TCRAP_Public/190701.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, July 1, 2019, Vol. 22, No. 130

                           Headlines



A U S T R A L I A

ARMA INTERNATIONAL: Second Creditors' Meeting Set for July 5
BCJWY ABORIGINAL: Second Creditors' Meeting Set for July 5
DIRECT FUELS: Second Creditors' Meeting Set for July 5
GREGORSKI INVESTMENTS: First Creditors' Meeting Set for July 8
HARRISONS TRADE: First Creditors' Meeting Set for July 8

JUST EARTH: Second Creditors' Meeting Set for July 11
LIBERTY SERIES 2017-1: Moody's Ups AUD5.6MM Cl. F Notes to Ba2(sf)
PERFECT PACKAGING: Second Creditors' Meeting Set for July 5
SE QLD: ASIC Bans Director from Managing Companies for 5 Years


C H I N A

ANBANG INSURANCE: New Insurance Group Formed to Take Over Bank
JIANGSU HANRUI: Fitch Affirms B LT IDRs, Outlook Negative
REDSUN PROPERTIES: Fitch Puts Final 'B' Rating to USD250MM Notes
SHANDONG YUHUANG: Fitch Lowers LT IDR to CCC+, Outlook Negative


H O N G   K O N G

MELCO RESORTS: Moody's Affirms Ba2 CFR, Outlook Stable


I N D I A

AGGARWAL ASSOCIATES: CRISIL Migrates D Rating to Not Cooperating
AIR CARNIVAL: CRISIL Migrates 'D' Rating to Not Cooperating
AIR INDIA: Government Says Still Planning to Sell National Carrier
AM CLEAN: Insolvency Resolution Process Case Summary
B. S. INNOVATIONS: CRISIL Migrates D Rating to Not Cooperating

FAMICA PRESS: Insolvency Resolution Process Case Summary
GIAN CHAND: CRISIL Migrates D Rating to Not Cooperating Category
GOLD WOOD: CRISIL Reaffirms B+ Rating on INR2.5cr Cash Loan
HIMALAY COLD: CRISIL Lowers Rating on INR6cr Overdraft to D
IL&FS: HSBC Issues Notice to Unit Seeking Payment for CNY1BB

JET AIRWAYS: Insolvency Resolution Process Case Summary
K. MANIKANDAN: CRISIL Reaffirms B+ Rating on INR5cr Cash Loan
KHATOR FIBRE: CRISIL Lowers Rating on INR20.45cr Loan to D
MM ENGINEERS: CRISIL Withdraws B Rating on INR3cr Cash Credit
MODERN GLASS: CRISIL Lowers Rating on INR12.91cr Loan to D

MOVING PICTURE: Insolvency Resolution Process Case Summary
MVL LIMITED: Insolvency Resolution Process Case Summary
NELLUKKARAN'S FOODS: CRISIL Migrates D Rating to Not Cooperating
ORIANA POWER: CRISIL Assigns B+ Rating to INR5.0cr Loans
PULIANI AND PULIANI: CRISIL Assigns B- Rating to INR5.5cr Loan

RG ROYAL: CRISIL Migrates D Rating to Not Cooperating Category
SARSWATI SALES: Insolvency Resolution Process Case Summary
SREE ANJANEYA: CRISIL Withdraws B Rating on INR24cr Loan
SRI MUTHULAKSHMI: CRISIL Migrates B Rating to Not Cooperating
SURA LEATHERS: Insolvency Resolution Process Case Summary

SUZLON ENERGY: Lenders See No Second Restructuring
TIRUMALLA OIL: CRISIL Withdraws B+ Rating on INR11.3cr Loan
TRUSTED AEROSPACE: Insolvency Resolution Process Case Summary
UMAXE PROJECTS: CRISIL Migrates 'D' Rating to Not Cooperating


J A P A N

JAPAN DISPLAY: To Receive Up to $180MM Aid from Hong Kong Fund


S I N G A P O R E

LIONGOLD CORP: Auditor Issues Disclaimer of Opinion


S O U T H   K O R E A

WOONGJIN GROUP: To Resell Water Purification Unit Amid Cash Crunch

                           - - - - -


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A U S T R A L I A
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ARMA INTERNATIONAL: Second Creditors' Meeting Set for July 5
------------------------------------------------------------
A second meeting of creditors in the proceedings of Arma
International Pty Ltd has been set for July 5, 2019, at 11:00 a.m.
at Beau Monde International, 934-938 Doncaster Road, in Doncaster,
East Victoria.

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 July 4, 2019, at 4:00 p.m.

Dino Berardino Calvisi of Paladin Advisory was appointed as
administrator of Arma International on June 6, 2019.

BCJWY ABORIGINAL: Second Creditors' Meeting Set for July 5
----------------------------------------------------------
A second meeting of creditors in the proceedings of BCJWY
Aboriginal Society Limited has been set for July 5, 2019, at 9:00
a.m. at the offices of Level 4, at 240 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 July 4, 2019, at 5:00 p.m.

Richard Albarran and Blair Pleash of Hall Chadwick were appointed
as administrators of BCJWY Aboriginal on March 2, 2019.

DIRECT FUELS: Second Creditors' Meeting Set for July 5
------------------------------------------------------
A second meeting of creditors in the proceedings of Direct Fuels
(Aust) Pty Ltd has been set for July 5, 2019, at 11:00 a.m. at the
offices of Tarquin Koch Accounting & Insolvency Services, Unit 2,
at 23-25 Beulah Road, in Norwood, 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 July 4, 2019, at 5:00 p.m.

Tarquin Koch of Tarquin Koch Accounting was appointed as
administrator of Direct Fuels on June 1, 2019.

GREGORSKI INVESTMENTS: First Creditors' Meeting Set for July 8
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Gregorski
Investments Pty Ltd will be held on July 8, 2019, at 10:00 a.m. at
the offices of Gervase Consulting, Level 6, at 82 Eagle Street, in
Brisbane, Queensland.

John Gervase Shanahan and Clare Birnie of Gervase Consulting were
appointed as administrators of Gregorski Investments on June 26,
2019.

HARRISONS TRADE: First Creditors' Meeting Set for July 8
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Harrisons
Trade Centre Pty. Ltd. will be held on July 8, 2019, at 3:00 p.m.
at the offices of Dissolve Pty Ltd, Level 8, at 80 Clarence Street,
in Sydney, NSW.

Clifford John Sanderson of Dissolve Pty Ltd was appointed as
administrator of Harrisons Trade on June 26, 2019.

JUST EARTH: Second Creditors' Meeting Set for July 11
-----------------------------------------------------
A second meeting of creditors in the proceedings of Just Earth
People Passion Purpose Pty Ltd has been set for July 11, 2019, at
3:30 p.m. at the offices of SM Solvency Accountants, Level 10/144,
at Edward 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 July 10, 2019, at 4:00 p.m.

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

LIBERTY SERIES 2017-1: Moody's Ups AUD5.6MM Cl. F Notes to Ba2(sf)
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on 7 classes of
notes issued by three Liberty Series RMBS.

The affected ratings are as follows:

Issuer: Liberty Series 2016-2 Trust

$A15M Class C notes, Upgraded to Aa2 (sf); previously on Sep 13,
2018 Upgraded to Aa3 (sf)

Issuer: Liberty Series 2017-1 Trust

$A5.6M Class F notes, Upgraded to Ba2 (sf); previously on Sep 13,
2018 Upgraded to Ba3 (sf)

Issuer: Liberty Series 2017-4 Trust

$A57.6M Class B notes, Upgraded to Aaa (sf); previously on Sep 13,
2018 Upgraded to Aa1 (sf)

$A21.6M Class C notes, Upgraded to Aa2 (sf); previously on Sep 13,
2018 Upgraded to Aa3 (sf)

$A15.6M Class D notes, Upgraded to A3 (sf); previously on Sep 13,
2018 Upgraded to Baa1 (sf)

$A8.4M Class E notes, Upgraded to Baa2 (sf); previously on Nov 17,
2017 Definitive Rating Assigned Ba1 (sf)

$A10.8M Class F notes, Upgraded to Ba2 (sf); previously on Nov 17,
2017 Definitive Rating Assigned Ba3 (sf)

RATINGS RATIONALE

The upgrades were mainly prompted by an increase in credit
enhancement (from note subordination and the Guarantee Fee Reserve
Account) available for the affected notes.

Sequential amortization of the notes since closing led to the
increase in note subordination in all three transactions. Liberty
Series 2016-2 Trust and Liberty Series 2017-1 Trust switched to
pro-rata principal repayments among the rated notes in October 2017
and in March 2019 respectively.

In all three transactions, the Guarantee Fee Reserve Account is
currently fully funded, non-amortizing, and can be used to cover
charge-offs against the notes and liquidity shortfalls that remain
uncovered after drawing on the liquidity facility and principal.

In addition, the transaction portfolios have been performing within
Moody's expectations since closing.

Liberty Series 2016-2 Trust

Following the April 2019 payment date, the note subordination
available for the Class C notes has increased to 8.2% from 7.8% as
of the last upgrade in September 2018.

The Guarantee Fee Reserve Account has accumulated AUD1.5 million
(0.6% of the current total note balance) from excess spread.

As of April 2019, 8.3% of the outstanding pool was 30-plus day
delinquent, and 2.4% was 90-plus day delinquent. The deal has
incurred AUD150,635 of losses to date.

Based on the observed performance and outlook, Moody's has revised
its expected loss assumption to 2.2% of the outstanding pool by
projecting the future defaults based on a roll rate analysis on
delinquent and defaulted loans.

Moody's increased its MILAN CE assumption to 12.0% from 11.2% since
the last rating action, based on the current portfolio
characteristics. The increase in MILAN CE is mainly driven by
increased borrower concentration and higher loan delinquencies.

Liberty Series 2017-1 Trust

Following the April 2019 payment date, the note subordination
available for the Class F notes has increased to 3.0% from 2.5% as
of the last upgrade in September 2018.

The Guarantee Fee Reserve Account has accumulated AUD2.4 million
(0.5% of the current total note balance) from excess spread.

As of April 2019, 5.0% of the outstanding pool was 30-plus day
delinquent, and 1.7% was 90-plus day delinquent. The deal has
incurred AUD139,908 of losses to date.

Based on the observed performance and outlook, Moody's has revised
its expected loss assumption to 1.8% of the outstanding pool by
projecting the future defaults based on a roll rate analysis on
delinquent and defaulted loans.

Moody's increased its MILAN CE assumption to 11.0% from 10.7% since
the last rating action, based on the current portfolio
characteristics.

Liberty Series 2017-4 Trust

Following the April 2019 payment date, the note subordination
available for the Class B, Class C, Class D, Class E and Class F
notes has increased to 9.8%, 7.1%, 5.1%, 4.0% and 2.6% from 7.8%,
5.6%, and 4.0% for the Class B, Class C and Class D notes as of the
last upgrade in September 2018 and 2.6% and 1.7% for the Class E
and Class F notes at closing.

The Guarantee Fee Reserve Account has accumulated AUD3.6 million
(0.5% of the current total note balance) from excess spread.

As of April 2019, 2.4% of the outstanding pool was 30-plus day
delinquent, and 0.8% was 90-plus day delinquent. The deal has
incurred no losses to date.

Based on the observed performance and outlook, Moody's has revised
its expected loss assumption to 1.4% of the outstanding pool by
projecting the future defaults based on a roll rate analysis on
delinquent and defaulted loans.

Moody's increased its MILAN CE assumption to 10.3% from 10.1% since
closing, based on the current portfolio characteristics.

For all transactions, the MILAN CE and expected loss assumption are
the two key parameters used by Moody's to calibrate the loss
distribution curve, which is one of the inputs into the cash flow
model.

The transactions are Australian RMBS secured by a portfolio of
residential mortgage loans, originated and serviced by Liberty
Financial Pty Ltd, a large Australian non-bank lender. A portion of
the portfolio consists of loans extended to borrowers with impaired
credit histories or made on a limited documentation basis.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
June 2019.

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

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

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

PERFECT PACKAGING: Second Creditors' Meeting Set for July 5
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Perfect
Packaging Pty Ltd has been set for July 5, 2019, at 11:00 a.m. at
the offices of Cor Cordis, One Wharf Lane, Level 20, at 171 Sussex
Street, in Sydney, NSW.

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

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

Jason Tang and Ahmed Sowaid of Cor Cordis were appointed as
administrators of Perfect Packaging on May 30, 2019.

SE QLD: ASIC Bans Director from Managing Companies for 5 Years
--------------------------------------------------------------
The Australian Securities and Investments Commission has
disqualified Lauren Darwin, in Mount Gravatt, Queensland, from
managing companies for the maximum period of five years due to her
involvement in two failed companies.  

ASIC found that Ms. Darwin:

   * took no reasonable steps to inform herself of the duties
     required of a director;

   * neglected her responsibilities as a director;

   * failed to ensure that the companies paid all relevant taxes;

   * failed to ensure that proper financial records were kept;

   * failed to act in the best interests of the companies; and

   * enabled conduct that showed evidence of illegal phoenix
     activity.

The two companies were:

   * SE QLD Business Services Pty Ltd ACN 611 479 264 (SE QLD),
     and

   * CCW Queensland Pty Limited ACN 607 611 610 (CCW QLD)

In deciding to disqualify Ms Darwin, ASIC relied on reports lodged
by Ahmad Zeidan of A2Z Insolvency Solutions, one of the liquidators
of the failed companies. ASIC assisted the liquidators of SE QLD
and CCW QLD in preparing the supplementary reports that were used
to disqualify Ms. Darwin by providing funding from the Assetless
Administration Fund.

The total amount of debts owed by the two companies to creditors
was around AUD543,000.

Ms Darwin's disqualification took effect from March 19, 2019 and
extends to March 18, 2024.



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C H I N A
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ANBANG INSURANCE: New Insurance Group Formed to Take Over Bank
--------------------------------------------------------------
Bloomberg News reports that China has created a new insurance group
set to take over the main operations of Anbang Insurance Group Co.,
the once-acquisitive conglomerate that's under state control.

Beijing-based Dajia Insurance Group, which was established on June
25, has CNY20.4 billion ($3 billion) in registered capital and will
provide services as an insurance group as approved by the China
Banking & Insurance Regulatory Commission, Bloomberg discloses
citing documents on the website of the National Enterprise Credit
Information Publicity System.

China Insurance Security Fund Co., the industry body that's
currently the controlling shareholder of Anbang, owns 98.2% of
Dajia Insurance, while China Petrochemical Corp. and Shanghai
Automotive Industry Corp. hold the rest, based on Bloomberg
calculations according to shareholders' committed equity
contributions. The shareholding structure is the same as Anbang's
after the government seized temporary control of the insurer in
February last year, the report notes.

During a two-year acquisition binge through 2016 that included New
York's iconic Waldorf Astoria Hotel, Anbang became synonymous with
China's unbridled appetite for international trophy assets,
Bloomberg says. That ended when authorities took over the group
after former Chairman Wu Xiaohui was sentenced to 18 years in
prison for fundraising fraud. They then began selling some of the
assets it had accumulated, adds Bloomberg.

                       About Anbang Insurance

Anbang Insurance Group Co., Ltd., through its subsidiaries Anbang
Property Insurance Inc., Anbang Life Insurance Inc., Hexie Health
Insurance Co., Ltd, and Anbang Asset Management Co., Ltd., offers
property insurance, life insurance, health insurance, asset
management, insurance sales agency, and insurance brokerage
services. The company provides car insurance, accident insurance,
cargo transportation insurance, credit insurance, life-long
insurance, and medical insurance services.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
26, 2018, The Strait Times related the Chinese government had
seized control of Anbang Insurance, the troubled Chinese company
that owns the Waldorf Astoria hotel in New York and other marquee
properties around the world, and charged its former chairman with
economic crimes. The Strait Times noted that the move is Beijing's
biggest effort yet to rein in a new kind of Chinese company, in
this case, one that spent billions of dollars around the world over
the past three years buying up hotels and other high-profile
properties.  The rise of these companies illustrates China's
growing economic might, but Chinese officials have grown
increasingly concerned that they were piling up debt to make
frivolous purchases. In a statement posted on its website on Feb.
23, the China Insurance Regulatory Commission said the government
was taking over to ensure the "normal and stable operation" of the
company. "Illegal operations at Anbang may have seriously
endangered the company's solvency, prompting the government to take
control," the statement read.

The Strait Times noted the move also caps the downfall of Anbang
leader Wu Xiaohui. Mr. Wu had married a granddaughter of Mr. Deng
Xiaoping, China's paramount leader in the 1980s and a towering
figure in Chinese politics, and was widely considered politically
connected.


JIANGSU HANRUI: Fitch Affirms B LT IDRs, Outlook Negative
---------------------------------------------------------
Fitch Ratings has affirmed China-based Jiangsu HanRui Investment
Holding Co.,Ltd.'s Long-Term Foreign- and Local-Currency Issuer
Default Ratings at 'B'. The Outlook remains Negative. Fitch has
also affirmed the senior unsecured rating for the bonds issued by
Hanrui Overseas Investment Co., Ltd. at 'B'.

The affirmation follows Fitch's assessment of HanRui's liquidity
profile and the company's recent progress on refinancing its
offshore bond due on June 28, 2019. The Negative Outlook reflects
HanRui's weak debt structure, while Fitch expects refinancing
pressure to remain over the next six to 12 months. The Outlook will
remain in place until the company provides satisfactory evidence
that its liquidity position has improved.

HanRui is the flagship government-related entity (GRE) for urban
development within the Zhenjiang New Area, a national-level
economic and technological development zone in Jiangsu province in
China's eastern-central coastal area. HanRui's urban-development
role includes infrastructure and social-housing construction, as
well as some property development.

KEY RATING DRIVERS

Weak Liquidity Profile: Fitch believes HanRui's weak liquidity
profile will remain a near-term driver in light of the company's
maturity schedule. Fitch maintains the assessment that the
government has the incentive to provide extraordinary support to
HanRui, if needed. Fitch has factored in the government's ownership
and control, as well as HanRui's functional role in economic
development, and the impact of its default on other GREs.

'Strong' Status, Ownership and Control: Fitch believes HanRui's
oversight is less direct, which is a major constraint against a
higher attribute strength. HanRui is wholly owned by the Zhenjiang
State-owned Assets Supervision and Administration Commission but is
under the administration of the Zhenjiang New Area management
committee. The municipality, via the management committee, appoints
HanRui's senior management, and supervises or approves the
company's major strategic and financing decisions.

'Moderate' Support Record, Expectations: The government has
provided recurring support for HanRui, including annual subsidies,
debt swaps and capital injections. The city's weakened economic and
fiscal performance may limit its flexibility to materially improve
HanRui's weak debt structure. Fitch may reassess this attribute if
the city addresses HanRui's weak liquidity.

'Moderate' Socio-Political Impact of Default: Fitch believes HanRui
plays a key role in the urban development of the Zhenjiang New
Area. A default could potentially disrupt the economic development
of the zone due to HanRui's role as the flagship GRE in
infrastructure and social-housing construction. There is more than
one urban developer within Zhenjiang that could substitute for
HanRui, although not without some impact on economic development.

'Strong' Financial Implications of Default: Fitch believes a
default of HanRui could raise uncertainty over the municipality's
credibility in light of the company's asset size and substantial
receivables due from the government. The attribute was not given a
higher assessment as the company's geographical concentration means
it may not necessarily be seen as a proxy for the city. HanRui was
the largest non-commercial entity under the control of the
municipality by total assets as of end-2017.

Standalone Credit Profile of 'ccc': Fitch believes HanRui's
standalone credit profile (SCP) is unlikely to see any material
improvement in the absence of substantive support from the
Zhenjiang municipality. HanRui had approximately CNY48.6 billion in
receivables due from the Zhenjiang New Area management committee,
or 32% of the total assets as of end-2018.

HanRui continues to face significant near-term refinancing risk,
which is reflected in a lower SCP assessment compared with urban
developer peers. HanRui has weak liquidity, with unrestricted cash
of CNY3.1 billion against Fitch-calculated short-term debt of
CNY38.9 billion at end-2018.

'Very Weak' Financial Profile: HanRui has high leverage and weak
liquidity relative to its debt maturity profile. Its financial
profile was the dominant factor in the final assessment of a low
SCP, considering a net debt-to-EBITDA ratio remaining over 30x at
end-2018.

'Weaker' Revenue Defensibility, Operating Risk: The company faces
customer and geographical concentration, as its revenue is derived
mainly from the Zhenjiang New Area and hence is sensitive to the
city's slowing growth. In addition, the company's ability to pass
on its operating risk will be subject to the sponsor's financial
strength.

REDSUN PROPERTIES: Fitch Puts Final 'B' Rating to USD250MM Notes
----------------------------------------------------------------
Fitch Ratings has assigned China-based Redsun Properties Group
Limited's (B/Positive) USD250 million 10.5% senior notes due 2022 a
final 'B' rating and a Recovery Rating of 'RR4'.

The notes are rated at the same level as Redsun's senior unsecured
debt as they constitute its direct and senior unsecured
obligations. Redsun plans to use the proceeds to refinance existing
debt and for general corporate purposes. The assignment of the
final rating follows the receipt of documents conforming to
information already received and is in line with the expected
rating assigned on June 24, 2019.

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 to pursue sustained high
sales growth. Home purchase restrictions that affect cities within
Jiangsu province also create uncertainty for the group's contracted
sales growth, although selling prices are likely to be supported by
firm demand.

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

KEY RATING DRIVERS

Sales to Continue Rising: 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
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%. EBITDA margin fell to
about 23% on Fitch's estimates in 2018, partly offset by revenue
recognition from more projects outside Nanjing that will have lower
margins, higher operating costs on the group's geographical
expansion and one-off pre-listing expenses for Redsun.

Land Acquisitions Remain Controlled: 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%). The group had attributable land bank of about 7.2
million square metres at end-December 2018, sufficient for three to
four years of development. Fitch expects the larger land bank to
allow the company to control its 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.

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 CNY8.0 billion in 2018.

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%

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-December 2018, sufficient to cover short-term borrowings of
CNY10.8 billion.

SHANDONG YUHUANG: Fitch Lowers LT IDR to CCC+, Outlook Negative
---------------------------------------------------------------
Fitch Ratings has downgraded China-based Shandong Yuhuang Chemical
Co., Ltd.'s Long-Term Issuer Default Rating to 'CCC+', from 'B'
with Negative Outlook. Fitch has also downgraded the senior
unsecured rating and the rating on Yuhuang's senior unsecured US
dollar notes due 2020 to 'CCC+' with Recovery Rating of 'RR4', from
'B' with Recovery Rating of 'RR4'. The notes were issued by its
offshore SPV, Rock International Investment Inc., and guaranteed by
Yuhuang.

The downgrade is mainly due to Yuhuang's deteriorating liquidity
position, as the company has not secured sufficient funding by
mid-2019 to refinance short-term debt due over the next 12 months,
including the USD300 million of notes due in March 2020.

We think Yuhuang may have some flexibility to delay capex so that
it can cover its domestic debt obligations in 2019, but Fitch does
not believe it will have sufficient liquidity to address repayment
of the US dollar bonds. The company said it had expected to secure
sizeable new facilities from domestic financial institutions, but
those discussions have ended. The company continues to explore
other funding channels. However, Fitch expects Yuhuang is unlikely
to be able to issue new debt in capital markets, even if the
restructuring of Hongye Chemical Group Co., Ltd. (Hongye), to whom
Yuhuang provides guarantees, is completed in the near term. As a
result, the refinancing risk on the US dollar bonds has
significantly increased.

The Recovery Rating of 'RR4' reflects average recovery prospects
for Yuhuang's offshore senior unsecured creditors.

KEY RATING DRIVERS

Higher Restricted Cash Squeezes Liquidity: Yuhuang reported much
higher restricted cash at end-2018 than Fitch forecast, despite
declining bills payable, which use restricted cash as collateral.
Fitch believes the rise in restricted cash was related to Yuhuang's
maintenance of banking relationships, although it has reduced cash
available for debt repayment. Fitch has also lowered its forecast
for 2019 free cash flow due to the downward trend of most
petrochemical and refining products prices in 2Q19, despite a
pickup in crude price.

Hongye Not the Only Hurdle: Fitch thinks it will remain challenging
for Yuhuang to resume debt capital market financing, even if
Hongye's restructuring can be completed without adverse impact on
Yuhuang's financial profile. Hongye has not provided further
updates after it said in November 2018 that it was recruiting
restructuring investors. Yuhuang's management still expects the
restructuring process to be completed by end-June 2019. The amount
that Yuhuang needs to pay under its guarantee to Hongye is still
uncertain.

Looming Debt Maturities: Yuhuang repaid CNY2.4 billion of onshore
bonds from 3Q18, using government cash injections and its internal
resources. Its banks continued to roll over maturing loans, but the
company has two onshore bonds (CNY1 billion) with put options that
may be exercised in November and December 2019, and the USD300
million bond due in March 2020. Fitch believes the government will
continue to offer liquidity support to Yuhuang, but the extent of
support may not be sufficient to address all of its refinancing
needs. The company is trying to obtain new facilities from
financial institutions, but has not secured any agreement yet.

Rising Connected Transactions: Yuhuang reported that sales to a
connected party rose to 20% of total revenue, and procurement cost
paid to the same entity rose to 16% of total costs in its 2018
audited financial report. It also reported a large increase in
other receivables and payables in 2018, which are usually loans to
and from third parties. Yuhuang's reported average selling price
and margins are still in line with market levels, despite higher
connected transactions, and the trade receivable days from related
parties also appear reasonable. However, the rise in connected
transactions and third-party loans could increase risk of cash
leakage, as those transactions increased without creditors'
approval.

Financial Metrics Remain Weak: Yuhuang has deconsolidated its 60%
US joint venture (JV) since 2018, as management believes that
certain key decisions need to be approved by its JV partner. Fitch
re-consolidated the US JV when calculating Yuhuang's financial
metrics as Yuhuang and its operating subsidiaries provided a
guarantee for the project loan. Yuhuang's 2018 FFO fixed-charge
coverage ratio of 3.0x is in line with Fitch's forecast, but the
FFO adjusted net leverage of 5.6x was higher than expected, mainly
due to higher restricted cash. Fitch expects leverage to rise to
6x-7x while the US project is being constructed and then decline
towards 5x after the project starts operation.

DERIVATION SUMMARY

Yuhuang's 'CCC+' rating mainly reflects its heightened refinancing
risk with the looming maturity of its USD300 million bond. Compared
to Zhongrong Xinda Group Co., Ltd. (ZRXD, B-/Negative), Yuhuang has
a more pressing bond maturity schedule. Meanwhile, ZRXD issued
CNY1.5 billion of onshore bonds in December 2018, while Yuhuang has
not been able to raise funds from the bond market since mid-2017.
Yuhuang repaid the bonds that matured mainly through government
cash injections and internal resources.

KEY ASSUMPTIONS

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

  - Sales volume for the China operation to decline slightly; US
project to start operations in 2020 with 30% utilisation initially
and 70% in 2021 and 100% in 2022;

  - Product prices to decline in 2019 from 2018, and change with
Fitch's price-deck assumptions of oil prices thereafter. Methanol
price for its US project at USD350 per tonne in 2020, and then
decline in 2021-2022.

  - China operation's EBITDA margin to decline to 10.7% in 2019 and
2020 from 11.6% in 2018, and US methanol project EBITDA margin at
around 30% in 2020-2022;

  - Maintenance and upgrade capex for the China operation at CNY600
million in 2019-2020 with no expansionary capex. Total capex for US
methanol project at USD1.6 billion.

Fitch's key assumptions for the bespoke recovery analysis include:


  - Yuhuang would be considered a going-concern in bankruptcy and
would be reorganised rather than liquidated.

  - Fitch has assumed Yuhuang's going-concern EBITDA is equal to
estimated 2019 EBITDA with a 15% discount. The discount rate is
smaller than in its previous assumptions as Fitch believes its 2019
forecast EBITDA already incorporates a down-cycle impact on
EBITDA.

  - A 4.5x enterprise value (EV)/ EBITDA multiple is used to
calculate the post-reorganisation valuation

  - 10% administrative claim

  - Fitch has included the liquidation value of the US project at
40% advance rate for the property, plant and equipment (PP&E)
recorded for the project at end-2019. The advance rate reflects
management expectations that all major equipment installation will
be completed by October 2019, and Fitch thinks a higher advance
rate for equipment, which is more valuable than ground
infrastructure, is justifiable. Its PP&E advance rate is still
lower than sector average of 50% to be conservative.

  - The CNY3.6billion liquidation value is insufficient to cover
its projected CNY5 billion outstanding balance of the US project
loan, which has been drawn down. The Yuhuang holding company
guarantees 50% of a USD800 million US project loan while Yuhuang's
subsidiaries provided guarantees for the remaining 50%. Fitch has
treated the amount guaranteed by the subsidiaries as prior-ranking
to the US dollar notes and the amount guaranteed by the holding
company as pari passu with the US dollar notes.

  - Yuhuang's external guarantees of CNY1.9 billion are also
treated as pari passu to the US dollar notes in its recovery
analysis.

  - The recovery waterfall results a 'RR4' Recovery Rating.

RATING SENSITIVITIES

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

  - Significant improvement in liquidity, including sizeable funds
being secured to address debt maturities over the next 12 months.

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

  - Further deterioration of internal and external liquidity,
including, weaker cash-generation ability of its China operations,
higher funding needs for its US projects, higher-than-expected
payments related to the guarantee to Hongye, rising restricted
cash, and signs of not being able to roll over maturing bank loans.


  - A default on its debt becoming probable, a payment default or a
debt restructuring that is viewed by Fitch as a distressed debt
exchange

LIQUIDITY

Tight Liquidity: Yuhuang reported onshore available cash of CNY1.7
billion at end-2018, against short-term debt of CNY7.6 billion,
including the bonds to be puttable in 2019. Available banking
facilities from large banks in China remained stable at CNY2.5
billion at end-2018, most of which were for working capital.

The company has CNY 2.2 billion of onshore bonds that mature or
turn puttable in 2019 and USD300 million of offshore bonds due in
March 2020. In terms of internal liquidity, Fitch estimates FCF
from the China operation will not be enough to cover the equity
contribution needed for the US project, although there is some
flexibility in the funding as its JV partner can provide temporary
liquidity support. Yuhuang redeemed CNY1.2 billion bonds in 5M19,
using internal resources and government support. However, it will
need to find other liquidity sources to satisfy the repayment needs
for the remaining bonds.



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

MELCO RESORTS: Moody's Affirms Ba2 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service has affirmed Melco Resorts Finance
Limited's Ba2 corporate family rating as well as the Ba2 senior
unsecured ratings on the company's $1 billion senior unsecured
notes due 2025 and $500 million senior unsecured notes due 2026.

The rating outlook remains stable.

RATIONGS RATIONALE

"The rating affirmation mainly reflects the financial flexibility
that the Melco group has to absorb future capital spending for the
development of the Cyprus project," says Sean Hwang, a Moody's
Analyst.

"However, this development, together with the announced acquisition
of a 19.99% stake in Crown Resorts, will materially reduce the
group's financial headroom and is indicative of an increasing
appetite for inorganic and organic growth," adds Hwang.

On 24 June, Melco Resorts & Entertainment Limited (MRE), the parent
of MRF, announced that it will acquire a 75% stake in ICR Cyprus
Holdings Limited, which is developing an integrated casino resort
in the Republic of Cyprus (Ba2 stable), from its parent, Melco
International Development Limited.

The acquisition itself will not immediately affect MRE's financial
metrics, because it will be entirely funded through a new share
issuance by MRE, and because ICR Cyprus is currently debt-free.
However, the capital spending required at ICR Cyprus over the next
two years to complete construction of the resort will increase
MRE's debt leverage.

Assuming $450-$500 million in additional debt funding for the
Cyprus project and around $1 billion in debt for the acquisition of
a 19.99% stake in Crown Resorts Limited (Baa2 stable), MRE's
consolidated gross debt/EBITDA and net debt/EBITDA (reflecting
Moody's adjustments) will increase to around 4.5x and 3.4x over the
next 12-18 months, from 3.6x and 2.5x in 2018.

These projected metrics for MRE remain within the tolerance levels
for MRF's Ba2 ratings, although limited headroom will remain for
further large debt-funded investments or a weaker-than-expected
operating performance.

MRF's credit quality and ratings are largely driven by MRE's
consolidated credit quality, given that the former is 100%-owned by
the latter with limited ring-fencing mechanisms. In addition,
Moody's expects MRE will continue to rely heavily on MRF for profit
generation and funding.

The investments in Crown Resorts and ICR Cyprus are expected to be
held by subsidiaries of MRE, outside the MRF group.

ICR Cyprus' resort project entails significant execution risk,
given its greenfield nature and the limited history of Cyprus'
gaming market. Nonetheless, this risk is manageable for MRE, given
the moderate size of the project budget of around EUR650 million
(around $740 million) relative to MRE's consolidated assets of $9.0
billion as of 31 March 2019, as well as its partnership with a
local developer that owns a 25% stake in the project. The project
also benefits from a 15-year exclusive license and low 15% gaming
taxes.

In terms of environmental, social and governance (ESG) factors, the
Ba2 ratings also factor in the company's exposure to changing
demographics and consumer preferences, as well as the high
concentration of ultimate ownership in a controlling shareholder.
These risks are mitigated by Melco group's good track record of
managing the social aspect of its operations, the positioning of
its core market of Macau as a destination gaming hub, and the board
oversight exercised through independent board directors.

The stable rating outlook reflects Moody's expectation that MRE
will continue to improve its consolidated earnings over the next
12-18 months, supported by growing mass-market gaming demand in
Macau. Moody's further assumes that, aside from the announced
transactions, MRE will not use further significant debt to pursue
large-scale investments or shareholder distributions.

An upgrade of MRF's ratings is unlikely in the near term, given
MRE's elevated leverage. However, the ratings could be upgraded
over time if MRE establishes a longer track record of maintaining a
conservative investment strategy and improves its consolidated
financial profile, such that MRE's adjusted debt/EBITDA stays below
3.5x while it maintains sizeable cash holdings.

On the other hand, MRF's ratings could be downgraded if (1) MRE's
operating performance weakens as a result of slowing demand or
intensifying competition in MRE's key gaming markets, or (2) MRE's
financial leverage increases significantly because of further large
debt-funded investments or shareholder distributions, or both.
Metrics indicative of a possible downgrade include MRE's adjusted
debt/EBITDA rising above 4.5x-5.0x.

In addition, the ratings on MRF's senior unsecured notes could come
under pressure in the event of a sustained increase in MRF's
subsidiary-level priority claims relative to MRF's holding
company-level senior unsecured debt.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.

Melco Resorts Finance Limited is a wholly-owned subsidiary of Melco
Resorts & Entertainment Limited, which is listed on the NASDAQ
exchange and is majority-owned by the Hong Kong-listed Melco
International Development Ltd. All of Melco Resorts Finance's
operations are currently located in Macau.

Through Melco Resorts Limited, Melco Resorts Finance operates two
wholly-owned casinos in the territory, namely, Altira Macau and
City of Dream.



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

AGGARWAL ASSOCIATES: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Aggarwal
Associates - Mansa (AAM) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee          6        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit             4        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AAM for obtaining
information through letters and emails dated March 12, 2019 and
April 11, 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 AAM. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AAM is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

Aggarwal Associates was formed as a partnership firm in 1995, by Mr
Prem Nath Garg and his son, Mr Amit Garg. The firm undertakes civil
contracts for government entities in Mansa (Punjab).

AIR CARNIVAL: CRISIL Migrates 'D' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Air Carnival
Private Limited (ACPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

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

   Cash Term Loan          5        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      5.3      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Secured Overdraft       4.7      CRISIL D (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ACPL for obtaining
information through letters and emails dated March 12, 2019 and
April 11, 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 ACPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ACPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

ACPL was established as a partnership firm in 2012 and subsequently
reconstituted as a private limited company in June 2013; it is
promoted by Mr S I Nathan and his family. ACPL, based in
Coimbatore, Tamil Nadu, operates an airline under the brand Air
Carnival, which covers four sectors in Tamil Nadu and Andhra
Pradesh.

AIR INDIA: Government Says Still Planning to Sell National Carrier
------------------------------------------------------------------
Reuters reports that India clarified on June 27 that plans to sell
debt-laden state-run carrier Air India were still on track, hours
after a junior minister told parliament the privatisation was on
hold because of high oil prices and volatile exchange rates.

India failed last year in its attempt to sell a 76% stake in
loss-making Air India due to a lack of interest from bidders, but
said it would return with an alternative proposal soon, Reuters
relates.

The government injected INR39.75 billion ($576 million) into the
airline in the fiscal year that ended March 31 and hived off some
debt and the Ministry of Civil Aviation said on June 27 that the
carrier was ready for sale, according to Reuters.

"Continued support from the government (has) resulted in
improvement of (the) financial & operational performance of Air
India . . . the government will now go ahead with the process of
disinvestment of the company," the ministry said in a statement,
Reuters relays.

It issued the statement to correct comments earlier in the day by
the country's junior civil aviation minister, who told parliament
conditions were still not right to attempt another sale, the report
notes.

"The present environment is not conducive to stimulate interest
amongst investors for strategic disinvestment of Air India in the
immediate near future," Reuters quotes Hardeep Singh Puri as
saying. The government would revisit the sale once global economic
conditions become more favorable, he added.

A spokesman for the Ministry of Civil Aviation said the confusion
stemmed from Puri referring to a report from last year and stressed
the sale plan was still on, Reuters adds.

According to Reuters, India's aviation sector is facing turmoil
with one of its biggest private carriers, Jet Airways, facing
bankruptcy, while passenger growth in the market overall has
slowed.

Potential bidders for Air India last year suggested they found some
of the stake sale terms too onerous, making it a non-starter. The
government said high oil prices, a weaker rupee and rising interest
rates hurt the sale's prospects.

Reuters relates that Prime Minister Narendra Modi's government has
since hived off a part of the airline's debt, about INR300 billion,
into a separate entity and is trying to sell off some of its assets
and subsidiaries, such as the ground-handling unit, piecemeal.

"The government has prepared a revival plan for Air India which
includes a comprehensive financial package," Puri said, adding it
would focus on increasing revenue and reducing costs, Reuters
relays.

Air India is expected to report a loss of more than 76 billion
rupees for the year that ended in March 2019, Puri told parliament,
adds Reuters.

                          About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government of
India enterprise. The airline operates a fleet of Airbus and Boeing
aircraft serving various domestic and international airports.  It
is headquartered at the Indian Airlines House in New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on March
28, 2014, The Times of India said Air India got a breather in the
form of INR1,000-crore equity infusion from the government on March
26, 2014.  According to the report, the airline's unending
financial stress had got worse as the Centre had so far given
INR6,000 crore instead of the promised INR8,500 crore for the
fiscal. As a result, AI had to bridge this gap by borrowing money
from banks at 11%-12%, which increased its debt servicing burden,
the report said.  Before the infusion, the government had injected
INR12,200 crore into AI and there was a shortfall in equity to the
tune of INR3,574 crore -- despite the airline meeting most of the
milestone-linked equity targets -- leading to a liquidity crunch,
the report related.

Air India has posted continuous losses since 2007, according to The
Economic Times.

AM CLEAN: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: AM Clean Air Engineering Private Limited
        No. 3/237, Kovur-Pattur Road
        Chinapanichery
        Paraniputhur, Mangadu
        Chennai 600122

Insolvency Commencement Date: May 28, 2019

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Dr. L. Natrajan

Interim Resolution
Professional:            Dr. L. Natrajan
                         No. 21, Jambulingam Street
                         Nungambakkam
                         Chennai 600034
                         E-mail: natrajanl@yahoo.com

Last date for
submission of claims:    June 14, 2019


B. S. INNOVATIONS: CRISIL Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of B. S.
Innovations (BSI) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bill Discounting      2.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit           2         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Export Packing
   Credit                3         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Working
   Capital Facility      0.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Standby Line
   of Credit             1         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BSI for obtaining
information through letters and emails dated March 12, 2019 and
April 11, 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 BSI. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BSI is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

BSI, incorporated in 2008 and based in Tirupur, Tamil Nadu,
manufactures and exports ready-made garments. The operations are
managed by the partners, Ms S Kalpana, Ms. B Anuradha, and their
families.

FAMICA PRESS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Famica Press Industries Private Limited
        Singh Colony, Rahargora, PS-Parsudih
        Jamshedpur Jharkhand
        PIN 831016 India

Insolvency Commencement Date: June 18, 2019

Court: National Company Law Tribunal, Jamshedpur Bench

Estimated date of closure of
insolvency resolution process: December 15, 2019

Insolvency professional: Sunil Mohan Acharya

Interim Resolution
Professional:            Sunil Mohan Acharya
                         245/1, Bhattacharya Para
                         6 No. Jheel Par Road
                         Ward No. 15, New Barrackpur
                         North 24 Paraganas
                         Kolkata 700131
                         E-mail: sunilmohanacharya58@gmail.com
                                 famica.cirp@gmail.com

Last date for
submission of claims:    July 4, 2019


GIAN CHAND: CRISIL Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Gian Chand and
Sons Private Limited (GCSPL) to 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          21        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GCSPL for obtaining
information through letters and emails dated March 30, 2019 and May
24, 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 GCSPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GCSPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Established as a proprietorship firm in 1980 by Mr Gian Chand and
reconstituted as a private limited company in 1988, GCSPL dyes yarn
and fabric, and also manufactures knitted cloth at its unit in
Ludhiana. Operations are currently managed by Mr Gulshan Agrawal,
son of Mr Gian Chand.

GOLD WOOD: CRISIL Reaffirms B+ Rating on INR2.5cr Cash Loan
-----------------------------------------------------------
CRISIL has reaffirmed the rating for the bank facilities of Gold
Wood Industries (GWI) at 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           2.5       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      6         CRISIL A4 (Reaffirmed)
   Long Term Loan        1.5       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's modest scale and working
capital intensive nature of operations in the intensely competitive
commercial plywood and trading of imported face veneer industry and
customer concentration in revenue. These rating weaknesses are
partially offset by the extensive industry experience of the firm's
proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale and working capital intensive nature of operations:
The firm operates at a modest scale, as indicated by revenue of
INR75.74 crore in fiscal 2019. Gross current assets were around 110
days as on March 31 2019, due to large inventory and receivables.

* Customer concentration in revenue: Major portion i.e. around 80%
of sales is derived from Greenply Industries Limited, thus exposing
the firm to high customer concentration risk.

Strength
* Extensive experience of proprietor: Benefits from the
proprietor's extensive experience of around 10 years and healthy
relations with customers and suppliers should continue to support
the business.

Liquidity

* High bank limit utilization: Bank limit utilization is around
93.5 percent for the past twelve months ended April 2019. CRISIL
believes that bank limit utilization is expected to remain high on
account of growing working capital requirement.

* Cash accrual to meet debt obligation: Net cash accruals of around
INR70 lakh is sufficient against repayment obligations of INR30
lakh.  Unsecured loan support from related parties supports
liquidity further.

Outlook: Stable

CRISIL believes that GWI will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if there is further  ramp up
in the scale of operations and higher than expected cash accruals
is generated resulting in consequent improvement of financial risk
profile while improving its working capital management. Conversely,
the outlook may be revised to 'Negative' if the firm generates
lower than expected cash accruals, if the firm undertakes a
larger-than-expected debt funded capex or if there is a stretch in
the working capital cycle. Continuation of significant withdrawals
eroding net worth further, will remain a key monitorable factor.

GWI, established in February 2016, is engaged in manufacture of
commercial plywood and trading of imported face veneer. The day to
day operations of the firm are managed by its proprietor Mr. P.H.
Shanavas.

HIMALAY COLD: CRISIL Lowers Rating on INR6cr Overdraft to D
-----------------------------------------------------------
CRISIL has downgraded the rating of the long-term bank loan
facilities of Himalay Cold Storage (HCS) to 'CRISIL D' from 'CRISIL
B/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft              6         CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects CRISIL belief that the firm's
liquidity is expected to be under pressure on account of stretch in
the working capital leading to pressure on the liquidity neat to
over the medium term. The company's weak liquidity is reflected
with the continuous overdrawals in its bank lines for more than 30
days on account of shortage of funds. The company's liquidity is
further stretched by its weak financial risk profile with high
gearing and weaker debt protection metrics. The improvement in
working capital stretch would be key monitorable over the medium
term.

The rating continues to ratings reflect the weak financial risk
profile marked by weak financial risk profile with stretched
liquidity along with high gearing and low net worth, modest scale
of operations in fragmented nature of the cold storage industry and
working capital intensive operations. These rating weaknesses are
partially offset by the extensive experience of the company's
promoter in the cold storage business.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Its financial risk profile
constrained by high gearing and weak debt protection metrics. Its
debt protection metrics are expected to be remain weak with
interest coverage of 1.2-2.0 times and net cash accrual to total
debt of 0.02-0.04 times over the medium term. The financial risk
profile is expected to continue to be weak over the medium term.

* Modest scale of operations and fragmented nature of cold storage
industry: HCS's scale of operations is modest, indicated by its
expected operating income of INR2 Cr. in 2017-18. The cold storage
industry in India is marked by the presence of a large number of
small players with marginal capacities. The presence of a large
number of small players reduces the bargaining power of all players
in the industry. CRISIL believes that the company's business risk
profile will remain constrained on account of modest scale of
operations over near terms.

* Working-capital-intensive operations: HCS's gross current assets
were 1200+ days over the three years ended March 31, 2018. CRISIL
believes that HCS's operations will remain working capital
intensive over the medium term.

Strength
* Extensive experience of partners in cold storage business: HCS
has been set-up by the Mr.Chandrakant Padhiyar and Mr.Vinaykumar
Padhiyar, who have experience of more than a decade. The partner'
extensive industry experience has resulted in established
relationship with clients/farmers and suppliers. CRISIL believes
that HCS will continue to benefit over the medium term from its
partner's extensive industry experience.

Liquidity
Liquidity expected to remain under pressure as evident by
continuous overdrawals of the cash credit facility for more than 30
days. The bank lines of around INR6 crore remain fully utilized.

HCS is a partnership firm set up in 2007 by Padhiyar Family, the
firm is based at Deesa, Banaskantha (Gujarat).

IL&FS: HSBC Issues Notice to Unit Seeking Payment for CNY1BB
------------------------------------------------------------
Livemint.com reports that in a fresh hit for the lending major
IL&FS, Hongkong and Shanghai Banking Corporation (HSBC) has issued
a notice to the former's arm ITNL Offshore Private Ltd asking it to
pay CNY1 billion ($145 million).

A trust deed was signed by ITNL Offshore, IL&FS Transportation
(ITNL) as the guarantor and HSBC as a security trustee in January
2018, the report says.

In a regulatory filing, IL&FS Transportation said: "HSBC has issued
notice dated June 19, 2019 to the issuer (ITNL Offshore) with a
copy to the company (ITNL) that the RMB 1,000,000,000 7.50 per cent
Guaranteed Notes due 2021 have become due and payable at their
principal amount together with accrued interest to the date of
payment.

Implying its inability of paying back the amount, ITNL said that
HSBC may act against the company and ITNL Offshore as per the
clauses in the trust deed.

"As per the the notice and conditions stipulated in the trust deed,
HSBC may, at its discretion and without further notice, institute
such proceeding against the issuer and/the company (as the
guarantor) to enforce the terms of the trust deed and,or notes
and/or security documents thereto (as the case may be)," it said,
Livemint.com relays.

Livemint.com says the liquidity crisis in Infrastructure Leasing &
Financial Services Limited (IL&FS) and its group companies
including ITNL came to light when IL&FS first defaulted on a
commercial paper in September last year, which have raised
questions on the actual liquidity status of the country's NBFC
sector.

Following the incident, the group and its erstwhile management has
been under the scanner of investigative agencies and an interim
IL&FS board has been installed headed by Uday Kotak and the matter
is in the National Company Law Appellate Tribunal, the report
relates.

More and more rot has been unearthed as audit firms and credit
rating agencies too have been found veiling the crisis in the
lending major, the report says.

                             About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
3, 2018, the Indian Express said that the government on  Oct. 1,
2018, stepped in to take control of crisis-ridden IL&FS by moving
the National Company Law Tribunal (NCLT) to supersede and
reconstitute the board of the firm which has defaulted on a series
of its debt payments. This was said to be an attempt to restore the
confidence of financial markets in the credibility and solvency of
the infrastructure financing and development group.

JET AIRWAYS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Jet Airways (India) Limited
        Siroya Centre, Sahar Airport Road
        Andheri (East), Mumbai 400099

Insolvency Commencement Date: June 20, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 17, 2019
                               (180 days from commencement)

Insolvency professional: Asish Chhawchharia

Interim Resolution
Professional:            Asish Chhawchharia
                         Grant Thornton
                         10C Hungerford Street
                         Kolkata 700017
                         E-mail: ashish.chhawchharia@in.gt.com
                                 rp.jetairways@in.gt.com

Last date for
submission of claims:    July 4, 2019


K. MANIKANDAN: CRISIL Reaffirms B+ Rating on INR5cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
K. Manikandan (KM) at 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         1        CRISIL A4 (Reaffirmed)
   Cash Credit            5        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     4        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect below-average financial risk
profile, small scale of operations in intensely competitive civil
construction industry and large working capital requirements. These
weaknesses are partially offset by the extensive industry
experience of proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations with revenue concentration risks:
KM operates in the highly fragmented civil construction industry
with small scale as reflected in revenue of INR15 crore in fiscal
2019. Intense competition and tender based nature of business, has
led to volatility in revenues in past four fiscals.

* Below-average financial risk profile: Networth is estimated to
remain modest at INR2.04 crore and total outside liabilities to
adjusted networth high at 4.4 times as on March 31, 2019. Debt
protection metrics are weak marked by interest coverage of 1.7
times and net cash accruals of 0.06 times in fiscal 2019. Financial
risk profile is estimated to remain below average over the medium
term due to modest operating profitability and high reliance on
outside liability.

* Large working capital requirements: Operations are high working
capital intensity marked by gross current assets of 233 days due to
high debtors of 183 days ad on March 31, 2019. High debtor includes
unbilled revenue, also they delay in payments from the government.
Requirement to provide earnest money, security deposit and bank
guarantees further augments the working capital requirements.

Strength:
* Extensive experience of proprietor: Promoter's experience of over
two decades in the civil construction business, has helped
establish strong relationship with customers and suppliers.
Outstanding orders of about INR15 crores as on date to be executed
over 1-2 years, provides revenue visibility.

Liquidity
KM has weak liquidity driven by expected cash accruals of more than
INR0.5-.06 crores per annum in fiscal 2020 and fiscal 2021 and cash
and cash equivalents of Rs1.02 crores as on March 31, 2019. KM also
has access to fund based limits of INR8 crores, which is fully
utilized over the 12 months ended April 2019. The firm do not have
any long term repayment obligations in fiscal 2020 and fiscal 2021
and no capex plans. CRISIL expects internal accruals, cash & cash
equivalents to be sufficient to meet its incremental working
capital requirements.

Outlook: Stable

CRISIL believes KM will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if sustained increase in scale of operations and
profitability, improves the financial risk profile. The outlook may
be revised to 'Negative' if decline in revenue or profitability,
stretch in working capital cycle, or sizeable, debt-funded capital
expenditure weakens the financial risk profile.

Established as a proprietorship concern by Mr K Manikandan in 1997,
KM undertakes civil construction works, primarily buildings, in
Kerala for the government departments.

KHATOR FIBRE: CRISIL Lowers Rating on INR20.45cr Loan to D
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Khator
Fibre and Fabrics Limited (KFFL) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7.5       CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Letter Of Guarantee    4.0       CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Packing Credit         2.25      CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Proposed Long Term     0.8       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB-/Stable')

   Term Loan             20.45      CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The downgrade reflects delay by KFFL in servicing its debt
obligations, and over-utilisation of the cash credit facility.

The ratings continue to reflect the company's average financial
risk profile. This weakness is partially offset by the extensive
experience of the promoters in the textile industry, and their
healthy relationships with customers.

Key Rating Drivers & Detailed Description

Strengths:

* Delay in repayment of term loan: The company delayed servicing of
its debt obligation because of weak liquidity.

Weakness:

* Average financial risk profile: Financial risk profile is weak.
Networth was modest and gearing high at INR14.93 crore and 2.46
times, respectively, as on March 31, 2019. Gearing remained high
due to debt-funded capital expenditure and increase in working
capital requirement, mainly funded through bank lines. Debt
protection metrics were low, with interest coverage and net cash
accrual to total debt ratios of -1.02 times and 0.07 time,
respectively, in fiscal 2019.

Strengths:

* Extensive experience of the promoters and their healthy
relationships with customers: Benefits from the three-decade-long
experience of the promoters and their healthy relationships with
customers should continue to support the business risk profile.
Originally set up as a processing house for undertaking jobwork,
the company began manufacturing and selling finished shirting
fabrics later. Backed by the successful track record and sustained
quality, order pipeline has remained stable over the years.
Furthermore, the promoters have recently entered the export
market.

Liquidity

Liquidity is stretched as can be seen in delay and overdue in
repayments of term loan availed by the company and overdraws in
cash credit account for a continued period of over 30 days.

KFFPL was incorporated as a private limited company in 1986 and
reconstituted as a public limited company in 1992. The company
manufactures and processes shirting fabrics at its facility near
Thane. Mr Kailash Khator and his family members are the promoters.

MM ENGINEERS: CRISIL Withdraws B Rating on INR3cr Cash Credit
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of MM
Engineers Private Limited (MMEPL) and subsequently withdrawn the
ratings at the company's request and on receipt of a no-objection
certificate from the bankers. The withdrawal is in line with
CRISIL's policy on withdrawal of bank loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2.5       CRISIL A4 (Rating reaffirmed
                                    and Withdrawn)

   Cash Credit            3         CRISIL B/Stable (Rating
                                    reaffirmed and Withdrawn)

   Letter of Credit       2.5       CRISIL A4 (Rating reaffirmed
                                    and Withdrawn)

Established in Coimbatore in 1978 by Mr. Harish Vagadia, Mr. M
Durairajan, and Mr. G Kaleeswaran, MMEPL manufactures a variety of
cranes and hoists.


MODERN GLASS: CRISIL Lowers Rating on INR12.91cr Loan to D
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Modern
Glass Industries (MGI) to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.09       CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Cash Credit          10          CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Term Loan            12.91       CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

The rating reflects recent instances of delays by MGI in servicing
its term debt.

The rating also takes into account the firm's small scale, large
working capital requirement, and modest capital structure. These
weaknesses are partially offset by the extensive experience of the
partners in the glassware industry.


Key Rating Drivers & Detailed Description

* Delays in term loan repayment: There have been recent instances
of delay in repayment of the term loan due to stretched liquidity.

Weaknesses:
* Modest scale of operations: Scale of operations is modest:
revenue was INR31.61 crore in fiscal 2019, declining from INR41.35
crore in the previous fiscal on account of disruption of operations
and reduced product demand.

* Large working capital requirement: Operations should remain
working capital-intensive: gross current assets are estimated at
308 days as on March 31, 2019, driven by stretched receivables and
sizeable inventory of 139 and 161 days, respectively. However,
payables of 141 days partially support the working capital
requirement.

* Modest capital structure: Total outside liabilities to tangible
networth is estimated at 4.38 times as on March 31, 2019, on
account of modest accrual. Capital structure should remain at a
similar level over the medium term.

Strength
* Extensive industry experience of the partners: Benefits from the
more than four-decade-long experience of the partners in the
glassware industry, their keen insight into the industry dynamics,
and healthy relationships with customers and suppliers will
continue to support the business.

Liquidity
Liquidity remains under pressure, as reflected by delays in term
loan repayment. However, unsecured loans extended the partners
partially support liquidity. Bank limit of around INR10 crore
remains fully utilised.

Established in 1985 as a partnership firm, MGI manufactures glass
bulb shells and glass tubes, used in the electrical industry, and
glass for decorative items. The manufacturing facility is in
Firozabad (Uttar Pradesh), with 80% capacity utilisation. Mr
Pradeep Gupta, Mr Parag Gupta, and Ms Urmila Bansal are the
partners.

MOVING PICTURE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Moving Picture Company (India) Limited
        405, Skylark Building
        60 Nehru Place
        New Delhi 110019

Insolvency Commencement Date: June 11, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 8, 2019

Insolvency professional: Yogesh Kumar Gupta

Interim Resolution
Professional:            Yogesh Kumar Gupta
                         C-17-B, Kalkaji
                         New Delhi 110019
                         E-mail: ykgupta64@yahoo.co.in
                                 cirp.mpcil@gmail.com

Last date for
submission of claims:    June 25, 2019


MVL LIMITED: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s MVL Limited

        Registered office:
        1201 B, 12th Floor, Hemkunt Chamber
        89 Nehru Place
        New Delhi 110019

        Principal office:
        MVL I Park, 6th Floor, Wing A
        Near Red Cross Society
        Chandan Nagar, Sector-15(II)
        Gurgaon 122001 HR

Insolvency Commencement Date: June 13, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 10, 2019

Insolvency professional: Arun Jain

Interim Resolution
Professional:            Arun Jain
                         Villa No. 34, Block 4
                         2nd Floor, Charmwood Village
                         Faridabad 121009
                         E-mail: arjain1966@gmail.com

                            - and -

                         X-38, 2nd Floor, Okhla Industrial Area
                         Phase-II, New Delhi 110020
                         E-mail: irparjain@gmail.com

Classes of creditors:    Financial Creditors (Home Buyers)

Insolvency
Professionals
Representative of
Creditors in a class:    Deepak Kukreja
                         E-mail: Deepak.kukreja@dmkassociates.in

                         Jatin Madan
                         E-mail: cajatinmadan@yahoo.com

                         Hemant Sharma
                         E-mail: hemant78sharma@yahoo.com

Last date for
submission of claims:    July 3, 2019


NELLUKKARAN'S FOODS: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Nellukkaran's
Foods and Feeds Private Limited (NFFPL) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.75       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             6.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NFFPL for obtaining
information through letters and emails dated March 12, 2019 and
April 11, 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 NFFPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NFFPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

NFFPL, incorporated in 2011, manufactures poultry feed. It
commenced commercial operations in January 2016. Its manufacturing
facility in Mangaluru, Karnataka, has capacity to process 10 tonne
per hour of feed on a single-shift basis.

ORIANA POWER: CRISIL Assigns B+ Rating to INR5.0cr Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Oriana Power Private Limited (OPPL).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           0.5       CRISIL B+/Stable (Assigned)

   Proposed Cash
   Credit Limit          4.5       CRISIL B+/Stable (Assigned)

The rating reflects the company's initial stage of-and working
capital intensive operations and moderate financial risk profile.
These weaknesses are partially offset by the promoters' extensive
experience in the industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Initial stage of operations: As operations are still in the
initial stage, revenue was at INR5.14 crore in fiscal 2019. With
orders worth INR20 crore to be executed in fiscal 2020, revenue is
expected to post moderate growth over the medium term.

* Moderate financial risk profile: Although networth is estimated
to have remained modest at INR0.51 crore as on March 31, 2019  and
gearing at 0.75 time  debt protection metrics are comfortable in
the absence of debt obligation.

* Working capital intensive operations: Working capital requirement
is expected to remain large over the medium term. Gross current
assets were 135 days as on March 31, 2019 driven by high debtors of
73 days and low inventory of 19 days.

Strength
* Extensive experience of the promoters: Benefits from the
promoters' experience of more than a decade in the solar product
engineering procurement construction (EPC) industry and healthy
relations with suppliers and customers, should continue to support
the business.

Liquidity
Liquidity is healthy. The absence of repayment obligation and
need-based funding support from the promoters strengthens
liquidity. Current ratio was moderate at 1.33 times as on
March 31, 2019.

Outlook: Stable

CRISIL believes OPPL will continue to benefit from the extensive
experience of its promoters.  The outlook may be revised to
'Positive' if increase in revenue and stable profitability
strengthen financial risk profile.  The outlook may be revised to
'Negative' if decline in profitability or stretch in working
capital cycle or any large debt-funded capital expenditure weakens
capital structure.

Incorporated in 2013, Noida, Uttar Pradesh-based, OPPL, promoted by
Mr Praveen Jangra, Mr Rupal Gupta, and Mr Anirudh Saraswat,
provides solar EPC solutions. It offers the expertise as well as
tools to commission and execute solar projects.

PULIANI AND PULIANI: CRISIL Assigns B- Rating to INR5.5cr Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating on the bank loan
facilities of Puliani And Puliani (P & P).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1.5       CRISIL B-/Stable (Assigned)
   Proposed Long Term
   Bank Loan Facility     5.5       CRISIL B-/Stable (Assigned)

The rating reflects modest financial risk profile and working
capital intensive nature of operations. These rating strength is
partially offset by extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Modest Financial Risk Profile: The financial risk profile remains
modest on account of high gearing of 5.77 times. Coupled with
modest debt protection metrics as the interest coverage ratio is
expected to remain around 1.43 times -1.73 times over the medium
term.

* Working capital intensive nature of operations: - The company's
line of operations have remained working capital intensive in
nature as reflected in gross current asset days of 233 days.
Primarily of on account of extended credit period allowed to its
customers.

Strength
* Extensive experience of the promoter: The promoters have remained
in the line of business for more than 2 decades and the same is
expected to support the overall operations of the firm over the
medium term.

Liquidity
The liquidity risk profile is below average primarily on account of
modest accruals further the cash credit limit of INR1.50 crore
remained fully utilized in the past 12 months ending March 2019.

Outlook: Stable

CRISIL believes that P & P will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations and profitability, leading to
healthy cash accrual, thereby strengthening liquidity. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in the financial risk profile, most likely due to large,
debt-funded capital expenditure or a stretched working capital
cycle.

P & P constituted in 1979 is a partnership concern engaged in
tading of books coupled with publishing the same under its own
brand name pulani & pullani. The day to day operations are looked
after by Mr Satpal Pullani ,Mr Yashpal Pullani, Mr Vedyaprakash
Pullani and Mr Vinayak Pullani.

RG ROYAL: CRISIL Migrates D Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of RG Royal Hotel
& Convention (RGHC) to 'CRISIL D Issuer not cooperating'.

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

CRISIL has been consistently following up with RGHC for obtaining
information through letters and emails dated March 12, 2019 and
April 11, 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 RGHC. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RGHC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Set up in 2013 in Bengaluru as a proprietorship firm by Mr Ravish
Gowda, RGHC operates a hotel with 65 rooms, 3 banquet halls, and 3
restaurants-cum-bar. The hotel, which became operational from April
2016, operates under the RG Royal brand.

SARSWATI SALES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Sarswati Sales Private Limited
        6D, Elgin Road
        Kolkata 700020

Insolvency Commencement Date: June 24, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: December 21, 2019

Insolvency professional: Shashi Agarwal

Interim Resolution
Professional:            Shashi Agarwal
                         Subarna Appartment
                         (Opp. Udayan Club), 21N, Block-A
                         New Alipore, Kolkata 700053
                         E-mail: shashiagg@rediffmail.com
                                 s9339216750@rediffmail.com

Last date for
submission of claims:    July 8, 2019


SREE ANJANEYA: CRISIL Withdraws B Rating on INR24cr Loan
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Sree
Anjaneya Medical Trust (SAMT) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4' and simultaneously withdrawn the ratings at the
company's request and on receipt of a no objection certificate from
its banker. The withdrawal is in line with CRISIL's policy on
withdrawal of bank loan ratings.  

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        12.5       CRISIL A4 (Downgraded from
                                    'CRISIL A4'; Rating
                                    Withdrawn)

   Long Term Loan        24         CRISIL B/Stable (Downgraded
                                    from 'CRISIL B/Stable';
                                    Rating Withdrawn)

   Proposed Short Term    0.25      CRISIL A4 (Downgraded from
   Bank Loan Facility               'CRISIL A4'; Rating
                                    Withdrawn)

   Short Term Bank        4.00      CRISIL A4 (Downgraded from
   Facility                         'CRISIL A4'; Rating
                                    Withdrawn)

The rating downgrade reflects stretched liquidity resulting in
delay in repayment of term loan obligations.

Established in Kerala in 2005, SAMT is a charitable trust
constituted under the Indian Trust Act. It commenced operations in
2010. SAMT runs a multi-specialty hospital and operates an
educational institute, Malabar Medical College and Research
Hospital.

SRI MUTHULAKSHMI: CRISIL Migrates B Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri
Muthulakshmi & Co (SMC) to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

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

   Secured Overdraft
   Facility              4.6        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SMC for obtaining
information through letters and emails dated March 12, 2019 and
April 11, 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 SMC. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SMC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

SMC was established by Mr. M Varathakumar raj as a partnership firm
and is engaged in civil construction works in Tamil Nadu. The firm
is primarily a road contractor for National highways, State
highways and Coimbatore Corporation.

SURA LEATHERS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s. Sura Leathers Private Limited
        44/1, 16th Cross, K.R. Road
        Jayanagar, 7th Block
        Bangaluru 560082

Insolvency Commencement Date: May 31, 2019

Court: National Company Law Tribunal, Bengaluru Bench

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

Insolvency professional: V. Duraisamy

Interim Resolution
Professional:            V. Duraisamy
                         22G/207, Vishal Villa Apts
                         Periyarnagar
                         Karur 639002
                         E-mail: karudurai.samy@gmail.com
                         Mobile No. 9962059300

                            - and -

                         No. 397 Third Floor, Precision Plaza
                         Anna Salai, Teynampet
                         Chennai 600018
                         E-mail: irpsuraleathers@gmail.com

Last date for
submission of claims:    June 24, 2019

SUZLON ENERGY: Lenders See No Second Restructuring
--------------------------------------------------
BloombergQuint reports that lenders to Suzlon Energy Ltd. find
themselves back where they started about six years ago.  The
renewable energy firm, which had restructured debt under the
Corporate Debt Restructuring programme in 2013, is once again in
financial trouble. This time, though, lenders are not keen to
restructure the company's debt and see equity infusion from an
outside investor as the only feasible option.

The company owes banks about INR10,000 crore, BloombergQuint
discloses.

According to BloombergQuint, two bankers in the know, who spoke on
condition of anonymity, said Suzlon is currently overdue on
payments with some banks and has been classified as a ‘special
mention account' as per the Reserve Bank of India's guidelines. The
rules said that if any account is overdue by 1-90 days, its
classified as a special mention account in three different buckets,
depending on the extent of delay. If overdue for more than 90 days,
an account is classified as a non-performing asset.

BloombergQuint relates that the two bankers said lenders are likely
to sign an inter-creditor agreement by early this week to start
resolving the account. Such a pact is now mandatory under the RBI's
new stressed asset rules and allows for a decision taken by the
majority of lenders to prevail.

Bankers said that a second restructuring of the company's debt is
not feasible, BloombergQuint relays.

BloombergQuint says the wind turbine maker went through a round of
debt restructuring only in 2013, where a consortium of 19 banks had
approved a recast of the debt under the corporate debt
restructuring cell. At the time, lenders had agreed to a two-year
moratorium on repayments and a reduction on interest rates, among
other things.

The company is yet to meet all the terms set under the CDR
mechanism, the bankers quoted, as cited by BloombergQuint, said.

Last year, the banking regulator had withdrawn all restructuring
schemes, including CDR. However, since Suzlon was already under the
CDR process, banks could continue with the restructuring, the
report notes.

At this stage, a second restructuring would mean that the account
would be immediately classified as an NPA and draw higher
provisioning, BloombergQuint says.

Headquartered in Pune, India, Suzlon Energy Ltd (BOM:532667) --
http://www.suzlon.com/-- is engaged in the business of design,
development, manufacturing and supply of wind turbine generators
(WTGs) of a range of capacities and its components. Its operations
relate sale of WTGs and allied activities, including sale/sub-lease
of land, infrastructure development income; sale of gear boxes, and
sale of foundry and forging components. Others primarily include
power generation operations.

TIRUMALLA OIL: CRISIL Withdraws B+ Rating on INR11.3cr Loan
-----------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of
Tirumalla Oil Refinery Private Limited (TORPL) on the request of
the company and receipt of a no objection certificate from its
bank. The rating action is in line with CRISIL's policy on
withdrawal of its ratings on bank loans.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          11.3      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Term Loan             5.5      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with TORPL for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018, 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 they are arrived at without any management
interaction and are 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 TORPL. This restricts CRISIL's
ability to take a forward TORPL 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 rating on bank facilities of TORPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in January 2015, TORPL refines crude edible oil and
sells it under own brand 'Tirumalla'. It is promoted by Mr. Suresh
Kute and Mrs. Archana Kute, and its manufacturing unit is located
at Beed (Maharashtra). It has started operations from April 2016.

TRUSTED AEROSPACE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Trusted Aerospace Engineering Private Limited

        Registered office:
        18A, III Floor, BBC Manor
        10/11, Duraiswamy Road, T. Nagar
        Chennai 600017

        Corporate office:
        16, Cenotaph Road
        Wescare Towers, Teynampet
        Chennai 600018

        Factory:
        105, Nemili Road
        Sriperumbudur, Kanchipuram Dist.   

Insolvency Commencement Date: June 21, 2019

Court: National Company Law Tribunal, Single Bench, Chennai

Estimated date of closure of
insolvency resolution process: December 18, 2019
                               (180 days from commencement)

Insolvency professional: V. Senthilkumar

Interim Resolution
Professional:            V. Senthilkumar
                         F2, Rohini Homes
                         171, 5th Street, Murugu Nagar
                         Velachery, Chennai 600042
                         E-mail: vsenthilkumar1993@gmail.com

Last date for
submission of claims:    July 5, 2019


UMAXE PROJECTS: CRISIL Migrates 'D' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Umaxe Projects
Private Limited (UPPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

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

   Cash Credit            5.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with UPPL for obtaining
information through letters and emails dated March 30, 2019 and May
24, 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 UPPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on UPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

UPPL, incorporated in 2007, was earlier managed by Mr Sanjay Garg.
In February 2015, Mr Harpal Singh Gambhir (an industrialist) joined
as director, and Mr S K Chhabra (a chartered accountant) joined as
chief executive officer. The Delhi-based company undertakes
construction, including civil construction for government projects,
and participates in projects for builders.



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

JAPAN DISPLAY: To Receive Up to $180MM Aid from Hong Kong Fund
--------------------------------------------------------------
Japan Today reports that Japan Display Inc said on June 28 it will
receive financial aid of $150 million to $180 million from a Hong
Kong-based fund, as the panel maker scrambles to secure funds under
its bailout plan.

Japan Today relates that Oasis Management Co will provide the
financial aid, unless "a major client" discontinues purchasing
panels from Japan Display or sharply reduces orders and its share
price falls below JPY30 before the transaction is completed, the
panel maker said.

Japan Display supplies liquid crystal display panels for Apple
Inc's iPhones and sales from the U.S. company accounted for about
60 percent of its overall sales in the fiscal year ended March
2019, the report discloses.

According to Japan Today, the aid from the Hong Kong fund is a step
forward toward its bailout plan but the company is still short of
its goal of raising JPY80 billion ($742 million) and well behind
schedule.

The report notes that Japan Display, created through the merger of
the display operations of Sony Corp, Hitachi Ltd and Toshiba Corp,
has remained unprofitable for years due to falling demand from
Apple. The company initially aimed to complete the fundraising by
June 14 but is struggling to find sponsors with two Taiwanese
companies having stepped back from the restructuring scheme, the
report says.

The company said earlier on June 28 that China's Harvest Tech
Investment Management Co decided to give JPY52.2 billion in aid.
The financial support includes $100 million or about JPY10.8
billion to be extended by Apple, Japan Today reports citing sources
close to the matter.

The report adds that Japan Display said it is "currently discussing
(more financial aid) earnestly" with domestic and overseas
companies.

The display company, established in 2012 with support from
state-backed fund INCJ Ltd, incurred a group net loss of JPY109.43
billion in the last fiscal year ended March, the fifth straight
year of loss, Japan Today discloses. Sales dropped 11.3 percent to
JPY636.66 billion in that year.

Japan Display Inc. is engaged in the development, design,
manufacture and sale of small and medium-size displays and related
products. The Mobile Field provides displays for mobile equipment,
such as smart phone and tab terminals. The In-Vehicle Consumer and
Industry (C&I) and Others Field provides in-vehicle equipment,
including automobile dashboard and car navigation systems, consumer
equipment, such as digital cameras, video cameras and mobile game
machine, medical equipment such as x-ray photo interpretation
monitors, as well as industrial machinery.




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

LIONGOLD CORP: Auditor Issues Disclaimer of Opinion
---------------------------------------------------
The Straits Times reports that LionGold Corp said on June 27 that
its independent auditor Baker Tilly TFW has issued a disclaimer of
opinion on the group's financial statements for the year ended
March 31, 2019.

In response to the disclaimer, the group's board said it believes
LionGold Corp would be able to raise the necessary funds and
working capital for the next 12 months, and pay its debts when due,
the report says.

This is through an SGD3.5 million unsecured interest-free loan from
group chief executive Raymond Tan Soo Khoon and a subscription of
shares by Yaoo Capital.

The Straits Times notes that according to a debt restructuring
agreement entered in June 29, 2017, Yaoo Capital was to acquire an
approximate SGD21.6 million debt owed to creditor Premier Equity
Fund Sub Fund D and manager Value Capital Asset Management.

The amount owed to Yaoo Capital will be paid in the subscription of
21.81 billion new LionGold shares for 0.1 cent apiece, amounting to
SGD21.81 million. The move will see the company's issued and paid
up capital more than triple from 8.70 billion shares as at Dec 28,
2018, to 30.51 billion shares, the report says.

The group said that it would convene a special general meeting to
seek shareholder approval on the issuing of the subscription
shares; and the whitewash waiver over the requirement for the
subscriber to make a mandatory general offer for shares not already
owned, notes the report.

In its independent auditor's report, Baker Tilly TFW said it was
not expressing an opinion on the company's financial statements.
Due to the significance of the matters described in its disclaimer,
it has not been able to obtain "sufficient appropriate audit
evidence" to provide an audit opinion on LionGold's financial
statements, says the Straits Times.

LionGold Corp had posted a total comprehensive loss of SGD2.5
million for the financial year ended March 31, 2019, the Straits
Times discloses. As at the same date, the group and company's
current liabilities exceeded its current assets by SGD580,000 and
SGD43.6 million respectively, the report discloses. In addition,
the company has a restructured loan due in June 2020 of SGD15.8
million.

Moreover, the company and one of its subsidiaries were served
notices by the Commercial Affairs Department (CAD) of the Singapore
Police Force in April 2014 of an investigation, according to the
report.

Because the CAD has not provided details of its investigation, the
auditor said it is unable to determine whether the investigation
would have an impact on the group and company's ongoing business
operations, as well as the significance of any adjustments to the
financial statements arising from the investigation, the Straits
Times relates.

"These factors indicate the existence of material uncertainties
which may cast significant doubt about the ability of the group and
the company to continue as going concerns," Baker Tilly TFW added,
the report relays.

LionGold Corp Ltd operates as an investment holding company. The
Company acquires, explores and develops mining projects for gold
and other mineral deposits. LionGold also manufactures and sells
office equipment.



=====================
S O U T H   K O R E A
=====================

WOONGJIN GROUP: To Resell Water Purification Unit Amid Cash Crunch
------------------------------------------------------------------
Yonhap News Agency reports that Woongjin Group, a midsize
conglomerate in South Korea, said on June 27 it has decided to
resell its water purification affiliate in order to improve the
group's financial health.

According to the report, the group said it plans to sell a 25.08
percent stake in Woongjin Coway, the nation's largest home
appliance rental service provider.

This will be the second time that Woongjin Coway is up for sale,
the report says.

In 2013, then cash-strapped Woongjin Group sold its 30 percent
stake in Woongjin Coway to MBK Partners, a Seoul-based private
equity firm, for about KRW1.2 trillion (US$1 billion), Yonhap
recounts.

Yonhap relates that Woongjin Group decided to reacquire Woongjin
Coway in October 2018 and took it over for some KRW1.9 trillion.

But the group is facing a rating downgrade after the acquisition as
the deal was 80 percent funded with loans, the report states.

Yonhap says the group is also moving to sell other assets to
improve its financial status.

Woongjin Coway has been one of the cash cows for the group,
according to Yonhap. The company had sales of KRW709.3 billion and
an operating profit of KRW135.2 billion in the first half of the
year, with net profit reaching KRW100.4 billion.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***