TCRAP_Public/120913.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, September 13, 2012, Vol. 15, No. 183

                            Headlines


A U S T R A L I A

BUILDEV GROUP: Sedgman Joins Queue in Payment Chase from Tinkler
IMPALA TRUST NO. 1: S&P Rates A$1.6MM Class F Notes 'B(sf)'
* QUEENSLAND: Moody's Comments on Budget for 2012/13


C H I N A

HIDILI INDUSTRY: S&P Cuts Corp. Credit Rating to 'B'; Outlook Neg
RKI FINANCE: Moody's Affirms 'B1' CFR; Rates Proposed Bonds 'B1'


H O N G  K O N G

HERITAGE COLLECTIONS: Creditors' Proofs of Debt Due Oct. 8
HK SYNTRANS: Wong and Arab Appointed as Liquidators
NEW CHINA: Creditors' Proofs of Debt Due Sept. 28
NIELSEN BUSINESS: Hok and Boswell Appointed as Liquidators
NSI LIMITED: Cowley and Wong Appointed as Liquidators

SHING FUNG: Creditors' Proofs of Debt Due Oct. 16
SHUN HING: Members' Final Meeting Set for Oct. 8
STERNTALER LIMITED: Members' Final Meeting Set for Oct. 7
TRANS WORLD: Creditors' Proofs of Debt Due Sept. 28
WINSURE COMPANY: Lui and Chi Step Down as Liquidators


I N D I A

ANSHUL STEELS: CRISIL Assigns 'B' Rating to INR259MM Loans
BIKANER CERAMICS: CRISIL Cuts Rating on INR63.5MM Loan to 'BB'
COLDSPACE AGROTECH: CRISIL Rates INR60MM LT Loan at 'CRISIL B'
JAY JEE ENTERPRISES: CRISIL Cuts Rating on INR108MM Loan to 'BB'
MGR ENTERPRISES: Delay in Loan Payment Cues CRISIL Junk Ratings

MINMAT FERRO: CRISIL Rates INR30MM Cash Credit at 'CRISIL BB-'
NADIA CONSTRUCTIONS: CRISIL Cuts Rating on INR100MM Loan to 'B'
RATNAGIRI CHEMICALS: CRISIL Rates INR45MM Loan at 'CRISIL B+'
SECURE PRINT: CRISIL Cuts Rating on INR100MM Loan to 'CRISIL B-'
SECUNDERABAD HOTELS: CRISIL Puts 'D' Rating on INR300MM Loans

SHREE BALAJI: CRISIL Rates INR90MM Cash Credit at 'CRISIL BB-'
TOOFAN STEEL: Delay in Loan Payment Cues CRISIL Junk Ratings
VIJAYAWADA HOSPITALITIES: CRISIL Puts 'D' Rating on INR75MM Loans
V.R. CONSTRUCTIONS: CRISIL Rates INR99MM Loan at 'CRISIL BB+'


I N D O N E S I A

BAKRIE TELECOM: Fitch Affirms Junk Issuer Default Rating
TRANS PACIFIC: Pertamina Set to Seize Assets Due to Unpaid Debts


N E W  Z E A L A N D

CHRISTCHURCH: Liquidators Probes if Firm Traded While Insolvent
GRACE HOLDINGS: Investors Unlikely to Get Payout, Liquidator Says
NORTH ISLAND MUSSEL: No Decisions Yet After Receivership


S I N G A P O R E

LE GRAND: Creditors' Proofs of Debt Due Sept. 21
F1 GROUP: Court Enters Wind-Up Order
R.A.S.A.: Creditors' Proofs of Debt Due Oct. 7


                            - - - - -


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


BUILDEV GROUP: Sedgman Joins Queue in Payment Chase from Tinkler
----------------------------------------------------------------
Paddy Manning at smh.com.au reports that mining contractor
Sedgman has joined the queue of companies seeking payment from
former billionaire Nathan Tinkler's business empire, this time
over unpaid work on his proposed coal terminal in Newcastle.

In its 2011-12 accounts, smh.com.au relates, Sedgman disclosed an
impairment of receivables of AUD2.048 million and it is
understood this relates to unpaid infrastructure works for
Mr. Tinkler's Hunter Ports, which was proposing a new coal loader
on the former BHP Steelworks site at Mayfield -- a proposal
rejected earlier this year by the New South Wales government.

Sedgman is understood to be negotiating with Hunter Ports over
the unpaid money, the report relays.

According to the report, the shelving of the proposed coal
terminal has led to another legal dispute, with two of
Mr. Tinkler's private companies, Ocean Street Holdings and
Buildev Group, under Supreme Court orders to pay about
AUD17 million to Mirvac subsidiary Domaine Steel River, to
complete a related property purchase agreed last July.  The
deadline for that payment expired last week and Mirvac returned
to court on Monday to enforce the orders, but Mr. Tinkler's
lawyers sought extra time to file a defense.  Registrar Andrew
Musgrave gave them until September 18, smh.com.au relays.

The report adds that Mr. Tinkler's Mulsanne Resources is also
being pursued for AUD28.4 million by listed coal explorer
Blackwood Corporation, over a share placement agreed in July.

Mr. Tinkler, smh.com.au says, has relocated to Singapore.
According to smh.com.au, the bulk of his wealth is tied up in his
21% stake in Whitehaven Coal, which he bid to privatize last
month for $5.20 a share. Whitehaven has suffered from uncertainty
over the fate of Mr. Tinkler's stake, which he has borrowed
heavily against, delays in its expansion program and from the
downturn in coal prices.


IMPALA TRUST NO. 1: S&P Rates A$1.6MM Class F Notes 'B(sf)'
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to the seven classes of auto, equipment, fixtures and
fittings, and medical practice loan-backed, floating-rate, pass-
through notes issued by Perpetual Trustee Co. Ltd. as trustee of
IMPALA Trust No. 1 - Sub Series 2012-1.

The transaction is a securitization of fully and partially
amortizing Australian-dollar, auto-, equipment-, and fixtures and
fittings-backed finance leases, commercial hire-purchase
agreements, goods mortgages, as well as practice loans offered to
health industry participants.

The preliminary ratings reflect S&P's view of:

-  The creation of a new special-purpose subseries, coupled with
    the transaction's legal structure. The entity, IMPALA Trust
    No. 1 - Sub Series 2012-1, meets Standard & Poor's special-
    purpose entity criteria.

-  The credit support for each class of notes, which is provided
    in the form of subordination comprising 8.4% provided at
    'A-1+ (sf)' and 'AAA (sf)', 6.6% provided at 'AA (sf)', 5.0%
    provided at 'A (sf)', 3.6% provided at 'BBB (sf)', 2.8%
    provided at 'BB (sf)', and 2.2% provided at 'B (sf)'.

-  Liquidity support equal to A$2.5 million, which is 1.10% of
    the initial amount of the receivables. Subject to a floor
    amount of A$1.25 million, liquidity will be funded from note
    issuance at closing, and will be held in the liquidity
    account. Principal collections may also be used to meet
    short-term liquidity demands. A class of notes cannot draw
    down liquidity or principal if there is a charge off against
    that class of notes.

-  The condition that all contractual payments, including the
    residual or balloon payments, are an obligation of the
    borrower. As a result, the issuer is not exposed to any
    market value risk associated with the sale of the autos,
    equipment, and fixtures and fittings (on performing loans),
    which is a risk that may be associated with other products
    such as operating leases.

-  The benefit of a fixed-to-floating interest-rate swap
    provided by Australia and New Zealand Banking Group Ltd.
    (AA-/Stable/A-1+) to hedge the mismatch between the fixed-
    rate interest and rental payments on the receivables, and
    the floating-rate coupon payable on the notes.

"The class D, class E and class F noteholders are entitled to
fully subordinated supplemental payment amounts, in addition to
their senior-rated interest payments. These payment amounts are
only payable if there are available funds remaining after all
items senior to them under the interest waterfall have been made.
As such, there could be insufficient funds available to meet
these payment amounts. Standard & Poor's 'BBB (sf)' rating on the
class D notes, 'BB (sf)' rating on the class E notes, and 'B
(sf)' rating on the class F notes only address the senior-rated
interest payments," S&P said.

The issuer has not informed Standard & Poor's (Australia) Pty
Ltd. whether the issuer is publicly disclosing all relevant
information about the structured finance instruments the subject
of this rating report or whether relevant information remains
non-public.

            STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

The Standard and Poor's 17g-7 Disclosure Report in this credit
rating report is available at:

  http://standardandpoorsdisclosure-17g7.com/1111792.pdf

PRELIMINARY RATINGS ASSIGNED
Class        Rating        Amount (mil. A$)
A1           A-1+ (sf)     50.00
A2           AAA (sf)      163.00
B            AA (sf)       4.20
C            A (sf)        3.80
D            BBB (sf)      3.13
E            BB (sf)       1.80
F            B (sf)        1.60
Seller       N.R.          5.00

N.R.-Not rated.


* QUEENSLAND: Moody's Comments on Budget for 2012/13
----------------------------------------------------
Moody's Investors Service notes that Queensland's budget for the
current fiscal year of 2012/13, published on Sept. 11, projects a
further deterioration in its financial performance, but also
estimates that the Australian state will return to a small
surplus position by 2014/15 due to a new program of budgetary
redress.

Preliminary results for 2011/12, last fiscal year, indicate that
the general government sector deficit is estimated as a still
large, but smaller-than-forecast AUD5.6 billion, or equal to
12.3% of revenues, and down from the higher budgeted level of
19.5%.

However, Moody's notes that this improvement largely reflected
the advance of the Commonwealth government's provision of
disaster relief for flooding to the state ahead of schedule to
the 2011/12 year, while related capital expenditures will occur
in 2012/13.

As a result of this change in timing, the 2012/13 budget
forecasts a much larger deficit amounting to a considerable 25.5%
of revenues. But, after the exclusion of the impact of the
national disaster relief grants and the cost of rebuilding state
infrastructure, Queensland estimates that its deficit position
will be similar in both years, with the shortfall amounting to
14.9% of revenue in 2012/13 and 14.0% in 2011/12.

Moody's notes that these large budget gaps are due to less robust
growth in conveyancing duties and GST-back Commonwealth grants,
while spending has not been commensurately adjusted. The state's
elevated spending base reflects efforts to enhance health,
education and police services, as well as increases in public
sector wages. In addition, capital expenditures remain at very
high levels compared to historical trends.

For the medium term, a new administration is implementing a
budgetary redress plan that is projected to narrow the deficit
and bring the state into a small surplus position by 2014/15.
Measures to cut expenditure growth are focused largely on a
reduction of about 14,000 state positions and a cap on total
compensation increases of 3% annually over the next four years.
Moody's also notes that Queensland's 2.5% wage policy remains in
place and its efficacy is likely to improve thanks to legislative
amendments that require arbitrators to consider the state's
financial position when determining wage adjustments.

Revenue measures primarily include an increase in the coal
royalty and other adjustments, such as a rise in conveyancing
duty rates for higher valued properties. Moody's noted, however,
that these measures have been dampened, in part, by some tax
relief measures.

Moody's believes that the state faces considerable challenges in
achieving it budgetary targets, including the reduction of annual
expenditure growth to a very low 2.5% over the next four years,
and down from an elevated 9.9% over the past four years.

As part of its normal monitoring process, Moody's will evaluate
the 2012/13 budget's assumptions, the degree of government
resolve to bring the budget back to balance, including its
ability to reduce the rate of current expenditure growth, budget
cushions to offset potential revenue volatility, and the impact
of financial improvements on the state's debt burden.



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C H I N A
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HIDILI INDUSTRY: S&P Cuts Corp. Credit Rating to 'B'; Outlook Neg
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on China-based coking coal producer
Hidili Industry International Development Ltd. to 'B' from 'B+'.
The outlook is negative. "We also lowered the issue rating on the
company's senior unsecured notes to 'B-' from 'B+'. At the same
time, we lowered our Greater China regional scale long-term
rating on Hidili to 'cnB+' from 'cnBB' and the issue rating on
the company's notes to 'cnB' from 'cnBB'. We removed all the
ratings from CreditWatch, where they had been placed with
negative implications on June 26, 2012," S&P said.

"We lowered the rating to reflect our view that Hidili's
financial position is likely to deteriorate due to subdued coking
coal prices, weaker demand, and the company's still-aggressive
expansion plans," said Standard & Poor's credit analyst Jian
Cheng.

"We believe the refinancing risk associated with the company's
Chinese renminbi (RMB) 1.7 billion convertible bonds due January
2013 has reduced following a proposed capital injection of RMB1.5
billion from Huaneng trust. The Huaneng trust loan ranks as a
priority debt and pushes Hidili's ratio of total priority debt to
total assets to above 20% in the next two years. We have notched
down the company's outstanding senior unsecured U.S. dollar debt
to reflect the structural subordination risk," S&P said.

"We believe that Hidili's liquidity position is still 'less than
adequate,' as our criteria define the term, considering the
company's increased working capital requirements and capital
expenditure spending. We expect the company's liquidity sources,
including cash and equivalents, to cover its liquidity uses by
less than 1x over the next 12 months," S&P said.

"The price of Hidili's main product, clean coal, has fallen to
less than RMB1,000 per ton since July 2012, mainly due to weaker
demand from steel mills. We expect prices to remain low over the
next 12 months due to tough industry conditions. We also expect
Hidili's working capital requirements to remain high due to tough
industry conditions. We anticipate that the company will speed up
capital spending to ramp up production," S&P said.

"Hidili may not meet its original production target of 5 million
tons of raw coal in 2012, in our opinion, even though production
was on track in the first half of the year. This is because all
mining operations in Panzhihua have reportedly been suspended for
a month for safety checks following a major accident in a mine in
the region. Production in Panzhihua represented about 35%-40% of
Hidili's production in the first half of the year," S&P said.

"The negative outlook reflects our view that Hidili's production
and average selling price may fall short of our original
expectations and that the company's ratio of funds from
operations to debt could drop below 15% and remain there," said
Mr. Cheng.

The negative outlook also reflects Hidili's liquidity position
and a possible weakening of the coal industry.

"We may lower the rating if: (1) Hidili's liquidity position
becomes 'weak'; (2) the company's operating cash flow is weaker
than we expected; (3) its capital expenditure is higher than we
anticipated; or (4) Hidili fails to address its debt maturities.
We could also downgrade Hidili if conditions in the coal industry
are weaker than our expectation. This could happen if coking
coal prices continue to fall due to weaker demand on a
sustainable basis," S&P said.

"We may revise the outlook to stable if: (1) Hidili's liquidity
improves; (2) the company rolls over most of its short-term debt
over the next 12 months; and (3) an improvement in coking coal
demand results in higher prices," S&P said.


RKI FINANCE: Moody's Affirms 'B1' CFR; Rates Proposed Bonds 'B1'
----------------------------------------------------------------
Moody's Investors Services has assigned a B1 rating to the
proposed bonds to be issued by RKI Finance (2012) Limited and
guaranteed by Road King Infrastructure Limited.

At the same time, Moody's has affirmed Road King's B1 corporate
family rating.

The outlook for both ratings is stable.

Ratings Rationale

The proposed USD bonds are mainly intended to refinance those of
Road King's USD senior notes maturing in 2014 as well as fund
Road King's property development business.

"Following the bond issuance, Road King's debt leverage -- as
measured by adjusted debt to total capitalization -- is expected
to increase to around 50-55% in the next 12-18 months, which is
within the range appropriate for its B1 rating," says Franco
Leung, a Moody's Assistant Vice President and Analyst.

"The proposed USD bonds will improve the company's debt maturity
profile as they will reduce the concentration of debt maturing
between 2013 and 2015. In Moody's view, the planned issuance
further demonstrates the company's proactive management of its
capital structure," says Leung.

Moreover, Road King's B1 rating reflects its adequate level of
liquidity and its cautious strategy on replenishing its land
bank.

At the same time, its ratings are constrained by its small scale
and short track record in growing its property business in China.

The stable outlook incorporates Road King's improved performance
in contract property sales and its proactive management of debt.

Upward rating pressure could emerge if Road King (1) meets its
sales targets; (2) its profit margin improves consistently, such
that EBITDA/ interest stays above 3x on a sustainable basis; and
(3) cash receipts from its toll road businesses remain stable and
continue to service a significant portion of its interest
expenses.

On the other hand, downward pressure could emerge if Road King
(1) fails to achieve its sales target, resulting in an impairment
of its liquidity position; (2) aggressively purchases land funded
by debt; or (3) is unable to maintain its interest coverage above
2.0x, or debt to total capitalization below 60%.

The principal methodology used in rating Road King Infrastructure
was the Global Homebuilding Industry Methodology published in
March 2009.

Established in 1994, Road King Infrastructure Limited is a Hong
Kong-listed company with investments in toll roads as well as
investment projects in China.



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H O N G  K O N G
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HERITAGE COLLECTIONS: Creditors' Proofs of Debt Due Oct. 8
----------------------------------------------------------
Creditors of Lynncroft Enterprises Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Oct. 8, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 28, 2012.

The company's liquidators are:

         Chan Chi Bor
         Li Fat Chung
         Unit 402, 4/F
         Malaysia Building
         No. 50, Gloucester Road
         Wanchai, Hong Kong


HK SYNTRANS: Wong and Arab Appointed as Liquidators
---------------------------------------------------
Wong Tak Man Stephen and Osman Mohammed Arab on Aug. 6, 2012,
were appointed as liquidators of Hong Kong Syntrans International
Logistics Company Limited.

The liquidators may be reached at:

          Wong Tak Man Stephen
          Osman Mohammed Arab
          29/F, Caroline Centre
          Lee Gardens Two
          28 Yun Ping Road
          Hong Kong


NEW CHINA: Creditors' Proofs of Debt Due Sept. 28
-------------------------------------------------
The New China Hong Kong Capital Limited, which is in creditors'
voluntary liquidation, requires its creditors to file their
proofs of debt by Sept. 28, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         James Wardell
         Suite 1704, 17th Floor
         625 King's Road
         North Point, Hong Kong


NIELSEN BUSINESS: Hok and Boswell Appointed as Liquidators
----------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell on
Aug. 23, 2012, were appointed as liquidators of Nielsen Business
Media Asia Limited.

The liquidators may be reached at:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong


NSI LIMITED: Cowley and Wong Appointed as Liquidators
-----------------------------------------------------
Messrs. Patrick Cowley and Wong Wing Sze Tiffany on Aug. 9, 2012,
were appointed as liquidators of NSI Limited.

The liquidators may be reached at:

          Messrs. Patrick Cowley
          Wong Wing Sze Tiffany
          27/F, Alexandra House
          18 Chater Road
          Central, Hong Kong


SHING FUNG: Creditors' Proofs of Debt Due Oct. 16
-------------------------------------------------
Shing Fung Lee Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by Oct. 16, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 30, 2012

The company's liquidators are:

         Fu Yat Hung David
         Young Wai Heng Matthew
         33rd Floor, One Pacific Place
         88 Queensway, Hong Kong


SHUN HING: Members' Final Meeting Set for Oct. 8
------------------------------------------------
Members of Shun Hing Sundries Limited will hold their final
meeting on Oct. 8, 2012, at 10:00 a.m., at 20/F, Fung House, No.
19-20 Connaught Road Central, in Hong Kong.

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


STERNTALER LIMITED: Members' Final Meeting Set for Oct. 7
---------------------------------------------------------
Members of Sterntaler Limited will hold their final meeting on
Oct. 7, 2012, at 10:00 a.m., at Werkstrade 6-8, 65599 Dornburg,
in Germany.

At the meeting, Koch Thomas Hermann, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TRANS WORLD: Creditors' Proofs of Debt Due Sept. 28
---------------------------------------------------
Trans World Agency Company Limited, which is in members'
voluntary liquidation, requires its creditors to file their
proofs of debt by Sept. 28, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 29, 2012

The company's liquidators are:

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


WINSURE COMPANY: Lui and Chi Step Down as Liquidators
-----------------------------------------------------
Lui Wan Ho and To Chi Man stepped down as liquidators of Winsure
Company Limited on Sept. 3, 2012.



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ANSHUL STEELS: CRISIL Assigns 'B' Rating to INR259MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Anshul Steels Limited.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Term Loan               53       CRISIL B/Stable  (Assigned)

   Proposed Long-Term      46       CRISIL B/Stable (Assigned)
   Bank Loan Facility

   Letter of Credit        100      CRISIL A4 (Assigned)

   Bank Guarantee           10      CRISIL A4(Assigned)

   Cash Credit             160      CRISIL B/Stable (Assigned)

The ratings reflect susceptibility of ASL's revenues and margins
to volatility in steel prices and supply of key inputs, and
working capital intensity of its operations. These rating
weaknesses are partially offset by the extensive experience of
ASL's promoter in the steel industry.

Outlook: Stable

CRISIL believes that ASL will maintain its business risk profile
over the medium term backed by promoters' experience in the steel
industry and their established relations with customers and
suppliers. The outlook may be revised to 'Positive', if the
company is able to demonstrate a significant and sustained
improvement in its liquidity resulting in a timely servicing of
its debt obligations while also maintain a steady growth in
revenues and net cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of lengthening of ASL's working
capital cycle or if the company reports substantial decline in
its accruals.

                       About Anshul Steels

Incorporated in 2005, ASL is a closely held public limited
company, engaged in manufacturing of sponge-iron and mild steel
(MS) ingots. The Goa-based Mangal family acquired the entire
stake in the company from the initial promoters in 2011-12.

The Mangal family has been associated with the steel business for
more than a decade, through Mangal Iron Pvt Ltd, based in Goa.
Mr. Kushal Mangal and Mr. Anand Mangal, the two brothers, along
with Mr. Rajiv Jain, a close business associate, look after the
overall operations of the company.

ASL's plants are located in the Kagal district of Kolhapur
(Maharashtra). ASL's installed capacity for manufacturing of
sponge iron and MS ingots is around 60,000 tons per annum (tpa)
and 36,000 tpa respectively.

ASL reported a profit after tax (PAT) of INR30.2 million on net
sales of INR771 million for 2011-12, against a PAT of INR26.4
million on net sales of Rs718 million for 2010-11.


BIKANER CERAMICS: CRISIL Cuts Rating on INR63.5MM Loan to 'BB'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Bikaner Ceramics Pvt Ltd to 'CRISIL BB/Stable' from 'CRISIL
BB+/Stable'; the rating on the company's short-term bank
facilities has been reaffirmed at 'CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        22.5     CRISIL A4+ (Reaffirmed)

   Cash Credit           60       CRISIL BB/Stable (Downgraded
                                  from 'CRISIL BB+/Stable')

   Long-Term Loan        3.5      CRISIL BB/Stable (Downgraded
                                  from 'CRISIL BB+/Stable')

The rating downgrade reflects BCPL's deteriorating business risk
profile, marked by decline in the company's operating income. The
company's operating income has declined by 21 per cent in 2011-12
(refers to financial year, April 1 to March 31); the same is
expected to decline further over the medium term. BCPL's revenues
have been lower than expected, because of increasing competition
from Chinese insulators, which are cheaper than Indian
insulators. CRISIL believes that BCPL would be able to maintain a
moderate business risk profile in the medium term.

The ratings reflect the benefits that BCPL derives from its
promoters' extensive industry experience, and moderate financial
risk profile marked by gearing of 0.85 times and interest
coverage of 2.1 times. These rating strengths are partially
offset by BCPL's small scale of operations in the intensely
competitive ceramics insulators business.

Outlook: Stable

CRISIL believes that BCPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
CRISIL also believes that the company's financial risk profile
will remain moderate during the same period, supported by a low
gearing and moderate interest coverage. The outlook may be
revised to 'Positive' if BCPL generates more-than-expected cash
accruals, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if BCPL's
operating revenues are lower than expected, or if the company
undertakes a significant debt-funded capital expenditure
programme, leading to weakening of its financial risk profile.

                      About Bikaner Ceramics

BCPL, incorporated in 1966, is promoted by Mr. H M Mundhra. The
company manufactures ceramic insulators of up to 400 kilovolts.
BCPL has also taken a clay mine on lease in Bikaner from the
government of Rajasthan and undertakes mining from the same.

BCPL's profit after tax (PAT) and net sales, on provisional
basis, are estimated at INR3.37 million and INR253.8 million
respectively for 2011-12; the company reported a PAT of INR3.89
million on net sales of INR320.46 million for 2010-11.


COLDSPACE AGROTECH: CRISIL Rates INR60MM LT Loan at 'CRISIL B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
loan facility of Coldspace Agrotech India Pvt Limited.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Long Term Loan         60      CRISIL B/Stable (Assigned)

The rating reflects CAIPL's exposure to risk related to
implementation of its on-going cold storage project. This rating
weakness is partially offset by the extensive experience of
CAIPL's promoters in the agricultural field.

Outlook: Stable

CRISIL believes that CAIPL will implement its on-going project
without any significant time or cost overruns. The outlook may be
revised to 'Positive', in case CAIPL reports higher-than-expected
cash accruals, on the back of higher utilization of its storage
capacities. Conversely, the outlook may be revised to negative,
in case the company witnesses low capacity utilization levels or
if it undertakes larger-than-expected, debt-funded capital
expenditure programme, resulting in deterioration in its
financial risk profile.

                       About Coldspace Agrotech

Incorporated in August 2011, Coldspace Agrotech India Pvt Limited
(CAIPL) is setting-up cold storage and ripening chambers. The
company is promoted by Mr. Narasimha Raju, Mr. Indukuri Varma and
their family members.


JAY JEE ENTERPRISES: CRISIL Cuts Rating on INR108MM Loan to 'BB'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jay Jee Enterprises (part of the RLG group) to 'CRISIL
BB/Negative/CRISIL A4+' from 'CRISIL BBB+/Negative/CRISIL A2'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        10       CRISIL A4+ (Downgraded from
                                  'CRISIL A2')

   Bill Discounting      20       CRISIL A4+ (Downgraded from
                                   'CRISIL A2')

   Cash Credit          108       CRISIL BB/Negative (Downgraded
                                  from 'CRISIL BBB+/Negative')

   Letter of Credit      37.8     CRISIL A4+ (Downgraded from
                                  'CRISIL A2')

The downgrade reflects continued deterioration in the RLG group's
credit risk profile because of more-than-expected funding support
extended by the group for capital expenditure (capex) of its
associate companies, Gama Infraprop Pvt Ltd (GIPL; rated 'CRISIL
BB-/Negative/CRISIL A4') and Micro Polypet Pvt Ltd.  CRISIL had
earlier expected the funding support to be around INR600 million,
which increased to INR1.2 billion by March 31, 2012. The
investment made by the RLG group now stands larger than its net
worth of INR1.1 billion (as on March 31, 2012). The sizable
deployment of funds in the associate companies has resulted in
RLG group's increased dependence on external borrowings.
Consequently, the group's capital structure deteriorated, with
its adjusted gearing1 increasing to 2.09 times as on March 31,
2012 from 1.27 times a year before. The group's liquidity is
stretched, reflected in its fully utilized bank lines and
instances of devolvement of letters of credit in the past. CRISIL
expects the RLG group's liquidity to remain stretched in the
medium term, with large quantum of funds extended to associate
companies and cash accruals tightly matched against maturing
repayment obligations. Moreover, larger-than-expected quantum of
investments made by the group will vitiate its liquidity problems
further, which is why it remains a key rating sensitivity factor.

The ratings continue to reflect the RLG group's established
market position in the organic-chemical industry and above
average debt protection metrics. These rating strengths are
partially offset by the group's exposure to risk of deployment of
funds in unrelated business, and deteriorating capital structure
and liquidity.

For arriving at the ratings, CRISIL has combined the business and
financial profiles of Luna Chemical, GD Dyestuff Industries Ltd
(GD Dyestuff), and Jay Jee Enterprises (Jay Jee). The entities
are collectively referred to as the RLG group. This is because
the entities are in the same industry and under a common
management.

Outlook: Negative

CRISIL believes that the RLG group's credit risk profile remains
vulnerable to more-than-expected funding support extended to its
associate companies. The ratings may be downgraded in case the
group's capital structure deteriorates further on account of
more-than-expected funds extended, or its operating margin comes
under pressure, leading to less-than-expected cash accruals from
operations and consequent weakening in liquidity. Conversely,
outlook may be revised to 'Stable' in case the group's capital
structure improves with better working capital management or in
case of significant return on funds deployed with the associate
companies.

                         About the Group

The RLG group currently has a diversified product portfolio that
includes acetanilide, acetic anhydride, acetic acid, industrial
alcohol, aniline oil and sulphonic acid. The group's day-to-day
operations are managed by Mr. R L Goyal and his sons, Mr. Rahul
Goyal and Mr. Raman Goyal.

GD Dyestuff was established in 1978 and manufactures vinyl
sulphone (dye intermediate). The group established Luna Chemical
in 1997 for manufacturing acetic anhydride and acetanilide
flakes. In 2000, the group acquired Jay Jee in Silvassa (Union
Territory of Dadra and Nagar Haveli); Jay Jee manufactures acetic
anhydride, acetanilide flakes and sulphanilic acid.

Jay Jee reported, on provisional basis, a profit after tax (PAT)
of INR47.98 million on net sales of INR0.86 billion for 2011-12;
the firm reported a PAT of INR49.06 million on net sales of
INR0.84 billion for 2010-11.

1Adjusted gearing refers to total debt to adjusted net worth with
net worth adjusted for 25 per cent of the RLG group's investments
in other group entities as there is limited visibility on
timelines and extent of returns on these investments.


MGR ENTERPRISES: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of MGR Enterprises to 'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          80.0      CRISIL D (Downgraded from
                                  'CRISIL B/Stable')

   Proposed Long-Term   19.9      CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL B/Stable')

The rating downgrade reflects MGR's overdrawn cash credit limit
and its non-payment of interest on the same; the delays have been
caused by the firm's weak liquidity. The firm has, currently,
discontinued its operations.

                       About MGR Enterprises

MGR was established in 1999 as a partnership concern by Mr.
Rajendra Reddy and his family. MGR was a wholesale distributor of
electronic goods (television sets, washing machines, microwaves,
vacuum cleaners, air conditioners, geysers, mixer grinders, and
fans) manufactured by LG Electronics India Pvt Ltd, Samsung India
Pvt Ltd, Mirc Electronics Ltd, and Videocon Industries Ltd, among
others; the firm used to distribute these products across Andhra
Pradesh (AP). The firm has, currently, discontinued its
operations.


MINMAT FERRO: CRISIL Rates INR30MM Cash Credit at 'CRISIL BB-'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank loan facilities of Minmat Ferro Alloys Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Letter of Credit       26.5     CRISIL A4+ (Assigned)
   Bank Guarantee          1       CRISIL A4+ (Assigned)
   Cash Credit            30       CRISIL BB-/Stable (Assigned)

The ratings reflect the benefits that MFAPL derives from its
promoters' considerable experience in the ferroalloys industry
and its diversified portfolio of clients. These rating strengths
are partially offset by MFAPL's limited scale of operations, and
below-average financial risk profile marked by small net worth,
weak interest coverage ratio and low profitability.

Outlook: Stable

CRISIL believes that MFAPL will continue to benefit from its
promoters' extensive experience in the ferroalloys industry and
its established clientele. The outlook may be revised to
'Positive' if MFAPL increases its scale of operations
substantially, along with improving its financial risk profile,
driven most likely by larger-than-expected cash accruals or
infusion of capital by promoters. Conversely, the outlook may be
revised to 'Negative' if there is deterioration in the company's
financial risk profile, especially liquidity, caused most likely
by less-than-expected cash accruals, a stretch in working capital
cycle, or large, debt-funded capital expenditure.

                        About Minmat Ferro

MFAPL was incorporated in 1989 by Kolkata-based Mr. Rajkumar
Rungta and Mr. Nilmani Harlalka. The company trades in various
ferroalloys and manufactures ferromolybdenum. MFAPL's
manufacturing facility is located at Kolkata, West Bengal.

For 2010-11 (refers to financial year, April 1 to March 31),
MFAPL reported an operating income of INR325 million and a profit
after tax (PAT) of INR2 million.


NADIA CONSTRUCTIONS: CRISIL Cuts Rating on INR100MM Loan to 'B'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Nadia Constructions Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
BB-/Stable'.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit         100        CRISIL B/Stable (Downgraded
                                  from CRISIL BB-/Stable)

The downgrade reflects pressure on NCPL's financial risk profile
because of its constrained cash inflows and consequent pressure
on liquidity. The company has faced delays in implementation of,
as well as less-than-expected customer advances for, its ongoing
Durgapur Residency PH3 (DR 3) project. These factors have
adversely impacted the company's cash inflows, and consequently,
its liquidity position, considering that it has to repay debt of
INR100 million by March 2013, which it contracted to fund the DR
3 project. The downgrade also factors in expected further
deterioration in NCPL's financial position, as the company is
likely to extend funding support to it group companies for their
projects.

Outlook: Stable

CRISIL believes that NCPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company generates
more-than-expected cash flows, driven most likely by sooner-than-
expected completion of its DR 3 project and receipt of customer
advances, and achieves more-than-expected sales realisations from
the project. Conversely, the outlook may be revised to 'Negative'
if the company's financial risk profile deteriorates more than
expected, caused most likely by further delays in project
completion or in receipt of payments from customers, if the
company is unable to sell the remaining units in the project at
profitable rates, or if it extends more-than-expected funding
support to its group companies for execution of its projects.

                      About Nadia Constructions

NCPL was established in March 2008 by Mr. Saurav Saha, Mrs. Nadia
Saha, and Mr. Somnath Paul. The company is into real estate
development and is currently constructing a residential complex,
Durgapur Residency - PH-3, at Benachity Durgapur, comprising 12
blocks with 230 flats.


RATNAGIRI CHEMICALS: CRISIL Rates INR45MM Loan at 'CRISIL B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Ratnagiri Chemicals Pvt. Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Post Shipment Credit      20       CRISIL A4 (Assigned)
   Cash Credit               45       CRISIL B+/Stable (Assigned)

The ratings reflect RCPL's subdued financial risk profile marked
by low networth, high gearing and weak debt protection metrics
coupled with susceptibility of RCPL's revenue profile to the
continuing ability of the company to innovate and develop new
products and processes. These rating weaknesses are partially
offset by the extensive experience of RCPL's promoters in the
specialty chemicals industry and established customer
relationships.

Outlook: Stable

CRISIL believes that RCPL will maintain its stable business risk
profile over the medium term, backed by the extensive experience
of its promoters in the specialty chemicals industry and their
established customer relationships. The outlook may be revised to
'Positive' if RCPL's financial risk profile improves
significantly driven by higher-than-expected revenues and
profitability, while improving its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if the company undertakes significant debt-funded
capital expenditure or if cash accruals decrease significantly
resulting in deterioration in RCPL's financial risk profile.

                        About Ratnagiri Chemicals

Incorporated in 1996 by Mr. P. V. Ramana Rao, Ratnagiri Chemicals
Private Limited (RCPL) is engaged in the manufacturing of
specialty chemicals and antioxidant additives, which find
application in food processing, petrochemical, and pharmaceutical
industries. The company has its manufacturing facilities at
Parshuram (Ratnagiri) with a total installed capacity of around
2500 MT per annum.

Currently, the company's major products include Guaiacol, which
is used as an intermediate in the manufacturing of cough syrups,
and Hydroquinone Mono Methyl Ether (HQMME), which is used as an
inhibitor to stop the uncontrolled polymerization of acrylic
monomers. RCPL's client base includes established players like
Rhodia (Asia Pacific), P.E.P (France), and CFS Europe in the
international market and Camlin Fine Sciences Ltd. in the
domestic market. The company's office is located at Belapur,
Maharashtra.

RCPL reported a (provisional) profit after tax (PAT) of INR13.0
million on net sales of INR398.1 million for 2011-12 (refers to
financial year, April 1 to March 31), as against a PAT of INR4.8
million on net sales of INR216.4 million for 2009-10.


SECURE PRINT: CRISIL Cuts Rating on INR100MM Loan to 'CRISIL B-'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Secure Print Solutions Pvt Ltd (part of the Secure group) to
'CRISIL B-/Stable' from 'CRISIL B/Stable', and has reaffirmed its
rating on SPSPL's short-term facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           100      CRISIL B-/Stable (Downgraded
                                  from 'CRISIL B/Stable')

   Letter of Credit       30      CRISIL A4 (Reaffirmed)

   Bank Guarantee         30      CRISIL A4 (Reaffirmed)

   Bill Discounting       10      CRISIL A4 (Reaffirmed)

The downgrade reflects deterioration in the Secure group's
liquidity because of significant stretch in its working capital
cycle and sizeable debt repayments. In 2011-12 (refers to
financial year, April 1 to March 31), the group's inventory level
rose to close to 5 months of sales from about 3 months of sales,
as it imported more quantity of raw material to benefit from
favorable prices. In addition, annual debt repayment obligations
of INR67 million will continue to test the group's liquidity over
the medium term.

The ratings reflect the Secure group's weak average financial
risk profile marked by weak capital structure and inadequate debt
protection metrics, exposure to intense competition in the
variable data printing segment, and low bargaining power with its
customers. These rating weaknesses are partially offset by the
benefits that the group derives from its promoters' extensive
experience and its established track record in the data printing
industry.

For arriving at the ratings, CRISIL has combined the financial
and business risk profiles of SPSPL and its wholly owned
subsidiary, Secure Offset Pvt Ltd (SOPL). This is because both
these entities, together referred to as the Secure group, have
significant operational and financial linkages between them.

Outlook: Stable

CRISIL believes that the Secure group's financial risk profile
will remain constrained by change in its inventory management and
its sizeable debt repayment obligations over the medium term. The
outlook may be revised to 'Positive' if the group's promoters
infuse equity or there is an improvement in its working capital
management, leading to improvement in its liquidity profile.
Conversely, the outlook may be revised to 'Negative' if there in
case of further stretch in liquidity and consequent deterioration
in its debt servicing ability.

                           About the Group

SPSPL, located in Kolkata, is promoted by Mr. Rajneesh Jain and
Mr. Rahul Jain. The company was incorporated in 2002 and is
engaged in variable data printing for prepaid scratch cards for
various telecom players. SOPL is in the same line of business and
started commercial operations in July 2011.

For 2011-12, SPSPL provisionally reported a profit after tax
(PAT) of INR5 million on net sales of INR314 million; the company
reported a PAT INR4.5 million on revenues of INR271 million for
2010-11.


SECUNDERABAD HOTELS: CRISIL Puts 'D' Rating on INR300MM Loans
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Secunderabad Hotels Pvt Ltd (SHPL; part of the Minerva group)
to 'CRISIL D' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           9.0      CRISIL D (Downgraded from
                                  'CRISIL BB-/Stable')

   Secured Overdraft    15.0      CRISIL D (Downgraded from
   Facility                       'CRISIL BB-/Stable')

   Rupee Term Loan     212.9      CRISIL D(Downgraded from
                                  'CRISIL BB-/Stable')

   Term Loan            63.1      CRISIL D(Downgraded from
                                  'CRISIL BB-/Stable')

The rating downgrade reflects delay of around 15-20 days by the
Minerva group in servicing its term debt; the delay has been
caused by the group's weak liquidity on account of its inadequate
cash accruals vis--vis term debt repayment obligations.

The rating reflects the Minerva group's average financial risk
profile, marked by high gearing, small net worth, and below-
average debt protection metrics, and vulnerability to cyclicality
and competition in the hotel industry. These rating weaknesses
are partially offset by the Minerva group's established brand and
promoter's extensive experience in the hotel industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SHPL and Vijayawada Hospitalities Pvt
Ltd (VHPL), together referred to as the Minerva group. This is
because VHPL is a subsidiary of SHPL, both the companies are
engaged in a similar line of business, and are owned and managed
by the same promoter. Also, both the companies operate hotels
under the same name and support each other in case of business or
financial exigencies.

                         About the Group

Based in Secunderabad (Andhra Pradesh [AP]), SHPL was
incorporated in 2005 and is managed by Mr. A Vijayavardhan Reddy.
SHPL operates two three-star hotels under the name, Minerva
Grand, which have a total of 180 rooms and other facilities, such
as fitness and business centre, restaurants, boardroom, banquette
hall, and marriage hall. The company also operates two restaurant
chains, Blue Fox Restaurants and Minerva Coffee Shops.

VHPL operates a 40 rooms three-star hotel in Vijayawaya (AP),
Minerva Grand. The hotel's operations began from December 2010
and have facilities such as a coffee shop, multi-cuisine
restaurant and bar, business centre, boardrooms, fitness centre,
and banquet hall.

The group has set up a three-star hotel in Tirupati (AP) at a
cost of INR145 million; 70 per cent of the cost was funded by
debt and the hotel is expected to commence operations from August
2012. The group is setting up another three-star hotel in
Hyderabad (AP) at a cost of INR110 million; 65 per cent of the
cost will be funded by debt and the hotel is expected to commence
operations from September 2012.

For 2011-12 (refers to financial year, April 1 to March 31), the
Minerva group reported a provisional profit after tax (PAT) of
INR3.5 million on net sales of INR427 million; the group reported
a PAT of INR3.9 million on net sales of INR332 million for 2010-
11.


SHREE BALAJI: CRISIL Rates INR90MM Cash Credit at 'CRISIL BB-'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the cash
credit facility of Shree Balaji Mining Pvt Ltd.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            90      CRISIL BB-/Stable (Assigned)

The rating reflects SBPL's moderate financial risk profile,
marked by low gearing , and promoters' extensive experience in
the business of treading in iron-ore products. These rating
strengths are partially offset by SGPL's low operating margin
because of its trading operations, small net worth, small scale
of operations, and susceptibility to any adverse regulatory
changes in the iron ore sector.

Outlook: Stable

CRISIL believes that SBPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if SBPL increases its scale of operations,
while maintaining its profitability, leading to larger-than-
expected cash accruals. Conversely the outlook may be revised to
'Negative' if the company's financial risk profile, particularly
its liquidity, deteriorates further, caused most likely by
larger-than-expected working capital requirements.

                          About Shree Balaji

SBPL, incorporated in 2000, trades in iron-ore fines. It buys
iron-ore fines from crushers, miners and traders, mainly in
Odisha, and sells to manufacturers and traders in the Indian
market.


TOOFAN STEEL: Delay in Loan Payment Cues CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Toofan Steel Industries Private Limited.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Long-Term      22.8     CRISIL D (Assigned)
   Bank Loan Facility

   Long-Term Loan          212.2    CRISIL D (Assigned)

   Cash Credit              60.0    CRISIL D (Assigned)


   Letter of Credit          5.0    CRISIL D (Assigned)

The ratings reflect the instances of delay by TSIPL in servicing
its interest obligations. The delays have been on account of weak
liquidity due to the delay in the start of commercial operations
of its plant.

TSIPL is a small player in a fragmented steel industry, has got
limited track record and has weak financial flexibility. These
rating weaknesses are partially offset by the extensive
experience of its promoter in the steel industry.

                        About Toofan Steel

Toofan Steel Industries Private Limited was incorporated on 4th
March 2009, and is promoted by Bashar Molla and Montaj Molla.
Based out of Murshidabad district of West Bengal, the company
runs a rolling mill for manufacturing of TMT bars, with a
capacity of 72000 TPA. The company started commercial operations
in April 2012.


VIJAYAWADA HOSPITALITIES: CRISIL Puts 'D' Rating on INR75MM Loans
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vijayawada Hospitalities Pvt Ltd (VHPL; part of the Minerva
group) to 'CRISIL D' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Rupee Term Loan       65.0     CRISIL D (Downgraded from
                                  'CRISIL BB-/Stable')

   Proposed Long-Term     2.5     CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL BB-/Stable')

   Overdraft Facility     7.5     CRISIL D Downgraded from
                                  'CRISIL BB-/Stable')

The rating downgrade reflects delay of around 15-20 days by the
Minerva group in servicing its term debt; the delay has been
caused by the group's weak liquidity on account of its inadequate
cash accruals vis-a-vis term debt repayment obligations.

The rating reflects the Minerva group's average financial risk
profile, marked by high gearing, small net worth, and below-
average debt protection metrics, and vulnerability to cyclicality
and competition in the hotel industry. These rating weaknesses
are partially offset by the Minerva group's established brand and
promoter's extensive experience in the hotel industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Secunderabad Hotels Pvt Ltd and VHPL,
together referred to as the Minerva group. This is because VHPL
is a subsidiary of SHPL, both the companies are engaged in a
similar line of business, and are owned and managed by the same
promoter. Also, both the companies operate hotels under the same
name and support each other in case of business or financial
exigencies.

                          About the Group

Based in Secunderabad (Andhra Pradesh [AP]), SHPL was
incorporated in 2005 and is managed by Mr. A Vijayavardhan Reddy.
SHPL operates two three-star hotels under the name, Minerva
Grand, which have a total of 180 rooms and other facilities, such
as fitness and business centre, restaurants, boardroom, banquette
hall, and marriage hall. The company also operates two restaurant
chains, Blue Fox Restaurants and Minerva Coffee Shops.

VHPL operates a 40 rooms three-star hotel in Vijayawaya (AP),
Minerva Grand. The hotel's operations began from December 2010
and have facilities such as a coffee shop, multi-cuisine
restaurant and bar, business centre, boardrooms, fitness centre,
and banquet hall.

The group has set up a three-star hotel in Tirupati (AP) at a
cost of INR145 million; 70 per cent of the cost was funded by
debt and the hotel is expected to commence operations from August
2012. The group is setting up another three-star hotel in
Hyderabad (AP) at a cost of INR110 million; 65 per cent of the
cost will be funded by debt and the hotel is expected to commence
operations from September 2012.

For 2011-12 (refers to financial year, April 1 to March 31), the
Minerva group reported a provisional profit after tax (PAT) of
INR3.5 million on net sales of INR427 million; the group reported
a PAT of INR3.9 million on net sales of INR332 million for 2010-
11.


V.R. CONSTRUCTIONS: CRISIL Rates INR99MM Loan at 'CRISIL BB+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long-
term bank facilities of V.R. Constructions.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Term Loan       99       CRISIL BB+/Stable (Assigned)

The rating reflects the benefits that VRC derives from its
promoters' extensive experience in the commercial real estate
business, and its assured revenues aided by lease rental
arrangements; the rating also reflects the firm's expected above-
average financial risk profile marked by a healthy net worth.
These rating strengths are partially offset by VRC's geographical
concentration, and exposure to risks related to cyclicality in
the commercial real estate market.

Outlook: Stable

CRISIL believes that VRC will continue to benefit over the medium
term from its promoters' extensive industry experience and its
steady cash flows. The outlook may be revised to 'Positive' if
the firm registers significant increase in its revenues, most
likely by way of higher-than-expected escalation in its lease
rates, resulting in improvement in its liquidity. Conversely, the
outlook may be revised to 'Negative' in case VRC undertakes a
large, debt-funded capital expenditure programme, or faces any
significant capital withdrawal by its promoters or pre-mature
termination of its lease agreement, adversely affecting its cash
accruals, leading to deterioration in its financial risk profile.

                     About V.R. Constructions

VRC was set up as a partnership firm in August 2011 by Mr. Velu B
Pethi and his wife, Mrs. Reshma Velu. The firm operates in the
commercial real estate industry; it is currently developing a
commercial real estate project at Rajaji Nagar in Bengaluru
(Karnataka).



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


BAKRIE TELECOM: Fitch Affirms Junk Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based PT Bakrie Telecom's
Long-Term Foreign- and Local-Currency Issuer Default Ratings at
'CCC'.  The May 2015 USD380m bond was affirmed at 'CCC'. All
ratings have been removed from Rating Watch Negative (RWN).  The
Outlook is Stable.  The USD bond, which is fully guaranteed by
BTEL, has a Recovery Rating of 'RR4'.

The removal of RWN reflects BTEL's successful repayment of its
IDR650bn (USD68m) bond through an equity injection of USD59m from
a Bakrie group company, PT Bakrie Global Ventura, and a bank loan
of USD50m.  Fitch believes that BTEL's liquidity is now adequate
to meet its 2012 obligations.

However, BTEL continues to face liquidity risks for 2013. Fitch
expects BTEL's EBITDA of about USD115m-USD120m for 2013 will be
insufficient to cover its obligations of USD167m.  Its 2013
obligations comprise USD15m bank loan amortisations, USD42m
finance lease principal, USD25m equipment payables, a minimum of
USD60m interest payment and at least USD25m capex.  Also, Fitch
believes that BTEL can raise only a maximum of additional USD30m
in fresh debt as the agency expects the company to remain in
breach of an incurrence covenant in its USD bond document.  Its
consolidated debt/last 12 months EBITDA was 5.6x at end-June
2012, compared with the incurrence covenant of 4.75x.

Fitch believes that BTEL has limited flexibility to grow its
network infrastructure in 2012/2013.  BTEL's forecast capex of
USD25m each for 2012 and 2013 is much lower than its average
annual capex of about USD150m during 2008-2011.  It is also
smaller, as a share of turnover, compared with other Indonesian
telcos.  As a result, BTEL could lose its competiveness against
larger GSM operators, given that fast-growing data traffic
generally requires supporting investment.

Fitch believes that in the medium-to-long term BTEL may
participate in CDMA industry consolidation as pure CDMA operators
(such as BTEL) are struggling and also because competitors may
exit CDMA to focus on GSM instead.

The rating also reflects the risk that without significant
profitable growth, refinancing the USD380m bond due in May 2015
will be a challenge.  Although the bond is senior debt, its
security ranks behind the company's other debt finance.

What Could Trigger a Rating Action?

Positive: BTEL has limited upside given its liquidity
constraints. However, future developments that may, individually
or collectively, lead to positive rating action include:

  -- A significant improvement in business performance leading to
     improved liquidity
  -- An M&A transaction with a larger operator/stronger investor
     which improves its financial and operating performance

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

  -- Any deterioration in financial performance which may impair
     the company's ability to meet its 2013 obligations


TRANS PACIFIC: Pertamina Set to Seize Assets Due to Unpaid Debts
----------------------------------------------------------------
The Jakarta Post reports that PT Pertamina said it will seize the
assets of local petrochemical company PT Trans Pacific
Petrochemical Indotama (TPPI) for failure to repay its piling
debts.

According to the report, Pertamina finance director Andri T.
Hidayat said the state-owned energy firm had appointed an
independent agency to appraise TPPI's assets and was consulting
with the Indonesian National Arbitration Agency (BANI) to discuss
its legal options.

"We expected TPPI to be able to pay its debts. But they failed to
fulfill their obligation, although they have tried as hard as
they can," the report quotes Mr. Hidayat as saying.

The Jakarta Post relates that Mr. Hidayat said Pertamina moved
forward with the seizure on Aug. 17 and had informed all
stakeholders of its decision.

TPPI, a subsidiary of the Tuban Petro Group, has debts of
US$1.758 billion, comprising $589 million owed to PT Pertamina,
$169 million owed to upstream oil and gas regulator BP Migas and
$1 billion to state-owned Perusahaan Pengelola Aset (PPA), The
Jakarta Post discloses.

The report notes that TPPI previously closed its oil refinery in
Tuban, East Java, due to its debt problems.

The Jakarta Post recalls that the company signed a debt
restructuring agreement with its creditors in December. The pact,
also known as a master restructuring agreement (MRA), provided a
legal umbrella for its debt payments and a plan for the company
to repay its debts, the report notes.



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


CHRISTCHURCH: Liquidators Probes if Firm Traded While Insolvent
---------------------------------------------------------------
Tamlyn Stewart at Fairfax NZ News reports that liquidators of
Independent Scaffolding Supplies Ltd, trading as Advanced
Scaffolding, which owes more than $400,000 to creditors will
investigate whether the company traded while insolvent and
whether the company or its officers broke the law.

Independent Scaffolding was set up by former bankrupt Richard
Lascelles.  The company was placed in liquidation and
receivership in July, owing more than $400,000 to creditors
including Inland Revenue, according to Fairfax NZ News.

The report notes that in his first liquidator's report on the
company, PricewaterhouseCoopers partner Malcolm Hollis said the
company had five creditors claiming security over various company
assets, but according to receiver Murray Allot, assets listed in
Independent Scaffolding's records were not actually owned by the
company.

Mr. Hollis said he would investigate the actions of the directors
to ensure all relevant legislation had been complied with, the
report relates.

There was an estimated shortfall to unsecured creditors of
$773,000, he said, the report says.

Fairfax NZ News discloses that the company was placed in
receivership on July 24 by Pohutukawa Bays Ltd, who appointed
Allott as receiver.  PricewaterhouseCoopers partners Malcolm
Hollis and Maurice Noone were appointed liquidators the same day,
following a court application by Inland Revenue, Fairfax NZ News
notes.

A second receiver, John Gilbert of C & C Strategic Ltd, was
appointed by Working Capital Solutions Holdings Limited, also on
July 24.

The report relates that associated companies Graterlea Limited
was in liquidation and Equip Hire (2010) Ltd was in receivership.

The company's director is Daniel Stedmond and Taurus Trustee
Services Limited is listed as shareholder.

Allott noted that Advanced Scaffolding director Daniel Stedmond
was also a director of another company which was placed in
liquidation in March this year, owing a significant debt to
Inland Revenue for unpaid GST and PAYE, the report adds.

Independent Scaffolding was part of a group of related companies
contracting services and supplies to various projects associated
with the Christchurch earthquake recovery.  It sourced and
supplied scaffolding materials to related companies and directly
to independent contractors in the Christchurch area, Allott said
in his first receiver's report on the company.


GRACE HOLDINGS: Investors Unlikely to Get Payout, Liquidator Says
-----------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that investors
who put more than NZ$2.5 million into Grace Holdings NZ, a failed
bullion trading firm, are unlikely to get any money back,
according to a report by the liquidator.

The Herald relates that liquidator Grant Reynolds said 36
investors, who claim they are owed $2.68 million, were unlikely
to see any return.  There was only $52,000 left in the company's
bank accounts and an unsecured creditor owed almost $30,000 would
also not be paid.

According to the Herald, Mr. Reynolds said he was still trying to
piece together the company's affairs.

"Unfortunately, the company records are not accurate and
information has been requested from financial institutions in
both the USA and Bahamas to enable the review to be completed. At
this time, it is not known whether or not the authorities in the
USA and Bahamas will release these records," Mr. Reynolds said in
his report.

Mr. Reynolds also identified "a number of anomalies" in the
records and said he was seeking legal advice.

The Herald adds that Mr. Reynolds was also looking into possible
voidable preferences.  A voidable preference is a debt paid
before liquidation which a liquidator can apply to call back on
the grounds it unfairly privileged some creditors over others.

Grace Holdings New Zealand Limited, trading as Bullion Buyer, was
placed in liquidation in February 2012 owing investors a total of
at least NZ$3 million.


NORTH ISLAND MUSSEL: No Decisions Yet After Receivership
--------------------------------------------------------
Bay of Plenty Times reports that there has been no development in
the situation facing North Island Mussel Processors (NIMPL),
which has been placed into receivership.

According to the report, more than 200 jobs could be lost at the
NZ$23 million Greerton plant, the largest in New Zealand.  But
for now, things were operating like business as usual.

Bay of Plenty Times relates that a spokeswoman for the receivers
said there had been no decisions made yet, after the announcement
of receivership last week.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 6, 2012, BusinessDesk said North Island Mussel Processors
is being placed in receivership after the owner of its one-third
shareholder, Greenshell Investments, failed to pay NZ$1.2 million
in processing fees and associated debt.

North Island Mussel is a toll processor for its shareholders, who
export Greenshell mussels.



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


LE GRAND: Creditors' Proofs of Debt Due Sept. 21
------------------------------------------------
Creditors of Le Grand Palace Banquet Restaurant Pte Ltd, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Sept. 21, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


F1 GROUP: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Aug. 31, 2012, to
wind up the operations of F1 Group Pte Ltd.

Malayan Banking Berhad filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's office
         The URA Centre (East Wing)
         45 Maxwell Road #05-11/#06-11
         Singapore 069118


R.A.S.A.: Creditors' Proofs of Debt Due Oct. 7
----------------------------------------------
Creditors of R.A.S.A. (Repackaged Assets & Securities In Asia)
Limited Pte Ltd, which is in members' voluntary liquidation, are
required to file their proofs of debt by Oct. 7, 2012, to be
included in the company's dividend distribution.

The company's liquidators are:

         Andrew Grimmett
         Lim Loo Khoon
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809



                             *********

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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