/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/241230.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, December 30, 2024, Vol. 27, No. 1 Headlines A U S T R A L I A BENSONS PROPERTY: Enter Into Voluntary Administration HMSY GROUP: First Creditors' Meeting Set for Jan. 9 IH SYDNEY: Second Creditors' Meeting Set for Jan. 7 LIFESIZE PLANS: First Creditors' Meeting Set for Jan. 7 OSTWALD STEELE: First Creditors' Meeting Set for Jan. 7 PROPERTY GALLERY: First Creditors' Meeting Set for Jan. 7 C H I N A CHINA PHARMA: Inks Securities Purchase Deal for $600,000 FUTURE FINTECH: Sells FTFT Shares to DDMM Capital for $1.9-Mil. FUTURE FINTECH: Shareholders Elect 5 Directors at Annual Meeting I N D I A AGRIGO TRADING: Ind-Ra Keeps BB Loan Rating in NonCooperating AKSHAR SPINTEX: Ind-Ra Corrects August 13, 2024 Rating Release ANILINE PROPERTIES: CARE Reaffirms D Rating on INR115cr NCDs ARRAY LAND: CARE Keeps D Debt Rating in Not Cooperating Category ASQUARE FOOD: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable B. SAMYAKK: CARE Keeps D Debt Rating in Not Cooperating Category BEST FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating CICIL BIOCHEM: CRISIL Keeps D Debt Ratings in Not Cooperating DEV MOTORS: Ind-Ra Keeps BB+ Rating in NonCooperating GANSONS PRIVATE: Ind-Ra Keeps B- Loan Rating in NonCooperating HORIZON LEISURE: CRISIL Keeps D Debt Rating in Not Cooperating HOTEL JAYAPUSHPAM: Ind-Ra Moves BB+ Rating to NonCooperating INDIRA PRIYADARSHINI: Ind-Ra Withdraws D Bank Loan Rating JAI JALPESH: CARE Keeps D Debt Rating in Not Cooperating Category KILAVIKULAM RAJALAKSHMI: Ind-Ra Hikes Bank Loan Rating to BB KIMIYA ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating LAKSHMINARASIMHA POULTRY: CRISIL Keeps C Ratings in Not Coop. LONE FURROW: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable MAHAK SYNTHETICS: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable MAHALAXMI ROLLER: CARE Keeps B- Debt Rating in Not Cooperating MRC MILLS: Ind-Ra Assigns B+ Bank Loan Rating, Outlook Stable PLUZ RESORT: CARE Keeps B- Debt Rating in Not Cooperating Category PRES OORJA: Ind-Ra Moves BB Rating to NonCooperating PRITHVI PUMPS: CARE Keeps C Debt Rating in Not Cooperating PUNJAB RENEWABLE: Ind-Ra Moves BB Rating to NonCooperating QRS RETAIL: CARE Keeps B- Debt Rating in Not Cooperating Category RAGHU RAMA: CARE Keeps D Debt Rating in Not Cooperating Category RAHUL ELECTRONIC: CARE Keeps C Debt Rating in Not Cooperating RAMA MARKETING: CARE Keeps B- Debt Rating in Not Cooperating RAVI KAMAL: CARE Keeps B- Debt Rating in Not Cooperating Category SAVITRIDEVI INDUSTRIES: CARE D Debt Rating in Not Cooperating SEFL DA 2019 II: Ind-Ra Moves D Loan Rating to NonCooperating SEFL DA III: Ind-Ra Moves D Loan Rating to NonCooperating SHIV RICE: CARE Keeps C Debt Rating in Not Cooperating Category SPRAY ALCANS: CRISIL Keeps D Debt Ratings in Not Cooperating SRS LIMITED: CRISIL Keeps D Debt Rating in Not Cooperating SSG INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating SUN SHINE: CARE Keeps B- Debt Rating in Not Cooperating Category SUNCITY URJA: Ind-Ra Assigns BB+ Loan Rating, Outlook Positive USHA CONSTRUCTIONS: Ind-Ra Moves BB+ Loan Rating to NonCooperating V.S. BUILDCON: CRISIL Keeps D Debt Rating in Not Cooperating V3S INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating VASUPRADA PLANTATIONS: Ind-Ra Affirms B+ Bank Loan Rating VEER OVERSEAS: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable VIJAY MAHIENDRA: CRISIL Keeps D Debt Ratings in Not Cooperating I N D O N E S I A REJEKI ISMAN: 15,000 Workers to Hold Protest in Jakarta N E W Z E A L A N D VIVACE: Auckland Restaurant Goes Into Liquidation After 33 Years S I N G A P O R E ASIA FIRST: Court to Hear Wind-Up Petition on Jan. 3 BCM SG: Commences Wind-Up Proceedings BW SOLAR: Creditors' Proofs of Debt Due on Jan. 24 EJOINT PTE: Court to Hear Wind-Up Petition on Jan. 3 HIN LEONG: Founder OK Lim Declared Bankrupt After Empire Collapsed YA HUA: Commences Wind-Up Proceedings S O U T H K O R E A TERRAFORM LABS: Montenegro Orders Extradition of Do Kwon to US - - - - - ================= A U S T R A L I A ================= BENSONS PROPERTY: Enter Into Voluntary Administration ----------------------------------------------------- Cameron Micallef at news.com.au reports that major Australian developer Bensons Property Group has entered voluntary administration, but said it will not impact any of the company's current projects. The company has cited tough conditions in the construction sector has seen them go bust, including higher interest rates and increasing construction costs. Craig Shepard and Sebastian Ham of Korda Mentha have been appointed as voluntary administrators, with Keith Crawford and Matthew Caddy of McGrath Nicol to oversee the ongoing operation of the company as receivers and managers, news.com.au discloses. A statement from the company said under a proposal to be put to BPG's creditors, it was intended the company would continue to trade during and beyond the administration and receivership period, news.com.au relays. "This will ensure BPG's employees, trade creditors and people who have purchased apartments are protected, and its $1.5 billion project development pipeline will be delivered, which means over 1000 new Australian homes," the statement read. "This appointment only relates to BPG and does not extent to any other entity within the broader group. "Importantly, all projects currently being managed by BPG - many of which are already under construction - are not affected. "The property development sector continues to go through an extremely difficult time, particularly post-Covid. "We believe this process provides BPG with the best opportunity to get through this period and come back stronger, with more Australian homes built in the years ahead." According to the report, Bensons Property Group managing director and chief executive Rick Curtis said they currently had more than $1.5 billion in projects coming through, and would work with developers to complete them. "I also want to assure the hundreds of Australians who have purchased apartments in projects that we are managing, that we are taking this action to help protect their interests and the interests of BPG," news.com.au quotes Mr. Curtis as saying. "This was not an easy decision, however, I want to assure our people that there are no plans for redundancies." BPG has joined the growing ranks of developers who have faced financial difficulties in the tough post-Covid construction sector. Bensons Property Group is not the only large property group that has struggled in the post-Covid era. Several leading names in the industry to have also battled financial difficulties include Clough Group, Probuild, and Porter Davis Homes, news.com.au notes. Bensons Property Group Pty. Ltd. provides real estate development services. The Company develops residential properties. Bensons Property Group serves customers in Australia. HMSY GROUP: First Creditors' Meeting Set for Jan. 9 --------------------------------------------------- A first meeting of the creditors in the proceedings of HMSY Group Pty Ltd will be held on Jan. 9, 2025 at 11:00 a.m. via teleconference only. Mohammad Najjar of Vanguard Insolvency Australia was appointed as administrator of the company on Dec. 27, 2024. IH SYDNEY: Second Creditors' Meeting Set for Jan. 7 --------------------------------------------------- A second meeting of creditors in the proceedings of IH Sydney Training Services Pty Ltd, PBL Education Pty Ltd, and Eckenfels IH Education Group Pty Ltd has been set for Jan. 7, 2025 at 10:30 a.m. 1:30 p.m. and 3:30 p.m. respectively, via Microsoft Teams. 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 Jan. 6, 2025 at 4:00 p.m. Glenn Jeffrey Franklin and Paul A. Allen of PKF Melbourne were appointed as administrators of the company on Nov. 29, 2024. LIFESIZE PLANS: First Creditors' Meeting Set for Jan. 7 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Lifesize Plans Operations Pty Ltd will be held on Jan. 7, 2025 at 10:00 a.m. at Level 9, 66 Clarence Street in Sydney and via teleconference. Daniel Frisken of O'Brien Palmer was appointed as administrator of the company on Dec. 23, 2024. OSTWALD STEELE: First Creditors' Meeting Set for Jan. 7 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Ostwald Steele Electrical Pty Ltd will be held on Jan. 7, 2025 at 10:30 a.m. via teleconference. Richard Albarran and Roberto Crispino of Hall Chadwick were appointed as administrators of the company on Dec. 23, 2024. PROPERTY GALLERY: First Creditors' Meeting Set for Jan. 7 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Property Gallery (Australia) Pty Ltd will be held on Jan. 7, 2025 at 11:00 a.m. via Microsoft Teams videoconferencing facility. Domenico Alessandro Calabretta of Mackay Goodwin was appointed as administrator of the company on Dec. 23, 2024. ========= C H I N A ========= CHINA PHARMA: Inks Securities Purchase Deal for $600,000 -------------------------------------------------------- China Pharma Holdings, Inc., disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission that it entered into a securities purchase agreement with certain institutional investor with respect to an at-the-market offering under which the Investor may purchase, and the Company may sell within the commitment period from December 12, 2024 to December 31, 2024, at the Investor's sole discretion, shares of the Company's common stock, par value $0.001 per share, having an aggregate offering price of up to $600,000. The Investor may acquire the Company's Common Stock through one or more closings upon the Company's receipt of purchase notices. The number of the Company's Common Stock will be determined based on the at-the-market price equal to the lower of (i) the closing price the day prior to the purchase notice or (ii) the five (5) day average closing prices as reported by Bloomberg or on the NYSE American Market's website, but in no event shall the per share price be lower than $0.15, which is to be stated in the purchase notice subject to repricing adjustments as contemplated under the SPA. In the event the Company's delivery of the shares is not confirmed by 1:00 pm E.T. on the trading day the purchase notice is submitted, the Investor has the right to adjust the purchase price to match the at-the-market price on the date of the delivery of the purchase notice, which is only permitted if the market price on the delivery day is lower than the previously established price. Further, the Investor, has the right, in its sole discretion, to return to the Company any or all the shares issued under the SPA within one business day following the initial receipt of such shares and prior to the payment of the purchase price to the Company if, based on price discovery or market conditions, the Investor determines that the issuance of such shares is unfavorable. Additionally, the Company also provided "most favored nation" treatment (the "MFN") to the Investor should the Company enter into any financing, transaction, settlement, or similar agreement with more favorable terms within thirty (30) days after the effective date of the SPA. In the event any of the forgoing events occurs during the term above referenced, such more favorable terms shall be retroactively applied to all closed purchases and any future purchases under the SPA (the "MFN Adjustments") as if the more favorable terms had been in effect prior to each closing. MFN Adjustments may include but are not limited to, at-the-market price discounts, the inclusion of warrants, or anti-dilution/true-up provisions. The difference in value from the MFN adjustments shall be issued to the Investor as a convertible note. The actual proceeds to the Company will vary depending on the number of shares sold and the prices of such sales. Because there is no minimum offering amount required as a condition to close this offering, the actual total offering amount and proceeds to us, if any, are not determinable at this time. The offering of the Company's Common Stock pursuant to the SPA will terminate on the earlier of (i) the date on which the Investor has purchased our Common Stock in a value equal to $600,000, (ii) the date on which the Registration Statement is no longer effective, or (iii) December 31, 2024, unless extended or terminated earlier in accordance with the terms of the SPA. A full text of the SPA is available at https://urlcurt.com/u?l=eMTUvK About China Pharma China Pharma Holdings, Inc. is a specialty pharmaceutical company that develops, manufactures, and markets a diversified portfolio of products, focusing on conditions with high incidence and high mortality rates in China, including cardiovascular, CNS, infectious, and digestive diseases. The Company's cost-effective business model is driven by market demand and supported by new GMP-certified product lines covering the major dosage forms. In addition, the Company has a broad and expanding nationwide distribution network across all major cities and provinces in China. The Company's wholly-owned subsidiary, Hainan Helpson Medical & Biotechnology Co., Ltd., is located in Haikou City, Hainan Province. Lakewood, Colorado-based BF Borgers CPA PC, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. On May 7, 2024, the Company, a corporation incorporated under the laws of the State of Nevada, terminated the engagement with Borgers serving as the Company's independent registered public accounting firm, after the firm and its owner, Benjamin F. Borgers, were charged by the Securities and Exchange Commission with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards in its audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023; falsely representing to their clients that the firm's work would comply with PCAOB standards; fabricating audit documentation to make it appear that the firm's work did comply with PCAOB standards; and falsely stating in audit reports included in more than 500 public company SEC filings that the firm's audits complied with PCAOB standards. Borgers agreed to pay a $14 million civil penalty and agreed to permanent suspensions from appearing and practicing before the Commission as accountants, effective immediately. On the same date, the Company's audit committee approved the engagement of Enrome LLP as the Company's new independent registered public accounting firm. FUTURE FINTECH: Sells FTFT Shares to DDMM Capital for $1.9-Mil. --------------------------------------------------------------- Future FinTech Group Inc. and FTFT SuperComputing Inc. a wholly owned subsidiary of the Company, entered into a Stock Purchase Agreement on Dec. 6, 2024 with DDMM Capital LLC, the Company disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission. Pursuant to the terms of the Agreement, the Company agreed to sell all of the issued and outstanding shares of FTFT SuperComputing to the Buyer for a purchase price that equals to: (i) $1,000,000 and (ii) the assumption of the obligations of FTFT SuperComputing totaling $973,072.24. The Closing Purchase Price shall be paid on the closing date in immediately available funds by wire transfer to an account at Olshan Frome Wolosky LLP to satisfy, in part, the right of payment held by FT Global Capital, Inc., arising from the judgment entered in favor of FT Global and against the Company registered in the Southern District of New York and all matters pertaining to such litigation. The closing of the transactions contemplated by the Agreement took place on December 9, 2024. A full-text copy of the Agreement is available at https://tinyurl.com/4x5r2r7u About Future FinTech Group New York, N.Y.-based Future FinTech Group Inc. is a holding company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices) and fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company transformed its business from fruit juice manufacturing and distribution to financial technology-related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong, and cross-border money transfer service in the UK. Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 16, 2024, citing that the Company has suffered losses from operations, which raise substantial doubt about its ability to continue as a going concern. As of Sept. 30, 2024, Future FinTech Group had $53.40 million in total assets, $17.65 million in total liabilities, and $35.75 million in total stockholders' equity. FUTURE FINTECH: Shareholders Elect 5 Directors at Annual Meeting ---------------------------------------------------------------- Future FinTech Group Inc. disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission that on December 5, 2024, the Company held its 2024 Annual Meeting of Shareholders. A quorum was present at the Annual Meeting, and shareholders: (i) elected Hu Li, Mingyong Hu, Fuyou Li, Mingjie Zhao and Ying Li to the Company's Board of Directors, each to serve until the next annual meeting of stockholders or until their successors are duly elected and qualified; (ii) ratified the appointment of Fortune CPA, Inc., as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024; (iii) approved and adopted the Future FinTech Group Inc. 2024 Omnibus Equity Plan; and (iv) approved the compensation of the named executive officers in a non-binding, advisory vote. About Future FinTech Group New York, N.Y.-based Future FinTech Group Inc. is a holding company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices) and fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company transformed its business from fruit juice manufacturing and distribution to financial technology-related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong, and cross-border money transfer service in the UK. Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 16, 2024, citing that the Company has suffered losses from operations, which raise substantial doubt about its ability to continue as a going concern. As of Sept. 30, 2024, Future FinTech Group had $53.40 million in total assets, $17.65 million in total liabilities, and $35.75 million in total stockholders' equity. ========= I N D I A ========= AGRIGO TRADING: Ind-Ra Keeps BB Loan Rating in NonCooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Agrigo Trading Private Limited's (ATPL) bank facilities' ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating actions are as follows: -- INR200 mil. Fund based limits* maintained in non-cooperating category and withdrawn; and -- INR205 mil. Non-fund-based working capital limits** maintained in non-cooperating category and withdrawn. *Maintained at 'IND BB/Stable (ISSUER NOT COOPERATING)'/IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn **Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The ratings have been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails, and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from the lenders and a withdrawal request from the company. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with ATPL while reviewing the ratings. Ind-Ra had consistently followed up with ATPL over emails, apart from phone calls since 2018. The issuer has also not been submitting the monthly no default statement since 2018. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of ATPL, as the agency does not have adequate information to review the ratings. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. ATPL has been non-cooperative with the agency since 2018. About the Company Incorporated in 2001, ATPL is primarily engaged in the trading (both domestic and export) of various agricultural commodities such as sugar, maize, rice, wheat and spices. AKSHAR SPINTEX: Ind-Ra Corrects August 13, 2024 Rating Release -------------------------------------------------------------- India Ratings and Research (Ind-Ra) rectifies Akshar Spintex Limited's (ASL) rating published on August 13, 2024 to correctly mention the short-term rating for the non-fund-based working capital limit. The amended version is: India Ratings and Research (Ind-Ra) has downgraded Akshar Spintex Limited's (ASL) bank facilities' ratings to 'IND C (ISSUER NOT COOPERATING)' from 'IND B-/Stable (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating actions are: -- INR60 mil. Fund-based working capital limit downgraded with IND C (ISSUER NOT COOPERATING) rating; -- INR13.5 mil. Non-fund-based working capital limit maintained in non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating; and -- INR242.7 mil. Term loan due on August 31, 2022 downgraded with IND C (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on the best available information. Detailed Rationale of the Rating Action The downgrade reflects delays in debt servicing by ASL based on information available in the public domain. However, Ind-Ra has not been able to ascertain the reason for the delays, as the company has been non-cooperative. The ratings continue to be maintained in non-cooperating category in accordance with Ind-Ra's Guidelines on What Constitutes Non-Cooperation. Non-Co-Operation by The Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with ASL while reviewing the rating. Ind-Ra had consistently followed up with ASL over emails, apart from phone calls. The issuer has also not been submitting the monthly no default statement. Limitations Regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of ASL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption / distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. ASL has been non-cooperative with the agency since April 2019. About the Company ASL was incorporated in September 2013 as a private limited company. On January 5, 2018, the company changed its constitution to a public limited company. The company is engaged in the business of cotton yarns and is listed on the Bombay Stock Exchange. ANILINE PROPERTIES: CARE Reaffirms D Rating on INR115cr NCDs ------------------------------------------------------------ CARE Ratings has reaffirmed ratings on certain bank facilities of Aniline Properties Private Limited (APPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 115.00 CARE D Reaffirmed Debentures Rationale and key rating drivers The reaffirmation of rating assigned to the Non-Convertible Debenture (NCD) issue of APPL factors in the company's weak liquidity position with slower collections from booked units coupled with sizeable debt repayments in the near term, resulting in high likelihood of delay in debt servicing. CARE Ratings Limited (CARE Ratings) also notes that the company has partly utilized its Debt Service Reserve Account (DSRA) for debt servicing, which is yet to be replenished as on November 30, 2024. Post delay in debt servicing of its quarterly payment due on June 30, 2024, the company has serviced its subsequent quarterly payment on the due date, i.e., September 30, 2024. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Continuation of default-free track record. * Improvement in the company's liquidity position through healthy collections/infusion of funds to ensure timely repayment of debt obligations. Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: Key weaknesses * Slower collections leading to project execution and funding risk: As on September 30, 2024, ~78% of the total cost of the project has been incurred. The company is yet to incur project cost of INR152.50 crore, which is expected to be primarily funded through customer advances (~95% of the balance project cost). This indicates a high reliance on customer advances for financing the project. While the company has sold ~94% of the saleable area in the towers already launched for sale, the pace of collections has been slower than anticipated. Further, the NCDs have a high borrowing cost with coupon of 16% (for series A; issue size of INR115.00 crore) and 20% (for Series B; issue size of INR25.00 crore), which could impact the cash flows of the company especially in a scenario where the project bookings and/or sale proceeds get delayed. Any negative impact on collection and sales momentum could lead to cash flow mismatches, posing a risk to project financing and debt repayment. * Delay in launch of 'Tower D', adversely impacting the cash flows: The launch of 'Tower D' of APPL's project which was previously envisaged to be done in November 2023 has been postponed by the company and is now being planned for March 2025. This has adversely impacted APPL's cashflows as bookings from the same were expected to shore up liquidity position of the company. Liquidity: Poor The liquidity position of the company continues to remain poor marked by significant delays in realizing collections and delay in launch of Tower D, resulting in stress on cash flows. Furthermore, the company has liquidated part of its DSRA for servicing its debt obligations, which is yet to be replenished. As on November 30, 2024, DSRA balance reduced to INR1.18 crore (vis-à-vis INR4.87 crore as on June 30, 2024). Incorporated in February 2021, APPL is a part of the Dynamix group, promoted by Mr. Jayvardhan Goenka, who has experience of more than a decade in the industry. APPL is engaged in development of residential and commercial projects in Mumbai, Maharashtra. APPL has undertaken a residential project named "Avanya" (Prior to December 2021, the project was under Aniline Construction Company Private Limited (ACCPL) which is also a part of Dynamix group however for obtaining funding from lender, the project was transferred to APPL to provide NCLT compliant structure). The project is spread over total built up area of 6.70 lsf at Dahisar, Mumbai. ARRAY LAND: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Array Land Developers Private Limited (ALDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 33.61 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 8, 2023, placed the rating(s) of ALDPL under the 'issuer non-cooperating' category as ALDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ALDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 23, 2024, November 2, 2024, November 12, 2024 among others. 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). Analytical approach: Standalone Outlook: Not Applicable Array Land Developers Private Limited (ALDPL) was incorporated in the year 2008 and promoted by Mr. K Siva Kumar and Mrs. V. K. Shashikala. The company is engaged in wind power generation. ASQUARE FOOD: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has taken affirmed the ratings on Asquare Food and Beverages Private Limited's (AFBPL) bank facilities and simultaneously withdrawn them as follows: -- INR80 mil. Cash credit* affirmed and withdrawn; and -- INR270 mil. Term loan^ due on March 31, 2030 affirmed and withdrawn. *Affirmed at 'IND BB+'/Stable/'IND A4+' before being withdrawn **Affirmed at 'IND BB+'/Stable before being withdrawn Detailed Rationale of the Rating Action The rating affirmation reflects AFBPL's improvement in the small scale of operations, and modest EBITDA margins and credit metrics in FY24. Ind-Ra is no longer required to maintain the ratings, as the agency has received no-objection certificate from the lenders and a withdrawal request from AFBPL. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Detailed Description of Key Rating Drivers Improvement in Small Scale of Operations: In FY24, AFBPL's revenue increased to INR926.06 million (FY23: INR538.54 million) with EBITDA of INR84.23 million (INR71.83 million) due to an increase in the number of orders executed by the company, backed by an increase in demand for spices in the domestic and global markets. Modest EBITDA Margin: AFBPL's EBITDA margins declined to 9.1% in FY24 (FY23: 13.34%) due to an increase in the raw material cost and other operating expenses, and the return on capital employed stood at 14.4% (11.6%). Modest Credit Metrics: AFBPL's gross interest coverage (operating EBITDA/gross interest expense) declined to 1.62x (FY23: 2.07x) due to an increase in the financial expenses, and net financial leverage (adjusted net debt/operating EBITDA) improved to 3.92x (4.98x) due to the increase in EBITDA and schedule debt repayments. Promoter's Experience: The ratings is supported by the promoter's experience of almost a decade in the manufacturing and marketing of spices. Liquidity Stretched: AFBPL's working capital cycle remained elongated in FY24, despite reducing to 89 days (FY23: 185 days) due to a reduction in the inventory period to 79 days (172 days). The average maximum utilization of the fund-based limits was 82.02% during the 12 months ended October 2024. AFBPL has debt repayment obligations of INR28.4 million and INR23.7 million for FY25 and FY26, respectively. The cashflow from operation improved to INR22.01 million (FY23: INR2.15 million) on account of favorable working capital changes. Furthermore, the free cash flow stood at INR4.83 million in FY24 (FY23: negative INR3.77 million). In FY24, the cash and cash equivalent stood at INR0.48 million (FY23: INR0.15 million). Furthermore, AFBPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. About the Company AFBPL is a private limited company based out of Raipur, Chhattisgarh. Incorporated in July 2015, the company is engaged in the processing of raw spices such as coriander, turmeric, chilly, cumin, and black pepper into powder form. Its product range includes essential spices powder as well as vegetarian and non-vegetarian spice mixes under the brand name of Zoff. The company has state-of the-art facilities such as air classifying mills, instead of hammer mills, to grind spices. B. SAMYAKK: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of B. Samyakk Agri Cottons (BSAC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 6, 2023, placed the rating(s) of BSAC under the 'issuer non-cooperating' category as BSAC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BSAC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 21, 2024, October 1, 2024, October 11, 2024 among others. 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). Analytical approach: Standalone Outlook: Not Applicable Raichur based, B. Samyakk Agri Cottons (BSAC) was established on May 06, 2015 and started commercial operations from October 21, 2015. The firm was established as a proprietorship firm by Mr. Veerendar Kumar Jain who is managing the overall business operations of BSAC. The firm is engaged in the cotton ginning and pressing activity. The manufacturing unit of the firm is located at Raichur, Karnataka. BEST FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Best Foods Limited (BFL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) CRISIL Ratings has been consistently following up with BFL for obtaining information through letter and email dated November 25, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of BFL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BFL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Incorporated in fiscal 2004, BFL, promoted by Mr Mohinder Pal Jindal and his son, Mr Dinesh Gupta, mills and processes basmati rice for the global and domestic markets. Processing units in Karnal, Haryana; Hamidpur, Delhi; and Faridkot, Punjab, have total rice milling capacity of 101 tonne per hour (tph) and sorting and grading capacity of 149 tph. CICIL BIOCHEM: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Cicil Biochem Private Limited (SORPL; Earlier known as Sunshakti Oil Refinery Private Limited) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.9 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Rupee Term Loan 1.1 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SORPL for obtaining information through letter and email dated November 11, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SORPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SORPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SORPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. SORPL, incorporated in 2011, refines oil. The company is promoted by Mumbai-based Gala family and operations are managed by Mr Vishal Gala. Its manufacturing unit is at Vada in Tilgaon. DEV MOTORS: Ind-Ra Keeps BB+ Rating in NonCooperating ----------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Dev Motors Private Limited's (DMPL) bank facilities' ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating actions are: -- INR143 mil. Fund-based working capital limits* maintained in non-cooperating category and withdrawn. *Maintained at 'IND BB+ (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The rating has been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails, and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the rating, as the agency has received a request for withdrawal of ratings and no-objection certificate issued by the bankers. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with DMPL while reviewing the ratings. Ind-Ra had consistently followed up with DMPL over emails, apart from phone calls since March 2019. The issuer has also not been submitting the monthly no default statement since March 2019. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of DMPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. DMPL has been non-cooperative with the agency since March 2019. About the Company Established in 1997 in Aligarh, DMPL is an authorized dealer of cars manufactured by Maruti Suzuki India Limited. It is also engaged in the work of body shop and the trading of spare parts. GANSONS PRIVATE: Ind-Ra Keeps B- Loan Rating in NonCooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on Gansons Private Limited's (Gansons) bank facilities to Negative from Stable and has simultaneously migrated the ratings to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through phone calls and emails. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The ratings will now appear as 'IND B-/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action: -- INR150 mil. Fund-based limits Outlook revised to Negative; rating migrated to non-cooperating category with IND B-/ Negative (ISSUER NOT COOPERATING) rating; and -- INR80 mil. Non-fund-based limits Outlook revised to Negative; rating migrated to non-cooperating category with IND B-/ Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on best available information Detailed Rationale of the Rating Action The migration of rating to the non-cooperating category and Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with Gansons while reviewing the ratings. Ind-Ra had consistently followed up with Usha over emails dated December 13, 2024 and October 17, 2024, apart from phone calls. The issuer has submitted no default statement until November 2024. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of Gansons, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. Gansons has been non-cooperative with the agency since November 2024. About the Company Incorporated in 1947, Mumbai-based Gansons manufactures process equipment and machinery for pharmaceutical and other food processing applications. HORIZON LEISURE: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Horizon Leisure Hotels Private Limited (HLHPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 27.17 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with HLHPL for obtaining information through letter and email dated November 11, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of HLHPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HLHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HLHPL continues to be 'CRISIL D Issuer not cooperating'. Incorporated on November 09, 2009, HLHPL is Indore-based real estate developer Horizon group's first venture into the hospitality sector, which it operates through a tie-up with the Best Western group. The hotel began commercial operations in 2012-13 (refers to financial year, April 1 to March 31). HOTEL JAYAPUSHPAM: Ind-Ra Moves BB+ Rating to NonCooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has revised the Outlook on Hotel Jayapushpam Private Limited's (HJPL) bank facilities to Negative from Stable and has simultaneously migrated the ratings to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through phone calls and emails. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The ratings will now appear as 'IND BB/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR35.80 mil. Long-term loans due on September 30, 2028 Outlook revised to Negative; migrated to non-cooperating Category with IND BB+/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on best available information Detailed Rationale of the Rating Action The migration of ratings to the non-cooperating category and the Outlook revision are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. The ratings have been migrated to the non-cooperating category in accordance with Ind-Ra's policy of Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with HJPL while reviewing the ratings. Ind-Ra had consistently followed up with HJPL over emails starting October 11, 2024, apart from phone calls. The issuer has submitted no default statement until October 2024. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of HJPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption / distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. HJPL has been non-cooperative with the agency since October 11, 2024. About the Company Established in 2002, HJPL is a private limited company founded by Mr. J Ashok, is a three-star hotel with 90 rooms in Chennai, Tamil Nadu. The hotel has three restaurants – a resto bar, a rooftop restaurant, a normal restaurant and eight banquet halls. INDIRA PRIYADARSHINI: Ind-Ra Withdraws D Bank Loan Rating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Indira Priyadarshini Hydro Power Private Limited's bank facility rating as follows: -- The 'IND D (ISSUER NOT COOPERATING)' rating on the INR238.4 mil. Term loan (Long-term) due on August 30, 2028 is withdrawn. Detailed Rationale of the Rating Action Ind-Ra is no longer required to maintain the ratings, as the agency has received a no dues certificate from the lender and withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. About the Company Indira Priyadarshini Hydro Power is sponsored by the Ind-Barath group of companies, which is mainly engaged in the power development business. The company was incorporated to set up a 4.8MW run-of-the-river hydel power plant in Kangra, Himachal Pradesh. JAI JALPESH: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Jai Jalpesh Flour Mills Private Limited (JJFMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.54 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 23, 2023, placed the rating(s) of JJFMPL under the 'issuer non-cooperating' category as JJFMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JJFMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 8, 2024, October 18, 2024, October 28, 2024 among others. 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). Analytical approach: Standalone Outlook: Not applicable Jai Jalpesh Flour Mills Private Limited (JJFMPL) was incorporated in the year 2012 was promoted by the Ghosh and Sharma family based out of West Bengal. Since its inception, the company has been engaged in milling of flour products like maida (refined allpurpose flour), Atta (whole wheat flour), Suji (semolina), bran, Rawa from wheat. The manufacturing facility is located at Jalpaiguri district in the state of West Bengal. Status of non-cooperation with previous CRA: CRISIL has continued the rating assigned to the bank facilities of JJFMPL into ISSUER NOT COOPERATING category vide press release dated November 30, 2023 on account of its inability to carry out a review in the absence of requisite information from the company. KILAVIKULAM RAJALAKSHMI: Ind-Ra Hikes Bank Loan Rating to BB ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has upgraded Kilavikulam Rajalakshmi Solar Power Developer Private Limited's (KRSPDPL) bank facilities to 'IND BB' from 'IND BB-/Stable (ISSUER NOT COOPERATING)'. The Outlook is Stable. The detailed rating actions are: -- INR127.10 mil. (reduced from INR138 mil.) Term loan due on June 30, 2035 upgraded with IND BB/Stable rating; and -- INR385 mil. (reduced from INR487.50 mil.) Proposed term loan upgraded with IND BB/Stable rating. Analytical Approach Ind-Ra continues to take a standalone view of the company. The ratings derive comfort from the support available to KRSPDPL from its group companies, Velan Infra Projects Pvt Ltd (VIPPL; debt rated at 'IND BBB-'/Stable/'IND A3'), Jayavelu Spinning Mills Private Limited and Sri Parameshwari Spinning Mills Private Limited (SPSMPL) owing to the moderate operational as well as strategic linkages among the entities. Detailed Rationale of the Rating Action The upgrade reflects KRSPDPL stabilizing operating profitability in FY24 which was the first full year of operations. KRSPDPL is likely to witness continued improvement in its revenue after the completion of its 10MW capex in FY25. Moreover, the agency expects the company's debt service coverage ratio to remain comfortable in the near to medium term. The ratings reflect the small scale of operations, a delay in the completion of the capex and modest credit metrics. The ratings are supported by the ongoing support from its group companies. Detailed Description of Key Rating Drivers Small Scale of Operations: KRSPDPL has a small scale of operations with its revenue increasing to INR32.71 million in FY24 (FY23: INR1.89 million) and the EBITDA rising to INR31.75 million (INR0.22 million), as FY24 was the first full year of operations that commenced in March 2023. Till 7MFY25, KRSPDPL booked revenue of INR18.21 million. In FY25, Ind-Ra expects the scale of operations to remain at similar level. However, its operations will improve from FY26 as the 10MW solar capex will be completed by April 2025. Furthermore, the offtake risk is reduced as the company has signed long-term fixed contracts to supply power. Delay in Commencement of Capex; Decline in Project Costs: KRSPDPL is carrying out a INR520 million debt-funded capex for the setting up a 10MW solar plant. The project was expected to be completed in July 2024 but it was delayed by six months due to a delay in the approval from Tamil Nadu Generation and Distribution Corporation (debt rated at 'IND A(CE)'/Stable) and will likely be completed only by April 2025. However, the cost of the capex has been reduced to INR520 million from INR650 million due to a decline in the cost of solar panels The capex will be funded through debt of INR385 million, unsecured loans of INR115 million, equity infusion of INR10 million and internal accruals of INR10 million. Modest Credit Metrics: KRSPDPL credit metrics improved but modest with gross interest coverage (operating EBITDA/gross interest expenses) reducing to 1.58x in FY24 (FY23: 22x) and the net leverage (adjusted net debt/operating EBITDAR) declining to 4x (623.82x), due to the improvement in the EBITDA. Over the medium term, Ind-Ra expects the credit metrics to deteriorate due to the debt-funded capex. The debt service coverage ratio stood at 1x in FY24 and the agency expects it to improve FY25 onwards due to the likely increase in the EBITDA. Moderate Regulatory Risk: Any adverse changes in the regulations notified by the Tamil Nadu Electricity Regulatory Commission might directly impact the project's cash flows. Ind-Ra will continue to monitor the regulatory risks faced by KRSPDPL. Improvement in EBITDA Margins: KRSPDPL's EBITDA margins increased to 97.07% in FY24 (FY23: 11.64%) due to better absorption of fixed costs. The return on capital employed increased to 8.4% in FY24 (FY23: 0.2%). Over the medium term, Ind-Ra expects the margins to remain at the same levels. Group Support: The ratings are supported by the presence of KRSPDPL's group companies VIPPL, SPSMPL and JSMPL. VIPPL will provide free annual maintenance for the first two years of operations and set up the infrastructure for the new 10MW solar plant, thus boosting the company's margins over FY24-FY26. SPSMPL and JSMPL have infused equity in KRSPDPL and have signed fixed contracts to purchase power; together they contribute 35% to the revenue from FY24. The ratings are supported by the promoters' nearly two decades of experience in renewable energy sector. Leading to established relationships with customers as well as suppliers. Liquidity Stretched: KRSPDPL has debt repayment obligations of INR8.4 million and INR9.6 million in FY25 and FY26, respectively, and same will be sufficiently met through internal accruals. The company made a prepayment on the term loan for INR5.3 million with the outstanding debt at INR127.1 million at FYE24. The cash and cash equivalents stood at INR0.05 million at FYE24 (FYE23: INR0.65 million). Furthermore, KRSPDPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics and/or a further pressure on the liquidity position and DSCR falling below 1.1x, all on a sustained basis, will be negative for the ratings. Positive: An increase in the scale of operations and the successful completion of the capex while improving the liquidity position and credit metrics, along with an improvement in the credit profiles of major counterparties, all on a sustained basis, will be positive for the ratings. About the Company Incorporated in 2022, KRSPDPL is engaged in the production and distribution of solar power. The company's promoters are G. Shanmugavel and Rajalakshmi and its registered office is in Chennai. Velan Infra Projects is the parent company who are engaged in the installing, erecting, testing and commissioning of all types of solar power plants. KIMIYA ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kimiya Engineers private Limited (KEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 25.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 14, 2023, placed the rating(s) of KEPL under the 'issuer non-cooperating' category as KEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 29, 2024, November 18, 2024 and December 12, 2024 among others. 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). Analytical approach: Standalone Outlook: Not Applicable Kimiya Associates (KA) was established as a proprietorship firm by Mr. Anurag Verma in 2004, wherein it was engaged in project management, design, fabrication and construction for architectural space frames and pre-engineered buildings viz. construction of toll plaza across Maharashtra, Rajasthan, Madhya Pradesh and Uttar Pradesh. KA was acquired by Kimiya Engineers Private Limited (KEPL) on October 15, 2010 along with all the assets and liabilities by issuing equity shares to Mr. Anurag Verma. Currently, KEPL is involved in providing turnkey civil construction services such as construction of buildings viz. hospitals and administration offices. KEPL participates in tenders floated by the government authorities mentioned above and procures raw materials i.e. steel pipes, steel plates, Ready Mix Concrete (RMC), sand, etc. from local suppliers based in and out of Maharashtra. KEPL operates through its registered office in Mumbai, Maharashtra. Status of non-cooperation with previous CRA: CRISIL has continued the rating assigned to the bank facilities of KEPL into Issuer Not Cooperating category vide press release dated December 21, 2023 on account of its inability to carry out a review in the absence of requisite information. LAKSHMINARASIMHA POULTRY: CRISIL Keeps C Ratings in Not Coop. ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Lakshminarasimha Poultry Farms Private Limited (SLNP; part of the Sri Lakshmi Narasimha group) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 23.53 CRISIL C (Issuer Not Cooperating) Long Term Loan 17.50 CRISIL C (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SLNP for obtaining information through letter and email dated November 11, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SLNP, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SLNP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SLNP continues to be 'CRISIL C Issuer not cooperating'. For arriving at the rating, CRISIL Ratings has combined the business and financial risk profiles of SLNP and K.J.L. Poultries Pvt Ltd (KJL), together referred to as the Sri Lakshmi Narasimha group. This is because both the companies are under a common management and have considerable operational and business synergies with each other. Set up in 2004, SLNP is engaged in the poultry business. SLNP is promoted by Mr. Satyanarayana Raju and his family members. Set up in 2011, KJL is also engaged in the poultry business. LONE FURROW: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on Lone Furrow Investments Private Limited's (LF) non-convertible debentures (NCDs) to Stable from Negative, while affirming the ratings at 'IND BB+' as follows: -- INR3.5 mil. Non-convertible debentures* affirmed; Outlook revised to Stable with IND BB+/Stable rating. * Details in Annexure Analytical Approach To arrive at the ratings, Ind-Ra continues to consolidate the business and financial risk profiles of LF (partial), Agilemed Investments Private Limited (AIPL; partial), Medplus Health Services Limited (Medplus) and all the entities in Medplus group, together referred to as the group hereafter, as the agency believes the successful repayment of the NCDs would depend on the group's ability to arrange adequate funds in a timely fashion. The ratings of the operating entities within the Medplus Group could be meaningfully different from that of the rated NCDs, given the cash flows may not be fully fungible across the group. LF and AIPL do not have any operations of its own and are the holding companies (holdcos) of Medplus. LF holds 14.46% stake and AIPL holds 13.09% stake in Medplus. Detailed Rationale of the Rating Action The Outlook revision to Stable from Negative reflects the execution of the debenture trustee deed and receipt of funds for refinancing the existing NCDs on due date in FY25, which would improve the group's liquidity position in the near-to-medium term. As per the documents provided by the company to Ind-Ra and discussion with potential investors, Ind-Ra expects the tranche 1 and tranche 2 to be refinanced before their due date. Detailed Description of Key Rating Drivers Weak Cashflow Fungibility from Medplus to Holdcos: Although Medplus' holdcos have been infusing equity into Medplus, there has been no dividend outflow from Medplus until date. Furthermore, there has been no instance of Medplus or its subsidiaries being leveraged to fund any of the holdcos' debt. Therefore, the group derives financial flexibility entirely from the promoters' unpledged shareholding in Medplus, whose valuation has been increasing over the years. Growth in Scale of Operations and Profitability Margins in FY24: The consolidated revenue grew to INR56 billion in FY24 (FY23: INR46 billion),supported by the strong operational performance of both matured and new stores. Ind-Ra expects the revenue to increase further in FY25 owing to a continuous addition in stores and an increase in revenue from private labels. Medplus is the second-largest pharmacy chain in India, with presence across 12 states and 680 cities in the country. On a standalone basis, at end-March 2024, Medplus operated four full-service diagnostic centers, eight level-II centers and more than 100 collection centers. Its pharmacy retail business is operated by Optival Health Solutions Private Limited (Optival). At FYE24, Medplus operated over 4,407 stores, which increased to 4,552 at end-September 2024. In FY24, Medplus started offering off-patent therapeutic and chronic medicines under its own brand Medplus; this would further strengthen its market position. Furthermore, the founder, managing director and chief executive officer of Medplus, Gangadi Madhukar Reddy is a doctor by profession and has more than two decades of experience in the healthcare business. The other members on the board of directors are professionals with experience in the pharmaceutical and retail industries, and consumer brands. Comfortable Credit Profile of Group: The group's EBITDA margin improved to 2.9% in FY24 (FY23:2.5%) due to an increase in the revenue share of private labels to 17.15% (13.64%) and a decline in the employee cost. The group's outstanding total debt increased to INR8.5 billion at FYE24 (FYE23: INR76 billion; FYE22: INR8 billion), because of redemption premium along with AIPL availing compulsory convertible debentures of about INR0.29 billion. The total debt at the holdco-level (principal) and redemption premium amounted to INR8.5 billion at FYE24 (FYE23: INR7.6 billion). The group's gross adjusted leverage (total debt/EBITDA (pre-IND AS-116 and employee stock ownership plan (ESOP) adjustment)) improved to 5.24x in FY24 (FY23: 6.68x) and its gross interest coverage (EBITDA (pre-IND AS 116 and ESOP adjustment)/interest expense) to 1.95x (1.5x) owing to an improvement in the EBITDA to INR1.6 billion (INR1 billion). The group plans to refinance long-term debt amounting to INR5.18 billion that is due for repayment in FY25, which would result in the gross adjusted leverage to remain above 4.0x over this period. The group had INR10 billion of lease capitalizations at FYE24 (FYE23: INR9 billion), due to its aggressive store expansion plans. Deterioration in the financial flexibility of the promoters, impacting the liquidity position, will be a key rating monitorable. At the standalone operational entity level, the Medplus group continues to have a comfortable credit profile. The net adjusted leverage (net adjusted debt/EBITDA (post IND AS 116)) moderated marginally to 2.6x in FY24 (FY23: 2.5x) while the interest coverage (EBITDA (post IND-AS 116)/gross interest expense) improved to 3.7x (3.2x) owing to an increase in the lease liability, following the addition of stores in FY24 partially offset by an improvement in the EBITDA to INR3.54 billion (INR2.66 billion). Liquidity Stretched: The group's unencumbered cash and cash equivalents reduced to INR1.4 billion at FYE24 (FYE23: INR2.8 billion) and further to INR2.68 billion at 1HFYE25. The entities under Medplus group do not have any fund-based or non-fund-based working capital facilities, except the wholly owned subsidiary Optival, which is availing fund-based limit of INR2 billion and non-fund-based limit of INR0.12 billion with nil utilization in the 12 months ended November 2024. The working capital cycle remained stable at 95 days in FY24 (FY23: 96 days). Furthermore, NCDs amounting to INR5.3 billion including the redemption premium are due for repayment on December 26, 2024 in LF. The debt for FY25 will be serviced through refinancing. LF has received about INR5.2 billion from the investor on December 24, 2024 and the repayment is likely to be completed on December 26, 2024. Furthermore, debt repayment for FY26 in AIPL will rely highly on the refinancing or liquidation-based events such as the sale of securities in the security market amid limited visibility on revenue income or funding support from the subsidiaries. Hence, the timely refinancing or monetization of investments and/or financial support from the group will remain a key monitorable. Rating Sensitivities Negative: A decline in the financial flexibility of the group, leading to deterioration in the liquidity position can lead to a negative rating action. Positive: Healthy liquidity at the holdco level providing comfort for meeting future repayment obligations will be positive for the ratings. About the Company Incorporated in FY21, LF is a special purpose vehicle fully owned by Gangadi Madhukar Reddy, founder promoter of Medplus through Gangadi Investments Private Limited. LF holds 14.46% stake in Medplus. The company does not have any operations of its own. Founded in 2006, MedPlus is the second-largest retail pharmacy chain in India. It has a network of over 4,552 stores spanning more than 680 cities across 12 states and one union territory. It offers a wide range of products, including pharmaceutical, wellness products and fast-moving consumer goods. MAHAK SYNTHETICS: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Mahak Synthetics Mills Private Limited's (MSMPL) bank facilities as follows: -- INR100 mil. Fund-based working capital limit assigned with IND BB+/Stable rating; -- INR300 mil. Fund-based working capital limit affirmed with IND BB+/Stable rating; and -- INR177.86 mil. (reduced from INR254.93 mil.) Term loan due on February 28, 2031 affirmed with IND BB+/Stable rating. Detailed Rationale of the Rating Action The affirmation reflects MSMPL's continued medium scale of operations and modest credit metrics along with intense competition. Furthermore, Ind-Ra expects the liquidity position to remain stretched over the medium term, due to the tightly match accruals to service debt obligations. However, SSPL's credit metrics are likely to improve year-on-year in FY25 due to an improvement in the operating performance of the company. Detailed Description of Key Rating Drivers Continued Medium Scale of Operations: MSMPL's revenue declined to INR4,723.12 million in FY24 (FY23: INR6,589.72 million), due to an overall unfavorable textile market and a reduced demand for products. The company's EBITDA margin remained modest despite increasing to 2.40% in FY24 (FY23: 1.46%; FY22: 2.11%) due to a decrease in the prices of its primary raw material cotton yarn. The return on capital employed came in at 5.3% in FY24 (FY23: 5.3%; FY22: 4.5%). Ind-Ra expects the revenue to decline in the near-to-medium term owing to the lower demand for denim products in the market despite the planned completion of the ongoing capex in the near term. However, the margins are likely to improve slightly in the medium term due to stable market conditions along with a modernization of equipment yielding better produce. Continued Modest Credit Metrics: The interest coverage (operating EBITDA/gross interest expenses) deteriorated to 1.86x in FY24 (FY23: 2.07x), even as the EBITDA increased to INR113.18 million (INR95.90 million), on account of an increase in the interest cost. Moreover, the net leverage (net debt/EBITDA; excluding unsecured loans) deteriorated slightly to 7.04x in FY24 (FY23: 7.01x, FY22: 7.23x) owing to an increase in the debt level due to the term loan raised for capital expenditure along with a higher utilization of fund-based working capital limits. The management expects the absolute EBITDA to gradually increase over the medium term, considering the ongoing capacity expansion in the group companies which will eliminate the processing cost. Ind-Ra expects the credit metrics to improve slightly yet remain modest during FY25. High Competition; Fragmented Industry: The company faces intense competition in the highly-fragmented textile industry, which largely has several unorganized small-sized players. Furthermore, the entry barriers are low on account of low capital requirement and technology intensity, and low differentiation in end-products. Promoter's Experience: The ratings are, however, supported by MSMPL's promoters' experience of over three decades in the textile industry. This has led to strong ties with customers and suppliers. Moreover, the company has pan-India operations which mitigate any geographical concentration risk. Also, the company continues to benefit from its healthy operational synergies with its group companies due to their vertically integrated operations with presence in yarn manufacturing, weaving and processing. Additionally, its backward integration of operations supports profitability and keeps working capital requirements low. Liquidity Stretched: The average maximum utilization of the working capital limit was 93.63% over the 12 months ended October 2024. The cash flow from operations decreased to INR9.18 million in FY24 (FY23: INR18.12 million) due to unfavorable changes in working capital. The free cash flow remained negative at INR57.66 million in FY24 (FY23: negative INR40.90 million) on account of the capex incurred during the year. MSMPL has repayment obligations of INR18.6 million and INR22.90 million in FY25 and FY26, respectively. At FYE24, MSMPL's free cash and bank balance stood at INR1.07 million (FYE23: INR3.57 million). Ind-Ra expects MSMPL's liquidity to remain stretched in the medium term, given its high utilization of the working capital limits, along with high term loan obligations and a high net leverage. However, the agency expects the promoters to support the company by infusing money in the form of unsecured loans to fund the liquidity gap, if any. Rating Sensitivities Negative: A decline in the scale of operations or deterioration in the liquidity position with the net leverage remaining above 5.0x on a sustained basis will be negative for the ratings. Positive: An increase in the scale of operations, an improvement in the liquidity position with the net leverage reducing below 4.0x, all on a sustained basis, will be positive for the ratings. About the Company Established in 1981, MSMPL is engaged in converting grey cloth into finished cotton and blended cotton fabric. The company purchases raw materials mainly from its group companies and from Ahmedabad, and after conversion, it sells the finished product in the domestic market. MAHALAXMI ROLLER: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mahalaxmi Roller Flour Mills (MAR) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 5.84 CARE B-; Stable Issuer Not Facilities Cooperating: Based on best available information Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 12, 2023, placed the rating(s) of MRFM under the 'issuer non-cooperating' category as MRFM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MRFM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 27, 2024, November 6, 2024 and November 16, 2024 among others. 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). Analytical approach: Standalone Outlook: Not Applicable Mahalaxmi Roller Flour Mills (MRFM) is a partnership firm and was established in 1983, by Mr G K Khanduja. The current partners are Mr Parvinder Khanduja and Mr Harvinder Khanduja sharing profit and loss equally. The firm is engaged in processing of wheat into wheat flour, refined flour (maida), suji and choker. Status of non-cooperation with previous CRA: BRICKWORK has continued the ratings assigned to the bank facilities of MRFM into 'Issuer not-cooperating' category vide press release dated July 25, 2024 on account of non-availability of requisite information from the firm. MRC MILLS: Ind-Ra Assigns B+ Bank Loan Rating, Outlook Stable ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on M.R.C Mills Private Limited's (MRC) bank facilities: -- INR100 mil. Fund-based working capital limit assigned with IND B+/Stable/IND A4 rating; -- INR30 mil. Proposed bank facility assigned with IND B+/Stable rating; and -- INR350 mil. Term loan due on January 31, 2030 assigned with IND B+/Stable rating. Detailed Rationale of the Rating Action The rating reflects MRC's small scale of operations, modest EBITDA and modest credit metrics in FY24. In FY25, Ind-Ra expects the scale to remain to small even as the revenue is likely to increase year-on-year; however, the EBITDA margin is likely to remain at similar levels with only a slight improvement in the credit metrics. The ratings remain supported by MRC's promoters' experience. Detailed Description of Key Rating Drivers Small Scale of Operations: MRC's revenue increased to INR599.96 million in FY24 (FY23: INR363.04 million) and EBITDA to INR50.23 million (INR6.56 million), due to an addition of a new unit at Cuddalore, Tamil Nadu. During 1HFY25, MRC booked a revenue of INR432 million. It had an order book of INR700 million at end-September 2024, to be executed by March 2025. In FY25, Ind-Ra expects the revenue to improve year-on-year due to the orders in hand. However, the scale of operations will remain small. Modest EBITDA Margin: MRC's EBITDA margins stood at 8.37% in FY24 (FY23: 1.81%). The return on capital employed was negative at 4.6% in FY24 (FY23: negative 13.8%). Ind-Ra expects the EBITDA margins to be range bound between 7% and 9% in FY25. Modest Credit Metrics: MRC's interest coverage (operating EBITDA/gross interest expenses) improved to 1.19x in FY24 (FY23: 0.16x) and net leverage (adjusted net debt/operating EBITDAR) to 12.06x (90.23x), due to an increase in the EBITDA to INR50.23 million (INR6.56 million). In FY25, the credit metrics are likely to improve due to an absence of any capex but remain modest. Experienced Promoters: The ratings are supported by the promoters' experience of over two decades in the textile industry, leading to established relationships with its customers and suppliers. Liquidity Stretched: MRC does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. MRC's working capital cycle was elongated at 131 days in FY24 (FY23: 64 days), mainly on account of a decrease in the creditors to 10 (99). MRC's average maximum utilization of its fund-based limits was 98.77% during the 12 months ended November 2024. The cash flow from operations turned negative at INR58.23 million in FY24 (FY23: INR57.37 million), due to a change in the company's working capital requirement. The free cash flow remained negative at INR98.87 million in FY24 (FY23: negative INR75.20 million). The cash and cash equivalents stood at INR2.02 million at FYE24 (FYE23: INR1.80 million). The company has repayment obligations of INR58.9 million in FY25 and INR60.2 million in FY26. Rating Sensitivities Negative: Significant deterioration in the scale of operations, leading to deterioration in the liquidity profile and the credit metrics, will be negative for the ratings. Positive: A significant increase in the scale of operations while improving the overall credit metrics with the net leverage reducing below 5x along with an improvement in the liquidity profile, on a sustained basis, will be positive for the ratings. About the Company MRC was established in 2004 and is into dyeing, bleaching and printing of garments. MRC has two manufacturing units - one in Karur and SIPCOT Cuddalore, Tamil Nadu. PLUZ RESORT: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Pluz Resort (PR) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 5.70 CARE B-; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 6, 2023, placed the rating(s) of PR under the 'issuer non-cooperating' category as PR had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PR continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 21, 2024, October 1, 2024, October 11, 2024 among others. 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). Analytical approach: Standalone Outlook: Not Applicable Pluz Resort (PR) was established by Mr Mehul Parmar in the year March, 2013. Mr Mehul Parmar, Proprietor, has seven years of experience in hospitality industry. The resort is located at Silvassa (Dadra and Nagar haveli, Union Territory) with the amenities such as Restaurant, Conference hall, Banquets, Swimming pool, Health club, Spa, Discotheque etc. Total number of rooms in resort is 105. The resort is categorized as a "4 Star" resort. PR received liquor license in the year 2014. During FY15 PR has undertaken an expansion project to increase the total number of rooms in the resort from 75 to 105. PRES OORJA: Ind-Ra Moves BB Rating to NonCooperating ---------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated the ratings on Pres Oorja Pvt Ltd.'s (POPL) bank facilities to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through phone calls and emails. Thus, the ratings are based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The instrument-wise rating actions are: -- INR158.99 mil. Term loan March 31, 2029 migrated to non- cooperating category with IND BB/Negative (ISSUER NOT COOPERATING) rating; -- INR138.93 mil. Proposed Term loan migrated to non-cooperating category with IND BB/Negative (ISSUER NOT COOPERATING) rating; and -- INR2.08 mil. Non-fund-based working capital Limit migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: Issuer did not cooperate; based on best available information Detailed Rationale of the Rating Action The ratings have been migrated to the non-cooperating category in accordance with Ind-Ra's policy of Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with POPL while reviewing the ratings. Ind-Ra had consistently followed up with POPL over emails starting October 28, 2024, apart from phone calls. However, the issuer has submitted no default statement till November 2024. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of POPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption / distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. POPL has been non-cooperative with the agency since October 28, 2024. About the Company POPL was set up as briquette manufacturing unit to produce biomass briquettes from agriculture waste. PRITHVI PUMPS: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Prithvi Pumps (PP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.46 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 3, 2023, placed the rating(s) of PP under the 'issuer non-cooperating' category as PP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 18, 2024, September 28, 2024, October 8, 2024 among others. 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). Analytical approach: Standalone Outlook: Not Applicable Rajkot (Gujarat) based, PP was established in the year 2005 as a partnership firm. PP is promoted by Mr. Bhaveshkumar Bhandari, Mr. Piyushkumar Gondaliya and Mr. Ketanbhai Vaghasiya. PP is engaged in the manufacturing of submersible pumps and it is an ISO 9001: 2008 certified entity. PUNJAB RENEWABLE: Ind-Ra Moves BB Rating to NonCooperating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated the ratings of Punjab Renewable Energy Systems Private Limited's (PRESPL) bank facilities to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through phone calls and emails. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The instrument-wise rating actions are: -- INR575 mil. Fund-based working capital limit migrated to non- cooperating category with IND BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR175 mil. Proposed term loan migrated to non-cooperating category with IND BB/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on best available information Detailed Rationale of the Rating Action The Negative Outlook reflects the likelihood of a downgrade of ratings as per the policy, ratings of non-cooperative ratings issuers may get downgraded during subsequent reviews, if the issuer continues to remain non-cooperative. With passage of time and absence of updated information, the risk of sustaining the rating at current levels by relying on dated information increases, which may be reflected through a downgrade rating action. The ratings have been migrated to the non-cooperating category in accordance with Ind-Ra's policy of 'Issuer Non-Cooperation'. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with PRESPL while reviewing the ratings. Ind-Ra had consistently followed up with PRESPL over emails starting October 1, 2024, apart from phone calls. The issuer has submitted the no default statement until November 2024. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of PRESPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. PRESPL has been non-cooperative with the agency since October 1, 2024. About the Company PRESPL is engaged in the supply of biomass, briquettes and steam to various process plants through SCM, steam generation and O&M model, briquette manufacturing, and the BOOT model. QRS RETAIL: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of QRS Retail Limited continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 65.86 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 10, 2023, placed the rating(s) of QRL under the 'issuer non-cooperating' category as QRL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. QRL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 25, 2024, October 5, 2024, October 15, 2024 among others. 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 QRL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable QRS Retails Ltd (QRL) is a public limited company started by Mr. D. Arunachalam and Sri D Thilakarajan as Quilon Radio Service in 1947 with retailing of 'Philips' radios and radiograms. The company is now engaged in the retail Trade of consumer durables and electronic appliances. As on March 31, 2018, the company had 28 retail outlets Including 3 'Max' outlets, 2 'Nilgiris' Outlets, 2 'World of Titan' and balance electronics stores. Status of non-cooperation with previous CRA: CRISIL has continued the ratings assigned to the bank facilities of QRL to the 'issuer not-cooperating' category vide press release dated January 12, 2024 on account of its inability to carryout review in the absence of requisite information from the company. RAGHU RAMA: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Raghu Rama Renewable Energy Limited (RRREL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 11, 2023, placed the rating(s) of RRREL under the 'issuer non-cooperating' category as RRREL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RRREL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 26, 2024, November 5, 2024, November 15, 2024 among others. 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). Analytical approach: Standalone Outlook: Not Applicable Raghu Rama Renewable Energy Limited (RRREL) was incorporated in 2001 and is a subsidiary of Ind-Barath Power Infra Limited (IBPIL) of the Ind-Barath Group. The company operates 18-MW Biomass-based power plant in Ramnad district of Tamil Nadu with the plant commencing operation from October 2004. The primary source of fuel is biomass such as Prosopis Juliflora shrubs combined with wood powder and matchbox waste. RAHUL ELECTRONIC: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rahul Electronic Private Limited (REPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 15, 2023, placed the rating(s) of REPL under the 'issuer non-cooperating' category as REPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. REPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 30, 2024, November 9, 2024 and November 19, 2024 among others. 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). Analytical approach: Standalone Outlook: Stable Rahul Electronic Private Limited (REPL) was incorporated in the year 1997 by Mulchandani family, and is engaged into trading of consumer electronics (namely TV, mobile phones, refrigerators, home entertainment system, air-conditioners, washing machines, and microwaves). The company operates through ten retail stores across Mumbai and Palghar under the name Rahul Electronic. RAMA MARKETING: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Sri Rama Marketing (SRM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 12, 2023, placed the rating(s) of SRM under the 'issuer non-cooperating' category as SRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 27, 2024, November 6, 2024, November 16, 2024 among others. 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). Analytical approach: Standalone Outlook: Stable Sri Rama Marketing was established in the year 2001. SRM is promoted by Mr. Sanka Mrutyunjaya Rao along with his wife Mrs. Sanka Sangeetha at Seethammadhara, Visakhapatnam (Andhra Pradesh). The firm is engaged in trading and distribution of TVs, washing machines, electronic goods and appliances among others. The products consist of major brands like LG, Samsung, Bosch, Sony, Blue Star, Panasonic, besides others. RAVI KAMAL: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ravi Kamal Roller Flour Mills Private Limited (RKRFMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 15, 2023, placed the rating(s) of RKRFMPL under the 'issuer non-cooperating' category as RKRFMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RKRFMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 30, 2024, November 9, 2024 and November 19, 2024 among others. 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). Analytical approach: Standalone Outlook: Stable Ravi Kamal Roller Flour Mills Private Limited (RKRFMPL) promoted by Mr. Anil Kumar Gupta, incorporated in 1981 is engaged processing of wheat into flour (Viz, Maida, Rawa, Bran, and wheat flour) its own plant in Raigad, Maharashtra. SAVITRIDEVI INDUSTRIES: CARE D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Savitridevi Industries Limited (SIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.53 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 22, 2023, placed the rating(s) of SIL under the 'issuer non-cooperating' category as SIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 06, 2024, November 16, 2024 and November 26, 2024 among others. 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). Analytical approach: Standalone Outlook: Not Applicable SIL was incorporated in October 2009 as Savitridevi Cotton and Oil Limited. During December 2013, the name of company was changed to Savitridevi Industries Limited on account of diversified business division. SIL is engaged in ginning and pressing of cotton, extraction of oil from cotton seed and trading of milk. The ginning & pressing plant and oil extraction unit is located at Atpadi, Sangli (Maharashtra). SEFL DA 2019 II: Ind-Ra Moves D Loan Rating to NonCooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated SEFL DA September 2019 II's ratings to non-cooperating category. Despite repeated follow-ups with the issuer and the trustee, no proper response is received from both the entities. Therefore, investors and other users are advised to take appropriate caution while using these ratings. Furthermore, there has been no update on the transaction from the trustee for more than three months. The rating will now appear as 'IND D (SO) (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR978.77 mil. Assignee payouts (Long-term) issued on September 30, 2019 coupon rate 10.01% due on September 30, 2023 migrated to non-cooperating category with IND D (SO) (ISSUER NOT COOPERATING) rating; and -- INR520.45 mil. Assignor retention (Long-term) due on September 30, 2023 migrated to non-cooperating category with IND D (SO) (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. The ratings were last reviewed on June 13, 2024. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. ^Information as of April 2024 collections; as informed by the issuer, the pool is fully matured. The assignees are being serviced from collections from the overdue in the pool. Detailed Rationale of the Rating Action The construction equipment pool assigned to the trust has been originated by SREI Equipment Finance Limited (SEFL; the assignor, and collection and processing agent. Continuous Overdue in Assignee and Assignor Retention Payouts: The default reflects the overdue in the assignee payouts as of May 2024. As per the information received from the issuer, there has been a continuous overdue in the collection from underlying loan borrowers in the assigned pool, and hence the payouts in the transaction are not in line with the proposed schedule of payments. The pool is completely matured and only overdue remain to be collected in the pool. The excess interest spread has also been passed on to the assignee along with the collections from the obligors to clear the dues. Ind-Ra has not received any update from the issuer and the investor representative since June 2024. The ratings have been migrated to the non-cooperating category in accordance with Ind-Ra's policy of 'Guidelines on what Constitutes Non-Cooperation'. Non-Cooperation by the Issuer Ind-Ra has not received no-default statements continuously for more than three months despite continuous requests and follow-ups by the agency. Limitations regarding Information Availability Ind-Ra has reviewed the assignee and assignor ratings based on best available information and is unable to provide a forward-looking credit view. If an issuer does not provide timely no-default statement to the agency, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company SEFL is engaged in the financing of construction and mining equipment, information technology, medical and agriculture-based farm equipment. During 1HFY24, the company witnessed a loss of INR1 billion (FY23: loss of INR112 billion). SEFL DA III: Ind-Ra Moves D Loan Rating to NonCooperating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated SEFL DA September 2019 III to non-cooperating category. Despite repeated follow-ups with the issuer and the trustee, no proper response is received from both the entities. Therefore, investors and other users are advised to take appropriate caution while using these ratings. Furthermore, there has been no update on the transaction from the trustee for more than three months. The rating will now appear as 'IND D (SO) (ISSUER NOT COOPERATING) on the agency's website. The instrument-wise rating actions are: -- INR828.60^ mil. Assignee payouts (Long-term) issued on September 30, 2019 10.26% coupon rate due on September 30, 2023 migrated to non-cooperating category with IND D (SO) (ISSUER NOT COOPERATING) rating; and -- INR156.77 mil. Assignor retention (Long-term) due on September 30, 2023 migrated to non-cooperating category with IND D (SO) (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on June 13, 2024. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. ^Balance as of RAC published on June 13, 2023. Detailed Rationale of the Rating Action The construction equipment pool assigned to the trust has been originated by SREI Equipment Finance Limited (SEFL; the assignor, and collection and processing agent). Continuous Overdue in Assignee and Assignor Retention Payouts: The default reflects the overdue in the assignee payouts as of May 2024. As per the information received from the issuer in May 2024, there has been a continuous overdue in the collection from underlying loan borrowers in the assigned pool, and hence the payouts in the transaction are not in line with the proposed schedule of payments. The pool is completely matured and only overdue remain to be collected in the pool. The excess interest spread has also been passed on to the assignee along with the collections from the obligors to clear the dues. Ind-Ra has not received any update from the issuer and the investor representative since June 2024. The ratings have been migrated to the non-cooperating category in accordance with Ind-Ra's policy of 'Guidelines on what Constitutes Non-Cooperation'. Non-Cooperation by the Issuer Ind-Ra has not received no-default statements continuously for more than three months despite continuous requests and follow-ups by the agency. Limitations regarding Information Availability Ind-Ra has reviewed the assignee and assignor ratings based on best available information and is unable to provide a forward-looking credit view. If an issuer does not provide timely no-default statement to the agency, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption / distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company SEFL is engaged in the financing of construction and mining equipment, information technology, medical and agriculture-based farm equipment. During 1HFY24, the company witnessed a loss of INR1 billion (FY23: a loss of INR112 billion). SHIV RICE: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shiv Rice Mill (SRM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.28 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.47 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 27, 2023, placed the rating(s) of SRM under the 'issuer non-cooperating' category as SRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 12, 2024, October 22, 2024, November 1, 2024 among others. 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). Analytical approach: Standalone Outlook: Stable Established in 2005, Shiv Rice Mill (SRM) has been engaged in the business of rice milling & processing. Presently the firm owns a unit in Murshidabad through which it carries out its operations and it serves as their administration office as well. The day to day affairs of the firm are looked after by Mr Niranjan Bhakat with adequate support from the other partners and a team of experienced personnel. Status of non-cooperation with previous CRA: CRISIL has continued the rating assigned to the bank facilities of SRM into Issuer Not Cooperating category vide press release dated November 26, 2024 on account of its inability to carry out a review in the absence of the requisite information from the firm. SPRAY ALCANS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Spray Alcans (SA) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 5.2 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SA for obtaining information through letter and email dated November 11, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SA, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SA continues to be 'CRISIL D Issuer not cooperating'. Set up in March 2015 as a partnership firm by Ms. Ashu Goel and her son, Mr. Aayush Goel, SA purchased an existing aluminium can manufacturing unit in Dehradun in November 2015 and commenced operations from February 2016. SRS LIMITED: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of SRS Limited (SRS) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Fixed Deposits LT 125.0 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SRS for obtaining information through letter and email dated November 11, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SRS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SRS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on fixed deposits of SRS continues to be 'CRISIL D Issuer Not Cooperating'. Incorporated as SRS Commercial Company Ltd in 2000, SRS got its current name in 2009. It operates in four business verticals: gems and jewellery (SRS Jewells brand), cinema exhibition (multiplexes under SRS Cinema), retail value chains (under SRS Value Bazaar and SRS Fashion Wear), and food and beverages (under SRS 7 Dayz, Asian Amigo, Punjabi Haandi, and Desi Cafe). The company has been listed on the Bombay Stock Exchange and National Stock Exchange since September 2011. It is managed by Dr Anil Jindal, a first-generation entrepreneur. SSG INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of SSG Infratech Private Limited (SIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 35.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 62.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated December 12, 2023, placed the rating(s) of SIPL under the 'issuer non-cooperating' category as SIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 27, 2024, November 6, 2024, November 16, 2024 among others. 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). Analytical approach: Standalone Outlook: Not Applicable SIPL was incorporated in 2004 by Mr. Harjit Singh Sahni. The company is engaged in providing design and infrastructure services in civil and electrical contracts on turnkey basis, which primarily involves installation and commissioning of electrical substations, water treatment plants, sewerage treatment plants, construction of underground reservoirs and rainy wells primarily in state of Uttar Pradesh and Northern India. SUN SHINE: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sun Shine Rice Unit (SSRU) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.25 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 29, 2023, placed the rating(s) of SSRU under the 'issuer non-cooperating' category as SSRU had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSRU continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 14, 2024, October 24, 2024 and November 3, 2024 among others. 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). Analytical approach: Standalone Outlook: Stable Karnal (Haryana) based Sun Shine Rice Unit (SSRU) is a partnership firm established in 2010 by Mr Inder Parkash, Mr Narain Parkash, Mr. Vijay Kumar, Mr Sanjay Kumar and Ms. Sudesh Rani sharing profits and loss equally. SSRU commenced commercial operations from July 2011, and is engaged in the processing of basmati rice. The manufacturing facility is located at Taraori, Haryana. Status of non-cooperation with previous CRA: Brickwork has continued the rating assigned to the bank facilities of SSRU into Issuer Not Cooperating category vide press release dated April 5, 2024 on account of its inability to carry out a review in the absence of requisite information. Acuite (SMERA) has continued the rating assigned to the bank facilities of SSRU into Issuer Not Cooperating category vide press release dated January 11, 2024 on account of its inability to carry out a review in the absence of requisite information. SUNCITY URJA: Ind-Ra Assigns BB+ Loan Rating, Outlook Positive -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Suncity Urja Private Limited's (SUPL) bank facilities as follows: -- INR205 mil. Fund-based limit assigned with IND BB+/Positive/ IND A4+ rating; and -- INR1.295 bil. Non-fund-based limit assigned with IND A4+ rating. Detailed Rationale of the Rating Action The ratings reflect SUPL's modest credit metrics, stretched liquidity and high working capital requirement in FY24. However, the ratings are supported by the company's growing scale of operations, healthy operating margins and the experience of the promoter of nearly one and a half decades. The Positive Outlook reflects Ind-Ra's expectation of a further improvement in the revenue and profitability due to the healthy order book position and management's growing focus on undertaking high-margin projects. Detailed Description of Key Rating Drivers Modest Credit Metrics: The interest coverage (operating EBITDA/gross interest expense) improved to 2.09x in FY24 (FY23: 1.40x) due to an increase in the EBITDA to INR149.79 million (FY23: INR123.38 million) and a reduction in finance cost to INR71.54 million (INR87.95 million) due to repayment of unsecured debt bearing a high interest rate of 12%. However, the net leverage (adjusted net debt/operating EBITDAR) deteriorated to 5.27x in FY24 (FY23: 4.44x) owing to an increase in bank debt. Ind-Ra expects the credit metrics to improve over the near term due to a likely improvement in the absolute EBITDA. High Working Capital Requirement: SUPL had high working capital requirements in FY24 as indicated by a decline in cash flow from operations to INR77.90 million in FY24 (FY23: INR161.47 million), despite the improvement in EBITDA. It declined on account of increase in the retention money to INR454 million in FY24 (FY23: INR277 million) and encumbered cash to INR329.83 million (INR199 million), which was partially managed by the increase in creditors to INR471.71million (INR239 million). Ind-Ra expects the company's working capital requirement to remain high over the medium term. High Geographical and Customer Concentration Risk; Tender-based Nature of Operations: SUPL undertakes only government projects on tender basis, and majorly executes orders released by the state government of Rajasthan. Furthermore, most of the projects pertain to testing, supply and maintaining of electrical work. To diversify the geographical concentration risk, SUPL has started bidding for tenders in Odisha, Goa and Uttarakhand. The ability of the company to successfully bid for a greater number of orders will remain a key monitorable. However, the promoter's extensive experience and strong relationships with the customers mitigates this risk to some extent. Project Concentration Risk: SUPL had unexecuted work orders worth of INR4,137.19 million as of September 2024, of which the two electrical infrastructural projects orders stood at INR994.40 million and INR690 million respectively, accounting for nearly 41% of the total unexecuted order book, leading to project concentration risk. Medium and Growing Scale of Operations: The revenue grew to INR1,680.93 million in FY24 (FY23: INR1,310.02 million) on the back of receipt of a large new order and healthy execution of orders. As of September 2024, it had an order book of INR4,137.19 million(2.46x of FY24 revenue), to be executed by FY26. Ind-Ra expects the revenue to increase further in FY25 due to execution of a higher number of work orders than FY24. During 1HFY25, SUPL recorded revenue of INR883.90 million (1HFY24: INR655.01 million). SUPL was converted into a private limited company from a proprietorship concern in October 2021. During the process of conversion, the company stopped billing from August 2021 to December 2021 for the ongoing projects, which were billed at a later date. Thus, FY23 revenue reflects some billings pertaining to FY22, optically reflecting a substantial growth. Healthy Operating Margins: The EBITDA margins remained healthy at 7.45%-9.42% during FY21-FY24. In FY24, the EBITDA margins declined to 8.91% (FY23: 9.42%) due to an increase in operating expenses. The return on capital employed was 19.90% in FY24 (FY23: 15.50%). Ind-Ra expects the EBITDA margins to remain at similar levels in FY25 owing to the similar nature of operations and work orders. Long Operational Track Record; Experienced Promoter: SUPL's promoter has more than one and a half decades of experience in executing civil construction projects, which has helped the company to secure regular orders in Rajasthan, Uttarakhand, Goa, Odisha and Jammu. Over the years, SUPL has established strong relationships with its customers, aiding in securing high value orders. Liquidity Stretched: SUPL's average maximum utilization of the fund-based working capital limits was around 88.06% over the 12 months ended September 2024. The free cash flow declined to INR74.98 million in FY24 (FY23: INR152.64 million) on account of high working requirement. SUPL has debt repayment obligations of INR131.70 million and INR25.60 million in FY25 and FY26, respectively, which will be met through internal accruals. At FYE24, it had a free cash balance of INR15.69 million at FYE24 (FYE23: INR39.93 million). SUPL has a planned capex of INR108.45 million for a solar project, which will be funded through a term loan of INR80 million and the remaining INR28.45 million through internal accruals and unsecured loans. The agency expects annual revenue of INR8 million-10 million from the project as the company has signed power purchase agreements with Rajasthan Urja Vikas Nigam Limited and IT Services Limited. Given the small size of the project, the agency does not expect the debt-led capex to impact the credit metrics over the medium term. Rating Sensitivities Negative: A decline in the scale of operations and deterioration in the overall credit metrics, along with deterioration in the liquidity position, would lead to a negative rating action. Positive: An increase in the scale of operations and an improvement in credit metrics with the interest coverage exceeding 2.50x, along with an improvement in the liquidity position, all on a sustained basis, would lead to a positive rating action. About the Company Incorporated in 2007 as proprietorship concern by Shailesh Garg, SUPL was converted into private limited in October 2021. The company provides consultancy services and undertakes civil construction of electrical work. It provides services across Rajasthan, Goa, Jammu & Kashmir, Uttarakhand and Odisha. Its major customers include Jaipur Vidyut Vitran Nigam Limited (Jaipur), Jodhpur Vidyut Vitran Nigam Limited (Jodhpur), Ajmer Vidyut Vitran Nigam Limited (Ajmer). USHA CONSTRUCTIONS: Ind-Ra Moves BB+ Loan Rating to NonCooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has revised the Outlook on Usha Constructions' (Usha) bank facilities to Negative from Stable and has simultaneously migrated the ratings to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through phone calls and emails. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The ratings will now appear as 'IND BB+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR80 mil. Fund-based working capital limit Outlook Revised to Negative and migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; -- INR240 mil. Non-fund-based working capital limit migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating; -- INR20 mil. Proposed fund-based working capital limit Outlook Revised to Negative and migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR60 mil. Proposed non-fund-based working capital limit migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on best available information Detailed Rationale of the Rating Action The migration of rating to the non-cooperating category and Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with Usha while reviewing the ratings. Ind-Ra had consistently followed up with Usha over emails, apart from phone calls. The issuer has submitted no default statement till November 2024. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of Usha, as the agency does not have adequate information to review the ratings. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption / distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. Usha has been non-cooperative with the agency since November 2024. About the Company Usha is a partnership firm established in 2015. The firm is engaged in construction contracts for commercial, residential and government projects. The company has it headquarter at Bengaluru and acquires contracts all over Karnataka. V.S. BUILDCON: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of V.S. Buildcon (VS) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with VS for obtaining information through letter and email dated November 11, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of VS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on VS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VS continues to be 'CRISIL D Issuer not cooperating'. Set up in 2008 in Ghaziabad as a partnership firm between Mr Varun Chaudhary, his father, Mr Subhash Chaudhary, and his wife, Ms Reenu Chaudhary, VS undertakes civil construction work, mainly road and irrigation projects, for government departments. V3S INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of V3S Infratech Limited (V3S) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 11.61 CRISIL D (Issuer Not Cooperating) Cash Credit 34.38 CRISIL D (Issuer Not Cooperating) Term Loan 7.01 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with V3S for obtaining information through letter and email dated November 11, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of V3S, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on V3S is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of V3S continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. V3S was incorporated in 2003, promoted by the Kurele family. The company develops real estate commercial and residential projects and also undertakes construction activities. It is owned by Mr. Yogendra Chandra Kurele, his son Mr. Chanchal Kurele and his wife Mrs. Manjulata Kurele. VASUPRADA PLANTATIONS: Ind-Ra Affirms B+ Bank Loan Rating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Shri Vasuprada Plantations Limited's (SVPL) debt instruments as follows: -- INR500 mil. Non-convertible debenture* affirmed with IND B+/ Stable rating; and -- INR250 mil. Preference shares affirmed with IND B+/Stable rating. *Details in annexure Analytical Approach Ind-Ra continues to take a fully consolidated view of Shri Vasuprada Plantations Limited, its subsidiary: Keshava Plantations Pvt Ltd (KPPL; 100% stake), and associate company, The Cochin Malabar Estates & Industries Ltd. (24.68% stake), together referred to as the group, while assigning the ratings on account of the medium- to strong operational and strategic linkages among them. The entities have a same business profile and a common management. KPPL is a wholly owned subsidiary. Ind-Ra has not consolidated Gloster Limited on account of weak linkages. Detailed Rationale of the Rating Action The ratings reflect SVPL's small scale of operations, modest EBITDA margins and credit metrics, poor liquidity, and cyclicality and climatic risks. In FY25, Ind-Ra expects the revenue to grow, EBITDA margins to improve and credit metrics to stay at similar levels. The ratings are supported by the promoters' more than two decade of experience in the tea and coffee industry. Detailed Description of Key Rating Drivers Small Scale of Operations: The group has a small scale of operations with its consolidated revenue declining to INR1,076 million in FY24 (FY23: INR1,140 million) and the EBITDA falling to negative INR90 million (negative INR74 million) due to a decrease in the sale of bought leaf tea and a decrease in the realization per kg. During 1HFY25, the group achieved revenue of INR628 million and EBITDA of INR4.87 million. On a standalone basis, SVPL reported revenue of INR576 million in 1HFY25 (FY24: INR566.05 million). Ind-Ra expects the revenue to increase in 2HFY25, owing to growth in sales of its product Orthodox Tea. Modest EBITDA Margins: On a consolidated basis, the group's EBITDA margins remained modest at negative 8.45% in FY24 (FY23: negative 6.57%) due to an increase in wages. The return on capital employed was negative 9% in FY24 (FY23: negative 8.1%). In FY25, Ind-Ra expects the EBITDA margin to improve marginally after the introduction of high margin product, Orthodox Tea. On a standalone basis, SVPL's EBITDA margins remained modest at negative 8.56% in FY24 (FY23: negative 6.57%) with a return on capital employed of negative 8.1% (negative 2.9%). Modest Credit Metrics: The ratings reflect the group's modest consolidated credit metrics with its gross interest coverage (operating EBITDA/gross interest expenses) remaining negative 1.49x in FY24 (FY23: negative 0.91x) and the net financial leverage (total adjusted net debt/operating EBITDAR) at negative 6.36x (negative 6.79x), due to the decrease in the EBITDA. Ind-Ra expects the group's credit metrics to remain at similar level in FY25. On a standalone basis, the credit metrics were modest with the interest coverage of negative 1.49x in FY24 (FY23: negative 1.17x) and net financial leverage of negative 6.41x (negative 5.41x). Poor Liquidity: Please refer to the liquidity session below. Cyclicality and Climatic Risks: The ratings are further constrained by agro-climatic risks as tea and coffee production is dependent on climatic conditions. Additionally, the inherent cyclicality of the fixed-cost intensive tea industry, leads to variability in profitability and cash flows of bulk tea blenders. Experienced Promoters: However, the ratings are supported by the promoters' more than two decades of experience in the tea and coffee business as well as timely funding support from the promoters and group companies. Liquidity Poor: The group's net working capital cycle remained elongated at 1,021 days in FY24 (FY23: 360 days) because of a sharp increase in the inventory holding period to 1,026 days (366 days). On standalone basis, net working capital cycle was 1,027 days in FY24 (FY23: 339 days). The company's average monthly peak utilization of the fund-based limits was 69% during the 12 months ended October 2024. The group's cash flow from operations stood at negative INR139 million in FY24 (FY23: negative INR126 million). Consequently, the group's free cash flow remained negative at INR198 million in FY24 (FY23: negative INR180 million) on the back of lower inflows. The group's cash and cash equivalents stood at INR7.41 million at FYE24 (FYE23: INR36 million). During FY24, SVPL liquidated its 33.92% stake in its partially owned subsidiary M/s. Pranav Infradev Co. Pvt. Ltd. for INR122 million. SVPL has scheduled repayments of INR18.88 million and INR0.5 million in FY25 and FY26, respectively, which will be met through the infusion of funds through the group companies. Rating Sensitivities Negative: A significant decline in the scale of operations or any weakening/ delay in receipt of financial support from the group companies resulting in a decline in the liquidity or the interest coverage, all on a sustained and consolidated basis will be negative for the ratings. Positive: An improvement in the scale of operations, leading to an overall improvement in the credit metrics and liquidity, all on a sustained and consolidated basis, will be positive for the ratings. About the Company SVPL operates five tea estates, one coffee estate and one rubber estate located in Northern and Southern Part of India. The company's registered office is in Kolkata, West Bengal. SVPL is managed and promoted by the Bangur group. VEER OVERSEAS: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on Veer Overseas Limited's (VOL) bank facilities: -- INR2.455 bil. Fund-based working capital limit affirmed with IND BB+/Stable/IND A4+ rating; and -- INR100 mil. Fund-based working capital limit assigned with IND BB+/Stable/IND A4+ rating. Detailed Rationale of the Rating Action The ratings reflect VOL's modest operating margins and credit metrics, and stretched liquidity. However, the ratings are supported by the company's large scale of operations with growth in revenue in FY24 and over five decades of experience of the promoters. Ind-Ra expects the scale of operations and credit metrics to remain at similar levels in the near term. Detailed Description of Key Rating Drivers Modest Operating Margins: VOL's EBITDA margins were modest at 4.91%-4.66% over FY21-FY24 (FY24: 4.66%; FY23: 4.45%) resulting from low-value addition, high competition, and volatility in price of raw material (paddy) and packaging material, as well as high shipping cost. The cost of raw material accounts for 87%-88% of the company's operating expenses, due to procurement of paddy. Furthermore, the operating profitability remains susceptible to volatility in raw material prices, which essentially depends on the total agricultural output. Since the company processes basmati rice, the fluctuations in raw material prices are largely factored into the final output prices. The government regulations pertaining to procurement policies also impact the raw material availability. The return on capital employed stood at 11.7% in FY24 (FY23: 11.1%). In the rice industry, the margins remain at the similar levels as the industry is marked by volumetric sales and on account of no significant value addition in the finished product. Ind-Ra expects the margins to remain at similar levels over the near term on account of the unchanged nature of VOL's business. Modest Credit Metrics: In FY24, the interest coverage (operating EBITDAR/gross interest expense) marginally reduced to 1.19x (FY23: 1.20x) due to an increase in finance cost. However, the net leverage (adjusted net debt/operating EBITDAR) improved to 6.87x in FY24 (FY23: 6.92x) due to an increase in the EBITDA to INR387.53 million (INR357.98 million). Ind-Ra expects the credit metrics to remain at similar levels over the medium term due to VOL's nature of operations amid the absence of any major debt-funded capex. Commodity Nature of Business: The rating also factors in the seasonal nature of the business, exposure to commodity risk and the competitive industry VOL operates in. The rice industry in India is characterized by intense competition, with the presence of a large number of both organized and unorganized players attributable to low-entry barriers such as low capital and low technical requirements of the business, and a liberal policy regime. As a result, the profitability in the rice processing tends to be modest. However, the company's strong connectivity to end markets helps it mitigate the risk booking comfortable cash profits. VOL's profitability remains vulnerable to a sudden and sharp volatility in paddy prices which are highly dependent on monsoon, demand, currency fluctuation acreage under cultivation and government regulations. The company mitigates the currency fluctuation risk by maintaining forward contract limits. Large Scale of Operations; Increase in Revenue in FY24: VOL's revenue surged to INR8,309.95 million in FY24 (FY23: INR8,036.50 million) largely on account of an increase in price of basmati rice. The company caters to both domestic and exports markets. The company has been maintaining a revenue mix with 70%-75% from exports and 25%-30% from domestic sales. In FY24, the capacity utilization stood at 84%. In 1HFY25, the company booked revenue of INR3,895.98 million. As India is a leading exporter of basmati rice and VOL is engaged in the processing and export of the same, Ind-Ra expects the revenue to improve further in FY25 and FY26, aided by increased demand. VOL has a single product portfolio i.e. basmati rice. In the domestic market, the company sells rice under different brands while it exports rice under private labelling. Also, the company has started expanding to new markets in and around the Middle East in FY25, although at lower margins. Experienced Promoters: The promoters have over five decades in the rice industry, leading to established relationships with its customers and suppliers. Liquidity Stretched: VOL's average maximum utilization of the fund-based limits stood at around 86.07%, including 99.34% for export packaging credit and 62% for cash credit limits during the 12 months ended October 2024. The cash flow from operations turned negative to INR146.66 million in FY24 (FY23: INR52.87 million) due to unfavorable working capital changes, resulting from the increase in scale. The working capital cycle remained elongated at 166 days in FY24 (FY23: 155 days) on the back of an increase in the inventory holding period to 227 days (200 days), partially offset by an increase in the payable period to 89 days (65 days). The long inventory holding period was due to the seasonal nature of the product and the increase in scale. The peak season for procuring paddy is October to December; thus, VOL procures 70%-75% of its paddy requirement to meet its demand. The remaining 25%-30% of paddy is procured in the non-peak season depending upon demand. Ind-Ra expects the working capital cycle to remain at similar levels in the near term. The company does not have any significant long-term debt repayment obligation other than vehicle loan repayment of INR0.60 million in FY25 and INR0.7 million in FY26. VOL does not have any capital market exposure and relies only on banks and financial institutions to meet its funding requirements. The company's unencumbered cash balance stood at INR17.81 million at FYE24 (FYE23: INR3.68 million). Ind-Ra expects the cash flow from operations to improve in the near term, due to the likely improvement in its operating EBITDA. Rating Sensitivities Negative: A substantial decline in the scale of operations, resulting in deterioration in the credit metrics with the interest coverage reducing below 1.15x and/or the weakening of the liquidity position, all on a sustained basis, could lead to a negative rating action. Positive: A substantial increase in the scale of operations, along with an improvement in the liquidity position and credit metrics with the interest coverage exceeding 2.0x, all on a sustained basis, will lead to a positive rating action. About the Company Incorporated in 1970, Haryana-based VOL is engaged in the milling and processing of basmati rice. The company provides a wide range of Indian basmati rice domestically as well in overseas market and exports to Saudi Arabia, Iraq, Yemen, Qatar, and the UK. The company has rice milling capacity of 81,000 metric tons per annum and 125,000 metric tons per annum of sorting and packaging capacity. VIJAY MAHIENDRA: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vijay Mahiendra Spinntex Private Limited (VMSPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.85 CRISIL D (Issuer Not Cooperating) Cash Credit 5.00 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.06 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 0.45 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Standby Line 0.75 CRISIL D (Issuer Not of Credit Cooperating) Term Loan 20.49 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with VMSPL for obtaining information through letter and email dated November 11, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of VMSPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on VMSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VMSPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Incorporated in 2012 VMSPL manufactures grey yarn and grey fabric. Its manufacturing facility is in Tirupur (Tamil Nadu). The company is promoted by Mr. P Duraisamy, Mr. P Shanmugasundaram and Mr. P Subramaniam. ================= I N D O N E S I A ================= REJEKI ISMAN: 15,000 Workers to Hold Protest in Jakarta ------------------------------------------------------- Tempo reports that some 15,000 workers from PT Sri Rejeki Isman Textile, or Sritex Group, planned to take to the streets in Jakarta to protest the Supreme Court (MA) that rejected an appeal to revoke Sritex's bankruptcy status, which had previously been decided by the Semarang Commercial Court. According to Tempo, Sritex Group Workers Union Advocacy Coordinator Slamet Kaswanto said the demonstration would be directed to the MA. "We are very disappointed with the Supreme Court's decision to reject the appeal filed by Sritex Group to revoke the bankruptcy status," Slamet told reporters in Sukoharjo Regency, Central Java, on Dec. 25, 2024. He said, the government, in this case President Prabowo Subianto, had conveyed that there should be no termination of employment or layoffs at Sritex after the bankruptcy status, Tempo relates. However, with the Supreme Court's decision to deny cassation and the lack of response from the trustees and supervisory judges of the Semarang District Court regarding Sritex's efforts to continue operations, the hope of no layoffs has faded. He explained that so far in the bankruptcy process, the workers have respected the ongoing legal process by not causing any uproar in the government, either in government offices or any other agency, Tempo relays. "But with this, we are saying that we are forced to take to the streets to communicate our demands so that they are heard by the policymakers of this country," he said. Tempo says Slamet went on to express the hope of Sritex Group workers that there would be no layoffs. "Because with this bankruptcy status, there are two possibilities. The first is the settlement of asset sales and the second is business continuity," he said. Of the two options, Slamet said, the workers want only business continuity, not asset sales. "We still want to work, because by working we will prosper." As for the planned demonstration, Slamet said the union would first hold a consolidation to prepare for it. "We are planning to hold a consolidation meeting on Friday (December 27, 2024) to set the date and preparations," he said. About Sritex PT Sri Rejeki Isman Tbk is a textiles and garments producer. The Company produces yarns, textiles, uniforms, and fashion clothes through its spinning, weaving, dyeing/printing, and garmenting processes. The Semarang City Commercial Court has granted the request of one of Sritex's creditors to maintain the continuity of debt payment obligations (PKPU), thus declaring the textile company bankrupt, according to Indonesia Business Post. Semarang City Commercial Court Spokesperson, Haruno Patriadi, said in Semarang, Central Java, on Oct. 23, 2024, the decision in the conference led by Chief Justice Muhammad Anshar Majid granted the request of PT Indo Bharat Rayon as a debtor of PT Sritex. On Dec. 18, Indonesia's Supreme Court rejected the appeal from Sritex to overturn a lower court ruling in October that declared the company bankrupt. ===================== N E W Z E A L A N D ===================== VIVACE: Auckland Restaurant Goes Into Liquidation After 33 Years ---------------------------------------------------------------- Stuff.co.nz reports that popular downtown Auckland restaurant Vivace has became the latest victim of tough times in the hospitality industry, going into liquidation after 33 years in the central city. The Companies Register showed liquidators from firm Blacklock Rose were appointed on Christmas Eve, Stuff discloses. A post on the Vivace Facebook page said the restaurant had been left with no option but to close. "It is with much sadness that after 33 years we must tell you that Vivace will not reopen in the new year," the post, as cited by Stuff, said. "The ongoing effects of the past four years have had a huge impact on the business with the multiple lockdowns, our big flood last year, and now this past year of recession all affecting us. "We wish you to know we were left with no option but to close and this is devastating for us and our amazing team." Vivace, which had a menu of Italian and Spanish food, operated out of three locations during its third of a century in the Auckland CBD, most recently in Fort St, a block back from the waterfront. According to Stuff, owner Mandy Lusk told the NZ Herald the decision to go into liquidation stemmed from a demand from Inland Revenue. She had staved off an attempt by IRD to liquidate the restaurant 18 months ago by borrowing a "huge amount of money" to pay them, Ms. Lusk said, Stuff relays. But during the past year or so, Vivace had got behind again. "We got to the point where we couldn't pay the debt." Closure meant the loss of 20 jobs, the report states. The Facebook post thanked current and past staff, suppliers and loyal customers for "their unwavering love and support, particularly during the last few awful years". "So many of you have become friends. It is a huge sense of pride to us that over this past year we have had three staff members working who are the children of Vivace staff from when we opened in 1992," the post said. "Others currently employed are the children of our customers from over the years. "We have watched customers who first dined with us as babies now bring their own children in to celebrate the same occasions their families have always shared with us. "Vivace really is a family so this is heartbreaking." Stuff adds that liquidator Ben Francis said the aim was to try to find a buyer for Vivace, but if that was not possible, the assets would be sold, The NZ Herald reported. ================= S I N G A P O R E ================= ASIA FIRST: Court to Hear Wind-Up Petition on Jan. 3 ---------------------------------------------------- A petition to wind up the operations of Asia First Health Services Pte. Ltd. will be heard before the High Court of Singapore on Jan. 3, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Dec. 12, 2024. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 BCM SG: Commences Wind-Up Proceedings ------------------------------------- Members of BCM SG Private Limited on Dec. 17, 2024, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Wong Joo Wan Tina Phan Mei Ting Alternative Advisors 1 Commonwealth Lane #06-21 One Commonwealth Singapore 149544 BW SOLAR: Creditors' Proofs of Debt Due on Jan. 24 -------------------------------------------------- Creditors of BW Solar Pte. Ltd. are required to file their proofs of debt by Jan. 24, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 6, 2024. The company's liquidator is: Cheong Beng Sheng, Dean c/o Guardian Advisory 531A Upper Cross Street #03-118 Hong Lim Complex Singapore 051531 EJOINT PTE: Court to Hear Wind-Up Petition on Jan. 3 ---------------------------------------------------- A petition to wind up the operations of Ejoint Pte. Ltd. will be heard before the High Court of Singapore on Jan. 3, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Dec. 11, 2024. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 HIN LEONG: Founder OK Lim Declared Bankrupt After Empire Collapsed ------------------------------------------------------------------ Bloomberg News reports that former tycoon Lim Oon Kuin has been declared bankrupt in Singapore, following the collapse of his oil trading empire. Bloomberg relates that the name of the founder of Hin Leong Trading Pte and his children Lim Huey Ching and Lim Chee Meng were listed as having been issued a bankruptcy order on Dec. 19, the government gazette showed. The younger Lims were both directors at the company. Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte Ltd are the trustees, according to the gazette. At its peak, Hin Leong traded a range of oil products, made lubricants and operated loading terminals and storage facilities. But the downfall of the man widely known as OK Lim came in 2020, as Covid-19 sent oil prices into freefall. Hin Leong was accused of hiding more than $800 million in losses and leaving more than 20 banks with huge liabilities. According to Bloomberg, Singapore's High Court in September approved the Mr. Lims' agreements to pay $3.59 billion to the liquidators of his collapsed firm and creditor HSBC Holdings Plc, ending the civil case against him. "While I continue to deny the claims made against me in all the civil suits, I did not wish to take up any more of the Court's time and resources and I therefore offered to all the claimants who sued me that I will consent to judgment without admission to liability," Bloomberg quotes Mr. Lim, 82, as saying in a emailed statement late on Dec. 28. "I also informed these claimants that I do not have assets to pay all of them and will therefore be applying for bankruptcy." Separately, Mr. Lim was sentenced in November to jail for cheating HSBC and instigating forgery. Mr. Lim filed an appeal, and will not begin to serve his sentence until after the appeal hearing, Bloomberg notes. YA HUA: Commences Wind-Up Proceedings ------------------------------------- Members of Ya Hua Bak Kut Teh 7TH Mile Pte. Ltd. on Dec. 17, 2024, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms. Ellyn Tan Huixian Forvis Mazars Consulting 135 Cecil Street #10-01 Philippine Airlines Building Singapore 069536 ===================== S O U T H K O R E A ===================== TERRAFORM LABS: Montenegro Orders Extradition of Do Kwon to US -------------------------------------------------------------- Reuters reports that Montenegrin Justice Minister Bojan Bozovic has ordered the extradition of Terraform Labs co-founder Do Kwon, also wanted by South Korea, to the United States, the ministry said on Dec. 27. A South Korean national, Kwon is the former CEO of South Korea-based Terraform Labs, the company behind the TerraUSD, a "stablecoin" designed to maintain a constant $1 price, which collapsed in May 2022, roiling cryptocurrency markets. He was arrested in March 2023 while attempting to leave Montenegro, Reuters recalls. After the Supreme Court determined that all legal conditions were fulfilled to extradite Kwon, the Justice Ministry concluded that most legal criteria favoured the U.S. request so Bozovic signed a decree to send him to the United States and denied such a request from South Korea, the ministry said in a statement, Reuters relays. Kwon has denied wrongdoing. He also faces related U.S. criminal charges. His lawyers said that Bozovic had declined to deliver his decision on their request, thus violating their client's basic human rights, the right to defence and legal remedy, the Pobjeda newspaper reported, according to Reuters. Kwon and his company Terraform Labs were sued by the U.S. Securities and Exchange Commission in February 2023 over the TerraUSD and Luna cryptocurrencies, which authorities have said caused about $40 billion of losses in crypto markets. A stablecoin is a digital asset that aims to keep a stable price. Usually pegged to a currency, they are intended to be less volatile than other cryptocurrencies, Reuters notes. Reuters adds that the SEC said Terraform and Kwon deceived investors about the stability of TerraUSD and how a popular Korean mobile payment app used the Terraform blockchain to settle transactions. About Terraform Labs Terraform Labs Pte. Ltd. -- https://www.terra.money/ -- is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins. It was co-founded by Do Kwon and Daniel Shin in 2018 in Seoul, South Korea. Terraform Labs introduced its first cryptocurrency token, TerraUSD, in 2019. Investment firms like Arrington Capital, Coinbase Ventures, Galaxy Digital, and Lightspeed Venture Partners helped Terraform Labs raise more than $200 million. The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022 caused the temporary suspension of the Terra network, wiping out over $45 billion in market capitalization in a single week. Both of Terra Form Labs' founders have encountered legal problems as a result of the devaluation of the company's currency. In September 2022, South Korean prosecutors filed a warrant for Do Kwon's arrest. He was also added to Interpol's Red Notice list, which urges other law enforcement to find and detain him. Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22, 2024. In the petition filed by Chris Amani, as chief executive officer, the Debtor estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by: Zachary I Shapiro, Esq. Richards, Layton & Finger, P.A. 1 Wallich Street #37-01 Guoco Tower Singapore 078881 ********* 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 2024. 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. 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