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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

          Thursday, April 25, 2019, Vol. 22, No. 83

                           Headlines



A U S T R A L I A

ADMEDUS VACCINES: First Creditors' Meeting Set for May 3
ASPECTFP HOLDINGS: First Creditors' Meeting Set for May 3
CHG SERVICES: First Creditors' Meeting Set for May 3
EXVON PTY: First Creditors' Meeting Set for May 3
HERE LOGISTICS: First Creditors' Meeting Set for May 3

JUST 1: First Creditors' Meeting Set for May 2
TMR LOGISTICS: First Creditors' Meeting Set for May 3
VERUKA ENTERPRISES: First Creditors' Meeting Set for May 2


C H I N A

CAR INC: Moody's Rates Proposed USD Notes 'B1', Outlook Stable
CAR INC: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Negative
HNA GROUP: Unit Misses Payment Deadline, Lenders Seize Assets
REDCO PROPERTIES: Fitch Rates Proposed USD Senior Notes 'B(EXP)'


H O N G   K O N G

HONG KONG AIRLINES: Directors Served With Court Injunction


I N D I A

ABHIGNA RICE: CRISIL Maintains 'B' Rating in Not Cooperating
AERON EXPORTS: CRISIL Maintains 'B-' Rating in Not Cooperating
ARMAAX AUTO: CRISIL Maintains 'D' Rating in Not Cooperating
AVINASH DODA: CRISIL Lowers Rating on INR8cr Cash Loan to D
AXLEO INDUSTRIES: CRISIL Maintains 'D' Rating in Not Cooperating

CANCER AND ALLIED: CRISIL Withdraws B+ Rating on INR100cr Loan
EXCLUSIVE FIBERS: Insolvency Resolution Process Case Summary
GVR KHANDAPHOD: CRISIL Lowers Rating on INR200cr LT Loan to D
HARI BHOG: CRISIL Hikes Rating on INR10cr Loans to B+
JET AIRWAYS: Will Do Everything to Revive Airline, CEO Says

LUTHFA FOUNDATION: CRISIL Ups Rating on INR6.65cr Loan to B
MOHANA COTTON: CRISIL Maintains 'D' Rating in Not Cooperating
MUTNEJA RICE: CRISIL Maintains 'B+' Rating in Not Cooperating
NIMIT STEELS: CRISIL Maintains 'D' Rating in Not Cooperating
NIRMALA OFFSET: CRISIL Maintains 'B' Rating in Not Cooperating

OM SAI: CRISIL Maintains 'B' Rating in Not Cooperating Category
PARAMOUNT BLANKETS: CRISIL Maintains D Rating in Not Cooperating
POWER WELFARE: CRISIL Maintains 'D' Rating in Not Cooperating
PRAHLAD ISPAT: CRISIL Migrates Rating on INR7.75cr Loan to B
SALIA POLYMERS: CRISIL Maintains 'B-' Rating in Not Cooperating

SARABJIT SINGH: CRISIL Assigns 'B' Rating to INR0.1cr Loan
SHAH AGRI: CRISIL Maintains 'B+' Rating in Not Cooperating
SHREE BALAJI: CRISIL Maintains 'D' Rating in Not Cooperating
SHREE NAMOKAR: CRISIL Maintains 'B+' Rating in Not Cooperating
SHRI GANGA: CRISIL Maintains 'B+' Rating in Not Cooperating

SMRITI APPARELS: CRISIL Maintains 'D' Rating in Not Cooperating
SRI RAMA: CRISIL Maintains 'B' Rating in Not Cooperating
T.R. CHEMICALS: CRISIL Maintains 'D' Rating in Not Cooperating
TUSHAR FABRICS: CRISIL Maintains 'D' Rating in Not Cooperating
UTTAM SEEDS: CRISIL Assigns 'B' Rating to INR10cr Loan

VAISHNOVI INFRATECH: CRISIL Maintains D Rating in Not Cooperating
VELOHAR INFRA: CRISIL Maintains 'D' Rating in Not Cooperating
VVF INDIA: CRISIL Maintains 'D' Rating in Not Cooperating


I N D O N E S I A

MEDCO OAK: Fitch Rates Proposed USD Notes 'B+(EXP)'
MEDCO OAK: Moody's Rates Proposed USD Senior Unsecured Notes 'B2'
MEDCO OAK: S&P Puts Prelim. B Rating to New USD Sr. Unsec. Notes


M A L A Y S I A

SERBA DINAMIK: Fitch Publishes 'BB-' LT IDR, Outlook Stable
SERBA DINAMIK: S&P Assigns Prelim 'BB-' ICR, Outlook Stable


N E W   Z E A L A N D

MAINZEAL GROUP: Liquidators Seek Millions in Interest Payments


P A P U A   N E W   G U I N E A

PAPUA NEW GUINEA: S&P Affirms B/B Ratings, Outlook Stable


S I N G A P O R E

HYFLUX LTD: Applies for 3-Month Debt Moratorium Extension

                           - - - - -


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

ADMEDUS VACCINES: First Creditors' Meeting Set for May 3
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Admedus
Vaccines Pty Ltd, trading as Admedus Immunotherapies, will be held
on May 3, 2019, at 9:30 a.m. at Level 4, 232 Adelaide Street, in
Brisbane, Queensland.

Peter Anthony Lucas of P A Lucas & Co was appointed as
administrator of Admedus Vaccines on April 18, 2019.

ASPECTFP HOLDINGS: First Creditors' Meeting Set for May 3
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Aspectfp
Holdings Pty Ltd will be held on May 3, 2019, at 10:30 a.m. at the
offices of Jirsch Sutherland, at Level 12, 460 Lonsdale Street, in
Melbourne, Victoria.

Glenn Anthony Crisp of Jirsch Sutherland was appointed as
administrator of Aspectfp Holdings on April 18, 2019.

CHG SERVICES: First Creditors' Meeting Set for May 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of CHG Services
Pty Ltd will be held on May 3, 2019, at 11:00 a.m. at the offices
of Cor Cordis, at Level 29, 360 Collins Street, in Melbourne,
Victoria.

Sam Kaso and Glenn Spooner of Cor Cordis were appointed as
administrators of CHG Services on April 18, 2019.

EXVON PTY: First Creditors' Meeting Set for May 3
-------------------------------------------------
A first meeting of the creditors in the proceedings of Exvon Pty
Ltd, trading as Albury Glass  will be held on May 3, 2019, at 10:00
a.m. at the offices of Stanley B Room, Commercial Club Albury, 618
Dean Street, in Albury, NSW.

Timothy Gumbleton and Andrew Bowcher of RSM Australia Partners were
appointed as administrators of Exvon Pty on April 18, 2019.

HERE LOGISTICS: First Creditors' Meeting Set for May 3
------------------------------------------------------
A first meeting of the creditors in the proceedings of HERE
Logistics Pty Ltd will be held on May 3, 2019, at 1:00 p.m. at the
offices of Deloitte Financial Advisory, at Level 10, 550 Bourke
Street, in Melbourne, Victoria.

Michael James Billingsley and Neil Robert Cussen of Deloitte
Financial were appointed as administrators of HERE Logistics on
April 23, 2019.

JUST 1: First Creditors' Meeting Set for May 2
----------------------------------------------
A first meeting of the creditors in the proceedings of Just "1"
Call Pty. Ltd. will be held on May 2, 2019, at 11:00 a.m. at the
offices of Oldhams Advisory, at Level 20, 300 Queen St, in
Brisbane, Queensland.

Glen Oldham of Oldhams Advisory was appointed as administrator of
Just "1" Call on April 17, 2019.

TMR LOGISTICS: First Creditors' Meeting Set for May 3
-----------------------------------------------------
A first meeting of the creditors in the proceedings of TMR
Logistics Pty Ltd will be held on May 3, 2019, at 1:30 p.m. at the
offices of Deloitte Financial Advisory, at Level 10, 550 Bourke
Street, in Melbourne, Victoria.

Michael James Billingsley and Neil Robert Cussen of Deloitte
Financial were appointed as administrators of TMR Logistics on
April 23, 2019.

VERUKA ENTERPRISES: First Creditors' Meeting Set for May 2
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Veruka
Enterprises Pty Ltd, trading as Hedland Hardware & Garden, will be
held on May 2, 2019, at 11:30 a.m. at Duxton Hotel, at 1 St Georges
Terrace, in Perth, WA.

Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of Veruka Enterprises on
April 17, 2019.



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C H I N A
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CAR INC: Moody's Rates Proposed USD Notes 'B1', Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has assigned a B1 senior unsecured rating
to CAR Inc.'s (B1 stable) proposed USD notes.

The rating outlook is stable.

The proceeds from the proposed notes will be used to refinance
existing indebtedness and for general corporate purposes.

The bond rating reflects Moody's expectation that CAR will complete
the bond issuance upon satisfactory terms and conditions, including
proper registrations with the National Development and Reform
Commission in China (A1 stable).

RATINGS RATIONALE

On April 23, 2019, CAR announced an exchange offer for any and all
of the company's outstanding existing notes due in February 2020
with an outstanding principal amount of about USD500 million. The
exchange offer will expire on May 3, 2019.

Under the offer, for each USD1,000 principal amount of the
outstanding existing notes, the holders will receive USD1,000 in
aggregate principal amount of the proposed notes, cash
consideration, and accrued interest in the form of cash.

Moody's does not regard this exchange offer as a distressed
exchange, which is considered as a default event under Moody's
definition, because the holders will not incur economic loss as the
exchange offer is at the par value of the existing notes.

The company is also expecting to conduct a concurrent offering of
new notes.

"The proposed notes issuance will not impact CAR's B1 corporate
family rating or stable outlook, as most of the proceeds will be
used to refinance existing debt," says Gerwin Ho, a Moody's Vice
President and Senior Credit Officer.

"The proposed notes will improve CAR's debt maturity profile," adds
Ho, who is also Moody's Lead Analyst for CAR.

Moody's expects CAR to further grow its fleet by about 15% year on
year in the next 12-18 months, as the company continues to invest
to maintain its leading market position.

Moody's further expects rental revenue to grow about 8% annually
and the company's rental gross margin to remain relatively stable
at about 39% in the next 12-18 months compared with 2018, as
pricing pressure from competition offsets cost improvements from
scale and cost controls.

CAR'S EBITDA margin is likely to narrow to about 45% in the next
12-18 months, mainly reflecting a larger revenue contribution from
its lower-margin used-vehicles sales.

The company is also likely to post moderate growth in debt and
EBITDA that will result in turn in adjusted debt/EBITDA increasing
to about 4.1x in the next 12-18 months from about 3.8x in 2018.
Such a level positions the company in the B rating category.

CAR's liquidity is weak. Its restricted and unrestricted cash of
RMB3.4 billion was insufficient to cover its short-term debt of
RMB4.7 billion as of December 31, 2018.

Nonetheless, the company has demonstrated a track record of access
to diversified funding channels, including debt instruments such as
onshore corporate bonds, offshore RMB bonds, and USD bonds.

Moody's also expects that the company will be able to roll over its
debt with domestic banks, given its profitable operations and
strong market position.

CAR's senior unsecured bond rating for the proposed USD notes is
not affected by subordination to claims at the operating company
level, because the latter is not seen as material, especially as
Moody's expects the majority of claims will remain at the holding
company.

CAR's B1 corporate family rating is supported by the company's
leadership position in China's growing car rental market.

The B1 rating also consider the company's business model, which
exhibits a certain level of financial flexibility, as seen by the
short lead time for its fleet acquisitions, its asset-light
network, and its ease of asset disposals.

On the other hand, the ratings also reflect the fact that CAR
faces: (1) competition from other car rental companies and indirect
competition from non-car rental companies that provide
transportation services; and (2) regulatory risks in terms of
controls on vehicle ownership, the traffic points system, local
regulation of the automotive rental industry, and regulations
related to online chauffeured car services.

The stable ratings outlook takes into account Moody's expectation
that CAR will maintain its leading market position and stable level
of debt leverage, and will be able to re-finance its short-term
debt.

Ratings upgrade pressure could arise if CAR: (1) maintains its
leading market position, grows in scale, and demonstrates
resilience in down-cycles; (2) demonstrates stability in its profit
margins; (3) maintains prudent financial management; and (4) shows
improved credit metrics, such that cash/short-term debt exceeds 1x
and debt/EBITDA is below 3x on a sustained basis.

On the other hand, ratings downgrade pressure could arise if CAR
exhibits: (1) declining revenues; (2) a further weakening of
liquidity; or (3) a deterioration in its credit metrics, due to
increased competition, shareholder distributions, or aggressive
expansion and acquisitions.

Credit metrics indicative of ratings downgrade pressure include
debt/EBITDA exceeding 5.0x on a sustained basis.

The principal methodology used in this rating was Equipment and
Transportation Rental Industry published in April 2017.

CAR Inc., founded in 2007 and headquartered in Beijing, provides
car rental services, including car rentals and fleet rentals in
China. CAR listed on the Hong Kong Stock Exchange in September
2014.

At December 31, 2018, CAR had a total fleet of 135,191
company-owned vehicles. It commands a leading position in China by
fleet size and revenue. During 2018, it reported net sales of
RMB6.4 billion.

And, at December 31, 2018, CAR's key shareholders included Legend
Holdings Corporation (26.6%) and UCAR Inc. (29.8%).

CAR INC: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer credit rating on CAR
Inc. At the same time, S&P affirmed the 'BB-' issue rating on the
company's outstanding U.S.-dollar-denominated debt.

S&P also assigned its 'BB-' long-term issue rating on the
U.S.-dollar-denominated senior unsecured notes that CAR Inc.
proposes to issue for the exchange offer. The issue rating is
subject to S&P's review of the final issuance documentation.

CAR Inc.'s near-term liquidity pressure would ease if the company
can successfully execute the proposed exchange offer and notes
issuance; most of its near-term maturities would be covered by the
issuance proceeds. However, S&P's negative outlook reflects the
uncertainties around market demand and the potential impact on the
company's refinancing.

Car Inc. plans to refinance a significant portion of its debt due
in the next 12 months, including the US$250 million syndicated loan
due in 2019 and the US$500 million senior unsecured notes due in
2020. The company will conduct an exchange offer for its
outstanding US$500 million senior unsecured notes due in 2020. S&P
expects the maturity of the US$500 million notes to be extended to
2022 as a result of the offer. Immediately following the exchange
offer, the company plans to issue new notes for the repayment of
its syndicated loan due this year.

Car Inc. has not yet received all lender consents for providing
subsidiary guarantees on the new exchange securities and new notes.
Should the company successfully transact the exchange offer and new
notes without the subsidiary guarantees, the company may be forced
to redeem these issues if the subsidiary guarantees are not
received within 60 days of the issuances. In such a scenario, we
believe CAR Inc. will use its cash balance and proceeds to redeem
the US$350 million bank loans. This would remove restrictions that
impede Car Inc. subsidiaries' ability to provide guarantees to the
notes.

The negative outlook reflects the uncertainties around CAR Inc.'s
pending refinancing plan.

S&P said, "We may lower the rating if the company is unable to
refinance debt with coming maturities or if short-term debt
increases dramatically.

"We may also lower the rating if CAR Inc.'s EBIT interest coverage
falls below 1.7x or its ratio of funds from operations (FFO) to
debt falls below 20%. This could happen if: (1) operating
efficiency of the car rental business deteriorates, which signals a
weakening competitive position and leads to significant erosion in
profitability; or (2) the company makes material debt-funded
expansions.

"We may revise the outlook to stable if CAR Inc. can refinance the
majority of its maturities due in the next 12 months. This may
include the successful execution of the company's planned exchange
offer and new notes issuance to cover a meaningful portion of its
near-term maturities."

HNA GROUP: Unit Misses Payment Deadline, Lenders Seize Assets
-------------------------------------------------------------
Bloomberg News reports that lenders to HNA Group Co. Ltd.'s CWT
International Ltd. seized control of assets in Singapore, China and
the U.S. after the unit failed to repay amounts due on its credit
facility.

Assets that are being taken over include shareholdings of
Singapore-based CWT Pte, with investment properties in the U.S. and
golf courses in China, Bloomberg discloses citing a statement.
Lenders had threatened to take control of the assets unless CWT
made payments by 9:00 a.m. on April 17 tied to a HK$1.4 billion
($179 million) loan taken out in September, Bloomberg recounts.

Operations of CWT Pte are continuing as usual and trading in CWT
International shares will remain suspended, according to the
statement cited by Bloomberg. HNA Group's $200 million bond due
2021 was indicated at a record low of 77 cents on the dollar on
April 23, according to traders.

That setback for HNA suggests that the Chinese conglomerate is
still struggling to cope with its debt after embarking on more than
$25 billion of asset sales since 2018, unwinding one of the biggest
global acquisition binges in the nation's history, Bloomberg
relates. CWT Pte said last week it had redeemed in full its SGD100
million ($74 million) 3.9 percent notes due April 18.

                        Government crackdown

According to Bloomberg, Chinese companies including HNA, Anbang
Insurance Group Co. Ltd. and Dalian Wanda Group Co. Ltd. have been
unloading assets in recent years after attracting government
scrutiny because of the financial risks associated with their
debt-fueled expansions. HNA's asset sales alone have exceeded $20
billion since 2018, while the founder of Anbang, a firm temporarily
seized by the government last year, is now serving jail time.

Bloomberg relates that besides the crackdown on the big
conglomerates, China's capital controls are limiting individuals'
spending on global real estate as the government tries to guard
against any large and destabilizing exodus of cash from the
economy.

Parties tied to HNA recently sold a site with two historical homes
in Hong Kong's prestigious Peak area at a loss for HK$550 million,
the Hong Kong Economic Times reported earlier this month, citing
unidentified people, Bloomberg relays.

                            U.S. sales

Bloomberg says HNA has also been shedding assets in the U.S. In
January, the conglomerate sold 850 Third Ave., a midtown Manhattan
office building near Trump Tower, in a $422 million transaction
that resulted in a loss for HNA. Separately, it has been searching
for a buyer for its stake in neighboring 245 Park Ave., a
skyscraper it bought in 2017 for a near-record $2.21 billion. SL
Green Realty Corp. said late last year that it would take over
operations of that property.

Last year, HNA agreed to sell office towers in Minneapolis and San
Francisco and the global hotel chain Radisson. It also disposed of
its stakes in Hilton Worldwide Holdings Inc. and two Hilton
spinoffs.

Bloomberg reported in November that HNA was marketing more than $40
billion of domestic and international holdings, including more than
90 assets in China, the U.S. and U.K. Among the priciest assets on
the list were 245 Park Ave., Hainan's Pearl Island, valued at
CNY21.1 billion ($3 billion), and Shanghai's HNA Plaza, valued at
CNY4.92 billion.

                           About HNA Group

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
17, 2018, the Financial Times related that HNA Group defaulted on a
CNY300 million (US$44 million) loan raised through Hunan Trust.

According to the FT, the company is already under strict
supervision by a group of bank creditors, led by China Development
Bank, following a liquidity crunch in the final quarter of last
year. The default came despite an estimated $18 billion in asset
sales by HNA this year that have done little to address its ability
to meet its domestic debts, the FT noted.

REDCO PROPERTIES: Fitch Rates Proposed USD Senior Notes 'B(EXP)'
----------------------------------------------------------------
Fitch Ratings has assigned China-based Redco Properties Group Ltd's
(B/Stable) proposed US dollar senior notes an expected 'B(EXP)'
rating, with a Recovery Rating of 'RR4'. The proposed notes will be
used to refinance certain existing debt.

The proposed notes are rated at the same level as Redco's senior
unsecured rating as they constitute its direct and senior unsecured
obligations. The final rating is subject to the receipt of final
documentation conforming to information already received.

KEY RATING DRIVERS

Transition to Fast-Churn Model: Fitch believes Redco is
transitioning to a fast-churn model that will lead to swifter sales
turnover. Redco's full-year contracted sales, including joint
ventures, rose by 67% to CNY22 billion in 2018, but the average
selling price dropped by 17% to CNY8,837 per sq m due to investment
in more lower-tier cities. Redco has expanded quickly by adopting
more JV structures and making minority investments in lower-tier
cities. Fitch estimates that Redco's attributable contracted sales
accounted for only 55% of the total, at around CNY12 billion,
compared with attributable sales of around 60% in 2017 and 70% in
2016. The company expects attributable sales to stabilise at around
50% in the next few years.

Expansion Sees Fluctuating Leverage: Fitch estimates that Redco's
net debt/adjusted inventory, including JV adjustments, may have
dropped to around 30% in 2018 from 43% in 2017 and 7.4% in 2016.
The leverage decrease was helped by the large increase in
non-controlling interest and payables to various parties, which
Fitch believes won't be sustainable in controlling leverage in the
long term. Fitch believes Redco's leverage will keep fluctuating
due to a changing company structure - an increase in JV and lower
attributable sales, as well as its land acquisitions. Redco has
spent around 40% of its sales proceeds to sustain its attributable
sales growth in 2017-2018, which was the main reason for a sharp
increase in leverage in 2017.

The investment pace may have to continue to develop a sustainable
market presence. It remains unclear if Redco can contain its
leverage below 40%; however, Fitch expects the company's leverage
to improve after it has stabilised its structure and has achieved a
sufficient land bank size of over three years of development to
maintain its expanding contracted sales.

Larger Land Bank Supports Growth: Redco significantly increased its
total land bank to 10 million sqm by end 2018, from 4.9 million sqm
at end-2017, with the four tier 2-3 cities of Nanchang, Tianjin,
Jinan and Fuyang accounting for 62% of gross floor area. Redco also
newly entered four cities in the Yangtze River Delta region in
2018. The company estimates that the total saleable resources will
be around CNY90 billion, which is sufficient for three years of
contracted sales. Redco needs to continuously secure low-cost land
to maintain a healthy land bank life due to the significant
increase in the company's forecast for contracted sales.

Low-Cost Land Improves Margin: Redco's EBITDA margin rose to 26.6%
in 2018, from 17.9% in 2017, due to lower average land acquisition
costs of CNY1,114/sqm in 2018 against CNY2,173/sqm in 2017. Redco
mainly acquires its land bank through M&A, allowing it to keep the
average cost of its new land at around CNY2,000/sqm, compared with
an ASP of above CNY7,000/sqm.

DERIVATION SUMMARY

Redco's attributable contracted sales of CNY12 billion in 2018 are
similar to those of 'B' rated peers, such as Modern Land (China)
Co., Limited's (B/Stable) CNY19 billion in 2018 and Beijing Hongkun
Weiye Real Estate Development Co., Ltd.'s (B/Stable) CNY11 billion
in 2017. They all have relatively small land banks compared with
larger operators, but Redco is gradually increasing its land bank
to maintain its growth. Redco's leverage's is lower than both peers
whose leverages are around 50%, but the company is subject to more
uncertainty due to its transition to a fast-churn model and its use
of more JV structures to expand.

Companies rated at 'B+', one notch above Redco, generally have
sustainable business models with larger sales, larger land banks of
more than three years of development and stable leverage at around
40%.

KEY ASSUMPTIONS

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

  - Contracted sales, including JVs, reaching CNY22 billion in 2019
and CNY30 billion in 2020

  - Gross profit margin from property development maintained at
between 28%-32% during 2019-2020

  - Land premium accounting for 55% of annual sales receipts in
2019-2020

  - Construction cost accounting for around 40% of annual sales
receipts in 2019-2020

RATING SENSITIVITIES

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

  - Annual attributable contracted sales sustained above CNY10
billion while maintaining available-for-sale land bank at 2.5 years
of development

  - Net debt/adjusted inventory sustained below 40%

  - EBITDA margin sustained above 20%

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

  - Net debt/adjusted inventory above 50% for a sustained period

  - EBITDA margin below 15% for a sustained period

LIQUIDITY

Sufficient Liquidity: Redco had total cash of CNY7.9 billion,
including restricted cash of CNY2.2 billion, as of end 2018 -
sufficient to cover short-term debt of CNY6.1 billion. Average
funding cost has remained stable at 7.13% in 2018, compared with
7.49% in 2017.



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H O N G   K O N G
=================

HONG KONG AIRLINES: Directors Served With Court Injunction
----------------------------------------------------------
Danny Lee at South China Morning Post reports that four directors
at Hong Kong Airlines have been served with an injunction that
prevents them from making any decisions about the future direction
of the business, as new evidence emerged, creating even more
confusion over the airline's ownership.

The legal step was taken on April 23 by former director Zhong
Guosong, who last week triggered a hostile takeover of the airline,
the report says.

According to the writ, it targeted incumbent board members,
including chairman Hou Wei, Wang Liya, Sun Jianfeng and Tang Kit,
all of whom have ties to controlling shareholder HNA Group, the
Post relays.

The Post says the quartet had been served notices preventing them
from interfering, sabotaging, or making decisions beyond the normal
operation of the business, unless approved by Zhong and his rival
board.

A statement from the airline's in-house PR team, acting on behalf
of current management, confirmed it had received the court orders,
the report notes.

"The orders are temporary, pending further confirmation by the
court and are subject to change," the statement, as cited by the
Post, said. "In any event, they do not affect the day-to-day
operations of the airline. We continue to operate as normal and
there are no changes to our management."

Yet, the government-imposed deadline is looming as authorities had
demanded to know who was truly in charge, the report says.

The injunction, which was first reported by the Post, was delivered
to HKA's headquarters and may add weight to the ex-director's legal
claim to be in charge of the city's third-largest airline.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
7, 2019, The South China Morning Post said that a Macau-based
lender has sued troubled Hong Kong Airlines following its alleged
failure to repay a US$20 million loan despite repeated demands.
According to the Post, court documents revealed that Hong Kong
Airlines International Holdings borrowed US$20 million from Luso
International Banking in October 2017, on condition the principal
be repaid with interest by December 28 last year. But lawyers for
the bank said the airline paid only US$257,934.44 after the
deadline, on January 1, in breach of its contractual obligations,
the Post related.

Hong Kong Airlines operates 38 passenger aircraft to 36
destinations.



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ABHIGNA RICE: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Abhigna Rice and
Parboiled Industries (ARPI) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.0        CRISIL B/Stable/Issuer Not
                                     Cooperating     

   Long Term Loan         2.3        CRISIL B/Stable/Issuer Not
                                     Cooperating     

   Proposed Long Term      .7        CRISIL B/Stable/Issuer Not
   Bank Loan Facility                Cooperating     

CRISIL has been consistently following up with ARPI for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 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 ARPI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ARPI is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of ARPI continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Set up in 2012, ARPI mills and processes paddy into rice, rice
bran, broken rice and husk. Its milling unit is in Mahbubnagar
(Telangana). The firm has four partners: Mr. Kondaiah, Mr.
Venkataiah, Mr. Narasimhulu and Mr. Bhaskar.

AERON EXPORTS: CRISIL Maintains 'B-' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Aeron Exports Private
Limited (AEPL) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            15       CRISIL B-/Stable/Issuer Not
                                   Cooperating      

CRISIL has been consistently following up with AEPL for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 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 AEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of AEPL continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

AEPL was incorporated in 2012 by promoter, by Mr Jainam Shah and
his family members. The Vadodara-based company trades in products
such as iron dust and steel scrap.

ARMAAX AUTO: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Armaax Auto Private
Limited (AAPL) continues to be 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            3        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term     1.36     CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING)

   Term Loan              1.84     CRISIL D (ISSUER NOT
                                   COOPERATING)

   Working Capital
   Demand Loan            4.15     CRISIL D (ISSUER NOT
                                   COOPERATING)

   Working Capital
   Term Loan              2.65     CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with AAPL for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 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 AAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AAPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of AAPL continues to be 'CRISIL D Issuer not
cooperating'.

AAPL manufactures tractor components, primary for Mahindra and
Mahindra Ltd ('CRISIL AAA/Stable/CRISIL A1+'). The firm was
established in by Mr R S Kamble in Mumbai.

AVINASH DODA: CRISIL Lowers Rating on INR8cr Cash Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Avinash
Doda (AD) to 'CRISIL D' from 'CRISIL B+/Stable'.

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

The downgrade reflects continuous overdraw against working capital
facility for more than 30 days.

The rating continues to reflect the modest scale of operations,
susceptibility to successful bidding of tenders, and exposure to
changes in government regulations. These weaknesses are partially
offset by the extensive experience of the proprietor in the alcohol
industry.

Key Rating Drivers & Detailed Description

Weaknesses    

* Weak liquidity: Liquidity is weak as reflected in continuous
overdraw of working capital limit for more than 30 days.

* Working capital intensive operations: Gross current assets
increased to 363 days as on March 31, 2018, from 290 days as on
March 31, 2017 because of rise in receivables to 303 days from 205
days. Operations should remain working capital intensive over the
medium term.

* Dependence on successful bidding of tenders: The firm has to bid
for 'L-2' licences for retail outlets. Also, government issues L-1
licences on the basis of revenue contributed by the applicants in
terms of L-2 licence fees for various districts. AD is required to
participate in the tender process and is hence exposed to any
unsuccessful bidding, which may affect business risk profile.

* Moderate financial risk profile: Financial risk profile is
moderate marked by low total outside liabilities to adjusted
networth ratio at 1.8 times as on March 31, 2018 and average
networth of INR15.27 crore. However, debt protection metrics were
below-average with interest coverage ratio of 1.3 times and net
cash accrual to adjusted debt ratio of 0.03 time for fiscal 2018.
Debt protection metrics are expected to be below average over
medium term.

Strength
* Extensive experience of the proprietor: Benefits from the
proprietor's 19 years of experience in the industry through group
companies should support business. The firm has been able to
survive business cycles and stern regulatory changes in liquor
trade.

Liquidity
Liquidity is weak as reflected in continuous overdraw of working
capital limit for more than 30 days.

Set-up in 2009, AD is a proprietorship concern of Mr Avinash Doda.
The firm trades in, both wholesale and retail, Indian-made foreign
liquor and beer, in Punjab. It has 'L2' license for 47 retail
liquor shops and the requisite 'L1' license for wholesale vending
liquor in the state.

AXLEO INDUSTRIES: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Axleo Industries
(Axleo) continues to be 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           2.5       CRISIL D/Issuer Not
                                   Cooperating     

   Proposed Long Term    3.27      CRISIL D/Issuer Not
   Bank Loan Facility              Cooperating     

   Term Loan             2.90      CRISIL D/Issuer Not
                                   Cooperating     

   Working Capital       4.33      CRISIL D/Issuer Not
   Demand Loan                     Cooperating      

CRISIL has been consistently following up with Axleo for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 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 Axleo, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Axleo is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of Axleo continues to be 'CRISIL D Issuer not
cooperating'.

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

Axleo manufactures tractor components, primary for Mahindra &
Mahindra Ltd ('CRISIL AAA/Stable/CRISIL A1+'). The firm was
established by Mr R S Kamble in Mumbai.

CANCER AND ALLIED: CRISIL Withdraws B+ Rating on INR100cr Loan
--------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Cancer
And Allied Ailments Research Foundation (CAAR) on the request of
the company. The rating action is in line with CRISIL's policy on
withdrawal of its ratings on bank loans.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term       100       CRISIL B+/Stable (ISSUER
   Bank Loan Facility                 NOT COOPERATING; Rating
                                      Withdrawn)

CRISIL has been consistently following up with CAAR for obtaining
information through letters and emails dated November 26, 2018 and
December 20, 2018, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of CAAR. This restricts CRISIL's
ability to take a forward CAAR is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of Information
with CRISIL BB rating category or lower. Based on the last
available information, the rating on bank facilities of CAAR
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

CAAR was registered in 2011 to provide high-quality medical
amenities to patients suffering from cancer. The hospital is in
Kozhikode (Kerala). The chairman of the society is Mr C N
Vijayakrishnan.

EXCLUSIVE FIBERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Exclusive Fibers Limited

        Registered office:
        31/32013 Beadonpura Karol Bagh
        New Delhi 110005

        Manufacturing unit:
        D2/E-16, Dahej Industrial Estate
        Dahej, Bharuch 392130, Gujarat

Insolvency Commencement Date: March 28, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Akash Shinghal

Interim Resolution
Professional:            Akash Shinghal
                         Khandelwal Jain & Co.
                         Chartered Accountants
                         G-8 & 9, Hans Bhawan
                         BSZ Marg, ITO
                         New Delhi 110002
                         E-mail: akash@kjco.net
                                 exclusivefibers.cirp@gmail.com

Last date for
submission of claims:    April 23, 2019


GVR KHANDAPHOD: CRISIL Lowers Rating on INR200cr LT Loan to D
-------------------------------------------------------------
CRISIL has downgraded the rating on long-term bank facilities of
GVR Khandaphod Bijwad Road Project Private Limited (GVR-KBPL) to
'CRISIL D' from 'CRISIL B+/Negative'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan        200       CRISIL D (Downgraded from
                                   'CRISIL B+/Negative')

The downgrade reflects delays in servicing debt due to stretched
liquidity. Delays in realizing payment from Madhya Pradesh Road
Development Corporation (MPRDC) and non-maintenance of debt service
reserve account (DSRA) led to stretched liquidity. The rating also
reflect exposure to operating and maintenance (O&M) risks in the
business. These weaknesses are partly offset by benefits derived
from annuity based revenue model.

Key Rating Drivers & Detailed Description

Weakness

* Delay in repayment of term loan: GVR-KPBL, has delayed its term
loan repayment due to delays in realizing payment from MPRDC and
non-maintenance of DSRA.

* Exposure to O&M risks: The absence of any major-maintenance
reserve exposes the company to high risk of default as major
maintenance is the largest expense item during the operations phase
of a BOT road project.

Strength

* Benefits derived from the annuity-based revenue model: The
project being developed has an annuity-based revenue model. Under
this model, the nodal road agency (MPRDC in this case) makes a
fixed semi-annual payment over the concession period to the
concessionaire. Therefore, the company does not bear any traffic
risk as it recovers part or whole of the capital cost through toll
collection.

Liquidity
GVR-KBPL has delayed its term loan repayment due to weak liquidity.
Stretch in liquidity was on account of delay in realizing payment
from MPRDC.

Established in 2011, GVR-KBPL is a special purpose vehicle promoted
by GVR Infra Projects Ltd to design, develop, construct, operate,
and maintain the 136-kilometre stretch of road between
Khandaphod-Nachalbhor and BijwadKushmaniya-Haran-Deepgaon. The
project has been awarded by MPRDC on an annuity basis.

HARI BHOG: CRISIL Hikes Rating on INR10cr Loans to B+
-----------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Hari Bhog Overseas (HBO) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           9         CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Term Loan             1         CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects the increase in revenues in fiscal 2018 which
continued in fiscal 2019 as well, along with maintenance of working
capital cycle and financial risk profile. The firm reported an
operating income of INR34.62 Crore in fiscal 2018 against an
expectations of INR33.35 Crore. Also, in fiscal 2018 operating
income grew by 26.5% from INR27.37 Crore in fiscal 2017 primarily
because of better capacity utilization. The firm had clocked
revenues of INR36.84 Crore for 9 months through December 31, 2018
and further achieved sales of around INR54 Crore up to March 20,
2019. Hence, the management expects to close fiscal 2019 at around
INR55-56 Crore. The healthy growth in revenues in this fiscal is
owing to the commencement of operations at the expanded facility
(expansion took towards the end of fiscal 2017 thereby doubling the
sorting and milling capacity from 5 tonnes per hour to 10 tonnes
per hour, and fiscal 2018 was the first full year of operations).

The ratings reflect modest scale of operations in a highly
fragmented rice milling industry, vulnerability to fluctuation in
paddy prices, and weak financial risk profile. These rating
weaknesses are partially offset by extensive experience of partners
in the rice milling industry and their funding support.

Analytical Approach

Promoters have extended need based funding support in the form of
unsecured loans which stood at INR3.44 Crore as on March 31, 2018.
These are interest free and will be maintained in the business over
the medium term. Hence, these unsecured loans have been treated as
Neither Debt nor Equity.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in a highly fragmented rice milling
industry: With an operating income of INR34.62 Crore in fiscal
2018, HBO is a small player in a highly fragmented and competitive
rice industry. This leads to low bargaining power, thus
constraining its operating margin at 5%-6% over the past four
fiscals through 2018. The small size also prevents the company from
enjoying economies of scale. The commodity nature of the product
further constrains the operating margin.

* Vulnerability to fluctuation in paddy prices: HBO's operating
margin is vulnerable to fluctuations in raw material prices. The
prices of paddy are volatile on account of being dependent on
monsoon and crop cycles. Thus, the firm maintains a high inventory
of raw material during the season to fulfil the off-season demand.
HBO's margins are expected to remain vulnerable to volatility in
raw material prices over the medium term. The operating margin has
been in the range of 5%-6% over the past four fiscals through
2018.

* Weak financial risk profile: Total outside liabilities to
tangible networth was moderately high at 2.50 times as on March 31,
2018. Gearing was high at 10.24 times as on March 31, 2018. The
same were high owing to low networth of INR0.90 Crore as on March
31, 2018. Networth is modest owing to low accretion to reserves
backed by modest operating profitability levels and small scale of
operations. High debt levels and moderate operating margin have led
to moderate debt-protection metrics, as reflected in interest
coverage and net cash accruals to adjusted debt ratios of 1.95
times and 0.08 time for fiscal 2018.

Strength
* Extensive experience of partners in the rice milling industry and
their funding support: The partners' experience of around three
decades in the rice milling business will help the firm ramp up
operations over the medium term. They have set up modernised
facilities to scale up the business and have gradually increased
rice milling and sorting capacities. The long standing experience
of partners in the rice milling industry has enabled them to
develop a sound understanding of the market dynamics and establish
strong relations with suppliers and customers. The partners have
also extended need-based funding support in the form of unsecured
loans which stood at INR3.44 Crore as on March 31, 2018.

Liquidity
Liquidity is expected to be adequate with expected net cash
accruals of INR1.25-1.55 Crore per fiscal, largely adequate against
debt repayment obligations of INR0.25-0.45 Crore per fiscal over
the medium term. Bank lines are utilized at an average of 77% over
the 12 months through December 31, 2018. Utilization in bank lines
over the medium term would be critical as the revenues are
increasing post capacity expansion without any enhancement in bank
lines. Promoters have extended need based funding support in the
form of unsecured loans which stood at INR3.44 Crore as on March
31, 2018, which further support the liquidity. Cash and bank
balance stood at INR1.06 Crore while current ratio was 1.11 times
as on March 31, 2018. With no significant debt-funded capex plans
over the medium term, liquidity is expected to be adequate.

Outlook: Stable

CRISIL believes HBO will continue to benefit from the experience of
the partners over the medium term. The outlook may be revised to
'Positive' if substantial increase in revenue, cash accrual or
capital infusion along with efficient working capital management
strengthen the financial risk profile. Conversely, the outlook may
be revised to 'Negative' if lower-than-expected cash accrual,
incremental working capital requirement, or a large, debt-funded
capital expenditure weakens liquidity.

HBO was set up in 2012 as a partnership between Mr Ashok Kumar, Mr
Jagdish Chander, and Mr Brij Mohan. The firm mills and processes
basmati and non-basmati rice. Its production facilities are located
in Jundla, Karnal, Haryana. It has a milling and sorting capacity
of around 10 tonnes per hour, utilized at around 75-80%.

JET AIRWAYS: Will Do Everything to Revive Airline, CEO Says
-----------------------------------------------------------
Reuters reports that Jet Airways Ltd is constantly engaging with
the government and lenders for a resolution of the current debt
crisis and will not leave any stone unturned to revive the airline,
its chief executive officer Vinay Dube told television channel ET
Now in an interview.

Once India's largest private airline, Jet halted all flight
operations indefinitely last Wednesday evening [April 17] after
lenders led by State Bank of India declined to extend more funds to
keep the carrier going, according to Reuters.

"We are in constant touch with the lenders on how to get it (debt
resolution) done in a manner that makes sense for them and makes
sense for us," Dube told ET Now, Reuters relays.  "But I would like
to think that a flying Jet Airways makes definite sense for them
(banks) because it preserves their value as well. So we are not
talking about anything that does not make good economic sense for
the lenders, this is not charity for the sake of it".

The company has requested banks for INR10 billion ($143.29
million), Dube said.

Earlier in the day, newspaper Business Standard reported that all
shortlisted bidders for the company had backed out of the bidding
process that is due to complete on May 10, Reuters reports.

Dube, however, said he was hopeful of finding a keen, healthy
investor who can inject the requisite amount of equity into the
company.

According to Reuters, the government plans to form a committee to
temporarily allocate takeoff and landing slots left vacant by the
grounding of Jet Airways flights, a senior official said last
week.

Dube, however, said the government had assured the airlines this
was a temporary move and the slots will be protected for the
airline once they start flying again.

"While we have a combination of aircraft that are being
deregistered or early terminated, the majority of them have not
left the premise," Reuters quotes Dube as saying referring to the
aircraft and said they will be available to the airline when it
starts flying again.  "We understand the banks' position. This is a
financial proposition for them as well and we are in constant touch
with them and we will be. For us there is no stone that we will
leave unturned. We believe in Jet Airways, we will do whatever we
can to make other people also believe in us."

As reported in the Troubled Company Reporter-Asia Pacific on April
22, 2019, Reuters said Jet Airways Ltd said on April 17 it was
halting all flight operations after its lenders rejected its plea
for emergency funds, potentially bringing the curtains down on what
was once India's largest private airline.

Reuters relates that the carrier, saddled with roughly US$1.2
billion of bank debt, has been teetering for weeks after failing to
receive a stop-gap loan of about US$217 million from its lenders,
as part of a rescue deal agreed in late March.

                         About Jet Airways

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

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
28, 2018, ICRA revised the ratings on certain bank facilities of
Jet Airways (India) Limited to [ICRA]C from [ICRA]B. The rating
downgrade considers delays in the implementation of the proposed
liquidity initiatives by the management, further aggravating its
liquidity, as reflected in the delays in employee salary payments
and lease rental payments to the aircraft lessors. Moreover, the
company has large debt repayments due over the next four months
(December-March) of FY2019 (INR1,700 crore), FY2020 (INR2,444.5
crore) and FY2021 (INR2,167.9 crore). The company is undertaking
various liquidity initiatives, which includes, among others, equity
infusion and a stake sale in Jet Privilege Private Limited (JPPL),
and the timely implementation of these initiatives is a key rating
sensitivity.  Moreover, the company continues to witness a stress
in its operating and financial performance.

LUTHFA FOUNDATION: CRISIL Ups Rating on INR6.65cr Loan to B
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Luthfa Foundation (LF) to 'CRISIL B/Stable' from 'CRISIL
B-/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             .35       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term     6.65       CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Term Loan              5.50       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The upgrade reflects improvement in the business risk profile which
is expected to be sustained over the medium term on account of
better capacity utilisation, greater absorption of overhead
expenses coupled with introduction of new courses. The upgrade also
factors in the enhancement in financial risk profile with
improvement in gearing on account of timely repayment of debt
obligation.

The rating reflects LF's small scale of operations, geographical
concentration in revenue, and exposure to regulatory restrictions
and intense competition in the education sector. These weaknesses
are partially offset by the extensive experience of its trustees in
the education industry.

Key Rating Drivers & Detailed Description

Weakness:

* Small scale of operations and geographical concentration in
revenue: With revenue of INR3.62 crore in fiscal 2018, scale
remains modest. The trust operates two institutes: one offering
diploma courses and the other offering industrial training
institute (ITI) courses. Though the topline has increased over the
past two fiscals on account of higher occupancy rate, the same is
expected to remain moderate over the medium term due to capacity
constraint.

* Vulnerability to regulatory risks associated with educational
institutions: Courses offered by the trust have to comply with
specific operational and infrastructure norms laid down by
regulatory bodies such as All India Council for Technical Education
(AICTE), National Council for Vocational Training (NCVT), to which
the trust is affiliated. Thus, the trust has to regularly invest in
workforce and infrastructural requirements as per the prescribed
norms. There has been minimal rise in course fees over the past
three years, while operational expenses have been increasing.
Further, enhancements in seats/courses offered in any discipline
require prior approvals from AICTE and NCVT. The setting up of a
new institute also requires approval from AICTE, the state
government, and the governor of the state in which the institute is
being set up.

Strengths:
* Extensive experience of the trustees: The trustees' experience of
over a decade in the industry has led to steady ramp up in
operations.

Liquidity
Cash accrual (Rs 2 crore in fiscal 2018) is expected to likely
remain sufficient to cover repayment obligation (Rs 75 lakh) over
the medium term. Bank lines were fully utilised for the 12 months
through February, 2019.

Outlook: Stable

CRISIL believes LF will continue to benefit from the extensive
experience of its trustees. The outlook may be revised to
'Positive' in case of a substantial scaling up of operations
through increase in the number of courses and intake capacity. The
outlook may be revised to 'Negative' if any large debt-funded
capital expenditure, or lower-than-expected ramp up in occupancy
levels weakens financial risk profile.

LF, a charitable trust set up in 2010 in Kolkata, runs Luthfa
Private Industrial Training Institute, an NCVT-affiliated ITI; and
Luthfa Polytechnic Institute, an AICTE-affiliated college offering
diploma degrees in four engineering streams. Dr Bazlul Haque is the
chairman.

MOHANA COTTON: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mohana Cotton Ginning
Private Limited (MCG) continues to be 'CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit       15.0       CRISIL D/Issuer Not Cooperating
   Term Loan          6.5       CRISIL D/Issuer Not Cooperating

CRISIL has been consistently following up with MCG for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 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 MCG, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MCG is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of MCG continues to be 'CRISIL D Issuer not
cooperating'.

MCG was set up by Mr A Subramanyam and his friends and relatives in
Guntur, Andhra Pradesh, in 2010. The company gins and presses raw
cotton, and trades in cotton lint.

MUTNEJA RICE: CRISIL Maintains 'B+' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mutneja Rice Mills
(MRM) continues to be 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           18        CRISIL B+/Stable/Issuer Not
                                   Cooperating
    
   Proposed Long Term     2        CRISIL B+/Stable/Issuer Not
   Bank Loan Facility              Cooperating      

CRISIL has been consistently following up with MRM for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 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 MRM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MRM is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of MRM continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

MRM processes basmati rice. Its facility in Jalalabad, Punjab, has
milling and sorting capacity of 5 tonne per hour.

NIMIT STEELS: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Nimit Steels and
Alloys Private Limited (NSAPL) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           40       CRISIL D/Issuer Not Cooperating  
  
   Letter of Credit     110       CRISIL D/Issuer Not Cooperating  
   

CRISIL has been consistently following up with NSAPL for obtaining
information through letters and emails dated
September 28, 2018 and March 12, 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 NSAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NSAPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of NSAPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'

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

NSAPL was incorporated in April 2003 by Mr Haresh Bhansali and his
son, Mr Akshay Bhansali. It is engaged in trading of special alloy
steels wire rods, round bars and billets. The company is based out
of Mumbai (Maharashtra).

NIRMALA OFFSET: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Nirmala Offset
Printers (NOP) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            3        CRISIL B/Stable/Issuer Not
                                   Cooperating      

   Proposed Long Term     7        CRISIL B/Stable/Issuer Not
   Bank Loan Facility              Cooperating     

   Term Loan              2        CRISIL B/Stable/Issuer Not
                                   Cooperating      

CRISIL has been consistently following up with NOP for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 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 NOP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NOP is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of NOP continues to be 'CRISIL B/Stable Issuer not
cooperating'.

NOP was set up in 1984 as a proprietary firm by Mr Rajan Verghese.
The firm undertakes commercial printing on files, calendars, and
pamphlets, at its printing unit in Kerala.

OM SAI: CRISIL Maintains 'B' Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Om Sai construction
(OSC) continues to be 'CRISIL B/Stable Issuer not cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       42       CRISIL B/Stable/Issuer Not
   Bank Loan Facility                Cooperating      

CRISIL has been consistently following up with OSC for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 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 OSC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on OSC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of OSC continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Set up in September 2000 as a partnership firm Jagptap family, OSC
is a part of the Chandrarang group of companies. The firm
undertakes real estate development and Transfer of Development
Rights sales, and is currently undertaking capex to set up a 7
megawatt solar power plant in Karnataka.

PARAMOUNT BLANKETS: CRISIL Maintains D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Paramount Blankets
Private Limited (PBPL) continues to be 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9.75       CRISIL D/Issuer Not
                                     Cooperating  
    
   Long Term Loan          .11       CRISIL D/Issuer Not
                                     Cooperating   
  
   Proposed Long Term     5.75       CRISIL D/Issuer Not
   Bank Loan Facility                Cooperating      

CRISIL has been consistently following up with PBPL for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 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 PBPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PBPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of PBPL continues to be 'CRISIL D Issuer not
cooperating'.

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

PBPL was incorporated in 2004, promoted by Mr. Satbhushan Gupta.
The company manufactures polyester mink blankets, which it sells in
the domestic market. Its manufacturing unit is at Sonepat
(Haryana).

POWER WELFARE: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Power Welfare Society
(PWS) continues to be 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Long Term Loan       30       CRISIL D/Issuer Not Cooperating   
  

CRISIL has been consistently following up with PWS for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 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 PWS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PWS is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of PWS continues to be 'CRISIL D Issuer not
cooperating'.

PWS was set up in 2005 as a non-profit organisation under the
Andhra Pradesh Societies Act, 2001, to build an 853flat residential
complex for its members, at Gachibowli in Hyderabad.

PRAHLAD ISPAT: CRISIL Migrates Rating on INR7.75cr Loan to B
------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated the long-term
rating of Prahlad Ispat Private Limited (PIPL) to 'CRISIL B+/Stable
Issuer Not Cooperating'. However, the management has now shared the
requisite information for a comprehensive review of the rating.
Consequently, CRISIL is migrating the rating to 'CRISIL B/Stable'
from 'CRISIL B+/Stable Issuer Not Cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          7.75      CRISIL B/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

The downgrade reflects expectation that PIPL's operating
performance will remain sluggish over the medium term due to weak
order inflow. Weakened business risk profile in fiscal 2018 with
significant decline in sales and highly volatile operating margin
due to maintenance work in the factory. Working capital cycle
should also remain stretched over the medium term, primarily due to
high debtors.

The rating continues to reflect PIPL's modest scale of operation in
the highly fragmented steel manufacturing industry and stretched
working capital cycle. These weaknesses are partially offset by the
promoters' extensive experience and moderate financial risk
profile.

Key Rating Drivers & Detailed Description

Weakness

* Stretched working capital cycle: Operations are working capital
intensive and should remain so over the medium term: gross current
assets are estimated at 541days as on March 31, 2019, driven, in
turn, by debtors and inventory of 240 Days and 90days,
respectively. Working capital limit was almost fully utilised in
the 12 months through October 2018.

* Modest scale of operations: Intense competition continues to
constrain scalability: revenue is projected at 10.22 crore in
fiscal 2019. Scale of operations is also restricted by the ongoing
factory maintenance work.

Strengths
* Extensive experience of the promoters: Benefits from the
promoters' experience of a decade, and healthy relationships with
suppliers and customers should continue to support business risk
profile.

* Moderate financial risk profile: Financial risk profile is
moderate, with gearing and total outside liabilities to tangible
networth ratios estimated at 0.57 times and 1.10 times,
respectively, as on March 31, 2019.

Liquidity
Liquidity is likely to remain under pressure over the medium term,
mainly due to large working capital requirement. Utilisation of
bank limit averaged 98% in the 12 months through October 2018. Cash
accrual of INR22.43 lakh expected in fiscal 2020 could be used as
working capital in the absence of any debt obligation. Current
ratio is estimated to remain comfortable at 1.57 Times as on March
31, 2019.

Outlook: Stable

CRISIL believes PIPL will continue to benefit from its promoters'
extensive experience. The outlook may be revised to 'Positive' if
sustained increase in revenue and profitability strengthens cash
accrual and financial risk profile. The outlook may be revised to
'Negative' if a decline in cash accrual, revenue, and
profitability, or any large debt-funded capital expenditure weakens
the financial risk profile.

PIPL, incorporated in 2003 and acquired by Mr Ritesh Mittal and his
family in 2009, manufactures mild steel (MS) bars and rolls. MS
bars are sold under a registered brand name (Shri Krishna TMT). The
manufacturing unit is in Firozabad, and its installed capacity is
43,200 tonne per annum.

SALIA POLYMERS: CRISIL Maintains 'B-' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Salia Polymers
Private Limited (SPPL) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           4.5       CRISIL B-/Stable/Issuer Not
                                   Cooperating     
   Long Term Loan        2.5       CRISIL B-/Stable/Issuer Not
                                   Cooperating      

CRISIL has been consistently following up with SPPL for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 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 SPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of SPPL continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

Based in Prakasam (Andhra Pradesh), Salia Polymer private limited
(SPPL) was set up in 2010 for manufacture of EPS (expanded
polystyrene) packaging boxes. SPPL is promoted by Mr.D Ramakrishna
Raju.

SARABJIT SINGH: CRISIL Assigns 'B' Rating to INR0.1cr Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Sarabjit Singh Sandhu (SSS).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Fund-
   Based Bank Limits       0.1       CRISIL B/Stable (Assigned)

The rating reflects the firm's small scale of operations and high
geographical concentration in revenue. These weaknesses are
partially offset by assured income from comfortable rentals backed
by long-term lease contracts, and above-average financial risk
profile.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations and high geographical concentration in
revenue: With lease income of INR2.3 crore in fiscal 2018, scale
remains modest. This is low compared with peers with bigger
properties that command significantly higher rents. Also, the firm
derives entire revenue from commercial properties in Ludhiana,
unlike other players who have properties spread across
geographies.

Strengths
* Assured revenue backed by long-term lease contracts: SSS has
lease contracts with over 20 reputed clients, including Andhra
Bank, Pirates of Grill, Munch Kin's, Kajaria Tiles, Kangroo, Vijaya
Bank, LG Electronics, and Balaji Tiles. The 3-4 year agreements
include a 9% increase in rent after every three years, which
provides an assured revenue stream. Also, the properties are
located in prime areas.

* Above-average financial risk profile: The entity is debt-free.

Liquidity
Liquidity is adequate because of no debt on books, and healthy cash
accrual.

Outlook: Stable

CRISIL believes SSS will continue to benefit over the medium term
from its long-term lease contracts and healthy operating
profitability. The outlook may be revised to 'Positive' in case of
a substantial increase in cash accrual following monetisation of
currently unoccupied properties, or significant equity infusion.
The outlook may be revised to 'Negative' if any unexpected
termination of lease contracts adversely affects cash flow, or the
firm makes a large, debt-funded investment in properties.

SSS was set up in 1999 as a sole proprietorship firm by Mr Sarabjit
Singh Sindhu. It develops commercial real estate space and gives
them on lease.

SHAH AGRI: CRISIL Maintains 'B+' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Shah Agri Impex
Private Limited (SAIPL) continues to be 'CRISIL B+/Stable Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           6.5       CRISIL B+/Stable/Issuer Not
                                   Cooperating     

   Proposed Long Term
   Bank Loan Facility     .17      CRISIL B+/Stable/Issuer Not
                                   Cooperating     

   Term Loan             3.33      CRISIL B+/Stable/Issuer Not
                                   Cooperating      

CRISIL has been consistently following up with SAIPL for obtaining
information through letters and emails dated
September 28, 2018 and March 12, 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 SAIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SAIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of SAIPL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in 2012, SAIPL trades in pulses such as toor, moong,
peas apart from agro commodities like maize and soya deoiled cakes,
and also provides warehousing services for their storage. Promoted
by Mr Dilip Shah and family, the company's operations are based out
of Nagpur. It is setting up a dal mill to process pigeon pea (toor)
and other pulses, which is expected to commence operations from
November 2016.

SHREE BALAJI: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Balaji Pigments
Private Limited (SBPPL) continues to be 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit         20.75       CRISIL D/Issuer Not
                                   Cooperating      
   Term Loan            3.25       CRISIL D/Issuer Not
                                   Cooperating      

CRISIL has been consistently following up with SBPPL for obtaining
information through letters and emails dated
September 28, 2018 and March 12, 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 SBPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SBPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of SBPPL continues to be 'CRISIL D Issuer not
cooperating'.

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

SBPPL, promoted by Mr. Khem Chand Jain and Mr. Sunil Kumar Agarwal,
manufactures TMT ( thermo-mechanically treated) bars. The company,
incorporated in 2007, has a manufacturing plant with capacity of
105,000 tonne per annum, at Kathua in Jammu & Kashmir.

SHREE NAMOKAR: CRISIL Maintains 'B+' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Namokar
International Private Limited (SNIPL) continues to be 'CRISIL
B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           8.5       CRISIL B+/Stable/Issuer Not
                                   Cooperating     

CRISIL has been consistently following up with SNIPL for obtaining
information through letters and emails dated
September 28, 2018 and March 12, 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 SNIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SNIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of SNIPL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

Set up in August 2015, SNIPL is an agri-commodities trading
company. It commenced operations in October 2015. The promoters
have extensive experience in procurement, primary processing,
warehousing and supply chain of agro-commodities, and healthy
relationships with customers and suppliers in the UAE, US, China
and South East Asia. The company trades in cumin seed, methi, and
maze, and imports dry fruit.

SHRI GANGA: CRISIL Maintains 'B+' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Shri Ganga Vehicles
Private Limited (SGVPL) continues to be 'CRISIL B+/Stable Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          7.95       CRISIL B+/Stable/Issuer Not
                                   Cooperating      

CRISIL has been consistently following up with SGVPL for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 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 SGVPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SGVPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of SGVPL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in 1984, SGVPL is an authorised dealer for Suzuki's
motorcycles (with one showroom) and the passenger cars of Hyundai
(2 showrooms) in Sikar and Nangod District of Rajasthan. It is
promoted by Mr. Sukhbir Singh (Sikar showroom) and Mr. Ratan Lal
Burdak (Nangod showroom).

SMRITI APPARELS: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Smriti Apparels
Private Limited (SAPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Letter of Credit      3        CRISIL D/Issuer Not Cooperating  
   
   Long Term Loan        0.24     CRISIL D/Issuer Not Cooperating  
   
   Packing Credit        9.50     CRISIL D/Issuer Not Cooperating  
   

CRISIL has been consistently following up with SAPL for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 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 SAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SAPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of SAPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

SAPL was incorporated in 2003 and is promoted by the Gurgaon,
Haryana-based Arora family. The company manufactures leather
jackets and accessories. Mr Inder Arora and Ms Meenu Arora, the
company's directors, manage its operations.

SRI RAMA: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Rama Chandra
Traders (SRT) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Warehouse Financing       10       CRISIL B/Stable/Issuer Not
                                      Cooperating      

CRISIL has been consistently following up with SRT for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 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 SRT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SRT is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of SRT continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Formed in 2007 as a proprietorship firm by Mr K. Y. Naidu, SRT is
engaged in trading of jute, waste paper, pulses, oil and others. It
is based in Srikakulam, Andhra Pradesh.

T.R. CHEMICALS: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of T.R. Chemicals
Limited (TRCL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee       1       CRISIL D/Issuer Not Cooperating   


   Cash Credit          9       CRISIL D/Issuer Not Cooperating  
   
   Funded Interest
   Term Loan            0.86    CRISIL D/Issuer Not Cooperating    


   Proposed Long Term
   Bank Loan Facility   2.88    CRISIL D/Issuer Not Cooperating    


   Term Loan            1.91    CRISIL D/Issuer Not Cooperating    


   Working Capital
   Term Loan            1.35    CRISIL D/Issuer Not Cooperating    


CRISIL has been consistently following up with T.R. Chemicals
Limited (TRCL) for obtaining information through letters and emails
dated September 28, 2018 and March 12, 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 TRCL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TRCL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of TRCL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

TRCL was established as a private limited company in 1997, promoted
by Mr Sanjeev Kapoor and Mr Mukesh Kumar Agarwal. It was
subsequently reconstituted as a closely held limited company. TRCL
manufactures sponge iron and phenolic resins at its facilities in
Barpali (Orissa).

TUSHAR FABRICS: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Tushar Fabrics
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          4.5       CRISIL D/Issuer Not Cooperating  
  
   Letter of Credit     1         CRISIL D/Issuer Not Cooperating  
  
   Term Loan            0.62      CRISIL D/Issuer Not Cooperating  
  

CRISIL has been consistently following up with Tushar Fabrics for
obtaining information through letters and emails dated September
28, 2018 and March 12, 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 Tushar Fabrics, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Tushar
Fabrics is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of Tushar Fabrics continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

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

Tushar Fabrics, formed in 2005 by Mr Jatinbhai Madrasi and Ms
Vandanaben Madrasi, weaves and knits grey fabric out of viscose and
cotton yarn at its facility at Surat (Gujarat). The fabric is sold
in the domestic market, and is primarily used for women's dress
material.

UTTAM SEEDS: CRISIL Assigns 'B' Rating to INR10cr Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Uttam Seeds - Hisar (USH).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          6.5        CRISIL B/Stable (Assigned)

   Proposed Fund-
   Based Bank Limits    3.5        CRISIL B/Stable (Assigned)

The rating reflects the firm's susceptibility to climatic
conditions and volatility in raw material prices, modest scale of
operations, and weak financial risk profile. These weaknesses are
partially offset by the extensive experience of its proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to climatic conditions and volatility in raw
material prices: Yield of agricultural commodities depends on
adequate and timely monsoon. Thus, USH remains exposed to risk of
limited availability of key raw material during a weak monsoon.
Also, production may be impacted by pests or crop infection,
leading to unpredictability in production and pricing.

* Modest scale of operations: Though revenue improved to INR10.96
crore in fiscal 2018 from INR0.99 crore in fiscal 2017, scale
remains small in the intensely competitive agricultural commodities
segment.

* Weak financial risk profile: Networth was small at INR0.39 crore
and gearing high at 5.32 times, as on March 31, 2018. Debt
protection metrics were subdued, with interest coverage and net
cash accrual to total debt ratios of 1.3 times and 0.04 time,
respectively, for fiscal 2018.

Strength
* Extensive experience of proprietor: Industry presence of over two
decades has enabled the proprietor to understand market dynamics
and establish healthy relationship with suppliers and customers.

Liquidity
* Bank limit utilization: Bank limit was utilised by 61% during the
11 months ended February 2018. Utilisation is expected to remain
stable on account moderate working capital requirement.

* Cash accrual against term debt obligation
Expected cash accrual of over INR19.26 lakh will be sufficient to
meet term debt obligation of INR1.40 lakh 8in the fiscal 2020. The
remaining accrual will act as cushion to liquidity.

* Current ratio was low at 1.27 times as on March 31, 2018.

* Funding support from proprietor: Proprietor is likely to extend
equity and unsecured loans to meet working capital requirement and
debt obligation.

Outlook: Stable

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

Set up in 1992 as a proprietorship firm by Mr Ramesh Kumar Bansal,
USH tests, processes, and grades different seeds; and also trades
in BT cotton seed. The processed seeds are certified by the Haryana
State Seed Certification Agency and are sold under the Uttam Seed
brand. Processing unit is in Hisar, Haryana.

VAISHNOVI INFRATECH: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Vaishnovi Infratech
Limited (VIL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        55       CRISIL D/Issuer Not Cooperating  
   
   Cash Credit           25       CRISIL D/Issuer Not Cooperating  
   

CRISIL has been consistently following up with VIL for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 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 VIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VIL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of VIL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

VIL, set up in 2006 by Mr T Ganagadhar Rao and his family members,
undertakes civil construction, and irrigation and road works. It is
based in Hyderabad.

VELOHAR INFRA: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Velohar Infra Private
Limited (Velohar) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        5        CRISIL D/Issuer Not Cooperating  
   
   Cash Credit           3        CRISIL D/Issuer Not Cooperating  
   
   Proposed Long Term
   Bank Loan Facility    2        CRISIL D/Issuer Not Cooperating  
   

CRISIL has been consistently following up with Velohar for
obtaining information through letters and emails dated September
28, 2018 and March 12, 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 Velohar, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Velohar is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of Velohar continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Velohar, incorporated in 2009 and promoted by Mr. G Thiyagu and Ms.
S Vijayalakshmi, is an engineering, procurement, and construction
(EPC) contractor in the infrastructure segment.

VVF INDIA: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of VVF India Limited
(VVFIL; part of the VVF group) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          220       CRISIL D/Issuer Not Cooperating  
  

   Letter of Credit     511       CRISIL D/Issuer Not Cooperating  
   

   Proposed Cash
   Credit Limit          30       CRISIL D/Issuer Not Cooperating  
  

   Proposed Long Term
   Bank Loan Facility   165       CRISIL D/Issuer Not Cooperating  
  

   Term Loan            474       CRISIL D/Issuer Not Cooperating  
   

CRISIL has been consistently following up with VVF India Limited
(VVFIL; part of the VVF group) for obtaining information through
letters and emails dated September 28, 2018 and March 30, 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 VVFIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VVFIL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of VVFIL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of VVFIL, its subsidiaries (VVF Singapore
Pte Ltd and PT VVF Indonesia), VVF Ltd, and VVF Ltd's overseas
subsidiaries. This is because VVFIL and VVF Ltd have common
promoters and are in similar businesses. VVFIL's bank facilities
are secured by a corporate guarantee from VVF Ltd, and a charge on
VVF Ltd's assets in addition to personal guarantees from the
promoters. Furthermore, CRISIL believes that VVFIL will receive
need-based financial support from VVF Ltd's subsidiaries. During
2013-14 (refers to financial year, April 1 to March 31) and
2014-15, VVF Ltd extended financial support of Rs.800 million to
VVFIL. VVF Ltd is likely to extend further support of around Rs.200
million to VVFIL over the near term. All these companies have been
together referred to as the VVF group.

Promoted by Mr Godrej Pallonji Joshi, the VVF group commenced
operations in 1939, with The Vegetable Vitamin Foods Co Pvt Ltd.
The group is currently owned by the second generation of promoters,
Mr Rustom Joshi, Ms Shanaz Diwan, and Mr Faraz Joshi.

VVFIL manufactures fatty oils, fatty alcohols, and glycerine, which
contribute to around 60% of total revenue. Exports comprise nearly
50% of sales in the oleochemicals segment. The company has an
oleochemicals plant at Taloja, Maharashtra. It also undertakes
contract manufacturing of  personal care products (PCPs; accounting
for 25% of revenue) at its plants in Baddi, Himachal Pradesh;
Kolkata; and Daman. A small portion of revenue comes from sales
under own brands, Doycare, Jo, and Shiff.

VVF Ltd is the holding company for the group's entities that
contract manufacture PCPs overseas. VVF Ltd also has land holdings
in Mumbai. Its major and step-down subsidiaries are VVF Intervest
LLC (holding company for US-based operations), Green Planet
Industrial LLC (Dubai), and VVF S.P.Z.O.O (Poland). In fiscal 2012,
the oleochemicals, domestic contract manufacturing, and branded
manufacturing businesses of VVF Ltd were transferred to VVFIL,
which received private equity of INR135 crore.



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

MEDCO OAK: Fitch Rates Proposed USD Notes 'B+(EXP)'
---------------------------------------------------
Fitch Ratings has assigned an expected rating of 'B+(EXP)' and a
Recovery Rating of 'RR4' to PT Medco Energi Internasional Tbk's
(Medco; B+/Stable) proposed US dollar notes. The notes will be
issued by Medco's wholly owned subsidiary, Medco Oak Tree Pte.
Ltd.

The proposed US dollar notes would be guaranteed by Medco and some
of its key subsidiaries only after Medco completes the acquisition
of Ophir Energy Plc. Ophir's shareholders had approved Medco's
acquisition plan in March 2019 and Medco is awaiting certain
approvals to complete the acquisition. Proceeds raised via the
proposed notes would be held in escrow until certain conditions
(primarily the completion of the acquisition) are met. Medco would
redeem the issued notes in full with a special redemption fee of 1%
and accrued interest if the approvals pertaining to the acquisition
of Ophir are not obtained prior to the acquisition deadline of 4
July 2019. Medco would prefund the escrow account to ensure a
sufficient amount is available to redeem the notes in full
including redemption fees and interest accrued until the
acquisition deadline.

The expected rating on the notes is at the same level as Medco's
Issuer Default Rating as they would constitute direct,
unsubordinated and unsecured obligations of the company upon the
completion of the Ophir acquisition transaction. The final rating
on the notes is contingent upon the completion of the acquisition
and upon the receipt of final documents conforming to information
already received. Medco plans to use the proceeds for the
acquisition of Ophir and for debt repayment.

Fitch upgraded Medco's IDR on April 22, 2019 to 'B+' from 'B',
reflecting the Indonesia-based company's improving financial
profile, supported by its efforts to sell its non-core assets to
reduce leverage. The rating action also reflects Fitch's
expectations that Medco's acquisition of Ophir will be value
accretive and is likely to further strengthen its financial and
operating profile. The acquisition of the UK-based company, in its
view, will increase Medco's cash flows, based on Fitch's oil price
assumptions, relative to the additional debt required for financing
the transaction. The acquisition, once completed, will also boost
Medco's oil and gas production by about 30%, which will be higher
than most other 'B' rated peers.

KEY RATING DRIVERS

Sale of Non-Core Assets: The company has sold part of its stake in
one of its associate companies for USD252 million and received
USD152 million so far with another USD100 million expected by
end-June 2019. Medco also expects to receive net cash proceeds of
USD90 million from the sale of part of one of its buildings by
September 2019 and USD24 million from the sale of some of its
smaller international businesses for which final sale agreements
have been entered into. These asset sales will help reduce debt and
support improvement in Medco's financial profile. Fitch foresees
only minimal risks to the completion of these asset sales.

Ophir Acquisition Credit Positive: Fitch expects Medco's ongoing
acquisition of Ophir to be value accretive after weighing the
acquisition costs against incremental cash flows, and an expanded
and more diversified operation. Fitch expects Ophir to generate
EBITDA of USD200million-300million until 2021 based on Fitch's
oil-price deck assumptions and support improvement in Medco's
credit metrics relative to the net debt added as a result of the
acquisition. Fitch expects Ophir to add about 25 million barrels of
oil equivalent per day (mboepd) of production in 2019 (Medco 2018
production: 77mboepd) including over 12mboepd from non-domestic
assets based in Thailand and Vietnam.

Gas sales make up about 44% of Ophir's sales, most of which are
based on fixed-price take-or-pay contracts, and would help Medco
maintain its healthy mix of earnings from fixed-price contract gas
sales. Medco expects to acquire Ophir for an enterprise value of
around USD585 million, including Ophir's net debt balance of USD35
million at end-December 2018. The transaction for the acquisition
is set be finalised in May 2019, pending the few approvals.

Improving Financial Profile: Fitch expects Medco's leverage
(adjusted debt/operating EBITDAR) to fall below 4x by 2019 (2018:
4.8x), supported by net cash inflow of about USD366 million from
the sale of non-core assets. The acquisition of Ophir, once
completed, will also help to improve Medco's leverage marginally.
It expects Medco's leverage to remain between 3x and 4x over the
medium term in the absence of any material investments other than
its current planned capex. Fitch had not factored in any cash
inflows from share warrants in its forecasts. Fitch excludes
Medco's 88%-owned subsidiary, PT Medco Power Indonesia, when
calculating its adjusted leverage.

Favourable Earnings Mix: Fitch expects Medco to derive about 30% of
its sales volume through fixed-price take-or-pay contracts. Fitch
estimates the EBITDA generated from these contracts will cover its
consolidated interest expense (excluding MPI) by more than 1x
(2018: 0.65x), post the Ophir acquisition. This is a key strength
relative to most global oil and gas peers, lowering the commodity
risks associated with the sector. Gas accounts for about two-thirds
of Medco's production volume and is sold through long-term
contracts, mainly to investment-grade off-takers.

Strong Operating Profile: Fitch expects Medco's production volume
to rise to about 100mboepd once it completes the Ophir acquisition.
Medco's production was relatively stable in at 77mboepd in 2018
(79mboepd in 2017). Medco's proved reserve life, including Ophir,
is around eight years (also eight years excluding Ophir) based on
its expectations of production with a three-year average reserve
replacement ratio of over 100%.

Geographic Concentration; Regulatory Risks: Medco's predominant
base of operations in Indonesia exposes it to the associated
country risks though diversified fields minimise operating risks.
The geographical concentration of earnings remains a constraint to
most 'B' rated oil and gas producers. Medco is exposed to the
country's regulatory uncertainties, highlighted by the instructions
from Indonesia's Directorate General of Oil and Gas in July 2018 to
lower the selling price at the Block A gas development in Aceh from
the originally agreed USD9.45 per million British thermal unit
(mmbtu).

Power Investment: Fitch considers the risk dynamics of MPI neutral
to Medco's credit profile as its investment in the power company
falls outside the restricted group structure defined in Medco's
bond documentation. Medco has a USD300 million limit on investments
outside the restricted group as stated in the documentation, the
majority of which has already been utilised. The structure limits
potential cash outflows from Medco to MPI or any other investments
outside the restricted group.

There are also no cross-default clauses linking MPI's debt to
Medco. MPI could however be credit positive in the long term after
it completes most of its growth and is able to upstream dividends.
MPI's business profile is not a concern as it has a relatively
diversified earnings mix between geothermal and gas-power
generation as well as earnings from the provision of operations and
maintenance services to other independent power producers. MPI also
has a successful track record of raising funds on its own.

DERIVATION SUMMARY

Medco's ratings reflect its business and financial profile, which
would be enhanced further by the proposed acquisition of Ophir.
Medco's profile, including Ophir, compares well with other 'B'
rated exploration and production peers in terms of the mix of
earnings generated through fixed-price take-or-pay contracts, a
bigger scale and its expectations of the improvement in leverage.

Medco's credit profile is well-placed relative to most of its peers
in the 'B' category. Medco's production, including Ophir, of close
to 100mboepd is more than Kosmos Energy Ltd.'s (B+/Stable) 69mboepd
and part of Medco's gas is also being sold at long-term fixed-price
contracts. Medco's reserve life is broadly similar at eight years
compared with seven at Kosmos. Fitch expects Medco's leverage
profile to be comparable with that of Kosmos. Fitch expects Medco's
production to be larger than GeoPark Limited's (B+/Stable) 40mboepd
although its reserve life is largely similar to the nine years at
GeoPark. Medco's stronger operating profile is offset to an extent
by its expectations of higher leverage compared with GeoPark.

PT Saka Energi Indonesia's (BB+/Negative, standalone credit profile
of b) ratings are linked to the 'bbb-' standalone credit profile of
PT Perusahaan Gas Negara Tbk (PGN, BBB-/Stable). Medco's operating
profile compares favourably with that of Saka as Fitch expects
Saka's reserve life of less than five years to continue weakening
until further clarity emerges on its structure within the PGN
group. Medco's Fitch-expected credit metrics are also stronger than
those of Saka.

Canacol Energy Ltd. (BB-/Stable) derives over 90% of its sales
through fixed-price long-term take-or-pay contracts, which results
in higher ratings than most 'B' rated oil and gas producers,
including Medco, despite its smaller production scale of 32mboepd.
Fitch also expects Canacol's leverage to be lower than that of
Medco. Canacol's reserve life and limited geographical
concentration are comparable with those of Medco.

KEY ASSUMPTIONS

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

  - Acquisition of Ophir to be completed in May 2019 for USD550
million

  - Medco's production volume, excluding Ophir, to increase to
77mboepd in 2019 and to gradually decline to about 70mboepd by
2023

  - Medco's total production volume, including Ophir after its
acquisition in May, to increase to 93mboepd in 2019 and 104mboepd
in 2020 as Ophir's full year of production is taken into account,
and to gradually decline to about 85mboepd by 2023.

  - Brent prices to average USD65/barrel in 2019, USD62.5/barrel in
2020, USD60.0/barrel in 2021 and USD57.5/barrel in the long term
per Fitch's oil and gas price deck

  - Gas price of USD7.03 per mmbtu for Block A

  - Cash production costs to remain at or below USD10/barrel of oil
  equivalent

  - Capex including Ophir of USD200 million-300 million over the
forecast horizon to 2023

  - Net cash inflow of USD336 million in 2019 as a result of
various asset sales and reduction in investments.

Fitch's key assumptions for bespoke recovery include:

  - The recovery analysis assumes Medco would be considered a going
concern in bankruptcy and that the company would be reorganised
rather than liquidated. It has assumed a 10% administrative claim.

  - Medco's going-concern EBITDA is based on the average EBITDA,
Fitch expects over 2019 to 2023, which is stressed by 30% to
reflect the risks associated with oil-price volatility, potential
challenges in maintaining production from its maturing fields, and
other factors.

  - An enterprise value multiple of 5.5x is used to calculate a
post-reorganisation valuation and reflects a mid-cycle multiple for
oil and gas companies globally, which is somewhat higher than the
observed lowest multiple of 4.5x. The higher multiple considers
that a majority of Medco's production volumes stem from long-term
fixed-price and indexed take-or-pay gas contracts, which provide
the company with more cash flow visibility across economic cycles
than the average global upstream oil and gas production companies.


  - Fitch has assumed prior ranking debt of USD474 million will be
repaid before Medco's senior unsecured creditors, including the
investors of its US dollar bonds. Prior-ranking debt includes
project-finance debt at non-guarantor subsidiaries PT Medco E&P
Tomori Sulawesi and PT Medco E&P Malaka.

  - The payment waterfall results in a 72% recovery corresponding
to a 'RR2' recovery for the unsecured notes. However, Fitch has
rated the senior unsecured bonds 'B+'/'RR4' because Indonesia falls
into Group D of creditor friendliness under itsCountry-Specific
Treatment of Recovery Ratings Criteria, and the instrument ratings
of issuers with assets in this group are subject to a soft cap at
the issuer's IDR.

RATING SENSITIVITIES

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

  - Fitch does not expect any positive rating action over the
medium term considering Medco's expected leverage levels. That
said, Fitch may consider positive rating action if its adjusted
leverage (adjusted debt/operating EBITDAR excluding MPI) is
sustained below 3.0x, provided there is no weakening in its
operating profile.

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

  - Fitch may take negative rating action if Medco's leverage is
sustained above 4.0x

  - Any significant weakening in its operating risk profile,
including a weakening of its reserve life to less than seven years
or material weakening in the mix of earnings from fixed-price gas
sales.

LIQUIDITY

Adequate Liquidity: The company plans to use part of the proposed
US dollar notes for the acquisition with the remainder for the
refinancing of some of its debt. Medco has already secured a
long-term bridge-loan facility of USD550 million to complete its
acquisition of Ophir in the absence of the proposed notes. The
facility would be repaid if Medco is able to successfully raise
funds via the note issue. Fitch expects Medco to require additional
funds given its debt maturities and capex requirements over the
next few years. Medco had over USD500 million of cash (excluding
MPI) at end-December 2018, adequate to meet its 2019 debt
maturities of USD328 million. Fitch believes Medco's recent success
in tapping capital markets bodes well for its liquidity. Medco has
raised USD900 million from unsecured notes and USD190 million
through a fully subscribed rights issue since 2017.

MEDCO OAK: Moody's Rates Proposed USD Senior Unsecured Notes 'B2'
-----------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to the proposed
USD-denominated backed senior unsecured notes to be issued by Medco
Oak Tree Pte. Ltd., a wholly-owned subsidiary of Medco Energi
Internasional Tbk (Medco, B2 positive).

The proposed notes will be irrevocably and unconditionally
guaranteed by Medco and some of its subsidiaries on completion of
the company's acquisition of London-listed Ophir Energy plc.
(Ophir).

The outlook is positive.

The bond proceeds will be initially kept in an escrow account and
will ultimately be used to finance the GBP408.4 million ($533
million) acquisition of Ophir (if completed), repay existing debt
and for generate corporate purposes. If the acquisition is not
completed by July 4, 2019, the proceeds in the escrow account along
with early redemption premium of 1% and accrued interest, which
together will be pre-funded by Medco, will be used to redeem the
bond in full.

RATINGS RATIONALE

"Medco's B2 rating reflects its modest scale of operations,
moderate degree of cash flow visibility from fixed-price natural
gas sales and our expectations that its credit metrics will
continue to improve over the next few quarters," says Rachel Chua,
a Moody's Assistant Vice President and Analyst.

"The improvement in Medco's credit metrics will be supported by its
sale of non-core assets in line with its deleveraging plan and the
strong operating cash flow generation from Ophir's portfolio once
the transaction is complete," adds Chua, who is Moody's Lead
Analyst for Medco.

Moody's affirmed Medco's B2 ratings and positive outlook on
February 1, 2019 on the back of the proposed acquisition of Ophir
and continued improvement in financial performance. Since then, the
company has obtained approval from Ophir's shareholders for the
transaction.

Moody's expects Medco's post-acquisition adjusted net debt/ EBITDA
(net of cash in escrow earmarked for debt repayment) will improve
to around 3.5x over the next two years, from around 4.2x in 2018.
Over the same period, its EBITDA/interest cover will be around
3.5x-4.0x and RCF/adjusted net debt will be about 14%.

At the same time, the B2 rating remains constrained by Medco's
exposure to the cyclicality of commodity prices, acquisitive growth
appetite, and the execution risk associated with its investment
plan of around $300 million per annum over the next two years.

The positive outlook on Medco's rating incorporates Moody's
expectation that Medco's credit metrics will continue to improve in
2019-20, supported by stable cash flow generation from its existing
portfolio and planned sale of non-core assets.

Medco's CFR could be upgraded after the completion of the proposed
acquisition and the debt-reduction plan, if its credit metrics
continue to improve such that adjusted net debt/EBITDA remains
below 4.5x, RCF/adjusted net debt increases to 10%-15%, and
EBITDA/interest expense increases above 4.0x.

In addition, a ratings upgrade would also require the company to
maintain strong liquidity with cash and cash equivalents covering
at least the amount of debt maturing over the next 12 months.

Given the positive outlook, a rating downgrade is unlikely.

Nonetheless, the outlook could be revised to stable if (1) Medco
fails to execute its deleveraging plan, or if there are material
delays in implementation; or (2) the proposed acquisition results
in a higher increase in borrowings than Moody's current
expectations or if Medco makes further material debt-funded
acquisitions; or (3) Medco provides funding support to its mining
or power businesses.

Specific credit metrics that Moody's would consider to revise the
outlook to stable include adjusted net debt/EBITDA between
4.5x-5.0x, EBITDA/interest expense below 3.5x-4.0x or a weakening
of its RCF/adjusted net debt from current levels.

The principal methodology used in this rating was Independent
Exploration and Production Industry published in May 2017.

Established in 1980 and headquartered in Jakarta, Medco Energi
Internasional Tbk is a Southeast Asian integrated energy and
natural resources company listed in Indonesia with three key
business segments, oil and gas, power and mining.

Medco reported proved developed reserves of 190 million barrels of
oil equivalent (mmboe) as of December 31, 2018, and oil and gas
production volumes of 78 thousand barrels of oil equivalents per
day (kboepd) (excluding service contracts) in 2018.

MEDCO OAK: S&P Puts Prelim. B Rating to New USD Sr. Unsec. Notes
----------------------------------------------------------------
S&P Global Ratings said it has assigned its preliminary 'B'
long-term issue rating to a proposed issue of U.S.
dollar-denominated senior unsecured notes guaranteed by PT Medco
Energi Internasional Tbk. (Medco; B/Positive/--) and issued by its
fully owned subsidiary Medco Oak Tree Pte. Ltd. The rating is
subject to S&P's review of the final issuance documentation.

Medco will use the proceeds from the proposed issuance to pay for
the proposed acquisition of Ophir Energy PLC and relevant
transaction costs. We already incorporate the effect of this
issuance and the Ophir Energy acquisition in our ratings on Medco.

S&P said, "We equalize the rating on the notes with our 'B' issuer
credit rating on Medco. The company's assets are located in
Indonesia, a jurisdiction that we consider to have a weak rule of
law, a lack of creditor-friendly features, and no consistency in
the conformity of the distribution of proceeds to legal rankings of
claims. Recovery prospects in the event of bankruptcy are uncertain
in the country because of the weak jurisdictional context.

"Our ratings are preliminary because the guarantee provided by the
guarantor will only be effective once the notes issuance and
acquisition of Ophir Energy close. Post notes issuance and before
the Ophir Energy acquisition closes, the funds will stay in an
escrow account and will be paid out to Ophir Energy shareholders on
completion of the acquisition. If the acquisition fails to
consummate after the notes are issued, the guarantor would
undertake to repay the issued notes with redemption fee of 1% plus
accrued interest. We expect to finalize the rating after the
guarantee becomes effective and we have reviewed the final issuance
documents.

"Our positive outlook on Medco reflects the potential for an
upgrade over the next nine to 12 months. This follows our
expectation that the company's acquisition of Ophir Energy will add
production scale and cash flows such that its ratio of funds from
operations to debt exceeds 12% on a sustained basis. We could
revise the outlook to stable if cash flow leverage does not improve
to the extent we expect due to larger-than-expected growth in
investments or production, or cash flows fail to match our
estimates."



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

SERBA DINAMIK: Fitch Publishes 'BB-' LT IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has published Malaysia-based Serba Dinamik Holdings
Berhad's Long-Term Issuer Default Rating of 'BB-' with a Stable
Outlook. At the same time, Fitch has published SDHB's 'BB-' senior
unsecured debt class rating and the expected 'BB-(EXP)' rating on
the company's proposed US dollar sukuk, which will be issued by
SDHB's wholly owned subsidiary, SD International Sukuk Limited. The
final rating on the sukuk is contingent upon the receipt of final
documents conforming to information already received.

SDHB's rating reflects its strong market position in Malaysia,
where it is the fourth-largest provider of operation and
maintenance services to the oil and gas industry by 2017 revenue.
The rating is also supported by SDHB's solid financial profile,
short-to-medium term revenue visibility and relatively low earnings
cyclicality. Nevertheless, Fitch believes that the company's small
operating scale constrains its rating.

KEY RATING DRIVERS

Long-Term IDR:

Strong Market Position; Robust Orders: The company has built up a
record of securing new orders and an established reputation for
project completion. SDHB's order book more than doubled between
2015 and 2017 and reached MYR8.3 billion by end-2018. The company's
order book-to-revenue ratio increased to 2.5x in 2018 from an
average of 1.3x in 2015-2017, and Fitch expects it to remain at
2x-2.5x in the medium term, providing revenue visibility. Fitch
also believes SDHB is well-positioned to benefit from the trend in
vendor consolidation together with Malaysian national oil company
Petroliam Nasional Berhad's (PETRONAS; A-/Stable) rising capex in
the downstream segment.

Small Scale, High Capex: SDHB's rating is constrained by its small
operating scale relative to other Fitch-rated peers, and the need
for capex to support its growth, which limits its ability to
generate a neutral-to-positive free cash flow. The company also
focusses on mid-tier clients, which supports its bargaining power
and has translated into industry-leading profit margins.

Substitution Risks: The company's O&M contracts, which contribute
to the majority of revenue, are typically non-exclusive, which
exposes the company to the risk that it may be substituted by
competitors, especially those from outside Malaysia. Nevertheless,
Fitch believes the risk is mitigated by the various operating
licenses SDHB holds in different jurisdictions, its long-term
client relationships and its track record and reputation in the
industry. Fitch also believes substitution risks are likely to
improve along with the company's growing customer and sectoral
diversification. SDHB reduced its revenue concentration in Malaysia
to 28% from 55% in the six years to 2018.

Revenue Visibility; Resilient Operations: SDHB typically enters
into two- to five-year contracts for its O&M services and 1.5-year
to three-year contracts for engineering, procurement, construction
and commissioning projects, which provide the company with some
revenue visibility. SDHB's maintenance services, which tend to have
more resilient demand during industry downturns, provide some
offset to its exposure to the cyclical oil and gas sector, where
lower prices lead to curtailment in activities and spending. Over
60% of SDHB's order book is derived from the downstream oil and gas
segment, which makes its cash flow less sensitive to the
exploration business and, subsequently, to commodity price
fluctuations.

Temporary Leverage Increase; Expected Deleveraging: Fitch expects
SDHB's leverage (adjusted net debt/adjusted EBITDAR), after
adjusting for the key financials of associate entities to which
SDHB provides proportionate financial guarantees, to increase to
around 2.5x in 2019-2020 (2018: 1.7x) on higher working-capital
needs and expansionary capex requirements as it ramps up on new
order books. Leverage between 2019 and 2020 is also likely to be
affected by the increased debt from the guarantees for its
associate entities. Nevertheless, Fitch expects EBITDAR
contributions from the associate entities to be more meaningful
starting 2021 as they ramp up operations, causing leverage to
improve to around 2x in 2021-2022.

Sukuk Expected Rating:

The expected rating on the proposed sukuk is driven solely by
SDHB's Long-Term IDR of 'BB-'. SDHB will be the guarantor of
certain obligations of Serba Dinamik International Ltd, a
100%-owned subsidiary of SDHB, under the sukuk documentation, and a
default of the senior unsecured obligations would reflect a default
of SDIL and SDHB in accordance with Fitch's rating definitions.

Fitch has rated SDHB on a consolidated basis on account of the
financial covenants in the sukuk documentation, which are based on
the consolidated group financials, and the cross-default clauses
within the proposed US dollar sukuk issue, which includes SDHB's
three main operating subsidiaries. SDIL is one of SDHB's main
operating entities, contributing around 50% of group revenue and
EBITDA in 2018.

Fitch has not considered any underlying assets or collateral
provided, as it believes the issuer's ability to satisfy payments
due on the certificates will ultimately depend on SDIL and SDHB
satisfying their unsecured payment obligations under the
transaction documents described in the prospectus and other
supplementary documents.

In addition to SDIL's and SDHB's propensity to ensure repayment of
the sukuk, Fitch believes the two companies would also be required
to ensure full and timely repayment of SDIS's sukuk obligations due
to their roles and obligations under the sukuk structure and
documentation, especially but not limited to the following
features:

  - Pursuant to the commodity murabaha investment agreement and the
wakala agreement, SDIL shall pay to the transaction account an
amount which is intended to fund the periodic distribution amount
payable by the trustee under the certificates of the relevant
series on the periodic distribution date. Fitch notes that if there
is a shortfall, the trustee shall procure the service of a payment
by the guarantor specifying the distribution shortfall restoration
amount or value restoration amount (as the case may be) to be paid
in accordance with the terms of the guarantee.

  - On the scheduled dissolution date or upon the occurrence of a
tax or a dissolution event (a) the outstanding deferred payment
price shall be immediately due and payable under the commodity
murabaha investment agreement and (b) the wakeel will liquidate the
wakala investment in accordance with the terms of the wakala
agreement, and these amounts shall be used to redeem the
certificates at the dissolution distribution amount.

The dissolution distribution amount equals the sum of i) the
outstanding face amount of the certificates; and ii) any due and
unpaid periodic distribution amounts for the certificates. The
payment obligations of SDIL (in any capacity) under the transaction
documents will be direct, unconditional, unsubordinated and
unsecured obligations of SDIL and shall at all times rank at least
equally with all other unsecured and unsubordinated obligations of
SDIL, present and future.

SDHB will provide an unconditional and irrevocable corporate
guarantee in respect of all sums expressed to be payable from time
to time by SDIL (i) in its capacity as obligor under the
declaration of trust, (ii) in its capacity as wakeel under the
wakala agreement and (iii) in its capacity as buyer under the
commodity murabaha investment agreement. Payment obligations under
the guarantee will constitute direct, unconditional, unsubordinated
and unsecured obligations of SDHB, and shall at all times rank at
least equally with all other unsecured and unsubordinated
obligations of SDHB, present and future.

The sukuk issuance includes negative pledge provisions, covenants,
as well as financial reporting obligations, change of control and
cross-default language.

The certificates, the declaration of trust, the deed of guarantee,
the agency agreement, the commodity murabaha investment agreement,
the wakala agreement and any non-contractual obligations arising
out of or in connection with them will be governed by, and
construed in accordance with, English law, while other aspects will
be governed by the laws of Malaysia and other jurisdiction laws
depending on the place of execution of the works. Fitch does not
express an opinion on whether the relevant transaction documents
are enforceable under any applicable law. However, Fitch's rating
on the certificates reflects its belief that SDHB would stand
behind its obligations. When assigning ratings to the sukuk
issuance, Fitch does not express an opinion on its compliance with
sharia principles.

DERIVATION SUMMARY

SDHB's rating may be compared with PT Bukit Makmur Mandiri Utama
(BUMA; BB-/Stable), PT ABM Investama Tbk (BB-/Negative), PT Wijaya
Karya (Persero) Tbk (WIKA; BB/Negative, standalone profile B+) and
Emeco Holdings Limited (B/Stable). BUMA is the second-largest
mining contractor in Indonesia with a 20% market share. Fitch
believes SDHB's higher customer and product diversification, lower
capex risks and lower earnings sensitivity to commodity price
fluctuations compensate for its thinner profit margin, which was
evident from SDHB's revenue growth during the low oil price
environment in 2014-2016 compared with BUMA's decline in scale
during low coal prices in 2012-2016.

Fitch believes while ABM - which focuses on coal production, mining
contracting services, integrated logistics and engineering services
- has an integrated business with wider profit margins and stronger
free cash flow generation, it is more exposed to commodity price
fluctuations. In contrast, SDHB's lower leverage profile, exposure
to the more stable downstream oil and gas segment and greater
geographical and customer diversification offset its smaller scale,
resulting in similar ratings.

Strong domestic market franchises support the ratings of both SDHB
and WIKA, which is one of Indonesia's largest and most diversified
state-owned contractors with an established track record in the
construction and EPCC activities of large infrastructure and
power-plant projects. Fitch believes SDHB's smaller operating scale
is compensated by its wider profit margin and greater geographical
diversification. Fitch thinks WIKA's order book, which focuses on
EPCC and infrastructure projects, is also more unpredictable than
SDHB's, which is based on O&M services. SDHB's lower business
volatility justifies the one-notch difference between its rating
and the standalone credit profile of WIKA.

SDHB and Emeco have comparable leverage profiles and operating
scales. Nevertheless, Fitch believes Emeco's highly volatile
business of heavy-machinery leasing and greater earnings
sensitivity to commodity prices, evident from the deterioration in
its profitability, cash flow generation and operating scale during
the last global commodity price downturn, warrant the two-notch
rating difference between the two companies.

KEY ASSUMPTIONS

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

  - Bid book annual growth rate of 10% in 2019 and beyond.

  - New order-book win rate of 30% across 2019-2021.

  - Order-book renewal rate of 25% from 2019

  - EBITDA margin of around 17% over 2019-2021

RATING SENSITIVITIES

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

  - Significant weakening of the order-book profile, primarily
driven by loss of key contracts or customers

  - Net adjusted debt/EBITDAR above 2.5x on a sustained basis.
Fitch has adjusted the leverage metric by including the key
financials of the associate entities to which SDHB provides
proportionate financial guarantees

  - EBITDA margin sustained below 12%

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

Fitch does not anticipate any positive rating action over the next
18-24 months. However, Fitch may consider positive rating action
should the company achieve a material improvement in operating
scale and generally neutral free cash flow, while maintaining a
stable financial profile

LIQUIDITY

Adequate Liquidity: As of end-2018, SDHB had readily available cash
of around MYR824 million, compared with short-term debt maturities
of MYR604 million, which mainly comprise revolving credit
facilities that may be rolled over during the normal course of
business. The company in September 2018 issued MYR800 million of
senior unsecured medium-term notes (MTN) from its MYR1.5 billion
MTN programme. This, combined with the company's plan to issue
proceeds from the US dollar sukuk, may further improve its
liquidity profile. The company also plans to roll over and maintain
the availability of its MYR750 million revolving credit facility
for an additional liquidity buffer. Fitch also believes the
company's liquidity profile is supported by its strong domestic
banking access given its long-term relationships with both regional
and global banks.

SERBA DINAMIK: S&P Assigns Prelim 'BB-' ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings assigned its preliminary 'BB-' long-term issuer
credit rating to Serba Dinamik Holdings Bhd. S&P also assigned its
preliminary 'BB-'issue rating to the proposed sukuk trust
certificates that the company guarantees.

S&P's rating on SDHB reflects the company's modest scale with
commoditized service offerings, limited record of large-scale
project execution outside of oil and gas, large investment needs
for future business growth, and somewhat untested asset acquisition
strategy. Its record of timely project execution within budget,
respectable client base, good cost control, short but prudent
history of equity raising, and investments temper these
constraints.

Malaysia-based SDHB is an engineering solutions provider with
revenues from the Middle East and Malaysia. SDHB's main business
segments are operations and maintenance (O&M), and engineering,
procurement, construction, and commissioning (EPCC) targeted at the
oil and gas and the power sectors.

SDHB's services are relatively narrow compared with larger players
in the engineering and services segment. The company offers largely
commoditized services in nature, i.e., operations and maintenance,
and engineering project execution--primarily targeted to the oil
and gas (O&G) and power sector. This means pricing invariably takes
precedence over branding and technical capabilities for new
contracts bidding.

SDHB's record in project execution in large-scale operations is
limited compared with most rated peers, which typically post
revenue above US$2.0 billion, such as Aptim Corp., Tutor Perini
Corp., Dycom Industries, Inc., McDermott International, Inc. and
Ausdrill Ltd. Ausdrill and Aptim are triple the size of SDHB,
although their profitability is a bit weaker. Aptim's EPCC
capabilities focus on services related to governments, and the oil
and gas sector, which typically has stronger repeat business and
longer track record than SDHB. Ausdrill has operations in Australia
and Africa with multiple mineral, underground and hard rock mining
capabilities. S&P believes McDermott's and Dycom's business
positions are stronger than SDHB's because they are four times
larger and their service offerings are wider. Dycom offers
infrastructure placement for telecommunication companies. McDermott
provides EPCC contract primarily for deep-water exploration and
production.

Consolidation in the sector is possible to pool resources and
strengthen balance sheets and technical capabilities. For example,
Ausdrill acquired Barminco Holdings Pty. Ltd. while McDermott
merged with Chicago Bridge & Iron Co. this year. Such consolidation
could mean stronger competitors for SDHB when it comes to
lucrative, larger, and complex projects.

To expand its scope, SDHB has embarked on an asset acquisition
strategy, which we believe is still nascent and hence untested. The
company plans to take 30%-40% stakes in various new projects. An
equity stake positions SDHB to secure the project construction
contract and the O&M contract once the project starts. The nature
of projects would be in line with the company's current technical
capabilities. However, such projects would need larger working
capital and capital expenditure investments, relative to the
company's base order book.

The new business segments it enters--public utilities, residential
and commercial property construction, and industrial park
development--could mean different counterparty risks, working
capital cycles, and cash flow from what SDHB is familiar with. The
company has eight projects with an acquisition investment of about
Malaysian ringgit (MYR) 280 million to date. S&P does not factor in
any new acquisition under its asset acquisition strategy given it
is uncertain and each investment is likely range in the low to mid
single-digit million ringgit. Such special projects will start
contributing meaningfully to revenues from 2019 onward.

Engineering and construction projects typically involve milestone
payments, and need sizable front-loaded investments in capital
expenditure and working capital. Such investments could be
elevated, especially when large new projects start and ramp up. S&P
believes SDHB will need to invest about MYR1.0 billion a year in
working capital and capital expenditure to sustain its growth over
the next two to three years. In the past, investments were
relatively smaller and SDHB raised equity of about MYR800 million
over fiscal years 2017 and 2018 to fund them. However, S&P expects
the investments will be debt funded in future.

Debt-funded growth will raise SDHB's leverage. S&P believes the
company's proposed U.S. dollar-denominated sukuks will help fund
its investments over fiscal 2019 and part of 2020. Still, to fund
such continued investments, SDHB will need to raise fresh long-term
funding almost every year.

SDHB's order book (about MYR8.3 billion as of Dec. 31, 2018), which
typically lasts three years, provides good cash flow visibility.
Over the past three years, SDHB has shown strong revenue and cash
flow growth--indicating the company's capability to renew expiring
contracts and win new ones at a healthy rate. S&P expects SDHB to
extend its record of project wins and renewals, supporting its top
line and cash flow. The company's long-term association with and
repeat business from some key clients in O&G segment, such as
Petroliam Nasional Bhd. and Royal Dutch Shell Plc., provides it
with good experience to expand its target client base.

S&P said, "SDHB's ability to complete projects in time and within
budget and its record of repeat business are key strengths, in our
view. Even through the recent significant business growth, SDHB has
maintained good project delivery and superior margins. We therefore
believe the company can maintain healthy growth and margin
sustenance over the projected time horizon. SDHB's focus on O&M
business for O&G companies' producing assets bears limited
correlation with oil and gas prices, in our view. This provides it
with better operational stability and cash flow visibility.

"Our stable outlook on SDBH indicates our expectations that the
company will continue to renew expiring contracts and win new
contracts at a healthy rate, translating into respectable revenue
growth and stable margins. We assume the company will fulfill its
orders within budget and manage prudently its growth capital
expenditure and working capital investment."

A ratio of funds from operations (FFO) to debt permanently
retreating to 20% will put pressure on the ratings. This would
happen if the company fails to convert high investments into
meaningful cash flow growth, because of cost inflation and delays
in projects, for instance, so that EBITDA stagnates at about MYR500
million while gross debt remains close to MYR2 billion. S&P will
also lower the rating if it believes the company's liquidity has
eroded, with elevated dependence on short-term debt.

Rating upside will come from strong cash flow growth, prudent
investments in business, and restraint over leverage. Continued
project wins and successful execution of the projects order book,
coupled with controlled working capital investments and capital
outlays leading to a ratio of FFO to debt above 35% would create
positive rating momentum. However, S&P views this scenario as
unlikely in the next 18 months.



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

MAINZEAL GROUP: Liquidators Seek Millions in Interest Payments
--------------------------------------------------------------
Nikki Mandow at BusinessDesk reports that millions of dollars are
at stake as Mainzeal litigants head back to court on May 8 for a
decision on costs and interest payments.

BusinessDesk says creditors of the failed construction company were
owed NZ$110 million when it collapsed in early 2013, and High Court
judge Francis Cooke ruled in February that four directors,
including former Prime Minister and Mainzeal chair Jenny Shipley,
were liable for a total of NZ$36 million.

However, the judgment didn't include any decision on costs and
interest payments, hence the upcoming hearing.

According to BusinessDesk, Justice Cooke will be asked to decide
how much the directors should pay in costs and will rule on whether
any interest due to creditors is on top of, or included in, the
NZ$36 million award.

Liquidators BDO argue interest should be added to the existing
compensation, given creditors have waited since 2013 for money they
are owed.

Whichever Justice Cooke decides, the amounts are in the millions,
BusinessDesk says.

Costs could be in the order of NZ$2-to-NZ$3 million, if an award of
costs of NZ$2.42 million in the kiwifruit growers case against MPI
earlier this year can be used as a guide, according to
BusinessDesk.

And if the judge adds interest on the judgment sum, that would mean
the amount payable by the directors would likely be significantly
higher. If, for example, the judge was to use the 5 percent
interest rate set out in the 2011 Judicature (Prescribed Rate of
Interest) Order, that could add approximately NZ$10.8 million to
the NZ$36 million liability.

That means interest and costs could potentially lift the
compensation payment to NZ$49 million, BusinessDesk states.

Meanwhile, the directors--Shipley, Tilby, Gomm and Chinese
multi-millionaire Yan--could be significantly out of pocket should
their appeal fail and the cross appeal succeed, BusinessDesk
reports.

In their appeals, likely to be heard together later this year, the
directors argue they should not be liable for the failure of
Mainzeal, and the liquidators are asking for a doubling of
compensation for the creditors to NZ$73 million.

BusinessDesk relates that BDO also argues the court was wrong to
order compensation from Shipley at the same rate as Tilby and Gomm,
"given her role as chairperson of Mainzeal, a director of other
companies within the group . . . and her position as a director of,
and her interest in, Richina Pacific Limited, Mainzeal's holding
company until 2009."

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held New
Zealand-based company with a strong China focus.

On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series of
events that had adversely affected the Company's financial position
coupled with a general decline in major commercial construction
activity, and in the absence of further shareholder support, the
Company could no longer continue trading.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are Mainzeal
Group, Mainzeal Property and Construction, Mainzeal Living, 200
Vic, Building Futures Group Holding, Building Futures Group,
Mainzeal Residential, Mainzeal Construction, Mainzeal, Mainzeal
Construction SI, MPC NZ and RGRE.

Mainzeal is estimated to owe NZ$11.3 million to the BNZ, NZ$70
million to unsecured creditors and NZ$5.2 million to employees, NZN
disclosed. Subcontractors are among the unsecured creditors, said
NZN.



===============================
P A P U A   N E W   G U I N E A
===============================

PAPUA NEW GUINEA: S&P Affirms B/B Ratings, Outlook Stable
---------------------------------------------------------
On April 23, 2019, S&P Global Ratings affirmed its 'B' foreign- and
local-currency long-term ratings and 'B' respective short-term
rating on Papua New Guinea (PNG). The outlook on the long-term
rating remains stable. At the same time, S&P has lowered its
transfer and convertibility assessment to 'B' from 'BB-'.

Outlook

S&P said, "The stable outlook balances our view that PNG will
remain a low-income economy with weak institutions and limited
monetary flexibility, with our expectation that fiscal and external
imbalances will continue to improve during the next 12 months.

"Upside pressure on the rating could build if the economy were to
significantly outperform our current projections or if fiscal and
debt metrics improve more rapidly than we expect.

"Downward pressure could emerge if PNG's fiscal deficits weaken
during the coming year. For example, this could happen if export
revenues are lower than we expected, leading to diminished resource
related dividends and tax collection or if there were an unexpected
rapid increase in government spending without commensurate growth
in revenues."

Rationale

The sovereign ratings on PNG reflect structural constraints
inherent in a low-income economy dependent on extractive industries
and served by weak institutions. The government has made headway in
improving its fiscal position, cutting superfluous expenditure in
recent years. The government has also benefitted from improving gas
exports, supporting higher resource tax collections in 2018.
However, weak payroll controls have hindered some of that progress.
PNG's fiscal deficits, along with relatively weak economic growth,
have propelled its general government debt, according to S&P's
calculations, above its soft ceiling of 30% of gross domestic
product (GDP), and S&P forecasts it will remain above 35% until
2022.

Institutional and economic profile: PNG's economic growth potential
centers around upcoming resource developments

-- S&P expects economic growth to be relatively subdued until
2021, then to increase sharply to 5% in 2022 and beyond due to the
construction of the Papua liquefied natural gas (LNG) project.

Economic growth suffered in 2018 due to an earthquake that hit the
Hela and Southern Highlands province in February, leading to
property destruction and fatalities. The economic impact was
partially offset by PNG hosting the Asia Pacific Economic
Cooperation (APEC) annual meetings, boosting construction and
services in the country. S&P estimates real GDP growth was stagnant
in 2018, from an average of 2.1% in 2016-2017.

The APEC meetings resulted in pledges of sizable future
infrastructure investment projects. The United States, Australia,
and Japan unveiled a US$1.7 billion project, increasing electricity
supply across PNG. China elected to participate in the Ramu 2
hydroelectric power project, which S&P expects to commence this
year.

S&P said, "We expect increased investments and a recovery in LNG
production, as well as exports in other resource sectors, to boost
GDP growth. Real GDP growth is set to improve to an average of 3.6%
during 2019-2022. This includes our expectation of several new LNG
projects, construction of which we expect to commence in 2021-2022.
This production will come on stream in 2022, leading to a sharp
acceleration in economic growth." PNG expects Papua LNG, the PNG
LNG extension, and P'Nyang gas fields to drive LNG production to
around five times current levels. In addition, PNG is conducting
feasibility studies on the gold-copper mines of Wafi Golpu and
Frieda River, and it expects both to be large-scale mining
projects. While these provide a resource boost to the economy in
the form of exports, increased infrastructure investment provides
additional benefits for these rural areas, not only ones that are
project-specific.

PNG continues to face pressing development needs. We estimate per
capita GDP to be about US$2,600 in 2019, and the country is ranked
153 out of 188 countries on the United Nations Development
Program's Human Development Index. PNG's real per capita GDP growth
remains low compared with its peers. Moreover, the prevalence of
crime in major cities deters investment, while governmental
institutions are weak, in our view. Economic data inconsistency is
another credit weakness. Despite some recent improvements, gaps and
lags in economic and external data remain.

Public-sector transparency remains an issue, but is generally on an
improving trend. The government has stated its intention to narrow
the fiscal deficit and focus on PNG's longer-term strategy of
economic diversification. The government's medium-term revenue and
expenditure strategies provide a strong commitment to maintaining
manageable debt levels. The government has introduced an Integrated
Financial Management Information System that combines various
public department accounts. S&P expects this to help boost
government oversight, transparency, and potentially unlock revenue
gains.

PNG has a moratorium that prevents new governments from disallowing
no-confidence motions during the first 18 months of a prime
minister's term. The moratorium expired in February 2019, and no
challenges have yet arisen. Leadership challenges are common in PNG
politics, but S&P expects no deviations from the policy continuum
if one were to occur.

Flexibility and performance profile: S&P expects fiscal imbalances
to improve

-- S&P expects fiscal deficits to narrow and net general
government indebtedness to remain flat, at about 30% of GDP.

-- Debt composition is shifting more toward external debt.

The government has stated its commitment to narrowing fiscal
deficits. New legislation that state-owned enterprises are required
to remit 90% of revenue to the central government should strengthen
collection revenues. Tax revenues should also improve after the
expiration of tax exemptions in the mid-2020s. In the second half
of 2018, increased LNG volumes boosted revenues higher than S&P
expected, but higher commodity prices do not fully translate to
increased government revenues due to the concessional arrangements
of the PNG LNG project.

S&P said, "The government intends to consolidate its public
finances, and we expect general government deficits to more than
halve, averaging 1.5% of GDP during 2019-2022 from an average of
3.9% between 2015 and 2018. Through its 2018-2022 Medium-Term
Fiscal Strategy, the government is focusing on bringing its
nonresource primary balance to zero. PNG is targeting declining
deficits to keep debt within its target of 30% of GDP. We project
PNG's general government gross debt to peak at 39% of GDP in 2020.
Our ratio differs from that of the government because we use a
lower level of nominal GDP, sourced from the National Statistics
Office, while the government uses its own estimate. We also include
higher debt accumulation, above the government's finance needs,
related to our assumption of a 6.7% depreciation of the kina, the
national currency, during 2019-2022.

The government is increasing its reliance on external borrowings,
with its debt strategy targeting a 50:50 split between domestic and
external financing by 2022. Wider fiscal deficits in recent years
have strained the ability of the domestic financial system to
absorb large amounts of government debt, which is reflected in
higher local interest rates. Diversifying the funding base has been
achieved via a US$500 million draw down from PNG's Credit Suisse
credit facility, budget support loans from the World Bank and Asian
Development Bank, as well as the US$500 million sovereign bond
issuance. The government has been able to use some of these
proceeds to retire short-term domestic expensive debt, lowering the
government's debt-servicing costs. S&P anticipates interest
payments to remain broadly stable, but relatively high, at about
14% of general government revenues until 2022.

PNG's external position remains weak, despite signs of improvement.
External debt ballooned between 2010 and 2013 during the LNG
project's construction phase, with large current account
deficits--financed by a combination of external debt and foreign
direct investment--that averaged about 30% of GDP. The country's
external imbalances have contracted during the past few years, with
LNG production since 2014 resulting in repayment of external
liabilities. S&P said, "We note that future LNG projects' could
exacerbate external imbalances again during the construction phase,
but we currently project a moderation in current account surpluses
in 2021-2022, rather than the double-digit current account deficits
of 2010-2013."

S&P said, "We forecast net external debt will fall to about 105% of
current account receipts (CARs) in 2019, before increasing on the
back of the new LNG project commencement. This comes after PNG's
net external indebtedness peaked at 370% of CARs in 2012. We
consider PNG's strong current account surpluses to overstate its
external position. Project development agreements allow developers
of extractive industry projects to keep export receipts in offshore
foreign currency accounts. These U.S. dollar revenues deflate our
external ratios, presenting a stronger external picture than would
otherwise be the case. We expect net external indebtedness to peak
at about 145% of CARs in 2022."

Stronger foreign-exchange inflows from new external loans and
issuance have helped to increase reserves during the past 12 months
to about US$2.2 billion. PNG held around US$4.4 billion in
international reserves in 2011, declining to US$1.7 billion in
2017. This has also resulted in an easing of the shortage in U.S.
dollars in PNG, helping to lower the value and shorten the clearing
time of outstanding foreign-exchange orders. However, S&P believes
PNG maintains extensive foreign-exchange restrictions. This is
symptomatic of a currency that persists above the market-clearing
exchange rate. PNG's exchange-rate arrangements are "crawl-like,"
according to the International Monetary Fund. During the past few
years, the PNG kina has depreciated substantially against the U.S.
dollar, falling 12% since 2015. This has contributed to elevated
levels of inflation. More broadly, the Bank of PNG's weak monetary
policy flexibility is a rating constraint. This weakness mainly
reflects the limited transmission of monetary policy settings to
the interest rates faced by borrowers, largely because of the high
level of liquidity in the banking system.

PNG's banking system is stable, with limited competition. It relies
heavily on deposit funding, which is supported by high levels of
liquidity. It also has a small net external asset position and
limited linkages to global markets. That said, the country's low
income levels and credit concentrations increase banking system
risks. Legal infrastructure and judicial system delays also pose
challenges to enforcing creditor rights. S&P's Banking Industry
Credit Risk Assessment for PNG is 9 (with 1 being the highest
assessment and 10 being the lowest).

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List
  Downgraded  
                              To From
  Papua New Guinea

  Transfer & Convertibility Assessment  
  Local Currency              B BB-

  Ratings Affirmed  
  Papua New Guinea

  Sovereign Credit Rating B/Stable/B
  Papua New Guinea

  Senior Unsecured       B




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

HYFLUX LTD: Applies for 3-Month Debt Moratorium Extension
---------------------------------------------------------
The Strait Times reports that Hyflux Ltd and three of its
subsidiaries have applied to the Singapore High Court for an
additional three-month reprieve from its creditors as it works on
another plan to avoid liquidation, it announced in an exchange
filing on April 23.

ST relates that the applications will be heard at the next case
management conference scheduled on April 25, just days before its
court-sanctioned protection from creditors expires on April 30. If
granted, the debt moratorium will be extended to July 30, 2019, the
report says.

According to the report, the troubled water treatment firm said on
April 23 that the applications were filed by Hyflux, Hydrochem,
Hyflux Engineering and Hyflux Membrane Manufacturing.

Another subsidiary, Hyflux Innovation Centre (HIC), has not filed
an application. HIC was part of the entities--together with Hyflux
and the other three subsidiaries--that were granted a moratorium in
June 2018 before they applied for an extension in November 2018, ST
notes.

ST says Hyflux also disclosed in the filing that it knows of two
claims, totalling US$65.03 million, made by Tahlyat Myah Magtaa SpA
(TMM), the project company for its Magtaa desalination plant
located in Algeria.

ST adds that the company said it received a notice from Arab
Banking Corporation of a claim by TMM of US$8.53 million under a
counter-guarantee facility demanding immediate payment of that sum
from Hydrochem and Hyflux.

Hyflux also said it has become aware of another claim of about
US$56.5 million by TMM under a separate performance bond issued by
BNP Paribas El Djazair, although BNP Paribas has not issued any
legal notice in relation to this claim. Hyflux said it will provide
further updates as and when it receives legal notice, the report
relays.

According to the report, Hyflux said it disputes TMM's right to
make these claims and is seeking legal advice on the appropriate
steps to be taken.

Both claims are expected to have a material impact on the group's
financial performance, it added.

In a private meeting on April 22, Hyflux's advisers told David
Gerald, president of the Securities Investors Association
(Singapore), that the company will need at least three months for
its new plan to materialize, ST reports.

ST says Hyflux's new plan to return to solvency is to keep
perpetual and preference shareholders whole in its books as equity
rather than debt.

This will only be viable if Hyflux's interest payments to its perp
and pref holders are lowered or suspended for a number of years or
perpetuity. No specific details have been shared yet by Hyflux.

After its planned rescue deal with Indonesia's Salim-Medco fell
through earlier this month, Hyflux is slated to lose its largest
asset, Tuaspring, an integrated power and water plant project.

National water agency PUB has issued a notice to seize the
Tuaspring desalination plant, while secured lender Maybank intends
to appoint receivers to the Tuaspring power plant.

Meanwhile, Hyflux has appointed dealmaker Nicky Tan to help it find
a new distressed investor, ST discloses.

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It employs 2,300
people worldwide and has business operations across Asia, Middle
East and Africa.

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses.

The Company said it is taking this step in order to protect the
value of its businesses while it reorganises its liabilities.

The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this process.


                           *********


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

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

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

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

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



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