TCRAP_Public/190626.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

          Wednesday, June 26, 2019, Vol. 22, No. 127

                           Headlines



A U S T R A L I A

BBY LTD: ASIC Further Suspends AFS License Until May 2020
BODYDESIGN 24: Second Creditors' Meeting Set for July 1
CATTLEFACTS PTY: First Creditors' Meeting Set for July 3
HIRE ME: First Creditors' Meeting Set for July 4
INVESTMENTS NOTTHINGHAM: Second Creditors' Meeting Set for July 1

IOOF HOLDINGS: Appoints Renato Mota as Permanent CEO
NAKED BRAND: Has NZD49.2MM Comprehensive Loss for Year-end Jan. 31
NEXGEN CONSTRUCTION: First Creditors' Meeting Set for July 3
R & J OPAL: Second Creditors' Meeting Set for July 1
R & S MOORE: First Creditors' Meeting Set for July 3

TAYBEL PTY: First Creditors' Meeting Set for July 4
UP FRONT: First Creditors' Meeting Set for July 2


C H I N A

CHINA VAST: S&P Assigns 'B' Issuer Credit Rating, Outlook Positive
CHONGQING HECHUAN: Fitch Publishes 'BB+' LT IDRs, Outlook Stable
LEECO: Chairman of Troubled Affiliate Steps Down
REDSUN PROPERTIES: Fitch Rates Proposed USD Senior Notes 'B(EXP)'


H O N G   K O N G

BOSIDENG INTERNATIONAL: Shares Fall Following Short Seller Report


I N D I A

HYTHRO POWER: Insolvency Resolution Process Case Summary
JAGWANI PROJECTS: CRISIL Maintains D Rating in Not Cooperating
JAWAHAR SAW: CRISIL Maintains D Rating in Not Cooperating
JAYPEE INFRATECH: Homebuyers Seek Government Intervention
JPK EDUCATIONAL: CRISIL Cuts INR5.5cr Loan Rating to B+, Not Coop.

K. V. EDUCATION: CRISIL Cuts INR4cr Loan Rating to B+, Not Coop.
K.M. KHAN: CRISIL Maintains B- Rating in Not Cooperating
KALINGA ALLOYS: CRISIL Maintains B+ Rating in Not Cooperating
KAY BEE: CRISIL Cuts INR4.9cr Loan Rating to B+, Not Cooperating
KUMAR PRINTERS: CRISIL Cuts INR11cr Loan Rating to B+, Not Coop.

LANCO SOLAR ENERGY: Insolvency Resolution Process Case Summary
LEKH RAJ: CRISIL Maintains B+ Rating in Not Cooperating Category
LIZZART GRANITO: CRISIL Maintains B+ Rating in Not Cooperating
M2K ENTERTAINMENT: CRISIL Lowers Rating on INR14.9cr Loan to B+
MADHAV BISCUITS: CRISIL Cuts INR13.6cr Loan Rating to B+, Not Coop.

MAHARSHEE GEOMEMBRANE: CRISIL Keeps D Rating in Not Cooperating
MARUTI GRANITES: CRISIL Assigns B+ Rating to INR11cr Cash Loan
MZ FOOD: CRISIL Maintains D Rating in Not Cooperating Category
NAVDURGA AGRO: CRISIL Maintains B Rating in Not Cooperating
PRASHANT INDUSTRIAL: CRISIL Keeps B+ Rating in Not Cooperating

PROARCH IT: CRISIL Cuts INR15cr Loan Rating to B+, Not Cooperating
RATHI SUPER: Insolvency Resolution Process Case Summary
REGALIA JEWELS: CRISIL Maintains B Rating in Not Cooperating
SEAWOOD MULTIPLE: CRISIL Hikes Rating on INR15cr Loan to B-
SHRI JAGADGURU: Ind-Ra Maintains BB Rating in Non-Cooperating

SHUBH ALUMINIUM: CRISIL Lowers Rating on INR14cr Loan to B-
SMART LOGIN: Insolvency Resolution Process Case Summary
SRI MARUTHI: Insolvency Resolution Process Case Summary
SWASTIK COAL: Ind-Ra Affirms 'D' Long Term Issuer Rating
THEOS TILES: CRISIL Reaffirms B+ Rating on INR6.9cr Loan

WELCOME FOOTWEARS: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
[*] No. of Wilful Defaulters in Nationalised Banks up 60% in 5 yrs


J A P A N

SOMPO JAPAN: Plans To Cut 4,000 Jobs


M A L A Y S I A

BERJAYA MEDIA: 4Q FY2019 Net Loss Narrows to MYR3.71 Million
MALAYSIA AIRLINES: To Keep National Carrier Identity Even if Sold
PRIME GLOBAL: Incurs $53,000 Net Loss for Quarter Ended April 30


N E W   Z E A L A N D

PLAMAN RESOURCES: NZ Subsidiary Placed in Liquidation


P H I L I P P I N E S

RURAL BANK OF GUIHULNGAN: Creditors Claim Filing Deadline on Aug. 5


S R I   L A N K A

SRI LANKA: Fitch Gives 'B(EXP)' Rating to USD Bonds
SRI LANKA: Moody's Rates Proposed Senior Unsecured USD Bonds 'B2'

                           - - - - -


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

BBY LTD: ASIC Further Suspends AFS License Until May 2020
---------------------------------------------------------
The Australian Securities and Investments Commission has extended
the suspension of the Australian financial services (AFS) licence
held by BBY Limited (BBY) until May 28, 2020 effective May 27,
2019.

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

   * to ensure that clients of BBY continue to have access
     to an external dispute resolution scheme;

   * to ensure that clients of BBY continue to have access
     to the National Guarantee Fund;

   * to ensure that the receivers and administrators have
     the legal authority to transfer a client's "holder
     identification number" to another market participant
     with instructions from the client or to convert a
     licensee sponsored holding to an issuer sponsored
     holding in accordance with the ASX Settlement
     Operating Rules; and

   * to ensure BBY continues to be required to have
     arrangements for compensating retail clients for
     loss or damages suffered as a result of breaches
     of the Corporations Act by the companies or their
     representatives.

On May 28, 2015, ASIC suspended the AFS licence held by BBY for a
period of three years.

This followed the appointment of Stephen Vaughan and Ian Hall as
joint administrators to these companies on May 17, 2015. Steven
Parbery and Brett Lord were appointed receivers and managers of BBY
and BBY Advisory on May 18, 2015.

On May 27, 2018, ASIC decided to extend the suspension for a
further 12 months until May 28, 2019.

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

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

BODYDESIGN 24: Second Creditors' Meeting Set for July 1
-------------------------------------------------------
A second meeting of creditors in the proceedings of Bodydesign 24
Seven Fitness Pty Ltd has been set for July 1, 2019, at 10:30 a.m.
at Suite 1104, Level 11, at 147 Pirie Street, in Adelaide, SA.

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 28, 2019, at 5:00 p.m.

Nicholas David Cooper and Dominic Charles Cantone of Worrells
Solvency were appointed as administrators of Bodydesign 24 on May
24, 2019.

CATTLEFACTS PTY: First Creditors' Meeting Set for July 3
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Cattlefacts
Pty Ltd will be held on July 3, 2019, at 10:30 a.m. at the offices
of Worrells - Rockhampton, Suite 5A, Level 5, at 34 East Street, in
Rockhampton City, Queensland.

Morgan Gerard James Lane of Worrells Solvency & Forensic
Accountants was appointed as administrator of Cattlefacts Pty on
June 21, 2019.

HIRE ME: First Creditors' Meeting Set for July 4
------------------------------------------------
A first meeting of the creditors in the proceedings of Hire Me Up
Pty Ltd will be held on July 4, 2019, at 9:30 a.m. at the offices
of KordaMentha, Level 5, at Chifley Tower, 2 Chifley Square, in
Sydney, NSW.

Rahul Goyal and Scott Langdon of KordaMentha were appointed as
administrators of Hire Me on June 24, 2019.

INVESTMENTS NOTTHINGHAM: Second Creditors' Meeting Set for July 1
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Investments
Notthingham Pty Ltd has been set for July 1, 2019, at 11:00 a.m. at
the offices of Morton's Solvency Accountants, Level 11, at 410
Queen Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 28, 2019, at 4:00 p.m.

Gavin Charles Morton of Morton's Solvency Accountants was appointed
as administrator of Investments Notthingham on May 28, 2019.

IOOF HOLDINGS: Appoints Renato Mota as Permanent CEO
----------------------------------------------------
The Sydney Morning Herald reports that troubled wealth manager IOOF
Holdings Limited has confirmed Renato Mota in the role of permanent
chief executive as it moves ahead with plans to "reset" the
business following its pounding in the banking Royal Commission and
a bid by the prudential regulator to impose conditions to clean up
its superannuation business.

According to SMH, Mr. Mota was appointed acting chief executive in
April when former managing director Chris Kelaher departed from the
job after 10 years, after Australian Prudential Regulation
Authority sought to disqualify him for allegedly not being a "fit
and proper" person to run a super fund.

SMH relates that IOOF chairman Allan Griffiths said the appointment
of Mr. Renato "marks a new era as we reset the business and focus
on the future."

He said Mr. Mota has a track record of leading IOOF through a
series of forward thinking, strategic initiatives.

IOOF faces a June 30 APRA deadline to overhaul its super business,
the report noets.

SMH says the company is also is facing difficulties in completing
the $1 billion purchase of ANZ's pensions and investments business,
OnePath.

The deal is at risk of being shelved if the OnePath trustee board
decides the acquisition is not in the best interests of its
members.

According to the report, Mr. Griffiths said Mr. Mota had created a
clear direction for IOOF, "demonstrating an unwavering commitment
to restoring trust through setting higher expectations."

The new CEO said he was "excited" to continue to lead IOOF's
transformation.

"We are already making significant progress in uplifting our
governance and restoring trust," the report quotes Mr. Mota as
saying.  "We remain focused on maintaining the strong momentum of
the business and continuing our track-record of delivering strong,
sustainable financial performance."

Prior to joining IOOF, Mr. Mota worked for Rothschild and NAB in a
variety of corporate finance roles with a focus on mergers and
acquisitions, the report says.

Based in Melbourne, Australia, IOOF Holdings, Ltd. engages in the
development, distribution, management, and administration of
various financial products and services. It operates through two
segments, Wholesale Funds Management, and Retail Funds Management
and Administration. The Wholesale Funds Management segment engages
in the management and investment of monies on behalf of private,
corporate, superannuation, and institutional clients. The Retail
Funds Management and Administration segment distributes and
administers retail funds, including financial planning and back
office services.

NAKED BRAND: Has NZD49.2MM Comprehensive Loss for Year-end Jan. 31
------------------------------------------------------------------
Naked Brand Group Limited filed with the U.S. Securities and
Exchange Commission its annual report on Form 20-F, disclosing a
total comprehensive loss of NZD49,227,000 on NZD111,920,000 of
revenue for the year ended Jan. 31, 2019, compared to a total
comprehensive loss of NZD37,445,000 on NZD131,388,000 of revenue
for the year ended in 2018.

The audit report of PricewaterhouseCoopers states that the Company
has suffered recurring losses and cash outflows from operations,
has a net working capital deficiency, has breached debt covenants
and other matters that raise substantial doubt about its ability to
continue as a going concern.

The Company's balance sheet at Jan. 31, 2019, showed total assets
of NZD75,687,000, total liabilities of NZD65,167,000, and
NZD10,519,000 in total equity.

A copy of the Form 20-F is available at:

                       https://is.gd/JtNC0F

Naked Brand Group Limited designs, manufactures, and markets
intimate, apparel, and swimwear products worldwide. The company has
a portfolio of 11 company-owned and licensed brands, including
Heidi Klum Intimates, Heidi Klum Accessories, Bendon, Fayreform,
Pleasure State, Lovable, Heidi Klum Swim, Naked, Hickory, Bendon
Man, and Davenport. It operates through approximately 6,000 retail
stores and 61 company-owned Bendon retail and outlet stores in
Australia and New Zealand, as well as e-commerce sites. The company
is based in Alexandria, Australia.


NEXGEN CONSTRUCTION: First Creditors' Meeting Set for July 3
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Nexgen
Construction Supplies Australia Pty Ltd will be held on July 3,
2019, at 10:00 a.m. at the offices of DuncanPowell, Level 4, 70
Pirie Street, in Adelaide, South Australia.

Peter James Lanthois and Stephen James Duncan of DuncanPowell were
appointed as administrators of Nexgen Construction on June 21,
2019.

R & J OPAL: Second Creditors' Meeting Set for July 1
----------------------------------------------------
A second meeting of creditors in the proceedings of R & J Opal
Mines Pty Ltd, trading as Aquatic Weed Harvester, has been set for
July 1, 2019, at 10:00 a.m. at the offices of Morton's Solvency
Accountants, Level 11, at 410 Queen Street, in Brisbane,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 28, 2019, at 4:00 p.m.

Gavin Charles Morton of Morton's Solvency Accountants was appointed
as administrator of R & J Opal on May 28, 2019.

R & S MOORE: First Creditors' Meeting Set for July 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of R & S Moore
Painting Pty Ltd will be held on July 3, 2019, at 10:00 a.m. at the
offices of Mackay Goodwin, Level 2, 10 Bridge Street, in Sydney,
NSW.

Grahame Robert Ward of Mackay Goodwin was appointed as
administrator of R & S Moore on June 21, 2019.

TAYBEL PTY: First Creditors' Meeting Set for July 4
---------------------------------------------------
A first meeting of the creditors in the proceedings of Taybel Pty
Limited will be held on July 4, 2019, at 10:00 a.m. at the offices
of Jamieson Louttit & Associates, Penfold House, at Suite 72, Level
15, 88 Pitt Street, in Sydney, NSW.

Jamieson Louttit of Jamieson Louttit & Associates was appointed as
administrator of Taybel Pty on June 25, 2019.

UP FRONT: First Creditors' Meeting Set for July 2
-------------------------------------------------
A first meeting of the creditors in the proceedings of Up Front
Concepts Pty Ltd will be held on July 2, 2019, at 11:00 a.m. at the
offices of Boardroom, APL Insolvency, at Level 5, 150 Albert Road,
in South Melbourne, Victoria.

Jeremy Robert Abeyratne of APL Insolvency was appointed as
administrator of Up Front on June 24, 2019.



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

CHINA VAST: S&P Assigns 'B' Issuer Credit Rating, Outlook Positive
------------------------------------------------------------------
On June 25, 2019, S&P Global Ratings assigned its 'B' long-term
issuer credit rating to China VAST Industrial Development Co. Ltd.
with a positive outlook. S&P also assigned its 'B-' long-term issue
rating to the proposed senior unsecured notes that the company
plans to issue. The issue rating on the proposed notes is subject
to our review of the final issuance documentation.

The rating on China VAST reflects the company's modest scale of
operations and its improved but still moderate geographic diversity
with high revenue concentration in Longhe Park. Tempering these
weaknesses are the company's high profitability from its primary
land development business, given its sole development rights in
Longhe Park. In addition, the company has lower leverage compared
with similarly rated peers in property development.

S&P said, "In our view, the company's debt-to-EBITDA ratio should
hover around 3.1x to 3.3x in 2019-2020, against around 3x in 2018.
Increasing the ratio is the further ramp-up of Longhe Park over the
next two years, which could generate high profits. We also believe
that the development of China VAST's other new parks will start
generating more cash inflow, while the moderate pick-up of its
property development business in Langfang will increase its
leverage. In addition, China VAST's debt will increase in 2019
following a proposed debt issuance.

"However, we expect debt growth to moderate in 2020 owing to the
short cash collection cycle of Longhe land sales, which is normally
two to three months after land auction sales by the government.

"At the same time, we believe that China VAST's operating cash flow
could reasonably become positive over the next 12 months.
Supporting cash inflow is an accelerated collection of trade
receivables from new parks as local governments launch auctions for
land parcels there. As such, the company could recover almost half
of the Chinese renminbi (RMB) 2.0 billion of book receivables from
its new industrial parks in 2019. China VAST's operating cash flow
had been dragged down by new parks other than Longhe due to
investments over the past few years, a key rating constraint for
the company.

"We expect China VAST's high revenue concentration in Longhe Park
to continue due to the industrial park's wide margins and high
visibility of revenue and earnings. Supporting these expectations
are Longhe Park's exclusive development rights and the region's
maturing infrastructure. That said, the 50-year exclusive
development right contract signed in 2005 for Longhe Park ensures
profit sharing (after various taxes and government administrative
costs) of 80% for residential land development or 100% for
industrial land development for China VAST.

"Furthermore, the finalization of the Beijing-Tianjin-Hebei
integrated development plan 2030 and the upcoming opening of
Beijing Daxing International Airport will boost land sales in
Langfang, where the park is located. We expect the company to
continue increasing investments in the region to generate more land
sales over the next two to three years.

"We anticipate limited further increase in China VAST's project and
revenue diversity that will reduce its reliance on Longhe Park,
albeit the concentration has reduced over the past couple of years.
Revenue contribution from new parks could still be 25%-30% of
revenues from land development over the next 12-18 months, versus
above 30% in 2018. Compared with just Longhe Park before, China
VAST now runs nine other industrial parks, four of which will
contribute revenue during this period. However, these new
industrial parks use a cost-plus model with thin margins and have
long receivable periods due to their early stage of development
cycle. As such, we believe the company would have less incentive to
heavily develop these new parks further and would slightly trim
investments.

"We expect contract sales in the property development business to
rise over the next one to two years given the recent pick-up.
However, we continue to see China VAST's property development
business as volatile given the company's small scale and heavy
concentration in Langfang, Hebei region." The company has only
minimal land acquisition spending with over 1.5 million square
meters of land bank.

Over the next two years, China VAST is likely to maintain good
profitability with EBITDA margins of 50%-52%, supported by Longhe
Park's strong profitability. China VAST's property development
business, though small, also supports its profitability, with gross
margins of more than 50% due to the company's low land costs.

The financial risk profile is aggressive due to the inherent lumpy
cash flow of China VAST's primary land development business. That
said, its primary land sales business is subject to high volatility
given various policy changes. The company suspended nearly all land
sales at Longhe Park around 2016-2017 during the finalization of
the Beijing-Tianjin-Hebei integrated development plan 2030.

S&P said, "The positive outlook reflects our expectation that China
VAST could start generating positive operating cash flow with
accelerated cash inflow from its new parks on a sustainable basis,
and maintain its current leverage. The outlook also reflects our
view that the company will maintain its current revenue and
geographic diversity while reducing concentration in Longhe Park."

S&P could upgrade China VAST if the company has steady land sales
at Longhe Park, accelerated cash inflow from other parks, and
moderately expands its other industrial parks to reduce reliance on
Longhe Park. Indication of such improvement would be (1) the ratio
of debt to EBITDA staying below 4.0x; and (2) other industrial
parks consistently contributing 25%-30% of land-sale revenue and
positive cash flow, resulting in sustainably positive operating
cash flow.

S&P could revise the outlook to stable if China VAST cannot
generate positive operating cash flow, or if other industrial parks
do not consistently generate 25%-30% of land sales revenue.

S&P could also revise the outlook to stable if the company's debt
leverage rises above 4.0x over the next 12 months. This could be
caused by weaker land and property sales than it expects. Such a
scenario could occur as a result of weak macroeconomic conditions
or policy interference, lengthened collection periods of trade
receivables associated with land development, or aggressive
construction spending or other investments that significantly
increase debt.

China VAST primarily engages in planning, developing, and operating
large-scale industrial towns in China. The company started in
property development, and then moved into land development in
industrial towns in 2005, which later became its major profit
source. It is developing 10 industrial town projects, which are
likely to continue generating land parcels for sale until 2035. The
company was founded by Wang jianjun in 1995 and listed on the Hong
Kong stock exchange in 2014.

CHONGQING HECHUAN: Fitch Publishes 'BB+' LT IDRs, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has published China-based Chongqing Hechuan City
Construction Investment (Group) Co.,Ltd.'s (HCCT) Long-Term
Foreign- and Local-Currency Issuer Default Ratings of 'BB+'. The
Outlook is Stable. Fitch has also assigned HCCT's proposed US
dollar senior unsecured bonds a 'BB+(EXP)' rating.

The proposed bonds will be HCCT's direct, unconditional,
unsubordinated and unsecured obligations and will rank pari passu
with all its other present and future unsecured and unsubordinated
obligations. The proceeds will be used for repayment of HCCT's
existing indebtedness and for general corporate purposes.

HCCT is the largest government-related entity (GRE) in Chongqing
Hechuan district, which is located in south-western China. The
company was established by the local government in 2002. It mainly
carries out land consolidation and development, urban
infrastructure construction, shantytown redevelopment as well as
water supply and sewage treatment in the district.

HCCT's ratings are assessed under Fitch's Government-Related
Entities Rating Criteria, reflecting Hechuan district's ownership,
direct control and strong support track record of the company.
Fitch has also factored in the socio-political and financial
implications for the government if HCCT were to default.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: HCCT's legal status
indicates that its liabilities would not be automatically
transferred to the local government if it should default. However,
Fitch expects the government to have a very strong incentive to
provide extraordinary support in light of the district's stable
ownership and strong control of the company through Hechuan
District State-owned Assets Preservation and Value-added Operation
Centre (Hechuan SAPVOC) as well as the company's public
service-oriented operation.

'Strong' Support Track Record, Expectation: During 2016, Hechuan
SAPVOC injected several important local GREs with total assets of
around CNY37 billion into HCCT. The injections were equivalent to
1.3 times of HCCT total assets at end-2015, and made HCCT the
largest local GRE by total assets. Hechuan district also provided a
substantial amount of operating subsidies to the company and
swapped CNY5.7 billion of the company's total debt for bonds issued
by the municipal government in 2016-2017, all of which helped to
relieve HCCT's debt burden and refinancing risk.

'Moderate' Socio-Political Implications of Default: HCCT operates a
wide range of public-service functions in the district, including
infrastructure development, resettlement housing construction,
primary land development and water supply. It would be difficult to
find substitutes in the short term if HCCT were to default, which
would lead to moderate repercussions for the local government.

'Very Strong' Financial Implications: HCCT is the largest GRE under
Hechuan SAPVOC's supervision, accounting for more than 90% of the
total assets of local GREs. Most of its debt is raised for key
local infrastructure projects of a public-service nature. Fitch
believes a default would severely damage the local government's
reputation and constrain its financing capability.

'b+' Standalone Credit Profile: Fitch assesses HCCT's revenue
defensibility and operating risk at 'Midrange' as the company is
the flagship urban developer in the district while it would be
fully compensated for costs incurred for government-granted
projects under the current regime. Its revenue has been on rise,
but profitability remains thin due to an expanding low-margin
trading business.

Its standalone credit profile is largely constrained by a rising
leverage ratio, with net debt to Fitch-adjusted EBITDA of 19.3x at
end-2017. The risks associated with the high leverage are mitigated
by continued financial support from the local government.

RATING SENSITIVITIES

A revision in Fitch's assessment of the creditworthiness of Hechuan
district, or of the government's ability to provide subsidies,
grants or other legitimate resources allowed under China's policies
and regulations would lead to a change in ratings.

A downgrade may result from a significant weakening of the
assessment of the socio-political and/or financial implications of
a HCCT default, or the assessment of the district's support record,
or a dilution of the government's shareholding.

Any rating action on HCCT's Issuer Default Rating would result in
similar rating action on the proposed US dollar notes.

LEECO: Chairman of Troubled Affiliate Steps Down
------------------------------------------------
Zhao Runhua at Caixin Global reports that the chairman of an
entertainment unit under troubled tech empire LeEco has resigned,
prompting speculation about possible successors.

Caixin relates that Le Chuang Entertainment, formerly known as Le
Vision Pictures, announced on June 24 that chairman and CEO Zhang
Zhao would step down for "personal reasons." The company has yet to
announce a replacement, although multiple Chinese media outlets
reported that Sun Zheyi, son of Le Chuang shareholder Sunac's head
Sun Hongbin, would replace Zhang, Caixin says.

According to the report, Hong Kong-listed property giant Sunac is
Le Chuang's biggest shareholder, and Sun Zheyi is currently
president of Sunac's own culture and entertainment unit. Zhang was
a co-founder of Le Vision Pictures, which rebranded as Le Chuang in
2018.

LeEco was once the darling of tech investors and did business in a
range of industries including smartphones, electric vehicles, and
entertainment. But by 2016, the company faced a cash shortage after
spending billions of yuan on breakneck expansion, the report says.

Sunac has spent over $2 billion on rescuing LeEco and its
divisions, Caixin notes. While Sunac has admitted the investment
was a "failure," it has still showed strong interest in raising
capital for Le Chuang. According to Sunac, apart from property
development, culture-related projects such as entertainment and
tourism remain key parts of its business, Caixin relates.

REDSUN PROPERTIES: Fitch Rates Proposed USD Senior Notes 'B(EXP)'
-----------------------------------------------------------------
Fitch Ratings has assigned China-based Redsun Properties Group
Limited's (B/Positive) proposed US dollar senior notes a 'B(EXP)'
expected rating and Recovery Rating of 'RR4'.

The proposed notes are rated at the same level as Redsun's senior
unsecured debt as they will constitute its direct and senior
unsecured obligations. Redsun plans to use the proceeds to
refinance existing debt and for general corporate purposes. The
final rating is subject to the receipt of final documentation
conforming to information already received.

Redsun is a subsidiary of Hong Yang Group Company Limited
(B/Positive). Fitch rates Redsun using a consolidated approach
based on its Parent and Subsidiary Rating Linkage criteria due to
the strong legal and operational linkages between Redsun and Hong
Yang.

The group's ratings are supported by a high-quality land bank,
which focuses on the city of Nanjing, the capital of China's
Jiangsu province, and the Yangtze River Delta. This helps drive the
group's contracted sales growth and better gross profit margin than
those of 'B' rated peers. The group also has higher recurring
income arising from the large scale of its property-rental
business. The group's improving business profile may be constrained
by the pressure to build up its land bank in pursuit of sustained
high sales growth. Home purchase restrictions that affect cities
within Jiangsu province also create uncertainty for the group's
contracted sales growth, although firm demand should support
selling prices.

The Positive Outlook reflects Fitch's expectation that the group
will retain its prudent financial policy for acquiring land and
that Redsun's July 2018 IPO will allow group leverage to stay below
50% in the next year or two.

KEY RATING DRIVERS

Rising Sales: Fitch expects the group's land acquisitions and
geographical expansion to drive higher sales and forecasts annual
attributable contracted sales to reach CNY30 billion-37 billion in
2019-2020, after increasing by 52% to CNY25 billion in 2018. The
group has diversified its land bank to include the cities of
Xuzhou, Bozhou, Yangzhou, Taixing and Jurong in Jiangsu province,
Ma'anshan in Anhui province, Huzhou in Zhejiang province as well as
Wuhan in central China and Chongqing in western China.

Niche Property-Rental Business: The group's investment-property
portfolio, which mainly comprises malls for retail and wholesale of
household construction and decoration materials, enjoys a niche
market position and nearly full occupancy. The portfolio provides a
recurring EBITDA/interest coverage ratio of 0.3x-0.4x, higher than
that of 'B' rated peers. Fitch expects the completion of
renovations at the Nanjing Hong Yang Plaza retail mall in 2017 and
still-resilient consumer demand for furniture and decorations to
continue supporting Hong Yang's rental revenue growth and ratings.

Margins to Stay Healthy: Fitch expects a group EBITDA margin,
excluding capitalised interest from cost of sales, of 25%-26% in
2019-2020, as the high-margin Nanjing projects will provide support
over the next 18-24 months. The group's EBITDA margin was high at
about 31%-37% in 2016-2017, following the delivery of certain
Nanjing projects acquired at low cost in the early 2000s, with
gross profit margins as high as 40%-70%. Fitch estimates that the
EBITDA margin fell to about 23% in 2018, due to revenue recognition
from projects outside Nanjing with lower margins, higher operating
costs on the group's geographical expansion and one-off pre-listing
expenses for Redsun.

Land Acquisitions Remain Controlled: Fitch believes the company's
expanding land bank will allow it to control acquisitions and keep
its ratio of land acquisitions/contracted sales at 0.8x in the next
two to three years and group leverage below 50% in the next year or
two; the group had attributable land bank of about 7.2 million
square metres at end-2018, sufficient for three to four years of
development. The group spent CNY12 billion on land acquisitions in
2018, equivalent to 0.5x of contracted sales value (2017: 0.9x,
2016: 0.8x). Group leverage, measured by net debt/adjusted
inventory that proportionately consolidates joint ventures and
associates, was about 40% at end-June 2018 (2017: 44%, 2016: 40%).


DERIVATION SUMMARY

Redsun's ratings are based on the consolidated profile of its
parent, Hong Yang, due to the strong legal and operational linkages
between the two entities. The group's business profile is similar
to that of 'B' category peers. Ronshine China Holdings Limited
(B+/Stable) and Zhenro Properties Group Limited (B/Positive) are
Hong Yang's closest peers, as both companies focus on first- and
second-tier cities in the Yangtze River Delta region. Hong Yang has
a smaller contracted sales scale and land bank than Ronshine and
Zhenro, while its leverage, defined by net debt/adjusted inventory,
is higher than that of Ronshine but comparable with that of Zhenro.


The group's significant investment-property base is a credit
strength compared with other 'B' category homebuilders. Its
investment property recurring EBITDA/gross interest of around
0.3x-0.4x is comparable with that of Yida China Holdings Limited
(B-/Stable), a business-park developer that generated significantly
lower attributable contracted sales of CNY5.6 billion in 2017.

KEY ASSUMPTIONS

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

  - Attributable property contracted sales of CNY30 billion-37
billion in 2019-2020 (2018: CNY25 billion)

  - EBITDA margin, excluding capitalised interest from cost of
goods sold, of 25%-26% in 2019-2020 (2018: about 23%)

  - An average of 80% of contracted sales proceeds to be spent on
land acquisitions in the next two to three years to maintain a land
bank sufficient for three to four years of development (2018: 50%
of contracted sales; 2017: 85%)

RATING SENSITIVITIES

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

  - EBITDA margin, excluding capitalised interest from cost of
goods sold, sustained at 20% or above

  - Leverage, measured by net debt/adjusted inventory that
proportionately consolidates joint ventures and associates,
sustained below 50%

(All the ratios are based on Hong Yang's consolidated financial
data)

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

  - Failure to sustain healthy attributable sales growth and
maintain the positive rating sensitivities over the next 12-18
months will lead to the Positive Outlook reverting to Stable

LIQUIDITY

Sufficient Liquidity: The group had a cash balance of CNY12.4
billion, including restricted cash and pledged deposits of CNY6.2
billion, and unused bank facilities of CNY6.4 billion as at
end-2018. This was sufficient to cover short-term borrowings of
CNY10.8 billion.



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

BOSIDENG INTERNATIONAL: Shares Fall Following Short Seller Report
-----------------------------------------------------------------
Caixin Global reports that Bosideng International Holdings Ltd.
shares fell the most on record after a short seller report
questioned the Chinese clothing company's accounting practices.

Hong Kong-listed Bosideng overstated its revenue and profit,
according to a note published on June 24 by Bonitas Research,
Caixin relates. The stock fell as much as 28% before being
suspended.  According to the report, Bosideng said in a statement
that the report contains "untrue and misleading information,"
without providing more details.

Short sellers have in recent years zeroed in on Hong Kong stocks,
the report notes. The city, the world's fourth-biggest equity
market by value, has seen several corporate governance blow ups,
with companies losing 90% of their value in a single day. The local
exchange operator and securities regulator have raised the
threshold for going public, and have said they are cracking down on
corporate fraud, Caixin states.

Hong-Kong based Bosideng International Holdings Limited researches,
designs, develops, manufactures, markets, and distributes branded
down apparel products, original equipment manufacturing (OEM)
products, and non-down apparel products.



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

HYTHRO POWER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Hythro Power Corporation Limited
        106, Vishwadeep Tower, Plot No. 4
        District Centre, Janak Puri
        New Delhi 110058

Insolvency Commencement Date: June 12, 2019

Court: National Company Law Tribunal, Principal Bench, New Delhi

Estimated date of closure of
insolvency resolution process: December 9, 2019
                               (180 days from commencement)

Insolvency professional: Jyoti Ranjan Tarafdar

Interim Resolution
Professional:            Jyoti Ranjan Tarafdar
                         91, Siddhartha Enclave
                         Near Ashram Chowk
                         New Delhi 110014
                         E-mail: ip.jyotiranjan@gmail.com

                            - and -

                         3rd Floor, 2, Community Centre
                         (Near PVR/McDonald), Naraina
                         New Delhi 110028
                         E-mail: hythropowercirp@gmail.com

Last date for
submission of claims:    June 27, 2019


JAGWANI PROJECTS: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Jagwani Projects
Private Limited (JPPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            11        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     14        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with JPPL 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.

'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 JPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JPPL 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, the ratings on bank
facilities of JPPL continues to be 'CRISIL D Issuer not
cooperating'.

JPPL, incorporated in 1988, is promoted by the Kolkata (West
Bengal)-based Jagwani family. It currently exports iron ore fines.
The company has also diversified in the manufacture of light
emitting diode (LED) lighting systems. The company manufactures
bulbs, tube lights, panel lights etc. under its LED lighting
division.

JAWAHAR SAW: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Jawahar Saw Mills
Private Limited (JSMPL; a part of the Agicha group) continues to be
'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           45.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with JSMPL 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.

'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 JSMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JSMPL 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, the ratings on bank
facilities of JSMPL continues to be 'CRISIL D Issuer not
cooperating'.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Satramdas and Co and JSMPL. The
entities, together referred to as the Agicha group, are managed by
the same promoter family, and trade in the same product. There have
been instances of financial transactions between them, and they
share infrastructure, and procurement, finance, and management
teams.

The Agicha group, founded by Mr Agicha and family in 1956, trades
in timber logs. Mr Manohar Agicha manages the operations.

JAYPEE INFRATECH: Homebuyers Seek Government Intervention
---------------------------------------------------------
Livemint.com reports that homebuyers of Jaypee Infratech on June 23
urged the government to direct IDBI Bank to vote in favor of
state-run NBCC's bid for the acquisition of the debt-ridden firm
and prevent it from going through liquidation process.

On June 23, hundreds of Jaypee homebuyers held protest at Jantar
Mantar here and are planning to submit a petition to Finance
Minister Nirmala Sitharaman in this regard, the report says.

In their petition to Sitharaman, the homebuyers have appealed to
the government to direct IDBI Bank and NBCC to resolve their
differences on the resolution plan and IDBI Bank to vote for NBCC's
resolution plan, Livemint.com relates. They also demand that the
majority vote of homebuyers in the CoC be treated as the vote of
the whole voting sub-class of home buyers.

According to the report, debt-ridden realty firm Jaypee Infratech's
creditors, which include banks and homebuyers, met last week to
assess the progress of the ongoing insolvency proceedings and
decide the future course of action.

Livemint.com relates that sources said the Committee of Creditors
(CoC) did not take any decision on the way forward. The decision on
whether to consider bids of Adani Group or Jaypee Group would be
taken after a hearing in this matter in the National Company Law
Appellate Tribunal (NCLAT) on July 2, the report says. This is the
second round of bidding process to revive Jaypee Infratech, which
went into insolvency in August 2017 after the National Company Law
Tribunal (NCLT) admitted an application filed by an IDBI Bank-led
consortium, Livemint.com notes.

                      About Jaypee Infratech

Jaypee Infratech Limited (JIL) is engaged in the real estate
development.  The Company's business segments include Yamuna
Expressway Project and Healthcare.  The Company's Yamuna Expressway
Project is an integrated project, which inter alia includes
construction of 165 kilometers long six lane access controlled
expressway from Noida to Agra with provision for expansion to eight
lane with service roads and associated structures on build, own,
operate and transfer basis.  The Company provides operation and
maintenance of Yamuna Expressway for over 36 years, collection of
toll and the rights for development of approximately 25 million
square meters of land for residential, commercial, institutional,
amusement and industrial purposes at over five land parcels along
the expressway.  The Healthcare business segment includes
hospitals.  The Company has commenced development of its Land
Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at
Agra.

On August 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified JIL
as an insolvent company.  With this, the board of directors of the
company remains suspended.

Anuj Jain was appointed as Interim Resolution Professional (IRP) to
manage the company's business.  The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck real
estate projects in Noida and Greater Noida.

In September 2017, the Supreme Court of India stayed the insolvency
proceedings initiated against JIL, after various associations of
homebuyers moved a batch of petitions fearing they will lose their
apartments and not get any compensation, according to Livemint. The
stay was later revoked by the court, which directed the resolution
professional to submit an interim resolution plan that takes into
account the interest of homebuyers.

The court also directed the parent company, JAL, to deposit
INR2,000 crore to protect the interest of homebuyers.  Out of this,
only INR750 crore has been deposited so far, Livemint relayed.

JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017.  The parent company, JAL owes
more than INR29,000 crore to various banks, the report added.

JPK EDUCATIONAL: CRISIL Cuts INR5.5cr Loan Rating to B+, Not Coop.
------------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of JPK
Educational Trust (JPK) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan         5.5      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

   Secured Overdraft      0.5      CRISIL B+/Stable (ISSUER NOT
   Facility                        COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with JPK 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.

'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 JPK, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JPK 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, the ratings on bank
facilities of JPK Revised to be 'CRISIL B+/Stable Issuer not
cooperating'.

JPK was established by the Mr. K Soundararajan in 2008. The trust
runs the Spark Matriculation Higher Secondary School' in Vellore,
Tamil Nadu.


K. V. EDUCATION: CRISIL Cuts INR4cr Loan Rating to B+, Not Coop.
----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of K. V.
Education Trust (KVET) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit/          1.45       CRISIL B+/Stable (ISSUER NOT
   Overdraft                        COOPERATING; Revised from
   facility                         'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    4.00       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan             1.55       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with KVET 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.

'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 KVET, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KVET 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, the ratings on bank
facilities of KVET Revised to be 'CRISIL B+/Stable Issuer not
cooperating'.

KV Education Trust (KVET), a public trust registered under the
Trust Act of India 1882, was established in the year 1998. The
trust operates one college Sarada Krishna Homeopathic Medical
College situated at Kulasekharam in Kanyakumari District of Tamil
Nadu. The college offers both graduate as well as post graduate
courses in Homeopathy.

K.M. KHAN: CRISIL Maintains B- Rating in Not Cooperating
--------------------------------------------------------
CRISIL said the ratings on bank facilities of K.M. Khan And Sons
(KMK) continues to be 'CRISIL B-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.75       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        1.50       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KMK 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.

'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 KMK, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KMK 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, the ratings on bank
facilities of KMK continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

KMK was established in the year 2000. It trades in steel products
such as angles, channels, bars, beams, and columns. It is based in
Tuticorin (Tamil Nadu).


KALINGA ALLOYS: CRISIL Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kalinga Alloys
Private Limited (KAPL) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting        2        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Cash Credit             5.75     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KAPL 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.

'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 KAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KAPL 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, the ratings on bank
facilities of KAPL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

KAPL, based in Bhubaneswar and promoted by the Mahipal family,
began operations in 1989. The promoters have been engaged in
beneficiation of ferroalloys for the past 15 years.

KAY BEE: CRISIL Cuts INR4.9cr Loan Rating to B+, Not Cooperating
----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Kay Bee
Industrial Alloys Private Limited (Kay Bee) to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating' from 'CRISIL
BB+/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         .2        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Packing Credit        4.9        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Short Term   4.8        CRISIL A4 (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with Kay Bee 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.

'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 Kay Bee, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Kay Bee 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, the ratings on bank
facilities of Kay Bee revised to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating' from 'CRISIL BB+/Stable/CRISIL A4+'.

Kay Bee was incorporated in 1982 by Kolkata based, Late Mr. Kishan
Lal Mahipal. It is engaged into trading of ferro alloys like
ferrochrome, ferromanganese, ferro silicon and silicomanganese etc.
The company is closely held by the Mahipal family and is presently
managed by the sons of Mr. Kishan Lal Mahipal viz. Mr. Vinod
Mahipal, Mr. Manoj Mahipal and Mr. Pawan Mahipal.

KUMAR PRINTERS: CRISIL Cuts INR11cr Loan Rating to B+, Not Coop.
----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Kumar Printers
Private Limited (KPPL) to 'CRISIL B+/Stable Issuer not cooperating'
from 'CRISIL BB+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            11        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     10.66     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan               2.34     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with KPPL 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.

'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 KPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KPPL 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, the ratings on bank
facilities of KPPL revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable'.

Set up in 1976 by Mr M K Bhargava, KPPL began operations as a
printing house and later diversified into a packaging segment. The
company manufactures and prints packages, such as cartons and
blister cards, at its facility in Gurgaon, Haryana. Its major
clients include Sun Pharmaceutical Industries Ltd, Beam Global
Spirits & Wine (I) P. Ltd, Gillette India Ltd and Danblock Brakes
India Pvt Ltd.

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

        Registered office:
        Plot # 4, Software Units Layout
        HITEC City, Madhapur Hyderabad
        TG 500081 IN

Insolvency Commencement Date: June 14, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: December 11, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Parveen Bansal

Interim Resolution
Professional:            Mr. Parveen Bansal
                         J-347, Block J
                         Sarita Vihar, New Delhi
                         Delhi
                         E-mail: pkbansal00@gmail.com

                            - and -   

                         AAA Insolvency Professionals LLP
                         E-10A, Kailash Colony
                         Greater Kailash-1
                         New Delhi 110048
                         E-mail: parveenbansal@aaainsolvency.com
                                 lanco.solar@aaainsolvency.com

Last date for
submission of claims:    July 3, 2019


LEKH RAJ: CRISIL Maintains B+ Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Lekh Raj and Sons
(LRS) continues to be 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            45        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Cash           5        CRISIL B+/Stable (ISSUER NOT
   Credit Limit                     COOPERATING)

CRISIL has been consistently following up with LRS for obtaining
information through letters and emails dated February 26, 2019 and
May 28, 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 LRS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LRS 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, the ratings on bank
facilities of LRS continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

LRS was set up in 1984 as a partnership firm by the members of the
Miglani family of Kaithal (Haryana). The firm is engaged in
milling, sorting, grading, export and selling of basmati and
non-basmati rice in the domestic market.

LIZZART GRANITO: CRISIL Maintains B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Lizzart Granito LLP
(LGL) continues to be 'CRISIL B+/Stable Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Bank          3.2        CRISIL B+/Stable (ISSUER NOT
   Guarantee                         COOPERATING)

   Proposed Cash          7          CRISIL B+/Stable (ISSUER NOT
   Credit Limit                      COOPERATING)

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

   Proposed Term Loan    17.64       CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with LGL 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.

'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 LGL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LGL 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, the ratings on bank
facilities of LGL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

LGL was set up in May 2016 by promoters, Mr Anilkumar Surani, Mr
Ramesh Desai, Mr Chetan Varasada and their family members. The firm
will manufacture vitrified tiles and is likely to commence
operations by December 2016.

M2K ENTERTAINMENT: CRISIL Lowers Rating on INR14.9cr Loan to B+
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of M2K
Entertainment Private Limited (M2K) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Negative'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft             14.9       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Negative ISSUER
                                    NOT COOPERATING')

CRISIL has been consistently following up with M2K for obtaining
information through letters and emails dated February 26, 2019 and
May 28, 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 M2K, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on M2K 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, the ratings on bank
facilities of M2K Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Negative'.

Incorporated in 1996, M2K is part of the M2K group headed by Mr.
Mahesh Bhagchandka. It operates multiplexes that screen films. Its
two multiplexes-at Rohini and Pitampura-have five screens and
seating capacity of 1400.

MADHAV BISCUITS: CRISIL Cuts INR13.6cr Loan Rating to B+, Not Coop.
-------------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Madhav
Biscuits Private Limited (MBP) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            .4       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB+/Stable ISSUER NOT
                                   COOPERATING')

   Long Term Loan       13.6       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB+/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with MBP 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.

'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 MBP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MBP 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, the ratings on bank
facilities of MBP Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable'.

MBP (formerly known as Pahladrai Biscuits Pvt Ltd), incorporated in
2008, manufactures biscuits on contract basis for Parle. The
company is promoted by Vaid and family and started its commercial
operations in September 2010. The manufacturing facilities are in
Uttar Pradesh.

MAHARSHEE GEOMEMBRANE: CRISIL Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Maharshee Geomembrane
India Private Limited (MGPL) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         .45       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           5.00       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Inland/Import         3.50       CRISIL D (ISSUER NOT
   Letter of Credit                 COOPERATING)

   Proposed Long Term    6.03       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with MGPL 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.

'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 MGPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MGPL 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, the ratings on bank
facilities of MGPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Incorporated in 2005 in Vadodara and promoted by Mr. Rajnikant
Swain, MGPL manufactures HDPE, LDPE, and polypropylene films known
as geomembrane, geotextiles, and geo-composite.

MARUTI GRANITES: CRISIL Assigns B+ Rating to INR11cr Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Maruti Granites and Marbles Private Limited
(MRTGMPL).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            11       CRISIL B+/Stable (Assigned)

The rating reflects the company's weak financial risk profile,
modest scale, and large working capital requirement. These
weaknesses are partially offset by the extensive experience of the
promoters.

Analytical Approach

Unsecured loans (outstanding at INR2,97 Cr as on March 31, 2018)
extended to MRTGMPL by the promoters have been treated as debt in
the absence of track record of such loans.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale and large working capital requirement: Scale of
operations is small in the intensely competitive building products
industry, thus constraining operating flexibility. Revenue is
estimated at INR18.50 crore in fiscal 2019. Operations are working
capital-intensive: gross current assets were at 475 days as on
March 31, 2018, driven by receivables of 193 days and inventory of
270 days.

* Weak financial risk profile: Financial risk profile is weak:
Total outside liabilities to tangible networth was 4.56 times as on
March 31, 2018. Debt protection metrics are below average, with
interest coverage and net cash accrual to adjusted debt ratios of
1.29 times and 0.03 time, respectively, in fiscal 2018.

Strength

* Extensive industry experience of the promoters: Benefits from the
25-year-long experience of the promoters in the building products
industry, their strong understanding of the market dynamics, and
healthy relationships with suppliers and customers will continue to
support the business.

Liquidity
Liquidity is stretched due to large working capital requirement.
Bank limit remains almost fully utilized throughout the year.
Current ratio was 1.51 times as on March 31, 2018. Liquidity is
supported by the absence of term debt and unsecured loans extended
by the promoters (Rs 2.97 crore as on March 31, 2018).

Outlook: Stable

CRISIL believes MRTGMPL will continue to benefit from its
promoters' extensive experience and healthy relationships with
clients. The outlook may be revised to 'Positive' if ramp-up in
scale of operations and stable profitability strengthen the
financial risk profile. The outlook may be revised to 'Negative' if
decline in profitability, stretch in the working capital cycle, or
large, debt-funded capital expenditure weakens the capital
structure.

Incorporated in 1987, Sukher (Rajasthan)-based MRTGMPL is in the
business of marble processing, with an installed capacity of
200,000 square feet per month. Mr Prabhash Rajgarhia and Mrs Poonam
Rajgarhia are the promoters.

MZ FOOD: CRISIL Maintains D Rating in Not Cooperating Category
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of MZ Food Products
Private Limited (MZF) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3.2       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Packing Credit          .8       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     2.6       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              5.9       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MZF for obtaining
information through letters and emails dated February 26, 2019 and
May 28, 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 MZF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MZF 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, the ratings on bank
facilities of MZF continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

MZF, incorporated in 2011, is promoted by Anand, Gujarat-based Mr
Nirav Patel and his family members. The company processes frozen
vegetables such as carrots, baby corn, broccoli florets, diced
onions, and potatoes, and frozen fruits such as sliced bananas,
mangoes, and pomegranates.

NAVDURGA AGRO: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Navdurga Agro
Industries (NAI) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit             8       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with NAI 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.

'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 NAI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NAI 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, the ratings on bank
facilities of NAI continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Set up in 2009, NAI is a proprietorship firm promoted by Unjha
(Gujarat)-based Ms. Dakshaben Patel. The firm processes melon seed
kernels and trades in cattle feed.

PRASHANT INDUSTRIAL: CRISIL Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Prashant Industrial
Corporation (PIC; a part of Prashant Group) continues to be 'CRISIL
B+/Stable Issuer not cooperating'.

                        Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term      30       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with PIC 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.

'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 PIC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PIC 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, the ratings on bank
facilities of PIC continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

For arriving at ratings, CRISIL has combined the business and
financial risk profiles of PIC and Khwahish Marketing Private
Limited (KMPL). This is because these entities have a common
management and are engaged in similar line of business. These two
entities have been together named as Prashant Group.

Incorporated in 1999 as a proprietorship firm, PIC is a trader of
iron and steel products. Based in Ghaziabad, Uttar Pradesh, the
firm is managed and promoted by Mr. Prashant Sharma.

Incorporated in 2005 as private limited company, Khwahish Marketing
Pvt Ltd (KMPL) is a trader of iron and steel products. Based in
Ghaziabad, Uttar Pradesh, the firm is managed and promoted by Mr.
Prashant Sharma.

PROARCH IT: CRISIL Cuts INR15cr Loan Rating to B+, Not Cooperating
------------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Proarch IT
Solutions Private Limited (proarch) to 'CRISIL B+/Stable Issuer not
cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       15       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

CRISIL has been consistently following up with proarch 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.

'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 proarch, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on proarch 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, the ratings on bank
facilities of proarch revised to be 'CRISIL B+/Stable Issuer not
cooperating'.

Founded in 2006 and based in Hyderabad, ProArch is engaged in
Advisory and Software Development solutions. It is promoted by Mr.
Santosh and Mr. Lakshman.

RATHI SUPER: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Rathi Super Steel Limited

        Registered office:
        Flat No. 207, Vardhman Mayu Market at
        CSC Mayur Vihar, Phase-III
        Kondi Gharoli Delhi 110096

        Corporate office:
        A-6/35, First Floor, South Side of G.T. Road
        Industrial Area Ghaziabad 201009
        Uttar Pradesh

Insolvency Commencement Date: June 12, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 9, 2019

Insolvency professional: Harish Chander Arora

Interim Resolution
Professional:            Harish Chander Arora
                         A-189, Kalkaji
                         New Delhi 110019
                         E-mail: harsiharora2012@gmail.com

                            - and -

                         Resurgent India Limited
                         903-906, 9th Floor, Tower-C
                         Unitech Business Zone, Nirvana Country
                         Sector-50, Gurugram
                         Haryana 122018
                         E-mail: cirp.rathisupersteel@gmail.com

Last date for
submission of claims:    July 4, 2019


REGALIA JEWELS: CRISIL Maintains B Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Regalia Jewels
Private Limited (RJPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with RJPL 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.

'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 RJPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RJPL 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, the ratings on bank
facilities of RJPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Established in 2006 and based in Delhi, RJPL, promoted by Mr Sumit
Verma, manufactures and sells gold and diamond-studded jewellery in
the wholesale market. Its showroom is in Gurgaon (Haryana).

SEAWOOD MULTIPLE: CRISIL Hikes Rating on INR15cr Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Seawood Multiple Services LLP (SMS) to 'CRISIL B-/Stable' from
'CRISIL D'.  The rating upgrade reflects timely interest servicing
of term debt loan by SMS.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Proposed Term          2        CRISIL B-/Stable (Upgraded
   Loan                            from 'CRISIL D')

   Term Loan             15        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')
  
The rating reflects exposure to significant implementation and off
take risks related to on-going project, intense competition in the
industry and geographical concentration. These weaknesses are
partially offset by promoters' extensive industry experience of
promoters and expected fund support.

Key Rating Drivers & Detailed Description

Weaknesses

* Significant implementation and off take risks related to ongoing
project: The firm is in the process setting up a restaurant and
microbrewery which is expected to be operational from June 2019.
Though SMS has received most of the approvals required for its
operations, any further delay in attaining required approvals may
lead to delay in project implementation and impact its liquidity.
Moreover, operating performance of the company remains sensitive to
the number of footfalls and consumer preferences.

* Intense competition in the industry: The restaurant industry in
India is highly fragmented with unorganized players having majority
market share. Thus, SMS faces intense competition and needs to
continuously innovate in terms of menu and decor to match fast
changing trends in customer preference.

* Geographical concentration of revenues: Geographical
concentration of a restaurant in a single location constrains the
firm's access to a wider customer base, and renders the firm
susceptible to the dynamics of operating in a single market.

Strengths

* Extensive experience of promoters and expected fund support: The
promoters have over 20 years of experience in real estate
development and have completed several projects in Navi Mumbai
leading to extensive knowledge of the local preferences and market.
Moreover, the promoters have resourceful background and will
support the firm's funding requirements, whenever required.

Liquidity
SMS has just adequate liquidity driven by expected cash accruals of
around INR0.33-0.42 crore in fiscal 2020 and 2021. The firm is
expected to commence its operations from June 2019. The firm has
repayment obligations of INR0.75 crore in fiscal 2020 and INR1.50
crore in fiscal 2021. The promoters are expected to infuse need
based funds in order to meet its term loan obligations. Moreover,
the company had cash and cash equivalent of INR0.55 crore as on
March 31, 2018 coupled with low current ratio at 0.83 times as on
March 31, 2018. The same is expected to be in the similar range
over the medium term. The company has no debt funded capex plans
over the medium term. CRISIL expects internal accruals, promoters
fund infusion and cash and cash equivalent to be sufficient to meet
its repayment obligations and incremental working capital
requirement.

Outlook: Stable

CRISIL believes that SMS will benefit from the extensive experience
of promoters and their fund support. The outlook may be revised to
'Positive' if timely implementation of project and higher than
expected revenue or profitability, leads to higher cash accruals.
Conversely, the outlook may be revised to 'Negative' if there are
any further delays in the commencement of its operations, or
lower-than expected cash accruals, result in a pressure on its
liquidity.

SMS was incorporated in July, 2017. It is setting up a restaurant
and a microbrewery at Seawoods Grand Central Mall, Navi Mumbai. The
firm is promoted by Mr. Naresh Patel and Mr. Sunil Baviskar. It is
expected to commence operations from June 2019.

SHRI JAGADGURU: Ind-Ra Maintains BB Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shri Jagadguru
Co-operative Hospital Society Ltd.'s term loan rating 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 the rating. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR65 mil. Term loan maintained in non-cooperating category  
     with IND BB (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 29, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Shri Jagadguru Co-operative Hospital Society runs a 150-bed
allopathy hospital and a 220-bed ayurvedic hospital and manages an
ayurvedic medical college, a nursing college, and a nursing school.
In addition, it runs a naturopathy center. Its hospitals and
colleges are spread across an area of 68 acres in the Ghataprabha
town in the Belgavi district, Karnataka.

SHUBH ALUMINIUM: CRISIL Lowers Rating on INR14cr Loan to B-
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Shubh Aluminium Private Limited (SAPL) to 'CRISIL B-/Stable' from
'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Line of Credit         14       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects stretched liquidity, as seen in high bank
limit utilization because of large working capital requirement.

The rating reflects SAPL's modest operating margin in the intensely
competitive trading industry, below-average financial risk profile
and large working capital requirement. These weaknesses are
partially offset by the extensive experience of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and low margin: Estimated revenue of
INR33 crore for fiscal 2019 reflects the company's small scale,
which limits pricing power against suppliers and customers, thereby
constraining profitability in a competitive segment. Due to low
value addition in the trading business and intense competition,
operating margin remained modest at 1.9% for fiscal 2018 and is
estimated at 4.3% for fiscal 2019. Margin will remain under
pressure over the medium term because of intense competition,
limited value addition, and exposure to raw material price
volatility.

* Below-average financial risk profile: Networth is estimated to
have been small at INR4.61 crore and total outside liabilities to
tangible networth ratio high at 5.36 times, as on March 31, 2019.
Debt protection metrics were muted, with estimated interest
coverage and net cash accrual to total debt ratios of 1.57 times
and 0.03 time, respectively, in fiscal 2019.

* Large working capital requirement: Gross current assets (GCAs)
were estimated at 314 days due to receivables of 252 days, as on
March 31, 2019. Inventory, however, is likely to have been small at
7 days. The GCAs are expected to remain high over the medium term.

Strengths

* Extensive experience of promoters: Promoters' industry experience
of over a decade has resulted in longstanding relationship with
suppliers and customers. Also, promoters have interest in
diversified businesses such as mining and processing of marbles and
developing real estate.

Liquidity
Cash accrual is estimated at INR0.38 crore and INR0.27 crore
against term debt obligation of INR0.04 crore and INR0.35 crore in
fiscals 2019 and 2020, respectively. Debt is expected to be repaid
from unsecured loans from promoters and affiliates. Bank limit
utilisation averaged 120% for the 12 months ended February 2019,
and is expected to remain high on account of large working capital
requirement. Current ratio is estimated at 1.66 times as on March
31, 2019. Liquidity is expected to remain weak over the medium
term.

Outlook: Stable

CRISIL believes SAPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if substantial increase in revenue and margin leads to
high cash accrual, or if significant capital infusion improves
financial risk profile. The outlook may be revised to 'Negative' if
decline in cash accrual, large working capital requirement, or
sizeable, debt-funded capital expenditure further constrains
liquidity.

Incorporated in 2012, SAPL is promoted by Motawat family. The
Udaipur-based company trades aluminium scrap, iron and steel
products, and polyester and fibre.

SMART LOGIN: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Smart Login Solutions Private Limited
        Flat No. 301, Jyothi Blooms
        Union Bank of India Colony
        Road No. 3, Banjara Hills, Hyderabad
        Hyderabad TG 500034
        India

Insolvency Commencement Date: June 17, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: December 14, 2019

Insolvency professional: Rudraraju Satyanarayana Raju

Interim Resolution
Professional:            Rudraraju Satyanarayana Raju
                         D-402, My Home Abhra
                         Plot No. 3, Knowledge City
                         Opposite to Inorbit Mall, Gachibowli
                         Hyderabad 500032
                         E-mail: srrudraraju50@gmail.com

                            - and -

                         301, 3rd Floor, Bhavya’s Fantastika
                         D.No. 8-2-684/A, Road No. 12
                         Banjara Hills, Hyderabad 500032
                         Telangana State

Last date for
submission of claims:    July 1, 2019


SRI MARUTHI: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Sri Maruthi Digitals Private Limited
        H.No. 10-2-73, 3rd & 4th Floor Professional Plaza
        Mayuri Centre Khammam Prakasam
        TG 507001

Insolvency Commencement Date: June 20, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: December 17, 2019

Insolvency professional: Chakravarthi Srinivasan

Interim Resolution
Professional:            Chakravarthi Srinivasan
                         1-4-211/42/1, Pradhamapuri Colony
                         Sainikpuri, Hyderabad 500062
                         E-mail: csriniirp@gmail.com

Last date for
submission of claims:    July 4, 2019


SWASTIK COAL: Ind-Ra Affirms 'D' Long Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Swastik Coal
Corporation Pvt Ltd's (SCCPL) Long-Term Issuer Rating at 'IND D
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise despite requests and follow-ups by the agency.
Thus, the ratings are on the basis of the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using this rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR425 mil. Fund-based working capital facilities (long-
     /short-term) affirmed with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR3.035 bil. Non-fund-based working capital facilities (long-
     /short-term) affirmed with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR290 mil. Proposed bank facilities (long-/short-term)
     affirmed with Provisional IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

KEY RATING DRIVERS

The affirmation reflects confirmation from SCCPL's lenders that the
company has been categorized as a non-performing asset.  

RATING SENSITIVITIES

Timely debt servicing for at least three consecutive months would
lead to positive rating action.

COMPANY PROFILE

Indore-based SCCPL, the flagship company of Swastik Group, is
engaged in coal import and trading. The company is promoted by Mr.
Hitesh Bindal and Mr. Vishnu Bindal.

THEOS TILES: CRISIL Reaffirms B+ Rating on INR6.9cr Loan
--------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Theos Tiles LLP (TTL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.1       CRISIL B+/Stable (Reaffirmed)

   Term Loan              6.9       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect lower-than-expected sales during
the initial phase of operations and a subdued financial risk
profile. These weaknesses are partially offset by the extensive
experience of the partners in the ceramics industry, and the
favourable location of the plant.

Key Rating Drivers & Detailed Description

Weaknesses

* Lower-than-expected sales: As operations commenced only from June
2018, revenue was just INR12.93 crore in fiscal 2019. Intense
competition from numerous ceramic units in the region impacts
demand.

* Average financial risk profile: The gearing is expected to be
high at 2.0-2.5 times over the medium term due to the debt-funded
project. However, it may moderate with build-up in networth and
gradual repayment of the term loan. Debt protection metrics are
expected to remain weak.

Strengths
* Extensive industry experience of the partners: The partners have
an experience of a decade in the ceramics industry through other
group entities. Their experience, strong understanding of local
market dynamics, and healthy relationship with customers and
suppliers should continue to support the business.

* Favourable location of the plant: The manufacturing plant is in
Morbi, Gujarat, which accounts for 65-70% of ceramic tiles
production in India. Easy procurement of raw material and labour
from the region increases operating efficiency.

Liquidity
Liquidity is likely to remain average over the medium term due to
the initial stage of operations and large working capital
requirement. Expected cash accrual of INR1.3-1.7 crore is expected
to be sufficient to meet repayment obligations of INR1.1 crore, per
fiscal in fiscals 2020 and 2021.

Outlook: Stable

CRISIL believes TTL will continue to benefit from the extensive
industry experience of the partners and favourable location of the
plant. The outlook may be revised to 'Positive' in case of
better-than-expected revenue, profitability, and cash accrual
during the initial phase. The outlook may be revised to 'Negative'
if cash accrual is lower than fixed repayment obligation, or if a
stretch in the working capital cycle weakens the financial risk
profile, particularly liquidity.

TTL, set up in 2017 as a partnership firm, commenced commercial
operations from June 2018. The Morbi-based firm manufactures
ceramic wall tiles.

WELCOME FOOTWEARS: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Welcome Footwears'
(WF) 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 the rating. The rating will now appear as 'IND BB+
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR43 mil. Term loan due on May 2023 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR70 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 6, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1996 as a partnership firm, WF manufactures footwear
at its manufacturing facility in Bahadurgarh, Haryana which has an
annual installed capacity of 9.50 million pairs.

[*] No. of Wilful Defaulters in Nationalised Banks up 60% in 5 yrs
------------------------------------------------------------------
Livemint.com reports that the number of wilful defaulters in
nationalised banks has increased by over 60% to 8,582 in five years
to March 2019, the government said on June 24.

By the end of 2014-15 fiscal, the figure stood at 5,349, Finance
Minister Nirmala Sitharaman said in a written reply in Lok Sabha,
Livemint.com relates.

A wilful defaulter is an entity or a person that has not paid the
loan back despite the ability to repay it, the report notes.

The minister was replying to a question whether the cases of wilful
defaulters of banks have increased during the last five years, the
report says.

Rising consistently since 2014-15, the number of such borrowers
increased to 6,575 in 2015-16; 7,079 in 2016-17 and further to
7,535 in 2017-18.

"Wilful defaulters are acted against comprehensively. Moreover . .
. as per RBI's instructions, wilful defaulters are not sanctioned
any additional facilities by banks or financial institutions, and
their unit is debarred from floating new ventures for five years,"
Livemint.com quotes Sitharaman as saying.

Recovery of INR7,654 crore has been done from wilful defaulters'
accounts during the last five financial years, she said,
Livemint.com relays.

As per data reported by nationalised banks, till March 31, 2019,
suits for recovery have been filed in 8,121 cases, Livemint.com
discloses. In cases involving secured assets, action under the
provisions of SARFAESI Act has been initiated in 6,251 cases.

There are 17 nationalised banks in India, the report notes.

"Further, in accordance with RBI instructions of initiation of
criminal proceedings wherever necessary, FIRs have been registered
in 2,915 cases," Sitharaman, as cited by Livemint.com, said.

Besides, vide Sebi regulations, wilful defaulters and companies
with wilful defaulters as promoters/directors have been debarred
from accessing capital markets to raise funds, she said,
Livemint.com adds.

In addition, the Insolvency and Bankruptcy Code, 2016 has debarred
wilful defaulters from participating in the insolvency resolution
process, according to Livemint.com.

For effective action against wilful defaulters fleeing Indian
jurisdiction, the Fugitive Economic Offenders Act, 2018 has been
enacted to provide for attachment and confiscation of property of
fugitive offenders and has disentitled them from defending any
civil claim, says Livemint.com.

Livemint.com relates that the government has also advised public
sector banks to decide on publishing photographs of wilful
defaulters as well as to obtain certified copy of the passport of
promoters/directors and other authorised signatories of companies
availing loans of more than INR50 crore, the minister said.

Heads of PSBs have also been empowered to request for issuance of
look out circulars against wilful defaulters, she said, adds
Livemint.com.



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

SOMPO JAPAN: Plans To Cut 4,000 Jobs
-------------------------------------
The Japan Times reports that Sompo Japan Nipponkoa Insurance Inc.
plans to cut the number of its employees by about 4,000, or 15
percent of its workforce, from fiscal 2017 levels.

By reducing its payroll to 22,000-23,000 workers by the end of
fiscal 2020, which starts April 1, the unit of Sompo Holdings Inc.
aims to save some JPY10 billion per year in labor costs, informed
sources said, the Japan Times.

According to the report, Sompo Japan will capitalize on information
technology to carry out its business rationalization. The workforce
cut will also be achieved by relocating employees to group firms
and reducing the number of new graduates it hires.

The company will not offer an early retirement program, the sources
added, the Japan Times relays.

In the Japanese financial sector, Mitsubishi UFJ Financial Group
Inc. and other mega-bank groups are boosting efforts to replace
manpower with IT, adds The Japan Times.

Sompo Japan Nipponkoa Holdings, Inc. is a Japanese insurance
holdings company.



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

BERJAYA MEDIA: 4Q FY2019 Net Loss Narrows to MYR3.71 Million
------------------------------------------------------------
theedgemarkets.com reports that Berjaya Media Bhd (BMedia), which
publishes theSun newspaper, managed to narrow its losses by 38% in
the fourth financial quarter ended April 30, 2019 (4QFY19) amid the
absence of a MYR1.96 million impairment loss on quoted investments
that was recorded in the year-ago quarter.

According to theedgemarkets.com, the group posted a smaller net
loss of MYR3.71 million in 4QFY19 from MYR6.03 million in 4QFY18.
Loss per share also fell to 1.58 sen compared with 2.56 sen a year
ago.

However, quarterly revenue was down 25.9% to MYR4.81 million from
MYR6.5 million in 4QFY18, mainly due to lower advertising income
reported by its principal operating subsidiary, Sun Media Corp Bhd,
as advertisers shifted their advertising preference to the digital
platform, theedgemarkets.com discloses.

For FY19, the group's net loss widened to MYR17 million from
MYR12.5 million the previous year, no thanks to a provision of
compensation totalling MYR5.912 million for two legal suits.

Revenue also dropped 22.9% to MYR25.66 million from MYR33.27
million in FY18.

On prospects, BMedia warned that that its business for the next
financial year will remain challenging as the advertising industry
shifts its preference to the digital platform, which will impact
the print media industry, according to theedgemarkets.com.

In a filing with Bursa Malaysia on June 20, it said it is operating
in a difficult business environment, adding that it will continue
to focus on containing cost and improving its advertising revenue,
theedgemarkets.com reports.

"The board of directors has been exploring other options including
diversifying into new businesses outside the media sector, to
regularise its Practice Note 17 (PN17) condition.

"Consequently, the group had appointed AmInvestment Bank Bhd as its
principal adviser for the submission of its regularisation plan,"
it added.

BMedia had until June 20 to submit the regularisation plan, the
report notes.

"With the interim financial support of the major shareholder and
subject to the successful implementation of the regularisation
plan, the board believes that the group can continue to operate as
a going concern and will eventually be declassified as a PN17
company," it added.

Berjaya Media Berhad is an investment holding company. The Company,
through its subsidiaries, is engaged in publication, printing and
distribution of daily newspaper. The Company's segments include
investment holding, publishing and others. The Company's
publication, theSun, is read in the market centers of the Klang
Valley, Penang and Johor Bharu, as well as in cities and towns of
Peninsular Malaysia. The Company's publication publishes news on
politics and business, human interest and governance, entertainment
and lifestyle, and sports. theSun also has an online presence at
www.thesundaily.my, where top news of the day is updated and
presented to its readers. The Company offers theSun through
approximately 3,200 sunspots or pick-up points along morning routes
to the workplace, gym, college or breakfast. The Company's
subsidiaries include Sun Media Corporation Sdn. Bhd. And Gemtech
(M) Sdn. Bhd.

Berjaya Media slipped into PN17 (Practice Note 17) status in June
2017 as its shareholders' equity fell short of listing
requirements.

MALAYSIA AIRLINES: To Keep National Carrier Identity Even if Sold
-----------------------------------------------------------------
Channel News Asia reports that the Malaysian government would like
to sell Malaysia Airlines (MAS), but its identity as the national
carrier must be retained, Prime Minister Mahathir Mohamad said on
June 25.

He said the government had made a lot of changes to MAS, but each
time, it still kept on failing, CNA relates.

"So, this time, we have to be a little bit more careful in the
steps taken to resuscitate Malaysia Airlines.

"It's not just the change of management, lots of other things are
wrong with the airline, which have to be corrected," he told
reporters on the sidelines of the 33rd Asia Pacific Roundtable, CNA
relays.

According to the report, Dr. Mahathir was responding to the call by
two MAS veterans, including a former CEO, for an overhaul of the
carrier's management after its failure for the fifth year to reach
the top 20 in an international survey on airlines.

They said MAS, which instead dropped two spots to 36th in Skytrax's
annual World's Top 100 Airlines survey, had lost its class.

CNA says the National Union of Flight Attendants also called on
MAS' management to step down following news that the national
carrier had failed to reach the top 20 in the World's Top 100
Airlines survey for five years now.

MAS has not ranked in the top 20 since 2014 when it occupied 18th
spot, dropping from 24th in 2015 to 34th in 2016, bagging 31st spot
in 2017 and 34th again last year, according to the report.

The fate of MAS has been up in the air. In March, Dr. Mahathir said
the government was considering whether to shut, sell or refinance
the carrier, CNA relays.

Earlier this month, MAS' chief executive officer Izham Ismail said
it would be a "wrong move" to shut down the national carrier. He
noted that the move would affect many companies and stakeholders
providing services to the airline, CNA adds.

                      About Malaysia Airlines

Headquartered in Selangor, Malaysia, state-owned Malaysia
Airlines -- http://www.malaysiaairlines.com/-- engages in  
the business of air transportation and the provision of related
services.

As reported in the Troubled Company Reporter-Asia Pacific on March
8, 2019, New Straits Times said Malaysia Airlines' days as a
national carrier may be numbered as it has failed to meet its
three-year target to be profitable, but is instead bleeding since
it was taken private in 2014, aviation analysts said.  The analysts
said the best deal for the airline is to completely shut down its
operations or sell it to interested parties or spin off its
business divisions, NST related.

Khazanah is the sole shareholder of MAS after taking the airline
private in 2014. The sovereign wealth fund injected MYR6 billion
into the airline to keep it afloat, NST noted.

From its delisting from Bursa Malaysia from 2015 to 2017, MAS had
registered a loss of MYR2.3 billion due to the ringgit's weakness
and higher jet fuel costs, NST disclosed.


PRIME GLOBAL: Incurs $53,000 Net Loss for Quarter Ended April 30
----------------------------------------------------------------
Prime Global Capital Group Incorporated filed its quarterly report
on Form 10-Q, disclosing a net loss of $53,397 on $453,700 of net
total revenues for the three months ended April 30, 2019, compared
to a net loss of $294,404 on $289,998 of net total revenues for the
same period in 2018.

At April 30, 2019, the Company had total assets of $46,094,556,
total liabilities of $18,840,273, and $27,254,283 in total equity.

For the six months ended April 30, 2019, the Company reported a
loss of $117,205 and working capital deficit of $432,810 as of
April 30, 2019.

Chief Executive Officer Weng Kung Wong said, "In order to continue
as a going concern, the Company will expect, among other things, to
generate more profitable operations in the future and/or additional
capital resources.  Management's plan is to raise adequate
resources for the Company by obtaining capital from management and
significant shareholders sufficient to meet its minimal operating
expenses and seeking third party equity and/or debt financing."

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

                       https://is.gd/roblcP

Prime Global Capital Group Incorporated, through its subsidiaries,
is engaged in the operation of a durian plantation, leasing and
development of the operation of an oil palm plantation, commercial
and residential real estate properties in Malaysia.




=====================
N E W   Z E A L A N D
=====================

PLAMAN RESOURCES: NZ Subsidiary Placed in Liquidation
-----------------------------------------------------
Simon Hartley at Otago Daily Times reports that a Plaman Resources
subsidiary company in New Zealand has been placed in liquidation
alongside its parent, having total liabilities of more than
NZ$500,000.

Malaysian-controlled Australian parent company Plaman Resources was
placed in receivership and liquidation by its Sydney-based
directors George Manolas and Peter Plakidis last week, because of
regulatory delays in buying a farm near Middlemarch, to expand its
proposed diatomite mining venture, the report discloses.

It was also unable to complete a corporate reorganisation which was
required to secure more capital, ODT says.

ODT relates that the subsidiary, Plaman Services, ceased trading on
June 13 and was described in receivers McGrathNicol's first report
as an "entity supporting parent company Plaman Resources".

Plaman Resources has total debt of more than NZ$33.6 million, but
appears to have at least NZ$17.8 million cash in trust with a
global law firm, ODT discloses.

According to ODT, Plaman Resources was lent a bridging loan by
investment bank Goldman Sachs, through Goldman's subsidiary NZ
Commercial Ventures of US$20 million (NZ$30.6 million) in May last
year, which was to be repaid by May next year.

Plaman owns a non-operational diatomite mine on Moonlight Rd, near
Middlemarch, and was intent on expanding the footprint by
purchasing the adjacent Foulden Hill farm.

The application to purchase is now "on hold" with the Overseas
Investment Office and its status in receivership and liquidation
suggests the matter can go no further, the report relates.

The subsidiary, Plaman Services, had one New Zealand staff member,
and liabilities include more than NZ$21,000 in entitlements, while
the bulk of non-current liabilities is NZ$487,095, with parent
Plaman Resources, ODT discloses.

                      About Plaman Resources

Plaman Resources currently owns 42 hectares of land which contains
much of Foulden Maar, and mining, prospecting and exploration
rights in Otago.

Plaman Resources is listed by the Companies Office as in
receivership and liquidation.

Neale Jackson and Brendon Gibson of KordaMentha were appointed as
receivers of the Company on June 13, 2019. Concurrently, Conor
McElhinney and Andrew Grenfell of McGrathNicol were appointed
jointly and severally as Liquidators of the Company on June 13,
2019 by special resolution of its shareholders.



=====================
P H I L I P P I N E S
=====================

RURAL BANK OF GUIHULNGAN: Creditors Claim Filing Deadline on Aug. 5
-------------------------------------------------------------------
All creditors of the closed Rural Bank of Guihulngan (Negros
Oriental), Inc. have until August 5, 2019 to file their claims
against the assets of the closed bank either personally or by mail.
Creditors refer to any individual or entity with a valid claim
against the assets of the closed Rural Bank of Guihulngan and
include depositors whose deposits exceed the maximum deposit
insurance coverage (MDIC) of PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
creditors and depositors with uninsured deposits may file their
claims personally at the PDIC Public Assistance Center located at
the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Claims may also
be filed through mail addressed to the PDIC Public Assistance
Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A.
Rufino St., Makati City. Claims filed by mail must have a postmark
dated not later than August 5, 2019. The prescribed Claim Form
against the assets of the closed bank may be downloaded from the
PDIC website, www.pdic.gov.ph. PDIC reminds creditors to transact
only with authorized PDIC personnel.

Claims filed after August 5, 2019 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through mail.
Claims denied or disallowed by the PDIC may be filed with the
liquidation court within sixty (60) days from receipt of final
notice of denial of claim.

In addition, PDIC said that depositors with account balances of
more than the maximum deposit insurance coverage (MDIC) of
PhP500,000 who have already filed claims for the insured portion of
their deposits as of August 5, 2019 are deemed to have filed their
claims for the uninsured portion or the amount in excess of the
MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

Rural Bank of Guihulngan was ordered closed by the Monetary Board
(MB) of the Bangko Sentral ng Pilipinas on May 23, 2019 and PDIC,
as the designated Receiver, was directed by the MB to proceed with
the takeover and liquidation of the closed bank in accordance with
Section 12(a) of Republic Act No. 3591, as amended. The bank is
located at Sikatuna St., Poblacion, City of Guihulngan, Negros
Oriental.

All requests and inquiries relating to Rural Bank of Guihulngan
shall be addressed to the PDIC Public Assistance Department through
mail at the 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A.
Rufino St., Makati City, through e-mail at pad@pdic.gov.ph, or
through telephone number (02) 841-4630. Depositors and creditors
outside Metro Manila may call the PDIC Toll Free Hotline at
1-800-1-888-PDIC (7342). Walk-in clients may also visit the PDIC
Public Assistance Center at the 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00
AM to 5:00 PM. Inquiries may also be sent as private message at
Facebook through www.facebook.com/OfficialPDIC.



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

SRI LANKA: Fitch Gives 'B(EXP)' Rating to USD Bonds
---------------------------------------------------
Fitch Ratings has assigned Sri Lanka's forthcoming US dollar bonds
an expected rating of 'B(EXP)'.

KEY RATING DRIVERS

The expected rating is in line with Sri Lanka's Long-Term
Foreign-Currency Issuer Default Rating of 'B' with a Stable
Outlook.

RATING SENSITIVITIES

The rating on the bonds would be sensitive to any changes in Sri
Lanka's Long-Term Foreign-Currency IDR.

Fitch downgraded Sri Lanka's Long-Term Foreign- and Local-Currency
IDRs to 'B' from 'B+', with a Stable Outlook, in December 2018.

SRI LANKA: Moody's Rates Proposed Senior Unsecured USD Bonds 'B2'
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Moody's Investors Service has assigned a B2 rating to the
Government of Sri Lanka's proposed senior unsecured US
dollar-denominated bonds.

The rating is based on the preliminary offering memorandum received
on June 19, 2019.

The bonds will rank pari passu with the Government of Sri Lanka's
current and future senior unsecured external debt. The B2 rating
assigned to the notes mirrors the Government of Sri Lanka's issuer
rating of B2.

The proceeds of the bonds are intended to meet government
expenditures.

RATINGS RATIONALE

Sri Lanka's credit profile reflects significant government
liquidity and external vulnerability risks. This is balanced
against moderate per capita income levels and stronger institutions
relative to many similarly-rated sovereigns that support the B2
rating.

Foreign exchange reserve coverage of forthcoming government debt
maturities and economy-wide external debt obligations is low. This
leaves Sri Lanka with small buffers to manage repayments and, as a
result, the government and the country are highly exposed to
refinancing risk and shifts in market sentiment.

Lower tourism arrivals and spending following the April 2019
terrorist attacks will impact GDP growth, further straining public
and external finances. Moody's expects fiscal deficits to remain
around 5% of GDP in 2019-20, from 5.3% in 2018, and government debt
to stay at about 82%-83% of GDP in the next few years -- higher
than many B-rated sovereigns. In addition, a number of financially
strained state-owned enterprises with sizeable liabilities pose
material risks to the government's balance sheet, should financial
support be needed.

Set against these challenges, Sri Lanka's growth potential,
relatively large economy and high income levels compared with
similarly rated sovereigns provide the economy with some shock
absorption capacity and help limit some of the risks from the
country's very high debt burden.

The extension of the IMF's Extended Fund Facility programme through
June 2020 will underpin the continued passage of reforms aimed at
enhancing fiscal resilience. Planned changes to Sri Lanka's
Monetary Law Act should help the central bank to anchor inflation
expectations and ensure monetary policy independence from fiscal
developments. However, political tensions could also resurface
before and after the presidential elections scheduled for late 2019
and the parliamentary election in 2020. That could undermine
international investors' confidence in Sri Lankan financial assets,
and threaten the government's ability to refinance its upcoming
debt obligations.

ISSUER RATING OUTLOOK

The stable outlook denotes balanced credit risks at the B2 rating
level. Moody's expects that the government will remain broadly
focused on implementing important fiscal, monetary and economic
reforms that would strengthen the credit profile over the medium
term. However, Moody's assessment is that the government's debt
refinancing will remain highly vulnerable to sudden shifts in
investor sentiment in a period of further tightening in financing
conditions and political and policy uncertainty, with limited
buffers to face such risk.

WHAT COULD CHANGE THE RATING UP

Moody's would consider upgrading the rating should it conclude that
Sri Lanka's vulnerability to refinancing risk, which anchors the
rating at B2, is likely to diminish. In particular, a faster and
more sustained buildup in non-debt creating foreign exchange
inflows, which could stem from policy measures which improve
investor confidence and enhance FDI inflows, would bolster reserve
adequacy over time and lower government liquidity risks and
external vulnerability risks.

The implementation of further reforms that significantly lower
fiscal deficits and government debt and enhance debt affordability
could also prompt Moody's to upgrade the rating.

WHAT COULD CHANGE THE RATING DOWN

Given repeated large debt maturities over the next five years and
Sri Lanka's already high exposure to refinancing risk, Moody's
would consider downgrading the rating if external and domestic
financing conditions were to deteriorate further than currently
expected. In particular, a larger drain on foreign exchange
reserves would increase the risk of lower capital inflows and
sharply raise refinancing costs. This would contribute to repayment
stresses that would be more consistent with a B3 rating.

Moody's would also consider downgrading the rating if the
government were to reverse recent reforms or to halt implementation
of future reforms to address fiscal and external vulnerabilities
and bolster GDP growth potential. That would lead to much wider
fiscal deficits, larger gross borrowing requirements and higher
government debt than Moody's currently projects, weighing on
already very low fiscal strength and further heightening liquidity
risks.

This credit rating and any associated review or outlook has been
assigned on an anticipated/subsequent basis.

The principal methodology used in these ratings was Sovereign Bond
Ratings published in November 2018.


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

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