TCRAP_Public/190314.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, March 14, 2019, Vol. 22, No. 53

                           Headlines



A U S T R A L I A

ACTIVE SAFETY: Clifton Hall Appointed as Liquidator
AFG TRUST 2019-1: S&P Assigns Prelim BB(sf) Rating on Cl. E Notes
AUSSIE ADVENTURE: Second Creditors' Meeting Set for March 20
BUILD-A-BEAR WORKSHOP: First Creditors' Meeting Set for March 22
CLARKS INDUSTRIAL: Second Creditors' Meeting Set for March 21

HALIFAX INVESTMENT: Investors Face Long Wait to Get Money Back
HOG'S BREATH: Two Restaurants Shuts Following Liquidation
LIBERTY 2016-3: Moody's Hikes Class F Notes Rating to 'Ba2'
MDMC HOLDINGS: First Creditors' Meeting Set for March 21
MEI & PICCHI: Second Creditors' Meeting Set for March 20

NAPOLEON PERDIS: Former GM to Apply for Leave on AUD100K Claim
PICTON PRESS: Hearing on ATO Case Further Adjourned to May 1
WINDOWS ARE US: First Creditors' Meeting Set for March 22


C H I N A

[*] CHINA: Default Scares Are Giving Bond Investors Whiplash


H O N G   K O N G

LIFESTYLE INT'L: Moody's Affirms Ba1 CFR, Outlook Stable


I N D I A

CENTRAL BANK OF INDIA: Moody's Hikes Deposit Rating to Ba2
CYCLO TRANSMISSIONS: Insolvency Resolution Process Case Summary
DEV POLYPLAST: Insolvency Resolution Process Case Summary
DHAR TEXTILE: Insolvency Resolution Process Case Summary
ESWARI GREEN: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating

INRHYTHM ENERGY: Ind-Ra Hikes Long Term Issuer Rating to 'BB-'
MARINA PROJECTS: Insolvency Resolution Process Case Summary
NEELACHAL ISPAT: Insolvency Resolution Process Case Summary
PASSION FOR LIFESTYLES: Insolvency Resolution Process Case Summary
PUNJAB BASMATI: Insolvency Resolution Process Case Summary

RAJAT ISPAT: Insolvency Resolution Process Case Summary
RELIANCE COMMUNICATIONS: NCLAT Alters Order on Bid to Release Funds
RL LOGISTICS: Insolvency Resolution Process Case Summary
SABRE HELMETS: Insolvency Resolution Process Case Summary
SENIOR BUILDERS: Insolvency Resolution Process Case Summary

SHANTI EQUITIES: Insolvency Resolution Process Case Summary
SRI LAKSHMI: Insolvency Resolution Process Case Summary
UNITED STEEL: Insolvency Resolution Process Case Summary
VALECHA PILETECH: Insolvency Resolution Process Case Summary


I N D O N E S I A

BUMI SERPONG: Fitch Affirms 'BB-' LongTerm Foreign Currency IDR
DELTA MERLIN: Fitch Assigns BB- IDR & Rates $300MM Senior Notes BB-

                           - - - - -


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

ACTIVE SAFETY: Clifton Hall Appointed as Liquidator
---------------------------------------------------
Timothy Clifton of Clifton Hall was appointed as liquidator of
Active Safety Services Pty Ltd on March 13, 2019.


AFG TRUST 2019-1: S&P Assigns Prelim BB(sf) Rating on Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven of the
eight classes of prime residential mortgage-backed securities
(RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee
for Trust in respect of Series 2019-1.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination, excess spread and
lenders' mortgage insurance (LMI) on 36.1% of the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.0% of the aggregate outstanding amount of the notes,
subject to a floor of A$350,000, and the principal draw function
are sufficient to ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000 funded by AFG
Securities Pty Ltd. on the closing date to meet extraordinary
expenses. The reserve is to be topped up from excess spread, if
any, to the extent it has been drawn.

-- The counterparty exposure to National Australia Bank Ltd. as
liquidity facility provider and bank account provider. The
transaction documents for the liquidity facility and bank account
include downgrade language consistent with S&P Global Ratings'
counterparty criteria.

  PRELIMINARY RATINGS ASSIGNED

  AFG 2019-1 Trust in respect of Series 2019-1

  Class      Rating         Amount (mil. A$)
  A1         AAA (sf)        66.500
  A2         AAA (sf)       248.500
  AB         AAA (sf)        22.750
  B          AA (sf)          4.900
  C          A (sf)           3.850
  D          BBB (sf)         1.575
  E          BB (sf)          0.875
  F          NR               1.050


AUSSIE ADVENTURE: Second Creditors' Meeting Set for March 20
------------------------------------------------------------
A second meeting of creditors in the proceedings of:

   -- Aussie Adventure Caravans Pty Ltd, trading as X Force;
      Caravans and Western Wholesale Sales (VIC)

   -- Downunder RV Australia Pty. Ltd.;

   -- Townsville RVS Pty. Ltd., trading as Kokoda Caravans
      Sunshine Coast; and

   -- Coffs Harbour RVS Pty. Ltd., trading as Coffs Harbour RV's

has been set for March 20, 2019, at 12:00 noon ADST: BDO, Collins
Square, Tower Four, 727 Collins St, in Docklands, Victoria and 9:00
a.m. AWST: BDO, 38 Station St, in Subiaco, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 20, 2019, at 9:00 a.m.

Nicholas Martin and Andrew Fielding of BDO were appointed as
administrators of Aussie Adventure on Feb. 13, 2019.


BUILD-A-BEAR WORKSHOP: First Creditors' Meeting Set for March 22
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Build-A-Bear
Workshop Pty Ltd will be held on March 22, 2019, at 10:00 a.m. at
the offices of Lowe Lippmann, at Level 7, 616 St Kilda Road, in
Melbourne, Victoria.

Gideon Isaac Rathner and Matthew Brian Sweeny of Lowe Lippmann were
appointed as administrators of Build-A-Bear Workshop on March 13,
2019.


CLARKS INDUSTRIAL: Second Creditors' Meeting Set for March 21
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Clarks
Industrial Contracting Pty Ltd has been set for March 21, 2019, at
5:30 p.m. at the offices of Worrells Solvency & Forensic
Accountants, Level 1, 160 Brisbane Street, in Ipswich, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 20, 2019, at 5:00 p.m.

Adam Francis Ward of Worrells Solvency & Forensic Accountants was
appointed as administrator of Clarks Industrial Contracting on Feb.
25, 2019.


HALIFAX INVESTMENT: Investors Face Long Wait to Get Money Back
--------------------------------------------------------------
Tamsyn Parker at NZ Herald reports that investors in collapsed
Australian derivatives trader Halifax are set to have a long wait
to get their money back after the administrator found "accounting
irregularities" and said they will have to go to court to get a
direction on how to disperse the money.

The Herald relates that voluntary administrators Ferrier Hodgson,
who were appointed in November, released an update on Halifax on
March 12 and said they had now undertaken a wide-scale
investigation of Halifax's financial position.

They found a deficiency in the company's assets of around AUD19.7
million or 9 per cent of investor funds before costs and said the
primary reason for the deficiency appeared to be the use of client
money to fund operating losses at the company since at least
January 2017, according to the Herald.

"The management accounts, audited accounts and lodgements with ASIC
all appear to present with accounting irregularities; and there
appears to be contraventions of client money rules and the
Corporations Act 2001 in connection with dealing with client
monies, including payment of operating expenses directly from
client funds."

On November 23, Halifax's investor account balances totalled
approximately AUD211 million.

According the Herald, the administrators said they were working
closely with Australian regulator ASIC in relation to the issues
and other lines of investigation.

The Herald relates that Ferrier Hodgson said that based on its
review of 10,000 transactions there appeared to be extensive
co-mingling of client money with funds invested by MT4 and MT5
investors used to 'top up' the accounts of IB investors and vice
versa.

The co-mingling would affect the claims of all investors on all
three platforms in both the Australian and New Zealand businesses,
they said.

"Due to this deficiency in client funds it will be necessary to
seek court directions in respect of the relative entitlement of
investors as well as a number of other matters."

The Herald adds that the administrators said they had explored the
options for a potential deed of company arrangement where investors
share the deficiency proportionally to speed up the distribution
but said this was not achievable.

"Given a DOCA is not achievable, the only outcome available is for
investors and creditors to resolve at the second meeting that
Halifax be placed into liquidation."

Within 60 days of that meeting the administrators said they would
apply to the court to seek orders and directions on; client
entitlements to trust funds, payment of themselves and any
liquidator, how the money in various client accounts and different
product lines should be treated and the ultimate distribution of
funds, the Herald relays.

The administrations said they anticipated it would take six to 12
months to get a determination from the court and a further six
months to make the distribution while it realised stocks and
adjudicated on 12,600 investor claims.

"We appreciate that investors would like to have access to funds
held in accounts as soon as possible.

"However, due to the many complex issues and matters that will
require directions from the court it is difficult at this time to
provide an estimate as to when investors can expect to receive a
distribution.

"We do not anticipate the application will be determined any
earlier than 6-12 months after being commenced."

Over the past six years local investors poured tens of millions of
dollars through online broker Halifax New Zealand, before it
followed its Australian parent abruptly into administration.

The Australian company also promoted itself using celebrity
"ambassador" former Australian test cricket captain Mark Taylor who
had previously endorsed the business in promotional videos on the
Halifax website and on YouTube.

A watershed meeting for Halifax must be convened by March 29 and
held on or before April 5, 2019.

                            About Halifax

Halifax Investment Services Pty Ltd was a financial services
licensee headquartered in Sydney with a partially-owned subsidiary
in Auckland, New Zealand.

Morgan Kelly, Stewart McCallum, and Phil Quinlan of Ferrier Hodgson
were appointed as joint voluntary administrators of Halifax,
appointed on
Nov. 23, 2018.  They were also appointed administrators of Halifax
New Zealand on Nov. 27, 2018.


HOG'S BREATH: Two Restaurants Shuts Following Liquidation
---------------------------------------------------------
Cruise123 reports that Adelaide's two Hog's Breath Cafes both
closed down suddenly this week with reports surfacing that they had
gone into liquidation.

Both the Glenelg and Holden Hill restaurants posted statements on
their Facebook pages on March 12 saying they were ‘temporarily
closed', the report says.

Cruise123 relates that diners with bookings for the restaurants
said they were called in the morning to say their booking was
cancelled as they had gone into liquidation.

But perhaps the most concerning of comments came from staff who had
been told they lost their job, Cruise123 says.

Cruise123 relates that Jordy Caridi wrote: "Because the previous
owner is extremely incompetent, so many people are now struggling
with how there (sic) going to pay rent, buy groceries and even feed
their kids myself included because of this man and we only found
out that we were unemployed no more than six hours ago."

The Advertiser has reported that there is a "genuine glimmer of
hope" of reopening, according to liquidator Andrew Heard, the
report adds.


LIBERTY 2016-3: Moody's Hikes Class F Notes Rating to 'Ba2'
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five classes
of notes issued by two Liberty Series RMBS.

The affected ratings are as follows:

Issuer: Liberty Series 2016-3 Trust

  - Class D, Upgraded to A3 (sf); previously on Apr 18, 2018
Upgraded to Baa1 (sf)

  - Class E, Upgraded to Baa3 (sf); previously on Apr 18, 2018
Upgraded to Ba1 (sf)

  - Class F, Upgraded to Ba2 (sf); previously on Dec 21, 2016
Definitive Rating Assigned B2 (sf)

Issuer: Liberty Series 2018-1 Trust

  - Class B Notes, Upgraded to Aa1 (sf); previously on May 8, 2018
Definitive Rating Assigned Aa2 (sf)

  - Class C Notes, Upgraded to A1 (sf); previously on May 8, 2018
Definitive Rating Assigned A2 (sf)

RATINGS RATIONALE

The upgrade is prompted by an increase in the credit enhancement
available to the affected notes, and in the case of Liberty Series
2016-3 Trust, the lowering of Moody's expected loss assumption.

Sequential amortization of the notes since closing led to the
increase in notes subordination in both transactions. Liberty
Series 2016-3 Trust switched to pro-rata principal repayments among
the rated notes in December 2018.

The performance of the transactions have been within Moody's
expectations.

Liberty Series 2016-3 Trust

The notes subordination available for the Class D, Class E and
Class F Notes has increased to 7.3%, 5.3% and 3.6% from 5.6% and
4.0% for the Class D and Class E notes at the time of the last
rating action in April 2018 and 1.8% for the Class F notes at
closing.

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

As of January 2019, 2.8% of the outstanding pool was 30-plus day
delinquent, and 1.2% was 90-plus day delinquent. The portfolio has
incurred AUD166,796 of losses to date.

Based on the observed performance, the 50% pool factor and economic
outlook, Moody's has lowered its expected loss assumption to 1.1%
of the original pool balance (2.1% of current pool balance) from
1.4% of the original pool balance as at closing.

Moody's has increased its MILAN CE assumption to 12.4% from 11.6%
since the last rating action, based on the current portfolio
characteristics.

Liberty Series 2018-1 Trust

The notes subordination available for the Class B and Class C Notes
has increased to 7.7% and 5.4% from 6.5% and 4.6% at the time of
the initial rating in May 2018.

The Guarantee Fee Reserve Account has accumulated AUD4.5 million
(0.4% of the total current note balance) from excess spread.

As of January 2019, 0.8% of the outstanding pool was 30-plus day
delinquent, and 0.2% was 90-plus day delinquent. The portfolio has
incurred no losses to date.

Based on the observed performance, the limited amortization of the
portfolio and the economic outlook, Moody's has maintained its
expected loss assumption at 1.5% of the original pool balance.

Moody's also kept its MILAN CE assumption unchanged at 9.5% based
on the current portfolio characteristics.

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

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

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

Please note that on November 14, 2018, Moody's released a Request
for Comment, in which it has requested market feedback on potential
revisions to its Methodology for RMBS. If the revised Methodology
is implemented as proposed, the Credit Rating on the two
transactions may be neutrally affected.

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

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

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


MDMC HOLDINGS: First Creditors' Meeting Set for March 21
--------------------------------------------------------
A first meeting of the creditors in the proceedings of MDMC
Holdings Pty Ltd will be held on March 21, 2019, at 10:00 a.m. at
the offices of Hall Chadwick Chartered Accountants, at Level 4, 240
Queen Street, in Brisbane, Queensland.

Richard Albarran and Richard Lawrence of Hall Chadwick were
appointed as administrators of MDMC Holdings on March 11, 2019.


MEI & PICCHI: Second Creditors' Meeting Set for March 20
--------------------------------------------------------
A second meeting of creditors in the proceedings of Mei & Picchi
(Aust.) Pty. Ltd. has been set for March 20, 2019, at 11:30 a.m. at
the offices of Sv Partners Melbourne, at Level 17, 200 Queen
Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 19, 2019, at 5:00 p.m.

Peter Gountzos and Michael Carrafa of SV Partners were appointed as
administrators of Mei & Picchi on Feb. 12, 2019.


NAPOLEON PERDIS: Former GM to Apply for Leave on AUD100K Claim
--------------------------------------------------------------
Anna Patty at The Sydney Morning Herald reports that the former
general manager of Napoleon Perdis Cosmetics will make an
application to the Federal Court for leave to continue with his
claim for nearly AUD100,000 in payments.

Because Napoleon Perdis Cosmetics Pty Ltd has gone into voluntary
administration, his lawyer said the Federal Court needs to approve
the interlocatory application for the proceedings to continue,
absent of written consent from administrators.  

According to SMH, Giovanni (John) Rosiello is suing his former
employer for nearly AUD100,000 in unpaid bonuses and other
outstanding contractual payments.

"My family and I are extremely distressed that we've been forced to
fight for so long for what is rightfully mine. This has been far
from easy and resulted in a significant emotional and financial
toll on our family," the report quotes Mr. Rosiello as saying.

"Napoleon has stated that he treats his "staff like family", so I
hope that this means he will now pay what his company owes to me -
particularly after so many years of loyal service to him, his
business and his family.

"I have complete faith in the justice system and I simply hope that
justice can be served as soon as possible."

SMH relates that Mr. Rosiello's lawyer, Mia Pantechis, a senior
associate at Maurice Blackburn said the case reinforces why it is
important that companies step up and pay their workers what they
are owed at the time.

"It is inexcusable for someone as successful as Napoleon Perdis was
until very recently to not pay one of his workers his entitlements.
John's entitlements remain outstanding and he ought to have access
to justice," SMH quotes Ms. Pantechis as saying.

"Business owners must understand that their success relies largely
on their workforce who in return should be paid for the skills and
dedication they bring to the business".

SMH adds that Mr. Perdis's legal representative said: "As the
company is in administration and the matter remains for
determination by the court, no comment is able to be made at this
time".

                      About Napoleon Perdis

Based in Alexandria, Australia, Napoleon Perdis Cosmetics Pty. Ltd.
owns and operates stores that sell cosmetics. It offers makeup
products for face, lips, eyes, cheeks, and nails. The company also
provides skincare products, including auto pilot skincare, auto
pilot priming, cleansers, and body products. In addition, it offers
gifts and sets; and tools, such as brushes, brush sets, and books.
Further, the company operates a make-up academy in Australia and
California. Furthermore, it engages in the online retail of
cosmetics.

Simon Cathro, Chris Cook and Ivan Glavas of Worrells Solvency &
Forensic Accountants were appointed as administrators of Napoleon
Perdis on Jan. 31, 2019.


PICTON PRESS: Hearing on ATO Case Further Adjourned to May 1
------------------------------------------------------------
Sheree Young at ProPrint reports that the ongoing battle between
Picton Press and the ATO is continuing with a federal court hearing
adjourned until May 1, marking 12 months since the company ran
aground with AUD9 million debts, including AUD1.3 million in unpaid
tax.

ProPrint says Picton, which employs 30 staff and has been a major
player in the WA commercial print market for many years, continued
to trade through the troubles after a Deed of Company Arrangement
(DOCA) was approved by creditors last November.

Not satisfied with the terms laid out in the DOCA which saw the ATO
recoup just one to two cents in the dollar of the AUD1.3m it was
owed it launched wind up action against Picton's directors Gary
Kennedy and Dennis Hague, ProPrint relays.

According to ProPrint, the other provision in the DOCA meant
unsecured trade creditors owed less than AUD10,000 would receive
full repayment, while those above this amount, including the ATO
and a key paper supplier, received one to two cents in the dollar.

Cor Cordis administrator Jeremy Nipps was the architect of the DOCA
and told ProPrint that all parties agreed to the second adjournment
and he is hopeful of resolving the matter before it returns to the
Federal Court.

"I'm hopeful there will be a resolution before then so hopefully we
can have an outcome or a position agreed with to have the
application dismissed," the report quotes Mr. Nipps as saying. "Now
it is a matter of exchanging correspondence to try and get to an
agreeable position."

ProPrint relates that Mr. Nipps said as far as he is aware business
on a day to day level at Picton is travelling well.

"Everything seems fine there but obviously the directors are
running the shop," Mr. Nipps told ProPrint.

He also confirmed he still has AUD205,000 sitting in an unsecured
creditors account but has been unable to transfer it the trust for
payment to creditors due to the ongoing legal action, the report
adds.

"My part is really just around the DOCA arrangement and I'm ready
to execute and move the funds into a creditors trust but I can't
because of the court hearing so I'm just waiting for that to go
through but apart from that what I understand is that everything
seems OK from the directors perspective."


WINDOWS ARE US: First Creditors' Meeting Set for March 22
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Windows Are
Us Pty Ltd will be held on March 22, 2019, at 11:00 a.m. at the
offices of BPS Reconstruction and Recovery, at Level 5, Suite 6,
350 Collins Street, in Melbourne, Victoria.

Simon Patrick Nelson of BPS Reconstruction and Recovery was
appointed as administrator of Windows Are Us on March 12, 2019.




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

[*] CHINA: Default Scares Are Giving Bond Investors Whiplash
------------------------------------------------------------
Bloomberg News reports that China's biggest default scares of 2019
have taken bondholders on some wild rides, underscoring both the
risks and the opportunities for investors as more of the nation's
companies struggle to repay debt.

Bloomberg relates that at least three large Chinese borrowers --
Qinghai Provincial Investment Group Co., China Minsheng Investment
Group Corp. and Beijing Orient Landscape & Environment Co. --
missed bond-payment deadlines last month only to come up with the
cash shortly thereafter. A fourth issuer, Hong Kong Airlines Ltd.,
saw its dollar bonds plunge on repayment concerns in January but
made good on a maturing note after reportedly securing help from
China Development Bank.

In all four cases, knee-jerk declines in the companies' bonds gave
way to at least partial recoveries. Dollar notes issued by Hong
Kong Airlines have rallied 45.5 percent from their lows and CMIG's
have gained 12.4 percent, according to Bloomberg.

Bloomberg notes that while many bond investors would rather avoid
such volatility, some buyers of distressed debt welcome it. Taking
advantage of the turbulence requires acting fast in illiquid
markets, making the right call on borrowers' ability to repay, and
-- in some cases -- determining the Chinese government's
willingness to intervene. That's no easy task amid an uncertain
economic outlook and mixed messages from Chinese authorities on
corporate bailouts.

"Price volatility in distressed names does bring investment
opportunities," Bloomberg quotes Gary Zhou, Hong Kong-based
fixed-income director at China Securities International, as saying.
"But they are more likely to be grasped by specialized distressed
fund managers who follow those names very closely, have greater
access to information about the issuers and are able to carry out
in-depth analysis of default probabilities."

It could be a risky trade given that defaults are piling quickly
this year, Bloomberg says. Goldman Sachs Group Inc. in a note last
week said that timeliness of repayment can't be ensured even in
cases where support is provided.

                        Hong Kong Airlines

According to Bloomberg, the affiliate of embattled conglomerate HNA
Group Co. was rocked by default concerns in early January after
reports that key directors and executives had left the company. But
Hong Kong Airlines denied speculation it had applied for
liquidation and repaid $550 million of bonds on time. It may have
got REDD Intelligence reported that CDB agreed to help refinance
the notes.

                  China Minsheng Investment Group

Bloomberg says the conglomerate, once hailed as a poster child of
China's vibrant private sector, shocked investors when it missed a
bond payment on Jan. 29. CMIG repaid the notes on Feb. 14 after
agreeing to sell one of its biggest assets.

               Qinghai Provincial Investment Group

Bloomberg says the aluminum producer, seen as a bellwether for
China's willingness to support troubled companies linked to local
governments, surprised investors when it failed to repay a
dollar-bond coupon on Feb. 22, citing insufficient cash offshore.
The company wired the funds five days later and repaid CNY20
million of notes on Feb. 25. That spurred a partial recovery in
Qinghai's bonds, but investors remain wary, the report states.

              Beijing Orient Landscape & Environment

Bloomberg adds that the builder of water-treatment plants said it
transferred CNY500 million for the principal payment on a yuan bond
due last month, but failed to send a CNY30 million interest payment
on time because of a staff error. One day after it was due,
Shanghai Clearing House confirmed receiving the full payment,
Bloomberg says.




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

LIFESTYLE INT'L: Moody's Affirms Ba1 CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service has affirmed Lifestyle International
Holdings Limited's Ba1 corporate family rating (CFR).

At the same time, Moody's has affirmed the Ba2 senior unsecured
ratings on the notes issued by LS Finance (2022) Limited and LS
Finance (2025) Limited. These notes are guaranteed by Lifestyle.

The ratings outlook is stable.

RATINGS RATIONALE

"The affirmation reflects our expectation that Lifestyle's
department store operations in Hong Kong will continue to generate
stable profitability and solid cash flows that support the
company's capital spending for its Kai Tak project," says Gloria
Tsuen, a Moody's Vice President and Senior Credit Officer.

The company acquired in November 2016 a land lot in Kai Tak, Hong
Kong, to develop for office and retail use, including the opening
of a new SOGO department store which is targeted to open in 2022.

The company estimates that the new project will cost around HKD13
billion-HKD14 billion, including HKD7.4 billion in land premium
paid in 2016. Moody's expects Lifestyle's capital spending on the
project's construction costs will peak in 2020-21 to around HKD1.6
billion per year, but such costs will remain manageable, given the
company's strong cash flows.

Moody's expects Lifestyle's revenue and profit margins to remain
steady over the next 12-18 months, driven mainly by the prime
location of the company's flagship Causeway Bay SOGO department
store, the company's active management of product mix, and high
customer loyalty.

In this regard, Moody's expects Lifestyle's adjusted net
debt/EBITDA to stay broadly stable at about 3.0x over the next
12-18 months. This level is consistent with the Ba1 rating
category.

Lifestyle reported solid 2018 results, with sales proceeds rising
13% to HKD11.7 billion and company-reported EBITDA increasing 18%
to HKD2.6 billion. The company has been outperforming the overall
Hong Kong retail market, which grew 9% in 2018 according to the
Hong Kong Census and Statistics Department.

Lifestyle's adjusted net debt/EBITDA was at 3.0x in 2018, similar
to the level in 2017, as the higher earnings offset higher net debt
levels.

Lifestyle's Ba1 CFR continues to reflect the company's established
operating record in Hong Kong, the strong and consistent
performance of its flagship SOGO department store in Causeway Bay,
and resilient cash flow.

However, it also reflects the company's moderate scale, high
revenue concentration, and the development and business risks of
the Kai Tak project.

Lifestyle's liquidity remains solid. As of the end of 2018, the
company had HKD7.5 billion in cash and deposits, including 50% of
listed short-term financial assets, enough to cover the company's
short-term debt of HKD3.1 billion.

The stable outlook reflects Moody's expectation that the company
will maintain its current net debt leverage, and manage cautiously
the risks of delays and cost overruns of the Kai Tak project.

Upward ratings pressure could emerge over time if Lifestyle (1)
increases its scale while maintaining stable revenue and profit
growth, (2) increases its financial flexibility by reducing its
secured debt, and (3) improves its debt leverage.

Credit metrics indicative of upward ratings pressure include
adjusted net debt/EBITDA declining below 2.5x, and adjusted
retained cash flow (RCF)/net debt — including 50% of listed
short-term financial assets — rising above 15%, both on a
sustained basis.

The ratings would be downgraded if (1) the company's liquidity,
profitability or cash flows from its Hong Kong stores deteriorate,
or (2) its financial profile weakens, due to delays and/or cost
overruns in the Kai Tak project.

Credit metrics indicative of downward ratings pressure include
adjusted net debt/EBITDA above 3.5x or adjusted RCF/net debt —
including 50% of listed short-term financial assets — falling
below 8%.

The principal methodology used in these ratings was Retail Industry
published in May 2018.

Listed on the Hong Kong Stock Exchange in 2004, Lifestyle
International Holdings Limited is a Hong Kong-based retail operator
that focuses on mid- to upper-end department stores. The company
operates two SOGO stores in Hong Kong.




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

CENTRAL BANK OF INDIA: Moody's Hikes Deposit Rating to Ba2
----------------------------------------------------------
Moody's Investors Service has taken rating actions on six Indian
public sector banks (PSBs): (1) Bank of India (BOI), (2) Canara
Bank (Canara), (3) Central Bank of India (CBI), (4) Indian Overseas
Bank (IOB), (5) Oriental Bank of Commerce (OBC) and (6) Union Bank
of India (Union Bank).

Moody's has upgraded the long-term local and foreign currency
deposit ratings of CBI and IOB to Ba2 from Ba3. Moody's has also
upgraded their Baseline Credit Assessment (BCA) and Adjusted BCA to
b2 from b3.

In the case of BOI, Canara, OBC and Union Bank, Moody's has
affirmed their local and foreign currency deposit ratings at
Baa3/P-3. Moody's has also affirmed their BCA and Adjusted BCA at
ba3.

In addition, Moody's has assigned foreign currency counterparty
risk ratings (CRR) of Ba1/NP to CBI and IOB, and Baa3/P-3 to BOI,
Canara, OBC and Union Bank.

Moody's has changed the outlook for CBI and IOB to stable from
positive. For BOI, Canara, OBC and Union Bank, Moody's has
maintained the outlook at stable.

RATINGS RATIONALE

CAPITAL INFUSION FROM THE INDIAN GOVERNMENT IS THE KEY DRIVER OF
THE RATING ACTION

On February 20, 2019, the Indian government (Baa2 stable) announced
a capital infusion of INR482 billion into 12 public sector banks
(PSBs). The capital infusion largely formed the last tranche of the
recapitalization plan that was announced by the government in
October 2017 for the PSBs over a two-year period.

The capital allocation to the banks impacted by this rating action
is as follows: BOI: INR46.4 billion, CBI: INR25.6 billion, IOB:
INR38.1 billion and Union Bank: INR41.1 billion. In addition,
between December 2018 and January 2019, OBC received INR66.9
billion, CBI received INR16.8 billion and BOI received INR100.9
billion in new capital. The capital infusions are in the form of
recapitalization bonds.

For CBI and IOB, which are among the weakest rated PSBs, the rating
upgrade reflects the improved solvency of the banks, following the
capital infusion from the government. Moody's estimates that both
banks will achieve a common equity tier 1 (CET1) of more than 8% by
March 2019, creating a buffer above the regulatory requirement
under Basel III of 7.375%, which includes a minimum CET1
requirement of 5.5% and a capital conservation buffer of 1.875%.
Based on risk-weighted assets (RWA) at December 31, 2018, the CET1
ratios of CBI and IOB will be 9.0% and 9.7% following this latest
round of capital infusions.

The affirmation of BOI, OBC and Union Bank's ratings reflects
Moody's view that the capital infusion has alleviated some of the
downside risks to their BCAs, Adjusted BCAs and ratings. Moody's
estimates all three will also achieve a CET1 ratio comfortably
above the regulatory requirement. Based on December 2018 RWA, the
CET1 ratios of BOI, OBC and Union Bank will be 10.7%, 10.2% and
9.0% following this latest round of capital infusion.

Although Canara did not receive any capital infusion from the
government in the current fiscal year, the rating affirmation takes
into account Moody's expectation that the bank will be able to
achieve a CET1 level in line with its other similarly rated peers,
such as BOI, OBC and Union Bank, given Canara's stable
performance.

This rating action also factors in the improvement in the six
banks' asset quality.

At 31 December 2018, the net nonperforming loan (NPL) ratios of CBI
and IOB stood at 10.3% and 13.5%, a decline from 11.1% and 15.3% at
31 March 2018. Similarly, for BOI, Canara, OBC, and Union Bank, net
NPL ratios fell to 5.9%, 6.4%, 7.2%, and 8.3% from 8.3%, 7.5%,
10.5%, and 8.4% over the same period.

The decline in net NPLs was driven by an increase in provisions,
with the banks using a part of the capital received for this
purpose. In addition, the pace of new NPL formation has
significantly reduced across all six banks in the first nine months
of the financial year ending March 2019 compared to the last three
years.

With an improved loan loss coverage and stabilizing asset quality,
credit costs will be lower and result in improved profitability in
2020.

Funding and liquidity remains robust for all the banks impacted by
this rating action, even though their solvency profiles have been
under stress, due to rising NPLs and high credit costs.

Moody's continues to assume "very high" support for the rated PSBs,
reflecting the systemic importance of these banks in India. The
government owns a majority stake in these banks and is visibly
involved in their management, including the appointment of top
management and setting of key performance indicators. In addition,
the viability of PSBs is crucial for maintaining overall systemic
stability, given that these banks cumulatively account for more
than 70% of banking system assets. The support assumption results
in a three notch uplift to the six bank's long-term deposit ratings
from their Adjusted BCAs.

ASSIGNMENT OF FOREIGN CURRENCY CRR

The foreign currency CRR of Ba1/NP assigned to CBI and IOB, and
Baa3/P-3 to BOI, Canara, OBC and Union Bank, is at the same level
as the banks' respective domestic currency CRR, which Moody's
already assigned.

In assigning the CRR to the banks, Moody's applies its basic Loss
Given Failure (LGF) approach, because Moody's considers India not
to have an operational resolution regime. Moody's basic LGF
analysis positions CRRs in line with the banks' CRAs and one notch
above their Adjusted BCAs, prior to government support.

CBI and IOB's CRR incorporate three notches of uplift, while BOI,
Canara, OBC, and Union Bank's CRR incorporate two notches of
uplift, based on Moody's assessment of a very high probability of
government support, and given the banks' systemic importance to
India.

FACTORS THAT COULD LEAD TO AN UPGRADE

Given the stable outlook, the banks' ratings are unlikely to face
upward pressure over the next 12-18 months. However, the outlook
could be revised to positive, if there are signs of a sustained
improvement in the solvency profiles of these banks, as represented
by asset quality, capital and profitability.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Moody's could lower the banks' BCA and ratings if further credit
losses worsen their capital. Any indication that government support
for the banks has diminished could also lead to a downgrade of
their ratings.

The principal methodology used in these ratings was Banks published
in August 2018.

Bank of India is headquartered in Mumbai, and reported assets of
INR6.1 trillion at December 31, 2018.

Canara Bank is headquartered in Bangalore, and reported assets of
INR6.7 trillion at December 31, 2018.

Central Bank of India is headquartered in Mumbai, and reported
assets of INR3.3 trillion at December 31, 2018.

Indian Overseas Bank is headquartered in Chennai, and reported
assets of INR2.4 trillion at December 31, 2018.

Oriental Bank of Commerce is headquartered in Gurugram, and
reported assets of INR2.5 trillion at December 31, 2018.

Union Bank of India is headquartered in Mumbai, and reported assets
of INR4.8 trillion at December 31, 2018.


CYCLO TRANSMISSIONS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Cyclo Transmissions Ltd
        19-20, Renuka Nagari
        Dhankawadi,Pune Satara Road
        Pune, Maharashtra 411043

Insolvency Commencement Date: December 18, 2018

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Vijendra Kumar Jain

Interim Resolution
Professional:            Mr. Vijendra Kumar Jain
                         401/402, Sai Trishul
                         Raviraj Oberoi Complex
                         Off New Link Road, Andheri West
                         Mumbai 400053
                         E-mail: vkj310@gmail.com

                            - and -

                         Kanchansobha Debt Resolution Advisors LLP
                         1507-B Wing, One BKC, Plot No. C-66
                         G Block, BandraKurla Complex
                         Bandra East, Mumbai 400051
                         E-mail: cyclo@kanchansobha.com

Last date for
submission of claims:    January 8, 2019


DEV POLYPLAST: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Dev Polyplast Private Limited
        8/30-D, Kirti Nagar Industrial Area
        New Delhi DL 110015

Insolvency Commencement Date: February 26, 2019

Court: National Company Law Tribunal, Principal Bench

Estimated date of closure of
insolvency resolution process: August 25, 2019
                               (180 days from commencement)

Insolvency professional: Shailendra Singh

Interim Resolution
Professional:            Shailendra Singh
                         H-29, 1st Floor
                         Jangpura Extension
                         New Delhi 110014
                         E-mail: shailendralaw@gmail.com
                                 devpolyplastcirp@gmail.com

Last date for
submission of claims:    March 14, 2019


DHAR TEXTILE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Dhar Textile Mills Limited
        C-1/A Low Land Area
        Pologround Industrial Estate
        Indore 452003
        Madhya Pradesh, India

Insolvency Commencement Date: February 15, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Sudip Bhattacharya

Interim Resolution
Professional:            Sudip Bhattacharya
                         903 Queensgate, Hiranandani Estate
                         Off Ghodbander Road
                         Thane-West 400607
                         E-mail: resolutionsudip@gmail.com

                            - and -

                         Project office:
                         Win Corporate Advisors Private Limited
                         407 Sanjar Enclave
                         Opp PVR Cinema, Kandivali-West
                         Mumbai 400067
                         E-mail: dhar@consultinsolvency.com

Last date for
submission of claims:    March 10, 2019


ESWARI GREEN: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Eswari Green
Energy LLP's term loan to the non-cooperating category. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using the
rating. The rating will now appear as 'IND B (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR200 mil. Term loan due on FY24 migrated to Non-Cooperating
     Category with IND B (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 9, 2018. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Eswari Green Energy, a limited liability partnership firm floated
by Eswari Knitting Works, operates a wind project at the
Basavanbagawadi village in Karnataka, with two wind turbine
generators with a capacity of 2MW each.

The partners of Eswari Green Energy are Mr. R Balasubramaniam, Mr.
Baskaran and Mrs. B Sundarambhal is the partners.


INRHYTHM ENERGY: Ind-Ra Hikes Long Term Issuer Rating to 'BB-'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded InRhythm Energy
Limited's (IEL) Long-Term Issuer Rating to 'IND BB-' from 'IND B+'.
The Outlook is Stable.

Moreover, Ind-Ra raised the short term rating on INR240 mil.
non-fund-based working capital facilities to IND A4+.

KEY RATING DRIVERS

The upgrade reflects an improvement in IEL's credit metrics to
moderate levels in FY18-9MFY19, due to a rise in EBITDA margin to
healthy levels. EBITDA interest coverage (operating EBITDA/gross
interest expense) was 3.3x in FY18 (FY17: 0.9x), net financial
leverage (net debt/operating EBITDA) was 0.05x (1.5x) and margins
were 4.0% (1.2%). The margins improved due to better coal pricing
owing to better demand, while return on capital employed was 23% in
FY18 (FY18: 5%). The company recorded the EBITDA margin of 8% in
9MFY19.

Also, the revenue increased 24.5% yoy to INR1,136.0 million in FY18
and further to INR1,464.9 million in 9MFY19, due to increased order
execution. As of February 2019, it had an order book of INR470.0
million, which will be executed before March 2019, indicating
modest near-term revenue visibility. However, the scale of
operations would remain medium.

The ratings are supported by IEL's comfortable liquidity position
with its average use of the fund-based facilities being 26% over
the 12 months ended January 2019. Also, the net cash conversion
cycle remained negative at 76 days in FY18 (FY17: negative 43
days), primarily on account of an extended credit period from
suppliers. Moreover, the cash flow from operations was positive at
INR15 million (FY17: INR143 million), due to improved operating
EBITDA of INR45.5 million (INR10.7 million). The company does not
have a term loan. As on 31 March 2018, it had a cash balance of
INR73.0 million and unutilized cash credit lines of INR78.0
million.

Despite having a comfortable liquidity position, the ability of the
company to increase its financial flexibility to meet the immediate
working capital requirements will be a key monitorable.

RATING SENSITIVITIES

Positive: A significant increase in the scale of operations and
EBITDA margin while maintaining the liquidity position leading to
an improvement in the interest coverage, all on a sustained basis,
could be positive for the ratings.

Negative: Significant deterioration in the EBITDA margin or
pressures on the working capital cycle leading to deterioration in
the interest coverage, all on a sustained basis, could be negative
for the ratings.

COMPANY PROFILE

Incorporated in 1992, IEL is engaged in coal trading. It imports
coal from Indonesia and Australia and sells to domestic customers.


MARINA PROJECTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Marina Projects Pvt Ltd
        16A, Chowringhee Mansion 30
        JL Nehru Road, 2nd Floor, Lift No.3
        Kolkata 700016

Insolvency Commencement Date: February 28, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 27, 2019
                               (180 days from commencement)

Insolvency professional: CA Sonu Jain

Interim Resolution   
Professional:            CA Sonu Jain
                         Poddar Court, Gate No. 2
                         18, Rabindra Sarani
                         Suit No. 327, 3rd Floor
                         Kolkata 700001
                         E-mail: casonujain@gmail.com
                                 crp.marinaproject@gmail.com

Last date for
submission of claims:    March 14, 2019


NEELACHAL ISPAT: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Neelachal Ispat Nigam Limited
        1st Floor, Annexe Building
        IPICOL House, Janpath
        Bhubaneswar 751022, Odisha

Insolvency Commencement Date: February 6, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 5, 2019
                               (180 days from commencement)

Insolvency professional: Uday Narayan Mitra

Interim Resolution
Professional:            Uday Narayan Mitra
                         72/1, Dawnagazi Road
                         P.O. Bally, Dist. Howrah
                         West Bengal
                         PIN 711201
                         E-mail: udaynarayanmitra@yahoo.co.uk

                            - and -

                        C/o M C Bhandari & Co.
                        Chartered Accountants
                        4, Synagogue Street
                        Suite No. 205, 2nd Floor
                        Kolkata 700001
                        E-mail: cirp.ninl@gmail.com

Last date for
submission of claims:   February 20, 2019


PASSION FOR LIFESTYLES: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: M/s Passion for Lifestyles Private Limited
        No. 1307, Dalamal Towers
        A Wing, Free Press, Journal Marg
        Nariman Point Mumbai 400021

Insolvency Commencement Date: February 18, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 16, 2019
                               (180 days from commencement)

Insolvency professional: Kashinath Ratnoba Palekar

Interim Resolution
Professional:            Kashinath Ratnoba Palekar
                         201, Amartaru 3, Opp. Pinky Cinema
                         New Nagardas X Road, Andheri East
                         Mumbai 400069
                         E-mail: k.palekar1951@gmail.com

Last date for
submission of claims:    March 7, 2019


PUNJAB BASMATI: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Punjab Basmati Rice Limited
        Sangrana Sahib, Amritsar
        Punjab 143001

Insolvency Commencement Date: February 26, 2019

Court: National Company Law Tribunal, Chandigarh Bench

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

Insolvency professional: Yogender Pal Singhal

Interim Resolution
Professional:            Yogender Pal Singhal
                         51, 2nd Floor, Rani Jhansi Road
                         New Delhi 110055
                         E-mail: info@ypsinghalassociates.com
                                 irp.punjabbasmati@gmail.com

Last date for
submission of claims:    March 11, 2019


RAJAT ISPAT: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Rajat Ispat Private Limited
        Registered office:
        9, Old China Bazar Street
        4th Floor, Room No. 54
        Kolkata 700001

Insolvency Commencement Date: February 26, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 25, 2019
                               (180 days from commencement)

Insolvency professional: Ashok Kumar Agarwal

Interim Resolution
Professional:            Ashok Kumar Agarwal
                         Neelachal Abasan Co-operative Society
                         Limited
                         98 Rajdanga Gold Park, Kasba, E.K.T.
                         Kolkata, West Bengal 700107
                         E-mail: ashokkragarwal@hotmail.com
                         Mobile: +91 9831060452

                            - and -

                         C/o Singhi IP Solutions Private Limited
                         Raja Chambers, 1st Floor
                         4, Kiran Shankar Roy Road
                         Kolkata 700001
                         E-mail:
                         ip.rajatispat@singhiipsolutions.com
                         Tel.: +91 33 22318652

Classes of creditors:    Shall be ascertained after verification
                         of books of accounts of Corporate Debtor

Last date for
submission of claims:    March 12, 2019


RELIANCE COMMUNICATIONS: NCLAT Alters Order on Bid to Release Funds
-------------------------------------------------------------------
The Economic Times reports that the National Company Law Appellate
Tribunal on March 12 reserved its order on a petition by Reliance
Communications which has approached the tribunal seeking the
release of income tax refunds to clear dues of Ericsson.

Lenders of RCom have opposed the plea, the report says.

After hearing both the sides, the NCLAT bench headed by Chairperson
S J Mukhopadhyay reserved the order in the case, ET relates.

ET says senior lawyer Kapil Sibal appearing for Anil Ambani-led
Reliance Communications appealed for payment to be made to Ericsson
from the trust and retention account held by SBI under which assets
of telecom firm have been mortgaged.

According to the report, senior lawyer Neeraj Kishan Kaul appearing
for SBI argued for rejection of the RCom's appeal, contending that
it will lead to outgo of public money for settling payment of a
private party.

He said that RCom asset monetisation deal failed because Reliance
Jio refused to take responsibility of past dues of the Anil
Ambani-led firm before the DoT and hence it is not liable to make
payment on behalf of RCom, ET relates.

RCom has been asked by both the Supreme Court and the NCLAT to pay
INR550 crore to Ericsson, the report says.

ET notes that the company has paid INR118 crore to Ericsson and if
it fails to pay the rest of the amount then RCom group Chairman
Anil Ambani may have to face jail term for the contempt of court
order.

As reported in the Troubled Company Reporter-Asia Pacific on  Feb.
4, 2019, BloombergQuint said Reliance Communications Ltd.
approached the National Company Law Tribunal to seek debt
resolution under the insolvency law after the Anil
Ambani-controlled company failed to make progress on its own. In a
stock exchange filing, the Company related that "[t]he board noted
that, despite the passage of over 18 months, lenders have received
zero proceeds from the proposed asset monetisation plans, and the
overall debt resolution process is yet to make any headway."

Based in Mumbai, India, Reliance Communications Ltd (BOM:532712)
-- http://www.rcom.co.in/Rcom/personal/home/index.html-- is a  
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile communication
(GSM) technology-based networks across India; voice, long distance
services and broadband access to enterprise customers; managed
Internet data center services, and direct-to-home (DTH) business.
Global operations comprise Carrier, Enterprise and Consumer
Business units. It provides carrier's carrier voice, carrier's
carrier bandwidth, enterprise data and consumer voice services. The
Company owns and operates Internet protocol (IP) enabled
connectivity infrastructure, comprising over 280,000 kilometers of
fiber optic cable systems in India, the United States, Europe,
Middle East and the Asia Pacific region.


RL LOGISTICS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: RL Logistics Pvt Ltd, Chennai
        T-3, 3rd Floor, Amar Sindur
        No. 43, Pantheon Road
        Egmore, Chennai
        Tamil Nadu

Insolvency Commencement Date: February 27, 2019

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Arumugam Arumugam

Interim Resolution
Professional:            Arumugam Arumugam
                         1/56, Market Road
                         Devi Stores 1st Floor, Kelambakkam
                         Chennai 603103
                         E-mail: arumuru2008@gmail.com
                         Mobile: +91-8015240147

Last date for
submission of claims:    March 15, 2019


SABRE HELMETS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Sabre Helmets Private Limited
        76-79, Classic Stripes House
        Makhwana Lane, Off Andheri Kurla Road
        Marol, Andheri-East
        Mumbai 400059

Insolvency Commencement Date: March 1, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mukesh Khathuria

Interim Resolution
Professional:            Mukesh Khathuria
                         6B, 1105, Sapphire Heights
                         Lokhandwala Township
                         Akurli Road, Kandivali East
                         Mumbai 400101
                         E-mail: khathuria@hotmail.com

                            - and -

                         Office No. 3, 1st Floor, B Wing
                         Sukh Sagar, Akurli Cross Road No. 1
                         Kandivali East
                         Mumbai 400101
                         E-mail: ipsabrehelmets@gmail.com

Last date for
submission of claims:    March 14, 2019


SENIOR BUILDERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Senior Builders Ltd.
        1/1, Shanti Niketan
        New Delhi 110021

Insolvency Commencement Date: February 26, 2019

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

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

Insolvency professional: Mr. Anup Kumar

Interim Resolution
Professional:            Mr. Anup Kumar
                         Ch. No. 734, Lawyers Chamber Block
                         Westen Wing, Tis Hazari Court
                         Delhi 110054
                         E-mail: sachanlawanalyst@gmail.com
                                 irp.seniorbuilders@gmail.com


Classes of creditors:    Allottees under a Real Estate Project
                         under section 5(8) (f) of the Insolvency
                         and Bankruptcy Code, 2016

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Prabhat Ranjan Singh
                         119, C.K. Daphtary Block
                         Supreme Court of India, Tilak Lane
                         New Delhi 110001

                         Mr. Kamal Agarwal
                         487/27, School Road Near Peeragarhi
                         Metro Station, New Delhi 110087

                         Mr. Dinesh Kumar Gupta
                         B-1/26, Sector-18
                         Noida 201301

Last date for
submission of claims:    March 14, 2019


SHANTI EQUITIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shanti Equities Private Limited
        A-88, Industrial Area
        Wazirpur
        New Delhi 110052

Insolvency Commencement Date: February 27, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Ram Phal Bhardwaj

Interim Resolution
Professional:            Ram Phal Bhardwaj
                         310/25, Onkar Nagar-B
                         Tri-Nagar
                         Delhi 110035
                         E-mail: bhardwajca@hotmail.com
                                 rpbhardwajip@gmail.com

Last date for
submission of claims:    March 13, 2019


SRI LAKSHMI: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Sri Lakshmi Hotels Private Limited
        No. 3A, Alexander Road
        Contonement
        Trichy 620001

Insolvency Commencement Date: February 28, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: August 27, 2019
                               (180 days from commencement)

Insolvency professional: P. Sriram

Interim Resolution
Professional:            P. Sriram
                         No. 10/17, Anandam Colony
                         South Canal Bank Road
                         Mandaveli, Chennai 600028
                         E-mail: srirampcs@gmail.com

Last date for
submission of claims:    March 14, 2019


UNITED STEEL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: United Steel and Structurals Pvt Ltd
        9th Floot, Riyaz Garden No. 29
        Kodambakkam High Road
        Nungambakkam, Chennai
        Tamil Nadu 600034

Insolvency Commencement Date: February 20, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: August 19, 2019
                               (180 days from commencement)

Insolvency professional: B. Hariharan

Interim Resolution
Professional:            B. Hariharan
                         46B IV The Floor, Krishnan, Complex
                         South Boag Road, T.Nagar
                         Chennai, Tamil Nadu 600017
                         Tel.: 94447 55053/73388 00251
                         E-mail: hariharan14it@gmail.com

Last date for
submission of claims:    March 11, 2019


VALECHA PILETECH: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Valecha Piletech Infra Private Limited
        C-212, Mittal Commercia Off MV Road
        Bhd Ruby Couch, Andheri East Mumbai
        Mumbai 400059

Insolvency Commencement Date: February 25, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Rajmal Labhchand Mogra

Interim Resolution
Professional:            Rajmal Labhchand Mogra
                         24, 3rd Floor
                         Bombay Mutual Annex Building
                         Rustom Sidhawa Marg, Fort
                         Mumbai 400001
                         E-mail: rmogra@gmail.com
                                 rmirp01@gmail.com
                         Mobile: 9821017062

Last date for
submission of claims:    March 11, 2019




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

BUMI SERPONG: Fitch Affirms 'BB-' LongTerm Foreign Currency IDR
---------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based homebuilder PT Bumi
Serpong Damai Tbk's (BSD) Long-Term Foreign-Currency Issuer Default
Rating (IDR) at 'BB-'. The Outlook is Stable.

KEY RATING DRIVERS

Large, Low-Cost Land Bank: BSD's rating is supported by the large
and low-cost land bank in its flagship BSD City project, which
historically contributed around 80% of consolidated presales. BSD
had enough land for at least 20 years of development activity at
BSD City as of end-2018. BSD City is well located to the west of
central Jakarta and is a mature development that caters to wider
market segments, which allows BSD to adjust quickly to changing
demand. It also provides BSD with the flexibility to adjust the
sales mix between residential and commercial to maintain stable
presales during different cycles in the property market.

Cash Conserved Given Market Challenges: BSD postponed spending on
several projects due to continued weak property sales in 2018. BSD
pushed back capex for a hotel in TB Simatupang to 2021 and found a
partner for a mall project at Kota Wisata Cibubur. BSD also
cancelled the Green Office Park (GOP) project in BSD City, which
was previously budgeted to start in 2019. As a result, BSD's capex
for 2019 is down significantly to around IDR600 billion from the
previously budgeted IDR1.9 trillion. BSD also does not plan to make
significant acquisitions or investments in the short to medium
term, except for discretionary land acquisitions totalling IDR2.4
trillion up to 2020.

BSD's strategy to scale back apartment projects and limit capex
commitments amid weak presales allows the company to better manage
its cashflows and conserve capital. On average, BSD's apartment
projects are around 60% presold, which is the level required to
cover construction costs. In January 2019, BSD sold the entire
second tower at its South Gate project to a single buyer, which
helped to accelerate completion of the project.

Growing Non-Development Income: BSD is on track to open the mall at
its South Gate project in TB Simatupang in mid-2020, for which BSD
has received 100% lease commitment from supermarket and department
store Aeon. Occupancy at the Sinarmas MSIG Tower office building,
which was acquired in 2017, has also increased. Fitch expects these
two projects and BSD's existing assets to generate around IDR2
trillion in recurring gross profit by end-2021, up from around IDR1
trillion in 2018, and maintain sufficient recurring gross profit
coverage of around 2x despite higher borrowing costs and currency
depreciation.

Weak Links to Parent: Fitch believes BSD's linkage with its parent
company, Sinar Mas Land Limited (SML), is weak, and therefore
continues to rate BSD on a standalone basis. The weak linkage is
reflected in the moderate ring-fencing at BSD, under its US dollar
bond documentation as well as Indonesian stock exchange regulation,
which limits related-party transactions. BSD's acquisition of
Sinarmas MSIG Tower in 2017 from an affiliated company was not
classified as a conflict of interest based on local regulations.
BSD and SML also maintain separate operations and have limited
intercompany transactions.

Currency Mismatch Risk: BSD has higher currency mismatch risk than
other rated Indonesian developers because it does not hedge its
exposure from its US dollar bonds. However, the impact on the
company from depreciation in the rupiah in the short term is
mitigated by BSD's sizeable cash denominated in US dollars. About
40% of BSD's total cash at 30 September 2018, or around USD250
million, was in US dollars, against total borrowings of around
USD649 million. BSD also has a policy of maintaining a US dollar
cash balance of at least six months of its monthly requirements.
Fitch believes BSD's cash policy and its healthy profit margins
from property sales mitigate the risk from foreign-currency
fluctuation over the medium term.

DERIVATION SUMMARY

BSD's overall credit profile is similar to PT Ciputra Development
Tbk (CTRA, BB-/Stable), and therefore both are rated at the same
level. BSD has a larger land bank than CTRA, but this is
counterbalanced by CTRA's better geographic diversification. Both
companies also maintain similar leverage levels of around 20%, and
generate sufficient non-development income coverage of around 2x.

BSD is rated one notch lower than PT Pakuwon Jati Tbk (PWON,
BB/Stable) because PWON has high-quality investment properties in
Jakarta and Surabaya that generate more non-development income than
BSD's assets. In Fitch's view, PWON has better cashflow visibility
from its long-term rentals than BSD, which relies on more-cyclical
development property cashflows. Fitch believes PWON's annual
recurring EBITDA of above USD125 million and net interest coverage
of more than 3x provides better cushion than BSD's in a downturn,
and justifies for the rating difference.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:

  - Presales to decline to below IDR5 trillion in 2019, but recover
after the general election to around IDR7 trillion

  - Capex per management guidance, after BSD pushed back the TB
Simatupang hotel project and postponed the mall project in Kota
Wisata Cibubur beyond rating horizon.

  - Sale of land to a JV to be executed as planned in 2019 and
2020
  - Land acquisitions of around IDR2 trillion over the medium term

RATING SENSITIVITIES

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

  - Recurring EBITDA less dividends to minorities/net interest
expense at more than 2.5x (2019F: 1.8x)

  - Recurring EBITDA less dividends to minorities of more than
USD120 million with top five assets contributing less than 50% to
recurring revenue (2019F: USD88 million; 54% contribution)

  - Annual attributable presales of more than IDR10 trillion with
BSD City contributing less than 50% (2019F: IDR4.5 trillion, BSD
City: 65%)

  - Leverage, measured as net debt/net inventory, at less than 30%
(2019F: 23%)

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

  - Recurring EBITDA less dividends to minorities/ net interest at
less than 1.75x

  - Net debt/ adjusted inventory at more than 40%

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: BSD's liquidity is supported by its ample
cash balance and well-laddered debt maturity. BSD also has the
flexibility to scale back land acquisitions to conserve cash if
necessary, given a significant land bank sufficient for at least
another 20 years of developments at BSD City. Fitch also expects
the company will be able to refinance its US dollar notes' upcoming
maturity in 2020 and 2021, supported by BSD's low leverage, its
pool of unencumbered investment-property assets, and its successful
track record in accessing diversified funding channels.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - Fitch deducts dividends to minority shareholders from assets
with recurring cashflows from its recurring EBITDA

  - Fitch reclassifies land bank for development, purchase
advances, and customer advances as working capital

  - Fitch treats unamortised bond issuance cost as debt


DELTA MERLIN: Fitch Assigns BB- IDR & Rates $300MM Senior Notes BB-
-------------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based PT Delta Merlin Dunia
Textile (DMDT) a final 'BB-' Long-Term Foreign-Currency Issuer
Default Rating (IDR) with a Stable Outlook and a 'BB-' final rating
to the company's USD300 million 8.625% senior notes due 2024.

The final ratings follow the receipt of documents conforming to
information already received and are in line with the expected
ratings assigned on February 24, 2019. DMDT intends to use the net
proceeds from its senior note issue for refinancing and generate
corporate purposes, which will support its capital structure and
debt-maturity profile. Fitch also believes the issuance will
improve financial transparency and oversight through tightened
covenants and restrictions on related-party transactions. The notes
are rated at the same level as DMDT's IDR as they represent its
unconditional, unsecured and unsubordinated obligations.

DMDT's rating is driven by its position as Indonesia's largest
weaving company, low-cost structure and established relationships
with key customers. DMDT also benefits from being part of the
larger Duniatex group, which ensures a steady supply of yarns with
more consistent quality and competitive prices and shortens the
lead-time for its orders.

KEY RATING DRIVERS

Group's Integrated Operation: DMDT is the key weaving company of
Duniatex group and the key off-taker of the yarn produced by the
group's spinning operations. The Duniatex group is one of the
largest vertically integrated textile companies in Indonesia, where
it has a 50% share of the domestic greige market by external sales.
Duniatex's large scale allows the group to secure raw materials at
a competitive price and to manage the volatility in raw-material
prices through its large warehouse. This advantage is evident in
DMDT's relatively stable EBITDA margins.

DMDT sources almost all of its raw material from the group's
spinning companies, which ensures steady supply of yarns with more
consistent quality at competitive prices and shortens the lead time
for orders. These arrangements are undertaken on an arm's length
basis and the intercompany transactions will be audited. Being part
of the group also allows DMDT to better-forecast demand and manage
its inventory with information sharing.

Strong Position, Competitive Costs: DMDT's rating is supported by
its strong market position, low-cost structure and established
relationship with key customers. DMDT is the largest weaving
company in Indonesia, with a market share of more than 50% in the
domestic weaving and knitting sector. Its scale gives it lower
costs, bargaining power with customers, the ability to fulfil large
orders in a short time and more flexibility to adjust to market
demand. Its efficient procurement, low labour costs from its
location in Solo in less-congested central Java, modern machines
and ability to maintain high utilisation also support its low-cost
structure.

Stable Margin, Inventory Management: DMDT's EBITDA margin has been
stable at 19%-21% historically, supported by its market position
and adequate inventory management. The company manages the
volatility in raw-material prices, which make up more than 90% of
its production costs, through its large warehouse. DMDT maintains a
high inventory level to buffer against supply fluctuations and
smooth price volatility. Fitch thinks its ability to manage
inventory is a key credit risk. Nevertheless, the company has
demonstrated a satisfactory record in managing costs through
volatility in raw material prices.

Expanding Capacity amid Rising Demand: DMDT's revenue and operating
EBITDA have steadily increased, with sales rising by a five-year
CAGR of 10%. Fitch's forecasts incorporate strong single-digit
revenue growth in 2019, driven by higher capacity and demand.
DMDT's production capacity increased to 929 million meters in 2018,
from 699 million meters in 2017. Prospects for Indonesia's textile
industry are positive, supported by rising domestic and global
demand for textiles and garments and conducive regulatory
developments.

Healthy Financial Profile: Fitch expects the company to maintain
adjusted net debt/EBITDA at below 2.5x in the medium term (2018:
2.4x), supported by sales growth and stable margins. The company is
unlikely to have significant capex plans, as it has sufficient
capacity following the addition of three new facilities in 2018.
Fitch expects this moderation in capital investment to support
neutral-to-positive free cash flow generation in the next 18 to 24
months. The company has historically adopted a disciplined approach
to capex and Fitch expects this to continue.

DERIVATION SUMMARY

DMDT's IDR can be compared with that of PT Sri Rejeki Isman Tbk
(Sritex, BB-/Stable) and PT Pan Brothers Tbk (PB, B/Stable).

Sritex and DMDT have similar scale in terms of overall EBITDA, but
DMDT has a stronger market position, with market share of around
50% in third-party greige sales. Duniatex group's overall larger
scale also translates to a better cost structure for DMDT compared
with Sritex. However, Sritex has greater diversification by product
and customer geography; its products include yarn, greige, fabrics
and garments. This is in contrast with DMDT's focus on raw fabrics
only. Around half of Sritex's sales are exported, compared with
DMDT's 10%. Overall, Sritex's greater diversification is
counterbalanced by DMDT's stronger market position.

PB is Indonesia's largest publicly listed garment manufacturer and
a nominated supplier to large global brands. PB has cost
pass-through ability that results in a stable margin. However, DMDT
has a stronger market position, larger scale in terms of EBITDA,
thicker margin and better financial profile, which warrant the
multiple notch gap in the ratings.

KEY ASSUMPTIONS

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

  - Revenue growth of 10% in 2019 and 4% in 2020 (2018: 3%)

  - EBITDA margin stable at around 20%-21%, supported by a strong
market position and record of managing volatility in forex and
raw-material prices. Fitch believes increasing labour costs will be
counterbalanced by improving economies of scale and efficiency
(2018: 21.5%)

  - Expansionary capex to resume in 2020

  - Working capital days of around 233 days (2018: 201 days)

  - No dividend payout

RATING SENSITIVITIES

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

  - Fitch does not expect any positive rating action in the next
two years due to company's scale and limited diversification

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

  - Increase in leverage, as measured by adjusted net debt/EBITDAR,
to above 2.50x for a sustained period (2018: 2.4x)

  - A sustained weakening in profitability

  - Evidence of cash leakage

  - Increase in Duniatex group's leverage, with adjusted net
debt/EBITDAR at above 2.75x for a sustained period

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: DMDT has sufficient liquidity, with a readily
available cash balance of IDR750 billion, compared with IDR485
billion of debt maturing within one year. Fitch believes the
company has satisfactory access to bank funding to provide
financial flexibility. DMDT plans to use the proceeds from its US
dollar note issuance to repay its short-term working-capital loan
and partly its syndication loan. Fitch believes the issuance will
improve the company's funding access, particularly from the capital
market.



                           *********


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

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

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

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

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



                *** End of Transmission ***