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

                     A S I A   P A C I F I C

          Monday, July 8, 2019, Vol. 22, No. 135

                           Headlines



A U S T R A L I A

ALFRED CONSTRUCTION: First Creditors' Meeting Set for July 15
AUSTRALASIA WEALTH: ASIC Cancels AFS License
DOWNS HOUSING: Second Creditors' Meeting Set for July 12
INOVIN PTY: Second Creditors' Meeting Set for July 12
JOBEMA HOLDINGS: Second Creditors' Meeting Set for July 16

MARSHNET COMMUNICATIONS: Second Creditors' Meeting Set for July 12
SALLY ANNA: Second Creditors' Meeting Set for July 10
SPEEDCAST INTERNATIONAL: Moody's Cuts CFR to B1, Outlook Negative
SPEEDCAST INTERNATIONAL: S&P Cuts ICR to 'B+', Outlook Negative
THINK TANK 2017-1: S&P Raises Class F Notes Rating to B+ (sf)



C H I N A

FUTURE LAND: Fitch Places BB LT IDR on Rating Watch Negative
GUANGZHOU R&F: Fitch Rates Proposed USD Sr. Notes BB-(EXP)


I N D I A

ADYAR GATE: ICRA Lowers Rating on INR340.20cr Loan to 'B'
AMBICA CONCRETE: Insolvency Resolution Process Case Summary
ASHAPURA INTIMATES: Insolvency Resolution Process Case Summary
AVADHOOT PAPER: CRISIL Migrates B+ Rating to Not Cooperating
BAYPARK HOTEL: Insolvency Resolution Process Case Summary

BIOVET PRIVATE: Ind-Ra Hikes Long Term Issuer Rating to 'BB'
DEWAN HOUSING: To Seek US$217 Million Fresh Loans a Month
ESSAR STEEL: NCLAT Approves ArcelorMittal's Bid with Modifications
GAURI SHANKAR: CARE Cuts INR5.0cr LT Loan Rating to B-, Not Coop.
GEETA THREADS: CRISIL Raises Rating on INR8cr Cash Loan to B+

JET AIRWAYS: IRP Rejects JetLite Employees Claims
KARMIC ENERGY: CRISIL Migrates B- Rating to Not Cooperating
MANISHA PROJECTS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
MARKS PRYOR: CRISIL Migrates D Rating to Not Cooperating
PANDAV AGRO: CRISIL Migrates B Rating to Not Cooperating

RAJHANS COLD: CRISIL Migrates B+ Rating to Not Cooperating
RAMADE MEMORIAL: CRISIL Migrates B Rating to Not Cooperating
RIPURAJ AGRO: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
SAATVEEKA TRADING: Ind-Ra Lowers Long Term Issuer Rating to 'D'
SANNY DIGITAL: Insolvency Resolution Process Case Summary

SB LIFESPACES: CRISIL Migrates B+ Rating to Not Cooperating
SRS LIMITED: Ind-Ra Affirms 'D' Long Term Issuer Rating
SUJANA UNIVERSAL: Insolvency Resolution Process Case Summary
SUNITI PROVA: CRISIL Migrates B Rating to Not Cooperating
SURAJ FABRICS: Insolvency Resolution Process Case Summary

TRIPURARI AGRO: CRISIL Cuts INR5cr Cash Loan to Rating D, Not Coop.
TRIVANDRUM APOLLO: CRISIL Hikes Rating on INR12.26cr Loan to B
TVC ELECTRONICS: CRISIL Migrates B+ Rating to Not Cooperating
TYCHE CAST: CRISIL Withdraws B Rating on INR28cr LT Loan


M A L A Y S I A

MALAYSIA AIRLINES: No Job Cuts, Name Change, AirAsia Chief Says
SEACERA GROUP: Unable to Fully Settle MYR31.82MM Loan Default


M O N G O L I A

MONGOLIA: Fitch Affirms B LT Issuer Default Rating, Outlook Stable


P H I L I P P I N E S

RIZAL COMMERCIAL: Fitch Affirms BB+ LT IDR, Outlook Stable


S I N G A P O R E

INNOPAC HOLDINGS: Has Not Enough Cash Resources to Make Exit Offer

                           - - - - -


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A U S T R A L I A
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ALFRED CONSTRUCTION: First Creditors' Meeting Set for July 15
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Alfred
Construction Pty Ltd will be held on July 15, 2019, at 10:00 a.m.
at 101 Collins Street, in Melbourne, Victoria.

Thyge Trafford-Jones and Domenic Calabretta of Mackay Goodwin were
appointed as administrators of Alfred Construction on July 3, 2019.

AUSTRALASIA WEALTH: ASIC Cancels AFS License
--------------------------------------------
The Australian Securities and Investments Commission has cancelled
the Australian financial services (AFS) licence of Sydney-based
financial services provider Australasia Wealth Services and
Management Pty Ltd (AWSM) as of June 4, 2019.

This follows a licence suspension by ASIC for AWSM's failure to
comply with its obligations as an AFS licence holder. AWSM breached
its financial reporting and audit obligations, as well as the
requirement to obtain membership of the Australian Financial
Complaints Authority (AFCA).  

ASIC suspended AWSM's AFS licence from March 25 to June 25, 2019
allowing time for AWSM to demonstrate that it had complied with all
of its general licensee obligations.

At the end of the suspension period, information provided to ASIC
by AWSM identified that AWSM would not be able to meet its
obligations as an AFS licensee because of its financial position.

To minimise any adverse impact on clients, AWSM is required to
maintain their Professional Indemnity Insurance and their dispute
resolution system until Dec. 31, 2019 despite the cancellation.

AWSM held AFS licence no. 450303 from April 30, 2014 and Australian
credit licence (ACL) no. 450303 since Feb. 11, 2014. AWSM's ACL
cancellation was effective from March 27, 2019.

Subject to timing, AWSM may apply to the Administrative Appeals
Tribunal for a review of ASIC's decision.

DOWNS HOUSING: Second Creditors' Meeting Set for July 12
--------------------------------------------------------
A second meeting of creditors in the proceedings of Downs Housing
Company Pty Ltd has been set for July 12, 2019, at 10:30 a.m. at
the offices of Robson Cotter Insolvency Group, Unit 1, at 78 Logan
Road, in Woolloongabba, 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 11, 2019, at 4:00 p.m.

Bill Cotter of Robson Cotter Insolvency Group was appointed as
administrator of Downs Housing on June 7, 2019.

INOVIN PTY: Second Creditors' Meeting Set for July 12
-----------------------------------------------------
A second meeting of creditors in the proceedings of Inovin Pty Ltd
has been set for July 12, 2019, at 10:00 a.m. at the offices of
Rapsey Griffiths Turnaround + Insolvency, Level 5, at 55-57 Hunter
Street, in Newcastle, 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 11, 2019, at 4:00 p.m.

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

JOBEMA HOLDINGS: Second Creditors' Meeting Set for July 16
----------------------------------------------------------
A second meeting of creditors in the proceedings of Jobema Holdings
Pty Ltd has been set for July 16, 2019, at 11:00 a.m. at the
offices of Vincents, Level 34, at 32 Turbot 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 15, 2019, at 5:00 p.m.

Nick Combis of Vincents was appointed as administrator of Jobema
Holdings on June 11, 2019.

MARSHNET COMMUNICATIONS: Second Creditors' Meeting Set for July 12
------------------------------------------------------------------
A second meeting of creditors in the proceedings of Marshnet
Communications Pty Limited has been set for July 12, 2019, at 10:00
a.m. at the offices of Hall Chadwick, Level 40, at 2 Park 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 11, 2019, at 5:00 p.m.

Steven Arthur Gladman of Hall Chadwick was appointed as
administrator of Marshnet Communications on June 20, 2019.

SALLY ANNA: Second Creditors' Meeting Set for July 10
-----------------------------------------------------
A second meeting of creditors in the proceedings of Sally Anna Pty
Ltd, trading as The Dutch Butcher Lunchbar & Cafe, has been set for
July 10, 2019, at 11:00 a.m. at the offices of WA Insolvency
Solutions, a division of Jirsch Sutherland, Level 49, at 108 St
Georges Terrace, in Perth, WA.

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 9, 2019, at 4:00 p.m.

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

SPEEDCAST INTERNATIONAL: Moody's Cuts CFR to B1, Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded to B1 from Ba3 Speedcast
International Limited's corporate family rating and senior secured
term loan rating.

The ratings outlook remains negative.

RATINGS RATIONALE

"The ratings downgrade mainly reflects Speedcast's elevated debt
leverage and reduced liquidity, because of its weaker-than-expected
earnings and cash flow generation," says Sean Hwang, a Moody's
Analyst.

"While we expect Speedcast to improve its earnings and deleverage
over the next 12-18 months, the continued negative outlook reflects
a degree of uncertainty over such improvements," adds Hwang.

On July 2, Speedcast announced its 2019 underlying EBITDA guidance
-- before Moody's adjustments -- of $140-$150 million, which was
around $20 million lower than the company's previous guidance.
Speedcast estimates that its underlying EBITDA registered around
$60-$64 million for the first six months of 2019, which implies a
year-on-year decline of 10%-15% on an organic basis, excluding the
impact of the acquisition made in December 2018.

At the same time, Moody's estimates that Speedcast's reported net
debt increased moderately during the first six months of 2019,
mainly due to higher working capital needs. As a result, Moody's
estimates that Speedcast's adjusted net debt/EBITDA -- pro forma
for acquisitions -- increased to around 4.2x for the 12 months to
June 30, 2019 from 3.8x in 2018 and 2.8x in 2017.

Given these developments, Moody's expects that Speedcast's annual
underlying EBITDA -- before Moody's adjustment or the application
of IFRS16 -- will total around $145 million in 2019 and grow to
about $155-$160 million by 2020, driven by moderate organic
business growth and cost savings. This projected earnings growth,
however, is slower than Moody's previous expectation, reflecting
the mixed demand conditions and persistently strong competition in
the satellite communications services provider industry, as well as
some operational challenges that the company is facing.

Speedcast's earnings growth should allow the company to show a
Moody's-adjusted net debt/EBITDA of around 4.0x in 2019 and around
3.5x-3.7x in 2020. The projected leverage level for 2020 would be
more consistent with the B1 rating category, but a degree of
uncertainty exists over such improvements.

While Speedcast's liquidity remains adequate to meet its short-term
cash needs, its liquidity buffers have narrowed, because of lower
cash holdings and tighter headroom against financial covenants
under its committed revolving credit facility. A further decrease
in cash and the company's inability to use the credit facility
would heighten the downward pressure on its ratings.

Speedcast's ratings continue to reflect the company's leading
market position globally, and recurrent revenue from a diversified
customer base. The ratings also continue to factor in Speedcast's
exposure to end-market cyclicality, small scale compared to
similarly rated peers in various industries and aggressive
financial strategy, as seen by its active pursuit of acquisitions.

The negative ratings outlook reflects uncertainties over the
company's ability to improve earnings and financial leverage, and
strengthen liquidity buffers.

The ratings outlook could return to stable if the company can (1)
maintain its business strength, grow earnings and deleverage, such
that adjusted net debt/EBITDA improves to below 4.0x on a sustained
basis; and (2) improve its liquidity buffers.

Moody's could downgrade the ratings if Speedcast's competitive
position or profitability erodes materially, the company pursues an
aggressive distribution or debt-funded investment strategy, or
liquidity weakens significantly. Metrics that Moody's would
consider in downgrading the ratings include adjusted net
debt/EBITDA above 4.0x and adjusted EBITDA margin below 18%-20%.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Speedcast International Limited is a leading provider of satellite
communications and network services in remote locations globally,
mainly serving customers in the maritime, energy, enterprise and
government segments. Speedcast has been listed on the Australia
Stock Exchange since 2014.

SPEEDCAST INTERNATIONAL: S&P Cuts ICR to 'B+', Outlook Negative
---------------------------------------------------------------
On July 4, 2019, S&P Global Ratings lowered the issuer credit
rating and its issue ratings on Speedcast International Ltd. to
'B+' from 'BB-'. The recovery rating on the company's senior
secured debt remains at '4' (45%), indicating average recovery
prospects upon payment default.

S&P lowered the ratings on Speedcast to reflect the risk that
broad-based operational challenges will persist over the next 12
months. Speedcast International Ltd. announced an earnings
downgrade due to a number of factors including lower Globecomm
earnings contribution than it expected, higher costs and delays
associated with certain projects, and increased churn with a
customer from its commercial maritime division.

The earnings downgrade raises doubts regarding the company's
organizational effectiveness. In particular, the company has been
unable to realize the improved earnings it expected from its
inorganic growth strategy. Despite Speedcast's capital-light
operating model, the company will likely struggle to quickly repair
its leverage metrics within ratings tolerances.

Speedcast expects net debt to pro-forma underlying EBITDA to
increase to about 3.5x to 3.6x (company's measure) for the first
half ended June 30, 2019. Factors contributing to the
underperformance are broad-based and include higher costs from
delays associated with its National Broadband Network project,
technical difficulties with its contract with Carnival Corp.,
reduced growth prospects in its energy division, and lower EBITDA
contribution than it had expected from its Globecomm business.

S&P said, "As a result, we believe Speedcast's debt-to-EBITDA ratio
(after S&P Global Ratings' adjustments) is likely to elevate beyond
4x in the year ended Dec. 31, 2019, and remain in the high-3x range
through fiscal 2020. This is a worsening financial position
compared with our previous expectation for the 'BB-' issuer credit
rating of the company steadily deleveraging to the low-3x range by
fiscal 2020."

Weaker cash flow generation has coincided with the company drawing
down on its US$100 million senior secured revolving credit facility
(RCF). The covenants for this facility include a net
debt-to-pro-forma underlying EBITDA of less than 4.0x (nonstatutory
covenant measure), which takes effect when the RCF is greater than
35% drawn.

S&P said, "We note that the RCF was about 70% drawn as of June 30,
2019, when net debt-to-pro-forma underlying EBITDA (company's
measure) was between 3.5x and 3.6x. In addition, there are
cross-default provisions for the RCF and the US$600 million term
loan B. Our liquidity calculation also includes repayment of the
RCF to a level below where covenants take effect (35% drawn). That
said, we believe there is a reasonable prospect that the company
would be successful in renegotiating its covenant limits should it
pursue this course of action."

It is not immediately clear the extent to which management would
protect its balance sheet from further deterioration in its
financial performance. Management has indicated that it has limited
flexibility with regard to near-term capital expenditure, has ruled
out near-term asset sales or equity raising, and remains
circumspect with regard to future dividend payments.

The negative outlook reflects the risk that broad-based operational
challenges will further weaken Speedcast's credit metrics and
tighten covenant headroom. S&P forecasts S&P Global Ratings'
adjusted debt-to-EBITDA ratio to exceed 4.0x in fiscal 2019 and
deleverage comfortably below 4.0x thereafter.

The negative outlook also reflects doubts over the company's
organizational effectiveness and its ability to realize the
expected returns from its inorganic growth strategy. Moreover, the
company will likely struggle to quickly repair its credit metrics
within ratings tolerances.

S&P said, "We could lower the rating if we no longer forecast the
company's S&P Global Ratings' adjusted debt-to-EBITDA ratio to
deleverage comfortably below 4.0x in fiscal 2020, either as a
result of further operational underperformance or debt-funded
acquisitions.

"A return to stable outlook could occur if we forecast the
company's S&P Global Ratings' adjusted debt-to-EBITDA ratio to
deleverage comfortably below 4.0x in fiscal 2020. A stable outlook
would also require greater confidence in the company's ability to
execute its operating strategy while limiting pressure on its
balance sheet."

Speedcast International Ltd. is an Australian Stock Exchange-(ASX:
SDA) listed satellite service provider based in Hong Kong. The
company operates globally and specializes in niche and remote
telecommunication services. Its key end-markets include maritime
services, energy markets, government customers, and entertainment
and media.

THINK TANK 2017-1: S&P Raises Class F Notes Rating to B+ (sf)
-------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of
small-ticket commercial mortgage-backed, floating-rate,
pass-through notes issued by BNY Trust Co. of Australia Ltd. as
trustee of Think Tank Series 2017-1 Trust. At the same time, S&P
affirmed its ratings on two classes of notes.

Think Tank Series 2017-1 Trust is a securitization of loans to
commercial borrowers, secured by first-registered mortgages over
Australian commercial or residential properties originated by Think
Tank Group Pty Ltd. (Think Tank).

The ratings reflect:

-- S&P said, "Our view of the credit risk of the underlying
collateral portfolio and the credit support provided for the rated
notes, which is commensurate with that credit risk. Our analysis of
credit risk is based on our "Principles Of Credit Ratings"
criteria; however, where factors that affect borrower performance
are similar to those for residential mortgage loans, we have
applied similar assumptions." Credit support for the rated notes is
provided in the form of subordination.

-- That the underlying pool of assets as of April 30, 2019, has a
weighted-average seasoning of 32 months and a weighted-average
current loan-to-value ratio of 63.9%. The asset pool consists of
245 consolidated loans, with pool composition consisting primarily
of assets backed by commercial properties (82.2%) and a small
proportion of residential (9.8%) and other properties (8.0%).

-- That the transaction has continued to pay down sequentially
since close, increasing the level of subordination to all rated
note classes. The pool factor was approximately 75%, and the
outstanding asset balance was A$224.7 million as of April 30,
2019.

-- Asset performance has been stable since inception, with a
moderate level of loans past due and no losses to date. As of April
30, 2019, 3.8% of the asset pool was between 30 days and 60 days in
arrears, and no loans were more than 60 days in arrears.

-- That about 70.4% of the pool is currently in interest-only
periods, which introduces a potential shock to borrowers when the
loans convert to principal-and-interest payments. This compares
with 72.7% at transaction close. S&P Global Ratings applies a
higher default frequency to loans with interest-only periods.

-- That exposure to self-managed superannuation funds (SMSFs)
loans has increased since transaction close to 15.9% from 13.1%.
Although SMSF loans are limited-recourse lending, the risk of this
affecting borrowers' payment behavior is somewhat mitigated by
features such as personal guarantees being provided by SMSF members
for every loan to an SMSF in the asset pool. In the absence of a
substantial track record and performance data on SMSF loans, S&P
Global Ratings has applied an additional adjustment in its
credit-support calculation.

-- That loans to borrowers whose income has not been fully
verified have increased to 26.0% from 24.9% at close. For these
borrowers, the income, savings, credit history, and debt-servicing
assessments have been verified through alternative sources such as
trading bank statements. S&P Global Ratings has assumed a higher
default frequency for these loans in its calculation of credit
support for the corresponding rating levels.

-- S&P said, "That the transaction benefits from a number of
structural mechanisms, including an amortizing liquidity facility
equal to 3.0% of the outstanding balance of the rated notes, and
principal draws, which are sufficient under our stress assumptions
to ensure timely payment of interest. Our cash-flow analysis also
reflects that a minimum margin will be maintained on the assets."

-- The increasing risk of borrower concentration as the pool
continues to amortize. The largest 10 borrowers comprise 12.7% of
the asset pool, with each being greater than 1.0% of the pool. S&P
said, "We view that the lower-rated notes are more susceptible to
tail-end risk and back-end losses; however, we expect that credit
support available to rated notes will continue to build due to the
transaction's structural features, whereby the unrated notes do not
receive any principal until all rated notes are fully repaid. We
have considered concentration with respect to credit support
outcomes at respective rating levels and considered an approach
based on that outlined in our "Australian RMBS Rating Methodology
And Assumptions" criteria, published Sept. 1, 2011."

-- That the transaction passes our stressed cash-flow modeling
scenarios at their respective rating levels, having the ability to
make timely interest and ultimate payment of principal.

  RATINGS RAISED

  Think Tank Series 2017-1 Trust
  Class     To           From
  B         AA+ (sf)     AA (sf)
  C         A+ (sf)      A (sf)
  D         BBB+ (sf)    BBB (sf)
  E         BB+ (sf)     BB (sf)
  F         B+ (sf)      B (sf)

  RATINGS AFFIRMED

  Think Tank Series 2017-1 Trust
  Class     Rating
  A1        AAA (sf)
  A2        AAA (sf)




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C H I N A
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FUTURE LAND: Fitch Places BB LT IDR on Rating Watch Negative
------------------------------------------------------------
Fitch Ratings has placed China-based homebuilder Future Land
Development Holdings Limited's Long-Term Foreign- and
Local-Currency Issuer Default Ratings of 'BB' on Rating Watch
Negative. At the same time, the agency has placed its subsidiary
Seazen Holdings Co., Ltd.'s Long-Term Foreign-Currency IDR of 'BB'
on RWN.

The RWN reflects the possibility of a deterioration of both
companies' business and financial risk after their chairman and
founder, Mr. Wang Zhenhua, was held in criminal custody by Chinese
police.

KEY RATING DRIVERS

Chairman Detained: FLDH and Seazen announced on July 3 that Mr.
Wang was removed from his position as chairman of the board with
immediate effect after confirmation by Shanghai police that he was
detained and held in criminal custody. Mr. Wang Xiaosong, Mr.
Wang's son, previously a non-executive director, has assumed the
role as the two companies' chairman. In the meantime, the elder Mr.
Wang is still a director at the two companies and a board member.
He is also the two entities' ultimate shareholder with a 71% stake
in FLDH, which holds 67% of Seazen.

Risks to Credit Profile: Fitch believes these events may have a
negative impact on the entities' operational and financial
performance in the near term. This includes the potential for a
meaningful deterioration in the companies' pre-sales and land
acquisition activities arising from reputational damage. The
companies' funding channels may also be affected, although there
has been no breach of their debt covenants to date. Any prolonged
weakness in the companies' operations and/or financing may result
in an irreversible weakening of their credit profiles.

Underlying Credit Strength: Fitch affirmed FLDH and Seazen's
ratings at 'BB' in April 2019 to reflect the companies' ability to
keep a stable financial profile while expanding quickly in both
their property-development and investment-property businesses.
FLDH's business profile strength is supported by its large scale
(CNY221 billion in contracted sales in 2018), its diversified land
bank that is sufficient for three to five years of development, and
a growing investment-property business that generates predictable
contractual rental income, driving its recurring EBITDA interest
coverage to 0.4x in 2018 from 0.2x in 2017.

FLDH's leverage had climbed to 44% by end-2018 from 40% at
end-2017, and Fitch expects some fluctuation in its leverage in the
next two years, although staying below 50%, due to its rapid
expansion, extensive use of joint-venture structures and its move
towards higher attributable interests in its projects. Fitch rates
the two entities based on their consolidated profile due to their
strong parent and subsidiary linkage.

DERIVATION SUMMARY

Fitch's consolidated approach to rating FLDH and Seazen is based on
its Parent and Subsidiary Rating Linkage criteria due to the 67%
stake in Seazen owned by FLDH at end-2018. Their strong strategic
and operational ties are reflected by Seazen representing FLDH's
entire exposure to the China homebuilding business while FLDH
raises offshore capital to fund the group's business expansion. The
two entities share the same chairman.

FLDH's quick sales churn strategy contributed to the rapid
expansion of its contracted sales to a level that is higher than
that of most 'BB' category peers. FLDH's attributable sales reached
CNY143 billion in 2018, larger than that of Sino-Ocean Group
Holding Limited (BBB-/Stable, Standalone Credit Profile: bb+), CIFI
Holdings Co. Ltd. (BB/Stable), and almost double the size of China
Aoyuan Group Limited (BB-/Positive), KWG Group Holdings Limited
(BB-/Stable), and Logan Property Holdings Company Limited
(BB-/Positive). FLDH has also quickly expanded its investment
properties, which generated CNY2 billion of recurring income and a
recurring EBITDA/interest of 0.4x in 2018. FLDH's
investment-property portfolio of around CNY40 billion is much
larger than that of all the other 'BB' rated peers, and this
contributed to its leverage increase and justified its higher
leverage than its peers in 2018.

FLDH has maintained its leverage, defined by net debt/adjusted
inventory (after JV and associate proportionate consolidation), at
around 45%, in line with 'BB' rated peers, such as CIFI, but higher
than Sino-Ocean Group's leverage of around 35%. FLDH's leverage
increased in 2017-2018 due to continued land replenishment and
large capex to develop its investment-property portfolio. FLDH's
recurring EBITDA/interest of 0.4x is similar to Sino-Ocean Group's
level in 2018. However, Sino-Ocean Group has a stronger and longer
record in investment-property operations than FLDH, which supports
Sino-Ocean Group's Standalone Credit Profile at one notch above
FLDH's rating.

KEY ASSUMPTIONS

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

  - Total contracted sales reaching CNY270 billion in 2019 and
CNY300 billion in 2020, with around 70% attributable interests.

  - Land premium representing around 60% of attributable sales
proceeds in 2019 and 50% in 2020-2022.

  - CNY22 billion-25 billion in investment property capex each year
in 2019-2022

  - Overall EBITDA margin to remain above 25%

  - FLDH maintaining a controlling shareholding in Seazen and no
weakening in the operational ties between FLDH and Seazen

RATING SENSITIVITIES

For both FLDH and Seazen:

Fitch will take negative rating action if Fitch sees a material
deterioration in FLDH's pre-sales relative to its expectations, or
a weakening in its access to funding. Negative rating sensitivities
when Fitch affirmed FLDH and Seazen's ratings on April 15, 2019
were:

  - Consolidated contracted sales/total debt sustained below 1.5x
(2018: 1.7x)

  - Net debt/adjusted inventory (after JV proportionate
consolidation) sustained above 50%

  - EBITDA margin sustained below 18% (2018: 26.4%)

Separately for FLDH, a weakening of the linkage between FLDH and
Seazen may lead to negative rating action.

The RWN will be resolved and the ratings will be affirmed if FLDH
and Seazen maintain their business and financial profiles in line
with its forecasts despite the events surrounding their
ex-chairman.

LIQUIDITY

Sufficient Liquidity: The group doubled its unrestricted cash
balance to CNY41 billion by end-2018, which was sufficient to cover
its short-term borrowings of CNY27 billion. The group repaid its
HKD2.3 billion convertible bond in early 2019.

FULL LIST OF RATING ACTIONS

Future Land Development Holdings Limited

Long-Term Foreign-Currency Issuer Default Rating of 'BB' placed on
RWN;

Long-Term Local-Currency Issuer Default Rating of 'BB' placed on
RWN;

Senior unsecured rating of 'BB' placed on RWN

USD300 million 6.5% senior unsecured notes due 2020 rated 'BB'
placed on RWN

USD300 million 7.5% senior unsecured notes due 2021 rated 'BB'
placed on RWN

USD350 million 5% senior unsecured notes due 2020 rated 'BB' placed
on RWN

USD200 million 6.15% senior unsecured notes due 2023 rated 'BB'
placed on RWN

Seazen Holdings Co., Ltd.

Long-Term Foreign-Currency Issuer Default Rating of 'BB' placed on
RWN;

Senior unsecured rating of 'BB' placed on RWN

Issued by New Metro Global Limited, and guaranteed by Seazen

USD200 million 5% senior unsecured notes due 2022 rated 'BB' placed
on RWN

USD200 million 7.5% senior unsecured notes due 2022 rated 'BB'
placed on RWN

USD300 million 6.5% senior unsecured notes due 2022 rated 'BB'
placed on RWN

USD500 million 6.5% senior unsecured notes due 2021 rated 'BB'
placed on RWN

USD300 million 7.125% senior unsecured notes due 2021 rated 'BB'
placed on RWN

GUANGZHOU R&F: Fitch Rates Proposed USD Sr. Notes BB-(EXP)
----------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Guangzhou R&F
Properties Co. Ltd.'s (BB-/Stable) proposed US dollar senior notes
a 'BB-(EXP)' expected rating. The final rating is subject to the
receipt of final documentation conforming to information already
received.

The proposed notes will be issued by Guangzhou R&F's subsidiary,
Easy Tactic Limited, and are rated at the same level as Guangzhou
R&F's senior unsecured rating because the parent has granted a
keepwell deed and a deed of equity interest purchase undertaking to
ensure that the guarantor, R&F Properties (HK) Company Limited,
also a wholly owned subsidiary of Guangzhou R&F, has sufficient
assets and liquidity to meet its obligations. Guangzhou R&F intends
to use the net proceeds from the proposed issuance for debt
refinancing.

Guangzhou R&F's ratings are supported by its improving leverage, as
measured by net debt/adjusted inventory, of around 56% at end-2018,
from 60% in 2017. The company had reduced land acquisitions to 28%
of contracted sales in 2018, from 71% in 2017, and Fitch expects
leverage to moderate to 50%-55% in 2019 and 2020 as the pace of
expansion has been scaled back. However, leverage remains high
compared with peers rated at the same level, whose average leverage
was around 45%. Fitch believes Guangzhou R&F's stronger business
profile mitigates its higher leverage, as it has a larger scale and
hence better business diversification and its quality land bank
allows it to maintain a high development-property EBITDA margin of
above 30%.

Guangzhou R&F's ratings have little headroom -- given its high
leverage -- and reflect the company's commitment to improve its
financial profile. Failure to follow through with its deleveraging
intention, resulting in leverage of over 55% in 2019, would lead to
negative rating action.

KEY RATING DRIVERS

Reduced Leverage, Limited Headroom: Fitch expects moderate sales
growth of 24% in 2019 to CNY162 billion and for leverage to be
maintained at 50%-55%. The fall in Guangzhou R&F's leverage has
been due to controlled land acquisitions and increased contracted
sales. Attributable land bank was 57.8 million sq m at end-2018, of
which 39% was located in lower-tier Chinese cities (2017: 31%). The
more volatile home sales in these cities may affect the company's
sales and limit room for further deleveraging in the next 12-18
months.

Controlled Land Acquisitions: Fitch expects land premiums to remain
controlled at 30%-40% of sales over the next year or two after the
company slowed expansion and lowered its contracted sales target
for 2019 to CNY161 billion, from CNY200 billion. Guangzhou R&F
replenished 14 million sq m of attributable land bank for CNY37.1
billion in 2018, after accelerating land acquisitions in 2017 to
support its rapid sales expansion

Higher Sales Scale: Guangzhou R&F's contracted sales should
increase to CNY162 billion-186 billion in 2019-2020, supported by
CNY300 billion of saleable resources for 2019 and another CNY434
billion scheduled for launch from 2020. Guangzhou R&F's
attributable contracted sales rose by 60% to CNY131 billion in
2018, after rising by 35% to CNY82 billion in 2017. Sales were
higher than 'BB-' peers' sales of CNY50 billion-80 billion.
Guangzhou R&F's land bank across more than 90 Chinese cities is
also more geographically diversified than the 30-40 cities of 'BB-'
rated peers.

Sustained Wide Margin: Guangzhou R&F's margin will be supported by
the company's unrecognised property sales of CNY78 billion, which
carried a gross profit margin of 35%-40% in 2018 (2018 booked
property sales gross profit margin: 40%). These sales will be
recognised over the next year or two and support the company's
EBITDA margin in 2019-2020. Guangzhou R&F had an EBITDA margin
excluding capitalised interest from cost of sales of about 34% and
a gross profit margin of 36% in 2018, similar to 34% and 35%,
respectively, in 2017 and an improvement from 27% and 28% in 2016.


Higher Non-Development EBITDA: Moody's estimates that Guangzhou
R&F's non-property development revenue from hotel and property
rentals will reach CNY8.9 billion in 2019. However, its
non-property development EBITDA/gross interest expense ratio will
remain at 0.2x-0.3x in 2019-2020 (2018: 0.3x), weighed down by
higher operating costs and pre-opening expenses for upcoming hotel
and investment properties. The company's hotel and rental revenue
surged by 145% to CNY8.1 billion in 2018 (2017: CNY3.3 billion),
driven by contributions from its newly acquired Wanda hotels.

DERIVATION SUMMARY

Guangzhou R&F's geographical diversification is comparable with
that of peers rated 'BB+' and 'BB'. Its attributable contracted
sales are higher than those of CIFI Holdings (Group) Co. Ltd.'s
(BB/Stable) about CNY80 billion and higher than the CNY50
billion-80 billion of 'BB-' rated peers, such as Yuzhou Properties
Company Limited's (BB-/Stable) approximately CNY40 billion.

Guangzhou R&F's ratings are constrained by its leverage of 56% at
end-2018, which is higher than the around 50% of 'B+' rated peers,
such as Ronshine China Holdings Limited (B+/Stable) and Hong Kong
JunFa Property Company Limited (B+/Stable). Guangzhou R&F's high
leverage is mitigated by stronger profitability, with its EBITDA
margin, excluding capitalised interest from cost of sales, of 34%,
which was higher than the 25%-30% of 'BB-' peers.

No Country Ceiling, parent/subsidiary or operating environment
aspects affect the rating.

KEY ASSUMPTIONS

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

  - Attributable contracted sales of CNY161 billion-186 billion in
2019-2020 (2018: CNY131 billion)

  - EBITDA margin, excluding capitalised interest from cost of
sales, at 33% in 2019-2020

  - 30%-40% of contracted sales proceeds to be spent on land
acquisitions in 2019-2020 to maintain a land bank sufficient for
about five years of development



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

ADYAR GATE: ICRA Lowers Rating on INR340.20cr Loan to 'B'
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Adyar Gate Hotels Limited (AGHL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   LT Fund based       340.20       [ICRA]B (Stable); downgraded
   Term Loans                       from [ICRA]BB+ (Stable)

   LT Fund based        45.00       [ICRA]B (Stable); downgraded
   facilities                       from [ICRA]BB+ (Stable)       

   LT Unallocated        0.80       [ICRA]B (Stable); downgraded
                                    from [ICRA]BB+ (Stable)  

   ST Non fund based     2.00       [ICRA]A4; downgraded from
                                    [ICRA]A4+


Rationale

The revision in ratings reflects the postponement in anticipated
equity infusion of INR100 crore by AGHL and continued net-worth
erosion due to net losses since FY2014. As against ICRA's
expectation of INR100 crore equity infusion in mid FY2019, the
company now plans to infuse the aforesaid funds by H1 FY2020
through monetization from asset sale. The deferment of the fund
infusion has increased AGHL's debt repayment commitments (principal
and interest) in the near term compared to ICRA's earlier
expectation. AGHL has cumulative principal and interest obligations
to the tune of INR13.1 crore to be paid over the next three months.
On the operational front, while AGHL's RevPAR has improved across
properties and the company's revenues grew by 5%, the operating
margins dipped by 60 bps from 19.2% in FY2018 to 18.6% in FY2019
(Unaudited financials) following weaker absorption of fixed
operating costs. The net losses at INR40.5 crore for FY2019
(unaudited financials) were steeper than ICRA's expectations
because of lower-than-anticipated operating margins and higher
interest expenses consequent to deferment of equity infusion.
AGHL's continues to incur cash losses since FY2015, with cumulative
cash losses of INR73.8 crore for FY2015 to FY2019 (Unaudited
financials).

AGHL's debt remains high at INR419.3 crore as on March 31, 2019
(according to unaudited financials) -- the debt is skewed towards
long-term loans (Rs.341.4 crore as on March 31, 2019 -- Unaudited
financials), largely from term loan from banks. The company's
short-term debt has also increased gradually from INR54.6 crore as
on March 31, 2018 to INR77.9 crore as on March 31, 2019 (Unaudited
financials), mainly because of loss-funding. Of the short-term
debt, INR43.7 crore is in the form of OD (with enhancement of
sanctioned limits in June 2018 and average utilization of 97% in
the last one year), while the remaining is in the form of unsecured
loans from promoters. The continued high debt levels and gradual
net-worth erosion because of net losses over the last six years
resulted in weakening of AGHL's already stretched capital structure
and coverage indicators; the company's gearing stood at 23.4 times
as on March 31, 2019 (according to Unaudited financials, PY: 6.9
times), while its TD/OPBITDA stood at 14.3 times in FY2019
(according to unaudited financials, PY: 13.9 times). While the
proposed fund infusion of INR100 crore would provide some respite
in the near to medium term (in the form of reduction in interest
costs and reduction in cumulative repayment of INR9.6 crore over
FY2020-FY2022), materialization of the same is imperative. AGHL
would still continue to have debt repayment totalling to INR50.8
crore over FY2020 – FY2022 post the aforementioned fund infusion.
Over the medium term, the company would further need significant
equity infusion to report healthy debt levels for the scale of
operations.

The ratings positively factor in the extensive experience of the
promoters in the hospitality industry, presence of management
tie-ups with IHG/ITC and the company's stable rental income of
INR13.5 crore in FY2019 (Unaudited financials) from IT Park which
provides stability and diversity to revenues to an extent. However,
AGHL has relatively modest scale of operations and its revenues are
concentrated in the Chennai market, exposing it to city-specific
risks. Akin to its counterparts, AGHL's revenue also remains
susceptible to exogenous shocks such as natural calamities and
economic or political instability.

Outlook: Stable

ICRA believes AGHL will continue to benefit from the extensive
experience of its promoters and management tie-ups with ITC and
IHG. The outlook may be revised to 'Positive' if there is
higher-than-anticipated paring down of debt together with
substantial growth in profit margins, resulting in strengthening of
AGHL's debt metrics and financial risk profile. The outlook may be
revised to 'Negative' if the fund infusion does not happen in the
near term or there is continued net losses, weakening the liquidity
position further.

Key rating drivers

Credit strengths

Significant experience of promoters in hospitality industry;
management tie-up with IHG/ITC -- The promoters have been in the
business for over three decades -- the Goyal Family acquired
controlling stake in the erstwhile Park Sheraton (Crowne Plaza) in
1985. Two of the company's properties – Mahabalipuram and Crowne
Plaza -- have management and marketing arrangements with
Intercontinental Hotels Group (IHG), while the other two properties
have management tie-ups with ITC. The hotels benefit from the
network of these chains for customer acquisitions.
Location advantage and established presence of flagship property in
Chennai; Mahabalipuram resort commands premium rates – Crowne
Plaza, the erstwhile Park Sheraton, has been in existence since
1970. The hotel is one of the renowned five-star properties in the
Central Business District in Chennai. While the Mahabalipuram
property commenced operations relatively recently in October 2015,
it is one of the premium resort properties in the East Coast Road,
on the way to Mahabalipuram. Also, with minimal incremental rooms
expected in the Chennai market, occupancy and ARR are likely to
move up gradually over the medium term.

Rental income from IT Park provides stability and diversification
to revenues -- The company generates about INR13.5 crore rental
income as rent for its space in an IT Park in Velachery -- a
relatively recently developed suburb in Chennai. The revenues are a
stable source of income for the company and provide diversification
of income stream to an extent. With Velachery being a prime
location in Chennai, the rentals are likely to increase going
forward.

Credit challenges

Deferment of equity infusion of INR100 crore to H1 FY2020 – The
promoters planned to infuse INR100 crore equity by mid FY2019 to
retire part debt and ease repayment commitments over the medium
term. This did not materialize and the company now plans to infuse
the aforesaid funds by H1 FY2020 through proceeds from asset sale.
As a result of the postponement of the fund infusion, AGHL's debt
interest and principal commitments in the near term are higher
compared to ICRA's earlier estimates – INR4.2 crore principal to
be paid over the next three months as against nil repayments for
the said period expected earlier.

Continued net losses from FY2014 - The company continues to witness
net losses because of inability to absorb high operational costs
and significant interest costs due to high debt levels. The company
reported net losses of INR40.5 crore in FY2019 (according to
unaudited financials, PY: INR46.7 crore), with cash losses of 14.4
crore in FY2019 (Unaudited financials, PY: INR20.4 crore). Going
forward, while the net losses are expected to narrow down with
increase in scale and reduction in interest costs to an extent
following the fund infusion, the liquidity position is expected to
remain stretched until further equity capital is infused and AGHL's
debt levels reduce significantly.

Weak capital structure and coverage metrics -- AGHL's debt stood at
INR419.3 crore as on March 31, 2019 (Unaudited financials, PY:
INR400.9 crore) -- the significant debt-funded capex incurred in
the last few years and additional loans availed to fund losses have
resulted in high debt levels for the company; adjusted for
unsecured loans outstanding of INR31.2 crore, the debt stood at
INR388.1 crore as on March 31, 2019(Unaudited financials). The high
debt levels and loss-related net-worth erosion have resulted in
stretched gearing of 23.4 times as on March 31, 2019 (Unaudited
financials, PY: 6.9 times as on March 31, 2018).

AGHL's coverage metrics also continue to remain weak--with
TD/OPBITDA and interest coverage ratio of 14.3 times and 0.7 times
in FY2019 (Unaudited financials, PY: 13.9 times and 0.6 times)
respectively. Although the capital structure and coverage metrics
are likely to improve with anticipated debt reduction post the fund
infusion, the debt metrics are likely to remain stretched in the
medium term, in the absence of a further round of significant fund
infusion.

Moderate scale; heavy concentration in the Chennai market – AGHL
has relatively moderate scale of operations, with an aggregate
inventory of 564 rooms as on date, and operates across 3 cities in
South India. Further, close to 80% of the company's revenues are
derived from the Chennai market, exposing it to city-specific event
risks.

Vulnerable to external threats, similar to other hotel players –
Akin to its counterparts, AGHL's revenue also remains susceptible
to exogenous shocks such as natural calamities and economic or
political instability.

Liquidity Position:

The company has relatively high interest costs compared to its
operating profits and this has resulted in cash losses for AGHL
over the last five years. Also, with the deferment of equity
infusion, the company had repayment commitments of INR2.5 crore in
April-May 2019 and has INR14.2 crore over the next 10 months, as
against no repayment commitments expected earlier for FY2020. Due
to this, the company has had strained liquidity position over the
last few months and has been meeting its funding requirements
through enhanced working capital borrowings and unsecured loans
from promoters on need basis. The anticipated INR100 crore fund
infusion by July 2019 is expected to provide some respite in the
near term through reduction in interest expenses and marginal
reduction in principal repayment commitments, though the company
will continue to have cumulative principal repayment obligations
INR50.8 crore for FY2020-FY2022 (as against INR60.4 crore if the
fund infusion does not happen). The company would need significant
equity infusion over and above the expected INR100 crore, in the
near term, for comfortable liquidity.

Adyar Gate Hotels Limited is owned by the Goyal Family and has over
three decades of presence. The company has four properties in South
India and its flagship property is located in the Central Business
District in Chennai. The flagship property operated under the name
'Sheraton Park Hotels and Towers' for several years, as a 287 room
five star deluxe hotel with tie-up with ITC and Starwood for using
the 'Sheraton' brand. In July 2015, the hotel changed brand to
'Crowne Plaza' under the IHG umbrella.

AGHL also commenced operations of a 106-room resort in
Mahabalipuram under the name 'InterContinental Chennai
Mahabalipuram Resort' operated by IHG from Oct 2015. The company
has two other operational properties – WelcomHotel Grand Bay in
Vizag with 104 rooms and Fortune Hotel Sullivan Court in Ooty with
67 rooms - both managed by ITC.

Apart from the hotels, AGHL also owns ~2,50,000 square feet space
in Sai Real Tech Park, an IT park in Velachery, Chennai--this space
is currently leased to Tata Consultancy Services (TCS). AGHL also
has two wholly owned non-operational subsidiaries with land
holdings in Kodaikanal, Tamil Nadu.

In FY2019, on a provisional basis, the company reported a net loss
of INR40.5 crore on an operating income of INR157.8 crore, as
compared to a net loss of INR46.7 crore on an operating income of
INR150.1 crore in the previous year.

AMBICA CONCRETE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Ambica Concrete Company (India) Limited
        19, Narayan Complex
        Opp. Mental Hospital
        Karelibaug Vadorada
        Vadorada Gujarat 390018

Insolvency Commencement Date: June 19, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: December 16, 2019

Insolvency professional: Bhavi Shreyans Shah

Interim Resolution
Professional:            Bhavi Shreyans Shah
                         C 201, Embassy Appt
                         Near Ketav Petrolpump
                         Dr. V.S. Road, Ahmedabad
                         Gujarat 380015
                         E-mail: ca.bhavishah@gmail.com

                            - and -

                         9/B, Vardan Complex
                         Nr. Vimal House
                         Lakhudi Circle, Navrangpura
                         Ahmedabad 380014
                         E-mail: ipbhavishah@gmail.com

Last date for
submission of claims:    July 10, 2019


ASHAPURA INTIMATES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Ashapura Intimates Fashion Limited
        Shop No. 3-4 Ground Floor
        Pacific Plaza Plot No. 507
        TPS IV Off B.S. Road Mahim Division
        Dadar-W Mumbai 400028

Insolvency Commencement Date: June 28, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Kashyap Vaidya

Interim Resolution
Professional:            Mr. Kashyap Vaidya
                         5th Floor, Horizon
                         Happy Home Society
                         Nehru Road, Vile Parle (East)
                         Mumbai
                         E-mail: kashyap@trchadha.com

                            - and -

                         c/o TRC Corporate Consulting Private
                             Limited
                         502, Marathon Icon
                         Off Ganpatrao Kadam Marg
                         Mumbai 400013
                         E-mail: ipkashvapvaidya@trcconsulting.org

Last date for
submission of claims:    July 16, 2019


AVADHOOT PAPER: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Avadhoot Paper
Packaging Private Limited (Chhina) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             6        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Chhina for obtaining
information through letters and emails dated June 10, 2019 and June
14, 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 Chhina. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Chhina 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 Chhina to 'CRISIL B+/Stable Issuer not cooperating'.

Chhina, set up in 2014, manufactures corrugated boxes, and has
capacity of 24,000 tonne per annum at its facility at Barnala in
Punjab. Its daily operations are managed by director Mr Vishal
Narula.

BAYPARK HOTEL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Baypark Hotel & Resorts Private Limited

        Registered office address:
        Rushikonda, Gitam Post
        Visakhapatnam
        Andhra Pradesh 530045

Insolvency Commencement Date: July 1, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: December 28, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Udayraj Patwardhan

Interim Resolution
Professional:            Mr. Udayraj Patwardhan
                         Sumedha Management Solutions Private
                         Limited
                         C703, Marathon Innova
                         Off Ganapatrao Kadam Marg
                         Lower Parel West, Mumbai
                         Maharashtra 400013
                         E-mail: udayraj_patwardhan@
                                 sumedhamanagement.com
                                 bhrpl@sumedhamanagement.com

Last date for
submission of claims:    July 15, 2019


BIOVET PRIVATE: Ind-Ra Hikes Long Term Issuer Rating to 'BB'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Biovet Private
Limited's (BVPL) Long-Term Issuer Rating to 'IND BB' from 'IND
BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. (increased from INR60 mil.) Fund-based working
     capital limits Long-term rating upgraded and short-term
     rating affirmed with IND BB/Stable/IND A4+ rating;

-- INR80 mil. (increased from INR50 mil.) Non-fund-based working
     capital limits affirmed with IND A4+ rating; and

-- INR20 mil. Term loan due on July 1, 2024, assigned with IND
     BB/Stable rating.

KEY RATING DRIVERS

The upgrade reflects sustained growth in BVPL's revenue, leading to
an improvement in the credit metrics. The revenue grew to INR675.9
million in FY19 (FY18: INR667.1 million) due to increased work
orders from long-term customers and strong order flow from state
governments. However, the company's scale of operations is medium.
FY19 financials are provisional in nature.

The company's EBITDA margin is healthy, although it registered a
decline to 20.4% in FY19 (FY18: 32.3%), owing to volatility in raw
material costs. FY19 return on capital employed was 27% (FY18:
60%).

BVPL's credit metrics are comfortable owing to low debt levels. In
FY19, interest coverage (operating EBITDA/gross interest expense)
improved to 38.9x (FY18: 23.2x) on the back of decrease in interest
expenses to INR9.3 million (INR3.6 million), resulting from
reduction in the total debt to INR21.50 million (FY18: INR47.10
million) due to moderate utilization of the fund-based limits and
scheduled repayment of term loan.  The company maintained a net
cash position in FY18-FY19.

The ratings also factor in BVPL's modest liquidity position. The
company's cash flow from operations was INR238.25 million in FY19
(FY18: INR32.60 million) and cash balance stood at INR166.41
million (FY18: INR50.10 million). Networking capital cycle was
volatile between 4 days and 134 days over FY16-FY19 on account of
receiving a major payment within 10-15 days of the bill being
raised. Its average peak utilization of its cash credit limits was
57% during the six months ended May 2019.

However, the ratings are also supported by the promoter's two
decades of experience in vaccine manufacturing.

RATING SENSITIVITIES

Positive: Sustained growth in top-line, along with improvement in
profitability margins leading to improved credit metrics, will lead
to positive rating action.

Negative: Decline in profitability margins resulting in
deterioration in the credit metrics on a sustained basis will lead
to negative rating action.

COMPANY PROFILE

Incorporated in 2005, BVPL manufactures animal health care products
including veterinary biologicals, bio-vaccines, and other related
products for large animals, poultry and pet animals. It has a
foot-and-mouth disease vaccine production facility near Bangalore.
The company was started by Dr. Krishna M. Ella, who is also the
founder of Bharat Biotech International Limited. The company sells
products to state governments.

DEWAN HOUSING: To Seek US$217 Million Fresh Loans a Month
---------------------------------------------------------
Baiju Kalesh and Divya Patil at Bloomberg News report that Dewan
Housing Finance Corp., an Indian mortgage lender that has delayed
payment on some of its obligations, plans to ask banks to lend
INR15 billion (US$217 million) every month to help revive the
company, a person with knowledge of the proposal said.

The financier, which has about INR800 billion of obligations, will
submit the resolution plan on July 10 to a consortium of seven
lenders led by state-run Union Bank of India, the person said,
asking not to be identified as the discussions are private,
Bloomberg relays. The other proposals include increasing the tenor
of some loans and converting part of its debt into equity,
according to the person.

According to Bloomberg, investor confidence was shaken after
financier Infrastructure Leasing & Financial Services Ltd.
defaulted for the first time in June 2018, shutting the door for
bank loans for many shadow lenders. Dewan Housing was among the
worst hit in the wake of the IL&FS shock, which also pushed up
financing costs and made it harder for non-bank financing companies
to access the bond market. Dewan Housing's credit rating was
slashed to D from AAA this year as it delayed repayments, Bloomberg
notes.

Under the proposal, Dewan Housing will offer banks new loan pools
as security for the funds, the person, as cited by Bloomberg, said.
That in turn will help lenders meet their mandatory targets to lend
to farmers and small businesses. Dewan Housing is proposing banks
fund the company for the next six months, the person said.

Dewan Housing has so far securitized about INR250 billion from its
INR1.2 trillion of loan book, the person said. The details of the
proposal are subject to change and it's unclear if the lenders will
approve the plan, the person said, Bloomberg relays.

While lenders mull the resolution plan, Dewan Housing will continue
looking for an investor for a stake in the company. Founders hold
about 39.6% in the company, and plan to sell half of their shares,
the person said, according to Bloomberg. The company has been
selling assets including a mutual fund, low-cost housing-finance
unit, and an education-loan company.

Dewan Housing shares have lost about 87% of their value over the
past year, Bloomberg notes.  The financier's liquidity profile has
been under stress due to delay in "identification and induction of
strategic investor" and limited progress selling its real estate
loan book, Care Ratings said in a release last month, says
Bloomberg.

If the resolution plan is accepted by the lenders, Dewan Housing
will seek approval from institutional investors to either extend
the maturity of its bonds or change the coupon rate, the person
said, Bloomberg relates. The company expects to repay individual
investors without changing bond terms.

Bloomberg adds that the financier expects to earn enough interest
on its assets to meet debt repayments due this quarter, which total
about INR70 billion, the person said. It was behind schedule in
servicing its financial obligation last month. It delayed payments
on debt of INR11.85 billion, Bloomberg says.

                           About DHFL

Dewan Housing Finance Corporation Limited operates as a housing
finance company in India. The company's deposit products include
fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home
improvement loans, home construction loans, home extension loans,
plot loans/land loans, plot and construction loans, and balance
transfer of home loans, as well as home loans for the self-
employed; small and medium enterprise loans, including property
term, plant and machinery, medical equipment, and business loans;
mortgage loans, such as loans against property, loan for purchase
of commercial premises, and loan through lease rental discounting;
and NRI home loans. As of March 31, 2018, the company operates
through a network of 347 locations, including 187 branches, 135
micro branches, 20 zonal/regional/CPU offices, 2 disbursement
hubs, and 1 collection center in India, as well as overseas
representative offices in London and Dubai.

As reported in the Troubled Company Reporter-Asia Pacific on
June 21, 2019, ICRA downgraded the rating on the 850-crore
commercial paper programme of Dewan Housing Finance Corporation
Limited (DHFL) to [ICRA]D from [ICRA]A4. The rating has been
removed from Watch with Negative Implications.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Commercial Paper      850       [ICRA]D; downgraded from
   Programme                       [ICRA]A4; removed from Watch
                                   with Negative Implications

The rating revision factors in further deterioration in company's
liquidity profile and delays in meeting scheduled debt obligation
on June 4, 2019. While the mentioned debt is not rated by ICRA,
given the stretched liquidity profile and limited visibility on
fresh funding, company is unlikely to be able to service its debt
obligation with regard to commercial paper programme in a timely
manner.

ESSAR STEEL: NCLAT Approves ArcelorMittal's Bid with Modifications
------------------------------------------------------------------
Business Standard reports that the National Company Law Appellate
Tribunal (NCLAT) on July 4 approved Lakshmi Mittal-led
ArcelorMittal's plan for Essar Steel India Limited. The appellate
tribunal had on May 21 heard the contentions of all the parties and
reserved its judgment in the case. The distribution of amount for
all operational and financial creditors will be reflected in
ArcelorMittal's resolution plan, the report says. The Committee of
Creditors (CoC) will have no role in this distribution, Business
Standard relates.

Business Standard says the NCLAT allowed the claims of Dakshin
Gujarat, Gujarat Energy, BPCL, IOCL, GAIL, ONGC and NTPC.

ArcelorMittal had told NCLAT that it would pay INR42,000 crore,
including a minimum of guarantee of INR2,500 crore as working
capital, for acquiring debt-laden Essar Steel under the insolvency
process, the report notes.

In April, the Supreme Court had halted distribution of funds among
operational and financial creditors from the Luxembourg-based
firm's INR42,000-crore resolution plan for Essar Steel India,
Business Standard recounts. This was after the lenders to Essar
Steel had challenged a direction of the NCLAT asking the resolution
professional (RP) to call a fresh meeting of the committee to
consider the redistribution of funds among the creditors, the
report says.

ArcelorMittal's INR42,000 crore resolution plan for Essar Steel was
approved by the NCLT on March 8, Business Standard says. In its
judgment, the NCLT had observed that though it did not want to
change the resolution plan approved by the CoC, it would suggest
the lender to reconsider distribution of dues and give 15 per cent
of the total offer to operational creditors.

Business Standard adds that the Lakshmi Mittal-led company has been
fighting for the control of Essar Steel for well over 600 days now.
The case has seen many twists and turns, including a settlement
plan of INR54,389 crore made by the promoters of Essar Steel, who
offered to pay off the entire debt. The plan was, however, rejected
by the NCLT, the report relates.

ArcelorMittal's bid, on the other hand, includes an upfront payment
of INR42,000 crore towards the debt resolution of Essar Steel, with
an additional INR8,000 crore of capital infusion into the company
to support operational improvement, increase production levels, and
deliver enhanced levels of profitability, according to Business
Standard. In October 2018, the CoC of Essar Steel had voted to
approve ArcelorMittal's plan and a letter of intent was issued,
adds Business Standard.

                          About Essar Steel

Incorporated in 1976, Essar Steel India Ltd. is a part of the Essar
Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to Paradip)
and Andhra Pradesh (Kirandul-Vizag), which transport the iron ore
slurry from the beneficiation plant (located near the iron ore
mines in Dabuna and Kirandul) to the pellet plant (located near the
Paradip and Vizag ports). A large portion of the iron ore pellets
produced are intended for captive consumption by ESIL's steel plant
at Hazira for cost optimization.

The National Company Law Tribunal (NCLT) - Ahmedabad Bench admitted
Essar Steel's insolvency case on Aug. 2, 2017.

Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).

Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $450.67 million to Standard Chartered Bank (SCB) in
debt.

GAURI SHANKAR: CARE Cuts INR5.0cr LT Loan Rating to B-, Not Coop.
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gauri Shankar Rice Mills, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Bank         5.00       CARE B-; Stable; Issuer not
   Facilities                        cooperating; Revised from
                                     CARE B; Stable; Issuer not
                                     Cooperating on the basis of
                                     Best available information

Detailed Rationale and key rating drivers

CARE has been seeking information from Gauri Shankar Rice Mills to
monitor the rating(s) vide e-mail communications/letters dated June
18, 2019 and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating on
Gauri Shankar Rice Mills bank facilities will now be denoted as
CARE B-, Stable; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating has been revised by taking into account non-availability
of financial information and no due diligence conducted due to
non-cooperation by Gauri Shankar Rice Mills with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk.

Detailed description of the key rating drivers

At the time of last rating in February 27, 2017 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Growing though small scale of operations: Despite being operational
for nearly four decades, the scale of operations has remained
small. The small scale limits the firm's financial flexibility in
times of stress and deprives it from scale benefits. Though, the
risk is partially mitigated by the fact that the scale of operation
is growing continuously on account of increase in quantity sold to
existing and new
customers.

Leverage capital structure and weak coverage indicators: The
capital structure of the firm remained leveraged on account of debt
funded capex completed in past for installation of machinery and
high dependence on external working capital borrowings coupled with
infusion in the form of unsecured loans from partners and relatives
for managing working capital requirements of the business. The debt
service coverage indicators of the firm also remained weak on
account of high reliance on external borrowings against
profitability levels.

Working capital intensive nature of operations: Operations of the
firm are working capital intensive. Being a seasonal product, the
firm maintains inventory of around three months throughout the
year, resulting into high inventory holding. The firm provides a
credit period of around three months to its customers and receives
a credit period of around a month from its creditors.

Business susceptible to the vagaries of nature: Paddy is the major
raw material and the peak paddy procurement season is during
November to January during which the firm builds up raw material
inventory to cater to the milling and processing of rice throughout
the year. The monsoon has a huge bearing on crop availability which
determines the prevailing paddy prices.

Fragmented and competitive nature of industry: The commodity nature
of the product makes the industry highly fragmented, with numerous
players operating in the unorganized sector with very less product
differentiation. Furthermore, the concentration of rice millers
around the paddy growing regions makes the business intensely
competitive.

Key rating strengths

Long track record of operations and experienced proprietor in
processing of rice: The operations of GSRM are currently being
managed by Mrs. Anajana Rai and Mr. Ravi Shankar Rai. Both have an
experience of more than one and a half decade in rice processing
industry through their association with Kisan Rice Mill and GSRM.

Moderate profitability margins: The PBILDT margin of the firm
remained moderate due to higher proportion of basmati rice which
fetches better margin. Further, the PAT margin of the firm declined
however remained moderate on account of high depreciation and
interest cost incurred by the firm.

Ghazipur (Uttar Pradesh) based Gauri Shankar Rice Mill (GSRM) was
established in September, 2011 as proprietorship concern by Mrs.
Anajana Rai. GSRM is engaged in milling, processing and trading of
both basmati and non-basmati rice at unit located at Ghazipur,
Uttar Pradesh. The firm procures the raw material (unprocessed
rice/de-husked paddy) from local grain markets through farmers and
commission agents and sells its product to FCI (40% proportion),
and other trading firms based in Uttar Pradesh.

GEETA THREADS: CRISIL Raises Rating on INR8cr Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Geeta Threads Limited (GTL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             8        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Term Loan      5        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade reflects better than expected business and financial
risk profiles. The company has achieved operating income of INR35
cr and cash profit of INR0.29 cr against the expectation of
INR33.99 cr and cash loss of INR0.24 cr respectively in FY18.
Further TOL/TNW ratio, though remain below average, is better than
what was expected as on FY18 due to repayment of term loan through
promoter's USL.

The ratings continue to reflect modest scale of operations, and
susceptibility to fluctuations in raw material prices along with
weak capital structure. These weaknesses are partially offset by
the experience of the promoter.

Analytical Approach

Unsecured loans (estimated at INR2.69 crore as on March 31, 2019)
extended to GTL by the promoters have been treated as neither debt
nor equity as these are interest free and expected to remain in the
business .

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations, and susceptibility to fluctuations in
raw material prices: Small scale of operations, with revenue
estimated at INR40 crore in fiscal 2019, amid intense competition
limits pricing power with suppliers and customers, thereby
constraining profitability. The cotton yarn industry is susceptible
to prices of cotton which is an agricultural commodity. Any
increase in raw material prices may erode operating margins.

* Weak capital structure: Networth and gearing are estimated at
INR2.71 crore and 2.6 times, respectively, as of March 2019.
Networth is expected to improve but remain modest over the medium
term due to steady accretion to reserve.

Strength

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

Liquidity
Adequate liquidity characterized by cash accrual in range of
INR0.80-1.0 cr against no term debt obligation. This should support
the incremental working capital requirement of the company.
Company has no major capex plans. Its cash credit limits of INR8 cr
are utilized to the extent of 86 % for 12 months ended Feb 2019.
Liquidity is further supported by unsecured loan from promoters to
the extent of INR2.69 cr as on March 2019.


Outlook: Stable
CRISIL believes GTL will continue to benefit over the medium term
from the extensive experience of its promoter. The outlook may be
revised to 'Positive' if higher-than expected cash accrual and
significant improvement in capital structure and debt protection
metrics strengthens financial risk profile. The outlook may be
revised to 'Negative' if company reports lower than expected cash
accruals,  stretch in working capital cycle or large, debt-funded
capex weakens financial risk profile.

GTL, incorporated in 1992 at Barnala (Punjab), is a closely held
public limited company that's manufactures open-ended cotton yarn
of 4-23' counts used for blankets, bedsheets, curtains, and towels.
Operations are managed by Dr BS Garg.

JET AIRWAYS: IRP Rejects JetLite Employees Claims
-------------------------------------------------
Financial Express reports that JetLite employees have been left
stranded in the insolvency proceedings of Jet Airways. As a part of
the process, the court-appointed interim resolution professional
(IRP) has invited claims from employees of the grounded airline.
However, claims of employees who were a part of JetLite, the
low-cost arm of the airline, have been rejected, sources said.

"These employees have had consultations with the IRP's team. As
JetLite is a separate legal entity, their claims have not been
accepted as a part of the present process. They've been suggested
to initiate insolvency proceedings separately," an official told
FE.

The IRP has given time till July 24 for the employees of Jet
Airways to submit their claims, the official added, FE relays.
JetLite employees meanwhile are examining their legal options, the
official added.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- provided passenger and cargo air
transportation services.  It also provided aircraft leasing
services. It operated flights to 66 destinations in India and
international countries.  

As reported in the Troubled Company Reporter-Asia Pacific on
June 24, 2019, Reuters said the National Company Law Tribunal
(NCLT), on June 20 accepted an insolvency petition against Jet
Airways Ltd filed by its creditors as they attempt to recover some
of their dues.  The insolvency process will allow lenders to sell
the company as a whole or in parts, laying out a fixed timeline for
a resolution around its future. Law firm Cyril Amarchand Mangaldas
will represent the interests of the lenders' consortium, Reuters
said. Indian financial newspaper Mint on June 19 reported that
lenders had named Ashish Chhawchharia of Grant Thornton India as
the resolution professional, Reuters added.

Jet Airways Ltd on April 17 halted all flight operations after its
lenders rejected its plea for emergency funds.

The total liabilities of the airline, including unpaid salaries and
vendor dues, are nearly INR15,000 crore, Livemint disclosed.

KARMIC ENERGY: CRISIL Migrates B- Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Karmic Energy
Private Limited (KEPL) to 'CRISIL B-/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         2.5       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             18.75      CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KEPL for obtaining
information through letters and emails dated March 30, 2019, June
10, 2019 and June 14, 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 KEPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KEPL 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 KEPL to 'CRISIL B-/Stable Issuer not cooperating'.

Incorporated in 2010, KEPL is setting up a 5-megawatt (MW)
biomass-based power generation plant at Chanadungri in Bilaspur
(Chhattisgarh). It is promoted by Ms Radha Prakash and her husband
Mr Ved Prakash manages the operations.

MANISHA PROJECTS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Manisha Projects
Private Limited (MPPL) a Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR190 mil. Fund-based working capital limit assigned with IND

     BB+/Stable rating;

-- INR1.086 bil. Non-fund-based working capital limit assigned
     with IND A4+ rating; and

-- INR224 mil. Proposed non-fund-based working capital limit*
     assigned Provisional IND A4+ rating.

* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by MPPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect MPPL's modest revenue of INR1,047.72 million
according to the provisional numbers of FY19 (FY18: INR1,562.18
million). The deterioration in revenue in FY19 was primarily due to
the execution of fewer projects because of delays in availing the
required permissions for land clearance from the Uttar Pradesh
state government. Margins improved to 13.4% in FY19 (FY18: 7.98%)
due to lower operating expenses; ROCE came in at 15% (18%). Credit
metrics are moderate with gross interest coverage (operating
EBITDA/gross interest expenses) of 2.23x in FY19 (FY18: 3.01x) and
net leverage (adjusted net debt/operating EBITDA) of 2.92x (2.41x).
Credit metrics deteriorated in FY19 due to high debt levels. At
end-May 2019, the company had an order book of INR5,449.50 million
to be executed by FY22, providing revenue visibility of 5.20x (of
FY19 revenue).

The ratings reflect MPPL's increase in a net working capital cycle
of 74 days in FY19 (FY18: 11 days, FY17: 13 days) mainly due to
high debtor days and inventory days. Consequently, cash flow from
operations remained negative at INR45.94 million in FY19 (FY18:
negative INR12.39 million). Liquidity is moderate as indicated by
the company's 87.80% average use of fund-based working capital
limit during the 12 months ended May 2019. Cash and cash
equivalents stood at INR2.64 million at FY19 (FY18: INR0.64
million).

The ratings are supported by MPPL's promoter experience of more
than two decades in the same line of business.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue along with net
financial leverage improving to below 1x on a sustained basis,
could lead to positive rating action.

Negative:  Any deterioration in the revenue, along with net
financial leverage exceeding 3x on a sustained basis, will be
negative for the ratings.

COMPANY PROFILE

MPPL, set up as a partnership firm in 1989, was reconstituted as a
private limited company with the present name in 1998. The company
executes civil contracts such as the construction of buildings,
roads, and drainage systems for the Uttar Pradesh government. MPPL
majorly executes projects for the Public Works Departments. The
company is an 'A' class government contractor in the state.  

MARKS PRYOR: CRISIL Migrates D Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Marks Pryor
Marking Technology Private Limited (Marks Pryor) to 'CRISIL
D/CRISIL D Issuer not cooperating'.

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

   Cash Credit            8.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

CRISIL has been consistently following up with Marks Pryor for
obtaining information through letters and emails dated June 10,
2019 and June 14, 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 Marks Pryor. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Marks
Pryor 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 Marks Pryor to 'CRISIL D/CRISIL D Issuer not
cooperating'.

Marks Pryor, established in 2005, is a JV between Mr. Dhiren Gupte
and Edward Pryor & Son Ltd, UK, a leading manufacturer of metal
indentation marking technology. The company provides customised
marking solutions to companies across industries, including
automobile, automobile ancillaries, oil and gas, engineering, and
capital goods. Its manufacturing facility is at Pune.

PANDAV AGRO: CRISIL Migrates B Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Pandav Agro
Food Processing (PAFP) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             7.1        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PAFP 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 PAFP. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PAFP 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 PAFP to 'CRISIL B/Stable Issuer not cooperating'.

Set up in 2016 as a partnership firm by Mr Shyamsunder Kabra and
his family, PAFP is setting up a unit to mill wheat flour (atta),
maida, suji and bran. Production is expected to begin from July
2018 onwards.

RAJHANS COLD: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Rajhans Cold
Storage Private Limited (RCSPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term       4.51       CRISIL B+/Stable (ISSUER
   Bank Loan Facility                  NOT COOPERATING; Rating
                                       Migrated)

   Term Loan                 .21       CRISIL B+/Stable (ISSUER
                                       NOT COOPERATING; Rating
                                       Migrated)

CRISIL has been consistently following up with RCSPL for obtaining
information through letters and emails dated March 12, 2019, June
10, 2019 and June 14, 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 RCSPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RCSPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

RCSPL was set up by Mr Anupam Kumar and Mr Subodh Kumar for
providing cold storage facility in Begusarai, Bihar. The cold
storage has capacity of 12,000 tonne with 3 chambers, and became
operational in March 2010.

RAMADE MEMORIAL: CRISIL Migrates B Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ramade
Memorial Medicare And Research Institute LLP (RMMRI) to 'CRISIL
B/Stable Issuer not cooperating'.

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

   Proposed Working         1         CRISIL B/Stable (ISSUER NOT
   Capital Facility                   COOPERATING; Rating
                                      Migrated)

CRISIL has been consistently following up with RMMRI for obtaining
information through letters and emails dated April 30, 2019, June
10, 2019 and June 14, 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 RMMRI. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RMMRI 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 RMMRI to 'CRISIL B/Stable Issuer not cooperating'.

RMMRI, set up in 2017 by Mr. Jayesh Chandra Ramade, is setting up a
100 bed multi-specialty hospital in Gondia, Maahrashtra. The
hospital is expected to commence operations from June 2018.

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

The instrument-wise rating actions are:

-- INR130 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR117.4 mil. Term loan due on March 31, 2027, migrated to
non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 4, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

RAPL is engaged in processing, milling, trading, and export of a
wide assortment of basmati and non-basmati rice. The company's
manufacturing facility, located in East Champaran, Bihar, has an
annual installed paddy processing capacity of 67,200 metric tons
and paddy storage capacity 113,750 metric tons.

SAATVEEKA TRADING: Ind-Ra Lowers Long Term Issuer Rating to 'D'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Saatveeka
Trading Company's (STC) Long-Term Issuer Rating to 'IND D' from
'IND BB-'. The Outlook on the earlier rating was Stable. The agency
has simultaneously migrated the rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency. Thus, the
rating is based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND D
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR88.7 mil. Fund-based limit (Long-term) downgraded and
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR20 mil. Non-fund based limit (Short-term) downgraded and
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects STC's delays in debt servicing during the
six months ended June 2019 due to a tight liquidity position,
resulting from overutilization of its working capital for more than
30 days.

COMPANY PROFILE

STC trades high-speed steel and alloy steel. It was the first
entity in India to be accredited with ISO 9001‐2008 for the
trading of high-speed steel and alloy steel.

SANNY DIGITAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Sanny Digital Communications Private Limited
        Aarista Complex, #5-87-133/3
        IV Floor, Iakshmipuram Main Road
        Guntur Krishna AP 522007 IN

Insolvency Commencement Date: June 26, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: December 23, 2019

Insolvency professional: Immaneni Eswara Rao

Interim Resolution
Professional:            Immaneni Eswara Rao
                         40-26-22, Mohiddin Street
                         Opp: BSNL Exchange
                         Labbipet, M.G. Road
                         Vijayawada, Krishna District
                         Andhra Pradesh 520010
                         E-mail: ier_ca@outlook.com
                         Mobile: 9052000041

                            - and -

                         301, 3rd Floor, Bhavya’s Fantastika
                         D.No. 8-2-684/A, Road No. 12
                         Banjara Hills, Hyderabad 500034
                         Telangana State
                         E-mail: ier.ip11943@gmail.com

Last date for
submission of claims:    July 10, 2019


SB LIFESPACES: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of SB Lifespaces
Private Limited (SBLPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Term Loan            30        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SBLPL for obtaining
information through letters and emails dated June 10, 2019 and June
14, 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 SBLPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SBLPL 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 SBLPL to 'CRISIL B+/Stable Issuer not cooperating'.

SBLPL, incorporated in August 2011 by Mumbai-based Mr Kirit
Wadhwana and family, is developing a residential-cum-commercial
real estate project, Sandeep Heights, at Nallasopara in Thane
(Maharashtra).

SRS LIMITED: Ind-Ra Affirms 'D' Long Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed SRS Limited's
Long-Term Issuer Rating at 'IND D (ISSUER NOT COOPERATING)'. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR100 mil. Term loan (long-term) affirmed with IND D (ISSUER
     NOT COOPERATING) rating;

-- INR4.75 bil. Non-fund-based working capital limits (short-
     term) affirmed with IND D (ISSUER NOT COOPERATING) rating;

-- INR3.5 bil. Fund-based working capital limits (long- and
     short-term) affirmed with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR2.25 bil. Term deposit (long-term) affirmed with IND tD
     (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects SRS's on-going default, as recorded by the
auditor in the quarterly result announcement, and the company's
classification as a non-performing asset by its lender.

RATING SENSITIVITIES

Positive: Timely debt servicing and the use of working capital
facilities within the sanctioned limits for at least three
consecutive months would be positive for the ratings.

COMPANY PROFILE

SRS was incorporated in 2000 as SRS Commercial Company Limited. It
was renamed SRS Limited in 2009. The company has three business
verticals: jewelry, retail, and multiplex. SRS is engaged in the
manufacture, retail, and wholesale of gold and diamond jewelry. It
operates a chain of modern format retail stores and a chain of
cinemas across north India. The company owns a shopping mall in
Faridabad, apart from various restaurants and food courts.

SUJANA UNIVERSAL: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Sujana Universal Industries Limited
        Plot. No. 18, Municipal No. 8-2-248/1/7/18
        East Wing, Third Floor, Nagarjuna Hills
        Punjagutta Hyderabad
        Hyderabad TG 500082 IN

Insolvency Commencement Date: June 26, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: December 23, 2019

Insolvency professional: Nethi Mallikarjuna Setty

Interim Resolution
Professional:            Nethi Mallikarjuna Setty
                         Flat No. 101, Laurel Residency
                         Road No. 18, Panchavati Colony
                         Manikonda, Hyderabad
                         Telangana 500089
                         E-mail: malliknethi@gmail.com

                            - and -

                         301, 3rd Floor, Bhavya’s Fantastika
                         D.No. 8-2-684/A, Road No. 12
                         Banjara Hills, Hyderabad 500034
                         Telangana State

Last date for
submission of claims:    July 10, 2019


SUNITI PROVA: CRISIL Migrates B Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Suniti Prova
Cold Storage (SPCS) to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan         1.65      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility      .85      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SPCS for obtaining
information through letters and emails dated March 12, 2019, June
10, 2019 and June 14, 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 SPCS. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SPCS is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

Set up in 2009 by Mr Gautam Dutta and Ms Kajal Dutta, SPCS operates
a cold storage unit at Sonitpur (Assam) with capacity of 10,500
quintals in 2 chambers. One chamber is utilised for storage of
potatoes and the other for storage of green apples, apples, and
seeds. The firm is also engaged in trading of potatoes.

SURAJ FABRICS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Suraj Fabrics Industries Limited
        Elegant Towers, 224 A
        A.J.C. Bose Road, Kolkata
        West Bengal 700017
        India

Insolvency Commencement Date: July 1, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: December 28, 2019

Insolvency professional: CA Santosh Choraria

Interim Resolution
Professional:            CA Santosh Choraria
                         P-41, Princep Street
                         Room No. 222
                         Kolkata 700072
                         E-mail: ca.schoraria@gmail.com
                                 cirp.surajfab@gmail.com

Last date for
submission of claims:    July 15, 2019


TRIPURARI AGRO: CRISIL Cuts INR5cr Cash Loan to Rating D, Not Coop.
-------------------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Tripurari
Agro Private Limited (TAPL) to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL B/Stable Issuer Not Cooperating'. The downgrade
reflects ongoing delays in the servicing debt obligation and also
as confirmed by the banker, the account has classified in NPA
category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              3.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Warehouse Financing    3.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with TAPL for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of TAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TAPL 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 and banker feedback, CRISIL
has downgraded its ratings to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL B/Stable Issuer Not Cooperating'. The downgrade
reflects ongoing delays in the servicing debt obligation and also
as confirmed by the banker, the account has classified in NPA
category.

TAPL was established in June 2013 by Mr. S.P. Sharma and his
family. The company is engaged in processing and selling of basmati
rice. TAPL has its plant at Ludhiana, Punjab.

TRIVANDRUM APOLLO: CRISIL Hikes Rating on INR12.26cr Loan to B
--------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Trivandrum Apollo Towers Private Limited (TATPL) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        12.26      CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Working Capital
   Facility                .74      CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Proposed Long Term
   Bank Loan Facility     2.00      CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The upgrade reflects improvement in scale of operations from
INR7.33 crore in fiscal 2017 to INR14.72 crore estimated in fiscal
2019, along with improvement in profitability. This is due to
increase in occupancy of the rooms and better demand. Also, with
changes in the repayment structure the cushion in liquidity has
also improved.

The ratings continue to reflect modest scale of operations, subdued
debt protection metrics and exposure to cyclicality in hospitality
industry. These weaknesses are partially offset by the promoter's
extensive experience in the hotel and real estate development
industry and their fund support.

Analytical Approach
Unsecured loans from promoters and family members (outstanding
INR16.94 crores as on March 31, 2018) are treated as neither debt
nor equity, as they are expected to be maintained in the company.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale of operation and revenue concentration: TATPL's scale
of operations remains small as indicated by modest revenues of
INR14.72 crore in fiscal 2019. Moreover, the single-site operations
render the revenues and margins susceptible to seasonality in
business as well as to any force majeure that may lead to sharp
decline in sales. Ability to increase average room rent and
occupancy rate substantially amid intense competition remains to be
seen.

* Subdued debt protection metrics: The debt protection metrics are
subdued marked by interest coverage of 1.6 times and net cash
accruals to adjusted total debt of ~0.10 time for fiscal 2018. It
is likely to remain subdued over the medium term due to its initial
stages of operation.

* Exposure to cyclicality and intense competition in hospitality
industry: The Indian hotel industry is witnessing intense
competition due to the growing presence of foreign players and
expansion by domestic players. Moreover, the company's revenue
depend on the leisure travel/expenditure by corporates and
individuals which exposes it to changes in domestic and global
economies.

Strengths:
* Promoter's extensive entrepreneurial experience:
Promoters have extensive experience in real estate development and
have developed projects in Chennai, Kovai (Tamil Nadu),
Thiruvananthapuram, Bengaluru, and Puducherry. This has enabled the
company to complete the project with no major cost overruns.

* Fund support from promoters: The promoters have infused unsecured
loans of INR16.94 crores as on March 31, 2018. Considering these as
part of promoter funds, the total outside liabilities to promoter
funds is comfortable at 1.03 times as on March 31, 2018, estimated
to be same as on March 31, 2019.

Liquidity
TATPL has weak liquidity driven by expected cash accruals of INR3
crore per annum in fiscal 2020 and fiscal 2021 against term debt
obligations of INR2 crore. Cash and cash equivalents were t Rs.1.09
crores as on March 31, 2019. It also has access to fund based
limits of Rs.0.24 crores, which remains unutilised. Moreover,
promoters and family members have infused funds in the form of
unsecured loans to the tune of INR16.94 crore as on March 31, 2018.


Outlook: Stable

CRISIL believes TATPL will benefit over the medium term from the
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if a sustainable and significant increase in
operating income, profitability, and cash accrual, leads to
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' if decline in revenue or profitability, or
large debt-funded capital expenditure impacts the financial risk
profile.

TATPL, based in Manjeri (Kerala), and incorporated in 2006, runs a
four-star hotel, Apollo Dimora in Thiruvananthapuram. Operations
are managed by managing director, Mr O M Abdul Rasheed. The hotel
consists of 135 rooms, 2 restaurants, 7 conference halls, and a
coffee shop.

TVC ELECTRONICS: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of TVC
Electronics (TVC) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Standby Line           1         CRISIL B+/Stable (ISSUER NOT
   of Credit                        COOPERATING; Rating Migrated)


CRISIL has been consistently following up with TVC for obtaining
information through letters and emails dated March 30,2019, June
10,2019 and June 14,2019 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 TVC. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TVC 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 TVC to 'CRISIL B+/Stable Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

Established as a proprietorship firm in 1992, TVC is engaged in the
retailing of consumer durables (white goods and small home
appliances) with 5 retail outlets spread across Tamil Nadu. Based
in Cuddalore (Tamil Nadu), the firm is promoted by Mr S. G. Ajith
Kumar.

TYCHE CAST: CRISIL Withdraws B Rating on INR28cr LT Loan
--------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Tyche
Cast Tech Private Limited (TCTPL) on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL's policy on withdrawal of its rating
on bank loan facilities.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B/Stable'; Rating
                                    Withdrawn)

   Long Term Loan        28.0       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B/Stable'; Rating
                                    Withdrawn)

CRISIL has been consistently following up with TCTPL for obtaining
information through letters and emails dated April 30, 2019, May
24, 2019 and May 27, 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 TCTPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for TCTPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of TCTPL to 'CRISIL
B/Stable Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of TCTPL on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Incorporated in 2016, Tyche Cast tech Private Limited (TCTPL), a
TADA, Nellore based company, is currently setting up a
manufacturing unit to manufacture Pressure Die-casting Components
for automobile, electrical and electronic industries. The company
is expected to commence operations in Oct 2018.



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

MALAYSIA AIRLINES: No Job Cuts, Name Change, AirAsia Chief Says
---------------------------------------------------------------
Channel News Asia reports that former AirAsia chairman Pahamin Ab
Rajab promised there will be no job cuts and no name change for
Malaysia Airlines (MAS), if a turnaround plan put forth by him and
his partners is accepted by Putrajaya.

"We have assured the prime minister that we will not sack anybody
at Malaysia Airlines. We will also not ask for financial support
from (sovereign wealth fund) Khazanah or the government," Mr.
Pahamin was quoted as saying when contacted by the Star on July 4,
CNA relays. "The airline will have the same national branding and
will not change name. It will remain as Malaysia Airlines and it
will be an international airline."

However, he said the consortium will ask for rights to manage the
loss-making carrier without interference from the government, the
report says.

According to the report, talk of a takeover has been gathering
steam, with the group led by Mr. Pahamin meeting with Prime
Minister Mahathir Mohamad earlier last week.

CNA relates that the group will reportedly offer to take over MAS
through its vehicle, Najah Air Sdn Bhd, which is currently in the
process of being registered.

Najah Air is said to have proof of funding and will need to conduct
a three-month due diligence before unveiling its full turnaround
plan for the airline, the report notes.

"We are looking at taking a 49 per cent stake in the airline and
Khazanah Nasional Bhd 51 per cent," the Star quotes Mr. Pahamin as
saying, CNA relays.

He was appointed as non-executive chairman of low-cost carrier
AirAsia in 2001, before retiring in 2008.

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

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

Last week, Dr. Mahathir said the government would like to sell MAS,
but its identity as the national carrier must be retained, the
report relates.

Beside Mr Pahamin and his associates, several potential candidates
are also said to be in the running to steer MAS back to
profitability, adds CNA.

                      About Malaysia Airlines

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

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

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

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

SEACERA GROUP: Unable to Fully Settle MYR31.82MM Loan Default
-------------------------------------------------------------
The Sun Daily reports that Seacera Group Bhd has announced that it
is unable to fully settle a loan default amount of MYR31.82 million
or provide the additional properties as collateral within seven
days as requested by Small Medium Enterprise Development Bank
Malaysia Bhd (SME Bank).

"The company is currently seeking legal advice and any material
development will be announced in due course," Seacera said in a
stock exchange filing on July 5, Sun Daily relays.

According to the report, SME Bank had commenced legal actions
against Seacera, a corporate guarantor for facilities granted to
its 20% associate company SPAZ Sdn Bhd, after it defaulted on its
payment of MYR31.82 million under the Bank Guarantee (Kafalah) and
Commodity Murabahah Revolving Financing-i (CMRF-i).

In April, Seacera said it was in dire need for funds to address its
liquidity concerns, including for the repayment of its current debt
obligations towards various stakeholders including trade payables,
other payables and financial institutions as well as its ongoing
working capital requirements, the report recalls.

                        About Seacera Group

Seacera Group Bhd engages in manufacturing and trading of ceramic
tiles. The company operates in mainly two divisions namely, Tiles
division involving the manufacturing, trading, and marketing of all
kinds of ceramic tiles and related products which contributes a
major part of revenue and Property development and construction
division which comprises of Investing and development of properties
located in Malaysia. The company operates in multiple states across
Malaysia, while it has a presence in ASEAN and other countries.

Seacera Group Bhd has been classified as a Practice Note 17 (PN17)
company as it has defaulted on the payment of principal and profits
to AmBank Islamic Bhd and not being able to provide a solvency
declaration to Bursa Malaysia Securities.

The company recorded a net loss of MYR43.13 million in the
financial year ended Dec. 31, 2018, from a net profit of MYR8.92
million in the previous year.



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

MONGOLIA: Fitch Affirms B LT Issuer Default Rating, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Mongolia's Long-Term Foreign-Currency
Issuer Default Rating at 'B' with a Stable Outlook.

KEY RATING DRIVERS

Mongolia's ratings are supported by the country's robust growth
outlook, improving fiscal metrics, and strong governance
indicators. The ratings are constrained by Mongolia's narrow
economic base, low external buffers, and a volatile political
landscape, which can lead to sharp changes in economic policy and
increases the likelihood of economic shocks.

The budget surplus was recorded at 2.6% of GDP in 2018, well above
both the approved budget and Fitch's prior expectations. Budget
outturns through end-May 2019 point to robust revenue and
expenditure growth, even in the absence of new revenue-enhancing
measures, which Fitch believes are consistent with the budget
remaining broadly in balance in 2019. The prospect for continued
fiscal outperformance into next year is considerably less certain
amid a recent history of sharp increases in spending ahead of
parliamentary elections, which are due to be held in mid-2020.
Fitch forecasts the fiscal deficit to widen to 4% in 2020, above
the authorities' projection of 2%, though Fitch thinks there may be
greater downside risks to the forecast owing to the political
cycle.

Strong budget outturns combined with a robust economic recovery
that started in early 2017 have led to a sharp decline in gross
general government debt (GGGD). Fitch forecasts GGGD will fall to
60% of GDP by end-2019 from 70% a year earlier, below a peak of 93%
in 2016. The agency's baseline forecasts continue to point to a
gradual downward path for Mongolia's public debt dynamics
post-2020, but its assumption for higher fiscal deficits implies
GGGD will remain above the historical 'B' median of 49% for the
foreseeable future.

The IMF has yet to conclude its sixth review of Mongolia's
three-year Extended Fund Facility since late-2018 due to the
outstanding completion of two prior actions pertaining to the asset
quality review (AQR) of the financial sector. The IMF Article IV
end-of-mission press release in June 2019 highlighted Mongolia's
progress in strengthening its economic resilience, while
underscoring the country's still insufficient buffers to withstand
future external shocks. Meanwhile, the authorities have indicated
their intention to carry out the requisite prior actions, which
include a forensic audit of the capital raised as part of the AQR.
Success in the actions will enable an additional disbursement of
IMF and other external donor funds later this year.

External buffers have continued to strengthen, despite the delay of
some IMF programme-linked disbursements. Foreign reserves were
USD3.7 billion by end-May 2019, up from USD3.3 billion a year
prior, and more than triple their value in early 2017. Fitch
estimates foreign reserves are now equivalent to roughly 4.4x
current-external payments, which puts Mongolia ahead of the 'B'
median of 3.8x, and roughly on par with the 'BB' median of 4.3x,
though a considerable proportion of outstanding reserves could be
viewed as encumbered due to a CNY15 billion (USD2.1 billion) swap
arrangement with the People's Bank of China.

The rise in external buffers has not however tempered the broader
fragilities associated with Mongolia's external finance profile.
These include a sizeable current account deficit (in excess of 15%
of GDP), massive net external debt burden (180% of GDP), and an
elevated dependence on external marketable debt, which heightens
the country's vulnerability to shifts in investor sentiment. These
factors, in addition to Mongolia's narrow economic base focused on
the export of commodities and nearly singular concentration to a
single export market (mainland China), expose the country to
external shocks and constrain the sovereign ratings.

Real GDP growth accelerated to 8.6% yoy in 1Q19 from 6.7% in 2018.
The strong growth performance has been in large part due to capital
expenditure linked to the ongoing development of the underground
phase of the Oyu Tolgoi copper mine, for which sustainable first
production has been delayed until late 2021 or 2022. Investment
contributed 12.1pp towards overall GDP growth in 1Q19. Consumption
has also picked up alongside the broader economic recovery, having
contributed 3.1pp to growth, whereas net exports' contribution
remained negative in light of the high import content required to
build out the mine. Fitch forecasts GDP growth of 7% in 2019 and 6%
in 2020, broadly in line with the authorities' Medium Term Fiscal
Framework assumptions, and considerably above the 'B' median of
3%.

Domestic politics have become increasingly boisterous, and
scepticism regarding the Oyu Tolgoi investment agreement has
resurfaced across the country's political discourse. This
development is underscored by the recommendations of a
parliamentary working group to revise the 2015 investment agreement
with Rio Tinto, and similar allusions from the Minister of Mining
in a recent press conference. It appears that parliament has put
the working group's recommendations on hold for the time being, but
ongoing strained relations between the government and Rio Tinto
over taxation, delays, and other aspects of the investment
agreement increase the probability for political shocks leading up
to the mid-2020 parliamentary elections. This in turn could have
material implications for Mongolia's macroeconomic stability, given
the importance of the mine to the country's broader economy.

Banking-sector asset quality remains weak, with the sector
non-performing loan ratio at roughly 11% as of end-May 2019, and
some banks still reporting deterioration from legacy loans.
However, the agency views the authorities' decision to liquidate
Capital Bank in April 2019 as evidence of its continued commitment
to make structural improvements in the financial sector. Some banks
may still need to raise capital or even face closure as a
consequence of the ongoing AQR, but Fitch believes this should
ultimately lead to a strengthening of the banking system, an
important target under the IMF's Extended Fund Facility. Even in
the event that some public funds are required to meet capital
shortfalls at systemically important banks, the agency does not
believe this would have a material impact on Mongolia's sovereign
credit profile due to the AQR's prior findings that the system-wide
capital shortfall was equivalent to 1.9% of GDP.

Structural factors, such as GDP per capita, governance indicators,
and doing business rankings score above 'B' rated peers and provide
considerable support to Mongolia's sovereign ratings. Per capita
income has the potential to rise substantially over the longer term
if the country can successfully harness its substantial natural
resource endowments via strategic mining projects, and deliver them
more reliably to third markets via planned infrastructure
investments.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Mongolia a score equivalent to a
rating of 'BB-' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
rated peers, as follows:

  - External Finances: -1 notch, to reflect high vulnerability to
external shocks, given the country's narrow economic base,
dependence on external marketable debt, and high net external debt
ratios.

  - Structural Features: -1 notch, to reflect uncertainty ahead of
forthcoming parliamentary elections, which increases the
probability of political and economic shocks.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

RATING SENSITIVITIES

The main factors that could lead to positive action are:

  - A track record of modest fiscal deficits consistent with
further declines in GGGD/GDP.

  - Sustained implementation of credible and coherent macroeconomic
policymaking that makes the economy less vulnerable to swings in
commodity prices and the external environment.

  - Maintenance of a business environment conducive to strong
economic growth and FDI inflows.

The main factors that could lead to negative rating action are:

  - Political instability sufficient to significantly disrupt
strategic mining projects or FDI inflows.

  - Fiscal policy settings that put GGGD/GDP back on an ascending
trajectory.

KEY ASSUMPTIONS

  - The global economy performs broadly in line with Fitch's Global
Economic Outlook

The full list of rating actions is as follows:

Long-Term Foreign-Currency IDR affirmed at 'B'; Outlook Stable

Long-Term Local-Currency IDR affirmed at 'B'; Outlook Stable

Short-Term Foreign-Currency IDR affirmed at 'B'

Short-Term Local-Currency IDR affirmed at 'B'

Country Ceiling affirmed at 'B+'

Issue ratings on long-term senior unsecured foreign-currency bonds
affirmed at 'B'



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

RIZAL COMMERCIAL: Fitch Affirms BB+ LT IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Rizal Commercial Banking Corporation's
Long-Term Issuer Default Rating at 'BB+'. The Outlook is Stable.
The ratings have been removed from Rating Watch Negative on which
they were placed on January 22, 2019. The bank's Support Rating and
Support Rating Floor were not part of this rating review.

The affirmation reflects its assessment that the potential
financial impact on RCBC from additional provisioning on the
exposure to Hanjin Heavy Industries and Construction Philippines
Inc. (HHIC Phil), which filed for creditor protection on January 8,
2019, is likely to be manageable for the bank's overall credit
profile in light of its satisfactory loss absorption buffers. Its
evaluation also takes into consideration the uncertainties over the
timing and extent of the recovery prospects for RCBC's exposure to
HHIC Phil - a shipbuilder.

This assessment is based on updates received on the debt resolution
process since January, which provide greater clarity on the
potential impact of the impairment on RCBC's financial performance
and credit profile. Fitch understands that the recoveries are
likely to occur through the sale of HHIC Phil's underlying assets
in the Philippines, as well as the disposal of common shares in
HHIC Phil's parent in Korea, Hanjin Heavy Industries & Construction
Co., Ltd., which is listed on the Korean stock exchange.

KEY RATING DRIVERS

VIABILITY RATING AND IDRS

RCBC's Long-Term IDRs and Viability Rating are driven by the bank's
Standalone Credit Profile. This takes into consideration its
acceptable capitalisation as well as funding and liquidity profile
which are counterbalanced by its modest franchise as well as weaker
asset quality and profitability relative to its Fitch-rated local
peers. The ratings also take into consideration the risks stemming
from its large-borrower concentration and conglomerate shareholding
structure - common traits of many Philippine banks.

Moody's expects the bank's profitability to remain under pressure
due to the likelihood of further provisioning on its HHIC Phil
exposure. RCBC's annualised return on assets of 0.8% in 1Q19 was
weaker than most of its Fitch-rated local private peers. Moody's
expects RCBC's gross non-performing loan (NPL) ratio to decline by
about 2pp (from the Fitch-estimated ratio of 4.4% at end-March
2019), when the bank resolves its HHIC Phil exposure, which may
take some time. Moody's estimates that any further provisioning is
likely to be absorbed by its earnings base, limiting the risk of
capital impairment.

Moody's does not expect the bank's asset quality beyond HHIC Phil
to weaken materially in the near term. Still, RCBC's continued
focus on expanding SME and consumer loans is likely to increase its
NPL ratio in the longer run. The bank's capitalisation, as
indicated by its Common Equity Tier 1 ratio (CET1) ratio of 13.4%
at end-March 2019, formed a satisfactory buffer above regulatory
requirements to absorb impairment shocks. Its funding and liquidity
profile should also remain broadly stable. Customer deposits
accounted for roughly 75% of its funding, while the bank's
loan/deposit ratio, albeit rising, remained acceptable at 93%.

MEDIUM-TERM NOTE PROGRAMME AND SENIOR DEBT

The ratings on RCBC's medium-term note programme and senior notes
are the same as its Long-Term IDR, as the senior notes and senior
debt issued under the programme form direct, unsubordinated and
unsecured obligations of the bank and rank equally with its other
unsecured and unsubordinated obligations.



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

INNOPAC HOLDINGS: Has Not Enough Cash Resources to Make Exit Offer
------------------------------------------------------------------
The Straits Times reports that Innopac Holdings has said it does
not have the cash resources to consider making an exit offer to its
shareholders, the investment holding company said in a filing to
the Singapore Exchange (SGX) on July 1.

This comes as the SGX will be proceeding to delist Innopac after it
failed to meet the necessary requirements to remove itself from the
watch-list over the past 36 months, according to the report.

The Straits Times notes that listing rules state that on being
served a delisting notification, the company or its controlling
shareholders must provide a reasonable exit offer to shareholders
as soon as possible and no later than one month from the date of
the delisting notice.

Innopac, which doesn't have a controlling shareholder, said that it
has not received any proposal or exit offer from any shareholder.
The board is currently exploring options to move the company
forward, including monetising the group's assets, the report
relays.

Headquartered in Singapore, Innopac Holdings Limited, an investment
holding company, invests in marketable securities in Singapore and
other Asian countries. The company operates through Products
Trading, Investment Trading, and Investment Holding segments. It is
also involved in the distribution of energy and fuel, including
compressed natural gas; and the investment in residential and
commercial properties.


                           *********


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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Information contained herein is obtained from sources believed
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