TCRAP_Public/190320.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, March 20, 2019, Vol. 22, No. 57

                           Headlines



A U S T R A L I A

ALFRESCO SIGNS: First Creditors' Meeting Set for March 28
CARNEGIE CLEAN: Gets Funding to Recapitalize Core Wave Energy Biz
FIVEPOINTFOUR HOLDINGS: Enters Into Administration
FIVEPOINTFOUR HOLDINGS: First Creditors' Meeting Set for March 26
INFANT NUTRITION: Second Creditors' Meeting Set for March 26

JBF DEVELOPMENT: First Creditors' Meeting Set for March 27
NT ENTERTAINMENT: Second Creditors' Meeting Set for March 27
PERTH SERVICES: Second Creditors' Meeting Set for March 26


C H I N A

HONGHUA GROUP: Moody's Raises CFR to B2, Outlook Stable
[*] CHINA: 'Grey Rhino' Risks in China's Financial Sector Rising


H O N G   K O N G

GATECOIN: To Shut Down Operations, Blames PSP


I N D I A

BAGGA LINK: ICRA Lowers Ratings on INR49.05cr Loans to 'D'
CARE GROUP: ICRA Withdraws B+ Rating on INR25cr Loans
INDUSTRIAL DEVELOPMENT: ICRA Withdraws B+ Rating on INR10cr Loan
JET AIRWAYS: Delays Interest Payments, Grounds More Planes
KGI CLOTHING: ICRA Lowers Ratings on INR20cr Loans to D

NIK-SAN ENGINEERING: ICRA Withdraws D Ratings on INR46.84cr Loans
PALAKKAD MUNICIPALITY: ICRA Withdraws B+ Long-Term Issuer Rating
PARAKITE BUILDERS: ICRA Assigns B+ Rating to INR70cr NCD
POLYMER TECHNOLOGIES: ICRA Withdraws B+ Rating on INR5cr Loan
SAMRUDDHA RESOURCES: ICRA Moves 'D' Rating to Not Cooperating

SAPPHIRE LIFESCIENCES: ICRA Reaffirms D Rating on INR28.46cr Loan
SASARAM MUNICIPAL: ICRA Withdraws B+ Long-Term Issuer Rating
SESHA SAI: ICRA Maintains 'B' Ratings in Not Cooperating
SHREE RAM: ICRA Lowers Ratings on INR9.90cr Loans to D
SRI VIDYA: ICRA Lowers Ratings on INR15.08cr Loans to 'D'

T.K. ENGINEERING: ICRA Removes C Rating From Not Cooperating
TRIMURTHI HITECH: ICRA Maintains C+ Ratings in Not Cooperating


M A L A Y S I A

1MDB: Malaysia to Summon Goldman Sachs' London, HK Units
MALAYSIA AIRLINES: Retirees Want to Help Revive Airline


S I N G A P O R E

HYFLUX LTD: SM Investments Deal at Risk Due to Tuaspring Default

                           - - - - -


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

ALFRESCO SIGNS: First Creditors' Meeting Set for March 28
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Alfresco
Signs Holdings Pty Limited, trading as Wizardry Imaging & Signs,
will be held on March 28, 2019, at 3:30 p.m. at the offices of RSM
Australia, at Level 13, 60 Castlereagh Street, in Sydney, NSW.

Richard Stone -- richard.stone@rsm.com.au -- of RSM Australia
Partners was appointed as administrator of Alfresco Signs on March
19, 2019.


CARNEGIE CLEAN: Gets Funding to Recapitalize Core Wave Energy Biz
-----------------------------------------------------------------
Angela Macdonald-Smith at Australian Financial Review reports that
the administrators appointed at West Australian wave energy hopeful
Carnegie Clean Energy have decided to sell the energy microgrid
construction arm and are pursuing funding to recapitalise the
company, which will be returned to its core wave power business.

Carnegie called in administrators from KordaMentha on March 14,
just three days after the West Australian government terminated a
AUD16 million funding deal for a wave energy project that had run
into trouble, AFR relates.

According to AFR, WA regional development minister Alannah
MacTiernan cited an assessment of the company's "financial
capability to deliver the project" as the reason for pulling the
funding, pointing to the uncertainty surrounding federal research
and development tax concessions, losses from other operations and
asset write-downs.

AFR relates that Carnegie, of which former AFL chairman Mike
Fitzpatrick is a director, had sought to modify plans for the
Albany wave power project after unexpected changes to federal R&D
tax concessions, with a view to extending the timeline for the
project and reducing the budget.

It clarified on March 18 that Carnegie's board has placed the
parent company and three subsidiaries - EMC Co, Energy Made Clean
and EMC Engineering - in voluntary administration, but not the
subsidiaries involved with the proprietary CETO wave power
technology, the report says.  

According to AFR, Carnegie said Mooney & Partners, a company linked
with Carnegie director and investor Grant Mooney, and Asymmetric
Credit Partners, which has provided debt financing for Carnegie,
have agreed in principle to provide interim funding for the
administrators so they can "pursue a recapitalisation" of the core
wave energy business.

As part of that, renewable energy microgrid builder Energy Made
Clean will be sold or wound down to stem further losses, the report
relays.

AFR says Carnegie took 100 per cent ownership of Energy Made Clean
in a AUD13 million deal in 2016 to tap what then-managing director
Michael Ottaviano described as "a hugely growing market space",
with the sector likely to expand to a $US40 billion (AUD56.2
billion) market by 2020. Mr Ottaviano resigned last September.

EMC made a AUD6 million loss in the December 2018 half, while the
CETO technology intellectual property was written down by AUD35
million, driving a total AUD45 million loss for the six months,
revealed when Carnegie finally posted its results on March 5, the
report notes.  AFR says the stock last traded on February 28 at 0.4
cents, giving Carnegie a market value then of AUD11.5 million. The
shares had slumped from 8.8 cents in February 2017.

AFR notes that the company only in February completed commissioning
of a 2 megawatt solar PV panel and battery energy storage system on
Garden Island in WA, with power from the plant being purchased
under contract by the Department of Defence. The project was
supported by AUD2.5 million of ARENA funding, including a
AUD700,000 grant and AUD1.8 million of convertible notes.

Announcing the collapse of the Albany project funding deal last
week, Carnegie said it still viewed Albany as "one of the most
attractive worldwide sites to demonstrate and ultimately exploit
the potential of wave energy," AFR relays.

KordaMentha confirmed it was seeking to recapitalise Carnegie
through a Deed of Company Arrangement, adds AFR.

Carnegie Clean Energy Limited develops and commercializes the CETO
wave energy technology for zero-emission electricity generation
from ocean swell worldwide. The company also generates and supplies
solar power, as well as delivers commercial and utility scale solar
PV projects. In addition, it offers battery energy storage systems
for remote stations, farmers, large homes, commercial businesses,
and accommodation and road houses; and designs and installs solar,
battery, and microgrid infrastructure for sale.

Richard Tucker and John Bumbak of KordaMentha were appointed as
administrators of Carnegie Clean on March 14, 2019.


FIVEPOINTFOUR HOLDINGS: Enters Into Administration
--------------------------------------------------
Matthew Elmas at SmartCompany reports that ready-to-eat
meal-delivery business FivePointFour has collapsed into
administration, with customers told their next orders will not be
delivered.

SmartCompany says the business lodged a notice of external
administration with the corporate regulator on March 15 and emailed
customers, blaming increased competition and rising costs for its
downfall.

Administrators from Farnsworth Shepard are now running the company
but did not respond to comment requests on March 18, SmartCompany
relates.

"In the face of increasing competition and our cost to serve, we
have made the really difficult decision to stop taking orders with
immediate effect as of today," the email, sent to customers on
March 13, said, SmartCompany relays.  "Any future orders for next
week and beyond will unfortunately not be delivered."

Founded in 2012 by then university student Beni Doolan,
FivePointFour focused on healthy low-carb meals, marketing itself
to athletes and gym-goers. It claimed to have about 15,000
customers in 2016, booking AUD11.8 million in revenue after growing
over 940% in the preceding three years, SmartCompany discloses.


FIVEPOINTFOUR HOLDINGS: First Creditors' Meeting Set for March 26
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Fivepointfour Holdings Pty Ltd will be held on March 26, 2019, at
10:00 a.m. at the offices of Saxons Brisbane, at Level 11, 300
Adelaide Street, in Brisbane, Queensland.

Benjamin Michael Carson of Farnsworth Shepard was appointed as
administrator of Fivepointfour Holdings on March 14, 2019.


INFANT NUTRITION: Second Creditors' Meeting Set for March 26
------------------------------------------------------------
A second meeting of creditors in the proceedings of The Infant
Nutrition Company of Australia Pty Lt has been set for March 26,
2019, at 10:30 a.m. at the offices of Karstens Melbourne, at  
123 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 25, 2019, at 5:00 p.m.

Laurence Fitzgerald and Michael Humphris of William Buck were
appointed as administrators of The Infant Nutrition Company on Feb.
15, 2019.


JBF DEVELOPMENT: First Creditors' Meeting Set for March 27
----------------------------------------------------------
A first meeting of the creditors in the proceedings of JBF
Development Group Pty. Ltd.  will be held on March 27, 2019, at
10:00 a.m. at Level 27, 259 George Street, Sydney NSW

Bradd William Morelli of Jirsch Sutherland was appointed as
administrator of JBF Development on March 15, 2019.


NT ENTERTAINMENT: Second Creditors' Meeting Set for March 27
------------------------------------------------------------
A second meeting of creditors in the proceedings of NT
Entertainment Solutions Pty Ltd has been set for March 27, 2019, at
10:00 a.m. at the offices of Hall Chadwick Chartered Accountants,
at Paspalis Centrepoint, Level 1, 48-50 Smith Street, in Darwin,
NT.

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 26, 2019, at 5:00 p.m.

Richard Albarran and Kathleen Vouris of Hall Chadwick were
appointed as administrators of NT Entertainment on Feb. 27, 2019.


PERTH SERVICES: Second Creditors' Meeting Set for March 26
----------------------------------------------------------
A second meeting of creditors in the proceedings of Perth Services
Co Pty Limited has been set for March 26, 2019, at 10:30 a.m. at
the offices of Worrells Perth, at Level 4, 15 Ogilvie Road, in
Mount Pleasant, 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 25, 2019, at 5:00 p.m.

Mervyn Jonathan Kitay of Worrells Solvency & Forensic Accountants
were appointed as administrators of Perth Services on Feb. 11,
2019.




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

HONGHUA GROUP: Moody's Raises CFR to B2, Outlook Stable
-------------------------------------------------------
Moody's Investors Service has upgraded Honghua Group Limited's
corporate family rating to B2 from B3 and senior unsecured rating
to B3 from Caa1.

The ratings outlook is stable.

RATINGS RATIONALE

"The upgrade reflects our expectation that Honghua's credit profile
will continue to improve over the next 12-18 months, supported by a
steady operating environment and improved business profile," says
Chenyi Lu, a Moody's Vice President and Senior Credit Officer.

Moody's assessment that Honghua's credit profile will improve is
based on the company's continued product upgrades and new product
introductions to drive its revenue growth, and prudent management
of its working capital cycle.

"The rating upgrade also reflects the fact that Honghua benefits
from operational support from its largest shareholder, China
Aerospace Science and Industry Corporation, which has owned a
29.98% equity interest in Honghua since May 2017," adds Lu, who is
also Moody's Lead Analyst for Honghua.

Moody's expects Honghua's adjusted debt/EBITDA will improve to
4.5x-5.0x over the next two years from 10.3x for the 12 months
ended 30 June 2018, underpinned by (1) higher earnings from solid
revenue growth and improved cost efficiencies; and (2) a limited
increase in debt, driven by more prudent capital spending and the
management of the working capital cycle. This level of leverage is
appropriate for its B2 rating, and provides it with a buffer
against potential oil price volatility.

China Aerospace Science and Industry Corporation (CASIC) has
supported Honghua's operations and capital structure. Such support
is reflected in Honghua's (1) significant growth in domestic sales
in 2017-18, with more orders from China's three national oil
companies, (2) equity disposal of its loss-making offshore
business, and (3) strengthened access to domestic bank funding,
with large undrawn credit facilities.

Moody's expects that Honghua's credit profile will continue to
benefit from CASIC's central state-owned enterprise background and
strong operational capabilities.

Moody's projects that the company's revenue will grow by 107% in
2018 and 10% in 2019, mainly driven by growth from its land
drilling rigs amid continued product upgrades, new product
offerings, and strong customer base. Honghua reported solid revenue
growth of 63.6% year-on-year to RMB1.15 billion in 1H 2018.

Such strong growth is also supported by increased capital spending
by upstream oil and gas companies, and increased natural gas and
shale gas production activities in China (A1 stable), which is
underpinned in turn by the government's target to increase natural
gas in its primary energy mix.

Moody's expects Honghua's adjusted EBITDA margin will improve to
around 14.5%-15.0% over the next two years from 12.5% for the 12
months ended 30 June 2018, driven by operating efficiencies from
its higher revenue base and continued strong cost and expense
controls.

Honghua's liquidity position is weak. The company's cash and cash
equivalents of RMB572 million, pledged bank deposits of RMB187
million at 30 June 2018, and expected cash flow from operations of
RMB200 million over the next 12 months are insufficient to cover
its short-term debt of RMB1.9 billion, bill payables of RMB441
million, and estimated maintenance capital spending of RMB150
million.

However, this weak liquidity position is mitigated by Honghua's
good access to funding, as reflected in its large amount of undrawn
domestic credit facilities, supported by CASIC; and Honghua's
improving operational and financial performance.

Honghua's B2 corporate family rating reflects its (1) operational
benefits from its largest shareholder, CASIC, (2) strong market
position and competitive edge in its land drilling rigs and
equipment business, and (3) continuing geographic diversification.


However, Honghua's rating is constrained by its exposure to oil
price volatility and emerging market risks, and weak liquidity.

The stable ratings outlook reflects Moody's expectation that over
the next 12-18 months, (1) Honghua's financial metrics will improve
on the back of strong earnings growth, and prudent working capital
management and capital investments and (2) Honghua will be able to
refinance its short-term debt.

Upgrade pressure could emerge if the company (1) improves its
revenue and earnings and maintains a healthy order backlog, (2)
reduces adjusted debt/EBITDA below 4.5x on a sustained basis, and
(3) improves its liquidity position.

Downgrade pressure could emerge if (1) Honghua's order book and
profitability decline materially, (2) Honghua fails to reduce its
adjusted/EBITDA to 5.5x-6.0x on a sustained basis, or (3) CASIC
reduces its effective ownership and management oversight, which in
turn weakens the company's ability to access funding.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.

Honghua Group Limited listed on the Stock Exchange of Hong Kong in
2008. The company manufactures land drilling equipment and related
products. It also engages in oil and gas engineering services.


[*] CHINA: 'Grey Rhino' Risks in China's Financial Sector Rising
----------------------------------------------------------------
Reuters reports that the "grey rhino" risks in China's financial
sector are rising and regulators will step up efforts to control
them, a senior official at the People's Bank of China said in
remarks published on March 18.

According to Reuters, Chinese policymakers have warned of potential
"grey rhino" events - highly obvious yet ignored threats - as the
nation faces increasing uncertainties as the economy slows amid a
trade war with the United States.

Wang Jingwu, head of the central bank's financial stability
department, expressed long-term concerns in an article in China
Finance, a central bank publication, according to Reuters.

"We need to pay high attention to the risk that the global economy
will fall into a recession again in the medium- and long- term, and
be alert to its gradual evolution that may trigger a new round of
economic and financial crisis," he wrote, Reuters relays.

China's financial markets "are highly sensitive to external
shocks", and risks in local government hidden debt, bond defaults
and property market could trigger financial risks, he said.

Reuters relates that Mr. Wang said risks of some Chinese financial
holding groups and rural financial institutions may be exposed and
risks of internet finance, especially online peer-to-peer (P2P)
lenders, still need to be resolved.

The stability of China's yuan exchange rate and foreign exchange
reserve faces pressure, he said.

Reuters adds Mr. Wang also said the government will step up
monitoring of stock, bond and foreign exchange markets to prevent
contagion risks between different financial markets.

According to Reuters, Beijing's policy focus has shifted to
supporting growth from reining in debt risks - although top leaders
remain worried about long-term systemic risks that could derail the
country's economic ascent.

In a report released on March 18, Moody's Investors Service said
China's shadow banking sector shrank by CNY4.3 trillion in 2018 to
end the year at CNY61.3 trillion, its lowest level since just
before Beijing's regulatory crackdown on the sector began at the
end of 2016, Reuters reports.

Reuters says the decline marks a victory for China's regulators,
who embarked on a broad campaign several years ago to curb risky
lending practices in the so-called shadow lending sector and
contain a build-up in corporate indebtedness.

But the de-risking campaign has also cut off a source of credit for
many small businesses. China has said it will control the pace and
intensity of deleveraging efforts, Reuters states.

"While policy priorities are shifting towards sustaining growth and
slowing deleveraging, we do not foresee a rapid rebound in shadow
credit supply, because the authorities are also retaining their
focus on financial system risks," Reuters quotes Michael Taylor, a
Moody's managing director and chief credit officer for Asia
Pacific, as saying.




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

GATECOIN: To Shut Down Operations, Blames PSP
---------------------------------------------
CoinDesk reports that Hong Kong-based cryptocurrency exchange
Gatecoin will shut down and enter liquidation after an unsuccessful
attempt to recover funds lost in a dispute with a former payment
services provider.

Announced on March 14, the company distributed the message to
customers via their corporate website, CoinDesk says. There, the
team behind the project explained the suspension of the service
occurred after months of battling to stay afloat, and ultimately, a
court order to wind-up and cease operations immediately.

In its public statement, the company blamed its prior payment
service provider (PSP) for this situation, relates. The exchange
said it began having issues with banking services in September
2018, after the sudden freeze of its bank accounts in Hong Kong.

In November last year, Gatecoin announced that it would resume
operations after resorting to an unnamed European payments
processor "a fully regulated payment institution by the French
regulator" they stated – and a bank in Switzerland, CoinDesk
recalls.

"Even after we managed to mitigate our loss by replacing that PSP
with more reliable alternatives to process our clients' transfers
in September 2018, the situation did not improve because that PSP
retained a large part of our funds," the team, Coindesk relays.

Coindesk says the exchange finished its message assuring customers
that it expects to redistribute its remaining assets to the
creditors.

Since 2016, the exchange has had a series of troubles unrelated to
its banking services, as it lost 185,000 ETH and 250 BTC in a cyber
attack. Still, it appears the exchange will become the latest
casualty of struggles to obtain adequate financial services.

In March, Bloomberg reported on how industry startups remain unable
to even open up standard checking accounts. The article profiled
stories from even established cryptocurrency businesses and raised
the profile of what appears to be an ongoing issue.

At press time, CoinDesk was unable to obtain the full court order
detailing the liquidation process. According to a discussion on a
Reddit dedicated to the exchange platform, customers, including
those who say they lost funds in the 2016 hack, also appear in the
dark on whether they will be reimbursed.

Gatecoin was a bitcoin and ethereum token exchange based in Hong
Kong.




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

BAGGA LINK: ICRA Lowers Ratings on INR49.05cr Loans to 'D'
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Bagga Link Motors Limited (BLML), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-        6.46      [ICRA]D; revised from
   Term Loan                    [ICRA]BB(Stable)

   Fund based-        9.40      [ICRA]D; revised from
   Cash Credit                  [ICRA]BB(Stable)

   Unallocated        2.31      [ICRA]D; revised from
                                [ICRA]BB(Stable)

   Short Term-       29.10      [ICRA]D; revised from
   Fund Based                   [ICRA]A4+

   Short Term-        2.00      [ICRA]D; revised from
   Letter of Credit             [ICRA]A4+

Rationale

The ratings revision takes into account the recent instances of
delays in debt servicing obligations by BLML, given its stressed
liquidity position. The rating also factors in the pressure on the
credit profile of the company owing to revenue de-growth in FY2018
and expectation of continuously subdued performance in the near
term. The weak performance is attributable to the significant
decline in car sales due to higher fuel costs, higher insurance and
interest costs, lower purchases by cab aggregators following
incentive rationalisation etc. Moreover, the subdued demand for
passenger vehicles (PVs) in the Delhi-NCR market led to substantial
increase in BLML's inventory levels as on December 31, 2018. The
increased working capital requirements were mostly met through bank
borrowings, leading to stretched liquidity, leveraged capital
structure and weak coverage indicators. The weakness in the
performance was further accentuated by a temporary shutdown of one
of the company's sales outlets in FY2018 and a service workshop in
the current year, resulting in lower revenues. The ratings also
factor in the thin margins and weak bargaining power in the
automobile-dealership business, wherein the pricing policies are
decided by the principal original equipment manufacturer (OEM) and
the company's limited geographical presence. In case of BLML, the
net profitability remains under pressure due to increased interest
expenses and depreciation.

The ratings also consider the intense competition faced by the
company from other Maruti Suzuki India Limited (MSIL) dealers as
well as dealers of other OEMs in Delhi-NCR, which exerts pressure
on its sales and profit margins. Nonetheless, the ratings continue
to derive comfort from the extensive experience of the promoters in
the dealership business, and the established presence and reputed
brand name of the company as one of the first authorised dealers of
MSIL in the Delhi-NCR region.
In ICRA's opinion, the company's ability to demonstrate a sustained
track record of timely debt servicing, improve its capital
structure and coverage indicators and managing its working capital
requirement efficiently would remain the key rating sensitivities,
going forward.

Key rating drivers

Credit strengths

Long track record in automobile-dealership business: The company
enjoys a strong market position as an authorised dealer for PVs for
MSIL in Delhi. BLML has been an authorised dealer of MSIL's PVs
since 1995 and is one of the first MSIL dealers in Delhi.
Strong brand recognition of MSIL in the domestic PV industry: The
strong brand recognition of MSIL in India, its continued market
leadership as the largest domestic PV manufacturer in the country
augurs well for the company.

Credit challenges

Unsatisfactory debt servicing track record: While BLML has been
meeting its debt obligations on the rated instruments in a timely
manner, there have been delays in recent months in the servicing of
debt taken from other lenders.

Declining volumes amid challenging business environment: The
company's operating performance has remained subdued in FY2018 and
in the current year as reflected by declining sales volumes. The
car sales volumes declined year on year by 6% in FY2018 and further
by 13% in 9M FY2019.

Susceptibility to supplier and geographical-concentration risks
mitigated by market leadership status of MSIL: BLML's operations
are mainly concentrated in Delhi, exposing it to
geographical-concentration risk as new dealerships of MSIL or other
auto players may impact the overall sales. Furthermore, the entire
revenue of the company is derived from a single OEM, i.e. MSIL.
This leads to limited bargaining power and dependency on the growth
plans of the principal. Nonetheless, MSIL's market leadership in
the PV segment mitigates the risk to an extent.
Average financial risk profile characterised by high gearing and
moderate coverage indicators: The financial risk profile of the
company remains average with gearing of 5.93 times and TOL/TNW of
6.32 times as on March 31, 2018. Further, BLML's working capital
limits have remained highly utilised, indicating its stretched
liquidity profile. The coverage metrics also remained modest in
FY2018. With increasing working capital requirements and sizeable
debt repayments, the company's liquidity position and debt
protection metrics are expected to remain stretched in the near
term.

Thin profit margins owing to dealership nature of operations and
intense competition from other automobile dealers: Inherent to the
automobile-dealership business, with the commission structure
decided by the principal, the profit margins have been thin for
BLML. In addition, intense competition in the Delhi/NCR region
owing to the presence of major MSIL dealers and other OEMs exerts
pressures on the sales volumes and margins of the company.
Exposure to adverse event risk specific to the area: The company's
showrooms are located in various parts of Delhi, which exposes it
to regulatory risks and adverse event risk specific to the
mentioned region. With high concentration of sales in the Delhi
region, any weakening of the region's economy or any regulatory
change is likely to have an adverse impact on BLML's revenues.

Liquidity position
BLML's capital structure is skewed towards debt with high gearing
levels of around four to five times in the past. With weak
profitability in FY2018, the liquidity position remains tight. The
debt protection metrics also remain weak. The company has limited
cushion in the form of undrawn working capital limits as evident by
near-full utilisation of its limits.

Bagga Link Motors Limited (BLML) commenced its operations as a
partnership firm (Bagga Link Road Service Station) in 1962 as a
service station for cars of all makes. Subsequently, it received
the dealership of MSIL vehicles in 1995. In the same year, a
private limited company was incorporated named Bagga Link Motors
Limited, which took over the dealership business of Bagga Link Road
Service Station. BLML is one of the oldest MSIL dealers in Delhi.
BLML is involved in the sale of vehicles, spares and also provides
after-sales support. At present, the company has four showrooms and
five workshops in Delhi.


CARE GROUP: ICRA Withdraws B+ Rating on INR25cr Loans
-----------------------------------------------------
ICRA has assigned rating to the bank facilities of Care Group
India, as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash Credit       20.00      [ICRA]B+ (Stable); Withdrawn
   Term Loan          5.00      [ICRA]B+ (Stable); Withdrawn

Rationale

The long-term rating assigned to Care Group India has been
withdrawn at the request of the company, based on the no-objection
certificate provided by its banker.

Established in 1987, Care Group India is promoted by Mr. Jagrat
Dave, who has around 30 years of experience in the field of
ophthalmic pharmaceuticals and eye care products. The firm is
involved in the trading of intraocular lenses, ophthalmic surgical
equipment and other eye care pharmaceuticals such as drops and
solutions, procuring majority of the products from Group concerns.

Care Group was established in 1987 at Vadodara, Gujarat, by Mr.
Jagrat Dave for manufacturing and marketing intraocular lenses and
ophthalmic surgical products. The key promoter, Mr. Jagrat Dave,
has extensive experience of more than 38 years in the
pharmaceuticals industry, which includes more than 30 years of
experience in the field of ophthalmic pharmaceuticals and eye care
products. Mr. Jagrat Dave is also associated with other firms, viz.
Polymer Technologies International Unit I and Unit II, Contacare
Ophthalmic and Diagnostics and Spectravision, which are invoved in
related businesses. Mr. Dave also owns Contacare Ophthalmics
Private Limited, which is involved with eye care hospitals.


INDUSTRIAL DEVELOPMENT: ICRA Withdraws B+ Rating on INR10cr Loan
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
The Industrial Development Corporation of Odisha Ltd. (IDCOL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based        10.00      [ICRA]B+ (Stable); Withdrawn
   Limit-Cash
   Credit            

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension and as desired by the company. The rating
has been withdrawn at the request of the company and based on the
no objection certificate provided by its banker.

The Industrial Development Corporation of Odisha Ltd. (IDCOL) was
established in March, 1962 as a Government of Odisha undertaking,
aimed at promoting and establishing industries in the state. With
this objective in mind, the company had set up 15 industrial
concerns encompassing various sectors, including cement, pig iron,
spun pipe, ferro-chrome, transmission line towers, cables, jute,
cotton yarn, chrome chemicals, fasteners, etc. However, due to weak
performance of the undertakings, IDCOL was restructured in 1995 by
the Government of Odisha, and several of the subsidiaries were
disinvested. At present, IDCOL is functioning as the holding
company for three remaining subsidiaries, namely IDCOL Kalinga Iron
Works Limited (IKIWL), IDCOL Ferro Chrome Alloys Limited (IFCAL)
and IDCOL Software Limited. IDCOL also has mining rights for chrome
ore, manganese ore and iron ore. A part of the ore raised is
consumed by IKIWL and IFCAL for the production of pig iron, spun
pipes and high carbon ferrochrome (HCFC), and the balance is sold
in the domestic market. However, pig iron and spun pipe operations
have been suspended since February, 2015.


JET AIRWAYS: Delays Interest Payments, Grounds More Planes
----------------------------------------------------------
Reuters reports that Jet Airways Ltd said on March 18 it has
grounded four more planes and would delay paying interest on
maturing debt in a fresh sign of deepening liquidity crisis
engulfing the Indian carrier saddled with over $1 billion debt.
India's second-largest carrier has delayed payments to its pilots,
suppliers and lessors for months and defaulted on loans, as it
battles intensifying competition, a weak rupee and rising fuel
costs, the report says.

Reuters relates that the airline said it will delay paying interest
to its debenture holder, due March 19, owing to financial
constraints.

Jet did not immediately respond to Reuters' request for comment on
payment-related details.

Meanwhile, the airline grounded four more aircraft on March 18,
taking the number of planes tied down to 41, or more than a third
of its entire fleet, Reuters reports.

Founder and chairman Naresh Goyal, who transformed Jet into India's
biggest full-service carrier from its humble start 25 years ago,
has said it is charting out a bailout plan, led by state-run banks
and Abu Dhabi's Etihad Airways, according to Reuters.

An official with State Bank of India (SBI), Jet's largest creditor,
said on March 15 that a consortium of lenders should reach a final
resolution plan to rescue the embattled airline in one week, adds
Reuters.

                         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 of November 22, 2018, the company had a
fleet of 124 aircraft, comprising Boeing 777-300 ERs, Airbus
A330-200/300, the latest Boeing 737 Max 8, Next Generation Boeing
737s, and ATR 72-500/600s.

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.


KGI CLOTHING: ICRA Lowers Ratings on INR20cr Loans to D
-------------------------------------------------------
ICRA has downgraded the rating from [ICRA]BB- (Stable) [ICRA]A4 to
[ICRA]D to the INR20.00-crore facility of KGI Clothing Private
Limited.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based-         8.2      [ICRA]D; downgraded from
   Long term                    [ICRA]BB- (Stable)

   Fund-based-         8.5      [ICRA]D; downgraded from
   Short term                   [ICRA]A4

   Non fund-based-     0.6      [ICRA]D; downgraded from
   Short term                   [ICRA]A4

   Long-term/short-    2.7      [ICRA]D; downgraded from
   Term-Unallocated             [ICRA]BB-(Stable)/[ICRA]A4

Rationale

The rating revision considers the delay in servicing of debt
obligations by the company in the past three months.

Key rating drivers

Credit challenges

Recent delays in debt servicing: As informed by the bankers of the
company, there was delay in repayment of term loan, and hence the
rating has been downgraded.

KGI Clothing Private Limited was established in the year 2003 for
the manufacturing and export of garments. It is involved in the
export of woven and knitted garments, largely for mens' segment and
ladies and kids wear on a smaller scale. The company produces
shirts and T-Shirts, which are exported mainly to Europe, Canada
and Japan. The company's manufacturing locations are located in
Chennai and Tirupur, for handling woven and knitted garments,
respectively. Around 50% of the activities are outsourced to local
job workers, who cater exclusively to the company's requirement.


NIK-SAN ENGINEERING: ICRA Withdraws D Ratings on INR46.84cr Loans
-----------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Nik-San Engineering Company Private Limited (NECPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based         8.20      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Withdrawn

   Term Loan          8.64      [ICRA]D ISSUER NOT COOPERATING;
                                Withdrawn

   Non fund based    12.00      [ICRA]D ISSUER NOT COOPERATING;
   LC/DP/DA                     Withdrawn

   Buyers Credit     (5.00)     [ICRA]D ISSUER NOT COOPERATING;
                                Withdrawn

   Bank Guarantee    16.00      [ICRA]D ISSUER NOT COOPERATING;
                                Withdrawn

   Forward Contract   2.00      [ICRA]D ISSUER NOT COOPERATING;
                                Withdrawn  

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and as desired by the company.

Nik-San Engineering Company Private Limited (NECPL) was acquired by
Mr. Suresh Kumar Choudhary and Mr. Naresh Kumar Choudhary in 1993.
The company is involved in the manufacturing of distribution
transformers, low tension current transformers (LTCT) and current
and potential transformers, with its manufacturing facility being
located at Vadodara, Gujarat. These products find application in
the distribution of electrical power and measuring instruments.


PALAKKAD MUNICIPALITY: ICRA Withdraws B+ Long-Term Issuer Rating
----------------------------------------------------------------
ICRA has withdrawn the long-term issuer rating of [ICRA]B+ ISSUER
NOT COOPERATING with a stable outlook assigned to the Palakkad
Municipality (PKDM).

Rationale

The rating withdrawal follows the completion of the one-time rating
exercise as per terms and conditions of Rating Agreement drawn with
the Kerala Sustainable Urban Development Project (KSUDP),
Government of Kerala.

Palakkad Municipality (PKDM), established in 1866, is a
Municipality governed under the Kerala Municipality Act 1994 (Act).
The Municipality manages the civic services in Palakkad town, which
serves as headquarter for Palakkad district located in Central
Kerala. The town is the key commercial centre of the Palakkad
district. There are no major industrial areas in the PKDM's
administrative area. However, the town serves as a key urban centre
for the industries located along the Palakkad-Coimbatore region.
According to Census 2011, the town had a total population of
130,955 and an area of 26.60 sq km.


PARAKITE BUILDERS: ICRA Assigns B+ Rating to INR70cr NCD
--------------------------------------------------------
ICRA has assigned rating to the bank facilities of Parakite
Builders Pvt Ltd (PBPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Proposed Non-       70.00       [ICRA]B+ (Stable); assigned
   Convertible
   Debenture
   Programme           

Rationale

The assigned rating is constrained by high execution and market
risk for the Botanika project owing to the nascent stage of project
execution with pending approvals and bookings yet to be launched;
project concentration risk with revenues entirely dependent on the
single project; and significant dependence on customer advances for
the project execution given that ~59% of the project cost of
INR211.11 crore is expected to be funded by INR125.55 crore of
customer advances. Therefore, timely receipt of project approvals
and healthy sales velocity remains a key rating monitorable for
project execution. ICRA also notes that the high average ticket
size of the project and risks inherent to the real estate sector
which are mitigated to an extent by the limited competition in the
project location, Cox Town in Bangalore.

However, the rating derives comfort from the favorable location of
the Botanika project in Cox Town, which has good inter-city
connectivity, proximity to major localities in Bengaluru and other
social amenities; established track record of promoter group in
executing real estate projects through various group companies with
a total built up area of 4.57 million sft over the last three
decades; and significant experience in development and marketing of
premium real estate projects in Hyderabad market in the past.

Going forward, the company's ability to achieve healthy sales,
collection efficiency and timely completion of the project will be
the key rating sensitivities.

Outlook: Stable

The stable outlook reflects ICRA belief that the company will
benefit from the extensive experience of its promoters in the
real-estate sector. The outlook may be revised to Positive if the
company achieves healthy sales and speedy execution of its ongoing
project. The outlook may be revised to Negative if booking levels
or collection efficiency are lower than estimated or if any
significant delay in completion of the project weakening the
liquidity position of the company.

Key rating drivers

Credit strengths

Extensive experience of the promoter in the real-estate industry:
The promoters have more than three decades of experience in the
real-estate industry through various group companies. The group has
handled more than 4.57 million sft of real estate development over
the years majorly located in Andhra Pradesh and Telangana states.
The ongoing project is the group's second project in the Bangalore
market, following a residential villa project in Sarjapur.

Favorable location of the project: The Botanica project is located
in Cox Town, Bangalore Central which is situated close to major
localities, commercial establishments, IT parks and other social
amenities. The marketability of the project is further enhanced by
limited supply of real estate projects in the locality.

Credit weaknesses

Exposed to execution risk: The project execution is at nascent
stage with land levelling work being undertaken currently. The
project construction work is expected to commence from February
2019 post the receipt of requisite approvals from Bruhat Bengaluru
Mahanagar Palike (BBMP) and Real Estate Regulation Authority
(RERA). Given the nascent stage of execution, the project is
exposed to potential time and cost overruns; however, the same is
mitigated to an extent given that the group has demonstrated
experience in real estate development.

Exposed to market risk: The company is yet to launch sales for the
Botanika project as the RERA registration is pending resulting in
high market risk. However, the same is mitigated to an extent by
company's prior experience in marketing premium real estate project
of similar ticket size in Hyderabad market.

Significant dependence on customer advances for project execution:
The project cost of INR211.11 crore is expected to be funded by
INR15.56 crore of promoter funds, INR70.00 crore of debt and
remaining INR125.55 crore from customer advances. Given the high
dependence on customer advances for project completion and bookings
are yet to be launched, the extent of sales velocity and
collections from customers is critical for timely completion of the
project is and a key rating monitorable in the near term.

Exposure to the risk of slowdown in demand, falling property prices
and sluggishness in the sector: Like all other players in the real
estate sector, PBPL is also exposed to the risk of slowdown in
demand, falling property prices and sluggishness in the sector on
account of various macro-economic conditions, political
instability, etc. However, favorable location of the ongoing
project and limited competition in the location mitigates this to
an extent.

Liquidity Position

Of the total cost of the project, the company had incurred a cost
of INR35.56 crore as on October 31, 2018 with entire promoter
contribution brought in and INR20 crore of term loan. The company
has received sanction of INR70 crore loan from ASK Real Estate
Special Situations Fund-I to fund the project construction and
takeover of earlier loan. The liquidity position of the company is
moderate with the initial project execution expected to be funded
by the new term loan sanctioned.

Incorporated as a private limited company in December 2016,
Parakite Builders Pvt Ltd (PBPL) is developing a residential
project named Botanika in Cox Town, Bengaluru. The proposed project
is envisaged to be a Premium Apartment, which includes two towers
(2 B + G + 17 + T floors) on a total land area of 2.13 acres at a
total cost of INR211.11 crore. The project with a total built up
area of 3.57 lakh sft is expected to start construction in January
2019 and is planned to be completed by September 2022. PBPL is part
of the Koncept Ambience group which has over three decades of
experience in the real estate market in Telangana, Andhra Pradesh
and Bangalore.


POLYMER TECHNOLOGIES: ICRA Withdraws B+ Rating on INR5cr Loan
-------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Polymer
Technologies International, as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loan/FCTL       5.00      [ICRA]B+ (Stable); Withdrawn
   Packing Credit       6.00      [ICRA]A4; Withdrawn

Rationale

The long-term and short-term ratings assigned to Polymer
Technologies International have been withdrawn at the request of
the company, based on the no-objection certificate provided by its
banker.

Established in 2002, Polymer Technologies International is promoted
by Mr. Jagrat Dave, who has around 30 years of experience in the
field of ophthalmic pharmaceuticals and eye care products. The firm
is engaged in manufacturing intraocular lenses of various types,
such as foldable hydrophilic, foldable hydrophobic and PMMA, among
others.


SAMRUDDHA RESOURCES: ICRA Moves 'D' Rating to Not Cooperating
-------------------------------------------------------------
ICRA has moved the rating of Samruddha Resources Limited (SRL) to
the 'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash credit       25.00      [ICRA]D ISSUER NOT COOPERATING;
                                Rating moved to the 'Issuer Not
                                Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the company's performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Incorporated in 1997 and formerly known as Samruddha Overseas
Limited), SRL is involved in the mining and trading of iron ore
fines. The group is promoted by Mr Vinay Rohidas Patil, son of the
Mr Namdar DajiSaheb Rohidas Patil (former Minister of Agriculture
Maharashtra State and belonging to Dhule district of Maharashtra).
Prior to 1997, the promoters were engaged in the textile business.


SAPPHIRE LIFESCIENCES: ICRA Reaffirms D Rating on INR28.46cr Loan
-----------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Sapphire Lifesciences Private Limited (SLPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based
   Cash Credit        12.50     [ICRA]D; Reaffirmed

   Fund-based
   Term Loan          12.21     [ICRA]D; Reaffirmed

   Unallocated
   Limits              3.75     [ICRA]D; Reaffirmed

Rationale

The rating reaffirmation takes into account the ongoing delays in
servicing debt obligations by SLPL, owing to its strained liquidity
position. This is attributable to its high working capital
requirement, high interest cost and impending repayment obligations
(arising from the debt-funded capital expenditure undertaken in the
recent past), which have resulted in a stressed cash flow
position.

Key rating drivers

Credit strengths

Extensive experience of promoters in pharmaceutical industry: Mr.
Parag Shah, a chemical engineer and the company's key management
member, has an experience of over 25 years in the pharmaceutical
industry and handles commercial activities of the business. The
management's extensive experience within the industry would lend
comfort to the company's credit profile, going ahead.

Credit challenges

Stretched liquidity position delayed servicing debt obligations:
ICRA has noted that the company delayed its term loan repayments
and over utilised its fund-based working capital limits for the
last few months, as confirmed by the lender. Increase in the
working capital requirement, coupled with significant debt-funded
capex during the last few years, resulted in high interest cost and
repayment obligations, straining the company's cash flow position.

Leveraged capital structure with weak coverage indicators: The
company's capital structure remained leveraged with a gearing of
1.9 times as on March 31, 2018. This, however, improved from 3
times as on March 31, 2017 as a result of the repayment of
unsecured loans from directors and related parties. Moreover, a
decline in the operating profitability and high interest expenses
led to weak coverage indicators, with OPBDIT/Interest of 1.9 times
in FY2018.

Intense competition and relatively low entry barriers in
semi-regulated market: The continuous effort to boost Indian
pharmaceutical exports to Southeast Asia, Africa and Latin America
(including regular buyer-seller meets and exhibitions to showcase
India's pharmaceutical capabilities) have resulted in a significant
demand for Indian pharmaceutical products over the last couple of
years. Low entry barriers, coupled with the presence of numerous
pharmaceutical formulation-manufacturing companies, result in
intense competition within the industry and limit the company's
margin flexibility.

Liquidity position
The company's liquidity position is highly stretched, resulting in
a delay in term loan repayments since October 2017 and consistent
over-utilisation of the working capital limits.

Sapphire Lifesciences Private Limited, earlier known as Saphire
Capsules Pvt. Ltd., is an integrated three-dosage section (tablets,
capsules and external dusting powder) pharmaceutical
contract-manufacturing enterprise. The company manufactures
tablets, capsules and external dusting powder from its WHO-GMP
certified plant located at Palghar in Thane, Maharashtra.

In FY2018, the company reported a net profit of INR0.1 crore on an
operating income (OI) of INR142.6 crore, compared to a net profit
of INR0.5 crore on an OI of INR130.1 crore in the previous year.


SASARAM MUNICIPAL: ICRA Withdraws B+ Long-Term Issuer Rating
------------------------------------------------------------
ICRA has withdrawn the long-term issuer rating of [ICRA]B+ ISSUER
NOT COOPERATING with a stable outlook assigned to the Sasaram
Municipal Council (SMC).

Rationale

The rating withdrawal follows the completion of the one-time rating
exercise as per terms and conditions of Rating Agreement drawn with
the Urban Development and Housing Department (UDHD), Government of
Bihar (GoB).

Key rating drivers has not been captured as the rated instrument is
being withdrawn

The Municipal Council of Sasaram or the SMC was incorporated in the
year 1972.The functioning of Sasaram Municipal Council (AMC) is
governed by the Bihar Municipal Act, 2007 (Act), which is
administered by the Urban Development and Housing Department
(UD&HD), Government of Bihar (GoB).


SESHA SAI: ICRA Maintains 'B' Ratings in Not Cooperating
--------------------------------------------------------
ICRA said the rating for the INR12.00-crore bank facilities of
Sesha Sai Cotton Company to remain in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B(Stable) ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-        6.00      [ICRA]B(Stable) ISSUER NOT
   Cash credit                  COOPERATING; Rating continue
                                to remain in 'Issuer Not
                                Cooperating' category

   Unallocated        6.00      [ICRA]B(Stable) ISSUER NOT
                                COOPERATING; Rating continue
                                to remain in 'Issuer Not
                                Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Sesha Sai Cotton Company (SSCC) was established in the year 2001 as
a proprietorship concern by Mr. Jampu Anjaneyalu who has an
experience of around 20 years in cotton Industry. The firm is
engaged in ginning and pressing of cotton and has taken 12 ginning
machines on lease from Jaya Mill and others.


SHREE RAM: ICRA Lowers Ratings on INR9.90cr Loans to D
------------------------------------------------------
ICRA has revised the long-term rating for the bank facilities of
Shree Ram Rayon (SRR) to [ICRA]D ISSUER NOT COOPERATING from
[ICRA]B ISSUER NOT COOPERATING. The rating continues to remain
under 'Issuer Not Cooperating' category. The rating is now denoted
as "[ICRA]D; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term Loans        5.44       [ICRA]D; ISSUER NOT COOPERATING;
                                Revised from [ICRA]B; ISSUER NOT
                                COOPERATING; Rating continues to
                                remain under 'Issuer Not
                                Cooperating' category

   Cash Credit        2.75      [ICRA]D; ISSUER NOT COOPERATING;
                                Revised from [ICRA]B; ISSUER NOT
                                COOPERATING; Rating continues to
                                remain under 'Issuer Not
                                Cooperating' category

   Seasonal Cash      1.50      [ICRA]D; ISSUER NOT COOPERATING;
   Credit                       Revised from [ICRA]B; ISSUER NOT
                                COOPERATING; Rating continues to
                                remain under 'Issuer Not
                                Cooperating' category

   Proposed Cash      0.21      [ICRA]D; ISSUER NOT COOPERATING;
   Credit                       Revised from [ICRA]B; ISSUER NOT
                                COOPERATING; Rating continues to
                                remain under 'Issuer Not
                                Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity,
despite the downgrade.

Rationale

The rating downgrade follows the delays in debt servicing by SRR to
the lender(s), as confirmed by them to ICRA.

Established in July 2014 and promoted by Patodia family, Shree Ram
Rayon (SRR or the firm) is a family managed partnership firm
engaged in the sizing and warping of yarn made out of FDY (Fully
Drawn Yarn). Based out of Surat, SRR has a manufacturing facility
located in Kamrej with an installed capacity to manufacture 5,000
MTPA of sized yarn.

The key partners of SRR are Mr. Pravin Patodiya, Mr. Rasik Patodiya
and Mr. Ajit Patodiya who collectively look after the overall
functions of business. Mr. Rasik Patodiya is a B-tech in textile
technology. All the three managing partners have experience of over
two decades in the textile industry especially in the field of
textile chemicals and are actively engaged in textile chemical
consulting activities for textile players. The firm has also been
able to capitalize on a ready customer and supplier contacts
through presence in this industry. The firm's sister concern; Shree
Ram Bearings and Chemicals is engaged in the manufacture of textile
chemicals which finds use in the sizing process.


SRI VIDYA: ICRA Lowers Ratings on INR15.08cr Loans to 'D'
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Sri Vidya Educational & Charitable Trust, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-          12.68      [ICRA]D; downgraded from
   Term Loan                       [ICRA]BB+ (Stable)

   Fund-based-           2.00      [ICRA]D; downgraded from
   Overdraft Limits                [ICRA]BB+ (Stable)

   Unallocated           0.40      [ICRA]D; downgraded from
                                   [ICRA]BB+ (Stable)

Rationale

The rating revision considers the delays in servicing of debt
obligations by the trust in the past six months, owing to stretched
liquidity position.

Key rating drivers

Credit challenges

Recent delays in debt servicing owing to stretched liquidity
position: The firm's liquidity position deteriorated in the recent
past owing to delays in realising the bills. The stretched
liquidity position of the trust has resulted in delay in term loan
repayments.

Liquidity Position: The trust's liquidity position has been
stretched on account of pending receivables and is expected to
improve, once the pending receivables is realized.

Sri Vidya Educational & Charitable Trust was registered in
September 2006 with Mr. R. Thiruvengada Ramanuja Doss, as the
founder Trustee and four other Trustees. The trust has its
registered office in Chennai and the following educational
institutions in Virudhanagar district, Tamil Nadu.


T.K. ENGINEERING: ICRA Removes C Rating From Not Cooperating
------------------------------------------------------------
ICRA has removed the ratings of T.K. Engineering Consortium Private
Limited (TKECPL) from the 'ISSUER NOT COOPERATING' category as the
company has now submitted its 'No Default Statement' for the
pending period.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based         28.00     [ICRA]C; downgraded from
   Limits-Cash                  [ICRA]B (Stable); ratings
   Credit                       removed from 'ISSUER NOT
                                COOPERATING' category

   Non-Fund Based    232.00     [ICRA]C and [ICRA]A4; revised
   Facilities-                  from [ICRA]B (Stable) and
   Bank Guarantee               [ICRA]A4; ratings removed
                                from 'ISSUER NOT COOPERATING'
                                category

   Unallocated        20.00     [ICRA]C and [ICRA]A4; revised
   Limits                       from [ICRA]B (Stable) and
                                [ICRA]A4; ratings removed
                                from 'ISSUER NOT COOPERATING'
                                category

The revision in ratings takes into account the delays in servicing
of certain equipment finance loans by TKECPL, as well as the
invocation of a bank guarantee, in recent months, although ICRA
notes that the company has been meeting its debt obligations on the
rated instruments in a timely manner. Moreover, the performance of
the company has witnessed considerable deterioration since FY2018,
with increasing pressure on liquidity and rising debt levels.
Considerable cash margin/collateral required against issuance of
bank guarantees has led to continuously high utilisation of
working-capital limits, leading to limited availability of funds
for operational requirements.

The ratings also continue to factor in TKECPL's exposure to
project-concentration risks, as well as high sectoral and
geographical concentration risks. The company also operates in a
highly competitive business environment, which, coupled with a
tender-based contract-awarding system, tends to keep operating
margins under check. The ratings, however, favourably factor in
TKECPL's established track record and the experience of promoters
in the infrastructure and construction businesses, particularly in
Arunachal Pradesh. ICRA also notes the favourable prospects for new
project awards, given the Government's thrust on infrastructure
spending.

Key rating drivers

Credit strengths

Experience of the promoters in the infrastructure and construction
businesses, particularly in Arunachal Pradesh: TKECPL's promoters
have been engaged in the road-construction sector for over two
decades through a group entity, T.K. Engineering Enterprises
Private Limited. TKECPL itself has also developed expertise in
road-construction projects, with a track record of successful
completion of jobs, particularly those pertaining to the two/four
laning of National Highways in Arunachal Pradesh. Most of the
completed projects were obtained under the scheme "Special
Accelerated Road Development Programme in North East" (SARDP-NE),
which is being executed by the Border Roads Organisation (BRO),
PWDs of various states and National Highway Authority of India
(NHAI).

Favourable prospects for new project awards: A considerable
proportion of TKECPL's orders were obtained under the SARDP-NE
scheme, which has received a significant allocation of funds from
the Ministry of Road Transport and Highways, and is thus likely to
lead to considerable road development activity in the state of
Arunachal Pradesh going forward as well. Given the healthy planned
Government outlay for infrastructure projects in the North-East,
the outlook for the road infrastructure segment remains favourable
at present.

Credit challenges

Delays in debt servicing: While TKECPL has been meeting its debt
obligations on the rated instruments in a timely manner, there
have, in recent months, been delays in the servicing of certain
equipment finance loans taken from other lenders.

Invocation of bank guarantee: A bank guarantee pertaining to a
particular project was invoked by the principal in the current
quarter. However, ICRA notes that the guarantee amount was paid by
TKECPL within a few days, and that the company has filed a writ
petition with the High Court of Meghalaya, contesting the
invocation.

Deterioration in performance since FY2018, with increasing
liquidity pressures and rising debt levels: The company's
performance has witnessed significant deterioration from FY2018,
with slow execution of orders leading to a 67% y-o-y de-growth in
the operating income for the year. Operating income stood at
INR238.7 crore for FY2018, as against INR729.9 crore in FY2017.
Although a decline in the consumption of raw materials and other
costs supported the operating margin and cash accruals, overall
liquidity remained stretched. While the outstanding order book
stood at around INR3272 crore as in December, 2018, execution risks
pertaining to the same remain high, given the current liquidity
position of the company.

Significant project, sectoral and geographical concentration risks:
ICRA notes that significant project concentration risks exist, with
the top three orders comprising over a third of the outstanding
order book. Moreover, most of TKECPL's outstanding projects pertain
to highway construction in Arunachal Pradesh, which leads to high
sectoral and geographical concentration risks, although the company
has been gradually increasing its presence in Assam and Meghalaya
as well. ICRA also notes that the company operates in a highly
competitive business environment, which, coupled with a
tender-based contract-awarding system, tends to keep operating
margins under check.

Liquidity Position
Overall liquidity is stretched, primarily on the back of the slow
execution of the existing order book, which adversely impacts cash
flows, and considerable cash margin/collateral required against
issuance of bank guarantees. Working capital limits have,
therefore, been fully utilized for the past few quarters, leaving
limited cushion in terms of fund availability for operating
requirements. Debt levels have also increased, with incremental
long-term debt of around INR60 crore having been availed primarily
in the form of equipment finance loans. Repayment obligations on
the same over the next year are significant, which further
exacerbates liquidity pressures over the near term.

T.K. Engineering Consortium Private Limited (TKECPL) was
established in February, 2008 and is promoted by the Techi family
based in Arunachal Pradesh. The company started commercial
operations in June, 2012 and has primarily been involved in the
construction of roads and highways in Arunachal Pradesh and Assam.
The company is registered as a Class – 1A contractor with the
Public Works Department (PWD), Assam. TKECPL operates through its
registered office in Nahar Lagun, Arunachal Pradesh.

In FY2018, the company reported a profit after tax of INR10.2 crore
on an operating income of INR238.7 crore. In FY2017, the company
recorded an operating income of INR729.9 crore with a profit after
tax of INR25.2 crore.


TRIMURTHI HITECH: ICRA Maintains C+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the bank facilities of Trimurthi Hitech
Company Private Limited continues to be in non-cooperating
category. The rating is denoted as "[ICRA]C+/A4; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         4.75       [ICRA]C+; ISSUER NOT
   Fund based                    COOPERATING, rating continues
                                 to remain in Issuer Not
                                 Cooperating category

   Short Term-        2.75       [ICRA]A4; ISSUER NOT
   Non-Fund based                COOPERATING, rating continues
                                 to remain in Issuer Not
                                 Cooperating category

   Unallocated        2.50       [ICRA]C+/A4; ISSUER NOT
                                 COOPERATING, rating continues
                                 to remain in Issuer Not
                                 Cooperating category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Trimurthi Hitech Company Pvt Ltd was incorporated in the year 1989
by Mr B.L Kabra and Mr Sundeep Kabra who have close to two decades
of experience as EPC contractors for various government projects.
The company predominantly takes up electrification works for
railway projects in southern India. By virtue of the long standing
experience of the promoters in execution of such projects, the
company is prequalified to take up overhead electrification works,
high voltage substation contracts and civil tenders for government
projects.




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

1MDB: Malaysia to Summon Goldman Sachs' London, HK Units
--------------------------------------------------------
Reuters reports that Malaysian prosecutors on March 18 said they
would issue summonses to units of U.S. investment bank Goldman
Sachs in London and Hong Kong, requiring them to respond by June to
criminal charges filed against them last year.

Soon after being elected in May, 2018, a new government charged
three units of Goldman Sachs for misleading investors by making
untrue statements and omitting key facts in relation to bond issues
totaling $6.5 billion for state fund 1Malaysia Development Berhad
(1MDB), Reuters says.

On March 18, only the Singapore unit of Goldman Sachs appeared at a
pre-trial hearing in a Kuala Lumpur court as a respondent, Reuters
reports.

"Fresh summonses will be served on the United Kingdom and Hong Kong
offices of Goldman Sachs ahead of the next court hearing on June
24," prosecutor Aaron Paul Chelliah told reporters, Reuters
relays.

According to Reuters, the 1MDB scandal played a major role in the
electoral defeat that ended Najib Razak's near decade in power, and
a new government led by Prime Minister Mahathir Mohamad promptly
re-opened corruption investigations.

Reuters says Najib, who has consistently denied wrongdoing, is
facing multiple criminal charges, mostly linked to 1MDB, and has
been barred from leaving the country.

The U.S. Department of Justice (DoJ) has estimated that a total of
$4.5 billion was misappropriated by high-level 1MDB fund officials
and their associates between 2009 and 2014, including some of the
funds that Goldman Sachs helped raise.

Reuters notes that Malaysia has said it was seeking up to $7.5
billion in reparations from Goldman Sachs, including $600 million
in fees paid to the bank for the bond issues.

Goldman Sachs has consistently denied wrongdoing and said certain
members of the former Malaysian government and 1MDB lied to it
about how proceeds from the bond sales would be used, according to
Reuters.

Reuters says a separate Kuala Lumpur court also set April 15 for
prosecutors to serve documents to the defense for former Goldman
Sachs banker Roger Ng.

Mr. Ng, a Malaysian, was charged on Dec. 19 last year with abetting
the bank to provide misleading statements in the offering
prospectus for the 1MDB bond sales.

According to Reuters, prosecutor Zaki Arsyad told the court he
needed more time to obtain documents as most of them were
overseas.

Mr. Ng was originally set to be extradited to the United States to
face money laundering charges filed against him by the DoJ.

Malaysia, however, has said it may postpone the extradition until
Mr. Ng can face a domestic trial first, Reuters adds.

Reuters says Tim Leissner, another former Goldman Sachs official,
and Malaysian financier Low Taek Jho have also been charged in the
United States over the alleged theft of billions of dollars from
1MDB.  Mr. Leissner has pleaded guilty, Reuters states.

Mr. Low, whose whereabouts is unknown, has issued denials of any
wrongdoing and has refused to return to Malaysia, saying that the
case against him is politically motivated, adds Reuters.

                            About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific in June
2015, Reuters relayed that Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported in July 2015 that investigators
looking into 1MDB had traced close to US$700 million of deposits
moving through Falcon Bank in Singapore into personal bank
accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported in November 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion (US$2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg, citing President Arul Kanda in October 2015, related
that the company faced cash-flow problems after a planned initial
public offering of Edra faced delays amid unfavorable market
conditions.  The listing plan was later canceled as the company
opted for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported in April
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.


MALAYSIA AIRLINES: Retirees Want to Help Revive Airline
-------------------------------------------------------
The Star reports that the Malaysia Airlines Retirees Association
(MASRA) is offering to provide advice and its expertise in order to
turnaround and save the ailing airline.

Speaking at a press conference on March 19, its patron Tan Sri Aziz
Abdul Rahman said they were confident that they would be able to
help rescue Malaysia Airlines Bhd (MAS), the Star relates.

"We must have a national carrier. Do not shut it down.

"I know we can save the airlines - we have world-class pilots,
engineers and cabin crew.

"Among us, we have the expertise. We can bring the airlines back to
its glory days," said Aziz, who was among the key individuals
involved in the setting up of the airlines in the 1970s, the Star
relays.

He also criticised the airlines decision to bring in expatriates to
helm the company during recent years, saying Malaysia Airlines had
been built from scratch and brought to world-class standards by
Malaysian experts, the report adds.

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

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

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

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




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

HYFLUX LTD: SM Investments Deal at Risk Due to Tuaspring Default
----------------------------------------------------------------
The Strait Times reports that Hyflux Ltd's restructuring agreement
with SM Investments Pte Ltd may be terminated if defaults by Hyflux
subsidiary Tuaspring Pte Ltd are not remedied within two weeks, the
water treatment company said in a Singapore Exchange filing on
March 18.

The Strait Times relates that Hyflux on March 18 received a notice
from its investor SM Investments, which referred to the default
notice slapped on Tuaspring by the Public Utilities Board (PUB) on
March 5.  The Strait Times relates that PUB's notice said the
national water agency would exercise its right to terminate its
Water Purchase Agreement with Tuaspring and take control of the
plant if all defaults are not fully resolved within the default
notice period.

According to the restructuring agreement between Hyflux and SM
Investments, the investor has the right to terminate the agreement
if a "prescribed occurrence" occurs and, if the occurrence can be
remedied, it is not remedied within two weeks or such other
mutually agreed period, the report relays.

Hyflux or Tuaspring ceasing or threatening to cease to conduct its
business in the usual or ordinary course is a "prescribed
occurrence" within the meaning of the restructuring agreement.

As a result, SM Investments may assert its right to terminate the
restructuring agreement if the matters stated in the PUB notice are
not remedied by the end of the two-week period, which is April 1,
according to The Strait Times.

The Strait Times relates that Hyflux and Tuaspring said that they
are seeking legal advice on the investor's notice, and are in
communication with PUB and the investor on the matters in the PUB's
notice and investor's notice.

Under the PUB default notice, Tuaspring has a cure period of 30
days until April 5 or "such longer period as may be reasonable" to
consult with PUB on the steps it must take to cure the alleged
defaults, the report discloses. If the defaults are not cured in
time, PUB has the right to terminate the water contract by giving
written notice of not less than 30 days to Tuaspring. PUB can also
take control of the plant, once the default notice period expires,
The Strait Times adds.

                            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.

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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