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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, January 6, 2022, Vol. 25, No. -1

                           Headlines



A U S T R A L I A

LUCKY WAY: Commences Wind-Up Proceedings
SOUTHBANK LAND: Commences Wind-Up Proceedings
TASMANIAN CONSTRUCTIONS: Commences Wind-Up Proceedings
UNION STANDARD: Losses Blow Out to AUD345 Million


C H I N A

CHINA EVERGRANDE: Seeks Delaying Payment to Local Bondholders
CHINA EVERGRANDE: To Abide by Orders to Tear Down 39 Structures
CHINA HUARONG: Halves in Value as Trading Resumes


I N D I A

AKSHAR COTTON: CARE Withdraws D Rating on Bank Debts
ANDHRA CEMENTS: CARE Reaffirms D Rating on INR910.79cr LT Loan
ARMEIN PHARMACEUTICALS: CARE Cuts Rating on INR32.24cr Loan to B+
BALA INDUSTRIES: CRISIL Cuts Rating on INR5.0cr Loan to B+
CONFIDENT ENGINEERING: CARE Cuts Rating on INR8.19cr Loan to B+

EASTERN COPPER: CARE Reaffirms B+ Rating on INR3.88cr LT Loan
FUTURE GROUP: Court Junks Plea Over Ending Arbitration With Amazon
GAMMA GREEN: CARE Raises Rating on INR15.49cr LT Loan to B+
HIGH BREETD: CARE Withdraws D Rating on Bank Debts
K.R. PADMANABHAN: CRISIL Reaffirms B Rating on INR6cr Cash Loan

KHUDIRAM COLD: CRISIL Assigns B Rating to INR2.84cr Term Loan
M.R. OVERSEAS: CRISIL Lowers Rating on INR47cr Cash Loan to D
MANICKBAG AUTOMOBILES: ICRA Keeps B+ Rating in Not Cooperating
MODEST INFRA: ICRA Raises Rating on INR50cr LT Loan to B
PARAMOUNT INDUSTRIES: CRISIL Cuts Rating on INR4cr Loan to B+

PEGASUS PROPERTIES: CARE Lowers Rating on INR121.70cr NCD to B+
RAMASIGNS INDUSTRIES: CARE Reaffirms B+ Rating on INR7.20cr Loan
REFRIGERATIONS PRIVATE: CRISIL Rates INR25.5cr Loan at B+
RENEW ENERGY: Fitch Rates Proposed Unsec. USD Notes 'BB-'
SAMRAT PLYWOOD: CARE Reaffirms B+ Rating on INR35.08cr LT Loan

SHAKTI AGRO: ICRA Keeps C+ Debt Ratings in Not Cooperating
SICAL LOGISTICS: ICRA Keeps D Debt Ratings in Not Cooperating
SOLAN SPINNING: CARE Keeps B- Debt Rating in Not Cooperating
SPICECOAST HOTELS: CRISIL Moves B+ Rating from Not Cooperating
TILAK RAM: CARE Keeps B- Debt Rating in Not Cooperating Category

VIDARBHA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
VIDEOCON INDUSTRIES: NCLAT Allows Fresh Round of Bidding
VISHWAS BAWA: CRISIL Assigns B- Rating to INR8cr Overdraft Debt


J A P A N

GENTING SINGAPORE: To Wind Up 8 Units in Japan


S I N G A P O R E

CROWN METAL: Court to Hear Wind-Up Petition on Jan. 21
EZION HOLDINGS: To Wind Up as Protracted Attempt to Restructure
PAUL & SHARK: Creditors' First Meeting Set for Jan. 12

                           - - - - -


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

LUCKY WAY: Commences Wind-Up Proceedings
----------------------------------------
Members of Lucky Way Beverages Pty Ltd, on Jan. 5, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Danny Vrkic
          Level 1, 76 Market Street
          Wollongong, NSW 2500


SOUTHBANK LAND: Commences Wind-Up Proceedings
---------------------------------------------
Members of Southbank Land Pty Ltd, on Jan. 5, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Stephen John Hundy
          Worrells Solvency & Forensic Accountants
          Level 1, 151 Tongarra Road
          Albion Park, NSW 2527


TASMANIAN CONSTRUCTIONS: Commences Wind-Up Proceedings
------------------------------------------------------
Members of Tasmanian Constructions Pty Ltd, trading as Hotondo
Homes New Town", on Jan. 5, 2022, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidator is:

          Jarvis Lee Archer
          Revive Financial
          PO Box 307
          Noosa Heads, Queensland 4567


UNION STANDARD: Losses Blow Out to AUD345 Million
-------------------------------------------------
Sarah Danckert at Sydney Morning Herald reports that losses from an
Australian-based trading scheme that sponsored British football
team Sheffield United have hit AUD345 million, marking it as one of
the biggest broker collapses in years.

According to the report, liquidators to Union Standard
International Group, known as USG or USGFX, are now working through
a "substantial volume" of claims submitted by investors with the
Australian Financial Complaints Authority over breaches by the
allegedly rogue trading house.

USG sold high risk financial betting products known as contracts
for difference and was so successful it even signed a AUD100
million sponsorship deal with Sheffield United when the club was
promoted to the English Premier League for the 2018-2019 season,
SMH says.

SMH relates that liquidators from BRI Ferrier said in a report in
April last year that they suspect "criminal elements" may have been
involved in the group. BRI Ferrier has so far received claims from
investors totalling AUD345 million but suspect more than AUD500
million may have been lost in the scheme by customers. The group's
handling of investor money was so poor it counted some investor
funds as profits and paid AUD4.5 million in tax on those profits.
Liquidators have since received a credit from the tax office for
the company.

SMH says the size of the creditor claim means that USG eclipses
those made against property investment scheme iProsperity (AUD325
million), online broker Halifax Investments (AUD200 million),
stockbroker BBY (AUD64 million) and more than the suspected losses
of investors in the schemes operated by accused fraudster Yossi
Herzog (AUD100 million).

USG collapsed into administration in mid-2020 amid allegations it
and its representatives, which operated the EuropeFX and Trade Fred
trading websites, had acted unconscionably towards investors by
using high-pressure sales tactics to encourage clients to deposit
more money, open more positions or discourage clients from
withdrawing funds, SMH notes.

Ahead of its collapse, The Age and The Sydney Morning Herald
revealed sales representatives from the group were using fake
Commonwealth Bank business cards and Commonwealth Bank logos on
their marketing material to lure in investors. The Australian bank
has no involvement in USG.

USG's director at the time of its collapse into administration is a
man from Myanmar with no links to Australia, while its shareholder
appears to be based in Taiwan. In the weeks surrounding its
collapse, unknown people believed by liquidators to be associated
with USG encouraged many investors to transfer their money into a
new company set up in Vanuatu, SMH says.

SMH relates that liquidators are now considering holding a public
examination, though what shape that will take - given many
witnesses are located overseas - is unclear.

"Our external investigators have made contact with certain
individuals located in Taiwan, with the goal of conducting formal
interviews regarding the company's operations and key parties
behind it. Conducting interviews in Myanmar is still proving to be
difficult and our attempts are ongoing," BRI Ferrier said in its
minutes of a creditors' meeting held late last year, recalls SMH.

SMH adds that BRI Ferrier has also taken court action in the UK to
recoup funds from the group's British subsidiary USG UK which is
the entity listed as Sheffield United's former sponsors.

SMH says the corporate watchdog took civil action against the
company and its representatives last year alleging they misled and
deceived investors and acted unconscionably by using high pressure
sales tactics.

Union Standard is also accused of illegally selling the high-risk
betting products to people in China which has a strict ban on the
products. In 2018, customers of USG in Shanghai took staff hostage
claiming they had been unable to withdraw funds from their
accounts, the report adds.




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

CHINA EVERGRANDE: Seeks Delaying Payment to Local Bondholders
-------------------------------------------------------------
South China Morning Post reports that China Evergrande Group will
ask its local bondholders to delay an option where they can demand
an early repayment of the firm's yuan-denominated notes.

The Post relates that Hengda Real Estate, China Evergrande's
mainland Chinese unit, said it will hold an online meeting with
bondholders between January 7 and January 10 to vote on proposals
concerning a CNY4.5 billion (US$282 million) 6.98 per cent note due
in 2023 with a January 8 put option. The put option allows
bondholders to demand that China Evergrande pay back the principal
this Saturday, even before the bond matures.

According to the report, the company is proposing to change the
option date to July 8 this year. It is also proposing to pay the
interest payment due on January 8 six months later.

"Based on the current operation of Evergrande, we hope that the
bondholders can agree with the proposed rearrangement of the
redemption date and the coupon payment date, so that we can
properly move forward the repayment," the developer said in a
statement to the Shenzhen Stock Exchange on Jan. 5, the Post
relays.

China Evergrande is struggling to stay afloat with CNY1.97 trillion
of liabilities, of which at least US$186.1 million in offshore bond
payments are due this month. Another US$2 billion in offshore bond
payments are due in March, followed by US$1.045 billion in April.

Trading in Evergrande bonds will be halted from January 6 ahead of
the meeting with bondholders, the company said in a statement.

The Post says the development comes as Beijing appears to be
reluctant to bail out China Evergrande. Chinese authorities have
signalled that they plan to ring-fence the developer and limit
contagion rather than orchestrate a rescue as they have done during
past crises.

The People's Bank of China reiterated in December that risks posed
to the economy by China Evergrande's debt crisis could be
contained, and said the developer's "own poor management" and
"reckless expansion" were to blame for the problems it faces, the
Post relays.

A demolition order was issued by the Hainan government on December
30 last year, asking the developer to tear down 39 blocks on Ocean
Flower Island in Danzhou, the report recalls.

Earlier, local governments in Chengdu, in China's southwestern
Sichuan province, and Haikou, capital of Hainan province, both
withdrew land that China Evergrande had bought but let sit idle for
years.

                      About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

As reported in the Troubled Company Reporter-Asia Pacific in
December 2021, S&P Global Ratings lowered the issuer credit ratings
on China Evergrande Group and Tianji Holding Ltd. to 'SD' from
'CC'.  S&P also lowered the issuer rating on Tianji's bonds due
2022 and 2023 to 'D' from 'C'.  S&P subsequently withdrew all its
ratings on Evergrande, its subsidiary Hengda Real Estate Group Co.
Ltd., and Tianji, at the group's request.

The TCR-AP also reported that Fitch Ratings has downgraded to 'RD'
(Restricted Default), from 'C', the Long-Term Foreign-Currency
Issuer Default Ratings (IDR) of China Evergrande Group and its
subsidiaries, Hengda Real Estate Group Co., Ltd and Tianji Holding
Limited. Fitch has affirmed the senior unsecured ratings of
Evergrande and Tianji at 'C', with a Recovery Rating of 'RR6', as
well as the Tianji-guaranteed senior unsecured notes issued by
Scenery Journey Limited at 'C', with a Recovery Rating of 'RR6'.

The downgrades reflect the non-payment of coupons due Nov. 6, 2021
for Tianji's USD645 million 13% bonds and USD590 million 13.75%
bonds after the grace period lapsed on 6 December. The non-payment
is consistent with an 'RD' rating, signifying the uncured expiry of
any applicable grace period, cure period or default forbearance
period following a payment default on a material financial
obligation.


CHINA EVERGRANDE: To Abide by Orders to Tear Down 39 Structures
---------------------------------------------------------------
South China Morning Post reports that China Evergrande Group said
it would abide by a government instruction to demolish more than
three dozen structures on one of its flagship property projects in
Hainan for breaching building approval procedures, as the woes pile
up for the country's most indebted developer.

The Shenzhen-based developer will tear down 39 buildings on plot
2-14-1 on Island No. 2 of its Ocean Flower project in the Yangpu
Bay on the northwestern fringe of Hainan Island in southern China,
the Post relates citing a statement to the Hong Kong stock
exchange.

Evergrande did not provide details of what those structures or
buildings are.

"The company will proactively communicate and handle the case in
accordance with the demolition order from the local government in
Hainan," Evergrande said, adding that the tear down does not affect
the remainder of the development, where 60,567 apartments have been
delivered to buyers, with 628 units on their way.

Still, the demolition order piles on the financial woes of
Evergrande, which is struggling to stay afloat with CNY1.97
trillion (US$309.3 billion) of liabilities, of which at least
US$186.1 million in offshore bond payments are due this month, US$2
billion in March and another US$1.045 billion in April, the report
states.

According to the Post, the Ocean Flower project is a collection of
five artificial islands in Yangpu Bay on the northwestern coast of
southern China's Hainan Island, often dubbed "China's Hawaii" for
its tropical climate, sandy beaches and duty-free shopping. The
project measures 8 square kilometres, larger than Dubai's Palm
Jumeirah project and making it one of the world's largest
human-made islands.

Evergrande's building permit was revoked by the Danzhou municipal
authorities on December 30 because they were "illegally obtained,"
according to the government's order, adding that the buildings
related to the breach had to be taken down in 10 days, the Post
recalls.

Hainan's provincial authorities were instructed in late 2017 to
align the island's environmental and ecological protection policies
with China's national standards, as local development projects were
having a detrimental effect on the coastline and marine life.

The Hainan government imposed fines of CNY215 million on Evergrande
in 2019, citing violations of laws related to Ocean Flower Island,
the report notes.

Last November, the Hainan government said that it had withdrawn
sale permits for 39 blocks on Ocean Flower Island No2 relating to
2,716 residential homes and 123 shops, and said it had terminated
sales contracts on 328 units which had already been sold.

The Post relates that the government said that all 39 buildings
would be used as hotels, offices, a dormitory and to provide
affordable homes for "talent".

Evergrande was also instructed by provincial authorities in Hainan
and Sichuan to return land that it had left idle for years. The
combination of the clampdowns, adding to Evergrande's debt woes, is
spooking investors, the report adds.

                      About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

As reported in the Troubled Company Reporter-Asia Pacific in
December 2021, S&P Global Ratings lowered the issuer credit ratings
on China Evergrande Group and Tianji Holding Ltd. to 'SD' from
'CC'.  S&P also lowered the issuer rating on Tianji's bonds due
2022 and 2023 to 'D' from 'C'.  S&P subsequently withdrew all its
ratings on Evergrande, its subsidiary Hengda Real Estate Group Co.
Ltd., and Tianji, at the group's request.

The TCR-AP also reported that Fitch Ratings has downgraded to 'RD'
(Restricted Default), from 'C', the Long-Term Foreign-Currency
Issuer Default Ratings (IDR) of China Evergrande Group and its
subsidiaries, Hengda Real Estate Group Co., Ltd and Tianji Holding
Limited. Fitch has affirmed the senior unsecured ratings of
Evergrande and Tianji at 'C', with a Recovery Rating of 'RR6', as
well as the Tianji-guaranteed senior unsecured notes issued by
Scenery Journey Limited at 'C', with a Recovery Rating of 'RR6'.

The downgrades reflect the non-payment of coupons due Nov. 6, 2021
for Tianji's USD645 million 13% bonds and USD590 million 13.75%
bonds after the grace period lapsed on 6 December. The non-payment
is consistent with an 'RD' rating, signifying the uncured expiry of
any applicable grace period, cure period or default forbearance
period following a payment default on a material financial
obligation.


CHINA HUARONG: Halves in Value as Trading Resumes
-------------------------------------------------
Reuters reports that shares of China Huarong Asset Management Co
Ltd plunged as much as 55% in Hong Kong on Jan. 5 to a record low,
after trading resumed following a nine-month hiatus, even as the
bad loan company said its restructuring had paved the way for
healthy growth.

Huarong, which counts China's finance ministry as its largest
shareholder, suffered huge losses and its former chairman was
convicted of bribery, leading to a state-backed bailout last year,
the report notes.

According to Reuters, Huarong shares traded as low as HK$0.46
(US$0.0590) on Jan. 5, more than halving the company's value during
its previous trading session on March 31, 2021.

Reuters relates that the price is also the lowest since Huarong's
listing in 2015, and represents a nearly 50% discount to the
company's net asset value, reflecting investor pessimism.

In an apparent effort to inject some optimism, Huarong's management
said on Jan. 5 that recent capital injections by strategic
investors would breathe new life into the company, Reuters says.

Huarong has raised CNY42 billion from investors led by Citic Group
in a state-backed restructuring, the report notes.

Strategic investors have replenished capital and "laid the ground
for sustainable and healthy growth," Vice President Wang Wenjie
said in a speech that was posted on Huarong's website, Reuters
relays. "The company has the ability, and condition, to generate
returns for our shareholders."

Huarong, one of four major state-owned distressed-debt managers,
halted trading in its shares in April 2021 after missing a March 31
deadline for filing its 2020 earnings, Reuters recalls.

In August, Huarong announced a nearly $16 billion annual loss for
2020, and in November, it unveiled its restructuring plan.

Reuters adds that Huarong said on Jan. 5 that it had sold shares
through private placement to strategic investors at CNY1.02 apiece,
boosting the company's net asset value (NAV) per share by 60% to
CNY0.75.

The placement price, which is much higher than the NAV, reflects
"investors' optimism toward the company's long-term growth
prospectus," and is good for small investors, Reuters quotes a
Huarong official as saying.

Reuters relates that the company reiterated on Jan. 5 that it will
focus on its core business going forward, and seek synergies with
strategic investors.

Huarong has previously announced a slew of asset divestment deals,
including stake sales in its consumer finance, securities and
distressed asset exchange businesses, amid a regulatory push to
sell non-core assets in its business revamp, the report notes.

China Huarong Asset Management Co Ltd is a China-based company
mainly engaged in asset management business. The Company operates
through three segments. The Distressed Asset Management Operations
segment is engaged in distressed asset management, debt equity swap
asset management, the management of non-performing assets carried
out by subsidiaries distressed asset management business conducted
by its subsidiaries, distressed asset-based special situations
investments business and distressed asset-based property
development business. The Financial Services segment mainly
includes securities and futures business, financial leasing
business, banking services business and consumer finance business.
The Asset Management and Investment Operations segment is mainly
engaged in trust business, private equity funds business, financial
investments business, international business, and other
businesses.




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

AKSHAR COTTON: CARE Withdraws D Rating on Bank Debts
----------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding ratings of 'CARE
D' assigned to the bank facilities of Akshar Cotton Industries
(ACI) with immediate effect. The above action has been taken at the
request of ACI and 'No Objection Mail' received from the bank that
have extended the facilities rated by CARE.

As per banker interaction, there was over utilization of its cash
credit limit till mid-July 2020 due to its poor liquidity. Cash
credit facility has been restructured into INR7 crore Working
Capital Term Loan and INR3 crore cash credit.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Irregularities in debt services: As per banker interaction, there
is over utilization of its cash credit limit till mid-July 2020 due
to its poor liquidity.

Established in 2011, Akshar Cotton Industries (ACI) is a
partnership firm. The firm was owned by three partners namely Mr.
Ashokbhai Dudhagara, Mr. Hashmukhbhai Pansuriya and Mr.
Narendrabhai Virani. Currently ACI is managed by two partners
namely Mr. Ashokbhai Dudhagara and Mr. Hashmukhbhai Pansuriya. ACI
is engaged in ginning and pressing of raw cotton.  ACI's
manufacturing facility is located at Kalavad in Jamnagar District
of Gujarat. ACI has an installed production capacity of 230 cotton
bales per day (24 hours operation).

ANDHRA CEMENTS: CARE Reaffirms D Rating on INR910.79cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Andhra Cements Ltd, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities         910.79       CARE D Reaffirmed

   Short Term Bank
   Facilities          28.00       CARE D Reaffirmed

Detailed Rationale and Key Rating Drivers

The rating assigned to the bank facilities of Andhra Cements Ltd
continues to factor in delays in debt servicing by the
company.

Key rating sensitivities

Positive: Factors that could lead to positive rating
action/upgrade

* Timely track record of debt servicing by the company for
continuous 3 months

* Sustainable improvement in the operations of the company

Detailed description of the key rating drivers

Key Rating Weakness

* Delay in Debt servicing obligation: The liquidity position of the
company continues to remain weak on account of weak operational and
financial performance leading to delay in debt servicing.

Liquidity: Poor

The liquidity of the company is poor, leading to delays in debt
servicing

ACL has cement manufacturing facilities at Dachepalli, Guntur
District (Durga Cement Works) with a split grinding unit at
Visakhapatnam, Andhra Pradesh (Visakha Cement Works). Jaypee Group,
through Jaypee Development Corporation Ltd (JDCL, a wholly-owned
subsidiary of Jaypee Infra Ventures) acquired controlling stake in
ACL in February 2012 from its earlier promoters, Duncan Goenka
Group. ACL, under its erstwhile management, began a process of
expanding its cement capacity from 1.42 mtpa (DCW – 0.8 mtpa and
VCW – 0.62 mtpa) to 3.0 mtpa in July 2007 but it witnessed
significant cost and time over runs. The Jaypee group,
post-acquisition of the company, has undertaken renovation and
augmentation of the existing capacity of 1.42 mtpa to 2.61 mtpa,
which was commissioned on December 01, 2014. The company has also
set up a captive power plant with 30 MW capacities, which was
commissioned in FY16.


ARMEIN PHARMACEUTICALS: CARE Cuts Rating on INR32.24cr Loan to B+
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Armein Pharmaceuticals Private Limited (APPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       32.24      CARE B+; Stable Revised from
   Facilities                      CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of APPL
is owing to stabilization risk as resulted by small scale of
operations during FY21 (Audited; refers to the period from April 1
to March 31).

The rating continued to remain constrained on account of overall
weak financial risk profile as well as stretched liquidity during
FY21. The rating further remained constrained on account of
susceptibility of profit margins to volatility in raw material
prices, presence in highly competitive and fragmented industry and
susceptibility of business operations to government regulations.
The rating however continue to favorably take into accounts
successful completion of greenfield project along with extensive
experience of promoters in same line of business along with support
of group entities in the form of accessibility to their existing
selling and distribution network.

Rating Sensitivities

Positive Factors:

* Stabilization of operations while reporting envisaged level of
sales and profitability
* Growth in Total Operating Income (TOI) by more than two folds
along with maintaining current level of profitability

Negative Factors:

* Any adverse government regulations
* Inadequate cash accruals vis-a-vis debt repayments

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations: APPL conducted trading of liquid and
dry powder injectables from the month of July, 2019 till February,
2021. The scale of operations as marked by TOI remained small at
INR2.27 crore during FY21 as against INR1.88 crore during FY20. The
scale of operations remained lower than the envisaged level due to
nascent stage of operations. The entity had registered meagre
amount of operating profit of INR0.14 crore (6.16%) in FY21 as
against INR0.06 crore (3.41%) in FY20. Consequently, APPL had
reported net loss of INR0.14 crore in FY21 as against net profit of
INR0.05 crore in FY20 due to higher depreciation in
preliminary years of operations.

* Leveraged solvency position and weak debt coverage indicators:
The capital structure of the company remained leveraged as on March
31, 2021 as marked by an overall gearing ratio of 2.14 times as
against 1.32 times as on March 31, 2020 owing to increase in the
total debt level led by disbursement of fresh term loan in tranches
for greenfield project. The net worth level remained moderate at
INR13.72 crore as on March 31, 2021.  The debt coverage indicators
of APPL as marked by total debt to GCA remained weak at 170.28
years as on March 31, 2021 as against 296.73 years as on March 31,
2020 owing to increase in the GCA level led by increase in
profitability. The interest coverage ratio during FY21
deteriorated, albeit remained moderate at 2.41 times as against
9.42 times during FY20 owing to increase in the interest and
finance charges due to availment of term loan for the greenfield
project.

* Susceptibility of margins to volatility in raw material prices:
APPL's profitability is susceptible to volatility in raw-material
prices movement such as penicillin, ampicillin, ondansetron,
tramadol etc. Hence, the profitability margins of the entity could
get adversely affected with any sudden spurt in the raw
material prices.

* Presence in highly competitive and fragmented industry: Indian
Pharmaceuticals Industry (IPI) is highly fragmented and competitive
in nature with a number of small and medium sized players. APPL
planning to manufacture liquid and dry powder injectables in the
domestic market which is one of the most competitive segments of
the IPI which exhibits intense price competition, which is further
intensified by presence of the unorganized sector.

* Susceptibility of business operations to government regulations:
All the products and companies of pharmaceutical industry are
regulated by several policies and bodies in terms of pricing,
quality control, safety and health standards, and several other
certifications and control standards. The primary regulatory bodies
entrusted with the responsibility of ensuring approval, production
and marketing are the Central Drug Standards and Control
Organization (CDSCO) and National Pharmaceuticals Pricing Authority
(NPPA). APPL being present in the highly regulated industry is
susceptible to any adverse change in the Government policy
regarding the same. The price regulation also limits the ability of
the entity to increase its scale of operations.

Key Rating Strengths

* Successful completion of greenfield project: APPIL has
successfully completed greenfield project for manufacturing of
liquid and dry powder injectables for β-lactam and non- β-lactam
segment. The project was completed with total cost of INR47.94
crore within cost and time parameters. The project is completed and
operations are commenced from March 2021.

* Extensive experience of promoters in same line of business along
with support of group entities: All the promoters of APPL are well
qualified having a vast experience of around three decades in
pharmaceutical sector. One of the directors, Mr. Piyush Patel is
also a director in Ravi Pharmaceuticals Private Limited which is
into business of manufacturing various pharmaceutical drugs. He is
also a partner in Ravi Remedies, which is into manufacturing of
tablets- capsules and dry syrup. Another director, Mr. Suresh Patel
has worked as a research analyst in Shriram Institute for
Industrial Research, Delhi.

* Accessibility to existing selling and distribution network of the
associate companies: The promoters of APPL have a vast experience
in the pharmaceutical industry through their association with its
associate entities. These associate entities are majorly engaged
into manufacturing or marketing of various pharmaceutical products.
APPL has an advantage of established selling and distribution
network of its associate companies.

Liquidity: Stretched

The liquidity position of the company remained stretched marked by
low cash accruals of INR0.17 crore in FY21 as against debt
repayments of INR1.20 crore arising in FY22. The repayments have
been made from cash accruals and unsecured loans infused by
promoters. Unencumbered cash and bank balance remained moderate at
INR0.94 crore as on March 31, 2021. The net cash flow from
operations remained at negative of INR1.12 crore in FY21. The
operating cycle of the company remained negative. The current ratio
and quick ratio stood moderate at 1.37 times and 1.33 times as on
March 31, 2021. The company has not availed moratorium under
COVID19 relief package. However, it has availed term loan under
Guaranteed Emergency Credit Line Scheme of INR2.94 crore under
COVID-19 relief measures which was disbursed during June, 2021.

Anand-based (Gujarat) Armein Pharmaceuticals Private Limited (APPL)
is a private limited company incorporated in September, 2016. APPL
is into manufacturing of liquid and dry powder injectables
(including propofol injectables which are used while initiation of
Anesthesia) for β-lactam and non- β-lactam segment in ampoules
and vials. The company has successfully completed greenfield
project of INR49.64 crore with an installed capacity of 1,60,000
ampoulses, 2,40,000 vials for non β-lactam products and 2,00,000
vials for β-lactam products per day. The commercial operations
commenced from March, 2021. APPL conducted trading of liquid and
dry powder injectables from the month of July, 2019 till February,
2021.


BALA INDUSTRIES: CRISIL Cuts Rating on INR5.0cr Loan to B+
----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Bala Industries (BI, part of Paramount Group) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         4         CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Bill Discounting       5         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Overdraft Facility     2.5       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The rating downgrade reflects the impact on working capital cycle,
on account of stretch in receivables from government following the
onset of second wave of Covid-19 pandemic. The overall debtors'
outstanding days was more than 300 days as on date as of December
2021 which was previously anticipated to be less than 180 days.
This has led to full utilization of overdraft limits in the last 6
months with some instances of overdrawals. Hence, improvement in
debtors' collection cycle, leading to improvement in liquidity will
remain a key sensitivity factor.

The ratings also reflect modest scale of operations with
susceptibility to risks from tender-based operations, and below
average financial risk profile. These strengths are partially
offset by the extensive experience of the partners of the group in
the transformer industry.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of BI and Paramount Industries
(PI). This is because both these entities, together referred as the
Paramount group, operate in the same industry, with operational and
financial linkages.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations with susceptibility to risks from
tender-based operations: The company has modest scale of operations
as indicated by expected revenue of INR60 crore for fiscal 2022.
The group has tender-based business and growth in revenue and
profitability depends on the group's ability to win tenders.
Intense competition in the transformer distribution business
require entities to bid aggressively to bag contracts, and thus,
keeps their operating margin modest.

* Below-Average Financial risk profile: Financial risk profile is
below-average marked by a leveraged capital structure, with gearing
at 5.24 times and modest networth of INR4.24 crore as on March 31,
2021. Debt protection metrics is also modest marked by estimated
interest coverage ratio of 1.7 times and net cash accruals to
adjusted debt of 0.03 time in fiscal 2021.

* Working capital intensive operations: Operations are working
capital intensive as indicated by gross current assets of 477 days
as on March 31, 2021. Receivables were over 273 days as on March
31, 2021, due to stretched receivables from government.

Strengths:

* Extensive experience of the partners: Longstanding presence of
over 2 decades in the electrical components transformer industry,
has helped the partners develop strong understanding of market
dynamics and establish healthy relationships with suppliers and
customers.

Liquidity: Stretched

The overdraft limit of INR5 crore has been fully utilized  in the
12 months ending September 2021 with instances of overdrawals due
to stretched receivables from government. Cash accruals expected
over the medium term is about INR1.1 – 1.5 crore which will be
just sufficient against debt obligation of INR0.9 Crore.

Outlook: Stable

CRISIL Ratings believes the group will continue to benefit over the
medium term from the extensive experience of its partners.

Rating Sensitivity Factors

Upward factors:

* Improvement in the receivables to less than 150 days leading to
improved liquidity
* Sustained improvement in scale of operation and sustenance of
operating margin, leading to higher cash accruals

Downward factors:

* Decline in revenue by 25% and profitability margin below 4%,
leading to lower  net cash accrual
* Higher than expected withdrawal by partners leading to lower net
cash accrual.
* Further increase in its working capital requirements weakening
its liquidity & financial profile.

BI was established in 1997 and PI in 2012 by Mr. S A Arutchelvan
along with his family members. The group is engaged in the
manufacturing of distribution transformers. The group has its
manufacturing facilities at Chennai, Tamil Nadu.

CONFIDENT ENGINEERING: CARE Cuts Rating on INR8.19cr Loan to B+
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Confident Engineering India Private Limited (CEIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.19       CARE B+; Stable Rating removed
   Facilities                      from ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-; Stable

   Short Term Bank      9.90       CARE A4 Rating removed from
   Facilities                      ISSUER NOT COOPERATING category

                                   and Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
CEIPL takes in to account moderation in the scale of operations
with net loss reported during FY21 and weak liquidity position. The
rating continues to be tempered by leveraged capital structure and
weak debt coverage indicators, and presence in fragmented and
competitive nature of industry with tender driven nature of
operations.  The rating, however, derives strength from the
established track record and experience of the promoters.

Rating Sensitivities

Positive Factors - Factors that could lead to positive rating
action/upgrade:

* Growth in total operating income to over INR30.00 crore driven by
healthy flow of orders.
* Improvement in operating cycle and liquidity position.

Negative Factors- Factors that could lead to negative rating
action/downgrade:

* Deterioration in net overall gearing above 5x on a sustained
basis.

Detailed description of the key rating drivers

Key Rating weaknesses

* Decline in scale of operations with net loss reported during
FY21: The total operating income of the company decline to INR15.81
Crore in FY21 as against INR30.25 Crore in FY20. With impact of
COVID-19 prevailed during FY21, the orders acquired by the company
have been cancelled/deferred by the respective
customers at the back of uncertainties faced by the clientele base.
With this, order inflow has also reduced resulted in the
sluggishness in the operations, and up to November 2021, the
company booked income of INR5.00 Crore and currently bagged
work orders to the tune of INR35.23 Crore as on December 17, 2021,
wherein almost 30% will expected to be completed by March 31, 2022.
Due to drop in revenue and stable fixed costs, the company incurred
net loss of INR0.26 Crore in FY21.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company continued to be leveraged and
deteriorated further during the review period marked by its overall
gearing level of 3.24x as on March 31, 2021. The networth base of
the company has depleted at the back of erosion due to net loss
reported during FY21. This coupled with increase in the debt books
at the back of availment of COVID-19 loan and loan availed from
NBFC for day to day operations, has resulted in leveraged solvency
position. The debt coverage indicators also remained weak with the
TD/GCA of 221x as on March 31, 2021 and interest coverage ratio at
1.16x in FY21. Presence in fragmented and competitive nature of
industry with tender driven nature of operations.  Industry is
characterized as competitive in nature as there are a large number
of players at the regional level. Further, the award of contracts
is under bidding process and lowest bidder gets the work. Hence,
going forward, due to increasing level of competition and
aggressive bidding, the profits margins are likely to be under
pressure in the medium term.

Key Rating Strengths

* Established track record and experience of the
promoters:Confident Engineering India Private Limited (CEIPL) was
incorporated as a proprietorship concern in the name M/s. Alltech
by Mr. K. Subramaniam, during the year 1976, which has been
undergone reconstitution during the year 2002 as private limited,
appointing Mr. C. Ratna Kumar as another director of the company.
With this, the entity registering a long track record of operations
for about four decades. After the demise of Mr. K. Subramaniam
during 2009, Ms. Malligadevi S was appointed as director in the
place of Mr. K. Subramaniam. Mr. C. Ratna Kumar, Managing director
of the CEIPL has existence of more than two decades in the water
treatment plants business and Ms. Malligadevi has more than a
decade of experience in this line of business. The promoters
supported by a well-qualified management team looking after the day
to day operations.

Liquidity analysis: Poor

With slowdown in the operating performance, the company's cash
accruals are tightly matched with the gross loan repayment of
INR1.22 Crore. The operating cycle of the company remained
elongated at 408 days in FY21, due to high collection and
inventory period. This elongated operating cycle accounts, high
receivable days of 431 days, and stretched inventory holding period
of 211 days. Ideally the company undertakes some of government
orders, and the procedural delays prevailed upon the
clearing of invoice raised, led to elongation in the collection
period more than 180 days. For some of its private customers, the
company receives advance payment to the tune of 40% from the total
order value. Due to some procedural delays and natural
calamities (flood), the bills raised were delayed for clearance for
one of the Government contracts executed as joint venture, resulted
in high collection period. The average working capital utilization
stood at 95% for the past twelve months ended November 2021. During
FY22, the promoters has infused USL to the tune of INR1.24 Crore so
as to close one of its loans availed from NBFC in advance. The
promoters planned to bring additional USL loans to the tune of
INR1.50 Crore to support business operations and liquidity
mismatches. The timely support extended by the promoters would be a
key monitorable from a credit perspective.

Confident Engineering India Private Limited (CEIPL) was initially
established as proprietorship concern in the year 1976 by Late Mr.
K. Subramaniam under the nomenclature M/s. Alltech. During July,
2002 the concern undergone reconstitution and has been converted as
a Private Limited Company. The company is promoted by Mr.C. Ratna
Kumar and Ms. S. Malligadevi. Mr. C. Ratna Kumar, the Managing
Director, has an experience of more than two decades in the water
treatment industry. CEIPL is engaged in the waste water treatment
and provide solutions for the complex and hazardous industrial
waste water treatment along with post installation operations and
maintenance services.


EASTERN COPPER: CARE Reaffirms B+ Rating on INR3.88cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Eastern Copper Manufacturing Company Private Limited (ECMCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities            3.88      CARE B+; Stable Reaffirmed

   Short Term Bank
   Facilities           12.00      CARE A4 Reaffirmed


Detailed Rationale & Key Rating Drivers

The ratings assigned to the Bank Facilities of ECMCPL continues to
be constrained by small scale of operations, moderate capital
structure amid deterioration in debt coverage indicators, working
capital intensive nature of operations, volatility in raw material
prices along with highly competitive and fragmented industry.
However, the ratings take into account improvement in sales in
8MFY22 after moderation in FY21 (refers to the period April 1 to
March 31) owing to Covid-19. The ratings also continue to derive
comfort from the experienced promoters along with long track record
of operations and reputed clientele.

Rating Sensitivities

Positive Factors - Factors that could lead to positive rating
action/upgrade:

* Sizeable increase in scale of operations from present level
(Total Operating Income above INR80.00 crore) of the entity on a
sustainable basis
* Improvement in capital structure with overall gearing ratio
reaching comfortable level of below 1.00x on a sustainable
basis

Negative Factors- Factors that could lead to negative rating
action/downgrade:

* Any sizeable de-growth in scale of operations from present level

(total operating income below INR40.00 crore) on a sustained basis

* Deterioration in capital structure with overall gearing ratio
reaching high level of more than 2.00x on a sustainable basis

* Any material conversion of contingent liabilities into actual
liability with respect to VAT/CST from current levels

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small Scale of operations: Despite being in the business for over
two decades, the company's scale of operation remains small with
operating income of INR49.42 crore in FY21 (Rs.53.82 crore in FY20)
amid covid-19 impacted year. The small size restricts the financial
flexibility of the company in times of stress and deprives it from
benefits of economies of scale.

* Moderate capital structure amid deterioration in debt coverage
indicators: The capital structure of the company remained moderate
marked by overall gearing ratio of 1.18x as of March 31, 2021 as
against 1.19x as on March 31, 2020. The total debt/GCA
deteriorated to 6.31x in FY21 as against 4.38x in FY20 on account
of marginal increase in debt along with lower cash accruals while
the TOL/TNW marginally improved to 3.16x in FY21. The PBILDT
Interest coverage ratio stood at 1.58x in FY21 vis-a-vis 1.73x as
of March 31, 2020 due to marginal increase in interest costs.

* Working capital intensive nature of operations: The working
capital cycle remains comfortable and stood at 17 days in FY21
vis-a-vis 5 days in FY20. The debtor's collection period stood
around the same levels at 22 days in FY21 as compared to 20 days in
FY20 while there was marginal increase in inventory days to 68 in
FY21 as against 52 days in FY20 which was partially set off by
increase in creditor's period.

* Volatility in raw material prices along with highly competitive
and fragmented industry: The raw material prices of copper products
are highly volatile in nature. Even though raw material prices
moved in tandem with finished goods prices, it does so with a time
lag. Since, raw material is the major cost driver, any southward
movement of finished goods price with no decline in raw material
price result in adverse performance of a company. The spectrum of
the copper industry is highly fragmented and competitive marked by
the presence of numerous players in India. Hence, the players in
the industry do not have pricing power and are exposed to
competition induced pressures on profitability. Also, copper
related products are subjected to the risks associated with the
industry like cyclicality and price volatility.

Key Rating Strengths

* Experienced promoters along with long track record of operations:
The company started its operation in March 1996, thus having more
than two decades long track record of operations. ECMCPL is
currently managed by Directors, Mr. Ravi Choudhary and Mr. Rajiv
Choudhary, having about three decades of experience in
similar line of business. Both the directors are actively involved
in the overall business operations of the company.

* Reputed clientele: The company sells its products to the clients
like BHEL, Bharat Sanchar Nigam Ltd and Chittaranjan Locomotive
Works. It has long standing relationship with clients marked by
repeated orders from the said clients.

* Improvement in sales in 8MFY22 though moderate financial
performance in FY21 owing to Covid-19: The company generated total
operating income of INR49.42 crore during FY21 as against INR53.82
crore in FY20 amid covid-19 hit year as operations were impacted as
the company was allowed to work with 25% of labor to complete its
outstanding orders. The PBILDT margin improved to 6.08% on account
marginal decline in expenses while the PAT margin stood at 0.53% on
account of marginal increase in finance costs during FY21.  During
8MFY22, the company has generated operating income of approximately
INR47 crore.

Liquidity: Stretched

The company generated gross cash accruals of INR1.06 crore against
debt repayment obligation of INR0.49 crore in FY21. The cash and
bank balance stood at INR1.26 crore as of March 31, 2021. The
average utilization of the working capital limits was more than 90%
for the last twelve months ended November 30, 2021. The current
ratio stood at unity level as of March 31, 2021 indicating
stretched liquidity position of ECMCPL. The company has debt
repayment obligations of INR0.73 crore in FY22 which would be met
entirely out of cash accruals.

Eastern Copper Manufacturing Company Private Limited (ECMCPL) was
incorporated in March 1996 to initiate copper products
manufacturing business at Kolkata. The company has its
manufacturing unit at Baniara Industrial Estate in Howrah with an
installed capacity of 3,600 MTPA. The company manufactures products
like copper bar, rods, wires, plates etc. and sells to the company
like BHEL, Bharat Sanchar Nigam Ltd and Chittaranjan Locomotive
Works etc. The day-to-day affairs of the company
are looked after by Mr Ravi Choudhary along with the other
director, Mr. Rajiv Choudhary. Both the directors have more than
three decades of experience in similar line of business are well
supported by a team of experienced personnel.


FUTURE GROUP: Court Junks Plea Over Ending Arbitration With Amazon
------------------------------------------------------------------
Moneycontrol reports that in a significant setback to the Future
Group, the Delhi High Court has dismissed the pleas filed by the
Future group companies relating to termination of arbitration
proceedings with Amazon going on before the Singapore International
Arbitration Centre.

Kishore Biyani's Future group had approached the Delhi High Court
seeking direction for the Singapore tribunal to hear termination
application ahead of the scheduled hearings in the arbitration
case, the report relates.

According to Moneycontrol, Future group's case hinged on the
December 2021 order of the Competition Commission of India which
had kept in abeyance its approval for the 2019 investment deal
between Amazon and Future Coupons Pvt Ltd, a promoter firm of the
group's public listed company Future Retail Ltd.

While Future group argued that with the CCI approval now suspended,
the agreement which provided for the arbitration proceedings itself
is rendered invalid. As such, the ongoing proceedings, too, would
be irrelevant. Amazon contested this stand by saying that
arbitration and the underlying contract are independent of each
other. Moreover, Amazon said it has legal options, such as appeals,
available against the CCI order.

Moneycontrol says the case was heard for about three hours on
January 3 owing to the urgency in the case cited. The court
reserved its order to be delivered on the following day, just ahead
of the scheduled dates set out by the Singapore International
Arbitration Centre for its meeting to carry out the arbitration
proceedings in the case.

Moneycontrol relates that the tribunal is set to meet between
January 5 and 7 to proceed with the arbitration case hearings on
the aspect of affixing quantum of damages that the Future group
would be liable to pay to Amazon.

Earlier, in a partial award passed by this tribunal in favour of
Amazon, the panel found Future Retail Ltd to be a valid related
party to the contractual arrangement entered into between Amazon
and Biyani-led Future Coupons. Pursuant to this, the tribunal is
now tasked with ascertaining the quantum of liability.

Meanwhile, the order by CCI suspending its approval came to be
passed which the future group relied upon in its attempt to have
the arbitration proceedings terminated altogether, Moneycontrol
reports. The Future group petitioned the Singapore tribunal for the
same but to no avail.

Moneycontrol notes that this plea by Future group had made its way
to the high court after the Singapore tribunal was unable to
accommodate this termination application ahead of the scheduled
hearings on main case. Calling this "defiance of Indian law" and
"defiance of the CCI order", the counsel for Future group made a
fervent case for the arbitration to be terminated.

According to the report, the legal battle between Amazon and Future
began back in 2020 when Amazon invoked arbitration after Future
Retail announced its asset sale deal with Reliance Industries Ltd's
wholly owned subsidiary, Reliance Retail. Amazon claimed that its
deal with Future Coupons prevented Future Retail also, in capacity
of related party, from entering into agreements with certain
entities including the Mukesh Dhirubhai Ambani group. Future Retail
claimed that it was not bound by the deal between Amazon and Future
Retail's promoter firm.

Moneycontrol says the asset sale deal between India's two leading
retailers was stayed by an emergency arbitrator in October 2020 and
the validity of this order was finally affirmed by the Supreme
Court in August 2021. While this merger remains stayed, Future
group firm moved CCI accusing Amazon of withholding pertinent
information leading to the CCI order of December which has now
become basis for a fresh round of litigation.

                         About Future Group

Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
10, 2021, Fortune India said Future Group is fighting its final
battle for existence.  Supreme Court's ruling that upheld Singapore
Emergency Arbitrator's award against Reliance Retail's INR24,713
crore takeover of Future group companies may have a bigger impact
on Kishore Biyani's retail chain as it is on the verge of
bankruptcy.  

The cash-strapped group companies jointly owe around INR19,000
crore to banks, besides the INR6,000 crore dues to the vendors.
Future Retail Limited alone owes INR6,278 crore debt with 28 banks,
including SBI, Union Bank, Bank of India, Bank of Baroda, Axis
Bank, and IDBI Bank, among others.


GAMMA GREEN: CARE Raises Rating on INR15.49cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gamma Green Power Private Limited (GGPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           15.49      CARE B+; Stable Revised from
                                   CARE D Stable outlook assigned

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of GGPL
takes into account the regularization of debt servicing for more
than 6 months. The ratings remain constrained by the moderate scale
of operations and seasonality associated with wind power generation
and relatively low PLF. The rating is weakened by the stretched
liquidity profile of the company with tightly matched accruals to
repayment obligations. However, the rating derives strength from
established presence in the renewable segment with relationships
with reputed clientele.

Rating Sensitivities

Positive Factors - Factors that could lead to positive rating
action/upgrade:

* Sustained improvement in operational and financial performance

Negative Factors- Factors that could lead to negative rating
action/downgrade:

* Deterioration in the debt coverage indicators with interest
coverage reaching below 1.2 times

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations with moderate profits: The company
continues to have modest revenue due to low PLF levels. During
FY21, PBILDT of the company dropped to INR13.5 crore as against
INR15.9 crore in FY20 largely on account of decrease in income. For
FY21, the Gross Cash Accruals (GCA) stood at INR4.2 crore as
against INR11.4 crore in FY20, however higher GCA in FY20 was on
account of waiver of interest on loans from group companies. The
receivable position of the company stood at INR7.61 crore in line
with previous year position of INR7.65 crore as on March 31, 2020.
It is to be noted that receivables outstanding includes customer
limits enjoyed by the group captive customers in accordance with
their equity investment in the company.

* Seasonality associated with wind generation and relatively low
PLFs: Wind farms are exposed to inherent risk of climate
fluctuations leading to variations in the wind patterns which
affects the PLF. Generally, the wind farms enjoy higher PLF during
May to September period (Monsoon period), whereas the PLF is
relatively low during the other seasons. During the offseason
stretching from October to April, wind generation dips
significantly impacting the cash flows. In FY21 the PLF stood at
11.60% as against 12.39% in FY20. GGPL's PLF has been continuously
below 15% during the period FY15-FY21, except FY17, when it
moderately increased to 15.75%. The dip in PLF level during FY21
can be attributed to reduced availability of wind and older
equipment. Owing to seasonal nature of generation, the company
relies on banking of excess units for which it pays banking charges
@14% of the units banked. This facility enables the company to meet
the off-season power requirement of Group Captive customers.

Key Rating Strengths

* Established presence of OGPL in renewable energy segment: GGPL is
a subsidiary of Orient Green Power Company Limited (OGPL). OGPL's
promoter is SVL Limited (formerly known as Shriram Industrial
Holdings Limited). As of March 2021, OGPL had a portfolio of
operational wind capacity of 417 MW. For FY21, OGPL reported net
loss of INR56.5 crore (PY: loss of Rs.19.9 crore) on a total income
of INR262.7 crore (PY: INR386.4 crore) on standalone basis. GGPL
has been supported by the group companies in terms of funding
requirements. As on March 31, 2021, the total loans and advances
from the group companies stood at INR192 crore.

* Relationship with reputed clientele: The company has an operating
capacity of 51.93 MW in TN and 4MW in Gujarat. GGPL has group
captive mechanism with a set of customers in Tamil Nadu and many of
the larger customers are reputed companies in Tamil Nadu. In
Gujarat, the capacity is contracted to Gujarat State Discom. The
customer mix under the group structure is moderately diversified
with capacity tied up with automotive/automotive ancillary, Textile
players, pharmaceuticals, information technology and industrials.

Industry Outlook

With the thrust from the government, there had been significant
wind power capacity additions since FY17 under the feed-in tariff
mechanism. However, there are concerns like increased difficulties
in land acquisition, limited availability of good wind sites,
inadequate grid connectivity, regulatory uncertainties and weak
financial risk profile of few state discoms. Going forward, timely
resolution of these concerns amidst ongoing COVID-19 pandemic
remain key monitorables.

Liquidity: Stretched

Liquidity is marked by tightly matched accruals to repayment
obligations and modest cash balance. The company had cash and bank
balance of INR0.51 crore as on August 31, 2021 as against INR0.23
crore as on March 31, 2021. Further, the company
does not have any sanctioned working capital limits.

Gamma Green Power Private Limited (GGPL), a subsidiary of Orient
Green Power Company Limited (OGPL) was incorporated in December
2009 for the purpose of generating electricity through wind mills.
GGPL has a total installed capacity of 54.93 MW with 141 WTGs
located in Tamil Nadu and Gujarat. The capacity was mainly built-up
through acquiring existing operational windmills. In Tamil Nadu,
third party sale of power is permissible under group captive
consumption i.e. windmill power can only be sold to companies
holding shares in the power generating entity. In Tamil Nadu,
generated power is sold through the group captive consumption
mechanism, while in Gujarat generated power is sold to the state
Discom. OGPL holds 72.50% stake in the GGPL with rest being held by
power purchasing companies.

HIGH BREETD: CARE Withdraws D Rating on Bank Debts
--------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding ratings of 'CARE
D' assigned to bank facilities of High Breetd Fashions with
immediate effect. The above action has been taken at the request of
High Breetd Fashions and 'No Objection Certificate' received from
the bank that has extended the facilities rated by CARE.

Detailed description of the key rating drivers

The rating assigned to the bank facilities of High Breetd Fashion
(HBF) takes into account the past delays in debt servicing of
packaging credit facilities with stretched liquidity position.

Key Rating Weaknesses

Delay in debt servicing

There was continuous overdrawals for more than 30 days in packing
credit facilities in the past and the account was classified as NPA
on March 29, 2021. The working capital utilization continued to be
full indicating stretched liquidity position.
  
High Breetd Fashions (HBF) is a proprietorship concern established
in the year 2004 by Mr. MK Sunderam to manufacture knitted and
woven garments. Prior to establishment, Mr. MK Sunderam was engaged
in manufacturing of garments and trading in domestic market. Since
2004, they started concentrating only on the export market. Mr. MK
Sunderam is also an active partner of High Breetd Colours (HBC),
which is engaged in dying and colouring of garments. High Breetd
Colours supports HBF in dying and colouring of garments which is
been manufactured by the latte.


K.R. PADMANABHAN: CRISIL Reaffirms B Rating on INR6cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its long term ratings on the bank
facilities of K.R. Padmanabhan and Sons (KRP) part of KRP Group.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             6        CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect the KRP group's below-average
financial risk profile and working capital intensive operations.
These rating weaknesses are partially offset by the extensive
experience of the group's promoters in the rice industry.

Analytical Approach

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of K.R. Padmanabhan and Sons
(KRP) and P. Sri Ramulu (PRS). This is because both the entities,
together referred to as the KRP group, are engaged in the same
business and have significant financial fungibility.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below average financial risk profile: The group's financial risk
profile is below average marked by, net worth and total outstanding
liabilities to tangible net worth (TOL/TNW) of INR3.5 crore and
10.6 times respectively for fiscal 2021. The group's debt
protection metrics is weak with interest coverage of 1.18 times in
fiscal 2021.

* Working capital intensive operations: The group's operations are
working capital intensive due to large inventory which led to high
Gross Current Asset (GCA) days of 162 as on March 31, 2021.

Strength:

* Long standing presence in rice trading industry: The vast
experience of promoters has helped the group in establishing
relationship with key suppliers and customers.

Liquidity: Stretched

The firm has highly utilized the bank limits with full utilization
over the last twelve months ended November, 2021, due to working
capital intensive business. The estimated net cash accruals (NCA)
is modest at around INR0.5 crore which along with USL remains
sufficient against repayment obligations of around INR1 crore. The
need base funding support from promoters is expected to support the
liquidity profile over the medium term. Further, the current ratio
stood at around 1 times in 2021.

Outlook Stable

CRISIL Ratings believes that the KRP group will benefit over the
medium term from its promoters' extensive industry experience.

Rating Sensitivity factors

Upward Factors:

* Improvement in capital structure marked by gearing and TOL/TNW of
less than 5 times backed by increase in net worth or reduction of
external borrowings.
* Efficient working capital management, significant decline in
revenue growth rate while sustaining moderate operating margin

Downgrade Factors:

* Further Decline in capital structure marked by gearing of more
than 11 times backed by incremental external borrowings.
* Larger than expected working capital requirement, significant
decline in revenue growth rate or margin resulting in fall of NCA

The KRP group is engaged in rice trading. The group is based in
Chennai and is managed by Mr. P Sri Ramulu, Mr. P Damodaran, and
Mr. P Venkatesan.


KHUDIRAM COLD: CRISIL Assigns B Rating to INR2.84cr Term Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of Khudiram Cold Storage Private Limited
(KCSPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          1.42        CRISIL B/Stable (Assigned)
   Cash Credit          1.60        CRISIL B/Stable (Assigned)
   Proposed Long Term
   Bank Loan Facility   0.26        CRISIL B/Stable (Assigned)
   Term Loan            2.84        CRISIL B/Stable (Assigned)
   Working Capital
   Demand Loan          5.8         CRISIL B/Stable (Assigned)
   Working Capital
   Demand Loan         11.08        CRISIL B/Stable (Assigned)

The rating reflects the company's susceptibility to regulatory
changes in the cold storage industry in West Bengal and weak
financial risk profile, as reflected in modest networth and high
gearing. These weaknesses are partially offset by the extensive
industry experience of the promoters and locational advantage of
the company.

Key rating drivers and detailed description

Weaknesses:

* Susceptibility to regulatory changes in the cold storage
industry: The cold storage industry is regulated by state cold
storage associations. Rental rates are fixed by the Department of
Agricultural Marketing. In addition to rentals, the company
receives marketing, drying and insurance charges per quintal. As
part of the central government's initiative to support agriculture,
banks extend financial assistance to farmers storing produce in
private cold storages against pledge of cold storage receipt. The
cold storage takes loans from banks on behalf of the farmers and
extends these loans to them. However, the primary responsibility of
repaying the bank loan along with interest remains with the cold
storages. Farmers must clear their dues (loans and storage charges)
before withdrawing their stock from the cold storage. However, if
the material is not lifted by farmers or traders due to low prices
of the commodity, the loss is borne by the cold storage.

* Modest scale of operations: KCSPL is a relatively small player in
the cold storage business with revenue of INR5.89 crore. Networth
is modest at INR6.31 crore, which limits the credit risk profile of
the company in adverse situations.

Strengths:

* Extensive industry experience of the promoters: The promoters
have been in the cold storage business for almost two decades. Over
the years, they have developed healthy relationships with traders
and farmers and strong understanding of the industry, which has
helped the company ensure healthy utilization of its storage
capacity.

* Locational advantage: Proximity of cold storage to the potato
producing belt of Midnapore, West Bengal will help in achieving
optimum capacity utilization over the medium term.

Liquidity: Stretched

Bank lines remained almost fully utilized through the last 12
months. Cash accrual is expected to be modest at INR0.8-0.9 crore
per fiscal over the medium term, against debt obligation of INR0.5
crore.

Outlook: Stable

CRISIL Ratings believes KCSPL will continue to benefit from its
promoters' extensive industry experience and healthy relationships
with clients.

Rating sensitivity factors

Upward factors:

* Sustained increase in operating margin and revenue (20%), leading
to higher cash accrual
* Efficient working capital management

Downward factors:

* Decline in revenue (20%) and profitability, leading to lower net
cash accrual
* Substantial increase in working capital requirement, weakening
the liquidity and financial risk profiles

Incorporated in 2004, KCSPL provides cold storage facilities to
potato farmers and traders in Midnapore, West Bengal. The company
commenced commercial operations in 2006. KCSPL is owned by the
Manna family who have extensive experience of two decades in the
cold storage industry and in potato trading (through a group
company).

M.R. OVERSEAS: CRISIL Lowers Rating on INR47cr Cash Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of M.R. Overseas Private Limited (MROPL) to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not
Cooperating' as the company has not been able to fulfil its debt
obligation in a timely manner over the past six months.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            47        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with MROPL
through letters and emails, dated September 28, 2020, March 17,
2021 and December 31, 2021, among others, apart from telephonic
communication, for obtaining information. However, the issuer has
remained non-cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings did not receive any information on the financial
performance or strategic intent of MROPL. This restricts the
ability to take a forward-looking view on the credit quality of the
entity. The rating action on MROPL is consistent with the criteria
outlined under 'Assessing Information Adequacy Risk'.

MROPL was originally set up as a partnership between Mr. Nand Kumar
Arora, Mr. Rajesh Kumar Arora, Mr. Sanjiv Kumar Arora and Mr. Rohit
Arora in 1996, and was reconstituted as a private limited company
in 1998. It processes basmati rice varieties (PUSA 1121, PUSA 1509,
traditional basmati, and blended rice) in the domestic and overseas
markets, and has milling and sorting capacity of 8 tonne per hour
(tph) and 6 tph, respectively. The plant at Delhi has Hazard
Analysis and Critical Control Points (HACCP), ISO 9001:2001, and US
Food and Drug Administration (USFDA) certifications.


MANICKBAG AUTOMOBILES: ICRA Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Manickbag
Automobiles Pvt Ltd in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long Term-         10.00      [ICRA]B+ (Stable) ISSUER NOT
   Fund Based–                   COOPERATING; Rating continues
   Cash Credit                   to remain under 'Issuer Not
                                 Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Based out of Belgaum, Manickbag Automobiles Pvt Ltd, is engaged in
the dealership of Tata commercial vehicles (CV) and passenger
vehicles (PV) in North Karnataka region. The entity started its
operations in 1956 with the sub-dealership of Ashok  Leyland
vehicles. It started Tata CV dealership in 1992 and added the PV
division in 1997. In 2002, the entity was incorporated as a company
under the name Manickbag Automobiles Pvt Ltd. MAPL currently
operates 10 CV showrooms, 1 PV showroom and 4 showrooms catering to
both PV and CV, located across North Karnataka. In addition, the
company also undertakes dealerships for Suzuki two wheelers and LG
and Toshiba consumer goods.


MODEST INFRA: ICRA Raises Rating on INR50cr LT Loan to B
--------------------------------------------------------
ICRA Ratings reaffirmed ratings on certain bank facilities of
Modest Infrastructure Private Limited's (MIPL), as:

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long Term           50.00     [ICRA]B(Stable); Upgraded from
   Fund Based                    [ICRA]B-(Stable)

   Long Term/          18.00     [ICRA]B(Stable)/[ICRA]A4; Long
   Short Term                    term rating upgraded from
   Non Fund Based                [ICRA]B-(Stable); Short term
                                 rating reaffirmed

   Long Term/         182.00     [ICRA]B(Stable)/[ICRA]A4; Long
   Short Term                    term rating upgraded from  
   Unallocated                   [ICRA]B-(Stable); Short term
                                 rating reaffirmed

Rationale

The rating revision considers the improvement in MIPL financial
performance in FY2021, with revenue growth and margin improvement;
although it continued to report net losses. The ratings also
consider the healthy order book position, which provides revenue
visibility over the near-to-medium term. The ratings also
favourably factor in the regular financial support by the Dempo
Group to support MIPL's operations and expected continuation of the
same. The ratings draw comfort from the promoter's extensive
experience in the shipbuilding industry and improved capital
structure post conversion of CCDs into equity. However, the ratings
remain constrained by the weak financial risk profile of the
company, characterised by its loss-making operations since 2014,
which eroded its net worth and resulted in a stretched liquidity
position. Besides, MIPL's profitability remains vulnerable to input
price variations owing to the fixed-price nature of its sales
contracts.

The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that the company's credit profile will be supported by expected
growth in revenues and profitability and liquidity support from the
Dempo Group.

Key rating drivers and their description

Credit strengths

* Healthy order book position: MIPL's order book position remained
healthy at INR57.8 crore (as on July 2021) and consists of ship
repairing and shipbuilding orders. The current order book is 2.3
times of FY2021 revenues and enhances its revenue visibility over
the near-to-medium term. In addition, the company has submitted its
bids to various ongoing tenders from the Indian Navy and Gujarat
Maritime Board, which if awarded will add to the order book
position.

* Status of MIPL as part of the Dempo Group: MIPL is a part of the
Goa-based Dempo Group, which has interests across mining,
shipbuilding, media, food and beverage, travel and sports. The
ultimate parent company, V S Dempo Holdings Private Limited
(VSDHPL), has extended support of INR343.1 crore in the form of
equity and INR7.19 crore in the form of unsecured loans as on March
31, 2021 to support the operations of MIPL. Except for the
unsecured loan of INR5.3 crore extended by VSDHPL, the
entire amount has been routed through the immediate parent company,
Dempo Shipbuilding and Engineering Private Limited (DSEPL); rated
[ICRA]B(stable). Further, in the current fiscal, additional support
has been provided in the form of ICDs from group entities to MIPL,
resulting in moderation in utilization of higher cost working
capital bank facilities.

Credit challenges

* Weak financial risk profile characterized by continued losses and
high working capital intensity of operations: MIPL's financial risk
profile is historically characterized by consistent losses at
operating and net levels, which had also led to net worth erosion.
However, the company has reported operating profits in FY2021
driven by increase in revenues and improvement in profitability.
Further, the capital structure witnessed improvement due to the
conversion of unsecured loans from DESPL amounting to INR185.4
crore to equity in FY2021. The net working capital (NWC) to
operating income (OI) of the company remained high at 124.1% as of
March 31, 2021, due to high inventory holding period and stretched
receivables, though there was improvement over 185.2% as on March
31, 2020.

* Exposure to raw material price risk: The company's margins remain
exposed to fluctuations in input prices given the fixed price
nature of its sales contracts.

Liquidity position: Stretched

The liquidity of the company remains stretched due to continued
losses, although, MIPL reported operating profits in FY2021.
Consequently, MIPL largely depends on the support from Dempo Group
entities to fund its working capital requirements.
However, reduction in high-cost bank debt utilisation in the
current fiscal due to low cost group funds, will also provide some
support. Further, in FY2021, unsecured loans of INR185.4 crore were
converted into equity, which is also favourable for the liquidity
profile. Going forward, with healthy orders in hand, the cash
accruals are expected to witnessed improvement, as against no
long-term bank debt repayment obligations and no major capex plans
in the near term.

Rating sensitivities

Positive factors – The ratings could be upgraded in case of
substantial improvement in the order book position of the company,
which would lead to increase in its revenues and profitability on a
sustained basis, or if there is improvement in the credit profile
of the parent, DSEPL.

Negative factors – Pressure on ratings could arise if there is
substantial moderation in revenues and profitability of the company
or stretch in its working capital cycle or large debt-funded capex
that weakens liquidity. Further, any weakening of the credit
profile of the parent, DSEPL, and weakening of linkages with the
Dempo Group could also put pressure on the ratings.

Parent Company: Dempo Shipbuilding and Engineering Private Limited
(DSEPL) ICRA expects DSEPL (supported by its ultimate parent
company, VSDHPL) to extend support to MIPL, should the need arise,
due to the strategic importance of MIPL to the group.

Modest Infrastructure Private Limited is a shipbuilding and
repairing company, which undertakes projects to build
small-tomedium sized product tankers, bulk carriers and offshore
survey vessels, in addition to ship repairing activities. The
company was started as a shipping agency, Modest Offshore Services
Private Limited, by Mr. Kishore Gambani. It was involved in
managing vessels, repairing, dry docking of ships and other
ship-related services. In 2006, the company ventured into the
shipbuilding segment, and currently has a shipyard facility at
Ramsar in Bhavnagar, Gujarat. In 2012, Dempo Shipbuilding &
Engineering Private Limited, the shipbuilding company of the
Goa-based Dempo Group, acquired a 74% (now 92%) stake in MIPL
through share purchase/share subscription agreement.

In FY2021, the company reported a net loss of INR5.3 crore on an
operating income of INR25.1 crore compared to a net loss of INR14.1
crore on an operating income of INR17.5 crore in FY2020.


PARAMOUNT INDUSTRIES: CRISIL Cuts Rating on INR4cr Loan to B+
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Paramount Industries (PI, part of Paramount Group) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         4         CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Bill Discounting       4         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Overdraft Facility     2         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The rating downgrade reflects the impact on working capital cycle,
on account of stretch in receivables from government following the
onset of second wave of Covid-19 pandemic. The overall debtors'
outstanding days was more than 300 days as on date as of December
2021 which was previously anticipated to be less than 180 days.
This has led to full utilization of overdraft limits in the last 6
months with some instances of overdrawals. Hence, improvement in
debtors' collection cycle, leading to improvement in liquidity will
remain a key sensitivity factor.

The ratings also reflect modest scale of operations with
susceptibility to risks from tender-based operations, and below
average financial risk profile. These strengths are partially
offset by the extensive experience of the partners of the group in
the transformer industry.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of PI and Bala Industries
(BI). This is because both these entities, together referred as the
Paramount group, operate in the same industry, with operational and
financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations with susceptibility to risks from
tender-based operations: The company has modest scale of operations
as indicated by expected revenue of INR60 crore for fiscal 2022.
The group has tender based business and growth in revenue and
profitability depends on the group's ability to win tenders.
Intense competition in the transformer distribution business
require entities to bid aggressively to bag contracts, and thus,
keeps their operating margin modest.

* Below-Average Financial risk profile: Financial risk profile is
below-average marked by a leveraged capital structure, with gearing
at 5.24 times and modest networth of INR4.24 crore as on March 31,
2021. Debt protection metrics is also modest marked by estimated
interest coverage ratio of 1.7 times and net cash accruals to
adjusted debt of 0.03 time in fiscal 2021.

* Working capital intensive operations: Operations are working
capital intensive as indicated by gross current assets of 477 days
as on March 31, 2021. Receivables were over 273 days as on March
31, 2021 due to stretched receivables from government.

Strength:

* Extensive experience of the partners: Longstanding presence of
over 2 decades in the electrical components transformer industry,
has helped the partners develop strong understanding of market
dynamics and establish healthy relationships with suppliers and
customers.

Liquidity: Stretched

The overdraft limit of INR5 crore has been fully utilized  in the
12 months ending September 2021 with instances of overdrawals due
to stretched receivables from government. Cash accruals expected
over the medium term is about INR1.1 – 1.5 crore which will be
just sufficient against debt obligation of INR0.9 Crore.

Outlook: Stable

CRISIL Ratings believes the group will continue to benefit over the
medium term from the extensive experience of its partners.

Rating Sensitivity factors

Upward factors:

* Improvement in the receivables to less than 150 days leading to
improved liquidity

* Sustained improvement in scale of operation and sustenance of
operating margin, leading to higher cash accruals

Downward factors:

* Decline in revenue by 25% and profitability margin below 4%,
leading to lower net cash accrual

* Higher than expected withdrawal by partners leading to lower net
cash accrual.

Further increase in its working capital requirements weakening its
liquidity & financial profile.

BI was established in 1997 and PI in 2012 by Mr. S A Arutchelvan
along with his family members. The group is engaged in the
manufacturing of distribution transformers. The group has its
manufacturing facilities at Chennai, Tamil Nadu.


PEGASUS PROPERTIES: CARE Lowers Rating on INR121.70cr NCD to B+
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pegasus Properties Private Limited (PPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible      121.70     CARE B+; Stable Revised from  
   Debentures                      CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the
Non-Convertible-Debentures (NCDs) of PPPL factors in substantially
lower than expected generation of cash flows during FY21 (refers to
the period April 2020 to March 2021) and 7MFY22 (refers to the
period April 2021 to October 2021), refinancing risk on the back of
sizeable debt commitments until the redemption of NCDs, low
receivable coverage ratio, and high dependence on customer advances
for future funding.

This apart, rating also takes note of delays in debt servicing of
windmill term loan in the month of November 2021 which was
regularized within a month. CARE Ratings is not rating such term
loan and furthermore, rated NCDs does not have similar seniority as
the coupon payments for the NCDs are to be serviced only when there
is adequate surplus. CARE Ratings, also takes note that the company
was maintaining adequate Debt Service Reserve Account (DSRA) cover
to meet such debt obligation. The rating continues to remain
constrained due to project execution risk, competition and
geographical concentration of the projects and, inherent cyclical
nature of the real estate industry.

The rating, however, derives strength from experience of the
promoters and management with established track record of the
Kumar Group in Pune's real estate business marked by presence for
around five decades, and moderate sales momentum
leading to low demand risk.

Rating Sensitivities

Positive Factors - Factors that could lead to positive rating
action/upgrade:

* Timely execution of the project within envisaged cost and timely
realization of envisaged customer advances leading to adequate
liquidity buffer to fund project progress and service the debt
obligations on time.

* Timely servicing of all the bank facilities for a sustained
period.

* Improvement in the cash flows leading to improvement in cash
coverage ratio (CCR) over 1.30x on sustained basis.

Negative Factors- Factors that could lead to negative rating
action/downgrade:

* Expected CCR (including surplus balance) falling below one time.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Project execution risk: The company is currently engaged in the
construction of Megapolis project (four clusters- Springs from
phase-I and Saffron, Serenity & Mystic-II from phase-II)
admeasuring 23.04 lsf in Hinjewadi phase-3, Pune. As on October 31,
2021, amongst ongoing projects, the company has incurred
construction cost of around INR245 crore constituting around 35% of
total project cost of INR703 crore, which indicates nascent stage
of execution of projects. Over past two years, the pace of
execution has overall remained slow due to various lockdowns
imposed after COVID-19 pandemic outbreak. However, the company has
established track record of execution as in the past, it has
completed six clusters from phase-I (Sangria, Sparklet, Sunway,
Splendor, Mystic-I and Symphony) admeasuring 61.37 lsf with total
project cost INR1751.82 crore.

* High reliance on Customer advance with low receivable coverage
ratio: The company is yet to incur balance project cost of around
INR577crore as on Oct 31, 2021 (including finance cost of around
INR60 crore). The same is planned to be funded through additional
debt of INR15 crore and balance through customer advances to the
tune of INR562 crore. Out of such customer advances, the company
has committed receivables of around INR237 crore however balance
INR325 crore is expected to be funded through fresh sales of unsold
inventory. Hence, with significant reliance on funding from the
customer advances, company remains exposed to any cash flow
mismatches arising out of low demand. Further, with bullet
redemption of NCDs due in March 2023, cash flow generation in the
upcoming year remains crucial from credit perspective.

* Delays in debt servicing of term loans not rated by CARE Ratings:
Unlike historic regular payments, post outbreak of covid-19, the
company has been facing challenges in terms of timely recovery of
power payments from M.P. Power Management Company Limited of wind
power plant. Such inflows are escrowed to meet obligations of term
loan availed for operating wind power plant, however, due to delays
in receipt of power payments, there has been delay in debt
servicing of term loans. However, CARE Ratings notes that the
company was maintaining adequate cover in the form of DSRA on the
due date. Furthermore, the seniority of rated instrument and such
term loan is different as rated instrument has payable when able
structure for interest payment. Nevertheless, liquidity position of
the company remains stretched to serve the repayment of NCDs which
is due for redemption on Mar-23 and realization of collections as
envisaged remains crucial from credit perspective.

* Competition and Geographical concentration of projects: All the
on-going projects are currently in Hinjewadi, Ph-3, Pune, thus
there is a significant geographic concentration. Any downturn in
such markets will impact group's revenues going forward. Further,
there are many new upcoming projects in these areas which are being
developed by other players in the market. The other projects will
result in additional inventory, which may lead to downward pressure
on selling prices and saleability risk.

* Cyclical nature of the industry: The company is exposed to the
cyclicality associated with the real estate sector which has direct
linkage with the general macroeconomic scenario, interest rates and
level of disposable income available with individuals. In case of
real estate companies, the profitability is highly dependent on
property markets. A high interest rate scenario could further
discourage the consumers from borrowing to finance the real estate
purchases and may depress the real estate market. Overall, the
effects of the receding pandemic, progress on the vaccination
front, and recovery in the economy will be the factors impacting
real estate sales and demand going ahead. The improvement in job
market will also determine the recovery in the sector.

Key Rating Strengths

* Experienced promoters and management: Pegasus Properties Private
Limited (PPPL) is a joint venture between to Kumar Properties
group, founded in 1966 & Avinash Bhosale Industries Ltd (ABIL) and
is engaged in the business of real estate development. Currently,
it is developing a residential project namely, Megapolis in Pune
and in which it has successfully developed around 61.37 lacs square
feet (lsf) of area and is currently developing 23.04 lsf of area
under the said project.

* Reasonable sales momentum leading to low demand risk: Amongst
ongoing projects, the firm has launched around 2258 residential
units for sale, out of which, around 1498 units (66.34%) stands
booked as on October 31, 2021. The firm has registered around 1456
units which is around 97% of total units sold indicating lower
cancellation risk. Over the past four quarters, the company has
sold 369 units. With such sales velocity, the unsold inventory (760
units) can be sold in around 25 months. Going forward, the ability
of the company to receive envisaged, stage wise customer advances
on time from the sold units shall remain key rating sensitivity.

Liquidity: Stretched

The liquidity of the company remains stretched as reflected from
the committed receivables of INR237 crore as against pending cost
of around INR577 crore and outstanding debt position of INR403
crore as on October 31, 2021 reflecting receivables coverage ratio
of mere 24%. Further, the company has sizeable debt commitments of
INR365 crore until Mar-23 and in the absence of adequate
collections, the company remains dependent on the promoter's
funding support. The company has free liquid balance of INR4 crore
as on October 31, 2021

Pegasus Properties Private Limited was established in 2007 to
undertake a 150 acre real estate project-Megapolis.  The company is
a joint venture between to Kumar Properties group, founded in 1966
& Avinash Bhosale Industries Ltd (ABIL) and is engaged in the
business of real estate development. It has also diversified into
engineering construction and plant biotechnology business. The
company is currently developing a project in Hinjewadi Phase-3,
Pune with the name of Megapolis admeasuring 23.04 lsf.


RAMASIGNS INDUSTRIES: CARE Reaffirms B+ Rating on INR7.20cr Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Ramasigns Industries Limited (RSIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible
   Debentures           7.20       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the instruments of RSIL are constrained by
modest scale of operations, moderate operating margin and net
profit margin, working capital intensive nature of operation,
stretched liquidity position and pending undisputed statutory dues.
The rating is further constrained by presence in highly competitive
& fragmented industry.

The rating, however, derives strength from experienced director,
comfortable capital structure and moderate debt coverage
indicators.

Key Rating Sensitivities

Positive Factors

* Increase in the scale of operations with total operating income
to exceeding INR100 crore on sustained basis.

* Improvement in operating cycle below 30 days on sustained basis

Negative Factors

* Deterioration in capital structure with overall gearing above 1x
on a sustained basis

* Decline in PBILDT margin below 3% on sustained basis

Detailed description of the key rating drivers

Key Rating Weaknesses

* Declining and modest scale of operations: RSIL's TOI has
reflected declining trend for past five years ending as on March
31, 2021. Total operating income of the company declined to
INR32.58 crore in FY21 (A) vis-à-vis INR86.22 crore in FY20 (A)
owing to lower demand due to outbreak of COVID-19. Further company
has achieved total operating income of INR14.59 crore in H1FY22
vis-à-vis vis-à-vis INR9.09 crore in H1FY21.

* Moderate operating margin and low net profit margin: PBILDT
margin improved to 5.12% in FY21 (A) compared to 1.70% in FY20 (A)
mainly on account of decline in cost of traded goods sales (80% of
TOI in FY21 vis-à-vis 86% of TOI in FY20). Further with
improvement in PBILDT margin, its PAT margin also improved to 0.81%
in FY21 vis-à-vis 0.52% in FY20.

* Working capital intensive operation: The operations of RSIL are
working capital intensive in nature on account of funds being
blocked in inventory and receivables. RSIL receives orders directly
from printers and fabricators. In light of long- term
relationship with customers as well as due to stiff competition it
generally gives 5-6 months credit periods to its customers to make
payment. However, collection period stretched to 376 days in FY21
vis-à-vis 162 days in FY20 due to delay in receipt of payment from
client in Covid-19 pandemic situation. RSIL procures material from
domestic market and it gets credit period of 5-6 months creditor
period. Nevertheless, the operating cycle continues to remain
elongated. On the other hand, RSIL also delayed the payment of
suppliers due to which creditor's period also stretched to 454 days
in FY21 vis-à-vis 190 days in FY20.

* Volatile material prices: The major material of RSIL includes PVC
Free foam boards, Vinyl, Photo Paper, Display roll up standees LED
modules & LED bars for backlit signages, aluminum composite panel
and cast acrylic sheets whose prices are very volatile in nature.
The cost of material to total sales stood at 80% for FY21.
Fluctuation in material cost has an adverse impact on profit
margins of the company.

* Fragmented and competitive nature of Industry as well as COVID-19
impact on industry: Printing Consumable industry is characterized
as fragmented & competitive with very little differentiation in
terms of service offering. RSIL faces direct competition from
various organized and unorganized players in the market. The
profits margins are likely to be under pressure in the medium term.
Further the price flexibility is also remains constrained due to
low bargaining power with the customers. Further in the COVID
pandemic, many hoarding sites are empty as there are no consumers
to view these. Many organizations have slashed their ad campaign
budgets, which has impacted the Out Of Home(OOH) agencies. OOH has
been acutely affected in this scenario.

Key Rating Strengths

* Long track record of operations with experienced directors: RSIL
is into existence for more three decades however it has changed the
line of business since the year 2017. Mr. Pankaj Jobalia aged 57
years, is a managing director of the company and he holds more than
20 years of experience in manufacturing and marketing of signage
consumables industries. Mrs. Bijal Jatin Jahveri was as a
Chairperson of the Company. She is B.com. Graduate and she have
vast experience in finance and accounting she have versatile
experience in finance and accounts and she had worked different
type of projects also.

* Comfortable capital structure and debt coverage indicators: The
capital structure of the company stood comfortable however overall
gearing deteriorated marginally and stood at 0.29x as of March
31,2021 (vis-à-vis 0.22x as on March 31, 2019) owing to availment
of overdraft facility in FY21. Debt coverage indicator of the
company stood moderate in FY21 marked by total debt to GCA of 4.89x
and interest coverage of 3.09x (vis-à-vis 3.09x and 3.23x
respectively in FY20) on account of increase in debt and reduction
in GCA and operating profitability.

Liquidity analysis: Stretched

Stretched liquidity is characterized by tightly matched accruals
vis-à-vis repayment obligations of INR1.05 crore in FY22 and low
cash balance of INR0.65 crore as of September 30, 2021. Further
company has not paid undisputed statutory dues of INR0.65 crore as
per audit report FY21. Further, current ratio and quick ratio stood
at 1.33x and 0.96x respectively as of March 31, 2021 (vis-à-vis
1.34x and 1.05x respectively as of March 31, 2020.

Incorporated in 1981, Ramasigns Industries Limited (RSIL) (Formerly
Known as M/s Rammaica India Limited till FY17 & was engaged in the
business of manufacturing decorative laminates) is engaged in the
business of trading of signage and digital media consumables namely
Frontlit Flex, Backilt Flex, Self Adhesive Vinyl, Color Vinyl,
Lamination Films, Acrylic Sheets, Wall Painting Media, Printable
Fabrics, Window Films, Roll UP Films, Inkjet & Eco Solvent Medias,
UV Medias, One Way Vision Films, Mesh Banner, Digital Printable
Wall Papers, PP Films, Sun Board & Celuka Sheets, Plastic sheets &
Rolls, Acrylic sheets etc. RSIL sources its traded goods from
Maharashtra, Gujarat and New Delhi etc. and sells PAN India
primarily in cities namely Mumbai, Pune, Aurangabad, Nasik, Rajkot
and Surat. RSIL have more than 12 branches all over India and is
presently working closely with a customer base of over 4000
printers and fabricators and provides door to door delivery
services.


REFRIGERATIONS PRIVATE: CRISIL Rates INR25.5cr Loan at B+
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Shree Refrigerations Private
Limited (SRPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        7.5        CRISIL A4 (Assigned)
   Cash Credit          25.5        CRISIL B+/Stable (Assigned)
   Letter of Credit      2.5        CRISIL A4 (Assigned)

The ratings reflect the company's modest sacle of operation with
lumpiness in revenue, large working capital requirement and average
financial risk profile. These weaknesses are partially offset by
extensive experience of the promoters in the engineering and
capital goods industry and established customer relationships.

Analytical Approach: Optionally Convertible Preference Share
capital of INR19.80 crores as on March 31, 2021 is considered as
neither debt nor equity as the capital is to remain in the business
over medium term.

Key Rating Drivers & Detailed Description:

Weaknesses

* Modest scale of operation: Company's top line declined in last
two fiscals: revenue recorded were INR10.6 crore and INR13.1 crore
in fiscal 2021 and fiscal 2020 respectively. Company's operations
are tender driven and orders are received from defence PSUs and
Indian Navy. Delay in tendering and awarding and pandemic led
challenges had led to lower revenue in recent past. Though company
has healthy order book currently, timely execution of orders and
track record of higher revenue booking remain critical and shall be
closely monitored.

* Working capital-intensive operations: Gross current assets were
high at 1149 days as on March 31, 2021, primarily driven by large
work-in-process inventory and lower revenue booking during the
year. GCAs were also high at over 550 days as on March 31, 2020.
Further working capital requirements will remains large in medium
term due to higher execution of orders. The funding requirement is
partly supported by project linked working capital bank lines
sanctioned.

* Average financial risk profile: The gearing was high at over 6
times on March 31, 2021 due to eroded networth. Debt protection
metrics were subdued too reflected in interest coverage ratio of
around 1.28 times for fiscal 2021. Lower revenue, limited profits
in 2021 and losses in 2020 had adversely affected company's
financial metrics. Recovery in operating performance and
improvement in financial metrics shall be monitored.

Strengths

* Extensive industry experience of the promoters and established
relationships with reputed customers: The promoters, Mr. R. G.
Shende and Mrs. Rajashri Shende have an experience of over two
decades in the engineering industry. The company has specialised
itself in manufacturing condensing units, chillers etc under the
guidance of promoters. This has led to a healthy relationship with
clients like PSU Shipyard units and Indian Navy etc.

* Healthy order book: Company currently has outstanding order book
of more than INR150 crores to be executed in next 30-36 months.
This provides strong revenue visibility over medium term.

Liquidity: Stretched

Bank limit utilisation was moderate at around 73% percent for the
past twelve months ended September, 2021. The company has received
project linked cash credit of INR18 crores in fiscal 2021 which has
helped manage its funding requirement for new large order. Cash
accrual are expected to be over INR2-4 crores in next two fiscals
which shall be sufficient against term debt repayment obligation of
INR0.8-1 crore. Current ratio was quite adequate at 1.91 times on
March 31, 2021.

The company has received funding of INR19.8 crore from Maharashtra
Defense and Aerospace Venture Fund (MDAVF) in fiscal 2021 in the
form of optionally convertible preference shares. The funding has
also aided company's liquidity amid its larger order book
execution.

Outlook: Stable

CRISIL Ratings believes SRPL will continue to benefit from the
extensive industry experience of the promoters.

Rating Sensitivity Factors:

Upward factor

* Sustained improvement in revenue and sustenance of moderate
operating margin, leading to annual cash accruals of over INR3.0
crores
* Improvement in working capital cycle and key financial metrics

Downward factor

* Decline in operating profitability or lower than anticipated
revenues leading to cash accruals of less than INR1.5 crore

* Sustained elongation in working capital cycle or large
debt-funded capital expenditure further weakens capital structure
and liquidity

SRPL was established in year 1990 by Mr. R. G. Shende and Mrs.
Rajashri Shende. The company is based out of Satara, Maharashtra.
The company is involved in manufacturing of condensers, chillers,
compressors, marine condensing units, etc and mainly serves defense
PSUs.

RENEW ENERGY: Fitch Rates Proposed Unsec. USD Notes 'BB-'
---------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to the proposed senior
unsecured US dollar notes to be issued by India Clean Energy
Holdings, a Mauritius-based fully owned subsidiary of ReNew Energy
Global Plc, which is the parent of ReNew Power Private Limited
(ReNew, BB-/Stable).

The proposed notes' proceeds would be on-lent to ReNew by way of a
US-dollar external commercial borrowing (ECB) bond, with a
back-to-back structure and cross-default provisions. The rating on
the proposed notes reflects that they will be equivalent to ReNew's
senior unsecured obligations and therefore, they are rated at the
same level as ReNew's Long-Term Foreign-Currency Issuer Default
Rating (IDR).

The ECB's tenure is intended to be longer than that of the proposed
notes, providing ReNew flexibility to refinance the proposed notes
without unwinding the entire structure, should it choose to do so.
ReNew intends to use the proceeds from the proposed ECBs for a mix
of capex funding and refinancing its existing debt.

KEY RATING DRIVERS

Diversified Portfolio: ReNew's large size and diversified
renewable-asset portfolio provide economies of scale and operating
leverage, mitigating project concentration risk. The power
projects, including those under construction, are diversified by
source - wind (50% of capacity), solar (49%) and hydro (1%) - and
by geography, which mitigate risks from adverse climatic conditions
at any single site. Fitch expects ReNew's wind generation to return
to average historical levels in the financial year ending March
2022 (FY22) after falling in FY21 on a weaker wind season, in line
with other Indian wind projects.

Price Certainty, Volume Risk: Fitch believes the long-term power
purchase agreements (PPAs) for the group's operating assets offer
price certainty and long-term cash flow visibility. More than 90%
of group capacity is under PPAs with tenors of 20-25 years and the
weighted-average operating life of the group's assets is around
four years. However, production volume can still vary under the
long-term PPAs because it is based on resource availability, which
is affected by seasonal and climatic patterns.

Receivables Build-Up to Reverse: Fitch expects ReNew's receivable
days to improve to 167 in FY22, assisted by ReNew's increasing
exposure to sovereign-owned entities, a rise in receipt of payments
from certain utilities since September 2021, and lower monthly
billing after the high-wind season from June to September.
Receivable days rose to 257 in 1HFY22 (FY21: 254, FY20: 198) on
continued payment delays by the utilities amid the Covid-19
pandemic and slow disbursements from the government's liquidity
support package.

ReNew's key counterparties - state-owned power-distribution
utilities - which account for about 47% of total capacity,
including projects under development, have weak credit profiles.
The remaining capacity is directed at sovereign-backed entities
(47%) and direct sales (6%), which have more timely payment
records.

Public Listing Improves Financial Access: Fitch expects ReNew's
financial access to improve after its offshore parent, ReNew Energy
Global PLC, was listed on the Nasdaq stock exchange in August 2021.
ReNew Energy Global raised a primary equity amount of USD610
million as part of its listing, which will help meet the equity
funding requirements of its subsidiary's project pipeline under
construction.

Deleveraging Underway: Fitch forecasts ReNew's net leverage -
defined by net debt/ EBITDA - will improve to around 5.5x by FY23,
and further improve to around 4.8x - a key upgrade sensitivity
level - over the next 12-18 months from average levels of 6.9x over
FY19 to FY21. This reflects Fitch's expectations of ReNew's
profitability, improvement in receivables and investment plans.

Restricted Groups' Contribution: Fitch deconsolidates ReNew RG II's
(US dollar notes: BB/Stable) EBITDA and debt to calculate ReNew's
credit metrics. However, its EBITDA includes Fitch's forecast of
net cash received from ReNew RG II, which is a restricted group of
operating subsidiaries owned by ReNew. Fitch does not exclude the
EBITDA and debt of ReNew's other restricted groups, as ReNew
provides full-tenor guarantees to their debt and their standalone
profiles are weaker or on a par with that of ReNew.

Debt-Service Coverage Improves: Fitch monitors the cash flow from
operations (CFO)-based debt service coverage ratio (CFO+ interest
expense/scheduled project debt amortisations + interest expense) at
the holding company level to analyse ReNew's liquidity and
structural subordination risk. ReNew has an unrestricted asset
portfolio including 485MW of operating wind and solar power assets.
Fitch expects the ratio to rise to around 1.5x in FY22 (FY21: 1.1x)
with an increase in cash from larger operational capacity and lower
debt amortisation after refinancing of part of project-level
borrowings with non-amortising US dollar notes.

Currency Risk: The proposed notes and the ECB are in US dollars,
while ReNew's operating cash flows are in Indian rupees, resulting
in exposure to foreign-exchange (FX) risk. ReNew will mitigate this
risk by substantially hedging the ECB's coupon and principal,
resulting in the issuing entity not bearing the FX risk.

DERIVATION SUMMARY

Fitch sees Greenko Energy Holdings (BB/Stable) and Concord New
Energy Group Limited (CNE, BB-/Stable) as ReNew's closest peers.
Greenko, like ReNew, is one of India's leading power producers,
with a focus on renewable energy. Both have total operating
capacity in excess of 5GW, although Greenko's is lower than
ReNew's.

ReNew's resource risk is lower, with higher exposure of 49% to
solar-based projects (Greenko: 28% solar and 9.5% hydro). Its
counterparty risk is also lower, with 47% of capacity contracted
with sovereign-owned entities and the balance with state-owned
distribution companies and direct sales. Greenko's better credit
assessment than ReNew is driven by its stronger financial access
and a proven track record of deleveraging, which is driven by
support from its key shareholder GIC, which enables the company to
rely on fresh equity for investments and acquisitions, while using
cash generated from operations to deleverage.

CNE has an attributable wind capacity of 2,277MW across multiple
projects in China. CNE's feed-in tariffs are stable and its
counterparty risk is significantly lower than that of ReNew, as its
revenue stream is mostly reliant on State Grid Corporation of China
(A+/Stable) and China's Renewable Energy Subsidy Fund. In
comparison, ReNew has a larger size - allowing for diversity and
granularity across multiple projects - and improved financial
access after its parent's Nasdaq listing. Both have similar
financial profiles resulting in same overall rating assessment for
them.

KEY ASSUMPTIONS

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

-- Plant-load factors to revert to average historical performance
    or resource assessment studies, after the dip in FY21 on the
    weak performance of wind assets;

-- Plant-wise tariff in accordance with respective PPAs;

-- Average receivable days to decrease to around 167 in FY22
    (FY21: 254);

-- EBITDA margins of 80%-93% for all assets, in line with
    historical performance or management guidance;

-- Capex to average around INR87 billion a year from FY23 to FY24
    (FY21: INR24 billion);

-- No dividend payout in the medium term.

RATING SENSITIVITIES

Factor that could, individually or collectively, lead to positive
rating action/upgrade:

-- Net debt/EBITDA below 4.8x on a sustained basis, provided that
    there is no significant increase in ReNew's overall business
    risk profile.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Operating EBITDA/net interest expense below 1.5x for a
    sustained period;

-- CFO-based debt service coverage ratio at the holding company
    and unrestricted projects at below 1x for a sustained period;

-- Significant and prolonged deterioration of the receivable
    position;

-- Failure to adequately mitigate FX risk.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Liquidity Supported by Market Access: ReNew had cash and cash
equivalents of INR63.2 billion as of end-1HFY22, against debt
maturities over the following 12 months of around INR67.1 billion,
which include short-term borrowings of INR28.6 billion. Fitch
expects the company to generate negative free cash flow in the near
to medium term because of ongoing capacity additions. However,
ReNew has a policy and record of raising equity in advance for its
projects and it has adequate access to the domestic bank-loan
market.

The USD610 million primary equity raised as part of ReNew Energy
Global's listing on Nasdaq also highlights the group's record of
raising funds at regular intervals for its growth plans. ReNew has
staggered debt maturities, benefiting from a sound mix of debt in
the form of amortising project-level loans with tenors between 13
and 23 years and six tranches of US dollar notes totalling USD2.7
billion and maturing between 2022 and 2028.

ISSUER PROFILE

The issuer, India Clean Energy Holdings, is a Mauritius-based
fully-owned subsidiary of ReNew Energy Global, which is the
majority parent of ReNew, one of India's leading renewable-energy
companies.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


SAMRAT PLYWOOD: CARE Reaffirms B+ Rating on INR35.08cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Samrat Plywood Limited (SPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           35.08      CARE B+; Stable Reaffirmed

   Short Term Bank
   Facilities            7.20      CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

While arriving at the ratings of SPL, CARE has taken a combined
view of SPL and Samrat Laminates Private Limited (SLPL), rated,
'CARE B+; Stable/CARE A4')] as the two entities (together referred
to as 'Group'), are engaged in a similar line of business, have
operational linkages, common promoter family and common management
personnel. The ratings assigned to the bank facilities of Samrat
Laminates Private Limited (SLPL) are constrained by the small scale
of operations, moderate profitability margins, Moderate Capital
Structure and weak debt coverage indicators. The ratings are
further constrained by Elongated operating cycle, Susceptibility to
fluctuation in wood prices, Fortunes linked to demand from the
cyclical real estate industry and fragmented nature of industry.
The ratings however, derive strength from the experienced
promoters, long track record of operations and established presence
of the group along with a wide distribution network.

Rating Sensitivities

Positive Factors

* Sustained and significant improvement in PBILDT margins over ~12%
going forward.

* Sustained and substantial increase in the scale of operations of
the group to around INR150 cr.

* Improvement in the operating cycle and solvency position of the
group with overall gearing ratio improving to less than 2x.
Negative Factors

* Further elongation in the operating cycle of the group with
increased reliance on borrowings to over ~300 days.

* Any significant deterioration in the overall solvency position
with the overall gearing ratio deteriorating to above 4x owing to
debt funded capex, increased working capital reliance, etc.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations and Moderate profitability margins: The
scale of operations of the group remained small at Rs.84.36 cr. in
FY20. The operating income of the group was impacted in FY21 owing
to lower intake from existing clients. Further, the sales were also
affected by the lower demand in FY21, especially in the first two
quarter of FY21 due to pandemic. The PBILDT margins of the group,
however, improved from 9.82% in FY20 to 10.17% in FY21 mainly on
account of lower raw material prices and higher focus of the
management on selling better quality products which derive higher
realizations and better margins. The group has achieved a total
operating income of INR85.00 cr. and PAT margin of INR1.50 crore in
9MFY22.

* Moderate Capital Structure and Weak debt coverage indicators: The
capital structure of the group stood moderate as on the past three
balance sheet dates ending March 31, 2021, on account of moderate
debt levels against the net worth base. Overall gearing ratio stood
at 1.63x as on March 31, 2021 as against 1.36x as on March 31, 2020
mainly on account of moderate reliance on external debt to meet the
incremental working capital requirement. The debt coverage
indicators of the group stood weak as marked by interest coverage
ratio and total debt to GCA of 1.26x and 31.91x respectively for
FY21 as against 1.33x and 21.24x respectively for FY20.

* Elongated operating cycle: The operations of the group stood
elongated marked by operating cycle of 284 days for FY21 as against
237 days for FY20. The elongation in operating cycle is on account
of increase in inventory holding period owing to lockdown in the
country due to COVID-19 impact. Owing to large product portfolio
(different type of design, sizes, etc.), the group is required to
maintain adequate inventory at each processing stage for smooth
running of its production processes and to ensure prompt delivery
to its customers resulting in an average inventory holding period
of around 134 days for FY21. The group has to offer liberal credit
period to its customers as majority of them are large-sized
real-estate players who possess high bargaining power resulting in
an average collection period of 223 days for FY21. The group
receives an average credit period of around 2-3 months from its
suppliers resulting in average creditor's period of 72 days for
FY21. The working capital borrowings of the group remained fully
utilized during the past 12 months ending November 2021.

* Susceptibility to fluctuation in raw material prices: The primary
raw material for the group are wood, paper and chemicals like
Formaldehyde, Phenol, Melamine, etc. The margins of the group
remain exposed to price volatility risk as wood and paper prices
have remained fluctuating in the past.

* Fortunes linked to demand from the cyclical real estate industry:
The group supplies various kinds of laminates, plywood, boards and
decorative woods, the demand of which largely comes from the real
estate sector which is cyclical in nature and its fortunes depend
upon the overall economic conditions in the country. The industry
is also sensitive to the interest rate in the economy and any
adverse impact on real estate sector is likely to affect the growth
rate of wood industry.

* Fragmented nature of the industry: The industry is highly
fragmented and unorganized in nature thereby putting pressure on
the profitability margins of the companies engaged in the industry.
Furthermore, due to low entry barriers, the competition gets
intensified, which put pressure on profitability of the existing as
well as new players. Accordingly, the margins of the group may
fluctuate, depending upon price movement and level of competition.

Key Rating Strengths

* Experienced promoters: The group has been engaged in the
manufacturing of products like laminates, plywoods, block boards,
flush doors, etc. for more than three decades. The group is
currently being managed by four directors- Mr Rajiv Singhal, Mr
Puneet Singhal (Brother of Mr Rajiv Singhal), Mr Raghav Singhal
(Son of Mr Rajiv Singhal) and Mr Sahil Singhal (Cousin of Mr Rajiv
Singhal). Mr. Rajiv Singhal and Mr Puneet Singhal have an overall
experience of more than 2 decades each, in the industry. The other
directors - Mr Raghav Singhal and Mr Sahil Singhal have an
experience of around a half decade each, in the industry.

* Long track record and established presence of the group along
with a wide distribution network: The group has been operating in
the industry for more than three decades now leading to established
business relationships with the customers and the suppliers. The
group sells its products in the domestic as well as the export
market under the brand name; 'Samrat'. Most of the customers have
been dealing with the group since more than a decade. The
long-standing relationships with customers have led to repeat
orders for the group. The group has an established distributor
network of around 200 distributors across the country. The strong
marketing and distributor network help in developing a superior
presence of Samrat group which helps in generating higher sales.
The group is also involved in export of its products across 18
countries around the world including South Korea, Cyprus, United
Arab Emirates, Malaysia and Bahrain, etc.

Liquidity: stretched

The liquidity is stretched as marked by highly utilized bank limits
to the extent of ~100% for the past twelve months ending on
November, 2021. Further, the group has generated GCA of INR1.71
crore in FY21 and is expected to generate the envisaged GCA of
INR2.20 as on March 31, 2022 against repayment of INR0.82 crore in
same year. The cash and bank balance stood low at INR0.85 crore as
on March 31, 2021.

Analytical approach: Combined

The financial and business risk profiles of Samrat Laminates
Private Limited and Samrat Plywood Limited have been combined since
both the entities are engaged in a similar line of business, have
operational linkages, common promoter family and common management
personnel. SPL was incorporated in 1987 by Mr. Rajiv Singhal
(managing director). At present, the company has three directors;
Mr. Rajiv Singhal, Mr. Puneet Singhal (Brother of Mr. Rajiv
Singhal) and Mr. Raghav Singhal (Son of Mr. Rajiv Singhal). The
overall dayto-day operations of the company are being looked after
by Mr. Rajiv Singhal (Managing Director) and his son, Mr. Raghav
Singhal. SPL is engaged in the manufacturing of laminates, compact
laminates and cladding at its two manufacturing facilities located
in Derabassi, Punjab and Nalagarh, Himachal Pradesh. The company
sells its products under the brand name “Samrat” across the
country. The product profile of the company constitutes different
plywood viz. water proof plywood, commercial plywood, high pressure
plywood, and block boards, flush doors, commercial boards,
decorative veneers, etc and Decorative Laminates. The products of
the company mainly find application in the furniture and real
estate industry.


SHAKTI AGRO: ICRA Keeps C+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shree
Shakti Agro Industries in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]C+; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long Term-         0.90      [ICRA]C+ ISSUER NOT COOPERATING;
   Fund Based–                  Rating continues to remain under
   Term Loan                    'Issuer Not Cooperating' category

   Long Term-         9.00      [ICRA]C+ ISSUER NOT COOPERATING;
   Fund Based–                  Rating continues to remain under
   Cash Credit                  'Issuer Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

The promoters, Mr. Vikas Doda and Mr. Vijay Kumar, took over a
partially erected seed crushing plant in Ellenabad, Haryana from
the previous promoters and incorporated Shree Shakti Agro
Industries (SSAI) in the year 2015. The firm started commercial
manufacturing of mustard oil and cake and cottonseed oil and cake
in the existing unit. However, as one of the partners (Mr Vijay
Kumar) expired, Mrs Prem Lata (wife of Mr Vikas Doda) has taken
over as the partner w.e.f July 1, 2017.


SICAL LOGISTICS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sical
Logistics Limited (SLL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                       Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Non-Convertible    100.00     [ICRA]D ISSUER NOT COOPERATING;
   Debenture                     Rating continues to remain under
   Programme                     the 'Issuer Not Cooperating'
                                 category

   Long term–         300.00     [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Long term–         526.01     [ICRA]D ISSUER NOT COOPERATING;
   Term Loans                    Rating continues to remain under
   Outstanding                   the 'Issuer Not Cooperating'
                                 category

   Long term–           6.53     [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                   Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Short term          29.50     [ICRA]D ISSUER NOT COOPERATING;
   Fund based                    Rating continues to remain under
   Facilities                    the 'Issuer Not Cooperating'
                                 category

   Short term–        383.00     [ICRA]D ISSUER NOT COOPERATING;
   Non-fund                      Rating continues to remain under
   based facilities              the 'Issuer Not Cooperating'
                                 category

Rationale

The rating takes into account continued delays in debt servicing by
the entity. As part of its process and in accordance with its
rating agreement with SLL, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Incorporated in 1955, SLL is involved in the business of mining,
multi-modal logistics for bulk and containerized cargo port
terminals, port handling, trucking and warehousing, ship agency,
customhouse agency, offshore supply logistics and retail logistics.
On a consolidated basis, SLL has investments in infrastructure
including a port terminal, container freight stations, container
rail and a dredger. SLL was promoted by Mr. M. A. Chidambaram
Chettiar to provide shipping and custom agency services apart from
its core activity of trading. Over the years, SLL entered areas
such as port handling, container terminal operations (through JV)
and logistics. In 2005, SLL hived off its non-core activities and
increased its focus on the logistics business. In the recent years,
SLL entered mining by executing coal/overburden removal contracts
for Coal India subsidiaries, which rapidly grew into one of the
major revenue contributors of the company. Tanglin Retail Reality
Developments (P) Limited (part of the Coffee Day Group) picked up
10% stake initially in November 2010 before raising the stake to
54.2%. The Coffee Day Group, at present, holds a total 38.49%
shareholding in SLL through its Group entities namely Tanglin
(32.82%) and GiriVidyuth (India) Ltd (4.99%). The Coffee Day Group
has a diversified portfolio of companies, which have presence in
owning and managing coffee plantations, coffee exports; and
retailing of coffee, vending machines and cafes. It is also
involved in leasing of commercial space, financial services,
hospitality services and others.


SOLAN SPINNING: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Solan
Spinning Mills Private Limited (SSMPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.50      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 13, 2021, placed the
rating(s) of SSMPL under the 'issuer non-cooperating' category as
SSMPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SSMPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 29, 2021, December 9, 2021, December 19, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Solan Spinning Mills Private Limited (SSMPL) was incorporated in
August 2003 as a private limited company and is currently being
managed by its directors collectively. SSMPL is engaged in the
manufacturing of grey cotton yarn of varied counts ranging from 18s
to 30s at its manufacturing facility located in Baddi, Himachal
Pradesh with total installed capacity of manufacturing 3500 tonne
of cotton yarn per annum as on March 31, 2017. The cotton yarn
manufactured by the company is used in the manufacturing of denims,
bed sheets, curtains, pillow covers, etc.


SPICECOAST HOTELS: CRISIL Moves B+ Rating from Not Cooperating
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated its rating on the bank facilities of
Spicecoast Hotels Private Limited (SHPL) to 'CRISIL B+/Stable
Issuer Not Cooperating'. However, the management has subsequently
started sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL Ratings is
migrating the rating on the long-term bank facilities of SHPL from
'CRISIL B+/Stable Issuer Not Cooperating' to 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              12        CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

The rating reflects its nascent stage of operation and weak
financial risk profile. These weaknesses are partially offset by
the extensive experience of the promoters in the hospitality
industry and the advantageous location of the company's property in
the growing tourist hub - Vythiri in Wayanad district of Kerala.

Key Rating Drivers & Detailed Description

Strengths:

* Nascent stage of operations: The company commenced its operation
from December – 2021. Due to its nascent stage of operations
scale is estimated to be small over the medium term and
subsequently operating profitability may remain constrained due to
high fixed cost in the segment.

* Weak financial risk profile: SHPL's financial risk profile
remains weak due to time and cost overrun in commencing the project
leading to weak capital structure as reflected in its gearing of
around 3 times as on March 31, 2021. With no operation till Dec –
2021, the company was highly reliant on unsecured loans from
promoter and other external borrowing to meet its debt
obligations.

Weaknesses:

* Extensive industry experience of the promoters: SHPL is promoted
by Mr. N K Mohamed and his wife Dr Aisabi. Both have experience of
over 20 years in the hospitality industry. They are the promoters
of Malabar Hotel Management & Catering Promotion Trust as well
(rated 'CRISIL BB/Stable/CRISIL A4+'), which owns and manages
Oriental School of Hotel Management.

* Advantageous location of property: Vythiri is a discreet hill
station located in Wayanad, Kerala. Wayanad has the advantage of
being close to Karnataka and Tamil Nadu and will attract tourists
on short holidays from the neighboring districts in these two
states.

Liquidity: Poor

The company has been solely reliant on unsecured loan from
promoters to meet its debt obligations. Absence of timely fund
inflow from promoters could adversely impact its liquidity. Though
operations have commenced, accruals are estimated to be inadequate
to meet the repayment obligations during the initial period.
Extension of moratorium for its project loan till August – 2022
aids its liquidity.

Outlook: Stable

CRISIL believes SHPL will benefit from its promoter's extensive
industry experience.

Rating Sensitivity factors

Upward Factors:

* Strong revenue and operating profitability leading to improvement
in debt protection metrics
* Net cash accruals to repayment of more than 1.3 times

Downward Factors:

* Lower than expected revenue growth leading to weak financial risk
profile
* Net cash accrual to repayment of less than 1 time

Incorporated in 2016, SHPL is setting up an 84-room luxury hotel in
Vythiri. The resort will provide all amenities and facilities that
go with a 4-Star rating. The hotel is expected to be commissioned
in January 2020. SHPL is owned and managed by Mr. N K Mohamed and
his wife Ms Aisabi.

TILAK RAM: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tilak Ram
Babu Ram Private Limited (TRBRPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 11, 2021, placed the
rating(s) of TRBRPL under the 'issuer non-cooperating' category as
TRBRPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TRBRPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 27, 2021, December 7, 2021, December 17, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

TRBRPL is an ISO 9001:2008 certified company, incorporated in May
2012 and promoted by Mr. Raj Kumar Garg and Mrs. Dimple Garg.
TRBRPL is primarily engaged in trading of cotton bales (income from
trading constituted ~70% of the total operating income in FY16).
The company also undertakes cotton ginning & pressing at its
processing facility located in Tohana, Haryana having an installed
capacity of manufacturing 300 cotton bales per day. The cotton
bales are further sold to spinning mills through commission agents
based in northern and central India.


VIDARBHA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Vidarbha
Industries Power Limited (VIPL) in the 'Issuer Not Cooperating'
category.  The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Term Loans        2,654.24    [ICRA]D ISSUER NOT COOPERATING,
                                 Rating continues to remain
                                 under issuer not cooperating
                                 category

   Fund-based         500.00     [ICRA]D ISSUER NOT COOPERATING,
   Working Capital               Rating continues to remain
                                 under issuer not cooperating
                                 category

   Letter of Credit/  110.00     [ICRA]D ISSUER NOT COOPERATING,
   Bank Guarantee                Rating continues to remain
                                 under issuer not cooperating
                                 category

Rationale
The rating is based on the limited cooperation from the entity
since the time it was last rated in November 2020. As a part of its
process and in accordance with its rating agreement with VIPL, ICRA
has been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite cooperation and in line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating continues to remain in the Issuer Not Cooperating
category on fee.

The rating factors in the continuing delays in debt servicing by
VIPL to the lenders. On July 6, 2019, an Inter Creditor Agreement
(ICA) was signed between VIPL and its lenders, basis which a
standstill was achieved for 180 days for submission and
implementation of the resolution plan. While the ICA expired on
January 6, 2020, the debt resolution plan is yet to be finalized
for which continuous discussions are underway between VIPL and its
lenders. One of the lenders of VIPL has filed an application under
the provisions of the Insolvency & Bankruptcy Code (IBC), 2016 in
January 2020 seeking debt resolution of VIPL. The matter is still
pending for consideration by NCLT. VIPL has been pursuing debt
resolution with its lenders outside the Corporate Insolvency
Resolution Process. The company's liquidity profile continues to be
poor as evident from the considerable decline in its net cash
accruals, given the non-operational status of the plant since
January 15,2019 caused by stretched receivables, protracted delays
in issuance of regulatory orders and lack of fuel supply for one of
the units. Further, the offtaker, Adani Electricity Mumbai Limited
(AEML) issued PPA termination letter to VIPL in April 2019, citing
below-threshold availability in certain years. While the company
had challenged the validity and legality of the termination letter,
it has received unfavorable rulings from MERC and Appellate
Tribunal of Electricity (APTEL) and currently, the matter is
pending at the Supreme Court.

Meanwhile, after the PPA termination notice by the procurer, the
lenders have exercised their right to substitute VIPL with any
other entity for operating the thermal station for recovery of
their dues, as per the provisions of the PPA.

Key rating drivers and their description

Credit challenges

* Continuing delays in debt servicing –VIPL and its lenders
signed an ICA on July 6, 2019, basis which a standstill was
achieved for 180 days for submission and implementation of the
resolution plan. The ICA has expired on January 6, 2020, but the
debt resolution plan is yet to be finalized. Meanwhile, the company
has continued to delay in servicing of its debt obligations to the
lenders. The company is in continuous discussion with its lenders
for the resolution of its debt. However, one of the lenders of VIPL
has filed an application under the provisions of the IBC, 2016 in
January 2020 seeking debt resolution of VIPL. The matter is
currently pending for consideration by NCLT.

* Non-operational status of plant from January 15, 2019: The entire
capacity of the Butibori power plant (600 MW) plant has remained
non-operational from January 15, 2019 due to protracted delays in
issuance of regulatory orders and lack of fuel
supply for one of the units. Subsequently, there has not been any
income from sale of power, which has impacted the company's
accruals and has resulted in continuing delays in its debt
servicing obligations.

* PPA termination notice by offtaker and subsequent exercise of
'substitution right' by lenders: The offtaker, AEML, has issued PPA
termination letter to VIPL in April 2019, citing below-threshold
availability in certain years. While the company had challenged the
validity and legality of the termination letter, it has received
unfavorable rulings from MERC and APTEL and currently, the matter
is pending at the Supreme Court. Meanwhile, post PPA termination
notice by the procurer, the lenders have exercised their right to
substitute VIPL with other entity for operating the thermal station
for recovery of their dues, as per the provisions of the PPA.

Liquidity position: Poor

VIPL's liquidity position is poor as reflected in its ongoing
delays in debt servicing.

Rating sensitivities

Positive factors – Regular debt servicing for minimum three
consecutive months would be a positive rating trigger.

Negative factors – Not applicable

VIPL, a subsidiary of Reliance Power Limited, belongs to the
Reliance Group promoted by Mr. Anil D Ambani. It operates a
domestic coal-based project with a capacity of 600 MW (2X300 MW) at
the Butibori Industrial Area in Nagpur, Maharashtra.  The project
was awarded to the erstwhile Reliance Energy Limited (currently
R-Infra) in 2005 (which was subsequently transferred to R-Power) as
a group captive power project (GCPP) by the Maharashtra Industrial
Development Corporation (MIDC) on a competitive bidding basis.
Initially, the scope of the project involved developing a 1X300 MW
power plant; however, subsequently, to derive the economies of
scale through better utilisation of certain common facilities, the
company decided to change the scope of the project by doubling its
size to 600 MW (2 X 300 MW). Also, VIPL decided to operate the
entire project as an Independent Power Producer (IPP) and signed a
PPA (approved by MERC) under a cost-plus regime for its entire
contracted capacity of 600 MW for supply of power from April 1,
2014 onwards. The PPA was signed with Reliance Infrastructure Ltd
(R-Infra) a distribution licensee in Mumbai R-Infra and
subsequently assigned to Adani Electric Mumbai Limited (AEML)
following R-Infra's acquisition by AEML. The commercial operation
date (CoD) for the Unit I of VIPL was declared on April 3, 2013,
while the CoD for Unit II was declared on March 28, 2014.


VIDEOCON INDUSTRIES: NCLAT Allows Fresh Round of Bidding
--------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal (NCLAT) on January 5 allowed the creditors' committee of
Videocon Industries Ltd. to restart the bidding process for the
insolvent company.

In doing so, the NCLAT set aside Twin Star Technologies Ltd.'s
resolution plan, which was approved by the CoC and the National
Company Law Tribunal, saying that it has certain defects,
BloombergQuint says. While pronouncing the order, however, the
tribunal did not specify the 'defects' within the plan.

According to BloombergQuint, Twin Star had offered INR2,962 crore
for Videocon Industries, which is 4.15% of the admitted claims of
INR64,938 crore of secured financial lenders. Twin Star is a wholly
owned subsidiary of U.K.-based Volcan Investments Ltd. Volcan is
the parent of India's listed commodities company Vedanta Ltd.

In June last year, the National Company Law Tribunal approved the
plan but had expressed surprise at the fact that Twin Star’s bid
was so close to the liquidation value, which is meant to be
confidential, BloombergQuint notes.

Soon after, dissenting financial creditors—Bank of Maharashtra
and IDBI—moved the appellate body against the approval to Twin
Star's plan, BloombergQuint says. They contended that the sale
price was very close to the liquidation value. And that the
liquidation value of assets was not calculated correctly. On July
19, the appellate tribunal granted a stay on the NCTL's order.

Two months later, the CoC approached the NCLAT seeking its
permission to restart the bidding process for the Videocon Group
entities that have presence in oil and gas, consumer electronics,
home appliances, telecom and real estate, among others, the report
says.

BloombergQuint adds that Solicitor General of India Tushar Mehta,
appearing for the CoC, had told the NCLAT that maximising the value
of the corporate debtor's assets is one of the key features of the
IBC. And so, the committee cannot shun away from this.

                     About Videocon Industries

Videocon Industries sells consumer products like color televisions,
washing machines, air conditioners, refrigerators, microwave ovens
and many other home appliances in India.

Videocon was among the first 12 companies pushed into bankruptcy
after directions from the Reserve Bank of India in 2017.

On June 6, 2018, National Company Law Tribunal (NCLT), Mumbai
bench, admitted a petition for initiating insolvency resolution
process against the company under the Insolvency and Bankruptcy
Code, 2016.

The company's total debt stood at over INR635 billion in 2019,
Business Standard discloses citing bankruptcy case related
disclosures on the company's website.


VISHWAS BAWA: CRISIL Assigns B- Rating to INR8cr Overdraft Debt
---------------------------------------------------------------
CRISIL Ratings has assigned its ratings 'CRISIL B-/Stable' on the
bank facilities Vishwas Bawa Builders (VBB).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft Facility     8         CRISIL B-/Stable (Assigned)

The rating reflects geographical concentration of revenues and
susceptibility to inherent cyclicality in India's real estate
sector. These rating weaknesses are partially offset by extensive
experience of the promoters in the real estate development
industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Geographical concentration of revenues: The ongoing project
'Galaxy' in Mangaluru. Any events such as slowdown in the
infrastructure spending in Mangaluru or policy regulations may
affect the pace of completion of the ongoing project and thereby
impair its cash generation. VBB shall continue to experience
geographical concentration in its revenues in the medium term.

* Susceptibility to inherent cyclicality in India's real estate
sector: India's real estate sector is characterized by swinging
fortunes and severe cyclicality, apart from being largely
unregulated. Though VBB has gained good reputation in Mangaluru,
which partially mitigates the aforesaid risk, it shall remain
vulnerable to industry upswings and downtrends, apart from
increasing regulation by governmental authorities.

Strength:

* Promoter's experience in real estate sector: The promoters of the
company have about 2 decades of experience in the real estate
industry, which has enabled them to gain valuable insight and
understand the finer nuances of the sector, whose operations are
typically opaque. The timely completion and sale of earlier
projects evidence the same. CRISIL expects VBB to benefit from its
promoters' extensive industry experience in the medium term.

Liquidity: Stretched

VBB to fund the construction of its ongoing project through a mix
of customer advances, unsecured loans and bank loan. The company
has availed bank loans of INR8 crores for working capital
requirement which is fully utilized for last 12 months ending Nov
2021. Advances from customers will continue to remain a
monitorable. Support from related parties in form of unsecured
loans are likely to continue over the medium term.

Outlook: Stable

CRISIL Ratings believes VBB will benefit over the medium term from
its promoters' extensive experience in the real estate business.

Rating Sensitivity factors

Upward factors:

* Significant improvement in debt service coverage ratio (DSCR) to
over 1.5 times, supported by substantially higher-than-anticipated
cash flow
* Early completion of projects and higher customer advances,
leading to substantial cash flows
* Expected improvement in new projects booking and construction in
near term

Downward Factors:

* Drawdown of more-than-expected debt or cost overrun, leading to
drop in DSCR to below 1 times.
* Weak cash flows from operations because of subdued response,
delay in completion of, projects, thereby weakening financial risk
profile, particularly liquidity.
* Reduction in overall booking progress and construction progress
in fiscal 2022.

VBB is a partnership firm set up in 2006 by Mr. Abdul Rauf and his
business acquaintance Mr. Ashraf Bawa. Vishwas is engaged in
residential real estate development in Mangalore.



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

GENTING SINGAPORE: To Wind Up 8 Units in Japan
----------------------------------------------
GGRAsia reports that Genting Singapore Ltd announced on Dec. 28,
2021, that it plans to shut down an aggregate of eight subsidiaries
incorporated in Japan. The company, previously identified as a
qualified bidder in Yokohama's process to host a casino resort,
shelved its effort in September, after the city's new mayor said
the metropolis would not pursue the casino initiative.

Genting Singapore is the operator of the Resorts World Sentosa
casino complex in Singapore.

In its announcement, the gaming firm said its Japan units "were
placed under members' voluntary dissolution and liquidation." That
included a direct wholly-owned subsidiary, Genting International
Japan Co Ltd, GGRAsia relays.

Another seven indirect wholly-owned subsidiaries in Japan are also
to be closed, among them units in Yokohama and Osaka. These
companies were to be engaged in investment holding, leisure and
hospitality services, and related businesses, GGRAsia says citing
to previous information from Genting Singapore.

"The members' voluntary dissolution and liquidation of the
subsidiaries is not expected to have any material impact on the
consolidated net tangible assets and earnings per share of the
group for the financial year ending Dec. 31, 2021," stated the
casino operator, GGRAsia relays.

In early 2020, Genting Singapore said it would focus its "efforts
and resources" on the port city of Yokohama, and the company was
said to be one of two qualified bidders in the process to develop a
casino resort in that metropolis.

But in September this year, the new mayor of Yokohama, Takeharu
Yamanaka, stated that the Japanese city would "abolish" with effect
from October 1, an office specially-assigned to promoting the
casino initiative that had been supported by his predecessor,
Fumiko Hayashi, GGRAsia reports.

Mr. Yamanaka stated the city would withdraw its integrated resort
(IR) policy and take steps necessary to abolish the IR initiatives
the city had taken during recent years, GGRAsia adds.

Genting Singapore Limited, through its subsidiaries, develops
resort properties as well as operates casinos. The Company has
casinos and integrated resorts in different parts of the world,
including Australia, the Americas, Malaysia, the Philippines and
the United Kingdom.




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

CROWN METAL: Court to Hear Wind-Up Petition on Jan. 21
------------------------------------------------------
A petition to wind up the operations of CROWN METAL INDUSTRIES
(Pte.) Ltd. will be heard before the High Court of Singapore on
Jan. 21, 2022, at 10:00 a.m.

PS Seiko Pte. Ltd filed the petition against the company on Dec.
16, 2021.

The Petitioner's solicitors are:

          Messrs Dhillon & Panoo LLC
          3 Shenton Way
          #07-01 Shenton House
          Singapore 068805


EZION HOLDINGS: To Wind Up as Protracted Attempt to Restructure
---------------------------------------------------------------
The Business Times reports that Ezion Holdings will be proceeding
to wind up as it could not find a potential investor with a
proposal that can secure enough support from its major creditors,
it said in a bourse filing on Dec. 30.

Since an investment plan lapsed in September last year, the company
had been trying to restructure via its disposal plans, and talking
to potential investors to recapitalise the group or realise the
value of its listed status, BT says.

But on Dec. 30, Ezion said in a status update that the company,
after speaking to several potential investors, will not continue
with its restructuring and recapitalisation efforts given that it
does not have continued support from its secured creditors.

It then identified winding up the company as the next step if it
were to act in the best interest of its creditors, since it could
not pay its debts and is cashflow insolvent, BT relates.

Liquidating Ezion would ensure "an orderly wind down of the affairs
of the company" under the control of a court-appointed liquidator,
it said, adding that the move is also "the most time-efficient and
cost-effective manner" to realise value from the remaining assets
of the company, according to BT.

Trading of Ezion shares had been suspended since early 2019.

ET relates that Ezion said on Dec. 30 that it will no longer be in
a position to submit a proposal for trading to resume due to its
intention to proceed with liquidation.

It also stated that it will not be able to release its financial
statement for the third quarter ended Sept. 30, 2021, although the
Singapore Exchange Securities Trading had granted a time
extension.

This is because its finance staff members have resigned and the
company lacks further resources to do so, it said.

Ezion said it will make further announcements as and when there are
developments on its status, including the commencement of
liquidation proceedings, BT adds.

                      About Ezion Holdings

Singapore-based, Ezion Holdings Limited --
http://www.ezionholdings.com/-- an investment holding company,
develops, owns, and charters offshore assets to support the
offshore energy markets in Singapore, India, Brunei, Thailand, the
Middle East, Nigeria, and internationally. The company operates
through Liftboats, Jack-Up Rigs, Offshore Support Logistics
Services, and Others segments. It owns, charters, and manages rigs
and vessels involved in the production, maintenance, and
exploration phases of the oil and gas, and offshore windfarm
industries. The company also provides shipping agency and
management services, as well as undertakes engineering works;
financing services; and cargo transportation services. In addition,
it holds assets or investments involved in renewable energy, and
other oil and gas related industries.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
21, 2020, Ezion Holdings on Oct. 19 announced its restructuring
plan to refocus its business on the provision of vessel-management
services, following a strategic review of its options in
consultation with major lenders.  According to The Business Times,
the company said that it will take steps to realise value by
disposing of its vessels in an orderly manner over a period of
time; this will enable it to better manage its cashflow constraints
by reducing the holding costs of the vessels as well as the amount
of liabilities.  It will also implement further cost-cutting
measures in line with business requirements and continue the search
for potential investors to recapitalise the group and realise the
value of the listed status of the company, on the basis of a
vessel-management company.

The company has appointed RSM Corporate Advisory as corporate
restructuring advisor to oversee the implementation of the
restructuring plan over the course of the next year and will in due
course hold an informal meeting for securities holders.


PAUL & SHARK: Creditors' First Meeting Set for Jan. 12
------------------------------------------------------
Creditors of Paul & Shark Retail Singapore Pte Ltd will hold their
first meeting on Jan. 12, 2022, at 3:00 p.m., via electronic
means.

Agenda of the meeting includes:

   a. to receive a statement of the Company’s affairs together
      with a list of creditors and the estimated amounts of their
      claims;

   b. appointing Liquidators;

   c. forming a committee of inspection of not more than 5
      members, if thought fit; and

   d. any other business.



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

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

Copyright 2022.  All rights reserved.  ISSN: 1520-9482.

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

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



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