submission of claims:    June 11, 2019


JALAN JEE: CRISIL Lowers Rating on INR9cr Cash Loan to D
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Jalan
Jee Polytex Limited (JPL) to 'CRISIL D/CRISIL D' from 'CRISIL
C/CRISIL A4'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           9         CRISIL D (Downgraded from
                                   'CRISIL C')

   Letter of Credit      1         CRISIL D (Downgraded from
                                   'CRISIL A4')

The downgrade reflects JPL's stressed liquidity due to inadequate
cash accrual to repay the interest obligation. Also, operations
remain working capital intensive, resulting in high bank
utilisation of over 100% during the 12 months through April 2019.

The ratings also factor in the modest scale of JPL's operations in
the intensely competitive fabric manufacturing industry. However,
the company benefits from the experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in servicing interest and over utilised bank lines
The cash credit limit has been continuously over utilised due to
interest run at month end. Thus, the bank classified JPL as special
mention account-2 in March 2019.

* Modest scale of operations amid intense competition: Intense
competition may continue to constrain scalability, pricing power,
and profitability. Revenue was modest at INR35-36 crore in fiscal
2019.

Strength

* Experience of the promoters: Benefits from the promoters'
experience of around two decades, their strong understanding of
local market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

Liquidity
Liquidity is likely to remain stretched over the medium term. Bank
limit utilisation has been high and averaged 102% for the 12 months
through April 2019. Cash accruals may not be adequate to meet the
yearly maturing debt. Current ratio was 1.23 times as on March 31,
2018.

JPL, incorporated in 2001, manufactures polyester yarn and knitted
fabrics, and trades in grey fabric. Its facility in Gorakhpur
(Uttar Pradesh) can manufacture 35,000 tonne of textured yarn per
annum, with 22 machines for texturising and 16 for two-for-one
yarn. Mr Vinod Jalan and his wife, Ms Kavita Jalan, are the
promoters.

JNC CONSTRUCTIONS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: J N C Constructions Private Limited
        G-128 Preet Vihar
        New Delhi 110092

Insolvency Commencement Date: May 30, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: November 26, 2019

Insolvency professional: Mr. Ajay Kumar Jain

Interim Resolution
Professional:            Mr. Ajay Kumar Jain
                         E-15/209, Sector-8
                         Rohini, New Delhi
                         National Capital Territory of Delhi
                         110085
                         E-mail: ajayjain721@gmail.com

                            - and -

                         C-100, Sector-2
                         Noida 201301
                         Uttar Pradesh
                         E-mail: jnc.cirp@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Vijay Kumar
                         Chopra Apartment Flat No. 264, Sector-8
                         Sector-23, Dwarka, New Delhi
                         National Capital Territory of Delhi
                         110077
                         E-mail: vk_hv@yahoo.co.in

                         Mr. Sumit Shukla
                         B-4/702, Krishna Apra Garden
                         Plot-7, Vaibhav Khand Indrapuram
                         Ghaziabad, U.P.
                         E-mail: sumit_shukla@rediffmail.com

                         Mr. Munish Mehta
                         3/31, First Floor, West Patel Nagar
                         New Delhi 110008
                         E-mail: munish@gmrco.in

Last date for
submission of claims:    June 15, 2019


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

The instrument-wise rating actions are:

-- INR395.30 mil. Fund-based working capital limit migrated to
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     / IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 27, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

K. L. Rathi Steels manufactures thermo-mechanically treated bars at
its 200,000 metric ton facility in Greater Noida. It also operates
four 1.5MW windmills, of which three are in Jaisalmer, Rajasthan,
and one is in Kutch, Gujarat.

KAMLA LANDMARC: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Kamla Landmarc Properties Private Limited
        Ground floor, Shanti Vimlap M. Road
        Vile Parle (East)
        Mumbai MH 400057

Insolvency Commencement Date: April 15, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 27, 2019

Insolvency professional: Ms. Dipti Atul Mehta

Interim Resolution
Professional:            Ms. Dipti Atul Mehta
                         201-206, Shiv Smriti
                         2nd Floor, 49 A
                         Dr. Annie Besant Road
                         Above Corporation Bank, Worli
                         Mumbai 400018
                         Tel.: +91 (22) 6611 9696
                         Mobile: +91 9820292415
                         E-mail: dipti@mehta-mehta.com

Last date for
submission of claims:    June 14, 2019


KRISHNA COTTON: CRISIL Reaffirms B+ Rating on INR5.75cr Loan
------------------------------------------------------------
CRISIL has reaffirmed the rating on the long-term bank facilities
of Krishna Cotton - Jamnagar (KC).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          5.75       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   4.25       CRISIL B+/Stable (Reaffirmed)

The rating continue to reflect reflect the firm's modest scale of
operations in a highly-fragmented cotton ginning and pressing
industry, and expected below-average financial risk profile because
of high gearing and weak debt protection metrics. These rating
weaknesses are mitigated by the promoters' extensive industry
experience and the benefits from the proximity of the ginning unit
to the cotton-growing belt in Gujarat.

Key Rating Drivers & Detailed Description

Weakness

* Intense competition in the fragmented industry: The entry
barriers in cotton ginning and pressing industry are low on account
of low capital, technology intensity, and low differentiation in
end product. CRISIL believes that KC will face direct competition
from many unorganised players and thus it will have limited pricing
power and limited scale of operations, over the medium term.

* Below-average financial risk profile: Financial risk profile
remains constrained by modest networth and high gearing (Rs.2.9 Cr.
and 2.3 times, respectively, as on March 31, 2017). Debt protection
metrics are average, with interest coverage of 2 times and net cash
accrual to total debt of 0.05 time in fiscal 2017. The financial
risk profile may continue to be below average over the medium term.


Strengths
* Extensive industry experience of promoters: The promoters of KC
have past experience in the cotton industry. The firm benefits from
the extensive experience of its promoters, their understanding of
the dynamics of the local market, and established relationships
with customers and suppliers. CRISIL believes that KC will continue
to benefit from the strong industry experience of its partners and
achieve sustained revenue growth, over the medium term.

* Proximity to cotton-growing belts: KC's production facility is
based in the cotton-growing belt in Gujarat. This will enable KC to
procure raw cotton directly from local farmers, thus making its
operations more cost-effective.

Liquidity
* Healthy cash accruals against its no term debt obligation: The
cash accrual is expected to be over Rs.30 lakhs against no term
debt obligation over the medium term. The excess is expected to
help fund company's other requirements such as working capital or
routine capex.

* Low bank limit utilization: Average bank limit utilization for
the last twelve months ended February 2019 for the company is
around 33%. The company has total limits of Rs.5.75 Cr. CRISIL
believes that bank limit utilization is expected to remain moderate
to high over the medium term.

* Healthy current ratio: Current ratio is moderate at 1.65 times as
on March 31, 2018.

Outlook: Stable

CRISIL believes KC will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if higher-than-expected revenue or
profitability leads to improvement in debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile weakens due to large, debt-funded capital
expenditure or stretched working capital requirement.

Set up in 2011, KC is a partnership firm in Jamnagar (Gujarat) that
gins and presses cotton. The firm is owned and managed by the
Kasundra family.

KSC ENGINEERS: Ind-Ra Affirms BB+ Issuer Rating on INR80.40MM Loan
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed KSC Engineers
Private Limited's (KSC) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR80.40 mil. Fund-based working capital limits affirmed with
     IND BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects KSC's continued small scale of operations.
Revenue has been volatile since FY17 (FY19 (provisional): INR379.28
million, FY18: 239.46 million, FY17: 278.08 million) due to the
uneven demand from the end-user industry. The revenue improved in
FY19 due to higher sales volume.

Credit metrics are healthy due to lower interest expense on account
of low debt levels with gross interest coverage (operating
EBITDA/net interest expenses) of 14.69x in FY19 (FY18: 4.98x, FY17:
10.54x) and net financial leverage (adjusted net debt/operating
EBITDA) of 0.95x (4.39x, 1.57x). RoCE was 21% in FY19 (FY18: 7%)
and EBITDA margins were healthy at 13.02% (FY18: 6.73%, FY17:
12.51%) on low operating expenses.

The rating also reflects the company's moderate liquidity position
with the average use of fund-based limits being around 95.58% for
the 12 months ended April 2019. In FY19, the company's cash and
cash equivalents were INR8.85 million (INR1.32 million) and cash
flow from operations turned positive at INR51.15 million (FY18:
negative 15.16) due to an improvement in the net cash cycle to 46
days (90 days).

The ratings are also supported by the promoters' over three decades
of experience in the auto component industry.

RATING SENSITIVITIES

Negative: A substantial dip in EBITDA margins leading to weak
credit metrics, all on a sustained basis, will be negative for the
ratings.

Positive: A significant improvement in revenue on a sustained basis
while maintaining credit metrics at the current levels will be
positive for the ratings.

COMPANY PROFILE

KSC was incorporated as a private limited company in 1985. It
manufactures auto components such as fasteners, sheet metal
components, brake & clutch parts, auto electric parts, etc. in its
factory located at Noida, Uttar Pradesh.

KWALITY LTD: NCLT Extends Insolvency Resolution Period By 90 Days
-----------------------------------------------------------------
BloombergQuint reports that debt-ridden dairy firm Kwality Ltd.
said the National Company Law Tribunal has given 90 days extension
till Sept. 7 to the company for completion of the Corporate
Insolvency Resolution Process.

Kwality is currently undergoing the CIRP as per provisions of the
Insolvency and Bankruptcy Code, pursuant to an order of the NCLT,
New Delhi, dated Dec. 11, 2018, BloombergQuint discloses. Global
private equity player KKR had filed insolvency plea against
Kwality.

"NCLT, after considering the Progress Report on resolution process
by the resolution profession, has extended CIRP time period by 90
days i.e. up to Sept. 7 in respect of the company in accordance
with the provisions of the Insolvency and Bankruptcy Code, 2016,"
the company said in a regulatory filing, BloombergQuint relays.

Shailendra Ajmera, who is from multinational consultancy firm EY,
has been appointed as the resolution professional to conduct the
insolvency proceedings, BloombergQuint notes.

In 2016, Kwality had announced that it had raised INR300 crore from
KKR India Financial Services and got additional commitment of
INR220 crore, the report recounts. The amount was raised to fund
its expansion plans and enter into consumer segment.

Kwality Ltd is engaged in the business of milk processing and
manufacturing of dairy products, including ghee, milk powders,
lassi, chaach, flavoured milk etc. It owns two milk processing
units, one in Softa, Haryana, and another in Dibai, Uttar Pradesh.

LANCO SOLAR: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Lanco Solar Private Limited

        Registered office:
        Plot No. 4, Software Units Layout
        Hitec City, Madhapur
        Hyderabad 500081
        Telangana, India

        Principal office:
        Lanco House, 397
        Udyog Vihar, Phase III
        Gurugram 122016
        NCR, India

Insolvency Commencement Date: May 17, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: November 13, 2019

Insolvency professional: Mr. Huzefa Fakhri Sitabkhan

Interim Resolution
Professional:            Mr. Huzefa Fakhri Sitabkhan
                         1012, Dalamal Tower
                         Free Press Journal Road
                         211, Nariman Point
                         Mumbai 400021
                         Maharashtra, India
                         E-mail: huzefa.sitabkhan@gmail.com

                            - and -

                         Think Capital Insolvency
                          Professionals LLP
                         1007-1013, Dalamal Tower
                         Free Press Journal Road
                         211, Nariman Point
                         Mumbai 400021
                         Maharashtra, India
                         E-mail: iplancosolar@gmail.com

Last date for
submission of claims:    June 13, 2019


MATHURAM SWASTHYA: Ind-Ra Maintains 'B+' Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Mathuram
Swasthya Evam Shikshan Sansthan's term loans' ratings in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR106.50 mil. Term loans due on March 31, 2021 - September
     30, 2023 maintained in non-cooperating category with IND B+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on June
9, 2017. Ind-Ra is unable to provide an update as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Mathuram Swasthya Evam Shikshan Sansthan, registered under
Companies Act 1956, manages Dr. DY Patil Pushapalata Patil
International School in Kankarbagh, Patna.

NAVKAR WHEELS: CRISIL Reaffirms B+ Rating on INR4.9cr Term Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank facilities
of Navkar Wheels (NW) at 'CRISIL B+/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           4.1       CRISIL B+/Stable (Reaffirmed)

   Inventory Funding  
   Facility              1.0       CRISIL B+/Stable (Reaffirmed)

   Rupee Term Loan       4.9       CRISIL B+/Stable (Reaffirmed)

The rating reflects a modest scale of operations in the automobile
dealership segment and average financial risk profile. These
weaknesses are partially offset by the extensive experience of the
promoters.

Analytical Approach
Unsecured loans of INR9.67 crore from promoters have been treated
as neither debt nor equity, as it is expected to remain in the
business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: With revenue of INR72 crore for
fiscal 2018 and estimated to be INR74 crores in fiscal 2019, scale
remains small because of limited regional presence. This is
compounded by intense competition in the automobile dealership
segment. The automotive sector is intensely competitive, with
several players operating in various segments. It also faces stiff
competition from dealers of other leading players, along with the
unorganized market. Original equipment manufacturers (OEMs) also
encourage more dealerships to improve penetration and sales, and
thus, increase competition between dealers.

* Average financial risk profile: NW's financial risk profile is
average marked by a small net worth of INR0.23 crores and high
total outside liabilities to adjusted net worth (TOL ANW) at around
68.92 times as on March 31, 2019. Debt protection metrics are
subdued marked by an interest coverage of around 1.3 times and net
cash accruals to total debt ratio (NACTD) of around 0.08 times for
fiscal 2019. NW's financial risk profile shall however remained
constrained by its small net worth.

Strengths:
* Promoters' extensive experience and established relationship with
principals: NW has benefitted from its promoters' experience in the
automobile dealership industry with understanding of demand
patterns and location specific requirements. It has developed
strong relationship with its principal leading to significant ramp
up operations in the past two fiscals.

* Efficient working capital management: Gross current assets are at
67 days, driven by modest inventory of 51 days and moderate
receivables of 5 days, as on March 31, 2019. Working capital
requirement is expected to remain at a similar level over the
medium term.

Liquidity
NW has average liquidity driven by expected cash accruals of more
than INR1 crore per annum in fiscal 2020 and fiscal 2021, cash and
cash equivalents of INR0.24 crore as on March 31, 2019. NW also has
access to fund based limits of INR4.10 crore, utilized to the tune
of 82 per cent on an average over the 12 months ended March 2019.
The firm has long term repayment obligations around INR0.70 crore
in fiscal 2020. CRISIL expects internal accruals and cash & cash
equivalents to be sufficient to meet its repayment obligations and
incremental working capital requirements.

Outlook: Stable

CRISIL believes NW will continue to benefit over the medium term
from its promoters' extensive experience and healthy relationship
with principals. The outlook may be revised to 'Positive' if
sustained improvement in cash accruals, leads to better financial
risk profile. The outlook may be revised to 'Negative' if financial
risk profile, particularly liquidity, weakens further because of
decline in cash accrual or sizeable working capital requirement or
debt-funded capital expenditure.

NW was set up in 2005 in Dhule, Maharashtra as a partnership firm
by Mr. Prashant Jain and Mr. Ashish Jain along with other three
partners. It is an authorized dealer of Hero Motocorp Ltd's(HML's)
two-wheelers and Hyundai Motors India Ltd's (HMIL's) passenger
cars. It operates three showrooms which is located in Dhule and
Nandurbar district.

P. RAJAGOPAL: CRISIL Lowers Rating on INR12cr Term Loan to D
------------------------------------------------------------
Due to inadequate information received from P. Rajagopal and R.
Saravanan (PRRS), CRISIL, in line with Securities and Exchange
Board of India guidelines, had migrated the rating to 'CRISIL
B/Stable Issuer Not Cooperating'. However, the management has now
started sharing the information necessary for a comprehensive
rating review. Consequently, CRISIL is downgraded the rating to
'CRISIL D' from 'CRISIL B/Stable Issuer Not Cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Term Loan        12        CRISIL D (Downgraded from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

The rating reflects the firm's delay in servicing term debt due to
low occupancy and early stage of operations of its hotel at
Tiruchendur, Tamil Nadu.

The firm's business risk profile is constrained by modest scale of
operations, exposure to revenue concentration risks, and
below-average financial risk profile. These rating weaknesses are
partially offset by the proprietor's experience and the hotel's
advantageous location.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in debt servicing: There have been delays by PRRS in debt
servicing due to weak liquidity.

* Modest scale of operations: Intense competitive pressure
constrains scale of operations, occupancy and pricing power, and
therefore, revenue and profitability.

* Revenue concentration risks and susceptibility to economic
downturns: PRRS generates all its revenue from its hotel in
Tiruchendur. Dependence on a single location also exposes the firm
to changes in demand and supply, and to event risks. The
hospitality industry is also susceptible to downturns in the
domestic and international economy. During weaker periods, the
revenue per available room (RevPAR) for premium and mid-segment
hotels is more acutely affected than that for economy hotels.

* Below-average financial risk profile: Financial risk profile is
below average, marked by modest debt protection metrics and
leveraged capital structure, given the early stage of operations.

Strength:
* Benefits from the hotel's favourable location, and the
proprietor's extensive experience: The hotel's location'near
Tiruchendur railway station'ensures steady inflow of customers.
Benefits from the proprietor's longstanding experience in the
restaurant business should also support operations.

Liquidity
Liquidity is weak, as indicated by ongoing delays in debt
servicing. The delays have been on account of low occupancy.

PRRS is a proprietorship firm set up by Mr P Rajagopal in December
2016. The project, Hotel Chendur Murugan, based in Tiruchendur,
began operations in.June 2019.

P.S.K. ENGINEERING: CRISIL Withdraws D Rating on INR35cr Loan
-------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of P.S.K.
Engineering Construction and Co.(PSKEC) at the company's request
and has received no dues certificate & no objection certificate
from the bank. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loans.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee         35       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Overdraft              30       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Term Loan               1.04    CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with PSKEC for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 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 PSKEC. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for PSKEC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has Continues the ratings on the bank facilities of FTEPL to
'CRISIL D/Stable/CRISIL A4 Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of PSKEC at
the company's request and has received no dues certificate & no
objection certificate from the bank. The rating action is in-line
with CRISIL's policy on withdrawal of its rating on bank loans.

PSKEC, set up by Mr R Periasamy as a partnership firm in 1975, is
based in Namakkal, Tamil Nadu. It undertakes civil engineering and
construction works, primarily construction of buildings for
government and private sector companies, largely in Tamil Nadu,
Kerala, and Puducherry.

PARAMOUNT WHEELS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Paramount Wheels Pvt. Ltd.

        Registered office:
        Bhanji Udyog Nagar
        Next to Ajit Palace Hotel
        Penkar Pada, Opp Golden Chemical
        Mira Road (E)
        Thane 401104, Maharashtra

Insolvency Commencement Date: May 29, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 25, 2019

Insolvency professional: Prakash Dattatraya Naringrekar

Interim Resolution
Professional:            Prakash Dattatraya Naringrekar
                         503 A, Blue Diamond CHS Ltd
                         Chincholi Bunder, Link Road Junction
                         Malad West, Mumbai 400064
                         Tel.: 9322714508/9819078236
                         E-mail: prakash03041956@gmail.com
                                 pwpl.cirp@gmail.com

Last date for
submission of claims:    June 12, 2019


RAJHANS FERROUS: CRISIL Assigns B+ Rating to INR5cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Rajhans Ferrous Scrap Trade Private Limited
(RFSTPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            5        CRISIL B+/Stable (Assigned)

   Proposed Working
   Capital Facility       5        CRISIL B+/Stable (Assigned)

The rating reflects RFSTPL's modest scale of operations, average
financial risk profile, and exposure to intense competition, and
volatility in traded goods prices. These weaknesses are partially
offset by the extensive experience of its promoters and established
relationship with key clients.

Analytical Approach
Unsecured loans from the promoter, which stood at INR1.14 crore as
on March 31, 2018, have been treated as debt as these carry an
interest rate higher than the market.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: With estimated revenue of INR59 crore
for fiscal 2019 (INR30 crore in fiscal 2018), scale remains modest
in the intensely competitive trading industry. The small scale
restricts bargaining power and profitability.

* Volatility in traded goods prices: The products traded, mainly
ferrous metal such as steel, are susceptible to considerable price
fluctuation.

* Average financial risk profile: Gearing is estimated to be high
at 3.74 times as on March 31, 2019, while net cash accrual to total
debt ratio was average at 0.12 time and interest coverage ratio was
2.6 times in fiscal 2019. Gearing and debt protection metrics are
expected to remain at similar levels over the medium term.

Strength
* Extensive experience of the promoter: Benefits from the
promoter's experience of over two decades and established relations
with customers, should continue to support the business.

Liquidity
Liquidity is likely to remain average over the medium term. Cash
accrual, though are low estimated at INR0.80 crore and INR0.85
crore in fiscals 2019 and 2020, respectively, should comfortably
cover debt obligation of INR0.24 crore for fiscal 2020. Bank limits
are utilised fully for the past 12 months through March 2019.
Timely enhancement in bank lines will support the liquidity over
the medium term and will remain a key rating driver.

Outlook: Stable

CRISIL believes RFSTPL will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if cash accrual and liquidity improve significantly with
increase in revenue and profitability. The outlook may be revised
to Negative' if decline in revenue or profitability, or any large,
debt funded capital expenditure weakens financial risk profile.

Incorporated in 2015, RFSTPL, promoted by Mr Laxmikant Rameshwar
Saki, trades metal scrap and other allied products.

ROYAL WOOD: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Royal Wood Private Limited
        B-4/9, IIIrd Floor, Mianwali Nagar
        Paschim Vihar, Delhi 110087

Insolvency Commencement Date: May 24, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: November 19, 2019

Insolvency professional: Prawincharan Prafulcharan Dwary

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

                            - and -

                         9B, Vardan Tower
                         Nr. Vimal House, Lakhudi Circle
                         Navrangpura, Ahmadabad
                         Gujarat 380014
                         E-mail: dwaryprawin@gmail.com

Last date for
submission of claims:    June 11, 2019


S AND A: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: S And A Finman Limited
        D-7, 3rd Floor, Defence Colony
        New Delhi 110024 India

Insolvency Commencement Date: May 24, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: November 20, 2019

Insolvency professional: CA Suresh Kumar Goyal

Interim Resolution
Professional:            CA Suresh Kumar Goyal
                         C/o SSPJ & Co., Chartered Accountants
                         Basement, 1276, Sector 21B
                         Chandigarh 160022
                         E-mail: suresh@spjca.in

Last date for
submission of claims:    June 12, 2019


SAI INDO: CRISIL Lowers Rating on INR8cr Packing Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Sai Indo Metal Resources Private Limited (SIMRPL) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable'. The short-term rating has been
reaffirmed at 'CRISIL A4'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Letter of Credit       2        CRISIL A4 (Reaffirmed)

   Packing Credit         8        CRISIL B/Stable (Downgraded
   (pre-shipment                   from 'CRISIL B+/Stable')
    credit)                

   Packing Credit in
   Foreign Currency       2        CRISIL A4 (Reaffirmed)

The downgrade reflects weakening in financial risk profile,
particularly liquidity, owing to steady decline in topline and cash
accrual, and stretched working capital cycle. Given that accrual
has been inadequate for debt servicing, the promoters have extended
unsecured loans to make up for the shortfall. The rating downgrade
also factors in instances of letter of credit (LC) devolvement in
the past six months which have been regularised within 30 days.
Time taken to service LC will be closely monitored. The debt
protection metrics are weak: interest coverage ratio is estimated
at 1 time in fiscal 2019.

The rating continues to reflect weak financial risk profile and
liquidity, modest scale of operation and customer concentration in
revenue. These weaknesses are partially offset by the promoters'
extensive experience and healthy relations with customers and
suppliers.


Key Rating Drivers & Detailed Description

Strengths

* The Promoters' extensive experience and healthy relations with
customers and suppliers: Key promoter, Mr Nilesh Shah has more than
two decades of experience in the same line of business. He has
helped the company establish healthy business relationships with
suppliers and customers, to receive repeat orders from key
customer, The Diamond Cement Group (DCB, Dubai), and to set up a
supplier base in countries like China and Turkey in addition to
India.

Weakness

* Modest scale of operations, and geographic concentration in
revenue: Scale of operations is modest, with revenue declining over
the past three fiscals to an estimated INR25 crore in fiscal 2019.
All products are exported to West African countries including
Ghana, Niger, Congo, and Mali, exposing SIMRPL to geographic
concentration risks.

* Weak financial risk profile: Financial risk profile is weak, with
small networth, high gearing and below-average debt protection
metrics. Decline in revenue and stretch in working capital cycle
have constrained the financial metrics, including liquidity.

Liquidity
Liquidity is under pressure owing to low topline and cash accrual,
and stretched working capital cycle. This has led to instances of
LC devolvement, though regularized within 30 days. Continued fund
support from the promoters will be necessary, if SIRPL is to manage
liquidity.

Outlook: Stable

CRISIL believes SIMRPL will continue to benefit over the medium
term from the longstanding industry experience of promoters and
their fund support. The outlook may be revised to 'Positive' if
substantial growth in revenue and profitability leads to
significant improvement in cash accrual and liquidity. Conversely,
the outlook may be revised to 'Negative' if a stretch in working
capital cycle, low cash accrual or dilution in risk management
policies weakens financial risk profile.

Promoted by Mr Nilesh Shah in 2010, SIMRPL trades in a variety of
engineering products used in setting up greenfield/brownfield
projects in multiple fields. It exports all its products mainly to
West Africa, through a trade partner in Dubai.

SARVAM CHARITABLE: CRISIL Assigns B Rating to INR10cr LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the proposed
long-term bank facility of Sarvam Charitable Trust (Sarvam).

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility        10       CRISIL B/Stable (Assigned)

The rating factors in the small scale of operations, with exposure
to regional concentration risk and risks inherent in the
microfinance sector. These weaknesses are partially offset by the
moderate capital structure.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations, with regional concentration: Sarvam
started its microfinance operations in June 2015, to provide
financial assistance to women under the joint liability group (JLG)
model. These borrowers generally have a modest credit profile, with
no access to formal banking channels. The trust forms a group of
8-10 women and provides a loan of INR20,000 to INR30,000 per
borrower. As on March 31, 2019, there were 310 groups, with only
women as members. The loan portfolio is very small, with assets
under management of INR4.8 crore as on March 31, 2019, and a base
of 4,514 members, in two districts of Tamil Nadu.

* Exposure to risk inherent in microfinance sector: The
microfinance sector has witnessed two major disruptive events in
its life cycle of around 15 years. The first one was the Andhra
crisis in 2010 and second being 'demonetisation' in 2016.  In
addition, the sector has faced issues in several geographies of
varying intensity. Promulgation of the ordinance on MFI by the
Government of Andhra Pradesh in 2010 demonstrated their
vulnerability to regulatory and legislative risks. The ordinance
triggered a chain of events that adversely affected the business
models of MFIs by impairing their growth, asset quality,
profitability, and solvency. Similarly, the sector witnessed high
level of delinquencies post demonetisation and subsequent socio
political events. This indicates the fragility of the business
model viz-a-vis the external risks. Since business involves lending
to the poor and downtrodden sections of society, MFIs will remain
exposed to socially sensitive factors, including charging high
interest rates, and, consequently, to tighter regulations and
legislation.

Strength:
* Moderate capitalisation: Networth stood at INR2.06 crore as on
March 31, 2019, up from INR1.1 lakh as on March 31, 2018. Gearing
stood at 1.3 times as on March 31, 2019, and may increase to 2-3
times over the medium term. The trustees have also provided debt
funding of INR2.73 crore till fiscal 2019. Hence, capitalisation
should is remain comfortable, with gearing of 2-3 times over the
medium term.

Liquidity
Liquidity should remain comfortable over the medium term, with
monthly collections of INR1 crore from the microfinance portfolio,
sufficient to cover the maturing debt. As on March 31, 2019, the
society had cash and bank balance of INR2 lakh.

Outlook: Stable

CRISIL believes Sarvam's scale of operations will remain small over
the medium term. The outlook may be revised to 'Positive' if the
trust scales up its operations significantly, while maintaining its
asset quality. The outlook may be revised to 'Negative' if
weakening of asset quality and profitability, adversely affects
capitalisation.

Sarvam was set up at Oddanchatram, Tamil Nadu in June 2015. The
main trustee, Mr Ashok Velusamy, has experience of 14 years in a
similar business. Sarvam provides microfinance under the JLG model,
to support the livelihood of poor people in South India. Sarvam has
4,514 members, with AUM of INR4.8 crore and networth of INR2.06
crore as on March 31, 2019. The trust operates in two districts -
Oddanchatram and Palani, with four branches in Tamil Nadu. The
trust has around 4,500 members as on date, spread across 121
villages.

SHREE RUDRA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s Shree Rudra Shakti Industries Private Limited
        19-2-211/C, Ramnaspura
        Near Zoo Park Hyderabad
        Hyderabad TG 500064 IN

Insolvency Commencement Date: June 3, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: November 30, 2019

Insolvency professional: Varalakshmi Narala

Interim Resolution
Professional:            Varalakshmi Narala
                         H.No. 1-8-588/29/A, Acchai Nagar
                         Adj to RTC Kalyanamandapam
                         Baglingampally, Hyderabad 500044
                         E-mail: ip.varalakshmin@gmail.com

                            - and -

                         301, 3rd Floor, Bhavya’s Fantastika
                         D.No. 8-2-684/A
                         Road No. 12, Banjara Hills
                         Hyderabad 500034, Telangana State
                         E-mail: ip.varalakshmin@gmail.com
   
Last date for
submission of claims:    June 17, 2019


SIDDARTH INTERCRAFTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Siddharth Intercrafts Private Limited
        F-21, Malviya Industrial Area
        Malviya Nagar
        Jaipur 302017 (Rajasthan)

Insolvency Commencement Date: May 17, 2019

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: November 13, 2019

Insolvency professional: Brij Kishore Sharma

Interim Resolution
Professional:            Brij Kishore Sharma
                         AB-162, Vivekanand Marg, Nirman Nagar
                         Near DCM, Ajmer Road
                         Jaipur 302019
                         E-mail: bksharma162@gmail.com
                                 irp.siddarthintercrafts@gmail.com

Last date for
submission of claims:    May 31, 2019


SWAGAT DEVELOPERS: CRISIL Reaffirms B+ Rating on INR65cr LT Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating to the
long-term bank facility of Swagat Developers (SD).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan         65       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     11.8     CRISIL B+/Stable (Reaffirmed)

The rating reflects the firm's exposure to project implementation &
offtake risk, and susceptibility to cyclicality in the real estate
sector. These weaknesses are partially offset by the extensive
industry experience of its partners, expected favourable term loan
repayment structure and project location in a textile hub.

Key Rating Drivers & Detailed Description

Weaknesses

* Implementation and offtake risk related to project: Till date 35
percent of the work is completed and has received percent bookings
till date.  However with increase in pace of work , they are
expecting increase in bookings. CRISIL believes that timely
completion of project and offtake would remain a key rating
sensitivity factor.

* Susceptibility to risks and cyclicality inherent in the real
estate industry: The real estate sector in India is cyclical
because of sharp movements in prices and a highly fragmented market
structure. With increase in supply, attractive prices offered by
various builders, and constant regulatory changes, profitability of
real estate players is expected to come under pressure over the
medium term.

Strengths

* Partners' extensive experience in the real estate business:
SD's partners have been in the real estate industry for over two
decades and have completed several projects measuring over 12 lakh
square feet in Gujarat, leading to their established presence.

* Favourable repayment structure and project location:
Location in Surat, which is a textile hub, will support sales.
Also, SD is has three years moratorium for its term loan.

Liquidity
Liquidity marked by, support from promoters in form of unsecured
loan as on 31st, March ,2019 and favorable repayment structure of
term loan with three years moratorium would support in initial
phase of the project.  Term loan repayments are yet to be started.

Outlook: Stable

CRISIL believes SD will benefit from the extensive industry
experience of its partners. The outlook may be revised to
'Positive' if customer response to its project is significantly
better than expected leading to higher cash flows and improved
financial risk profile. The outlook may be revised to 'Negative' if
cash flow is significantly below expectation or if there is a
significant time or cost overrun in the project.

Established in 2007, SD is a Surat-based partnership firm. It is
setting up a commercial real estate project named Texking in Surat.

TRANSCORP INT'L: CRISIL Keeps FB+ Rating on Notice of Withdrawal
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Transcorp
International Limited (TIL) continues to be 'CRISIL D Issuer not
cooperating; Continues on 'Notice of Withdrawal''.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Fixed Deposits      15.00       FB+/Negative (ISSUER NOT
                                   COOPERATING; Continues on
                                   'Notice of Withdrawal')

CRISIL has been consistently following up with TIL for obtaining
information through emails and letters since September 26, 2017 and
January 10, 2018, respectively; apart from telephonic communication
apart from telephonic communication. However, the issuer has
remained non-cooperative. This has led CRISIL to carry out rating
surveillance with the best available information.

'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 has
not received any information on the strategic intent of TIL. This
restricts CRISIL's ability to take a forward-looking view on the
credit quality of the entity. CRISIL believes the information
available for TIL is consistent with 'Scenario 3' outlined in the
'Framework for assessing consistency of the information'.

CRISIL's rating on fixed deposit continues at 'FB+/Negative Issuer
not cooperating'. The rating on fixed deposits continues to remain
on 'Notice of Withdrawal' for 3 years completing on September 08,
2019. The ratings are based on Public domain information.

The rating continues to reflect the extensive experience of the
management in the money exchange and money transfer businesses.
However, this strength is partially offset by the company's weak
earnings profile.

Analytical Approach
CRISIL has combined the business and financial risk profiles of TIL
and its wholly owned subsidiaries, Ritco Travels and Tours Pvt Ltd
(RTTPL) and Transcorp Estates Pvt Ltd (TEPL), collectively referred
to as the Transcorp group.

Key Rating Drivers & Detailed Description

Strengths:

* Extensive experience of the management: The promoter (Mr Ashok
Agarwal) and chief executive officer (Mr Amitava Ghosh) have an
experience of over 20 years and 10 years, respectively, in the
inward remittance, money exchange, and travel and tourism
businesses. Mid-level management is also experienced in the
relevant segments and has been associated with the group for more
than a decade.

Weakness:

* Weak earnings profile: Earnings have come under pressure post the
sale of money transfer division (which accounted for more than 60%
of TIL's total revenue) in fiscal 2018. Consequently, revenue
declined to INR27.3 crore in fiscal 2019 from INR86.2 crore the
previous year. Loss of INR9.9 crore reported in fiscal 2019
included bad loans provisioning of INR3.6 crore.

Profitability is expected to remain under pressure over the near
term as TIL's businesses are being reorganised, and expansion and
development costs are met through the profit and loss account.

Set up in 1994, TIL is the flagship company of the Transcorp group.
It is one of Western Union's nine principal agents and is
authorised to undertake the business of inward remittance. The
company is a full-fledged money changer authorised by the Reserve
Bank of India (RBI) to purchase and sell foreign exchange. In the
last quarter of fiscal 2015, it also obtained the Authorised Dealer
II (AD-II) licence from RBI, which authorises it to facilitate
outward remittance transactions. The company has a limited presence
in the tours and ticketing businesses through RTTPL. TEPL holds
immovable properties in a few cities that the group plans to
develop over the medium term.

WORLDWIDE TRADELINKS: Ind-Ra Lowers Long Term Issuer Rating to B+
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Worldwide
Tradelinks' (WWTL) Long-Term Issuer Rating to 'IND B+' from 'IND
BB-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR300 mil. Fund-based limits downgraded with IND
     B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The downgrade reflects a steady decline in WWTL's revenue and it's
stretched net cash cycle.

WWTL's revenue declined to INR1,338.86 million in FY18 (FY17:
INR1,509.50) and further to INR1097.70 million in FY19 (provisional
numbers). The revenue fell continuously due to intense competition
and delayed payments from existing customers from the international
market. The operating EBTIDA increased to INR35.28 million in FY18
(FY17: INR31.16 million) owing to a decline in the overall cost of
manufacturing, especially a fall in employee benefit expenses.

WWTL's net cash cycle deteriorated to 194 days in FY18 (FY17: 125
days) due to an increase in receivable days to 179 days (156 days).
The management expects the net cash cycle to have stretched further
in FY19. The average fund-based limit utilization was 99.88% for
the 12 months ended in April 2019. The cash flow from operations
continued to be negative at INR423.05 million in FY18 (FY17:
negative INR31.10 million) due to unfavorable changes in the
working capital requirements. The cash and cash equivalent stood at
INR5.79 million at end-FY18 (end-FY17: INR2.13 million).

The operating margins continued to be modest due to the
capital-intensive nature of the business. The margin increased to
2.6% in FY18 (FY17: 2.1%) and the return on capital employed was 9%
(8%). The margin rose further to 3.12% in FY19 due to a continued
decline in employee benefit expenses.

Moreover, WWTL's credit metrics remained modest. In FY18, the
interest coverage (operating EBITDA/gross interest expense) was
stable at 1.2x (FY17: 1.2x) as the growth in EBITDA was offset by
an increase in interest costs. The net financial leverage (total
adjusted debt/operating EBITDAR) improved marginally to 9x in FY18
(FY17: 10.3x) owing to the due to the improvement in absolute
EBITDA in FY18. The credit metrics are likely to have been at
similar levels in FY19 and may remain at those levels in FY20 as
well.

The ratings are supported by the directors' experience of four
decades in the garment manufacturing business.

RATING SENSITIVITIES

Negative: Any further decline in the revenue, along with any
deterioration in the credit metrics, on a sustained basis, will be
negative for the ratings.

Positive: A substantial rise in the revenue, along with an
improvement in the overall credit metrics, on a sustained basis,
will be positive for the ratings.

COMPANY PROFILE

WWTL manufactures knitted readymade garments. It has a daily
installed capacity of 15,000 pieces.



=================
I N D O N E S I A
=================

LIPPO MALLS: Fitch Corrects June 3 Ratings Release
--------------------------------------------------
Fitch corrects a release of Lippo Malls Indonesia Retail Trust
published on June 3, 2019. As of end-1Q19, the issuer had master
leases with its sponsor on three of its shopping malls, not four,
as mentioned in the original release.

The revised release is as follows:

Fitch Ratings has assigned Lippo Malls Indonesia Retail Trust an
expected Long-Term Foreign-Currency Issuer Default Rating of
'BB(EXP)'with a Stable Outlook. Fitch has also assigned the
company's proposed US dollar senior unsecured notes an expected
'BB(EXP)' rating.

The expected IDR assumes that LMIRT will use around SGD170 million
of debt to fund the acquisition of Lippo Mall Puri, which is due to
be completed in 2H19, such that the trust maintains an LTV ratio of
around 35%. Fitch believes that a 35% LTV provides LMIRT with a
sufficient buffer to absorb a significant decline in property value
or a sharp weakening in the rupiah exchange rate before triggering
the trust's financial covenants. Fitch has some tolerance for a
limited increase in LTV beyond 35%, for example due to short-term
currency fluctuations, provided that Fitch  expects such an
increase to normalise in the near term, and if other credit
metrics, such as FFO fixed-charge coverage remains comfortable for
the ratings.

The proposed US dollar notes will be issued by LMIRT's wholly owned
subsidiary - LMIRT Capital Pte. Ltd., and guaranteed by Perpetual
(Asia) Limited in its capacity as the trustee of LMIRT. The
proposed notes will constitute direct, unconditional,
unsubordinated and unsecured obligations of LMIRT and the
guarantor. The proceeds will be primarily used to refinance
maturing debt, and to fund working capital.

The final IDR assigned to LMIRT will depend on the final mix of
debt and equity used to complete the acquisition and whether the
acquisition proceeds or not. The final rating on the proposed bonds
is contingent on the receipt of final documents conforming to
information already received.

KEY RATING DRIVERS

Largest Indonesian Shopping-Mall Portfolio: LMIRT's shopping
mall-portfolio is the largest in Indonesia with net lettable area
(NLA) of 910,749 square meters, more than 3,697 tenants and
estimated annual shopper traffic of 169.8 million as of 31 December
2018. Fitch expects the portfolio's average occupancy rate to hover
around 91%-92% over the next two years, which is above the current
industry average of 81%-83%. The above-average occupancy reflects
LMIRT's well-located assets and favourable demand-supply dynamics
in most of its catchment areas.

LMIRT's lease expiry profile is manageable with 10.1% and 18.9% of
NLA expiring in 2019 and 2020, respectively. In addition, leases
that are not coming up for renewal have built-in annual rental
increases and Fitch expects the performance of several of LMIRT's
under-utilised shopping malls to improve. These factors support
Fitch's forecast of modest EBITDA growth over the medium term.

Ring-Fenced from Lippo: Fitch rates LMIRT on a standalone basis
because it believes the trust is sufficiently ring-fenced from PT
Lippo Karawaci TBK (LPKR, CCC+/Rating Watch Positive), which owns
31.57% of LMIRT's equity and controls the trust's manager. LMIRT
has right of first refusal over LPKR's shopping malls, and a large
portion of its malls were purchased from its sponsor. However,
LMIRT, as a REIT listed in Singapore, is subject to stringent
regulations that require two independent valuations and minority
unitholders' approval for related-party transactions. Fitch
believes these rules sufficiently mitigate the risks that such
transactions are detrimental to minority unitholders.

Manageable Related-Party Tenant Risk: As of 1Q19, 26% of LMIRT's
gross revenue was from related-party tenants, including 8.2% from
master leases with LPKR on three of its malls, and 4.1% from
unprofitable supermarket operator PT Matahari Putra Prima Tbk
(Hypermart). Fitch expects revenue from master-leased malls to fall
significantly at contract expiry, given the underlying tenant
revenue and occupancy are considerably lower than the contracted
values. The master lease for Lippo Mall Kemang, the largest of the
three, expires on December 16, 2019 and it has assumed revenue from
the mall will fall by around 30%, which it estimates will drag down
LMIRT's total revenue by around 4%.

Hypermart remains current on its rental payments to LMIRT, but it
plans to reduce its rented space by 10% in 2019 as part of its
business rationalisation. Fitch has assumed that LMIRT will be able
to fill about 50% of the total space vacated by Hypermart in the
first year, but expect the replacement tenants to pay a higher rent
per square foot than Hypermart, in line with the trend of the last
12 months. Accordingly, the cash flow impact from Hypermart's space
reduction will be broadly neutral.

Mall Puri Purchase Pending: LMIRT signed a conditional sales and
purchase agreement with LPKR in March 2019 to purchase Lippo Mall
Puri for around SGD350 million. LMIRT expects the transaction to be
concluded by end-2019, and plans to fund the purchase using a
combination of debt and equity such that LTV remains around 35%.
Puri is a relatively new mall, and is part of the St. Moritz
mixed-development in West Jakarta, which should support an increase
in tenant demand over the medium term.

Puri's occupancy stood at 89.6% as of 31 December 2018, which is
below the trust's average, mainly because it is in the ramp-up
phase. Therefore the sponsor has committed to provide annual rental
support payments to LMIRT during the first five fiscal years after
the purchase of the mall. The purchase price does not factor in
this rental support income. The sponsor expects to pre-fund the
rental support payments as well as its 31.57% share of the new
equity that LMIRT plans to issue via a USD730 million rights issue
that is targeted to be completed in June 2019.

Perpetual Securities Treated as Equity: Fitch treats LMIRT's SGD260
million of perpetual securities - issued in 2016 and 2017 - as 100%
equity, as these securities have strong going-concern and
gone-concern loss-absorption features. Its treatment also factors
in LMIRT's intention to maintain these securities as a permanent
part of its capital structure, by replacing the securities at their
next call-dates with similar instruments or common equity.

DERIVATION SUMMARY

LMIRT's Long-Term IDR can be compared to PT Pakuwon Jati Tbk
(BB/Stable), Pinewood Group Limited (BB/Stable), and Emirates REIT
(BB+/Stable).

Pakuwon is a Indonesia-based property developer whose rating is
driven by its large investment property (IP) portfolio consisting
of primarily shopping malls, with some office and hotel assets. For
similar assets, Fitch views that Pakuwon has better IP quality than
LMIRT, indicated by stronger occupancy and rent per square foot.
This coupled with Pakuwon's conservative capital structure leads to
an overall stronger financial profile than LMIRT. However, Pakuwon
has higher exposure to the more-risky property development
business, while the robust regulatory frameworks for
Singapore-listed REITs compensate for LMIRT's weaker financial
profile than Pakuwon. As a result, Fitch rates both companies at
the same level.

UK-based Pinewood's rating is supported by its position as key
provider of studio space for film production, the supportive tax
regime for UK film production, long-standing customer
relationships, large local network for the creative industry,
access to international transport links, and strong capital
structure. Pinewood is rated at the same level as LMIRT as the
former's smaller operating scale, measured by annual EBITDA, and
shorter lease tenor than LMIRT is compensated by much stronger
fixed-charge cover ratio, and a strong market position in the niche
film industry that supports long-standing customer relationships.

Emirates REIT is based in the United Arab Emirates. It has a
resilient portfolio of office and school properties in Dubai.
Emirates REIT is rated one notch higher than LMIRT due to its
strong asset quality, which is underpinned by better earnings
visibility via longer lease durations of its school assets, and
beneficial government relations. The UAE government owns 38% of the
REIT, which supports the company's overall business model. For
example, the REIT has been able to acquire two exclusive decrees
that allow real- estate ownership in non-free-zone areas. In
addition, the REIT has good insight into the business and economic
outlook of the Dubai real estate market.

KEY ASSUMPTIONS

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

  - Broadly stable occupancy rates at 93% and modest rental rate
growth of around 3.5% a year to 2020. Revenue decline in Kemang is
compensated by improvements in weaker assets from asset enhancement
initiatives, while stronger assets continue to exhibit stable
performance and rental rate growth.

  - Lippo Puri Mall is acquired in 2019 with additional debt of
around SGD170 million

  - Proposed US dollar bonds issued to refinance SGD175 million
term loans due in 2020 and SGD120 million short-term working
capital facility.

  - Master lease at Lippo Mall Kemang, Kuta, and Yogyakarta will
expire in December 2019, 2021, and 2022 - and will not be extended.


RATING SENSITIVITIES

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

  - Fitch does not expect any positive rating action over the
medium term given LMIRT's operating scale

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

  - Net debt / investment property of above 35% on a sustained
basis

  - FFO fixed-charge cover ratio of below 1.5x on a sustained
basis

  - A sustained weakening in the performance of LMIRT's shopping
mall portfolio as indicated by falling occupancy rates and negative
rental reversion

LIQUIDITY

Adequate Liquidity, Financial Flexibility: LMIRT expects to
refinance the SGD120 million revolving credit facility due in 2019
and the SGD175 million term loan due in 2020 using proceeds from a
proposed issuance of US dollar notes. The trust expects to maintain
the SGD120 million revolver as an undrawn liquidity line after the
bond issuance. The next significant maturity will then be the SGD75
million bond due in June 2020, which will be covered by a cash
balance of around SGD48 million at end-2019 by Fitch's estimates,
and undrawn uncommitted credit lines of SGD120 million.

LMIRT, as with most REITs, is exposed to refinancing risk because
it is required to pay out at least 90% of its distributable profits
to unitholders. However, Fitch expects the trust to be able to meet
its refinancing needs due to its adequate financial profile,
unencumbered property portfolio, and comfortable LTV of around 35%
over the medium term.



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

CHINA STATIONERY: Bursa Publicly Reprimands Co., Fines Directors
----------------------------------------------------------------
The Sun Daily reports that Bursa Malaysia Securities Bhd has
publicly reprimanded China Stationery Limited (CSL) and two of its
directors for breaches of the Bursa Malaysia Securities Main Market
Listing Requirements (Main LR).

In addition, the two directors of CSL were imposed total fines of
RM5.38 million as at to date, the report says.

According to the report, CSL was publicly reprimanded for
committing financial reporting breaches, corporate governance
breaches, foreign listing requirements breaches, non-compliance
with Bursa Malaysia Securities' directives and disclosure
breaches.

Sun Daily relates that CSL executive chairman and CEO Chan Fung @
Kwan Wing Yin was reprimanded and fined RM5.22 million for causing
and permitting CSL to commit the breaches; while its former
executive director Angus Kwan Chun Jut was reprimanded and fined
RM157,500 for permitting CSL's failure to announce the quarterly
results for September 2017 on time and for permitting CSL to commit
the non-compliance with Bursa Malaysia Securities' directives.

Sun Daily notes that the finding of breach and imposition of the
penalties on CSL and its directors were made pursuant to paragraph
16.19 of the Main LR upon completion of due process and after
taking into consideration all facts and circumstances of the matter
including the materiality/impact of the breaches to CSL and
shareholders/investors, the roles, responsibilities, knowledge and
conduct of the directors and the fact that the company and the two
directors had previously committed similar breach in respect of the
delay in the issuance of the company's annual audited accounts and
annual report for the financial year ended Dec 31, 2013.

"Bursa Malaysia Securities views the contraventions seriously as
the timely and accurate disclosure of material information and
submission of financial statements are fundamental obligations of
listed companies. These obligations are of paramount importance in
ensuring a fair and orderly market for securities traded on Bursa
Malaysia Securities and necessary to aid informed investment
decisions," it said.

China Stationery Limited (KLSE: CSL) is a Malaysia-based investment
holding company. The Company, through its subsidiaries, is a
manufacturer and seller of plastic stationery products. The Company
has two main business segments: patent and non-patent. The patent
segment comprises products, including the plastic tape printer, net
bag and files with cover that may be locked. The main patented
product is the plastic tape printer. The non-patented segment
involves in designing, manufacturing and selling plastic filing and
storage products, such as expendables files, document files,
moveable document cases, expanding folders, CD holders, filing
bags, display books, envelope bags and lever clip files. The
Company also supplies the ink that is specifically formulated
for the patented tape printer.


                           *********


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

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

Copyright 2019.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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



                *** End of Transmission ***