TCRAP_Public/170504.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, May 4, 2017, Vol. 20, No. 88

                            Headlines


A U S T R A L I A

BOART LONGYEAR: Chapter 15 Case Summary
CLIFFS NATURAL: May Issue Add'l 15 Million Shares Under 2015 Plan
CLIFFS NATURAL: Swings to $29.8-Mil. Net Loss in First Quarter
CLIFFS NATURAL: Stockholders Elect 9 Directors
COAL OF QUEENSLAND: Second Creditors' Meeting Set for May 10

DGX CONSTRUCTION: Second Creditors' Meeting Set for May 8
DIPLOMA CONSTRUCTION: Second Creditors' Meeting Set for May 8
TASNE ENTERPRISE: First Creditors' Meeting Set for May 11
VICTORIA STATION: Retail Chain Placed Into Administration

* Moody's Says Aussie Auto Loan ABS Delinquencies Fall in Feb.


I N D I A

ABHIVYAKTI WELFARE: CRISIL Reaffirms 'B' Rating on INR1MM Loan
ACCURATE INFRA: CRISIL Reaffirms 'B' Rating on INR8MM Term Loan
AKBARPUR NAGAR: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
ARION HEALTHCARE: CRISIL Cuts Rating on INR28MM Loan to 'B'
ATUL GENERATORS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating

AZURE HOSPITALITY: Ind-Ra Migrates 'B-' Rating to Non-Cooperating
C. NATARAJAN: CRISIL Lowers Rating on INR8.5MM Term Loan to 'B'
CHANDAN TRADING: CRISIL Assigns B+ Rating to INR11MM Cash Loan
CHINTPURNI STEEL: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
DAULAT FLOUR: Ind-Ra Migrates 'B' Rating to Non-Cooperating

GAYATRI DEVELOPWELL: ICRA Reaffirms 'D' Rating on INR13.5cr Loan
GURU KIRPA: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
GURU NANAK: CRISIL Reaffirms B+ Rating on INR11.5MM Cash Loan
HIRA POWER: ICRA Lowers Rating on INR112.5cr Loan to D
HMM INFRA: Ind-Ra Migrates 'BB' Rating to Non-Cooperating

HOTEL PEARL: CRISIL Assigns B- Rating to INR8.0MM Term Loan
JTL INFRA: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
KSK MINERAL: ICRA Lowers Rating on INR451cr Term Loans to 'D'
LACMA PANEL: CRISIL Assigns 'B' Rating to INR7.35MM Term Loan
LAKSHMAN VEER: CRISIL Raises Rating on INR9MM Cash Loan to B+

MAITRI EDUCATIONAL: CRISIL Reaffirms B Rating on INR7.9MM Loan
MANGALATH CASHEWS: CRISIL Reaffirms 'B' Rating on INR1.5MM Loan
PIONEER MOTORS: CRISIL Lowers Rating on INR7MM Cash Loan to 'C'
RAPHA DIAGNOSTICS: CRISIL Reaffirms 'B' Rating on INR3.56MM Loan
SOHAM PHALGUNI: ICRA Lowers Rating on INR35.23cr Loan to 'D'

SOHAM RENEWABLE: ICRA Lowers Rating on INR38.70cr Term Loan to D
SRI BALACHANDRA: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
THATIPALLI INFRA: CRISIL Assigns B+ Rating to INR8MM LT Loan
UTTAR BHARAT: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
VALENCIA CERAMIC: ICRA Reaffirms B+ Rating on INR7.23cr Loan

VENKATA RAJESH: CRISIL Reaffirms 'B' Rating on INR12MM Cash Loan
YOGESH TRADING: Ind-Ra Migrates 'BB' Rating to Non-Cooperating


I N D O N E S I A

LIPPO KARAWACI: Moody's Cuts CFR to B1; Outlook Stable


J A P A N

AVEX GROUP: Fails to Pay Employees Hundreds of Million Yen in OT


P H I L I P P I N E S

PLUSTEL SOLUTIONS: SEC Shuts Down Boiler Room Operations


S I N G A P O R E

GLOBAL A&T: Moody's Lowers CFR to Ca on Extremely Tight Liquidity


V I E T N A M

VIETNAM: Moody's Affirms B1 Debt Rating & Revises Outlook to Pos.


                            - - - - -


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


BOART LONGYEAR: Chapter 15 Case Summary
---------------------------------------
Chapter 15 Debtors:

       Name                                   Case No.
       ----                                   --------
       Boart Longyear Limited                 17-11156
       26 Butler Boulevard,
       Burbridge Business Park
       Adelaide Airport
       South Australia 5950

       Boart Longyear Management Pty Limited  17-11158

       Boart Longyear Australia Pty Limited   17-11159

       Votraint No. 1609 Pty Limited          17-11160

Business Description: Established in 1890, Boart Longyear is a
                      provider of drilling services, drilling
                      equipment, performance tooling and
                      instrumentation for mining and drilling
                      companies.  It also has a substantial
                      presence in aftermarket parts and service,
                      energy, mine de-watering, oil sands
                      exploration, production drilling, and down-
                      hole instrumentation.

                      The Global Drilling Services division
                      operates for a diverse mining customer base
                      spanning a wide range of commodities,
                      including copper, gold, nickel, zinc,
                      uranium, and other metals and minerals.
                      The Global Products division designs,
                      manufactures and sells drilling equipment,
                      performance tooling, down-hole
                      instrumentation and parts and services.

                      Boart Longyear is headquartered in Salt
                      Lake City, Utah, USA, and listed on the
                      Australian Securities Exchange in Sydney,
                      Australia (ASX:BLY).

                      Web site: http://www.boartlongyear.com/

Chapter 15 Petition Date: April 27, 2017

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Foreign Representative: Fabrizio Rasetti, senior vice president
                        and general counsel of Boart Longyear
                        Limited

Debtors' Counsel:             Dennis F. Dunne, Esq.
                              Evan R. Fleck, Esq.
                              Dennis C. O'Donnell, Esq.
                              MILBANK, TWEED, HADLEY & MCCLOY LLP
                              28 Liberty Street
                              New York, NY 10005
                              Tel: (212) 530-5000
                              Fax: (212) 530-5219
                              E-mail: ddunne@milbank.com
                                      efleck@milbank.com
                                      dodonnell@milbank.com

Estimated Assets: Not Indicated

Estimated Debts: Not Indicated


CLIFFS NATURAL: May Issue Add'l 15 Million Shares Under 2015 Plan
-----------------------------------------------------------------
Cliffs Natural Resources Inc. filed a Form S-8 registration
statement with the Securities and Exchange Commission to register
an additional 15,000,000 Common Shares under the Cliffs Natural
Resources Inc. Amended and Restated 2015 Equity and Incentive
Compensation Plan for which a previously filed registration
statement on Form S-8 relating to the Plan is effective.

A full-text copy of the Form S-8 prospectus is available for free
at:

                    https://is.gd/2w4oyt

               About Cliffs Natural Resources

Cliffs Natural Resources Inc. --
http://www.cliffsnaturalresources.com/-- is a mining and natural
resources company.  The Company is a major supplier of iron ore
pellets to the U.S. steel industry from its mines and pellet
plants located in Michigan and Minnesota.  Cliffs also produces
low-volatile metallurgical coal in the U.S. from its mines
located in West Virginia and Alabama.  Additionally, Cliffs
operates an iron ore mining complex in Western Australia and owns
two non-operating iron ore mines in Eastern Canada.  Driven by
the core values of social, environmental and capital stewardship,
Cliffs' employees endeavor to provide all stakeholders operating
and financial transparency.

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain
of its affiliates, including Cliffs Quebec Iron Mining ULC
commenced restructuring proceedings in Montreal, Quebec, under
the Companies' Creditors Arrangement Act (Canada).  The initial
CCAA order will address the Bloom Lake Group's immediate
liquidity issues and permit the Bloom Lake Group to preserve and
protect its assets for the benefit of all stakeholders while
restructuring and sale options are explored.

Cliffs Natural reported net income attributable to common
shareholders of $174.1 million for the year ended Dec. 31, 2016,
compared to a net loss attributable to Cliffs common shareholders
of $788 million for the year ended Dec. 31, 2015.

As of March 31, 2017, Cliffs Natural had $1.92 billion in total
assets, $2.62 billion in total liabilities and a $703 million
total deficit.

                       *     *     *

As reported by the TCR on Feb. 14, 2017, Moody's Investors
Service upgraded Cliffs Natural Resources' Corporate Family
Rating (CFR) and Probability of Default Rating to 'B2' and 'B2-
PD' from 'Caa1' and 'Caa1-PD', respectively, and assigned a 'B3'
rating to the new senior unsecured guaranteed notes.  The upgrade
follows the company's announcement of a $500 million senior
unsecured guaranteed note issuance and an approximate $590
million equity issuance.

In February 2017, S&P Global Ratings said it raised its long-term
corporate credit rating on Cliffs to 'B' from 'CCC+' after the
company announced a $591 million equity issuance and the tender
offer for high-cost debt.  The outlook is stable.


CLIFFS NATURAL: Swings to $29.8-Mil. Net Loss in First Quarter
--------------------------------------------------------------
Cliffs Natural Resources Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $29.8 million on $461.6 million of revenues for the
three months ended March 31, 2017, compared with net income of
$116.8 million on $305.5 million of revenues for the three months
ended March 31, 2016.

As of March 31, 2017, Cliffs Natural had $1.92 billion in total
assets, $2.62 billion in total liabilities and a $703 million
total deficit.

Total debt at the end of the first quarter of 2017 was $1.6
billion, approximately $900 million lower than $2.5 billion total
debt at the end of the prior-year quarter.  Cliffs had net debt
of $1.3 billion at the end of the first quarter of 2017, compared
to $2.4 billion of net debt at the end of the first quarter of
2016. The Company had no borrowings on its asset-based lending
facility at the end of the first quarter of 2017 or 2016.

For the first quarter of 2017, adjusted EBITDA was $92 million, a
156 percent increase compared to $36 million reported in the
first quarter of 2016.

Lourenco Goncalves, Cliffs' chairman, president and chief
executive officer, said, "During the first quarter, we put our
finishing touches on what has been a remarkable operational,
commercial and financial transformation of this company.  Over
the last two and half years, Cliffs has transformed itself into a
lean and focused company, with a strong balance sheet and a lot
less to pay in interest expense.  This is particularly evident in
our strong first quarter results, which exceeded our expectations
in revenues, EBITDA and earnings per share."  Mr. Goncalves
concluded: "We expect 2017 to be a phenomenal year of EBITDA and
free cash flow generation."

U.S. Iron Ore pellet sales volume in the first quarter of 2017
was 3.1 million long tons, a 63 percent increase when compared to
the first quarter of 2016 as a result of increased customer
demand.

As Cliffs' management previously guided, first-quarter revenues
per ton of $79.35 decreased by 5 percent compared to the prior-
year quarter.  The decrease is a result of carryover pricing
impacts from both 2015 and 2016, and changes in customer mix.
The majority of tons sold in the first quarter are from products
shipped under the prior-year contract pricing.  Contracts that
have been priced based on 2017 pricing have been favorable to
prior year due to higher benchmark iron ore and hot-rolled coil
steel pricing.

Cash cost of goods sold and operating expense rate in U.S. Iron
Ore was $58.57 per long ton, a 7 percent decrease from $62.88 per
long ton in the prior year's first quarter.  The decrease was
primarily due to having no idled active mines during the first
quarter of 2017, compared to having two idled mines during the
prior-year quarter.

Capital expenditures during the quarter were $28 million compared
to $10 million in the prior-year quarter.  The increase was
driven primarily by spending related to the Mustang Project at
the United Taconite mine.

Based on the assumption that iron ore and steel prices will
average for the remainder of 2017 their respective April month-
to-date averages, Cliffs expects to generate approximately $380
million of net income and $700 million of adjusted EBITDA1 for
the full-year 2017.  This new outlook incorporates revised
assumptions around Asia Pacific Iron Ore revenue realizations,
which are impacted by the lower IODEX price, larger iron ore
content discounts, and lower lump premiums.

A full-text copy of the Form 10-Q is available for free at:

                      https://is.gd/LbyGWR

               About Cliffs Natural Resources

Cliffs Natural Resources Inc. --
http://www.cliffsnaturalresources.com/-- is a mining and natural
resources company.  The Company is a major supplier of iron ore
pellets to the U.S. steel industry from its mines and pellet
plants located in Michigan and Minnesota.  Cliffs also produces
low-volatile metallurgical coal in the U.S. from its mines
located in West Virginia and Alabama.  Additionally, Cliffs
operates an iron ore mining complex in Western Australia and owns
two non-operating iron ore mines in Eastern Canada.  Driven by
the core values of social, environmental and capital stewardship,
Cliffs' employees endeavor to provide all stakeholders operating
and financial transparency.

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain
of its affiliates, including Cliffs Quebec Iron Mining ULC
commenced restructuring proceedings in Montreal, Quebec, under
the Companies' Creditors Arrangement Act (Canada).  The initial
CCAA order will address the Bloom Lake Group's immediate
liquidity issues and permit the Bloom Lake Group to preserve and
protect its assets for the benefit of all stakeholders while
restructuring and sale options are explored.

Cliffs Natural reported net income attributable to common
shareholders of $174.1 million for the year ended Dec. 31, 2016,
compared to a net loss attributable to Cliffs common shareholders
of $788 million for the year ended Dec. 31, 2015.

As of March 31, 2017, Cliffs Natural had $1.92 billion in total
assets, $2.62 billion in total liabilities and a $703 million
total deficit.

                       *     *     *

As reported by the TCR on Feb. 14, 2017, Moody's Investors
Service upgraded Cliffs Natural Resources' Corporate Family
Rating (CFR) and Probability of Default Rating to 'B2' and 'B2-
PD' from 'Caa1' and 'Caa1-PD', respectively, and assigned a 'B3'
rating to the new senior unsecured guaranteed notes.  The upgrade
follows the company's announcement of a $500 million senior
unsecured guaranteed note issuance and an approximate $590
million equity issuance.

In February 2017, S&P Global Ratings said it raised its long-term
corporate credit rating on Cliffs to 'B' from 'CCC+' after the
company announced a $591 million equity issuance and the tender
offer for high-cost debt.  The outlook is stable.


CLIFFS NATURAL: Stockholders Elect 9 Directors
----------------------------------------------
At the 2017 annual meeting of shareholders of Cliffs Natural
Resources Inc. held on April 25, 2017, the shareholders:

   (a) elected John T. Baldwin, Robert P. Fisher, Jr., Lourenco
       Goncalves, Susan M. Green, Joseph A. Rutkowski, Jr., Eric
       M. Rychel, Michael D. Siegal, Gabriel Stoliar and Douglas
       C. Taylor as directors for a term that will expire on the
       date of the 2018 annual meeting of Shareholders;

   (b) approved an amendment to the Third Amended Articles of
       Incorporation to increase the number of authorized Common
       Shares;

   (c) approved the Amended and Restated 2015 Equity and
       Incentive Compensation Plan;

   (d) approved the 2017 Executive Management Performance
       Incentive Plan;

   (e) approved on an advisory basis the named executive
       officers' compensation;

   (f) recommended, on an advisory basis, that advisory vote will
       be held every year to approve the Named Executive
       Officers' Compensation; and

   (g) ratified Deloitte & Touche LLP as independent registered
       public accounting firm for 2017.

              Amended and Restated 2015 Equity
               and Incentive Compensation Plan

The A&R 2015 Equity Plan amends and restates in its entirety the
Company's 2015 Equity and Incentive Compensation Plan, as
amended.

The Company's 2015 Equity and Incentive Compensation Plan was
last approved by Shareholders at the 2015 Annual Meeting.  The
A&R 2015 Equity Plan increases the number of common shares
authorized for issuance under the Amended 2015 Equity Plan by
15,000,000 shares. The A&R 2015 Equity Plan authorizes, subject
to adjustment, up to 27,900,000 of the Company's common shares to
be issued pursuant to stock options, appreciation rights,
restricted shares, restricted share units, performance shares,
performance units and certain other awards based on or related to
the Company's common shares, plus cash incentive awards, for the
purpose of providing the officers and other key employees
incentives and rewards for performance.  Officers and key
employees of the Company and its subsidiaries, as selected by the
Compensation and Organization Committee of the Board of Directors
of the Company, are eligible for awards under the A&R 2015 Equity
Plan.  The A&R 2015 Equity Plan will be administered by the
Compensation and Organization Committee.

A summary of the material changes from the 2015 Equity Plan is as
follows:

  * The 2015 Equity Plan did not permit common shares to be
    withheld and delivered under the 2015 Equity Plan in
    connection with benefits under the 2015 Equity Plan in excess
    of minimum statutory withholding requirements.  The Amended
    2015 Equity Plan (and the A&R 2015 Equity Plan) have changed
    this to allow common shares to be so withheld and delivered
    in excess of minimum statutory withholding requirements (but
    not in excess of maximum statutory withholding requirements).

  * The A&R 2015 Equity Plan provides for a total of 27,900,000
    common shares to be issued or transferred with respect to
    awards under the A&R 2015 Equity Plan (consisting of
    12,900,000 common shares authorized by Shareholders in 2015
    and an additional 15,000,000 common shares authorized by
    Shareholders at the Annual Meeting).

  * The 2015 Equity Plan provided that dividends on restricted
    shares and dividend equivalents on RSUs must be deferred and
    paid contingent on the earning of the underlying award only
    with respect to performance-based awards.  The A&R 2015
    Equity Plan extends this requirement that dividends on
    restricted shares and dividend equivalents on RSUs must be
    deferred and paid contingent on the earning of the underlying
    award to service-based awards (including other share-based
    awards and not just performance-based awards).

  * The 2015 Equity Plan provides for its termination on May 19,
    2025.  The A&R 2015 Equity Plan will terminate on April 24,
    2027.  Subject to adjustment as described in the A&R 2015
    Equity Plan, total awards under the A&R 2015 Equity Plan are
    limited to 27,900,000 shares, plus any shares returned to the
    A&R 2015 Equity Plan.  These shares may be shares of original
    issuance or treasury shares or a combination of the
    foregoing.  No further awards may be made under the Company's
    plans preceding the 2015 Equity Plan.  The A&R 2015 Equity
    Plan also provides that, subject to adjustment as described
    in the A&R 2015 Equity Plan:

  * the aggregate number of common shares actually issued or
    transferred upon the exercise of incentive stock options
    will not exceed 27,900,000 common shares;

  * no participant will be granted stock options and/or SARs,
    in the aggregate, for more than 1,000,000 common shares
    during any calendar year;

  * no participant will be granted awards of restricted shares,
    RSUs, performance shares and/or other stock-based awards
    that are intended to qualify as "qualified performance-
    based compensation" under Section 162 (m) of the Internal
    Revenue Code of 1986, as amended, in the aggregate, for
    more than 1,000,000 common shares during any calendar year;

  * no participant in any calendar year will receive an award
    of performance units and/or other awards payable in cash
    that are intended to qualify as "qualified performance-
    based compensation" under Section 162(m) of the Code,
    having an aggregate maximum value as of their respective
    grant dates in excess of $20,000,000;

  * no participant in any calendar year will receive a cash
    incentive award that are intended to qualify as "qualified
    performance-based compensation" under Section 162(m) of the
    Code having an aggregate maximum value in excess of
    $10,000,000; and

  * awards that do not comply with the applicable minimum
    vesting periods provided for in the A&R 2015 Equity Plan
    (as further described below) will not result in the issuance
    or transfer of more than 5% of the maximum number of common
    shares available under the A&R 2015 Equity Plan.

The A&R 2015 Equity Plan contains fungible share counting
mechanics, which generally means that awards other than stock
options and SARs will be counted against the aggregate share
limit as two common shares for every common share that is
actually issued or transferred under such awards.  This means,
for example, that only 13,950,000 common shares could be issued
in settlement of RSU awards from the 27,900,000 common shares
authorized under the A&R 2015 Equity Plan.

If any common shares issued or transferred pursuant to an award
granted under the A&R 2015 Equity Plan are forfeited, or an award
granted under the A&R 2015 Equity Plan is cancelled or forfeited,
expires or is settled for cash (in whole or in part), the common
shares issued or transferred pursuant to, or subject to, such
award (as applicable) will, to the extent of such cancellation,
forfeiture, expiration, or cash settlement, again be available
for issuance or transfer as described in the A&R 2015 Equity
Plan.  The following common shares will not be added back to the
aggregate share limit under the A&R 2015 Equity Plan: (1) shares
tendered or otherwise used in payment of an option's exercise
price; (2) shares withheld or otherwise used by the Company to
satisfy tax withholding obligations; and (3) shares that are
repurchased by us with stock option proceeds.  Further, all
common shares covered by SARs that are exercised and settled in
shares, whether or not all common shares covered by the SARs are
actually issued to the participant upon exercise, will be
considered issued or transferred pursuant to the A&R 2015 Equity
Plan.  If a participant elects to give up the right to receive
compensation in exchange for common shares based on fair market
value, such common shares will not count against the aggregate
share limit under the A&R 2015 Equity Plan.

The A&R 2015 Equity Plan provides that, except for awards under
which up to an aggregate of 5% of the maximum number of common
shares that may be issued or transferred under the A&R 2015
Equity
Plan:

   * Time-based restrictions on stock options, SARs, restricted
     shares, RSUs and other share-based awards may not lapse
     solely by the passage of time sooner than after one year,
     unless the Compensation Committee specifically provides for
     those restrictions to lapse sooner, including (1) by virtue
     of the retirement, death or disability of a participant or
    (2) in the event of a change in control only where either (A)
     within a specified period of time a participant is
     involuntarily terminated for reasons other than for cause or
     terminates his or her employment for good reason or (B) such
     awards are not assumed or converted into replacement awards
     in a manner described in the applicable award agreement; and

   * Restrictions on stock options, SARs, restricted shares, RSUs
     and other share-based awards that lapse upon the achievement
     of management objectives may not lapse sooner than after one
     year, and the performance period for performance shares and
     performance units must be at least one year, unless the
     Compensation Committee specifically provides in a grant for
     earlier lapse or modification, including by virtue of the
     retirement, death or disability of a participant or a
     double-trigger change in control.

    2017 Executive Management Performance Incentive Plan

On April 25, 2017, the Shareholders of the Company also approved
the Cliffs Natural Resources Inc. 2017 Executive Management
Performance Incentive Plan.  The 2017 EMPI Plan provides a
competitive annual incentive compensation opportunity to selected
executives based on achievement against one or more key
objectives and thereby align actual pay results with the
Company's short-term business performance.  The 2017 EMPI Plan
provides for payment of compensation to our chief executive
officer and certain of our other most highly compensated
employees in the form of awards that may qualify as "qualified
performance-based compensation" for purposes of Section 162(m) of
the Code.  (Section 162(m) generally limits the deduction that a
publicly traded company may take for compensation that it pays to
such employees).  The maximum annual award to any participant
under the 2017 EMPI Plan is $7,500,000 and no award payout that
has been deferred will (between the date as of which the award
payout is deferred and the payment date) increase by a factor
greater than a reasonable rate of interest or one or more
predetermined actual investments.  Grants are only awarded by
the Compensation Committee based on performance criteria
described in the 2017 EMPI Plan and awards are subject to
negative discretion on the part of the Committee to reduce final
payouts.

Because the Shareholders of the Company approved the 2017 EMPI
Plan, the 2017 EMPI Plan is effective for the fiscal year that
began on Jan. 1, 2017, and for each fiscal year thereafter until
terminated.

               About Cliffs Natural Resources

Cliffs Natural Resources Inc. --
http://www.cliffsnaturalresources.com/-- is a mining and natural
resources company.  The Company is a major supplier of iron ore
pellets to the U.S. steel industry from its mines and pellet
plants located in Michigan and Minnesota.  Cliffs also produces
low-volatile metallurgical coal in the U.S. from its mines
located in West Virginia and Alabama.  Additionally, Cliffs
operates an iron ore mining complex in Western Australia and owns
two non-operating iron ore mines in Eastern Canada.  Driven by
the core values of social, environmental and capital stewardship,
Cliffs' employees endeavor to provide all stakeholders operating
and financial transparency.

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain
of its affiliates, including Cliffs Quebec Iron Mining ULC
commenced restructuring proceedings in Montreal, Quebec, under
the Companies' Creditors Arrangement Act (Canada).  The initial
CCAA order will address the Bloom Lake Group's immediate
liquidity issues and permit the Bloom Lake Group to preserve and
protect its assets for the benefit of all stakeholders while
restructuring and sale options are explored.

Cliffs Natural reported net income attributable to common
shareholders of $174.1 million for the year ended Dec. 31, 2016,
compared to a net loss attributable to Cliffs common shareholders
of $788 million for the year ended Dec. 31, 2015.

As of March 31, 2017, Cliffs Natural had $1.92 billion in total
assets, $2.62 billion in total liabilities and a $703 million
total deficit.

                       *     *     *

As reported by the TCR on Feb. 14, 2017, Moody's Investors
Service upgraded Cliffs Natural Resources' Corporate Family
Rating (CFR) and Probability of Default Rating to 'B2' and 'B2-
PD' from 'Caa1' and 'Caa1-PD', respectively, and assigned a 'B3'
rating to the new senior unsecured guaranteed notes.  The upgrade
follows the company's announcement of a $500 million senior
unsecured guaranteed note issuance and an approximate $590
million equity issuance.

In February 2017, S&P Global Ratings said it raised its long-term
corporate credit rating on Cliffs to 'B' from 'CCC+' after the
company announced a $591 million equity issuance and the tender
offer for high-cost debt.  The outlook is stable.


COAL OF QUEENSLAND: Second Creditors' Meeting Set for May 10
------------------------------------------------------------
A second meeting of creditors in the proceedings of Coal of
Queensland Holdings Limited has been set for May 10, 2017, at
3:30 p.m. at Jones Partners Insolvency & Business Recovery
Level 13, 189 Kent Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 9, 2017, at 4:00 p.m.

Michael Gregory Jones of Jones Partners was appointed as
administrators of Coal of Queensland on April 7, 2017.


DGX CONSTRUCTION: Second Creditors' Meeting Set for May 8
---------------------------------------------------------
A second meeting of creditors in the proceedings of DGX
Construction Pty Ltd has been set for May 8, 2017, at
1:00 p.m. at Parmelia Hilton Perth, 14 Mill St, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 5, 2017, at 4:30 p.m.

Diploma Group Limited (ASX:DGX) -- http://www.diploma.com.au/--
is a construction and property development company. The Company
is undertaking a portfolio of commercial, retail and residential
projects. The Company's projects include Capri Coastal
Apartments, Rockingham and QUEST East Perth. The Company's Capri
Coastal Apartments, Rockingham is located within the Rockingham
Beach Waterfront Village Precinct. The Company offers commercial
construction and residential apartments, including multi-level
residential, hotels, hospitality and tourism, commercial offices,
retail, industrial offices, health and aged care, and sports and
recreation. The Company offers a range of construction services,
including design, construction project management, site
management, construction management, construction supervision and
contracting services. Its property development services include
project identification, finance solutions, site acquisition and
sales, marketing and property management services.

Martin Jones and Andrew Smith of Ferrier Hodgson were appointed
as Joint and Several Receivers and Managers to the assets and
undertakings of Diploma Group Limited on December 21, 2016, by
Swiss Re International SE, pursuant to the power contained in the
General Security Agreement dated November 26, 2015.

The Receivers and Managers were also appointed over the following
wholly owned subsidiaries:

   * Diploma Construction (WA) Pty Ltd (ACN 113 950 100); and
   * DGX Construction Pty Ltd (ACN 147 094 335)

Following the appointment, David Mark Hodgson, Matthew James
Donnelley and Andrew Stewart Reed Hewitt of Grant Thornton were
appointed as Voluntary Administrators to the Companies on
December 22, 2016.


DIPLOMA CONSTRUCTION: Second Creditors' Meeting Set for May 8
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Diploma
Construction (WA) Pty Ltd has been set for May 8, 2017, at
3:30 p.m. at Parmelia Hilton Perth, 14 Mill St, in Perth, WA.

The purpose of the meeting are (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 5, 2017, at 4:30 p.m.

Diploma Group Limited (ASX:DGX) -- http://www.diploma.com.au/--
is a construction and property development company. The Company
is undertaking a portfolio of commercial, retail and residential
projects. The Company's projects include Capri Coastal
Apartments, Rockingham and QUEST East Perth. The Company's Capri
Coastal Apartments, Rockingham is located within the Rockingham
Beach Waterfront Village Precinct. The Company offers commercial
construction and residential apartments, including multi-level
residential, hotels, hospitality and tourism, commercial offices,
retail, industrial offices, health and aged care, and sports and
recreation. The Company offers a range of construction services,
including design, construction project management, site
management, construction management, construction supervision and
contracting services. Its property development services include
project identification, finance solutions, site acquisition and
sales, marketing and property management services.

Martin Jones and Andrew Smith of Ferrier Hodgson were appointed
as Joint and Several Receivers and Managers to the assets and
undertakings of Diploma Group Limited on December 21, 2016, by
Swiss Re International SE, pursuant to the power contained in the
General Security Agreement dated November 26, 2015.

The Receivers and Managers were also appointed over the following
wholly owned subsidiaries:

   * Diploma Construction (WA) Pty Ltd (ACN 113 950 100); and
   * DGX Construction Pty Ltd (ACN 147 094 335)

Following the appointment, David Mark Hodgson, Matthew James
Donnelley and Andrew Stewart Reed Hewitt of Grant Thornton were
appointed as Voluntary Administrators to the Companies on
December 22, 2016.


TASNE ENTERPRISE: First Creditors' Meeting Set for May 11
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Tasne
Enterprise Pty Ltd, trading as "Fresh Curry" and "Tasne Curry
House" will be held at the boardroom of Chifley Advisory, Suite
3.04, Level 3, 39 Martin Place, in Sydney, NSW, on May 11, 2017,
at 11:00 a.m.

Gavin Moss and Trent McMillen of Chifley Advisory Pty Ltd were
appointed as administrators of Tasne Enterprise on May 1, 2017.


VICTORIA STATION: Retail Chain Placed Into Administration
---------------------------------------------------------
The Sydney Morning Herald reports that luggage and handbag chains
Victoria Station and Kate Hill have called in administrators,
putting hundreds of jobs in doubt.

SMH, citing documents lodged with the corporate regulator on
May 2, says the Melbourne-headquartered Victoria Station has
appointed an administrator because it was or was about to become
insolvent.

Michael Currafa, Peter Gountzos and Richard Cauchi from SV
Partners were appointed as administrators.

The Victoria Station luggage and travel accessory chain has 43
stores across Australia, with 19 in Victoria and the rest across
NSW, Western Australia, Queensland and South Australia.  Victoria
Station also owns Kate Hill, which sells handbags and wallets and
has 21 stores.


* Moody's Says Aussie Auto Loan ABS Delinquencies Fall in Feb.
--------------------------------------------------------------
Moody's Investors Service says that delinquencies for Australian
auto loan asset-backed securities (ABS) fell in February 2017
from January 2017, while prime residential mortgage-backed
securities (RMBS) rose.

Specifically, 30+ day delinquencies for Australian auto loan ABS
transactions decreased to 1.78% in February 2017 from 1.80% in
January 2017, but was up from 1.43% in February 2016.

Delinquencies for prime RMBS transactions rose to 1.67% in
February 2017 from 1.60% in January 2017 and 1.43% in February
2016.

"Looking ahead, Moody's expects that delinquencies for Australian
auto loan ABS and prime RMBS will continue to rise in 2017," says
Alena Chen, a Moody's Vice President and Senior Analyst.

"Weaker economic conditions in states reliant on the mining
industry, rising underemployment, weak wage growth and less
favorable housing market conditions will drive delinquencies
higher," adds Chen.

Chen was speaking on the release of the latest edition of Moody's
monthly Global Structured Finance Collateral Performance Review
report.

Moody's semi-annual study of RMBS delinquency rates in Australia
- which compares the performance of residential mortgage loans on
a state, region, and postcode level - shows that delinquency
rates have increased across all states.

A significant portion of the increase in delinquencies can be
attributed to the inclusion of loans under hardship arrangements
in the calculation of delinquency rates, but delinquencies
increased irrespective of this development.

In Western Australia, South Australia and the Northern Territory,
the 30+ delinquency rate climbed to the highest levels since
Moody's records began in 2005. Mortgage performance in New South
Wales was relatively strong, despite an increase in
delinquencies.

Weaker conditions in states reliant on the mining industry, high
underemployment, and less favourable housing and income dynamics
will drive delinquencies higher.

Moody's RMBS delinquency rate study is titled "Mortgage
Delinquency Map: Home Loan Arrears Rising in All Australian
States." The report can be accessed by subscribers through the
link provided at the end of this press release.

Moody's points out that housing affordability deteriorated on
average across Australia because of rising housing prices, which
outstripped the positive effects of lower interest rates and
moderate income growth.

Less affordable mortgages increase the risk of delinquencies and
defaults and are therefore credit negative for Australian RMBS.

New regulatory measures to restrict interest-only mortgage
lending will have some impact on demand for housing, particularly
apartments. Nevertheless, overall, Moody's expects the upward
pressure on housing prices to continue in the near term, in an
environment of low interest rates.

Moody's report on housing affordability is titled "Housing
Affordability Worsening Amid Rising Property Prices." The report
can be accessed by subscribers through the link provided at the
end of this press release.

ABOUT MOODY'S GLOBAL STRUCTURED FINANCE COLLATERAL PERFORMANCE
REVIEW REPORT

Moody's Global Structured Finance Collateral Performance Review
Report is updated monthly and covers the collateral performance
of various structured finance sectors located globally.

The report features typical aggregate performance metrics, such
as delinquencies and losses, as well as sector-specific metrics
that include residential and commercial property prices, loans in
special servicing, refinancing profiles, weighted-average rating
factor levels, senior over-collateralization levels, payment
rates, and excess spread. The underlying data is also included.
The metrics are accompanied by sector commentary and outlooks,
and projected losses by vintage where applicable.

The Australian data focus on:

- Australian Auto ABS

- Australian Prime RMBS

- Australian Home Prices



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


ABHIVYAKTI WELFARE: CRISIL Reaffirms 'B' Rating on INR1MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Abhivyakti
Welfare Society (AWS) for obtaining information through letters
and emails dated January 19, 2017 and February 9, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Fund-           1         CRISIL B/Stable (Issuer
   Based Bank Limits                  Not Cooperating; Rating
                                      Reaffirmed)

'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 Abhivyakti Welfare Society.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Abhivyakti Welfare Society is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B rating
category or lower.' Based on the last available information,
CRISIL has reaffirmed the rating at CRISIL B/Stable.

AWS, a not-for-profit society, is managed by its secretary Mr.
Jagdish Mathur and vice president Mr. Laxman Singh Yadav. The
society is based in Aligarh district (Uttar Pradesh) and engaged
in various schemes mandated by the state and central governments
in Aligarh and surrounding areas. These include providing
education support to 6-14-year-old students under the National
Child Labour Project and free meals under the Mid-Day Meal
Scheme. It also operates a family counselling centre and a day-
care centre.


ACCURATE INFRA: CRISIL Reaffirms 'B' Rating on INR8MM Term Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Accurate
Infra Industries Private Limited (AIIPL) for obtaining
information through letters and emails dated January 19, 2017 and
February 9, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              3       CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Term Loan                8       CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

'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 Accurate Infra Industries
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Accurate Infra
Industries Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower.' Based on the
last available information, CRISIL has reaffirmed the rating at
CRISIL B/Stable.

Incorporated in 2012, Accurate Infra Industries Private Limited
(AIIPL) is promoted by Mr. Jagdish Poriya. The company
manufactures Autoclave Aerated Conctrete Blocks (AAC) which are
used in building construction.


AKBARPUR NAGAR: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Akbarpur Nagar
Palika Parishad (ANPP) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.

                        KEY RATING DRIVERS

ANPP's rating is constrained by its inadequate civic
infrastructure which affects the municipality's growth.  It does
not have proper underground sewerage system.  Also, inadequate
water supply and lack of drainage network, proper solid waste
management and collection facilities hinder the growth potential
of the city.  The lack of these adequate basic civic services as
reflected by municipality's Service Level Benchmark report calls
for an immediate attention.  However, Ind-Ra expects the city's
civic infrastructure to improve due to its selection under Atal
Mission for Rejuvenation and Urban Transformation (AMRUT) scheme.

Urban civic services delivery is also hampered by the
multiplicity of authorities providing these services as sometimes
lack of coordination between different agencies leads to
unnecessary delays.  Besides ANPP, other state agencies such as
Uttar Pradesh Jal Nigam and Public Works Department are involved
in provision of civic services.  The transfer of some of the
services from these agencies to the municipality can help speed
up improvement in service delivery.

ANPP's jurisdiction is of 62sqkm with a population of 1,11,447.
Economic activities in the town are not buoyant, and taxes on
average contributed 14.39% to the total revenue over FY12-FY16.
Being a municipality, ANPP's revenue sources comprise tax revenue
and non-tax revenue with average contribution to the total
revenue income being 14.39% and 4.04%, respectively, over FY12-
FY16.  The municipality's own non-tax revenue mainly emanated
from charges and rental income from municipal properties, with an
average contribution of 23.46% and 70.97%, respectively to the
total non-tax revenue during the period.

ANPP has a high level of dependence on the state government.  It
receives compensation in lieu of stamp duty and revenue grants
and equity contributions.  Revenue compensation and revenue
grants cumulatively contributed 79.60% to the total revenue
income during FY12-FY16.

ANPP reported moderate financial performance in FY16.  Its
revenue receipts increased to INR222.37 million in FY16 from
INR164.31 million in FY15 mainly on account of increase in
revenue grants and as a result revenue balance improved to
INR140.56 million in FY16 from INR93.82 million in FY15.  Also,
the revenue margin increased to 63.21% in FY16 from 57.10% in
FY15.

                       RATING SENSITIVITIES

Positive: A significant improvement in ANPP's operating
performance and timely execution of smart city and AMRUT projects
would positively impact the rating.

Negative: An unexpected withdrawal of revenue support by the
state government without a suitable compensatory plan would
trigger a negative rating action.

CITY PROFILE

Akbarpur is a city in Ambedkar Nagar district in the state of
Uttar Pradesh, India.  It is situated on the banks of River Tamsa
and is the administrative headquarters of Ambedkar Nagar
District. Akbarpur has many rice mills; the biggest one being
Gaurav Agro Industries Pvt. Ltd.

According to 2011 census, Akbarpur had a population of 111,447
with average literacy of the 74.49% and sex ratio of 944 females
per 1000 males.


ARION HEALTHCARE: CRISIL Cuts Rating on INR28MM Loan to 'B'
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Arion
Healthcare (Arion) for obtaining information through letters and
emails dated January 19, 2017, and February 9, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee           2         CRISIL A4 (Issuer Not
                                      Cooperating; Downgraded
                                      from CRISIL A4+)

   Cash Credit             28         CRISIL B/Stable (Issuer
                                      Not Cooperating;
                                      Downgraded from
                                      CRISIL A4+)

   Proposed Long Term       1.23      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating; Downgraded
                                      from CRISIL A4+)

   Term Loan                3.77      CRISIL B/Stable (Issuer Not
                                      Cooperating; Downgraded
                                      From CRISIL A4+)

'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 Arion Healthcare. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Arion Healthcare is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B rating category or lower.' Based on
the last available information, CRISIL has downgraded the rating
to CRISIL B/Stable/CRISIL A4.

Arion was set up as a partnership firm in 2005 by Mr. Ravi Jain
and Mr. Abhay Jain. The firm manufactures generic pharmaceutical
formulations. Its product range includes analgesic, nutritional,
dermatological, anti-allergic, anti-diabetic, anti-fungal, and
anti-depressant formulations. The firm's manufacturing facilities
are in Solan (Himachal Pradesh). It also undertakes contract
manufacturing for capsules and medicines, and packages them as
per client specifications.


ATUL GENERATORS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Atul Generators
Private Limited (AGPL) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable.  Instrument-wise rating actions are:

  -- INR18.82 mil. Term loan assigned with 'IND B+/Stable'
     rating;

  -- INR65.00 mil. Fund-based working capital limit assigned with
     'IND B+/Stable/IND A4' rating; and

  -- INR11.18 mil. Non-fund-based working capital limit assigned
     with 'IND A4' rating

                        KEY RATING DRIVERS

The ratings reflect AGPL's small scale of operations, low EBITDA
margins and weak credit metrics.  Revenue was INR241 million in
FY16 (FY15: 240 million), EBITDA margin was 5.05% (4.13%), net
financial leverage (total adjusted net debt/operating EBITDAR)
was 7.85x (10.23x) and EBITDA gross interest coverage (operating
EBITDAR/gross interest expense + rents) was 1.33x (1.40x).

The ratings are constrained by the company's elongated working
capital cycle, although improved to 137 days in FY16 (FY15: 173
days) on account of a decrease in inventory days.

However, the ratings are supported by the company's comfortable
liquidity position as reflected by 68.73% utilization of working
capital limits during the 12 months ended February 2017.

The ratings also derive strength from the promoter's more than 30
years of experience in the similar line of business.

                        RATING SENSITIVITIES

Negative: A drop in revenue coupled with a decline in the
operating profit margin and credit metrics shall lead to a
negative rating action.

Positive: An improvement in revenue, along with an improvement in
the credit metrics will be positive for the ratings.

COMPANY PROFILE

Incorporated on June 8, 1987, AGPL manufactures diesel engine,
diesel generating sets and pumping set used for agricultural,
industrial and residential purposes.  The company has a
manufacturing facility in Nunhai (Agra).  Mr. Ram Saran Mittal is
the promoter.

AGPL is a part of a much larger Atul group which includes Atul
Pumps Private Limited, M/s Atul Rail Equipments Company, Atul
Polyplast Private Limited, Atul Gases Private Limited, ACME
Asbestors Pipes (P) Limited and M/s Atul Deepwell Hand Pumps.

The company achieved revenue of INR204 million between April 2016
and February 2017 and has an order book of around INR10 million
to be executed by 30 April 2017.


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

  -- INR15 mil. Fund-based facilities migrated to Non-Cooperating
     Category; and

  -- INR40 mil. Term loan migrated to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 16, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Founded in 2009, AHPL operates nine quick service restaurants
under the Mamagoto, Celeste Food Services, Mamapaati, Roll Maal
and Speedy Chow brands.


C. NATARAJAN: CRISIL Lowers Rating on INR8.5MM Term Loan to 'B'
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with C.
Natarajan (Natarajan) for obtaining information through letters
and emails dated November 21, 2016, and December 22, 2016, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               8.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

'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 C.Natarajan this restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for C.Natarajan is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with Crisil B Rating category or Lower'. Based on the
last available information, CRISIL has downgraded the rating to
CRISIL B/Stable.

Natarajan is a proprietary firm of Mr. C Natarajan. The firm
operates windmills in Tirunelveli, Tamil Nadu, with an installed
capacity of 3.225 megawatts.


CHANDAN TRADING: CRISIL Assigns B+ Rating to INR11MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has revoked the suspension of its ratings on the
bank facilities of Chandan Trading Company Private Limited
(CTCPL) and has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings
to the facilities. CRISIL had suspended the ratings on September
27, 2013, as CTCPL had not provided information required for a
rating review. The company has now shared the requisite
information, enabling CRISIL to assign ratings to the bank
facilities.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee         3       CRISIL A4 (Assigned;
                                  Suspension Revoked)

   Cash Credit           11       CRISIL B+/Stable (Assigned;
                                  Suspension Revoked)

The rating reflects below-average financial risk profile because
of a modest net worth, leveraged capital structure and average
debt protection metrics. The ratings also factor in low
profitability due to trading nature of business and exposure to
intense competition in agri-grain trading business. These
weaknesses are partly offset by extensive industry experience of
its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile
Financial risk profile remained below average owing to modest
networth of INR10.24 crore and leveraged capital structure marked
by high gearing of 2.40 times and total outside liabilities to
tangible networth ratio of 4.64 times as on March 31, 2016.
Further, debt protection metrics remained average with modest
interest coverage of 1.9 times. The financial risk profile also
remains constrained by large investments and loans and advances
extended to associates. Monetisation of the advances extended
remains critical.

* Low operating profitability in the highly competitive agri-
grain trading business
The agri-grain trading business is highly competitive and
fragmented due to presence of large unorganised players
constraining operating profitability of players such as CTCPL.
Operating profitability was low at 3.40-3.60% over the two years
through fiscal 2016 and is likely to remain stable over the
medium term.

Strengths

* Entrepreneurial experience of directors and proximity to agro-
commodity growing region
The directors, Mr. Vijay Kumar Somani and Mr. Dinesh Kumar
Somani, possess longstanding experience in agro-commodity trading
business leading to established customer relationship. Further,
the company derives benefits from its presence in Chhattisgarh
with proximity to major agro-commodity growing regions.

Outlook: Stable

CRISIL believes CTCPL will benefit over the medium term from the
experience of directors. The outlook may be revised to 'Positive'
if revenue and profitability improve, leading to higher-than-
expected cash accrual or financial risk profile enhances
significantly driven by infusion of fresh capital of return of
advances/investments in associates. Conversely, the outlook may
be revised to 'Negative' if lower-than-expected cash accrual or
stretched working capital cycle weakens financial risk profile
and liquidity.

CTCPL was established as a proprietorship firm named Chandan
Trading Co in 1982 by Mr Chandan Somani. In 2011, the entity was
reconstituted as a private-limited company with its present name.
CTCPL trades in agricultural products such as chana, tamarind,
maize, and amchur. Currently, the company is managed by Mr Vijay
Kumar Somani and Mr Dinesh Kumar Somani; it has its registered
office in Jagdalpur, Chhattisgarh.

Revenue and net profit were INR98.78 crore and INR1.27 crore,
respectively, in fiscal 2016, against INR104.98 crore and INR1.35
crore, respectively, in fiscal 2015.


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

   -- INR7.6 mil. Long term loan migrated to Non-Cooperating
      Category;

   -- INR150 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category; and

   -- INR15 mil. Non-Fund-based working capital limit migrated to
      non-Cooperating Category

Note: Issuer Not Cooperating: The ratings were last reviewed on
March 16, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2004, Chintpurni Steel manufactures sponge iron
and mild steel ingots.  The company also trades iron-ore and its
by-product.  Its manufacturing facility is located at Ramgarh,
Jharkhand.  The company is managed by Dhananjai Kumar Manek,
Bajrang Lal Agarwal, Jamnadass Manek and Kamal Kishore Singhania.


DAULAT FLOUR: Ind-Ra Migrates 'B' Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Daulat Flour
Mill's Long-Term Issuer Rating to the non-cooperating category.
The issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency.  Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.  The rating will now appear as
'IND B(ISSUER NOT COOPERATING)' on the agency's website.  The
instrument-wise rating actions are:

   -- INR30 mil. Fund-based limit migrated to Non-Cooperating
      Category;

   -- INR27 mil. Term loan migrated to Non-Cooperating Category;
      and

   -- INR13 mil. Proposed fund-based working capital limit
      migrated to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 13, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Daulat Flour Mill was established in October 2012 as a
partnership concern and has a 30,000 metric tonne per annum flour
mill in Bulandshahr (Uttar Pradesh).


GAYATRI DEVELOPWELL: ICRA Reaffirms 'D' Rating on INR13.5cr Loan
----------------------------------------------------------------
ICRA has reaffirmed its long term rating assigned to the Rs 13.50
crore term loan facilities of Gayatri Developwell Private Limited
at [ICRA]D.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund-based-Term
  Loan                   13.50        [ICRA]D; Re-affirmed

Rationale

The rating action is based on the ongoing delay in debt servicing
by the firm. As part of its process and in accordance with its
rating agreement with GDPL, ICRA had sent repeated reminders to
the company for payment of surveillance fee and information that
became overdue; however despite multiple requests; the company's
management has remained non-cooperative. ICRA's Rating Committee
has taken a rating view based on best available information. In
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, the company's rating is now denoted as: "[ICRA]
D ISSUER NOT COOPERATING". The lenders, investors and other
market participants may exercise appropriate caution while using
this rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

GDPL is part of the Agra based Gayatri group. Promoted by Mr.
Hari Om Dixit and Mr. Devendra Dixit, the group has executed row
houses and multi-storey apartment projects in Agra and Mathura
over the six to seven years. The company is executing a multi-
storey apartments project called Gayatri Manhar Gardens on
Sikandra Bodla road in Agra. Launched in end of 2012, the project
consists of 168 two and three BHK flats. The project cost of Rs
37.25 crore is being funded by term loan of Rs 13.5 crore,
promoter contribution of Rs 8.5 crore and balance customer
advances. Apart from this, the group has various other ongoing
project included Gayatri Aura which is large residential project
in Greater Noida West, UP


GURU KIRPA: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Guru Kirpa Tex
Fab's (GKTF) Long-Term Issuer Rating to the non-cooperating
category.  The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.  The rating will
now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating actions are:

   -- INR30 mil. Fund-based limit migrated to Non-Cooperating
      Category; and

   -- INR25 mil. Term loan migrated to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 9, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established as a partnership concern, GKTF manufactures non-woven
fabrics.  The firm has a manufacturing unit in Sunder Nagar,
Ludhiana, Punjab with a capacity of 3,000 tons per annum.


GURU NANAK: CRISIL Reaffirms B+ Rating on INR11.5MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Guru Nanak
International Private Limited (GNIPL) for obtaining information
through letters and emails dated November 24, 2016, and
January 17, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             11.5      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan           1.0      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

'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 GURU NANAK INTERNATIONAL
PRIVATE LIMITED. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for GURU NANAK
INTERNATIONAL PRIVATE LIMITED is consistent with 'Scenario 3'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BBB rating category or lower.' Based on
the last available information, CRISIL has reaffirmed the rating
at CRISIL B+/Stable.

GNIPL was incorporated in 2012, promoted by the Delhi-based Batra
family. It sells women's apparel including bridal-wear at its
showroom in Rajouri Garden (Delhi) under the brand, Frontier
Bazar.


HIRA POWER: ICRA Lowers Rating on INR112.5cr Loan to D
------------------------------------------------------
ICRA has downgraded the long-term rating for the INR124 crore
fund-based bank facilities of Hira Power and Steels Limited from
[ICRA]BB+ with a stable outlook to [ICRA]D. Further, ICRA has
also downgraded the short-term rating for the INR118.50 crore
non-fund based facilities of the company from [ICRA]A4+ to
[ICRA]D.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund-based-Cash
   Credit                 50.00       [ICRA]D; Downgraded from
                                      [ICRA]BB+(Stable)

  Fund-based-Term
   Loan                   74.00       [ICRA]D; Downgraded from
                                      [ICRA]BB+(Stable)

  Non-fund-based-
  Letter of Credit       112.50       [ICRA]D; Downgraded from
                                      [ICRA]A4+

  Non-fund-based-
  Forward Contract         6.00       [ICRA]D; Downgraded from
                                      [ICRA]A4+

The rating downgrade factors in delays observed in debt servicing
by HPSL.

Hira Power and Steels Limited is a part of the Hira Group of
Industries promoted by the Agarwal family. HPSL is engaged in the
manufacturing of Ferro-alloys such as Silico Manganese and Ferro
Manganese. Its production facilities which are located in Urla,
Raipur (Chhattisgarh) comprise five furnaces with a combined
installed capacity of 46,000 MT per annum. HPSL's operations are
supported by a 20-MW captive power plant with 100% coal linkage.
It also has captive manganese mines with total reserves of
200,000 MT situated at Jagantola in the Balaghat district of
Chhattisgarh which partially meets its raw material requirements.


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

  -- INR115 mil. Fund-based working capital limit migrated to
     Non-Cooperating Category; and

  -- INR230 mil. Non-fund-based working capital limit migrated to
     Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 15, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1996, HMM (formerly known as HMM Coaches Ltd) is a
public limited company.  The company has forayed into
manufacturing of heavy steel structures such as box & H beams,
crane girders, and composite steel plate girders for railway over
bridges, built up beams, bolted pipe structure, galvanized
structures for solar power plants, tube and pipe punching
machines.

It has a manufacturing unit in Ambala (Haryana) with a total
installed annual manufacturing capacity of 27,000MTPA.  The
company caters to railways, power (coal, hydro and solar), steel,
oil and gas, and allied industries.


HOTEL PEARL: CRISIL Assigns B- Rating to INR8.0MM Term Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' ratings to the
long-term bank facilities of Hotel Pearl (Hotel Pearl).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               3.5       CRISIL B-/Stable
   Working Capital
   Term Loan               8.0       CRISIL B-/Stable

The rating reflects the weak financial risk profile on account of
and the susceptibility of the firm's operations to economic
downturns. These rating weaknesses are partially offset by the
entrepreneurial experience of its promoters and their established
relationship with customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak Financial Risk Profile: Financial risk profile is marked
by negative networth and weak debt protection metrics on account
of modest cash accrual.

* Susceptibility to economic downturns: The cyclical hospitality
industry reached the peak of its upswing in mid-2008, and since
then, has faced some decline in occupancy. Lower demand from
foreign leisure travelers and reduced demand from meetings,
incentives, conventions & exhibitions (MICE) segment negatively
impacts occupancy rates, in the case of downturns.

Strength

* Entrepreneurial experience of the promoters and established
relationship with customers: The partners, Mr. Vyenkatesh Ghatage
has been in the hospitality industry for more than four decades
and therefore has built strong relationships with major
corporates based out of Kolhapur.

Outlook: Stable

CRISIL believes Hotel Pearl will benefit from its established
relationship with customers and the promoter's extensive industry
experience. The outlook may be revised to 'Positive' in case of
higher-than-expected cash accrual resulting in improvement in the
liquidity and financial profile. The outlook may be revised to
'Negative' if any further sizeable debt-funded capex or lower
than expected infusion of funds by the partners weakens capital
structure and debt protection metrics.

Hotel Pearl, based in Kolhapur was established as a partnership
firm in 1971 by Mr. Vyankatesh Ghatage. It is amongst the oldest
operating properties in Kolhapur, being present in the
hospitality industry since the past four decades. It operates
three properties, Hotel Peal based out of Kolhapur, Pearl Sangli
and Pearl Goa.

The firm has reported net loss of INR68 lacs on net sales of
INR12.1 crores in fiscal 2016 as against PAT of INR34.2 lacs on
net sales of INR8 crores in fiscal 2015.


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

   -- INR250 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category; and

   -- INR18.5 mil. Non-fund-based working capital limit migrated
      to Non-Cooperating Category

Note: Issuer Not Cooperating: The ratings were last reviewed on
Jan. 8, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

JTL is a public limited listed company with a registered office
at Chandigarh.  It produces black and galvanized ERW steel pipes
& tubes, hollow sections and structural steel that are
extensively used in major engineering and construction projects.
The company has an installed capacity of above 30,000 metric
tonnes of steel tubes or pipes annually at DeraBassi, Punjab.
The company caters to the domestic markets as well as the
overseas export markets. JTL has been recognized as Star Export
House by the government of India with presence in Europe, Middle
East, United Kingdom, Australia and Latin America.


KSK MINERAL: ICRA Lowers Rating on INR451cr Term Loans to 'D'
-------------------------------------------------------------
ICRA has reassigned the long-term rating for the term loan and
unallocated limits of KSK Mineral Resources Private Limited
(KMRPL), aggregating to INR65 crore from [ICRA]BB(SO) to [ICRA]D.
ICRA has withdrawn the rating of [ICRA]D as there is no amount
outstanding against the rated instrument.  ICRA has also revised
the long-term rating to [ICRA]D from [ICRA]C for the term loan
limits of INR451 crore of KMRPL.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Term loans             36.11        Reassigned to [ICRA]D from
                                      [ICRA]BB(SO) and withdrawn

  Unallocated            28.89        Reassigned to [ICRA]D from
                                      [ICRA]BB(SO) and withdrawn

  Term loans            451.00        Revised to [ICRA]D from
                                      [ICRA]C

Rationale
The revision in ratings assigned to the INR451-crore bank loan
limits of KMRPL is owing to the delays in servicing of its debt
obligations. This is due to delay in receipt of refund of the
investment made on development of Gare Pelma III mine, prior to
its de-allocation as per Supreme Court order dated September 24,
2014.

The ratings assigned to the INR65-crore limits of KMRPL were
backed by the guarantee provided by a group company, VS Lignite
Power Private Limited (VSLPL). The reassignment in ratings for
KMRPL follows the transfer of this loan from the books of KMRPL
to VSLPL and as the corporate guarantee ceased to exist. ICRA has
withdrawn the reassigned rating of [ICRA]D as there is no amount
outstanding against the rated facility.

Key rating drivers

Credit strengths
* Loan availed for the development of Gurha East lignite mine
   has been transferred to a group company

Credit weaknesses
* Delays in debt servicing owing to delay in receipt of refund
   of the investment made on Gare Pelma III coal mine prior to
   its de-allocation as per the Supreme Court of September 2014

* Overall credit profile of the group has significantly weakened
   over the past one year due to delays in execution of the 3600
   MW thermal power project in Chhattisgarh and continued losses
   for some of the operational projects

Description of key rating drivers:

KMRPL developed the Gurha East lignite mine, awarded as a captive
mine by Government of India on a long-term lease basis, to the
135 MW lignite-based power plant of VSLPL. KMRPL entered into
mining and lignite supply contract with VSLPL in August, 2007 for
development and supply of lignite. The assets and liabilities
associated with the development of this mine have now been
transferred to VSLPL, including the term loan availed.

With respect to the Gare Pelma III mine, the company is yet to
receive the entire refund of the investment made on the
development of this mine prior to its de-allocation as per
Supreme Court of September 2014. As per the provisions in "The
Coal Mines (Special Provisions) Act, 2015" notified by Government
of India, the prior allottees are eligible for refund of expenses
incurred for land acquisition and other mining infrastructure. As
per the documents shared with ICRA, KMRPL has claimed capital
investment of INR265.05 crore from the new allottee of Gare Pelma
III mine. This amount has been claimed by Goa Industrial
Development Corporation (GIDC) on behalf of KMRPL as the coal
mine was allocated to GIDC earlier. The refund shall be utilised
towards repayment of debt availed for development of the Gare
Pelma III coal mine.

Analytical approach:
For arriving at the rating, ICRA has taken note of the transfer
of ICRA-rated facility from KMRPL to VSLPL and also the debt
servicing track record.

KMRPL is a special purpose vehicle (SPV) promoted by the
Hyderabad-based KSK Group for development of captive coal and
lignite mines for fuel supply to power projects promoted by the
group. KMRPL developed 22 million ton (MT) Gurha East lignite
mine, located in the Bikaner district of Rajasthan, with lignite
from the mine being supplied to 135 MW power project by VSLPL in
Rajasthan. The company also undertook the development of the Gare
Pelma III coal block prior to its de-allocation by the Supreme
Court. The coal mine was tied-up for fuel supply to the 3600 MW
thermal power project being developed by the KSK Group in
Chhattisgarh.


LACMA PANEL: CRISIL Assigns 'B' Rating to INR7.35MM Term Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4'
ratings to the bank loan facilities of Lacma Panel Industries
LLP.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan           7.35       CRISIL B/Stable (Assigned)
   Cash Credit         4.00       CRISIL B/Stable (Assigned)
   Proposed Non
   Fund based limits   1.25       CRISIL A4 (Assigned)

The rating reflects exposure to project implementation related
risks and to timely stabilisation and commensurate ramp-up in
sales during its initial phase of operations. The rating also
factors in expectation of below average financial risk profile
because of the debt-funded project. These rating weaknesses are
partly offset by the extensive business experience its promoters,
their funding support.

Key Rating Drivers & Detailed Description

Weakness

* Project implementation related risks and to timely
stabilisation and commensurate ramp-up in sales during its
initial phase of operations: The project is under implementation
and the commercial production is expected to start from June
2017. Timely implementation, stabilisation and commensurate ramp-
up in sales during its initial phase of operations of the
proposed project, will remain critical, and hence remain a key
monitorable.

* Below average financial risk profile
Financial risk profile may remain below average on account of
debt funded capital expenditure: Project gearing is expected at
about 3 times.

Strengths

* Extensive experience of the promoters along with their funding
support:
LPI's promoters are in industry since last decade. LPI is
establishing a green field project for manufacturing of plain and
pre-laminated bagasse boards (also known as particle boards)
which are used to manufacture furniture. The firm is promoted by
Mr. Alpesh Patel, Mr. Manuskh Panchotiya, Dinesh Jakashaniya,
Ajay Makasana and Mr. Ashwin Kavathiya possessing extensive
industry experience. As a result of their extensive experience,
the promoters have developed strong relations with suppliers and
customers in the region. CRISIL believes that LPI will continue
to benefit from the extensive experience of its promoters in the
industry, over the medium term.

Outlook: Stable

CRISIL believes that LPI will benefit from the extensive industry
experience and funding support from promoters along with their
funding support. The outlook may be revised to 'Positive' if
timely implementation and stabilisation of the project leads to
anticipated revenue, profitability and cash accrual during the
initial phase of operations. The outlook may be revised to
'Negative' if delay in the implementation or stabilisation of the
project leads to lower revenue, cash accrual or a stretch in
working capital cycle weakens the financial risk profile,
especially liquidity.

LPI is establishing a green field project for manufacturing of
plain and pre-laminated bagasse boards (also known as particle
boards) which are used to manufacture furniture. The firm is
promoted by Mr. Manoj Kakasaniya and Mr. Bhargav Vasnani
possessing extensive industry experience. Expected commencement
of its commercial operations is from June 2017.


LAKSHMAN VEER: CRISIL Raises Rating on INR9MM Cash Loan to B+
-------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facility of Lakshman Veer Steel Private Limited (LSPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

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

The upgrade reflects CRISIL's belief of steady improvement in
liquidity, supported by steady cash accrual, nil debt-funded
capital expenditure (capex) and need-based funding support from
promoters through unsecured loans. Unsecured loans from the
promoters, estimated at INR4 crore as on March 31, 2017, have led
to lower dependence on working capital debt as reflected in
utilisation averaging at 70% in the 12 months through March 2017.
Revenue will likely grow at 10-12% over the medium term, backed
by reviving steel prices. Operating margin, expected at 1.0-1.2%,
will, however, remain susceptible to steel prices.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile
Financial risk profile is weak due to small networth estimated at
INR3.9 crore and high total outside liabilities to tangible
networth estimated at 7 times as on March 31, 2017; however, it
is supported by average debt protection metrics, with interest
coverage ratio estimated at 3 times for fiscal 2017. Though the
financial risk profile will remain below average owing to its
working capital-intensive operations and low profitability, nil
debt-funded capex will likely support financial metrics.

* Low operating profitability
In the intensely competitive and fragmented Indian steel
industry, individual players have limited pricing power because
of the commoditised nature of products. Resultantly, operating
margin will likely remain low at 1.0-1.2% and will remain
susceptible to fluctuation in raw material prices.

Strengths

* Moderate scale of operations in the competitive steel industry
LSPL is a marginal player, with operating revenue of INR90.4
crore in fiscal 2016, in the intensely competitive and fragmented
Indian steel industry. Operating revenue will likely moderately
grow 8-10%; however, in absence of incremental capacity addition
plans, the scale will remain moderate.

* Promoter's longstanding track record in the steel business
manufacturing business
The promoter, Mr Ram Kumar Goyal, has been in the steel business
since 2006, thereby establishing healthy customer relationships
and acquiring repeat orders from them. Furthermore, the company
manufactures thermos-mechanically treated bars for Kamdhenu Ispat
Ltd under the brands, Kay2 and Kamdhenu. Benefits from his
extensive experience are expected to continue even over the
medium term.

Outlook: Stable

CRISIL believes LSPL will continue to benefit over the medium
term from the promoter's extensive experience. The outlook may be
revised to 'Positive' if significant improvement in scale of
operations and profitability strengthens the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
a decline in profitability, or further stretch in the working
capital cycle, or any large, debt-funded capex leads to
deterioration in the financial risk profile.

LSPL, established in 2006, manufactures thermos-mechanically
treated (TMT) bars in dimensions of 8 millimetre (mm) to 32 mm,
at its facility in Jaipur, Rajasthan. The facility has installed
capacity of 2000/2500/4000 tonne per month, depending on the size
of the bars.

Profit after tax was INR21 lakh on net sales of INR100.62 crore
for fiscal 2016, against a profit after tax of INR15 lakh on net
sales of INR90.4 crore for fiscal 2015.


MAITRI EDUCATIONAL: CRISIL Reaffirms B Rating on INR7.9MM Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank facilities of Maitri Educational Society
(MES).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          4.8      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.3      CRISIL B/Stable (Reaffirmed)

   Term Loan               7.9      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect MES' modest scale of operations,
risks related to geographic concentration in its revenue profile,
exposure to intense competition in the education sector. These
rating weaknesses are partially offset by MES's established
regional position in the education sector and extensive
experience of its promoters in the education sector.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Revenue remained modest at INR13.91
crore during fiscal 2017 due to limited capacity.

* Geographic concentration in revenue profile; exposure to
intense competition: MES derives its entire revenue from
institutes in Durg (Chhattisgarh), and the students belong mainly
to this region. This leads to geographic concentration in revenue
profile. Besides, MES faces competition from many reputed
universities and colleges in Durg and other parts of
Chhattisgarh.

Strengths

* Established regional position and experience of promoters: MES
has been in existence for around nine years and the experience of
the promoters helped to aggressively expand by opening four
institutes over the years and establish a brand name in Durg.
Benefits from the promoters' experience should continue to
support the business.

Outlook: Stable

CRISIL believes MES will continue to benefit over the medium term
from the established market position and sound operating
capabilities. The outlook may be revised to 'Positive' if scale
of operations and cash accrual increase substantially by adding
courses or by expanding geographical reach. Conversely, the
outlook may be revised to 'Negative' if a large, debt-funded
capital expenditure is undertaken or  cash accrual declines due
to reduced student intake.

MES was set up in 2004 and offers degree courses in nursing and
dentistry. The society started operations with a nursing college
in 2004 and set up a dental college in 2005. It is affiliated to
Ayush & Health Science University (AHSU), Raipur.

Profit after tax was INR1.77 crore on revenue of INR13.25 crore
in fiscal 2016, against INR0.78 crore and INR11.38 crore,
respectively, in fiscal 2015.


MANGALATH CASHEWS: CRISIL Reaffirms 'B' Rating on INR1.5MM Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Mangalath
Cashews for obtaining information through letters and emails
dated November 21, 2016, and December 22, 2016, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bill Discounting         1.5       CRISIL A4 (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Cash Credit              1.5       CRISIL B/Stable (Issuer
                                      Not Cooperating; Rating
                                      Reaffirmed)

   Packing Credit           9.3       CRISIL A4 (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

'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 Mangalath Cashews. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Mangalath Cashews is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with Crisil B Rating category or Lower'. Based on
the last available information, CRISIL has downgraded the long
term rating to 'CRISIL B/Stable and reaffirmed short term rating
at CRISIL A4.

Mangalath Cashews was set up by Mr. S Saji and his family in 2001
and is based in Kollam (Kerala). It processes, and trades in,
cashews nuts.


PIONEER MOTORS: CRISIL Lowers Rating on INR7MM Cash Loan to 'C'
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Pioneer
Motors (Kannur) Private Limited (PMPL) for obtaining information
through letters and emails dated November 21, 2016, and
December 22, 2016, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit              7         CRISIL C (Issuer Not
                                      Cooperating; Downgraded
                                      from CRISIL BB-/Stable)

   Inventory Funding        3         CRISIL C (Issuer Not
   Facility                           Cooperating; Downgraded
                                      from CRISIL BB-/Stable)

   Long Term Loan           0.4       CRISIL C (Issuer Not
                                      Cooperating; Downgraded
                                      from CRISIL BB-/Stable)

'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 Pioneer Motors (Kannur)
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Pioneer Motors
(Kannur) Private Limited is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL B rating category or lower.' Based on the last available
information, CRISIL has downgraded the rating to CRISIL C.

PMPL, incorporated in 1997, is an authorised dealer of vehicles
and spare parts manufactured by Piaggio and HMSI. Wayanad
Vehicles, a subsidiary of PMPL, is one of the dealers for Piaggio
vehicles. The group is based in Kannur (Kerala).


RAPHA DIAGNOSTICS: CRISIL Reaffirms 'B' Rating on INR3.56MM Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Rapha
Diagnostics Private Limited (RDPL) for obtaining information
through letters and emails dated January 20, 2017, and
February 10, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             2.25      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit        1.25      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan          3.56      CRISIL B/Stable (Issuer
                                     Not Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      2.94      CRISIL B/Stable (Issuer
   Bank Loan Facility                Not Cooperating; Rating
                                     Reaffirmed)

'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 Rapha Diagnostics Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Rapha Diagnostics Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL B
rating category or lower.' Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL
B/Stable/CRISIL A4.

Incorporated in 2002, RDPL trades in diagnostic kits used for HIV
test, pregnancy detection, urine test, malaria test, and others.
It imports strips and technology used for testing from China,
Canada, Finland, and other countries and sells under its own
brand name RAPHA. RDPL is promoted by Dr. Isac John. It has a
warehousing facility in Vasai (Maharashtra). The company is
undertaking a capital expenditure programme for setting up a
facility to manufacture all the products which it currently
imports.


SOHAM PHALGUNI: ICRA Lowers Rating on INR35.23cr Loan to 'D'
------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR35.23-
crore term loan of Soham Phalguni Renewable Energy Private
Limited (SPREPL) from [ICRA]B to [ICRA]D.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Term Loan              35.23       [ICRA]D; revised from
                                     [ICRA]B

Rationale
The rating revision factors in the delays observed in debt
servicing by SPREPL due to lower-than-expected generations in the
10.50 MW hydro power project operated by the company owing to
subdued monsoons. The rating further remains constrained by the
exposure of the company's cash flows to hydrology risks, given
the absence of a deemed generation clause in case of shortage in
availability of water resources.

ICRA, however, takes note of the presence of a long-term power
purchase agreement with Mangalore Electricity Supply Company
Limited (MESCOM) which ensures the offtake of generated power and
the eligibility of the 10.5 MW hydro power project under SPREPL
for receipt of capital subsidy of INR3.10 crore which is likely
to improve its viability to a certain extent.
Going forward, the company's ability to generate commensurate
accruals for debt repayments through healthy levels of power
generation, and thereby regularise its debt repayment track
record remains the key rating sensitivity.

Key rating drivers

Credit strengths
* Presence of a long-term power purchase agreement with MESCOM
   ensures healthy offtake of the power generated by the plant

* Eligibility for receipt of capital subsidy of Rs 3.10 crore
   from MNRE is expected to improve the project's viability to a
  certain extent

Credit weaknesses
* Delays in debt servicing owing to lower generations as
   compared to designed parameters owing to subdued monsoons

* Revenues exposed to hydrology risks as the project is not
   covered under any deemed generation clause in case of loss
   of generation due to shortage of water

Description of key rating drivers:

SPREPL is a special purpose vehicle (SPV) incorporated as part of
the Soham Group of companies which operates hydro power projects
with a cumulative capacity of 53.5 MW. The company operates a
10.5 MW hydro power project in Karnataka. The hydro power project
commenced commercial operations in June 2015. SPREPL has signed a
long-term power purchase agreement with MESCOM and the tariff
being received currently is INR3.40/kwh.

The generation levels in the project were low during FY2016 owing
to technical issues (replacement of gear box which interrupted
operations) and subdued monsoons. Further, the generation levels
during 9M FY2017 were impacted due to poor monsoons. As a result,
the accruals generated were not sufficient to cater to the debt
repayment obligations and led to delays. The repayments have,
however, been made with the support received from associate
entity Ambuthirtha Power Private Limited. Further, a debt service
reserve account (DSRA) has been created during February 2017 in
order to serve as a cushion to the company's repayment
obligations going forward.

Soham Phalguni Renewable Energy Private Limited (SPREPL) is part
of the Soham Group which operates hydro power projects with a
capacity of 53.5 MW under several special purpose vehicles
(SPVs).
SPREPL currently operates a 10.5 MW small hydro power project in
Karnataka. The project is a gated diversion weir being built
across the river Phalguni and it commenced commercial operations
in June 2015.

In FY2016, the company reported a loss of INR3.62 crore on an
operating income of INR2.64 crore.


SOHAM RENEWABLE: ICRA Lowers Rating on INR38.70cr Term Loan to D
----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR38.70-
crore term loan of Soham Renewable Energy (India) Private Limited
from [ICRA]B to [ICRA]D.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Term Loan               38.70       [ICRA]D; revised from
                                      [ICRA]B

Rationale
The rating revision factors in the delays observed in debt
servicing by SREIPL due to sub-optimal generations in the 6 MW
hydro power project operated by the company, owing to poor
monsoons during 9M FY2017. The rating further remains constrained
by the high capital cost (Rs.11.28 crore/MW) of the project which
impacts its return indicators and the exposure of the company's
cash flows to hydrology risks, given that the project is not
covered under any deemed generation clause in case of loss of
generations due to shortage of water. In addition, given that the
power purchase agreement with Tanglin Developments Limited is not
for a fixed tenure, the company's cash flows remain exposed to
offtake risks, mitigated to a certain extent by the demand-supply
gap in Karnataka.

ICRA, however, takes note of the established presence of the
Soham Group (which operates 53.5 MW of hydro power projects) in
the renewable power segment and the demonstrated ability of the
Group to raise funds from strategic investors to meet its funding
requirements. Further, ICRA also notes that the eligibility of
the 6 MW hydro power project under SREIPL for receipt of capital
subsidy of INR2.2 crore is likely to improve its viability to a
certain extent.

Going forward, the company's ability to generate commensurate
accruals for debt repayments through healthy levels of power
generation, and thereby regularise its debt repayment track
record remains the key rating sensitivity.


SRI BALACHANDRA: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sri Balachandra
Vinayagar Modern Rice Mill's (SBVMRM) a Long-Term Issuer Rating
of 'IND B+'.  The Outlook is Stable.  Instrument-wise rating
actions are:

  -- INR49.5 mil. Fund-based working capital limits assigned with
     'IND B+/Stable/IND A4' rating; and

  -- INR2.6 mil. Term loan assigned with 'IND B+/Stable' rating

                       KEY RATING DRIVERS

The ratings reflect SBVMRM's small scale of operations and weak
operating profitability due to the fragmented nature of the rice
processing industry and susceptibility to seasonal fluctuations.
Revenue was INR252 million in FY16 (FY15: INR205 million) and
EBITDA margins were 2.9% (1.8%). Consequently, credit metrics
were weak with interest coverage (operating EBITDA/gross interest
expense) of 1.72x at FY16 (FY15: 1.42x) and net financial
leverage (total Ind-Ra adjusted net debt/operating EBITDAR) of
6.20x (10.30x).  The firm reported revenue of INR333 million
during 11MFY17.

The ratings also factor in SBVMRM's tight liquidity position with
almost full utilization of working capital facilities over the 12
months ended March 2017.

However, the ratings are supported by the proprietor's experience
of more than five decades in the rice milling business.

                         RATING SENSITIVITIES

Negative: A decline in the EBITDA margins leading to
deterioration in the credit metrics will be negative for the
ratings.

Positive: A substantial growth in the firm's revenue leading to
an improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

SBVMRM is a proprietorship concern established in 1987 by
Mr. P. L. Ganapathy.  The firm is engaged in processing and
selling of boiled rice in Tamil Nadu and is located in Pallathur,
Sivagangai District, Tamil Nadu.


THATIPALLI INFRA: CRISIL Assigns B+ Rating to INR8MM LT Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Thatipalli Infra Projects (TIP).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           8        CRISIL B+/Stable

The rating reflects TIP's modest scale of operations in a highly
competitive segment and geographical concentration in revenue
profile. These rating strengths are partially offset by the
promoters' extensive experience in the real estate segment.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations
TIP is a small player in a highly unorganised real estate segment
dominated by large developers and relatively smaller sized
developers. Being a small player with limited track record
restricts TIP's pricing power in the market.

* Geographical concentration in revenue profile
TIP is also exposed to geographical concentration risk with its
operations limited to Telangana, particularly the Khammam region
currently. The geographical concentration of its operations
exposes the company to factors governing regional demand and
regulations.

Strength

* Promoters' extensive experience in the construction sector
TIP is promoted by the Thatipalli family. The partners Mr.
Thatipalli Shanker Babu, Mr.Thatipalli Vishweshwar Rao, Ms.
Thatipalli Rajeshwari, Ms. Thatipalli Dhanalakshmi, and Mr.
Thatipalli Rohith share 20 per cent stake each in the firm. The
partners are well experienced in the field. They have executed
real estate projects in other companies where they own a stake.
Outlook: Stable

CRISIL believes that TIP will continue to benefit from its
promoters' extensive industry experience over the medium term.
The outlook may be revised to 'Positive' if TIP generates more-
than-expected cash flows, aided by earlier-than-expected
completion of its ongoing project and increase in the number of
projects while improving the company's financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
time and cost overruns in the project, or lower than- expected
occupancy resulting in deterioration of financial risk profile.

TIP is a Partnership Firm established on 01-01-2015 and is
engaged in residential real estate business. It is promoted by
the Khammam based Thatipalli family. The firm currently develops
a residential project in Kothagudem, Telangana.

For fiscal 2016, TIP has booked operating income of INR0 crore
and net profit of INR0 crore since fiscal 2017 would be the first
full year of operations.


UTTAR BHARAT: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Uttar Bharat
Hydro Power Private Limited's (UBHPPL) Long-Term Issuer Rating to
the non-cooperating category.  The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency.  Therefore, investors and other users are advised to
take appropriate caution while using these ratings.  The rating
will now appear as 'IND BB(ISSUER NOT COOPERATING)' on the
agency's website.  The instrument-wise rating action is:

   -- INR1.570 mil. Term loan migrated to Non-Cooperating
      Category;

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 12, 2014.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

UBHPPL is a company promoted by Naresh Goel.  The company would
have a combined capacity of 25.5MW post December 2014 with design
energy of 104MUs in a 90% dependable year.


VALENCIA CERAMIC: ICRA Reaffirms B+ Rating on INR7.23cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ on the
INR4.00-crore cash credit facility and the INR3.23-crore term
loans of Valencia Ceramic Private Limited. The outlook on the
long-term rating is 'Stable'. ICRA has also reaffirmed the short-
term rating of [ICRA]A4 on the INR2.02-crore non-fund based bank
guarantee facility and the INR3.25-crore letter of credit
facility, which is sub-limit within the cash credit limit of
INR4.00 crore. ICRA has also reaffirmed the ratings of
[ICRA]B+(Stable)/[ICRA]A4 for the unallocated amount of INR4.71
crore.

                        Amount
  Facilities          (INR crore)   Ratings
  ----------          -----------   -------
  Fund-based Limits       7.23      [ICRA]B+ (Stable); reaffirmed
  Non-fund based Limits   2.02      [ICRA]A4; reaffirmed
  Unallocated Limits      4.71      [ICRA]B+ (Stable)/[ICRA]A4;
                                    Reaffirmed

Rationale

The rating reaffirmation continues to factor in VCPL's relatively
modest scale of operations and moderate financial risk profile
characterised by moderate capital structure, with gearing of 1.2
times and coverage indicators as on March 31, 2016. The ratings
also factor in the highly fragmented nature of the tiles
industry, which results in intense competitive pressures and the
cyclical nature of the real estate sector, which is the key
consuming sector. Further, the ratings also take note of the
exposure of the company's profitability to volatility in raw
material and gas prices as well as to adverse foreign exchange
fluctuations.

The ratings, however, continue to favorably factor in the
extensive experience of the promoters in the ceramic industry and
the locational advantage of the company for raw material
procurement by virtue of its presence in Morbi (Gujarat).
Going forward, the ability of the company to scale up its
operations, improve its profitability and thereby improving
capital structure and coverage indicators would remain important
from a credit perspective.

Key rating drivers

Credit strengths
* Extensive experience of VCPL's promoters in the ceramic tile
   Industry

* Company's location in Morbi, India's ceramic hub, provides
   easy access to raw material

Credit weaknesses
* Modest scale of operations
* Financial profile characterised by moderate capital structure
   and coverage indicators

* Profitability susceptible to volatility in raw material and
   fuel prices as well as to adverse foreign exchange
   fluctuations

* Vulnerability of profitability and cash flows to cyclicality
   inherent in the real estate industry, which is the main end-
   user sector

* Competitive business environment due to the presence of large,
   established tile manufacturers as well as unorganised players.

Description of key rating drivers:

Valencia Ceramic Private Limited (VCPL) manufactures digitally
printed ceramic glazed wall tiles in various sizes of 12'X12",
12"X18" and 12"X24". The manufacturing facility of the company is
located in Morbi in Gujarat, which provides easy access to its
customers. The company has an installed capacity to manufacture
35,700 metric tonnes wall tiles annually. VCPL procures raw
materials locally from suppliers located in Gujarat and Rajasthan
and sells its products under the brand name of 'Valenza' through
a network of distributors/dealers on a pan India basis. The
company also exports wall tiles to Dubai, Oman, Iraq, Yemen and
Bangladesh and exports contributed to 73.6% of the total sales in
FY2016. With increased company's focus on the export markets, the
margins would be vulnerable to volatility in foreign currency
exchange rates. The company's presence in the highly fragmented
ceramic industry, which is characterised by intense competition,
limits its pricing flexibility and thereby its ability to
effectively pass on the increase in raw material prices to
customers.

The operating income of the company declined by ~4.9% from
INR38.6 crore in FY2015 to INR36.7 crore in FY2016 due to decline
in sales volumes despite the improvement in sales realisations,
supported by increased exports. Furthermore, the capital
structure and the coverage indicators remained moderate in
FY2016.

Incorporated in November 2012, Valencia Ceramic Private Limited
(VCPL) is a digitally printed ceramic glazed wall tiles
manufacturer with its plant in Morbi, Gujarat. VCPL commenced its
operations in August 2013 and currently manufactures wall tiles
of three sizes 12"X12", 12"X18" and 12"X24", which find wide
application in commercial as well as residential buildings. The
company is managed and promoted by Mr. Harshad Vansjariya and
Mr. Rajesh Vansjariya. It has an installed capacity to
manufacture 35,700 metric tonnes of wall tiles per annum.


VENKATA RAJESH: CRISIL Reaffirms 'B' Rating on INR12MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Venkata
Rajesh Poultries Private Limited (VRPPL) for obtaining
information through letters and emails dated January 19, 2017 and
February 9, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             12        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan          11        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

'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 Venkata Rajesh Poultries
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Venkata Rajesh
Poultries Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower.' Based on the
last available information, CRISIL has reaffirmed the rating at
CRISIL B/Stable.

Established in 2005, VRPPL is a producer and supplier of eggs in
Guntur (Andhra Pradesh). The company is promoted by Mr. Purna
Rajesh and family.


YOGESH TRADING: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Yogesh Trading
Co.'s (YTC) Long-Term Issuer Rating to the non-cooperating
category.  The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.  The rating will
now appear as 'IND BB(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating action is:

   -- INR350 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 31, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1977, New Delhi-based YTC is engaged in the
wholesale trading of denim and non-denim fabrics, and is an
authorised distributor for all major brands in India such as
Ginni International Limited, Oswal Denims, Arvind Mills Limited,
Blue Blends (India) Limited and Vardhman Fabrics.  The firm is
managed by Mr Deepak Gambhir.



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


LIPPO KARAWACI: Moody's Cuts CFR to B1; Outlook Stable
------------------------------------------------------
Moody's Investors Service has downgraded to B1 from Ba3 the
corporate family rating of Lippo Karawaci Tbk (P.T.) and the
senior unsecured rating of the bonds issued by Theta Capital Pte.
Ltd. -- guaranteed by and a wholly owned subsidiary of Lippo
Karawaci.

At the same time, Moody's has changed the outlook to stable from
negative.

RATINGS RATIONALE

"The downgrades reflect the weak operating performance of Lippo
Karawaci's property development business, led by continued delays
in its new project launches and uncertainty over the completion
of its targeted asset sales in 2017. Consequently, Moody's
expects the developer's financial profile will remain outside the
parameters of its Ba3 corporate family rating over at least next
12-18 months," says Jacintha Poh, a Moody's Vice President and
Senior Analyst.

Lippo Karawaci achieved only IDR1.2 trillion of marketing sales
in 2016, significantly below its target of IDR3.5 trillion. The
developer also completed only IDR938 billion of asset sales
compared to its target of IDR1.7 trillion for the same year.

While the developer targets to achieve IDR3.1 trillion of
marketing sales and IDR6.8 trillion of asset sales in 2017,
Moody's believes those targets are optimistic and expects the
developer to lower its targets in the second half of this year.

The developer has not launched any new projects since the
beginning of this year, as it did not receive sufficient demand
for priority passes at its key project, Urban Homes -- a
residential property development targeting the lower-middle
income group. Indonesian developers typically use sales of
priority passes to gauge market demand before deciding on a new
launch.

Moody's base case expectation is for Lippo Karawaci to achieve
marketing sales of IDR2 trillion and complete asset sales of
IDR0.8 trillion in 2017. Hence, Moody's expects its leverage --
as measured by adjusted debt/homebuilding EBITDA -- in 2017 to be
around 5.0x and its interest coverage ratio -- as measured by
adjusted homebuilding EBIT/interest expense -- to be around 2.0x.

For the full year 2016, the developer recorded adjusted
debt/homebuilding EBITDA of 3.9x and adjusted homebuilding
EBIT/interest expense of 2.2x.

"Lippo Karawaci's B1 rating is supported by its diversified
business profile - which allows it to generate a well-balanced
stream of recurring revenue from multiple business segments - and
non-recurring revenue from real estate development," adds Poh,
who is also the Lead Analyst for Lippo Karawaci and the
Indonesian real estate sector.

The bulk of Lippo Karawaci's recurring income comes from the
resilient and growing healthcare segment, which provides a
cushion against the business and execution risks associated with
real estate development, while also partly mitigating the lumpy
nature of development cash flows.

In addition, Lippo Karawaci has no near-term refinancing risk.
Its next major debt maturity will only be in 2022, after the call
redemption of its USD403 million notes due 2020 in November 2016.

The stable ratings outlook reflects Moody's expectation that
Lippo Karawaci will remain well-supported by its recurring income
and maintain financial discipline while pursuing growth.

The ratings are unlikely to be upgraded over the near term given
its weak marketing sales. However, positive momentum could build
if Lippo Karawaci shows progress in achieving marketing sales of
at least IDR3 trillion in 2017 and demonstrates its ability to
maintain a stable financial profile, such that adjusted
debt/homebuilding EBITDA is below 4.0x and adjusted homebuilding
EBIT/interest expense is above 3.0x.

On the other hand, the ratings could be downgraded if Lippo
Karawaci's financial and liquidity profile weaken owing to: (1) a
failure to execute its business plans, (2) a further reduction in
its ownership of Siloam International Hospitals Tbk PT (unrated)
to below 60%, (3) a deterioration in the property market, leading
to protracted weakness in its operations and credit profile, and
(4) a material depreciation in the rupiah, which may increase the
company's debt-servicing obligations.

Metrics indicative of downward rating pressure include adjusted
debt/EBITDA above 5.5x and adjusted homebuilding EBIT/interest
expense below 2.0x on a sustained basis.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Lippo Karawaci Tbk (P.T.) is one of the largest property
developers in Indonesia, with a sizable land bank of around 1,330
hectares as of December 31, 2016. It owns and/or manages - either
directly or via its real estate investment trusts - 46 malls, 23
hospitals and nine hotels. Lippo Karawaci owns a 33% stake in
First REIT (unrated) and a 29% stake in Lippo Malls Indonesia
Retail Trust (Baa3 stable).



=========
J A P A N
=========


AVEX GROUP: Fails to Pay Employees Hundreds of Million Yen in OT
----------------------------------------------------------------
Japan Today reports that Japanese music label Avex Group Holdings
Inc said on May 2 it failed to pay its employees several hundred
million yen collectively in overtime pay over an eight-month
period through January.

Avex, which manages Ayumi Hamasaki and other major artists and
entertainers, joins several big-name Japanese companies, such as
parcel delivery provider Yamato Holdings Co. and Kansai Electric
Power Co, where employees were recently found to have not been
paid for overtime work, according to Japan Today.

Japan Today relates that the music company looked into its
alleged practice after labor standard inspectors recommended in
December an action to rectify its overtime work situation, and
now considers roughly half of its around 1,500 employees as not
having been paid for overtime work in full.

According to the report, the company said it is set to provide
the unpaid wages this month and will continue its probe to see if
wages were properly paid in February and beyond.

Nonpayment for overtime work occurred at the company's core units
involved in music production, the report says. Avex's internal
investigation has found that while overwork was common at the
operations, only a portion of overtime wages were paid.

Japan Today says Avex will change the way it keeps track of its
employees' working hours. Rather than checking the time workers
start up their computers and shutting them down, it will allow
employees to report their work hours online on their own.

After labor standard inspectors recommended a corrective action
from the company in December, company President Masato Matsuura
criticized the move and defended the company's labor practices,
saying on his blog that the relevant law is totally incompatible
with the real situation facing its workers, Japan Today relays.

Avex is listed on the First Section of the Tokyo Stock Exchange
and produces and distributes music while also being involved in
anime creation and other film-related operations.



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


PLUSTEL SOLUTIONS: SEC Shuts Down Boiler Room Operations
--------------------------------------------------------
The Securities and Exchange Commission (SEC) in coordination with
the National Bureau of Investigation (NBI) apprehended several
persons caught in the act of engaging in boiler room operations,
offering and selling worthless, overpriced, and non-existent
securities to investors. Boiler room operation refers to the use
of high pressure sales tactics to sell securities to clients who
are called randomly.

On April 5, 2017, SEC lawyers and investigators with the
assistance of NBI agents, armed with a Search Warrant issued by
Executive Judge Hon. Cynthia Marino-Ricablanca of the Regional
Trial Court Branch 27-Sta. Cruz, Laguna, swooped down on Plustel
Solutions, Inc.'s (Plustel) office at 3/F, 88 Building,
Governor's Drive, in Maduya, Carmona, Cavite and caught in the
act several officers and representatives of Plustel offering and
selling non-existent securities to investors through on-line
transactions.

Bristish nationals Andrew Bryan Robson, Graham Alan Bennett,
Dominic Alex Whellams, and other Plustel managers, team leaders
and personnel were caught in the act of engaging in said boiler
room operations.

The Search Warrant yielded numerous computers and documents
consisting of scripts, leads, and other paraphernalia used by
Plustel employees in contacting potential investors.

The SEC, through its Enforcement and Investor Protection Director
Jose P. Aquino, sued Plustel and its directors, officers, staff
and agents for engaging in fraudulent activities in violation of
Sections 26 and 28 of the Securities Regulation Code (SRC).

Section 26 (Fraudulent Transactions) of the SRC provides that "It
shall be unlawful for any person, directly or indirectly, in
connection with the purchase or sale of any securities to: (26.1)
Employ any device, scheme, or artifice to defraud; (26.2) Obtain
money or property by means of any untrue statement of a material
fact of any omission to state a material fact necessary in order
to make the statements made, in the light of the circumstances
under which they were made, not misleading; or (26.3) Engage in
any act, transaction, practice or course of business which
operates or would operate as a fraud or deceit upon any person."

On the other hand, Section 28 of the SRC provides that "28.1. No
person shall engage in the business of buying or selling
securities in the Philippines as a broker or dealer, or act as a
salesman, or an associated person of any broker or dealer unless
registered as such with the Commission. xxx".

Said acts are punishable under Section 73 of the SRC which
provides "Section 73. Penalties. - Any person who violates any of
the provisions of this SRC, or the rules and regulations
promulgated by the Commission under authority thereof, or any
person who, in a registration statement filed under SRC, makes
any untrue statement of a material fact or omits to state any
material fact required to be stated therein or necessary to make
the statements therein not misleading, shall, upon conviction,
suffer a fine of not less than PHP50,000.00 nor more than Five
million pesos (PHP5,000,000.00) or imprisonment of not less than
seven (7) years nor more than twenty- one (21) years, or both in
the discretion of the court. If the offender is a corporation,
partnership or association or other juridical entity, the penalty
may in the discretion of the court be imposed upon such juridical
entity and upon the officer or officers of the corporation,
partnership, association or entity responsible for the violation,
and if such officer is an alien, he shall in addition to the
penalties prescribed, be deported without further proceedings
after service of sentence."

Plustel's fraudulent activities were earlier endorsed by the
Department of Justice to the SEC for investigation based on a tip
from a concerned citizen who sent it via email.

Based on the records of the SEC, Plustel Solutions Inc. was
registered as a corporation on 9 September 2013 under its
original name Plustel Marketing Services Inc.. Its primary
purpose is "To engage in, conduct and operate the business of
promoting, marketing and processing debit cards, also known as
check cards or electronic checks, or other similar apparatus for
the transfer and processing of funds electronically or
mechanically."

Plustel has not registered any securities products including
equity and debt securities, mutual funds, exchange traded funds,
membership certificates, timeshares, and has not been issued
Permit to Sell securities. In addition, Plustel is not licensed
as a securities broker, dealer, investment adviser or investment
house.

The 2016 General Information Sheet of Plustel indicates that the
following are the stockholders, directors and officers of the
company: Dezon S. Monares, Chairman and President; Joanna Marie
G. Flores, Treasurer; Anolito M. Loyola, Corporate Secretary;
Ruth C. Del Rosario and Richard L. Soriano, Directors.



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


GLOBAL A&T: Moody's Lowers CFR to Ca on Extremely Tight Liquidity
-----------------------------------------------------------------
Moody's Investors Service has downgraded Global A&T Electronics
Ltd.'s (GATE) corporate family rating (CFR) and senior secured
ratings to Ca from Caa3.

The ratings outlook remains negative.

RATINGS RATIONALE

The downgrade of GATE's CFR and senior secured bond ratings to Ca
reflects the company's extremely tight liquidity situation and
highly leveraged balance sheet, raising the likelihood of a
requisite restructuring event or interest payment default over
the next six months.

At March 31, 2017, GATE's outstanding debt totaled $1.1 billion,
and comprised entirely of senior secured notes due February 2019.
The company's next interest payment on these notes -- of $55-$60
million - is payable on August 1, 2017.

"Despite the absence of any significant near-term debt maturities
until February 2019, GATE's capital structure is untenable, with
another sizeable interest payment coming due in August 2017 and
just $77 million of cash on the balance sheet at March 31, 2017,"
says Annalisa DiChiara, a Moody's Vice President and Senior
Credit officer.

"Given the company's weak profitability and ongoing capital
expenditures, Moody's believes that GATE will be unable to fund
its interest payments over the next 12 months," adds DiChiara.
"Moody's also notes that the company has no back up credit
facilities."

GATE benefits from a 30 day remedy period should it not meet its
interest payment. Once that expires, the trustee, or the trustee
at the request of the note holders, or the holders of at least
25% in outstanding aggregate principal amount of the outstanding
notes may declare the notes to be immediately due and payable.

While GATE has stated it continues to explore and develop
strategic options including possible changes to its capital
structure, no specific details regarding the progress of the
negotiations and discussions have been publicly announced.

In addition, according to the company's recently released annual
report, GATE's independent auditors concluded that they were not
able to obtain sufficient audit evidence regarding the likely
outcome of any negotiations with the holders of the senior
secured notes, in relation to the interest payment obligations.
As a result, the independent auditors have issued a disclaimer of
opinion on GATE's consolidated financial statements for the year
ended December 31, 2016.

At the same time, the outcome of the company's ongoing litigation
with some of its bondholders remains unclear.

The ratings outlook is negative, capturing the likelihood that
the risk of default will continue to intensify over the next six
months. Should a default occur, Moody's estimates that the
prospect of a full recovery of principal and interest for the
senior secured bondholders will be low.

A ratings upgrade is unlikely, unless the debt is reduced
significantly, resulting in an improved capital structure, with
adequate liquidity.

The principal methodology used in these ratings was Semiconductor
Industry Methodology published in December 2015.

Global A&T Electronics Ltd. (GATE) is a leading provider of
semiconductor assembly and test services. It operates under the
name UTAC, with manufacturing facilities in Singapore, Taiwan,
Thailand and China. UTAC (unrated) was privatized through a
leveraged buy-out by a private equity group led by TPG Capital
(47.7%) and Affinity Equity Partners (47.7%) in October 2007.



=============
V I E T N A M
=============


VIETNAM: Moody's Affirms B1 Debt Rating & Revises Outlook to Pos.
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Government of
Vietnam's B1 issuer and senior unsecured debt ratings and revised
the outlook to positive from stable.

The positive outlook is based on Moody's expectations that:

1. Strong foreign direct investment (FDI) inflows, fostered by
ongoing economic reform, will continue to diversify the economy
and enhance economic performance compared to rating peers;

2. Macroeconomic and external stability will be maintained; and

3. In turn, strong growth and a stable macroeconomic environment
will help stabilize government debt around current levels.

Concurrently, Moody's has raised Vietnam's local-currency (LC)
bond and deposit ceilings to Baa3 from Ba1.

The country's foreign-currency (FC) bond and deposit ceilings
remain at Ba2 and B2, respectively. In addition, the short-term
FC bond and deposit ceilings were unchanged at "Not Prime.''

RATINGS RATIONALE

FIRST DRIVER -- FDI PERFORMANCE ENHANCES ECONOMIC STRENGTH

The first driver of the outlook change is Moody's expectation
that strong FDI inflows-spurred in part by the ongoing progress
on economic reform and liberalization-will continue to sustain
Vietnam's robust economic performance relative to peers. FDI
allows Vietnam to diversify its economy and gain market share in
international trade, contributing to prospects of sustained
strong GDP growth.

The country's improving competitiveness and reform impetus have
supported net FDI inflows averaging 5.2% of GDP between 2014 and
2016, higher than the B1-rated median of 3.6%. Vietnam has also
benefited from its entry into several free trade agreements in
recent years, which have spurred the liberalization of the
economy. As a result of improvements to the investment climate,
Vietnam's ranking rose to 60th out of 138 countries in the 2016-
2017 World Economic Forum Global Competitiveness Index, up from
70th in 2013-2014, while its showing in the World Bank's Doing
Business Indicators similarly rose to 82nd out of 190 countries
in 2017 from 99th in 2014.

Robust FDI inflows have spurred gross fixed capital formation,
allowing export growth to outperform regional and rating peers
amidst slow global trade and lower commodity prices. Vietnam has
become a more important node in the regionally dispersed supply
chain for electronics, especially for mobile phones, as foreign
investments have helped to diversify the economy towards higher
value-added manufacturing. As a result, Vietnam has gained market
share with its share of world exports nearly doubling to 1.2% in
2016 from 0.7% in 2013.

With ongoing improvements to infrastructure, rapid growth in the
population of working age, and the government's continued focus
on reform to support FDI, Moody's expects economic growth to
remain robust at around 6.3% per annum through 2019, nearly twice
as high as the B1-rated median of 3.3%.

SECOND DRIVER -- MACROECONOMIC AND EXTERNAL STABILITY WILL
CONTINUE

Together with strong growth, Moody's expects macroeconomic
stability to be maintained.

In contrast, the period of rapid economic growth prior to 2012
coincided with high inflation, wide current account deficits,
exchange rate volatility, and an overheating property market.

After falling to an all-time low in 2015, inflation has picked up
due to administrative price increases for health and education.
Inflation reached 5.0% in the first quarter of 2017, after
averaging 2.7% in 2016 and 0.6% in 2015. In 2017 on average,
Moody's expects inflation to remain below the official target of
5% as administrative price pressures ease. Moderate inflation
supports consumer purchasing power and helps contain local
currency borrowing costs for the government. The de-dollarization
trend in recent years and the concurrent deepening of local
capital markets also foster moderate inflation by promoting
relative stability of the exchange rate and much reduced reliance
on an unofficial exchange rate.

Moreover, Vietnam has registered six consecutive full-year
current account surpluses, driven by the robustness of exports
and steady remittance inflows. These surpluses have combined with
strong FDI inflows to help rebuild foreign exchange buffers from
lows reached in 2011. The adoption of a more flexible exchange
rate regime in 2016 also contributes to Moody's expectation that
foreign exchange reserves will remain ample pointing to very low
external vulnerability risk.

THIRD DRIVER -- PROSPECTIVE DEBT STABILIZATION AND AN IMPROVED
FUNDING PROFILE

In turn, the robust growth outlook and macroeconomic stability
provide a favorable backdrop for the stabilization of the
government's debt burden, which Moody's expects to have peaked at
below 55% of GDP in 2016. The absence of significant revenue
reform or expenditure consolidation so far precludes a more rapid
pace of debt reduction.

In the context of wide fiscal deficits that have led to a 14
percentage-point rise in direct government debt between 2012 and
2016 according to Moody's estimates, both the government and the
National Assembly recently reaffirmed the public debt ceiling--
which largely encompasses direct government debt and government-
guaranteed debt--at 65% of GDP.

In the near term, Moody's expects revenue to pick up along with
the robustness of domestic demand and international oil prices,
assuming that the government will not pass additional corporate
tax cuts that further erode the revenue base. On the expenditure
side, the government has made adjustments to administered prices
for education and healthcare to help control current expenditure.
Deficit reduction will also depend in part on the projected
receipts from the privatization of SOEs, which Moody's does not
consider as a revenue item.

At this stage, Moody's does not expects the government's debt
burden to decline. First, Moody's expects only a gradual
reduction in public expenditure given the existing commitments
for capital spending, particularly on infrastructure. Moreover,
the government has yet to pursue major reforms to reverse the
decline in the revenue as a share of GDP since 2010, precipitated
in part by lower oil prices, in the context of generous fiscal
incentives to attract foreign investors and the country's
international commitments to lower tariff barriers. In addition,
improved economic performance has not accrued to higher
government revenue given the reduction of corporate tax rates
twice since 2014.

Improved fiscal strength also relates to changes in the funding
structure of government debt. The government increasingly relies
on domestic and local currency sources of financing, which has
led to a drop in the share of the government's debt stock
denominated in foreign currency. This ratio fell to 39.8% in 2016
from 49.9% in 2013 and 61.0% in 2011, helping to reduce Vietnam's
susceptibility to exchange rate shocks. At the same time, non-
resident participation in the local-currency government bond
market is low at around 5% of the total.

As long as Vietnam maintains external surpluses that contribute
to ample local liquidity, as well as robust employment that
contributes to deposit growth in the banking system and generates
contributions to the compulsory state insurance fund, Moody's
projects that the government's balance sheet's exposure to
external shocks will continue to fall.

RATIONALE AFFIRMING THE B1 RATING

Vietnam's B1 issuer rating incorporates credit strengths,
including the size and diversity of the country's economy and its
robust growth performance relative to similarly-rated peers. It
has also consistently improved its showing in cross-country
assessments of institutional quality in recent years,
particularly with regards to government effectiveness, albeit
from low levels.

These strengths are balanced against low GDP per capita, as well
as the vulnerabilities posed by wide fiscal deficits and the
accumulation of debt over the past few years. Nevertheless,
sizeable financial support from official creditors at
concessional terms has prevented a marked deterioration in debt
affordability.

The banking system continues to pose prominent but manageable
contingent risks. The recovery of domestic demand since 2015 has
coincided with rapid credit growth, challenging a system still
encumbered by poor capital adequacy and legacy non-performing
loans. Nevertheless, the benign inflation outlook and somewhat
stricter underwriting standards as compared to previous credit
booms mitigate financial stability risks.

WHAT COULD CHANGE THE RATING -- UP

An upgrade to Vietnam's credit rating could result from: 1) the
passage of concrete measures that lead to a significant reduction
in the government's debt burden; and 2) in light of rapid credit
growth over the past couple of years, a further improvement in
the intrinsic financial strength of the banking system and the
state-owned enterprise sector that significantly diminishes
contingent risks to the government and lowers macro-financial
risks.

WHAT COULD CHANGE THE RATING -- DOWN

In light of the positive outlook, a downgrade is unlikely but
Moody's could revise Vietnam's rating outlook to stable if the
government was unable to arrest the deterioration of fiscal and
debt metrics. Moreover, a downgrade could result from: 1) a
reemergence of macroeconomic instability, leading to higher
inflation, a rise in debt-servicing costs, and/or a worsening of
the country's external payments position; 2) a material and
durable weakening in economic performance relative to peers; or
3) a sizeable crystallization of contingent risks from either the
banking system or the SOE sector.

GDP per capita (PPP basis, US$): 6,399 (2016 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 6.2% (2016 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 4.7% (2016 Actual)

Gen. Gov. Financial Balance/GDP: -5.7% (2016 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: 4.2% (2016 Actual) (also known as
External Balance)

External debt/GDP: 44.1% (2016 Actual)

Level of economic development: High level of economic resilience

Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.

On April 26, 2017, a rating committee was called to discuss the
rating of the Government of Vietnam. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially increased.
The issuer's institutional strength/ framework, have materially
changed. The issuer's governance and/or management, have
materially changed. The issuer's fiscal or financial strength,
including its debt profile, has materially increased. The
systemic risk in which the issuer operates has not materially
changed. The issuer's susceptibility to event risks has not
materially changed. An analysis of this issuer, relative to its
peers, indicates that a repositioning of its rating would be
appropriate.

The principal methodology used in this rating was Sovereign Bond
Ratings published in December 2016.


                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and
Peter A. Chapman, Editors.

Copyright 2017.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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