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

                     A S I A   P A C I F I C

          Friday, May 22, 2020, Vol. 23, No. 103

                           Headlines



A U S T R A L I A

CERTICA PTY: First Creditors' Meeting Set for June 1
CHASCOT INTERNATIONAL: Second Creditors' Meeting Set for May 29
CORNER NORTHCOTE: First Creditors' Meeting Set for May 29
DECMIL GROUP: Caught in New Zealand Unit Liquidator Battle
FOMO FESTIVAL: Goes Into Liquidation; Owes Nearly AUD5MM

FRESH START: Second Creditors' Meeting Set for May 27
GENERA BIOSYSTEMS: First Creditors' Meeting Set for June 2
ICONTRACT PTY: First Creditors' Meeting Set for June 1
ORIENT HOUSE: Second Creditors' Meeting Set for June 9
SAMSON OIL: Delays Filing of Quarterly Report

SILVER HERITAGE: Enters Administration Due to COVID-19 Pandemic
SILVER HERITAGE: Lenders Appoint FTI Consulting as Receivers
SPEEDCAST INTERNATIONAL: Inmarsat Appointed as Committee Member
VIRGIN AUSTRALIA: Indigo Partners Ties Up with Oaktree for Bid


C H I N A

HILONG HOLDING: Fitch Places B IDR on Rating Watch Negative
HILONG HOLDING: Moody's Assigns B2 Rating to New US$ Sr. Sec. Notes
IDEANOMICS INC: Incurs $12.6 Million Net Loss in First Quarter


H O N G   K O N G

OCEAN PARK: Hong Kong Lawmakers Fail to Agree on HK$5.4BB Bailout


I N D I A

BHOOMIDHAN STEEL: CRISIL Moves B+ Rating from Not Cooperating
FINECRETE ECO-BLOCKS: CRISIL Keeps D  Debt Rating in Not Coop.
HARJIT SINGH: CRISIL Keeps C Rating on INR9cr Loan in Not Coop.
HI-STYLE PRODUCTS: CRISIL Keeps B+ Debt Ratings in Not Coop.
JAINAM SILK: CRISIL Lowers Rating on INR10cr Loans to 'B+'

JOSAN INDUSTRIES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
K.B.R. MARINE: CRISIL Keeps B- Debt Rating in Not Cooperating
K.D.K. ENTERPRISES: Insolvency Resolution Process Case Summary
KASHMIRA TRADER: CRISIL Lowers Rating INR11cr Cash Loan to B+
KESHAV COTTON: CRISIL Keeps B+ Debt Ratings in Not Cooperating

KULDIP SONS: CRISIL Lowers Rating on INR11.4cr Cash Loan to B+
KUSHAL POLYSACKS: CRISIL Cuts Rating on INR10cr Cash Loan to B+
KWALITEE FABS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
LOK RAJ SAINI: CRISIL Maintains D Debt Ratings in Not Cooperating
LORD BUDDHA: CRISIL Keeps D INR30cr Debt Rating in Not Cooperating

LUKER ELECTRIC: CRISIL Lowers Rating on INR14.65cr Loan to B+
M G OILS: CRISIL Lowers Rating on INR9.19cr Term Loan to B+
MAKKAR TEXTILE: CRISIL Lowers Rating on INR3.5cr Loan to B+
MALABAR HIGHVIEW: CRISIL Keeps B+ INR5cr Debt Rating in Not Coop.
MANAV ENERGY: CRISIL Lowers Rating on INR10cr Cash Loan to B+

MEGAMILES BEARING: CRISIL Keeps C INR5cr Debt Rating in Not Coop.
MENACHERRY INDUSTRIES: CRISIL Cuts Rating on INR17cr Loan to B+
MERGE STONES: CRISIL Keeps 'B' Debt Ratings in Not Cooperating
MOHAN TRACTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MULPURI FISHERIES: CRISIL Keeps B INR102cr Debt Rating in Not Coop.

MULPURI POULTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
MY BIKE: CRISIL Keeps D INR6cr Debt Rating in Not Cooperating
MY CAR: CRISIL Maintains 'D' Debt Ratings in Not Cooperating
MY EQUIPMENTS: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
R.P. INFRAVENTURE: CRISIL Cuts Rating on INR10cr Loan to B+

RAJAM SNACKS: CRISIL Lowers Rating on INR4.5cr Cash Loan to B+
RAMJI ACRO: CRISIL Lowers Rating on INR10cr Cash Loan to B+
RMJ MODERN: CRISIL Lowers Rating on INR10.5cr Cash Loan to B+
VEESONS ENERGY: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
WORLDFA EXPORTS: CRISIL Lowers Rating on INR0.4 LT Loan to B+



I N D O N E S I A

ABM INVESTAMA: Moody's Affirms B1 CFR, Alters Outlook to Negative
ASURANSI JIWA: Prepares Scheme to Pay Policyholders
BARITO PACIFIC: Fitch Affirms B+ LT IDR, Outlook Stable
CHANDRA ASRI: Fitch Affirms BB- LT IDR, Outlook Stable
INDIKA ENERGY: Moody's Affirms Ba3 CFR; Alters Outlook to Negative



P H I L I P P I N E S

PHILIPPINE AIRLINES: Posts PHP10.31BB Net Loss in 2019


S O U T H   K O R E A

DOOSAN BOBCAT: Moody's Affirms Ba3 CFR; Alters Outlook to Stable
DOOSAN BOBCAT: S&P Affirms 'BB' ICR, Outlook Remains Negative


S R I   L A N K A

DFCC BANK: S&P Lowers Issuer Credit Raing to 'B-', Outlook Stable
NAT'L SAVINGS BANK: Fitch Affirms Then Withdraws 'B-' IDR
SRI LANKA: S&P Lowers LongTerm SCR to 'B-', Outlook Stable

                           - - - - -


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A U S T R A L I A
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CERTICA PTY: First Creditors' Meeting Set for June 1
----------------------------------------------------
A first meeting of the creditors in the proceedings of Certica Pty
Ltd will be held on June 1, 2020, at 10:00 a.m. at the offices of
McLeod & Partners Level 9, at 300 Adelaide Street, in Brisbane,
Queensland or via virtual meeting.

Jonathan McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of I Certica Pty on May 20, 2020.

CHASCOT INTERNATIONAL: Second Creditors' Meeting Set for May 29
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Chascot
International Pty Ltd, trading as Auto One Karratha, Auto One
Hedland, West Coast Auto N Sound, King Brown Supply Co. and Ruff
Country 4X4, has been set for May 29, 2020, at 11:00 a.m. at Unit
18, 28 Belmont Avenue, in Rivervale, 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 May 28, 2020, at 4:00 p.m.

Stephen Robert Dixon of Hamilton Murphy WA Pty Ltd was appointed as
administrator of Chascot International on Feb. 24, 2020.

CORNER NORTHCOTE: First Creditors' Meeting Set for May 29
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Corner
Northcote Pty Ltd will be held on May 29, 2020, at 12:00 p.m. at
Suite 6, Level 5, at 350 Collins Street, in Melbourne, Victoria.

Simon Patrick Nelson of BPS Reconstruction and Recovery was
appointed as administrator of Corner Northcote on May 20, 2020.

DECMIL GROUP: Caught in New Zealand Unit Liquidator Battle
----------------------------------------------------------
Jenny Wiggins at The Australian Financial Review reports that the
liquidation of engineering group Decmil's New Zealand business has
run into strife, as some of its creditors try to dump its
Perth-based adviser, claiming it cannot make a seven-hour flight
across Australia and the Tasman Sea during COVID-19 to assess
assets.

According to AFR, Decmil shut down its New Zealand operations in
mid-April after the country's Department of Corrections terminated
a NZD60 million (AUD58.3 million) prison contract due to a dispute
over costs and delays. It subsequently appointed Avior Consulting
to liquidate the business.

But Tempest Litigation Funders Ltd, which has acquired some of
Decmil New Zealand's debt, has secured the support of the DOC to
try and replace Avior with BDO New Zealand's Iain Shephard and
Andrew Bethell, and has demanded a creditors meeting to hold a
vote, AFR says.

AFR relates that Tempest Litigation is run by Damien Grant, who is
also the owner of Waterstone Insolvency and the liquidator of
Stanley Construction Auckland Ltd, which claims it is owed about $1
million by Decmil NZ.

Mr Grant is also a columnist for Stuff.co.nz, which is owned by
Nine, the publisher of the The Australian Financial Review. He has
publicly discussed a stint in prison during his 20s after being
caught trying to smuggle gold out of New Zealand, a period he has
described as "living dangerously".

AFR says Mr. Grant has made a public appeal to Decmil NZ's other
creditors in a YouTube video criticising the engineering group for
appointing a Perth-based firm about seven hours flying time away
and in a different time zone.

"The irony of me working with Corrections is not lost on me," he
said in the video.

Mr. Grant argues that Decmil has physical assets that need to be
"taken care of", particularly during COVID-19 when foreigners
aren't generally allowed to enter New Zealand, and those that do
have to go into a two-week quarantine.

AFR notes that the video also raises questions over whether Avior
would investigate the potential liabilities of Decmil's directors.
Mr. Grant has asked Avior to outline its fees and to explain
whether it has indemnity from Decmil NZ.

Mr. Grant told The Australian Financial Review he had spoken with
the DOC regarding the suggested appointment of BDO to make sure the
government would support the change, and that there were more than
200 creditors in New Zealand. The DOC declined to comment.

According to the report, Dermott McVeigh, Avior's liquidator, said
he intended to call a creditors meeting, expected to be held via
video-conferencing, in early June.

"We think this is an enormous abuse of process but it will be up to
creditors to ultimately decide," the report quotes Mr. McVeigh as
saying.

The liquidator has responded to Mr. Grant's claims with a letter to
creditors stating that he could avoid quarantine periods by
applying for travel exemptions, but did not believe that going to
New Zealand was necessary because all books and records were
available in Australia.

AFR adds that Mr. McVeigh also said Decmil NZ did not have any
construction sites or plant or equipment assets in New Zealand, and
that a local presence was not needed to recover legal claims and
debts.

The letter to creditors said the DOC was "a joint author in the
failure of the prison contract" and that Decmil NZ was claiming
$1.3 million from Stanley Construction for faulty workmanship, AFR
relays.

"Creditors should rightly wish to understand how it is that DOC and
Mr Grant have spoken about replacing me at a time when I am
exerting pressure on DOC to hold them financially accountable for
their role in Decmil NZ's failure," Mr. McVeigh said in the letter,
adding that he intended to investigate Decmil NZ's failure and
"hold parties, including its directors, accountable based on my
findings".

Decmil's shares have lost more than half their value since the
start of 2020 to trade at 20 cents.

Based in Australia, Decmil Group Limited (ASX:DCG) --
https://decmil.com/ -- is a provider of engineering, construction
and maintenance, and industrial services to Australia's resources,
energy, and infrastructure sectors. The Company designs, builds,
and commissions temporary and permanent facilities including
accommodation villages, administration buildings, maintenance and
storage facilities, and complete civil concrete work.

FOMO FESTIVAL: Goes Into Liquidation; Owes Nearly AUD5MM
--------------------------------------------------------
James Hall at news.com.au reports that an Australian music event
has gone out of business after it was revealed it had debts of
nearly AUD5 million in another blow to the festival industry.

The music festival industry has suffered significant losses during
the coronavirus pandemic, with all the big name players forced to
cancel or delay their events this year, news.com.au says.

And now it has been revealed an emerging summer staple -- FOMO
music festival -- has gone out of business and won't be returning
for its national circuit at the beginning of next year.

The one-day festival owes creditors nearly AUD5 million and was
placed in liquidation last week by Hall Chadwick accounting firm,
news.com.au discloses citing reports from industry site The Music.

"Going forward, the Liquidator will continue to conduct the
liquidation including but not limited to liaising with the
Company's creditors, realising all assets and recoverable avenues
of the company for the benefit of its creditors and investigating
the Company's affairs," the firm's spokesperson said. "The
Liquidator will provide a report to the company's creditors within
three months providing an update on her investigations, the
likelihood of any dividend to creditors and any possible action
that may be taken for the benefit of the company's creditors."

FOMO festival's major social media presence on Facebook, Twitter
and Instagram has been deleted, as have its promoters' BBE, the
report notes.

The festival was launched in 2016 in Brisbane with the concept of
one stage to eliminate the prospect for band clashes, hence the
event's name FOMO (fear of missing out).  It has since expanded to
a national event and hosted some of the industry's biggest names
including Post Malone, Lizzo and Nicki Minaj.

FOMO Festival Pty Ltd was placed into liquidation on May 15, 2020,
according to scenestr.  The appointment of Kathleen Vouris of Hall
Chadwick comes just 10 months after another entity associated with
FOMO, We Are BBE Pty Ltd, was wound up in July 2019, scenestr.

FRESH START: Second Creditors' Meeting Set for May 27
-----------------------------------------------------
A second meeting of creditors in the proceedings of Fresh Start
Equity Pty Ltd has been set for May 27, 2020, at 11:00 a.m. at
Level 34, 32 Turbot Street, Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 26, 2020, at 4:00 p.m.

Steven Staatz of Vincents was appointed as administrator of Fresh
Start on May 4, 2020.



GENERA BIOSYSTEMS: First Creditors' Meeting Set for June 2
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Genera
Biosystems Limited will be held on June 2, 2020, at 2:30 p.m. at
the offices of Hamilton Murphy Advisory Pty Ltd, Level 1, at 255
Mary Street, in Richmond, Victoria.

Stephen Robert Dixon and Richard Trygve Rohrt of Hamilton Murphy
were appointed as administrators of Genera Biosystems on May 21,
2020.

ICONTRACT PTY: First Creditors' Meeting Set for June 1
------------------------------------------------------
A first meeting of the creditors in the proceedings of Icontract
Pty Ltd, formerly trading as I.BOOKS, will be held on June 1, 2020,
at 11:00 a.m. at the offices of McLeod & Partners Level 9, at 300
Adelaide Street, in Brisbane, Queensland.

Jonathan McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of Icontract Pty on May 20, 2020.

ORIENT HOUSE: Second Creditors' Meeting Set for June 9
------------------------------------------------------
A second meeting of creditors in the proceedings of Orient House
Investments Pty. Limited has been set for June 9, 2020, at 11:00
a.m. via teleconference facilities only.

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 June 8, 2020, at 4:00 p.m.

John McInerney of Grant Thornton Australia Limited was appointed as
administrator of Orient House on May 4, 2020.

SAMSON OIL: Delays Filing of Quarterly Report
---------------------------------------------
Samson Oil & Gas Limited filed a Form 12b-25 with the Securities
and Exchange Commission notifying the delay in the filing of its
Quarterly Report on Form 10-Q for the period ended March 31, 2020.

The Company's Quarterly Report could not be completed and filed by
the prescribed due date of May 15, 2020, without undue hardship and
expense to the Registrant, due to unforeseen delays in the
collection and review of information and documents affecting
disclosures in the Report. The Company expects to file the Report
on or before May 20, 2020 in accordance with Rules 0-3 and 12b-25
of the Securities Exchange Act of 1934, as amended.

                         About Samson Oil

Headquartered in Perth, Western Australia, Samson Oil & Gas Limited
-- http://www.samsonoilandgas.com/-- is an independent energy
company primarily engaged in the acquisition, exploration,
exploitation and development of oil and natural gas properties,
primarily with a focus in Montana and North Dakota.

Samson Oil reported a net loss of $7.15 million for the fiscal year
ended June 30, 2019, compared to a net loss of $6.04 million for
the fiscal year ended June 30, 2018. As of Dec. 31, 2019, the
Company had $35.68 million in total assets, $52.90 million in total
liabilities, and a total stockholders' deficit of $17.22 million.

Moss Adams LLP, in Denver, Colorado, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
Oct. 15, 2019, citing that the Company is in violation of its debt
covenants, incurred a net loss from operations, has cash outflows
from operations, and its current liabilities exceed its current
assets as of and for the year ended June 30, 2019. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.

SILVER HERITAGE: Enters Administration Due to COVID-19 Pandemic
---------------------------------------------------------------
Casino Beats reports that Silver Heritage Group said that it has
entered into voluntary administration on May 18 due to the
'emergence of COVID-19'.

Having looked at selling some of its assets, the operator of Palace
Resort Bhairahawa in Nepal and The Millionaire's Club in Kathmandu
has appointed KPMG as administrator, months after the group was
given extra funding by its lender, OCP Asia, Casino Beats says.

Casino Beats relates that a statement from Silver Heritage read:
"The company had been exploring options to generate liquidity and
prior to the emergence of COVID-19 had received expressions of
interest from several parties in respect of possible transactions.


"However, as a result of the emergence of COVID-19 and the forced
temporary closure of the company's facilities in Nepal, the timing
in relation to consummating one of the transactions has become
uncertain.

"The Board of Directors regret that these events have come to pass
and acknowledge all the Group's employees for their hard work and
contribution."

This follows Silver Heritage recently claiming it had initiated
cost reduction strategies in an attempt to mitigate the impact of
COVID-19, despite recording a rise in sales revenues at the end of
February of this year, Casino Beats relays.

Casino Beats notes that the company suffered a major setback in
March 2019 when casino operations at the Phoenix International Club
in Vietnam were shut down following amendments to the property's
Investment Certificate which no longer allowed for the operations
of gaming tables.

Amanda Coneyworth and Ryan Eagle of KPMG were appointed as
administrators of Silver Heritage on May 18, 2020.

Silver Heritage Group Limited -- http://www.silverheritage.com.au/
-- is engaged in the operation and management of casinos in Nepal
and Vietnam, and management of electronic gaming operations in
casinos in Laos and Cambodia. The Company's business is divided in
two business lines: Operation of casinos, and Provision and
operation of electronic gaming machines (EGMs). The Company
operates The Millionaire's Club & Casino (TMC) in Kathmandu, Nepal,
under its own license, and provides management services to the
Phoenix International Club casino (the Phoenix International Club)
in Bac Ninh, Vietnam. It provides EGMs to casinos and licensed
gaming clubs in Laos and Cambodia. The Company's geographic
segments include Laos, Vietnam, Nepal, Cambodia, Macau, Tinian and
Other.

SILVER HERITAGE: Lenders Appoint FTI Consulting as Receivers
------------------------------------------------------------
GGRAsia reports that Silver Heritage Group Ltd announced on May 20
that its main lender has appointed two people as receivers and
managers of the company. The move comes after Silver Heritage said
on May 18 that it was "insolvent" or "likely to become insolvent",
and appointed two representatives from professional services firm
KPMG to be its administrators.

GGRAsia relates that the Australia-listed firm said its main lender
-- identified as OCP Asia -- had appointed John Park and Joseph
Hansell of business advisory firm FTI Consulting as receivers and
managers of Silver Heritage.

According to the report, the company also said that OCP Asia had
"agreed to provide additional funding to the receivers while they
undertake an urgent financial assessment of the assets under their
control". Silver Heritage had said in its earlier filing that it
decided to appoint administrators as the group's lender was
"unwilling" to provide further support to the company.

In its latest filing, Silver Heritage said the receivers "would be
working closely with all relevant stakeholders to determine the
best course of action and to ensure the continuation of the
underlying business while strategic options are being explored,"
GGRAsia relays.

"The receivers will work with the administrators and the company to
sustain business operations whilst evaluating strategic options,
including a sale of all or part of the business, to ultimately
maximise the value of the company's assets for its stakeholders,"
the company added.

Silver Heritage Group Limited -- http://www.silverheritage.com.au/
-- is engaged in the operation and management of casinos in Nepal
and Vietnam, and management of electronic gaming operations in
casinos in Laos and Cambodia. The Company's business is divided in
two business lines: Operation of casinos, and Provision and
operation of electronic gaming machines (EGMs). The Company
operates The Millionaire's Club & Casino (TMC) in Kathmandu, Nepal,
under its own license, and provides management services to the
Phoenix International Club casino (the Phoenix International Club)
in Bac Ninh, Vietnam. It provides EGMs to casinos and licensed
gaming clubs in Laos and Cambodia. The Company's geographic
segments include Laos, Vietnam, Nepal, Cambodia, Macau, Tinian and
Other.

SPEEDCAST INTERNATIONAL: Inmarsat Appointed as Committee Member
---------------------------------------------------------------
Henry Hobbs Jr., acting U.S. trustee, on May 12, 2020, disclosed in
a court filing that he appointed Inmarsat Global Limited as new
member of the official committee of unsecured creditors in the
Chapter 11 cases of SpeedCast International Limited and its
affiliates.

The bankruptcy watchdog also disclosed that Intelsat US LLC
resigned as committee member.

The committee is now composed of:

     1. Inmarsat Global Limited
        99 City Road
        London, EC1Y AX UK
        Sam Horrocks
        +44 (0) 7593 501168
        Sam.horrocks@inmarsat.com
    
     2. Thrane & Thrane A/S Cobham SATCOM
        Lundtoftegaardsvej 93 D
        DK-2800 Kgs. Lyngby, Denmark
        David Grant
        +45-3955-8314
        David.grant@cobham.com
    
     3. New Skies Satellites, B.V.
        Rooseveltplantsoen 4
        2517 KR The Hague
        Brendan O'Callaghan
        202-478-7152
        Brendan.o.callaghan@ses.com
    
     4. Asia Satellite Telecommunications Co. Ltd
        15 Dai Kwai Street, Tai Po Industrial Estate
        Tai Po, New Territories, Hong Kong  
        Sue Yeung, 852-2500-0800
        syeung@asiasat.com

     5. Intellian
        11 Studebaker
        Irvine, CA 92618
        Edward Joannides, 949-771-4505             
        Edward.joannides@intelliantech.com
    
     6. Telesat Canada
        160 Elgin Street, Suite 2100
        Ottawa, ON Canada K2P2P7
        Richard O'Reilly, 613-748-8720
        roreilly@telesat.com

     7. APT Satellite Company Limited         
        22 Dai Kwai Street
        Tai Po Industrial Estate, Hong Kong
        Huang Baozhong, 852- 2600- 2100
        HuangBaozhong@apstar.com

                   About SpeedCast International

Headquartered in New South Wales, Australia, SpeedCast
International Limited and its affiliates provide remote and
offshore satellite communications and information technology
services.  SpeedCast's fully-managed service is delivered to more
than 2,000 customers in 140 countries via a global, multi-access
technology, multi-band and multi-orbit network of more than 80
satellites and an interconnecting global terrestrial network,
bolstered by on-the-ground local support from more than 40
countries.  Speedcast services customers in sectors such as
commercial maritime, cruise, energy, mining, government, NGOs,
enterprise, and media.

SpeedCast International and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No.
20-32243) on April 23, 2020.

At the time of the filing, Debtors disclosed assets of between $500
million and $1 billion and liabilities of the same range.

Judge David R. Jones oversees the cases.

The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy
counsel; Herbert Smith Freehills as co-counsel with Weil; Moelis
Australia Ltd. as financial advisor; FTI Consulting Inc. as
restructuring advisor; and Kurtzman Carson Consultants LLC as
claims agent.


VIRGIN AUSTRALIA: Indigo Partners Ties Up with Oaktree for Bid
--------------------------------------------------------------
Reuters reports that Indigo Partners is teaming up with Oaktree
Capital Management in its offer for Virgin Australia Holdings Ltd
and will consider adding an Australian partner as the bidding
process progresses, Indigo managing partner Bill Franke said.

"In terms of local Australian partners we have been approached by a
number of Australian entities and at the end of the day we would
like to have an Australian partner," Reuters quotes Mr. Franke as
saying in a webinar hosted by CAPA Centre for Aviation on May 19.
"It is the right thing to do. But it all depends on the details."

Indigo, a private equity investor in low-cost airlines globally
including Frontier Airlines and Wizz Air Holdings PLC, was one of
four parties shortlisted by administrators to buy Virgin Australia,
a person with knowledge of the matter said on May 18, Reuters
relays. The others are BGH Capital, Bain Capital and Cyrus Capital
Partners, the person said.

Binding offers for Australia's second-biggest airline are due on
June 12, Reuters notes. The company entered voluntary
administration last month owing nearly AUD7 billion, making it the
biggest Asia-Pacific casualty of the coronavirus crisis hitting the
global aviation industry.

Reuters says the strong interest in Virgin Australia at a time when
the world aviation market is largely grounded shows the long-time
attractiveness of the Australian domestic market, a duopoly between
Qantas Airways Ltd and Virgin Australia.

"We think the country needs two airlines and we want to be able to
assist Virgin Australia in being one of those two airlines," the
report quotes Mr. Franke as saying.

Indigo had not yet decided whether Virgin Australia would keep its
international operations or become a low-cost carrier if its
proposal was successful.

"We have to look at the Australian market in terms of what the
consumer wants in the product," Mr. Franke said.

                       About Virgin Australia

Brisbane, Queensland-based Virgin Australia is Australia's
second-largest airline. It commenced services in 2000 as Virgin
Blue, wholly owned by the Virgin Group.

As reported in the Troubled Company Reporter-Asia Pacific on April
22, 2020, Bloomberg News related that Virgin Australia Holdings
Ltd. became Asia's first airline to fall to the coronavirus after
the outbreak deprived the debt-burdened company of almost all
income.  Administrators at Deloitte, who have taken control of the
Brisbane-based carrier, aim to restructure the business and find
new owners within months.  More than 10 parties have expressed an
interest, Deloitte related on April 21.

According to Bloomberg, Virgin Australia, which has furloughed 80%
of its 10,000 workers, will continue to operate some flights for
essential workers, freight and the repatriation of Australians. The
airline's frequent flyer program is a separate company and is not
in administration.

Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri
of Deloitte were appointed as administrators of Virgin Australia,
et al., on April 20, 2020.

On April 29, 2020, the company and certain affiliates filed
petitions pursuant to Chapter 15 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of New York.



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HILONG HOLDING: Fitch Places B IDR on Rating Watch Negative
-----------------------------------------------------------
Fitch Ratings has placed Hilong Holding Limited's 'B' Long-Term
Issuer Default Rating (IDR) and senior unsecured rating of 'B' with
a Recovery Rating of 'RR4' on Rating Watch Negative (RWN).

The RWN reflects the uncertainty about the company's ability to
access its onshore cash to redeem its USD165.11 million 7.25%
senior unsecured notes due June 2020. An announced exchange offer
and proposed issuance could be sufficient to refinance the June
maturity, but is contingent on adequate acceptance.

Fitch has assigned Hilong's proposed 9.75% senior secured notes due
2022 an expected rating of 'B(EXP)' with a Recovery Rating of
'RR4', and has placed the expected rating on RWN. The proposed
notes are rated at the same level as Hilong's senior unsecured
rating because they will constitute its direct and senior unsecured
obligations. The final rating on the proposed notes is subject to
the receipt of final documentation conforming to information
already received.

KEY RATING DRIVERS

Approval Needed to Access Onshore Cash: Hilong says that it had
about CNY1.7 billion in unrestricted cash and undrawn credit
facilities at end-February 2020 to redeem its June 2020 bond and
that it is applying to the State Administration of Foreign Exchange
(SAFE) for approval to transfer money offshore and is exploring
alternative funding channels to redeem its June maturity.

Exchange Offer: Hilong has announced an exchange offer and
concurrent bond issuance. It is offering USD1,000 in new notes due
2022 for each USD1,000 principal amount of the existing note due
June 2020. The new notes have a minimum yield to maturity of 9.75%
per annum. The note has a put option exercisable on August 2021 at
a redemption price of 104%. The note will be partially secured by
assets with a book value of USD77.4 million as of end-2019 and
personally guaranteed by Hilong's chairman.

Fitch does not consider the proposed exchange offer to be a
distressed debt exchange because it does not impose a material
reduction in terms compared with the original contractual terms. In
addition, the company has sufficient cash and readily available
cash onshore to redeem the bond. Hilong expects to receive SAFE
approval to transfer the money offshore if the exchange offer is
unsuccessful.

Market Leader in Drill Pipes: Hilong's ratings are supported by its
market position in drill-pipe manufacturing and coating services
for oil country tubular goods in China and reflect its expanding
international presence. The ratings are constrained by its expected
impact on the company's financial profile (2019: FFO net leverage
of 3.1x) from a sustained decline in oil prices. Fitch believes oil
prices may result in a longer-term deterioration in the company's
credit metrics as sales decline and margins contract.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

The RWN will be resolved and the rating will be affirmed at 'B' if
the acceptance rate of the exchange offer and bond proceeds from
new money is sufficient to refinance the bond

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Fitch will consider a multi-notch downgrade of Hilong if, by early
June 2020, the exchange offer does not receive adequate acceptance
from bondholders, the proposed bond issue does not raise sufficient
money or Hilong cannot move onshore money offshore.

HILONG HOLDING: Moody's Assigns B2 Rating to New US$ Sr. Sec. Notes
-------------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to the proposed
USD senior secured notes to be issued by Hilong Holding Limited (B2
negative). The outlook remains negative.

Hilong will use the proceeds from the proposed notes to refinance
existing debt, and for working capital and general corporate
purposes.

RATINGS RATIONALE

"The proposed notes will have no impact on Hilong's rating or
outlook, as it will mainly use the proceeds to refinance its
outstanding USD165 million senior notes maturing June 22, 2020
(2020 notes)," says Chenyi Lu, a Moody's Vice President and Senior
Credit Officer.

Moody's expects the company's revenue will decline 8% in 2020 and
recover by 5% in 2021, following strong 13% growth in 2019. This
assumption is driven by lower demand for drill pipe products and
oilfield services, as upstream oil and gas companies cut back on
capital spending. Moody's expects Brent oil to stay at $35/bbl over
2020 before recovering to $45/bbl in 2021.

Moody's further expects Hilong's debt leverage, as measured by
adjusted debt/EBITDA, will increase to 4.6x this year from 3.8x in
2019. Such a level of leverage will reduce the company's buffer
against the increasingly challenging operating conditions.

Hilong's liquidity is weak. At the end of 2019, the company had
cash and cash equivalents of RMB783 million and restricted cash of
RMB124 million. These liquidity sources and Moody's expected
operating cash flow of around RMB400 million over the next 12
months are insufficient to cover its RMB1.7 billion of short-term
debt, including USD165 million of notes due June 2020, RMB233
million of bills payable, and an estimated RMB100 million of
maintenance capital expenditure over the same period.

However, this weak liquidity position is mitigated by Hilong's
track record of access to the offshore and domestic banks and debt
markets, as well as to the equity capital markets. For instance,
Hilong issued a USD200 million bond in September 2019.

Hilong's weak liquidity will improve if the company successfully
completes the proposed note issuance. Conversely, any signs of an
inability to execute its refinancing plan would add pressure the
ratings.

On May 20, 2020, Hilong announced a tender offer for any and all
outstanding 2020 notes. The tender offer will expire on June 3,
2020.

Under the offer, for each USD1,000 principal amount of the
outstanding existing notes, the holders will receive USD1,000 in
aggregate principal amount of the proposed notes, USD5 in cash as
an early cash incentive for notes tendered before May 27, 2020, and
capitalized interest in the form of cash.

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

The rating also takes into account the following environmental,
social and governance (ESG) considerations.

First, the company is exposed to increasingly stringent regulations
for oil and gas operations and access to new resources. However,
Hilong has to date not experienced any major compliance violations
related to air emissions, water discharge or waste disposal.

Second, Moody's regards the coronavirus outbreak as a social risk
under its ESG framework, given the substantial implications for
public health and safety. The breadth and severity of the outbreak,
and the broad deterioration in credit quality which the virus has
triggered will have an impact on Hilong.

Third, on the governance front, the company's ownership is
concentrated in its key shareholder, Jun Zhang, who held a total
58.7% stake in the company at the end of 2019. This risk is
partially mitigated by the company's track record of good corporate
governance, listed status, and disciplined dividend policy.

Hilong's B2 corporate family rating (CFR) reflects its strong
global market positions in the drill pipe and oil country tubular
goods (OCTG) coating materials and services sectors. Hilong's CFR
also reflects its product, service and geographic diversification,
which enables some resilience and partly offsets the challenges of
a cyclical industry and high customer concentration.

Hilong's CFR is constrained by its (1) relatively small size and
high customer concentration; (2) performance volatility caused by
the cyclical nature of the drill pipe and oilfield services
businesses, which are exposed to the unpredictability of global oil
prices; and (3) weak liquidity.

The B2 senior secured rating on the proposed notes is in line with
the senior unsecured ratings to reflect its pari passu ranking with
the outstanding senior unsecured bonds, and Moody's expectation
that the pledged assets will not have a meaningful impact on the
senior secured debt holders' recovery prospects when compared to
senior unsecured creditors'.

The negative outlook reflects Moody's expectation that Hilong's
credit profile will weaken over the next 12-18 months, amid
challenging operating conditions and depressed oil prices.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

An upgrade of Hilong's ratings is unlikely over the next 12-18
months, given the negative outlook. The outlook could return to
stable if the company (1) maintains its revenue, earnings and
credit metrics despite the challenging operating conditions; (2)
improves its free cash flow generation; and (3) improves its
liquidity.

The ratings could be downgraded if (1) its revenue and earnings
decline sharply as a result of the low and volatile oil prices; (2)
the strain on its working capital increases, prompting it to raise
a large amount of debt; (3) its debt leverage rises, such that
adjusted debt/EBITDA exceeds 6.5x on a sustained basis; or (4) its
liquidity position weakens. Signs of an inability to refinance its
upcoming maturities would also pressure the ratings.

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

Hilong Holding Limited is an integrated oilfield equipment and
services provider. The company's four main businesses are (1)
oilfield equipment manufacturing and services, (2) line pipe
technology and services, (3) oilfield services, and (4) offshore
engineering services.

The company listed on the Hong Kong Stock Exchange in 2011. Jun
Zhang, the chairman and founder of the company, is the controlling
shareholder, with a 58.7% equity interest as of the end of 2019.

IDEANOMICS INC: Incurs $12.6 Million Net Loss in First Quarter
--------------------------------------------------------------
Ideanomics, Inc. reported a net loss of $12.62 million on $378,000
of total revenue for the three months ended March 31, 2020,
compared to net income of $19.91 million on $26.95 million of total
revenue for the three months ended March 31, 2019.

As of March 31, 2020, the Company had $114.94 million in total
assets, $61.06 million in total liabilities, $1.26 million in
series A Convertible redeemable preferred stock, $7.15 million in
redeemable non-controlling interest, and $45.47 million in total
equity.

As of March 31, 2020, the Company had cash of $5.9 million.

"While we were impacted through the Covid-19 lockdown in China
during Q1, we were able to push forward with developing our
pipeline and even processed some deliveries to show our systems and
procedures are ready to fulfill orders at scale. To have achieved
any deliveries in China during the first quarter is a testament to
the determination and tenacity of our teams on the ground," said
Alf Poor, CEO of Ideanomics. "We look forward to Q2 and beyond,
including an AGM in the summer of this year to showcase both the
MEG business and the formal ribbon-cutting on our new 1MM square
feet EV center in Qingdao."

In March 2019, the Company entered into an agreement with GTD
whereby the Company provided digital asset management services. The
revenue was recognized based on the progress of completion of
services. The Company recognized $26.6 million for the period ended
March 31, 2019 and the remaining $14.1 million was recognized in
the remainder of 2019.

In the first quarter of 2020, the Company is gradually ramping up
its business related to EVs and recognized $0.1 million revenue
from the sales of EVs. The EV revenues for the current quarter were
recorded on an Agency (Net) basis because the Company acted as an
agent rather than principal in these transactions.

Gross profit for the three months ended March 31, 2020 was $44,000,
as compared to gross profit in the amount of $26.7 million during
the same period in 2019. The gross profit ratio for the three
months ended March 31, 2020 was 12%, while in 2019, it was 99%. The
decrease was mainly due to: 1) digital asset management service
revenue recognized in 2019 has higher gross margin than the gross
margin in EVs; and 2) the negative gross margin from the Delaware
Board of Trade or DBOT business for the three months ended March
31, 2020 due to the business is still in development stage.

Operating expenses in Q1 were $9.5 million dollars versus $5.8
million in the prior year -- and increase of $3.7 million which was
largely driven by one-time non-operating charges as the Company
transitioned the business.

Operating expenses, excluding one-time charges in the fourth
quarter, declined from $14.2 million to $9.5 million in the first
quarter.

The loss from operations for the quarter ending March 31, 2020 was
$9.4 million compared a gain of $20.9 million in the first quarter
of 2019 and a loss of $13.6 million in the fourth quarter of 2019,
excluding one-time charges.

"Although the Company may attempt to raise funds by issuing debt or
equity instruments, in the future additional financing may not be
available to the Company on terms acceptable to the Company or at
all or such resources may not be received in a timely manner. If
the Company is unable to raise additional capital when required or
on acceptable terms, the Company may be required to scale back or
to discontinue certain operations, scale back or discontinue the
development of new business lines, reduce headcount, sell assets,
file for bankruptcy, reorganize, merge with another entity, or
cease operations.

"These conditions raise substantial doubt about the Company's
ability to continue as a going concern," Ideanomics said.

A full-text copy of the Quarterly Report is available for free at
the Securities and Exchange Commission's website at:

                       https://is.gd/qhW2Cw

                         About Ideanomics

Ideanomics -- http://www.ideanomics.com-- is a global company
focused on facilitating the adoption of commercial electric
vehicles and developing next generation financial services and
Fintech products. Its electric vehicle division, Mobile Energy
Global (MEG) provides financial services and incentives for
commercial fleet operators, including group purchasing discounts
and battery buy-back programs, in order to acquire large-scale
customers with energy needs which are monetized through pre-paid
electricity and EV charging offerings. Ideanomics Capital includes
DBOT ATS and Intelligenta which provide innovative financial
services solutions powered by AI and blockchain. MEG and Ideanomics
Capital provide our global customers and partners with better
efficiencies and technologies and greater access to global markets.
The company is headquartered in New York, NY, and has offices in
Beijing, China.

Ideanomics reported a net loss attributable to common stockholders
of $97.66 million for the year ended Dec. 31, 2019, compared to a
net loss attributable to common stockholders of $28.42 million for
the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had
$126.94 million in total assets, $66.95 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, and $58.73 million in total equity.

B F Borgers CPA PC, in Lakewood, Colorado, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 16, 2020 citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.

Ideanomics received a letter from the Listing Qualifications Staff
of The Nasdaq Stock Market LLC on Jan. 10, 2020, indicating that
the bid price for the Company's common stock for the last 30
consecutive business days had closed below the minimum $1.00 per
share required for continued listing under Nasdaq Listing Rule
5550(a)(2). Under Nasdaq Listing Rule 5810(c)(3)(A), the Company
has been granted a 180 calendar day grace period, or until July 8,
2020, to regain compliance with the minimum bid price requirement.



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

OCEAN PARK: Hong Kong Lawmakers Fail to Agree on HK$5.4BB Bailout
-----------------------------------------------------------------
South China Morning Post reports that Ocean Park's future remained
in limbo on May 19 as lawmakers struggled to agree over a HK$5.4
billion (US$696.6 million) bailout and blamed the Hong Kong
government for failing to come up with a credible rescue plan.

Legislators continued to express their reservations over the
proposed financial package for the struggling 43-year-old park
after a debate on May 15 ended without a vote, SCMP says.

Appealing for their support for the bailout, Secretary for Commerce
and Economic Development Edward Yau Tang-wah vowed to consider all
viable options to keep the home-grown park sustainable in the long
run, according to SCMP.

He said forming a partnership with neighboring areas to generate
income was one such option, along with allowing it to develop
property and attract other forms of investment through legal
amendments.

"Ocean Park needs to reposition itself. We're still adamant that
Ocean Park can survive on its own but it needs to overcome the
present financial crisis first," he told a Legislative Council
Finance Committee meeting, SCMP relays.

According to the report, the commerce minister said a
cross-departmental committee would come up with a way forward in
six months for the attraction, including its sources of financing,
operating models and structure.

"The park will focus on its strength -- conservation and education
-- while taking measures to cut cost and generate income," he
said.

Yau warned of the park's instant demise should lawmakers vote down
the bailout, saying without the funding it would run out of cash by
June, the report says.

SCMP says the livelihoods of 2,000 full-time workers and another
2,000 part-timers, as well as the welfare of 7,500 animals, would
be at stake, while construction of Tai Shue Wan Water World, to be
completed by the end of this year, and the top-end Fullerton Hotel
may also be put on hold.

The HK$5.4 billion cash injection is almost half of the HK$10.64
billion the government proposed in January as a longer-term
approach for rescuing the park, the report notes. The funding was
watered down following the collapse of the tourism industry caused
by the Covid-19 pandemic.

Ocean Park, situated on the southern side of Hong Kong Island, is
Hong Kong's premier educational theme park. The current park covers
more than 915,000 square metres of land and features a diverse
selection of world-class animal attractions, thrill rides and shows
divided between The Waterfront and The Summit. Operated by the
Ocean Park Corporation, a statutory board, it is a not-for-profit
organization that aims to provide elements of entertainment,
education and conservation at an affordable price.



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

BHOOMIDHAN STEEL: CRISIL Moves B+ Rating from Not Cooperating
-------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated the rating on the
bank facilities of Bhoomidhan Steel (BS) to 'CRISIL B+/Stable
Issuer Not Cooperating'. However, the management has subsequently
started sharing the requisite information for carrying out a
comprehensive review. Consequently, CRISIL is migrating the rating
from 'CRISIL B+/Stable Issuer Not Cooperating' to 'CRISIL
B+/Stable'.

                    Amount
   Facilities    (INR Crore)     Ratings
   ----------    -----------     -------
   Overdraft           7         CRISIL B+/Stable (Migrated from
                                 'CRISIL B+/Stable ISSUER NOT
                                 COOPERATING')

The rating reflects the firm's low operating margin and
below-average financial risk profile. These weakness are partially
offset by the promoters' decade-long experience in the steel
trading segment and satisfactory debt protection metrics.

Key Rating Drivers & Detailed Description

Weaknesses

* Low operating margins due to trading nature of its business:  BS
trades in steel and allied products. Intense competition and the
trading nature of business constrain the firm's operating
profitability.

* Below-average financial risk profile: Financial risk profile is
weak, with a gearing of 3.93 times and small networth of INR1.31
crore as on March 31, 2019. In absence of large debt funded capex
plans, gearing is expected improve over the medium term.

Strengths

* Extensive experience of the promoters:  Benefits from the
proprietor's experience of over a decade, his strong understanding
of local market dynamics, and healthy relations with customers and
suppliers should continue to support the business. The ability of
the firm to grow its operation and maintain profitability in the
backdrop of COVID 19 will remain a key monitorable.

* Satisfactory debt protection metrics:  Debt protection metrics
are satisfactory with interest coverage and net cash accrual to
total debt ratios of 1.65 and 0.03 time, respectively in FY19. In
absence of debt funded capex plans, it is expected improve over the
medium term.

Liquidity Poor
Liquidity profile is marked by, sufficient cushion in cash accruals
vs. no term debt obligations and moderate bank limit utilization of
around 80 percent for past 12 months ended December 2019.

Outlook: Stable

CRISIL believes BS will continue to benefit from the expertise of
the partners.

Rating Sensitivity Factors

Upward Factors

* Improvement in NCA to above INR1.00 crore

* Improvement in financial risk profile

Downward Factors

* Increase in TOL/ANW above 7 times
* Stretch in working capital cycle.

Set up at Palanpur, Gujarat, in 2016, BS in steel and allied
products. Mr Babu Kharada, Mr Paresh Kharada, Ms Jana Patel, Mr
Jayesh Patel and Mr Kalpesh Patel are the promoters.

FINECRETE ECO-BLOCKS: CRISIL Keeps D  Debt Rating in Not Coop.
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Finecrete Eco-Blocks
Private Limited (Finecrete) continues to be 'CRISIL D Issuer Not
Cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan           36       CRISIL D (ISSUER NOT COOPERATING)


CRISIL has been consistently following up with Finecrete for
obtaining information through letters and emails dated October 15,
2019 and April 11, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Finecrete, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Finecrete
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of Finecrete continues to be 'CRISIL D Issuer Not
Cooperating'.

Finecrete, incorporated in July 2013, has set up a manufacturing
unit of autoclaved aerated concrete (AAC) blocks, or fly ash
bricks. The company's facility is at Panipat, Haryana.

HARJIT SINGH: CRISIL Keeps C Rating on INR9cr Loan in Not Coop.
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Harjit Singh Dugal
(HSD) continues to be 'CRISIL C Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft              9         CRISIL C (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with HSD for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HSD, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HSD is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of HSD continues to be 'CRISIL C Issuer Not
Cooperating'.

HSD was established as a proprietorship firm by Mr Harjit Singh
Dugal in 2008. The firm undertakes real estate development in
Delhi.

HI-STYLE PRODUCTS: CRISIL Keeps B+ Debt Ratings in Not Coop.
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Hi-Style Products
(HISP) continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       .75       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit           4.00       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Foreign Letter        0.75       CRISIL A4 (ISSUER NOT
   of Credit                        COOPERATING)

   Proposed Long Term    1.50       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with HISP for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HISP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HISP is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of HISP continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

HISP, a Dindigul based proprietorship firm formed in 2005,
manufactures wooden furniture for home and office. Started by Mr. T
Mahendran, the firm's manufacturing facility is located in
Dindigul, Tamil Nadu.

JAINAM SILK: CRISIL Lowers Rating on INR10cr Loans to 'B+'
----------------------------------------------------------
CRISIL has revised the the ratings on bank facilities of Jainam
Silk Mills (JSM) to 'CRISIL B+/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     2         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with JSM for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of JSM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JSM is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of JSM Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

JSM was established in 1995 by six partners: Mr Ashwin Gada, Mr
Tarun Gada , Mr Virag Gada, Mr Jayantilal Gada, Mr Aman Gogri, and
Mr Jiten Gogri. The firm manufactures fabrics, used in shirting, at
its facility in Bhiwandi, Maharashtra.

JOSAN INDUSTRIES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Josan Industries (JI)
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            11        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Warehouse Financing     2.5      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with JI for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of JI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JI is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of JI continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Josan Rice Mills (JRM) and JI. This is
because the two firms, together referred to as the Josan group,
have common promoters and management, are in the same line of
business, and have considerable operational linkages.

                          About the Group

The Josan group, promoted by the Josan family of Jalalabad
(Punjab), processes rice and deals in varieties of basmati, such as
1121. In the non-basmati segment, it processes the PR 11 variety.

JRM, established in 1988, has a milling facility in Jalalabad, with
installed capacity of 4 tonnes per hour (tph). Operations are
managed by Mr.Hukam Chand and his nephew, Mr.Jashan Preet Josan.

JI was established in 1995. The facility, also based in Jalalabad,
has an installed milling capacity of 4 tph. Operations are managed
by three brothers of Mr Hukam Chand - Mr Harbhagwan Josan, Mr Raj
Kumar Josan, and Mr Surinder Kumar Josan.


K.B.R. MARINE: CRISIL Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of K.B.R. Marine Exports
(KBR) continues to be 'CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing         4         CRISIL A4 (ISSUER NOT
   Credit                           COOPERATING)

   Foreign Bill          11         CRISIL B-/Stable (ISSUER NOT
   Discounting                      COOPERATING)

CRISIL has been consistently following up with KBR for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KBR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KBR is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of KBR continues to be 'CRISIL B-/Stable/CRISIL A4
Issuer Not Cooperating'.

Set up in 2003 by Mr. Krisha Reddy, KBR is engaged in shrimp
exports from Andhra Pradesh.

K.D.K. ENTERPRISES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: K.D.K. Enterprises Private Limited

        Registered office:
        Unit No. 4, LGF
        Gallon Plaza, 3/31-34
        Shivalik Road
        Malviya Nagar
        New Delhi, South Delhi
        DL 110017
        IN

Insolvency Commencement Date: March 20, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: September 15, 2020
                               (180 days from commencement)

Insolvency professional: Naveen Kumar Jain

Interim Resolution
Professional:            Naveen Kumar Jain
                         2236, Sector 46
                         Gurugram 122001
                         E-mail: insolvencyprofessional@
                                 rediffmail.com

                            - and -

                         A2/223, U.G.F. Janakpuri
                         New Delhi 110058
                         E-mail: cirp.kdk@gmail.com

Last date for
submission of claims:    May 28, 2020


KASHMIRA TRADER: CRISIL Lowers Rating INR11cr Cash Loan to B+
-------------------------------------------------------------
CRISIL has revised the the ratings on bank facilities of Kashmira
Trader (KT) to 'CRISIL B+/Stable Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            11        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from  
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with KT for obtaining
information through letters and emails dated December 31, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KT is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of KT Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

Established as a partnership firm in 2005, KT is a distributor of
IMFL (Indian-Made Foreign Liquor) in Sangli, Kolhapur, Ratnagiri
and Sindhudurg districts of Maharashtra. The firm is promoted by Mr
Rajkumar Ahuja and Mr Sahajram Ahuja.

KESHAV COTTON: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Keshav Cotton
Corporation (KCC) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

   Term Loan              2.75      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KCC for obtaining
information through letters and emails dated November 30, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KCC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KCC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of KCC continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

KCC is a partnership firm located in Nagpur (Maharashtra). The firm
is promoted by Mr. Dilip Kumar Tayal, Mr. Nikunj Tayal and Mr.
Mahesh Khandelwal. Promoters have over 25 years of experience in
the cotton industry. The firm is engaged in cotton ginning and
pressing business.


KULDIP SONS: CRISIL Lowers Rating on INR11.4cr Cash Loan to B+
--------------------------------------------------------------
CRISIL has revised the the ratings on bank facilities of Kuldip
Sons Jewellers Private Limited (KSJPL) to 'CRISIL B+/Stable Issuer
Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           11.4       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with KSJPL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KSJPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KSJPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of KSJPL Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

KSJPL was originally set up as a partnership firm in 1989 by Mr
Ashok Verma and his brothers; the firm was reconstituted as a
private limited company in 1994. The company retails gold
jewellery, diamond ornaments, silver, precious stone items, and
branded watches. Currently, it has three showrooms: two in Ranchi
and one in Jamshedpur.


KUSHAL POLYSACKS: CRISIL Cuts Rating on INR10cr Cash Loan to B+
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Kushal
Polysacks Private Limited (KPPL) to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with KPPL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of KPPL Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

Incorporated in 1996, KPPL is IOCL's DCA for polymers in eastern
India. The company deals in polypropylene, polyvinyl chloride, and
polyethylene; it also executes dredging business.


KWALITEE FABS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kwalitee Fabs (KF)
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Packing Credit         7         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Working       0.5       CRISIL B+/Stable (ISSUER NOT
   Capital Facility                 COOPERATING)

CRISIL has been consistently following up with KF for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KF is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of KF continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Set up in 2002, Karur (Tamil Nadu)-based KF manufactures home
furnishings and home textiles items such as table cloth, mat,
napkin, kitchen towel, apron, cushion covers, curtains, hammocks,
bed covers, and bolsters among others. Mr R A Kamaraj, the
proprietor, manages the operations.


LOK RAJ SAINI: CRISIL Maintains D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Lok Raj Saini
Infra-Tech Private Limited (Lok Raj) continues to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        .55        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit         12.00        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Funded Interest      3.58        CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

   Working Capital      9.87        CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

CRISIL has been consistently following up with Lok Raj for
obtaining information through letters and emails dated October 15,
2019 and April 11, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Lok Raj, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Lok Raj is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of Lok Raj continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

Set up as a proprietorship concern by Mr Lokraj Saini in 1987, it
was reconstituted as a partnership firm in April 2008 and a private
limited company in 2010. The company undertakes construction of
roads, bridges and other infrastructure development projects,
mainly in Himachal Pradesh (HP), mainly for government departments
like H.P. Public Works Department.

LORD BUDDHA: CRISIL Keeps D INR30cr Debt Rating in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Lord Buddha
Educational Society (LBES) continues to be 'CRISIL D Issuer Not
Cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan          30        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with LBES for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of LBES, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LBES is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of LBES continues to be 'CRISIL D Issuer Not
Cooperating'.

Set up in 2010, LBES currently runs the Raipur Institute of Medical
Sciences. It is also setting up a medical college attached to the
hospital. Operations are managed by Mr Dalip Kumar.

LUKER ELECTRIC: CRISIL Lowers Rating on INR14.65cr Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Luker Electric
Technologies Private Limited (LETPL) to 'CRISIL B+/Stable Issuer
Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           14.65      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan         0.80      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    14.55      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with LETPL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of LETPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LETPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of LETPL Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

Incorporated in 2015 and promoted by Mr. Jothish Kumar, LETPL
manufactures LED lights and pedestal fans under the Luker brand.

M G OILS: CRISIL Lowers Rating on INR9.19cr Term Loan to B+
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of M G Oils (MGO)
to 'CRISIL B+/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.4        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan             9.19       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with MGO for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MGO, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MGO is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of MGO Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

MGO, set up in September 2013, by Mr Sunil Bansal and his family
members, refines and sells soya oil, palm oil and cotton seed oil.
The firm, based in Khandwa, Madhya Pradesh, commenced commercial
operations from February 2015.

MAKKAR TEXTILE: CRISIL Lowers Rating on INR3.5cr Loan to B+
-----------------------------------------------------------
CRISIL has revised the the ratings on bank facilities of Makkar
Textile (MT) to 'CRISIL B+/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan        3.2        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')
   Proposed Long Term
   Bank Loan Facility    4.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with MT for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MT is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of MT Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

MT was set up in 1989 as a proprietorship firm by Mr Makkar The
firm manufactures shawls from acrylic, viscose, and polyester yarn;
it currently has a capacity of 15,000 pieces per day at its unit in
Ludhiana, Punjab.

MALABAR HIGHVIEW: CRISIL Keeps B+ INR5cr Debt Rating in Not Coop.
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Malabar Highview
Builders Private Limited (MHBPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              5         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MHBPL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MHBPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MHBPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of MHBPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Incorporated in 2006, MHBPL is a Calicut (Kerala) based residential
real estate developer. MHBPL is a part of the Calicut based Malabar
group which has presence in the jewellery and real estate segment.
MHBPL is 95 per cent held by Malabar Developers Pvt Ltd (MDPL)
which is the flagship company of the real estate arm of the Malabar
group.

MANAV ENERGY: CRISIL Lowers Rating on INR10cr Cash Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Manav Energy
And Steel Private Limited (MESPL; previously known as Rampuria
Steel Private Limited) to 'CRISIL B+/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with MESPL for obtaining
information through letters and emails dated December 31, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MESPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MESPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of MESPL Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

Promoted by Mr Jitendra Rampuria and Mr Rajesh Rampuria, RSPL was
incorporated in April 2013 to take over the business of Rija Steel
& Power Pvt Ltd, which was set up in 2005 and promoted by Mr Amit
Tiwari. RSPL manufactures angles, channels, round bars, and square
bars. Its manufacturing facilities are at Urla Industrial Area in
Raipur.

MEGAMILES BEARING: CRISIL Keeps C INR5cr Debt Rating in Not Coop.
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Megamiles Bearing
Cups Private Limited (MBCPL) continues to be 'CRISIL C/CRISIL A4
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL C (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       1.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MBCPL for obtaining
information through letters and emails dated November 30, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MBCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MBCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of MBCPL continues to be 'CRISIL C/CRISIL A4 Issuer Not
Cooperating'.

MBCPL, incorporated in 1990, is promoted by Mr. Y.S. Mahadev, Mr.
S. Rudra Prasad, and Mr. B.S. Divakar. It is engaged in
manufacturing cold forged and CNC machined components for
automotive applications.

MENACHERRY INDUSTRIES: CRISIL Cuts Rating on INR17cr Loan to B+
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Menacherry
Industries (MI) to 'CRISIL B+/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           17         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with MI for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MI is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of MI Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

MI, a sole proprietorship firm set up in 1980, trades in diverse
iron and steel products such as metal sheets, mild steel material,
metal nails, copper wires, corrugated roofing sheets, cement, and
welding rods. The firm derives a small part of revenue from
manufacture of gases for industrial and medical applications. Its
daily operations are managed by its proprietor, Mr Mathachan M J.


MERGE STONES: CRISIL Keeps 'B' Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Merge Stones (MS)
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Letter          2        CRISIL B/Stable (ISSUER NOT
   of Credit                        COOPERATING)

   Proposed Long Term      3        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Secured Overdraft       5        CRISIL B/Stable (ISSUER NOT
   Facility                         COOPERATING)

CRISIL has been consistently following up with MS for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MS is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of MS continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

Established in 2015 and promoted by Mr Vamshi Ram Krishna and Mr.
Krishna, MS trades in marble slabs.

MOHAN TRACTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mohan Tractors
Private Limited (MTPL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Channel Financing      23.5      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MTPL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MTPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of MTPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

MTPL was originally set up in 1978 by Mr Jagmohan Mittal as a
partnership frim; it was reconstituted as a private limited company
in 1991. The company is currently managed by Mr Gopal Mittal, son
of Mr Jagmohan Mittal. It is an authorised dealer for ALL (light,
medium, and heavy commercial vehicles) in Haryana and New Delhi. In
addition, it is a dealer for JCB and EML (trucks). MTPL started the
logistics business in February 2011, wherein it transports vehicles
for manufactures such as Maruti Suzuki India Ltd , Mahindra &
Mahindra Ltd , and Toyota Motor Corporation.

MULPURI FISHERIES: CRISIL Keeps B INR102cr Debt Rating in Not Coop.
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mulpuri Fisheries
Private Limited (MFPL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           102        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MFPL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MFPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of MFPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of MFPL, Mulpuri Foods and Feeds Pvt Ltd
(MFFPL), Mulpuri Poultries (MP), and Sri Venkateswara Poultry Farm
(SVPF). This is because all these entities, together referred as
the Mulpuri group, have a common management, and significant
intra-group operational and financial linkages. Furthermore, there
are cross corporate guarantees extended to each other.

The Mulpuri group was set up by Mr. Lakshmana Swamy who has more
than three decades of experience in the poultry industry. The group
is based in Vijayawada, Andhra Pradesh.

MULPURI POULTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mulpuri Poultries
(MP; part of the Mulpuri group) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            15        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         13.11     CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MP for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MP is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of MP continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of MP, Mulpuri Foods and Feeds Pvt Ltd
(MFFPL), Mulpuri Fisheries Pvt Ltd (MFPL), and Sri Venkateswara
Poultry Farm (SVPF), together referred as the Mulpuri group. This
is because all these entities, together referred as the Mulpuri
group, have a common management, and significant intra-group
operational and financial linkages. Furthermore, there are cross
corporate guarantees extended to each other.

The Mulpuri group was set up by Mr. Lakshmana Swamy who has more
than three decades of experience in the poultry industry. The group
is based in Vijayawada, Andhra Pradesh.

SVPF, established in1992, and MP, established in 2003, sell
hatching eggs. MFFPL, incorporated in 2009, manufactures floating
fish feed and poultry feed. MFPL, was incorporated in 2009, breeds
Pangasius and Indian carp fish.

MY BIKE: CRISIL Keeps D INR6cr Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of MY Bike (MB)
continues to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MB for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MB is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of MB continues to be 'CRISIL D Issuer Not
Cooperating'.

MB was established as a partnership firm in 2008 by Mr. Saurabh
Garg and his cousin, Mr. Vijay Garg. The firm is an authorised
dealer for all two wheelers of Hero MotoCorp Ltd (HMCL) in Bhopal
(Madhya Pradesh), where it has two showrooms and three workshops.
The firm also deals in spare parts for HMCL vehicles.

MY CAR: CRISIL Maintains 'D' Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of MY Car (Bhopal)
Private Limited (MCBPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            35        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Inventory Funding      25        CRISIL D (ISSUER NOT  
   Facility                         COOPERATING)

   Proposed Long Term     10        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with MCBPL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MCBPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MCBPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of MCBPL continues to be 'CRISIL D Issuer Not
Cooperating'.

MCBPL was set up in 2003 by Mr. Saurabh Garg. The company, an
authorised dealer of MSIL, operates four showrooms in MP of which
two are in Bhopal. MCBPL also deals in MSIL's spare parts.

MY EQUIPMENTS: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of My Equipments Private
Limited (MEPL) continues to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Inventory              13        CRISIL D (ISSUER NOT
   Funding                          COOPERATING)
   Facility               
                                    
   Term Loan               1        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MEPL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of MEPL continues to be 'CRISIL D Issuer Not
Cooperating'.

MEPL was incorporated in June 2012, promoted by Mr. Saurabh Garg
and his family members. The company is an authorized dealer for
heavy earth-moving equipment of JCB in 11 districts of Madhya
Pradesh. MEPL has five outlets across these districts.

R.P. INFRAVENTURE: CRISIL Cuts Rating on INR10cr Loan to B+
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of R.P.
Infraventure Private Limited (RIPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         40        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')
   
   Cash Credit            10        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with RIPL for obtaining
information through letters and emails dated November 30, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of RIPL revised to 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

RPIPL was incorporated in 2013; its operations are managed by its
director, Mr Dinesh Rathore. The company undertakes civil
construction works primarily in Uttar Pradesh and Uttarakhand. It
is engaged in laying of roads and construction of bridges.

RAJAM SNACKS: CRISIL Lowers Rating on INR4.5cr Cash Loan to B+
--------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Rajam Snacks
(RS) to 'CRISIL B+/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     1.6       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              1.9       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with INRfor obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on INRis consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of INRRevised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

RS, formed in 2003 as a proprietorship firm, manufactures snacks
and bakery products under the Rajam Snacks brand. The firm is
promoted by Mr Stephen Nadar.

RAMJI ACRO: CRISIL Lowers Rating on INR10cr Cash Loan to B+
-----------------------------------------------------------
CRISIL has revised the the ratings on bank facilities of Ramji Acro
Limited (RAL) to 'CRISIL B+/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      1        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan               9        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with RAL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RAL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RAL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of RAL Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

RAL, incorporated in 2002 and based in Ludhiana. Punjab, is
promoted by Mr Vishal Gupta and his family members. The company
primarily manufactures acrylic yarn under its own brand Mai Baap.

RMJ MODERN: CRISIL Lowers Rating on INR10.5cr Cash Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of RMJ Modern
Rice Mill (RMJ) to 'CRISIL B+/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10.50      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Standby Line           .50       CRISIL B+/Stable (ISSUER NOT
   of Credit             1          COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with RMJ for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RMJ, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RMJ is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of RMJ Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

Set up in 2006, Madurai-based RMJ is a partnership firm that
processes and sells non-basmati rice. Mr J Thangapandi, Mr Sundara
Pandian and Ms Udaya Banu are the partners.

VEESONS ENERGY: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Veesons Energy
Systems Private Limited (Veesons) continues to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         14        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            36        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       16.5      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      3.83     CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              30.23     CRISIL D (ISSUER NOT
                                    COOPERATING)

   Working Capital
   Term Loan               8.00     CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Veesons for
obtaining information through letters and emails dated October 15,
2019 and April 11, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Veesons, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Veesons is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of Veesons continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

Veesons commenced operations as a partnership firm in 1981 and was
reconstituted as a private limited company in 1994. The company
manufactures boilers and boiler components, besides undertaking
erection, procurement, and commissioning contracts to set up
boilers. Other services include conversion, modification, and
renovation of existing boilers.

WORLDFA EXPORTS: CRISIL Lowers Rating on INR0.4 LT Loan to B+
-------------------------------------------------------------
CRISIL has revised the the ratings on bank facilities of Worldfa
Exports Private Limited (Worldfa; part of the Worldfa group) to
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL
BB/Stable/CRISIL A4+ Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         .5        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Foreign Exchange      11.25      CRISIL A4 (ISSUER NOT
   Forward                          COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Letter of Credit       1         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Long Term Loan         0.4       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Packing Credit        40.8       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Post Shipment         20         CRISIL A4 (ISSUER NOT
   Credit                           COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     0.05      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')


CRISIL has been consistently following up with Worldfa for
obtaining information through letters and emails dated October 15,
2019 and April 11, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Worldfa, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Worldfa is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of Worldfa revised to 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Worldfa, INOX World Industries Pvt Ltd
(Inox), and Trishul Exotic Pvt Ltd (Trishul). This is because the
three companies, collectively referred to as the Worldfa group, are
promoted by the same family, and have a common management team, in
addition to operational and business synergies.

The Worldfa group, promoted by brothers, Mr. Pramod Kumar Gupta and
Mr. Ram Babu Gupta and their wives, manufactures stainless steel
(SS) products, including utensils and bathroom accessories.

Worldfa was set up in 1986 as a proprietorship firm and in 2004,
was converted to a private limited company. Mr. Pramod Kumar Gupta
and Mrs. Kalpana Gupta, wife of Mr. Ram Babu Gupta are the
directors in the company. The company derives its revenue entirely
from sale of SS products to USA, Europe, and the Middle East.

Trishul was set up in 1986 as a proprietorship firm and in 2003,
was converted to a private limited company. Mr. Ram Babu Gupta and
Mrs. Nirmal Gupta, wife of Mr. Pramod Kumar Gupta are the
directors.

INOX was set up in 2012 by Mr. Ram Babu Gupta and Mr Pramod Gupta.
It started commercial operations in 2015 and is in the same line of
business as its group companies.



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

ABM INVESTAMA: Moody's Affirms B1 CFR, Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating of ABM Investama Tbk (P.T.) and the B1 rating on its $350
million senior unsecured notes due 2022.

At the same time, Moody's has revised the outlook on these ratings
to negative from stable.

RATINGS RATIONALE

"The change in ABM's outlook to negative from stable reflects our
expectation that its credit metrics will deteriorate over the next
12 months, amid a challenging operating environment including weak
thermal coal prices," says Maisam Hasnain, a Moody's Assistant Vice
President and Analyst.

"At the same time, the affirmation of ABM's B1 ratings reflects (1)
its integrated operations, which support its operating performance
through cost synergies; and (2) its adequate liquidity with no
material near-term debt maturities," adds Hasnain, who is also
Moody's Lead Analyst for ABM.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented.

More specifically, ABM is exposed to weak thermal coal prices,
which are likely to remain low over the next 12 months as the
coronavirus-led economic downturn reduces demand for thermal coal.

Moody's regards the coronavirus outbreak as a social risk under its
environmental, social and governance (ESG) framework, given the
substantial implications for public health and safety. The action
reflects the impact on ABM of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

Based on its medium-term price assumptions for Newcastle thermal
coal of $60-$65 per ton, Moody's estimates that, as a result of
weak earnings and cash flow, ABM will maintain adjusted
EBIT/interest of around 1.3x and adjusted (CFO-dividends)/debt of
around 17% over the next 12-18 months. This would be in breach of
the downward rating triggers for its B1 ratings of 2.0x and 20%
respectively.

The earnings contraction will primarily be driven by lower earnings
at its wholly owned mining subsidiary, PT Reswara Minergi Hartama,
due to lower coal prices. Reswara, with three operating mines, is
the largest earnings contributor, accounting for around half of
ABM's reported revenue in 2019.

Reswara's coal is produced predominantly through PT Mifa Bersaudara
(MIFA) which produced 7.1 million tons in 2019. ABM is increasing
production at its MIFA mine to compensate for the declining
production at its PT Tunas Inti Abadi (TIA) mine, which produced
four million tons in 2019 and will likely run out of coal reserves
by 2022.

However, MIFA has a short track record of ramping up volumes, which
will lead to execution risk. Also, MIFA's coal has lower calorific
value than TIA's and is sold predominantly to India. Thus, any
material reduction in Indian coal imports will reduce MIFA's coal
sales.

In light of weak coal prices and slowing economic growth, the
downside risk to ABM's credit metrics worsening beyond Moody's
current expectations is elevated, particularly if ABM's sales
volume declines this year, or if coal prices remain low for a
prolonged period.

There is also uncertainty over the financial health of the external
customers for ABM's mining services business, operated by its
subsidiary PT Cipta Kridatama (CK). Most of these customers are
private companies with limited public information, and their
ability to maintain profitable operations amid weak coal prices is
relatively untested.

ABM has sufficient liquidity to meet its cash needs for the next
12-18 months, with no significant debt maturities until August
2022, when its $350 million bond comes due. Moody's expects ABM to
refinance its bond well ahead of maturity date. A material
reduction in its cash balance of around $102 million as of December
31, 2019 would likely lead to a downgrade.

The rating also considers ABM's exposure to ESG risks as follows.

First, ABM faces elevated environmental risks associated with the
coal mining industry, including carbon transition risk as countries
seek to reduce their reliance on coal power. A reduction in global
demand for thermal coal may weaken prices and hurt ABM's credit
metrics, given that around 72% of the company's revenue was
generated from coal mining and mining contracting in 2019.

Second, ABM is also exposed to social risks associated with the
coal mining industry, including health and safety. The company has
implemented processes to ensure occupational safety and conducts
safety training and health checks for its employees. The company
also engages with and supports the local communities where its
mines are located.

With respect to governance, ABM's ownership is concentrated in the
Hamami family, which held an approximate 79% stake in ABM in 2019,
and has provided operational and financial support to ABM in the
past. Although ABM's $60 million minority investment in the
promoter-owned mining company PT Multi Harapan Utama in 2019 was a
related-party transaction, it obtained a fairness opinion and
sought bondholders' consent to complete the investment.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade of ABM's ratings is unlikely over the next 12-18 months,
given the negative outlook.

The outlook could return to stable if ABM improves its credit
metrics on a sustained basis, and maintains sufficient liquidity to
cover its cash needs over the next 12-18 months.

Specific indicators that Moody's would consider for a change in
outlook to stable include adjusted debt/EBITDA below 4.0x, adjusted
EBIT/interest above 2.0x, and adjusted (CFO - dividends)/debt above
20%, all on a sustained basis.

Moody's could downgrade the ratings if (1) ABM fails to improve its
consolidated earnings and cash flow; (2) it fails to extend its
mine life in the near term or increase its coal production volume,
or both; (3) its liquidity weakens; or (4) there is evidence of
cash leakage to its unrestricted power subsidiary, PT Anzara
Janitra Nusantara (AJN).

Specific indicators that Moody's would consider for a downgrade
include adjusted debt/EBITDA above 4.0x, adjusted EBIT/interest
below 2.0x, and adjusted (CFO - dividends)/debt below 20%.

The principal methodology used in these ratings was Mining
published in September 2018.

Listed on the Indonesian Stock Exchange since 2011, ABM Investama
Tbk (P.T.) is an integrated energy company with investments in coal
mining, mining services, engineering and logistics, and power
generation.

The Hamami family controls 79% of ABM through PT Tiara Marga
Trakindo (23%) and Valle Verde PTE LTD (56%). The remaining shares
are held by the public.

ASURANSI JIWA: Prepares Scheme to Pay Policyholders
---------------------------------------------------
The Jakarta Post reports that PT Asuransi Jiwa Kresna (Kresna Life
Insurance) is preparing a scheme to pay out its policyholders, as
the company reels from the impact of COVID-19 on its finances.

According to the report, the company announced on May 14 that it
would postpone insurance claim and benefit payments for Kresna Link
Investa (K-LITA) and Protecto Investa Kresna (PIK) policyholders,
citing force majeure as its reason.

The Jakarta Post relates that the details of the scheme will be
disclosed to its policyholders as late as 30 days from the date of
the notification letter issuance on May 14, Kresna Life announced
in a statement on May 18.

"The policyholders' interest is our main priority. Therefore, we
will continue to try our best to settle it in good faith by
prioritizing our obligations to all policyholders," the report
quotes president director Kurniadi Sastrawinata as saying in the
statement.

The insurer also asked policyholders for understanding, as it
claimed the economic impacts of the COVID-19 pandemic were behind
its failure to pay their policies, the report relays.

The economic and stock market crises caused by the pandemic have
reportedly affected the insurer's liquidity for its underlying
investments, which led to it delaying and halting its policy
payments temporarily, according to its notification letter.

According to The Jakarta Post, the delay applies to the payout for
maturing policies from Feb. 11, 2020, to Feb. 10, 2021, as well as
investment benefit payment claims due between May 14, 2020, and
Feb. 10, 2021.

"The adjustment to the amount of policy and investment benefits,
along with the payment procedure, will be conducted after Feb. 11,
2021," it stated.

However, Kresna Life is not alone, as other insurers have
encountered similar troubles, the report states.

Previously, ailing life insurer Asuransi Jiwa Bersama (AJB)
Bumiputera was said to have been facing difficulties paying its
policyholders' claims following turmoil within the insurer's
organization since 2016, according to The Jakarta Post.

State-owned insurer PT Asuransi Jiwasraya has also been in the
spotlight following its failure to pay its customers' matured
policies worth IDR16 trillion (US$1.07 billion) due to investment
mismanagement.

On Jan. 24, the AGO ordered the suspension of 800 securities
accounts related to Jiwasraya as part of its ongoing investigation
to uncover alleged corruption at the ailing insurer, the report
recalls. The move led to privately-owned life insurer PT Asuransi
Jiwa Adisarana Wanaartha (WanaArtha Life) suffering from liquidity
problems.

Jiwasraya is in dire need of a lifeline after audits revealed
violations of investment guidelines, leading to the insurer
reporting a negative equity of IDR27.2 trillion ($2 billion),
according to Bloomberg News. The crisis, stemming from alleged
product mispricing, reckless investment activities, aggressive
window dressing and liquidity pressure has hurt its more than 7
million clients, Bloomberg said.

PT Asuransi Jiwa Kresna operates as an insurance company. The
Company provides individual and corporate insurance, as well as
manages pension fund. Asuransi Jiwa Kresna offers personal
accident, hospital income, and term life products with cash back
facilities. Asuransi Jiwa Kresna serves customers in Indonesia.

BARITO PACIFIC: Fitch Affirms B+ LT IDR, Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based PT Barito Pacific Tbk's
Long-Term Issuer Default Rating (IDR) of 'B+'. The Outlook is
Stable.

The affirmation reflects its expectation that Barito's consolidated
financial profile will improve in 2021 to be in line with its
current rating after weakening in 2020. Fitch expects Barito's
consolidated financial profile to weaken in 2020, mainly due to
weaker earnings of its subsidiary PT Chandra Asri Petrochemical Tbk
(CAP, BB-/Stable), which will stem from lower petrochemical spreads
and the reduction in its volume assumptions to take into account
the impact of the coronavirus pandemic. However, Fitch expects net
leverage to fall to 3.1x in 2021, below Fitch's negative rating
trigger of 4.0x.

Barito is a holding company that relies on cash upstreaming from
its subsidiaries CAP and Star Energy Group Holdings Pte Limited.
Weaker earnings by CAP in 2020 and hence a lower dividend payout
will affect Barito's interest coverage. However, Fitch expects
Barito's shareholders to exercise their share of warrants, which
are currently in the money and will inject about USD100 million to
improve its financial flexibility. Fitch believes that CAP will
also support Barito's liquidity needs through higher dividends, if
required. Fitch expects Barito's interest coverage to improve above
1.5x by 2022, supported by proceeds from the warrants and expected
increase in dividends from CAP as its earnings recover.

Barito's rating benefits from its diversification across the
petrochemical and energy sectors, its leading market position as
Indonesia's largest petrochemical producer and strong record in
geothermal operations, with long-term contracts driving stable
revenue. The ratings also reflect Barito group's moderate
consolidated financial profile, fractured shareholding in key
operational subsidiaries and modest debt at the holding company.

KEY RATING DRIVERS

Fractured Shareholding; Structural Subordination: Barito's access
to the cash flows of CAP and Star are limited by its shareholding
structure. Barito effectively holds 46% of CAP and, through its 67%
holding of Star, effectively owns 35%-40% of Star's operating
assets. The shareholding results in significant leakages of
dividends to minorities and leads to structural subordination. As
such, Fitch rates Barito one notch below the group's consolidated
credit profile.

Lower Interest Coverage: Fitch estimates the holding company's
EBITDA interest coverage will remain at well below 1x in 2020 (0.7x
in 2019) because Fitch expects dividends from CAP to decrease.
However, Fitch expects Barito to receive proceeds from the exercise
of warrants by shareholders, which the company plans to use to fund
its share of investment in PT Indo Raya Tenaga, a thermal power
plant, and to cut net debt. This should help improve Barito's
interest coverage. If Barito fails to raise funds through the
warrants, Fitch expects CAP to provide liquidity via higher
dividends so that Barito can service its debt obligations.

Diversified Businesses: Barito has investments in petrochemicals
through CAP and in power generation through Star, the largest
Indonesian geothermal energy producer. Fitch expects Barito to
continue to benefit from CAP's dividends, which could be volatile,
and modest-but-improving dividends from Star.

Pressure on CAP's Margin: CAP's EBITDA margins narrowed to 9.3% in
2019 from 15.6% in 2018 as product spreads fell. Fitch expects
spreads to stay low for most petrochemical products as demand
decreases amid the coronavirus pandemic and supply rises on global
capacity additions. Fitch expects CAP's EBITDA margin to improve
slightly to 10.6% in 2020 mainly driven by an increase in the
proportion of higher-margin polyolefins in the sales mix.

CAP's margins are likely to be under less pressure than peers' as
it has flexibility to vary its products, diversified suppliers and
long-term customer relationships. Its association with SCG
Chemicals Company Limited, which owns 31% of CAP, helps its
feedstock procurement.

Lower Petrochemical Volumes: Fitch expects muted demand in 2020 to
affect the CAP's capacity utilisation rate. Fitch cuts its forecast
for CAP's total sales volumes to 2,468 kilotonnes (KT) from 2,737
KT previously. The company has not had any material plant shutdown
in the year to date and has not reduced its utilisation levels. CAP
benefits from its status as a Vital National Object, which exempts
it from the Indonesian government's large-scale social-distancing
measures in response to the coronavirus. Should the downturn be
protracted, Fitch expects Indonesia to first trim imports of
petrochemical products, which account for about half of the
country's requirements.

Modest Consolidated Profile: Fitch expects CAP's lower EBITDA to
affect Barito's consolidated financial profile, with consolidated
FFO net leverage rising to 4.2x in 2020 (2019: 3.1x). However, the
profile should improve in 2021, as CAP's sales volumes increase
along with improvement in petrochemical products spreads. Fitch
expects CAP's financial profile to stay strong, with FFO adjusted
net leverage below 1.5x over the next two to three years, after
weakening to 1.7x in 2020 (2019: 0.8x). Fitch expects Star's
financial performance to be stable.

Stable Geothermal Operation: Star's established operations and its
long-term contracts - which have residual terms of 20 years or more
- with state power utility PT Perusahaan Listrik Negara (Persero)
(PLN; BBB/Stable) result in stable revenue and cash flows,
enhancing Barito's consolidated credit profile. Star's operations
benefit from high availability, inherently low operating costs, and
the long operating history of its assets.

Flexible Capex: CAP planned to invest about USD330 million of its
USD430 million capex budget for 2020 on its second petrochemical
complex (CAP2). However, CAP expects to delay the final investment
decision (FID) for CAP2 to 2021. This will push back much of the
investment for the project. Total investment costs for CAP2 are
expected to be around USD5 billion, but Fitch has only factored in
pre-FID capex - primarily land-acquisition costs - in its analysis
as the ownership and funding structure for this project are yet to
be finalised.

Barito will invest in Indo Raya Tenaga, a 2GW greenfield Indonesian
coal-fired power project in which it has a 49% stake. Fitch only
factors in a cash outflow of USD68 million in 2020 by Barito, after
it made a USD107 million investment in 2019, because the
project-finance debt usually taken on such projects typically do
not have recourse to the parent.

DERIVATION SUMMARY

Barito's business profile is stronger and more diversified than
that of CAP. However, its weaker financial profile on account of
structural subordination, with limited access to cash flow at its
operating subsidiaries, results in its rating being one notch
lower.

In comparison, Golden Energy and Resources Limited (GEAR;
B+/Stable) is rated at the same level as its 67%-owned coal
subsidiary, PT Golden Energy Mines Tbk (GEMS; B+/Stable),
reflecting the absence of material debt at GEMS and GEAR's stronger
access to its subsidiary's cash flow, given GEMS' policy of high
dividend payouts. GEAR's financial profile is stronger than that of
Barito, although Barito's earnings are more diversified than those
of GEAR.

KEY ASSUMPTIONS

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

  - Product spreads of key petrochemical products to weaken
modestly in 2020 and improve gradually thereafter

  - CAP to have dividend payout ratio of 40%

  - Barito raises USD100 million from its shareholders through
exercise of warrants in 2020

  - Capex of around USD850 million over the next three years, of
which around USD550 million will be incurred by CAP

  - Star's units operating at an average availability rate of
around 94%

  - Star's tariffs in line with PLN's long-term contracts

  - Star to have capex of around USD385 million over the next five
years

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  - Fitch does not expect an upgrade in the medium term, as Fitch
does not foresee an improvement in Barito's consolidated financial
profile given the large investment plans. Positive rating action is
contingent on the improved credit profiles of key investments,
particularly CAP, and maintenance of a better liquidity profile at
Barito.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Weakening of Barito's holding company EBITDA interest coverage
ratio to below 1.5x for a sustained period (2019: 0.7x). EBITDA
includes dividends from CAP and Star and EBITDA from the real
estate business. Interest includes debt at the fully owned
subsidiaries.

  - Deterioration in Barito's consolidated credit profile, with
consolidated FFO net leverage exceeding 4.0x for a sustained
period.

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: Fitch expects Barito to manage its capex and
debt servicing requirements by raising funds in the form of debt or
equity. Barito's cash of about USD25 million at end-2019 would not
be sufficient to cover its expected negative free cash flows of USD
102 million and scheduled debt repayment of USD50 million in 2020.
Fitch expects Barito to raise USD100 million in 2020 via the share
warrants, which should help its liquidity and lower its net debt.

In addition, Bario raised USD25 million in March 2020 from the
issuance of onshore bonds and plans to raise a similar amount later
this year to meet its scheduled debt repayment of USD50 million in
December 2020. Barito's liquidity is assisted by its ability to
raise funds due to sound access to banks and record of tapping the
onshore debt and equity markets.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).

CHANDRA ASRI: Fitch Affirms BB- LT IDR, Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed PT Chandra Asri Petrochemical Tbk's
(CAP) Long-Term Issuer Default Rating (IDR) at 'BB-'. The Outlook
is Stable. The agency also affirmed CAP's senior unsecured US
dollar bond at 'BB-'.

CAP's ratings reflect its moderate linkages with its dominant 46%
shareholder, PT Barito Pacific Tbk (B+/Stable). Consequently, Fitch
rates CAP based on the consolidated credit profile of Barito, based
on its Parent and Subsidiary Rating Linkage criteria. Fitch expects
Barito's consolidated financial profile to weaken in 2020 with
consolidated funds from operations (FFO) net leverage rising to
around 4.2x (2019: 3.1x) on weaker CAP earnings due to lower
petchem price and volume assumptions. However, the profile should
improve as Fitch expects net leverage in 2021 to come down to 3.1x
- below Fitch's negative rating trigger of 4.0x - as CAP's earnings
improve.

Fitch continues to assess CAP's Standalone Credit Profile (SCP) at
'bb-', reflecting its leading market position, integrated
operation, diverse product offering and strong financial profile.
The SCP is constrained by CAP's asset-concentration risk and
limited operating scale, compared with global chemical peers, and
the cyclical nature of the petrochemical industry. CAP also has
financial flexibility on capex for its second petrochemical complex
(CAP2) project. Fitch expects a final investment decision (FID) on
the CAP2 project to be taken in early to mid-2021 - Fitch
previously expected end-2020.

KEY RATING DRIVERS

Leading Market Position; Integrated Operations: CAP's SCP benefits
from its leading market position as Indonesia's largest
petrochemical producer, accounting for about 35% of the country's
olefin and polymer production capacity. Its market position is also
aided by better-integrated operations than those of domestic peers
as well as a diverse product offering and customer base. This,
together with its plant being located close to key customers with
pipeline connectivity to some, will continue to support higher
realisations and profitability.

Pressure on Spreads: Average product spreads fell in 2019,
resulting in CAP's EBITDA margin falling to 9.3% from 15.6% in
2018. Fitch expects spreads to stay low for most petrochemical
products affected by demand reduction amid the coronavirus
pandemic, as well as supply concerns from global capacity
additions. Fitch expects a marginal improvement in CAP's EBITDA
margin to 10.6% in 2020, mainly as a result of an increase in the
proportion of higher-margin polyolefins in the sales mix. Fitch
expects CAP to face less pressure than domestic peers due to
flexibility in varying its products, diversified suppliers and
long-term customer relationships. Its association with 31%
shareholder SCG Chemicals Company Limited also helps its feedstock
procurement.

Temporary Decline in Volumes: Fitch expects the muted demand
environment in 2020 to affect the full utilisation of CAP's
enhanced capacities. Fitch cuts its forecast for CAP's total sales
volumes to 2,468 kilotonnes (kt) from 2,737kt previously. The
company has not had any material plant shutdown in the year to date
and has not reduced its utilisation levels. CAP is exempt from the
Indonesian government's large-scale social-distancing measures in
response to the coronavirus due to its status as a vital national
object. In addition, the impact of lower demand in the event of a
protracted economic downturn is likely to hit imports first, as
Indonesia imports more than 50% of its petrochemical product
requirements.

Moderate Linkages with Parent: Fitch rates CAP on the consolidated
credit profile of Barito group, which benefits from a diversified
presence across the petrochemical and energy businesses. In
addition to 46% stake in CAP, Barito owns about 35% to 40% of the
operating assets of Star Energy Group Holdings Pte Ltd., which has
established operations and long-term contracts with state power
utility PT Perusahaan Listrik Negara (Persero) (PLN, BBB/Stable),
resulting in stable revenue and cash flow. Star Energy's inherently
low operating costs, long operating history and cash flow
visibility enhance Barito's consolidated credit profile.

Modest Consolidated Profile: Fitch expects CAP's lower EBITDA
generation to affect Barito's consolidated financial profile, with
consolidated FFO net leverage rising to around 4.2x in 2020.
However, the profile should improve in 2021, as CAP's sale volumes
increase along with marginal improvement in petrochemical product
spreads. Fitch expects CAP's financial profile to stay strong, with
FFO adjusted net leverage below 1.5x over the next two to three
years after weakening to 1.7x in 2020 (2019: 0.8x).

Flexible Capex: CAP planned to invest about USD330 million in 2020
on CAP2, out of a total USD430 million capex budget. However, CAP
expects to delay the final investment decision (FID) for CAP2 to
2021. This will push back much of the investment for the project.
Fitch estimates total investment costs for CAP2 to be around USD5
billion, but have only factored in pre-FID capex - mainly
land-acquisition costs - in its analysis, as the project's
ownership and funding structure are yet to be finalised.

Barito also has a modest investment plan for its power business via
a medium- to long-term expansion of Star Energy's geothermal
operation. In addition, Barito plans to invest in a 2GW greenfield
Indonesian coal-fired power project - PT Indo Raya Tenaga - in
which Barito has a 49% stake. Fitch only factors in the equity
outflow from Barito in its cash flow forecast due to the probable
non-recourse nature of the project-finance debt usually taken on
such projects.

DERIVATION SUMMARY

CAP's ratings reflect Barito group's diversified business across
the petrochemical and energy businesses, its leading market
position as Indonesia's largest petrochemical producer, integrated
operation and a strong record of geothermal operation with
long-term contracts driving stable revenue. The ratings also
reflect Barito group's moderate consolidated financial profile.
CAP's stronger standalone financial profile counteracts the group's
weaker financial profile, resulting in a similar assessment of the
two entities' credit profiles.

Ineos Group Holdings S.A. (BB+/Stable) is the world's largest
commodity chemical producer, with diversified integrated production
facilities, access to low-cost feedstock and feedstock flexibility.
CAP's smaller scale and limited geographical diversification
results in its rating being lower by two notches, despite a
stronger financial profile.

PJSC Kazanorgsintez (B+/Stable) is one of Russia's largest chemical
companies and the country's largest polyethylene producer. Fitch
believes CAP's more diversified product profile and larger size
justifies the one-notch difference in the two entities' ratings,
despite similar financial profiles. Barito group's weaker financial
profile and fractured shareholding counteracts its access to
diversified cash flow compared with that of PJSC Kazanorgsintez,
resulting in a similar rating assessment of the two entities.

KEY ASSUMPTIONS

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

  - Product spreads of key petrochemical products to weaken
modestly in 2020 and improve gradually there-after

  - Gradual increase in utilisation of enhanced polyethylene and
polypropylene capacities

  - CAP capex of around USD200 million in 2020, including around
USD90 million pre-FID capex on CAP2; the pre-FID capex balance to
be pushed to 2021 and 2022

  - CAP dividend payout ratio of 40%

  - Consolidated Barito group capex of around USD850 million over
the next three years

  - Star Energy's units operating at an average availability rate
of around 94% and their tariffs in line with PLN's long-term
contracts

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Positive rating action is not probable in the near-to-medium term
pending the FID and funding structure for CAP2. An upgrade in CAP's
rating would only result from an improved SCP combined with a
similar improvement in Barito group's credit profile. However,
Fitch does not expect this to occur in the near-to-medium term due
to CAP's limited scale and diversification and potentially high
uncommitted capex. CAP's SCP could be raised upon a significant
improvement in its business profile, as seen by larger scale and
vertical linkages that increase business diversification, while
maintaining a strong financial profile, such that FFO net leverage
does not exceed 1.5x on a sustained basis.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Deterioration in Barito group's consolidated credit profile, with
FFO net leverage exceeding 4.0x for a sustained period, which may
arise from large, debt-funded capex on CAP2.

For CAP's SCP, deterioration of its financial profile resulting in
FFO net leverage exceeding 3.0x for a sustained period.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: CAP has strong liquidity, with a cash balance of
USD668 million and undrawn committed credit facilities of about
USD181 million as of end-2019, against a total debt balance of
USD804 million and scheduled debt maturities of USD68 million in
2020. CAPS's debt maturity schedule is well spread out, with annual
debt maturities not exceeding USD130 million until 2024, when its
USD300 million notes are due. CAP also has strong relationships
with domestic banks and has access to some Thai banks due to its
linkages with the Siam Cement group, one of Thailand's largest
conglomerates.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).

INDIKA ENERGY: Moody's Affirms Ba3 CFR; Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating (CFR) of Indika Energy Tbk (P.T.).

At the same time, Moody's has affirmed the Ba3 ratings on the $285
million backed senior secured notes due 2023 issued by Indo Energy
Finance II B.V., the $265 million backed senior secured notes due
2022 issued by Indika Energy Capital II Pte. Ltd, and the $575
million backed senior secured notes due 2024 issued by Indika
Energy Capital III Pte. Ltd. All notes are unconditionally and
irrevocably guaranteed by Indika and rank pari passu.

Moody's has also revised the outlook on these ratings to negative
from stable.

RATINGS RATIONALE

"The change in Indika's outlook to negative from stable reflects
our expectation that its credit metrics will deteriorate over the
next 12 months, amid a challenging operating environment including
weak thermal coal prices," says Maisam Hasnain, a Moody's Assistant
Vice President and Analyst.

"At the same time, the affirmation of Indika's Ba3 ratings reflects
its diversified operations, large cash balance with manageable
near-term debt maturities, and an adherence to prudent financial
policies," adds Hasnain, who is also Moody's Lead Analyst for
Indika.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented.

More specifically, Indika is exposed to weak thermal coal prices,
which are likely to remain low over the next 12 months as the
coronavirus-led economic downturn reduces demand for thermal coal.

Moody's regards the coronavirus outbreak as a social risk under its
environmental, social and governance (ESG) framework, given the
substantial implications for public health and safety. The action
reflects the impact on Indika of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

Based on its medium-term price assumptions for Newcastle thermal
coal of $60-$65 per ton, Moody's estimates Indika's adjusted
leverage will increase to 5.2x-6.5x over the next 12-18 months from
3.5x as of December 31, 2019.

The earnings contraction will primarily be driven by lower earnings
at its 91%-owned mining subsidiary, Kideco Jaya Agung (P.T.), due
to lower coal prices. Kideco is the largest earnings contributor,
accounting for 52% of Indika's reported revenue in 2019.

In addition, in light of weak coal prices and slowing economic
growth, the downside risk to Indika's credit metrics worsening
beyond Moody's current expectations is elevated, particularly if
Indika's sales volume declines this year, or if prices remain low
for a prolonged period.

Earnings growth will also be muted at Indika's contract mining
subsidiary PT Petrosea Tbk and engineering subsidiary PT Tripatra
Multi Energi, which contributed 16% and 15% of consolidated revenue
in 2019. The contract order book for both subsidiaries has been
declining in recent years, and given low prevailing energy prices,
the likelihood of winning new contracts this year is low.

Indika has sufficient liquidity to meet its cash needs for the next
12-18 months, and Moody's expects Indika will continue to
proactively refinance its debt maturities well ahead of its large
$1.1 billion debt maturity wall between 2022 and 2024. The
company's large consolidated cash balance of around $569 million as
of December 31, 2019 affords it flexibility to manage volatility in
its operations amid low coal prices.

Given the weak coal price environment, Indika will likely breach
one of its existing financial maintenance covenants on its bank
loans -- gross debt/EBITDA not exceeding 3.75x - in 2Q 2020.
Moody's expects Indika will address this risk by either obtaining
waivers or renegotiating its covenants, in the first instance.

However, an inability to obtain covenant relief from banks prior to
the breach will likely result in ratings downgrade. This is because
the breach would lead to acute refinancing risk if it triggers
cross-default provisions and accelerated repayments across Indika's
debt, including its $1.1 billion US dollar bonds.

The rating also considers Indika's exposure to ESG risks as
follows.

First, Indika faces elevated environmental risks associated with
the coal mining industry, including carbon transition risk as
countries seek to reduce their reliance on coal power. However,
this risk is somewhat mitigated by (1) Indika's geographically
diversified customer base, which includes state-owned utilities
across Asia, a region with growing energy demand and where thermal
coal is still a relatively low-cost source of energy, and (2) its
good coal quality, with low ash and sulfur content.

Second, Indika is also exposed to social risks associated with the
coal mining industry, including health and safety, and responsible
production. To address these risks, Indika initiates sustainability
initiatives under its health, safety and environment programs, and
carries out corporate social responsibility activities via the
Indika Foundation.

Third, with respect to governance, Indika's ownership is
concentrated in its major shareholders, who own around 68% of the
company. However, this risk is somewhat mitigated by Indika's
listed status and long track record of maintaining prudent
financial policies.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade of Indika's ratings is unlikely over the next 12-18
months, given the negative outlook.

The outlook could return to stable if Indika improves its credit
metrics on a sustained basis, and maintains sufficient liquidity to
cover its cash needs over the next 12-18 months.

Specific indicators that Moody's would consider for a change in
outlook to stable include adjusted debt/EBITDA below 4.0x and
adjusted EBIT/interest above 2.0x, both for an extended period.

Moody's could downgrade the ratings if (1) Indika's credit metrics
weaken due to a sustained decline in coal prices or reduced
production volumes; (2) Kideco fails to extend its Coal Contract of
Work (CCoW) mining license on substantially similar terms; (3)
Indika's liquidity weakens or it is unable to cure a covenant
breach; or (4) Indika engages in aggressive shareholder
distributions or investments, demonstrating a departure from its
track record of liquidity preservation.

Specific indicators Moody's would consider for a downgrade include
adjusted debt/EBITDA above 4.0x or adjusted EBIT/interest below
2.0x, both for an extended period.

The principal methodology used in these ratings was Mining
published in September 2018.

Indika Energy Tbk (P.T.) is an Indonesian integrated energy group
listed on Indonesia's Stock Exchange, with a market capitalization
of around IDR3.8 trillion ($250 million) as of May 15, 2020. Its
principal investment is a 91% stake in Kideco Jaya Agung (P.T.),
one of Indonesia's largest domestic coal producers.



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

PHILIPPINE AIRLINES: Posts PHP10.31BB Net Loss in 2019
------------------------------------------------------
BusinessWorld Online reports that the listed operator of flag
carrier Philippine Airlines reported a net loss of PHP10.31 billion
last year, more than twice the attributable losses to equity
holders recorded a year earlier.

In a regulatory filing, PAL Holdings, Inc. placed revenues in 2019
at PHP154.54 billion, higher by 2.7% than the previous year's, but
expenses and other charges piled up.

BusinessWorld relates that PAL said financing charges had increased
by PHP6.76 billion or 128.4%, mainly after it adopted the new lease
accounting standard, or PFRS 16, and chalked up additional aircraft
financing.

"There were also more charges incurred during the year and
significantly less one-off gains compared to 2018 where it booked
income from reversal of provision for contingency for the Flight
Attendants and Stewards Association of the Philippines (FASAP)
case, reassessment of the carrying values of asset restoration
obligations for certain aircraft and credit memos received from
various aircraft manufacturers," it also said.

Last year's topline number was driven by a 4.2% increase in
passenger revenues as there were additional frequencies and new
routes, but these were partly offset by lower cargo and ancillary
revenues at 8.2% and 5%, respectively, BusinessWorld relays.

Although consolidated expenses last year decreased by 3.1% to
PHP151.66 billion, the company was weighed down by financing
charges of PHP12.03 billion and other charges of PHP2.04 billion,
according to BusinessWorld.

"The main contributors for the decrease were flying operations and
passenger service expenses, which were partly offset by the
increase in aircraft and traffic servicing expenses," it said.

For 2020, PAL said the coronavirus pandemic could have a material
impact on its financial results this year and even periods after.

According to BusinessWorld, PAL President and Chief Operating
Officer Gilbert F. Santa Maria said in a recent virtual conference
that the current crisis is "a great time of turmoil" for the
company.

"But we have been around for almost 80 years, so we are not giving
up. We will be around for a while longer," he added.

He noted that there had been "reluctance" among people to travel,
but the company is now carrying out measures to build their
confidence to fly again, BusinessWorld says.

On whether the prices of flight tickets would go up, he said: "You
are asking if ticket prices are going to be up? The quick answer is
somewhat."

"You understand that in airlines, the CAB (Civil Aeronautics Board)
will not allow us to raise prices. But within the airline itself,
there are different classes of seats, so we will charge different
prices for promotions and different prices for standard and regular
seats, and so we will work within that framework to allow us to fly
economically but safely," the report quotes Mr. Santa Maria as
saying.

Philippine Airlines -- http://www.philippineairlines.com/-- is the
Philippines' national airline.  It was the first airline in Asia
and the oldest of those currently in operation.  With its corporate
headquarters in Makati City, Philippine Airlines flies both
domestic and international flights.  First taking off in 1941, the
carrier has grown into a fleet of about 40 aircraft (including five
Boeing 747-400s) flying to more than 20 domestic points and about
30 foreign destinations.



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

DOOSAN BOBCAT: Moody's Affirms Ba3 CFR; Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service has revised to stable from positive the
outlook on Doosan Bobcat Inc. (DBI), and has affirmed the company's
Ba3 corporate family rating (CFR).

Moody's has also revised to stable from positive the outlook on
DBI's fully-owned subsidiary Clark Equipment Company (CEC) while
affirming the Ba3 rating on the backed senior secured term loan
borrowed by CEC and guaranteed by DBI.

At the same time, Moody's has assigned a Ba3 rating to the proposed
USD backed senior secured notes to be issued by CEC and guaranteed
by DBI.

CEC plans to use the proceeds mainly for general corporate
purposes.

RATINGS RATIONALE

"The change in DBI's outlook to stable from positive reflects our
expectation that its financial leverage over the next 12-18 months
will increase because of softer earnings and an increase in debt,
as well as increased group-related risks," says Wan Hee Yoo, a
Moody's Vice President and Senior Credit Officer.

"That said, these risks are partly offset by DBI's leadership
position in its key markets, significant financial headroom as of
the end of 2019, and good liquidity," adds Yoo.

Moody's expects DBI's earnings to fall significantly in 2020
followed by a moderate recovery in 2021. The company's revenue and
earnings will decrease because of temporary production disruptions
in its key manufacturing facilities during the first half of 2020
as well as weaker demand in key markets stemming from the economic
recession and coronavirus-led disruptions.

In addition, Moody's expects DBI's debt to increase in 2020 largely
because of the company's intention to increase liquidity holdings
amid tightened conditions in the funding markets. Moody's notes
that 2020 will be effectively the first time DBI will see an
increase in adjusted debt since its initial term loan issuance in
2014.

Based on these assumptions, Moody's expects DBI's adjusted
debt/EBITDA to increase to around 3.5x in 2020 from 1.9x in 2019,
before recovering to 2.8x-3.0x in 2021. This expectation assumes
that the existing term loan and proposed notes will be effectively
the only outstanding debt for DBI during the projected period, with
no material voluntary prepayments. This level of financial leverage
is no longer strong for a Ba3 rating category.

The degree of weakening for the company's net financial leverage
will be more modest, with adjusted net debt/EBITDA likely to
increase to around 2.3x in 2020 from around 1.6x in 2019, due to an
increased cash balance.

At the same time, some key Doosan group affiliates -- such as
Doosan Heavy Industries & Construction Co., Ltd. (DHIC) -- are
facing significant liquidity risks due to weak operating
performances and inadequate liquidity against the tightened funding
market conditions.

While these developments are negative for DBI's credit quality and
expose the company to a certain degree of event risk, these risks
are partly offset by DBI's listed status and the policy banks'
liquidity support for DHIC.

DBI's Ba3 CFR is supported by its dominant position in the compact
farm and construction equipment market in North America, good
ability to generate positive free cash flow and good liquidity
profile.

These strengths are counterbalanced by the cyclical nature of the
compact farm and construction equipment industry, its moderate
market position in Europe and the risk related to its group
affiliates.

CEC's proposed senior secured note will be secured by a first lien
on substantially all of the assets of the borrower — except for
those assets secured by the first lien for the revolver — and
will also be guaranteed by DBI, which is largely similar to the
existing term loan.

Nonetheless, the proposed senior secured note is rated at the same
level as DBI's CFR, because the proposed note and existing term
loan rank pari passu with each other and will likely constitute
effectively the only debt for DBI, which implies limited junior
cushions in its liability structure.

The ratings also take into account the following environmental,
social and governance (ESG) factors.

DBI has generally maintained a prudent financial policy over the
past few years. Although debt is likely to increase in 2020, DBI
has a track record of making ongoing voluntary prepayments on its
term loan, bringing down adjusted debt to around $0.9 billion at
the end of 2019 from around $1.8 billion at the end of 2014.

Moody's considers Doosan group's control over DBI through its
indirect ownership through Doosan Infracore Co., Ltd. (DI) as a
governance risk, given the elevated liquidity risk facing key
Doosan group affiliates. This factor is partly offset by the
presence of independent outside directors, which account for a
majority of the board members. In addition, DI's 51.1% ownership in
DBI is largely pledged to the former's creditors, exposing DBI to
uncertainties over its ownership structure and the risk of early
redemption for its debt as per the change-of-control clause in its
debt documents.

Moody's also regards the coronavirus outbreak as a social risk
under its ESG framework, given the substantial implications for
public health and safety, leading to weaker business activity and
consequently weaker revenue and earnings for DBI.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade the ratings if (1) DBI's financial profile
remains strong, such that its adjusted debt/EBITDA remains below
2.50x-2.75x on a sustained basis; and (2) the credit quality of
DBI's immediate parent improves meaningfully.

Moody's could downgrade the ratings if DBI's earnings remain weak
or debt increases further, such that its adjusted debt/EBITDA
exceeds 4.0x on a sustained basis. The ratings could also be
strained if the credit quality of DBI's immediate parent
deteriorates meaningfully. Material cash outlays to Doosan group
affiliates would also be negative for the rating.

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

Doosan Bobcat Inc. is the leading manufacturer of compact farm and
construction equipment mainly in North America and EMEA. It engages
in the design, manufacture, sale and service of compact farm and
construction equipment under the Bobcat brand, and of portable
power products.

DOOSAN BOBCAT: S&P Affirms 'BB' ICR, Outlook Remains Negative
-------------------------------------------------------------
S&P Global Ratings affirmed the 'BB' long-term issuer credit rating
on Doosan Bobcat Inc. (DBI) with a negative outlook. At the same
time, S&P assigned its 'BB+' long-term issue rating to a proposed
issuance of US$300 million in senior secured notes that DBI
guarantees.

S&P also revised the recovery rating on DBI's existing senior
secured term loan due 2024 to '2' from '1', based on the
incremental secured debt. S&P therefore lowered the rating on the
loan to 'BB+' from 'BBB-'.

Weaker operating performance and increasing debt will weaken DBI's
credit metrics in 2020. S&P said, "We expect residential investment
in the U.S. to fall by about 6% in 2020 as the country falls into
recession due to the COVID-19 pandemic. The U.S. is a key market
for DBI (74% of total revenue in 2019). Our economists forecast the
U.S. economy will contract 5.2% this year. We estimate DBI's sales
will decline by 10%-20% this year, before recovering in 2021, due
to a decrease in residential construction activity and delayed
spending by customers. With the company's high operating leverage,
falling sales will compress DBI's margins and cash flows. In our
base case, we estimate the company's EBITDA margin to drop to
7%-10% in 2020, compared with about 13% in 2019."

S&P said, "We expect DBI's capital structure to weaken in 2020,
significantly undermining the sound buffer it built up through debt
reduction in the past several years. The proposed debt issuance
will increase its total reported debt, including revolving credit
lines, to about US$1 billion. The company's net debt amount may
partially recover toward the end of 2020 after the normalization of
its business, but uncertainty due to COVID-19 remains high.

"As a result, we now expect DBI's leverage--as measured by its
debt-to-EBITDA ratio--to increase to 2.5x-4.0x in 2020, from 1.6x
in 2019. Reflecting this weakening trend and increased debt, we
revised downward DBI's stand-alone credit profile to 'bb' from
'bb+'." However, this will not have a direct impact on issuer
credit rating. The duration and severity of the economic
repercussions from the pandemic, as well as the speed of recovery
once the virus is contained remain highly uncertain.

Parent company Doosan Infracore Co. Ltd.'s (DI) relatively weak
liquidity also pressures our issuer credit rating on DBI.   The
issuer credit rating on DBI is capped at two notches above the 'b+'
group credit profile (GCP). The credit quality of DI is facing
downward pressure, mainly due to the difficult operating
environment and increasing liquidity risk.

S&P expects DI's cash flow and credit metrics trend to weaken from
2020, given a likely downturn in its U.S. and China markets. DI's
total debt declined to Korean won (KRW) 4.0 trillion in 2019, from
over KRW6.0 trillion in 2015, on the back of steady earnings and
partial stake sales in DBI.

Furthermore, DI's heavy reliance on short-term debt (more than half
of total debt) and ongoing refinancing needs expose the group to
volatility in the funding market, which has become increasingly
risk-averse. Nonetheless, S&P assumes DI is likely to refinance
most of its short-term debts, given its fairly good relationship
with Korea's policy banks and relatively resilient performance
compared with other troubled Doosan group companies, such as Korea
based Doosan Heavy Industry.

The new secured debt has led us to lower the recovery rating on the
existing term loan to '2' from '1'.   DBI's U.S.-based subsidiary
Clark Equipment Co. plans to issue US$300 million in senior secured
notes, which DBI will guarantee. DBI also guarantees a US$654
million senior secured term loan at the subsidiary. DBI plans to
use the proceeds for general corporate purposes, and to weather the
pressure from COVID-19.

The proposed notes will be ranked equally with and secured by the
same collateral as the existing term loan. Under the pro forma
capital structure, the expected recovery will drop to nearly 70%
from over 90%--this expectation reflects the available enterprise
value for the total senior secured debt in a stressed scenario. The
recovery rating is now a one-notch uplift from the issuer credit
rating, compared with two notches previously. S&P said, "The '2'
recovery rating indicates our expectation that lenders can expect a
substantial recovery (70%-90%) in the event of a payment default.
The revised recovery rating has led us to lower the issue rating on
the existing term loan bond to 'BB+' from 'BBB-' and assign the
same recovery rating to the proposed notes. The rating on the
proposed notes is subject to our review of the final issuance
documentation."

S&P said, "The negative outlook on DBI reflects our view that the
company's overall credit profile will be under pressure over the
next six to 12 months. We expect the COVID-19 outbreak to
significantly affect the group's U.S. and European compact
equipment business in 2020. The timing and magnitude of a recovery
remain highly uncertain. In addition, the volatile funding
environment could weigh on DI's liquidity profile given the group's
high leverage and heavy reliance on short-term debt.

"We would lower the rating on DBI if we lower its parent's GCP,
potentially due to worsening liquidity. We could also lower the
rating if we see a higher possibility of DI increasing control or
negatively intervening in DBI.

"We may also lower the rating if we revise downward the SACP on DBI
from the current 'bb'. This could happen if the company's
debt-to-EBITDA ratio rises above 4.0x on a sustained basis. A
severe economic downturn in the U.S., intensifying competition, or
weakening market position could result in such a scenario."

S&P may revise the outlook back to stable if:

-- The COVID-19 outbreak is contained in the U.S., China, and
Korea, with signs of construction activity recovery: and

-- DI group's liquidity profile improves by securing longer-term
funding sources.

S&P could also raise the rating on DBI if the company's ties with,
or control from, its parent weakens materially, possibly through DI
selling a significant portion of its shares in DBI.





=================
S R I   L A N K A
=================

DFCC BANK: S&P Lowers Issuer Credit Raing to 'B-', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term issuer
credit rating on DFCC Bank to 'B-' from 'B'. The outlook is stable.
S&P also affirmed its 'B' short-term issuer credit rating on the
Sri Lankan bank.

S&P said, "We have revised down our economic risk and industry risk
assessments for Sri Lanka's banking sector. We have also revised
down our banking industry country risk assessment to '10' from '9'
(on a scale of 1-10 with a higher number reflecting higher risk).

"Our actions follow the lowering of our sovereign rating on Sri
Lanka to reflect rising fiscal and external imbalances in the
country.

"We expect operating conditions for Sri Lankan financial
institutions to worsen amid subdued economic activity globally post
the COVID-19 pandemic. Sri Lanka was already facing heightened
economic challenges post the Easter Sunday attacks last year.
Political instability and the sovereign's weak external and fiscal
performance add to the challenge.

"We expect Sri Lankan banks' nonperforming loans (NPLs) to rise in
the next 12-18 months. NPLs increased to 4.7% of total loans as of
Dec. 31, 2019, from 3.4% as of Dec. 31, 2018. The rather high level
of Stage 2 loans (loans with a significant increase in credit risk
but not credit impaired) signal a much larger incipient problem.
The central bank's announcement to allow banks to provide a
moratorium on loans affected by the pandemic follows last year's
request to banks to grant moratorium on loans related to the
tourism industry. Consecutive years of forbearance by the regulator
will delay recognition and resolution of bad loans, but does not
necessarily address the problem. In our view, such forbearance
could hurt the credit culture of the banking system. If the
coronavirus outbreak in Sri Lanka worsens and leads to a deeper and
more prolonged economic slowdown, banks' credit losses could shoot
up."

Banks' margins will remain under pressure due to a low interest
rate environment, subdued business activity, and frequent
administrative controls that deter banks from pricing rationally.
Rising credit costs and lower margins are likely to hurt banks'
profitability.

With more than 40% of Sri Lanka's total public debt denominated in
foreign currency, the external position is vulnerable to adverse
exchange rate movements and shifts in global credit conditions.
This could result in a sharp deterioration in the government's
access to external financing. It could also affect the banking
sector, although it has limited reliance on external funding
compared to the Sri Lanka sovereign.

S&P said, "We believe the systemic risks facing Sri Lankan banks
have increased and we have accordingly revised our starting point
for rating Sri Lankan banks to 'b' from 'b+'. Competitive dynamics
and credit risk for these banks have worsened. Nonetheless, our
anchor stand-alone credit profile for Sri Lankan banks still
remains one notch higher than the sovereign rating. We could revise
our banking industry risk assessment upwards in the next year or
two if economic pressures and those on the sovereign rating
recede.

"Our stable outlook on DFCC reflects our view that the bank will
maintain its credit profile despite tough operating conditions in
Sri Lanka over the next 12 months. Our view that DFCC's financial
commitments are sustainable in the long term and the bank is not
likely to default over the next 12 months keeps us from rating it
'CCC' or lower.

"We will lower the rating on DFCC if we see at least a one-in-three
chance that it will default over the next 12 months, which is an
unlikely scenario."

An upgrade would rely on an improvement in general economic
conditions and the sovereign rating over the next 12 months,
without idiosyncratic issues at DFCC.

  BICRA SCORE SNAPSHOT

                                       To     From
  BICRA                                10       9
  Economic Risk*                       10       9
  Economic Risk Trend              Stable   Negative
  Economic Resilience**                5        5
  Economic Imbalances**                5        5
  Credit Risk In The Economy**         6        5
  Industry Risk*                       9        8
  Industry Risk Trend                Stable   Negative
  Institutional Framework**            5        5
  Competitive Dynamics**               5        4
  Systemwide Funding**                 5        5

  *On a scale of 1 (lowest risk) to 10 (highest risk).
  **On a scale of 1 (lowest risk) to 6 (highest risk).

  DFCC RATING SCORE SNAPSHOT

                                       To     From
  Issuer credit rating        B-/Stable/B     B/Negative/B
  SACP                                 b-     b
  Anchor                                b     b+
  Business Position           Adequate (0)    Adequate (0)
  Capital and Earnings            Weak (0)    Weak (0)
  Risk Position              Moderate (-1)    Moderate (-1)
  Funding and Liquidity        Average and    Average and
                              Adequate (0)    Adequate (0)
  Support                                0    0
  ALAC                                   0    0
  GRE                                    0    0
  Group                                  0    0
  Sovereign                              0    0

  RATINGS LIST

  Downgraded; Ratings Affirmed  
                                        To    From
  DFCC Bank
   Issuer Credit Rating        B-/Stable/B    B/Negative/B


NAT'L SAVINGS BANK: Fitch Affirms Then Withdraws 'B-' IDR
----------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Sri Lanka-based National
Savings Bank's Long-Term Issuer Default Rating (IDR) of 'B-' with a
Negative Outlook.

The affirmation of NSB's IDRs, Support Rating and Support Rating
Floor reflects that there have been no material changes from its
last review on 5 May 2020.

Fitch has chosen to withdraw the ratings for commercial reasons.

KEY RATING DRIVERS

NSB's IDRs and Outlook are driven by its expectation of modest
sovereign support, indicated by its Support Rating Floor, which is
aligned with the sovereign's 'B-' IDR. Fitch has not assigned a
Viability Rating to NSB, as it is a policy bank. Fitch believes
extraordinary state support stems from its policy mandate of
mobilising retail savings and investing them in government
securities. The NSB Act contains an explicit deposit guarantee, and
Fitch believes the authorities would support the bank's depositors
and senior unsecured creditors to maintain confidence and stability
in the system.

RATING SENSITIVITIES

Rating sensitivities are no longer relevant as the ratings have
been withdrawn.

SRI LANKA: S&P Lowers LongTerm SCR to 'B-', Outlook Stable
----------------------------------------------------------
On May 20, 2020, S&P Global Ratings lowered its long-term foreign
and local currency sovereign credit ratings on Sri Lanka to 'B-'
from 'B'. S&P affirmed its short-term foreign and local currency
credit ratings at 'B'. The transfer and convertibility assessment
is revised to 'B-' from 'B'. The outlook is stable.

Outlook

The stable outlook reflects S&P's view that Sri Lanka still has
access to sufficient resources, including from multilateral and
bilateral partners, to meet its debt obligations over the next 12
months.

Downside scenario

S&P could lower our ratings if it believes that multilateral and
bilateral support will not be forthcoming and if external
imbalances deteriorate beyond its expectations, leading to a
sustained decline in foreign exchange reserves. These could cast
doubt on Sri Lanka's ability to service its debt.

Upside scenario

S&P would consider raising the rating if it sees credible
improvements in the fiscal and debt metrics on a sustained basis.

Rationale

S&P said, "We lowered our ratings on Sri Lanka based on our
assessment that the country's fiscal position has weakened
substantially amid a COVID-19-induced recession. With fiscal space
already limited by the wide-ranging tax cuts announced at the end
of last year, this deterioration will worsen the risks associated
with Sri Lanka's government debt burden, in our view.

"Our ratings on Sri Lanka reflect the country's relatively modest
income levels, weak external profile, sizable fiscal deficits,
extremely high government indebtedness, and extremely large
interest payment burdens."

Institutional and economic profile: Economy pushed into recession
by COVID-19 while delayed elections increase political uncertainty

-- Economy likely to be heavily impacted as tourism and some
export sectors temporarily grind to a halt amid COVID-19 outbreak,
while curfews and containment measures weigh on domestic activity.

-- Barring further unforeseen shocks, S&P expects the economy to
recover from 2021 onwards

-- Delays in parliamentary elections likely to prolong political
uncertainty, in our view.

Sri Lanka's economy is suffering another major blow in 2020, as
tourism and export activities declined due to COVID-19, against
earlier expectations of a strong rebound. The economy entered the
pandemic on a relatively weak footing, as growth has been
consistently languishing below potential in recent years, due to a
confluence of exogenous shocks and intractable political
difficulties. After a brisk uptick in the first quarter of 2019,
economic growth was again derailed after the Easter Sunday attacks.
Meanwhile, expanding fiscal deficits, rising external
vulnerabilities, a large debt stock, and ballooning interest
servicing cost eroded policy buffers and reduced fiscal capacity to
further support a slowing economy.

S&P said, "Barring further unforeseeable exogenous shocks, we
forecast the economy to contract by 0.3% in 2020, recording its
lowest rate of growth since the civil war ended. We assume the
negative economic impact to peak in Q2-Q3 2020 and activity to
gradually normalize towards the end of the year. We expect growth
to rebound to 4.6% in 2021 from a low base." This is expected to be
supported by expansionary fiscal and monetary settings, recovering
external conditions, and the resolution of political uncertainty
following parliamentary elections later this year.

While Sri Lanka's number of COVID-19 cases, as measured by official
statistics, remain lower than many other countries in the region,
and containment measures are being eased, it remains difficult to
predict the trajectory of the pandemic. This creates substantial
near-term economic risks.

In particular, the tourism sector, which has boomed in recent
years, might take longer to recover as travelers could remain
cautious prior to the development of a lasting medical
intervention. A shallower and more protracted global recovery could
also reduce external demand for exports.

S&P said, "Meanwhile, the delay in parliamentary elections from the
scheduled date in April due to the onset of the pandemic could open
up fresh political uncertainty and test the resilience of
institutions, in our view. Persistent political infighting in
recent years has hindered policy predictability and weighed on
business confidence, investment plans, and overall growth
prospects, in our view." A smooth resolution of this political risk
is crucial in bringing forward the economic recovery.

S&P estimates real per capita income to reach about US$4,000 in
2021 and real GDP growth to average 3.3% in 2020-2023. This
translates to real GDP per capita growth of 2.5% on a 10-year
weighted average basis. Although this growth rate is in line with
peers at a similar income level, it is substantially below Sri
Lanka's growth potential.

Flexibility and performance profile: Fiscal position has
deteriorated further and risk over debt sustainability has
increased

-- Sri Lanka's fiscal deficit is expected to widen further due to
revenue shortfalls as COVID-19 dampens economic activity.

-- This will likely worsen the government's heavy indebtedness and
add to repayment burdens.

-- The external profile remains weak, given that the high share of
dollar-denominated debt exposes the government to shifts in risk
sentiments.

Persistent deficits in Sri Lanka's fiscal and external positions
remain rating constraints. The heavy government debt limits its
ability to accumulate policy buffers, which are crucial in times of
stress. While some progress toward fiscal consolidation has been
achieved under the IMF Extended Fund Facility (EFF) program that
started in 2016, recent events have severely hampered such
progress.

The government's fiscal position weakened in 2019 as the Easter
Sunday attacks stymied economic activity and reduced tourism
earnings. Government revenue growth came in significantly below
expectations while expenditure also increased due to higher
security-related and election spending.

The wide-ranging tax cuts announced by the government following the
presidential elections in 2019 is expected to extend this one-off
underperformance on both the revenue and expenditure fronts. S&P
said, "We expected the main components of the tax cuts, including
lowering the value-added tax (VAT) rate, increasing the VAT
turnover threshold and removing the 2% Nation Building Tax, to
reduce revenue earnings. However, we had also expected that a much
stronger rate of growth could help to offset some of the revenue
slippages."

With COVID-19 dampening domestic economic activity and lower excise
duty earnings due to broad import restrictions, S&P now expects
that government revenues will decline to below 10% of GDP in 2020.

Meanwhile, expenditure could be relatively contained this year as
the government is operating on an interim budget with no new
expenditure items for the first half of the year. Disbursements are
also likely to be slower due to curfews and disruptions to economic
activities. The stimulus measures to support the economy thus far
have been relatively targeted and restrained, reflecting in part
the limited fiscal space. The burden to support the economy has
fallen mostly on the central bank, which has reduced policy rates
by 150 basis points this year, drastically increased liquidity in
the banking system and relaxed some prudential measures for banks.

S&P said, "This would widen the fiscal deficit to 8% in 2020 from
6.8% in 2019. Factoring in adverse exchange rate movements, we
estimate the change in net general government debt will exceed 9%
in 2020. Based on our expectations of a growth rebound next year,
we estimate that the fiscal deficit will narrow marginally from
2021 onward, but will remain high in the absence of new revenue
measures.

"A much weaker fiscal position will add to the government's
extremely high debt stock. We expect net general government debt to
exceed 90% of GDP in 2020 and remain at an elevated level,
depending on the new government's budget and medium-term fiscal
plans. Meanwhile, interest burden has also increased due to adverse
currency movements and a smaller revenue base. We estimate interest
payment to reach 67.2% of revenues in 2020. This is the
second-highest ratio among the sovereigns we currently rate,
trailing only Lebanon.

"We assess the government's contingent liabilities from state-owned
enterprises and its relatively small financial system as limited.
However, risks continue to rise due to the sustained losses at the
Ceylon Petroleum Corp. (CPC), Ceylon Electricity Board (CEB) and
the Sri Lankan Airlines (SLA). While CPC and CEB have recorded
improvements in their financial positions as a result of the
drastic decline in global oil prices, SLA is likely to continue
accumulating losses due to the impact on air travel. Also, the
country's financial sector has a limited capacity to lend more to
the government without possibly crowding out private-sector
borrowing, owing to its large exposure to the government sector of
more than 20%.

"The external position has also deteriorated from the time of our
last review. Following an improvement in 2019, we expect the
current account deficit to widen to 3.4% of GDP in 2020 due to weak
external demand for both goods and services.

Sri Lanka's external liquidity, as measured by gross external
financing needs as a percentage of current account receipts (CAR)
plus useable reserves, is projected to average 115% over 2020-2023.
S&P also forecasts that Sri Lanka's external debt net of official
reserves and financial sector external assets will rise sharply to
195% in 2020, in part due to poor export earnings.

The government's external financing conditions also remain
challenging, in S&P's view. With 50% of total public debt
denominated in foreign currency, the external position is
vulnerable to adverse exchange rate movements, and shifts in global
credit conditions. Both conditions have materialized in recent
months and have resulted in a sharp deterioration in the
government's ability to access the international capital markets.

S&P said, “However, at the moment, we believe that the government
has sufficient funds to cover its external debt obligations over
the next 12 months. As of end-April 2020, foreign exchange reserves
stood at US$7.1 billion. We expect that assistance and additional
credit lines from multilateral and bilateral sources could help to
augment the central bank's resources.

"Sri Lanka's monetary settings remain a credit weakness, although
there have been some structural improvements in recent years, as
the Central Bank of Sri Lanka prepares to transition to a flexible
inflation-targeting regime under the proposed Monetary Law Act. The
passage of this act, which enshrines the central bank's autonomy
and capacity, will be crucial to improving the quality and
effectiveness of monetary policy, in our view."

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Health and safety



                           *********


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 2020.  All rights reserved.  ISSN: 1520-9482.

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