TCRAP_Public/170508.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

              Monday, May 8, 2017, Vol. 20, No. 90

                            Headlines


A U S T R A L I A

FAIRFAX MEDIA: Job Cuts Trigger Industrial Action
GOLD EXCHANGE: First Creditors' Meeting Set for May 10
LCE QLD: First Creditors' Meeting Set for May 10
ST BARBARA: Moody's Withdraws B2 Corporate Family Rating


H O N G  K O N G

ADMIRED AGENTS: Case Summary & 30 Largest Unsecured Creditors


I N D I A

EARTHEN TREASURES: CARE Issues D Issuer Not Cooperating Rating
KISAN AGRO: CARE Issues B+ Issuer Not Cooperating Rating
SAKHI FOOD: CRISIL Lowers Rating on INR2.45MM Cash Loan to 'B'
SIDDHI VINAYAK: CRISIL Reaffirms 'B' Rating on INR4.6MM Loan
SLS EXPORTS: CRISIL Reaffirms 'B+' Rating on INR9MM Packing Loan

SOUTHERN HOLDINGS: CRISIL Reaffirms 'B' Rating on INR7.5MM Loan
SRI VARALAKSHMI: CRISIL Assigns 'B+' Rating to INR8.38MM Loan
SRI SAI LAKSHMI: CRISIL Cuts Rating on INR5.65MM Cash Loan to B
SRUSHTI BATHS: CRISIL Reaffirms 'B' Rating on INR4MM Cash Loan
SUBHSHRI DEVELOPERS: CRISIL Lowers Rating on INR10MM Loan to B

SUFALAM INFRA: CRISIL Reaffirms 'B' Rating on INR10MM Cash Loan


I N D O N E S I A

GARUDA INDONESIA: Fuel Costs Tip Airline Into First-Quarter Loss


N E W  Z E A L A N D

CAMERON GLADSTONE: Put Into Liquidation
REX BIONICS: BioScience Managers Throws Lifeline
WOOLYARNS: Mulls Restructuring, 40 Jobs Affected


S I N G A P O R E

MARCO POLO: Running Out of Time to Draw Up Debt Revamp Plan


S O U T H  K O R E A

HYUNDAI MOBIS: Faces Dim Q2 Outlook
SMP LTD: Chapter 15 Case Summary


V I E T N A M

AN BINH: Moody's Affirms B2 Long Term Bank Deposit Ratings
VIETNAM PROSPERITY: Moody's Ups LT Deposit & Issuer Ratings to B2


                            - - - - -


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


FAIRFAX MEDIA: Job Cuts Trigger Industrial Action
-------------------------------------------------
Sian Powell at Nikkei Asian Review reports that journalists at
one of Australia's best-known newspaper publishers, Fairfax
Media, will strike for seven days in protest at the company's
plans to cut the equivalent of 125 full-time journalist
positions, or one in four from the already depleted newsrooms.
The cuts are aimed at saving 30 million Australian dollars ($22.2
million) annually.

After years of cuts and shrinking staff numbers, journalists at
once-prestigious titles the Sydney Morning Herald, The Age and
the Australian Financial Review again took to the streets to
fight for their jobs and their newspapers, according to Nikkei
Asian Review.

The report notes that Fairfax Media has cut AUD400 million and
nearly 500 journalists in the past five years, and the planned
cuts would leave the titles hard-pressed to cover anything other
than a slim selection of daily breaking news.

In line with the slow decline of newspapers in much of the
developed world, Fairfax titles have been struggling for many
years, the report relays.  When Fairfax Media posted an AUD893.5
million loss for the financial year 2016, mostly due to write-
downs, while revenue fell 2% to AUD1.8 billion, many observers
knew more cuts were on the way, the report relates.

Regular redundancy rounds and stringent cost-cutting has failed
to offset shrinking income, and the company announced revenue had
fallen 11% since Christmas for both its Metro Media section
(including the Sydney Morning Herald and The Age) and its
Australian Community Media business, the report notes.

At an investor meeting in Sydney -- which was picketed by Fairfax
journalists brandishing "I love the SMH" placards -- chief
executive Greg Hywood said the company's news operations were
moving to a more sustainable and digitally focused model, the
report says.

"Make no mistake, we believe this is the sustainable publishing
model of the future," he said, according to Australian Associated
Press.  "We are developing a suite of new digital products to
create deeper and more engaging experiences for our audiences,
while sustaining a commercially successful print proposition," it
added.

                          Existential Risk

Fairfax journalists say they are dismayed by what they see as the
short-sightedness of management, and its refusal to negotiate.
The Sydney Morning Herald's state political reporter Sean
Nicholls told reporters: "The future of Fairfax newspapers is
existentially at risk," the report notes.

The one-week strike, which could affect the papers' coverage of
the federal government's budget, should wake Fairfax management
up, he added, the report relays.  "This threatens the very
existence of our newspapers, let alone the very quality of our
newspapers."

Mr. Nicholls said the scale of the cuts was unprecedented.
"We're looking at 125 journalists' jobs -- that's one in four of
every Fairfax metropolitan newspaper in Australia," he said.
"That is shocking and we condemn management who have tried to cut
their way to quality, which is absolutely impossible, and the
fact that they have failed again to try and find an alternative
solution," he added, notes the report.

Once respected broadsheet titles in their respective cities of
Sydney and Melbourne, and earning vast sums from the "rivers of
gold" of seemingly endless pages of classified advertisements,
the Sydney Morning Herald and The Age have downsized from
broadsheet to near-tabloid in size, the report notes.  They have
launched websites that veer from serious to salacious, and lost
much of their influence in the internet age, the report relays.

Yet without the Fairfax titles, Australia's two biggest cities
would effectively become one-newspaper towns, and both the
remaining newspapers are from the Murdoch-owned News Corp
Australia stable, the report notes.  News Corp has a firm hold on
the Australian media with newspapers, including the flagship
broadsheet The Australian, and tabloids in Brisbane, Sydney,
Melbourne, Hobart and Adelaide, the report says.

                         Diminishing Returns

News Corp has also been forced to rein in expenditure in the face
of diminishing newspaper returns, and in April sacked most of its
photographers and sub-editors, according to Nikkei Asian Review.
In February, the company posted a second-quarter loss of AUD287
million and cited impairments in the Australian newspaper
industry as an important element in the losses, the report
relays.

Fairfax appears to be set on a plan to focus on "quality stories"
that win increased engagement from digital readers, the report
notes.  Hywood told the investors' meeting that "average audience
per story has increased by more than 30% in early trials of this
approach," the report says.

Nikkei Asian Review says he insisted that Fairfax still had the
trust of readers.  "These attributes of trust and quality are
more important and relevant than ever in an environment of 'fake
news' and risks to brand safety being played out at YouTube and
others," he said.

"Fairfax's 186-year-old track record of independent, quality
journalism and content sets it apart as the trusted voice and
venue for consumers and advertisers," he added.

Fairfax journalists passed a resolution at meetings to demand
senior management take a 25% pay cut, the report notes.

Paul Murphy, chief executive of the Media, Entertainment and Arts
Alliance journalists' union, said Fairfax management looked at
the business the wrong way round. "None of the other parts of the
Fairfax business are worth anything without the journalism and
yet it is the journalism that Fairfax always cuts," he said, the
report notes.

Fairfax was also facing obstacles across the Tasman Sea, where
New Zealand's competition watchdog blocked a potentially
profitable merger between the country's two main newspaper
groups, Fairfax NZ and New Zealand Media and Entertainment, in an
effort to maintain media diversity, the report adds.


GOLD EXCHANGE: First Creditors' Meeting Set for May 10
------------------------------------------------------
A first meeting of the creditors in the proceedings of Gold
Exchange Company Pty Ltd will be held on May 10, 2017, at
10:30 a.m. at the offices of Cor Cordis, One Wharf Lane,
Level 20, 161 Sussex Street, in Sydney, New South Wales.

Andre Lakomy and Alan Walker of Cor Cordis were appointed as
administrators of Gold Exchange on April 28, 2017.


LCE QLD: First Creditors' Meeting Set for May 10
------------------------------------------------
A first meeting of the creditors in the proceedings of LCE QLD
Contracting Pty Ltd will be held on May 10, 2017, at 11:00 a.m.
at Level 36, 71 Eagle Street, in Brisbane, Queensland.

Peter Dinoris at Artemis Insolvency was appointed as
administrator of LCE QLD on April 27, 2017.


ST BARBARA: Moody's Withdraws B2 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has withdrawn St. Barbara Limited's B2
corporate family rating and its stable outlook.

RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.
Please refer to the Moody's Investors Service's Policy for
Withdrawal of Credit Ratings, available on its website,
www.moodys.com.

St. Barbara Limited is an Australian ASX listed gold producer and
explorer. The company is headquartered in Melbourne, and its
flagship operations are located in Leonora, Western Australia,
240km north of Kalgoorlie.



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


ADMIRED AGENTS: Case Summary & 30 Largest Unsecured Creditors
-------------------------------------------------------------
Affiliated debtors that filed separate Chapter 11 bankruptcy
petitions:

     Debtor                                     Case No.
     ------                                     --------
     Admired Agents Limited                     17-11206
     Rooms 3201-3210, Hong Kong Plaza
     188 Connaught Road West
     Hong Kong, China

     Chiksano Management Limited                 17-11207
     Clamford Holding Limited                    17-11208
     Excel Concept Limited                       17-11209
     Gain Star Management Limited                17-11210
     Grand Success Investment (Singapore)
     Private Limited                             17-11211
     Hill Cosmos International Limited           17-11212
     Loyal Mark Holdings Limited                 17-11213
     Metro Island International Limited          17-11214
     Mission Excel International Limited         17-11215
     Nat Prop Investments Limited                17-11216
     Pioneer Logistics Limited                   17-11217
     Sea Capital International Limited           17-11218
     Shine Bright Management Limited             17-11219
     Superb Choice International Limited         17-11220
     Toyama Holdings Limited                     17-11221

Type of Business: Commercial Fishing

Chapter 11 Petition Date: May 2, 2017

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

Judge: Hon. James L. Garrity Jr.

Debtors' Counsel: Matthew Scott Barr, Esq.
                  WEIL, GOTSHAL & MANGES LLP
                  767 Fifth Avenue
                  New York, NY 10153
                  Tel: 212 310 8000
                  Fax: 212 310 8007
                  Email: Matt.Barr@weil.com

Debtors'
Financial
Consultant:       RSR CONSULTING, LLC

Debtors'
Financial
Advisor:          GOLDIN ASSOCIATES, LLC

Estimated Assets: $1 million to $10 million

Estimated Debt: $50 million to $100 million

The petitions were signed by Ng Puay Yee, authorized
representative.

On June 30, 2016, Sept. 29, 2016, March 27, 2017, and April 17,
2017, as applicable, each of the following affiliated entities,
filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code.  The Initial Debtors Cases have been
consolidated
for procedural purposes only and are being jointly administered
under case number 16-11895.

    Pacific Andes International Holdings Limited
   (Bermuda)                                      16-11890
    N.S. Hong Investment (BVI) Limited            16-11899
    South Pacific Shipping Agency Limited (BVI)   16-11924
    China Fisheries International Limited (Samoa) 16-11896
    CFGL (Singapore) Private Limited              16-11915
    Chanery Investment Inc. (BVI)                 16-11921
    Champion Maritime Limited (BVI)               16-11922
    Growing Management Limited (BVI)              16-11919
    Target Shipping Limited (HK)                  16-11920
    Fortress Agents Limited (BVI)                 16-11916
    Ocean Expert International Limited (BVI)      16-11917
    Protein Trading Limited (Samoa)               16-11923
    CFG Peru Investments Pte. Limited (Singapore) 16-11914
    Smart Group Limited (Cayman)                  16-11910
    Super Investment Limited (Cayman)             16-11903
    Pacific Andes Resources Development Limited   16-12739
    Nouvelle Food International Ltd.              17-10733
    Golden Target Pacific Limited                 17-10734
    Pacific Andes International Holdings
   (BVI) Limited                                  17-11021
    Zhonggang Fisheries Limited                   17-11020

Debtors' Consolidated List of 30 Largest Unsecured Creditors:

  Entity                          Nature of Claim    Claim Amount
  ------                          ---------------    ------------
TMF Trustee Ltd
$296,000,000
Corporate Trust
5th Fl, 6 St. Andrew St
London EC4A 3AE United Kingdom

Rabobank NFS Finance
$102,000,000
32/F, 3 Pacific Place
1 Queens Road East
Hong Kong China

Rabobank Intl, HK
$96,503,494
32/F, 3 Pacific Place
1 Queens Road East
Hong Kong

DBS Bank (HK) Ltd
$96,503,494
16th Fl, The Center
99 Queens Road
Central Hong Kong

HSBC
$96,503,494
L16, HSBC Main Bldng
1 Queen's Road
Central, Hong Kong

Standard Chartered Bnk (HK) Ltd
$96,503,494
15/F, Stndrd Charter Bnk Bldng
4-4A Des Voeux Road
Central Hong Kong

Perun Limited
$96,123,952
80 Raffles Place
#26-01 UOB Plaza One
Singapore 048625 Singapore

Maybank
$95,000,000
18/F CITIC Tower
1 Tim Mei Avenue
Central Hong Kong

Rabobank
$94,375,235
Pickenpack Facility Agmnt
32/F, Three Pacific Place
1 Queens Road East
Hong Kong

Tapei Fubon Com Bk Co Ltd
$72,000,000
12F 169, Sec 4, Ren Ai Rd
Taipei, 106886
Taiwan

CITIC
$70,900,000
61-65 Des Voeux Road
Central Hong Kong

Perun Limited
$69,834,128
80 Raffles Place
#26-01 UOB Plaza One
Singapore 048625 Singapore

DBS
$58,000,000
16th Floor, The Center
99 Queens Road
Central Hong Kong

Maybank
$40,000,000
18/F CITIC Tower
1 Tim Mei Avenue
Central Hong Kong

China CITIC Bnk Intl Ltd
$32,167,831
80th Fl, Intl Commerce Cntr
1 Austin West
Kowloon
Hong Kong China

Bank of America, N.A.
$30,000,000
52/F. Cheung Kong Center
2 Queen's Road Central
Central Hong Kong

Bank of America
$30,000,000
52/F, Cheung Kong Center
2 Queens Rd Central
Central Hong Kong

Rabobank
$22,000,000
32/F, 3 Pacific Place
1 Queens Road East
Hong Kong

Brndbrg Mrt Invst Hldng
$15,558,581
L8, Medine Mews
La Chaussee
Port Louis, Mauritius

Andes Int'l Qingdao Ship
$13,651,769
N67 Yin Chuan Xi Rd, BID
Qingdao Amintn Ind Pk 4F1
Qingdao City 266000
Shandong Province, China

Perun Limited
$12,903,110
80 Raffles Place
#26-01 UOB Plaza One
Singapore 048625 Singapore

Rabobank
$12,000,000
32/F, 3 Pacific Place
1 Queens Road East
Hong Kong

Fubon
$11,000,000
Fubon Bank
38 Des Voeux Road
Central Hong Kong

Perun Limited
$9,286,791
80 Raffles Place
#26-01 UOB Plaza One
Singapore 048625 Singapore

Merieux NutriSciences Corporation
$8,994,953
111 E. Wacker Drive
Suite 2300
Chicago, IL 60601

Standard Charter Bank
$8,000,000
Standard Charter Bank Building
5/F 4-4A Des Voeux Rd
Central Hong Kong

Sahara Investment Group Private Limited
$6,494,779
#12-51 Anson Centre
51 Anson Road.
Singapore 079904 Singapore

Altair Limited
$4,658,166
80 Raffles Place
#26-01 UOB Plaza One
Singapore 048625 Singapore

KBC Bank N.V.,
$1,954,589
Hong Kong Branch
39/F. Central Plaza
18 Harbour Road
Hong Kong China

DLA PIPER HONG KONG
$1,789,232
17th Flr, Edinburgh Twr
The Landmark
15 Queen's Road Central
Hong Kong



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EARTHEN TREASURES: CARE Issues D Issuer Not Cooperating Rating
--------------------------------------------------------------
CARE has been seeking information from Earthen Treasures Natural
Resources Private Limited (ETNRPL) to monitor the rating(s) vide
e-mail communications/letters dated February 3, 2017, February
18, 2017, February 21, 2017 and March 2, 2017 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on ETNRPL's bank facilities
and will now be denoted as CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         5.00       CARE D; Issuer Not
   Facilities                        Co-operating; Based on
                                     best available Information

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings take into account feedback received from banker of
the company regarding conduct of the account of ETNRPL.

Detailed description of the key rating drivers

At the time of last rating in October 7, 2016 following were the
rating strengths and weaknesses considered:

Key Rating Weaknesses

Ongoing delays in debt servicing: The banker has confirmed that
there are ongoing delays in repayment of principal and interest
payment and the account has turned NPA.

Pune-based, Earthen Treasures Natural Resources Private Limited
(ETNRPL) was established in April 2013. Promoted by Mr Aniket
Jain and Mr Pratyush Bharatiya, operations of the company began
from April 22, 2013.

ETNRPL is currently engaged in quarrying, production and trading
of granite. ETNR has leased the quarry measuring 2.13 acres from
M/S Brothers Granite Exporter and has acquired rights of selling,
supplying, and transporting of black granite blocks for a lease
period of 7 years. The quarry of the entity is located in
Chamrajnagar, Karnataka.

ETNRPL caters to the domestic and international markets of Russia
and South East Asian countries. In FY15 (Prov), the company
earned about 10% revenues from export markets.

Company's key raw materials include granite rough blocks, which
are mainly procured from its leased quarries located at
Chamrajnagar, Karnataka. ETNRPL provides a varied range of
quality granite products to its clients that cater to the
requirements of constructions like buildings, hospitals, hotels
and other housing projects. The company incurs major cost towards
diesel, iron rods, compressor spare parts and explosion
chemicals.


KISAN AGRO: CARE Issues B+ Issuer Not Cooperating Rating
--------------------------------------------------------
CARE has been seeking information from Kisan Agro (KA), to
monitor the rating through email dated March 21, 2017,
February 21, 2017 and January 12, 2017 along with numerous phone
calls. However, despite CARE's repeated requests, the firm has
not provided the requisite information for monitoring the rating.
In the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Kisan Agro long-
term bank facilities will now be denoted as CARE B+; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         9.50       CARE B+; ISSUER NOT
   Facilities                        COOPERATING

The rating takes into account volatility in raw material prices
influenced by government policies, nature of constitution of
entity being partnership, seasonal availability of raw material
and dependence of the same on the vagaries of nature and presence
of entity in fragmented industry with low entry barriers. The
rating, draws support from the experience of the promoter,
established marketing network and group support from group
entities, location advantage and support from group entities in
marketing and technical aspects.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on April 29, 2016, following were the
rating strengths and weaknesses:

Key Rating Strengths

Experienced and resourceful promoters

The key partner of the firm, Mr Chandrashakhar Jagtap (MSc Agri.)
has a rich experience of over 2 decades in the cattle feed and
dairy industries. He is the director and co-founder of Govind
Milk & Milk Products Private Limited which is operational since
the last 20 years. Mrs Malati Vasantrao Jagtap is the proprietor
of Vasant Krishi Seva Kendra, Phaltan operational for 19 years in
the trading of cattle feed. The promoters are supported by
second- tier management who possess adequate experience, and same
aids the entity in day-to-day business operations.

Established marketing network and support from group entities
Being associated with Govind Milk & Milk Products Pvt Ltd since
more than 2 decades has helped the key partner Mr Chandrashakhar
Jagtap to gain an adequate knowledge and build long-term
relations with large corporates and farmers in the industry.
Furthermore, M/s Vasant Krushi Seva Kendra & M/s Jyoti Krushi
Seva Kendra along with Govind Milk's Veterinary Section carry out
extension programs like supplying Milking Machine, Chop Cutter
with instalment facilities, providing green fodder seed, mineral
mixture etc. The group consists of three other entities that are
engaged in the same nature of business as KA, hence providing a
marketing network thereby resulting in an easy procurement and
execution of orders.

Location advantage
In Phaltan and the surrounding areas, there are many milk plants
which collectmilk directly from the farmers located in
the region. On an average 550/600 MT tones of cattle feed is
required daily in and around the surrounding areas of
Phaltan.

Key rating weaknesses

Seasonal availability of raw material and dependence of the same
on the vagaries of nature

KA's business is highly raw material intensive which would
constitute majority of its total sales. The key raw material of
the entity are agro products like bajra, maize, soya (De oiled
cake), de oiled rice bran, and other poultry supplements etc.
These materials are available domestically. Passing on any
increase in the cost of raw material would be difficult due to
highly competitive nature of business. Furthermore, since these
commodities seasonal in nature, the availability of the same is
affected by factors such as changes in weather conditions, low or
high rainfall, production levels etc.

Partnership nature of constitution
Being a partnership firm, KA is exposed to the risk of withdrawal
of capital by partners due to personal exigencies, dissolution of
firm due to retirement or death of any partner and restricted
financial flexibility due to inability to explore cheaper sources
of finance leading to limited growth potential.

Kisan Agro (KA), established in October 2015, by Mr
Chandrashakhar Jagtap who is the key partner, along with Mr
Shripad Jagtap, Mrs Malti Jagtap and Mrs Sita Jagtap. KA is
proposed to set up a unit at Phaltan (District: Satara) with the
primary objective to manufacture, process and sell cattle feed.
The installed capacity of the unit is expected to be 100 tonnes /
day. Furthermore, the products are proposed to be sold entirely
in the local market in and around Phaltan, Baramati, Satara
Lonand, Khandala, Sholapur and Pune.

The major raw materials required for the production of cattle
feed are cereals and grains (maize, sorghum & bajra), cakes
and meals (soybean, groundnut, rapeseed, sesame and sunflower,
cottonseed and copra are also used as premium ingredients).The
major application industries are the Dairy and Poultry Industry.


SAKHI FOOD: CRISIL Lowers Rating on INR2.45MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sakhi Food
Products (SFP) 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             2.45      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     CRISIL BB-/Stable)

   Letter of Credit        .68       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term     1.60       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     CRISIL BB-/Stable)

   Term Loan              5.27       CRISIL B/Stable (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 Sakhi Food Products. 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 Sakhi Food Products 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.

Set up in 2010, SFP processes different varieties of paddy into
parboiled rice. The firm's manufacturing facility is in Birbhum
(West Bengal) has installed capacity of 8 tonnes per hour. Mr.
Sanjay Kumar and his wife Mrs. Disha Ahlani are the promoters.


SIDDHI VINAYAK: CRISIL Reaffirms 'B' Rating on INR4.6MM Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Siddhi
Vinayak Alloys (SVA) 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             3.4       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan               4.6       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 Siddhi Vinayak Alloys. 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 Siddhi Vinayak Alloys 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.

SVA was incorporated in September 2014 as Partnership firm. The
firm is promoted by Mr. Jigarbhai Patel and family. The company
shall manufacture M.S castings for engineering companies. The
production facility is located in Mehsana, Gujarat.


SLS EXPORTS: CRISIL Reaffirms 'B+' Rating on INR9MM Packing Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of SLS Exports Private Limited (SEPL) at 'CRISIL B+/Stable/CRISIL
A4'. The ratings reflect a modest scale of operations in the
intensely competitive seafood industry, and a below-average
financial risk profile because of low debt protection metrics.
These weaknesses are partially offset by the extensive industry
experience of the promoter.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting        15       CRISIL A4 (Reaffirmed)
   Packing Credit           9       CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Operating income was Rs 76.9 crore in fiscal 2016: Though
revenue is expected to improve in fiscal 2017, it will remain
modest due intense competition in the seafood business

* Below-average financial risk profile
The networth was small at Rs 5 crore as on March 31, 2016,
primarily on account of low accretion arising from a modest scale
of operations. The debt protection metrics were low: interest
coverage and net cash accrual to total debt ratios were 1.36
times and 4%, respectively, in fiscal 2016. With limited
profitability the credit metrics are expected to remain modest
over the medium term as well.

Strengths

* Extensive industry experience of the promoter:
The company is promoted, and its operations managed, by Mr V
Harikrishnan, who has over 25 years of experience in the seafood
industry.
Outlook: Stable

CRISIL believes SEPL will continue to benefit from the extensive
industry experience of its promoter. The outlook may be revised
to 'Positive' in case of a significant increase in the scale of
operations, while operating profitability improves, resulting in
a better financial risk profile. The outlook may be revised to
'Negative' if cash accrual declines or working capital management
weakens, leading to deterioration in the financial risk profile,
particularly liquidity.

SEPL, incorporated in 1992, processes and exports seafood such as
squid, cuttlefish, octopus, and shrimp. Its operations are
managed by managing director, Mr Harikrishnan.

Profit after tax (PAT) was Rs 0.15 crore on total revenue of Rs
76.9 crore in fiscal 2016, against PAT of Rs 0.23 crore on total
revenue of Rs 94.3 crore in fiscal 2015.


SOUTHERN HOLDINGS: CRISIL Reaffirms 'B' Rating on INR7.5MM Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Southern
Holdings & Investments (Chennai) Pvt Ltd (SHI) 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
   ----------          ---------     -------
   Long Term Loan          7.5       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 Southern Holdings &
Investments (Chennai) Pvt Ltd. 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 Southern
Holdings & Investments (Chennai) Pvt Ltd 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 2013, SHI is setting up a 48-room three-star
hotel in Port Blair (Andaman and Nicobar Islands). The hotel will
be operational in August 2016. The company is promoted by Mr.
V.A. Kurien and his family members.


SRI VARALAKSHMI: CRISIL Assigns 'B+' Rating to INR8.38MM Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Sri Varalakshmi Hitech Rice
Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      8.38      CRISIL B+/Stable

   Bank Guarantee          0.12      CRISIL A4

   Cash Credit             1.50      CRISIL B+/Stable

The ratings reflect the SVRI's modest scale of, and working
capital-intensive, operations in the intensely competitive rice
milling industry, and susceptibility to government regulations,
and volatility in raw material prices. These weaknesses are
partially offset by the extensive experience of partners in the
rice industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in a highly fragmented industry:
Scale of operations is small as reflected in estimated turnover
of Rs 17 crore in fiscal 2017 and its modest capacity compared to
other large players. The rice industry is highly fragmented due
to low capital intensity and limited value addition, resulting in
low entry barriers.

* Working capital-intensive operations: Operations are working
capital intensive, with estimated gross current assets of 88 days
as on March 31, 2017. Moderate working capital was mainly due to
considerable inventory. This is because paddy, the major raw
material for rice processors, is available in crop season only
from October to January-February.

* Susceptibility to regulations, volatility in raw material
prices, and uneven monsoon: Since cost of paddy accounts for 80-
85% of total production cost, operating margin will remain
exposed to any sharp volatility in paddy prices. Furthermore, in
response to domestic market conditions, government periodically
imposes restrictions on rice exports and price increases in the
domestic market, thereby constraining rice millers'
profitability.

Strengths

* Extensive experience of partners: The partners have an
extensive experience of over 10 years in the rice industry. This
has helped them in establishing a strong customer base as well as
setting up relations with local suppliers. Their experience has
also helped them gain a sound understanding of the market
dynamics.

Outlook: Stable

CRISIL believes that SVRI will continue to benefit from its
partners' extensive industry experience over the medium term. The
outlook maybe revised to 'Positive' in the event of a substantial
improvement in its financial risk profile driven by higher-than-
expected growth in revenues leading to high cash accruals or
capital infusion along with improved working capital management.
Conversely, the outlook maybe revised to 'Negative' in case of
lower-than-expected cash accruals or larger than expected working
capital requirements or large debt funded capex exerting further
pressure on the firm's liquidity.

Set up in 2002 as a partnership firm, SVRI is engaged in milling
and processing of paddy into rice, rice bran, broken rice and
husk. It has an installed paddy milling capacity of 4 tons per
hour. Its rice mill is located in Chigurupadu, Naidupeta (Andhra
Pradesh). The firm is promoted by Mr. G Sudhakar

SVRI, reported a profit after tax (PAT) of INR0.16 crores on net
sales of INR10.44 crores for 2015-16 (refers to financial year,
April 1 to March 31), against a PAT of INR0.17 crores on net
sales of INR10.29 crores for 2014-15.


SRI SAI LAKSHMI: CRISIL Cuts Rating on INR5.65MM Cash Loan to B
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sri Sai
Lakshmi Rice Mill (SSLRM) 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             5.65      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     CRISIL B+/Stable)

   Proposed Working        5.15      CRISIL B/Stable(Issuer Not
   Capital Facility                  Cooperating)

   Term Loan               1.70      CRISIL B/Stable (Issuer Not
                                     Cooperating)

'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 Sri Sai Lakshmi Rice Mill.
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 Sri Sai Lakshmi Rice Mill 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.

Set up in 2008, SSLRM mills and processes paddy. The operations
are managed by the managing partner, Mr. Jyothula Bhimudu.


SRUSHTI BATHS: CRISIL Reaffirms 'B' Rating on INR4MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Srushti
Baths & Interiors Private Limited (SBIPL) 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              4        CRISIL B/Stable (Issuer
                                     Not Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit         1        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan           1        CRISIL B/Stable (Issuer
                                     Not Cooperating; Rating
                                      Reaffirmed)

   Proposed Long Term       4        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 Srushti Baths & Interiors
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 Srushti Baths &
Interiors 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.

Set up in 2007, SBIPL is engaged in trading of ceramic tiles and
bathroom fittings. The company is based out of Hyderabad
(Telangana) and promoted by Mr.Telukunta Ramesh and Mr. Telukunta
Kalyan.


SUBHSHRI DEVELOPERS: CRISIL Lowers Rating on INR10MM Loan to B
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Subhshri
Developers (SD) 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
   ----------          ---------     -------
   Proposed Term Loan       10       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 Subhshri Developers. 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 Subhshri Developers 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.

SD is a partnership firm established in 2007. It is engaged in
residential and commercial real estate development. Currently the
firm is undertaking the redevelopment of a residential building
in Malad West (Mumbai). The building will have 36 offices, three
flats and two shops, all saleable. The firm is a part of the
Fulchand group, which has business interests in the fields of
textiles, finance and real estate.


SUFALAM INFRA: CRISIL Reaffirms 'B' Rating on INR10MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sufalam
Infra Projects Limited (SIPL) for obtaining information through
letters and emails dated January 25, 2017 and February 14, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL B/Stable (Issuer
                                     Not Cooperating; Rating
                                     Reaffirmed)

   Proposed Cash            5        CRISIL B/Stable (Issuer
   Credit Limit                      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 Sufalam Infra Projects
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 Sufalam Infra Projects 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 May 2011, SIPL undertakes the construction of
commercial and residential buildings in Nagpur (Maharashtra). The
company, promoted by Mr. Rajesh Agarwal, Mr. Sanjay Agarwal, and
others, is headquartered in Nagpur. Currently, it has a large
order from its associate concern, Radha Madhav Developers (rated
'CRISIL BB-/Stable') for construction of a residential township,
Vrindavan, in Nagpur.



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

GARUDA INDONESIA: Fuel Costs Tip Airline Into First-Quarter Loss
----------------------------------------------------------------
Reuters reports that higher fuel costs tipped state-controlled
airline Garuda Indonesia into a first-quarter net loss of $98.5
million, its chief executive said on April 28.

Garuda, which this month appointed former banker Pahala Mansury
as chief executive to revive its fortunes, had reported a net
Reuters.

Apart from greater fuel expenses, the airline also faced tough
competition, Mr. Pahala said, the report notes.

"Our passenger yield declined even though we carried more
passengers," Mr. Pahala told reporters.

Garuda would now focus on "putting a lid on fuel costs" through
hedging and optimizing its fleet and routes, he added, the report
relays.

Garuda's competitors include regional airlines such as Malaysia's
AirAsia and Singapore Airlines, as well as private Indonesian
carrier Lion Air, the report notes.

The Indonesian government owned 60.5 percent of Garuda as of the
end of 2016, Thomson Reuters data showed, the report relays.

The appointment of Mr. Pahala was expected to boost Garuda's
credibility among creditors, a senior official at the Ministry of
State Enterprises had earlier said, the report discloses.

Mr. Pahala previously oversaw finance and treasury at Indonesia's
biggest bank by assets, Bank Mandiri, which is also state-
controlled, the report notes.



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


CAMERON GLADSTONE: Put Into Liquidation
---------------------------------------
Hamish McNicol at Stuff.co.nz reports that Cameron Gladstone
Investments, a company suspected of being involved in what is
thought to be a significant ponzi scheme, has gone into
liquidation.

In July, the Serious Fraud Office and Financial Markets Authority
said they were investigating Christchurch-based Paul Clifford
Hibbs and his company, Hansa, Stuff.co.nz recounts.

While regulators would not comment further, investor John
Docherty said in September he and his wife had been left stranded
after allegedly being swindled out of NZ$650,000, Stuff.co.nz
notes.

Mr. Docherty wanted to share his story after a meeting was held
with investors at which they were told the investigation had
found the hallmarks of a ponzi scheme, Stuff.co.nz relates.

The SFO and FMA have both declined to respond to Mr. Docherty's
claims, but multiple sources have since said investors were told
at least US$20 million was missing, Stuff.co.nz notes.

Hansa was tipped into liquidation on application by Mr. Docherty
and his wife in November last year, Stuff.co.nz recounts.

Waterstone Insolvency liquidator Damien Grant said in December
they had so far identified payments of at least NZ$9 million into
the company, Stuff.co.nz relays.

Liquidators obtained freezing orders over all of Mr. Hibbs'
assets, and the first liquidators' report said investigations
showed Hansa had failed to invest and manage funds in accordance
with agreements signed with investors, according to Stuff.co.nz.

"Instead, the company appears to have been run as a ponzi scheme
under which investors' funds appear to have been
misappropriated," Stuff.co.nz quote liquidators as saying.  "It
appears that a number of related entities, in particular Cameron
Gladstone Investments, are similarly involved in the fraud."

That related entity was on May 4 put into liquidation on
application by Waterstone Insolvency, Stuff.co.nz discloses.

Mr. Grant, as cited by Stuff.co.nz, said while there were two
different companies, the liquidators believed it was really just
one scheme.

"We believe that there was one business, or potentially a ponzi
scheme, but there were two companies involved.

"Now that we've got access to both we'll be able to see the full
extent of what has happened."

According to Stuff.co.nz, Mr. Grant said it would probably take a
couple of months to get clarity but they should be able to
provide creditors with much better information soon.


REX BIONICS: BioScience Managers Throws Lifeline
------------------------------------------------
Paul McBeth at New Zealand Herald reports that Rex Bionics has
been thrown a AUD10 million (NZ$10.8 million) lifeline by
Australian fund manager BioScience Managers in exchange for
control of the New Zealand robotics firm listed on the London
Stock Exchange's AIM market.

Shareholders will vote later this month on whether to approve a
deal that would pour the company's business and assets into its
Australian subsidiary, which would then sell AUD7.5 million of
shares to BioScience, lifting the fund manager's stake to 64%,
Rex said in a notice to the London Stock Exchange, New Zealand
Herald discloses.

According to New Zealand Herald, BioScience would also commit to
a further investment of AUD2.5 million if certain targets were
met, in a rights issue that the existing Rex investors could
participate in.

The second part of the transaction would see Rex sign a two-year
development agreement with McLaren Applied Technologies, a unit
of the luxury car maker McLaren Group, to design the next phase
of the Rex product in an effort to reduce the cost of making the
exoskeletons which help wheelchair-bound people walk, New Zealand
Herald notes.  McLaren would be issued warrants to help pay for
its services, which could dilute existing Rex shareholders down
to 29.2%, New Zealand Herald states.

In March, Rex said it would probably need external funding to
keep operating after struggling to raise capital to pay for a
prototype of the new product, New Zealand Herald recounts.

The directors on May 3 said if the transaction isn't approved,
the company won't be able to pay its debts and will have to stop
operating or kick off an insolvency procedure immediately, which
would wipe out shareholders' entire equity investment, New
Zealand Herald relates.

The directors indicated they will vote their shares, representing
3.9% of the company, in favour of the transactions at the meeting
to be held on May 22, New Zealand Herald notes.

Rex Bionics produces exoskeletons which help wheelchair-bound
people walk.


WOOLYARNS: Mulls Restructuring, 40 Jobs Affected
------------------------------------------------
Nicholas Boyack at Stuff.co.nz reports that Woolyarns is looking
at a restructure that could cost 40 jobs.

According to Stuff.co.nz, Woolyarns is looking at closing its
carpet, hand-knitting and sourced yarn operations, in order to
focus on fine woollen yarns.

If the restructure goes ahead, the company says up to 40
positions could become redundant, or could change, at its factory
and offices in Wingate, Stuff.co.nz notes.  Ninety people work
for the company, Stuff.co.nz discloses.

"Unfortunately, our carpet yarn operation has faced challenging
market conditions since 2008 and demand for hand-knitting and
sourced yarns is falling," Stuff.co.nz quotes Managing director
Neil Mackie as saying.

He said management and staff had worked hard to make that side of
the business a success, but market conditions were unlikely to
change, Stuff.co.nz relates.

The company had not made any decisions but was now looking to
concentrate on those parts of the business that were more
sustainable, Stuff.co.nz states.

The future shape of the company would be announced to staff,
customers and suppliers later in May, Stuff.co.nz relays.

Woolyarns was New Zealand's leading fine wool spinner.



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


MARCO POLO: Running Out of Time to Draw Up Debt Revamp Plan
-----------------------------------------------------------
Jacqueline Woo at Straits Times reports that Marco Polo Marine,
which has been struggling to work out a debt revamp plan, is fast
running out of room and time to fend off creditors.

Marco Polo said on May 1 that various banks and financial
institutions have been discussing a preliminary proposal since
April 23, Straits Times relates.

But this proposal, which includes fresh funding from a few
strategic investors who have signed non-binding term sheets as
part of the proposed refinancing and debt restructuring plan, has
been met with "resistance" from some lenders, Straits Times
notes.

According to Straits Times, Marco Polo added that although it
does not believe the proposed refinancing and debt restructuring
plan is about to fail, it is also "not confident at this juncture
that it would be able to eventually bridge the gap between the
expectations of the lenders and the conditions set by the
strategic investors as part of the proposed refinancing and debt
restructuring".

Trading in the stock has been suspended for two days, with the
share price last seen at an all-time low of 5.9 cents, Straits
Times relays.

CIMB Research analyst Cezzane See, as cited by Straits Times,
said that whatever happens to Marco Polo following the suspension
will depend on whether it is able to strike a deal with a larger
group of stakeholders, including trade creditors and bond
holders.

"If negotiations are unsuccessful, it could lead to a judicial
management exercise," Straits Times quotes Ms. See as saying.

Last October, Marco Polo won bond holder approval to defer a
US$50 million payment for a further three years although it
defaulted on a recent interest payment on the notes due April 18,
Straits Times recounts.

Singapore-based Marco Polo Marine Ltd (SGX:5LY) --
http://www.marcopolomarine.com.sg/-- engages in marine logistics
services. The Company's segments include Ship chartering
services, which relates to charter hire activities, and Ship
building and repair services, which relates to ship building and
ship repair activities.  Its shipping business consists of
offshore support and marine logistics services, and relates to
the chartering of offshore supply vessels (OSVs), which include
anchor handling tug supply vessels (AHTS) for deployment in the
regional waters, including the Gulf of Thailand, Malaysia,
Indonesia and Australia, as well as the chartering of tugboats
and barges to customers, which are engaged in the mining,
commodities, construction, infrastructure and land reclamation
industries.  Its shipyard business relates to ship building, as
well as the provision of ship maintenance, repair, outfitting and
conversion services that are carried out through its shipyard in
Batam, Indonesia.



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


HYUNDAI MOBIS: Faces Dim Q2 Outlook
-----------------------------------
Kim Bo-gyung at Korean Herald reports that a dim second-quarter
outlook for Hyundai Mobis, South Korea's biggest auto parts
maker, has cast a cloud over the company due to a lack of sales
momentum for Hyundai Motor and Kia Motors to boost their
performance, industry experts said.

Analysts, including Esther Yim at Samsung Securities, lowered
Hyundai Mobis' expected second-quarter performance, according to
Korean Herald.

The report notes that Mr. Yim projected that the auto parts
supplier would post sales of KRW8.9 trillion ($7.9 billion) from
April to June, down 8.8 percent year-on-year.  Its operating
profit was expected to plummet 20 percent to KRW626.8 billion,
the report notes.

Hyundai and Kia's performance is an essential factor for Hyundai
Mobis, as the two automakers account for some 70 percent of the
auto parts maker's sales, the report relays.

Hyundai Mobis supplies modules for various Hyundai and Kia
models, including Hyundai's LF Sonata sedan and Hyundai's luxury
lineup Grandeur IG sedan, the report discloses.

"Hyundai and Kia Motors' sluggish sales in China is a result of
intensifying competition there and their falling product
competitiveness," the report quoted Mr. Yim as saying.  "It is
difficult to expect sales to bounce back up on eased political
risks."

Despite enhanced profitability of Hyundai Mobis' after-service
business, chances of the company showing improved profit in the
coming months remain unlikely due to weak performance in the
module business, according to Moon Yong-kwon, an analyst KTB
Investment & Securities, the report notes.

Hyundai Mobis is largely divided into module business and after-
service business, the report relays.

Sales posted by its module sector totaled KRW7.5 trillion, down
2.2 on-year in the first quarter, which was the lowest since
2011, company data showed, the report notes.

The rising inventory of Hyundai and Kia Motors is also
accountable for Hyundai Mobis' sluggish module business, as they
will continue downsizing production, Mr. Moon said, the report
discloses.

That means less modules for Hyundai Mobis to sell.

The new vehicle inventory of Kia Motors in the US reached 4.9
months of supply as of March, which means the automaker holds the
inventory for an average 4.9 months before selling it, the report
says.

According to Mr. Moon, conditions in China and the US will
continue to affect Hyundai and Kia, and ultimately push down
Hyundai Mobis' performance, the report adds.


SMP LTD: Chapter 15 Case Summary
--------------------------------
Chapter 15 Debtor: SMP Ltd.
                   18 Yeocheon-ro 217beon-gil, Nam-gu
                   Ulsan 44714
                   Republic of Korea

Chapter 15 Case No.: 17-11192

Type of Business: SMP is a Korean stock corporation originally
                  formed in 2011 as a 50-50 joint venture between
                  SunEdison Products Singapore Pte. Ltd.
                  (formerly known as MEMC Singapore Pte. Ltd.)
                  and LOTTE Fine Chemical Co., Ltd. (formerly
                  known as Samsung Fine Chemical Co., Ltd.) SPS
                  now holds an approximately 65.25% equity
                  interest in SMP following LFC's sale of a
                  portion of its shares. SMP is organized under
                  the laws of the Republic of Korea, with a
                  registered address at 18 Yeocheon-ro 217beon-
                  gil, Nam-gu, Ulsan, Republic of Korea.

                  SMP's primary business is the development,
                  manufacture, commercialization, distribution
                  and sale of polysilicon. Polysilicon is a core
                  raw material used in solar cells, making it
                  integral to solar energy generation.

                  SMP currently has outstanding 10,162,000 shares
                  of common stock.

                  Website: http://www.smpolysilicom.com(defunct)

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

Judge: Hon. Stuart M. Bernstein

Foreign Representative: Heein Lee, the custodian and foreign
                        Representative

Debtor's Counsel: Lisa M. Schweitzer, Esq.
                  CLEARY GOTTTLIEB STEEN & HAMILTON, LLP
                  One Liberty Plaza 119
                  New York, NY 10006
                  Tel: (212) 225-2000
                  Fax: (212) 225-3999
                  E-mail: lschweitzer@cgsh.com

                           - and -

                  Jane Vanlare, Esq.
                  CLEARY GOTTTLIEB STEEN & HAMILTON, LLP
                  One Liberty Plaza
                  New York, NY 10032
                  Tel: (212) 225-2872
                  Fax: (212) 225-3999
                  E-mail: jvanlare@cgsh.com

Estimated Assets: Not Indicated

Estimated Debts: Not Indicated



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


AN BINH: Moody's Affirms B2 Long Term Bank Deposit Ratings
----------------------------------------------------------
Moody's Investors Service has affirmed the long-term and short-
term deposit and, where applicable, issuer and senior debt
ratings of eight banks in Vietnam (B1 positive).

At the same time, Moody's has revised the outlooks for the local
currency deposit and local and foreign currency issuer ratings of
these institutions to positive from stable.

The rating actions follow Moody's affirmation of Vietnam's B1
sovereign rating, and change in the outlook for the sovereign's
rating to positive from stable on April 28, 2017. For more
information on the sovereign credit rating action, please refer
to the Government of Vietnam issuer page on www.moodys.com.

The affected banks are: (1) JSC Bank for Foreign Trade of Vietnam
(Vietcombank), (2) Vietnam JSC Bank for Industry and Trade
(Vietinbank), (3) JSC Bank for Investment and Development of
Vietnam (BIDV), (4) An Binh Commercial Joint Stock Bank, (5) Asia
Commercial Bank, (6) Military Commercial Joint Stock Bank, (7)
Vietnam International Bank, and (8) Vietnam Technological and
Commercial JSB (Techcombank).

The baseline credit assessments (BCAs), adjusted BCAs and
counterparty risk assessments assigned to the eight banks stated
above are unaffected by rating actions.

The credit ratings, assessments and outlooks assigned to the
other seven Moody's-rated banks in Vietnam are unaffected by the
outlook change on the Vietnam sovereign rating. These seven
unaffected banks are: (1) Ho Chi Minh City Development JSC Bank
(B2 stable), (2) Saigon - Hanoi Commercial Joint Stock Bank (B2
stable), (3) Saigon Thuong Tin Commercial Joint-Stock Bank
(Sacombank, B3 negative), (4) Tien Phong Commercial Joint Stock
Bank (B2 stable), (5) Vietnam Maritime Commercial Joint Stock
Bank (B3 positive), (6) Vietnam Prosperity Jt. Stk. Commercial
Bank (B3 stable) and (7) Orient Commercial Joint Stock Bank (B2
stable).

The full list of institutions and their related entities that are
affected by rating actions is presented at the end of this press
release.

RATINGS RATIONALE

The rating actions on the eight Vietnamese banks are driven by
Moody's affirmation on April 28, 2017 of Vietnam's B1 sovereign
rating, and the change in the country's rating outlook to
positive from stable on the same date.

Vietnam's sovereign credit strength is a key input in Moody's
deposit and issuer ratings for Vietnamese banks, because the
country's credit strength affects Moody's assessment of the
government's capacity to provide support to the banks in times of
stress.

Moody's revision of the outlook on Vietnam's B1 sovereign rating
to positive from stable signals the government's potentially
higher capacity to provide such support to the banks.

The positive outlook on the Vietnam government rating is based on
Moody's expectations that:

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

2. Macroeconomic and external stability will be maintained; and

3. The resulting strong growth and stable macroeconomic
environment will help stabilize government debt around current
levels.

The B2 foreign currency deposit ratings of the eight Vietnamese
banks were affirmed with stable outlooks, because these ratings
are constrained by the B2 foreign currency deposit ceiling for
Vietnam.

WHAT COULD MOVE THE RATING UP/DOWN

If the B1 rating on the Vietnam government is upgraded, Moody's
will likely upgrade the long-term ratings of the eight Vietnamese
banks stated above, by incorporating additional notches of public
support uplift.

The long-term ratings of the eight Vietnamese banks could be
downgraded if there is a severe deterioration in their credit
fundamentals, and/or Moody's assesses that government support for
the banks has weakened.

The principal methodology used in these ratings was Banks
published in January 2016.

The ratings and ratings outlooks for the affected financial
institutions are listed below in alphabetic order:

An Binh Commercial Joint Stock Bank

- BCA and Adjusted BCA at b2, no change

- Affirm foreign currency long-term bank deposit ratings at B2;
outlook stable

- Affirm local currency long-term bank deposit ratings at B2;
outlook positive

- Affirm local and foreign currency long-term issuer ratings at
B2; outlook positive

- Long-term CR Assessment at B1(cr), no change

- Affirm local currency and foreign currency short-term deposit
ratings at NP

- Affirm local currency and foreign currency short-term issuer
ratings at NP

- Short-term CR Assessment at NP(cr), no change

- Outlook changed to Stable(m) from Stable

Asia Commercial Bank

- BCA and Adjusted BCA at b2, no change

- Affirm foreign currency long-term bank deposit ratings at B2;
outlook stable

- Affirm local currency long-term bank deposit ratings at B2;
outlook positive

- Affirm local and foreign currency long-term issuer ratings at
B2; outlook positive

- Long-term CR Assessment at B1(cr), no change

- Affirm local currency and foreign currency short-term deposit
ratings at NP

- Affirm local currency and foreign currency short-term issuer
ratings at NP

- Short-term CR Assessment at NP(cr), no change

- Outlook changed to Stable(m) from Stable

JSC Bank for Foreign Trade of Vietnam

- BCA and Adjusted BCA at b2, remained review for upgrade

- Affirm foreign currency long-term bank deposit ratings at B2;
outlook stable

- Affirm local currency long-term bank deposit ratings at B1;
outlook positive

- Affirm local and foreign currency long-term issuer ratings at
B1; outlook positive

- Long-term CR Assessment at B1(cr), remained review for upgrade

- Affirm local currency and foreign currency short-term deposit
ratings at NP

- Affirm local currency and foreign currency short-term issuer
ratings at NP

- Short-term CR Assessment at NP(cr), no change

- Outlook changed to Stable(m) from Stable

JSC Bank for Investment & Development of Vietnam

- BCA and Adjusted BCA at caa1, no change

- Affirm foreign currency long-term bank deposit ratings at B2;
outlook stable

- Affirm local currency long-term bank deposit ratings at B1;
outlook positive

- Affirm local and foreign currency long-term issuer ratings at
B1; outlook positive

- Long-term CR Assessment at B1(cr), no change

- Affirm local currency and foreign currency short-term deposit
ratings at NP

- Affirm local currency and foreign currency short-term issuer
ratings at NP

- Short-term CR Assessment at NP(cr), no change

- Outlook changed to Stable(m) from Stable

Military Commercial Joint Stock Bank

- BCA and Adjusted BCA at b2, no change

- Affirm foreign currency long-term bank deposit ratings at B2;
outlook stable

- Affirm local currency long-term bank deposit ratings at B2;
outlook positive

- Affirm local and foreign currency long-term issuer ratings at
B2; outlook positive

- Long-term CR Assessment at B1(cr), no change

- Affirm local currency and foreign currency short-term deposit
ratings at NP

- Affirm local currency and foreign currency short-term issuer
ratings at NP

- Short-term CR Assessment at NP(cr), no change

- Outlook changed to Stable(m) from Stable

Vietnam International Bank

- BCA and Adjusted BCA at b2, no change

- Affirm foreign currency long-term bank deposit ratings at B2;
outlook stable

- Affirm local currency long-term bank deposit ratings at B2;
outlook positive

- Affirm local and foreign currency long-term issuer ratings at
B2; outlook positive

- Long-term CR Assessment at B1(cr), no change

- Affirm local currency and foreign currency short-term deposit
ratings at NP

- Affirm local currency and foreign currency short-term issuer
ratings at NP

- Short-term CR Assessment at NP(cr), no change

- Outlook changed to Stable(m) from Stable

Vietnam JSC Bank for Industry and Trade

- BCA and Adjusted BCA at b2, no change

- Affirm foreign currency long-term bank deposit ratings at B2;
outlook stable

- Affirm local currency long-term bank deposit ratings at B1;
outlook positive

- Affirm local and foreign currency long-term issuer ratings at
B1; outlook positive

- Affirm foreign currency senior unsecured rating at B1; outlook
positive

- Long-term CR Assessment at B1(cr), no change

- Affirm local currency and foreign currency short-term deposit
ratings at NP

- Affirm local currency and foreign currency short-term issuer
ratings at NP

- Short-term CR Assessment at NP(cr), no change

- Outlook changed to Stable(m) from Stable

Vietnam Technological and Commercial JSB

- BCA and Adjusted BCA at b2, no change

- Affirm foreign currency long-term bank deposit ratings at B2;
outlook stable

- Affirm local currency long-term bank deposit ratings at B2;
outlook positive

- Affirm local and foreign currency long-term issuer ratings at
B2; outlook positive

- Long-term CR Assessment at B1(cr), no change

- Affirm local currency and foreign currency short-term deposit
ratings at NP

- Affirm local currency and foreign currency short-term issuer
ratings at NP

- Short-term CR Assessment at NP(cr), no change

- Outlook changed to Stable(m) from Stable


VIETNAM PROSPERITY: Moody's Ups LT Deposit & Issuer Ratings to B2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the long-term deposit and
issuer ratings of Vietnam Prosperity Joint Stock Commercial Bank
(VP Bank) to B2 from B3.

At the same, Moody's has also upgraded VP Bank's baseline credit
assessment (BCA) and adjusted BCA to b3 from caa1.

The outlook on the long-term ratings remains stable.

RATINGS RATIONALE

The upgrade of the BCA and adjusted BCA to b3 from caa1 has been
driven by improvements in VP Bank's profitability metrics, with
pre-provision income growth of 62% in 2016 and 146% in 2015. The
strong core revenue growth is attributed to the bank's growth,
and its leading market share in the high margin consumer finance
business. Moody's notes that the bank's consumer finance segment
has expanded since 2014.

At the same time, VP Bank's return on assets has outperformed
that of its domestic peers, standing at 1.7% in 2016 (1.2% in
2015) compared to an average of 0.7% for the other 14 Moody's-
rated banks in Vietnam (B1 positive).

The bank's tangible common equity (TCE) to adjusted risk-weighted
assets (RWA) improved to 8.5% at end-2016 from 7.8% at end-2015.
The improvement was on the back of higher retained earnings,
against a more moderate year-on-year loan growth rate of 24% in
2016 compared to growth rates that averaged 47% during 2013-2015.

On balance, the b3 BCA also captures VP Bank's weak asset quality
metrics, because the bank operates in a high-risk credit segment.
Around 11% of its adjusted gross loans were problematic at end-
2016, slightly improved from 12% at end-2015. Moody's definition
of adjusted problem loans includes special mention loans,
nonperforming loans, and problem loans sold to the Vietnam Asset
Management Company (VAMC).

While problem loans still account for a large proportion of total
assets, the bank has made gradual progress in improvement in bad
debt collection, recovery of VAMC bonds, and writing off of some
of its problem exposures.

Moody's continues to incorporate a moderate probability of
government support into VP Bank's B2 deposit and issuer ratings,
resulting in a one-notch uplift from the bank's b3 BCA.

Moody's support assumptions are driven by the history of
government support to the banking sector, in the form of
liquidity assistance and regulatory forbearance.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Moody's will consider upgrading the BCA if the bank's adjusted
problem loans ratio falls below 4%, and its TCE ratio exceeds
10%. An improvement in Vietnam's Macro Profile of Weak would also
be positive for the bank's BCA.

The B2 long-term ratings could be upgraded, if the bank's BCA is
upgraded and Vietnam's sovereign rating is upgraded.

On the other hand, VP Bank's long-term ratings could be
downgraded, if its problem loans ratio - as adjusted by Moody's -
rises above 15% of gross loans, or if its TCE ratio drops
significantly below 7%. The ratings are also sensitive to a
significant weakening in the bank's liquidity profile, should
this occur.

The principal methodology used in these ratings was Banks
published in January 2016.

Taking into account announcement, the affected ratings are:

Vietnam Prosperity Joint Stock Commercial Bank

- The local currency and foreign currency long-term deposit
ratings were upgraded to B2 from B3. The outlook is stable

- The local currency and foreign currency long-term issuer
ratings were upgraded to B2 from B3. The outlook is stable

- The BCA and Adjusted BCA were upgraded to b3 from caa1

- The long-term counterparty risk assessments was affirmed at
B2(cr). The short-term CR assessment was affirmed at Not
Prime(cr)

- The local currency and foreign currency short-term deposit
ratings of Not Prime were affirmed

- The local currency and foreign currency short-term issuer
ratings of Not Prime were affirmed

Headquartered in Hanoi, Vietnam Prosperity Joint Stock Commercial
Bank's assets totaled VND228.77 trillion (around USD10.1 billion)
at end-2016.



                             *********

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                            *********


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-
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Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
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