TCRAP_Public/170906.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, September 6, 2017, Vol. 20, No. 177

                            Headlines


A U S T R A L I A

LIBERTY FUNDING: Moody's Assigns B1(sf) Rating to Class F Notes
MESOBLAST LIMITED: Incurs US$90.2M Loss Before Income Tax in 2017
MESOBLAST LIMITED: Completes Underwritten AUD50.7M Capital Raise
MESOBLAST LIMITED: Plans to Achieve Accelerated MPC Market Entry


C H I N A

CHINA EVERGRANDE: Moody's Affirms B2 CFR; Revises Outlook to Pos.
GUANGZHOU R&F: Fitch Keeps 'BB' IDR on Watch Negative
RONSHINE CHINA: Moody's Revises Outlook to Neg.; Affirms B2 CFR


H O N G  K O N G

SPI ENERGY: Nasdaq Grants Request for Continued Listing


I N D I A

AMRITVARSHA INDUSTRIES: Ind-Ra Affirms 'BB+' LT Issuer Rating
BRUA HYDROWATT: Ind-Ra Moves BB+ Issuer Rating to Not Cooperating
BUDHIA AGENCIES: Ind-Ra Moves BB Issuer Rating to Not Cooperating
CEEKAY ASSOCIATES: Ind-Ra Upgrades Issuer Rating to BB-
EVERON CASTINGS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable

GSN FERRO: Ind-Ra Migrates B- Issuer Rating to Not Cooperating
JAYVEER ENTERPRISE: Ind-Ra Migrates B Rating to Not Cooperating
KASTURCHAND FERTILIZERS: Ind-Ra Moves Rating to Not Cooperating
OM SREE PAPERTEK: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
RENATA PRECISION: Ind-Ra Migrates BB+ Rating to Not Cooperating

SAKA EMBROIDERY: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
STARK CV: Ind-Ra Affirms BB(SO) Rating on INR99.7M Series A2 PTCs
SWATI CONCAST: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
VEGA CONVEYORS: Ind-Ra Moves BB+ Issuer Rating to Not Cooperating


I N D O N E S I A

STEEL PIPE: Moody's Assigns First-Time B2 CFR; Outlook Stable
STEEL PIPE: S&P Assigns Prelim 'B' Long-Term CCR, Outlook Stable


N E W  Z E A L A N D

CHRISTIAN SAVINGS: Fitch Affirms & Withdraws B+ LT IDR


S I N G A P O R E

GLOBAL A&T: Fitch Lowers IDR to RD After Grace Period Expiry


                            - - - - -


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A U S T R A L I A
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LIBERTY FUNDING: Moody's Assigns B1(sf) Rating to Class F Notes
---------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
long-term ratings to the notes issued by Liberty Funding Pty Ltd
in respect of the Liberty Series 2017-1 SME. The transaction is a
securitisation of loans to self-managed superfunds (SMSFs), small-
to-medium enterprises (SMEs) and individuals, originated by
Liberty Financial Pty Limited (Liberty, unrated).

Issuer: Liberty Funding Pty Ltd in respect of the Liberty Series
2017-1 SME

-- AUD300.0 million Class A1 Notes, Assigned Aaa (sf)

-- AUD100.0 million Class A2 Notes, Assigned Aaa (sf)

-- AUD30.0 million Class B Notes, Assigned Aa1 (sf)

-- AUD17.5 million Class C Notes, Assigned A1 (sf)

-- AUD15.0 million Class D Notes, Assigned Baa1 (sf)

-- AUD12.5 million Class E Notes, Assigned Ba1 (sf)

-- AUD10.0 million Class F Notes, Assigned B1 (sf)

The AUD15.0 million Class G Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.

The portfolio underlying this transaction is comprised of first-
ranking mortgage loans to SMSFs (40.6%), companies (30.6%) and
individuals (28.8%). The loans are secured by residential (62.1%),
commercial (35.6%), or both (2.3%) properties located in Australia
and denominated in Australian dollars. A portion of the portfolio
consists of loans extended to borrowers with impaired credit
histories (3.8%) or made on an alternative/low documentation
(13.0%), or no documentation (14.9%) basis.

RATINGS RATIONALE

The ratings take into account, among other factors, an evaluation
of the underlying receivables, the capital structure and credit
enhancement provided to the notes, the guarantee fee reserve
account, the availability of excess spread over the life of the
transaction, the liquidity facility, the legal structure, and the
credit strength and experience of Liberty as servicer.

Due to the mixed nature of the pool, to perform Moody's analysis
Moody's categorised the portfolio into separate residential loan
and SME sub-pools. Moody's Portfolio Credit Enhancement (PCE) for
the overall portfolio, i.e. the loss Moody's expects the portfolio
to suffer in the event of a severe recession scenario, is 21%.
Moody's expected loss for this transaction is 2.9%.

The key transactional are:

- The guarantee fee reserve account, which is funded at
AUD2,500,000 at closing. The reserve will be available to cover
losses and liquidity shortfalls. Reserve draws will be replenished
through future excess spread up to its initial funded amount.

- The servicer is required to set interest rates on the mortgage
loans on a weighted average basis at a minimum level above BBSW or
higher if the trust's income is insufficient to cover the required
payments under the transaction documents. The level of the
required margins generates a strong level of excess spread
available to cover loss in the pool.

- The notes will initially be repaid sequentially. On or after the
payment date in September 2019, and prior to the call option date,
all notes (other than the Class G notes) will receive their pro-
rata share of principal payments, provided there are no charge-
offs on any of the notes, or average arrears greater than or equal
to 60 days do not exceed 4%. The Class G Notes do not step down
and will only receive principal payments once all other notes have
been repaid.

- The principal pay-down switches back to sequential if the
payment date falls on or after the call option date, i.e. once the
aggregate loan amount falls below 20.0% of the aggregate loan
amount at closing, or following the fourth anniversary of the
closing date.

- The liquidity facility provided by Westpac Banking Corporation
(Aa3/P-1/Aa2(cr)/P-1(cr)), with a limit equal to 3.0% of the
aggregate invested amount of the Class A1 to Class F notes, and
the stated amount of the Class G notes. The facility is subject to
a floor of AUD750,000. If the facility provider loses its P-1(cr),
it must within 30 days either: (1) Procure a replacement facility
provider; or (2) Deposit an amount of the undrawn liquidity
commitment at the time into an account with P-1 rated bank.

Other pool features are:

- The weighted average scheduled loan to value (LTV) ratio of the
pool is 62.5%, with 11.1% of the loans with scheduled LTV above
80.0% and 0.3% with scheduled LTV above 90.0%.

- Around 17.1% of loans in the portfolio are bullets, i.e. non-
amortising, and rely on either refinancing or sale of the
underlying property to repay the loan at maturity. Furthermore,
most of these loans (14.9%) have been assessed on the basis of the
borrower's declaration of their repayment capacity over the loan
term, without income verification.

- In addition to bullet loans, the portfolio contains 42.5% of
loans with an initial interest only (IO) period of up to five
years, at the end of which they convert to principal and interest.

- The portfolio exhibits concentration in Victoria, with around
41.3% of loans secured by properties in that state.

Methodology Underlying the Rating Action:

The methodologies used in these ratings were "Moody's Approach to
Rating RMBS Using the MILAN Framework" published in September
2016, and "Moody's Global Approach to Rating SME Balance Sheet
Securitizations" published in August 2017.

Moody's Parameter Sensitivities:

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here the PCE and
expected loss - differed. The analysis assumes that the deal has
not aged. Parameter Sensitivities only reflect the ratings impact
of each scenario from a quantitative/model-indicated standpoint.

Based on the current structure, if the PCE was to increase to 32%
from 21%, and EL was to increase to 4.4% from 2.9%, the model-
indicated rating for the Class A2 Notes would drop one notch to
Aa1. Using these same assumptions, the ratings on the Class B and
Class C Notes will drop four notches, and the ratings on Class D
will drop three notches. The Class A1 Notes are not sensitive to
any rating migration using these same assumptions.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion. The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities.


MESOBLAST LIMITED: Incurs US$90.2M Loss Before Income Tax in 2017
-----------------------------------------------------------------
Mesoblast Limited filed with the U.S. Securities and Exchange
Commission its annual report on Form 20-F disclosing a loss before
income tax of US$90.21 million on US$2.41 million of revenue for
the year ended June 30, 2017, compared to a loss before income tax
of US$90.82 million on US$42.54 million of revenue for the year
ended June 30, 2016.

For the three months ended June 30, 2017, Mesoblast reported a
loss before income tax of US$31.25 million on US$566,000 of
revenue compared to a loss before income tax of US$34.21 million
on US$26.87 million of revenue for the three months ended
June 30, 2016.

As of June 30, 2017, Mesoblast had US$655.68 million in total
assets, US$138.92 million in total liabilities and US$516.76
million in total equity.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" opinion on the consolidated financial statements for the
year ended June 30, 2017, noting that Company has suffered
recurring losses from operations that raise substantial doubt
about its ability to continue as a going concern.

At June 30, 2017, the Company had cash reserves of US$45.8
million, and US$84.0 million on a pro-forma basis after adjusting
for total net proceeds from the entitlement offer.

In FY2017, cost savings of US$20.7 million (28%) were delivered in
comparison with the prior financial year.  These savings enabled
the Company to substantially offset the incremental costs of its
Phase 3 clinical program in advanced chronic heart failure (CHF).

Mesoblast's cash reserves will be used to achieve significant
outcomes in FY18 for the Phase 2b/3 trials in end-stage CHF, acute
graft versus host disease (aGVHD) and chronic low back pain
(CLBP).  These value inflection points will provide Mesoblast with
multiple commercialization options going forward, including the
potential for accelerated market entry.

The Company continued to execute its planned operational
streamlining and re-prioritization of projects to offset the
incremental costs of the MPC-150-IM Phase 3 program in CHF.  Due
to these measures, the Company had cost savings of $4.2 million
(24%) for R&D product support costs, manufacturing, and management
& administration for the fourth quarter of FY2017, compared with
the fourth quarter of FY2016.  This cost savings comprised: $6.6
million within manufacturing which was offset by non-cash
increases of $1.0 million within R&D product support costs and
$1.3 million within management & administration.

There was an improvement of $3.0 million (9%) in the loss before
income tax for the fourth quarter of FY2017, compared with the
fourth quarter of FY2016.  This overall decrease in loss before
income tax was primarily due to non-cash items that do not affect
cash reserves.

FY18 Outlook

   * Mesoblast intends to pursue RMAT designation as outlined in
the 21st Century Cures Act in the United States for a number of
its product candidates.  The designation allows for an expedited
approval path for cellular medicines designated as regenerative
advanced therapies, which may help shorten clinical development
time, shorten timeframes to FDA approval, reduce costs of
development and increase the prospect of near-term revenue

   * The Phase 2b trial using MPC-150-IM in 159 end-stage CHF
patients with a LVAD is expected to complete enrollment in Q3 CY17

   * The top-line results are expected in Q1 CY18

   * The Phase 3 trial using MPC-150-IM in patients with Class
II/III CHF is continuing to enrol through FY18, with full
enrollment expected to occur in 2H CY18

   * The Phase 3 trial using MSC-100-IV in children with steroid
refractory acute GVHD is expected to complete enrollment with top-
line data readout expected in 2H CY17

   * The Phase 3 trial using MPC-06-ID in patients with CLBP is
expected to complete enrollment in Q4 CY17

   * 12-month results for the Phase 2 trial using MPC-300-IV in
patients with biologic-refractory RA are expected in Q3 CY17

   * Potential corporate partnerships for a number of Mesoblast's
product candidates

A full-text copy of the Form 20-F is available for free at:

                     https://is.gd/7uAhPt

                      About Mesoblast Ltd.

Melbourne, Australia-based Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) develops cell-based medicines.  The Company has
leveraged its proprietary technology platform, which is based on
specialized cells known as mesenchymal lineage adult stem cells,
to establish a broad portfolio of late-stage product candidates.
Mesoblast's allogeneic, 'off-the-shelf' cell product candidates
target advanced stages of diseases with high, unmet medical needs
including cardiovascular diseases, immune-mediated and
inflammatory disorders, orthopedic disorders, and
oncologic/hematologic conditions.


MESOBLAST LIMITED: Completes Underwritten AUD50.7M Capital Raise
----------------------------------------------------------------
Mesoblast Limited announced it had successfully completed the
institutional entitlement offer (Institutional Entitlement Offer)
for the fully underwritten AUD50.7 million capital raising.
Proceeds from the fully underwritten Entitlement Offer will be
used to fund the Company's Phase 3 clinical programs, commercial
manufacturing and ongoing operations.

Under the accelerated non-renounceable entitlement offer, new
fully paid ordinary shares in Mesoblast (New Shares) will be
issued at a price of AUD1.40 per New Share (Offer Price) on a 1
for 12 pro-rata basis (Entitlement Offer).  The New Shares to be
issued under the Institutional Entitlement Offer will be issued on
Sept. 4, 2017, and are expected to commence trading on the ASX on
the same day.

Chief Executive and founder Dr Silviu Itescu said: "Mesoblast is
at a pivotal stage in its development, and the newly invested
capital will provide the Company with balance sheet flexibility to
achieve our near-term corporate objectives.  We greatly appreciate
the continued support from our global institutional shareholders,
and I am pleased to have invested alongside with them."

Of the AUD50.7 million, approximately AUD38 million was allocated
under the Institutional Entitlement Offer, and approximately
AUD12.7 million will be allocated in the retail entitlement offer
(Retail Entitlement Offer).  The Retail Entitlement Offer, at the
same Offer Price, will be open to eligible retail shareholders
from September 1 through to Sept. 12, 2017.

                     Retail Entitlement Offer

Retail investors who hold Mesoblast shares as at 7.00pm (AEST) on
Aug. 29, 2017, and have a registered address in Australia or New
Zealand (Eligible Retail Shareholders) are being offered the
opportunity to participate in the Retail Entitlement Offer at the
same Offer Price, and at the same offer ratio (of 1 New Share for
every 12 existing shares held), as offered under the Institutional
Entitlement Offer.  Eligible Retail Shareholders will also have
the opportunity to apply for additional New Shares above their
entitlement as part of the Retail Entitlement Offer up to a
maximum of 100% of their entitlement at the same Offer Price.

Eligible retail shareholders are encouraged to carefully read the
Entitlement Offer Booklet for further details relating to the
Retail Entitlement Offer.  The Entitlement Offer Booklet is to be
lodged with the ASX on Sept. 1, 2017, and then despatched to
Eligible Retail Shareholders on or around that same day.  The
Entitlement Offer Booklet and accompanying personalized
entitlement and acceptance forms will contain instructions on how
to apply.  Key dates in relation to the Retail Entitlement Offer
are detailed in the Entitlement Offer Booklet.

                   About Mesoblast Ltd.

Melbourne, Australia-based Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) develops cell-based medicines.  The Company has
leveraged its proprietary technology platform, which is based on
specialized cells known as mesenchymal lineage adult stem cells,
to establish a broad portfolio of late-stage product candidates.
Mesoblast's allogeneic, 'off-the-shelf' cell product candidates
target advanced stages of diseases with high, unmet medical needs
including cardiovascular diseases, immune-mediated and
inflammatory disorders, orthopedic disorders, and
oncologic/hematologic conditions.

Mesoblast Limited reported a net loss before income tax of
US$90.21 million for the year ended June 30, 2017, compared to a
net loss before income tax of US$90.82 million for the year ended
June 30, 2016.  As of June 30, 2017, Mesoblast had US$655.68
million in total assets, US$138.92 million in total liabilities
and US$516.76 million in total equity.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" opinion on the consolidated financial statements for the
year ended June 30, 2017, noting that Company has suffered
recurring losses from operations that raise substantial doubt
about its ability to continue as a going concern.


MESOBLAST LIMITED: Plans to Achieve Accelerated MPC Market Entry
----------------------------------------------------------------
Mesoblast Limited announced plans to achieve an accelerated market
entry of the Company's proprietary allogeneic mesenchymal
precursor cell (MPC) product candidate MPC-150-IM in the treatment
of patients with the most advanced stages of chronic heart failure
(CHF), defined as New York Heart Association (NYHA) stages Class
III and Class IV.

Patients with NYHA Class III/Class IV experience high mortality
rates, recurrent hospitalizations, and incur substantial cost of
care despite maximal existing therapies.  The Company believes
that under new regulatory frameworks that recognize the serious
and life-threatening nature of advanced CHF, positive results from
the company's ongoing Phase 2b/3 trials in these patients could
support accelerated approval for MPC-150-IM and an opportunity to
create a paradigm shift in this potential multi-billion dollar
market.

MPC-150-IM is being evaluated in two ongoing randomized
placebo-controlled Phase 2b/3 trials in patients with either
severe or end-stage advanced CHF.  The mechanism of action (MOA)
by which MPC-150-IM is thought to exert its effects in these
patient populations is through immunomodulation and cardiac
repair. Positive clinical signals supporting a common underlying
MOA have been previously published in Phase 2 trials of
Mesoblast's allogeneic MPC therapy in moderate/severe and end-
stage heart failure.

Specifically, the ongoing Phase 2b/3 trials in advanced CHF are:

  * A Phase 2b multi-center study in 159 NYHA Class III/IV
    patients who have end-stage advanced CHF is being conducted
    in North America by a team of researchers within the National
    Institutes of Health (NIH)-funded Cardiothoracic Surgical
    Trials Network (CTSN).  The trial is also supported by the
    National Institute of Neurological Disorders and Stroke and
    the Canadian Institutes for Health Research.
    The trial is evaluating the safety and efficacy of MPC-150-IM
    injected into the native heart muscle of end-stage CHF
    patients whose circulation is being supported by a left
    ventricular assist device (LVAD).  Given that high rates of
    mortality and recurrent hospitalizations continue to be seen
    in end-stage CHF patients even with LVAD implants, this trial
    has the potential to support an accelerated approval pathway
    for MPC-150-IM.

    The primary efficacy endpoint of the study is the number of
    temporary weans from LVAD tolerated over the 6 months post-
    randomization, indicating strengthening of the native heart
    muscle.  Additional efficacy endpoints include patient
    survival, adverse events and rehospitalization rates over 12
    months.

    This trial is expected to complete enrollment shortly, with
    top-line results for the trial's primary endpoint expected in
    Q1 2018.

  * A Phase 3 multi-center study targeting predominantly advanced
    CHF patients who have severe left ventricular systolic
    dysfunction is being conducted in North America in patients
    who have failed optimal medical care for their cardiac
    condition.

    More than 400 of the anticipated approximately 600 NYHA Class
    II/III CHF patients have been randomized to date.  The
    trial's primary efficacy endpoint is a comparison of
    recurrent non-fatal HF-related major adverse cardiac events
   (HF-MACE) between either MPC-treated patients or sham-treated
    controls.

    In April 2017, Mesoblast announced that a pre-specified
    interim futility analysis of the efficacy endpoint in this
    Phase 3 trial was successful in the trial's first 270
    patients.  After notifying the Company of the interim
    analysis results, the trial's Independent Data Monitoring
    Committee stated that it had no safety concerns relating to
    MPC-150-IM and recommended that the trial should continue as
    planned.  The Company believes that positive results from
    this Phase 3 trial in advanced CHF patients would serve to
    confirm results with MPC-150-IM obtained in end-stage heart
    failure patients.

             About Advanced Chronic Heart Failure (CHF)

CHF is a progressive disease and is classified in relation to the
severity of the symptoms experienced by the patient.  The most
commonly used classification system was established by the NYHA
and ranges from Class I-II (mild to moderate) to Class III/IV
(severe to end-stage).  In 2016, more than 15 million patients in
the seven major global pharmaceutical markets were estimated to
have been diagnosed with CHF.  Prevalence is expected to grow 46%
by 2030 in the United States alone, affecting more than 8 million
Americans.

Approximately half of people who develop heart failure die within
5 years of diagnosis.  Patients with advanced CHF (NYHA Class III
or Class IV) have the highest burden of disease, recurrent
hospitalizations and mortality.  In the United States alone, the
NYHA Class III patient population is estimated at 1.3 million
patients and the NYHA class IV population at 250,000 patients.
There are approximately 50,000 patients with end-stage class IV
heart failure who, despite optimal medical therapy, have a one-
year mortality exceeding 50%.  The only options to increase
survival in these patients are the use of LVADs or of heart
transplants, the latter limited by donor availability to less than
3000 patients annually.  CHF causes severe economic, social, and
personal costs.  In the United States, it is estimated that CHF
results in direct costs of $60.2 billion annually when identified
as a primary diagnosis and $115 billion as part of a disease
milieu.

                   About Mesoblast Ltd.

Melbourne, Australia-based Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) develops cell-based medicines.  The Company has
leveraged its proprietary technology platform, which is based on
specialized cells known as mesenchymal lineage adult stem cells,
to establish a broad portfolio of late-stage product candidates.
Mesoblast's allogeneic, 'off-the-shelf' cell product candidates
target advanced stages of diseases with high, unmet medical needs
including cardiovascular diseases, immune-mediated and
inflammatory disorders, orthopedic disorders, and
oncologic/hematologic conditions.

Mesoblast Limited reported a net loss before income tax of
US$90.21 million for the year ended June 30, 2017, compared to a
net loss before income tax of US$90.82 million for the year ended
June 30, 2016.  As of June 30, 2017, Mesoblast had US$655.68
million in total assets, US$138.92 million in total liabilities
and US$516.76 million in total equity.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" opinion on the consolidated financial statements for the
year ended June 30, 2017, noting that Company has suffered
recurring losses from operations that raise substantial doubt
about its ability to continue as a going concern.



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CHINA EVERGRANDE: Moody's Affirms B2 CFR; Revises Outlook to Pos.
-----------------------------------------------------------------
Moody's Investors Service has revised to positive from stable the
ratings outlook for China Evergrande Group.

At the same time, Moody's has affirmed the company's B2 corporate
family rating and the B3 senior unsecured rating on its existing
notes.

The change in outlook follows the company's announcement of its 1H
2017 results and deleveraging plans.

Evergrande announced plans to reduce its debt leverage in 2017-
2019, with target gearing ratios -- as measured by net debt/equity
-- of around 140% by June 2018, around 100% by June 2019 and
around 70% by June 2020 from around 240% at end-June 2017.

RATINGS RATIONALE

"The change in outlook to positive from stable reflects Moody's
expectations that Evergrande will continue to deleverage and
maintain sufficient liquidity in the next 12-18 months," says
Franco Leung, a Moody's Vice President and Senior Credit Officer.

Moody's expects Evergrande's adjusted debt leverage -- as measured
by revenue/adjusted debt -- will improve to 55%-60% over the next
12-18 months, from around 46% for the 12 months ended June 2017
and around 32% in 2016.

The planned deleveraging will be driven by the company's focus on
improving profitability and slowing development sales growth, as
well as by a reduced scale of land acquisitions.

The company has started deleveraging over the last 6 months, with
slowing debt growth. In particular, it redeemed all of its RMB113
billion of perpetual securities in 1H 2017, which Moody's treated
as debt-like instruments.

As a result, Evergrande's adjusted debt grew only modestly to
around RMB685 billion at end-June 2017 from around RMB661 billion
at end-2016.

In addition, Evergrande has indicated that it will reduce land
reserves by approximately 5%-10% per annum between July 2017 and
June 2020, which will reduce capital expenditure requirements and
facilitate debt deleveraging.

Despite such plan, Moody's expects the company to achieve modest
contracted sales growth in the next 1-2 years, given its sizable
land reserves totaling 276 million square meters in gross floor
area at end-June 2017. The company achieved strong 56% year-on-
year growth in contracted sales to RMB288.3 billion for the first
seven months of 2017, after posting robust 85% year-on-year growth
to RMB373 billion for the full year 2016.

Moody's expects the company will achieve contracted sales of
around RMB500 billion to RMB550 billion in 2017 and 2018, which
will support its liquidity position and ability to manage its
annual debt repayments.

Moreover, Moody's expects Evergrande's profitability to improve as
the company develops existing land bank that has a low cost
relative to current market sales prices. The company reported a
gross profit margin of 35.8% in 1H 2017, up from 28.3% in 1H 2016.

Consequently, the company's interest coverage ratio -- as measured
by adjusted EBIT/interest -- will likely improve to 2.5x-2.8x over
the next 12-18 months from around 2.0x for the 12 months ended
June 2017.

In addition, Moody's expects Evergrande's liquidity position will
remain adequate. Its cash/short-term debt was 1.5x as of December
2016, and Moody's expects the company will maintain this ratio at
1.0x-1.5x over the next 12 to 18 months.

Evergrande's B2 corporate family rating reflects its solid market
position, strong sales execution, low-cost land bank, as well as
its nationwide and broad geographic coverage. However, the rating
is constrained by the high business and financial risks associated
with Evergrande's high debt leverage.

Upward rating pressure could emerge if the company: (1)
demonstrates disciplined business growth and acquisitions; (2)
shows a sufficient liquidity position, improvements in financial
management and progress in debt deleveraging, such that its
revenue/adjusted debt exceeds 65% and adjusted debt/total
capitalization falls below 65%-70%; and (3) improves its adjusted
EBIT/interest to above 2.5x on a sustained basis.

On the other hand, the rating could return to stable if the
company (1) resumes its aggressive acquisitions and high growth
strategy, contrary to its current business plans; or (2) fails to
achieve progress in debt deleveraging as evidenced by
revenue/adjusted debt returning to around 45%-50%.

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

China Evergrande Group is a major residential developer in China.
It adopts a standardized operating model. Founded in 1996 in
Guangzhou, the company has rapidly expanded its business across
China over the past few years.

At end-June 2017, its land bank totaled 276 million square meters
in gross floor area across 223 Chinese cities.

The company listed on the Hong Kong Stock Exchange in 2009.


GUANGZHOU R&F: Fitch Keeps 'BB' IDR on Watch Negative
-----------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative (RWN) on
Guangzhou R&F Properties Co. Ltd.'s 'BB' Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDR), senior unsecured
rating and the ratings of all its outstanding notes issued by
subsidiaries.

Guangzhou R&F's leverage, as measured by net debt/adjusted
inventory, weakened to 69% at end-1H17, from 63% at end-2016,
following aggressive expansion. Fitch believes its land bank of 49
million square metres (sq m) is now sufficient for more than six
years of sales and, therefore, Guangzhou R&F is likely to slow its
land acquisition in 2H17. However, the weakened credit metrics
have made it more probable that the RWN will be resolved with, at
best, a Negative Outlook on Guangzhou R&F's 'BB' ratings, if
affirmed.

Guangzhou R&F's ratings were put on RWN following its plan to
acquire Dalian Wanda Commercial Property Co. Ltd.'s (BBB/Negative)
hotel assets for CNY20 billion. Fitch believes the acquisition
will push up Guangzhou R&F's total debt level and keep its
leverage above Fitch's 60% threshold for negative rating action.
The company's churn rate, as measured by contracted sales/gross
debt, is likely to fall below 0.6x and may stay below this level,
which will breach Fitch's threshold and may result in a rating
downgrade if recurring EBITDA does not increase sufficiently to
provide an offset.

KEY RATING DRIVERS

Aggressive 1H17 Expansion: Guangzhou R&F 1H17 expansion was at its
fastest pace in the previous five years. Contracted sales gross
floor area (GFA) increased by 21% in 7M17, compared with a CAGR of
12% between 2012 and 2016. Fitch expects GFA sales growth of 28%
for full-year 2017. Guangzhou R&F expanded its land bank even more
aggressively, adding 11.4 million sq m in 1H17, against 2.9
million sq m sold. This was due to a rapid expansion outside tier
1 cities, with exposure increasing to 66% as at end-1H17, from 51%
at end-2016. A more diversified geographical mix is sensible, as
restrictive home-purchase policies affect each city's housing
market differently.

Acquisition Weakens Churn Rate: The hotel acquisition, if fully
funded by debt, is likely to increase Guangzhou R&F's gross debt
to above CNY145 billion based on pro forma 1H17 numbers and keep
its churn rate below 0.6x, even if it achieves its contracted
sales target of CNY80 billion in 2017. Guangzhou R&F's 2016 pre-
acquisition churn rate of 0.5x would have improved above 0.6x
following strong contracted sales growth, which was up by 30% in
1H17.

Higher Recurring EBITDA: Guangzhou R&F's post-acquisition hotel
revenue will climb to more than CNY7.0 billion in 2017, from
CNY1.4 billion in 2016. Its hotel EBITDA will reach CNY1.5 billion
and, together with rental EBITDA of CNY0.7 billion, see recurring
EBITDA rise to CNY2.2 billion (2016: around CNY1.0 billion). Fitch
expects recurring EBITDA/gross interest to improve above 0.3x post
acquisition, from 0.2x in 2016.

An improvement in Guangzhou R&F's post-acquisition hotel-business
EBITDA margin is possible, as around 40% of the portfolio consists
of hotels with less than three years of operation. Stronger hotel
performance could offset credit-metric deterioration if interest
coverage can improve to above 0.5x, which would be comparable with
that of higher-rated peers, such as Longfor Properties Co. Ltd.
(BBB-/Stable) and Shimao Property Holdings Limited (BBB-/Stable).

Post-Acquisition Credit Profile: The resolution of the RWN will
depend on whether the transaction is completed, and if so, how
Guangzhou R&F's business and financial profile evolves in the
following year or two. Possible outcomes are discussed in rating
sensitivities below.

DERIVATION SUMMARY

Guangzhou R&F's business profile is comparable with 'BB+' and
'BBB-' peers, but its financial profile is comparable with 'BB-'
and 'B+' rated peers. Its homebuilding scale, geographical
diversification and project profitability is comparable with
Shimao, but Shimao had a higher churn rate of 1.0x and lower
leverage of 32% at end-2016. Shimao's recurring EBITDA/interest
coverage is also lower because of its lower indebtedness, as both
companies generated similar rental and hotel revenue of around
CNY2.3 billion in 2016.

Guangzhou R&F has a superior EBITDA margin against that of highly
leverage peers, such as Greenland Holding Group Company Limited
(BB/Negative, standalone assessment BB-/Negative), Sunac China
Holdings Limited (BB-/RWN) and China Evergrande Group (B+/Stable),
which all have leverage of close to 60% or higher. Guangzhou R&F's
leverage has also been stable compared with the more volatile
leverage of these peers and it has a stronger business profile
despite its smaller scale. This is because of its larger land
bank, which can last for more than six years, compared with around
four years for the peers. Guangzhou R&F also has meaningful
recurring EBITDA/gross interest coverage of 0.2x (before the
acquisition), whereas the peers have minimal coverage.

No Country Ceiling, parent/subsidiary or operating environment
aspects impact the rating

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Contracted sales growth sustained at 10% per annum
- Land bank life reduced to and sustained at 5.5 years, from a
   high of almost eight years at end-1H17
- Rental rates for its investment properties remaining unchanged
- Completing the acquisition of 77 hotels in 2017, with the
   hotels generating full-year contributions from 2018
- Dividend pay-out ratio of at least 20%, which is maintained
   year-on-year
- Investment property capex of CNY1.5 billion per annum

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- If the transaction takes place, the ratings may be affirmed
   with a Negative Outlook if contracted sales/total debt remains
   below 0.6x over the next 12 months, but Fitch expects the
   ratio to be sustained above 0.6x thereafter

- If the transaction takes place, the ratings may be affirmed
   with a Stable Outlook if contracted sales/total debt is
   sustained between 0.5x and 0.6x, but Fitch expects recurring
   income/gross interest expenses to be sustained above 0.5x from
   2018

- If the transaction does not take place and contracted
   sales/total debt is sustained above 0.6x, the ratings may be
   affirmed with a Stable Outlook

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

- If the transaction takes place, the ratings may be downgraded
   if contracted sales/total debt remain below 0.6x for a
   sustained period and recurring income/gross interest expenses
   remain below 0.5x for a sustained period

- Net debt/adjusted inventory over 60% for a sustained period

LIQUIDITY

Acquisition Not Stretching Liquidity: Fitch expects Guangzhou R&F
to meet the payment for the hotel acquisition through its
available cash of CNY15.7 billion at end-1H17 and ongoing sales
proceeds; Fitch expects the company to generate contracted sales
of CNY7 billion -8 billion a month between August and December
2017. The long payment term for this acquisition helps reduce
immediate liquidity pressure, as Guangzhou R&F will only have to
pay CNY8 billion in October in addition to the CNY2 billion it had
already paid. The CNY10 billion balance can be stretched until
January 2018.

Fitch believes Guangzhou R&F has the flexibility to buy less land
in 2H17, as it had built up 49 million sq m of land bank as at
end-2017. Therefore, the company will be able to generate
sufficient operating cash flow to help fund its hotel asset
acquisition.

FULL LIST OF RATING ACTIONS

Guangzhou R&F Properties Co. Ltd.
- Long-Term Foreign-Currency IDR of 'BB' maintained on RWN
- Long-Term Local-Currency IDR of 'BB' maintained on RWN
- Senior unsecured rating of 'BB' maintained on RWN

Easy Tactic Limited
- USD725 million 5.75% senior unsecured notes due January 2022
   of 'BB' maintained on RWN


RONSHINE CHINA: Moody's Revises Outlook to Neg.; Affirms B2 CFR
----------------------------------------------------------------
Moody's Investors Service has revised to negative from stable the
outlook on Ronshine China Holdings Limited's B2 corporate family
rating and B3 senior unsecured rating.

Moody's has also affirmed the ratings.

RATINGS RATIONALE

"The change in outlook to negative reflects Moody's concerns over
Ronshine's increased level of refinancing risk, stemming from its
escalating short-term debt and declining cash balances, as well as
higher financing risk because of higher-than-expected debt
leverage," says Anthony Lee, a Moody's Analyst.

Ronshine's short-term debt increased by 144% to RMB18.9 billion at
end-June 2017 from RMB7.7 billion at end-December 2016.

At the same time, the company's cash and deposits (including
restricted cash) declined by 32% to RMB11.0 billion at end-June
2017, despite the reported 64.3% increase in contracted sales in
1H 2017.

As a result, cash & deposits/short-term debt weakened materially
to 58% at end-June 2017 from 208% at end-December 2016.

Accordingly, debt refinancing risk has unexpectedly risen.

This adverse development was due to Ronshine's aggressive land
acquisitions in 1H 2017. Moody's estimates that the company's land
premium payments of around RMB15 -- 18 billion in 1H 2017 were in
excess of its pre-sales of RMB10 -- 11 billion over the same
period.

Another reason for the lower cash balances was weaker cash
collections from presales in 1H 2017. The company's cash proceeds
from presales and contracted sales declined to 70% in 1H 2017 from
around 90% in 2016, partially driven by delays in disbursements
from banks which provide mortgage financing.

Given that the company will have around RMB12 billion of debt that
will mature or be putable by investors in 2018, its high level of
refinancing risk will likely continue over the next 12 months.

In addition, Ronshine's debt leverage is high. Revenue/adjusted
debt, including its share in JVs and associates, was around 30%
and 28% at end-December 2016 and end-June 2017 respectively. These
levels were weak for its B2 ratings.

Ronshine's refinancing risk and high debt leverage could improve
through more disciplined policy on land acquisitions and strong
sales growth.

On the other hand, Ronshine's future growth in contracted sales is
supported by its high quality land reserve. At end-June 2017, the
company's projects in Fuzhou, Hangzhou, Nanjing, Shanghai, Xiamen
and Tianjin accounted for 67% of its total land reserve, in term
of gross floor area.

Moody's believes that housing demand in these cities is stronger
than the national average, due to the increasing numbers of buyers
with high purchasing power.

Ronshine's B2 corporate family rating continues to reflect its
fast growing scale and its track record of developing properties
in Fujian Province.

The rating also factors in the high financial risk from the
company's aggressive land acquisition strategy, resulting in high
debt leverage, as well as limited but developing funding channels.

Moody's will monitor any improvements to the company's cash
collections from presales and any slowdown in land acquisitions as
well as its actions to manage forthcoming debt repayments.

Upgrade pressure is limited, given the negative outlook. However,
the outlook could return to stable if the company shows (1)
continued growth in presales; and (2) improvements in cash
collections from presales, as well as its liquidity position and
debt leverage.

Revenue/adjusted debt at 40% and cash/short term debt at 1x could
be indicators of returning the rating outlook to stable.

On the other hand, the ratings could be downgraded if Ronshine is
unlikely to turn around its high refinancing risk, weak liquidity
and high debt leverage.

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

Ronshine China Holdings Limited was incorporated in the Cayman
Islands in 2014 and listed on the Hong Kong Stock Exchange in
January 2016. As a property developer, it focuses on mid- to high-
end residential units in Fujian Province, Yangtze River Delta,
Pearl River Delta, Central China and Bohai Sea Region. The company
was founded by its Chairman, Mr. Ou Zonghong, who owns 75% of
Ronshine.



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


SPI ENERGY: Nasdaq Grants Request for Continued Listing
-------------------------------------------------------
SPI Energy Co., Ltd., announced that it received a letter from The
Nasdaq Stock Market LLC stating that the Nasdaq Hearings Panel has
granted the Company's request to remain listed on The Nasdaq Stock
Market.  The Company's continued listing is subject to, among
other things, the Company providing to the Panel a written update
on or before Sept. 30, 2017, detailing the status of its audit
review, any outstanding items, and documentation yet to be
provided to satisfy the requests of the Company's auditor and the
Company informing the Panel on or before Oct. 27, 2017, that it
has filed with the Securities and Exchange Commission its Form
20-F for the year ended Dec. 31, 2016.

In addition, the Panel decision requires that the Company be able
to demonstrate compliance with all requirements for continued
listing on Nasdaq and that the Company provide prompt notification
of any significant events that occur during the extension period
(including, but not limited to, any event that may call into
question the Company's historical financial information or that
may impact the Company's ability to maintain compliance with any
Nasdaq listing requirement or the aforementioned compliance
deadlines).

The Panel reserved the right to reconsider the terms of its
decision based on any event, condition or circumstance that exists
or develops that would, in the opinion of the Panel, make
continued listing of the Company's securities on Nasdaq
inadvisable or unwarranted.

In addition, the Nasdaq Listing and Hearing Review Council may
review the Panel decision on its own motion, in which event it may
affirm, modify, reverse or remand the decision to the Panel.

In the event the Company is unable to fully comply with the terms
of the Panel decision, the Company's securities may be delisted
from The Nasdaq Stock Market.

                        About SPI Energy

Hong Kong-based SPI Energy Co., Ltd. (NASDAQ:SPI) --
http://investors.spisolar.com/-- is a global provider of
photovoltaic (PV) solutions for business, residential, government
and utility customers and investors.  SPI Energy focuses on the
EPC/BT, storage and O2O PV market including the development,
financing, installation, operation and sale of utility-scale and
residential PV projects in China, Japan, Europe and North America.
The Company operates an online energy e-commerce and investment
platform in China, as well as B2B e-commerce platform offering a
range of PV and storage products in Australia.  The Company has
its operating headquarters in Hong Kong and maintains global
operations in Asia, Europe, North America and Australia.

SPI Energy reported a net loss of $185 million on $191 million of
net sales for the year ended Dec. 31, 2015, compared to a net loss
of $5.19 million on $91.6 million of net sales for the year ended
Dec. 31, 2014.

As of June 30, 2016, SPI Energy had $549.4 million in total
assets, $415.0 million in total liabilities, and $134.4 million in
total stockholders' equity.

KPMG Huazhen LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2015, citing that SPI Energy Co., Ltd., and
its subsidiaries have suffered significant losses from operations
and have a negative working capital as of Dec. 31, 2015.  In
addition, the Group has substantial amounts of debts that will
become due for repayment in 2016.  The auditors said these factors
raise substantial doubt about the Group's ability to continue as a
going concern.



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


AMRITVARSHA INDUSTRIES: Ind-Ra Affirms 'BB+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Amritvarsha
Industries Limited's (Amritvarsha) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable. The instrument-wise rating actions
are:

-- INR200.0 mil. Fund-based limit affirmed with IND
    BB+/Stable/IND A4+ rating;

-- INR45.0 mil. Non-fund-based limit affirmed with IND
    BB+/Stable/IND A4+ rating; and

-- INR8.0 mil. Term loan due on July 2017 withdrawn (the
    loan has been paid in full) with WD rating.

KEY RATING DRIVERS

The affirmation reflects Amritvarsha's continued small-to-moderate
scale of operations and stable-but-low operating margins due to
intense competition in the iron and steel industry. The company's
revenue declined 6.46% yoy to INR797.2 million in FY17 due to a
decline in the iron prices and low price realisation. EBITDA
margins improved slightly to 5.53% in FY17 from 5.34% in FY16
(FY15: 4.61%) due to a fall in raw material prices which was not
fully passed on to its end customers.

The company's credit metrics remained moderate with interest
coverage (operating EBITDA/gross interest expense) of 1.64x in
FY17 (FY16: 1.58x, FY15: 1.53x) and net leverage (total adjusted
net debt/operating EBITDA) of 4.31x (4.35x, 4.43x).  Ind-Ra
expects the credit metrics to remain stable in the absence of any
debt-led capex plans over the medium-term.

The ratings remain constrained by Amritvarsha's tight liquidity
position as reflected by its 97.7% average use of the fund-based
limits during the 12 months ended July 2017, due to a long working
capital cycle of 126 days in FY17 (FY16: 139 days, FY15: 119
days).

The ratings, however, continue to be supported by over a decade of
experience of Amritvarsha's promoters in the iron and steel
industry.

RATING SENSITIVITIES

Negative: A further decline in the revenues and/or operating
margins leading to sustained deterioration in the credit metrics
will be negative for the ratings.

Positive: A sustained increase in the revenue while maintaining
the credit metrics will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1995, Amritvarsha manufactures small-sized iron
garters, which are used in construction activities. The company
has a 40,000tpa plant in Dadri, Uttar Pradesh.


BRUA HYDROWATT: Ind-Ra Moves BB+ Issuer Rating to Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Brua Hydrowatt
Pvt Ltd's (Brua) 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:

-- INR490 mil. Long-term loans migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Aug. 17, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2005, Brua has set up a 9MW hydro power plant (5MW
along with 4 MW extended plant) on the Brua Stream, a tributary of
Baspa River in the Kinnaur district of Himachal Pradesh. The
company has signed a 30-year PPA with the Himachal Pradesh State
Electricity Board for the 5MW capacity.


BUDHIA AGENCIES: Ind-Ra Moves BB Issuer Rating to Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Budhia Agencies
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the surveillance
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:

-- INR195 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were assigned on
June 20, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2002, Budhia Agencies is a Jharkhand-based
automobile dealer, selling light commercial vehicles and medium
and heavy commercial vehicles. The company has eight retail
outlets and five service centres across Jharkhand.


CEEKAY ASSOCIATES: Ind-Ra Upgrades Issuer Rating to BB-
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Ceekay
Associates' (Ceekay) Long-Term Issuer Rating to 'IND BB-' from
'IND B+'. The Outlook is Stable. The instrument-wise rating action
is:

-- INR60 mil. Fund-based limits upgraded with IND BB-/Stable
    rating.

KEY RATING DRIVERS

The upgrade reflects a sustained improvement in Ceekay's gross
interest coverage (operating EBITDAR/gross interest expense +
rent) since FY15. As per FY17 provisional financials, gross
interest coverage improved to 1.6x (FY16: 1.5x; FY15:1.1x) and net
financial leverage (total adjusted net debt/EBITDAR) to 4.1x
(6.5x; 4.9x) due to an improvement in EBITDAR margin to 2.1%
(1.2%; 0.6%).  The increase in the EBITDAR margin resulted from a
rise in operating income in the form of incentives from Procter &
Gamble.

The ratings also remain supported by the company's comfortable
liquidity position with 35% average utilisation of fund-based
limits during the 12 months ended July 2017.

The ratings also remain supported by the promoter's more than two
decades of experience in the trading of fast moving consumer
goods.

The ratings also factor in the company's moderate scale of
operations. Revenue declined to INR1,304 million in FY17P (FY16:
INR1,382 million) due to a decline in branch sales.

The ratings, however, continue to be constrained by Ceekay's
partnership nature of the business.

RATING SENSITIVITIES

Positive: A sustained improvement in the credit metrics will be
positive for the ratings.

Negative: A sustained deterioration in the credit metrics will be
negative for the ratings.

COMPANY PROFILE

Ceekay was established by as proprietorship concern in 1980 and
was converted into a partnership firm in April 2017. It is an
authorised distributor of Procter & Gamble in Assam and operates
through 21 offices-cum-warehouses. Mr Shanti Kumar Jain and Mr
Sushil Kumar Chhabra are the partners.


EVERON CASTINGS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has undertaken the following
rating action on Everon Castings Private Limited's (ECPL)
additional bank loan:

-- INR86.7 mil. Term loan assigned with IND BB+/Stable rating.

KEY RATING DRIVERS

For ECPL rating rationale, please here.

RATING SENSITIVITIES

Positive: Substantial revenue growth and/or an improvement in
EBITDA margin leading to improvement in credit metrics will lead
to a positive rating action.

Negative: A significant decline in revenue and/or EBITDA margin
leading to weaker credit metrics will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2007, ECPL is engaged in the manufacturing of
carbon steel, alloy steel and stainless steel castings. It has two
owned manufacturing units in Coimbatore (Tamil Nadu).

The promoters of the company are Mr B Rajesh, Mr B
Balasubramanian, Mr MV Srinivasan, Mr R Andal Rajesh and Mr T
Prabhakar.


GSN FERRO: Ind-Ra Migrates B- Issuer Rating to Not Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated GSN Ferro Alloys
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 B-(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

-- INR668.7 mil. Term loan migrated to non-cooperating category
    with IND B-(ISSUER NOT COOPERATING) rating;

-- INR222.5 mil. Fund-based facilities migrated to non-
    cooperating category with IND B-(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING) rating;

-- INR57.5 il. Non-fund-based facilities migrated to non-
    cooperating category with IND A4(ISSUER NOT COOPERATING)
    rating.

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

Incorporated in August 2005, GSN Ferro Alloys Private Limited
manufactures ferro alloys such as silico manganese at its facility
in Medak district, Telangana.


JAYVEER ENTERPRISE: Ind-Ra Migrates B Rating to Not Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jayveer
Enterprise 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 B(ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating action is:

-- INR290 mil. Long-term loan migrated to non-cooperating
    category with IND B(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 27, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Surat-based Jayveer Enterprise Private Limited was incorporated in
2006. The promoters have experience of more than two decades in
the real estate segment and five ongoing projects.


KASTURCHAND FERTILIZERS: Ind-Ra Moves Rating to Not Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kasturchand
Fertilizers (P) Ltd'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:

-- INR100 mil. Cash credit working capital facilities migrated
    to non-cooperating category with IND B+(ISSUER NOT
    COOPERATING) rating; and

-- INR5.5 mil. Non-fund-based working capital limits migrated to
    non-cooperating category with IND A4(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Aug. 16, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1995, Kasturchand Fertilizers manufactures NPK and
SSP fertilisers.


OM SREE PAPERTEK: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Om Sree Papertek
Private Limited (OSPPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The instrument-wise rating action is:

-- INR225 mil.Term loan due on March 2024 with IND BB/Stable
    rating.

KEY RATING DRIVERS

The ratings reflect the under construction status of OSPPL's kraft
paper manufacturing unit in Dillai Kulcharam village, Telangana.
The total cost of the project is INR497.3 million, of which OSPPL
has incurred expenses of INR76.91 million using equity and
unsecured loan from the promoters. OSSPL has a sanctioned term
loan of INR225 million, which has not been utilised so far. The
project is 50% complete and management expects to start its
commercial operations from July 2018. The total installed capacity
of the machinery is expected by the management to be 200
tonnes/day.

The ratings, however, are supported by the plant's locational
advantage in terms of the availability of raw materials. Also, its
promoters have around two decades of experience in the paper
manufacturing business.

RATING SENSITIVITIES

Positive: Successful commencement of commercial operations leading
to strong revenue generation and profitability will lead to a
positive rating action.

Negative: Failure to scale up operations leading to stress on
liquidity position will be negative for the ratings.

COMPANY PROFILE

OSPPL is a private limited company, incorporated in August 2016 to
set up a kraft paper manufacturing unit. The company is promoted
by Mr Chamanbhai Patel Chaturbhai, Mr Gautam Devajibhai Kotadiya,
Mr Hardik Patel, Mr Rajesh Marvaniya, Mr Shankar Patel and Mr
Vipul Patel.


RENATA PRECISION: Ind-Ra Migrates BB+ Rating to Not Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Renata Precision
Components Private Limited's (RPCPL) 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:

-- INR87.5 mil. Fund-based working capital limit migrated to
    non-cooperating category with IND BB+(ISSUER NOT
    COOPERATING)/IND A4+(ISSUER NOT COOPERATING) rating;

-- INR18 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating;

-- INR151.9 mil. Term loan migrated to non-cooperating category
    with IND BB+(ISSUER NOT COOPERATING) rating;

-- INR25 mil. Proposed term loan migrated to non-cooperating
category with Provisional IND BB+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Aug. 23, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Started as a proprietorship concern in 1992 and later converted
into a private limited company in 2006, RPCPL is located in Pune,
Maharashtra. It is engaged in technical moulding of precision
plastic parts, multi component (2K) moulding, metal stamping,
metal-plastic insert moulding, assembly of plastic, metal and
rubber components, tool designing and manufacturing, and product
designing and development. RPCPL carries its activities at its two
plants located in Pune.


SAKA EMBROIDERY: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/s Saka
Embroidery Private Limited (SAKA) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR72.87 mil. Long-term loans due on June 2026 assigned with
    IND BB-/Stable rating; and

-- INR62.5 mil. Fund-based working capital limits assigned with
    IND BB-/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect SAKA's small scale of operations, volatile
profitability and weak credit metrics due to the trading nature of
operations. According to provisional financials for FY17, revenue
was INR217 million (FY16: INR175 million), net leverage (total
adjusted net debt/operating EBITDAR) was 6.5x (5.3x) and EBITDA
interest coverage (operating EBITDA/gross interest expense) was
1.5x (1.4x). The increase in revenue was because of an increase in
the number of orders executed. The deterioration in credit metrics
was mainly due to an increase in the total debt. EBITDA margins
fluctuated in the range of 9.4x-12.3x during FY13-FY17.

Ind-Ra expects the revenue to grow significantly in FY18 as the
company has started selling bulk quantities to exporters. Revenue
was INR218 million for the four months ended July 2017.  The
company has orders of INR40 million to be executed by the first
week of September 2017.

The ratings are supported by the over three decades of experience
of SAKA's promoters in retailing of textiles and the company's
comfortable liquidity position as indicated by its 81.7%
utilisation of the working capital limits on an average during the
12 months ended July 2017.

RATING SENSITIVITIES

Negative: Deterioration in the EBITDA margin and credit metrics
will be negative for the ratings.

Positive: An improvement in the EBITDA margin leading to a
sustained improvement in the credit metrics could lead to a
positive rating action.

COMPANY PROFILE

Incorporated in 1999 in Pune, SAKA is a wholesaler as well as a
retailer of textiles such as sarees, dress materials and readymade
dresses. Mr. Fulchand Rathod started the business in 1988. The
company is wholly owned by Rathod family members. The company has
three retail showrooms in Maharashtra.


STARK CV: Ind-Ra Affirms BB(SO) Rating on INR99.7M Series A2 PTCs
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Stark CV IFMR
Capital 2016 (an ABS transaction) as follows:

-- INR99.7 mil. Series A1 pass-through certificates (PTCs) at
    11.71% coupon rate issued on August 29, 2016, due on Feb. 17,
    2020, affirmed with IND A-(SO)/Stable rating; and

-- INR28.4 mil. Series A2 PTCs at 16.0% coupon rates issued on
    August 29, 2016, due on February 17, 2020, affirmed with IND
    BB(SO)/Stable rating.

The new and used commercial vehicle (38.3%), multi-utility vehicle
(29.4%), agriculture equipment (19.1%) and car (13.2%) loan pool
has been originated by Ess Kay Fincorp Private Limited (EKFPL).

KEY RATING DRIVERS

Originator's Servicing, Underwriting & Collection Capabilities:
The ratings reflect the adequate levels of credit enhancement
(CE), overall performance of the loans in the pool, and the
servicing, collection and recovery capabilities of EKFPL. The
agency is of the opinion that the issuer's origination and
servicing capabilities are of an acceptable standard. Origination
of loans is entirely an in-house mechanism and the company sources
loans directly. The company follows a relationship-based
origination model. The company has separate sales and collection
team; so the person sourcing the business is not responsible for
the collection process. EKFPL repossesses vehicles only as the
last resort. The borrower's capacity and intention to pay is
analysed before repossessing the vehicle.

Availability of External Credit Support: According to the payout
report dated 16 August 2017, the available CE was INR14.2 million
and the current principal outstanding (POS), including overdues,
was INR211.6 million. The transaction benefits from the internal
CE on account of excess interest spread and over-
collateralisation. As of July 2017, the level of over
collateralisation available to Series A1 PTCs was 49% and A2 PTCs
was 34%. There has been no use of the CE until date, as the excess
spread and overcollateralisation in the transaction have been
sufficient to absorb the shortfalls.

The current CE for PTCs increased to 6.68% of the current pool
POS, including overdues, at end-July 2017 from 3.15% at end-August
2016. The available CE is in the form of fixed deposit with RBL
Bank Ltd.

Key Pool Characteristics: At end-July 2017, the 2,181-loan pool
had a weighted average (WA) seasoning of 19.9 months and a WA
amortisation of 59%, indicating a significant repayment track
record of underlying borrowers. Loans delinquent by over 90 days
past due (dpd) were 3.90% of the original POS and 8.69% of the
current POS as of the collection month of July 2017. The agency
has also seen a cumulative prepayment of 1.3% in the transaction
in the last 12 months.

Key Assumptions: At the time of the initial rating, Ind-Ra derived
a base case gross default rate (90+dpd) in the range of 7%-9%. The
agency had analysed the characteristics of the pool and
established its base case assumptions through the four key
performance variables, namely default rate, recovery rate,
recovery timeline and prepayment rate, which collectively affect
the credit risk in a transaction. In the last 12 months since the
transaction closing, the peak 90+dpd observed was 3.90%, which is
well within the initial assumption. The current available CE can
absorb stressed defaults in the range of 50%-60%. The default
rates (90+dpd) well within the initial assumption and stable
performance of the loans in the pool have led to the affirmation
of the rating of PTCs.

RATING SENSITIVITIES

Ind-Ra conducted rating sensitivity tests for purchaser payouts.
If the assumptions of both base case default rate and base
recovery rate were simultaneously worsened by 20%, the model-
implied rating sensitivity suggests that the PTCs' rating will not
be impacted.

COMPANY PROFILE

Incorporated in 1994, EKFPL is a Jaipur-based non-banking
financial company with an operating track record of over 22 years.
EKFPL is promoted by Mr Rajendra Kumar Setia. It primarily
provides vehicle loans, including light commercial vehicle and
multi-utility vehicles, tractor loan, car, three-wheeler and SME
loans, in Rajasthan, Gujarat, Madhya Pradesh Punjab and
Maharashtra. Its corporate and registered office is located in
Jaipur, Rajasthan.

As of March 2017, EKFPL had INR8,244 million worth of assets under
management and its network base stood at 208 branches. EKFPL's PAR
greater than 120 days was 3.57% whereas PAR greater than 90 days
was at 4.95% for FY17. After April 2017, the company is
recognising NPAs at 90+dpd.


SWATI CONCAST: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Swati Concast &
Power Pvt. Ltd.'s (SCPPL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR110 mil. (increased from INR90 mil.) Fund-based working
    capital limits affirmed with IND BB+/Stable rating; and

-- INR90 mil. (increased from INR10 mil.) Non-fund-based working
    capital limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

The ratings continue to reflect SCPPL's moderate scale of
operations and credit metrics. According to provisional financials
for FY17, revenue increased to INR1,323 million driven by an
increase in order inflow from existing customers (FY16: INR1,260
million) and EBITDA margin improved to 3.9% (3.2%) on the back of
a decrease in input costs. Gross interest coverage (operating
EBITDA/gross interest expenses) deteriorated to 2.2x in FY17
(FY16: 2.6x) due to increase in financials costs resulting from an
increase in working capital limits. Net financial leverage (total
adjusted net debt/operating EBITDA) deteriorated to 3.6x in FY17
(FY16: 1.8x) owing to an increase in short-term debt to INR190
million (INR111 million) to fund working capital requirements.

The company's liquidity position was moderate as indicated by its
97.89% average utilisation of the fund-based limits during the 12
months ended June 2017.

The ratings are also supported by the promoters' over three
decades of experience in the iron and steel industry.

RATING SENSITIVITIES

Positive: A positive rating action could result from a substantial
improvement in the revenue and EBITDA margins along with an
overall improvement in the credit metrics.

Negative: A negative rating action could result from deterioration
in the EBITDA margins leading to deterioration of the overall
credit metrics.

COMPANY PROFILE

Incorporated in 2003, SCPPL manufactures pig iron at its
50,400MTPA facility in Giridih, Jharkhand. The company belongs to
the Swati group of companies, which is headed by Kejriwal family
based in Jharkhand.

The company is promoted by Mr. Amit Kejriwal and Mr. Ajoy
Kejriwal.


VEGA CONVEYORS: Ind-Ra Moves BB+ Issuer Rating to Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vega Conveyors
and Automation Limited's (VCAL) 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:

-- INR32.5 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND BB+(ISSUER NOT
    COOPERATING)/IND A4+(ISSUER NOT COOPERATING) rating; and

-- INR21.08 mil. Long-term loans migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING) rating;

-- INR40 mil. Non-fund-based working capital limits migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating;

-- INR30 mil. Proposed fund-based working capital limits
    migrated to non-cooperating category with Provisional
    IND BB+(ISSUER NOT COOPERATING)/Provisional IND A4+(ISSUER
    NOT COOPERATING) rating; and

-- INR20 mil. Proposed non-fund-based working capital limits
    migrated to non-cooperating category with Provisional IND
    A4+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 12, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1999, VCAL manufactures conveying, material
handling and packaging automation systems for food and beverages,
battery, pharmaceuticals, petrochemicals, textiles and engineering
industries.



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


STEEL PIPE: Moody's Assigns First-Time B2 CFR; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating (CFR) to Steel Pipe Industry of Indonesia Tbk (P.T.)
(Spindo).

At the same time, Moody's has assigned a B2 rating to the proposed
senior notes due 2022. The notes will be issued by Spindo's wholly
owned subsidiary, Spindo B.V., and guaranteed by Spindo and its
90%-owned subsidiary, PT Spindo Engineering Industry, which
together own substantially all assets of Spindo.

The ratings outlook is stable.

Proceeds of the notes issuance will be primarily used to repay
existing indebtedness.

RATINGS RATIONALE

"The B2 CFR reflects Spindo's leading market position in the
Indonesian steel pipe manufacturing industry, solid end-market
diversification, and success in passing steel price volatility to
customers; thereby supporting solid EBITDA margins of between 15%
and 19% in recent years," says Brian Grieser, a Moody's Vice
President and Senior Credit Officer.

"The B2 CFR also reflects Spindo's small scale relative to rating
peers, high working capital investment needs, volatility in
quarterly gross margins, and exposure to global and domestic steel
price fluctuations," adds Grieser.

While Spindo's quarterly gross margins can be volatile, its cost
plus pricing model is effective in stabilizing its margins when
viewed over a longer timeframe, such as 12 months.

Moody's expects that Spindo's debt-to-EBITDA will range between
4.0x and 5.0x over the next two years; which is commensurate with
a B2 CFR.

The CFR incorporates Moody's view that Spindo will maintain low
cash balances, and as such will likely rely on a portion of its
$100 million in short-term bank credit facilities to manage its
interim working capital needs in 2017 and 2018.

In 2016, inventory days on hand increased to around 350, as
infrastructure sales growth did not materialize to levels
projected by management, resulting in negative cash flow from
operations for the second time in the last four years.

While Moody's expects that working capital needs will
intermittently pressure cash flows, Moody's anticipates that
capital expenditures will fall in 2017 and 2018, which should
alleviate these pressures on cash flow generation. Capital
expenditures will be allocated largely to the construction of
warehouses to expand Spindo's direct sales reach in Indonesia
(Baa3 positive).

Spindo manufactures carbon and stainless steel pipes used in the
construction, infrastructure, utilities, oil and gas, furniture
and automotive industries. While sales to the oil and gas sector
deteriorated in recent years - as oil prices and investment in the
industry fell - Spindo's sales were resilient due to the strength
of growth in its other end markets; highlighting the benefits of
its end market diversification.

Moody's views Spindo's leading market position as defensible,
given its scale, brand recognition, and broad customer base when
compared to Indonesian competitors. High barriers to entry for
foreign competitors - such as local content requirements on
government contracts and higher shipping costs - also protect
Spindo's market position.

The stable ratings outlook reflects Moody's expectation that
Spindo will successfully manage down inventory levels from 2016
highs and continue to generate solid profitability levels, despite
fluctuations in steel prices. The stable outlook also reflects
Moody's expectation of improved demand, in line with GDP growth in
Indonesia, as well as increasing infrastructure investments in
2017 and 2018.

The B2 rating on the backed senior unsecured notes factors in
Moody's expectation that these notes will represent the large
majority of debt in Spindo's capital structure over the next 12-24
months.

The ratings could be upgraded if the company successfully expands
its warehouse infrastructure, while also improving inventory
turnover levels. Indicators of an upgrade include a situation in
which Spindo: 1) consistently generates positive cash flow from
operations; 2) establishes a track record of maintaining leverage
levels such that its adjusted debt-to-EBITDA falls below 4.0x; and
3) maintains EBITDA margins in the high teens.

The ratings could be downgraded if inventory turnover levels
weaken and/or borrowings on the working capital facilities
approach $100 million limit.

Moreover, persistently negative cash flow from operations,
weakening demand from key end markets, or leverage levels above
5.0x over an extended period could also lead to a downgrade.

The principal methodology used in these ratings was Global
Manufacturing Companies published in June 2017.

Steel Pipe Industry of Indonesia Tbk (P.T.) (Spindo) is a leading
steel pipe manufacturer in Indonesia, producing a variety of
customized and standardized carbon and stainless steel pipes and
pipe-related products and services. Spindo's products are used by
customers in the construction, infrastructure, utilities, oil and
gas, furniture and automotive industries, and are sold under the
Spindo and Tetsura brands.

Spindo operates six manufacturing facilities in Indonesia, with a
total of 37 steel pipe production lines.

The company listed on the Indonesia Stock Exchange in February
2013. It is 55.94%-owned by PT. Cakra Bhakti Para Putra (unrated)
and 44.06% owned by public shareholders.


STEEL PIPE: S&P Assigns Prelim 'B' Long-Term CCR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned its 'B' preliminary long-term
corporate credit rating to Indonesia-based steel pipe manufacturer
PT Steel Pipe Industry of Indonesia Tbk. (SPINDO). The outlook is
stable. SPINDO is a producer of welded tubes with applications in
the infrastructure, utilities, water, automotive, and consumer
sectors. Its monthly capacity is over 50,000 metric tons.

The preliminary rating reflects SPINDO's modest production and
scale, the company's geographic concentration to Indonesia, and
its leveraged balance sheet. Its operations also require
relatively high inventory levels, and working capital fluctuations
can pressure cash flows. SPINDO's high margins relative to other
downstream metal companies, its solid market position within
certain niche segments in Indonesia, and a fair product and
customer diversity partially mitigate these constraints.

The preliminary rating assumes that SPINDO will issue senior
unsecured bonds maturing in 2022 and will use the proceeds to
repay bank loans maturing in 2017, therefore substantially
reducing short-term refinancing risk. It also assumes that SPINDO
will obtain multi-year committed bank facilities of about US$100
million to help manage working capital fluctuations throughout the
year.

SPINDO's fairly narrow business profile and its modest scale is a
constraint for its credit profile. It is among the smallest steel
companies globally we rate, with 2016 revenue of about US$240
million and our computation of a modest EBITDA base of about US$40
million. The company will remain concentrated to the relatively
small and immature domestic market over the next five years and
its earnings profile will stay dependent on domestic volume growth
and competitive dynamics. Higher-rated steel companies frequently
have a much broader scale with operations in larger markets or
sales in multiple countries, and integrated upstream and
downstream operations.

S&P said, "We expect the steel tube sector in Indonesia to remain
competitive over the next five years. The market, while
structurally growing from low levels of consumption, has latent
domestic capacity compared with estimated demand for 2017 at about
1 million tons. Competition for projects also comes from imports
in the larger segments of the market, including pipes for
infrastructure and construction, which have lower technological
content and barriers to entry. We expect the market for
infrastructure and construction products to represent 50%-60% of
SPINDO's revenue over the next three years."

Despite its narrow business profile, SPINDO is the largest steel
pipe producer in Indonesia with a well-established record of
operations, good brand recognition, and improving distribution
capabilities. The company has an estimated 35% share of domestic
production and volumes, with a capacity of about 610,000 tons of
steel pipes per year and sales volumes of 300,000-350,000 tons.
This position is especially solid in Eastern Java and some outer
islands in the archipelago where there is little or no direct
competition. It is also solid, in S&P's view, in the automotive
and consumer durable end-markets. These segments have higher
barriers to entry because the products require certifications,
test periods, audits, and joint planning with customers. The
automotive sector is one example of this, where the company has
established itself as a trusted supplier to Yamaha and Kawasaki.

SPINDO also has fair product and customer diversity for the rating
level. The company offers a number of different products with
varied gauges, diameters, shapes, and coatings for the
construction, infrastructure, furniture, automotive, and oil & gas
end markets. Even though the more volatile and lumpy
infrastructure and construction end-markets will likely account
for 50%-60% of SPINDO's revenue through 2019, the company has a
growing exposure to the automotive and consumer durable end
markets, where volumes have been more stable and customer
relationships stickier. Revenues from these two end markets could
reach 30%-40% over the next three to five years, from about 18% in
2013 and about 30% in 2016.

Contribution from higher-value-added products and relatively low
overhead and labor costs allowed SPINDO to generate operating
margins of about 16% over the past five years, which is above
industry average. The company sells these products directly and
indirectly through distributors, with little supplier or customer
concentration. Raw material is the largest cost expense, forming
about 90% of the company's cost of goods sold. However, SPINDO has
exhibited a sound record of passing through fluctuation in prices
to customers.

S&P said, "We project EBITDA margin to improve modestly over the
next three years, averaging 17%-18%. SPINDO has invested in new
machines and expanded capacity over the past few years, spending
10%-15% of revenue per year. These capital expenditures have
increased capacity to 610,000 metric tons a year currently, from
410,000 metric tons in 2013. Utilization rate, at about 45%
currently, is low amid the expanded capacity, but that has not
affected overall margin given the low labor and energy costs.
Excess capacity will also help maintain its margin as little
incremental cost is needed when volumes pick up. The management's
strategy is to selectively add warehouses in new locations such as
Sulawesi and Papua to increase direct sales rather than selling
indirectly through distributors. These direct sales and higher
utilization rates should also support its margin.

"We regard SPINDO's absolute debt level, including the proposed
bond issue, to be relatively high in light of the company's
earnings base and quality, and potentially sharp fluctuations in
working capital. We project the company's debt-to-EBITDA ratio to
stay at 4.5x-5.5x through 2018, on the basis of EBITDA averaging
about Indonesian rupiah (IDR) 625 billion annually, the bond
proceeds, and about IDR600 billion in residual working capital
debt. Because of taxation and high interest expense, SPINDO's
conversion of EBITDA into cash flows is likely to stay modest over
the period. We project the ratio of funds from operations (FFO) to
debt to stay below 10% over the period, with the FFO interest
coverage averaging about 1.8x through 2018."

Potentially sharp variations in working capital in this sector
limit the company's ability to sustainably improve its capital
structure, barring a sharp and sustainable growth in its earnings
base. SPINDO generally has to buy raw material several months in
advance, especially when it bids for large projects. Project
delays may lead to inventory overhang, like in 2016 when the
company generated negative operating cash flows of IDR380 billion.
SPINDO is seeking to improve its working capital management by
reducing inventory days through better timing of its orders and
longer payable terms.

S&P said, "That said, we note that reinvestment needs in the
operations are limited given the latent capacity resulting from
the addition of machinery over the past few years. We expect
capital spending to fall to 2%-5% of revenue through 2019, leading
to modest positive free cash flow generation.

"The stable outlook reflects our expectation that the rating will
be stable over the next 12 months as the company works toward
increasing its utilization rates. We also expect SPINDO to
maintain sufficient liquidity to service the debt while growing
into recently added capacity.

"We may lower the ratings if SPINDO's financial position
deteriorates beyond our expectations, such that FFO interest
coverage is sustained below 1.5x. This could occur if adjusted
EBITDA margin is more than 3 percentage points lower than expected
and sustained in the mid to low teens. We may also lower the
rating if the company's liquidity deteriorates following lower
prices and a buildup in working capital.

"We may raise the ratings if the company maintains its ratio of
adjusted FFO to debt above 15%. We believe this is possible if
higher utilization rates and increased direct sales support
margins. Revenue growth above our base case, driven by higher
market share and strong end-market demand, could also lead to a
higher rating. However, this would be contingent on a track record
of maintaining sufficient liquidity."



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


CHRISTIAN SAVINGS: Fitch Affirms & Withdraws B+ LT IDR
------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the following ratings for
Christian Savings Incorporated (CSI):

Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B+';
Short-Term Foreign-Currency IDR at 'B'
Viability Rating at 'b+'
Support Rating at '5'
Support Rating Floor at 'NF'

The Outlook is Positive.

Fitch is withdrawing the ratings on New Zealand-based CSI because
the group has undergone a reorganisation and will no longer be a
trading entity. Accordingly, Fitch will no longer provide ratings
or analytical coverage for CSI.

On 1 September 2017, Fitch assigned to Christian Savings Limited
(CSL), the new operating entity, ratings that are at the same
level as those for CSI.

KEY RATING DRIVERS
IDRS, VIABILITY RATING, SUPPORT RATING AND SUPPORT RATING FLOOR

CSI's ratings are aligned with those of its main operating entity,
CSL as Fitch believes the risk profile is similar for both
entities. CSI is primarily a holding company for CSL. Both
entities share the same branding and operate under a relatively
simple group structure.

The drivers of CSI's ratings are therefore broadly similar to that
of CSL and are detailed in Fitch's rating action commentary "Fitch
Assigns Christian Savings Limited 'B+' Rating; Outlook Positive"
on 1 September 2017.

RATING SENSITIVITIES

IDRs, VIABILITY RATING, SUPPORT RATING AND SUPPORT RATING FLOOR

Rating sensitivities are no longer relevant given the ratings are
withdrawn



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


GLOBAL A&T: Fitch Lowers IDR to RD After Grace Period Expiry
------------------------------------------------------------
Fitch Ratings has downgraded Singapore-based outsourced assembly
and testing (OSAT) services company Global A&T Electronics Ltd's
(GATE) Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) to 'RD' (Restricted Default) from 'C'.

The downgrades follow the expiration of the 30-day grace period
after the company failed to pay interest of USD56 million on its
USD1.1 billion 2019 senior secured notes. The coupon payment was
due on Aug. 1, 2017, with the 30-day grace period expiring on
Aug. 31, 2017.

KEY RATING DRIVERS

Ongoing Negotiations with Bondholders: GATE continues to negotiate
with bondholders to restructure the debt to achieve a sustainable
capital structure; as operations will not to support the USD1.1
billion debt due in February 2019. Any restructuring is likely to
involve a significant reduction in terms for bondholders given the
extent of challenges facing GATE and would be considered a
Distressed Debt Exchange (DDE) under Fitch's criteria.

Severe Liquidity Crunch: GATE's cash balance was USD73 million at
end-June 2017, which is insufficient to run the company's
operations and pay interest. The company has limited access to
external financing due to weak finances and an ongoing legal
dispute. GATE only had USD12 million of undrawn committed bank
facilities at end-June 2017.

Compromised Business Model: Fitch expects 2017 EBITDA to decline
by 10%-15%, underpinned by a slow recovery in global demand for
semiconductors. EBITDA could decline faster if customers withhold
new service orders due to concerns about the company's ability to
continue operations. Aside from its financial challenges, GATE is
constrained by a relative lack of technological differentiation
and low pricing power in the fragmented USD25 billion OSAT
industry. EBITDA was USD77 million for 1H17.

DERIVATION SUMMARY

The ratings have been downgraded to RD as one definition of the RD
rating is expiry of a grace period following non-payment of a
coupon.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Revenue to decline by 4%-5% in 2017.
- Operating EBITDA to decline by 10%-15% (2016: USD154 million).
- No improvement in liquidity.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- in Fitch's opinion, GATE enters into bankruptcy filings,
   administration, receivership, liquidation or other formal
   winding-up procedures, or otherwise ceases business, under
   which circumstances the ratings would be downgraded to 'D'.

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Improvement in liquidity position such that it can pay its
   short-term obligations. Fitch does not believe this can happen
   without a debt restructuring where lenders accept a
   significant reduction in terms.

LIQUIDITY

Extremely Poor Liquidity: GATE's liquidity is extremely weak due
to poor cash generation relative to debt servicing costs and
maintenance capex requirements.



                             *********

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.


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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Joseph Cardillo at 856-381-8268.



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