TCRAP_Public/160622.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, June 22, 2016, Vol. 19, No. 122


                            Headlines


I N D I A

AL-NAFEES PROTEINS: CRISIL Assigns B- Rating to INR405MM LT Loan
ARTS WATERMATICS: CRISIL Reaffirms B+ Rating on INR30MM Loan
EUROKON GLOBAL: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
J.V. STRIPS: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
JANANI INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR42MM Loan

MANJUSHREE HARDWARES: CRISIL Assigns 'B' Rating to INR1MM Loan
MELT-O-THERM: CRISIL Reaffirms 'B' Rating on INR43.1MM Term Loan
NEW AGE: CRISIL Raises Rating on INR50MM Overdraft Loan to B+
PHTHALO COLOURS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
R M PHOSPHATES: CRISIL Reaffirms B+ Rating on INR110MM Term Loan

RLJ CONCAST: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
ROLTA INDIA: S&P Lowers Corporate Credit Rating to 'D'
SHAH BHOGILAL: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
SHREE DURGA: CRISIL Raises Rating on INR55MM Cash Loan to B+
SHRI HIRANYAKESHI: Ind-Ra Assigns Bank Loans 'IND BB'

SUMER SONS: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
SUPER JEWELLERS: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating


                            - - - - -




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I N D I A
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AL-NAFEES PROTEINS: CRISIL Assigns B- Rating to INR405MM LT Loan
----------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Al-Nafees Proteins Pvt Ltd (ANP; part of the Al
Nafees group) and has assigned its 'CRISIL B-/Stable/CRISIL A4'
ratings to these facilities.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Packing Credit         70        CRISIL A4 (Assigned;
                                    Suspension Revoked)

   Proposed Long Term    405        CRISIL B-/Stable (Assigned;
   Bank Loan Facility               Suspension Revoked)

The ratings had been suspended by CRISIL on December 10, 2015, as
ANP had not provided the necessary information for a rating view.
The management has now shared the requisite information, enabling
CRISIL to assign ratings to the bank facilities.

The rating reflects the group's working capital intensive
operations, with deterioration in customer profile resulting in
stretched receivables. The ratings also factor in below-average
financial risk profile, marked by high gearing. However, the group
benefits from its established market position in the processed
meat industry, and the promoters' extensive experience.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of ANP and group entities, Al Nafees
Frozen Food Exports Pvt Ltd (ANFF), Al Tamash Exports Pvt Ltd
(ATE), Al Super Frozen Foods Pvt Ltd (ASFF) and Prestige Food
Exports (PF). This is because these entities, collectively
referred to as the Al Nafees group, have operational and financial
linkages. Furthermore, ANP is a 72 per cent subsidiary of ANFF,
and ANFF has provided corporate guarantee to the bank facilities
of ANP and ATE in the past.
Outlook: Stable

CRISIL believes the Al Nafees group will benefit over the medium
term from its promoters extensive experience and established
clientele. The outlook may be revised to 'Positive' if efficient
working capital management strengthens financial risk profile and
liquidity, and if the ongoing capital expenditure is completed on
time. Conversely, the outlook may be revised to 'Negative' if
delays in project execution, or increase in working capital
requirements weakens the financial risk profile.

ANFF, promoted by Mr. Mohammad Mustaqeem Qureshi in 1987, is the
flagship company of the Al Nafees group. It processes and exports
buffalo meat. Its plant in Dasna (Uttar Pradesh) has capacity to
process 150 tonnes per day (tpd) of frozen meat. Its rented plant
in Hyderabad has a capacity of 90 tpd.

ANP, ATE, and PF are in the same business. ANP, a subsidiary of
ANFF, processes meat of sheep, goat, and buffalo; ATE has a cold
storage where the group stores its products.


ARTS WATERMATICS: CRISIL Reaffirms B+ Rating on INR30MM Loan
------------------------------------------------------------
CRISIL's ratings on bank facilities of Arts Watermatics Private
Limited (AWPL) continue to reflect the small scale of operations
and susceptibility to regulatory changes and volatile raw material
prices.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         15        CRISIL A4 (Reaffirmed)

   Cash Credit            30        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      5        CRISIL B+/Stable (Reaffirmed)

   Term Loan              25        CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the below-average financial risk
profile, because of modest networth and leveraged capital
structure. These weaknesses are partially offset by established
regional presence in the micro-irrigation systems segment,
supported by extensive industry experience of promoters.
Outlook: Stable

CRISIL believes AWPL will continue to benefit over the medium term
from the extensive industry experience of promoters. The outlook
may be revised to 'Positive' if significant improvement in revenue
and profitability leads to substantial cash accrual. The outlook
may be revised to 'Negative' if low cash accrual, stretched
working capital cycle, or any large debt-funded capital
expenditure, weakens the financial risk profile, especially
liquidity.

AWPL was incorporated in 2009 by promoters, Mr. Milind Deshpande,
Mr. Sujit Gupta, Mr. Balchandra Pedgaonkar, and Mr. Sudhakar
Yadav. The company manufactures drip and sprinkler irrigation
systems and high density polyethylene (HDPE) and polyvinyl
chloride (PVC) pipes and has manufacturing facilities at Parbhani
(Maharashtra).


EUROKON GLOBAL: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Eurokon Global Exports
Private Limited (EGE) continue to reflect a modest scale of
operations, large working capital requirement, and a weak
financial risk profile because of high gearing and below-average
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of the promoters of the company
in the metal sheet components industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           150       CRISIL B+/Stable (Reaffirmed)

   Foreign Documentary
   Bills Purchase         20       CRISIL A4 (Reaffirmed)
   Packing Credit         40       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes EGE will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significantly high
revenue and profitability, along with diversity in customer base
and geographical reach, leading to higher cash accrual, and
improvement in capital structure mainly due to capital infusion by
promoters. Conversely, the outlook may be revised to 'Negative' in
case of a considerable decline in revenue or profitability,
deterioration in working capital management, or large, debt-funded
capital expenditure (capex), resulting in weakening of the
financial risk profile, particularly liquidity.

Update
Revenue increased by around 40 percent year-on-year in 2015-16
(refers to financial year, April 1 to March 31) on account of a
shift in focus towards the domestic market. However, due to lower
profit earned in domestic business'operating margin declined to
around 4.5 percent from 6.9 percent in 2014-15-focus has been
renewed towards only the international market. Revenue is
therefore expected to remain at INR350-400 million with operating
margin of 6.5-7.0 percent, over the medium term.

Working capital requirement remains moderate as reflected in gross
current assets of around 120 days as on March 31, 2016. Debtors
were high at 60 days due to higher credit terms in the domestic
market. Inventory and creditors were around 20 days and 15 days,
respectively. CRISIL expects working capital requirement to remain
moderate over the medium term with the focus reverting to German
markets.

The financial risk profile remains weak because of a high total
outside liabilities to tangible net worth ratio of around 5 times
as on March 31, 2016, driven by higher bank borrowing to meet
working capital requirement. Liquidity is adequate due to moderate
utilisation of cash credit, packing credit, and foreign
documentary bills purchase limits, at 80 percent during the 11
months through April 2016. Cash accrual is expected at INR9-10
million sufficient to meet debt obligation of INR3-4 million over
the medium term. The financial risk profile is expected to improve
due to lower working capital requirement with focus reverting
towards exports, and absence of significant debt-funded capex,
over the medium term.

Incorporated in 2009, EGE manufactures and exports sheet metal
components such as brackets and clamps which find application in
building hardware and furniture. The company is based in
Faridabad, Haryana.


J.V. STRIPS: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
-------------------------------------------------------------India
Ratings and Research (Ind-Ra) has migrated J.V. Strips Limited's
(JVSL) Long-Term Issuer Rating of 'IND BB' to the suspended
category. The Outlook was Stable. The rating will now appear as
'IND BB(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for JVSL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

JVSL' ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from
    'IND BB'/Stable
-- INR540 million fund-based limits: migrated to 'IND
    BB(suspended)' from 'IND BB'/Stable and 'IND A4+(suspended)'
    from 'IND A4+'
-- INR2.7 million term loans: migrated to 'IND BB(suspended)'
    from 'IND BB'/Stable
-- INR100 million non-fund-based limits: migrated to 'IND
    A4+(suspended)' from 'IND A4+'
-- Proposed INR107.30 million fund-based limits: migrated to
    'Provisional IND BB(suspended)' from 'Provisional IND
    BB'/'Stable and 'Provisional IND A4+(suspended)' from
    'Provisional IND A4+'


JANANI INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR42MM Loan
----------------------------------------------------------------
CRISIL's ratings on bank loan facilities of Janani International
Private Limited (JIPL) continue to reflect the modest scale of
operations in the intensely competitive textile industry, and
below-average financial risk profile, marked by high gearing and
weak debt-protection metrics. These weaknesses are partially
offset by the extensive industry experience of the promoter.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Foreign Bill
   Discounting            50       CRISIL A4 (Reaffirmed)

   Packing Credit         40       CRISIL A4 (Reaffirmed)

   Proposed Term Loan     42       CRISIL B+/Stable (Reaffirmed)

   Standby Letter of
   Credit                 18       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes the company will continue to benefit from the
extensive industry experience of the promoter. The outlook may be
revised to 'Positive' if there is significant improvement in scale
of operations and profitability, or if substantial equity infused
by the promoter strengthens the financial risk profile. The
outlook may be revised to 'Negative' if cash accrual is lower-
than-expected, or if a large, debt-funded capital expenditure
programme weakens the financial risk profile.

JIPL was set up in 1983 as a proprietorship concern named Supreme
Bandages at Rajapalayam (Tamil Nadu). It was reconstituted as a
private limited company under the current name in 1996. It
manufactures cotton gray fabrics and dust sheets. The promoter,
Mr. Ramanathan, manages the daily operations.

For 2015-16, on a provisional basis, the company reported profit
after tax (PAT) of INR1.8 million on sales of INR353.8 million, as
against PAT of INR1.8 million on sales of INR334.5 million for
2014-15.


MANJUSHREE HARDWARES: CRISIL Assigns 'B' Rating to INR1MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Manjushree Hardwares (MSH).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility       55       CRISIL A4

   Proposed Long Term
   Bank Loan Facility        1       CRISIL B/Stable

The ratings reflect the firm's modest scale of operations and
below-average financial risk profile because of weak debt
protection metrics and small net worth. These weaknesses are
partially offset by the extensive experience of proprietor in
trading in paints and construction material.
Outlook: Stable

CRISIL believes MSH will continue to benefit over the medium term
from the extensive experience of its proprietor. The outlook may
be revised to 'Positive' if significant improvement in revenue and
operating margin leads to better cash accrual. The outlook may be
revised to 'Negative' if significant decline in revenue or
operating margins or stretch in working capital cycle further
weakens financial risk profile.

Set up in 1990 in Bengaluru as a proprietorship firm, MSH trades
in construction material such as paints, cement, and sanitary
ware. Operations are managed by Mr.R Shankar.


MELT-O-THERM: CRISIL Reaffirms 'B' Rating on INR43.1MM Term Loan
----------------------------------------------------------------
CRISIL ratings continue to reflect Melt-O-Therm Furnaces Pvt Ltd's
(MTFL's) exposure to risk relating to stabilisation of its
operations and a below-average financial risk profile marked by
modest net worth and high gearing. These weaknesses are partially
offset by the promoters entrepreneurial and industry experience.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       1.9       CRISIL A4 (Reaffirmed)
   Cash Credit         40         CRISIL B/Stable (Reaffirmed)
   Rupee Term Loan     43.1       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MTFL will maintain a stable business risk profile
over the medium term on account of its promoters entrepreneurial
and industry experience. The outlook may be revised to 'Positive'
if MTFL reports higher than expected operating income and accruals
marked by stabilisation of its operations and efficient working
capital management, thereby enhancing the liquidity profile. The
outlook may be revised to 'Negative' if lower-than-expected
revenue and profitability or a large debt-funded capital
expenditure or stretched working capital cycle weakens the
financial risk profile.

MTFL was incorporated in 2010 with the objective of setting up a
unit to manufacture solid and hollow aluminium extrusion profiles.
The manufacturing facility is located in North 24 Paraganas (West
Bengal). The day-to-day operation of the company is being managed
by Mr. Amit Paul.


NEW AGE: CRISIL Raises Rating on INR50MM Overdraft Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
New Age Hotels and Resorts Limited (NAHRL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility       50       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility       42       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects improvement in overall financial risk
profile due to repayment of entire term loan. As on date, no term
debt is outstanding and the company is expected to generate
adequate net cash accrual over the medium term. Debt protection
metrics too improved, with estimated interest coverage and net
cash accrual to total debt ratios at 2.7 times and 21 percent,
respectively, for 2015-16 (refers to financial year, April 1 to
March 31), against 2.3 times and 15 percent in 2014-15. CRISIL
expects the debt protection metrics to improve over the medium
term on account of expected increase in operating profit and net
cash accruals. NAHRL's estimated total outside liabilities to
tangible net worth ratio (TOL/TNW) was 0.75-0.85 times over the
three years ended March 31, 2016; as on March 31, 2016, TOLTNW was
0.75 times. CRISIL expects the TOLTNW to remain less than 0.8
times over the medium term in the absence of debt funded capex
plan. Also, NAHRL estimated net worth was INR160 million as of
March 2016 and is expected to increase over the medium term on the
back of modest accretion to reserves.

CRISIL expects NAHRL's liquidity to be adequate and financial risk
profile to improve marginally over the medium term in the absence
of major debt funded capex plan.

The rating continues to reflect NAHRL's small scale of operations,
low occupancy levels, and cyclicality in the intensely competitive
hospitality industry. These weaknesses are partially offset by the
extensive experience of promoters in the hospitality industry and
comfortable financial risk profile because of healthy TOLTNW ratio
and debt protection metrics.
Outlook: Stable

CRISIL believes NAHRL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if high revenue and profitability
results in large net cash accrual. Conversely, the outlook may be
revised to 'Negative' if NAHRL's financial risk profile
deteriorates on account of a decline in revenue and profitability
or large debt-funded capital expenditure, or if the company's
liquidity weakens significantly affected by increase in working
capital requirements.

Set up in 1995 by Mr. Manmohan Singh Chawla, NAHRL operates four
hotels, one each in Nainital, Haridwar, Chamba and Mahipalpur, New
Delhi.


PHTHALO COLOURS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Phthalo Colours &
Chemicals (India) Limited (PCCIL) a Long-Term Issuer Rating of
'IND B+'. The Outlook is Stable. The agency has also assigned
PCCIL's INR130 million fund-based working capital limits a Long-
term 'IND B+' rating with a Stable Outlook and a Short-term 'IND
A4' rating.

KEY RATING DRIVERS

The ratings reflect PCCIL's weak but improving credit metrics and
tight liquidity position. Provisional (P) FY16 financials
indicated net leverage (Ind-Ra adjusted net debt/operating
EBITDAR) of 5.8x (FY15: 8.3x), EBITDA interest cover of 1.2x
(0.9x) and EBITDA margins of 7.0% (4.3%). Additionally, the
company used 97% of its working capital facilities during the 12
months ended March 2016.

The ratings also take into account the fall in PCCIL's revenue,
which declined to INR1,113.8 million FY16 (P) (FY15: 1,384.8
million) due to an overall decline in raw material prices, leading
to lower realisation. Forex fluctuation risks also moderate the
ratings.

Ind-Ra expects PCCIL's revenue and EBITDA margins to improve
further from FY17 as its ongoing capex (to increase its monthly
capacity to 375mt from 270mt) is scheduled for completion by July
2017 in a phased manner. Additionally, the company is implementing
other cost cutting measures.

The ratings are supported by PCCIL's high level of captive supply
of the basic raw material copper phthalocyanine (CPC) blue from
its joint venture named A-One Phthalo Chemicals Private Limited
(AOPCPL) that it has established with A-One Chemicals. The
company's operational track record of around two and a half
decades, leading to long-standing relationships with customers and
suppliers, also benefits the ratings.

RATING SENSITIVITIES

Negative: A decline in revenue and/or operating profitability,
leading to deterioration in credit metrics, will lead to a
negative rating action.

Positive: Substantial growth in revenue and profitability, leading
to a sustained improvement in credit metrics, will lead to a
positive rating action.

COMPANY PROFILE

Incorporated in 1991, PCCIL's is engaged in the manufacture of
phthalocyanine pigments such as green, alpha blue and beta blue.
Its manufacturing plant is located in Gujarat Industrial
Development Corporation (GIDC), Vapi in Gujarat. Its products are
sold under the brand 'Rangday'.


In March 2014, PCCIL entered into a joint venture with A-One
Chemicals to form AOPCPL. It has transferred the operations of its
CPC blue manufacturing unit to AOPCPL to improve operational
efficiencies. PCCIL and A-One Chemicals own 50% each of AOPCPL.


R M PHOSPHATES: CRISIL Reaffirms B+ Rating on INR110MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of R M Phosphates
and Chemicals Private Limited (RMPCL) continue to reflect working
capital-intensive operations, and susceptibility to changes in
government policy and to uneven monsoon.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B+/Stable (Reaffirmed)
   Term Loan            110        CRISIL B+/Stable (Reaffirmed)

The rating also factors in an average financial risk profile
because of average gearing and debt protection metrics.  These
weaknesses are partially offset by fixed marketing arrangement
with DCM Shriram Consolidated Ltd (DSCL) ensuring offtake, and
promoters' extensive experience of over two decades through group
entities.
Outlook: Stable

CRISIL believes RMPCL will continue to benefit over the medium
term from its marketing arrangement with DSCL. The outlook may be
revised to 'Positive' in case of an increase in scale of
operations, substantially higher cash accrual, and a shorter
working capital cycle, improving the liquidity. Conversely, the
outlook may be revised to 'Negative' in case of a stretched
working capital cycle, lower-than-anticipated cash generation, or
any debt-funded capital expenditure, leading to deterioration in
the financial risk profile.

RMPCL, incorporated in 2010 and promoted by the Indore-based Jain
family, manufactures single super phosphate at its facility in
Dhule, Maharashtra. The facility became commercially operational
from September 2013. Operations are managed by Mr. Vineet Jain and
his brothers, Mr. Rakesh Jain and Mr. Nandkishore Jain. It has
entered into a long-term memorandum of understanding with DSCL for
product marketing.


RLJ CONCAST: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated RLJ Concast
Private Limited's (RLJ) Long-Term Issuer Rating of 'IND BB-' to
the suspended category. The Outlook was Stable. The rating will
now appear as 'IND BB-(suspended)' on the agency's website. A full
list of rating actions is at the end of the commentary.

KEY RATING DRIVERS

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for RLJ.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

RLJ's ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
    from 'IND BB-'/Stable
-- INR150.00 million fund-based limits: migrated to 'IND BB-
    (suspended)' and 'IND A4+(suspended)' from 'IND BB-' and 'IND
     A4+'
-- INR280.0 million term loans: migrated to 'IND BB-(suspended)'
    from 'IND BB-'
-- INR20.00 million non-fund-based limits: migrated to 'IND
    A4+(suspended)' from 'IND A4+'

ROLTA INDIA: S&P Lowers Corporate Credit Rating to 'D'
------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term
corporate credit rating on Rolta India Ltd. to 'D' (default) from
'SD' (selective default).  S&P also lowered its long-term issue
rating on the 2018 senior unsecured notes issued by Rolta, LLC to
'D' from 'CC'.  S&P's 'CC' issue rating on the 2019 senior
unsecured notes issued by Rolta Americas LLC remains on
CreditWatch with negative implications.  Both sets of notes are
guaranteed by Rolta, an India-based information technology
products and solutions provider.

"We downgraded Rolta because the company failed to pay the
US$6.8 million interest due on its 2018 senior unsecured
guaranteed notes, even after the expiry of the 30-day grace
period," said S&P Global Ratings credit analyst Ashutosh Sharma.
The management had expected the trustee to make the coupon
payments from its interest reserve account, but that hasn't
happened yet.  Rolta's US$35 million bank loans due since
March 31, 2016, also remain unpaid.

"We believe a default on Rolta's 2019 senior unsecured guaranteed
notes is almost certain because the company has not shared any
detailed plan for repayment with us," said Mr. Sharma.

The Rolta management has said that it is currently working on
addressing the overall situation in consultation with its bankers
and strategic advisors.

The CreditWatch on the 2019 guaranteed notes reflects that these
notes are highly vulnerable to a default.

S&P will lower its rating on these notes to 'D' if Rolta fails to
pay its coupon as it comes due.

S&P will resolve the CreditWatch if Rolta makes the necessary
payments on all its debts and provides a credible plan to meet its
debt obligations over the next six months.


SHAH BHOGILAL: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shah Bhogilal
Jethalal & Bros. (SBJB) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SBJB's moderate credit profile, long net
working capital cycle and a decline in revenue to INR384.3m (FY15:
INR539.9m) and EBITDA margins to 11.5% (FY15: 13.3%) in FY16,
according to provisional financials of the firm. Its net leverage
(Ind-Ra adjusted total net debt/operating EBITDAR) was 2.3x in
FY16 (FY15:1.0x) and interest coverage (Ind-Ra operating
EBITDA/gross interest expense) was 1.8x (3.4x). Further, in FY16,
the firm's net working capital cycle increased to 157 days
(FY15:131 days; FY14:84 days) due to the delayed realisation of
outstanding payments on the government work orders. The ratings
factor in the partnership form of the organisation.

The firm's revenue grew at a CAGR of 27.1% and its EBITDA margins
improved from 4.9% to 13.3% over FY12- FY15. The revenue growth in
FY14 and FY15 was driven by receiving more work orders from the
oil refineries in line with the upgradation of fire safety norms
relating to the refineries as a statutory compliance. EBITDA
margins were improved during FY12- FY15 due to better capacity
utilisation leading to economies of scale. Ind-Ra expects the
revenue growth to pick up from FY17 due to the firm's strategy of
increasing its geographical reach.

The ratings, however, are supported by a vintage of more than
eight decades of the firm in the manufacturing of firefighting and
safety equipment business, which has led to the well-established
relationships with its customers and suppliers. The ratings
further reflect SBJB's comfortable liquidity with its average peak
cash credit utilisation being 72% during the 12 months ended April
2016.

RATING SENSITIVITIES

Positive: A substantial revenue growth while maintaining the
profitability as well as significant improvement in net working
capital cycle, leading to a sustained improvement in credit
metrics could lead to a positive rating action.

Negative: A decline in the revenue and/or profitability and
significant increase in the net working capital cycle, leading to
a sustained deterioration in the credit metrics and/or liquidity
could lead to negative rating action.

COMPANY PROFILE

Established in 1933, SBJB manufactures fire-fighting and safety
equipment and sells its products under the brand name AAAG. It has
two manufacturing units in Ahmedabad. Its major products are
hydrant valves, couplings and nozzles, monitors, hose,
extinguisher boxes and portable and fixed foam equipment. The
firm's partners are Mr. Mukesh Shah and Mr. Rajesh Shah.

SBJB's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB'/Stable
-- INR9.9 million term loan limits: assigned 'IND BB'/Stable
-- INR44.5 million fund-based working capital limits: assigned
    'IND BB'/Stable and 'IND A4+'
-- INR100 million non fund-based working capital limits:
    assigned 'IND A4+'


SHREE DURGA: CRISIL Raises Rating on INR55MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shree Durga Parameshwari Motors Private Limited (SDPMPL) to
'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           55        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Long Term Loan        23.2      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term    21.8      CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in SDPMPL's business
risk profile due to increase in scale of operations and
profitability margin driven by stabilisation of operations. The
upgrade also reflects the increase in liquidity, supported by
infusion of unsecured loans. CRISIL believes SDPMPL will sustain
the improvement in its liquidity over the medium term supported by
improving accrual and support from promoters.

Revenue is estimated to have registered a year-on-year growth of
23 percent in 2015-16 (refers to financial year, April 1 to March
31), while operating profit margin is estimated to have improved
to 4.1 percent from 3.5 percent. The revenue growth and
improvement in operating margin is mainly on account of
stabilisation of operations. CRISIL believes SDPMPL will maintain
its improved profitability margin over the medium term on the back
of stable demand for two wheelers. Cash accrual is expected to
increase to INR9 million in 2015-16 from INR5 million in 2014-15.
The promoters have infused INR18 million of unsecured loans in
2015-16 to meet the incremental working capital requirement and
will continue to support the company as and when required.

The rating continues to reflect SDPMPL's below-average financial
risk profile with small networth, high total outside liabilities
to tangible networth (TOL/TNW) ratio, and average debt protection
metrics. The rating is also constrained on account of the
company's susceptibility to economic cyclicality, and exposure to
intense competition in the automobile dealership industry. These
weaknesses are partially offset by the healthy entrepreneurial
experience of its promoters, efficient working capital management,
and low exposure to inventory and debtor risks.
Outlook: Stable

CRISIL believes SDPMPL will continue to benefit from the healthy
entrepreneurial experience of its promoters. The outlook may be
revised to 'Positive' if profitability increases or capital
structure improves on the back of sizeable equity infusion. The
outlook may be revised to 'Negative' if profitability margin
declines steeply or large debt contracted to meet capital
expenditure or working capital requirement weakens the capital
structure.

SDPMPL was set up in 2012 by Mr.Belman Purushottam Raghavendra Rao
and his family members. The company is an authorised dealer for
Honda Motorcycle and Scooter India Pvt Ltd's two-wheelers in
Hyderabad (Telangana).


SHRI HIRANYAKESHI: Ind-Ra Assigns Bank Loans 'IND BB'
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri Hiranyakeshi
Sahakari Sakkare Karkhane Niyamit's (SHSSKN) INR704.29 million
bank loans an 'IND BB' rating. The Outlook is Stable.

KEY RATING DRIVERS

The rating is constrained by SHSSKN's high leverage levels with
debt/current balance before interest and depreciation (CBBID)
increasing to 9.54x in FY15 from 2.86x in FY14. Leverage was 3.53x
in FY16 according to the provisional financials. It availed an
excise duty term loan (Scheme for extending Financial Assistance
to Sugar Undertakings-2014 formulated by Ministry of Finance,
Government of India) of INR244 million for the clearance of
outstanding cane payables of INR944.13 million as on 31 March 2015
for the season 2014-2015. The ratings are also constrained by
SHSSKN's moderate interest coverage (FY15: 0.50x; FY14: 1.34x).

The rating factors in SHSSKN' volatile profitability with CBBID
margin falling to 3.83% in FY15 (FY14: 15.67%) because of a 16.66%
yoy increase in the cost of production as against only 2.30% yoy
increase in sales. The margins improved to 18.15% in FY16 because
of an increase in average sugar recovery (FY16: 11.37%, FY15:
10.73%, FY14: 11.01%).

The rating also factors in SHSSKN's operational stability as it
has consistently operated at above 120 crushing days in the five
years ended FY16. However, the canes crushed fell to 0.7 million
metric tonnes (mMT) in FY16 from 0.8mMT in FY15. The management
expects to crush 0.8mMT cane in FY17.

The rating reflect SHSSKN's moderate liquidity profile with
INR793.22 million of working capital limits being outstanding as
on 31 March 2016 as against INR971.51 million as on 31 March 2015.

The ratings are supported by SHSSKN's large scale of operations
and steady revenue (FY16: INR2,820.10 million; FY15 from
INR2,874.23 million in FY15.

The ratings are also supported by the six-decade-long experience
of SHSSKN's management in the sugar industry, the entity's
diversified revenue as it owns a cogeneration plant and
distilleries and proximity to raw material sources. Raw material
(sugar cane) prices are still governed by the state as against the
finished product (sugar) whose prices are based on the domestic as
well as global demand supply.

RATING SENSITIVITIES

Positive: A significant increase in the scale of operations
leading to higher profitability and low leverage, and an
improvement in liquidity will be positive for the rating.

Negative: Deterioration in the credit metrics and unplanned
capital expenditure, as well as a decline in the overall liquidity
profile, will be negative for the rating.

COMPANY PROFILE

SHSSKN is a cooperative entity registered in 1956 under the Multi
State Cooperative Societies Act as it has members both in
Karnataka and Maharashtra. SHSSKN operates in 233 villages in
Karnataka and 77 villages in Maharashtra within a radius of 22
miles. SHSSKN was formed for the benefit of sugarcane growers and
to provide employment in the areas surrounding its sugar factory
(around 31,000 members as on 31 March 2016). The factory provides
direct employment to around 1,500 workers.


SUMER SONS: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sumer Sons
Autotech Private Limited's (SSAPL) 'IND B+' Long-Term Issuer
Rating to the suspended category. The Outlook was Stable. The
rating will now appear as 'IND B+(suspended)' on the agency's
website. The agency has also migrated the ratings on SSAPL's
INR140 million fund-based limits to Long-term 'IND B+(suspended)'
and Short-term 'IND A4(suspended)' from 'IND B+' and 'IND A4'.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for SSAPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


SUPER JEWELLERS: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Super Jewellers
Pvt Ltd's (SJPL) Long-Term Issuer Rating of 'IND B+' to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND B+(suspended)' on the agency's website. The agency
has also migrated SJPL's INR90.00 million fund-based limits to
'IND B+(suspended)' and 'IND A4(suspended)' from 'IND B+' and 'IND
A4'.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for SJPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.



                             *********

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

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

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


                            *********


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

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

Copyright 2016.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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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
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