---

       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

          Friday, February 18, 2022, Vol. 25, No. 30

                           Headlines



A U S T R A L I A

DIAMOND ENTERPRISES: Second Creditors' Meeting Set for Feb. 25
HERON RESOURCES: Second Creditors' Meeting Set for Feb. 25
MILLOW GROUP: First Creditors' Meeting Set for Feb. 28
PROGRESS 2022-1: S&P Assigns Prelim BB(sf) Rating to Cl. E Notes
RIVERINA BEEKEEPING: First Creditors' Meeting Set for Feb. 25

TECHNIQUE SOLAR: Second Creditors' Meeting Set for Feb. 23


C H I N A

GUO WENGUI: Files for Bankruptcy in U.S. Court
HUACHEN ENERGY: Taps Latham & Watkins as Adviser on Restructuring
RISESUN REAL: Moody's Withdraws 'Caa2' Corporate Family Rating
ZHUJI SAMC: Moody's Withdraws 'Ba1' Corporate Family Rating
[*] CHINA: Spate of Auditor Resignations Trigger Alarm Bells



I N D I A

ATLAS CYCLES: ICRA Keeps D Debt Ratings in Not Cooperating
COLOSSUS TRADE: ICRA Keeps B+ Debt Rating in Not Cooperating
COSMO GRANITES: CARE Assigns B Rating to INR20.36cr LT Loan
HARI CONSTRUCTIONS: CARE Cuts Rating on INR13cr LT Loan to B-
KAILASH ELECTRICALS: CARE Cuts Rating on INR1.0cr LT Loan to B-

KEAN CONSTRUCTION: CARE Moves B+ Debt Rating to Not Cooperating
KTC THREADS: CARE Moves B- Debt Rating to Not Cooperating
NATURAL COTTON: CARE Lowers Rating on INR23.20cr LT Loan to B-
PANORAMIC GATEWAY: CARE Moves D Debt Rating to Not Cooperating
PARI AGRO: CARE Lowers Rating on INR6.46cr LT Loan to B-

PATRON INDUSTRIES: ICRA Keeps B+/A4 Rating in Not Cooperating
PRASHANT ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
PRATIBHA ELECTRICAL: CARE Lowers Rating on INR5.50cr Loan to B-
RASHI STEEL: ICRA Keeps D Debt Rating in Not Cooperating Category
RUKMANI RETAILS: CARE Keeps B- Debt Rating in Not Cooperating

SIDDHIVINAYAK REALHOMES: CARE Keeps D Rating in Not Cooperating
SINTEX INDUSTRIES: Insolvency in Final Stages, Gets Revised Bids
SUJANA CONSTRUCTIONS: CARE Cuts Rating on INR2.90cr Loan to B-
VEDANTA RESOURCES: Moody's Affirms B2 CFR & Alters Outlook to Neg.
VEERABHADRESHWAR COTTON: CARE Moves B Rating to Not Cooperating



M A L A Y S I A

1MBD: Leissner Testifies 'Greed and Ambition' Motivated Bribery


N E W   Z E A L A N D

GOLDEN CHAIN: Creditors' Proofs of Debt Due May 9
LAKESIDE ROOFING: Court to Hear Wind-Up Petition on March 3
MEDICAL CLEANING: Creditors' Proofs of Debt Due on April 14
ON-VISION LIMITED: Court to Hear Wind-Up Petition on March 22
PRICE WISE: In Liquidation Due to Covid-19, Cashflow Problems

SW CIVIL: Creditors' Proofs of Debt Due March 15
WAITOHU ESTATE: Court to Hear Wind-Up Petition on March 22


S I N G A P O R E

MILK FACTORY: Creditors' Proofs of Debt Due March 17
TEE INT'L: SGX RegCo Reports Company for Late Disclosure of Claims

                           - - - - -


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

DIAMOND ENTERPRISES: Second Creditors' Meeting Set for Feb. 25
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Diamond
Enterprises Australia Pty Ltd, Diamond Services Australia Pty Ltd,
and Adventurer Leisure Hire Pty Ltd, has been set for Feb. 25,
2022, at 10:00 a.m. via virtual facilities.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 24, 2022, at 4:00 p.m.

Alan Walker of WLP Restructuring was appointed as administrator of
Diamond Enterprises on Jan. 20, 2022.


HERON RESOURCES: Second Creditors' Meeting Set for Feb. 25
----------------------------------------------------------
A second meeting of creditors in the proceedings of:

    - Heron Resources Limited;
    - Hampton Nickel Pty Ltd;
    - Ochre Resources Pty Ltd;
    - Tarago Exploration Pty Ltd;
    - Tarago Operations Pty Ltd; and
    - Woodlawn Mine Holdings Pty Ltd

has been set for Feb. 25, 2022, at 11:00 a.m. via Zoom Webinar.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 24, 2022, at 4:00 p.m.

David McGrath, Christopher Hill and Michael Ryan of FTI Consulting
were appointed as administrators of Heron Resources, et al. on July
16, 2021.


MILLOW GROUP: First Creditors' Meeting Set for Feb. 28
------------------------------------------------------
A first meeting of the creditors in the proceedings of Millow Group
Pty Ltd will be held on Feb. 28, 2022, at 11:00 a.m. via
teleconference.

Timothy James Clifton and Simon Richard Miller of Clifton Hall were
appointed as administrators of Millow Group on Feb. 16, 2022.


PROGRESS 2022-1: S&P Assigns Prelim BB(sf) Rating to Cl. E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Trustee Co. Ltd. as trustee for Progress 2022-1 Trust.
Progress 2022-1 Trust is a securitization of prime residential
mortgages originated by AMP Bank Ltd.

S&P said, "The preliminary ratings reflect our view of the credit
risk of the underlying collateral portfolio and the credit support
provided to each class of notes are commensurate with the ratings
assigned. Credit support is provided by subordination, lenders'
mortgage insurance (LMI), and excess spread, if any. Our assessment
of credit risk takes into account AMP Bank's underwriting standards
and approval process, which are consistent with industrywide
practices, the servicing quality of AMP Bank, and the support
provided by the LMI policies on 29.2% of the portfolio.

"We believe the rated notes can meet timely payment of interest and
ultimate payment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the LMI cover, the
interest-rate swap, the mechanism for trapping excess spread into
an excess reserve, the provision of a liquidity reserve, and the
provision of an income reserve--funded by AMP Bank at closing to
cover extraordinary expenses--sized at a level consistent with the
ratings. All rating stresses are made on the basis that the trust
does not call the notes at or beyond the first call-option date,
and that all rated notes must be fully redeemed via the principal
waterfall mechanism under the transaction documents.

"Our ratings also consider the counterparty exposure to Westpac
Banking Corp. and MUFG Bank Ltd. as bank account providers and to
BNP Paribas SA as fixed-rate swap provider. The fixed-rate swap
will be provided to hedge the fixed-rate mortgage loans and the
floating-rate obligations on the notes. The transaction documents
include downgrade remedies consistent with our counterparty
criteria. The legal structure of the trust is established as a
special-purpose entity and meets our criteria for insolvency
remoteness."

  Preliminary Ratings Assigned

  Progress 2022-1 Trust

  Class A, A$460.00 million: AAA (sf)
  Class AB, A$18.65 million: AAA (sf)
  Class B, A$8.10 million: AA (sf)
  Class C, A$6.30 million: A (sf)
  Class D, A$3.30 million: BBB (sf)
  Class E, A$1.80 million: BB (sf)
  Class F, A$1.85 million: Not rated


RIVERINA BEEKEEPING: First Creditors' Meeting Set for Feb. 25
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Riverina
Beekeeping Supplies Pty Ltd will be held on Feb. 25, 2022, at 11:00
a.m. via Zoom.

Chris Chamberlain and Steven Priest of Chamberlains SBR Chartered
Accountants were appointed as administrators of Riverina Beekeeping
on Feb. 15, 2022.



TECHNIQUE SOLAR: Second Creditors' Meeting Set for Feb. 23
----------------------------------------------------------
A second meeting of creditors in the proceedings of Technique Solar
Limited has been set for Feb. 23, 2022, at 11:30 a.m. via
teleconference.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 22, 2022, at 4:00 p.m.

Jason Glenn Stone and Glenn Jeffrey Franklin of PKF Melbourne were
appointed as administrators of Technique Solar on Jan. 18, 2022.




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

GUO WENGUI: Files for Bankruptcy in U.S. Court
----------------------------------------------
Reuters reports that Chinese businessman Guo Wengui, also known as
Ho Wan Kwok, filed for individual bankruptcy protection in a U.S.
bankruptcy court in Bridgeport, a court filing showed.

Guo listed assets in the range of $50,001 to $100,000 in the
bankruptcy filing, and liabilities between $100 million and $500
million, Reuters says.

Among the list of creditors who have claims against Guo, he listed
Pacific Alliance Asia Opportunity fund as the one with the largest
claim of about $254 million, according to Reuters.

Reuters relates that the fund, which sued Guo for unpaid loans
worth $88 million, allegedly borrowed between 2008 and 2011, has
been locked in a legal battle with him in a New York State Court
over this issue for four years.

In September, the U.S. Securities and Exchange Commission fined
three media companies, affiliated with Guo, $539 million on charges
of illegally selling stock and digital assets to investors, recalls
Reuters.

HUACHEN ENERGY: Taps Latham & Watkins as Adviser on Restructuring
-----------------------------------------------------------------
Huachen Energy Co., Ltd., one of the largest privately-owned power
generating companies in the People's Republic of China (PRC), has
announced that following a substantive hearing of the bankruptcy
administrator's application, the US Bankruptcy Court granted
recognition of Huachen's PRC reorganization plan under chapter 15
of the US Bankruptcy Code, together with other ancillary relief
sought by the administrator. The Bankruptcy Court entered an Order
Recognizing Foreign Proceeding and Granting Related Relief, and as
a result, the reorganization plan in respect of the company
(including the releases set out in the plan), as well as the order
of the No. 1 Intermediate People's Court of Beijing approving the
plan, are now recognized and given full force and effect in the
United States and are binding and fully enforceable in accordance
with their terms.

Latham & Watkins advised Huachen Energy Co., Ltd. on the successful
restructuring of its New York law-governed US$500 million senior
notes, through a PRC bankruptcy reorganization proceeding, coupled
with a consent solicitation exercise, and the first-ever chapter 15
recognition of a PRC reorganization plan in the US. At the end of
the hearing, the Honorable Judge Beckerman remarked that she was
happy to see another PRC case as there are "not so many of them."
The company will now proceed with remaining steps for implementing
the restructuring of the notes, which upon completion will result
in the noteholders receiving a restructured note that remains
tradable via the clearing systems and the Singapore Exchange,
rather than just a (heavily discounted) cash payout.  

Latham represented Huachen Energy Co., Ltd. with a cross-border
deal team led by Hong Kong partner Howard Lam, with Hong Kong
counsel Tingfei Fan, and associates Flora Innes and Kevin Chow. The
US team advising on the chapter 15 application was led by
Chicago/New York partner Caroline Reckler, with associates Jeramy
Webb and Jon Weichselbaum.

Huachen Energy Co., Ltd. is a private thermal power generator in
the PRC, owning and operating thermal coal and gas-fired plants as
well as renewable energy photovoltaic power plants.  Its power
generation business is primarily located in the Jiangsu and Henan
provinces of the PRC.


RISESUN REAL: Moody's Withdraws 'Caa2' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn RiseSun Real Estate
Development Co., Ltd.'s Caa2 corporate family rating.

Prior to the withdrawal, the rating outlook was negative.

RATINGS RATIONALE

Moody's has decided to withdraw the rating because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

COMPANY PROFILE

Founded in 1996, RiseSun Real Estate Development Co., Ltd.
(RiseSun) engages in real estate and industrial park development,
property management services and hotel operations in China. The
company listed on the Shenzhen Stock Exchange in 2007 and is
headquartered in Langfang, Hebei province. As of the end of June
2021, it had more than 300 property development projects with an
aggregate gross floor area of 37.4 million square meters.

ZHUJI SAMC: Moody's Withdraws 'Ba1' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn Zhuji State-owned Assets
Management Co., Ltd. (Zhuji SAMC)'s Ba1 corporate family rating.

The outlook prior to the withdrawal was stable.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

COMPANY PROFILE

Zhuji State-owned Assets Management Co., Ltd. (Zhuji SAMC) is the
largest local government financing vehicle and dominant provider of
public services in Zhuji city including shantytown renovation,
resettlement housing construction, water services, public
transportation, and grain reserves, and it is mandated by the
government to execute most of the primary land and urban
infrastructure development projects in Zhuji. The company also
engages in commercial businesses including copper trading, property
leasing and management, and tourism services. At the end of
September 2021, Zhuji reported total assets of RMB189.9 billion.

The company is wholly-owned and effectively controlled and
supervised by the Zhuji government.

[*] CHINA: Spate of Auditor Resignations Trigger Alarm Bells
------------------------------------------------------------
South China Morning Post reports that a spate of auditor
resignations at Chinese property companies is reigniting concerns
about financial transparency in an industry facing a credit squeeze
and more than US$60 billion of bond redemptions this year.

PwC quit its role at Hopson Development on January 27, citing
inadequate access to necessary information, while Deloitte stepped
down at China Aoyuan a day earlier, exchange filings showed, the
Post relays. Shimao Group's mainland unit will change its auditor,
Shanghai Certified Public Accountant, for the first time in 27
years on January 24.

The Post says the changes are a red flag for investors who have
been putting up with growing credit defaults among cash-starved
developers since August 2020 when the Chinese government began
imposing stringent debt discipline under its "three red lines"
policy.

"Changing auditors just ahead of year-end results, without clear
explanation, could imply a deficiency in internal controls," the
Post quotes Gao Fan, a credit analyst at S&P Global Ratings, as
saying. "It bolsters our view that Chinese developers need to
increase their financial transparency."

The Post relates that the resignations came at a sensitive time as
Chinese developers prepare to report their latest set of corporate
earnings. Incidents of hidden debt, or off-balance sheet
borrowings, have spooked the market after companies including China
Evergrande and Kaisa Group disclosed it sold billions of
high-yielding wealth management products to augment their cash
flow, the report notes.



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

ATLAS CYCLES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Atlas
Cycles (Haryana) Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         45.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         22.20      [ICRA]D; ISSUER NOT
COOPERATING;
   Non Fund based                Rating Continues to remain under
   BGs/LCs                       'Issuer Not Cooperating'
                                 Category

   Short-term–        15.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based–                   Rating Continues to remain
under
   Bills                         issuer not cooperating category
   Discounting        
                                      
   Long-term–          2.30      [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 issuer not cooperating category

ICRA has been trying to seek information from the entity so as to
monitor its performance, Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.

ACL was started by Mr. Janki Das Kapur in 1950. The company started
with manufacturing bicycle saddles in 1951 and bicycles in 1952.
Currently, it is one of the top bicycle manufacturers in India by
virtue of its strong brand. The company manufactures bicycles from
its units at Sonepat (Haryana), Sahibabad (Uttar Pradesh) and
Malanpur (Madhya Pradesh) besides a steel tube manufacturing unit
at Bawal (Haryana). As part of a family settlement, Mr. Janki Das
Kapur's three sons signed an MoU, under which the company was
divided into three profit centres, each under the management of one
of his sons or their families. In late 2014, however, the Malanpur
unit was shut down. The bicycles manufactured by the company range
from necessity bicycles to high-end bicycles, including the e-Bike
segment.


COLOSSUS TRADE: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Colossus
Trade Links 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-         25.00        [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 Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, 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.

Colossus Trade Links Limited (CTLL) was incorporated in 2004 by Mr.
Namit Gulati and his family. The company is engaged in trading of
scrap metal procured from the domestic automobile sector. It
derives its revenues from supply of scrap metal to foundries, steel
plants, traders and electronic original equipment manufacturers
(OEMs). CTLL, which is headquartered in Delhi, has seven warehouses
(three owned and four rented) across northern India, with a
combined area of over 15,000 square yards and combined storage
capacity of over 8,000 tonnes.


COSMO GRANITES: CARE Assigns B Rating to INR20.36cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Cosmo
Granites Private Limited (CGPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           20.36      CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of CGPL are constrained
by small scale of operations with declined profit margins, moderate
capital structure, weak debt coverage indicators and foreign
exchange fluctuation risks.  The rating however derives strength
from experienced promoters with long track record of operations and
reputed clientele base.

Rating Sensitivities

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

* Ability to scale up the operations to over INR50 crores while
maintaining PBILDT margin at 13% on sustained basis.

* Improvement in Total/GCA below 15x by generating sufficient cash
accruals.

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

* Any significant delays in execution of orders resulting in
sizable decline in scale of operations below INR30 crore on
sustained basis.

Any increase in debt levels leading to deterioration of capital
structure above 3x

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations with declined profit margins: The scale
of operations remained small ranging from INR32 crore to INR44
crore over past three years ended FY21. The company had reported
y-o-y decline in total operating income to INR32.53 crore in FY21
(refers to period April 1 to March 31) from INR44.08 crore in FY19
due to covid-19 pandemic. The PBILDT margin declined to 9.20% in
FY21 from 13.06% in FY18. The company booked income of INR30.69
crore in 9mFY22 (refers to period April 1 to December 31).

* Moderate capital structure and weak debt coverage indicators: The
capital structure of the company remained moderate with overall
gearing of 1.82x as of March 31, 2021 which deteriorated from 1.36x
as of March 31, 2020. The cash accruals declined and remained thin
resulting in weak debt coverage indicators
marked with Total debt/GCA at 49.92 as of March 31, 2021, as
against 35.66x as of March 31, 2020.

* Foreign exchange fluctuation risks: CGPL exports around 3% of its
flooring products to countries viz., Sudan and Kenya leading to
fluctuating profitability margin on account of fluctuating forex
rates. The company imports 90% of its purchases which is also
exposed to forex risk since the company does not have hedging
mechanism towards forex fluctuation.

Key Rating Strengths

* Experienced promoters and long track record of operations with
reputed clientele: Cosmo Granites Private Limited (CGPL),
established in 1992, has presence in granite and marble industry
for three decades.  The company was promoted by Mr. D. Venkatesh,
Mr. D.H. Sarath Kumar and Mr. D.N. Choudary in Chennai, Tamil Nadu.
Mr. D. Venkatesh, Managing Director is a Bachelor of Commerce
graduate and holds experience in similar industry for about
twenty-five years. Mr. Sarath Kumar is a Chartered Accountant and
has extensive experience for more than three decades in trading of
flooring materials and he looks after the finance and accounts
division in the company and Mr. Choudary is experienced in same
line of business for three decades and holds Bachelor of
Engineering degree. The vast experience of promoters with long
standing presence in granite, marble trading industry has benefited
the entity to receive the orders from existing and new clientele.
The company has established relationship with reputed clientele for
more than two decades.

Liquidity: Poor

The liquidity is poor marked by low cash accruals to repay its debt
obligations with fully utilised bank limits along with moderate
cash balance of INR1.33 crore as on March 31, 2021. The operating
cycle of the company stood elongated at 511 days in FY21 (PY:386
days) due to higher inventory levels. Considering the nature of
business, CGPL has to hold the sufficient stock to meet its demand
from customers. Generally, CGPL allows credit period upto 60-70
days to its customers while it avails 70-75 days from its
suppliers.

Cosmo Granites Private Limited (CGPL) was established in 1992 by
Mr. D. Venkatesh, Mr. D.H. Sarath Kumar and Mr. D.N. Choudary. The
company is engaged in trading of flooring materials viz. granites,
marbles, wooden flooring, etc. Apart from trading, CGPL
manufactures aluminium doors and windows. The company's clientele
are located at Tamil Nadu, Andhra Pradesh and it also exports (~2%)
to Kenya and Sudan. CGPL imports 90% of marbles from Turkey and
Italy and remaining flooring products are procured domestically.
The company owns 2 showrooms along with stockyard of 16000 sq.
meters at Karapakam and 12000 sq. meters at Sholinganallur,
Chennai.


HARI CONSTRUCTIONS: CARE Cuts Rating on INR13cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sri Hari Constructions (SHC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 29,
2021, placed the rating(s) of SHC under the 'issuer
non-cooperating' category as SHC 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. SHC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 15, 2021, December 25, 2021, January 4,
2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'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).

The ratings assigned to the bank facilities of SHC have been
revised on account of non-availability of requisite information.

Sri Hari Constructions (SHC) is a Tirupathi, Andhra Pradesh based
firm and was established in 1998 as a proprietorship concern by Mr.
Giridhar Reddy. Mr Reddy is an 'A' grade licensed holder from
Government of Andhra Pradesh, enabling it to bid for high voltage
transmission network projects within the state. SHC is engaged in
executing procurement and construction projects on turnkey basis,
for installation (supply, erection, testing and commissioning) of
sub-station transmission network and distribution substations with
single and double circuit lines, based on the requirement by the
transmission companies. The orders undertaken by the firm are
secured through the competitive bidding process. The firm has
installed various substation transmission networks between 100 to
400 KV, majorly for Transmission Corporation of Andhra Pradesh
(APTRANSCO) and Transmission Corporation of Telangana (TSTRANSCO).
Apart from that, the firm also undertakes work contracts from
private companies for executing sub-station transmission network
for construction companies.


KAILASH ELECTRICALS: CARE Cuts Rating on INR1.0cr LT Loan to B-
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Kailash Electricals (KE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank     11.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 12,
2021, placed the rating(s) of KE under the 'issuer non-cooperating'
category as KE 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. KE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 29, 2021, January 08, 2022, January 18, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'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).

The ratings assigned to the bank facilities of KE have been revised
on account of non-availability of requisite information.

Kanpur-based (Uttar Pradesh) Kailash Electricals (KE) was formed in
1965 by Mr Devendra Kumar Chickar as a proprietorship concern. KE
is registered as 'A' (highest scale in A to D grade) class approved
government electric contractor with Public Works Department. It
also receives orders on sub-contract basis from other registered
contractors. Further, it also sub-contracts its work to other
registered contractors also.

KEAN CONSTRUCTION: CARE Moves B+ Debt Rating to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Kean
Construction LLP (KC) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable
                                   and moved to ISSUER NOT
                                   COOPERATING category

   Long Term/Short     20.00       CARE B+; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-; Stable/CARE A4

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KC to monitor the rating(s)
vide e-mail communications dated August 25, 2021, September 7,
2021, December 2, 2021, December 6, 2021 and February 3, 2022 among
others and numerous phone calls. However, despite repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. 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. Kean Construction LLP's bank facilities
will now be denoted as CARE B+; Stable/A4 ISSUER NOT COOPERATING.

The revision in ratings factors in deterioration in the operating
as well as financial performance of the entity based on the FY21
provisional results and non-cooperation by KC and CARE's efforts to
undertake a review of the ratings outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk.

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

Detailed description of the key rating drivers

At the time of last rating on December 24, 2020, the following were
the rating strengths and weaknesses (Updated for FY21 Provisional
financials provided by client).

Detailed description of Key rating drivers

Key rating Weakness

* Limited track record with small scale of operations: KC was
established on July 2017 however; commercial operations begin from
February 2019. KC was established on July 2017 however; commercial
operations begin from February 2019. TOI of the company has decline
significantly by 38% in FY21 i.e. from INR88.60 crore in FY20 to
54.53 crore in FY21(prov.).

* Leverage capital structure: The capital structure of the firm
stood leveraged marked by overall gearing of 3.28x as on March 31,
2021 Prov. TDGCA also deteriorated from 5.97x in FY20 (Prov) to
8.86x in FY21(Prov). PBILDT interest coverage decline from 64.54x
in FY20 to 35.93x in FY21 (Prov).

* Working capital intensive operations: The firm operates in the
construction industry wherein the working capital requirements
remained high. The inventory is obtained by the firm on the site of
the project as per the specification and requirement of the
project. Further, the firm makes payment to the suppliers of raw
material either on cash basis or partially cash and credit basis.
However, the operating cycle of the firm stood negative at -224
days due to higher creditor days.

* Highly competitive and fragmented industry with tender driven
nature of operations: The construction industry is fragmented in
nature with a large number of medium scale players present at
regional level. This coupled with the tender-driven nature of
construction contracts poses huge competition and puts pressure on
the profit margins of the players.

* Customer concentration risk with dependence on real estate
sector: The firm has been dealing only with four established
clients contributing major revenue of the total unexecuted order
book thereby imposing high level of customer concentration risk.

* Partnership nature of constitution of the firm: Being a limited
liability partnership firm, KC has inherent risk of withdrawal of
capital at the time of personal contingency of partners.
Furthermore, it has restricted access to external borrowings where
net worth as well as creditworthiness of the partners are the key
factors affecting credit decision of the lenders. Hence, limited
funding avenues along with limited financial flexibility have
resulted in small scale of operations for the firm.

Key Rating Strengths

* Experienced promoters and established group presence in civil
construction industry: KC was promoted by Mr. Nandlal Varma with
over two decades of experience in real estate and construction
industry. Mr. Nandlal Varma started as a building contractor for
small projects in Gujarat & within short time, expanded his area of
operations in Mumbai & other adjoining regions. Further he is also
well supported by another partner Mr. Dharmesh Varma who also
possesses in-depth knowledge and experience over five years in real
estate and construction industry. KC is a part of Kargwal Group
which is into construction business since 1975. The Kargwal Group
has presence in diverse construction activities ranging from
industrial plants, ports, bridges, real estate activities viz.
townships of residential and commercial complexes etc. Over the
years of existence in the market, the group has established strong
marketing connects with its customers, suppliers and stakeholders.

* Moderate profit margins: Despite the tender driven nature of
business leading to competitive work contract rates along with
labour intensive operations, the PBDILT margin of the company has
declined; however, remained moderate at 7.08% in FY21 (prov.)
vis-à-vis 8.89% in FY20. Further PAT margin of the firm too has
declined yet remained moderate at 4.10% in FY21 (prov.) vis-à-vis
5.61% in FY20.

Established in July 2017 and commenced its operations from February
2019; Kean Construction LLP (KC) is engaged in the business of
civil construction services. KC was established by Mr. Dharmesh
Varma and Mr. Nandlal Verma. The firm undertakes construction
contracts for civil, lift and finishing work, Mechanical,
Electrical and Plumbing (MEP) and Lock- n- key contracts of
residential building etc. KC gets orders through bidding and
tendering process and its current projects are comprised of in the
Mumbai region. The customer base of the firm includes real estate
players across Mumbai. It also executes projects as subcontractor
which is obtained through private corporates. The firm procures all
the raw materials domestically through local distributors and
traders.


KTC THREADS: CARE Moves B- Debt Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of KTC
Threads LLP to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.45       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   moved to ISSUER NOT
                                   COOPERATING category

   Long Term/Short     11.00       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable/CARE A4

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. has been seeking information from KTC to monitor
the ratings vide e-mail communications/letters dated August 3,
2021, August 16, 2021, September 30, 2021, October 5, 2021, October
21, 2021, October 22, 2021, November 10, 2021, December 2, 2021,
December 13, 2021, January 12, 2022, February 9, 2022 and numerous
phone calls. However, despite repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the ratings on the basis of the best available information
which however, in CARE Rating Limited's opinion is not sufficient
to arrive at a fair rating. The rating on KTC's bank facilities
will now be denoted as CARE B-; Stable/CARE A4; ISSUER NOT
COOPERATING.

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

The ratings have been revised on account of non-availability of
requisite information from KTC. The ratings assigned to the bank
facilities of KTC continue to remain constrain on account of its
modest scale of operations and profitability coupled with leveraged
capital structure and weak debt coverage indicators as well as
stretched liquidity with elongated operating cycle during FY20
(Audited, refers to period from April 1 to March 31). The ratings
further remain constrained owing susceptibility of its
profitability to volatility in raw material prices and foreign
exchange fluctuations along with its presence in highly fragmented
and competitive textile industry. The ratings, however, continue to
derive comfort from the vast experience of partners in textile
industry and its strategic location within the cotton-producing
belt of Gujarat.

Detailed description of the key rating drivers

At the time of last rating on January 5, 2021, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Declining scale of operations with dip in profitability: During
FY20, KTC's total operating income declined by 18.981% y-o-y and
remained modest at INR24.20 crore as compared to INR29.81 crore
during FY19 owing to lower demand from customers during FY20 along
with COVID-19 induced lockdown effect during FY20 end. Operating
margin of KTC remained stable at 8.56% during FY20 as compared to
9.20% during FY19.  Consequently, PAT margin of KTC also remained
in line with previous year at 0.70% during FY20.

* Leveraged capital structure and weak debt coverage indicators
along with elongation in working capital cycle: Capital structure
of KTC continued to remain leveraged marked by an overall gearing
ratio of 5.98 times as on March 31, 2020 similar to previous year
on account of KTC's comparatively high debt level as against modest
net worth base as on March 31, 2020. The debt coverage indicators
of KTC continued to remain weak owing to low GCA level during FY20
as against comparatively high debt level as on March 31, 2020.
Total debt to GCA remained weak at 28.40 years as on March 31, 2020
[25.55 years as on March 31, 2019]. Interest coverage ratio of KTC
continued to remain modest at 1.52 times during FY20 [1.45 times in
FY19]. Operating cycle of KTC further elongated to 280 days during
FY20 as against 212 days during FY19 on account of increase in
collection as well as inventory period during FY20.

* Susceptibility of profit margins to volatility in raw material
prices and foreign exchange fluctuations along with presence in
highly fragmented and competitive textile industry KTC is engaged
in the business of trading and processing of viscose yarn, for
which it imports some of the raw materials and it does not involved
in active foreign currency hedging, hence, KTC is exposed to
foreign currency volatility risk. Also, the prices of the raw
material for manufacturing yarn is market-driven and keep
fluctuating in nature affecting the operating profit margin of KTC.
Further, KTC operates in highly fragmented industry marked by
presence of large number of organized and unorganized players, thus
intensifying competition.

Key Rating Strengths

* Experienced partners in the textile industry: KTC is promoted by
four partners namely Mr. Vinod Khurana, Mr. Aditya Khurana, Ms.
Alpi Khurana and Mr. Dayaprakash Khurana. All the partners are
having vast experience in textile industry and all the partners are
actively involved in day to day business operations of the firm.

* Location advantage resulting in easy access of raw material:
KTC's manufacturing facilities are located in Surat district of
Gujarat. This place enjoys good road & rail connectivity leading to
better lead time and facilitating delivery of finished products in
a timely manner. The manufacturing unit is located near the raw
material producing region, which ensures easy raw material access
and smooth supply of raw materials at competitive prices and lower
logistic expenditure.

Surat (Gujarat) based KTC is a limited liability partnership firm
incorporated in 2011 by Mr. Vinod Khurana, Mr. Aditya Khurana, Ms.
Alpi Khurana and Mr. Dayaprakash Khurana. The firm is engaged into
the business of trading and processing of viscose yarn and
manufacturing of knitted fabric. The firm procures viscose yarn
from China which is subsequently dyed and sized at its processing
plant into various commercial sizes as per the requirement of its
customers. The firm also manufactures knitted fabrics, while the
facility is located at Surat which is a textile hub of India with
an installed capacity of 4800 meter per day as of March 31, 2020.
The products processed and manufactured by the firm are used in the
textile industry.


NATURAL COTTON: CARE Lowers Rating on INR23.20cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Natural Cotton Spinners Private Limited (NCSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      23.20       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 4,
2021, placed the rating(s) of NCSPL under the 'issuer
non-cooperating' category as NCSPL 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. NCSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated February 1, 2021, December 31,
2021 and January 10, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'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).

The ratings assigned to the bank facilities of NCSPL have been
revised on account of non-availability of requisite information.
The rating also factored in decline in scale of operations,
profitability and debt coverage indicators during FY20 over FY19.

Coimbatore-based, Natural Cotton Spinners Private limited (NCSPL)
was incorporated on October 03, 2005 and promoted by Mr. R
Palaniswamy, Mrs. Indhumathi, Mr. Rathinasapabathy and Mrs. R
Revathi. The company is mainly engaged in manufacturing of grey
fabric.


PANORAMIC GATEWAY: CARE Moves D Debt Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of The
Panoramic Gateway (TPG) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           8.24       CARE D; ISSUER NOT COOPERATING
                                   Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd has been seeking information from TPG to monitor
the ratings vide e-mail communications/letters dated December 12,
2021, January 3, 2022, January 10, 2022, February 01, 2022,
February 7, 2022, and numerous phone calls. However, despite
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE Ratings Ltd. has reviewed the ratings on the
basis of the best available information which however, in CARE
Ratings Ltd's opinion is not sufficient to arrive at a fair rating.
The rating on TPG's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

The ratings factored in the on-going delays in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on March 25, 2021, the following was the
rating weaknesses and strengths (updated from feedback available
from lender):

Key rating Weakness

* Ongoing delays in debt servicing: As per the feedback received
from the banker and financial institution, the firm has been
irregular in servicing its debt obligation and there are on-going
delays in servicing interest on its bank facilities.

* Small albeit increasing total operating income along with losses
at net level: The total operating income improved and stood at
INR9.47 crore in FY20 as against INR7.29 crore in FY19 due to
improvement in the occupancy rate which was remained in FY20
However in FY19 the TOI has declined in FY19 from INR11.74 crore to
INR7.29 crore in FY18 due to significant decrease in occupancy rate
resulting from the floods in August 2018.The entity has incurred
net losses during FY20 due to high depreciation expenses & interest
cost incurred during that year. Further, the entity has not
achieved much revenue during FY21.

* Leveraged capital structure and weak debt coverage indicators:
TPG capital structure of the entity marked by overall gearing
declined as on March 31, 2020 and stood highly leveraged at 4.07x
as against 2.39x as on March 31, 2019 and continued to remain
leveraged. This was on back of addition of term loan & decrease in
the net worth as a result of the accretion of the net losses during
FY20 to the reserves. The debt coverage indicators marked by PBILDT
interest coverage improved however continued to remain weak at
1.86x in FY20 as against 1.67x in FY19 on back of improvement in
PBILDT in absolute terms.

* Constitution of the entity as a proprietorship firm: TPG being a
proprietorship entity is exposed to inherent risk of the
proprietor's capital being withdrawn at the time of contingency and
also limits the ability to raise the capital. Further, during FY19,
the proprietor has withdrawn INR0.20 crore

* Inherent cyclical nature of hotel industry and intense
competition: The demand for hotel room changes direction in direct
relation to the economy, as both business and pleasure travel are
easy expenditures to eliminate in declining economy; although, in
any local market, the hotel business is likely to have its own
dynamics. The hotel business in India is seasonal in nature, with
September-March being the peak period. This is primarily due to the
increased leisure tourism during this season. April – August is a
lean period for the hotel business due to the summer heat and
monsoons. The hotel industry is a highly fragmented with a handful
of big branded players. Large organized players are mainly present
in the upscale category, but are now foraying into the mid-market
and economy segment across different geographies.

Key Rating Strengths

* Experience of the proprietor in hospitality industry: Mrs. Sona
Bennett has more than 15 years of experience in hospitality
management. Prior to establishment of TPG, she was working with
'Las Palms' (a 'Three Star' resort) for three years from 2003 to
2006. She looks after the overall management of the firm.

* Favorable location of the resort: The resort is in Munnar which
is major tourist place in Western Ghats and is famous for its
scenic beauty. The major tourist attractions near Munnar are
Pothamedu, Devikulam, Pallivasal, Eravikulam National Park and
Mattupetty. Due to proximity to scenic beauty places, the resort
achieved increased occupancy rate for the year ended FY20 that
corresponds to the revenue earned.

* Comfortable working capital cycle: The average working capital
cycle of the firm was comfortable during FY20. This was on back of
a decrease in average creditor period from 10 days in FY19 to 6
days in FY20. Further, the average collection days also remained
comfortable at 4 days during FY20 as the business is conducted on
cash basis. The average inventory period stood at 2 days during
FY20

The Panoramic Gateway (TPG) was established as a proprietorship
concern by Ms. Sona Bennett in December 2014. Ms. Sona Bennett, the
proprietor, has about 15 years of experience in hospitality
industry. The firm runs a resort which is located at Munnar, Kerala
and has facilities like helipad, swimming pools, restaurants, beer
and wine parlor, a large sitting area and 51 furnished rooms. The
resort is categorized as 'Five Star-Unofficial'.


PARI AGRO: CARE Lowers Rating on INR6.46cr LT Loan to B-
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Pari Agro Exports (PAE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.46      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues   

                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 3,
2021, placed the rating(s) of PAE under the 'issuer
non-cooperating' category as PAE 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. PAE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 20, 2021, December 30, 2021, January 9,
2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'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).

The ratings assigned to the bank facilities have been revised on
account of non-availability of requisite information.

Pari Agro Exports (PAE) is Amritsar (Punjab) based, partnership
firm established in 2009 by Mr. Vaneet Sachdeva and Mr. Varun
Sachdeva sharing profit and loss equally. The firm is engaged in
the processing of paddy and has two manufacturing facilities, one
located at Tarn Taran (rented facility), Punjab and another at
Ajnala Road (owned facility), Punjab having a total installed
capacity of 62500 Tonnes of paddy Per Annum, as on September 30,
2019. PAE procures paddy directly from local grain markets through
commission agents located in Punjab. The firm majorly exports rice
to Middle East, Europe, North America, Africa, South East Asia and
Australia through several distributors and also sells directly to
several big retailers. The firm sells rice under the brand name of
'Pari', 'Kitchen King', 'Vani', 'Bells' and 'Regal' in seven states
including Punjab, Gujarat, Himachal Pradesh, Rajasthan,
Maharashtra, Tamil Nadu and NCR through dealers.

PATRON INDUSTRIES: ICRA Keeps B+/A4 Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Patron
Industries Private Limited in the 'Issuer Not Cooperating'
category.  The rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term/          12.00       [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Fund Based                      Rating Continues to remain
   Limits                          under issuer not cooperating
                                   category

   Short-term:          7.50       [ICRA]A4; ISSUER NOT
   Nonfund based                   COOPERATING; Rating continues
   Limits                          To remain under 'Issuer Not
                                   Cooperating' category

   Long-term/Short      0.50       [ICRA]B+(Stable)/[ICRA]A4;
   term: Unallocated               ISSUER NOT COOPERATING;
                                   Rating continues 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.

Patron Industries Private Limited (PIPL) was founded by Mr. Pradeep
Rohra in the year 1991 in Mumbai as a consignment agent of DCW Ltd.
for PVC resin. In 2005-06, the promoter also set up a company viz.
MEPCAB FZCO in Dubai (MEPCAB) to trade in cables in the Middle East
market. Subsequently, MEPCAB FZCO set up its own cable
manufacturing facility at the Jebel Ali Free Zone in Dubai in 2008.
PIPL also set up its own copper wire drawing facility of capacity
of 1725 metric tonnes per annum (MTPA) in Silvassa in 2008 to act
as a feeder factory for MEPCAB's unit in Dubai. At present, PIPL
has two distinct lines of business: i) Trading/distribution of PVC
resin from DCW Ltd, and ii) manufacture and export of copper wire
for exclusive supply to its own group concern viz. MEPCAB in
Dubai.


PRASHANT ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prashant
Enterprises (PE) continues to remain in the 'Issuer Not Cooperating
' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank      59.32      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 5,
2021, placed the rating(s) of Prashant Enterprises (PE) under the
'issuer non-cooperating' category as PE 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. PE continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 22, 2021, January 1,
2022, January 11, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'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).

Set up in 1979 as partnership firm by Singhal family, Prashant
Enterprises is a manufacturer and exporter of building hardware
materials comprising doorknobs, door handle, ceramic glass,
aluminum doors, window hardware fittings, curtains finials & rods,
tiebacks, holdbacks, etc. The manufacturing facility of Prashant
Enterprises is located in Aligarh (Uttar Pradesh) with total
installed capacity of 2,400 tons of building hardware as on March
31, 2019. The firm procures its raw material (brass, aluminum,
zinc, iron/steel) from suppliers located in nearby areas (e.g.
Aligarh, Hathras, Moradabad etc), whereas it earns all its revenue
from exports to retail chains as well as wholesale traders in UK,
Europe, South Africa and USA.

PRATIBHA ELECTRICAL: CARE Lowers Rating on INR5.50cr Loan to B-
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Pratibha Electrical Contractors LLP (PEC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable and moved
                                   to ISSUER NOT COOPERATING
                                   category

   Short Term Bank     14.50       CARE A4; Rating moved to
   Facilities                      ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PEC to monitor the rating
vide e-mail communications dated August 6, 2021, October 12, 2021,
October 31, 2021, November 18, 2021, November 22, 2021, December 3,
2021, January 5, 2022, January 18, 2022, January 25, 2022, January
31, 2022, and numerous phone calls. However, despite repeated
requests, the firm has not provided the requisite information for
monitoring the ratings.

In line with the extant SEBI guidelines, CARE has reviewed the
rating based on the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.
Further, Pratibha Electrical Contractors LLP has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on Pratibha Electrical Contractors LLP
bank facilities will be denoted as CARE B-; Stable; ISSUER NOT
COOPERATING/ CARE A4; ISSUER NOT COOPERATING

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

The ratings revised on account of confirmation from the lender
regarding delay in realization of the bills resulting into
stretched liquidity and CARE's efforts to undertake a review of the
ratings outstanding. CARE views information availability risk as a
key factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of the last rating on December 1, 2020, following were
the rating weaknesses and strengths:

Key Rating Weaknesses

* Modest scale of operation with moderate profit margins: The scale
of operation of the PEC continues to remain modest with decline in
revenue during FY21. The same stood at INR15.17 crore in FY21 as
against INR21.36 crore in FY20 indicating a decline of 20.64% on
y-o-y basis. Modest scale of operations limits the financial
flexibility of the firm and limits its ability to bid for larger
value projects. Profitability margins of the company continue to
remain moderate range with PBILDT and PAT margins between 11.5%-17%
and 2.75-4.00% respectively during last three years ended FY21.

* Moderate order book position: PEC has an outstanding order book
to FY21 sales ratio of 3.07x, which is to be executed over a period
of 12 months providing revenue visibility for short term. The
ability of the entity to timely execute the projects in hand and
strengthen its order book by successfully securing the orders in
pipeline will remain crucial of the overall financial risk profile
of the entity.

* Susceptibility of margins to volatile raw material prices: The
raw materials required by the firm are steel, cement, Pipes along
with electrical materials and equipment's which accounted for
approximately 45% to 65% of the total cost of sales in last three
years ending FY21. The prices of these materials are volatile in
nature and depend on market demand and supply scenario. Further,
major portion of the orders do not have built-in price escalation
clauses in its contract and hence the margins are exposed to
volatility in the raw material prices.

* Intense competition due to exposure to tender driven nature of
business: The entry barriers for the EPC industry are low on
account of less initial capex. Also, competitive intensity is high
with presence of number of organized and unorganized players.
Further, tender based nature of the operations links the growth of
the firm to its ability to successfully convert the bids.
Furthermore, high clientele concentration in it's order mix makes
the firm vulnerable to slowdown in awarding tenders from the
clients.

* Constitution as a partnership firm limiting financial
flexibility: PEC, being a partnership concern, is closely held and
is subject to limited disclosure norms. Further, owing to the
constitution of the entity, it is exposed to the risk of withdrawal
of capital as well as long-term existence of business operations
under the entity.

Key Rating Strengths

* Experienced promoters coupled with established track record of
operations: PEC has an operational track record of about three
decades. Operations of the entity are managed by Mr. Hrishikesh L.
Joshi and Mrs. Anita H. Joshi who has an average experience of two
and a half decades in electrical contractor business. The partners
are assisted by a team of technical personnel. Being in the
industry for about three decades helps the promoter to gain
adequate acumen about the business which will aid in smooth
operations of PEC.

* Moderate solvency position: The capital structure of the firm
continues to remain moderate with overall gearing of 1.32x on March
31, 2021.The marginal deterioration in capital structure is
attributable to increase in debt profile during the year to bridge
the working capital gap and withdrawals to the tunes of INR0.75
crore during the year. Further, the debt coverage indicators
continue to remain moderate with interest coverage ratio of 1.24x
in FY21 as against 1.34x in FY20.

PEC was established in the year 1987 as a proprietorship firm. The
entity was reconstituted as a partnership firm in June 2014. The
firm undertakes electrification projects and undertakes
implementation of lighting systems and power distribution of the
factory premises, process plants, and commercial complex &
residential colonies.


RASHI STEEL: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Rashi
Steel & Power Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        82.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. 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.

Rashi Steel & Power Limited, promoted by Mr. Amar Agarwal, Mr.
Rakesh Jindal and other promoters in 2009, had set up a 0.4 million
tonnes per annum pelletization cum-beneficiation plant at Bilaspur.
The company had also set up a producer gas plant to replace the
usage of furnace oil, saving power and fuel costs substantially.


RUKMANI RETAILS: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rukmani
Retails Private Limited (RRPL) continues to remain in the 'Issuer
Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/Short      5.50       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 13,
2021, placed the rating(s) of RRPL under the 'issuer
non-cooperating' category as RRPL 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. RRPL
continues to be noncooperative 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 Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'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).

Indore (Madhya Pradesh) based RRPL was incorporated in the year
2006 by Khandelwal family under the name of Rukmani Engineering
Private Limited. Subsequently, the name of the company was changed
to RRPL during November, 2007. Earlier, the company was engaged in
the trading of pipes and fittings and from FY17 onwards, RRPL
commenced manufacturing of Water Storage Tanks and other PVC pipes
which finds its application in various industries for different
purposes such as storing chemicals, water, liquid etc.


SIDDHIVINAYAK REALHOMES: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Siddhivinayak Realhomes Private Limited (SSRPL) continues to remain
in the 'Issuer Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-convertible     395.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 24,
2020, placed the rating of SSRPL under the 'issuer non-cooperating'
category as SSRPL had failed to provide information for monitoring
the rating. SSRPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated January 2, 2022, January 12, 2022, January
22, 2022 and February 7, 2022. In line with the extant SEBI
guidelines, CARE Ratings Ltd. has reviewed the rating on the basis
of best available information which, however, in CARE Ratings
Ltd.'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.

Detailed description of the key rating drivers

At the time of last rating on February 16, 2021, the following were
the rating weaknesses:

Key Rating Weaknesses

* Ongoing delays in servicing of debt: The rating has been
reaffirmed on account of the ongoing delays in debt servicing of
the company.

Incorporated in November 2016, SSRPL is part of the Ruparel group,
which has invested the money into real estate projects in SSIR and
RIRPL. Thus, there is no project in the company. As in December
2019, there were six residential cum commercial projects namely
Elara, Skygreens, Palacio (executed in SSIR), Optima-Phase I & II,
and West Park (executed in RIRPL) under the SRA scheme at
Kandivali, Mumbai. As in December 2019, the RERA registered
projects had a total saleable area of 10.68 lakh square feet and
non-registered RERA projects had a saleable area of 52.70 Lsf with
total cost of INR3,999.93 crore and revenue potential of INR9,573
crore. Ruparel group is a Mumbai based real estate developer. The
group has completed five projects with a total built-up area of
3.63 Lsf and as in December 2019, had multiple ongoing projects
located across various prime locations in Mumbai.


SINTEX INDUSTRIES: Insolvency in Final Stages, Gets Revised Bids
----------------------------------------------------------------
The Economic Times reports that four companies, including Reliance
Industries, competing for Sintex Industries have revised their bids
that will now be placed before the Committee of Creditors (CoC) of
the debt-ridden textiles maker for approval.  Mukesh Ambani-led
Reliance Industries Ltd is jointly bidding with Assets Care &
Reconstruction Enterprise for Sintex Industries and according to
some media reports, the amount is around INR2,800 crore.

ET relates that the resolution professional of Sintex Industries
has also received bids from Welspun Group firm Easygo Textiles,
GHCL and Himatsingka Ventures along with Shrikant Himatsingka and
Dinesh Kumar Himatsingka

Early this month, Sintex Industries had informed that the Interim
Resolution Professional has received revised Resolution Plans for
the company from all four Prospective Resolution Applicants (PRA).

"Revised Resolution Plans received from all four PRAs shall be
evaluated by the Interim Resolution Professional and then shall be
placed before the Committee of Creditors, for its further
consideration," Sintex Industries had said in a regulatory filing
on February 2, ET relays.

According to ET, the National Company Law Appellate Tribunal
(NCLAT) was also informed about the progress of the Corporate
Insolvency Resolution Plan (CIRP) of Sintex Technologies.

"Learned Counsel appearing for the Respondent submits that the
process in CIRP is at the final stage. Resolution Plan has been
submitted. He seeks adjournment for three weeks," the NCLAT had
recorded in its order while adjourning the matter.

The NCLAT was hearing the matter filed by Sintex Industries former
promoter Amit Dineshchandra Patel against the order of the
Ahemdabad bench of the National Company Law Tribunal (NCLT).

Insolvency proceedings against Sintex Industries was initiated in
April last year. Claims of around INR7,500 crore have been admitted
against the company.

On January 25, the Committee of Creditors (CoC) held its 15th
meeting, ET notes.

As per the procedures under the Insolvency & Bankruptcy Code, the
IRP would place the bids before CoC, which will approve with at
least a 66 per cent majority before it goes to the NCLT for final
clearance.

Sintex Industries early in February announced its financial result
for the October-December quarter, reporting an 80 per cent jump in
its consolidated revenue from operation to INR942.66 crore as
against INR523.66 crore a year ago, ET discloses.

It had also reported narrowing down its net loss to INR103.25 crore
from INR214.99 crore in Q3 FY2020-21.

Sintex Industries was founded in the 1930s as Bharat Vijay Mills, a
composite textile mill in Kalol, Gujarat. Forty years later, it was
rebranded as Sintex Industries, a cotton yarn and fabric maker.

SUJANA CONSTRUCTIONS: CARE Cuts Rating on INR2.90cr Loan to B-
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sujana Constructions (SC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.90       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Long Term/Short      8.00       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable/CARE A4

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 29,
2021, placed the rating(s) of SC under the 'issuer non-cooperating'
category as SC 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. SC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 15, 2021, December 25, 2021, January 4, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'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).

The ratings assigned to the bank facilities of SC have been revised
on account of non-availability of requisite information.

Hyderabad (Telangana) based SC is a partnership firm established in
the year 1987 by Mr. R. Ram Mohan Rao, Mrs. R. Radhika and Mr. R.
Sujan. SC is registered as 'Special' class approved contractor by
Government of Telanagana and works for civil construction activity
generally on construction of roads, buildings and bridges for
Government of Telangana. SC has executed projects majorly in
Khamman, Nalgonda, Warangal districts of Telangana.


VEDANTA RESOURCES: Moody's Affirms B2 CFR & Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service has affirmed Vedanta Resources Limited's
(VRL) B2 corporate family rating and the B3 rating on the senior
unsecured notes issued by VRL and those issued by its wholly-owned
subsidiary Vedanta Resources Finance II Plc, and guaranteed by
VRL.

At the same time, Moody's has changed the outlook to negative from
stable.

"The change in outlook to negative reflects holding company VRL's
large near-term refinancing requirements amid tightening liquidity
in the capital markets," says Kaustubh Chaubal, a Moody's Vice
President and Senior Credit Officer. "The continued delay in
refinancing its upcoming debt maturities with long-term funding
raises concerns over the company's liquidity management, even as
supportive commodity prices have improved its key financial
metrics."

Moody's considers the holdco's persistently weak liquidity and high
refinancing needs as signs of an aggressive risk appetite, with
implications for the company's financial strategy and risk
management, a key component of the rating agency's governance risk
assessment framework. The rating action considers the impact of
VRL's aggressive liquidity management and refinancing practices on
its credit profile, which Moody's regards as credit negative.

The affirmation of the CFR reflects the rating agency's view that
VRL's operations are solidly positioned with favorable underlying
demand and commodity prices that support continued positive free
cash flow generation.

RATINGS RATIONALE

Holdco VRL is about to enter its peak years of long-term debt
maturities in fiscal years ending March 2023 (fiscal 2023) and
March 2024, when about 60% of its total $9.4 billion debt or $5.7
billion, falls due. Moreover, $4.2 billion -- 45% of the total $9.4
billion debt -- will mature by June 2023. These debt maturities
include senior unsecured notes of $1 billion in July 2022, $400
million in April 2023 and another $500 million in May 2023. Further
exacerbating liquidity risk at the holdco is an annual interest
bill that has climbed to around $800 million, from $500 million in
previous years.

"We estimate the holdco's current cash sources -- management fee
and dividends from operating subsidiaries -- will fall short of its
cash needs over the 18 months until June 2023. While the company is
obtaining financing for a part of its upcoming debt maturities, the
absence of an executed refinancing plan keeps liquidity risk
elevated, especially amid tight liquidity in capital markets and
widening yields on its existing USD bonds," adds Chaubal, who is
also Moody's Lead Analyst for VRL.

In November 2021, VRL acquired around 4.5% shareholding in Vedanta
Limited (VDL) through an open market purchase. The entirely
debt-funded stake purchase of $800 million is the company's third
purchase within the last 12 months and has increased its
shareholding in VDL to 69.7% as of December 2021, from 50.1% as of
November 2020. The increased stake in VDL partially addresses
Moody's concerns over cash leakage at VRL, given that the holdco
can access the liquidity at VDL and VDL's 64.9%-owned subsidiary
Hindustan Zinc Limited with lower leakage. However, a large part of
the acquisition financing debt is due within the 18 months ending
June 2023, straining the holdco's already fragile liquidity.

Moody's forecasts for VRL are based on the rating agency's price
sensitivities for metals ($0.70-$1.00 per pound [/lb] for aluminum,
$1.00-$1.30/lb for zinc, and $17-$21 per ounce for silver) and
based on its medium-term Brent price assumptions of $50-$70 per
barrel. However, prevailing commodity prices are substantially
higher than the upper end of Moody's price sensitivities,
illustrating significant upside potential to its consolidated
adjusted EBITDA estimate for VRL of $6.0 billion-$6.3 billion for
fiscal 2023. Based on these estimates, VRL's leverage, as measured
by debt/EBITDA, should track slightly below 3.0x over the next
12-18 months, as it progressively improves from 4.6x as of March
2021 and 3.3x as of September 2021.

While these leverage levels are low for its ratings, based on a pro
rata consolidation of debt and EBITDA in proportion to VRL's
shareholding in its subsidiaries, leverage was 6.4x as of March
2021 and 4.6x as of September 2021, which is more in line with
Moody's expectations for the B2 CFR.

The B2 CFR continues to reflect the company's core credit
strengths, such as its (1) large-scale and diversified low-cost
operations; (2) exposure to a wide range of commodities such as
zinc, aluminum, iron ore, oil and gas, and power; (3) strong
position in key markets, with an ability to command a price
premium; (4) history of relative margin stability through commodity
cycles; and (5) sustained improvement in its credit metrics.

The senior unsecured notes issued by/guaranteed by VRL are rated
B3, one notch lower than the B2 CFR, reflecting noteholders'
subordination to creditors at VRL's operating subsidiaries.

The ranking among the various holdco creditors is differentiated.
About US$3.3 billion (senior debt) of VRL's $9.4 billion debt as of
December 2021, is raised at intermediate holding companies, with
guarantees from Twinstar Holdings and Welter Holdings, which
collectively hold a 47.4% stake in the key operating subsidiary,
VDL. The guarantees are at the exclusion of the holdco's other
debt, including Moody's-rated $3.5 billion in senior unsecured
notes. Even so, Moody's views the recovery prospects for the
holdco's senior unsecured debt to likely be similar to the senior
debt in a distressed scenario.

The negative rating outlook reflects the company's weak liquidity
profile and Moody's concerns over the increased refinancing risk
arising from the holdco's looming debt maturities.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could downgrade the ratings if (1) holdco VRL fails to
refinance its near-term US dollar bond and loan maturities with
long-term financing by April 2022; (2) VRL pursues aggressive
financial policies, in particular large debt-funded investments
that materially skew its financial profile; (3) there is exposure
to VRL's ultimate shareholder, Volcan Investments, other than
through modest dividends; or (4) an adverse ruling on any of the
company's pending lawsuits that results in large cash outflows.

While commodity prices are unlikely to decline significantly over
the next 12 months, downward ratings pressure could also emerge if
commodity prices soften and reduce VRL's EBITDA and free cash flow
generation, causing a sustained weakening in credit metrics, such
as leverage above 5.0x, EBIT/interest coverage below 1.25x, or cash
flow from operations less dividends/debt below 10%.

In addition, downward pressure on VRL's senior unsecured B3 ratings
could also emerge if the company is unable to sustain recent
reductions in the level of priority claims ranking ahead of the
holdco's senior unsecured debt. While Moody's expects that there
may be some volatility in the ratio of priority claims to total
claims, a sustained deterioration in this metric toward historical
levels would likely cause the rating agency to widen the difference
between the CFR and the senior unsecured notes' rating to two
notches.

An upgrade is unlikely, given the acute refinancing and liquidity
risk at the holdco. However, the outlook could return to stable if
the holdco secures sufficient funding to completely address its
upcoming debt maturities and ensure comfortable liquidity. More
importantly, VRL will need to demonstrate prudent financial and
risk management strategies, including a sustained approach to
proactive refinancing and liquidity management at the holdco, for
the outlook to return to stable.

The principal methodology used in these ratings was Mining
published in October 2021.

Vedanta Resources Limited (VRL), headquartered in London, is a
diversified resources company with interests mainly in India. Its
main operations are held by Vedanta Limited (VDL), a 69.7%-owned
subsidiary. Through its various operating subsidiaries, the group
mainly produces oil and gas, zinc, lead, silver, aluminum, iron ore
and power. VRL is wholly owned by Volcan Investments Ltd, whose key
shareholders are founder chairman, Anil Agarwal, and his family.

For the 12 months ended December 30, 2021, VDL generated
consolidated revenue of $16.0 billion and EBITDA of $5.5 billion.


VEERABHADRESHWAR COTTON: CARE Moves B Rating to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Veerabhadreshwar Cotton Industries Private Limited (SVCIPL) to
Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.75      CARE B; Stable; ISSUER NOT
   Facilities                      CARE B; Stable; ISSUER NOT
                                   COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category

   Short Term Bank       0.25      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd has been seeking information from SVCIPL to
monitor the ratings vide e-mail communications/letters dated
October 8, 2021, November 1,2021, January 3, 2022 and January 10,
2022, January 19, 2022 and numerous phone calls. However, despite
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE Ratings Ltd. has reviewed the ratings on the
basis of the best available information which however, in CARE
Ratings Ltd's opinion is not sufficient to arrive at a fair rating.
The rating on SVCIPL's bank facilities will now be denoted as CARE
B; Stable/CARE A4; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of SVCIPL factored in
the inherent risk towards project implementation and stabilization
of operations, financial closure yet to be received and highly
fragmented industry coupled with highly volatile raw material
prices. The ratings further factored in strength from the vintage
of promoters in the cotton processing business, favourable
location, established association with customers and suppliers.

Detailed description of the key rating drivers

At the time of last rating on December 22, 2020 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Risk towards project implementation and stabilization of
operations: SVCIPL is setting up a manufacturing unit with
installed capacity of 1800 quintals of kappas, 640 quintals of
cottons and 1060 quintals of cotton seeds in Dharwad, Karnataka
with a capital investment of INR11.20 crore. As on November 2020,
the company has spent INR3.20 Crore (29% of total project cost) on
the aforesaid project through Promoters funds. Further, Procurement
and installation of plant and machinery will take place, once the
financial closure is achieved. As per the project implementation
schedule, the delivery and installation of the plant & machinery is
expected to be completed by the end of March 2021 and expects to
commence commercial production in April 2021.

* Financial closure yet to be received: The total cost of project
is INR11.20 Crore and which is being funded through term loan of
INR7.75 crore, working capital borrowings of INR0.25 crore and
promoter funds of INR3.20 crore. As on December 01, 2020, the
promoters Spent INR3.20 Crore towards construction of building and
Machineries. As on date, the funding pattern has been sanctioned
though yet to be disbursed. However, the working capital borrowings
of INR7.00 Crore are yet to be sanctioned by the bank.

* Highly fragmented industry with volatile raw material prices: The
cotton ginning and pressing industry is highly fragmented due to
presence of large number of players. Also, this industry entails
low value addition in the overall textile value chain, due to
which, the players operate on thin margins. The cotton prices are
volatile in nature and depend upon factors like monsoon condition,
area under cultivation, yield for the year, international demand
supply scenario, export policy by the government and inventory
carry forward of last year. The cotton prices in India are
regulated through fixation of minimum support price (MSP) by the
government, and fortunes of cotton ginners depend on the prices
parity between the price fixed by the government and those
prevailing in the market. Moreover, exports of cotton are also
regulated by government through quota systems to suffice domestic
demand for cotton. Hence, any adverse change in government policy
i.e. higher quote for any particular year, ban on the cotton or
cotton yarn export may negatively impact the prices of raw cotton
in domestic market and could result in lower realizations and
profit.

Key Rating Strengths

* Experience of promoters in the cotton processing business: The
promoters were in the same line of business for more than a decade
through its partnership firm. The promoters have acquired business
expertise in the cotton ginning sector through their vast
experience of more than two decades.

* Favourable location: SVCIPL have the location advantage with its
factory situated in Annigeri, Dharwad District and in the proximity
of high cultivation areas like Dharwad, Raichur, Bellary, Belgaum,
Gulbarga etc in North Karnataka Region. This gives location
advantage to the firm as it is easier to procure raw materials
directly from the farmers and reduce logistic expenses. The cotton
grown area was about 27416 acres during FY20 in Annigeri Taluk.

* Established association with customers and suppliers: The
clientele and supplier base of the discontinued partnership firm
will continue to associate with SVCIPL. Post commencement
of operations, SVCIPL is expected to achieve the projected sales
through its existing customers.

Dharwad based, Shree Veerabhadreshwar Cotton Industries Private
Limited (SVCPL) incorporated in July 29, 2020 as a Private Limited
company promoted by Mr. Maheshwar Ishwarappa Angadi, Mr. Iranna
Ishwarappa Angadi, Mr. Ramesh Ishwarappa Angadi and Ms. Anasuya
Angadi. The company is engaged in the cotton ginning and pressing
activity. The company proposed to have an installed capacity of
1800 quintals of kappas, 640 quintals of cottons and 1060 quintals
of cotton seeds as on December 1, 2020.




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

1MBD: Leissner Testifies 'Greed and Ambition' Motivated Bribery
---------------------------------------------------------------
Reuters reports that a former Goldman Sachs partner testified on
Feb. 16 that "greed and ambition" drove his involvement in a
bribery scheme that looted billions of dollars from Malaysia's 1MDB
sovereign wealth fund.

Tim Leissner, the former chief of Goldman's Southeast Asia
operation, is a star witness in the criminal trial of Roger Ng, the
bank's former head of investment banking in Malaysia, according to
Reuters.  The trial began on Feb. 14 in federal court in Brooklyn.

Reuters says prosecutors have accused Ng, 49, of receiving millions
of dollars in kickbacks for helping embezzle funds from 1MDB. Ng
has pleaded not guilty to conspiring to launder money and to
violate an anti-bribery law.

Leissner, 52, in 2018 pleaded guilty to similar charges and agreed
to cooperate with the government's investigation, Reuters relates.


According to Reuters, Leissner said on the stand on Feb. 16 that Ng
was Goldman's lead banker on 1MDB and had cultivated a relationship
with Malaysian financier Jho Low starting in 2008, who was the key
intermediary between the bank and 1MDB.

Bringing in 1MDB business to Goldman, which ultimately sold $6.5
billion in bonds for the fund and reaped $600 million in fees,
"instantaneously made us heroes" within the bank, Leissner said.

"My greed and ambition took over," Reuters quotes Leissner as
saying, adding that the fallout from his actions had destroyed his
life.

He also said bankers at Goldman were expected to be hired on every
one of their clients' deals, and that missing one was considered
"unacceptable."

"The main focus for me was whatever it takes to get these
transactions done for Goldman Sachs," he said.

Ng's defense lawyer, Marc Agnifilo, said in his opening statement
that Ng had no role in the scheme allegedly perpetrated by Leissner
and Low, Reuters relays.

U.S. prosecutors said $4.5 billion of funds raised from the deals
was diverted. The bank in 2020 paid a nearly $3 billion fine and
arranged for its Malaysian unit to plead guilty in U.S. court.

Reuters adds that Leissner said that at a meeting in London in
2012, Low listed individuals in Malaysia and Abu Dhabi that he said
would need to be bribed for a plan to raise $1.75 billion in debt
for 1MDB to win approval. An Abu Dhabi-based company was acting as
a guarantor for 1MDB on the deal, Leissner said.

That list included Najib Razak, Malaysia's then-prime minister, and
Sheikh Mansour, deputy prime minister of the United Arab Emirates,
who Low said "wouldn't get out of bed for anything less than $100
million," Reuters relays citing Leissner's testimony.

Najib, who was voted out of office in 2018, is accused by Malaysian
authorities of receiving more than $1 billion traceable to 1MDB.
Najib, who has appealed a 12-year prison sentence, has consistently
denied wrongdoing, the report notes.

Prosecutors have acknowledged that Leissner, who has not yet been
sentenced, will receive a lighter punishment as a result of his
cooperation, but said Leissner's testimony will be backed up by
other evidence, Reuters states.

Reuters relates that Agnifilo has countered that Leissner lied to
prosecutors about Ng's involvement. He spent much of his opening
statement attacking Leissner's credibility, portraying him as a
socialite who stole to finance a lavish lifestyle.

Low, the accused mastermind behind the scheme, was indicted in the
United States alongside Ng in 2018. He has not been arrested by
U.S. or Malaysian authorities, Reuters notes.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance.  1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.

The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009.  Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.

1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.

The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft.  The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.  

In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB.  In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.

Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars.  Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.

Malaysia said in September 2020 it has so far recovered about $3.24
billion in assets linked to the 1MDB matter.  This amount includes
about US$600 million cash and assets returned by U.S. authorities;
about $2.5 billion paid by Goldman Sachs as settlement; as well as
$780 million in settlement amounts from Malaysian banking group
AmBank and audit firm Deloitte.



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

GOLDEN CHAIN: Creditors' Proofs of Debt Due May 9
-------------------------------------------------
Creditors of Golden Chain (NZ) Limited, Ezibed Limited, Mainstay
International Hotels (NZ) Limited and Mainstay International Hotels
Limited are required to file their proofs of debt by May 9, 2022,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 11, 2022.

The company's liquidator is:

          Rhys Cain
          Level 4, 93 Cambridge Terrace
          Christchurch


LAKESIDE ROOFING: Court to Hear Wind-Up Petition on March 3
-----------------------------------------------------------
A petition to wind up the operations of Lakeside Roofing Limited
will be heard before the High Court at Dunedin on March 3, 2022, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Dec. 17, 2021.

The Petitioner's solicitor is:

          David Tasker
          Inland Revenue
          Legal Services
          PO Box 1782, Christchurch 8140


MEDICAL CLEANING: Creditors' Proofs of Debt Due on April 14
-----------------------------------------------------------
Creditors of Medical Cleaning Limited are required to file their
proofs of debt by April 14, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 14, 2022.

The company's liquidators can be reached at:

          Elizabeth Helen Keene
          KPMG Christchurch
          Level 5, 79 Cashel Street (PO Box 1739)
          Christchurch 8140


ON-VISION LIMITED: Court to Hear Wind-Up Petition on March 22
-------------------------------------------------------------
A petition to wind up the operations of On-Vision Limited will be
heard before the High Court at Wellington on March 22, 2022, at
10:00 a.m.

Christina Goodwin filed the petition against the company on Jan.
20, 2022.

The Petitioner's solicitor is:

          Joshua Jordan Pietras
          Thomas Dewar Sziranyi Letts
          Level 6, Forsyth Barr Tower
          45 Knights Road, Lower Hutt


PRICE WISE: In Liquidation Due to Covid-19, Cashflow Problems
-------------------------------------------------------------
Esther Taunton at Stuff.co.nz reports that discount retailer
Pricewise has gone into liquidation, despite efforts to save it in
2020.

According to Companies Office records, Price Wise (2020) was moved
into liquidation by special resolution of shareholders on Feb. 17.

BDO Tauranga's Ken Brown and Paul Manning have been appointed
liquidators, Stuff discloses.

According to the report, Mr. Manning said Covid-19, a lack of
profitability and cashflow issues were reasons for the company's
collapse.

Price Wise is owned by Polar Capital, the investment company of Big
Chill founder Colin Neal.

Polar Capital bought the retailer for NZD2.32 million after it went
into receivership in 2020, Stuff recalls. That receivership was
triggered by Polar Capital, which was owed NZD1.5 million by Price
Wise.

At the time, receiver Steven Khov said the company had 118 staff
across 16 sites and the sale would mean 14 of its 16 stores would
remain open.

However, Mr. Manning said just one store remained open on Feb. 17.

Stuff adds that Mr. Neal has previously purchased other struggling
businesses, including retailer Smiths City and motorhome rental
company Jucy.


SW CIVIL: Creditors' Proofs of Debt Due March 15
------------------------------------------------
Creditors of SW Civil Limited, which is in voluntary liquidation,
are required to file their proofs of debt by March 15, 2022, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 15, 2022.

The company's liquidators can be reached at:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour, Auckland 0751


WAITOHU ESTATE: Court to Hear Wind-Up Petition on March 22
----------------------------------------------------------
A petition to wind up the operations of Waitohu Estate will be
heard before the High Court at Wellington on March 22, 2022, at
10:00 a.m.

Christina Goodwin filed the petition against the company on Jan.
20, 2022.

The Petitioner's solicitor is:

          Joshua Jordan Pietras
          Thomas Dewar Sziranyi Letts
          Level 6, Forsyth Barr Tower
          45 Knights Road, Lower Hutt




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

MILK FACTORY: Creditors' Proofs of Debt Due March 17
----------------------------------------------------
Creditors of Milk Factory Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by March 17,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 8, 2022.

The company's liquidator is:

          Ong Kok Yeong David
          c/o 80 Robinson Road #02-00
          Singapore 068898


TEE INT'L: SGX RegCo Reports Company for Late Disclosure of Claims
------------------------------------------------------------------
The Business Times reports that the Singapore Exchange Regulation
(SGX RegCo) on Feb. 17 said it reported Tee International TEE Intl.
to relevant authorities for potential offences under the Securities
and Futures Act, and is investigating the company for potential
listing rule breaches.

This was in relation to the 121 letters of demand and overdue
trade-related payables that Tee International and its principal
subsidiaries had received from various creditors between July 2020
and June 2021, BT says.

According to the report, the company had announced the claims -
amounting to around SGD38.8 million - in June 2021. It later said
in its response to SGX queries that it did not do so earlier as it
was in active negotiations with the creditors, and the amount
claimed by each creditor was not material.

BT relates that SGX RegCo noted that the aggregated claims
accounted for more than or equal to 10 per cent of the group's net
asset value and cash and cash equivalent balances.

Hence, the claims were material information that would potentially
impact the group's ability to operate as a going concern, and
should be disclosed promptly according to mainboard listing rules.

SGX RegCo said while disclosure may not be necessary if the claim
or action could reasonably be characterised as "bound to fail",
"mere optimism of an impending settlement of the claim or legal
advice obtained on the likely success of winning the case are not
sufficient to meet the high bar of 'bound to fail'", BT relays.

It highlighted that Tee International has defaulted on its debt
repayment and received a demand letter of material quantum, which
suggests that the claim was meritorious and the event of default
had occurred.

Under the SGX mainboard's listing rules, issuers must announce any
information concerning it and its related companies if it can
materially affect the price or value of its securities, the report
states.

They should also disclose defaults, as well as claims and lawsuits
if the amount or action has a material impact - notwithstanding
that negotiations are ongoing or the outcome of the lawsuit is not
yet known.

"The exchange regards disclosure as fundamentally important to the
operation of a fair and efficient market and will not hesitate to
take enforcement actions against errant parties," SGX RegCo, as
cited by BT, said.

Shares of Tee International last closed flat at SGD0.032 on June
15, 2021.  The company had requested for a voluntary trading
suspension, as it was reviewing its existing business amid a
significant loss reported for its fourth quarter ended May 31,
2021, adds BT.

                       About Tee International

TEE International Limited (SGX:M1Z) -- http://www.teeintl.com/--
an investment holding company, engages in engineering, real estate,
and infrastructure businesses. TEE International Limited has
operations in Singapore, Malaysia, Thailand, Vietnam, Hong Kong,
Australia, and New Zealand. The company was founded in 1980 and is
headquartered in Singapore.

TEE International reported net losses of SGD7.60 million, SGD18.17
million and SGD59.55 million for years ended May 31, 2018, 2019,
and 2020, respectively.


                           *********


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.



                *** End of Transmission ***