TCRAP_Public/120105.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, January 5, 2012, Vol. 15, No. 4

                            Headlines


A U S T R A L I A

BARBRO INVESTMENTS: Victorian Investor Buys Resort
BOJANGLES SALOON: In Liquidation; Closes Down Restaurant
HEINZ AUSTRALIA: To Close Girgarre Factory; Sacks 150 Workers


C H I N A

ANHUI HUAXING: Investors Question Subsidiary Liquidation


H O N G  K O N G

LEHMAN BROTHERS: HKMA Reports Progress of Lehman-related Probe
SMILE TECHNOLOGIES: Heung Sai Kit Steps Down as Liquidator
STOMP HK: Briscoe and Meng Step Down as Liquidators
TCHIBO QUALITY: Young and Chi Step Down as Liquidators
TOTAL ABLE: Creditors' Proofs of Debt Due Jan. 31

TOP GRADE: Commences Wind-Up Proceedings
TRANS OCEAN: Commences Wind-Up Proceedings
UBS EAST: Members' Final General Meeting Set for Jan. 31
UBS HK: Members' Final General Meeting Set for Jan. 31
YAU YAU: Huen and Huen Appointed as Liquidators

YONEZAWA (H.K.): Commences Wind-Up Proceedings
WING MOU: Briscoe and Hill Step Down as Liquidators
WORLD GAS: Members' Final Meeting Set for Feb. 7


I N D I A

BHAVYA CEMENTS: ICRA Reaffirms '[ICRA]BB+' Bank Loan Rating
ETERNAL HEART: Fitch Puts Rating on INR600-Mil. Loan at 'B+'
KALI BMH: Fitch Puts Rating on Three Loan Class at 'BB-'
KAMAL COACH: ICRA Assigns '[ICRA]BB' Rating to INR6cr Term Loans
K.D. CEMENTS: ICRA Assigns '[ICRA]B+' rating to INR12.5cr Loan

K.D. IRON: ICRA Assigns [ICRA]B+' Rating to INR20cr Based Limits
MUKAND ENGINEERS: ICRA Puts '[ICRA]BB-' Rating on INR20cr Loan
OYSTER MEDISAFE: ICRA Assigns '[ICRA]BB' to INR48cr Bank Loans
REMSONS INDUSTRIES: ICRA Reaffirms '[ICRA]BB+' Term Loan Rating
RR CONSTRUCTIONS: ICRA Cuts Rating on INR22cr Loan to '[ICRA]BB'

SFPL CROP: ICRA Downgrades Rating on INR7cr Loan to '[ICRA]B'
SPORTKING INDIA: ICRA Cuts Rating on INR56.75cr Loan to 'BB'
SUMINTER INDIA: ICRA Assigns '[ICRA]BB+' Rating to INR15cr Loan
SUMITRA DS: ICRA Assigns '[ICRA]BB-' Rating to INR8cr LT Loan
SUPREME ELECTROCAST: ICRA Puts '[ICRA]B-' Rating on INR13cr Loan


I N D O N E S I A

* Fitch to Host Investor & Media Forum in Jakarta on January 17


N E W  Z E A L A N D

AMI INSURANCE: Latest Quakes Unlikely to Raise Gov't. Exposure
STRATEGIC FINANCE: Receivers Sell Bendemeer Sites


P H I L I P P I N E S

LEHMAN BROTHERS: 3 Law Firms Offer Tender in Psalm's Lehman Claim


S I N G A P O R E

* SINGAPORE: Faces Technical Recession as Q4 GDP Shrinks


                            - - - - -


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


BARBRO INVESTMENTS: Victorian Investor Buys Resort
--------------------------------------------------
Peter Collins at The Standard reports that Warrnambool's landmark
foreshore accommodation resort, Sebel Deep Blue, has a new owner
to take over after its previous owner went into liquidation.

The Standard relates that a Victorian investor with involvement
in other hospitality venues has signed a sale contract, with
handover expected in March.

Mirvac group will continue managing and running the venue, the
report says.

The purchase price was not disclosed.  But The Standard
understands it was well below THE earlier AUD12 million estimates
for the 75-room resort hotel.  The business also includes
conference rooms, a bathhouse and spas fed by a hot artesian
bore.

The Standard discloses that Barbro Investments was headed by
local entrepreneur Graeme Schultz, who started his foreshore
project in 1997 with residential units, before expanding to the
resort plans.

According to the report, the company was placed into the hands of
PPB Advisory in January last year after unsuccessful attempts to
sell the resort through an international real estate agency.

PPB Advisory receiver-manager Rod Slattery --
rslaterry@ppbadvisory.com -- told The Standard he was pleased
with the sale price considering the tight economic climate.

"We exchanged contracts in mid-December with a party - an
experienced hotel operator," The Standard quotes Mr. Slattery as
saying.  "It is being sold as a going concern with settlement
expected in March. When we became involved last year, we
continued to engage Mirvac, which wanted to get runs on the board
in operating the venue.

The Standard relates that Mr. Slattery said it was unlikely there
would be surplus funds from the sale to assist unsecured
creditors.  "Unfortunately there are still a few awaiting
payment," Mr. Slattery told The Standard.  "A liquidator will
deal with them later when the sale is settled."

Warrnambool-based Barbro Investments owned the foreshore Sebel
Deep Blue Resort accommodation-convention centre and site.
daniel Bryant and Rodney Slattery, of Melbourne-based PPB
Advisory, were appointed receivers and managers of the premises
in February 2011.


BOJANGLES SALOON: In Liquidation; Closes Down Restaurant
--------------------------------------------------------
ABC News reports that the tourist bar Bojangles Saloon &
Restaurant has closed down.

The ABC says the owners of the bar and restaurant have advised
the Northern Territory Licensing Commission that they are not in
a position to continue trading.  The company has advised that it
has gone into liquidation, the report relates.

The ABC says that staff at the popular tourist attraction were
called to a meeting Tuesday and told of the closure.

It is unclear if the closure is temporary or permanent, the
report adds.


HEINZ AUSTRALIA: To Close Girgarre Factory; Sacks 150 Workers
-------------------------------------------------------------
The Sydney Morning Herald reports that Heinz Australia will sack
about 150 workers when it closes the doors on a tomato sauce
factory in Victoria's north.

The company will complete its last day of production at the
Girgarre factory on January 6 before moving sauce production to
New Zealand, the report discloses.

The move, says SMH, will see 146 employees lose their jobs and
affect three tomato growers.  Heinz announced the closure of the
factory in May last year but workers received their notices at
Christmas, according to the report.

SMH relates that Heinz Australia's supply chain director
Mike Robinson said the cost of making the factory competitive was
too high.

"Girgarre requires millions of dollars of investment just to keep
the plant going, with no likelihood of making it competitive into
the future," the report quotes Mr. Robinson as saying.

Heinz said eligible employees have received their redundancy
payments and the company has funded 10 scholarships at a local
TAFE, the report adds.


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


ANHUI HUAXING: Investors Question Subsidiary Liquidation
--------------------------------------------------------
Triggered by an announcement about subsidiary liquidation issued
on Nov. 23, 2011, Anhui Huaxing Chemical Industry Co., Ltd.
encountered trouble of being blamed and questioned by investors.
In detail, Huaxing Chemical is criticized for acting with
unadvisable and mutable strategies.  Although the criticism seems
subjective to some extent, it's observed that Huaxing Chemical
has witnessed constantly weak performance indeed these years,
according to CCM's December Issue of Herbicides China News.

Clouded by the shrinkage of company performance in 2009, Huaxing
Chemical lost USD20.1 million (RMB127.7 million) in net profit in
the whole year of 2010, and witnessed continuously net profit
loss of USD4.3 million (RMB27.6 million) in the first three
quarters of 2011. As a result, Huaxing Chemical's stock price in
the exchange market always appears sluggish and unstable after
2008, and the global stock market is also impacted by some severe
social events such as the European Debt Crisis.

As to the responsibility behind such a weak performance, the
investors' fire burns toward Huaxing Chemical's operation and
management rather than current unfavorable pesticide market. Take
this subsidiary liquidation for example, Huaxing Chemical put its
subsidiary, Anhui Huaxing Chemical Industry Chongqing Co., Ltd.,
into liquidation because of current unsuitable situation,
according to Huaxing Chemical's explanation in the announcement.
But some rumors indicated that the liquidation of Huaxing
Chongqing, who runs a 34,000t/a IDAN project (initiated in 2009)
valuated at USD5.6 million (RMB35.5 million), is mainly
attributed to the company's unsuccessful investment resulted from
the unadvisable decision.

As Huaxing Chemical indicated, owing to the depressed glyphosate
market, the whole glyphosate production chain is trapped in
dilemma at present. Intense competition and overcapacity lead to
many suspensions and stops of the relative productions such as
IDAN in China.

In Huaxing Chemical's investments, a 20,000t/a glyphosate
technical transformation initiated in 2009 with accumulative
investment of USD4.3 million (RMB27.7 million) is being delayed
in the long term. In detail, the construction still stays at the
installation stage of main equipments due to the weak glyphosate
market.

These vain investments even withdraw Huaxing Chemical's
performance instead of enhancing company competitiveness. Huaxing
Chemical will probably encounter the problem of deficit in two
consecutive years (2010-2011), implying that the company will
meet special treatment in stock market if the loss happens again
in 2011.

Although Huaxing Chemical acquired local government's subsidy of
USD11.8 million (RMB75 million) in total last month, the
reduction of deficit risk can't alleviate investors' worries.
What's more, recent suspended reorganization of Huaxing Chemical
tenses the investors' nerve further.

According to Huaxing Chemical's bulletin issued on Nov. 11, 2011,
Huaxing Chemical resumed stock trade on that day, and declared
not to map out the reorganization in the future three months for
it isn't at the proper time. On Nov. 7, the company suspended
stock trade for laying out company reorganization.

Coupled with industrial integration in Chinese pesticide, Huaxing
Chemical will choose reorganization to boost its performance in
an estimate. But it can't be predicted who will be the next
cooperator of Huaxing Chemical. It can be sure that investors
expect Huaxing Chemical to adjust its management and strategy on
the right track. However, in fact, Huaxing Chemical's management
team witnessed changes of personnel twice in the past eleven
months of 2011.

Anhui Huaxing Chemical Industry Co., Ltd., is a China-based
agrochemical manufacturer.


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


LEHMAN BROTHERS: HKMA Reports Progress of Lehman-related Probe
--------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced on
Dec. 30, 2011, that investigation of over 99% of a total of
21,835 Lehman-Brothers-related complaint cases received
has been completed.  These include:

   * 15,756 cases which have been resolved by a settlement
     agreement reached under section 201 of the Securities and
     Futures Ordinance;

   * 3,174 cases which have been resolved through the enhanced
     complaint handling procedures required by the settlement
     agreement;

   * 2,280 cases which were closed because insufficient prima
     facie evidence of misconduct was found after assessment or
     no sufficient grounds and evidence were found after
     investigation;

   * 454 cases (including minibond cases) which are under
     disciplinary consideration after detailed investigation by
     the HKMA, of which proposed disciplinary notices are being
     prepared in respect of 394 such cases and proposed
     disciplinary notices or decision notices have been issued
     in respect of the other 60 cases; and

   * 97 cases in respect of which investigation work has been
     completed and are going through the decision process to
     decide whether there are sufficient grounds for
     disciplinary actions or whether the cases should be closed
     because of insufficient evidence or lack of disciplinary
     grounds.

Investigation work is underway for the remaining 72 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?7773

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


SMILE TECHNOLOGIES: Heung Sai Kit Steps Down as Liquidator
----------------------------------------------------------
Heung Sai Kit stepped down as liquidator of Smile Technologies
Limited on Dec. 28, 2011.


STOMP HK: Briscoe and Meng Step Down as Liquidators
---------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
Stomp HK Limited on Dec. 20, 2011.


TCHIBO QUALITY: Young and Chi Step Down as Liquidators
------------------------------------------------------
Isabelle Angeline Young and John Chi Wai Wong stepped down as
liquidators of Tchibo Quality Services Hong Kong Limited on
Dec. 13, 2011.


TOTAL ABLE: Creditors' Proofs of Debt Due Jan. 31
-------------------------------------------------
Creditors of Total Able Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Jan. 31, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 22, 2011.

The company's liquidator is:

         Sung Mi Yin Mella
         Suite No. A, 11th Floor
         Ritz Plaza, 122 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


TOP GRADE: Commences Wind-Up Proceedings
----------------------------------------
Members of Top Grade Corporation Limited, on Dec. 19, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Chan Ting Chun
         Rm 1032 Beverly Commercial Centre
         87-105 Chatham Road
         Tsimshatsui, Kowloon


TRANS OCEAN: Commences Wind-Up Proceedings
------------------------------------------
Sole members of Trans Ocean Services Limited, on Dec. 21, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Victor Robert Lew
         22nd Floor, Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


UBS EAST: Members' Final General Meeting Set for Jan. 31
--------------------------------------------------------
Members of UBS East Asia Limited will hold their final general
meeting on Jan. 31, 2012, at 10:30 a.m., at 20/F, Prince's
Building, Central, in Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


UBS HK: Members' Final General Meeting Set for Jan. 31
------------------------------------------------------
Members of UBS Hong Kong Nominees Limited will hold their final
general meeting on Jan. 31, 2012, at 10:00 a.m., at 20/F,
Prince's Building, Central, in Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


YAU YAU: Huen and Huen Appointed as Liquidators
-----------------------------------------------
Messrs. Huen Ho Yin and Huen Yuen Fun on Dec. 15, 2011, were
appointed as liquidators of Yau Yau Chu Company Limited.

The liquidators may be reached at:

         Messrs. Huen Ho Yin
         Huen Yuen Fun
         22nd Floor, 9 Des Voeux Road West
         Hong Kong


YONEZAWA (H.K.): Commences Wind-Up Proceedings
----------------------------------------------
Members of Yonezawa (H.K.) Limited, on Dec. 19, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


WING MOU: Briscoe and Hill Step Down as Liquidators
---------------------------------------------------
Stephen Briscoe and Nicholas Timothy Cornforth Hill stepped down
as liquidators of Wing Mou Construction Company Limited on
Dec. 20, 2011.


WORLD GAS: Members' Final Meeting Set for Feb. 7
------------------------------------------------
Members of World Gas Supply Company Limited will hold their final
meeting on Feb. 7, 2012, at 10:00 a.m., at 36/F, Tower Two, Times
Square, at 1 Matheson Street, Causeway Bay, in Hong Kong.

At the meeting, Ng Kit Ying Zelinda, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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I N D I A
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BHAVYA CEMENTS: ICRA Reaffirms '[ICRA]BB+' Bank Loan Rating
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating assigned to INR241.00
crore (enhanced from INR206.00 crore) fund based bank facilities
of Bhavya Cements Limited.  ICRA has also assigned a short-term
rating of "[ICRA]A4+" to INR7.00 crore non fund based bank
facilities of BCL.  The outlook on the rating is 'stable'.

The rating reaffirmation factors in the vulnerability of the
company to volatility in international/e-auction coal prices in
absence of formal coal linkages. Moreover, the power situation in
AP was adversely impacted due to recent Telangana agitation and
any shortfall in state supplies will expose the company to non-
availability/volatile prices of power. The rating is further
inhibited by high gearing of BCL at 2.21 as on Sept. 30, 2011 on
account of debt funded capex in past. ICRA continues to note that
while the company has an option to convert CCPS (issued to PE
investor) into equity, however this will be contingent upon its
IPO prior to June 2013. ICRA also notes that while the company
may not buyback the first series of CCPS, which will be
facilitated by the promoters as was done for the first
instalment, however in case IPO is delayed the buyback obligation
for the second series of CCPS amounting to INR20 crore may fall
upon the company (in case of sufficient reserves) thereby
adversely impacting its liquidity position. The above concerns
are however mitigated by the satisfactory operational performance
demonstrated by the company during the current year, whereby the
company reported healthy capacity utilisation which coupled with
firm cement prices resulted in satisfactory profitability
indicators.  Going forward, with the ongoing capacity additions
in the cement industry, the ability of the company to achieve
high capacity utilization and maintain profitability in the
backdrop of supply side pressures will be crucial for its overall
credit profile.

Incorporated in April 2007, BCL has set up a 1.2 million tonnes
per annum cement manufacturing facility in Guntur district of
Andhra Pradesh. BCL is promoted by Mr. V Ananda Prasad and his
associates. Mr. Prasad is a first generation entrepreneur and
started his construction and real estate business in 1991 by
incorporating Bhavya Constructions Private Limited (BCPL).

The project implementation began in September 2008 and was
expected to commence operations in March 2010. Regional issues
and heavy rainfall resulted into delays in implementation and
plant could commence operations in November 2010 only. The total
project cost of INR320 crore was funded by equity infusion of
INR74 crore from promoters, INR40 crore private equity infusion
from Wayzata Indian Ocean Limited and debt of INR206 crore.


ETERNAL HEART: Fitch Puts Rating on INR600-Mil. Loan at 'B+'
------------------------------------------------------------
Fitch Ratings has assigned India's Eternal Heart Care Centre and
Research Institute Private Limited a National Long-Term rating of
'Fitch B+(ind)'.  The Outlook is Stable.  Fitch has also assigned
EHCRI's INR600m long-term loans a 'Fitch B+(ind)' rating.

The ratings are constrained by EHCRI's lack of an operational
track record as its only hospital is still under construction
stage.  The ratings are also limited by the stiff competition
from well-established, large corporate super speciality hospitals
in Jaipur, Rajasthan.

The ratings are, however, supported by the vast experience of
EHCRI's founder -- Dr. Samin K Sharma -- in the field of
cardiology and the company's plans to offer a wide range of
speciality services. The ratings are also supported by the
relative immunity of the healthcare sector against seasonal and
economic factors.

Negative rating guidelines include delays in commissioning of the
hospital and /or lower-than-expected operational performance of
the company leading to low net interest coverage (op. EBITDA/net
interest).  Conversely, timely commencement of operations with
high occupancy rates resulting in high net interest coverage
would be positive for the ratings.

EHCRI was incorporated in 2007 and plans to exploit the growing
opportunity of medical tourism in the country.  The promoter is
currently associated with Mount Sinai Hospital and Medical
Centre, New York, USA.  The company is setting up a 225-bed
super-specialty hospital in Jaipur, and expects it to be fully
operational by Q2FY12.  The overall cost of the project is around
INR920m, being funded in a debt/equity mix of 3:1.  The repayment
of the term loans is to commence from October 2013.


KALI BMH: Fitch Puts Rating on Three Loan Class at 'BB-'
--------------------------------------------------------
Fitch Ratings has assigned India's Kali BMH Systems Private
Limited a National Long-Term rating of 'Fitch BB-(ind)'.  The
Outlook is Stable.

The ratings are constrained by Kali's modest scale of operations
(revenues: INR369m in FY11 (end-March 2011), INR286m in FY10),
which limits its bargaining power with both its suppliers and
customers.  The ratings are further constrained by Kali's
volatile margins (FY11: 22%, FY10: 12%) arising from steel price
changes, low EBITDA interest cover (FY11: 1.6x, FY10: 2.3x), high
customer concentration (86% of revenues comes from top five
customers).

Kali's gross interest expense includes INR4.8m of non-cash
expense -- amortisation of debentures.  As per the company, there
is no cash outflow in the near term due to these debentures which
are issued to the founders and are redeemable only in 2022.
Although this provides some respite, the interest cover after
excluding the amortisation still remains low at 2.0x at end-FY11.

The ratings are, however, supported by Kali's status of being one
of the core suppliers of pulleys and idlers to Larsen & Toubro
Ltd (L&T - one of India's largest engineering groups) and its
track record of over three years in supplying its products to
large mining/construction/port companies like Neyveli Lignite,
and Shapoorji Pallonji.  The ratings further benefit from
reasonable revenue visibility with an order pipeline of 1.1x of
FY11 revenues and low financial leverage (debt/EBITDA) of 3.5x in
FY11 (FY10: 3.1x).

Kali completed its INR140m capex for capacity expansion in FY10,
and therefore has adequate operational capacity which would allow
it to grow its revenues without incurring substantial capex in
the near term.  As a result, Fitch expects additional cash flows
from the new plant to reduce Kali's financial leverage to below
3x by FY13.

Negative rating guidelines include Kali's inability to pass on
the volatility in steel prices to its customers or additional
debt-funded capex resulting in its debt/EBITDA exceeding 5x and
interest cover falling below 1.25x.  Positive rating guidelines
include a sustainable EBITDA interest cover of over 2.0x and
financial leverage of below 3.0x.

Kali is a Kumbakonam-based manufacturer of pulleys, idlers, and
frames, which are used primarily in the conveyors.  The company
operates two manufacturing facilities with a total capacity of
150,000 idlers, 1,200 pulleys, and 60,000 frames.

Rating actions on Kali:

  -- National Long-Term rating assigned at 'Fitch BB-(ind)';
     Outlook Stable

  -- INR42.6m term loans: assigned at 'Fitch BB-(ind)'

  -- INR120m combined limits: assigned at 'Fitch BB-(ind)'/'Fitch
     A4+(ind)'

  -- INR225m non-fund-based working capital limits: assigned at
     'Fitch A4+(ind)'


KAMAL COACH: ICRA Assigns '[ICRA]BB' Rating to INR6cr Term Loans
----------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]BB' to the
INR6.00 crore term loans of Kamal Coach Works Private Limited.
The long term rating carries a stable outlook.

The rating factor in KCW's established relationship with State
Transport Corporations and reputed auto companies, especially
Tata Motors Ltd, revenue visibility for the next 18 months which
is supported by a large order for tippers and ambulances and
should ensure decent capacity utilisation, its modern
manufacturing units located in Jaipur that are capable of
executing large orders, and the company's ability to maintain its
operating profit margins despite volatility in prices of raw
materials, helped by its procurement policy. The rating also
takes comfort from the long track record of the Kamal group in
auto dealerships and auto ancillary business, and impetus from
Union Government to bus industry under the JNNURM scheme and from
Surface Transport Ministry.

The rating, is however, constrained by the company's limited
scale of operation and moderate profitability, the latter on
account of the high bargaining power of end customers and intense
competition from small, unorganised players in the bus building
industry. ICRA also notes the high gearing and stretched coverage
indicators of KCW on account of the debt taken for setting up a
new manufacturing facility, and increasing interest burden on
account of the same. The company also remains exposed to a
slowdown in demand for commercial vehicles, which can impact
revenue growth and profitability, by lowering capacity
utilisation.

Going forward, company's ability to maintain its profitability
and bringing down debt levels will be amongst the key rating
sensitivities.

                         About Kamal Coach

Kamal Coach Works is a private limited company promoted by Kamal
and Company Group based in Jaipur. The group has been involved in
coach building since 1948, and has fabricated bodies for various
reputed automobile manufacturers and government institutions.
Currently, the company runs two independent units, one that
produces bodies for large vehicles such as luxury buses, fire
tenders, and ambulances, and another that manufactures car
parking systems, garage equipment, and spray painting booths.

Currently, KCW has a capacity to manufacture around 5,400 coaches
per annum, mainly helped by the commencement of its new unit in
Niwai (70km from Jaipur). In its new manufacturing unit, the
company has various machines such as CNC Presses, Zinc plating
facility, Paint booth and a 350 ton heavy duty press for carrying
out its processes. KCW is also the largest manufacturer of fire
tenders in North India.

Recent Results:

In FY11, KCW reported a profit after tax (PAT) of INR1.26 crore
on an operating income of INR45.81 crore resulting in a profit
margin of 2.75%.


K.D. CEMENTS: ICRA Assigns '[ICRA]B+' rating to INR12.5cr Loan
--------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR12.5 crore term
loans and INR10 crore fund based bank limits of K.D. Cements.

The rating factors in KDC's limited track record of the entity in
running operations across business cycles, exposure to the
fluctuations in the raw material prices and high working capital
intensity of the business, which exerts pressure on the liquidity
position. The rating also factors in the risk associated with the
entity's profile as a partnership firm, including the risk of
capital withdrawal by the partners, and the exposure to cyclical
nature of the cement industry that makes the realisation and
margins susceptible to supply side dynamics. The rating factors
in experience of the promoters in the cement business,
established distribution network of the partners that would
support the revenue growth of the firm and various incentives and
subsidies available under the North East Industrial and
Investment Promotion Policy (NEIIPP) 2007, which are likely to
support the profitability going forward.

K. D. Cements is a part of the North East based K. D. Group,
whose promoters have interest in various businesses including
steel, cement, retail, real-estate and others.  Incorporated in
2008, KDC has been engaged in the production of cement, with its
manufacturing facilities being located at Bhomraguri, Assam. It
has an installed capacity of 1.65 lakh tons per annum (tpa). The
firm markets cement under the brand name "Suraksha". KDC
commenced commercial production from December'10.

Recent Results:

During FY11, as per the provisional financials, KDC reported a
net loss of INR1.7 crore on the back of an operating income of
INR8.7 crore.


K.D. IRON: ICRA Assigns [ICRA]B+' Rating to INR20cr Based Limits
----------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR20 crore fund-
based limits and INR20 crore term loans of K.D. Iron & Steel
Company.

The rating factors in KDISC's unfavorable capital structure of
the firm, high working capital intensity of the operations which
exerts pressure on the liquidity position of the firm and the
exposure to the cyclical nature of the steel industry. The rating
also takes into account the experience of the promoters in the
steel sector, low freight costs due to the proximity of KDISC to
the billet production facility of a group firm - B R Metallics
(rated at [ICRA]BB (Stable)) and the various incentives and
subsidies available under the North East Industrial and
Investment Promotion Policy (NEIIPP) 2007, which are likely to
support the profitability going forward. The ratings also factor
in the risk associated with the entity's profile as a partnership
firm, including the risk of capital withdrawal by the partne INR

K.D. Iron & Steel Company is a part of the North East based K. D.
Group, whose promoter's have a interest in various businesses
including steel, cement, retail, real-estate and others.
Incorporated on April 1, 2008, KDISC is engaged in the
manufacturing of TMT ba INR The commercial operations started
from March, 2011. The company has got an installed capacity of
1,05,000 metric tons per annum (mtpa) at Guwahati, Assam.

Recent Results:

In FY11, the company reported a net loss of INR2.67 crore
(provisional) on the back of an operating income of INR4.64 crore
(provisional).


MUKAND ENGINEERS: ICRA Puts '[ICRA]BB-' Rating on INR20cr Loan
--------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to the INR20 crore cash
credit facilities of Mukand Engineers Limited.  The rating
outlook is stable.  ICRA has also assigned '[ICRA]A4' rating to
the INR45 crore non-fund-based bank facilities of Mukand
Engineers Limited.

The ratings are constrained by MEL's moderate profitability from
operations, its high level of working capital requirement in the
business, and intense competitive pressures from other
established players in the domestic markets. The investments made
by MEL in the past and acquisition of debt of its parent company
limit the capital available for the company that can be deployed
in the business and post adjusting the aforementioned amounts the
capital structure is weak. Given that large part of MEL's
revenues are derived from implementation of new projects, the
company's operations are subject to risks of cyclicality
associated with its end user industries. The liquidity position
is expected to remain tight because of the large order book and
consistent limits requirement to bid for new projects,
notwithstanding the recent enhancement of limits for execution of
current order in hand. The company's ability to execute large
volumes of ongoing/future orders in a timely manner remains
critical to maintain its profitability, given its currently
moderate size of operations. ICRA notes that any unfavorable
fluctuations in prices of raw material can impact operating
margins given the raw material-intensive nature of operations &
'fixed price' nature of orders, although the risk is partly
mitigated by price escalation clause built in several contracts.

The ratings, however, favorably factor in MEL's long track record
and proven expertise in executed EPC contracts for hydro carbon,
steel and power projects over the last two decades, reputed
client profile and diversified consumer base. Moreover, the
favourable demand prospects for the EPC services over the medium
term from the user industries, and its position as an approved
vendor of leading project developers strengthen its marketing
position.

Incorporated in 1987, Mukand Engineers Limited was carved out of
the engineering division of Mukand Limited and the latter holds
35% in the company. MEL is in the business of engineering
procurement and construction (EPC) activities includes project
and design engineering, civil and structural work including
mechanical, electrical, instrumentation and piping for the
clients in petroleum, power generation, steel and aluminium
manufacturing secto INR Over the years, the company has built up
considerable expertise in its core segments and has executed
numerous projects for various reputed customers.


OYSTER MEDISAFE: ICRA Assigns '[ICRA]BB' to INR48cr Bank Loans
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to INR48.00
crore fund based facilities and non fund based facilities of
Oyster Medisafe Private Limited.  The outlook on the long term
rating is stable.

The assigned rating favorably factors in the strong background of
the parent company BBraun Medical India (P) Limited in Indian
medical disposables industry and the brand equity its products
enjoy. The rating also draws comfort from the strong financial
profile of the Germany based ultimate parent company, BBraun
Melsungen (AG) and its ability to infuse capital from time to
time. ICRA's rating is also supported by the WHOGMP (World Health
Organisation Good Manufacturing Practises) approved and ISO
9001:2000 certified manufacturing facilities of OMPL which are
equipped with latest machinery to perform end to end manufacture
of medical disposables. Further, the assigned rating factors in
the growing market for medical disposables in India driven by
government supported primary health care programs and rapidly
growing medical tourism industry, favorable demand outlook in the
international market for products manufactured out of India's OEM
manufacturing facilities which are now able to offer high quality
products at lower production costs. Nevertheless, the assigned
rating is constrained by the weak financial profile of the
company characterized by losses at operating level and
significant net worth erosion in the past. The rating is further
constrained by the inability of OMPL to market its products at
full scale and lack of established track record for the Oyster
Medisafe brand. OMPL is also exposed to fluctuations in raw
material prices due to absence of any fixed price contracts for
procuring raw materials and the assigned rating also factors in
its inability to pass on the increase in production costs to its
customers in the medium term.

Oyster Medisafe Private Limited was incorporated as a Public
Limited Company in November 2005 by a group of NRI Doctors,
practicing in USA for last 15-20 years, and M/s Soo Kang
Corporation, South Korea. OMPL is in the business of
manufacturing a range of medical disposables like Syringes,
Hypodermic Needles, Intravenous Sets, Blood Transfusion Sets,
Tubes, Elastic Bandage and Urine Bag etc. The Company's
registered office is located at Hyderabad and the manufacturing
facilities are located at Dabilpura, Medchal Mandal, Ranga Reddy
district, Andhra Pradesh. Towards the end of FY2011 and early
FY2012, the company has been taken over by BBraun Medical India
(P) Ltd, a step down subsidiary of BBraun Melsungen AG Germany,
an established player in the medical disposables and medical
equipment industry worldwide.

Recent Results:

In FY2011, OMPL reported an operating income of INR13.60 crore,
operating loss of INR10.00 crore and net loss of INR 21.46 crore
as per the audited accounts.


REMSONS INDUSTRIES: ICRA Reaffirms '[ICRA]BB+' Term Loan Rating
---------------------------------------------------------------
The long-term rating of '[ICRA]BB+' has been reaffirmed to the
INR3.75 crore (revised from INR6.00 crore), term loans and the
INR 16.00 crore (revised from INR19.00 crore), long-term, fund-
based bank facilities of Remsons Industries Limited.  The short-
term rating of '[ICRA]A4+' has also been reaffirmed to the
INR0.60 crore (revised from  INR0.84 crore) short-term, non-fund-
based bank facilities of the company. The outlook on the long
term rating is stable.

The rating continues to take into consideration the long standing
experience of the promoters in the auto components industry and
the established client base of the company in automobile
industry. While the strong demand from the Original Equipment
Manufacturers (OEMs) in the two wheeler industry is likely to act
as revenue driver, growing share of revenue from the after-market
is likely to support operating margin, as witnessed in FY2011 The
entry into gear shifters, which are high value products, further
strengthen the operational profile and also aid the company in
cross-selling control cables, primary product segment for the
company. The ratings are however constrained by the leveraged
capital structure of the company. ICRA notes that the unsecured,
long term loans availed from the promoters, which were interest
free till end of FY2011, are currently interest bearing, which is
likely to constrain the net profit margin in the future. The
ratings are also constrained by the competitive nature of auto
components industry, the current small scale of company's
operations and bargaining power of the OEMs that is likely to
exert pressure on profitability of the company in case of
volatility in raw material prices.

Remsons Industries Limited was incorporated by Mr. V. Harlalka on
the May 11, 1971, as a private limited company under the name of
Remsons Cable Private Limited. The business of Remsons India, a
partnership concern which was initially a proprietorship concern
of Mr. V. Harlalka, was merged with the Company on 14th May 1984.
The Company, Remsons Cables Private Limited was converted to a
public limited company on October 25, 1986 and its name was
changed to Remsons Industries Limited on the November 18, 1986.
The company is engaged in the manufacturing of auto ancillary
components - auto control cables, flexible shafts, gear shift
systems, push pull cables and parking brake mechanism. 98% of the
company's products are aimed at the automotive industry and the
remaining 2% at the non-automotive industry.

Recent Results:

For the six months ending September 30, 2011, Remsons reported
profit after tax (PAT) of INR0.99 crore on revenues of
INR51.77 crore as against a PAT of INR0.73 crore on revenues of
INR38.67 crore for the six months ending September 30, 2010. For
the year ending March 31, 2011, the company reported a PAT of
INR3.40 crore on an operating income of INR95.73 crore.


RR CONSTRUCTIONS: ICRA Cuts Rating on INR22cr Loan to '[ICRA]BB'
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR22 crore
Fund Based bank facilities and  INR48 crore Non-Fund Based bank
facilities of RR Constructions and Infrastructure India Pvt. Ltd.
from '[ICRA]BB+' to '[ICRA]BB'. ICRA has also revised the short
term rating assigned to the INR48 crore Non-Fund Based bank
facilities of RRCIIPL from '[ICRA]A4+' to '[ICRA]A4'.  The
outlook assigned to the long term rating is stable.

The rating revision takes into account the stretched liquidity
position on account of increase in receivable days which has
resulted in overdrawls in the cash credit account; continued
dependence on government and semi- government clients wherein the
company has faced delays in receiving payments in the past. The
rating also factors in the modest scale of operations which
limits the company's ability to bid for larger value projects and
significant client concentration risk with a single client
contributing to approx. 60% of the order book. The rating
however, draws comfort from the long track record of the company
in the construction industry; healthy unexecuted order book of
INR391 crore as on November 30, 2011 and a comfortable gearing of
0.5x as on March 31, 2011. Going forward, the ability of the
company to scale up its operations through timely execution of
contracts while managing its working capital requirements are key
rating sensitivities.

RRCIIPL was started as a partnership firm by Mr.V.Mani Raju and
Mr. P.Ravi Sankar. The firm was named RR Constructions and was
incorporated in 1994 and was subsequently converted into a
private limited company on June 5, 2007 and renamed as RRCIIPL.
RRCIIPL is currently executing majority of its contracts in
Maharashtra and Orissa and more than 90% of the orders are being
executed for the private sector on a sub contracting basis
wherein the ultimate client is a government or a semi- government
agency. The scope of work executed in the past few years included
canal and tunnel lining work, mining work, tunnel and canal
excavation work, dam construction etc.


SFPL CROP: ICRA Downgrades Rating on INR7cr Loan to '[ICRA]B'
-------------------------------------------------------------
ICRA has revised the long term rating assigned to the fund based
facilities, aggregating to INR7.00 crore, of SFPL Crop Life
Science Pvt Ltd from 'LBB-' to '[ICRA]B'.  The short term rating
of non fund based limits, aggregating to INR0.50 crore, however,
has been reaffirmed at '[ICRA]A4'.

The rating revision takes into account the significant
deterioration in the financial risk profile of the company due to
losses incurred in the business of NPK Mix fertilizers and with
largely debt-funded capital expenditure for gluconate
micronutrient plant, further resulting into highly stretched
gearing levels. NPK mix fertilizer business was discontinued
since April 2011 due to losses incurred as a result of restricted
supply of raw materials and unfavorable product pricing
regulations. The company has now put a focus on the business of
gluconate-based micro-nutrients since July 2010, however,
capacity utilisation levels continues to remain low due to low
awareness of the products, despite the limited competition. ICRA
notes that the company's ability to scale-up the sales of
gluconate-based micro-nutrients through marketing efforts so as
to improve the financial performance remains crucial from credit
perspective. The ratings, however, draw comfort from the
technical and financial support extended by the parent-Krishidhan
Seeds Ltd which is an established player and known brand name in
the agricultural community and the favorable demand potential for
micronutrient products..

SFPL Crop Life Science Pvt. Ltd [formerly Subhash Fertilizers Pvt
Limited] was incorporated in 1999 as a 100% subsidiary of
Krishidhan Seeds Limited which is engaged in the production and
marketing of seeds for the commercial seed market. SCLSPL is
involved in the production of plant nutrition products viz.
micronutrients products, plant growth promoters, plant growth
regulators etc. The company also undertakes marketing of few
grades of seeds manufactured by KSL.

During FY 2011, the company reported net loss of INR1.07 crore on
an operating income of INR11.44 crore.


SPORTKING INDIA: ICRA Cuts Rating on INR56.75cr Loan to 'BB'
------------------------------------------------------------
ICRA has revised the long term rating assigned earlier to
INR56.75 crore long term fund-based bank facilities and
INR184.25 crore term loans of Sportking India Limited from
'[ICRA]BBB-' to '[ICRA]BB'.  The outlook on long term rating is
stable. ICRA has also revised the short-term rating from
'[ICRA]A3' to '[ICRA]A4' to INR30 crore short-term non-fund-based
bank facilities of the company.

The rating action reflects deterioration in business environment
owing to subdued demand and adverse impact on company's financial
profile on account of inventory losses during H1 2011-12,
increase in overall indebtedness and interest costs. Gearing
levels of SIL are likely to remain high owing to INR19.5 crore
net loss incurred during H1 2011-12 and large debt-funded capital
expenditure being undertaken by the company. The ratings are
further constrained by high working capital intensity of its
business resulting in high funding requirements, vulnerability of
its earnings to raw material price & foreign exchange rates and
highly competitive nature of business. The ratings are however
supported by the company's track record in spinning business,
promoters' long standing experience with established market
presence and group's presence in knitting and garmenting that
provide ready market for SIL's products. Although company has
suffered significant losses in H1 2012, ICRA expects
profitability to normalise Q4 2012 onwards. While ICRA has
factored in sharp decline in operating profit margin for 2011-12,
however lower than expected cash accruals, adverse changes in
regulatory environment and debt funded capex would be the key
rating sensitivity.

                     About Sportking India

Incorporated in 1989, Sportking India Limited is the flagship
company of Sportking Group which is promoted by Mr. Raj Kumar
Avasthi. The company is in the business of manufacturing and
selling cotton yarn, acrylic yarn and blended synthetic yarn. The
other companies in the group are involved in processing of
yarn/fabrics, knitting of yarn/fabrics, manufacturing and export
of knitted/woven garments and retailing of garments in exclusive
showrooms (under 'Sportking' and 'Mentor' brand). The whole group
per se has presence from yarn manufacturing to retailing.

The operations of SIL commenced in the year 1990 and it installed
6,520 spindles in the year 1993 for manufacturing acrylic yarn in
Ludhiana and undertook expansion programme from time to time. At
present the company's installed capacity is ~130,000 spindles
along with an independent dye house for the production of
synthetic/polyester-cotton, blended/cotton yarn (grey as well as
dyed yarn), with count range of 18-36 (cotton), 20-40 (polyster
cotton) and 8-32 (synthetic) and chenille yarn.


SUMINTER INDIA: ICRA Assigns '[ICRA]BB+' Rating to INR15cr Loan
---------------------------------------------------------------
A rating of '[ICRA]BB+' has been assigned to the INR 15.00 crore
long term fund based limits of Suminter India Organics Private
Limited.  The outlook for the long term rating is stable. A
rating of '[ICRA]A4+' has been assigned to the INR 15.00 crore
short-term fund based limits (sub-limit of long term limit) of
SIOPL.

The assigned ratings take comfort from the established presence
of the company in organic farming and distribution activities,
with around 95000 acres of certified farm land available across
the states; the favorable demand prospects for organic products
globally; and comfortable capital structure on account of
significant equity infusion by promoters as well as through
venture funding/private equity route. The ratings also take into
account of the company's well diversified customer base; and
experience available in organic processing, fumigation and steam
sterilization areas through its subsidiary, namely Bergwerff
Organics India Private Limited (BOIPL). However, the ratings are
constrained by the modest scale of operations of the company,
which has restricted scale economies and constrained margins; the
revenue profile characterized by high concentration of cotton
sales, which is also a contributor to lower margins; the
competition from other established and smaller players in the
organic product industry; and the risk of slowdown in demand for
organic products due to present difficult economic conditions in
the developed economies in Europe and USA, which are the key
markets for organic products globally. The ratings are further
constrained by the working capital intensity and the limited
profitability, which is further exposed to both, the volatility
in the prices of key raw materials i.e. agro commodities, as well
as foreign exchange fluctuation risks, although these risks are
partly mitigated to the extent of hedging done by the company.
Further, the company's business remains exposed to Government
policy governing exports of agricultural produce from India as
well as the Minimum Support Price (MSP) mechanism. ICRA notes
that the ability of the company to improve profit margins through
scale augmentation and greater diversification of product mix
(through greater share of organic foods) will remain crucial from
a credit perspective.

Suminter India Organics Private Limited, established in 2004, is
primarily engaged in organic farming and distribution activities.
The company's business is built around the conversion of small-
scale farms in India to international organic standards and it
caters to the premium global organic product market. Presently,
SIOPL operates in two main product segments - I) Cotton, and ii)
Food. Within the food segment, the company deals mainly in spices
and oilseeds. Besides dealing in organic certified products, the
company also deals in Fair Trade labelled cotton. SIOPL also
holds 99.5% in Bergwerff Organics India Private Limited, which is
engaged in organic processing, fumigation and sterilisation
areas. The company is promoted by Mr. Sameer Mehra, and has
received equity funding from Nexus Venture Investments (India),
Pacific Sequoia LLC, The Skoll Foundation, and Skoll Fund.

For the year ended March 31, 2011, SIOPL reported an operating
income of - INR107.46 crore and profit after tax of INR1.96
crore. For the six months ended September 30, 2011, SIOPL has
reported operating income (unaudited) of - INR52.92 crore and
profit before tax of INR1.11 crore.


SUMITRA DS: ICRA Assigns '[ICRA]BB-' Rating to INR8cr LT Loan
-------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to INR8.0 crore, long-term,
fund based limits of Sumitra DS Motors Private Limited. ICRA has
also assigned '[ICRA]A4' rating to INR1.0 crore short-term, non
fund based facilities of the company. The outlook on the long-
term rating is 'stable'

The assigned ratings take into account SDPL's healthy market
position in Moradabad and Rampur districts by virtue of being the
sole MSIL dealer in these areas. The ratings are, however,
constrained by the moderate scale of operation, limited financial
flexibility on account of weak cash flows, high working capital
borrowings and stretched capital structure. The ratings remain
inhibited by thin profit margins of SDPL, which is inherent in
the automotive dealership business.

SDPL was incorporated in 2005 by Singh Family with one showroom
at Shahjahanpur district of U.P. dealing into automobile
dealership of Maruti. The company is promoted by three partners
vis., Mr. Jagjeet Singh, Mr. Daljeet Singh and Mr. Bimaljeet
Singh and currently operates one showroom cum service station
each in Shahjahanpur and Lakhimpur, with a recent addition of a
Maruti True value outlet in Shahjahanpur. While all the promoters
own a number of filling stations in and around Shahjahanpur, one
of them also operates a Hero Honda dealership business in the
same district.


SUPREME ELECTROCAST: ICRA Puts '[ICRA]B-' Rating on INR13cr Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]B-' rating for INR13.0 0 crore, long-
term, fund-based bank facilities of Supreme Electrocast Private
Limited.  ICRA has also assigned '[ICRA]A4' rating for INR7.0
crore short-term, non-fund based bank facilities of the company.

The assigned ratings consider improvement in SEPL's scale of
operation with growth in trading business, negligible term debt
commitments in the near future, and experience of its promoters
in the ingot manufacturing business. Further, the promoters have
provided financial support to the company by infusing fresh
equity and advancing unsecured loans in the past. The ratings
are, however, constrained by SEPL's stretched liquidity position
with high working capital requirements and fully drawn bank-
lines, as well as weak financial risk profile stemming from high
gearing (2.9x as on March 2011) and weak coverage indicators.
Further, cash flows of the company are thin in light of weak
profit margins because of high competitive industry, and limited
value-add nature of activity.

SEPL was incorporated in 2002 post a family settlement in the
Arora family. The company is being managed by Mr. Sudhir Kumar
Arora and his son Mr. Amish Arora. SEPL is involved in the
manufacturing of MS Ingots in Ghaziabad (Uttar Pradesh). The
company also trades in steel products like angles, rods etc; the
magnitude of which has increased over the last few years.
Currently, SEPL has an ingot manufacturing capacity of
36000MT/annum.


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


* Fitch to Host Investor & Media Forum in Jakarta on January 17
---------------------------------------------------------------
Fitch Ratings will host an investor and media forum in Jakarta on
January 17, 2012 on the agency's latest rating action on
Indonesia.  The agency recently upgraded the country's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDR) to
'BBB-' from 'BB+'.

Fitch also upgraded the IDRs of eight Indonesian banks and six
corporates comprising telecom, energy and utility companies.
Fitch's senior sovereign, banking and corporates analysts will
discuss the rationale behind the agency's rating actions, as well
as the dynamics driving future rating decisions.  The main
speakers include:

  -- Philip McNicholas, Director, Asia-Pacific Sovereigns

  -- Ambreesh Srivastava, Head of South & South East Asia
     Financial Institutions

  -- Andrew Steel, Head of Asia-Pacific Corporates


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


AMI INSURANCE: Latest Quakes Unlikely to Raise Gov't. Exposure
--------------------------------------------------------------
BusinessDesk reports that the New Zealand Treasury said that the
latest swarm of earthquakes to hit Christchurch is unlikely to
cause a material increase in the New Zealand government's
exposure to AMI Insurance.

The Canterbury region has been rattled with aftershocks over the
holiday period following a magnitude 5.8 earthquake on
December 23, which caused power and phone outages and further
liquefaction in the city's eastern suburbs, BusinessDesk says.

BusinessDesk relates that the government is taking on the quake-
related claims of AMI, the insurer it bailed out last year, as
part of a deal to sell the rest of the company to Insurance
Australia Group.

A Crown company will be established as soon as next month to
manage AMI's NZ$335 million worth of earthquakes liabilities,
likely to net out at about NZ$120 million after the sale.

The NZ$335 million is "only an estimate at this stage," the
report quotes Serene Ambler, spokeswoman for Treasury, as saying.
"We don't expect any material change as damage doesn't look so
significant that AMI will incur a significant amount of (new)
claims," Ms. Ambler said.

According to the report, Ms. Ambler said the new Crown company is
likely to start in February once the sale of AMI to IAG is
completed but until then it is business as usual at AMI.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2011, AMI Insurance said it has accepted a conditional
offer from IAG to purchase 100% of a reconfigured AMI company
with a separate Government-owned company being established to
steadily resolve all AMI earthquake claims existing at the time
of purchase.  IAG said in a separate statement that it had
entered into an agreement to purchase the AMI Insurance business
for NZ$380 million.

The TCR-AP, citing The New Zealand Herald, reported on April 8,
2011, that the government had announced a support package for AMI
Insurance that Finance Minister Bill English acknowledges could
top NZ$1 billion and leave the Crown liable for up to NZ$200
million a year in ongoing claims.  Interest.co.nz said the
government stepped in to guarantee AMI policy holders if the
insurance company had exhausted its own reserves due to the
financial hit caused by the two Christchurch earthquakes on
Sept. 4, 2010, and Feb. 22, 2011. AMI subsequently reported a
NZ$705 million annual loss and breached its Crown Support Deed
arrangement through a NZ$76 million shortfall to its NZ$198.6
million regulatory capital requirement, according to
Interest.co.nz.

                        About AMI Insurance

AMI Insurance -- http://www.ami.co.nz/-- is the largest wholly
New Zealand owned fire and general and personal lines insurance
company.  The company has 73 branches, two contact centres and 21
agencies throughout New Zealand, nearly 1,000 staff, and around
500,000 New Zealand customers holding 1.2 million policies.


STRATEGIC FINANCE: Receivers Sell Bendemeer Sites
-------------------------------------------------
Joe Dodgshun and Dene Mackenzie at Otago Daily News report that
the multimillion-dollar Bendemeer development, near Lake Hayes,
has been placed on the market more than a year and a-half after
the original development went into receivership.

Five sites ranging in size from 0.5 hectares to 2 hectares-plus,
and with an asking price beginning at $615,000, were put on the
market by Sotheby's International Realty, according to Otago
Daily News.

The report notes that the original 130-hectare Bendemeer
subdivision development, near Lake Hayes, came under the control
of PricewaterhouseCoopers after the $400 million demise of
Strategic Finance Limited and its receivership in March 2010.

Former Dunedin man Alistair Jeffery said that he was the
successful purchaser of the development at the end of August, the
report discloses.  Mr. Jeffrey had bought a section there in 2006
and had followed closely the receivership and the unsuccessful
purchase attempt by Dunedin businessman Paul Nicholson, who had
offered $12 million for the development, Otago Daily News notes.

PricewaterhouseCoopers confirmed the development had been sold to
an undisclosed buyer, for an undisclosed sum, the report relates.

Senior and mezzanine finance had been obtained through the Bank
of New Zealand and equity was provided by Mr. Jeffery, the report
adds.

                    About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operated as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provided specialist financial and advisory services to the
property and corporate sectors.  The Company operated in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-
operating subsidiary is Strategic Properties No.1 Limited.  In
May 2009, the Company incorporated a subsidiary, Gulf Property
Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, was wholly owned by Australian-based finance company Allco
HIT Limited.

The Troubled Company Reporter-Asia Pacific reported on March 15,
2010, that PricewaterhouseCoopers partners John Fisk and Colin
McCloy were appointed receivers of Strategic Finance Limited and
related companies Strategic Advisory Limited, Strategic Mortgages
Limited, Strategic Nominees Limited, and Strategic Nominees
Australia Limited.  This ended the moratorium arrangement that
had been in place since December 2008.  The companies' trustee,
Perpetual Trust, appointed receivers after SFL failed to generate
sufficient loan recoveries for its milestone repayment on Jan. 7,
2010.  The company owed NZ$417 million to 13,000 investors.

Perpetual Trust Ltd., on July 27, 2010, appointed liquidators to
Strategic Finance.  The High Court in Wellington made an order
that Corporate Finance's John Cregten and Andrew McKay be
appointed liquidators.


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


LEHMAN BROTHERS: 3 Law Firms Offer Tender in Psalm's Lehman Claim
-----------------------------------------------------------------
Three law firms have submitted offers in the re-bid process
undertaken by the Philippine's Power Sector Assets and
Liabilities Management Corporation on its foray to recover some
$3.5-million claims with legally-insolvent Lehman Brothers, Myrna
M. Velasco of The Manila Bulletin reported on Jan. 1.

"There have been three bidders which submitted eligibility
documents," PSALM president and chief executive officer Emmanuel
R. Ledesma Jr. has disclosed, according to the report.

The submission deadline was re-scheduled by the company last
December 22; after a bidding failure in October, the report
related.  The PSALM chief executive has deferred naming the
bidders, but he hinted that "all three are big local law firms
with foreign partners," the Bulletin said.

The CEO added that PSALM's bids and awards committee "has yet to
finalize if the bidders will qualify."  The announcement of the
winning party will be second week of January 2012, according to
the report.

The cost to be recouped from Lehman Brothers Special Financing
Inc. involved PSALM's principal only swap deal with the former, a
hedging transaction which is likened to an insurance purchase
which requires the company to pay an annual expense premium
equivalent to 2.687-percent of the notional amount of $100
million for 19 years, the Bulletin explained.  PSALM admitted
that it already made two premium payments for the transaction.

The approved budget for the legal consultant is P20 million, but
Energy Secretary Rene D. Almendras previously indicated the
actual cost may still go higher depending on the expenses to be
incurred in the proceedings, the Bulletin related.

In PSALM's tender notice, it emphasized that the biggest weight
will be given to the "applicable experience of the firm and its
associates/affiliates" -- this accounted for 50-percent of the
criteria and rating system, the Bulletin reported.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


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


* SINGAPORE: Faces Technical Recession as Q4 GDP Shrinks
--------------------------------------------------------
Today Online reports that Singapore's economy shrank for the
second time in three quarters, signalling it may slip into a
technical recession as a slump in manufacturing output and
slowdown in external demand hurt exports.

The Ministry of Trade and Industry said advance estimates showed
gross domestic product fell an annualized 4.9% in the fourth
quarter of last year from the previous three months, when it
climbed a revised 1.5%, Today Online relates.

Manufacturing output plunged 21.7% quarter-on-quarter, the
ministry, as cited by Today Online, said.

According to the news agency, the economic crisis facing
Singapore's key trading partners took its toll on the island
nation's small economy as the sovereign debt crisis in the euro
zone and weak growth in the US economy crimped demand for goods
and services.  The contraction in the fourth quarter capped a
year when Singapore's growth eased to 4.8% after a record
14.5% expansion in 2010, the report notes.

Deputy Prime Minister Tharman Shanmugaratnam, on the sidelines of
a national productivity event on Jan. 3, said Singapore will face
"an environment of slow growth" for at least two years, reports
Today Online.

Rather than introduce short-term fiscal measures, Mr. Tharman
said the Government will help companies and workers to upgrade
for the long-term with more intensive schemes -- something it
will address in the coming Budget, Today Online says.

"So it means that we will focus our minds on preparing for the
upgrading of the economy. Upgrading not just to get around a one
year slowdown but upgrading so as to get beyond what we are doing
into new products, new services, new quality of jobs. That's a
comprehensive effort across the economy and the Government is
focusing its mind on it," the report quotes Mr. Tharman as
saying.

Today Online notes that Singapore had narrowly averted a
technical recession in the third quarter, largely because of a
surge in biomedical production.

According to the report, most analysts expect the economy to
continue contracting in the first quarter of this year, resulting
in a technical recession which is defined as two consecutive
quarters of negative GDP.


                             *********

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., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  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$625 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 240/629-3300.





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