/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/250312.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, March 12, 2025, Vol. 28, No. 51 Headlines A U S T R A L I A ASPLEY CBR: First Creditors' Meeting Set for March 18 HAPPY VIC TRANSPORT: First Creditors' Meeting Set for March 17 LA TROBE 2024-2: Moody's Upgrades Rating on Class E Notes to Ba1 MWD HOLDINGS: First Creditors' Meeting Set for March 17 REDZED TRUST 2023-2: Fitch Affirms 'BB-sf' Rating on Class F Notes SITE GROUP: First Creditors' Meeting Set for March 17 STAR ENTERTAINMENT: Talks w/ Salter Brothers for $590M Refinancing SYDNEY BEER: Collapses Into Administration SYRAC BUSINESS: First Creditors' Meeting Set for March 17 TORRENS 2025-1: S&P Assigns Prelim BB (sf) Rating to Cl. E Notes C H I N A CHINA EVERGRANDE: Court Reserved Judgment After Feb. 27 Hearing I N D I A ALPHA MILK: ICRA Keeps B+ Debt Rating in Not Cooperating Category AMBUJA PIPES: ICRA Keeps D Debt Ratings in Not Cooperating AMIT ENGINEERS: ICRA Keeps B+ Debt Ratings in Not Cooperating AMMA WOODS: CRISIL Keeps D Debt Ratings in Not Cooperating AVIAN TECHNOLOGIES: CRISIL Keeps D Ratings in Not Cooperating BARAKA OVERSEAS: ICRA Keeps B+ Debt Rating in Not Cooperating BHARAT EXPORT: ICRA Keeps D Debt Rating in Not Cooperating BLUE DUCK: CRISIL Keeps D Debt Ratings in Not Cooperating BRAHMAPUTRA TELE: CRISIL Keeps D Debt Ratings in Not Cooperating CATASYNTH SPECIALITY: ICRA Withdraws D Rating on INR85cr LT Loan CHHATRAPATI SHAHU: ICRA Keeps B Debt Ratings in Not Cooperating CREATIVE LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating CUSTOMER INSIGHT: Voluntary Liquidation Process Case Summary DNH PROJECTS: ICRA Withdraws C Debt Rating on INR12cr LT Loan DOOR SANCHAR: ICRA Keeps D Debt Ratings in Not Cooperating GANTA SRIRAM: ICRA Keeps B+ Debt Ratings in Not Cooperating GENSOL ENGINEERING: ICRA Cuts Rating on INR925cr LT Loan to D GRA INDIA: Voluntary Liquidation Process Case Summary GURUVAYOOR INFRA: ICRA Withdraws D Rating on INR212cr Loan JAIPRAKASH ASSOCIATES: Must Be Sold as One Unit, NCLT Says JET AIRWAYS: ICRA Keeps D Debt Ratings in Not Cooperating MEERA AND COMPANY: ICRA Keeps D Debt Ratings in Not Cooperating MOBILE CONSTRUCTIONS: Insolvency Resolution Process Case Summary N RATHNA: CRISIL Keeps B Debt Ratings in Not Cooperating Category P G MERCANTILE: CRISIL Keeps D Debt Ratings in Not Cooperating PACK PAPER: Ind-Ra Withdraws B+ Bank Loan Rating PENN FROZEN: CRISIL Keeps B Debt Ratings in Not Cooperating RADHESH PLASTICS: CRISIL Keeps B Debt Ratings in Not Cooperating RAINBOW TRACTORS: CRISIL Keeps B Debt Ratings in Not Cooperating RAJESH BUILDSPACES: Insolvency Resolution Process Case Summary RAJHANS FERTILIZERS: CRISIL Keeps B+ Rating in Not Cooperating RAJHANS INFRATECH: CRISIL Keeps D Debt Rating in Not Cooperating SANGHI INDUSTRIES: NCLAT Issues Notice to Ambuja Cements Over Plea SCORE INFORMATION: Ind-Ra Affirms BB- Loan Rating, Outlook Stable SHREERAKSHYAN INFRACON: Ind-Ra Moves BB Rating to NonCooperating SHRUTHI MILK: ICRA Keeps D Debt Ratings in Not Cooperating SRG SPINNING: ICRA Keeps B+ Debt Rating in Not Cooperating THAMES STEELS: CRISIL Lowers Long/Short Term Ratings to D VIJAY PULSE: ICRA Keeps B Ratings in Not Cooperating Category VINAYAK SUPPORT: Ind-Ra Keeps BB Loan Rating in NonCooperating VIRUTCHAM MICROFINANCE: Ind-Ra Moves BB+ Rating to Non-Cooperating YASHODHAN HIGHWAYS: Ind-Ra Hikes Term Loan Rating to B+ YAXIS STRUCTURAL: Ind-Ra Withdraws BB Bank Loan Rating I N D O N E S I A BUMI SERPONG: Moody's Withdraws 'Ba3' Corporate Family Rating N E W Z E A L A N D AZTEC PACKAGING: Deloitte Appointed as Receivers LIBELLE GROUP: School Lunch Supplier Placed in Liquidation LONGEVITY CONSTRUCTION: Creditors' Proofs of Debt Due on March 21 MARATHON BUILDERS: Grant Bruce Reynolds Appointed as Liquidator ON SITE COFFEE: Creditors' Proofs of Debt Due on April 11 RK SONI: Court to Hear Wind-Up Petition on March 20 P A K I S T A N PAKISTAN: China Rolls Over US$2 Billion Loan P H I L I P P I N E S MONDE NISSIN: Expects PHP7.3 Billion Impairment Loss in 2024 S I N G A P O R E MA SUPPLEMENTS: RSM Singapore Appointed Provisional Liquidators TNP FITNESS: Court Enters Wind-Up Order TO-GATHER DINING: Creditors' Proofs of Debt Due on April 7 TRACSIM PTE: Creditors' Proofs of Debt Due on April 6 TRANSYSTEM FA: Commences Wind-Up Proceedings - - - - - ================= A U S T R A L I A ================= ASPLEY CBR: First Creditors' Meeting Set for March 18 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Aspley CBR Pty Ltd will be held on March 18, 2025 at 11:00 a.m. at the offices of SV Partners at 22 Market Street in Brisbane. Anne Meagher and Adam Peter Kersey of SV Partners were appointed as administrators of the company on March 6, 2025. HAPPY VIC TRANSPORT: First Creditors' Meeting Set for March 17 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Happy (VIC) Transport Pty Ltd will be held on March 17, 2025 at 12:00 p.m. via virtual facility. Edwin Narayan and Andrew Quinn of Mackay Goodwin were appointed as administrators of the company on March 5, 2025. LA TROBE 2024-2: Moody's Upgrades Rating on Class E Notes to Ba1 ---------------------------------------------------------------- Moody's Ratings has upgraded the ratings on four classes of notes issued by La Trobe Financial Capital Markets Trust 2024-2. The affected ratings are as follows: Issuer: La Trobe Financial Capital Markets Trust 2024-2 Class B Notes, Upgraded to Aa1 (sf); previously on May 16, 2024 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to Aa3 (sf); previously on May 16, 2024 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to A3 (sf); previously on May 16, 2024 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Ba1 (sf); previously on May 16, 2024 Definitive Rating Assigned Ba2 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by (1) an increase in credit enhancement available for the affected notes, and (2) the collateral performance to date. No actions were taken on the remaining rated classes in the deal as credit enhancement remains commensurate with the current rating for the respective notes. Following the February 2025 payment date, credit enhancement available for Class B, Class C, Class D and Class E Notes have increased to 6.3%, 4.6%, 2.9% and 1.9%, from 4.2%, 3.1%, 2.0% and 1.3% at closing. Principal collections have been distributed on a sequential basis starting from the Class A1S Notes. Current outstanding pool balance as a percentage of the closing pool balance is 67.0%. As of February 2025, 3.6% of the outstanding pool was 30-plus day delinquent and 2.1% was 90-plus day delinquent. The deal has not incurred any losses to date. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's expected loss assumption at 0.9% of the original pool balance (equivalent to 1.34% of the outstanding pool balance) from closing. Moody's have also maintained Moody's MILAN CE assumption at 6.4%, based on the current portfolio characteristics. The transaction is an Australian RMBS secured by a portfolio of residential mortgage loans, originated and serviced by La Trobe Financial Services Pty Limited. A portion of the portfolio consists of loans extended to borrowers with impaired credit histories or made on a limited documentation basis. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. MWD HOLDINGS: First Creditors' Meeting Set for March 17 ------------------------------------------------------- A first meeting of the creditors in the proceedings of MWD Holdings Pty Ltd will be held on March 17, 2025 at 10:00 a.m. at the offices of Vincents at Level 34, 32 Turbot Street in Brisbane and via teleconference facilities. Nick Combis and Liyan Tay of Vincents Chartered Accountants were appointed as administrators of the company on March 5, 2025. REDZED TRUST 2023-2: Fitch Affirms 'BB-sf' Rating on Class F Notes ------------------------------------------------------------------ Fitch Ratings has upgraded two and affirmed four note classes from RedZed Trust Series 2023-2. The Outlook is Stable. The transaction's mortgage-backed pass-through floating-rate notes are backed by a pool of first-ranking Australian conforming and non-conforming residential full and low-documentation mortgage loans originated by RedZed Lending Solutions Pty Limited. The notes were issued by Perpetual Trustee Company Limited in its capacity as trustee of RedZed 2023-2. The upgrades to the class B and C notes reflect the build-up of credit enhancement that has more than offset the impact of increased arrears on the foreclosure frequency of the transaction. Entity/Debt Rating Prior ----------- ------ ----- RedZed Trust Series 2023-2 A AU3FN0079034 LT AAAsf Affirmed AAAsf B AU3FN0079042 LT AA+sf Upgrade AAsf C AU3FN0079059 LT A+sf Upgrade Asf D AU3FN0079067 LT BBBsf Affirmed BBBsf E AU3FN0079075 LT BBsf Affirmed BBsf F AU3FN0079083 LT BB-sf Affirmed BB-sf KEY RATING DRIVERS Deteriorating Asset Performance, Sufficient Credit Enhancement: The 30+ day arrears for RedZed 2023-2 as of end-January 2025 were 8.66%, higher than Fitch's 3Q24 non-conforming Dinkum RMBS Index of 5.25%. The transaction's 90+ day arrears were 3.03%, higher than the Dinkum 90+ day arrears of 2.18%. There has been one loss to date of AUD832, which was covered by excess spread. The 'AAAsf' weighted-average (WA) foreclosure frequency (WAFF) for RedZed 2023-2 of 21.5% is driven by the foreclosure frequency floor applied to loans in arrears, the WA unindexed current loan/value ratio of 63.5%, self-employed borrowers making up 96.1% of the pool, low-documentation loans making up 89.2% and, under Fitch's methodology, non-conforming and investment loans comprising 18.7% and 41.8%, respectively. The 'AAAsf' WA recovery rate (WARR) for RedZed 2023-2 of 61.0% is driven by the portfolio's WA indexed scheduled LVR of 59.9%. Credit Enhancement Supports Ratings: The transaction has built up credit enhancement through sequential principal repayment since closing, which has offset elevated arrears, supporting the current ratings in the cash flow model. Furthermore, increases in house prices since the closing of the transaction in July 2023 provide strong buffers against potential losses if loans were to move through the foreclosure process. The transaction is currently paying principal sequentially, building up credit enhancement, and will switch to pro rata when the principal step-down test is satisfied. Additionally, the rated notes will continue to build-up credit enhancement in pro rata payment as the class G1 and G2 notes do not amortise. Liquidity Risk Mitigated: Structural features include retention and amortisation amounts that redirect excess income to repay the notes' principal balances. The transaction has built up AUD500,000 in overcollateralisation through the retention ledger, which provides further credit enhancement to the rates notes. A liquidity facility sized at 1.5% of the invested note balance (excluding class G), with a floor of AUD750,000, is sufficient to mitigate payment interruption risk. Low Operational and Servicing Risk: RedZed was established in 2006 and is an experienced specialist lender for self-employed borrowers. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with market standards. Tight Labour Market to Support Outlook: Portfolio performance is supported by Australia's continued growth and tight labour market, despite rapid interest-rate hikes in 2022-2023. GDP growth was 0.6% for the year ended December 2024 and unemployment was 4.1% in January 2025. Fitch forecasts GDP growth of 1.6% in 2025, with unemployment increasing to 4.5%. This reflects Fitch's expectation that the effects of restrictive monetary policy and persistent inflation will continue to hinder domestic demand. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The transaction's performance may be affected by changes in market conditions and economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Downgrade sensitivities: Unanticipated deteriorations in the frequency of defaults and recoveries on defaulted receivables could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - WAFF or WARR - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Notes: class A / B / C / D / E / F Current rating: AAAsf / AA+sf / A+sf / BBBsf / BBsf / BB-sf Increase defaults by 15%: AA+sf / AAsf / Asf / BB+sf / Bsf / less than Bsf Increase defaults by 30%: AAsf / AA-sf / A-sf / BBsf / less than Bsf / less than Bsf Reduce recoveries by 15%: AA+sf / AA-sf / BBB+sf / BB-sf / less than Bsf / less than Bsf Reduce recoveries by 30%: AAsf / A-sf / BBB-sf / Less than Bsf / Less than Bsf / less than Bsf Increase defaults by 15% and reduce recoveries by 15%: AA+sf / A+sf / BBBsf / B+sf / less than Bsf / less than Bsf Increase defaults by 30% and reduce recoveries by 30%: A+sf / BBBsf / BB-sf / less than Bsf / less than Bsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from macroeconomic conditions, loan performance and credit losses that are better than Fitch 's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade sensitivity is not relevant for the class A note as it is rated 'AAAsf', which is the highest level on Fitch's scale. Upgrade sensitivities: Notes: class B / C / D / E / F Current rating: AA+sf / A+sf / BBBsf / BBsf / BB-sf Reduce defaults by 15% and increase recoveries by 15%: AAAsf / AAsf / Asf / BBB-sf / BB+sf The upgrade of the class E and F notes under the 15% reduction in defaults and 15% increase in recoveries is capped by the large obligor concentration test at 'BBB-sf' and 'BBsf', respectively. Prepayments to the loans with the largest obligor exposure, which result in the notes passing Fitch's concentration test, could lead to positive rating action for the notes, all else being equal. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for this transaction. As part of its ongoing monitoring, Fitch conducted a review of a small targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. SITE GROUP: First Creditors' Meeting Set for March 17 ----------------------------------------------------- A first meeting of the creditors in the proceedings of: - Site Group International Limited; - Productivity Partners Pty Ltd; - Site Skills Group Pty Ltd; - Site Workready Pty Ltd; - Site Workready (Philippines) Pty Ltd; and - Site Institute Pty Ltd will be held on March 17, 2025 at 2:30 p.m., 3:00 p.m., and 3:30 p.m. respectively, at the offices of 22 Market Street in Brisbane and via virtual meeting technology. Adam Peter Kersey and David Michael Stimpson of SV Partners were appointed as administrators of the company on March 5, 2025. STAR ENTERTAINMENT: Talks w/ Salter Brothers for $590M Refinancing ------------------------------------------------------------------ Reuters reports that Star Entertainment said it has opened its books to investment group Salter Brothers for a debt refinancing proposal worth up to AUD940 million (US$590 million) that could help stave off a collapse. Reuters relates that the proposal from Melbourne-based Salter Brothers, which has investments in commercial real estate assets such as hotels and childcare centres, would enable cash-strapped Star to service the massive debts it acquired during a protracted industry downturn, the casino firm added. It also builds competitive tension between financiers looking to bail out the company in exchange for high lending rates or a potential equity stake. A day earlier, Star said U.S. casino firm Bally's Corp made a refinancing approach that could give it 50.1% of the Australian firm. Salter Brothers and Bally's did not respond to Reuters requests for comment. According to Reuters, Star had previously said it received a debt refinancing approach worth up to AUD940 million without saying who from. In a two-paragraph statement on Tuesday, Star named Salter Brothers as the party and added that it "has entered into an exclusivity and process deed with Salter Brothers Capital relating to that Refinancing Proposal". A Star spokesperson did not respond to a Reuters request for additional comment. Reuters says Australia's casino sector has been experiencing a protracted downturn due to damaging regulatory inquiries, as well as lockdowns and a border closure related to COVID-19, followed by rising costs of debt. The company's shares have been suspended from trading since last Monday after it failed to sign off on its half-year accounts by an end-February deadline. The board said at the time it was concerned about the company's ability to meet near-term liabilities. Star said last week it would sell its 50% stake in a just-opened casino in Brisbane to Hong Kong's Far East Consortium International and Chow Tai Fook Enterprises for AUD53 million, an asset that media reports said cost AUD3.6 billion to build, Reuters notes. About Star Entertainment The Star Entertainment Group Limited (ASX:SGR) -- https://www.starentertainmentgroup.com.au/ -- is an Australia-based company that provides gaming, entertainment and hospitality services. The Company operates The Star Sydney (Sydney), The Star Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The Company operates through three segments: Sydney, Gold Coast and Brisbane. Sydney segment consists of The Star Sydney's casino operations, including hotels, restaurants, bars and other entertainment facilities. Gold Coast segment consists of The Star Gold Coast's casino operations, including hotels, theatre, restaurants, bars and other entertainment facilities. Brisbane segment includes Treasury's casino operations, including hotel, restaurants and bars. The Company also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government. The Company also owns Broadbeach Island on which the Gold Coast casino is located. The Star Entertainment Group posted three consecutive annual net losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for the years ended June 30, 2022, 2023, and 2024, respectively. As reported in the the Troubled Company Reporter-Asia Pacific on Jan. 21, 2025, Star Entertainment has warned that it faces "material uncertainty" over its ability to stay afloat unless it finds a solution to its worsening financial woes. In a quarterly update to investors on Jan. 20, ASX-listed Star said its revenue had fallen 15 per cent in the December quarter, citing ongoing weakness in its operating performance. It pointed to a "challenging" consumer environment, the impact of carded play in NSW, and expenses caused by a series of regulatory and compliance problems. According to The Sydney Morning Herald, the Star reiterated that it had AUD78 million left in cash - after previously indicating earlier in the month that it is burning through about AUD35 million a month - which prompted Morningstar's analyst to warn the company may not survive until its results in late February. As it fights for survival, Star said it was continuing discussions to attempt to deal with the crunch on its finances, but there was no guarantee it would be able to reach a deal to resolve its situation, the Herald relayed. It acknowledged the uncertainty over its ability to continue operating if the negotiations were unsuccessful. SYDNEY BEER: Collapses Into Administration ------------------------------------------ The Australian Financial Review reports that Sydney Beer Co, the brewing company part-owned by former Australian cricketer Brett Lee, has collapsed amid tough times in the industry. RSM Australia partners Richard Stone and Brett Lord were appointed as administrators of the company founded in 2016, AFR discloses. Sydney Beer Co products are sold in more than 350 venues and stocked in retail liquor chains BWS and Dan Murphy's, owned by Endeavour Group, along with independent liquor outlets. Last year, The Australian Financial Review's Street Talk column reported that the company had raised more than AUD6 million to fund expansion plans. Sydney Beer Co had been exporting to Malaysia and the United States. Documents filed with the Australian Securities and Investments Commission show Sydney Beer Co Pty Ltd went into administration on March 7. AFR relates that the cost of living, along with soaring beer prices caused in part by higher-than-usual increases in excise imposed by the federal government, have exacerbated a long-term decline in beer sales in Australia across the industry. Younger drinkers are bypassing beer and opting for ready-to-drink spirits and low-carb seltzers. On February 28, Prime Minister Anthony Albanese announced a freeze on beer excise for two years to quell angst over high beer prices. Mr. Lee - one of Australia's most successful fast bowlers in 76 Test matches between 1999 and 2008, collecting 310 wickets - is listed as a co-owner of Sydney Beer Co on its website, along with actor and writer Matt Nable. ASIC records show Dean Woodbridge and David Catterall were also directors of Sydney Beer Co, AFR adds. SYRAC BUSINESS: First Creditors' Meeting Set for March 17 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Syrac Business Enterprises Pty Ltd will be held on March 17, 2025 at 11:00 a.m. via virtual meeting only. Bradd William Morelli and Stewart William Free of Jirsch Sutherland were appointed as administrators of the company on March 5, 2025. TORRENS 2025-1: S&P Assigns Prelim BB (sf) Rating to Cl. E Notes ---------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to six classes of prime residential mortgage-backed securities (RMBS) to be issued by Perpetual Trustee Co. Ltd. as trustee for TORRENS Series 2025-1 Trust. The preliminary ratings assigned to the prime floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination, lenders' mortgage insurance (LMI), and excess spread, if any. S&P's assessment of credit risk takes into account Bendigo and Adelaide Bank Ltd.'s (BEN) underwriting standards and approval process, which are consistent with industry-wide practices; BEN's servicing quality; and the support provided by the LMI policies on 33.2% of the portfolio. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the LMI cover, the interest-rate swaps, the liquidity facility, and the principal draw function. All rating stresses are made on the basis that the trust does not call the notes at or beyond the call-option date, and that all rated notes must be fully redeemed via the principal waterfall mechanism under the transaction documents. There is an extraordinary expense reserve of A$150,000 funded by BEN on the closing date to meet extraordinary expenses. The reserve is to be topped up from excess spread, if any, to the extent it has been drawn. S&P said, "Our rating also considers the counterparty exposure to BEN as interest-rate swap provider and liquidity facility provider as well as to National Australia Bank Ltd. as standby fixed-rate swap provider and collections account provider. The interest-rate swaps will be provided to hedge the interest rate risk between the fixed-rate mortgage loans and the floating-rate obligations on the notes. The transaction documents for the swaps and facilities include downgrade language consistent with S&P Global Ratings' counterparty criteria. "We also have factored into our rating the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Preliminary Ratings Assigned TORRENS Series 2025-1 Trust Class A, A$460.000 million: AAA (sf) Class AB, A$18.100 million: AAA (sf) Class B, A$9.800 million: AA (sf) Class C, A$5.550 million: A (sf) Class D, A$3.350 million: BBB (sf) Class E, A$1.300 million: BB (sf) Class F, A$1.900 million: Not rated ========= C H I N A ========= CHINA EVERGRANDE: Court Reserved Judgment After Feb. 27 Hearing --------------------------------------------------------------- TipRanks reports that China Evergrande Group, currently in liquidation, has provided an update on its winding-up proceedings. The court has reserved judgment following a hearing on February 27, 2025, and trading of the company's shares remains suspended since January 29, 2024. Stakeholders are advised to exercise caution, and further announcements will be made regarding the court's decision. China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. China Evergrande Group, the second largest real estate developer in China, and certain of its affiliates sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023. Evergrande, widely known as the most leveraged company in the world, and its affiliates are asking the U.S. Bankruptcy Court for the Southern District of New York for recognition of foreign proceedings as "foreign main" proceeding under Chapter 15. Evergrande is in the midst of a highly complex restructuring of around $20 billion in offshore debt. In total, the Company has more than $300 billion in liabilities. Evergrande is incorporated in the Cayman Islands as an exempted company with limited liability, with its principal place of business located at 15th Floor, YF Life Centre, 38 Gloucester Road, Wanchai, Hong Kong. It is subject to a restructuring proceeding entitled In the Matter of China Evergrande Group, concerning a scheme of arrangement between Evergrande and certain Scheme Creditors pursuant to the relevant provisions of the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong), currently pending before the High Court of Hong Kong (Case Number HCMP 1091/2023. Affiliate Tianji Holding Limited is incorporated in Hong Kong as a limited liability company, with its principal place of business located at 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring proceeding entitled In the Matter of Tianji Holding Limited, concerning a scheme of arrangement between Tianji and certain Scheme Creditors, pursuant to the relevant provisions of the Hong Kong Companies Ordinance and currently pending before the Hong Kong Court (Case Number HCMP 1090/2023). Affiliate Scenery Journey Limited is incorporated in the British Virgin Islands as a limited liability company, with its principal place of business located at 2nd Floor Water's Edge Building, Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is subject to a restructuring proceeding entitled In the Matter of Scenery Journey Limited, concerning a scheme of arrangement between Scenery Journey and certain Scheme Creditors, pursuant to section 179A of the BVI Business Companies Act, 2004, and currently pending before the High Court of the Eastern Caribbean Supreme Court (Case Number BVIHCOM 2023/0076). U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15 proceedings. Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji. Maples BVI is the British Virgin Island Counsel to Scenery Journey. On Jan. 29, 2024, a Hong Kong court ordered the liquidation of China Evergrande Group. ========= I N D I A ========= ALPHA MILK: ICRA Keeps B+ Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Alpha Milk Foods Pvt. Ltd. (AMFPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 24.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with AMFPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. AMFPL is setting up a milk processing plant in Hathras (Uttar Pradesh) with a processing capacity of 4 lakh litres of milk per day, to manufacture desi ghee, skimmed milk powder, dairy whitener, butter etc. The company has been promoted by Mr. Gian Prakash Gupta and Mr. Vipin Gupta. The promoters also have a Haryana based company, incorporated in 1991, engaged in milk processing, under the name of Karnal Milk Foods Limited. AMBUJA PIPES: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Ambuja Pipes Private Limited (APPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term 9.25 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' category Long-term- 11.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating continues to remain under Cash Credit 'Issuer Not Cooperating' category Long-term- 3.75 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating continues to remain under Term Loan 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with APPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. APPL was incorporated in 1999 and manufactures Electric Resistance Welded (ERW) pipes and Galvanized Iron (G.I.)/Steel tubes and pipes at its facility in Jaipur, Rajasthan. The facility has an annual capacity of 21,000 Metric Tonnes. (MT) of ERW pipes and 6000 MT of GI pipes. In addition, the company also manufactures Pressed Steel Radiators and trades in Hot Rolled (HR) coils. The company sells its products to both government and private sector clients. The company's government clients include Gujarat Water Supply and Sewerage Board and the Public Health Engineering Department, Rajasthan, mainly for the drinking water department. AMIT ENGINEERS: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Amit Engineers in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term- 1.70 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 3.10 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 0.50 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term- 1.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Amit Engineers, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Amit Engineers was established in 1986 and is into manufacturing of Air Conditioning and Refrigeration products for Indian Railways and is supplying fully integrated Air Conditioner to the Indian Railways since 2001. The company is an ISO 9001:2008 certified Company having their Head office cum Research and Development Cell at Mohali (Punjab) and Manufacturing Unit at Baddi (Himachal Pradesh). Amit Engineers is well equipped with state-of-the-art CAD centre and CNC machines to undertake design and manufacture of Refrigeration Products as per customer's requirement. The firm deals in items like Air Conditioners Package Unit, Defreezer, Control Panel, Switch Board Cabinet, Microprocessor, Control Discharge Toilet System, Two-Piece Water Tank, etc. Majority of supplies of the firm are to Indian Railways. The manufacturing setup of the firm is located at Baddi, Himachal Pradesh. AMMA WOODS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Amma Woods Private Limited (AWPL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.6 CRISIL D (Issuer Not Cooperating) Cash Credit 5.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 12.5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with AWPL for obtaining information through letter and email dated February 7, 2025 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 AWPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AWPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AWPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Incorporated in 2012, AWPL is a Kerala-based company that trades in timber. The company is managed by the Kerala-based Keyes group which has over 25 years of experience in the wood trading business. The day-to-day operations are managed by Ms. K V Sulekha. AVIAN TECHNOLOGIES: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Avian Technologies (AT) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL D (Issuer Not Cooperating) Foreign Letter 1.95 CRISIL D (Issuer Not of Credit Cooperating) Long Term Loan 3.26 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.39 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with AT for obtaining information through letter and email dated February 7, 2025 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 AT, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AT continues to be 'CRISIL D Issuer not cooperating'. AT, established in 2013-14 (refers to financial year, April 1 to March 31), is a partnership firm of Mr. Anupkumar D and Ms. Lakshmi Venkatsubramanian. It is engaged in sheet metal fabrication and caters to industries such as capital goods, automotive, and construction equipment. The firm's plant is in Chennai and has installed capacity of 150 tonne per month. BARAKA OVERSEAS: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Baraka Overseas Traders in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 18.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Baraka Overseas Traders, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Baraka Overseas Traders was established as a partnership firm in 1979. The firm is involved in exports of frozen seafood with the United States, Mauritius, France and the UK as key export destinations. Major varieties of seafood exported by the firm include Cuttle Fish, Ribbon Fish, Mackerel, Sardine and Squid, among others. The firm's processing facility is in Ullal, Mangalore district of Karnataka. The firm reported an operating income of INR62.25 crore and a net profit of INR0.76 crore in FY2018 as against an operating income of INR50.98 crore and a net profit of INR0.94 crore in FY2017. BHARAT EXPORT: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of Bharat Export Overseas in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 13.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Bharat Export Overseas, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1985, Bharat Export Overseas is a partnership firm promoted by Mr. Gurprit Sawhney and Ms. Preeti Singh. The firm is engaged in manufacturing and export of garments for women. BEO has three manufacturing facilities located in Gurgaon, Haryana with total annual manufacturing capacity of 6 lakh pieces. The firm primarily exports to U.K and Germany. BLUE DUCK: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Blue Duck Textiles Private Limited (BDTPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Term Loan 3 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with BDTPL for obtaining information through letter and email dated February 7, 2025 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 BDTPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BDTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BDTPL continues to be 'CRISIL D Issuer not cooperating'. BDTPL was incorporated in 2013 and is owned and managed by Shantanu Kaul and Gitanjali Kaul. The company prints fabrics and other related cloth material. Its manufacturing facility is located in Uttar Pradesh. BRAHMAPUTRA TELE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Brahmaputra Tele Productions Private Limited (BTPPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 10.23 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 6.77 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with BTPPL for obtaining information through letter and email dated February 7, 2025 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 BTPPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BTPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BTPPL continues to be 'CRISIL D Issuer not cooperating'. BTPPL was incorporated in 2001 by Mr. Jaiswal and family as Jaintia Ispat Pvt Ltd in Assam. It was renamed as Tsang-Po Smelter Pvt Ltd in 2003 and got its present name in 2006. BTPPL operates a 24-hour free-to-air (FTA) satellite news channel, DY365, in Assamese. The company launched an FTA general entertainment channel, Jonak, in October 2014. CATASYNTH SPECIALITY: ICRA Withdraws D Rating on INR85cr LT Loan ---------------------------------------------------------------- ICRA has removed its earlier rating assigned to the bank facilities of Catasynth Speciality Chemicals Private Limited (CSCPL) from the 'Issuer Not-Cooperating' category as the company has now started cooperating based on the fee and has withdrawn the rating assigned to the bank facilities at the request of the company and based on the no-objection certificate (NOC) received from the bankers, in accordance with ICRA's policy on withdrawal of credit ratings. ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term- 85.00 [ICRA]D; rating removed from Fund-based- Issuer Not Cooperating Term Loan category and withdrawn Long term- 25.00 [ICRA]D; rating removed from Fund- based: Issuer Not Cooperating Others category and withdrawn The key rating drivers and their description, liquidity position, rating sensitivities have not been captured as the rated instruments are being withdrawn. Catasynth Speciality Chemicals Private Limited (CSCPL) was incorporated in 2016 to set up a greenfield project at the Mangalore SEZ in Karnataka, with an installed production capacity of 5,600 MTPA for speciality chemicals, primarily used in the F&F, pharmaceutical and agrochemical applications. Till September 2024, Anthea Aromatics Private Limited (AAPL) had a majority stake of 74.9%, and Solvay Chemicals & Plastics Holding B.V. had a stake of 25.1% in CSCPL. With the onboarding of the India Resurgence Fund on a broader group level at AAPL, the latter acquired the 25.1% equity of Solvay Chemicals & Plastics Holding B.V. At present, Catasynth Specialty Chemicals Private Limited is a 100% subsidiary of AAPL. CHHATRAPATI SHAHU: ICRA Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the long-term ratings of Shree Chhatrapati Shahu Milk and Agro Producer Company Limited (Shahu Milk) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.72 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 2.12 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 3.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Facilities Cooperating' category As part of its process and in accordance with its rating agreement with Shahu Milk, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in September 2009, Shree Chhatrapati Shahu Milk & Agro Producer Company Limited (Shahu Milk) is a co-operative unit engaged in milk procurement, milk processing and selling of milk and milk products. The installed milk processing capacity of the plant is 1,00,000 litres per day. The company procures milk from cooperative societies located largely in Kagal and Karveer talukas in Kolhapur district. The company has also set up two chilling centres in Kolhapur district which helps the company to improve shelf life of the collected milk. CREATIVE LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Creative Limited (Creative) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Funded Interest 0.6 CRISIL D (Issuer Not Term Loan Cooperating) Funded Interest 1.4 CRISIL D (Issuer Not Term Loan Cooperating) Packing Credit 1.0 CRISIL D (Issuer Not Cooperating) Working Capital 12.6 CRISIL D (Issuer Not Term Loan Cooperating) CRISIL Ratings has been consistently following up with Creative for obtaining information through letter and email dated February 7, 2025 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 Creative, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Creative is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Creative continues to be 'CRISIL D Issuer not cooperating'. Creative was established as a partnership firm by Mr. P K Bothra and Mr. T K Duggar in Kolkata in 1974. The firm was reconstituted as a limited company in 1993. The company manufactures leather wallets, bags, and accessories, and exports these to the United Kingdom, the Netherlands, and Switzerland. Creative's overseas subsidiary, CUL, has been inactive since 2012. CUSTOMER INSIGHT: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Customer Insight 360 Technologies Private Limited Brigade South Parade, 2nd Floor, No. 10, Mahatma Gandhi Road, Bangalore, Bangalore North, Karnataka, India, 560001 Liquidation Commencement Date: February 18, 2025 Court: National Company Law Tribunal, Chennai Bench Liquidator: Vasudevan Gopu G.V. Enclave, 18/30, Ramani Street, K.K. Pudur, Saibaba Colony (4th Right Opp. Road to Saibaba Colony Hotel Annapoorna Road) Coimbatore-641038 Tamil Nadu, India E-mail: vasudevangopu.ip@gmail.com E-mail: vasudevanacs@gmail.com Telephone No: 0422-4347063 Last date for submission of claims: March 20, 2025 DNH PROJECTS: ICRA Withdraws C Debt Rating on INR12cr LT Loan ------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Dnh Projects Limited, based on the request of the company and the No Due Certificate or Closure certificate received from its lender's. The Key Rating Drivers and their description, Liquidity Position, Rating Sensitivities have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term 6.00 [ICRA]A4; ISSUER NOT COOPERATING; Non-fund based Withdrawn Others Long-term- 12.00 [ICRA]C; ISSUER NOT COOPERATING; Fund based Withdrawn Cash Credit Long-term/ 10.00 [ICRA]C; ISSUER NOT COOPERATING/ Short Term [ICRA]A4; ISSUER NOT COOPERATING; Unallocated Withdrawn DNH Projects Ltd was initially incorporated as a privately limited company - Nagar Haveli Real Estate Private Limited, engaged in real estate development in 1996. It was subsequently renamed and converted to a closely held public limited company in 2009. The operations of the company are collectively managed by Mr. Vijay and Mr. Ajay Desai who have experience of over two decades in the construction industry. The company is registered as a 'AA' Class contractor (valid till December 31, 2018) with the Roads & Buildings division of the State Government of Gujarat and undertakes the construction of industrial units, factories, corporate and institutional buildings. DNH has two groups, Morai Infrastructure Pvt. Ltd. and Drexel Pharma Pvt. Ltd. Mr. Vijay and Mr. Ajay Desai are the common directors for all the three firms. Morai Infrastructure is currently developing an industrial park in Gujarat, while Drexel Pharma is developing industrial galas for sale. Both these projects have been awarded to DNH by group companies. DOOR SANCHAR: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term ratings of Door Sanchar Hydro Power Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 24.15 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 0.18 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with DSHPPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Door Sanchar Hydro Power Private Limited (DSHPPL) has been promoted by Mr. Rajiv Batra and Sravanthi Group. Mr. Batra and his wife are the majority share-holders with 51% stake while Sravanthi group is the minority share-holder holding the remaining 49% share capital. Sravanthi group is actively involved in the operation of the project. The group has been founded by Mr. DV Rao, ex-Joint Managing Director of Lanco Infratech Ltd, where he was instrumental in developing the power vertical with aggregate capacity of over 12000MW. Apart from power generation, the group is also present in EPC business (through Sravanthi Infratech Private Limited) and power consultancy business (Sravanthi Consultancy Services Pvt Ltd). GANTA SRIRAM: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term ratings of Ganta Sriram Educational Society in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 0.70 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 5.20 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 4.10 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Ganta Sriram Educational Society, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Ganta Sriram Educational Society was established in 2007. The society runs "Ramachandra College of Engineering" in Eluru, West Godavari district of Andhra Pradesh. The college is affiliated to Jawaharlal Nehru Technological University, Kakinada. The courses run by college are recognised and approved by All India Council for Technical Education (AICTE). Mr. GS Ramachadra Rao is the current Chairman of the society. At present the college has more than 2300 students studying under graduation, Post Graduation Engineering and Masters in Business Administration (M.B.A) courses. GENSOL ENGINEERING: ICRA Cuts Rating on INR925cr LT Loan to D ------------------------------------------------------------- ICRA has downgraded the ratings for the bank facilities of Gensol Engineering Limited (GEL) to [ICRA]D following feedback received by ICRA from the company's lenders about the ongoing delays in debt servicing. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 925 [ICRA]D; downgraded from Fund based [ICRA]BBB- (Stable) Term Loan Long-term- 718.5 [ICRA]D; downgraded from Fund based [ICRA]BBB- (Stable) Term Loan Long term and 406.5 [ICRA]D/[ICRA]D downgraded from short term-BG [ICRA]BBB- (Stable)/[ICRA]A3 Long term and (51.3) [ICRA]D/[ICRA]D downgraded from short term-BG [ICRA]BBB- (Stable)/[ICRA]A3 (sub-limit of CC limit) GEL, in its latest public disclosures as well as in its recent communications with ICRA, had highlighted sizeable available liquidity to support its operations during its ongoing growth phase. In this regard, reference can be drawn to GEL's investor call transcript dated February 13, 2025, wherein the management had highlighted total liquidity in the books of about INR250 crores1, in addition to access to working capital limits. GEL had also been sharing no-default statements with ICRA at the beginning of every month suggesting timely debt servicing. However, ICRA has now learnt that certain documents shared by GEL with ICRA, on its debt servicing track record, were apparently falsified, which raises concerns on its corporate governance practices, including its liquidity position. ICRA also notes the deterioration in the financial flexibility of the company with an increase in promoter's share pledge to 85.5% of its holding in GEL in February 2025 from 79.8% in September 2024. The increase in share-pledge amidst a continuous decline in share price of GEL over the past few months can constrain the ability of GEL to raise capital to support its future growth plans. Moreover, the rating also factors in the business linkages of GEL with its promoter group entity, Blusmart Mobility Private Limited (Blusmart), which is a loss-making entity and recently delayed on its NCD payments, which in ICRA's opinion can also have an adverse impact on the financial flexibility and capital raising ability of GEL. On the equity raising plans, as against ICRA's earlier expectations of equity infusion in GEL of INR244 crore in FY2025 through preferential share warrants, only INR140 crore has been infused till date, with the balance infusion to be deferred till December 2025, reflecting a delay of around one year compared to ICRA's previous expectation. Timely equity infusion is critical for GEL's growth plans, given the expected investment required for its various businesses. In this context, the promoters' stake dilution from 62.65% in end-December 2024 to 62.09% on February 19, 2025 (GEL's shares worth INR~11.5 crore sold on 18 Feb 2025) increases the uncertainty surrounding fresh equity infusion plans. Key rating drivers and their description Credit strengths * Healthy order book position: GEL's order book is healthy with confirmed and unexecuted order book of more than INR7,000 crore. These orders are to be executed over the next 12-18 months, imparting revenue visibility over the medium term. The growth in the EPC order book is driven by the energy transition goals of the country with focus on significantly scaling up the renewable energy capacity across India. Further, the current order book has orders majorly from government, semi government and reputed private players which have an established track record of timely payment in the past, thus offsetting the counterparty credit risk to a large extent. However, availability of funds for execution of such a large order book remains unclear at the moment. Credit challenges * Delays in debt servicing indicating liquidity challenges: The company has delayed in its debt servicing obligations as per feedback received from the lenders. GEL, in its latest public disclosures as well as in its recent communications with ICRA, had highlighted sizeable available liquidity to support its operations during its ongoing growth phase. GEL had also been sharing no-default statements with ICRA at the beginning of every month suggesting a timely debt servicing. However, ICRA has now learnt that certain documents shared by GEL with ICRA, on its debt servicing track record, were apparently falsified, which raises concerns on its corporate governance practices, including its liquidity position. Further, delays in debt servicing by more than 15 days to the bondholders of Blusmart in February 2025, points to lapses in liquidity management within the group. * Impact on financial flexibility of the Group owing to increase in share pledge and credit issues at GEL and Blusmart: The financial flexibility of the promoters has significantly been impacted, owing to increase in share pledge to 85.5% in February 2025 from 79.8% in September 2024, amidst continuous decline in share price of GEL over the last few months. Further at GEL, there is a delay in equity raise and infusion plans against earlier expectations. * Delays in the execution of contracts may adversely impact revenue growth and liquidity position: GEL has 10-11 large-sized orders which form more than 80% of the overall order book size. Most of these projects are currently in their initial stages, thus exposing the Group to risks associated with timely approvals, land acquisition and other execution related challenges which can cause major cost overruns. Delays in commissioning could lead to the levy of penalties/termination of orders. Further, the Group had won two standalone battery energy storage projects and one solar power project under the Kisan Urja Suraksha Evam Utthaan Mahabhiyan Yojana KUSUM) scheme with Gujarat Urja Vidyut Nigam Limited (GUVNL) as the offtaker. The battery storage projects are being implemented for the first time by the company exposing them to funding and execution risks. * Profitability exposed to raw material price risk; profitability at group level constrained by expected losses from EV manufacturing business in the near to medium term: The company has fixed-price contracts with its customers for its EPC order book, thus exposing it to raw material price variation risk. The solar EPC industry has witnessed business cycles in the past wherein solar module and other commodity prices have increased. Also, the company's consolidated margins are expected to be constrained by the expected operating losses in its EV manufacturing business in the near to medium, which is currently in its nascent stages of development. * Project execution and offtake risk for EV manufacturing facility: The company has been working on setting up its new EV manufacturing facility in Pune for developing two-seater EV fleet cars and EV cargo. A large portion of the planned capex for developing the vehicles will be incurred in FY2025 and FY2026. A timely completion of the capex within budgeted costs, along with a timely commencement of the commercial operations and a scale-up of the offtake remains crucial. The operations arealso susceptible to initial stabilisation issues and uncertainty in demand for the new product, leading to operating losses in the initial years. * Intense competition, tender-based contract awarding system keep margins under check: GEL is currently a mid-sized player operating in an intensely competitive and fragmented solar EPC industry. Its competitors include EPC arms of independent power producers, established EPC players, and EPC arms of solar panel manufactures. It also faces competition from several smaller players, who provide O&M services for solar power projects. In addition, the EPC sector is competitive as it is a tender based business. These factors tend to impact the profitability margins of EPC players. * High leverage led to moderate credit profile: At present, the company has high leverage on account of the long-term debt taken for its EV lease business. Its total debt was INR1,512 crore as on March 31, 2024. This resulted in moderate capital structure and coverage with a gearing of 4.8x, total debt/ OPBDITA of 6.6x, interest cover of 2.1x and debt service coverage ratio of 1.4x as on March 31, 2024. * Environmental and social risks: GEL operates at multiple project sites simultaneously, and therefore, the risk of business disruptions on account of physical climate risks is low. The company is operating in green energy segments, such as EPC works for solar and battery projects and the EV leasing and manufacturing business. Therefore, the risks related to its business causing environmental harm or not meeting the emission norms/carbon footprint targets is low. However, there could be challenges in disposing the battery systems in its EV segment. Further, GEL has moderate exposure to social risks arising from challenges relating to acquisition/leasing of land, right-of-way (ROW), requirement for setting up its projects and transmission lines. Also, EPC players face social risks stemming from the health and safety concerns of workers, manifestation of which could invite regulatory or legal action, besides reputational harm. Liquidity position: Poor As there have been delays in debt servicing of the company as confirmed by some of GEL's lenders, the liquidity has been assessed as 'Poor'. The company is in a high growth phase, and with a highly working capital intensive nature of operations along with sizeable capex plans, the free cash flow (FCF) is expected to remain negative in FY2026. Moreover, the company's scheduled repayments remain elevated ranging between INR350-400 crore in next fiscal. In order to fund this gap, GEL is expected to remain dependent on external funding. ICRA believes that in the light of the recent events, promoter's financial flexibility will be materially constrained. Rating sensitivities Positive factors – The rating can be upgraded on timely servicing of debt obligations for a continuous period of at least 3 months. Negative factors – Not applicable GEL, established in 2012, is the flagship company of the Gensol Group. It specialises in providing engineering, procurement, and construction (EPC) services to the solar power sector. In 2023, GEL was listed on the National Stock Exchange and the Bombay Stock Exchange. It has expertise in executing turnkey solar projects globally, having installed ground-mounted, floating and rooftop solar installations of more than 770 MW. GEL had also won two battery energy storage system (BESS) projects to be implemented in Gujarat. GEL also provides comprehensive EV leasing solutions, catering to a diverse clientele that includes PSUs, educational institutions, government entities, multinational corporations, ride-hailing services, employee transport companies, rental services, logistics, and last-mile delivery enterprises. It has also diversified into the electric vehicle (EV) sector, setting up an EV production facility in Pune for manufacturing two-seater electric fleet cars and cargo targeted at the ride-hailing market and the logistics sector. GRA INDIA: Voluntary Liquidation Process Case Summary ----------------------------------------------------- Debtor: Gra India Private Limited 611, 6th Floor, Global Square, Deccan College Road Yerawada, Pune, Maharashtra, India, 411006 Liquidation Commencement Date: February 17, 2025 Court: National Company Law Tribunal, Chennai Bench Liquidator: Vasudevan Gopu G.v. Enclave, 18/30, Ramani Street, K.K. Pudur, Saibaba Colony (4th Right Opp. Road to Saibaba Colony Hotel Annapoorna Road) Coimbatore-641038 Tamil Nadu, India E-mail: vasudevangopu.ip@gmail.com E-mail: vasudevanacs@gmail.com Telephone No: 0422-4347063 Last date for submission of claims: March 18, 2025 GURUVAYOOR INFRA: ICRA Withdraws D Rating on INR212cr Loan ---------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Guruvayoor Infrastructure Private Limited at the request of the company and based on the No Objection Certificate received from its lenders and has continued the rating of NCDs under the 'Issuer Not Cooperating' category. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers and their description, Liquidity Position, Rating Sensitivities have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-convertible 53.0 [ICRA]D ISSUER NOT COOPERATING; Debenture Withdrawn Long Term- 212.0 [ICRA]D ISSUER NOT COOPERATING; Fund Based- Withdrawn Term loan GIPL is a special purpose vehicle (SPV) formed for four-laning of the Thrissur-Angamali section of NH-47 (in Kerala) from km270.00 to km 316.00, and improvement, operation and maintenance from km 316.70 to km 342.00 on a build, operate and transfer (BOT) toll basis. The project was secured by a consortium of KMC Infratech Limited and SREI Equipment Finance Limited with equity interest of 51% and 49%, respectively. However, later Bharat Road Network Limited (BRNL) took over 76% equity interest (49% from SREI and 25% from KMC). At present, the SPV is held by BRNL The project achieved PCOD in December 2011, and tolling operations commenced in February 2012. The total project cost was INR726 crore, which was funded by the promoter's contribution of INR226 crore (INR169 crore as equity and INR57 crore as unsecured loans from promoters) and external debt of INR465 crore. JAIPRAKASH ASSOCIATES: Must Be Sold as One Unit, NCLT Says ---------------------------------------------------------- Business Standard reports that the National Company Law Tribunal (NCLT) has directed that the resolution plans to acquire Jaiprakash Associates through the insolvency process should be invited for the entire company as a going concern and not by dividing its different business verticals. Business Standard relates that NCLT has said 'Form G' published by the resolution professional of JAL inviting Expression of Interest (EOI) from prospective buyers "by giving two options at the threshold and the second option by splitting the business operations of JAL into multiple clusters being in violation of the provisions" of Insolvency & Bankruptcy Code (IBC). According to Business Standard, the Allahabad bench of NCLT said the process of two options "is untenable in law" as the IBC provides for the steps to be followed one after the other. The "Resolution Plans with respect to the clusters which are the assets of the Corporate Debtor (JAL) can be done only after the exhaustion of the first option where no Resolution Plan with the Corporate Debtor as a whole as a going concern has been received in the first instance," said a two-member bench in its 57-page order on March 6, Business Standard relays. In the EoI, JAL's assets spread across different verticals were divided among eight clusters by the lenders - Real Estate, Investment in Jaiprakash Power Ventures (24 per cent), Cement, Hospitality, Investment in BJCL (74 per cent), Jaypee Fertilizers & Industries, Cricket Stadium & F1 Racetrack and EPC & Residual Entity. NCLT said that as the process of inviting EoI by publication of Form G has been initiated and option one already stipulates that measure, therefore the process being only with respect to option one may continue, Business Standard relays. "In view of our above decision, Form G published by RP shall continue with option one i.e. inviting Expression of Interest for the Corporate Debtor as a whole as a going concern, and option two is set aside i.e. cluster-wise expression of interest if any filed, will not be considered at this stage," the tribunal said, notes the report. However, NCLT also said if no bids are received for JAL, then it may consider selling in tranches. "Needless to say the RP after due approval from the CoC would be at liberty to publish a fresh Form G if there are no Resolution Plans received for the Corporate Debtor (JAL) as a whole as a going concern, from the Prospective Resolution Applicants in the first instance by following option one," said NCLT, according to the report. Business Standard notes that NCLT order came over the petition filed by Sunil Kumar Sharma, one of the members of the suspended board of JAL. He had requested the NCLT to quash and set aside agenda items 7 & 8 of the Committee of Creditors (CoC), which was passed by lenders with 81.80 per cent voting on December 19, 2024. The Corporate Insolvency Resolution Process (CIRP) was initiated against JAL by the Allahabad bench, Prayagraj on June 3, 2024. This has been challenged by the former promoters before appellate tribunal NCLAT, however, they have not received any stay so far on the process, adds Business Standard. About JAL Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. JET AIRWAYS: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Jet Airways (India) Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 645 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' category Long-term- 4,970 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' category Long-term 700 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' category Short-term 3,950 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' category Non-Convertible 698.90 [ICRA]D ISSUER NOT COOPERATING; Debenture Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Jet Airways (India) Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1992 as a private limited company, Jet Airways (India) Limited commenced operations as an Air Taxi Operator in May 1993, with a fleet of four leased Boeing 737 aircraft. The company was granted scheduled airline status in January 1995. Jet Airways was founded by Mr. Naresh Goyal. Post infusion of INR2,057.6 crore by Etihad Airways in November 2013, Mr. Nreash Goyal held 51% stake in the company, with 24% held by Etihad Airways. Due to the liquidity constraints faced by the company, its aircraft had to be grounded starting December 2019 due to non-payment of lease rentals to the lessors. Subsequently, the company announced temporary shutdown of its operations from April 18, 2019. Pursuant to an Order dated 20 June, 2019 of the National Company Law Tribunal, Mumbai Bench, Corporate Insolvency Resolution Process ("CIRP") has been initiated for Jet Airways (India) Limited as per the provisions of the Insolvency and Bankruptcy Code, 2016. Mr. Ashish Chhawchharia was appointed as the Interim Resolution Professional ("IRP") for the Company, via order dated 20 June 2019. Upon initiation of CIRP, the powers of the Board of Directors of the Company have been suspended and shall be exercised by the Interim Resolution Professional. The final resolution plan put to vote in the 17th CoC meeting held on 03rd October 2020 and submitted by the Jalan Fritsch Consortium was approved by CoC. The application for Plan approval was filed with Hon'ble National Company Law Tribunal (NCLT) dated 05th November 2020 and subsequently has been approved/allowed by the Hon'ble NCLT. Hence, the CIRP of the Company was concluded and Mr. Ashish Chhawchharia has ceased to be the resolution professional of the Company, effective on and from June 25, 2021. Further, as per the terms of the approved Resolution Plan, a Monitoring Committee was constituted to supervise the daily operations and the management of the Company shall be carried out by the Monitoring Committee until the closing date as defined in the Resolution Plan. MEERA AND COMPANY: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings of Meera and Company Limited (MACL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 9.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 0.10 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with MACL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. MACL manufactures Diesel Generating Sets for various applications. Till 2010 the company was operating as an OEM1 for DG sets for Mahindra and Leyland. However, in 2010 the company has set up its own engine manufacturing unit and is selling the DG sets under the brand name of 'Meeraco'. The company is fully owned by Mr Rajen Gupta and his family members and has a presence mainly in Punjab. MACL has two manufacturing unit located in Jammu and Ludhiana. MOBILE CONSTRUCTIONS: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Mobile Constructions Private Limited A wing, 6th Floor, Universal Business Park, Chandivali Farm Rd, Off. Saki Vihar Rd, Andheri (E), Mumbai, Maharashtra, India, 400072 Insolvency Commencement Date: February 18, 2025 Estimated date of closure of insolvency resolution process: August 16, 2025 (180 Days) Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Abhijit Gokhale A/1903, 19th Floor, N L Aryavarta, N L Complex, Dahisar East, Op. Anand Nagar, Mumbai - 400068 Email id: abhijitgokhale07@gmail.com -- and -- Orion Resolution and Turnaround Private Limited 811, Meadows Sahar Plaza Sub Plot A Bldg No. 6 АK Road Next to Kohinoor Continental, Mumbai -400069 Email id: cirp.mobileconstructions@gmail.com Last date for submission of claims: March 4, 2025 N RATHNA: CRISIL Keeps B Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of N Rathna Rajkumar (NR) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 4.5 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 7.5 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with NR for obtaining information through letter and email dated February 7, 2025 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 NR, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on NR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NR continues to be 'CRISIL B/Stable Issuer not cooperating'. NR is a proprietorship concern of Mr. N Rajkumar. The proprietorship concern earns rental income through its 1 warehouse situated in Narmangala of Bangalore. P G MERCANTILE: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of P G Mercantile Private Limited (PGMPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Foreign Exchange 3 CRISIL D (Issuer Not Forward Cooperating) Letter of Credit 60 CRISIL D (Issuer Not Cooperating) Proposed Long Term 79.89 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 5.57 CRISIL D (Issuer Not Cooperating) Term Loan 13.41 CRISIL D (Issuer Not Cooperating) Term Loan 4.63 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with PGMPL for obtaining information through letter and email dated February 7, 2025 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 PGMPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PGMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PGMPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Incorporated in 2003 and promoted by Mr. Prateek Gupta, PGMPL primarily trades in ferrous and non-ferrous metals. The company also has two windmills (one each in Maharashtra and Tamil Nadu) with total capacity of 3.7 megawatt. Mr. Gupta is also the vice-chairman of Ushdev International Ltd, which is in the same business. PACK PAPER: Ind-Ra Withdraws B+ Bank Loan Rating ------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained Pack Paper Agencies Private Limited's (PPAPL) bank facilities' ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR205 mil. Fund-based limits maintained in non-cooperating category and withdrawn. Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on best-available information *Maintained at 'IND B+/Negative (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 from the issuer and no-objection certificate from 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 PPAPL while reviewing the rating. Ind-Ra had consistently followed up with PPAPL 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 PPAPL, 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. PPAPL has been non-cooperative with the agency since October 2018. About the Company Incorporated in 2007, PPAPL is Surat, Gujarat-based paper and duplex board dealer. PENN FROZEN: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Penn Frozen Foods Private Limited (PFFPL) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 1.56 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 3.94 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with PFFPL for obtaining information through letter and email dated February 7, 2025 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 PFFPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PFFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PFFPL continues to be 'CRISIL B/Stable Issuer not cooperating'. Incorporated in 2009, PFFPL processes chicken meat; operations are managed by Mr. Rajesh Bahl. Its manufacturing facility at Karjat, Maharashtra, has an installed capacity to process 1500 birds per hour. RADHESH PLASTICS: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Radhesh Plastics India Private Limited (RPIPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.70 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 2.08 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with RPIPL for obtaining information through letter and email dated February 7, 2025 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 RPIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RPIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RPIPL continues to be 'CRISIL B/Stable Issuer not cooperating'. Incorporated in 2010 and headquartered in Koteshwara, Karnataka, RPIPL trades in PVC resins and manufactures PVC pipes. The company has a manufacturing capacity of 1750 tonnes of pipes per annum. RAINBOW TRACTORS: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rainbow Tractors (RT) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 1.5 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with RT for obtaining information through letter and email dated February 7, 2025 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 RT, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RT continues to be 'CRISIL B/Stable Issuer not cooperating'. RT was set up in 1998, as a partnership firm in Nanded, Maharashtra. Operations are managed by a partner, Mr. Abdul Waheed. The firm is an authorised dealer of tractors and spare parts of Mahindra & Mahindra Ltd in the region. RAJESH BUILDSPACES: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Rajesh Buildspaces Private Limited 139, Seksaria Chambers, 2nd Floor, Nagindas Master Road, Fort, Mumbai-400001 Insolvency Commencement Date: February 18, 2025 Estimated date of closure of insolvency resolution process: August 17, 2025 (180 Days) Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Mr. Vinod Tarachand Agrawal 204, Wall Street-1, Near Gujarat College, Ellisbridge, Ahmedabad-380006 E-mail: ca.vinod@gmail.com E-mail: cirp.rajeshbuildspace@gmail.com Last date for submission of claims: March 4, 2025 RAJHANS FERTILIZERS: CRISIL Keeps B+ Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Rajhans Fertilizers Limited (RFL) continues to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 5 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING) CRISIL Ratings has been consistently following up with RFL for obtaining information through letter and email dated February 7, 2025 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 RFL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RFL continues to be 'CRISIL B-/Stable Issuer not cooperating'. Set up in 2007 and promoted by Mr. Brijesh Shukla, RFL manufactures agrochemicals. Its main product, Nogerma, is an anti-sprouting agent. Its manufacturing facility is based in Pithampur. RAJHANS INFRATECH: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Rajhans Infratech Private Limited (RIPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 16 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with RIPL for obtaining information through letter and email dated February 7, 2025 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 RIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RIPL continues to be 'CRISIL D Issuer not cooperating'. Incorporated in 1982, RIPL develops real estate in Noida, Uttar Pradesh. Mr. Ramesh Goel and Mrs Neelam Goel are the promoters. SANGHI INDUSTRIES: NCLAT Issues Notice to Ambuja Cements Over Plea ------------------------------------------------------------------ The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) has issued a notice to Adani Group entity Ambuja Cements over a plea filed by Alok Sanghi, former promoter of Sanghi Industries, which was acquired by Ambuja in 2023. Passing an interim order on March 4, the appellate tribunal stayed the order of the Ahmedabad bench of the National Company Law Tribunal (NCLT), which had directed initiation of insolvency proceedings against Alok Sanghi, saying "in pursuance of the impugned order, no further steps shall be taken". The NCLAT granted two weeks' time to Ambuja Cements and directed to list the matter on April 14, 2025. Alok Sanghi had moved NCLAT against an order passed by the National Company Law Tribunal (NCLT) on Feb. 25, 2025 in an application under Section 95 of IBC filed by Ambuja Cements over the personal guarantee of INR84 crore by him, ET recalls. The NCLT has already appointed an interim resolution professional. In his appeal, Sanghi said in the application filed by Ambuja Cements there was no mention of any personal guarantee given by him in the share purchase agreement dated August 3, 2023, which only provided for warranty and indemnity. Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016 allows creditors to start insolvency proceedings against debtors, which includes personal guarantors and partnership firms. Sanghi's counsel also submitted that NCLT at the stage of appointment of resolution professional has proceeded to adjudicate the rival submissions made by the parties with regard to nature of the share purchase agreement, ET adds. Sanghi Industries Limited manufactures and markets cement and clinker in India and internationally. The company offers ordinary Portland, Pozzolana Portland, and Portland slag cement products. It also offers Shakti Rath, a mobile technical assessment lab for on-demand onsite concrete testing. Sanghi Industries Limited is a subsidiary of Ambuja Cements Limited. SCORE INFORMATION: Ind-Ra Affirms BB- Loan Rating, Outlook Stable ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on Score Information Technologies Limited's (SITL) bank facilities: -- INR30 mil. Proposed non-fund-based working capital limits assigned with IND A4+ rating; -- INR55 mil. Fund-based working capital limits affirmed with IND BB-/Stable rating; and -- INR100 mil. (reduced from INR130 mil.) Non-fund-based working capital limit affirmed with IND A4+ rating. Analytical Approach Ind-Ra continues to factor in availability of support to SITL from the Kolkata-based Kankaria group on account of the moderate to strong legal, operational, and strategic linkages among them. Furthermore, SITL has received support from the group's non-banking financial companies in the form of unsecured loans. Detailed Rationale of the Rating Action The affirmation reflects SITL's continued small scale of operations, modest EBITDA margins, weak credit metrics and stretched liquidity in FY24. In FY25, Ind-Ra expects the revenue and credit metrics to improve, while the EBITDA margin is likely to stay at similar levels. The ratings remain supported by the promoters' experience of more than two decades in the IT industry and support from group companies. Detailed Description of Key Rating Drivers Small Scale of Operations; Revenue Growth: SITL's revenue increased to INR316 million in FY24 (FY23: INR275 million) and its EBITDA rose to INR10.58 million (INR9.39 million), backed by an improvement in the execution of projects. During 10MFY25, the company booked revenue of INR288 million. As on 1 February 2025, SITL had an unexecuted order book of INR200 million, to be completed by July 2025. In FY25, Ind-Ra expects the revenue to improve on a yoy basis because of timely execution of ongoing projects. Modest EBITDA Margins: SITL's EBITDA margin remained largely stable at 3.34% in FY24 (FY23: 3.41%) owing to similar nature of operations. The return on capital employed was 2.6% in FY24 (FY23: 2.2%). Ind-Ra expects the margin to remain at similar levels in FY25. Weak Credit Metrics: The gross interest coverage (operating EBITDAR/gross interest expense) improved to 1.4x in FY24 (FY23: 1.2x) and net financial leverage (adjusted net debt/operating EBITDAR) to 5.1x (9.4x ) due to a decrease in total debt to INR54 million (INR95 million) and consequent fall in interest expenses. The total debt decreased due to repayment of the unsecured loans that had been infused by the group's non-banking financial companies. In FY25, Ind-Ra expects the credit metrics to improve owing to a likely improvement in the scale of operations, further decrease in unsecured loans and the absence of any debt-led capex plans. Stretched Liquidity: Please refer to the liquidity section. Experienced Directors; Established Position: The directors of the group have more than two decades of experience in IT industry. This has helped the company establish strong relationships with customers as well as suppliers. Group Support: The ratings remain supported by SITL being a part of the Kolkata-based Kankaria group, which is among the largest jute manufacturers in India. SITL has received support from the group's non-banking financial companies in the form of unsecured loans (FY24: INR22.4 million). Furthermore, the company's bank facilities are guaranteed by the group's promoter. Ind-Ra expects SITL to continue to receive support from the group in the long term. Liquidity Stretched: SITL's average maximum utilization of the fund-based limits was 89% and that of the non-fund-based limits was 67% during the 12 months ended January 2025. The net working capital cycle remained elongated but improved to 160 days in FY24 (FY23: 246days), mainly on account of a decrease in debtor days to 143 days (199 days). The company provides credit period of 90-120 days to its customers and receives credit period of 30-45 days credit period from its suppliers. The inventory holding period ranges between 40-60 days. The cash flow from operations turned positive at INR42 million in FY24 (FY23: negative INR20 million) due to a decline in working capital requirements. Furthermore, the free cash flow turned positive at INR41.6 million (FY23: negative INR20 million) because of the absence of any capex during the year. SITL has debt repayment obligations of INR0.56 million in FY25, with no further debt obligations. The cash and cash equivalents stood at INR0.14 million at FYE24 (FYE23: INR0.08 million). SITL 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 credit metrics and liquidity position, all on a sustained basis, and/or absence of timely support from the group could lead to a negative rating action. Positive: An improvement in the scale of operations, leading to an improvement in the credit metrics, with the interest coverage exceeding 1.5x and/or an improvement in the liquidity position and working capital cycle, all on a sustained basis, could lead to a positive rating action. About the Company Incorporated in 2000, SITL operates in the information and technology sector and is mainly involved in closed- circuit television surveillance system integration. It also deals in the issue of smart cards, installation of public address systems, software development and maintenance and smart card application solutions. The company's registered office is in Kolkata. SHREERAKSHYAN INFRACON: Ind-Ra Moves BB Rating to NonCooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of SHREERAKSHYAN INFRACON PRIVATE LIMITED to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR40 mil. Fund Based Working Capital Limit Outlook revised to Negative; rating migrated to non-cooperating category with IND BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; -- INR20 mil. Fund Based Working Capital Limit Outlook revised to Negative; rating migrated to non-cooperating category with IND BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; -- INR190 mil. Non-Fund Based Working Capital Limit Outlook revised to Negative; rating migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR60 mil. Non-Fund Based Working Capital Limit Outlook revised to Negative; rating 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. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action 1. For Investment Grade: 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 Outlook revision to Negative from Stable reflects the likelihood of downgrade of ratings to sub-investment grade on continued non-cooperation for six months. In line with the regulatory requirement, if an issuer has an investment grade rating outstanding while being non-cooperative for more than six months with Ind-Ra, then the agency will necessarily downgrade such rating to the non-investment grade while maintaining the Issuer Not Cooperating status. 2. For Sub Investment Grade: 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 No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency. Ind-Ra had consistently followed up with SHREERAKSHYAN INFRACON PRIVATE LIMITED over emails starting from December 31, 2024, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of SHREERAKSHYAN INFRACON PRIVATE LIMITED on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect SHREERAKSHYAN INFRACON PRIVATE LIMITED's credit strength. If an issuer does not provide timely No Default Statement, 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 Incorporated in 2014, Odisha-based SRIPL constructs canals and roads for various government departments. Hara Gopal Patro and Sonika Patro are the promoters. SHRUTHI MILK: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Shruthi Milk Products (P) Ltd in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/ [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 15.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 5.94 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short Term- 0.06 [ICRA]D; ISSUER NOT COOPERATING; Non Fund Based Rating Continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Shruthi Milk Products (P) Ltd, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Shruthi Milk Products (P) Ltd was incorporated in 2009 by Mr. Kannaiah Reddy. The company manufactures milk and other value-added dairy products including flavored milk, butter milk, curd, ghee and ice cream, and markets the same under the brand name 'Shruthi'. The manufacturing plant is located in Chittoor, Andhra Pradesh with a milk-processing capacity of 1.30 lakh litres per day. SML has strong distribution network spread across Andhra Pradesh, Tamil Nadu and Karnataka. It also has 16 exclusive retail outlets for selling its products. SRG SPINNING: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the long-term rating of SRG Spinning And Weaving Mills Private Limited (SRG) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SRG, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. SRG Spinning and Weaving Mills Private Limited (SRG) was incorporated in February 2013 and commenced the commercial operations in June 2014. The company is engaged in the business of manufacturing of grey fabric from synthetics and cotton yarn. The plant of the company is located at Kishangarh with a total installed capacity of 42 Lakh Meter Per Annum for manufacturing of grey fabrics. In FY2018, the company reported a net profit of INR0.09 crore on an operating income of INR33.13 crore, as compared to a net profit of INR0.06 crore on an operating income of INR31 crore in the previous year. THAMES STEELS: CRISIL Lowers Long/Short Term Ratings to D --------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Thames Steels Private Limited (TSPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B-/Stable ISSUER NOT COOPERATING') Short Term Rating - CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL A4 ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with TSPL for obtaining information through letters and emails dated January 5, 2024 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. 'Investors, lenders and all other market participants should exercise due caution with reference to the rating assigned or reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating has been arrived at without any interaction with the management and is based on best available, limited or dated information regarding the company. Such non-cooperation by a rated entity may be a result of weakening of its credit risk profile. Rating with the 'ISSUER NOT COOPERATING' suffix lacks a forward-looking component' Detailed Rationale Despite repeated attempts to engage with the management of TSPL, CRISIL Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of CRISIL Ratings to take a forward-looking view on the credit quality of the company. The rating action on TSPL is consistent with the criteria detailed in 'Assessing information adequacy risk'. Based on the last-available information, CRISIL Ratings has downgraded its rating on the bank facilities of TSPL to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL B-/Stable/CRISIL A4 Issuer Not Cooperating'. As per the information available in the public domain, there remains delinquency in the entity's accounts and clarity about it from the management and bankers are awaited. TSPL, incorporated in 2004, started commercial operations in 2017. The company is based in Noida, Uttar Pradesh, and manufactures aluminum aerosol cans. Mr. Rakesh Agarwal, Mr. Vijay Gupta, and Mr. Pradeep Agarwal are the promoters. VIJAY PULSE: ICRA Keeps B Ratings in Not Cooperating Category ------------------------------------------------------------- ICRA has kept the ratings for the bank facilities of Vijay Pulse Pvt. Ltd. under the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.17 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Vijay Pulse Pvt. Ltd., ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to remain under the "Issuer Not Cooperating" category. The rating is based on the best available information. The company's operations were initially started in the name of Shiv Pulse in early 1995 as a milling unit for processing of pigeon peas (toor dal). In 2002, the entity started processing gram flour in the name of Vijay Pulse Pvt Ltd (VPPL). The company is managed by Mr. Uday Vikani and two other directors. The company's manufacturing facility is located at Veraval, Shapar (Rajkot), Gujarat with an installed annual capacity of producing 10,500 MTPA of gram flour. VINAYAK SUPPORT: Ind-Ra Keeps BB Loan Rating in NonCooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Vinayak Support Services Private Limited's (VSSPL) bank facilities' ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating actions are: -- INR52 mil. Fund-based working capital limits* maintained in non-cooperating category and withdrawn; and -- INR42 mil. Term loan* due on March 31, 2023 is withdrawn. * Maintained at 'IND BB'/Stable (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 request for withdrawal of ratings, no-objection certificate and no-dues 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 VSSPL while reviewing the rating. Ind-Ra had consistently followed up with VSSPL 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 VSSPL, 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. VSSPL has been non-cooperative with the agency since March 2019. About the Company VSSPL began operations in 1993 in Jharkhand under the name Diamond Marketing Private Limited. In August 2015, the company changed its name to VSSPL. It transports bauxite and supplies coal to power units. VIRUTCHAM MICROFINANCE: Ind-Ra Moves BB+ Rating to Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has revised the Outlook on Virutcham Microfinance Limited's (VML) bank loan to Negative from Stable and has simultaneously migrated the rating to the non-cooperating category. The rating has simultaneously been withdrawn on the issuer's request. The detailed rating actions are: -- INR840 mil. Bank loan# Outlook revised to Negative; migrated to non-cooperating category and withdrawn. Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on best available information #Migrated to 'IND BB+/Negative (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The Outlook revision to Negative indicates the non-cooperation could be symptomatic of possible disruption/distress in the issuer's business. The rating has been migrated to the non-cooperating category as the issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls, and has not provided information about the latest audited financial statement, sanctioned bank facilities, business plans and projections for the next three years. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra has withdrawn the rating as it has received a withdrawal request from the issuer and a no-objection certificate from the lenders. 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 interaction with VML while reviewing the rating. Ind-Ra had consistently followed up with VML over emails, apart from phone calls, from December 2024. Limitations regarding Information Availability Ind-Ra has reviewed the credit rating of VML on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect VML's credit strength. 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 rating was last reviewed on January 17, 2024. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the rating. About the Company VML was incorporated as a non-bank financial company on 8 July 2008 and was converted into a non-bank financial company-micro finance institution on 6 June 2014. The company started its microfinance operations in November 2008. It primarily provides microfinance services to women in the rural areas of India. YASHODHAN HIGHWAYS: Ind-Ra Hikes Term Loan Rating to B+ ------------------------------------------------------- India Ratings and Research (Ind-Ra) has upgraded Yashodhan Highways Private Limited's (YHPL) bank loan rating to 'IND B+' from 'IND B' with a Stable Outlook as follows: -- INR2.60bil. Term loan due on December 31, 2038* upgraded with IND B+/Stable rating. *Tentative; will be confirmed upon achievement of commercial operations date (COD) Analytical Approach Ind-Ra continues to take a standalone view of YHPL to arrive at the rating because of the restricted payment conditions and waterfall arrangements, as per the financing documents. Any contribution by the sponsor, DRN Infrastructure Private Limited (DRN), in the form of unsecured loans will be subordinated to the senior debt and any interest/principal payable on the same from the project cash flows will be made only after the compliance with restricted payment conditions, according to financing documents. Detailed Rationale of the Rating Action The upgrade reflects achievement of 80.22% physical progress with a proportionate financial progress as per lender's independent engineer (LIE) report for December 2024. Further, YHPL entered into a settlement agreement with the National Highways Authority of India (NHAI; 'IND AAA'/Stable) in August 2024 for the revision in project completion date to March 31, 2025 plus 90 days grace period with the acquisition of the entire carriage way available for construction. Management expects to apply for provisional commercial operations date (PCOD) within the grace period. YHPL's financing documents recognizes default in DRN as an event of default for YHPL. The weak credit profile of the sponsor DRN continues to be a constraint, although, DRN has supported YHPL in meeting monthly interest payment as the interest during construction period has exceeded the estimated interest during construction as part of initial project cost. YHPL will require support from DRN to meet interest outflow till PCOD is achieved and receives disbursement from the lender for the funding of interest, and operations and maintenance (O&M) for six months post the PCOD. Furthermore, the rating takes cognizance of the 100% equity infusion according to management and reasonable experience of the sponsor-cum-EPC contractor in the road sector. The rating also factors in the presence of the sponsor-support undertaking during the construction period, strong characteristics of hybrid annuity mode (HAM)-based road projects, such as inflation-linked construction grants and operational annuities to be received from the NHAI. Detailed Description of Key Rating Drivers Stretched Liquidity of Sponsor-cum-EPC Contractor: DRN had free cash and cash equivalents of around INR0.05 billion at FYE24 (FYE23: INR0.21 billion). The sponsor's average monthly utilization of the fund-based working capital limits was 100% during the 12 months ended February2025. DRN had modest credit metrics and medium scale of operations in FY24 and 1HFY25. DRN's revenue declined to INR5.22 billion in FY24 (FY23: INR6.4 billion), owing to a slower execution of its ongoing projects. The overall EBITDA remained at INR1.15 billion in FY24 (FY23: INR1.1 billion), due to lower operating revenue. In 1HFY25, the company generated revenue of INR2.30 billion and EBITDA of INR0.56 billion. Management expects DRN to achieve revenue of INR6.30 billion in FY25. The net leverage (net debt/EBITDA) increased to 5.4x in FY24 (FY23: 4.8x). As on 31 December 2024, the sponsor had an order book of INR37,170 million (including INR6,000 million of 15-year O&M contract) with geographical diversification and mix of contracts from sewage plants, dams and roads contracts. However, the presence of a cross-default clause in YHPL's financing documents, which defines debt servicing default by DRN as an event of default for YHPL makes DRN's profile constrains the rating. Residual Construction Risk: The project achieved 80.22% physical progress with a proportionate financial progress of 83.27% as per lender's independent engineer report for December 2024. YHPL had entered into a settlement agreement with the NHAI in August 2024 with the revised project completion date of March 31, 2025 plus 90 days grace period. Management plans to achieve PCOD by May 2025 with 90% physical progress, which is more than two years of extension from the original scheduled completion date. The major reason of delays were land issues and unseasonal rains. Utility shifting of high-tension electric towers is underway while the entire unencumbered land on main carriageway is available for construction and only 0.3km of service road is pending to be received. YHPL has received four out of the five payment milestone payments from the NHAI, totaling to INR2,882.4 million (gross amount excluding GST) with only a minor deduction of about INR8 million. YHPL expects to receive the last milestone payment before 15 April 2025 and is critical for meeting the balance hard cost. The total project cost is being funded by a mix of NHAI grants, sponsor contribution and a term loan of INR2,980 million, INR1,620 million and INR2600 million, respectively. The sponsor had infused the entire equity requirement. The EPC contractor for the road project is DRN, with which YHPL has entered into a fixed-price contract. The EPC cost (inclusive of GST) stands at INR6,500 million, in line with the financing document; this accounts for approximately 90% of the estimated project cost of INR7,200 million. Low Revenue Risk: Post the commissioning of the project, YHPL will receive revenue from three streams from the NHAI: a) 60% of the bid project cost adjusted for the Price Index Multiple until the time of the COD in the form of biannual annuity instalments over 15 years; b) interest on outstanding annuity amount on a reducing balance basis at the interest rate equal to bank rate plus 3%; and c) inflation-adjusted O&M quote of INR90 million per annum. The Price Index Multiple comprises 70% of Wholesale Price Index and 30% of Consumer Price Index. Based on the actual inflation, there is a significant improvement in the adjusted bid project cost and has led to an improvement in the debt service coverage ratio. YHPL has received change in law payment on construction grants related to an increase in goods and sales tax (GST) to 18% from 12% from July 2022. YHPL expects to receive the GST amounts applicable on annuity, interest and O&M payments. YHPL could have deductions in annuity in case of lapses in maintenance or lane availability during operations period. YHPL plans to have O&M agreement with DRN. The experience of DRN in the road sector is comfortable and terms and cost in O&M agreement is monitorable. Adequate Debt Structure: The rated term debt features a waterfall mechanism and any upstreaming of cash flow will be subject to the meeting of restricted payment conditions. It also features a debt service reserve (DSR) equivalent to six months of debt service obligations, and a major maintenance reserve as per the base case business plan. The DSR is a part of the project and to be created at the time of PCOD. The debt is amortizing in nature with 26 structured half-yearly instalments post the PCOD, leaving a tail period of four annuities. According to management, the current outstanding debt is about INR2,060 million and the lender will disburse about INR180 million for project expenses, leading to outstanding debt of INR2,240 million. The balance INR360 million on account of O&M, interest reserve and DSR will be disbursed post the achievement of PCOD. Liquidity Stretched: A visibility of funding the balance hard cost for project completion is available through debt disbursement and fifth milestone payment. However, DRN's stretched liquidity o is a concern since it will be funding IDC in YHPL. The funding of interest and O&M expenses for six months post the PCOD and six months of DSR is a positive, although disbursement of the same through debt will occur post the achievement of PCOD. Rating Sensitivities Positive: Future developments that could lead to a positive rating action are: -- achievement of the PCOD; -- the creation of a DSR to meet interest and O&M cost for the first six months post the achievement of PCOD; and -- an improvement in the credit profile of the sponsor. Negative: Future developments that may, individually or collectively, lead to a rating downgrade include: -- delay in achieving the PCOD beyond June 2025 without visibility of extension in timeline from the NHAI; -- significant cost overrun and/or any delays or deductions in the receipt of construction grant; -- the absence of timely sponsor support for project cost escalations during the construction period; and -- deterioration in the credit profile of the sponsor or the concession authority. About the Company YHPL is special purpose vehicle incorporated by DRN. The NHAI has granted a 17-year concession period (including two-year construction period) for four laning of 36.505km Kamalapuram-Oddanchatram section of National Highway - 209km from 0km to 35+822km on hybrid annual model basis in Tamil Nadu. The concession agreement was signed on December 5, 2019. YAXIS STRUCTURAL: Ind-Ra Withdraws BB Bank Loan Rating ------------------------------------------------------ India Ratings and Research (Ind-Ra) has taken the following rating actions on Yaxis Structural Steels Private Limited's (YSSPL) bank facilities: -- INR300 mil. Fund-based working capital limit* affirmed and withdrawn; -- INR50 mil. Term loan** due on September 15, 2029 affirmed and withdrawn; and -- INR50 mil. Non-fund-based working capital limit*** affirmed and withdrawn. *Affirmed at 'IND BB'/Stable/'IND A4+' before being withdrawn **Affirmed at 'IND BB/ Stable' before being withdrawn ***Affirmed at 'IND A4+' before being withdrawn Detailed Rationale of the Rating Action The ratings are constrained by YSSPL's poor liquidity. The ratings reflect an improvement in YSSPL's scale of operations and EBITDA margin in FY24 and Ind-Ra's expectation of further improvement in the same in FY25. The ratings remain supported by experienced promoters. Ind-Ra is no longer required to maintain the ratings, as it has received a no-objection certificate from the lender and withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Continued Small Scale of Operations: The ratings reflect an improvement in YSSPL's revenue to INR1,628.34 million in FY24 (FY23: INR1,355.48 million) and an improvement in its EBITDA to INR93.41 million (INR67.21 million). The scale of operations remained small. In FY24, the revenue improved on account of an increase in the number of orders received by the company. During 7MFY25, YSSPL earned a revenue of INR1,239.77 million and it had an order book of INR394.06 million at end-December 2024, to be executed by February 2025. In FY25, Ind-Ra expects the revenue to improve on a yoy basis, considering the 7MFY25 revenue, and the existing order book, and the likely receipt of new orders during the year. Credit Metrics Remain Modest: The ratings also reflect YSSPL's modest credit metrics as reflected in an interest coverage (operating EBITDA/gross interest expenses) of 2.54x in FY24 (FY23: 2.79x) and a net leverage (adjusted net debt/operating EBITDAR) of 5x (5.33x). In FY24, the interest coverage declined due to the gross interest expenses increasing to INR36.84 million (FY23: INR24.08 million) and the net leverage improved on account of the increased EBITDA. In FY25, Ind-Ra expects the credit metrics to remain at similar levels, despite an increase in the interest expense, supported by an improvement in the margins Improved EBITDA Margin: The ratings also factor in an increase in YSSPL's EBITDA margin to an average 5.74% in FY24 (FY23: 4.96%), with a return on capital employed of 14% (14.4%). In FY24, the EBITDA margin improved owing to the securing of higher-margin orders and better absorption of fixed cost. In FY25, Ind-Ra expects the EBITDA margin to remain at similar levels. Experienced Promoters: The ratings are supported by the promoters' experience of nearly three decades in steel manufacturing, leading to well-established relationships with customers as well as suppliers. Liquidity Poor: YSSPL's average maximum utilization of its fund-based limits was 99.63% during the 12 months ended November 2024 with one instance of overutilization of up to six days; Ind-Ra expects the utilization to have remained at similar levels over the subsequent period. The cash flow from operations declined to INR3.05 million in FY24 (FY23: INR13.98 million) on account of an unfavorable change of INR64.45 million in the working capital (INR33.50 million). Furthermore, the free cash flow turned negative at INR22.44 million in FY24 (FY23: INR10.38 million) due to capex of INR25.49 million. The net working capital cycle remained elongated and largely stable at 91 days in FY24 (FY23: 92 days) due to similar working capital days policy. YSSPL has debt repayment obligations of INR13 million and INR14.60 million in FY25 and FY26, respectively. The cash and cash equivalents stood at INR4.16 million at FYE24 (FYE23: INR8.65 million). Furthermore, YSSPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. About the Company YSSPL, which was incorporated in June 2019, is a Pune-based company, involved in the manufacturing of structural steel products such as W-Beam, serrated flat bars, plain flat bars, beam, channel, angle, round bars, square bars and rolled steel joist poles. ================= I N D O N E S I A ================= BUMI SERPONG: Moody's Withdraws 'Ba3' Corporate Family Rating ------------------------------------------------------------- Moody's Ratings has withdrawn Bumi Serpong Damai TBK (P.T.)'s Ba3 corporate family rating. Prior to the withdrawal, the outlook on the rating was stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). Established in 1984, Bumi Serpong Damai TBK (P.T.) (BSD) is the largest developer listed on the Indonesia Stock Exchange by market capitalization. The company and its subsidiaries are engaged in the development, management and operation of residential townships, condominium towers, office buildings, retail malls and hotel properties. The company is sponsored by Sinarmas Land Limited, which had an effective shareholding of around 67% in BSD as of September 30, 2024. ===================== N E W Z E A L A N D ===================== AZTEC PACKAGING: Deloitte Appointed as Receivers ------------------------------------------------ David Sean Webb and Robert Edward Campbell of Deloitte on March 7, 2025, were appointed as receivers and managers of Aztec Packaging Group Limited. The receivers and managers may be reached at: Deloitte Level 20, Deloitte Centre 1 Queen Street Auckland 1010 LIBELLE GROUP: School Lunch Supplier Placed in Liquidation ---------------------------------------------------------- The New Zealand Herald reports that more than 500 jobs are at risk after the food service provider contracted to deliver the government's school lunches programme was tipped into liquidation on March 11. Libelle Group delivers approximately 125,000 meals daily as part of the Government's Ka Ora, Ka Ako Healthy School Lunches programme. Robert Campbell and David Webb of Deloitte New Zealand were appointed liquidators of the company, which had been in business for more than 20 years, NZ Herald discloses. Libelle is contracted by Compass Group New Zealand Limited - an arm of the multinational catering company - to deliver the school lunches, NZ Herald says. Compass Group leads the School Lunch Collective, which was awarded the NZD85 million annual school lunch contract last year as part of Associate Education Minister David Seymour's Healthy School Lunches reform. The new programme only started rolling out to schools in January. "The liquidators are undertaking a full and urgent review of all of Libelle's operations, with our immediate focus being working with Libelle's employees and affected stakeholders to ascertain the way forward, including ensuring students around New Zealand continue to receive their school lunches," NZ Herald quotes Mr. Webb as saying earlier in March 11. NZ Herald relates that Mr. Seymour said the liquidation process will not materially impact the provision of school lunches. "This is a commercial matter between Compass and Libelle. Compass has assured the ministry that any disruption will be minimised, and the liquidation process will not materially impact the provision of school lunches. "To ensure the uninterrupted delivery of the school meals provided by Libelle central production kitchens, the Compass Group has told the ministry that it will assume operations during this transition and take responsibility for providing meals every school day." According to NZ Herald, Compass boss Paul Harvey said his priority remains ensuring that 120,000 students continue to receive nutritious meals every school day through the Ka Ora, Ka Ako Healthy School Lunches programme. "Deloitte, as liquidator, has asked Compass Group New Zealand to help manage the transition and ensure stability while exploring options for Libelle's future," NZ Herald quotes Mr. Harvey as saying. "To minimise disruption, Compass has taken immediate steps to support Libelle, including ensuring staff wages are paid and keeping kitchen facilities running. "We recognise the vital role that Libelle's staff and partners play in delivering school lunches, and we are committed to ensuring the future of Libelle as part of the programme and supporting its people through this process." Mr. Seymour reformed the Healthy School Lunches programme last year, saying it would save taxpayers' dollars. But so far it's been plagued with issues under the new contractor, including late deliveries, lunches not turning up and issues with the quality of food. It's led to upset parents and principals across New Zealand pleading with the Government to revert to the old school lunch system, NZ Herald notes. LONGEVITY CONSTRUCTION: Creditors' Proofs of Debt Due on March 21 ----------------------------------------------------------------- Creditors of Longevity Construction Limited are required to file their proofs of debt by March 21, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 16, 2024. The company's liquidator is: TJG Allan (Koby Meshulam-Weiss acting) Grove Darlow and Partners, Solicitors Level 9, 2 Commerce Street Auckland MARATHON BUILDERS: Grant Bruce Reynolds Appointed as Liquidator --------------------------------------------------------------- Grant Bruce Reynolds of Reynolds & Associates on March 4, 2025, was appointed as liquidator of Marathon Builders Limited. The liquidator may be reached at: Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 ON SITE COFFEE: Creditors' Proofs of Debt Due on April 11 --------------------------------------------------------- Creditors of On Site Coffee Taupo Limited are required to file their proofs of debt by April 11, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 5, 2025. The company's liquidator is: Digby John Noyce RES Corporate Services Limited PO Box 301890 Albany Auckland 0752 RK SONI: Court to Hear Wind-Up Petition on March 20 --------------------------------------------------- A petition to wind up the operations of RK Soni Limited will be heard before the High Court at Christchurch on March 20, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Jan. 16, 2025. The Petitioner's solicitor is: Nanette Cunningham Inland Revenue, Legal Services PO Box 1782 Christchurch 8140 =============== P A K I S T A N =============== PAKISTAN: China Rolls Over US$2 Billion Loan -------------------------------------------- Reuters reports that China rolled over a $2 billion loan to Pakistan, the adviser to the finance minister of Pakistan, Khurram Schehzad, told Reuters in a text message on March 8. According to Reuters, Pakistan is working to strengthen its finances after securing a $7 billion International Monetary Fund bailout in September 2024. The first installment of the loan is currently under review, and if successful, Pakistan will receive an additional $1 billion. Reuters says securing external financing has previously been a key condition for the IMF to approve bail-out deals for the cash-strapped nation. The South Asian nation needs to repay over $22 billion in external debt in fiscal year 2025, including nearly $13 billion in bilateral deposits, Fitch said, notes the report. About Pakistan Pakistan is a country located in South Asia. It has a coastline along the Arabia Sea and the Gulf of Oman and is bordered by Afghanistan, China, India, and Iran. Pakistan's capital is Islamabad. In late August 2024, Moody's Ratings upgraded the Government of Pakistan's local and foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa3. Concurrently, the outlook for Government of Pakistan is changed to positive from stable. In July 2024, S&P Global Ratings affirmed its 'CCC+' long-term sovereign credit rating and 'C' short-term rating on Pakistan. The outlook on the long-term rating is stable. In August 2024, Fitch Ratings upgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. ===================== P H I L I P P I N E S ===================== MONDE NISSIN: Expects PHP7.3 Billion Impairment Loss in 2024 ------------------------------------------------------------ Bilyonaryo.com reports that Monde Nissin led by bilyonaryo Betty Ang is still refusing to wave the white flag on its fake meat brand Quorn despite racking up nearly PHP40 billion in impairment losses over the last three years. According to Bilyonaryo.com, Monde CEO Henry Soesanto revealed that the noodles and biscuit giant expects an impairment loss of GBP80 million to GBP100 million (PHP7.3 billion) in 2024 from its struggling meat alternative business. And the losses could climb even higher - Monde also warned of a major accounting hit due to a drop in the fair market value of an asset it holds as a guarantee. The company blamed this on "unfavorable changes in volatility, interest rates, and stock prices." Still, Mr. Soesanto is trying to spin the food flop as a win, Bilyonaryo.com relays. "Although substantial, this figure is notably lower than last year's impairment," he said. Monde booked impairment losses of PHP20.5 billion in 2022 and PHP10.1 billion in 2023 from Quorn, Bilyonaryo.com discloses. Despite the billions going down the drain, Mr. Soesanto remains optimistic. "Despite these challenges—both the impairment and the mark-to-market loss—we expect our consolidated net income after tax to return to positive territory for the full year," Bilyonaryo.com quotes Mr. Soesanto as saying. "We expect to have sufficient retained earnings, providing flexibility to declare dividends." But the reality remains grim: Quorn's sales are still in freefall, with Monde admitting that the brand continues to struggle amid a mid-teen percentage sales decline last year, relates the report. Monde is trading at 40 percent below its initial public offering price of PHP13.50 in 2021, Bilyonaryo.com notes. Monde Nissin Corporation engages in manufacturing, processing, and baking, among others, all kinds of goods like candies, confectionaries, biscuits, cakes and other foods, drugs, and cosmetics. MONDE has two core businesses namely, the Asia-Pacific branded food and beverage (F&B) business and the meat alternative business. The Asia-Pacific branded F&B business is further divided into the product groups of instant noodles, biscuits, and other products such as beverages, baked goods and culinary aid. Some of the brands under this business include "Lucky Me!", "SkyFlakes", "Fita", and "Mama Sita's". The meat alternative business meanwhile has the "Quorn" and "Cauldron" brands. ================= S I N G A P O R E ================= MA SUPPLEMENTS: RSM Singapore Appointed Provisional Liquidators --------------------------------------------------------------- Ng Kian Kiat and Goh Wee Teck of RSM Singapore on March 4, 2025, were appointed as provisional liquidators of MA Supplements Pte. Ltd. The provisional liquidators may be reached at: Ng Kian Kiat Goh Wee Teck 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 TNP FITNESS: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Feb. 28, 2025, to wind up the operations of TNP Fitness Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidator is: Mr. Gary Loh Weng Fatt c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 TO-GATHER DINING: Creditors' Proofs of Debt Due on April 7 ---------------------------------------------------------- Creditors of To-Gather Dining Bar Pte. Ltd. are required to file their proofs of debt by April 7, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 3, 2025. The company's liquidators are: Lau Chin Huat Yeo Boon Keong c/o Technic Inter-Asia 50 Havelock Road #02-767 Singapore 160050 TRACSIM PTE: Creditors' Proofs of Debt Due on April 6 ----------------------------------------------------- Creditors of Tracsim Pte. Ltd. are required to file their proofs of debt by April 6, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 26, 2025. The company's liquidator is: Lai Kuan Loong, Victor CitadelCorp 20 Collyer Quay, #11-07 Singapore 049319 TRANSYSTEM FA: Commences Wind-Up Proceedings -------------------------------------------- Members of Transystem FA. Pte. Ltd. on Feb. 28, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Seah Chee Wei Rock Stevenson Pte Ltd 8 Burn Road Trivex #16-12 Singapore 369977 ********* 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 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***