/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/250428.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, April 28, 2025, Vol. 28, No. 84 Headlines A U S T R A L I A ALBINS PERFORMANCE: First Creditors' Meeting Set for May 5 E & R TILING: Second Creditors' Meeting Set for May 5 GREBOL PTY: First Creditors' Meeting Set for May 8 KAROON ENERGY: Fitch Affirms 'B' LongTerm Foreign Currency IDR RODRIGUES TRANSPORT: First Creditors' Meeting Set for May 2 YOUR SUPPORT: Second Creditors' Meeting Set for May 2 ZERO CO: Cleaning Products Startup to Shut Down on April 30 B A N G L A D E S H BANGLADESH: Inks US$850M Deal With World Bank to Boost Trade, Jobs C H I N A CHINA HONGQIAO: Fitch Affirms 'BB+' LongTerm Foreign Currency IDR I N D I A ANNAI CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating ASSERTS AI: Voluntary Liquidation Process Case Summary BALAJI PLASTIC: ICRA Keeps B+ Ratings in Not Cooperating Category BOULEVARD PROJECTS: Max Estates Takes Over Delhi One Project CASHEE TECH: Voluntary Liquidation Process Case Summary CLEAN COAL: ICRA Keeps B+ Ratings in Not Cooperating Category COMET GRANITO: CARE Lowers Rating on INR35.09cr LT Loan to D CONTINENTAL HOSPITALS: Ind-Ra Cuts Bank Loan Rating to BB D & H SECHERON: Ind-Ra Moves BB+ Loan Rating to Non-Cooperating DELHI INT'L AIRPORT: S&P Upgrades ICR to 'BB' on Higher Tariffs EMMANUEL RESORTS: CARE Keeps B- Debt Rating in Not Cooperating EXCELL AUTOVISTA: Ind-Ra Corrects April 1, 2025 Rating Release FEDMAC EXPORTS: Voluntary Liquidation Process Case Summary GKB VISION: CARE Keeps B- Debt Rating in Not Cooperating Category GREENSEED AGRO: Insolvency Resolution Process Case Summary HEDISA INDIA: Voluntary Liquidation Process Case Summary IND-BARATH POWER: CARE Keeps D Debt Ratings in Not Cooperating IND-BARATH THERMAL: CARE Keeps D Debt Ratings in Not Cooperating JAIPRAKASH ASSOCIATES: Announces Final List of 25 Bidders JBC INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating JENBACHER DISTRIBUTED: Voluntary Liquidation Process Case Summary JET FREIGHT: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable KARNAL AGRICULTURAL: Insolvency Resolution Process Case Summary KUMARAPALAYAM TOLLWAYS: Ind-Ra Keeps D Rating in NonCooperating KUNDLI MANESAR: Ind-Ra Keeps D Loan Rating in NonCooperating MAHADEV BUILDING: CARE Keeps B- Debt Rating in Not Cooperating MERRITO POLYMERS: CARE Keeps C Debt Rating in Not Cooperating NORDIC BAZAAR: Ind-Ra Assigns B Bank Loan Rating, Outlook Stable OM HYDROPOWER: Ind-Ra Affirms BB+ Rating, Outlook Stable ORISSA STATE: Ind-Ra Cuts Loan Rating to B+ PACIFIC JUTE: Ind-Ra Withdraws BB- Bank Loan Rating PALAK FERRO: CARE Keeps D Debt Rating in Not Cooperating Category PIONEER GENCO: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable PIONEER POWER: Ind-Ra Affirms BB+ Bank Loan Rating QUIET PLATFORMS: Voluntary Liquidation Process Case Summary RAVINDRA BHARATHI: Ind-Ra Keeps D Rating in NonCooperating RENUKA FARMERS: CARE Keeps D Debt Ratings in Not Cooperating RUNGTA PROJECTS: ICRA Keeps B+ Ratings in Not Cooperating SAI GLOBAL: ICRA Keeps D Debt Ratings in Not Cooperating Category SANTOSH BEEJ: CARE Keeps B- Debt Rating in Not Cooperating SARASWATI MEDICAL: Ind-Ra Cuts Bank Loan Rating to BB- SARAVANA BUILDWELL: ICRA Keeps D Debt Rating in Not Cooperating SB URBANSCAPES: ICRA Keeps B Debt Rating in Not Cooperating SDB SECURITY: Ind-Ra Gives BB+ Bank Loan Rating, Outlook Stable SITARAM INFRAPROJECTS: Ind-Ra Withdraws BB+ Bank Loan Rating SONA SATI: Ind-Ra Keeps B- Loan Rating in NonCooperating SRIDARSHAN GOLD: CARE Keeps B- Debt Rating in Not Cooperating SRINIVASAN CHARITABLE: Ind-Ra Keeps D Rating in NonCooperating SRINIVASAN HEALTH: Ind-Ra Keeps D Rating in NonCooperating SUN ENTERPRISE: ICRA Keeps B+ Debt Rating in Not Cooperating SUN PSYLLIUM: ICRA Keeps B+ Ratings in Not Cooperating Category TAJSHREE MOTORS: CARE Keeps C Debt Rating in Not Cooperating TRISHAKTI AGRO: ICRA Keeps B+/A4 Debt Rating in Not Cooperating TRN ENERGY: Ind-Ra Keeps D Loan Rating in NonCooperating UTTAM INDUSTRIAL: Ind-Ra Withdraws D Bank Loan Rating VIJAYA MARUTHI: CARE Keeps B- Debt Rating in Not Cooperating VISHWA JYOTHI: ICRA Keeps B+ Debt Ratings in Not Cooperating VISHWAKARMA BUILDERS: ICRA Keeps D Debt Rating in Not Cooperating J A P A N NISSAN MOTOR: Sees US$5.3BB Loss as Restructuring Charges Mount M A L A Y S I A REACH ENERGY: To Be Delisted on May 1 N E W Z E A L A N D COUNTER CULTURE: Creditors' Proofs of Debt Due on May 30 F C W LIMITED: Creditors' Proofs of Debt Due on May 20 JSL RENOVATORS: Court to Hear Wind-Up Petition on May 6 MOHAKA_KINGZ CONTRACTING: Creditors' Proofs of Debt Due on June 6 QUANTUM HOMES: Court to Hear Wind-Up Petition on May 19 P A K I S T A N PAKISTAN WATER: Fitch Hikes LongTerm Foreign Currency IDR to 'B-' S I N G A P O R E IN-XS SPECIALIST: Court to Hear Wind-Up Petition on May 2 INNOVATE DESIGN: Court to Hear Wind-Up Petition on May 2 INNOVATE INTERIOR: Court to Hear Wind-Up Petition on May 9 MIDAS DESIGN: Court to Hear Wind-Up Petition on May 2 STAR BUGS: Court Enters Wind-Up Order S R I L A N K A SRI LANKA: Gets Staff-Level IMF Agreement on 4th Review of Bailout V I E T N A M VIETNAM PROSPERITY: Moody's Affirms 'Ba3' Deposit & Issuer Ratings VINFAST AUTO: Net Loss Widens to US$1.3 Billion in Q4 of 2024 - - - - - ================= A U S T R A L I A ================= ALBINS PERFORMANCE: First Creditors' Meeting Set for May 5 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Albins Performance Transmissions Pty Ltd will be held on May 5, 2025 at 10:30 a.m. virtually by Zoom. Nathan Lee Deppeler of Worrells was appointed as administrator of the company on April 23, 2025. E & R TILING: Second Creditors' Meeting Set for May 5 ----------------------------------------------------- A second meeting of creditors in the proceedings of E & R Tiling Pty Limited has been set for May 5, 2025 at 11:00 a.m. via virtual meeting only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 2, 2025 at 5:00 p.m. Graeme Beattie of Worrells was appointed as administrator of the company on March 19, 2025. GREBOL PTY: First Creditors' Meeting Set for May 8 -------------------------------------------------- A first meeting of the creditors in the proceedings of Grebol Pty Ltd will be held on May 8, 2025 at 10:00 a.m. at the offices of Jirsch Sutherland at Level 9, 120 Edward Street in Brisbane. Christopher John Baskerville of Jirsch Sutherland was appointed as administrator of the company on April 24, 2025. KAROON ENERGY: Fitch Affirms 'B' LongTerm Foreign Currency IDR -------------------------------------------------------------- Fitch Ratings has affirmed Karoon Energy Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B'. The Outlook is Stable. Fitch has also affirmed the USD350 million senior secured notes issued under Karoon Energy's wholly owned subsidiary, Karoon USA Finance Inc., at 'B+'/'RR3'. The rating and Outlook reflect a strong financial profile but limited by its small scale of operations and limited reserves, concentrated across the Santos Basin in Brazil and in the US Gulf of Mexico (US GoM). The constraints are alleviated to some extent by lower counterparty and volume risks from the long-term volume off-take agreement with Shell plc (AA-/Stable) and its low-cost position. The Stable Outlook reflects its expectations that Karoon Energy will continue to explore new fields to address the reserve depletion at its Brazilian assets while maintaining a conservative capital structure. Key Rating Drivers Small, Concentrated Production Profile: Karoon Energy has a concentrated production profile where its key Bauna project in Brazil accounted for at least 65% of total production to 2027, and the remainder from the Who Dat/Dome Patrol asset located in the US GoM which is operated as a joint venture with LLOG Exploration Offshore LLC and LLOG Omega Holdings LLC (collectively LLOG) and the Westlawn Group Its 1P reserves of around 51.2 million barrels of oil equivalent (boe) as of 31 December 2024 translate into a 1P reserve life of around five years, based on the company's 2025 production guidance. Fitch expects its production size to remain a constraint over its forecast horizon, with net production in the range of 25,000 to 30,000 barrels of oil equivalent (boe)/day due to the depleting reserves at Bauna countered by a pick-up in production in US GoM. Lower Counterparty, Volume Risks: Karoon Energy's long-term volume off-take agreement with Shell is for all its oil produced at Bauna, with the cargoes lifted by Shell and sold to customers globally. Under this arrangement, with Shell as the off-take counterparty, Karoon Energy typically realises a price discount of around 5% to Brent on a net back basis after marketing and delivery costs. The discount is usually narrower than that of its peers. Therefore, counterparty and volume risks are lower for Karoon Energy. FPSO Acquisition Improves Efficiency: Karoon Energy had a weak operating performance in 2024, with operating efficiency of around 84.5% at its Bauna oilfield, significantly lower than its projected 92.5% mid-point target. Operational hiccups are driven largely by reliability issues of its existing Floating Production, Storage and Offloading (FPSO) facility, a full-year downtime of the SPS-88 well, and an anchor chain failure. Karoon Energy expects its acquisition of the Cidade de Itajaí FPSO facility to be completed by end-April 2025 and will cost around USD123 million in capex, inclusive of tax. The capex is fully funded with internal cash. The acquisition will allow Karoon Energy more flexibility in maintenance and overhaul works, allowing improvement in efficiencies to 88%-92% in 2025 and a long-term target of 90%-95%. Karoon Energy had reduced the FPSO maintenance backlog by end-March 2025 and improved equipment reliability through a full field shutdown which was completed ahead of schedule by around seven days, along with a successful SPS-88 well intervention. US GoM Pipeline: Karoon Energy's exploration in the US GoM basin had resulted in hydrocarbon findings in Who Dat East and South, despite a failed finding at Who Dat West. Karoon Energy expects to reach a final investment decision (FID) for at least one discovery with its JV partners by early-2026 but have not provided guidance on the related capex. Therefore, Fitch has not included the unapproved capital outlay or the likely production and earnings in its rating case. Fitch believes Karoon can leverage on existing infrastructure around Who Dat to keep expansionary capex manageable. Flexibility from Neon's Stake Reduction: Fitch has not included potential FID of the Neon project in its rating case, given the uncertainty over its timing and Karoon Energy's investment share that correspond to its eventual stake in the project. Fitch believes Karoon Energy has the flexibility to fund its capex, with announced planned equity reductions for Neon that could bring in partners to share capex commitments. Fitch has also not factored in the materialisation of these equity reductions in the rating case. A higher than expected debt-funded capex could lead to ratings pressure. Conservative Capital Structure: Fitch believes Karoon Energy will maintain a financial profile with EBITDA gross leverage of between 1.0x and 1.3x through 2028 (2024: 0.6x; 2025F: 1.3x) as its capex for existing projects can be funded by operating cash. Fitch expects EBITDA interest coverage to fall to 7.6x by 2028 from 13.5x in 2024 and for the company to return to a net cash position by 2027, following high capital outflow due to the FPSO acquisition and exploration write-offs related to Who Dat West. Peer Analysis Fitch considers Colombia's GeoPark Limited (B+/Stable), SierraCol Energy Limited (B+/Stable), Frontera Energy Corporation (B/Stable) and Gran Tierra Energy Inc. (B+/Stable) to be more comparable with Karoon Energy, given the similarities in scale and the areas of operation in Latin America (i.e. Brazil and Colombia) as independent oil and gas exploration and production companies. Frontera is rated on the same level as Karoon Energy, reflecting its similar operational scale but larger proved reserves, which largely offsets Karoon Energy's better diversification due to its operations in US GoM. Similarly, Frontera's better profitability is offset by Karoon Energy's stronger leverage and financial flexibility. GeoPark and SierraCol are rated one-notch higher than Karoon despite similar operational scale but have larger proved reserves while maintaining a comparable financial profile to Karoon. Gran Tierra, on the other hand, is rated one-notch higher than Karoon Energy as its rating reflects a larger production scale of over 60,000 bpd and double in scale from to 183mmboe to 91mmboe of 1P reserves, post-acquisition of 100% shares in i3 Energy North Sea and i3 Energy Canada Ltd. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Oil and gas price assumptions as per Fitch's base case price deck as of April 2025 Brent of USD65/65/65/60, WTI of USD60/60/60/57 and Henry Hub USD3.3/3.0/2.8/2.75 from 2025-2028 respectively, adjusted for price realisation in line with historical discounts on the benchmarks. - Annual production of around 9-10.4mmboe over 2025-2028. - Unit operating cost between USD12.5/boe and USD16.6/boe over 2025 to 2028 due to the decline in production. - Royalties of around 8% of Bauna's revenue. - Resulting EBITDA margin of between 51% and 61% over 2025 to 2028. - Capex (excluding contingent consideration and projects that have yet reached FID) of USD270 million in 2025, including the FPSO acquisition and cost related to Who Dat West's abandonment, and around USD78 million-85 million per annum thereafter. - Share buyback of USD75 million in 2025 - Effective tax rate of 30% - Dividend payout ratio of 25% Recovery Analysis KEY RECOVERY RATING ASSUMPTIONS The recovery analysis assumes that Karoon Energy would be reorganised as a going-concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Going-Concern Approach Fitch has assumed a going-concern (GC) EBITDA estimate of USD270 million, which reflects mid-cycle oil and gas price deck assumptions and net production of around 10 million boe. The declining production profile at Bauna means that an enterprise value multiple of 3.0x is used to calculate the post-reorganisation valuation, which is at the lower end of the band compared with an average 4.5x mid-cycle multiple for oil and gas and metals and mining companies globally. For the purpose of the recovery analysis, Fitch has assumed the senior secured reserve-based lending facility of USD340 million to be fully drawn and prior-ranking to the senior secured bonds of USD350 million. The allocation of value in the liability waterfall results in recovery corresponding to a Recovery Rating of 'RR2' for the senior secured notes. However, Fitch has applied the weighted average country-specific recovery rating cap of 'RR3', which results in a one-notch uplift for the bond rating from the IDR, based on the production profile between the Brazilian assets, which are in the D country grouping with an 'RR4' cap, and the US GoM assets, which are in the A country grouping with an 'RR1' cap, towards the end of the rating horizon in 2028. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade - Fitch could consider taking positive rating action if there is a significant improvement in business profile, potentially arising from an increase in gross production to above 45,000boe/day and a corresponding rise in reserves, while maintaining a reserve base of at least 115 million barrels of oil and a strong financial profile, with EBITDA leverage less than 2.5x on a sustained basis. Factors that could, individually or collectively, lead to negative rating action/downgrade - EBITDA leverage above 3.5x on a sustained basis; - EBITDA interest cover below 5.0x on a sustained basis; - Sustainable gross production falls below 25,000boe/d; - A significant deterioration in mid-cycle unit economics leading to negative CFO to capex on a sustained basis Liquidity and Debt Structure Karoon Energy had cash and cash equivalents of around USD341 million as of end-December 2024, of which USD30 million had been earmarked for the FPSO acquisition which Fitch has assumed as restricted cash. Karoon Energy does not have material debt maturing over the next 24 months. Long-term debt relates to the USD350 million senior secured bonds, which mature in 2029. Karoon Energy also has an untapped reserve-based lending (RBL) facility as of end-December 2024. Issuer Profile Karoon Energy is an oil and gas production and exploration company with assets and interests in two oil and gas basins in Brazil and the US. It is headquartered in Australia and listed on the Australian Stock Exchange (ASX). Karoon Energy produced around 10.4mmboe in 2024 with around 51.2mmboe of 1P reserves as of December 2024. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. 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. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Karoon USA Finance Inc. senior secured LT B+ Affirmed RR3 B+ Karoon Energy Limited LT IDR B Affirmed B RODRIGUES TRANSPORT: First Creditors' Meeting Set for May 2 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Rodrigues Transport Pty. Ltd. will be held on May 2, 2025 at 11:00 a.m. via a Teams videoconferencing facility. Liam Bellamy and John Kukulovski of Mackay Goodwin were appointed as administrators of the company on April 23, 2025. YOUR SUPPORT: Second Creditors' Meeting Set for May 2 ----------------------------------------------------- A second meeting of creditors in the proceedings of Your Support Healthcare Pty Ltd has been set for May 2, 2025 at 11:30 a.m. via teleconference from the offices of KPT Restructuring at Suite 1 Level 20, 20 Bond Street in Sydney. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 1, 2025 at 4:00 p.m. Jason Tang and Ian Niccol of KPT Restructuring were appointed as administrators of the company on March 18. 2025. ZERO CO: Cleaning Products Startup to Shut Down on April 30 ----------------------------------------------------------- StartUp Daily reports that Zero Co, the cleaning products startup, will close at the end of the month with founder and CEO Mike Smith pulling down the shutters because they can't find a pathway to profitability. StartUp Daily says the six-year-old startup set records in 2021 when it raised a record AUD5 million in just six hours on the Birchal crowd-sourced funding (CSF) platform. Zero Co also scored AUD6 million in venture funding from Square Peg and others as the CSF campaign got underway. It raised a further AUD2 million in 2024 from crowdfunding on Birchal. "The goal from day one was to build a profitable business, with the aim of scaling to AUD100 million per year in revenue and contributing 1% of that revenue to ocean cleanups," StartUp Daily quotes Mr. Smith as saying, announcing the decision on April 22. "Sadly, we have not been able to realise that business vision despite years of blood, sweat and tears (and a bunch of smiles and laughs along the way too). We've tried a number of different strategies and tactics over the years to put the business on a sustainable growth trajectory but, unfortunately, have been unable to do so." Trade will cease on April 30. The business remains solvent. According to StartUp Daily, Mr. Smith said launching a paper-based packaging system last year "was intended to be the solution to many of our problems", but created issues that many customers experienced. Despite spending the last six months attempting to resolve the issues and turn things around "unfortunately we've been unable to do so". Having begun life in Byron Bay, Mr. Smith moved the HQ to Melbourne. When Zero Co launched it originally supplied refillable pouches that users posted back to the company, the business spent two years rethinking its approach, redesigning and reformulating several products and also changing the packaging to a system that called ForeverFill, launched in October last year. Zero Co ended the financial year with AUD10.8 million in revenue, down from around AUD11.38 million in FY23, with AUD8.94 million in cash on hand and short-term investments. Share capital sat at around AUD15 million, StartUp Daily discloses. Losses after income tax fell from AUD575,700 in FY23 to a AUD385,141 loss in FY2024. StartUp Daily relates that Mr. Smith said in the annual report that "we are now in a position to unlock rapid global expansion in line with our strategy to grow revenue to AUD100,000,000 annually over the next 5 years". But problems with the ForeverFill launch surfaced in December when he posted about seals breaking on the laundry and dish liquid containers, during delivery. Zero Co provided refunds. "Having spent six months exploring many possible ways to turn things around for Zero Co, including trying to fix our product and packaging problems, rebuilding our marketing systems, and trying to find a buyer for the business, the sober reality is that we have not found a path forward that offers a better outcome than closing down the company," Mr. Smith said. The always upbeat CEO said the alongside his fellow directors, they came to "the difficult decision that the best course of action is to close down the company on a solvent basis and facilitate the return to shareholders of the company's remaining net funds," StartUp Daily relays. While it was news to the nearly 4,000 investors who backed the Birchal CSF raises, Mr. Smith said decision had the backing of a "the majority shareholders". The cap table also includes Kim Jackson's Skip Capital, former St George Bank boss Rob Chapman, Kanbay International founder Raymond Spence, Koala cofounders Dany Milham and Mitch Taylor, and Right Click Capital founder Ari Klinger. =================== B A N G L A D E S H =================== BANGLADESH: Inks US$850M Deal With World Bank to Boost Trade, Jobs ------------------------------------------------------------------ Bangladesh and the World Bank signed two financing agreements totaling $850 million on April 23 to help the country develop the Bay Terminal deep sea port and modernize the national social protection system to accelerate job creation and inclusive growth. "To remain on a sustainable growth path, Bangladesh must create quality jobs for its population, particularly for the nearly 2 million youth who enter the labor market every year," said Gayle Martin, World Bank Interim Country Director for Bangladesh. "This financing package will be a game changer for job creation by enhancing trade and export competitiveness and helping the most vulnerable graduate from social protection programs and get ready for the job market." The Bay Terminal Marine Infrastructure Development Project ($650 million) will enhance Bangladesh's export competitiveness by increasing port's capacity and efficiency and reducing transportation costs and time. It will support essential infrastructure for port development, including a 6 km climate-resilient breakwater and access channels. By accommodating larger vessels, the deep sea port will substantially decrease vessel turnaround time, potentially saving the economy about $1 million daily. The Bay Terminal will handle about 36 percent of Bangladesh's container volumes, directly benefiting over one million people by improving access to sustainable transport services and enhancing connectivity to regional and international markets. The project will also facilitate women-owned enterprises to explore trade opportunities and women's employment in port operations. The Strengthening Social Protection for Improved Resilience, Inclusion, and Targeting (SSPIRIT) project ($200 million) will provide cash transfers and livelihood services for 4.5 million people, focusing on youth, persons with disabilities, women, and workers in climate-vulnerable regions. The project will modernize delivery systems, ensuring support reaches those most in need and enabling effective responses to potential climate or economic shocks. It will establish a national Dynamic Social Registry for accurate targeting of beneficiaries and for identifying individuals eligible for further support, such as livelihoods and employment services. By combining cash assistance with skills development and entrepreneurship, micro-credit, and mentorship, the project will improve job readiness and income earning capacities of about 2.5 million people. Such a graduation strategy that allows poor households—with a focus on youth and women—to 'move up the ladder' is vital for Bangladesh's labor market. "Bangladesh and the World Bank have a strong and longstanding partnership to help the country achieve inclusive growth and its development aspirations," said Shahriar Siddiky, Secretary, Economic Relations Division, Government of Bangladesh. "These projects will be critical for the country's climate resilience and a prosperous future." The agreements were signed by Mr. Shahriar Siddiky and Dr. Gayle Martin on behalf of Bangladesh and the World Bank, respectively. Dr. Salehuddin Ahmed, Honorable Finance Adviser of Bangladesh Government, and Martin Raiser, World Bank Vice President for South Asia, were also present at the signing. The financing is from the World Bank's International Development Association (IDA). The World Bank was among the first development partners to support Bangladesh and has committed more than $45 billion in grants, interest-free loans, and concessional credits since the country's independence. ========= C H I N A ========= CHINA HONGQIAO: Fitch Affirms 'BB+' LongTerm Foreign Currency IDR ----------------------------------------------------------------- Fitch Ratings has affirmed China Hongqiao Group Limited's (Hongqiao) Long-Term Foreign-Currency Issuer Default Rating (IDR) and senior unsecured notes at 'BB+'. The Outlook is Stable. The rating reflects Hongqiao's position as one of the world's largest aluminium smelters, with a competitive cost position that is supported by high raw-material self-sufficiency and sustained low leverage. The Stable Outlook reflects its expectation that Hongqiao will maintain its strong business and financial profile. Key Rating Drivers Strong Performance, Low Leverage: Fitch expects profitability to remain high in the near term, driven by constrained supply and growing demand. Hongqiao's EBITDA reached CNY44 billion in 2024 amid strong alumina and aluminium prices and moderating raw material costs. Fitch forecasts EBITDA net leverage will stay below 1x in 2025-2027 after incorporating Hongqiao's investment in the Simandou project, as a result of decent cash generation during the period. Lower Short-Term Debt Reliance: Hongqiao reduced its short-term debt to 62% of total debt at end-2024, from 76% at end-2023. Fitch expects this ratio to further decline to 57% by end-2025, supported by its recent bond issuance and the company's efforts to improve its debt structure. Hongqiao's high short-term borrowings are mitigated by its low leverage and strong free cash flow (FCF) backed by high profitability. In addition, a large portion of its short-term debt is retained as cash, while the balance is used to fund its working capital, which is short term in nature. Long-Term Funding Accessible: Hongqiao continues to selectively issue longer-term debt, particularly for capex. Its solid banking relationships enhance access to longer-term financing, with support from minority shareholder CITIC Group. Management indicated that its preference for short-term debt is driven by the cost advantage rather than the unavailability of longer-term funding. Fitch may view Hongqiao's high reliance on short-term debt as credit negative if there is evidence that its ability to issue longer-term debt is weakened or if its FCF generation falls. Large Scale, High Self-Sufficiency: Hongqiao's large operating scale and vertical integration support its market-leading profitability. It is the world's second-largest primary aluminium producer with around 6.5 million tonnes (mt) of capacity. Hongqiao accounted for around 14% and 8% of domestic and global primary aluminum production, respectively, in 2024. In addition, it had high self-sufficiency in bauxite, alumina and electricity, allowing it to withstand raw material price fluctuations. Limited Diversification Mitigated: Hongqiao has limited product, geographical and customer diversification. However, its geographical concentration has improved after it relocated 1.5mt of capacity to Yunnan province, with another 1.5mt in the medium-term pipeline. Over 65% of 2024 revenue came from primary aluminium, with its five largest customers and largest customer accounting for 44% and 32% of revenue, respectively. Nevertheless, the high product and customer concentration is mitigated by the product's commoditised nature and diverse, high-quality end-demand. CITIC Shareholding Enhances Governance: CITIC Group became a shareholder of Hongqiao in 2017 and maintained about 6% shareholding as of end-2024. The group is represented by two board members and actively participates in Hongqiao's financing activities. Fitch believes that CITIC's involvement enhances Hongqiao's access to banking and capital markets, strengthens corporate governance, and mitigates key man risk associated with the 64% share ownership held by Hongqiao's chairman and family. Peer Analysis Hongqiao is comparable with its Fitch-rated peers Alcoa Corporation (BB+/Stable) and Aluminum Corporation of China Limited (Chalco, BBB+/Stable). Hongqiao has a less sophisticated product range than Alcoa, but it maintains a higher EBITDA margin due to the scale and efficiency of its core aluminium smelting business. Hongqiao's EBITDA is larger than that of Alcoa; however, Alcoa has better operational and end-market diversity as well as a mostly long-term debt structure. Hongqiao and Chalco have comparable aluminium revenue scale. Chalco has lower profitability but has better financial flexibility with higher interest coverage and liquidity. Chalco's rating also reflects its government-related entity status. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer - Fitch aluminum price (LME spot) assumptions (published 18 March 2025) of USD2,500 in 2025 and 2026, and USD2,300/t thereafter; - EBITDA margin to remain around 28% in 2025 and 2026 and moderate to around 24% in 2027; - Annual capex of CNY13 billion in 2025 and 2026 and CNY10 billion in 2027; - Other cash outflow of CNY10 billion in 2025 and CNY5 billion per year in 2026 and 2027; - Dividend pay-out ratio of 60% between 2025 and 2027. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA net leverage sustained above 2.0x - Material increase in reliance on short-term financing - Sustained negative FCF generation Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Liquidity ratio at around 1.25x - Well-spread maturity schedule of debt, with short-term debt constituting less than 40% of total debt - EBITDA net leverage sustained below 2.0x Liquidity and Debt Structure Liquidity was adequate, with total debt of CNY74 billion at end-2024, including strategic investments of CNY3.4 billion. Hongqiao had CNY46 billion of short-term debt, of which CNY11 billion was capital-market debt. It had available cash of CNY45 billion and CNY33 billion of unused bank facilities. These are uncommitted facilities, but Fitch believes they are adequate as committed facilities are uncommon in China. Fitch expects Hongqiao will be able to roll over bank borrowings due to its healthy banking relationships. Issuer Profile Hongqiao, the world's second-largest primary aluminium producer, currently has around 6.5mt of annual production capacity, behind Chalco's 7.6mt, accounting for around 8% of global production. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. 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. Entity/Debt Rating Prior ----------- ------ ----- China Hongqiao Group Limited LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ ========= I N D I A ========= ANNAI CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Annai Constructions (AC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 8, 2024, placed the rating(s) of AC under the 'issuer non-cooperating' category as AC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 22, 2025, March 4, 2025, March 14, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Annai Constructions (AC) is a Partnership firm established in 2001 by Mr. Gnana Thiriviam and his two friends Mr. Xavier Selvaraj and Mr. Thinakaran in Tiruneveli District of Tamil Nadu. The firm is into the business of construction of civil foundation works for wind mill power generators. Some of its major customers are Suzlon Gujarath Wind Park Limited, Mytrah Energy Limited, kshema Power Infrastructure and Gamesa Renewables etc. Besides engaged in civil foundation works, AC has also a Wind mill with an installed capacity of around 750 KWP in Tirunelveli. The power generated from this wind mill is sold to Tamil Nadu Government. ASSERTS AI: Voluntary Liquidation Process Case Summary ------------------------------------------------------ Debtor: Asserts AI India Private Limited Level 8 Uniya Business Bay Tower 1 Cessnabusiness Park, Marathahalli Outer Ring Road, Bangalore - 560103 Karnataka, India Liquidation Commencement Date: March 29, 2025 Court: National Company Law Tribunal Bangalore Bench Liquidator: CS Thirupal Gorige No. 87, 2nd Floor, 21st Cross, 7th Main, NS Palya, BTM 2nd Stage, Bangalore - 560076, Karnataka, India Mobile: +91-94483-84064 Landline: +080-7963-4233 Email: GTHIRUPAL@GMAIL.COM Last date for submission of claims: April 28, 2025 BALAJI PLASTIC: ICRA Keeps B+ Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term ratings of Shree Balaji Plastic in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1.30 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.05 [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 Shree Balaji Plastic, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 2009 as a proprietorship concern of Ms. Rachna Gupta, Shree Balaji Plastic is involved in the processing of polypropylene waste to form recycled/repurposed granules. The firm's manufacturing unit is located at Surat and is equipped to process ~150 metric tonnes (MT) of waste per month. The promoters have moderate experience of close to a decade in the polymer processing industry. The associate concern of the firm, Shree Balaji Plastic was established in 2016 and is equipped to process ~100 MT of PP waste per month to form granules. The granules are supplied to compounders, who further process them to manufacture non-woven fabric, non-woven bags, crop covers, medical gowns/masks, drapes etc. for the firm on a job work basis. BOULEVARD PROJECTS: Max Estates Takes Over Delhi One Project ------------------------------------------------------------ The Economic Times reports that Max Estates, the property arm of the Max Group, has completed the acquisition of Boulevard Projects Private Limited, pursuant to a resolution plan approved by NCLT and NCLAT, which will help completing a stuck project in Noida. About 240 buyers, who had invested in the project for nearly a decade, will be able to get possession of the property, ET says. According to ET, the developer will have to clear INR1,400 crore dues to the Noida authority, lender and buyers in a staggered manner and will have to invest another INR1,500 crore to complete the project. "With this, Max Estates has taken over Delhi One. We believe that we will provide a world class real estate experience to the residents and office goers of the NCR," ET quotes Sahil Vachani, Vice Chairman and managing director, Max Estates, as saying. In February 2023, the National Company Law Tribunal (NCLT) had approved a resolution plan for Max for developing a commercial plot measuring 34,697 sq mtrs in Noida under the project name 'Delhi One', ET recalls. ET says the tribunal had asked the developer to seek the authority's approval for implementing the plan. The Noida Authority needed to recover dues of about INR932 crore on the project, but as per the resolution plan, Max had to pay around INR325 crore. In October 2024, Noida authority gave its approval and asked the developer to pay INR613 crore over the period of three years and the company had to deposit 25% upfront. CBRE was the transaction advisor for the deal, ET notes. Boulevard Projects Private Limited commenced insolvency proceedings on Feb. 8, 2019. CASHEE TECH: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: Cashee Tech India Private Limited Cresent Tower 4, 2nd Floor, Prestige Shantiniketan, Krishnarajapuram Hobli, Bangalore - 560056 Liquidation Commencement Date: April 5, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: Ms. Pinkush Jaiswal 204, Kanchan Apartment, Tikekar Road Besides Dinanath High School, Dhantoli, Nagpur, Maharashtra, India - 440012 Email: ctipvl@gmail.com Mobile: +91 9422507748 Last date for submission of claims: May 5, 2025 CLEAN COAL: ICRA Keeps B+ Ratings in Not Cooperating Category ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Clean Coal Enterprises Pvt. Ltd. (CCEPL). In the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 5.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term/ (7.50) [ICRA]B+(Stable) ISSUER NOT Short Term COOPERATING/[ICRA]A4 ISSUER Interchangeable NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with CCEPL, 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. Established in 2003, as a greenfield project, CCEPL was acquired by the Hind Energy group in 2011. The company has a coal washing capacity of 0.9 million tonne per annum as in March 2016, which uses wet process technology. CCEPL started commercial production from its plant in the second quarter of 2015-16. COMET GRANITO: CARE Lowers Rating on INR35.09cr LT Loan to D ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Comet Granito Private Limited (CGPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 35.09 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Short Term Bank 5.28 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE A4 Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated February 7, 2025, placed the rating(s) of CGPL under the 'issuer non-cooperating' category as CGPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CGPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 21, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. The rating revision also considers instances of delays in debt servicing as recognized from publicly available information. Analytical approach: Standalone Outlook: Not Applicable Comet Granito Private Limited (CGPL) is a Morbi based entity, promoted by the Bhalodiya family. Incorporated in September 2006, CGPL is engaged in manufacturing of glazed vitrified tiles. CGPL undertook an expansion cum modernization project in FY15 and commenced commercial production from June 2015. CGPL markets its products under the brand 'Comet' and 'Granicer'. CONTINENTAL HOSPITALS: Ind-Ra Cuts Bank Loan Rating to BB --------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Continental Hospitals Private Limited's (CHPL) bank facility rating to 'IND BB/Negative (ISSUER NOT COOPERATING)' from 'IND BBB+/Negative (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating actions are: -- INR125.70 mil. Fund-based working capital limits downgraded with IND BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR566.51 mil. Term loans due on May 31, 2028 downgraded with IND BB/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on best available information Detailed Rationale of the Rating Action The downgrade and Negative Outlook are in accordance with Ind-Ra's Guidelines on What Constitutes Non-Cooperation. As per the guidelines, if an issuer has an investment grade rating outstanding while being noncooperative for more than six months with Ind-Ra, then Ind-Ra will necessarily downgrade such rating to the non-investment grade, while maintaining the Issuer Not Cooperating status. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with CHPL, while reviewing the ratings. Ind-Ra had consistently followed up with CHPL over emails starting from July 2, 2024, apart from phone calls. The issuer has also not been submitting their monthly no-default statement since June 2024. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of CHPL 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 CHPL'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 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. Asclepius has been non-cooperative with the agency since October 21, 2024. About the Company CHPL owns and operates a multi-super specialty hospital in Hyderabad. The hospital is branded Continental Hospitals and commenced operations in 2013. The hospital's capacity is 450 beds, of which 265 beds are operational for inpatients. D & H SECHERON: Ind-Ra Moves BB+ Loan Rating to Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated the rating on D & H Secheron Electrodes Pvt Ltd.'s (DSEPL) bank facilities to the non-cooperating category and has simultaneously withdrawn the same. The detailed rating actions are: -- INR200 mil. *Fund-based working capital limit migrated to non- cooperating category and withdrawn; -- INR10 mil. *Proposed fund-/Non-fund based working capital limit migrated to non-cooperating category and withdrawn; and -- INR100 mil. #Non-fund-based working capital limit migrated to non-cooperating category and withdrawn. ISSUER NOT COOPERATING: Issuer did not co-operate; based on best available information *Migrated at 'IND BB+/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn # Migrated at 'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The ratings have been migrated to the non-cooperating category before being withdrawn as 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 and a 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 interaction with DSEPL while reviewing the rating. Ind-Ra had consistently followed up with DSEPL over emails, apart from phone calls. The issuer submitted the no-default statement until February 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of DSEPL, 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. About the Company DSEPL, incorporated in 1965, manufactures welding consumables used in various applications and industries such as railway, shipping, cement and infrastructure. The company's registered office is in Mumbai and it has three manufacturing units in Indore, Madhya Pradesh. DELHI INT'L AIRPORT: S&P Upgrades ICR to 'BB' on Higher Tariffs --------------------------------------------------------------- S&P Global Ratings, on April 24, 2025, raised its long-term issuer credit rating on Delhi International Airport Ltd. (Dial) and the issue rating on its senior secured notes to 'BB' from 'BB-'. The positive outlook over the next 12-18 months reflects S&P's expectation of a potential improvement in the regulatory track record of timely and predictable tariff resets coupled with Dial's strengthening financials. Dial's cash flows will improve significantly. This is given the implementation of higher tariffs for the current tariff control period (CP4; April 1, 2024, to March 31, 2029). S&P forecasts the company's ratio of operating cash flow (OCF) to debt will increase to about 8.2% in the fiscal year ending March 31, 2026, (fiscal 2026), and 10%-12% over fiscals 2027 and 2028 upon the tariff reset, from its estimate of 0.3% in fiscal 2025. The higher CP4 tariffs are in line with S&P's expectation, with aeronautical revenue per passenger of Indian rupee (INR) 360. The doubling of tariffs will drive significantly higher EBITDA of INR25.8 billion in fiscal 2026, almost double that in fiscal 2025. It also provides visibility on higher cash flows over the next four years through to fiscal 2029. Tariffs could further increase beyond the approved CP4 tariffs due to a favorable ruling by Telecom Disputes Settlement and Appellate Tribunal (TDSAT) in 2023 on certain issues for past regulatory periods. This judgement is still pending a final hearing from the Supreme Court, and S&P has not factored any upside into its tariff assumption. If approved, Dial's credit ratios could be much stronger. Improving timeliness of tariff reset reflects a more favorable regulatory environment for Indian airports. CP4 tariffs are effective from April 16, 2025, with an about one-year delay in implementation, as S&P has expected. That said, it believes the delays are shorter than in the past, reducing uncertainty for future tariff resets. The regulatory framework remains supportive, with CP4 tariffs adequately compensating Dial for its large expansion capital expenditure (capex), pass-through of increased operating costs, and additions to the regulatory asset base. They also incorporate an approved true-up amount (relating to aeronautical taxes from the previous control period). S&P said, "In our view, the regulatory environment for Indian airports has strengthened, with improved timeliness of tariff adjustments, and efficiency of the consultation process and resolution of regulatory disputes. This could change our assessment of Dial's business position over the next 12-18 months, as we gain more clarity on the upcoming tariff reset process of other Indian airports, such as GMR Hyderabad International Airport Ltd. and Bangalore International Airport Ltd. We also note that as a fully expanded mature airport, Dial is less exposed to delays in tariff resets. "Solid passenger traffic growth will also support improving cash flow. We estimate total passenger traffic at Delhi airport will increase 7% annually to about 85 million passengers in fiscal 2026 and 91 million in fiscal 2027. Dial's total passenger traffic grew by 7.6% to 79 million in fiscal 2025. Strong demand for both leisure and business travel, and higher airlines' capacity should support strong traffic growth. "We do not expect the Noida International Airport at Jewar (less than 100 kilometers from Delhi airport) to materially dent Dial's traffic growth. The greenfield airport is slated from completion this month but will take time to ramp up (phase 1 capacity of 12 million). It caters to a different end market in India's National Capital Region. We believe the traffic forecast under CP4 and Dial's capacity expansion take into account the potential impact of Noida Airport's passenger growth. "Dial's financial ratios can accommodate higher capital spending than we expected. The company will spend on refurbishing older terminals and expansion such as enhancing international capacity at Terminal 3. This would increase the airport's capacity by 10 million passengers per year, reaching total capacity of 110 million in fiscal 2028. We forecast Dial's annual capital spending at INR8 billion-INR10 billion over the next three years, up from our previous assumption of INR2.5 billion. Total capex approved for CP4 (relating to additional works) amount to about INR36 billion in the recent tariff order. "We no longer expect dividend distributions over the next few years. Dial will not be able to declare dividends due to past accumulated losses and negative retained earnings. Dividends could resume from fiscal 2029 at the earliest, and we expect the company to balance between capex needs and dividends. "Dial faces high leverage post a heavy expansion phase and debt-funded capex. We forecast its funds from operations (FFO)-to-debt ratio will trend below 10% over fiscals 2026 and 2027. "The positive rating outlook over the next 12-18 months reflects our expectation of a potential improvement in the regulatory track record of timely and predictable tariff resets coupled with Dial's strengthening financial profile. "We also expect Dial will refinance its bond maturing in October 2026 in a proactive and timely manner." S&P could revise the outlook on Dial to stable if one or more of the following occurs: -- The regulatory framework for Indian airports sees no further material improvement, leading to prolonged delays on tariff resets. -- The company's OCF-to-debt ratio is unlikely to improve toward 10.5% on a sustainable basis. -- Dial has no credible refinancing plan at least 12 months in advance and refinancing risk for the upcoming bond increases. S&P could raise the rating on Dial if one or more of the following occurs: -- S&P believes the regulatory framework for Indian airports has strengthened further with timely tariff implementations. This would support stronger cash flow visibility over future tariff resets. Tariff resets without material delay in other airports over the next 12-18 months would indicate such improvement. -- Dial's financial profile continues to strengthen such that its OCF-to-debt ratio increases to above 10.5% on a sustainable basis. This could happen if: (1) the company benefits from an increase in commercial property monetization, leading to higher rental income and cash flows; or (2) potential upside from a favorable ruling by TDSAT materializes, resulting in materially higher tariffs and cash flow than in S&P's current base case. An upgrade is also contingent on Dial refinancing its upcoming bond maturity in October 2026 in a timely manner, demonstrating prudent risk management. EMMANUEL RESORTS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Emmanuel Resorts Private Limited (ERPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.30 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 18, 2024, placed the rating(s) of ERPL under the 'issuer non-cooperating' category as ERPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ERPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 1, 2025, February 11, 2025, February 21, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Emmanuel Resorts Private Limited (ERPL) was incorporated in the year 1996 and promoted by Dr. Mamta Deenadayal and Dr. D.S. Deenadayal. The company is engaged in providing resort services like camping sites, food and beverages and other provision of short-stay accommodation. The Resort is constructed on 16 acres of area. Currently, it has 122 rooms differentiated by areas spanning from 120 Sq. Ft. to 1000 Sq. Ft., the average room rent is from INR3950-16000 per day and the occupancy level is 73% in FY18. Furthermore, it provides amenities like swimming pool, spa, conference room, meditation rooms and restaurants. The customer of the company includes individuals and corporates. EXCELL AUTOVISTA: Ind-Ra Corrects April 1, 2025 Rating Release -------------------------------------------------------------- India Ratings and Research (Ind-Ra) rectifies Excell Autovista Private Limited's (EAPL) rating published on April 1, 2025 to correctly mention the assignment of a rating to fund-based working capital limits of INR240 million. The amended version is as follows: India Ratings and Research (Ind-Ra) has taken following rating actions on Excell Autovista Private Limited's (EAPL) bank facilities: -- INR190.27 mil. (reduced from INR354.92 mil.) Term loan due on March 31, 2030 affirmed; Outlook revised to Negative from Stable with IND BB+/Negative rating; -- INR1,444.50 bil. Fund-based working capital limit affirmed; Outlook revised to Negative from Stable with IND BB+/ Negative/IND A4+ rating; -- INR240 mil. Fund-based working capital limit assigned with IND BB+/Negative/IND A4+ rating; and -- INR80 mil. Non-fund-based working capital limit affirmed with IND A4+ rating. Detailed Rationale of the Rating Action The Outlook revision reflects the likely deterioration in EAPL's credit metrics in the medium term, and the likelihood of muted revenue growth and a decline in EBITDA margins in FY25 due to the high discounts offered by the company. The ratings, however, are supported by established market position of the company and the promoters' experience of over a decade in the automobile sector. Key Rating Drivers Credit Metrics Remain Weak; Likely to Deteriorate in Medium Term: The credit metrics of EAPL, which is an authorized dealer of Maruti Suzuki India Limited (MSIL), remained weak in FY24. The net leverage ratio (total adjusted net debt/operating EBITDAR) deteriorated to 4.34x in FY24 (FY23: 3.16x) because of an increase in the working capital requirements. However, the interest coverage ratio (operating EBITDA/gross interest expense) improved slightly to 2.3x (FY23: 2.21x) due to an increase in the EBITDA to INR321.41 million (INR251.54 million). Furthermore, Ind-Ra has factored in the downward revision in the management's revenue growth projections for FY25 and FY26, which is likely to impact the absolute EBITDA, and thus, the credit metrics. Hence, the credit metrics are likely to deteriorate and remain weak in the medium term, with the net leverage remaining above 4x. The operational performance of the new showroom and service station will be a key monitorable for a likely improvement in the credit metrics. The management also plans to reduce its working capital debt in the medium term; this too will be a key monitorable. Medium Scale of Operations; Revenue Growth to Be Muted in FY25: EAPL's revenue grew by around 17% yoy to INR11,156.5 million in FY24 (FY23: INR9,496.58 million) owing to an increase in demand for passenger vehicles (PVs) and the opening of a new showroom-cum-service center in Roha, Raigad, in November 2022. EAPL earned a revenue of around INR8,932 million in 9MFY25, which is around 80% of the FY24 revenue. In FY25, the revenue growth is likely to be muted compared to FY24 levels, as the company had to offer large discounts owing to the high competition in the market. However, from FY26, the revenue is likely to witness steady growth in the medium term as one of the biggest outlets of EAPL in Ravet-Pune is scheduled to start operating from June 2025.The company sold 13,321 vehicles during 11MFY25 (FY24: 14,822, FY23: 13,642). MSIL is a market leader in India's PV segment, accounting for 42% of the total sales of PVs in the country during FY24. Modest EBITDA Margin; Profitability Likely to Decline in FY25: In FY24, EBITDA margins improved slightly to 2.88% (FY23: 2.65%), due to a reduction in other expenses. The margins are likely to remain modest in the medium term. Furthermore, Ind-Ra expects the EBITDA margin to drop slightly in FY25 due to increased discounts and intensified competition. However, as informed by the management, the company has taken corrective steps to control this situation. Cyclical Nature of the Auto Industry; Intense Competition: EAPL operates in the cyclical auto industry, which is susceptible to macro-economic factors. Its operations remain dependent on the sale of MSIL's PVs, exposing the company to cyclical downturns in the PV segment, as well as the risks of any decline in demand for MSIL's vehicles and increased competition from other dealers of MSIL. Furthermore, EAPL's operations are concentrated in Maharashtra, exposing the company to geo-political risks. Established Market Position; Experienced Promoters: EAPL was incorporated in 2005 and has been a dealer of MSIL's PVs since more than a decade. The company has nine showrooms, five service centers and four stock yards across Mumbai, Navi Mumbai and Pune, and it has been expanding its presence in Pune. The ratings also factor in the promoters' experience of over a decade in the automobile sector. Liquidity Stretched: EAPL's average maximum utilization of the fund based limits was 82.12% for the 12 months ended February 2025 and that of the non-fund based limits was 83.35% for the 12 months ended February 2025. The cash flow from operations turned negative at INR477.78 million in FY24 (FY23: INR14.77 million) due to an increase in working capital requirements. Furthermore, the free cash flow remained negative at INR600.09 million (FY23: negative INR25.36 million) due to the capex of INR122.31 million incurred by EAPL, mainly for the Pune-Ravet outlet. The net working capital cycle stretched to 37 days in FY24 (FY23: 30 days), primarily on account of an increase in inventory days to 37 (29). The cash and cash equivalents stood at INR28.7 million at FYE24 (FYE23: INR196.18 million). EAPL has debt repayment obligations of INR77.6 million and INR79.7 million in FY25 and FY26, respectively. Rating Sensitivities Outlook revision to Stable: Maintaining the scale of operations while improving the liquidity and the interest coverage ratio remaining above1.5x will result in a Stable Outlook. Negative: Decrease in the scale of operations or deterioration in liquidity or interest coverage ratio deteriorating below 1.5x will be negative for the ratings. About the Company Incorporated in 2005, EAPL is an authorized dealer of MSIL. It is promoted by Madhup Agarwal and Sunnyraj Agarwal. FEDMAC EXPORTS: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Fedmac Exports Private Limited 10/291, Kunnangalpalayam, Ganapathypalayam Main Road Amman Nagar, Tirupur Tamil Nadu India, 641605 Liquidation Commencement Date: March 5, 2025 Court: National Company Law Tribunal Kolkata Bench Liquidator: Venkatesh Natarajan 119, Co Operative Colony Uppilipalayam Post Coimbatore - 641015 Email: venkatesh@vsandassociates.in Mobile No: 9843010292 Last date for submission of claims: May 7, 2025 GKB VISION: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of GKB Vision Private Limited (GVPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 11.15 CARE B-; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category and LT rating downgraded from CARE B; Stable and ST rating reaffirmed Short Term 7.25 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 16, 2024, placed the rating(s) of GVPL under the 'issuer non-cooperating' category as GVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 2, 2025, March 12, 2025 and March 22, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable GVPL was incorporated in the year 2000 by Mr K.G. Gupta (CEO), along with his sons Mr Vikram Gupta (Director) and Mr Gaurav Gupta (Managing Director) to undertake manufacturing of ophthalmic lenses. Previously the company belonged to the GKB group, which is an established organized ophthalmic lens manufacturer in India. GREENSEED AGRO: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Greenseed Agro Bio Labs Pvt Ltd Registered Office: 808/4, Paravanethu Building, Chittar PO, Chittar, Kerala, India - 689 663 Principal place of business: KGP Vl/584, AKG Padi, Near Merryweather Resorts, Amaravathy, Idukki, Kerala - 685 509 Insolvency Commencement Date: April 4, 2025 Estimated date of closure of insolvency resolution process: October 1, 2025 Court: National Company Law Tribunal, Kochi Bench Insolvency Professional: CA. George Varkey Building No. 110, Ground Floor, Surabhi Nagar, Kakkanad, Kochi, Kerala, 682030 Email: geovaktm@gmail.com Email: cirp.greenseedagro@gmail.com Last date for submission of claims: April 18, 2025 HEDISA INDIA: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Hedisa India Diamond Tools Private Limited Sy No. 517/3 & 521/2Al -, TV S Main Road Bommandapalli Circle, Kothakondapalli Post, Hosur, Tamil Nadu, India, 635109 Liquidation Commencement Date: March 31, 2025 Court: National Company Law Tribunal Coimbatore Bench Liquidator: CS Thrirupal Gorige NO. 87, 2nd Floor, 21st Cross, 7th Main, N S. Palya, BTM 2nd Stage, Bangalore - 560076, Karnakata, India Cell: +91-94483-84064 Landline: +080-7963-4233 Email: GTHIRUPAL@GMAIL.COM Last date for submission of claims: April 30, 2025 IND-BARATH POWER: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ind-Barath Power Gencom Limited (IPGL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 228.38 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 96.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 23, 2024, placed the rating(s) of IPGL under the 'issuer non-cooperating' category as IPGL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IPGL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 8, 2025, January 18, 2025, January 28, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ind-Barath Power Gencom Limited (IPGL) belongs to Ind - Barath Group and is a subsidiary (70.74%) of IndBarath Power Infra Limited (IBPIL), the flagship company of the group. Incorporated on 25th July 2005, IPGL has set up a coastal coal based Thermal Power Project of capacity 189 (3x63) MW power plant in Thoothukudi District in Tamil Nadu. IPGL has Fuel Supply Agreement (FSA) in place with the group's coal mine in Indonesia. Government of Indonesia mining development could not start. The company has been referred to Corporate Insolvency Resolution Process under Indian Bankruptcy Code (IBC), 2016. IND-BARATH THERMAL: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ind-Barath Thermal Power Limited (ITPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 940.56 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 75.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 23, 2024, placed the rating(s) of ITPL under the 'issuer non-cooperating' category as ITPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ITPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 8, 2025, January 18, 2025, January 28, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ind-Barath Thermal Power Limited (ITPL) is a special purpose vehicle (70.26%) of Ind-Barath Power Infra Limited (IBPIL). It was incorporated in January 2007 as IndBarath Power (Karwar) Limited with the objective of setting up of a 300 MW (150 imported coal-based power plant at Hankon Village in Uttara Kannada district of Karnataka. However, despite getting all statutory clearances including Environment Clearance and Consent for Establishment, commencement of construction activities at project site was held up on account of protests from local political & environmental groups. Hence, the company shifted the project to alternate location to Tuticorin in Tamil Nadu. Consequent to the change in location, the name of the company was changed to the current nomenclature. ITPL commenced commercial operations on February 7, 2013 of Unit 1 and in November 2013 of Unit 2. The company has been referred to corporate insolvency resolution process (under IBC 2016). JAIPRAKASH ASSOCIATES: Announces Final List of 25 Bidders --------------------------------------------------------- TipRanks reports that Jaiprakash Associates Limited has announced the final list of 25 entities eligible as prospective resolution applicants in its Corporate Insolvency Resolution Process. This development is part of the company's ongoing efforts to resolve its insolvency issues, potentially impacting its future operations and positioning within the industry, TipRanks says. According to TipRanks, the list includes notable companies such as Adani Enterprises and Vedanta Limited, indicating significant interest from major industry players. 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. Bhuvan Madan is the resolution professional (RP) for the JAL. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. JBC INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of JBC Industries (JI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 18, 2024, placed the rating(s) of JI under the 'issuer non-cooperating' category as JI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 4, 2025, March 14, 2025, March 24, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable JBC Industries (JI) was established as a proprietorship entity on August 1, 1995 by Mr. Jitendra Patra based out of Odisha. Since inception, the entity has been engaged in trading of iron & steel hardware products like HB wire, GI wire, agricultural equipment's and manufacturing of binding wire, barbed wire, chain-link net and fastener nails. JI is the authorized dealer of Tata Steel Limited (Agrico and wire division) for 22 districts of Orissa. The manufacturing facility of JI is located at Mancheswar Industrial Estate of Bhubaneswar, Orissa with an aggregate installed capacity of 200 MTPA. The entity derived its major revenue from trading activities and balance from manufacturing activities. Moreover, the entity has not availed any moratorium as mentioned by the lender (Bank of Baroda). JENBACHER DISTRIBUTED: Voluntary Liquidation Process Case Summary ----------------------------------------------------------------- Debtor: Jenbacher Distributed Power India Private Limited Vatika Business Centre,0 6th Floor Divyasree Omega C Block, Hilltech City Road, Kondapur, Hyderabad, 500 081 Liquidation Commencement Date: April 3, 2025 Court: National Company Law Tribunal Hyderabad Bench Liquidator: Krishna Komaravolu Flat No. 401, Vamsikrishna Apartments, Dharam Karan Road, Ameerpet Hyderabad 500 106 Mobile: 7337340177 / 9010226641 Email: kkvolu@gmail.com Email: vl.jdpipl@gmail.com Last date for submission of claims: May 3, 2025 JET FREIGHT: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has reviewed the Outlook on Jet Freight Logistics Limited (JFLL) bank facilities to Stable from Negative while affirming the ratings as follows: -- INR220.75 mil. Fund-based working capital limits assigned with IND BB+/Stable/IND A4+ rating; -- INR10.25 mil. (reduced from INR17.25 mil.) Term loan due on March 31, 2035 Outlook revised to Stable; Rating affirmed with IND BB+/Stable rating; -- INR219 mil. (reduced from INR392.75 mil.) Fund-based working capital limits Outlook revised to Stable; Rating affirmed with IND BB+/Stable/IND A4+ rating; and -- INR40 mil. Non-fund-based working capital limits# is withdrawn. # The agency is no longer required to maintain the rating on the non-fund based working capital limit INR40 million as the instrument has been paid in full, and the agency has received no due certificate from the lenders regarding the same. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Detailed Rationale of the Rating Action The Outlook revision reflects the company's cooperation in providing the required information for the rating review and the regular submission of its no-default statement. The affirmation reflects JFFL's medium scale of operations in FY24 and an improvement in the revenue in 9MFY25, in line with Ind-Ra's expectations, its established presence in the logistics industry and experienced promoters. However, the ratings are constrained by JFFL's modest EBITDA margins and average credit metrics. Ind-Ra expects JFLL's scale of operations and profitability to have improved in FY25 and to continue to do so in FY26, following increased incentives from airlines. Detailed Description of Key Rating Drivers Modest EBITDA Margins; Likely to have Improved in FY25: The EBITDA margins reduced to 1.79% in FY24 (FY23: 1.92%, FY22: 2.35%, FY21: 2.68%) with an EBITDA of INR69.33 million (INR80 million, INR107.47 million, INR93.03 million). The margins are dependent upon the availability of incentive from airline service providers. In 9MFY25, the EBITDA margins improved to 3.41% with an EBITDA of INR110.23 due to a better utilization of fixed costs, along with increased margins from the ocean freight division. The EBITDA for FY25 is likely to have been higher year-on-year, in line with the interim numbers. The return on capital employed was 3.9% in FY24 (FY23: 5.3%) and is likely to have been above 9% in FY25. With the company's plan to increase its revenue share from the high-margin ocean freight, the agency expects the margins to improve over the medium term. Continued Medium Scale of Operations: JFLL's revenue declined 7% yoy to INR3,877.85 million in FY24 (FY23: INR4,169.80 million; FY22: INR4,570.55 million), primarily due to a moderation in freight prices. JFLL provides freight forwarding services, majorly airfreight forwarding services for perishable, general cargo. The company booked a revenue of INR3,232.27 million in 9MFY25. As a result, Ind-Ra expects the revenue to have increased slightly year-on-year in FY25 due to an increase in the freight prices. However, the management plans to expand its reach in the ocean freight business, which contributes around 9% to the revenue, thereby achieving a higher revenue in FY25. The company has also planned to further diversify its business operations in warehousing services which is likely to be commissioned FY26 onwards. Average Credit Metrics: The gross interest coverage (operating EBITDAR/gross interest expense) deteriorated to 1.17x in FY24 (FY23: 1.58x) and the net leverage (adjusted net debt/operating EBITDAR) to 8.05x (FY23: 7.47x) due to a decrease in the EBITDA caused by an increase in personnel expenses, along with an increase in interest costs. Considering the increase in the EBITDA, in 9MFY25, the gross interest coverage stood at 2.29x. Ind-Ra expects the credit metrics to improve in FY25 due to an increase in the EBITDA, along with scheduled debt repayment. Stretched Liquidity: Please refer to the liquidity section below. Long Operational Track Record; Experienced Promoters: JFLL has an operational track record of more than three decades in the logistics industry and has been one among the former players in the perishable cargo segment of freight forwarding services. Also, the company's promoters have 35 years of experience in the logistic industry, leading to benefits from the early identification of opportunities in the market. The company operates primarily in the air freight forwarding services segment, which contributed 91% to the total revenue followed by ocean freight (9%) during 9MFY25. Liquidity Stretched: The average of peak utilization of the fund-based working capital limits was over 85.40% during the 12 months ended January 2025. The company's long-term debt facilities (FY24: INR154.04 million) are used for working capital purposes as the business model does not have any major capex requirement. The cash flow from operations turned positive at INR127.60 million in FY24 (FY23: negative INR187.44 million) owing to favorable changes in the working capital, along with an increase in the funds flow from operation. JFLL has an elongated working capital cycle as the company allows its customers a credit period of 30-60 days, even though it has a payable period of 30 days, for gaining a competitive advantage. The net working capital cycle elongated to 22 days in FY24 (FY23: 16 days), due to higher debtor days of 65 (39) even as the creditor days increased to 43 (23). The agency expects the receivable period to shorten further over the medium term with the planned increase in the revenue from the ocean freight segment, where the vendors are allowed a shorter credit period than that of air freight vendors. the company is planning to issue 26.15 million share warrants at INR5 each in FY26 which will be used to meet its working capital requirement and be invested in the company, thereby providing a cushion to its liquidity. Moreover, around 29% of JFLL's receivables remain unrealized with dues ranging between six months and three years. The company's cash and cash equivalents balance stood at INR3.5 million at FYE24 (FYE23: INR2.31 million). Rating Sensitivities Negative: The inability to improve the scale of operations or the EBITDA margins or deterioration in the liquidity profile or the interest coverage staying below 1.5x, all on a sustained basis, would be negative for the ratings. Positive: Diversification in the business profile and substantial growth in the scale of operations, with an improvement in the profitability, leading to an improvement in the credit metrics with the interest coverage increasing above 2.5x, on a sustained basis, along with an improving liquidity position will be positive for the ratings. About the Company Established in 1986, JFLL was incorporated as a private limited company in 2006 and was converted into a public limited company in 2016. The company achieved the main board listing status on the National Stock Exchange of India Ltd and BSE Ltd in December 2021. It provides logistics services such as freight forwarding services, along with custom clearance service majorly for perishable cargo through air, ocean and land transport. KARNAL AGRICULTURAL: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Karnal Agricultural Industries Limited BQ, 19, Shalimar Bagh, New Delhi - 110088 Insolvency Commencement Date: December 10, 2024 The IRP was appointed vide order March 27, 2025 in IA No. 6123 of 2024 in C.P. (IB) No. 659 of 2021 passed by Honorable NCLT, New Delhi Bench). The said order came to knowledge of IRP on April 3, 2025 from the email received from Court Officer New Delhi Bench IV). Estimated date of closure of insolvency resolution process: June 8, 2025 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Ravi Bansal 308 Adarsh Complex 03 Community Centre Wazirpur Industrial Area, New Delhi – 110052 Email: ipravibansal@gmail.com Email: kail.cirp2025@gmail.com Last date for submission of claims: April 17, 2025 KUMARAPALAYAM TOLLWAYS: Ind-Ra Keeps D Rating in NonCooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Kumarapalayam Tollways Ltd.'s instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR1,246.8 bil. Long-term senior project bank loan maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR98.2 mil. Subordinate Loan maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Kumarapalayam Tollways Ltd while reviewing the rating. Ind-Ra had consistently followed up with Kumarapalayam Tollways Ltd over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Kumarapalayam Tollways Ltd 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 Kumarapalayam Tollways Ltd.'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 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 KTL, which is wholly owned by IVRCL Limited (debt rated at 'IND D(ISSUER NOT COOPERATING)'), is a special purpose company that was set up to widen, operate and maintain a 48km road stretch on the National Highway-47 between Kumarapalayam and Chengappalli in Tamil Nadu. Salem Tollways Limited is a project company that was set up to undertake the upgrade and operation of the adjoining 53km of the same highway. KTL and Salem Tollways have a cross-default clause in the financing agreements of both projects. KUNDLI MANESAR: Ind-Ra Keeps D Loan Rating in NonCooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained Kundli Manesar Expressway Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR11,141.6 bil. Term Loan due on February 29, 2032 maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Kundli Manesar Expressway Limited while reviewing the rating. Ind-Ra had consistently followed up with Kundli Manesar Expressway Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Kundli Manesar Expressway 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 Kundli Manesar Expressway Limited'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 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 KMEL is a special purpose vehicle formed by Essel Infraprojects for implementing the development of access controlled six-lane Kundli-Manesar Expressway from km 0+000 to km 83+320 in Haryana on build operate and transfer annuity basis. The total project cost was INR19,154.70 million, financed by promoter's contribution of INR6,154.70 million and the rest through debt. The project was awarded a concession period of 17 years, including construction period of 910 days (two years and six months) from the appointed date. The project achieved provisional commercial operations date on December 4, 2018. MAHADEV BUILDING: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mahadev Building Systems Private Limited (MBSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.72 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 18, 2024, placed the rating(s) of MBSPL under the 'issuer non-cooperating' category as MBSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MBSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 1, 2025, February 11, 2025, February 21, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in May 2011, MBSPL was promoted by Mr. G. Mahadeva Naidu along with his sons Mr. G.M. Lokesh and Mr. G. MahadevaTeja. The company is engaged in manufacturing of wide range of roofing sheets and products which include GI Sheets, Purlins and Steel Structures. These products are widely utilized by clients across various construction industries for building various factories, sheds, commercial and residential sites. MBSPL commenced its business operations from December 27, 2012 with FY14 being first full year of business operations. The company has diversified its business from manufacturing activity to civil constructions (like construction of bridges, canals and warehouses) from FY14 onwards. The company procures its raw material such as steel coils, HR coils, zinc, aluminium, paints and chemicals from Telangana and Maharashtra. MBSPL is also a registered Class-I civil contractor. MERRITO POLYMERS: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Merrito Polymers (India) Private Limited (MPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 15, 2024, placed the rating(s) of MPPL under the 'issuer non-cooperating' category as MPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 29, 2025, February 8, 2025, February 18, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Merrito Polymers (India) Private Limited (MPPL) was incorporated in the year 2014 as a private limited company and promoted by Mr. Yesu Das Dovari, Mrs. Jayaprada Dovari, Mr. Dovari Amarnath and Mrs. Darsi Vanaja. The manufacturing unit of Vinyl Sheeting and Polyvinyl chloride Flexible Film and Foils is located in Krishna District, Andhra Pradesh, covering an area of ~3400 square feet. The company is engaged in manufacturing of Vinyl Sheeting and Polyvinly Chloride Flexible film and started commercial operation from September 2017. The company purchases raw material (rigid film) from Chennai, Andhra Pradesh and Telangana. The company sells its final products to Maharashtra, Chennai, Telangana, Andhra Pradesh etc. NORDIC BAZAAR: Ind-Ra Assigns B Bank Loan Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Nordic Bazaar (India) Private Limited's bank facility as follows: -- INR70 mil. Proposed fund-based working capital limits assigned with IND B/Stable/IND A4 rating. Detailed Rationale of the Rating Action The ratings reflect NBIPL's small scale of operations, modest EBITDA margins, modest credit metrics, and stretched liquidity. Ind-Ra expects revenue, EBITDA margin and credit metrics to have remained stable in FY25. The ratings are supported by the promoters' experience of more than two decades in the textile industry. Detailed Description of Key Rating Drivers Small Scale of Operations: NBIPL's revenue remained largely stable at INR203 million in FY24 (FY23: INR200 million) due to a muted demand. The EBITDA stood at INR4.3 million in FY24 (FY23: INR4.66 million). NBIPL booked revenue of INR190 million during 11MFY25, and it had an order book of INR12.41 million as on 31 January 2025, to be executed by March 2025. Ind-Ra expects the revenue to have remained at the FY24 levels in FY25 due to a continued muted demand. Modest EBITDA Margin: NBIPL's EBITDA margin dipped slightly to 2.11% in FY24 (FY23: 2.33%) because of an increase in the cost of goods sold. The return on capital employed was 6.7% in FY24 (FY23: 6.7%). In FY25, Ind-Ra expects the EBITDA margin to have remained at similar levels due to the similar nature of operations. Modest Credit Metrics: NBIPL's interest coverage (operating EBITDA/gross interest expenses) fell to 1x in FY24 (FY23: 1.13x) because of a slight dip in EBITDA. The net leverage (total adjusted net debt/operating EBITDAR) deteriorated to 6.1x in FY24 (FY23: 1.37x) due to a decrease in cash and cash equivalents to INR32 million (INR49 million). In FY25, Ind-Ra expects the credit metrics to have remained stable in FY25. Stretched Liquidity: Please refer to 'Liquidity' section. Experienced Promoter: The ratings are supported by the promoters' experience of nearly two decades in the textile industry, which has helped the company establish strong relationships with customers as well as suppliers. Liquidity Stretched: NBIPL's average maximum utilization of the fund-based limits was 68% during the 12 months ended February 2025. The fund-based facilities of INR73.4 million were discontinued as of March 2025. NBIPL has applied for new fund-based limits, which are yet to be sanctioned. The cash flow from operations stood at negative INR28.9 million in FY24 (FY23: INR63 million) and free cash flow stood at negative INR28.9 million (INR63 million). They both turned negative due to an increase in the working capital requirements. The average net working capital cycle deteriorated to 57 days in FY24 (FY23: 8 days), mainly on account of an increase in debtor days to 121 days (92 days). The company provides credit period of 100-120 days to its customers and receives credit period of 60-80 days from its suppliers. The inventory holding period ranges between 10-20 days. The cash and cash equivalents stood at INR32 million at FYE24 (FYE23: INR49 million). NBIPL does not have any debt repayment obligations over FY25-FY26. Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics and/or a weakening of the liquidity position, all on a sustained basis, could lead to a negative rating action. Positive: A substantial increase in the scale of operations, along with an improvement in the overall credit metrics with the interest coverage exceeding 1,5x along with an improvement in the liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company Incorporated in 2015, NBIPL is engaged in the trading of readymade garments. The company's registered office is in Delhi. The entity is promoted by Rajinder Kaur Bagga and Surinder Kaur Bagga. OM HYDROPOWER: Ind-Ra Affirms BB+ Rating, Outlook Stable -------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Om Hydropower Limited's (OHL) rupee term loan as follows: -- INR486 mil. (reduced from INR500 mil.) Rupee term loan due on October 15, 2048 affirmed with IND BB+/Stable rating. *Outstanding as of January 31, 2025 Analytical Approach Ind-Ra has revised the approach to take a fully consolidated view of OHL, Pioneer Genco Limited (PGL, debt rated at 'IND BB+'/Stable) and Pioneer Power Corporation Limited (PPCL, debt rated at ('IND BB+'/Stable) instead of the standalone view of OHL along with strong legal linkages of PGL and PPCL. PGL and PPCL have strong legal linkages on account of the presence of cross guarantees between them. PGL and PPCL own 49% and 45.17% stake in OHL and have given a post default guarantee for debt servicing. PGL, PPCL and OHL have a common lender and PGL and PPCL have demonstrated timely support to OHL, which has not provided any guarantee to PGL or PPCL. Detailed Rationale of the Rating Action The rating is anchored by the presence of a fixed-tariff power purchase agreement (PPA) with Bangalore Electricity Supply Company Limited (BESCOM) for 74.25MW and with Himachal Pradesh State Electricity Board Limited (HPSEBL) for 15MW. Power generated from 24.75MW is sold to third parties within Karnataka. Also, the rating is supported by continued regular payments from the off taker. However, the rating is constrained by inherent risks to the hydro projects, low debt service coverage ratio (DSCR) for FY26-FY29 and PPA expiry risk for 24.75MW in July 2025 and another 24.75MW in July 2027 of PGL1 and PPCL1, respectively. Detailed Description of Key Rating Drivers Monsoon-driven water availability: OHL's PLF was 30.7% for the trailing 12 months (TTM) ended January 2025 (FY24: 40.1%; FY23: 37%). The two projects on the Cauvery River – a part of PGL and PPCL, namely PGL1 and PPCL1 - recorded a plant load factor (PLF) of 40% and 56%, respectively, in the TTM ended January 2025 (FY24: 33% and 43%; FY23: 57% and 81%; FY22: 58% and 66%; FY21: 46% and 54%). Similarly, in TTM January 2025, the projects on the Krishna River – a part of PGL and PPCL, namely PGL2 and PPCL2 - recorded a PLF of 26% and 29% (FY24: 5% and 10%; FY23: 26% and 31%; FY22: 19% and 30%; FY21: 29% and 29%), respectively. The power generation volatility associated with hydro power projects, given their dependence on the rainfall for power generation, is the primary operational risk for the company. Ind-Ra has factored in the PLF assumptions considering the historical performance in its base case projections. Moderate Counterparty Profile: Since FY24, the average receivable days for PGL1, PPCL1 and PGL2 were 35-40 days (FY23: 45-50 days) from the invoice date from BESCOM and Karnataka Power Transmission Corporation Limited (KPTCL). PPCL2, which is selling to power to third parties, continues to receive payments within about 20 days from raising the invoice since FY23. Also, in FY25, the average receivable period from the invoice date from HPSEBL was 45 days (FY24: 74; FY23:46) for OHL. Moderate Price Risk: Out of the hydro plants' total output of 114MW since their commissioning, 49.5MW is being supplied to BESCOM and 24.75MW is being supplied to KPTCL under 20-year fixed-price PPAs at a tariff of INR2.80-3.42/kWh. The 24.75MW (part of PPCL) power generated is being sold to third parties at a price pegged to the tariff charged by distribution companies to high tension consumers. The tariff realization for sale to third parties in TTM December 2024 was INR4.27/kWh (FY24: 4.43/kWh; FY23: 4.42/kWh). OHL had entered a 40-year PPA with HPSEBL at a fixed tariff of INR2.25/unit for the entire capacity. The tariff was revised to INR2.31/unit vide Himachal Pradesh Electricity Regulatory Commission (HPERC) tariff order dated 28 April 2016. HPERC has filed a petition with Appellate Tribunal for Electricity against the revision in tariff, the outcome of which is awaited, management stated. The PPAs of PGL1's and PPCL1's with BESCOM will expire in July 2025 and July 2027, respectively. As per the Karnataka Electricity Regulatory Commission Order dated 4 March 2024, the mini hydro projects that have completed initial 20-year PPA term are eligible for 85% of the tariff at the end of their PPA term. Ind-Ra has assumed 85% of the existing tariffs would continue for the balance loan tenor given that the PPAs can be renewed for another 10 years on mutually agreed terms. However, the management indicated that it is exploring options for sale of power post-expiry of the PPA and the same would be decided by end-April 2025. Ind-Ra will monitor the same and will review the ratings in the event of any adverse changes in any terms affecting the cash flows available for debt servicing. Modest Debt Structure: As on 31 January 2025, the debt outstanding in PGL, PPCL and OHL was INR1,497.6 million, INR1,963.9 million and INR486 million, respectively, including the debt under the Guaranteed Emergency Credit Line scheme. The main loan of INR3,011.5 million of PGL and PPCL is repayable over 47 quarterly instalments commencing from March 2022 and maturing in September 2033. The remainder is borrowed as part of the Guaranteed Emergency Credit Line loan, which is repayable in over 48 structured monthly instalments, starting from March 2025. OHL's term loan would be amortized in 99 structured quarterly instalments, beginning April 2024 and ending in October 2048. Ind-Ra has factored in the entire debt obligation of PGL, PPCL and OHL to arrive at the annual coverage ratios. The structural features of the PGL and PPCL debt include a dedicated trust and retention account for each obligor, restricted payment conditions, financial covenants and two-quarter DSR. The structure has provisions for a cash sweep of an amount equivalent to the difference of cash corresponding to the actual DSCR and cash corresponding to DSCR of 1x, in case the annual coverage falls below 1.05x. Similarly, the debt terms of OHL also feature the lender's right for a cash sweep of 50% of the surplus cash. PPCL and PGL have extended corporate guarantee to OHL till 20% of the loan is repaid which is likely by FY31. Furthermore, the promoters have undertaken to infuse fund to meet any shortfall in debt servicing and also, maintain a DSCR level of 1.10x during the loan tenor. Sponsor Support: The Penna Group (PG) has a presence in limestone mining, power, alumina and construction in India. Pioneer Aluminum Industries Limited, a flagship entity, majorly held by PG comprises an alumina refinery of 1.5 million metric tons per day (mtpa) capacity, a 3×74.6 MW co-generation plant and allied infrastructure. PR Enerrgy Holding Limited (one of the promoters) has extended a corporate guarantee for the term loan which is valid till the final settlement date. Also, the promoters have undertaken to bring in additional funds to maintain the financial covenants, as per the financing documents. PGL and PPCL have provided an unconditional irrevocable guarantee covering the debt obligations of each other's rated debt. Given that there is supply risk associated with hydro power projects due to the dependence on rainfall for power generation, timely support from the PG for the debt servicing has been considered for the rating of the obligors and Ind-Ra has received a confirmation from PG in this regard. PGL and PPCL received funds from PG for creating the required DSR. Any change in the group's policy of timely supporting the projects is a key rating sensitivity. Liquidity Adequate: The agency expects the DSCR to be less than 1x for FY26 based on Ind-Ra's assumptions, but the internal liquidity is envisaged adequate to meet the shortfall in debt servicing. As on 8 April 2025, a total liquidity (including free cash, two-quarter DSR in the form of fixed deposits) of INR879.3 million was available with the obligors and OHL, which is equivalent to about a years' debt servicing obligations on a combined basis. The rating factors in the historical track record of support extended by PGL and PPCL for meeting the shortfall in debt obligations of OHL. Also, the management stated that it will continue to support the entities as and when required and retain the internal liquidity for meeting debt service or prepayment of debt. Any significant reduction in water flow impacting the power generation leading to depletion of liquidity/dip in the DSR will result in a negative rating action. Rating Sensitivities Negative: The following developments could, individually or collectively, lead to a negative rating action: -- operational and financial performance being weaker than Ind-Ra's base case estimates -- any significant payment delays beyond 90 days by the off taker on a sustained basis -- a depletion of the DSRA and liquidity -- the absence of the timely support from the promoter group Positive: A significant improvement in the DSCR along with comfortable operational and financial performance could lead to a positive rating action About the Company PGL owns two 24.75MW small hydro power plants in Karnataka. One plant is located on the banks of the Cauvery River, Chamarajanagar district, while the other is located on the banks of the Krishna River (Yadgir district). The plant in Cauvery River (PGL1) has been operational for over two decades and the plant in Krishna River (PGL2) has been operational for about 12 years. PGL1 and PGL2 have signed a 20-year PPA each at a fixed tariff with BESCOM. PPCL owns two 24.75MW small hydro power plant in Karnataka. One plant is located on the banks of the Cauvery River, Chamarajanagar district, while the other is located on the banks of the Krishna River (Yadgir district). The plant in Cauvery River (PPCL1) has been operational for about 18 years and the plant in Krishna River (PPCL2) has been operational for about 12 years. PPCL1 has signed a 20-year PPA at a fixed tariff with BESCOM and PPCL2 sells power to third parties. OHL has set up 2x7.5MW hydroelectric project in Kangara district of Himachal Pradesh. The plant is located on the left bank of the Neogal Khad River, a tributary of the Beas River. It is a perennial snow-fed/glacier-fed river, which emanates from the southern slopes of Dhauladhar snow ranges. The plant achieved commercial operations date in 2013 and has been operational for about 12 years. ORISSA STATE: Ind-Ra Cuts Loan Rating to B+ ------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded The Orissa State Co-operative Milk Producers' Federation Ltd. rating to 'IND B+/Negative (ISSUER NOT COOPERATING)'. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating action is: -- INR500 mil. Fund Based Working Capital Limit downgraded with IND B+/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category and Outlook revised to Negative in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with The Orissa State Co-operative Milk Producers' Federation Ltd. while reviewing the rating. Ind-Ra had consistently followed up with The Orissa State Co-operative Milk Producers' Federation Ltd. over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of The Orissa State Co-operative Milk Producers' Federation Ltd. 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 The Orissa State Co-operative Milk Producers' Federation Ltd.'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 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 Formed in 1981, The Orissa State Co-operative Milk Producers' Federation is the leading organized milk producer in Odisha and processes and markets liquid milk and milk products. PACIFIC JUTE: Ind-Ra Withdraws BB- Bank Loan Rating --------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Pacific Jute Limited (PJL) bank facility ratings as follows: -- The 'IND BB-/Negative (ISSUER NOT COOPERATING)' rating on the INR170 mil. Fund-based working capital limit is withdrawn Detailed Rationale of the Rating Action Ind-Ra is no longer required to maintain the ratings, as the agency has received a request for withdrawal of ratings and no-due issued by the bankers. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. About the Company Incorporated in 2005 by the Kolkata-based Pawan Kumar Agarwal, PJL manufactures and exports jute products. It has an export-oriented unit in Falta, West Bengal. The company is part of the Mohan Group Limited. PALAK FERRO: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Palak Ferro Alloys (PFA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.10 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 17, 2024, placed the rating(s) of PA under the 'issuer non-cooperating' category as PFA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PFA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 3, 2025, March 13, 2025 and March 23, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Incorporated in 2008, Palak Ferro Alloys (PFA) is promoted by Rahul Parwani and is currently engaged in manufacturing of ferro alloys and manganese oxides. PFA products include ferro magnesium, manganese oxide and di-oxide, silico magnesium, ferro manganese low carbon. PIONEER GENCO: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on Pioneer Genco Limited's (PGL) rupee term loan to Stable from Negative, while affirming the rating at 'IND BB+'. The detailed rating action is: -- INR1,497.60 bil. (reduced from INR1,691.40 bil.) Rupee term loan due on September 30, 2033 affirmed; Outlook revised to Stable from Negative with IND BB+/Stable rating. *Outstanding as of January 31, 2025 Analytical Approach Ind-Ra has revised the approach to take a fully consolidated view of PGL, Pioneer Power Corporation Limited (PPCL; debt rated at 'IND BB+'/Stable) and Om Hydropower Limited (OHL; debt rated at 'IND BB+'/Stable) instead of the consolidated profile of PGL and PPCL. PGL and PPCL, hereon referred to as obligors, have strong legal linkages on account of the presence of cross guarantees between them. PGL and PPCL own 49% and 45.17% stakes in OHL and have given a post-default guarantee for debt servicing. PGL, PPCL and OHL have a common lender and PGL and PPCL have demonstrated timely support to OHL, which has not provided any guarantee to PGL or PPCL. PGL and PPCL have provided an unconditional irrevocable guarantee covering the debt obligations of each other's rated debt, thereby demonstrating the strong legal linkages between them. In the event of an insufficiency of funds or a shortfall in debt servicing by any of these entities, the lenders can utilize the surplus cash in the trust and retention account of the other entity to set off the same. Furthermore, PGL and PPCL have signed a co-obligor support agreement which states that the obligors jointly and severally agree to support to the extent of surplus funds available with them after meeting their own debt obligations and in accordance with the priority of cashflow waterfall structures as per the trust and retention account. Also, such support will be sought before accessing the debt service reserve (DSR) in the company where the shortfall is occurring. Thus, as per the terms of the financing documents, the cashflow support mechanism is assessed to be prior to the due date of debt obligations. Detailed Rationale of the Rating Action The Outlook revision reflects the improvement in the liquidity position of PGL and PPCL, supported by the creation of second quarter DSR, sponsor support to create the DSR, an improvement in the sponsor profile post sale of Penna Cements Industries Limited. The rating is anchored by the presence of a fixed-tariff power purchase agreement (PPA) with Bangalore Electricity Supply Company Limited (BESCOM) for 74.25MW and with Himachal Pradesh State Electricity Board Limited (HPSEBL) for 15MW. Power generated from 24.75MW is sold to third parties within Karnataka. Also, the rating is supported by continued regular payments from the off taker. However, the rating is constrained by inherent risks to the hydro projects, low debt service coverage ratio (DSCR) for FY26-FY29 and PPA expiry risk for 24.75MW in July 2025 and another 24.75MW in July 2027 of PGL1 and PPCL1, respectively. Detailed Description of Key Rating Drivers Monsoon-driven water availability: The two projects on the Cauvery River – a part of PGL and PPCL, namely PGL1 and PPCL1 - recorded a plant load factor (PLF) of 40% and 56%, respectively, in the trailing 12 months (TTM) ended January 2025 (FY24: 33% and 43%; FY23: 57% and 81%; FY22: 58% and 66%; FY21: 46% and 54%). Similarly, in TTM January 2025, the projects on the Krishna River – a part of PGL and PPCL, namely PGL2 and PPCL2 - recorded a PLF of 26% and 29% (FY24: 5% and 10%; FY23: 26% and 31%; FY22: 19% and 30%; FY21: 29% and 29%), respectively. OHL's PLF was 30.7% for the TTM ended January 2025 (FY24: 40.1%; FY23: 37%). The power generation volatility associated with hydro power projects, given their dependence on the rainfall for power generation, is the primary operational risk for the company. Ind-Ra has factored in the PLF assumptions considering the historical performance in its base case projections. Moderate Counterparty Profile: Since FY24, the average receivable days for PGL1, PPCL1 and PGL2 were 35-40 days (FY23: 45-50 days) from the invoice date from BESCOM and Karnataka Power Transmission Corporation Limited (KPTCL). PPCL2, which is selling to power to third parties, continues to receive payments within about 20 days from raising the invoice since FY23. Also, in FY25, the average receivable period from the invoice date from HPSEBL was 45 days (FY24: 74; FY23:46) for OHL. Moderate Price Risk: Out of the hydro plants' total output of 114MW since their commissioning, 49.5MW is being supplied to BESCOM and 24.75MW is being supplied to KPTCL under 20-year fixed-price PPAs at a tariff of INR2.80-3.42/kWh. The 24.75MW (part of PPCL) power generated is being sold to third parties at a price pegged to the tariff charged by distribution companies to high tension consumers. OHL had entered a 40-year PPA with HPSEBL at a fixed tariff of INR2.25/unit for the entire capacity. The tariff realization for sale to third parties in TTM December 2024 was INR4.27/kWh (FY24: 4.43/kWh; FY23: 4.42/kWh). The PPAs of PGL1's and PPCL1's with BESCOM will expire in July 2025 and July 2027, respectively. As per the Karnataka Electricity Regulatory Commission Order dated March 4, 2024, the mini hydro projects that have completed initial 20-year PPA term are eligible for 85% of the tariff at the end of their PPA term. Ind-Ra has assumed 85% of the existing tariffs would continue for the balance loan tenor given that the PPAs can be renewed for another 10 years on mutually agreed terms. However, the management indicated that it is exploring options for sale of power post-expiry of the PPA and the same would be decided by end-April 2025. Ind-Ra will monitor the same and will review the ratings in the event of any adverse changes in any terms affecting the cash flows available for debt servicing. Modest Debt Structure: As of January 31, 2025, the debt outstanding in PGL, PPCL and OHL was INR1,497.6 million, INR1,963.9 million and INR486 million, respectively, including the debt under the Guaranteed Emergency Credit Line scheme. The main loan of INR3,011.5 million of PGL and PPCL is repayable over 47 quarterly instalments commencing from March 2022 and maturing in September 2033. The remainder is borrowed as part of the Guaranteed Emergency Credit Line loan, which is repayable in over 48 structured monthly instalments, starting from March 2025. OHL's term loan would be amortized in 99 structured quarterly instalments, beginning April 2024 and ending in October 2048. Ind-Ra has factored in the entire debt obligation of PGL, PPCL and OHL to arrive at the annual coverage ratios. The structural features of the PGL and PPCL debt include a dedicated trust and retention account for each obligor, restricted payment conditions, financial covenants and two-quarter DSR. The structure has provisions for a cash sweep of an amount equivalent to the difference of cash corresponding to the actual DSCR and cash corresponding to DSCR of 1x, in case the annual coverage falls below 1.05x. Similarly, the debt terms of OHL also feature the lender's right for a cash sweep of 50% of the surplus cash. PPCL and PGL have extended corporate guarantee to OHL till 20% of the loan is repaid which is likely by FY31. Furthermore, the promoters have undertaken to infuse fund to meet any shortfall in debt servicing and also, maintain a DSCR level of 1.10x during the loan tenor. Obligor-Co-obligor Structure Strengthens Credit Profile: The rating draws strength from the obligor-co-obligor structure, with PGL and PPCL having access to each other's surplus cash flows (after debt servicing and maintaining of DSR) to meet any shortfall in funds for debt servicing. The terms of the co-obligor support agreement specify required support to be checked and extended by the project with surplus two days before the debt servicing due dates, thus ensuring timeliness of debt servicing. However, individual financial covenant testing at individual project level limits the strength of the structure. In addition to the structural benefits, the pooling of the two entities provides diversification benefits in terms of counterparty risk. Sponsor Support: The Penna Group (PG) has a presence in limestone mining, power, alumina and construction in India. Pioneer Aluminum Industries Limited, a flagship entity, majorly held by PG comprises an alumina refinery of 1.5 million metric tons per day (mtpa) capacity, a 3×74.6 MW co-generation plant and allied infrastructure. PR Enerrgy Holding Limited (one of the promoters) has extended a corporate guarantee for the term loan which is valid till the final settlement date. Also, the promoters have undertaken to bring in additional funds to maintain the financial covenants, as per the financing documents. Given that there is supply risk associated with hydro power projects due to the dependence on rainfall for power generation, timely support from the PG for the debt servicing has been considered for the rating of the obligors and Ind-Ra has received a confirmation from PG in this regard. PGL and PPCL received funds from PG for creating the required DSR. Any change in the group's policy of timely supporting the projects is a key rating sensitivity. Liquidity Adequate: The agency expects the DSCR to be less than 1x for FY26 based on Ind-Ra's assumptions, but the internal liquidity is envisaged adequate to meet the shortfall in debt servicing. As on 8 April 2025, a total liquidity (including free cash, two-quarter DSR in the form of fixed deposits) of INR879.3 million was available with the obligors and OHL, which is equivalent to about a years' debt servicing obligations on a combined basis. The rating factors in the historical track record of support extended by PGL and PPCL for meeting the shortfall in debt obligations of OHL. Also, the management stated that it will continue to support the entities as and when required and retain the internal liquidity for meeting debt service or prepayment of debt. Any significant reduction in water flow impacting the power generation leading to depletion of liquidity/dip in the DSR will result in a negative rating action. Rating Sensitivities Negative: The following developments could, individually or collectively, lead to a negative rating action: -- operational and financial performance being weaker than Ind-Ra's base case estimates -- any significant payment delays beyond 90 days by the off taker on a sustained basis -- a depletion of the DSRA and liquidity -- the absence of the timely support from the promoter group Positive: A significant improvement in the DSCR along with comfortable operational and financial performance could lead to a positive rating action. About the Company PGL owns two 24.75MW small hydro power plants in Karnataka. One plant is located on the banks of the Cauvery River, Chamarajanagar district, while the other is located on the banks of the Krishna River (Yadgir district). The plant in Cauvery River (PGL1) has been operational for over two decades and the plant in Krishna River (PGL2) has been operational for about 12 years. PGL1 and PGL2 have signed a 20-year PPA each at a fixed tariff with BESCOM. PPCL owns two 24.75MW small hydro power plant in Karnataka. One plant is located on the banks of the Cauvery River, Chamarajanagar district, while the other is located on the banks of the Krishna River (Yadgir district). The plant in Cauvery River (PPCL1) has been operational for about 18 years and the plant in Krishna River (PPCL2) has been operational for about 12 years. PPCL1 has signed a 20-year PPA at a fixed tariff with BESCOM and PPCL2 sells power to third parties. OHL has set up 2x7.5MW hydroelectric project in Kangara district of Himachal Pradesh. The plant is located on the left bank of the Neogal Khad River, a tributary of the Beas River. It is a perennial snow-fed/glacier-fed river, which emanates from the southern slopes of Dhauladhar snow ranges. The plant achieved commercial operations date in 2013 and has been operational for about 12 years. PIONEER POWER: Ind-Ra Affirms BB+ Bank Loan Rating -------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on Pioneer Power Corporation Limited's (PPCL) rupee term loan to Stable from Negative, while affirming the rating at 'IND BB+'. The detailed rating action is: -- INR1,963.90 bil. (reduced from INR2,236.50 bil.) Rupee term loan due on September 30, 2033 affirmed, Outlook Revised to Stable from Negative with IND BB+/Stable rating. *Outstanding as of January 31, 2025 Analytical Approach Ind-Ra has revised the approach to take a fully consolidated view of PPCL, Pioneer Genco Limited (PGL, debt rated at 'IND BB+'/ Stable) and Om Hydropower Limited (OHL; debt rated at 'IND BB+'/Stable) instead of the consolidated profile of PGL and PPCL. PGL and PPCL, hereon referred to as obligors, have strong legal linkages on account of the presence of cross guarantees between them. PGL and PPCL own 49% and 45.17% stakes in OHL and have given a post-default guarantee for debt servicing. PGL, PPCL and OHL have a common lender and PGL and PPCL have demonstrated timely support to OHL, which has not provided any guarantee to PGL or PPCL. PGL and PPCL have provided an unconditional irrevocable guarantee covering the debt obligations of each other's rated debt, thereby demonstrating the strong legal linkages between them. In the event of an insufficiency of funds or a shortfall in debt servicing by any of these entities, the lenders can utilize the surplus cash in the trust and retention account of the other entity to set off the same. Furthermore, PGL and PPCL have signed a co-obligor support agreement which states that the obligors jointly and severally agree to support to the extent of surplus funds available with them after meeting their own debt obligations and in accordance with the priority of cashflow waterfall structures as per the trust and retention account. Also, such support will be sought before accessing the debt service reserve (DSR) in the company where the shortfall is occurring. Thus, as per the terms of the financing documents, the cashflow support mechanism is assessed to be prior to the due date of debt obligations. Detailed Rationale of the Rating Action The Outlook revision reflects the improvement in the liquidity position of PGL and PPCL, supported by the creation of second quarter DSR, sponsor support to create the DSR, an improvement in the sponsor profile post sale of Penna Cements Industries Limited. The rating is anchored by the presence of a fixed-tariff power purchase agreement (PPA) with Bangalore Electricity Supply Company Limited (BESCOM) for 74.25MW and with Himachal Pradesh State Electricity Board Limited (HPSEBL) for 15MW. Power generated from 24.75MW is sold to third parties within Karnataka. Also, the rating is supported by continued regular payments from the off taker. However, the rating is constrained by inherent risks to the hydro projects, low debt service coverage ratio (DSCR) for FY26-FY29 and PPA expiry risk for 24.75MW in July 2025 and another 24.75MW in July 2027 of PGL1 and PPCL1, respectively. Detailed Description of Key Rating Drivers Monsoon-driven water availability: The two projects on the Cauvery River – a part of PGL and PPCL, namely PGL1 and PPCL1 - recorded a plant load factor (PLF) of 40% and 56%, respectively, in the trailing 12 months (TTM) ended January 2025 (FY24: 33% and 43%; FY23: 57% and 81%; FY22: 58% and 66%; FY21: 46% and 54%). Similarly, in TTM January 2025, the projects on the Krishna River – a part of PGL and PPCL, namely PGL2 and PPCL2 - recorded a PLF of 26% and 29% (FY24: 5% and 10%; FY23: 26% and 31%; FY22: 19% and 30%; FY21: 29% and 29%), respectively. OHL's PLF was 30.7% for the TTM ended January 2025 (FY24: 40.1%; FY23: 37%). The power generation volatility associated with hydro power projects, given their dependence on the rainfall for power generation, is the primary operational risk for the company. Ind-Ra has factored in the PLF assumptions considering the historical performance in its base case projections. Moderate Counterparty Profile: Since FY24, the average receivable days for PGL1, PPCL1 and PGL2 were 35-40 days (FY23: 45-50 days) from the invoice date from BESCOM and Karnataka Power Transmission Corporation Limited (KPTCL). PPCL2, which is selling to power to third parties, continues to receive payments within about 20 days from raising the invoice since FY23. Also, in FY25, the average receivable period from the invoice date from HPSEBL was 45 days (FY24: 74; FY23:46) for OHL. Moderate Price Risk: Out of the hydro plants' total output of 114MW since their commissioning, 49.5MW is being supplied to BESCOM and 24.75MW is being supplied to KPTCL under 20-year fixed-price PPAs at a tariff of INR2.80-3.42/kWh. The 24.75MW (part of PPCL) power generated is being sold to third parties at a price pegged to the tariff charged by distribution companies to high tension consumers. OHL had entered a 40-year PPA with HPSEBL at a fixed tariff of INR2.25/unit for the entire capacity. The tariff realization for sale to third parties in TTM December 2024 was INR4.27/kWh (FY24: 4.43/kWh; FY23: 4.42/kWh). The PPAs of PGL1's and PPCL1's with BESCOM will expire in July 2025 and July 2027, respectively. As per the Karnataka Electricity Regulatory Commission Order dated 4 March 2024, the mini hydro projects that have completed initial 20-year PPA term are eligible for 85% of the tariff at the end of their PPA term. Ind-Ra has assumed 85% of the existing tariffs would continue for the balance loan tenor given that the PPAs can be renewed for another 10 years on mutually agreed terms. However, the management indicated that it is exploring options for sale of power post-expiry of the PPA and the same would be decided by end-April 2025. Ind-Ra will monitor the same and will review the ratings in the event of any adverse changes in any terms affecting the cash flows available for debt servicing. Modest Debt Structure: As of January 31, 2025, the debt outstanding in PGL, PPCL and OHL was INR1,497.6 million, INR1,963.9 million and INR486 million, respectively, including the debt under the Guaranteed Emergency Credit Line scheme. The main loan of INR3,011.5 million of PGL and PPCL is repayable over 47 quarterly instalments commencing from March 2022 and maturing in September 2033. The remainder is borrowed as part of the Guaranteed Emergency Credit Line loan, which is repayable in over 48 structured monthly instalments, starting from March 2025. OHL's term loan would be amortized in 99 structured quarterly instalments, beginning April 2024 and ending in October 2048. Ind-Ra has factored in the entire debt obligation of PGL, PPCL and OHL to arrive at the annual coverage ratios. The structural features of the PGL and PPCL debt include a dedicated trust and retention account for each obligor, restricted payment conditions, financial covenants and two-quarter DSR. The structure has provisions for a cash sweep of an amount equivalent to the difference of cash corresponding to the actual DSCR and cash corresponding to DSCR of 1x, in case the annual coverage falls below 1.05x. Similarly, the debt terms of OHL also feature the lender's right for a cash sweep of 50% of the surplus cash. PPCL and PGL have extended corporate guarantee to OHL till 20% of the loan is repaid which is likely by FY31. Furthermore, the promoters have undertaken to infuse fund to meet any shortfall in debt servicing and also, maintain a DSCR level of 1.10x during the loan tenor. Obligor-Co-obligor Structure Strengthens Credit Profile: The rating draws strength from the obligor-co-obligor structure, with PGL and PPCL having access to each other's surplus cash flows (after debt servicing and maintaining of DSR) to meet any shortfall in funds for debt servicing. The terms of the co-obligor support agreement specify required support to be checked and extended by the project with surplus two days before the debt servicing due dates, thus ensuring timeliness of debt servicing. However, individual financial covenant testing at individual project level limits the strength of the structure. In addition to the structural benefits, the pooling of the two entities provides diversification benefits in terms of counterparty risk. Sponsor Support: The Penna Group (PG) has a presence in limestone mining, power, alumina and construction in India. Pioneer Aluminum Industries Limited, a flagship entity, majorly held by PG comprises an alumina refinery of 1.5 million metric tons per day (mtpa) capacity, a 3×74.6 MW co-generation plant and allied infrastructure. PR Enerrgy Holding Limited (one of the promoters) has extended a corporate guarantee for the term loan which is valid till the final settlement date. Also, the promoters have undertaken to bring in additional funds to maintain the financial covenants, as per the financing documents. Given that there is supply risk associated with hydro power projects due to the dependence on rainfall for power generation, timely support from the PG for the debt servicing has been considered for the rating of the obligors and Ind-Ra has received a confirmation from PG in this regard. PGL and PPCL received funds from PG for creating the required DSR. Any change in the group's policy of timely supporting the projects is a key rating sensitivity. Liquidity Adequate: The agency expects the DSCR to be less than 1x for FY26 based on Ind-Ra's assumptions, but the internal liquidity is envisaged adequate to meet the shortfall in debt servicing. As on 8 April 2025, a total liquidity (including free cash, two-quarter DSR in the form of fixed deposits) of INR879.3 million was available with the obligors and OHL, which is equivalent to about a years' debt servicing obligations on a combined basis. The rating factors in the historical track record of support extended by PGL and PPCL for meeting the shortfall in debt obligations of OHL. Also, the management stated that it will continue to support the entities as and when required and retain the internal liquidity for meeting debt service or prepayment of debt. Any significant reduction in water flow impacting the power generation leading to depletion of liquidity/dip in the DSR will result in a negative rating action. Rating Sensitivities Negative: The following developments could, individually or collectively, lead to a negative rating action: -- operational and financial performance being weaker than Ind-Ra's base case estimates -- any significant payment delays beyond 90 days by the off taker on a sustained basis -- a depletion of the DSRA and liquidity -- the absence of the timely support from the promoter group Positive: A significant improvement in the DSCR along with comfortable operational and financial performance could lead to a positive rating action. About the Company PGL owns two 24.75MW small hydro power plants in Karnataka. One plant is located on the banks of the Cauvery River, Chamarajanagar district, while the other is located on the banks of the Krishna River (Yadgir district). The plant in Cauvery River (PGL1) has been operational for over two decades and the plant in Krishna River (PGL2) has been operational for about 12 years. PGL1 and PGL2 have signed a 20-year PPA each at a fixed tariff with BESCOM. PPCL owns two 24.75MW small hydro power plant in Karnataka. One plant is located on the banks of the Cauvery River, Chamarajanagar district, while the other is located on the banks of the Krishna River (Yadgir district). The plant in Cauvery River (PPCL1) has been operational for about 18 years and the plant in Krishna River (PPCL2) has been operational for about 12 years. PPCL1 has signed a 20-year PPA at a fixed tariff with BESCOM and PPCL2 sells power to third parties. OHL has set up 2x7.5MW hydroelectric project in Kangara district of Himachal Pradesh. The plant is located on the left bank of the Neogal Khad River, a tributary of the Beas River. It is a perennial snow-fed/glacier-fed river, which emanates from the southern slopes of Dhauladhar snow ranges. The plant achieved commercial operations date in 2013 and has been operational for about 12 years. QUIET PLATFORMS: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Quiet Platforms India Private Limited Smartworks, Raheja Mindspace, Building No. 3A and 3B, Mindspace Madhapur, IT Park, Survey No. 64, TSIIC, Software Units Layout, HITEC City, Madhapur, Hyderabad Shaikpet, Telangana 500081, India Liquidation Commencement Date: March 28, 2025 Court: National Company Law Tribunal Bangalore Bench Liquidator: CS Thirupal Gorige No. 87, 2nd Floor, 21st Cross 7th Main, NS Palya BTM 2nd Stage, Bangalore-560076 Karnataka, India Mobile: +91-94483-84064 Landline: +080-7963-4233 Email: GTHIRUPAL@GMAIL.COM Last date for submission of claims: April 27, 2025 RAVINDRA BHARATHI: Ind-Ra Keeps D Rating in NonCooperating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Ravindra Bharathi Educational Society's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR1,765.33 bil. Bank Loan maintained in non-cooperating Category with IND D (ISSUER NOT COOPERATING) rating; and -- INR250 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Ravindra Bharathi Educational Society while reviewing the rating. Ind-Ra had consistently followed up with Ravindra Bharathi Educational Society over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Ravindr a Bharathi Educational Society 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 Ravindra Bharathi Educational Society'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 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 Ravindra Bharathi Educational Society, registered under the Societies Registration Act XXI of 1860, established its first school at Nellore in 1994. RENUKA FARMERS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Renuka Farmers LLP (RFL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 15.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 16, 2024, placed the rating(s) of RFL under the 'issuer non-cooperating' category as RFL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RFL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 2, 2025, March 12, 2025 and March 22, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Jaipur (Rajasthan) based Renuka Farmers LLP (RFL) was formed as a limited liability partnership in 2017 by Mr. Jaipal Saini with an objective to primarily engage in trading of different agricultural commodities including guar seeds, barley, guar gum, mustard seeds, pulses and wheat. RUNGTA PROJECTS: ICRA Keeps B+ Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the long-term and Short-term ratings of Rungta Projects Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING /[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term 22.00 [ICRA]A4 ISSUER NOT Non-fund based- COOPERATING; Rating continues Others remain under 'Issuer Not Cooperating' category Long Term/ 13.00 [ICRA]B+(Stable) ISSUER NOT Short Term COOPERATING/[ICRA]A4 ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 45.00 [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 Rungta, 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 inline 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. Rungta was established in 1983 as a limited company engaged in mining, overburden removal and transportation of coal. The promoters Mr. R.S. Rungta and Mr. N.K. Rungta have extensive experience and are professionally qualified. The company caters to subsidiaries of Coal India Limited, largely in North and Central India. SAI GLOBAL: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the long-term and short-term ratings of Sai Global Yarntex (India) Private Limited (SGYIPL) 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- 24.80 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 6.29 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term/ 8.64 [ICRA]D/[ICRA]D ISSUER NOT Short Term- COOPERATING; Rating continues Unallocated to remain in the 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SGYIPL, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in December 2005, SGYIPL is involved in cotton spinning at its unit at Ongole, Prakasam district, Andhra Pradesh. The installed capacity of the unit is 26,000 spindles. The company is promoted by Mr. Koti Reddy, Mr. Veeraprakasa Rao, Mr. G. B. Narayana, Mr. Srinivasa Rao, Mr. Gopala Reddy and Mr. Desu Subrahmanyam. SGYIPL primarily produces cotton yarn of medium counts, ranging from 26's to 40's of carded and combed variety. SANTOSH BEEJ: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Santosh Beej Bhandar (SBB) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 18, 2024, placed the rating(s) of SBB under the 'issuer non-cooperating' category as SBB had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBB continues to be non-cooperative despite repeated requests for submission of information through emails dated March 4, 2025, March 14, 2025 and March 24, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Santosh Beej Bhandar (SBB), Jalna, Maharashtra is a trading house in the field of Seeds, Fertilizers & Pesticides since from 1971 started with retail outlet at Jalna, Maharashtra and is a family-based business. SBB is a partnership firm established in 1971 by Mandhani, Kasat, Sarda families in Jalna. Going on the chief promoter Mr. Ramniwas J. Mandhani, expanded the business in surrounding region and started a branch office at Nanded in the year 1987. SARASWATI MEDICAL: Ind-Ra Cuts Bank Loan Rating to BB- ------------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded Saraswati Medical & Dental College rating to 'IND BB-/Negative (ISSUER NOT COOPERATING)'. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating action is: -- INR40 mil. Bank Overdraft downgraded with IND BB-/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category and Outlook revised to Negative in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Saraswati Medical & Dental College while reviewing the rating. Ind-Ra had consistently followed up with Saraswati Medical & Dental College over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Saraswati Medical & Dental College 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 Saraswati Medical & Dental College'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 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 Saraswati Medical & Dental College was incorporated under the Societies Registration Act, 1860, and was founded by Late Colonel (Dr) TS Mathur in May 1995. SARAVANA BUILDWELL: ICRA Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the long-term ratings of Saravana Buildwell Private Limited (SBPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 10.00 [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 SBPL, 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 2007, Saravana Buildwell Pvt Ltd (SBPL) is a private limited concern engaged in real estate development in Bangalore, Karnataka. The promoter Mr. K Nagaraj has a long-standing experience in the field of real estate development, having developed more than 10 residential and commercial projects encompassing 0.2 million square feet of constructed area, since establishment of his partnership entity M/s. Saravana Constructions in 1997. Initially, the group had started off as a real estate company doing small format layouts, independent homes and small apartment complexes, but now the group has forayed into large housing projects and is in the process of getting into villa project ventures too. The firm has its in-house team of engineers and architect. SB URBANSCAPES: ICRA Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the long-term rating of SB Urbanscapes in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B(Stable); ISSUER NOTCOOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 20.00 [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 SB Urbanscapes, 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. M/s. Sb Urbanscapes (MV Vajra) is a partnership firm, promoted by Mr. D. Rajagopal and family, to undertake real estate development activities involving construction of residential apartments, commercial complexes in various parts of Bangalore City & its surroundings. The firm has several group companies like Sumukha Infra, Sumukha Projects, Aashrayaa Infra, S B Properties, Elite Projects, Aashrayaa Homes, Ambience Projects which have wide ranging experience and exposure in civil engineering constructions, real estate development, and many more business activities. SDB SECURITY: Ind-Ra Gives BB+ Bank Loan Rating, Outlook Stable --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated SDB Security Services Private Limited's (SDB) debt instruments as follows: -- INR150 mil. Fund-based working capital limits assigned with IND BB+/Stable rating; and -- INR200 mil. Term loan due on September 22, 2029 assigned with IND BB+/Stable rating. Detailed Rationale of the Rating Action The ratings reflect SDB's modest EBITDA margins over past four years ended FY24 and intense competition. However, the ratings are supported by the company's established market presence in the manpower solutions industry with stable business risk profile, diversified clientele and healthy financial risk profile. Detailed Description of Key Rating Drivers Thin EBITDA Margins: SDB's EBITDA margin remained thin at 2.6%-2.8% over FY22-FY24, due to higher competition in the industry. Ind-Ra believes the long-term growth outlook for SDB is positive, given the ongoing shift in the Indian security services industry to organized sector from the unorganized sector, driven by the growth of the organized economy, rapid urbanization, smart city projects and government's efforts to promote the make-in-India initiative. Additionally, organizations prefer to outsource security services and solutions to specialized providers, helping them in freeing up internal resources and gaining access to greater expertise and resources. The return on capital employed remained at 12% in FY24 (FY23: 15%). Highly Competitive Industry: The integrated facility management industry comprises several unorganized and organized players. Thus, there is intense competition among large players and numerous unorganized players that have a regional presence and offer the same services at lower costs. This results in pricing pressure for organized players that have to incur high overheads to maintain their quality of services and staff. Additionally, the business is largely service oriented which involves the engagement of manpower and hence, most players in the industry face the risk of high attrition rates, driven by intense competition among players to poach trained manpower. Workforce availability plays a vital role in this industry, and if there is any uncertainty around it, the revenue could be negatively impacted. However, this is offset by the company's strong market position and a robust retention rate. High Geographic Concentration: SDB mainly has a presence in South India. In FY24, SDB derived 82% of the revenue from Tamil Nadu (FY23: 83%) and the balance came from Andhra Pradesh (7%; 4%), Karnataka (5%; 2%), Puducherry (4%; 5%) and Telangana (3%; 3%). Comfortable Credit Metrics; likely Deterioration in FY25: The gross interest coverage (operating EBITDA/gross interest expense) improved to 10.07x in FY24 (FY23: 7.32x; FY22: 9.37x) and the net leverage (total adjusted net debt/operating EBITDAR) slightly increased to 1.07x (0.23x, 0.79x), due to an increase in overall borrowings to INR73.88 million (INR25.18 million). However, its interest and finances expenses remained lower during FY24 as the majority of its short-term debt were availed at end-4QFY24. The agency expects the company's debt levels to increase significantly in the near term as it has availed a loan to purchase property for commercial uses for its parent company. Ind-Ra expects the net leverage to have risen above 4x in FY25 and to subsequently reduce below 4x with its scheduled repayment in the medium term. Low Customer and Sector Concentration: The company has a strong and diverse customer base across different industries. Manufacturing, information technology/business process outsourcing/telecommunication, food/agro-based industries, automobile, educational institutions are the major sectors for SDB, which contributed more than 70% to its revenue over FY23-FY24. The top three customers accounted merely 6%-6.5% of the revenue and the top 10 customers accounted 14%-14.5% of revenue over FY23-FY24, displaying low customer concentration. SDB's key customers from the private sector include strong players such as Sun TV Network Limited, The Ramco Cements Limited, Turbo Energy Private Limited and GRT Jewelers (India) Private Limited. However, the concentration risk can be mitigated to some extent by the promoters' more than two decades of experience in the diversified support services industry, strong understanding of market dynamics and established relationships with players across the value chain in the manpower staffing business. Steady Revenue Growth: SDB's revenue from operations improved at a CAGR of around 3% to INR2,365 million in FY24 (FY23: INR2,326 million; FY22: INR2,182 million: FY21: INR2,072 million). The company's growth remained almost flat over the period, as the company lost a few customers while gaining almost equal number of new customers. Moreover, the company booked revenue of INR1,897.31 million in 9MFY25 and the agency expects the revenue grow at 3%-8% in the near to medium term. Liquidity Stretched: At FYE24, SDB had an unrestricted cash balance of INR5.73 million (FYE23: INR9.58 million). Moreover, it has a moderate working capital cycle of 44 days in FY24 (FY23: 46 days), largely driven by moderately higher receivables. The average maximum utilization of the fund-based working capital limits was 82.50%, respectively, for the 12 months ended January 2025. The current ratio remained at 0.80x in FY24. The cash flow from operations reduced but remained positive at INR13.70 million in FY24 (FY23: INR131.90 million) due to unfavorable changes in working capital. The free cash flow continued to remain negative at INR14.73 million in FY24 (FY23: negative INR46.15 million), led by the addition of fixed assets during FY23-FY24 towards purchase of land, buildings and other office equipment. The company has repayment obligations of INR32.5 million and INR32.2 million in FY26 and FY27, respectively, which are likely to be paid out of its internal accruals. Furthermore, SDB does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: Deterioration in the scale of operations or any decline in the profitability or decline in the liquidity or the credit metrics with the net leverage increasing above 3x, would be negative for the ratings. Positive: An improvement in the scale of operations, liquidity and the credit metrics with the net leverage remaining 3x, all on a sustained basis, would be positive for the ratings. About the Company Incorporated in 2014, SDB is managed by Prakash B. Patel, Vinod Balagopal Cola and Suresh Mohan Nair and provides man-guarding services since its inception. The company has its registered office in Chennai. The company has its presence in Andhra Pradesh, Karnataka, Tamil Nadu, Telangana and Puducherry. SDB's parent company, Promag Progressors Facility Management Service Pvt Ltd, provides facility management services. SITARAM INFRAPROJECTS: Ind-Ra Withdraws BB+ Bank Loan Rating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has withdrawn Sitaram Infraproject Private Limited's (SIPL) bank facility ratings as follows: -- The 'IND BB+/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)' rating on the INR150 Fund-based limits is withdrawn; and -- The 'IND A4+ (ISSUER NOT COOPERATING)' rating on the INR100 mil. Non-fund-based capital limits is withdrawn. Detailed Rationale of the Rating Action Ind-Ra is no longer required to maintain the ratings, as the agency has received a request for withdrawal of ratings from the issuer and no-due certificate issued the bankers. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. About the Company SIPL constructs roads and bridges, and executes pipeline projects for state (Gujarat, Maharashtra and Goa) and central governments. SONA SATI: Ind-Ra Keeps B- Loan Rating in NonCooperating -------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Sona Sati Organics Private Limited's (SSOPL) bank facilities' ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating actions are: -- INR100 mil. Fund-based limit* maintained in non-cooperating category and withdrawn; -- INR400.74 mil. Term loan* due on July 31, 2021 maintained in non-cooperating category and withdrawn; and -- INR40 mil. Non-fund-based limits# maintained in non- cooperating category and withdrawn. *Maintained at 'IND B-/Negative (ISSUER NOT COOPERATING)' before being withdrawn #Maintained at 'IND A4 (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The ratings have been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails, and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a request for withdrawal of ratings and no-objection certificate issued by the bankers. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with SSOPL while reviewing the ratings. Ind-Ra had consistently followed up with SSOPL over emails, apart from phone calls. The issuer has also not been submitting the monthly no-default statement since 2018. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of SSOPL, 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. SSOPL has been non-cooperative with the agency since November 2018. About the Company Incorporated in 2004, SSOPL manufactured rectified spirits till FY16. After the ban on alcohol in Bihar, the company has been manufacturing ethanol to cater to the requirements of petroleum companies. SRIDARSHAN GOLD: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sridarshan Gold Private Limited (SGPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.45 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 17, 2024, placed the rating(s) of SGPL under the 'issuer non-cooperating' category as SGPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 3, 2025, March 13, 2025 and March 23, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable SGPL was incorporated in January-2017 and is engaged in designing and retailing of gold, platinum, gems, jewellery, and precious stones. The company procures gold, silver, platinum (powder form) in bulk, based on daily prices from bullion traders in Hyderabad and Maharashtra. Further, the company is also into designing jewellery for reputed jewellers. SRINIVASAN CHARITABLE: Ind-Ra Keeps D Rating in NonCooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Srinivasan Charitable & Educational Trust's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR2.370 bil. Bank Loan maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Srinivasan Charitable & Educational Trust while reviewing the rating. Ind-Ra had consistently followed up with Srinivasan Charitable & Educational Trust over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Srinivasan Charitable & Educational Trust 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 Srinivasan Charitable & Educational Trust'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 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 Srinivasan Charitable & Educational Trust was established in 2006 by Shri. A. Srinivasan. The trust runs five educational institutions in Tamil Nadu. It offers engineering, polytechnic, nursing and medical courses and operates a hospital in Perambalur district. SRINIVASAN HEALTH: Ind-Ra Keeps D Rating in NonCooperating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Srinivasan Health & Educational Trust's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR1.80 bil. Bank Loan maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Srinivasan Health & Educational Trust while reviewing the rating. Ind-Ra had consistently followed up with Srinivasan Health & Educational Trust over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Srinivasan Health & Educational Trust 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 Srinivasan Health & Educational Trust'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 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 Srinivasan Health & Educational Trust was founded by A. Srinivasan in 2009 with an objective to promote, set up and run charitable institutions, educational institutions and hospitals. SUN ENTERPRISE: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings for the Bank facilities of Sun Enterprise in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING/[ICRA]A4 ISSUER NOT COOPERATING ". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short-Term 10.00 [ICRA]A4 ISSUER NOT Fund based- COOPERATING; Rating continues Cash Credit remain under 'Issuer Not cooperating' category As part of its process and in accordance with its rating agreement with Sun Enterprise, 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. Established as a partnership firm in 1995, Sun Enterprise is promoted by members of the Patel family, who have extensive experience in the agro-commodity business. The firm manufactures psyllium husk from psyllium seeds (Isabgol), and also trades in fennel seeds, cumin seeds and other agro commodities. SUN PSYLLIUM: ICRA Keeps B+ Ratings in Not Cooperating Category --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings for the Bank facilities of Sun Psyllium Industries in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING/[ICRA]A4 ISSUER NOT COOPERATING ". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-Term 10.00 [ICRA]A4 ISSUER NOT Fund based- COOPERATING; Rating continues Cash Credit remain under 'Issuer Not cooperating' category Long Term- 12.00 [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 Sun Psyllium Industries, 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. Established as a partnership firm in 1989, Sun Psyllium Industries is promoted by members of the Patel family, who have extensive experience in the agro-commodity business. The firm manufactures psyllium husk from psyllium seeds (Isabgol), and also trades in fennel seeds, cumin seeds and other agro commodities. The partners are also associated with Sun Enterprise, which is also involved in the similar business. TAJSHREE MOTORS: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Tajshree Motors Private Limited (TMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 16, 2024, placed the rating(s) of TMPL under the 'issuer non-cooperating' category as TMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 2, 2025, March 12, 2025 and March 22, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable TMPL was incorporated in the year 2006. The company is an authorized dealer for the two wheelers of Yamaha Motors Private Limited (Yamaha) and Chevrolet Sales India Private Limited). TRISHAKTI AGRO: ICRA Keeps B+/A4 Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term rating for the Bank facilities of Trishakti Agro Foods in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING ". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 13.17 [ICRA]B+(Stable)/[ICRA]A4; Short Term- 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 Trishakti Agro Foods, 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. Established in September 2019, Trishakti Agro Foods is in the process of setting up a rice mill at Dhenkanal, Odisha with an installed capacity of 28,800 MT to produce parboiled rice. The commercial operation at the proposed plant is scheduled to commence from October 2020. TRN ENERGY: Ind-Ra Keeps D Loan Rating in NonCooperating -------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained TRN Energy Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR700 mil. Loan equivalent risk maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; -- INR2,412.5 bil. External Commercial Borrowing maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; -- INR2.050 bil. Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) -- INR2.250 bil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR2,8156.90 bil. Term Loan due on January 15, 2038 maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with TRN Energy Private Limited while reviewing the rating. Ind-Ra had consistently followed up with TRN Energy Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of TRN Energy 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 TRN Energy Private Limited'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 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 on November 17, 2006, TRN Energy has developed a 600MW (2 x 300MW) coal-based thermal power plant in Raigarh district, Chhattisgarh. UTTAM INDUSTRIAL: Ind-Ra Withdraws D Bank Loan Rating ----------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Uttam Industrial Engineering Private Limited (UIEPL) ratings as follows: -- The 'IND D (ISSUER NOT COOPERATING)' rating on the INR11.30 mil. Term loan due on March 31, 2028 is withdrawn; -- The 'IND D (ISSUER NOT COOPERATING)' rating on the INR5 mil. Fund-based working capital limits is withdrawn; and -- The 'IND D (ISSUER NOT COOPERATING)' rating on the INR328.70 mil. Non-fund-based working capital limits is withdrawn. Analytical Approach Detailed Rationale of the Rating Action Ind-Ra is no longer required to maintain the ratings, as the agency has received no-dues certificates from the lenders and a withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. About the Company UIEPL is a privately-held company primarily engaged in the engineering of equipment and machinery and execution of turnkey projects for the sugar industry. VIJAYA MARUTHI: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Vijaya Maruthi TMC (VMT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 16, 2024, placed the rating(s) of VMT under the 'issuer non-cooperating' category as VMT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VMT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 2, 2025, March 12, 2025, March 22, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Andhra Pradesh based, Vijaya Maruthi TMC (VMT) was established as a Partnership Firm in 2012. VMT was promoted by Mr. G.M. Srinivas Rao and his family members. The firm is engaged in the cotton ginning and pressing. The registered office of the firm is located at Guntur District, Andhra Pradesh. The firm purchases raw cotton from local farmers located in and around Andhra Pradesh and from dealers in and around from state of Tamil Nadu and Odhissa. The firm sells the final product to the spinning units located in Andhra Pradesh and Tamil Nadu. The firm has an installed capacity of processing 200 bales per day as on November 18, 2019. VISHWA JYOTHI: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term ratings for the Bank facilities of Sri Vishwa Jyothi Agri Cottons (SVJAC) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 0.10 [ICRA]B+ (Stable); ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 3.90 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 15.00 [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 SVJAC, 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. Established in April 2019, Sri Vishwa Jyothi Agro Cottons (SVJAC) is a partnership firm engaged in ginning and pressing of raw cotton to produce cotton bales and cotton seeds. The firm is located in Raichur (Karnataka) and is owned and managed by the partners. The firm has commenced its operations with installation of 48 ginning machines, with a production capacity is around 82000 quintals per annum at 33% Yield & Cotton Seeds at 165000 quintals at 66% Yield. The firm is estimating to operate at 80% of its installed capacity for the first year and 2% increase is provided every year. They have been present in cotton business in Raichur (where the current factory is located) for last 10 years and are also associated with Sri Jyothi Cotton Ginners. VISHWAKARMA BUILDERS: ICRA Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Shree Vishwakarma Builders (SVB) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 34.50 [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 SVB, 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. SVB is a partnership firm incorporated in October 2012 with fourteen partners registered at KankerKhera, Meerut, Uttar Pardesh. The firm is promoted by Mr. Parminder Tewatia, Ms. Ravindri Devi and Mr. Arjun Singh. SVB launched a project "Green Paradise" in Modipuram, Meerut. The project comprises a saleable area of 3.11 mn sq. ft. and consists of 63 plots, 130 duplex and 26 G+2 floor. The project cost for INR80.0 crore is funded by INR34.50 crore of bank debt, INR25.52 crore of promoter's contribution and INR19.98 crore of customer advances. ========= J A P A N ========= NISSAN MOTOR: Sees US$5.3BB Loss as Restructuring Charges Mount --------------------------------------------------------------- Reed Stevenson at Bloomberg News reports that Nissan warned it will post a net loss of as much as JPY750 billion (US$5.3 billion) for the fiscal year that ended in March - a record annual deficit - as restructuring charges weigh on the struggling carmaker. With an aging lineup, Nissan has been discounting its cars in order to avoid building up inventory, eroding profits, Bloomberg notes. Analysts were projecting, on average, a loss of JPY112 billion, which itself was worse than Nissan's prior outlook for a deficit of JPY80 billion. Bloomberg says the even weaker-than-expected results will put increasing pressure on Nissan to find another lifeline after talks for a tie-up with Honda formally ended earlier this year. That led to the ouster of Chief Executive Officer Makoto Uchida, who warned at the time that it would be "difficult to survive" without a partnership of some sort. While Nissan slightly raised its sales forecast late on April 24, its statement warned that its net loss could be JPY700 billion to JPY750 billion. "This is primarily due to changes in the competitive environment and deterioration in sales performance," it said. The company's shares rose as much as 3.1% on April 25 as some analysts noted that there has at least been an improvement in the automaker's cash position. The stock is still down 29% since January. Nissan is "finally admitting the inevitable, so that's a good thing," Bloomberg Intelligence analyst Tatsuo Yoshida said. "The market was already expecting a bigger loss." He added that while the Japanese automaker is tallying up its losses to make a fresh start, that "doesn't necessarily mean the future is bright." According to Bloomberg, Citigroup analysts said the impairments equated to around 10% of Nissan's tangible and intangible assets. "Nissan had been aiming at a cost structure that could generate profits even at production of 3.5 million units but it plans to further improve the breakeven point," Citigroup's Arifumi Yoshida wrote in a note, Bloomberg relays. At the end of March, Nissan's net cash stood at JPY1.49 trillion, up from JPY1.24 trillion as of the end of December and "we view the improvement as somewhat positive." The carmaker's sales are faltering in the U.S. and China while it faces $5.6 billion in debt obligations next year. Nissan's credit-default swaps widened sharply on April 25, Bloomberg says. Considering the turnaround challenges and bond redemption costs, "a full recovery in fiscal year 2025 appears unlikely," Hiroki Uchida, credit analyst at Daiwa Securities Group, said. Bloomberg relates that Nissan also doesn't have a strong lineup of hybrid vehicles to offer customers in key markets and has been embroiled in management turmoil and infighting since former Chairman Carlos Ghosn was arrested and ousted in 2018. Uchida, 58, stepped down last month to take responsibility for Nissan's deteriorating fortunes and was replaced by Ivan Espinosa, who previously had held the title of chief planning officer for a year. Espinosa, 46, faces the unenviable task of reversing Nissan's fortunes, refreshing its outdated lineup and finding new business partners, according to Bloomberg. He'll also have to navigate the upheaval caused by President Donald Trump's sweeping 25% tariffs on cars and parts imported into the U.S.. Operating income is now expected to be JPY85 billion, down from an earlier forecast of JPY120 billion, Nissan said, Bloomberg relays. Net sales are likely to come in at JPY12.6 trillion instead of JPY12.5 trillion, according to the company. About Nissan Motor Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. S&P Global Ratings, on March 7, 2025, lowered its long-term issuer credit ratings on Nissan Motor and its overseas subsidiaries to 'BB' and affirmed its short-term issuer credit ratings on each company at 'B'. The negative outlook reflects S&P's view that the company's creditworthiness may continue to deteriorate as a challenging operating environment hampers profitability improvement and free cash flow losses continue. Fitch Ratings, in February 2025, also downgraded Nissan Motor Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured rating to 'BB+', from 'BBB-'. The Outlook is Negative. Fitch has also downgraded the Short-Term Foreign- and Local-Currency IDRs to 'B', from 'F3'. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. =============== M A L A Y S I A =============== REACH ENERGY: To Be Delisted on May 1 ------------------------------------- The Edge Malaysia reports that Reach Energy Bhd, which made its debut on Bursa Malaysia as the special purpose acquisition company (SPAC) with the largest initial public offering that raised MYR750 million in August 2014, is set to be delisted on May 1. This is because the group has decided not to appeal against delisting after Bursa rejected its third request for more time to submit its regularisation plan, the Edge relates. Bursa had cited lack of material progress since the last deadline as the reason for rejecting the company's request to extend the submission deadline from April 2 to October 2. The Edge says the group was the fourth SPAC that was listed on Bursa, after Hibiscus Petroleum Bhd, (listed in 2011), CLIQ Energy Bhd (April 2013) and Sona Petroleum Bhd (July 2013). After Reach Energy, Red Sena Bhd made its market debut in December 2015. Unlike Hibiscus, the other three have already been delisted - all due to failing to complete their mandate of acquiring a qualifying asset (QA) within the stipulated three years, the Edge notes. Reach is set to be the fourth, even though it managed to fulfil its SPAC mandate for the QA, as it will be giving up its listing status this week. "The board of directors of the company wishes to announce, with regret, that all available avenues have been exhausted, the company has decided not to submit an appeal to Bursa Malaysia against the de-listing within the appeal timeframe by April 21, 2025," Reach Energy said in a bourse filing on April 24. According to the Edge, the group has not had a profitable year since its successful transition from an SPAC to an oil and gas exploration and production company in 2016 after it acquired its QA. Its QA was in the form of a 60% stake interest in the Emir Oil LLP concession, which spans six oilfields in the southwestern side of Kazakhstan. It bought the stake from Hong Kong-based MIE Holding Corp (MIEH) for US$175.9 million. After acquiring the asset, it worked on improving production at the concession, but faced setbacks, including sanctions on oil and gas exports imposed on Russia due to the war in Ukraine, which also affected its operations in Kazakhstan, the Edge relates. Its accumulated losses hit MYR531.96 million as at end-2023, while its shareholder equity dropped to less than 50% of its share capital, triggering the Practice Note 17 classification for financially-distressed companies - a condition it has to regularize, according to the Edge. Subsequently, there was speculation that the group intended to divest its Emir Oil concession, but the group refuted these rumours. About Reach Energy Headquartered in Kuala Lumpur, Malaysia, Reach Energy Berhad, an investment holding company, engages in the exploration, development, production, and sale of crude oil and other petroleum products in the Republic of Kazakhstan, Malaysia, and internationally. The company holds a 100% working interest in the Emir-Oil concession block covering an area of approximately 850.3 square kilometers located in the Mangystau Oblast in the southwestern region of the Republic of Kazakhstan. It also exports. On April 3, 2024, Reach Energy Bhd fell into the Practice Note (PN17) category. The company has triggered Paragraph 2.1(e) of PN17 of the Bursa Malaysia Securities Bhd in respect of the company's unaudited financial statements for the financial year ended Dec. 31, 2022 (FY2022). Additionally, the company's shareholders' equity on a consolidated basis is 50% or less of its share capital as announced on Feb. 28, 2023. ===================== N E W Z E A L A N D ===================== COUNTER CULTURE: Creditors' Proofs of Debt Due on May 30 -------------------------------------------------------- Creditors of Counter Culture Limited are required to file their proofs of debt by May 30, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 17, 2025. The company's liquidator is: Heath Gair Palliser Insolvency Level 2, 40 Lady Elizabeth Lane Wellington PO Box 57124 Mana Porirua 5247 F C W LIMITED: Creditors' Proofs of Debt Due on May 20 ------------------------------------------------------ Creditors of F C W Limited and Global Coating Services Limited are required to file their proofs of debt by May 20, 2025, to be included in the company's dividend distribution. F C W Limited commenced wind-up proceedings on April 14, 2025. Global Coating Services Limited commenced wind-up proceedings on April 17, 2025. The company's liquidator is: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 JSL RENOVATORS: Court to Hear Wind-Up Petition on May 6 ------------------------------------------------------- A petition to wind up the operations of JSL Renovators Limited will be heard before the High Court at Wellington on May 6, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 21, 2025. The Petitioner's solicitor is: Jack David Laird Legal Services, Asteron Centre 55 Featherston Street PO Box 895 Wellington 6011 MOHAKA_KINGZ CONTRACTING: Creditors' Proofs of Debt Due on June 6 ----------------------------------------------------------------- Creditors of these entities are required to file their proofs of debt by June 6, 2025, to be included in the company's dividend distribution: - Mohaka_Kingz Contracting Limited - King Building Limited - Greenmount Capital Nz Operations Limited - Greenmount New Zealand Operations Limited - G J Ultimate Barber Styles Limited - Auxilio New Zealand Limited - Structural Concepts Limited - Choudhary Tauranga Limited. Mohaka_Kingz Contracting Limited, King Building Limited, Greenmount Capital Nz Operations Limited, and Greenmount New Zealand Operations Limited commenced wind-up proceedings on April 15, 2025. G J Ultimate Barber Styles Limited and Auxilio New Zealand Limited commenced wind-up proceedings on April 17, 2025. Structural Concepts Limited and Choudhary Tauranga Limited commenced wind-up proceedings on April 23, 2025. The company's liquidators are: Derek Ah Sam Paul Vlasic Rodgers Reidy (NZ) Limited PO Box 45220 Te Atatu Auckland 0651 QUANTUM HOMES: Court to Hear Wind-Up Petition on May 19 ------------------------------------------------------- A petition to wind up the operations of Quantum Homes (2020) Limited will be heard before the High Court at Hamilton on May 19, 2025, at 10:45 a.m. Filokreto Limited filed the petition against the company on March 4, 2025. The Petitioner's solicitor is: Jeffrey Gray Ussher Level 19, 191 Queen Street Auckland =============== P A K I S T A N =============== PAKISTAN WATER: Fitch Hikes LongTerm Foreign Currency IDR to 'B-' ----------------------------------------------------------------- Fitch Ratings has upgraded Pakistan Water and Power Development Authority's (WAPDA) Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The Outlook is Stable. Fitch has concurrently upgraded the rating on WAPDA's senior unsecured bond to 'B-' from 'CCC+', equalised with WAPDA's IDR. Key Rating Drivers The upgrade follows Fitch's upgrade of the Pakistan sovereign rating to 'B-' from 'CCC+' on April 15, 2025. WAPDA's ratings are equalised with those of the sovereign and are sensitive to any rating action on the sovereign. For details on the sovereign rating, see Fitch Upgrades Pakistan to 'B-'; Outlook Stable. Derivation Summary Fitch believes extraordinary support from Pakistan to WAPDA would be 'Virtually Certain' in case of need, reflecting a maximum support score of 60 under its Government-Related Entities Rating Criteria. Fitch equalises WAPDA's rating with the sovereign rating regardless of WAPDA's Standalone Credit Profile. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A sovereign downgrade or lower government responsibility or incentive to provide support may lead to negative rating action. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of the sovereign may trigger positive rating action on WAPDA. Issuer Profile WAPDA is a hydroelectric power generation company wholly owned by the state. It was set up to integrate the development of the country's water and power resources. It made up 88% of the country's hydroelectric installed capacity and 20% of total capacity as of end-June 2024. Public Ratings with Credit Linkage to other ratings WAPDA's ratings are linked to those of the Pakistan sovereign. ESG Considerations Fitch does not provide ESG relevance scores for WAPDA. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. Entity/Debt Rating Prior ----------- ------ ----- Pakistan Water and Power Development Authority LT IDR B- Upgrade CCC+ LC LT IDR B- Upgrade CCC+ senior unsecured LT B- Upgrade CCC+ ================= S I N G A P O R E ================= IN-XS SPECIALIST: Court to Hear Wind-Up Petition on May 2 --------------------------------------------------------- A petition to wind up the operations of In-Xs Specialist Services Pte. Ltd. will be heard before the High Court of Singapore on May 2, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on Apri 8, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 INNOVATE DESIGN: Court to Hear Wind-Up Petition on May 2 -------------------------------------------------------- A petition to wind up the operations of Innovate Design Pte. Ltd. will be heard before the High Court of Singapore on May 2, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on Apri 9, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 INNOVATE INTERIOR: Court to Hear Wind-Up Petition on May 9 ---------------------------------------------------------- A petition to wind up the operations of Innovate Interior Design Pte. Ltd. will be heard before the High Court of Singapore on May 9, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on April 9, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 MIDAS DESIGN: Court to Hear Wind-Up Petition on May 2 ----------------------------------------------------- A petition to wind up the operations of Midas Design & Contracts Pte. Ltd. will be heard before the High Court of Singapore on May 2, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on April 9, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 STAR BUGS: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on April 4, 2025, to wind up the operations of STAR BUGS Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidator is: Gary Loh Weng Fatt BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ================= S R I L A N K A ================= SRI LANKA: Gets Staff-Level IMF Agreement on 4th Review of Bailout ------------------------------------------------------------------ After constructive discussions in Colombo and during the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington DC, IMF Mission Chief for Sri Lanka Evan Papageorgiou issued the following statement: "IMF staff and the Sri Lankan authorities have reached a staff-level agreement on the Fourth Review of Sri Lanka's reform program supported by the IMF's 48-month Extended Fund Facility (EFF) arrangement. The EFF was approved by the IMF Executive Board for a total amount of SDR2.3 billion (about US$3 billion) on March 20, 2023. "The staff-level agreement is subject to IMF Executive Board approval, contingent on: (i) the implementation of prior actions relating to restoring electricity cost-recovery pricing and ensuring proper function of the automatic electricity price adjustment mechanism; and (ii) the completion of financing assurances review, which will focus on confirming multilateral partners' committed financing contributions and adequate debt restructuring progress. "Upon completion of the Executive Board review, Sri Lanka would have access to SDR254 million (about US$344 million), bringing the total IMF financial support disbursed under the arrangement to SDR1,270 million (about US$1,722 million). "Sri Lanka's ambitious reform agenda continues to deliver commendable outcomes. The post-crisis growth rebound of 5 percent in 2024 is remarkable. Revenue mobilization reforms had improved revenue-to-GDP ratio to 13.5 percent in 2024, from 8.2 percent in 2022. Gross official reserves reached US$6.5 billion at end-March 2025 given sizeable foreign exchange purchases by the central bank. Substantial fiscal reforms have strengthened public finances. Sri Lanka's debt restructuring is nearly complete. "Program performance remains strong overall. Based on preliminary data, most end-March quantitative targets for which data is available were met. Most structural benchmarks due by end-April were either met or implemented with delay. However, the continuous structural benchmark on cost-recovery electricity pricing remains not met. Inflation remains below the Monetary Policy Consultation target band. "The recent external shock and evolving developments create significant uncertainty for the Sri Lankan economy, which is still recovering from its own economic crisis. "Against this global uncertainty, sustained revenue mobilization efforts and prudent budget execution remain critical to preserve the limited fiscal space, to allow appropriate responses if shocks materialize. Restoring cost-recovery electricity pricing is essential to minimize fiscal risks and enable appropriate electricity infrastructure investments. The tax exemption framework should be well designed to reduce fiscal costs and corruption risks, while enabling growth. Reforms to boost tax compliance are important to deliver revenue gains without resorting to additional tax measures. "Similarly, it remains critical to continue rebuilding external buffers through reserves accumulation, to allow appropriate responses if shocks materialize. Inflationary pressures remain contained and banks are well capitalized. However, continued monitoring is warranted to ensure sustained price and financial stability. "The government has an important responsibility to protect the poor and vulnerable at this uncertain time. It is important to continue efforts to improve targeting, adequacy, and coverage of social safety nets. Fiscal support needs to be well-targeted, time-bound, and within the existing budget envelope. "The new government's sustained commitment to program objectives has enhanced confidence and ensures policy continuity. Going forward, sustaining reform momentum including by reducing corruption vulnerabilities, is critical to safeguard the hard-won gains, durably restore macroeconomic and debt sustainability, and unlock robust and inclusive growth. "The IMF team held meetings in Washington DC with the Honorable Deputy Minister of Finance and Planning Dr. Harshana Suriyapperuma, Central Bank of Sri Lanka Governor Dr. P. Nandalal Weerasinghe, Secretary to the Treasury Mr. K M Mahinda Siriwardana, and other senior officials. "We would like to thank the authorities for the excellent discussions and strong collaboration." About Sri Lanka Sri Lanka, formerly known as Ceylon and officially the Democratic Socialist Republic of Sri Lanka, is an island country in South Asia. Sri Jayawardenepura Kotte is its legislative capital, and Colombo is its largest city and financial centre. The island nation defaulted on its foreign debt for the first time in its history in April 2022 as the worst financial crisis since independence from Britain in 1948 crushed its economy. Fitch Ratings upgraded Sri Lanka's Long-Term Foreign-Currency IDR to 'CCC+', from 'RD' (Restricted Default) on Dec. 20, 2024. Fitch also upgraded the Long-Term Local-Currency IDR to 'CCC+', from 'CCC-', to align with the Long-Term Foreign-Currency IDR. Moody's also upgraded Sri Lanka's long-term foreign currency issuer rating to Caa1 from Ca on Dec. 23, 2024. The outlook is stable. S&P Global Ratings on Dec. 27, 2024, affirmed its 'SD/SD' (selective default) long- and short-term foreign currency and 'CCC+/C' long- and short-term local currency sovereign credit ratings on Sri Lanka. The outlook on the long-term local currency rating is stable. ============= V I E T N A M ============= VIETNAM PROSPERITY: Moody's Affirms 'Ba3' Deposit & Issuer Ratings ------------------------------------------------------------------ Moody's Ratings has affirmed Vietnam Prosperity Joint Stock Commercial Bank's (VPBank) Ba3 long-term (LT) foreign currency (FC) and local currency (LC) bank deposit and issuer ratings. Moody's have also affirmed the bank's Ba2 LT FC and LC Counterparty Risk Ratings (CRR), Ba2(cr) and NP(cr) LT and ST Counterparty Risk Assessments, ba3 Baseline Credit Assessment (BCA) and Adjusted BCA and it’s Not Prime (NP) short-term (ST) FC and LC bank deposit and issuer ratings and CRR. Additionally, Moody's have affirmed the bank's (P)Ba3 senior unsecured medium-term note program rating. Moody's have maintained a stable outlook on the ratings where applicable. Moody's have also affirmed the B1 LT Corporate Family Ratings of VPBank SMBC Finance Company Limited (FE Credit) and changed the outlook to stable from negative. RATINGS RATIONALE The affirmation of VPBank's ratings with a stable outlook is driven by Moody's expectations that the bank's above-industry-average capitalization and adequate profitability will provide a buffer against high asset risk. However, the bank's BCA could come under pressure if its funding profile deteriorates due to its deposit growth continually lagging loan growth, or if the bank significantly increases the share of its real estate loans. VPBank's profitability improved in 2024, aided by net interest margin (NIM) expansion driven by lower funding and credit costs. Its return on tangible banking assets ratio (ROTA) improved to 1.7% in 2024, from 1.0% in 2023. As of the end of December 2024, the bank's consolidated regulatory Tier 1 capital ratio was 14.7%, among the highest in its rated peer group in Vietnam. Moody's expects the bank's loans to grow by around 20%-22% and its NIM to remain stable over the next 12-18 months. Its profitability will also benefit from higher profit contribution from FE Credit, its consumer finance subsidiary. However, VPBank's credit cost and overall profitability are susceptible to asset-quality risks due to its moderate provision coverage and rapidly growing exposure to real estate loans. The bank's problem loan ratio (which includes nonperforming loans (NPLs) and Vietnam Asset Management Company (VAMC) bonds) as a percentage of gross loans improved to 4.3% of total loans as of December 2024, compared 5.7% to a year ago. However, the bank's sizable exposure to the real estate sector, which constitutes 27% of its total loans in December 2024, poses risks due to high leverage among real estate developers. Vietnam's exports to the US accounts for around a quarter of the country's GDP, the largest share among major Asia-Pacific economies, making the economy susceptible to US trade policy on tariffs. VPBank's loan-to-deposit ratio of 143% as of December 2024 is the highest amongst rated peers, as its loan growth has significantly outpaced deposit growth. Moody's expects limited impact from the mandatory transfer of Global Petro Sole Member Limited Commercial Bank (GPBank) to VPBank on VPBank's credit profile due to the small size of GPBank and the low likelihood of material capital support to GPBank in next 12-18 months. VPBank's Ba3 rating is at the same level as its ba3 BCA. Moody's expects a moderate probability of government support for the bank in times of need; however, this assumption does not result in a rating uplift from the bank's BCA. Moody's have also revised FE Credit's rating outlook to stable from negative and improved its standalone assessment to b3 from caa1. This considers the turnaround in its business, with its NPL ratio declining to 16.6% as of December 2024 from 22.3% a year ago, and a return to profitability. The company's asset quality is improving following a prolonged bad loan cycle due to high loan delinquencies post-pandemic and weak recovery in loan repayments. This is because FE Credit's loan portfolio was largely concentrated in unsecured loans to the underbanked retail segment with moderate income levels. Moody's expects the company to further improve its credit fundamentals in the next 12-18 months, given its strategy to de-risk the loan portfolio by originating loans through partnerships with retailers, dealers and enterprises, tightening lending criteria, improving its collection mechanism and increasing digitization. The company's capitalization is adequate with tangible common equity/tangible managed assets (TCE/TMA) ratio of 15.5% as of end 2024. The company also enjoys strong funding facilities from its two shareholders, VPBank and SMBC Consumer Finance Co., Ltd, which is owned by Sumitomo Mitsui Financial Group, Inc. (SMFG, A1 stable). FE Credit's B1 rating is based on its b3 standalone credit profile and two notches of support from VPBank to reflect the strong business linkages, funding support and management oversight from the parent bank. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade VPBank's ratings if its BCA is upgraded. An upgrade of the BCA is likely if the bank's asset quality improves, with its problem asset ratio (including any restructured assets) declining below 2%, while its tangible common equity (TCE)/adjusted risk-weighted assets (RWA) ratio remains above 14% and ROTA improves above 2% on a sustained basis. This should happen in tandem with a reduction in the bank's exposure to real estate loans and a substantial reduction in reliance on wholesale funding. Moody's could upgrade FE Credit's rating if its standalone credit profile improves in tandem with that of VPBank. FE Credit's standalone credit profile can improve if its NPL ratio reduces below 5%, along with an improvement in profitability, provision coverage and TCE/TMA ratio staying above 12%. Moody's could downgrade VPBank's ratings if its BCA declines by more than one notch. A downgrade of VPBank's BCA is likely if the bank's exposure to real estate loans continues to increase. Rapid credit growth or cash dividends that lower the bank's capitalization will also be negative for the BCA. Specifically, a ROTA of less than 1.5% on a sustained basis or a drop in the bank's TCE/adjusted RWA to less than 12.5% will be negative for the BCA. Any indication of constrained access to funding or further reliance on market funds with low levels of high-quality liquid assets will also be negative for the BCA and ratings. Moody's could downgrade FE Credit's rating if Moody's deem that the likelihood of support from the parent has deteriorated or if its capitalization deteriorates (due to sustained losses or balance sheet growth), such that its TCE/TMA declines below 11% or the company's funding and liquidity come under stress. Moody's could also lower its rating if credit profile of VPBank weakens. The principal methodology used in rating Vietnam Prosperity Joint Stock Commercial Bank was Banks published in November 2024. Vietnam Prosperity Joint Stock Commercial Bank (VPBank) is headquartered in Hanoi and reported total assets of VND924 trillion as of the end of December 2024. VPBank SMBC Finance Company Limited (FE Credit), which is headquartered in Ho Chi Minh City, held total assets of VND68 trillion at the end of December 2024. VINFAST AUTO: Net Loss Widens to US$1.3 Billion in Q4 of 2024 ------------------------------------------------------------- Reuters reports that VinFast Auto Ltd.'s losses widened in the fourth quarter, it said on April 24, due to rising costs linked to its overseas expansion and free charging programme aimed at attracting buyers. VinFast reported a net loss of $1.3 billion for the fourth quarter of 2024, worsening from a $650 million loss a year earlier and a $773 million loss in the third quarter, Reuters discloses. According to Reuters, the carmaker is focusing its expansion on Asia and said it would open assembly plants in India and Indonesia this year. It has struggled to penetrate the U.S. market and so analysts expect the impact from new U.S. tariffs on imported cars to be limited. "We remain agile to the changes in regulatory and geopolitical landscape," Reuters quotes Chairwoman Thuy Le as saying on an earnings call. The quarterly loss was due to the free charging programme, net realizable value and impairment of assets, it said. "If we exclude the impact of the above items, the net loss margin improved to negative 94% in the fourth quarter from negative 109% in the third quarter," VinFast's Chief Financial Officer Lan Anh Nguyen said on an earnings call. "In 2025, we are focused on scaling volume through new product launches and deepening our market presence in Asia," she said. Revenue jumped 56% in the fourth quarter from a year earlier to $678 million on increased deliveries of more affordable models, but missed analysts' average forecast of $1.2 billion, provided by LSEG. For 2024, the company recorded a $3.2 billion loss, worsening from a $2.4 billion loss a year earlier, Reuters discloses. Revenue grew 58% to $1.8 billion. Shares of VinFast fell slightly in pre-market trade in New York. The shares have dropped more than 20% since January. Reuters notes that VinFast has been expanding aggressively in Asian markets by offering promotions including a free charging programme to capitalize on growing demand for EVs in Asia and offset softer demand in the United States. At the shareholder meeting on April 24 of VinFast's parent company Vingroup, VinFast's CEO Pham Nhat Vuong said the carmaker would focus more on Indonesia, India and the Philippines, Reuters relays. It plans to open a car assembly plant in India by the end of June, another one in Indonesia by October, Vuong said at the meeting. Since its inception in 2017 up until November last year, VinFast has received capital injections totalling around $17 billion from Vingroup, its affiliates and founder Vuong, according to an announcement last year. At Vingroup's shareholder meeting, Vuong said the company aimed to sell around 200,000 vehicles in Vietnam this year, more than double the 97,000 units sold in 2024. Deliveries in the U.S. and Canada accounted for 4% and 2% of the company's total sales respectively, Chairwoman Thuy said on the earnings call, adds Reuters. About VinFast Auto VinFast Auto Ltd. (NASDAQ: VFS) -- https://vinfastauto.us/ -- is an automotive manufacturer, engages in Automobiles and E-scooter related business in Vietnam and the United States. The company operates through Automobiles, E-scooter, Spare Parts, and Aftermarket Services segments. The Automobiles segment offers design, development, manufacturing, and sale of cars and electric buses. The E-scooter segment provides design, development, manufacturing, and sales of e-scooters. The Spare Parts, and Aftermarket Services segment engages in sale of spare parts and aftermarket services for automobiles and e-scooters. VinFast Auto Ltd. is based in Hai Phong City, Vietnam. The company operates as a subsidiary of Vingroup Joint Stock Company. VinFast Auto Ltd.'s working capital deficit was VND89.8 million at Dec. 31, 2023. The deficit was VND21.4 million at Dec. 31, 2022. At Dec. 31, 2023, the Company had total current assets of VND48.7 million and total current liabilities of VND138.5 million. At Dec. 31, 2022, the Company had total current assets of VND44.8 million and total current liabilities of VND66.2 million. ********* 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 ***