TCRAP_Public/161013.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, October 13, 2016, Vol. 19, No. 203

                            Headlines


A U S T R A L I A

HALLIDAY FCG: First Creditors' Meeting Set for Oct. 20
MK FLOORS: First Creditors' Meeting Slated for Oct. 20
REDZED TRUST 2014-1: S&P Raises Rating on Class E Notes to BB+
SECURIMAX PTY: First Creditors' Meeting Set for Oct. 20


C H I N A

ATMU INC: Wind Up Petition Hearing Set Nov. 10 in Cayman
CHINA: Cities Face End of Fairy Tale as Default Risks Rise
JIANGSU FANG: Fitch Rates USD200MM Sr. Unsec. Notes 'BB'


H O N G  K O N G

NOBLE GROUP: Moody's Retains B2 CFR on Proposed Sale to Calpine


I N D I A

BDS PROJECTS: ICRA Hikes Rating on INR1.25cr Cash Loan to 'B'
COIMBATORE CORPORATION: Goes Bankrupt, Plans INR100cr Loan
FRIENDS POLYPACK: CARE Reaffirms B+ Rating on INR3.77cr LT Loan
GEMINI ALUMINIUM: ICRA Suspends B+ Rating on INR10cr Bank Loan
HILL STONE: ICRA Reaffirms B+ Rating on INR3.50cr Cash Loan

IDASA INDIA: CARE Assigns B+ Rating to INR7.90cr LT Bank Loan
INDIA: Steelmakers Deleveraging at Risk on Coking Coal Price Jump
INDIABULLS REAL: Fitch Affirms 'B+' LT Foreign Currency IDR
JIVANDHARA COTTON: ICRA Reaffirms B+ Rating on INR14cr Cash Loan
KAVERI COTEX: ICRA Reaffirms 'B' Rating on INR14cr Cash Loan

MADHAV COTTON: CARE Reaffirms B+ Rating on INR5.68cr LT Loan
MANASA RICE: ICRA Suspends B+ Rating on INR9cr Cash Loan
N & N CONSTRUCTIONS: CARE Lowers Rating on INR12.25cr Loan to D
ORFINA CERAMIC: ICRA Reaffirms 'B' Rating on INR9cr Term Loan
PRUDHVI INFRA: CARE Assigns B+ Rating to INR20.50cr LT Loan

SAIMAX CERAMIC: ICRA Reaffirms B+ Rating on INR4.05cr Term Loan
SHANKARA SAI: ICRA Suspends 'B' Rating on INR1.75cr Cash Loan
SIDDHI COTTON: ICRA Reaffirms B+ Rating on INR12cr Cash Loan
SKN RICE: ICRA Suspends B+/A4 Rating on INR10cr Bank Loan
SOMA ISOLUX: CARE Upgrades Rating on INR1,216.96cr Loan to BB-

SREE RANI: CARE Reaffirms 'B' Rating on INR10cr LT Bank Loan
SRI SHAKTHI: CARE Ups Rating on INR10cr LT Loan to 'BB-'
SURAT HAZIRA: CARE Assigns 'B' Rating to INR2,400cr LT Loan
SURYAUDAY SPINNING: ICRA Suspends B+ Rating on INR12.2cr Loan
UMESH & BROS: ICRA Suspends B+ Rating on INR12.0cr Loan


I N D O N E S I A

ALAM SUTERA: Fitch Affirms 'B+' Long Term Issuer Default Rating


J A P A N

JAPAN: Corporate Bankruptcies Fell to 26-year Low in 1H 2016


M A L A Y S I A

1MALAYSIA: MAS Shuts Falcon Private Bank's Singapore Branch
LION CORP: Delisted after Failing to Get Extension to Submit Plan
TH HEAVY: Seeks to Extend Maturity of Bonds Worth MYR70 Mil.


N E W  Z E A L A N D

FELTEX CARPET: Court Nixes Class Action vs. Ex-directors


P H I L I P P I N E S

RURAL BANK OF LUNA: Placed Under PDIC Receivership


S I N G A P O R E

SWISSCO HOLDINGS: Demands Payment from Charterers to Survive


S O U T H  K O R E A

DAEWOO SHIPBUILDING: To Axe Jobs by About 20% Before End of 2016


                            - - - - -


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


HALLIDAY FCG: First Creditors' Meeting Set for Oct. 20
------------------------------------------------------
A first meeting of the creditors in the proceedings of Halliday
FCG Pty Ltd will be held at Level 51, 111 Eagle Street, in
Brisbane, Queensland, on Oct. 20, 2016, at 2:00 p.m.

Justin Denis Walsh and Adams Pauls Nikitins of Ernst & Young were
appointed as administrators of Halliday FCG on Oct. 10, 2016.


MK FLOORS: First Creditors' Meeting Slated for Oct. 20
------------------------------------------------------
A first meeting of the creditors in the proceedings of:

   -- MK Floors NSW Pty Ltd
   -- MK Floors Australia Pty Ltd
   -- MK Floors ACT Pty Ltd
   -- MK Floors VIC Pty Ltd
   -- MK Floors QLD Pty Ltd

will be held at the offices of Veritas Advisory, Level 12, 88
Pitt Street, in Sydney, on Oct. 20, 2016, at:

   * MK NSW: 11:00 a.m.
   * MK AUST: 11:05 a.m.
   * MK ACT: 11:10 a.m.
   * MK VIC: 11:15 a.m.
   * MK QLD: 11:20 a.m.

David Iannuzzi and Steve Naidenov of Veritas Advisory were
appointed as administrators of MK Floors on Oct. 10, 2016.


REDZED TRUST 2014-1: S&P Raises Rating on Class E Notes to BB+
--------------------------------------------------------------
S&P Global Ratings raised its ratings on four classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee of RedZed Trust
in respect of Series 2014-1.  At the same time, S&P affirmed its
ratings on the remaining rated classes of notes.

The rating actions reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, which consists of loans to nonconforming
      borrowers originated by RedZed Lending Solutions Pty Ltd.
      As of July 31, 2016, the pool has a current weighted-
      average loan-to-value ratio of 70.4% and weighted-average
      seasoning of 5.4 years.  The pool has paid down
      significantly since close, the bond factor as of July 31,
      2016, is approximately 39%, and as a result the pool has
      become more concentrated. A total of 196 consolidated loans
      remain in the pool, with a total loan balance of
      approximately A$59.7 million.  S&P's criteria for
      Australian residential mortgage-backed securities (RMBS)
      consider an archetypical pool to contain at least 250
      consolidated mortgage loans.  As of July 31, 2016, 4.0% of
      the asset pool is in arrears, with 3.3% in arrears by more
      than 90 days.  S&P has assumed that loans in arrears for
      more than 90 days have defaulted, in line with its
      "Australian RMBS Rating Methodology And Assumptions"
      criteria, published Sept. 1, 2011.  However, losses to date
      have been minimal--approximately A$0.1 million, or 0.2% of
      the original pool balance--and covered by excess spread.

   -- Due to the sequential payment structure for the majority of
      the transaction's life to date, significant credit support
      has built up to each class of rated notes.  The amount of
      credit support provided to each class of rated notes is in
      excess of the minimum amount assessed as commensurate with
      each respective rating level and is thereby currently
      sufficient to withstand the stresses commensurate with the
      ratings.  The pool is becoming more concentrated, however,
      meaning there is growing potential for tail-end risk, and
      the lower-rated notes would be more susceptible should this
      risk materialize.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including a liquidity
      facility equal to 2.5% of outstanding balance of the notes,
      and principal draws are sufficient under S&P's stress
      assumptions to ensure timely payment of interest.

   -- The availability of a retention amount built from excess
      spread before the call date, which is applied to reduce the
      balance outstanding of the most subordinated rated note at
      that time and serves to create overcollateralization in the
      transaction.  Approximately $919,000 of
      overcollateralization has been created as of July 31, 2016.

   -- S&P has assessed pool concentrations by sizing an alternate
      loss scenario for the pool.  Under this scenario, the top
      10 loans, at the 'AAA' rating level, default and are
      recovered upon.  The loss severity for each loan is the
      higher of 50%, the loan's loss severity, and the pool's
      weighted-average loss severity.  The expected loss for the
      pool is the higher of that number, and the number sized
      applying our "Australian RMBS Rating Methodology And
      Assumptions" criteria, published Sept. 1, 2011.  This
      approach is consistent with the "U.S. RMBS Surveillance
      Credit And Cash Flow Analysis For Pre-2009 Originations"
      criteria, published March 2, 2016.

RATINGS RAISED
Class       Rating To       Rating From
B           AAA (sf)        AA (sf)
C           AA (sf)         A (sf)
D           BBB+ (sf)       BBB (sf)
E           BB+ (sf)        BB (sf)

RATINGS AFFIRMED
Class       Rating
A-1         AAA (sf)
A-2         AAA (sf)
A-3         AAA (sf)
F           B  (sf)


SECURIMAX PTY: First Creditors' Meeting Set for Oct. 20
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Securimax
Pty Ltd will be held at the offices of Mackay Goodwin, Exchange
House, Suite 2, Level 8, 10 Bridge Street, in Sydney, on Oct. 20,
2016, at 3:00 p.m.

Graham Robert Ward of Mackay Goodwin was appointed as
administrator of Securimax Pty on Oct. 10, 2016.



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


ATMU INC: Wind Up Petition Hearing Set Nov. 10 in Cayman
--------------------------------------------------------
Benjamin Robertson and Cathy Chan at Bloomberg News report that
Carlyle Group LP funds are taking legal action against Chinese
automated teller machine company ATMU Inc., claiming to be owed
$368.9 million after ATMU allegedly missed a four-year deadline
for an initial public offering.

Bloomberg relates that the Hong Kong-based Carlyle Asia Growth
Partners IV and CAGP IV Co-investment filed a winding-up petition
against ATMU in the Grand Court of the Cayman Islands this month,
seeking to recoup their investments. The Chinese company was
incorporated in the Caymans in 2006, according to the legal
document cited by Bloomberg.

According to Bloomberg, the legal filing comes six years after
Carlyle Asia Growth Partners IV announced that it was investing
in ATMU, which private equity firm Carlyle described that year as
China's "largest independent automated teller machine operator
and service provider."

The funds have the right to redeem their shares and exit because
no IPO took place within four years of their May 2010
investments, the winding-up petition alleges, Bloomberg relates.
ATMU hasn't responded to redemption notices and letters delivered
to its registered office in the Caymans, the petitioners allege,
says Bloomberg.

In a statement to Bloomberg, ATMU said it was trying to find ways
for financial investors to exit, without saying why it hadn't
paid them out.

"Although ATMU did not conduct an IPO due to the fluctuating
stock market in recent years, the company is helping financial
investors to seek proper exit channels, including but not limited
to capital market activities," Bloomberg quotes Peng Yafeng, an
ATMU administration office director, as saying in an e-mail.
"ATMU is confident that it can redeem the shares of the financial
investors."

Peng said that the company's operations were "good" and it was
"capturing new market opportunities," relays Bloomberg.

Bloomberg relates that in 2010, Carlyle said ATMU had a 15
percent share of China's ATM market and "an exclusive cooperation
agreement" with Postal Savings Bank of China Co., the giant state
lender that is now on the verge of listing on Hong Kong's stock
exchange.

A Postal Savings Bank press officer in Beijing said that ATMU had
supplied the bank with some ATM facilities and maintenance
services, adds Bloomberg.

Bloomberg says the winding-up petition asks for PwC staff in the
Caymans, China and Hong Kong to be appointed as liquidators and
said a court hearing will take place in the Caymans on Nov. 10.


CHINA: Cities Face End of Fairy Tale as Default Risks Rise
----------------------------------------------------------
Bloomberg News reports that finance firms that help keep cash
flowing to China's towns, cities and provinces face rising risks
of landmark bond defaults just as they turn to global markets for
funds.

According to Bloomberg, China's economic slowdown is weighing on
revenue at regional governments, hampering their ability to
support the CNY5.3 trillion ($789 billion) of outstanding onshore
notes from local-government financing vehicles (LGFVs), which
have yet to suffer nonpayments. Such issuance fell 18% last
quarter as regulators curbed sales, forcing some to seek funds
overseas. Financing units in provinces including Hunan, Jiangsu,
Hubei and Sichuan are considering or planning U.S. currency
notes, people familiar with the matters have said, Bloomberg
relays.

Bloomberg says warning signs are spreading. In the nation's
northeast, Changchun Urban Development & Investment Holdings
Group was downgraded by Fitch Ratings last month. In the once-
booming coal town of Ordos in Inner Mongolia, Yijinhuoluoqi
Hongtai City Construction Investment & Development Co. had
CNY189.5 million of borrowings overdue as of March 31, Bloomberg
relates citing Pengyuan Credit Rating Co., which downgraded it to
A+ from AA- in May.

"I don't believe in the fairy tale that no LGFV will default,"
Bloomberg quotes Terence Cheng, chief investment officer in at
HuaAn Asset Management in Hong Kong, as saying. "Even China's
state-owned enterprises have been allowed to default. There is no
absolute guarantee that an LGFV will not default."

Bloomberg says the discount LGFVs enjoy over regular companies
when raising funds in the local bond market for seven years has
shrunk by about half in the past six months to 23 basis points.

China Investment Securities Co. said non-operating revenue --
which usually includes subsidies -- has fallen relative to
operating income for the nation's local financing vehicles and
this may indicate a reduction in support by regional authorities,
Bloomberg relays. The ratio between the two dropped to 87% in the
first six months of 2016, compared with 110% two years earlier,
the firm said.

While changes may take years, authorities are becoming more
selective, according to Anthony Leung, a credit analyst at Nomura
Holdings Inc. in Hong Kong, says Bloomberg. "For the weaker ones,
the government may deem them zombies and eventually let go of
them," he said.


JIANGSU FANG: Fitch Rates USD200MM Sr. Unsec. Notes 'BB'
--------------------------------------------------------
Fitch Ratings has assigned Jiangsu Fang Yang Group Co., Ltd's
USD200 million 5.35% senior unsecured notes due 2019 a final
rating of 'BB'.

The assignment of the final ratings follows the receipt of
documents conforming to information already received. The final
ratings are in line with the expected ratings assigned on 15
September 2016.

KEY RATING DRIVERS

The notes are issued by Haichuan International Investment Co.,
Ltd. and are unconditionally and irrevocably guaranteed by Fang
Yang Commerce Trade Company Limited (FYCT), a wholly owned
subsidiary of Fang Yang. The notes are senior unsecured
obligations of FYCT and rank pari passu with all other
obligations of FYCT.

In place of a guarantee, Fang Yang has granted a keepwell and
liquidity support deed and a deed of equity interest purchase
undertaking to ensure FYCT has sufficient assets and liquidity to
meet its obligations under the guarantee for the notes.

The notes are rated at the same level as Fang Yang's Issuer
Default Rating, given the strong link between Fang Yang and FYCT
and because the keepwell and liquidity support deed and deed of
equity interest purchase undertaking transfer the ultimate
responsibility of payment to Fang Yang.

In Fitch's opinion, both the keepwell and liquidity support deed
and the deed of equity interest purchase undertaking signal a
strong intention from Fang Yang to ensure FYCT has sufficient
funds to honour the debt obligations. The agency also believes
Fang Yang intends to maintain its reputation and credit profile
in the international offshore market and is unlikely to default
on its offshore obligations. In addition, a default by FYCT could
have significant negative repercussions on Fang Yang for any
future offshore funding.

Fang Yang's ratings are credit linked to, but not equalised with,
Fitch's assessment of the creditworthiness of Lianyungang
Municipality. Its 100% municipality ownership and the strategic
importance of the entity's operation to the municipality result
in a high likelihood of extraordinary support, if needed.
Therefore, Fang Yang is classified as a credit-linked public-
sector entity under Fitch's criteria.

RATING SENSITIVITIES

Rating action on Fang Yang would lead to similar action on the
rating of the bonds issued by Haichuan International Investment
Co., Ltd.



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H O N G  K O N G
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NOBLE GROUP: Moody's Retains B2 CFR on Proposed Sale to Calpine
---------------------------------------------------------------
Moody's Investors Service says that Noble Group Limited's
announced sale of its Noble Americas Energy Solutions business
(NAES, unrated) to Calpine Corporation (Ba3 stable) is credit
positive.

At the same time, the proposed transaction has no immediate
effect on Noble's B2 corporate family rating and senior unsecured
bond ratings, or the (P)B2 provisional rating on its senior
unsecured medium-term note (MTN) program.

The rating outlook remains negative.

On Oct. 10, 2016, Noble announced the sale of NAES, with the
closing of the transaction by year-end 2016 expected to net
proceeds of about USD1.05 billion, consisting of the USD800
million purchase price plus repayment of NAES' working capital,
which amounted to USD248 million at Dec. 31, 2015.

In addition, Noble said that the divestiture would release
approximately USD275 million in letters of credit and surety
bonds, representing additional working capital that would become
available.

The transaction is subject to shareholder and regulatory
approvals.

"The transaction, if it proceeds as planned, will help Noble
improve its liquidity and financial leverage, reduce interest
expense, provide greater flexibility for managing working
capital, and ease any needed refinancing of credit facilities
maturing in May 2017 -- all of which are credit positive," says
Joe Morrison, a Moody's Vice President and Senior Credit Officer.

"However, there is no immediate impact on the company's ratings
or the negative outlook, because Noble still needs to demonstrate
a track record of generating positive cash flow from operations
in order to deal with about USD1.5 billion in bonds and bank
loans maturing in 1H 2018," adds Morrison.

The negative outlook continues to reflect uncertainty regarding
the company's ability to improve profitability and cash flow
against the backdrop of a prolonged commodity down-cycle.

The rating outlook could return to stable if (1) profitability
improves and the company is able to consistently generate
positive free cash flow and maintain liquidity headroom (cash and
availability under multi-year credit facilities) at levels more
than sufficient to cover short-term debt; and (2) adjusted net
debt/EBITDA trends toward 5.0x.

The principal methodology used in these ratings was Trading
Companies published in Jun 2016.

Noble Group Limited is the largest global physical commodities
supply chain manager in Asia by revenue.  Its diversified
activities across the supply chain include the sourcing, storage,
processing, transportation and distribution of over 20 commodity
products.

The company is publicly traded on the Singapore Exchange and at
Oct. 7, 2016, had a market capitalization of about USD1.9
billion.



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I N D I A
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BDS PROJECTS: ICRA Hikes Rating on INR1.25cr Cash Loan to 'B'
-------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR1.25
crore Long Term Fund Based Limits of BDS Projects India Private
Limited to [ICRA]B from [ICRA]B-. ICRA has reaffirmed the short-
term rating assigned to the INR7.25 crore short term non-fund
based limits of BDS to [ICRA]A4.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits       1.25         [ICRA]B (Upgraded
   rated on a long                      from [ICRA]B-)
   term scale Cash
   Credit

   Non-Fund Based          7.25         [ICRA]A4 Reaffirmed
   Limits rated on a
   short term scale
   Bank Guarantee

The ratings upgrade reflects the healthy augmentation in order
book position of BDS Projects India Private Limited (BDS) aided
by new projects undertaken in repair segment with scope of work
continuing to be civil works in residential societies and re-
development projects which provides revenue visibility in the
near to medium term. The ratings continue to derive comfort from
the company's established client base and experienced management
with a reasonable-track record in repairs and rehabilitation
business. Further, ICRA takes note of the company's increased
focus in executing lesser capital intensive repair work contracts
while downsizing the execution of construction contracts leading
to turnaround in profit metrics in FY2016.

The ratings, however, continues to remain constrained by BDS's
weak capital structure as reflected by eroded net worth due to
sizable accumulated losses from the past and the high working
capital intensity of its operations due to business requirement
of maintaining large amounts of retention deposits. ICRA notes
that any unfavorable fluctuation in the price of raw material can
impact operating margins given the raw material-intensive nature
of operations and the fixed price nature of orders, although the
risk is partly mitigated by price escalation clause built in
several contracts.

In FY2017, ICRA expects the company's year on year growth in
operating income to remain moderate to be aided by its adequate
orders in hand. Going forward, the company's ability to scale up
the operation will largely depend on timely execution of orders
in hand and to manage its working capital cycle particularly by
improving its receivable days will remain the key rating
sensitivities. Conversely, lower-than expected profitability due
to unfavorable fluctuation in the price of raw material or a
further stretch in the working capital cycle, emanating from
delayed payments from customers or delays in order execution will
result in deterioration in the financial risk profile; especially
liquidity which could have negative impact on the key credit
metrics.

BDS Projects India Pvt. Ltd. was incorporated in FY 2007 as a
shell company, subsidiary of N S Guzder & Co. Pvt. Ltd., to
separate the speciality engineering and contracting solutions
business from the parent company and is promoted by Mr. Farokh
Guzder who has been involved in the family business of N S Guzder
& Co. Pvt. Ltd. and AFL Pvt. Ltd. for over three decades. Mr.
Guzder has a vast experience in the field of cotton trading,
customs clearance, heavy lift transportation, logistics and
travel related activities of the group.

BDS Projects India Pvt. Ltd. is involved in providing single
point packaged solution in speciality engineering and contracting
in the field of repairs, rehabilitation, retrofitting of RCC
structures, poly-urea coatings, corrosion mitigation,
waterproofing, flooring and protective coating. The work
typically involves performing concrete repairs on occupied or
operating facilities.


COIMBATORE CORPORATION: Goes Bankrupt, Plans INR100cr Loan
----------------------------------------------------------
The Times of India reports that the Coimbatore corporation plans
to take a loan of INR100 crore as its coffers have gone dry.

TOI relates that senior corporation officials confirmed that they
have sent a proposal for a loan to the state government. The
corporation is finding it difficult to pay salaries to officials
as they have used up the entire deposit amount from the banks for
carrying out projects, officials said.

"We have faced an election this year, and are in preparation for
a second one. Whenever elections are held, several projects,
especially road laying work, are carried out. That takes a toll
on the corporation's treasury," TOI quotes a senior corporation
officer as saying.

TOI says sanitary workers have already petitioned the corporation
commissioner seeking bonus for the festival. But AIADMK
politicians said that if such a proposal ever came up in the
council, they will not pass it. "The corporation needs to show
revenue channels before taking up any loan. Without that how
would the civic body even repay the loan," asked city mayor, P
Rajkumar, TOI relays.

In 2014, the income for the Coimbatore Corporation was INR474.66
crore. In 2015, it rose to INR516.86 crore. But in 2016, the
projected income fell to INR463.80 crore, the report discloses.

Coimbatore corporation commissioner K Vijaya Karthikeyan had then
said that the projected income was lesser because they had to pay
some loans. "Once the central and state governments sanction the
funds that were allocated, we would soon be in a better
position," Vijaya Karthikeyan told TOI, in an earlier
interaction.

According to the report, Corporation officials also said that
they would collect 100 crore in another three months and would
soon improve the financial situation.

But opposition councillors alleged that the corporation has
completely misspent the funds, relates TOI. S M Samy, a ward
councillor of DMK, told TOI, "They are paying salaries and
gathering funds based on the revenue collected under various tax
heads. But if residents stop paying the tax even for a month, the
entire system would be in jeopardy," he said.

The Coimbatore Corporation is the civic body that governs the
city of Coimbatore in Tamil Nadu, India.


FRIENDS POLYPACK: CARE Reaffirms B+ Rating on INR3.77cr LT Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Friends
Polypack.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3.77      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Friends Polypack
continue to remain constrained by its small scale of operations,
moderately leveraged capital structure and moderate debt coverage
indicators and susceptibility of margins to volatility in raw
material prices. The rating is further constrained due to the
firm's presence in a highly fragmented and competitive woven sack
industry coupled with constitution of the entity as a partnership
firm.

The rating, however, derives comfort from the partners'
experience in the woven sack industry. The rating also takes into
consideration stabilization of operations during FY16 (refers to
the period April 1 to March 31) and subsequent increase in
the total operating income (TOI).

The ability of FPP to increase its scale of operations along with
improvement in profit margins and capital structure and manage
its working capital requirement efficiently are the key rating
sensitivities.

Rajkot-based (Gujarat) FPP was established in May 2013 as a
partnership firm by nine partners having different profit and
loss sharing proportion in the firm. FPP is engaged in
manufacturing of HDPE/PP woven sack bags and fabrics and operates
from its sole manufacturing facilities located at Rajkot
(Gujarat) with an installed capacity of 1,950 MTPA. The products
manufactured by FPP are used in various industries such as
agriculture, cement, fertilizers, food & beverages, paint, etc.
as packaging material. FPP commenced commercial production from
May 2014 onwards.

As per the audited results for FY16(refers to the period April 1
to March 31), FPP reported a total operating income (TOI) of
INR10.69 crore with a PAT of INR0.22 crore as compared to TOI of
INR8.11 crore and PAT of INR0.46 crore in FY15.


GEMINI ALUMINIUM: ICRA Suspends B+ Rating on INR10cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR10.00 crore fund based limits of Gemini Aluminium Trading
Co. Pvt. Ltd. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Incorporated in 2003, Gemini Aluminium Trading Co. Pvt. Ltd. is
promoted by Mr. Futarmal Mehta and his son Mr. Kuldeep Mehta. The
company is engaged in trading of aluminium-based products
including extrusions, coils, sheets and chequered sheets. These
products find applications in fabrication of window frames,
railway coaches and other vehicles. The company has three
warehouses in Masjid Bunder, Kalbadevi and Bhiwandi located in
Mumbai.


HILL STONE: ICRA Reaffirms B+ Rating on INR3.50cr Cash Loan
-----------------------------------------------------------
ICRA has re-affirmed the [ICRA]B+ rating to the INR6.51 crore
long-term based facility of Hill Stone Ceramic Private Limited.
ICRA has also re-affirmed the [ICRA]A4 rating to the INR1.10
crore Bank Guarantee (BG) facility of HCPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based-Cash
   Credit                   3.50        [ICRA]B+; re-affirmed

   Fund Based-Term
   Loan                     3.01        [ICRA]B+; re-affirmed

   Non-Fund Based-
   Bank Guarantee           1.10        [ICRA]A4; re-affirmed

The ratings remain constrained by the company's small scale of
operations and de-growth in revenue in FY2016 and high receivable
days. Furthermore, the company remains exposed to intense
competition from large organized as well as unorganized players.
The ratings favorably take into account the experience of the
promoters in the ceramic industry. ICRA also notes the location
advantage enjoyed by HCPL, giving it easy access to raw material.
ICRA further notes HCPL's vulnerability of profitability; and the
increasing prices of gas, which constitute a large part of the
power and fuel cost. However, recent decline in piped natural gas
(PNG) prices could have a favorable impact on operational
profitability.

ICRA expects HCPL's revenues to remain low, in line with the past
performance of the company due to a weak demand scenario for wall
tiles. The profitability of the company would remain vulnerable
to fluctuations in the prices of raw materials and its ability to
pass on the same to its customers in a timely manner, given the
competitive scenario pressurising margins. However, ICRA expects
HCPL's working capital intensity to remain high, because of
stretched receivables.

Established in 2010, Hill Stone Ceramic Private Limited (HCPL) is
a private limited company managed by Mr. Mahendra Mundadiya, Mr.
Dinesh Agrawal, Mr. Mahedev Detroja and Mr. Kalpesh Zalariya. The
company is engaged in manufacturing ceramic wall tiles. HCPL's
manufacturing facility is located at Morbi in the Rajkot District
of Gujarat, with an installed capacity of 24,225 MTPA. The
company manufactures ceramic wall tiles of different
specifications, such as 10"X13", 10"X15", 12"X12" and 12"X18".

Recent Results
During FY2016, HCPL reported an operating income of INR10.9 crore
with a net profit of INR0.1 crore, as against an operating income
of INR17.2 crore with net profit of INR0.02 crore in FY2015.


IDASA INDIA: CARE Assigns B+ Rating to INR7.90cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Idasa India
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.90      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Idasa India Limited
is constrained by its small and declining scale of operations,
weak debt coverage indicators and elongated operating cycle. The
rating is further constrained by the susceptibility of the
company's margins to fluctuations in the raw material prices and
IIL's presence in a highly fragmented industry characterized by
intense competition. The rating, however, derives strength from
the experienced promoters along with established track record of
the entity and moderate profitability margins & capital
structure.

Going forward, ability of the company to profitably scale-up its
operations while improving its overall solvency position
would remain the key rating sensitivities.

Idasa India Limited was incorporated in July, 1985 as a public
limited company. The operations, however, commenced from October,
1986. The company is closely held and is currently being managed
by Sh. Suresh Kumar Aggarwal, Sh. Satish Kumar Aggarwal, Mr.
AnuragGoel, Mr. Manish Goel and Mr. LokeshGoel collectively. IIL
is engaged in the manufacturing of ghee and skimmed milk powder
(SMP) at its manufacturing facility of 6,000 sq. yards located in
Sangrur, Punjab. The company has an installed capacity of 1800
Metric Tonnes per annum for ghee and 2520 MT per annum for
SMP as on March 31, 2016. The product line of IIL comprises of
ghee and skimmed milk powder only. The company is also engaged in
trading of milk [income from trading constituted around 30% of
the total revenue in FY16 (Provisional, refers to the period
April 01 to March 31)]. The company supplies its products to
various dealers in Punjab, Delhi and Kolkata under the brand name
"IDASA". IIL mainly requires milk as raw material which is
procured directly from milk contractors located in Punjab itself.

In FY16, IIL has achieved a total operating income of INR11.14
crore with PAT of INR0.23 crore as against total operating
income of INR18.69 crore with PAT of INR0.21 crore in FY15. In
Q1FY17 (Provisional), the company achieved TOI of INR 4.0 crore.


INDIA: Steelmakers Deleveraging at Risk on Coking Coal Price Jump
-----------------------------------------------------------------
The sharp increase in coking coal prices since August 2016 could
squeeze Indian steelmakers' profitability and threaten their
deleveraging, Fitch Ratings says.

The risk will increase if high coking coal prices persist and
domestic steel demand growth remains weak. Leverage for producers
such as Tata Steel Limited (BB/Rating Watch Evolving) and JSW
Steel Ltd (BB/Negative) jumped in the financial year ending March
2016 (FY16), mainly due to poor profitability, and sustained
pressure on margins would hamper the deleveraging process.

Prices for hard coking coal for export by Australia as of 30
September 2016 were 125% (USD100/tonne) higher than the average
in the quarter ended June 2016 (1QFY17), according to data from
The Steel Index. Prices rallied following China's decision to
limit coal mines' operating days to 276 a year, from 330 before,
to restructure the industry and improve its profitability. Others
issues such as flooding in China's Shanxi province, which reduced
supply, and a number of unplanned mine outages in Australia also
supported the price rise.

The increase in raw material costs for Indian steel producers
could shrink margins, if the cost rise is not passed on to
consumers. Fitch said, "For example, we estimate that a
USD50/tonne increase in Tata Steel's coking coal cost in 1QFY17
would have reduced consolidated EBITDA by around 35%, if all else
stayed the same. Similarly, JSW Steel's 1QFY17 consolidated
EBITDA would have fallen by around 25%. The impact of higher coal
costs would be offset if we assume price realisations for the two
companies were 5%-10% higher."

However, the ability of steelmakers in India to raise prices to
counter any sustained cost increase is likely to be constrained
if weak domestic demand growth persists amid increased capacity.
Domestic consumption in April-September 2016 rose by just 2.5%
yoy, compared with 5.9% in FY16. Meanwhile, producers, including
Tata Steel and JSW Steel, aim to increase sales volume after
recent capacity expansions.

The full impact of the recent jump in coking coal prices on
steelmakers will be felt from the later part of 3QFY17, as
volumes are mostly traded on a contractual basis and priced using
monthly or quarterly averages, and companies generally keep two
to three months' worth of inventories. JSW Steel relies solely on
imported coking coal and is therefore exposed to the cost rises.
Tata Steel's Indian operations are less susceptible to the rise
in coking coal prices as its own production caters to roughly 45%
of its requirements, but its overseas units are at higher risk as
they rely on imports.

While short-term supply disruptions are being resolved, it is yet
unclear how China's policy on coal will evolve. Steel makers in
China have recently requested the government to allow higher coal
output to alleviate cost pressures. However, coking coal prices
could remain high in the absence of a relaxation in operating
guidelines for mines. Fitch raised its mid-cycle price assumption
for hard coking coal by around 10% to USD110/tonne for the long
term in August 2016.


INDIABULLS REAL: Fitch Affirms 'B+' LT Foreign Currency IDR
-----------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer
Default Rating (IDR) of India-based property developer,
Indiabulls Real Estate Limited, and the rating on the USD175
million 10.25% senior notes due 2019 issued by Jersey-based
Century Limited at 'B+'. The recovery rating on the senior notes
has been affirmed at 'RR4'. The Outlook on the IDR is Stable.

The affirmation of the ratings assigned to IBREL, India's third-
largest property developer by market capitalisation, reflect the
rising trend in its contracted sales and cash collections,
improving EBITDA margin and the higher coverage of contracted
sales/gross debt, all of which Fitch expects to be sustained in
the medium term. IBREL's land bank of 2,588 acres at the Nashik
Special Economic Zone and another 1,010 acres at Gurgaon, Mumbai
and Chennai, are adequate to supports six to seven years of
development.

This is counterbalanced by IBREL's small size in relation to
global home building peers; the rise in net leverage after the
developer increased its stake in the Singapore Exchange (SGX)-
listed Indiabulls Property Investment Trust (IPIT); and the low
earnings from its London property.

KEY RATING DRIVERS

Improving Property Development Business: IBREL's property
development business improved significantly in the financial year
ending-March 2016 (FY16). Contracted sales grew by 43% to INR29bn
(USD437m) in FY16 and cash collections more than doubled to
INR20bn (FY15: INR9bn). Fitch expects this trend to be maintained
in the medium-term, underpinned by India's improving
macroeconomic fundamentals. The developer's ongoing project
portfolio comprised twelve projects (excluding IPIT's residential
projects) located in seven cities at end-June 2016, with a gross
development value (GDV) of INR262 billion. Blu Estate & Club in
Mumbai remains the developer's largest project, accounting for
over 34% of GDV at end-June 2016.

Leverage Rises with IPIT Stake: IBREL increased its stake in the
loss-making IPIT to 54.95% in 1QFY17, from 47.51%, following
IPIT's free-float declining to 3%; below the Monetary Authority
of Singapore's (MAS) stipulated floor of 10%. Trading of IPIT
shares on the SGX has been suspended. IPIT's portfolio comprises
two prime office developments in Mumbai - One Indiabulls Centre
and Indiabulls Finance Centre - and three luxury residential
developments - Indiabulls Sky, whose construction has been
completed, and the ongoing Indiabulls Sky Forest and Indiabulls
Sky Suites, with a GDV of INR77 billion.

IBREL has fully consolidated IPIT's accounts, increasing its
consolidated debt by SGD597 million (INR29 billion). The
developer's net leverage, measured by net adjusted-debt/adjusted
inventory, increased to nearly 50% in 1QFY17, after moderating to
44% in FY16 (FY15: 53%). IPIT, which is constituted as a
Singapore-listed trust, is permitted under MAS guidelines to
declare dividends only when it starts generating positive net
income. IBREL is committed to completing IPIT's residential
development projects and managing its office properties. However,
the developer is not likely to earn dividends until IPIT's
residential projects sustain the current momentum in sales and
generate positive net income.

Stable Financial Metrics: IBREL's financial performance improved
in FY16, with its operating EBITDA margin increasing to 28%
(FY15: 23%), a moderation in net leverage and the ratio of
contracted sales/gross debt improving to 0.5x (FY15: 0.3x). Fitch
expects the developer to sustain its increasing trend in
contracted sales, with the ratio of contracted sales/gross debt
likely to trend upwards to 1.0x by end-FY20. IBREL's net
leverage, which is close to the 50% level where Fitch may
consider a rating downgrade, is also likely to be contained below
this level.

Low Earnings from London Property: The book value of IBREL's
property at 22 Mayfair Street, London, is INR18.1 billion (10.55%
of total assets), while its rental income accounts for just 2% of
consolidated revenue. The rental income meets only some of the
interest on the debt raised (including the US dollar-denominated
notes) to fund the property's acquisition in FY15. The developer
has secured a planning permit from Westminster City Council for
mixed-use property and the current leases expire in March 2017.
Redevelopment, which may take 24 to 28 months to complete, is
scheduled to begin soon thereafter. The income potential of this
property may be ascertained only from FY20.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for IBREL include:

   -- Revenue to grow steadily to approximately INR70bn by FY20,
      and

   -- Maintaining an EBITDAR margin of around 35%

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- EBITDA margin sustained below 25%

   -- Net debt/adjusted-inventory sustained above 60%

   -- Contracted sales/gross debt sustained below 0.6x (FY16:
      0.48x)

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- successful development of London property

   -- project diversification, with no single project accounting
      for more than 10% of total sales

LIQUIDITY

Comfortable Liquidity: IBREL's liquidity has improved, with cash
almost doubling to INR12.4 billion at end-FY16 (FY15: INR6.7
billion). The developer's listed mutual fund investments, which
have a book value of INR1.6 billion and market value of INR1.7
billion, provide some financial flexibility. The outstanding cash
balance is adequate to meet the debt maturities in FY17. Fitch
expects IBREL's liquidity to remain comfortable in the near to
medium term.

Long-Term Secured Debt: Most of IBREL's debts are long term, in
line with the company's plan to fund all its ongoing projects
using long-term funds to avoid liquidity issues during
construction. In addition, most of its debt are secured and are
taken out by the special purpose vehicles developing the
projects.

Summary of Financial Statement Adjustments

Fitch has consolidated IPIT's total debt based on our assessment
of strong linkages between IBREL and IPIT, most notably that
IBREL guarantee's IPIT's debt. Given the significant structural
subordination with respect to IPIT's debt, Fitch has not adjusted
EBITDA or FFO in respect of IPIT.


JIVANDHARA COTTON: ICRA Reaffirms B+ Rating on INR14cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR14.00-
crore fund-based cash credit facility of Jivandhara Cotton
Industries.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-based - Cash
   Credit Limit            14.00        [ICRA]B+; Reaffirmed

The rating reaffirmation continues to be constrained by JCI's
moderate scale of operations and significant de-growth in revenue
(72% decline witnessed in FY2016) due to discontinuation of
operations for almost 9 months caused by unfavorable demand and
prices in the industry. The rating also takes into account the
weak financial profile of the firm as is evident from low
profitability at both operating and net levels. The rating is
further constrained by the highly competitive and fragmented
industry structure due to low entry barriers, and the
vulnerability of the firm's profitability to raw material
(cotton) prices, which are subject to seasonality, crop harvest
and regulatory risks.

The rating, however, takes into account the favorable location of
the firm's manufacturing facility, giving it easy access to raw
material. The rating further draws comfort from the comfortable
capital structure and the improved coverage indicators. The
rating also factors in the long experience of promoters in the
cotton ginning industry.

The firm's ability to increase its scale, maintain adequate
profitability and improve its capital structure, given the
seasonality in the business, volatility in prices of cotton
bales, high competition and working capital requirement, will
remain critical to the credit metrics. JCI is a partnership
concern and any substantial withdrawal from the capital account
in future could adversely impact the credit profile of the firm.

Established in 2006, Jivandhara Cotton Industries is a
partnership firm owned and managed by Mr. Husain Ibrahim Kadivar,
Mr. Ahmed Ibrahim Kadivar, Mr. Ibrahim Vali Kadivar and Mr. Usman
Ibrahim Kadivar. The manufacturing facility of the firm, located
at Wankaner, in Rajkot, Gujarat, is equipped with 28 ginning and
one fully-automatic pressing machine, with a production capacity
of 250 finished bales per day.

Recent Results
For the year ended March 31, 2016, the firm reported an operating
income of INR22.46 crore with a profit after tax (PAT) of INR0.07
crore.


KAVERI COTEX: ICRA Reaffirms 'B' Rating on INR14cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B for INR14.28
crore fund based bank facilities of Kaveri Cotex Private Limited.
ICRA has also assigned a long term rating of [ICRA]B to the
INR0.47 crore unallocated limits of KCPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   LT Scale - Fund
   Based Limit-
   Cash Credit             14.00        [ICRA]B Reaffirmed

   LT Scale - Fund
   Based Limits-Term
   Loan                     0.28        [ICRA]B Reaffirmed

   Unallocated Limits       0.47        [ICRA]B Assigned

The rating reaffirmation continues to be constrained by KCPL's
moderate scale of operations and weak financial profile as
reflected from low profitability, weak debt coverage indicators
and leveraged capital structure. The rating is further
constrained by the highly competitive and fragmented industry
structure owing to low entry barriers and vulnerability of the
company's profitability to raw material (cotton) prices, which
are subject to seasonality, crop harvest and regulatory risks.

The rating, however, favorably considers the long experience of
the promoters in the cotton industry as well as the favourable
location of the company, giving it easy access to high quality
raw cotton.

ICRA expects KCPL's revenues to witness a marginal growth of 5%
during FY2017, mainly on account of stable demand outlook for
cotton and cottonseed oil. However, the profitability of the
company will remain exposed to any adverse fluctuations in raw
material prices, which are subject to seasonality and crop
harvest. The profitability is expected to be in line with the
previous fiscals, given the stable outlook on prices. However,
the company's ability to scale up operations would be largely
contingent to improvement in international demand, given the
seasonality in the business, volatility in prices of cotton,
tough competition and uncertainty about regulations. Further, the
company's ability to infuse funds to support its capital
structure and manage its working capital efficiently would be a
key rating sensitivity.

Incorporated in 2006, Kaveri Cotex Private Limited is engaged in
the cotton ginning and pressing business. The company is
currently managed by two directors namely Mr. Hasmukhbhai Patel
and Mr. Vinodbhai Ranipa. The company's manufacturing facility is
located at Moti Banugar in Jamnagar, Gujarat. It currently has 38
ginning machines and one pressing machine (automatic) with an
installed capacity to produce 400 cotton bales per day (24 hours
operation).

Recent Results
KCPL recorded a net profit of INR0.02 crore on an operating
income of INR59.55 crore for the year ending March 31, 2016.


MADHAV COTTON: CARE Reaffirms B+ Rating on INR5.68cr LT Loan
------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Madhav
Cotton Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.68      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Madhav Cotton
Private Limited continues to remain constrained account of
moderate scale of operations, thin profit margins, leveraged
capital structure and weak debt coverage indicators. The rating
further continues to remain constrained on account of working
capital intensive nature of operations owing to seasonality
associated with the procurement of raw material, susceptibility
of profitability to cotton price fluctuation, changes in the
government policy and presence in the highly competitive and
fragmented industry with limited value addition.

The rating, however, continues to derive comfort from the
experience of the promoters into cotton industry, proximity of
its manufacturing facility to the cotton growing areas of
Maharashtra.

MCPL's ability to improve its scale of operations coupled with an
improvement in overall financial risk profile marked by
improvement in profit margins, capital structure and debt
coverage indicators while managing its working capital
requirement efficiently remain the key rating sensitivities.

MCPL was incorporated in June 2011 by Mr. Kailash Mittal and Mrs
Savita Mittal as a private limited company. MCPL is engaged into
the business of cotton ginning and pressing. MCPL deals in 'Mech-
1' type of cotton which is being sourced through local farmers
from Maharashtra. MCPL operates from its sole manufacturing plant
located at Beed (Maharashtra) which has an installed capacity to
process cotton bales of 56,000 quintals per annum and for cotton
seeds of 1,04,000 quintals per annum as on March 31, 2016.

As per the audited results for FY16(refers to the period April 01
to March 31), MCPL reported a total operating income (TOI) of
INR35.72 crore with a PAT of INR0.07 crore as compared to TOI of
INR30.25 crore and PAT of INR0.14 crore in FY15.


MANASA RICE: ICRA Suspends B+ Rating on INR9cr Cash Loan
--------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
INR9.00 crore cash credit, INR1.37 crore term loan and the rating
of [ICRA]B+/[ICRA]A4 assigned to INR0.63 crore unallocated limits
of Manasa Rice Industry. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the
requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.


N & N CONSTRUCTIONS: CARE Lowers Rating on INR12.25cr Loan to D
---------------------------------------------------------------
CARE revises the rating assigned to bank facilities of N & N
Constructions.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.25      CARE D Revised from
                                            CARE BB-

Rating Rationale

The revision in rating assigned to the bank facilities of the N &
N Constructions takes into account the ongoing delays in
servicing of debt obligation.

N & N Constructions is a partnership firm, based in
Visakhapatnam. It was formed in April 2010 by Mr. P S Santosh,
Managing Partner of the firm along with three other members, Mr.
P Satya Rao, Mrs. P Balabharathi, and Mrs P Varalakshmi. The firm
is engaged in the execution of railway construction projects,
construction of commercial and residential buildings, road works,
supplying of Ready Mix Concrete (RMC), etc. NNC is registered as
a class V civil contractor with Roads & Building (R&B)
department, Visakhapatnam and has many reputed companies in its
client portfolio, viz, Hinduja National Power Corporation
Limited, National Building Construction Corporation, Paharpur
Cooling Towers Limited, besides other.

During FY14 (refers to the period April 1 to March 31), NNC
reported PBILDT of INR3.74 crore and PAT of INR1.53 crore on a
total operating income of INR43.25 crore as against PBILDT of
INR1.76 crore and PAT of INR0.74 crore on a total operating
income of INR25.08 crore in FY13.


ORFINA CERAMIC: ICRA Reaffirms 'B' Rating on INR9cr Term Loan
-------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B to the
INR4.00-crore fund-based cash credit facility and term-loan
facility of INR9.00-crore of Orfina Ceramic Private Limited. ICRA
has also re-affirmed the short-term rating of [ICRA]A4 to the
INR2.00-crore short-term non-fund based letter of guarantee and
INR2.25 crore short-term non-fund based Bill discount under LC
facilities of VC.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund-based Limit-
   Cash Credit               4.00       [ICRA]B; re-affirmed

   Fund-based Limit-
   Term Loan                 9.00       [ICRA]B; re-affirmed

   Non-fund Based Limit-
   Letter of Guarantee       2.00       [ICRA]A4; re-affirmed

   Non-fund Based Limit-
   Bill discount under LC   (2.25)      [ICRA]A4; re-affirmed

The ratings continues to remain constrained by OCPL's moderate
scale of operations during FY2016 being the first full year of
operation. OCPL's financial profile is characterised by
pressurised capital structure by increased debt causing gearing
level to rise at 1.7 times as on March 31, 2016 from 0.9 times as
on March 31, 2015 as well as mediocre coverage indicators. ICRA
also notes stretched working capital requirement however higher
payable days partially mitigates the requirement of liquidity
arising out of high receivable days. The ratings also take note
of the highly competitive nature of the ceramic tile industry and
vulnerability of profitability to the volatility in major input
costs mainly raw material and fuel prices.

The ratings, however, positively consider the promoters'
extensive experience in the ceramic industry and favorable
location of the plant with its proximity to the raw material
sources.

ICRA expects OCPL's profitability is vulnerable to the
cyclicality of demand from its end-user industry i.e.
construction. However, improving profitability with increased
scale of operations, strengthening capital structure by way of
reducing debt mainly through timely repayment of term loan and
its ability to manage working capital requirement will be the key
rating sensitivities.

Orfina Ceramic Private Limited was incorporated in February 2014
and commenced commercial operations from March 2015. The company
is engaged in manufacturing of digitally printed wall tiles which
has wide usage for commercial as well as domestic buildings. The
plant of the company is located in Morbi, Gujarat. The plant has
an installed capacity of 45,000 MTPA for digitally printed
ceramic glazed wall tiles. It currently manufactures wall tiles
of three sizes i.e. 12"X12", 12"X18" and 12"X24" with the current
set of manufacturing facilities.

The promoters of the company are associated with other group
concerns namely Delfina Ceramic Private Limited and Asian Flexi
Pack India Pvt. Ltd.

Recent Results
During FY2016, the firm registered a net profit of INR0.5 crore
on an operating income of INR20.4 crore.


PRUDHVI INFRA: CARE Assigns B+ Rating to INR20.50cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Prudhvi Infra Projects Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     20.50      CARE B+ Assigned
   Short-term Bank Facilities     2.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Prudhvi Infra
Projects Private Limited is constrained by its small scale of
operations and limited track record of the company, weak debt
coverage indicators and elongated operating cycle, declining
profit margins and presence in highly competitive civil
construction industry. However, the rating is underpinned by the
experienced and resourceful promoter, growth in the total
operating income during the review period, moderate capital
structure and healthy order book position albeit geographic
concentration risk.

The ability of the company to increase the scale of operations
and profit margins, improve capital structure and debt coverage
indicators and complete the orders in hand within scheduled time
are the key sensitivities.

Hyderabad based Prudhvi Infra Projects Private Limited was
incorporated in March 2012, promoted by Mr. Potluri Soma Sekhar
and Mrs. P. Leelarani. PIPPL is engaged in executing civil
construction projects like construction of roads, bridges,
irrigation channel, reservoir and others as a sub-contractor.

During FY16 (Provisional) (refers to the period April 1 to
March 31), PIPPL reported a PAT of INR0.25 crore on a total
operating income of INR22.17 crore as against net profit of
INR0.22 crore on a total operating income of INR14.86 crore in
FY15.


SAIMAX CERAMIC: ICRA Reaffirms B+ Rating on INR4.05cr Term Loan
---------------------------------------------------------------
ICRA has re-affirmed the [ICRA]B+ rating to the INR8.05-crore
long-term based facility of Saimax Ceramic Private Limited. ICRA
has also re-affirmed the [ICRA]A4 rating for the INR2.75-crore
Bank Guarantee (BG) facility of SCPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-based-Cash
   Credit                   4.00        [ICRA]B+; re-affirmed

   Fund-based-Term
   Loan                     4.05        [ICRA]B+; re-affirmed

   Non-fund Based-
   Bank Guarantee           2.75        [ICRA]A4; re-affirmed

The ratings reaffirmation continues to be constrained by SCPL's
modest scale of operation and decline realisation on account of a
slowdown in ceramic wall tiles, resulting in a decline in
operating income by around 16% during FY2016. The ratings also
take into account the highly competitive nature of the ceramic
tile industry and the vulnerability of SCPL's profitability to
the cyclicality associated with the real estate industry and to
the adverse movements in prices of key input materials and
availability of gas as well as coal. Further, the susceptibility
of operations to intense competition with the presence of a large
number of established, organised and unorganized, tiles
manufacturers in addition to its stretched receivables, all add
to its vulnerability.

However, longer credit from suppliers kept the working capital
intensity at modest level as on FY2016 year end.

The ratings, however, favorably takes into consideration the
experience of the key promoters of Saimax - Ceramic Private
Limited - in the ceramic industry as well as the locational
advantage, which entails easy availability of raw material by
virtue of its being situated in Morbi (Gujarat). The ratings also
favourably consider the comfortable gearing levels in the past
five fiscals, leading to a healthy capital structure and a strong
capital base.

ICRA expects SCPL's revenues to remain modest in line with its
past performance.The profitability of the company would remain
vulnerable to fluctuations in the prices of raw materials and its
ability to pass on the same to its customers in a timely manner,
given the competitive scenario pressurising margins. However,
using coal-based gasifier and fall in prices of PNG will improve
the operational profitability of the company. ICRA also expects
SCPL's working capital intensity to remain high, because of
stretched receivables; however, availability of longer credit
from suppliers gave comfort to the liquidity position.

Established in 2011, Saimax Ceramic Private Limited is a private
limited company managed by Mr. Nitin D. Shirvi and Mr. Kalpesh M.
Rangpariya. SCPL is into manufacturing of digitally-printed
ceramic wall tiles with its plant situated at Morbi, Gujarat. The
company has an instated capacity to manufacture 40000 metric
tonnes of ceramic wall tiles per annum in four different sizes
like 10"X13", 10"X15", 10"X10" and 18"X12".


SHANKARA SAI: ICRA Suspends 'B' Rating on INR1.75cr Cash Loan
-------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B to INR1.75
crore cash credit facility and INR3.50 crore term loan facilities
of Shankara Sai Rice Industries. ICRA has also suspended the
short term rating of [ICRA]A4 to INR1.75 crore fund based limits
and ratings of [ICRA]B/[ICRA]A4 to INR3.00 crore unallocated
limits of SSRI. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Shankara Sai Rice Industries was established in the year 2006, is
engaged in the milling of paddy and produces raw and boiled rice.
It commenced operations from February, 2010. The firm has a
milling unit in Yadagarpally, Miryalaguda, Nalgonda District
Telangana with a milling capacity of 4 tonnes per hour. It is a
partnership firm promoted by Mr. Allani Venkateshwarlu, Mr. Gunti
Gopi & his family members.


SIDDHI COTTON: ICRA Reaffirms B+ Rating on INR12cr Cash Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ to the
INR12.00-crore fund-based cash credit facility of Siddhi Cotton
Industries.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-based Limit-
   Cash Credit             12.00        [ICRA]B+; re-affirmed

The rating continues to be constrained by SCI's revenue de-growth
of ~27.3% during FY2016 on account of sluggish market conditions.
It faces low profitability at the operating and net level as
inherent in the cotton ginning industry. ICRA also considers use
of external debt has resulted in leveraged capital structure for
the firm with gearing remaining at 1.5 times as on March 31,
2016. Lower profitability has resulted in weak coverage
indicators at the end of Y2016. The firm witnesses intense
competition by virtue of the highly fragmented industry structure
and low product differentiation. ICRA further considers the
firm's constitution as a partnership, which exposes it to risks
of capital withdrawal.

The reaffirmation of rating positively takes into account an
extensive experience of SCI's promoters in the cotton ginning and
pressing business and favorable location of the plant with its
proximity to the raw material sources.

ICRA expects SCI's ability to scale up operations with improving
profitability, improving capital structure along with
strengthening coverage indicators will be the key sensitivities.
ICRA also believes that operations of the firm are exposed to the
regulatory risk arising out of determination of minimum support
price (MSP) by the authority.

Siddhi Cotton Industries, a partnership firm, was incorporated in
1999 engaged in the business of ginning & pressing of raw cotton
to produce cotton seeds and cotton bales. It is also engaged in
trading of raw cotton, cotton bales, cotton seeds and castor
seeds during lean season of cotton. The manufacturing facilities
of the firm is located Vijapur and is equipped with 28 ginning
machine with installed production capacity of 250 bales per day,
if operated for 24 hours. During the lean season, the plant
operates for 8 hours which fetches 80-100 bales a day.

The partners have an extensive experience in the ginning business
as some of the partners of the firm are associated with other
group concerns Siddhi Cotton ginning & Pressing Pvt. Ltd.,
Krishna Cotton Industries & Shivam Cotton Industries which is
engaged in similar line of ginning & pressing of raw cotton to
produce cotton bales and cotton seeds.

Recent Results
During FY2016, the firm registered a net profit of INR0.3 crore
on an operating income of INR33.0 crore.


SKN RICE: ICRA Suspends B+/A4 Rating on INR10cr Bank Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+/[ICRA]A4 ratings assigned to INR10.00
crore bank facilities of SKN Rice Industries. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the firm.


SOMA ISOLUX: CARE Upgrades Rating on INR1,216.96cr Loan to BB-
--------------------------------------------------------------
CARE revises ratings assigned to the bank facilities of Soma
Isolux Kishangarh-Beawar Tollway P Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   1,216.96     CARE BB- Revised
                                            from B+

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Soma Isolux Kishangarh-Beawar Tollway P Ltd takes
into account improvement in toll revenue supported by growth in
vehicular traffic, completion of the carriageway, creation of
major maintenance reserve account (MMRA) out of internal accruals
and consolidation of shareholding under strong parent - Public
Sector Pension Investment Board (PSPIB) of Canada.

The rating is however constrained by the weak liquidity position
of the company and revenue risks inherent in toll-based projects.
Going forward, the ability of SKITL to achieve sustainable growth
in toll collection to improve liquidity and executing timely O&M
expenditure to maintain the project highway shall remain the key
rating sensitivities.

SIKTL is a special purpose vehicle (SPV) joint venture promoted
by Isolux Corsan Concessiones S.A (ICC - 100% subsidiary of
Isolux Infrastructure, part of Spanish Isolux Corsan Group - GIC)
and Soma Enterprise Ltd. The SPV was formed to undertake the
development and operation of a road project awarded by National
Highway Authority of India (NHAI - The Authority). The project
was awarded to SIKTL based on its highest bid towards revenue
sharing of 2% (after 151 days from COD) with a 1% increase in
this revenue share every year to the authority.

SKITL received provisional completion certificate (PCC) in April
2015 and the project highway's commercial operations commenced
from April 28, 2015 for six laning of Kishangarh-Ajmer-Beawar
section of NH-8 (from existing two lane) in the State of
Rajasthan on DBFOT (toll) basis. As per the provisional financial
figures for FY16 (refers to the period April 1 to March 31), the
company reported total operating income of INR140.25 crore and a
net loss of INR34.12 crore.


SREE RANI: CARE Reaffirms 'B' Rating on INR10cr LT Bank Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of Sree
Rani Sati Overseas Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       10       CARE B Reaffirmed
   Short term Bank Facilities      20       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Sree Rani Sati
Overseas Private Limited continue to remain constrained by its
modest scale of operations with low net worth base and weak
financial risk profile as characterized by thin profitability
margins, leveraged capital structure, and weak debt service
coverage indicators. The ratings are further constrained by
working capital-intensive nature of operations, foreign exchange
fluctuation risk and high competition faced by SRS.

The ratings, however, draw comfort from experienced promoters.
Going forward, the ability of the company to increase its scale
of operation, improve its profitability margin and capital
structure, and manage its working capital requirements
effectively shall be the key rating sensitivities.

Delhi-based SRSO was incorporated in 2008 and is currently being
managed by Mr. Sanjay Poddar. The company has succeeded an
erstwhile proprietorship firm M/s Sree Rani Sati & Company
established in 2001 in which Mr. Sanjay Poddar was the
proprietor. SRS is engaged in the trading of various products
like timber, rice, fabric, hosiery goods and cashew.

The company sells its product to wholesalers and retailers. The
traded goods such as rice, fabric, hosiery goods and cashew are
procured locally and timber is imported from Western Africa,
Latin America and Malaysia.

SRS achieved a total operating income (TOI) of INR71.37 crore
with profit after tax (PAT) of INR0.30 crore, respectively, in
FY16 (based on provisional results) (refers to the period April 1
to March 31), as against TOI of INR74.41 crore with profit after
tax (PAT) of INR0.37 crore, respectively, in FY15. During 5MFY17
(refers to the period April 01 to August 31), the company has
achieved total operating income of INR32 crore.


SRI SHAKTHI: CARE Ups Rating on INR10cr LT Loan to 'BB-'
--------------------------------------------------------
CARE revises the rating assigned to bank facilities of Sri
Shakthi Refineries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       10       CARE BB- Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of Sri
Shakthi Refineries Private Limited takes into account substantial
growth in total operating income during FY16 (refers to the
period April 1 to March 31) being the first full year of
operations and achievement of operational as well as net profit
resulting in improved capital structure and debt coverage
indicators of the company.

The rating further, continue to derive strength from the
experience of the promoters in the edible oil refining industry,
favorable demand outlook for edible oils in India, strategic
locational advantage with respect to close proximity of raw
materials and comfortable operating cycle of the company.
The rating is, however, constrained by limited operational track
record of the entity, limited product portfolio, thin profit
margins and susceptibility of profit margins to fluctuation in
raw material pricing and presence in the highly fragmented
industry with high competition from domestic players due to low
entry barriers.

Going forward, the ability of the company to maintain its growth
momentum, improve its profit margins and capital structure
constitute the key rating sensitivities.

SSRPL was incorporated in 2012. However, the commercial
operations of the company started in February 2015. The company
is engaged in refining edible oils (rice bran, palm and
sunflower). The company is managed by four directors i.e. Mr.
Vishwanath Gupta N K, Mr. Amarnath N K, Mr. Venkatesh N K and Mr.
Rajath V. The directors have more than two decades of experience
in the edible oil refining industry. The company has its
manufacturing unit situated at Tumkur, Karnataka with an
installed capacity of 100 tons per day for refining palm oil and
50 tons per day for refining rice bran oil.

The company also started refining of sunflower oil from FY17.
In FY16, the company reported total operating income of INR102.40
crore and a profit after tax of INR0.44 crore as against a total
operating income and loss of INR9.20 crore and INR1.83 crore,
respectively, in two months operations of FY15.


SURAT HAZIRA: CARE Assigns 'B' Rating to INR2,400cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Surat Hazira
NH-6 Tollway Privatelimited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     2,400      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Surat Hazira NH-6
Tollway P Ltd is constrained by the weak liquidity position of
the company, revenue risks inherent in toll-based projects and
Operation and Maintenance (O&M) risk in the absence of any
provision for MMRA appropriation.

The rating, however, draws comfort from operational project road
with improving average toll collection and the long track record
of the promoters in executing and operating road projects.
Going forward, the ability of SHTPL to achieve sustainable growth
in toll collection and executing timely O&M expenditure to
maintain the project highway shall remain the key rating
sensitivities.

SHTPL (erstwhile Soma Isolux Surat-Hazira Tollway P Ltd) is a
special purpose vehicle (SPV) joint venture promoted by Isolux
Corsan Concessiones S.A (ICC - 100% subsidiary of Isolux
Infrastructure, part of Spanish Isolux Corsan Group - GIC) and
Soma Enterprise Ltd. The SPV was formed to undertake the
development and operation of a road project awarded by National
Highway Authority of India (NHAI - The Authority) for four laning
of Gujarat/Maharashtra border-Surat-Hazia port section of NH-6
(from existing two lane) (total design length - 133 kms) in the
State of Gujarat on DBFOT (toll) basis. The project was awarded
to SHTPL based on its lowest bid towards construction grant from
the authority.

As per the provisional financial figures for FY16 (refers to the
period April 1 to March 31), the company reported total operating
income of INR106.92 crore (including O&M support grant) and a
net loss of INR31.76 crore.


SURYAUDAY SPINNING: ICRA Suspends B+ Rating on INR12.2cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
INR12.20 cash credit, INR2.98 crore term loan, INR1.00 crore non-
fund based limits and INR4.82 crore unallocated limits; and the
short term rating of [ICRA]A4 assigned to INR1.00 crore non-fund
based facilities of Suryauday Spinning Mills Pvt Ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.


UMESH & BROS: ICRA Suspends B+ Rating on INR12.0cr Loan
-------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR3.00 crore fund based limits and INR12.00 crore non fund
based limits of Umesh & Bros. Construction (UBC). The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Umesh & Brothers Construction was incorporated in 1992 as a
partnership firm by three brothers - Mr. Umesh Munde, Mr. Abhay
Munde and Mr. Dinesh Munde. The firm was converted into a
proprietorship concern in January 2001, with the retirement of
Mr. Dinesh Munde and Mr. Abhay Munde. Currently, Mr. Umesh Munde
is the sole proprietor of the concern. The firm is a registered
'A' class contractor with Indian railways for carrying out the
Electrical (overhead electrification) and civil contracts. They
bid for contracts through a tendering process in response to
railway advertisements with the bidding criteria being lowest
cost quoted. The firm has established track record of almost two
decades in executing work for railways departments resulting in
securing repeated orders from clients.



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


ALAM SUTERA: Fitch Affirms 'B+' Long Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of Indonesia-based property developer PT Alam Sutera Realty
Tbk (ASRI) at 'B+'. The Outlook is Negative. Fitch has also
affirmed ASRI's senior unsecured debt rating at 'B+' and assigned
a Recovery Rating of 'RR4'.

The affirmation of ASRI's ratings reflects our view that the
company's weak contracted sales over the 18 months to end-August
2016 is mostly cyclical and its business risk profile is largely
intact, supported by a large low-cost land bank, quality assets
and established domestic franchise.

The Negative Outlook on ASRI's Long-Term IDR reflects the
potential challenges it may face in improving contracted sales.
The high proportion of commercial property sales and bulk land-
sales to institutional buyers in its pipeline has increased
ASRI's business risk profile, but may be counterbalanced by a
more conservative capital structure. Fitch may downgrade ASRI's
ratings if the company cannot improve contracted sales to at
least IDR3.5trn by end-2017 or if the ratio of contracted
sales/gross debt remains lower than 0.6x.

KEY RATING DRIVERS

Weaker Sales Largely Cyclical: ASRI's recorded IDR1.2trn of
contracted sales in the first eight months to end-August 2016 was
just 23% of its full-year target of IDR5trn; a similar
performance to 2015. This was mostly due to a higher proportion
of commercial-property in the company's sales mix at a time of
slower domestic economic activity and weak property demand. The
company's inability to sell its office tower, The Tower, in
Jakarta's central business district amid an office space glut is
a key reason behind continued weak contracted sales. However, we
expect better sales from this project in 2017 with improved
domestic economic sentiment.

Long-Term Credit-Profile Intact: ASRI's business risk is
fundamentally unchanged, with a large low-cost land bank and
established domestic franchise. The company had a land bank of
over 19 million square meters (sqm) available for development,
with a carrying value of over IDR8.6trn, at end-June 2016. Fitch
said, "Overall, we expect ASRI's contracted sales to improve to
at least IDR3.5trn in 2017, supported by better domestic demand.
Cash flows will also be driven by its agreement with China
Fortune Land Development Co. Ltd (CFLD) to sell its land bank in
the Pasar Kemis district in Tangerang, a region situated 30km
west of Jakarta. ASRI received a deposit of IDR1.45trn in July
2016 as part of this agreement and is expected to sell around 1
million sqm of land to CFLD annually for the next five years."

Improving Macroeconomic Sentiment: Domestic consumer sentiment
has been improving since 2Q16, fuelled by lower commodity price
volatility and a more stable exchange rate. The government's
infrastructure expansion programme also had better traction
compared with 2015 and its tax amnesty programme, announced in
June 2016, has performed better than the government expected. The
real estate industry directly benefits from any wealth
repatriated as part of the programme, which has to be invested in
either real estate or government securities. Fitch said, "We
expect increased domestic declarations of wealth to help more
consumers purchase property, which had been put on hold following
the government's increased scrutiny around tax evasion since
2015." Indicators of real economic activity, such as domestic
traffic volumes and automobile sales, are also rising; see Fitch:
Indonesia Economic Rebound to Spur Industrial-Land Demand, dated
29 August 2016.

Execution Risks Remain: Fitch believes ASRI may find it
challenging to sell 1 million sqm of land annually to CFLD. The
cooperation agreement delineates 5 million sqm of land in Pasar
Kemis. Fitch expects it to be difficult and costly to acquire the
requisite land beyond the first two years. CFLD also has the
right to set-off part of the land value purchased from ASRI
against the advance payment, and ASRI will have to return the
balance to CFLD if the agreement is terminated.

Large Low-Cost Land Bank: The average cost of the company's land
bank was IDR0.5m per sqm at end-June 2016. ASRI sold its
residential land plots at an average price of IDR5m per sqm in
2015, and its commercial plots in its mature township of Alam
Sutera fetched an average price of IDR23m. The company reduced
incremental land purchases in 2015 to IDR409bn, from IDR1.3trn in
2014, to conserve cash amid weaker property sales. It expects to
purchase between IDR1trn-1.3trn annually in 2017 and 2018.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for ASRI include:

   -- IDR1.4trn of contracted sales for 2016 and IDR3.5trn for
      2017

   -- cash collections from contracted sales to be made over two
      to three years on average, in line with cash collections

   -- contracted sales/gross debt ratio to improve to around 0.6x
      in 2017 (LTM to June 2016: 0.4x; 2015: 0.3x)

   -- Net debt/adjusted inventory to remain less than 50% over
      the next three years (end-June 2016: 49%).

RATING SENSITIVITIES

Negative: Future developments that may individually or
collectively lead to a downgrade include:

   -- inability to improve annual contracted sales to at least
      IDR3.5trn by end-2017

   -- inability to improve contracted sales/gross debt to more
      than 0.6x by end-2017

   -- net debt/adjusted inventory sustained more than 50%

   -- higher spending on non-core businesses.

Positive: Not meeting the negative rating sensitivities for an
extended period may result in the Outlook being revised to
Stable.

LIQUIDITY

ASRI's earliest significant debt maturity is in 2019, when the
USD225m (around IDR3trn) five-year 9% senior unsecured bond falls
due. ASRI has drawn a further IDR1.5trn of construction finance
from banks as at end-June 2016, which it has used to complete its
high-rise projects amid weak cash flows. Repayments of these
loans are manageable, as they are spread across the next four to
five years.

FULL LIST OF RATING ACTIONS

PT Alam Sutera Realty Tbk

   -- Long-Term IDR: affirmed at 'B+'; Negative Outlook

   -- Senior unsecured rating: affirmed at 'B+'; assigned
      Recovery Rating of 'RR4'

Alam Synergy Pte Ltd

   -- Long-term rating on USD225m senior unsecured bond due in
      2019: affirmed at 'B+/RR4'

   -- Long-term rating on USD235m senior unsecured bond due in
      2020: affirmed at 'B+/RR4'



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


JAPAN: Corporate Bankruptcies Fell to 26-year Low in 1H 2016
------------------------------------------------------------
The Japan Times reports that the number of corporate bankruptcies
in the April-September half fell 3.9 % from a year before to
4,217, the fewest in 26 years for the period, according to Tokyo
Shoko Research Ltd.

The total declined for the eighth consecutive fiscal first half,
hitting the lowest level since April-September 1990, when 3,070
firms failed, according to The Japan Times.

Bankruptcies decreased during the period this year as financial
institutions responded flexibly to requests for debt deferrals
from small and midsize companies, Tokyo Shoko Research said on
Oct. 11, The Japan Times relays.

In addition, financing improved at many firms thanks to brisk
lending by financial institutions.

Total debts left by failed companies dropped 29.2 % to JPY662,649
million, the first fall in two years, The Japan Times reports.

The Japan Times relates that the drop reflected a decline in the
number of large-scale bankruptcies with debts of at least JPY1
billion and the absence of listed companies that went bankrupt.

The number of corporate bankruptcies decreased in seven of the 10
industries surveyed, the report says.

"The surge is owing to a reduction in the fees the government
sets for day services and some other care services," the report
quotes a Tokyo Shoko Research official as saying.

In September alone, the number of corporate failures fell 3.4%
from a year earlier to 650, the first decline in two months, with
their liabilities totaling JPY85.32 billion, down 68.5%, The
Japan Times reports.

If the yen rises further, that could put a drag on the
performance of smaller companies, according to Tokyo Shoko
Research.

The survey covered bankruptcies involving debts of JPY10 million
or more, The Japan Times notes.



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


1MALAYSIA: MAS Shuts Falcon Private Bank's Singapore Branch
-----------------------------------------------------------
Grace Leong at The Strait Times reports that in more tough action
over the deepening Malaysian 1MDB state fund scandal, the
Singapore authorities closed a second Swiss bank, and fined DBS
and UBS, for anti-money laundering breaches.

The Strait Times says the million-dollar penalties for DBS and
UBS were for breaches of money laundering rules and centred on
lapses by specific bank officers, including executives.

According to The Strait Times, the biggest sanction came with the
Monetary Authority of Singapore (MAS) ruling that Falcon Private
Bank's Singapore branch must cease operations because of "serious
failures" in anti-money laundering controls and "improper
conduct" by senior management in Switzerland and Singapore. The
breaches were in relation to 1Malaysia Development Berhad (1MDB)
fund flows from March 2013 to May last year, the report says.

Falcon, which employs 35 people here at its Centennial Tower
office, was also hit with $4.3 million in penalties for failing
to adequately assess and file reports on irregularities in
customer account activities, says The Strait Times.

The Strait Times reports that the Swiss-based bank demonstrated
"a persistent and severe lack of understanding" of these
controls, the MAS said on Oct. 11.

Falcon's Singapore branch manager Jens Sturzenegger was arrested
on Oct. 5 over alleged improper conduct by him and other senior
managers, The Strait Times reports.

The Strait Times adds that the authorities in Switzerland also
took action on Oct. 10, ordering Falcon to turn over illegal
profits amounting to 2.5 million Swiss francs (S$3.5 million).
Criminal proceedings against two former executives were also
launched.

Falcon is the second Swiss bank to be shut down in Singapore, the
report notes. BSI Bank's Singapore branch was ordered to close in
May for similar reasons.

Falcon is owned by Abu Dhabi's sovereign wealth fund
International Petroleum Investment Company, which has been
involved with 1MDB bonds since 2012, the report discloses. The
MAS said it is working with the Swiss authorities to oversee an
orderly closure, The Strait Times notes.

                            About 1MDB

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

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

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


LION CORP: Delisted after Failing to Get Extension to Submit Plan
-----------------------------------------------------------------
The Star Online reports that after 35 years as a public company,
Lion Corp Bhd was de-listed on Oct. 12.

The Star relates that in an announcement to Bursa Malaysia on
Oct. 11, the steel product manufacturer said it would not appeal
against Bursa Malaysia Securities' rejection of its request for
more time to submit its regularisation plan.

According to The Star, Bursa Securities had decided to dismiss
its application for a time extension to Nov. 30 as there was no
material development towards the finalization and submission of
the plan to the regulatory authorities.

Bursa Securities had said Lion Corp securities would be de-listed
on Oct. 12 unless an appeal against the de-listing was submitted
to it by Oct. 7.

"The board of directors of the company (Lion Corp) had today
announced that the company has resolved that the company will not
be submitting the appeal in view that all material developments
in relation to the regularisation plan have been disclosed to
Bursa Securities for their deliberation in arriving at the
decision," Lion Corp said, notes the report.

Trading in the company's securities will therefore be suspended
from Oct. 10 and then de-listed on Oct 12. Lion Corp will still
continue its operations and business as an unlisted entity, The
Star reports.

Lion Corp, which incurred annual losses for the last five
financial years, has been a Practice Note 17 issuer since
October 2013.

Lion Corp, which was listed in May 1981, fell into PN 17 status
as its auditors Ong Boon Bah & Co expressed an emphasis of matter
on the group's ability to continue as a going concern based on
its net loss of MYR245.6 million for the year ended June 30,
2013, and the group's current liabilities exceeding its current
assets by MYR1.9 billion, according to The Star.

Lion Corporation Berhad (KLSE:LIONCOR) is an investment holding
company. The Company, through its subsidiaries, is engaged in the
manufacturing and marketing of steel products, such as hot rolled
coils, cold rolled coils, bands, plates and sheets; distribution
and trading of office equipment and steel related products, and
share registration and secretarial services. LCB operates through
four business segments: Steel, which includes manufacturing of
hot rolled coils, cold rolled coils, bands, plates and sheets;
Property, engaged in property development; Furniture, which is
engaged in manufacture, distribution and trading of office
equipment, security equipment and steel fabricated products and
Others, which comprises investment holding, share registration
and secretarial services. The Company's subsidiaries include
Megasteel Sdn Bhd, Bright Steel Sdn Bhd and Lion Steelworks Sdn
Bhd.


TH HEAVY: Seeks to Extend Maturity of Bonds Worth MYR70 Mil.
------------------------------------------------------------
The Sun Daily reports that TH Heavy Engineering Bhd (THHE) has
written to the Securities Commission Malaysia to update the
regulator on the variation of terms to extend the maturity date
of its non-rated sukuk murabahah of up to MYR170 million by one
year, from Sept. 30, 2016 to Sept. 29, 2017.

According to the report, the offshore fabrication and marine
services company said it also updated the SC on the status of
compliance with the relevant requirements as set out in the
guidelines on unlisted capital market products under the Lodge
and Launch Framework issued by the SC.

In 2003, THHE said proceeds from the sukuk murabahah will be used
to refinance part of THHE's existing Islamic term financing, for
working capital purposes and for expenses related to the debt
issue, the Sun Daily says.

Last month, THHE's wholly owned subsidiary O & G Works Sdn Bhd
received a winding-up petition with a claim for MYR688,728.23.
The loss-making group has received 10 winding-up petitions since
July this year with claims amounting to over MYR45 million, the
Sun Daily notes.

As at June 30, 2016, THHE's loss widened to MYR40.29 million on
an almost 67% drop in revenue of MYR22.24 million compared with
the corresponding period the year before, the Sun Daily
discloses.



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


FELTEX CARPET: Court Nixes Class Action vs. Ex-directors
--------------------------------------------------------
Hamish Rutherford at Stuff.co.nz reports that the Court of Appeal
has dismissed a class action against the former directors and
owners of carpet manufacturer Feltex, which failed two years
after its 2004 float.

In April former investor Eric Houghton took an action on behalf
of more than 3600 former shareholders, to the Court of Appeal,
attempting to overturn a 2014 High Court decision, Stuff.co.nz
says.

Stuff.co.nz relates that among other things, the action claimed
shareholders should have been told that the amount the former
owners were seeking to raise was increased in the months before
the float to fund a dividend in the first year as a public
company.

The report says the case focused on what the class action alleged
were five misleading statements under the Securities Act.

According to Stuff.co.nz, the decision found that with one
exception, Justice Robert Dobson had been right to reject the
class action's case.

While the Court of Appeal found that the forecast revenues in the
company prospectus for the 2004 financial year represented an
"untrue statement", "The directors of Feltex could not have
believed the forecast to be true or accurate when the shares were
allotted to Mr Houghton," a media release summarising the
decision said, Stuff.co.nz relays.

"They knew there would be a small shortfall in revenue as against
the forecast but did not correct the forecast in the prospectus
as they believed the shortfall to be immaterial."

However, the court ruled that "no liability could arise because,
even if the forecast had been corrected, it would not have
changed the prudent but non-expert investor's decision to invest
in Feltex," adds Stuff.co.nz.

A spokeswoman for the Feltex Claimants Group said that while the
Court of Appeal had ruled that the group were not entitled to
compensation under the Securities Act, it also held that the
investors were not precluded from making a claim under the Fair
Trading Act, reports Stuff.co.nz.

The judgement's references to the Fair Trading Act would be the
subject of a "detailed review" by the group's legal team, adds
Stuff.co.nz.

                      About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
is a manufacturer of superior-quality carpet.  The Feltex
operation included a wool scouring plant, six spinning mills,
three tufted carpet mills, a woven carpet mill and offices in New
Zealand, Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
Application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.



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


RURAL BANK OF LUNA: Placed Under PDIC Receivership
--------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Rural Bank of Luna (Isabela), Inc. from doing business
in the Philippines. Under MB Resolution No. 1777.A dated Oct. 6,
2016, it directed the Philippine Deposit Insurance Corporation
(PDIC) as Receiver to proceed with the takeover and liquidation
of the bank. PDIC took over the bank on Oct. 7, 2016.

Rural Bank of Luna is a two-unit rural bank with head office
located in Harana, Luna, Isabela. Its lone branch is located in
Santa Maria, Isabela. Based on the Bank Information Sheet filed
by the bank with the PDIC as of June 30, 2016, Rural Bank of Luna
is owned by Lovely Precious E. Andres (22.71%), Aurelio M. Andres
(20.78%), Milagros E. Andres (18.96%), Kristoffer Allan E. Andres
(17.59%), Master Philip E. Andres (9.21%), and Aurelio E. Andres,
Jr. (9.21%). The Bank's President and Chairman is Aurelio M.
Andres.

Latest available records show that as of June 30, 2016, Rural
Bank of Luna had 611 accounts with total deposit liabilities of
PHP35.1 million. Total insured deposits amounted to PHP34.5
million involving 98.2% of total deposit accounts.

PDIC said that during the takeover, all bank records shall be
gathered, verified and validated. The state deposit insurer
assured depositors that all valid deposits shall be paid up to
the maximum deposit insurance coverage of PHP500,000.00.

Depositors with valid deposit accounts with balances of
PHP100,000.00 and below shall be eligible for early payment and
need not file deposit insurance claims, except accounts
maintained by business entities, or when they have outstanding
obligations with Rural Bank of Luna or acted as co-makers of
these obligations. Depositors have to ensure that they have
complete and updated addresses with the bank. PDIC will start
mailing payments to concerned depositors at their addresses
recorded in the bank by the last week of October.

Depositors may update their addresses until Oct. 17, 2016, using
the Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.

For depositors that are required to file deposit insurance
claims, the PDIC will start claims settlement operations for
these accounts by the last week of October. Depositors are
advised to be ready to present the original copy of their
evidence of deposit such as savings passbook, certificate of time
deposit, unused checks or latest bank statement; and two (2)
original valid photo-bearing identification documents (IDs) which
are basic requirements in filing deposit insurance claims. PDIC
may require additional documents in the course of claims
processing.

The PDIC also announced that it will schedule the conduct of a
Depositors-Borrowers' Forum during the 3rd week of October. All
depositors, borrowers and creditors of the bank are enjoined to
attend the Forum to verify with PDIC representatives if they are
eligible for early payment and the manner of paying their loan
obligations with the bank. Those not eligible will be informed of
the requirements and procedures for filing deposit insurance
claims. The time and venue of the Forum will be posted in the
bank's premises and announced in the PDIC website,
www.pdic.gov.ph. Likewise, the schedule of the claims settlement
operations, as well as the requirements and procedures for filing
claims will be announced through notices to be posted in the bank
premises, other public places and the PDIC website.

Rural Bank of Luna is the fifth bank to be ordered closed by the
MB following the effectivity on June 11, 2016 of Republic Act No.
10846 that amended the PDIC Charter.



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


SWISSCO HOLDINGS: Demands Payment from Charterers to Survive
------------------------------------------------------------
Marissa Lee at The Strait Times reports that debt-ridden Swissco
Holdings is demanding a sum of US$31.3 million (SGD43.1 million)
from three firms as it struggles to stay afloat, and has begun
arbitration proceedings in Hong Kong, it said on Oct. 12.

The Strait Times says the rig and vessel chartering group also
called for a trading suspension, given the on-going efforts to
present a debt restructuring plan. Its shares last traded at
5.2 cents on Oct. 10, before trading was halted ahead of the
informal note holder meeting that afternoon.

The Strait Times relates that Star Excellence (HK), in which
Swissco has a 50% stake, is claiming US$26.1 million against
charterer Tyloo for outstanding charter hire amounts due and
owing to Star Excellence under a bareboat charterparty entered
into between the parties.

Meanwhile, Swissco Offshore, a wholly-owned unit of Swissco, has
also made a US$5.2 million claim against shipbuilders Nanjing
East Star and Jiangsu Skyrun for a refund of two instalments paid
by Swissco Offshore. The contracts have been terminated due to
substantial delays in the delivery of the contracted vessels,
Swissco said, The Strait Times reports.

Separately, Swissco said is disputing a US$1.69 million claim
from X-Drill Holdings that alleges the amount is due in relation
to services provided by X-Drill to rigs owned by four Swissco
units. Swissco said it had responded to a statutory letter of
demand from X-Drill on Oct. 5, adds The Strait Times.

According to The Strait Times, Swissco told holders of its
$100 million bonds on Oct. 10 that it cannot pay out a
$2.85 million coupon due next Friday (Oct. 21) and had no plans
for its next course of action.

It then invited holders of the 5.7% bonds which mature in 2018 to
form an informal steering committee to work with financial
adviser Ernst & Young (EY) to develop a "mutually agreeable"
restructuring plan. According to the report, EY will begin
discussions with note holders next week, and a second informal
note holder meeting will be held in four weeks.

Swissco faces a US$147.5 million ($202.7 million) mountain of
bank debt maturing from now until 2020. Add to that the principal
owed to bond holders in 2018 and Swissco has a total debt of
US$221.6 million, The Strait Times discloses.

Swissco Holdings Limited (SGX:ADP), along with its subsidiaries
-- http://swissco.net/html/index.php-- is a Singapore-based
integrated oil and gas service provider. The Company provides
drilling rigs, accommodation jackups and vessel chartering
services for the oil and gas industry. The Company's segments are
Drilling, which includes drilling rig chartering; Offshore
support vessels (OSV), which includes vessel chartering (such as
sale of out-port-limit services), ship repair and maintenance
services, maritime related services (such as sale of vessels) and
OSV related investment activities; Service assets, which includes
accommodation and service rig chartering, and Others segment,
which includes corporate activities. Its OSV segment owns and
operates a fleet of over 40 offshore support vessels that provide
a range of offshore chartering services for the marine, offshore
oil and gas, and civil construction industries. Its subsidiaries
include Swissco Energy Services Pte Ltd, Swissco Offshore (Pte)
Ltd and Seawell Drilling Pte Ltd.



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


DAEWOO SHIPBUILDING: To Axe Jobs by About 20% Before End of 2016
----------------------------------------------------------------
Yonhap News Agency reports that Daewoo Shipbuilding & Marine
Engineering Co. said on Oct. 12 that it plans to cut its
workforce by about 20% before the end of the year in a bid to
tide over a deepening industrywide slump.

According to the report, the shipyard said it plans to cut its
workforce to below 10,000 by the end of the year from 12,699 at
the end of June.

Last week, the shipyard said it started receiving early
retirement applications from its workers, seeking to cut the
number of its employees by 1,000, says Yonhap. The shipyard is
also moving to trim its workforce by spinning off its business
divisions.

In October of last year, some 300 workers left Daewoo
Shipbuilding through an early retirement scheme.  Yonhap says
Daewoo Shipbuilding said earlier it would cut its workforce to
some 10,000 by 2020 through restructuring.

In the first half of the year, Daewoo Shipbuilding suffered a net
loss of KRW1.19 trillion (US$1.08 billion), with its debt ratio
exceeding 7,000%, the report discloses.

Yonhap adds that the shipbuilder also said earlier it will
complete the sale of its headquarters building in downtown Seoul
by the end of the month, a deal valued at KRW180 billion, with
noncore assets to be sold in the near future.

Yonhap meanwhile reports that Daewoo Shipbuilding said it plans
to sell three floating docks depending on the market situation.
Early this year, it already sold off two of its five floating
docks.

The shipbuilder's hastily announced self-rescue measures came as
a draft report regarding the country's shipbuilding industry says
Daewoo Shipbuilding is the most financially shaky among the
country's big three shipyards and is projected to suffer a
continued cash shortage, according to Yonhap.

Industry sources said the report to be submitted by McKinsey &
Co. to the government says the shipyard will not be able to stand
on its feet due to a KRW3.3 trillion cash shortfall by 2020,
reports Yonhap.

Yonhap adds that the government will announce a set of measures
later this month to revamp the country's shipbuilding segment.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.

The shipyard, along with two other major South Korean
shipbuilders, are currently undergoing self-created debt-
restructuring plans in the face of a decrease in new orders
caused by the protracted global economic slump, according to
Yonhap News.




                             *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman,
Editors.

Copyright 2016.  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 Nina Novak at 202-362-8552.



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