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250501.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 Thursday, May 1, 2025, Vol. 28, No. 87 Headlines A U S T R A L I A ACCESS ENGINEERING: First Creditors' Meeting Set for May 9 HIGHWALL MINING: Second Creditors' Meeting Set for May 6 MINERAL RESOURCES: Rules Out Equity Raise as Debt Hits AUD5.4BB ORNATE BANQUETS: Second Creditors' Meeting Set for May 6 S.A.I.S.S. SOFTWARE: Second Creditors' Meeting Set for May 6 STAR ENTERTAINMENT: Posts EBITDA Loss of AUD21 Million in Q3 UPC PTY: First Creditors' Meeting Set for May 9 C H I N A CHINA VANKE: Largest Shareholder to Offer CNY3.3 Billion Loan CHINA VANKE: Net Loss Widens to CNY6.25 Billion in Q1 [] CHINA: Factories Are Stopping Production as U.S. Tariffs Bite [] CHINA: Largest Airlines Deepen Losses in First Quarter I N D I A ACE INOTEC: Ind-Ra Withdraws BB+ Bank Loan Rating AGRAWAL STRUCTURE: Ind-Ra Hikes Bank Loan Rating to BB AMOGEN PHARMA: Ind-Ra Moves B+ Loan Rating to NonCooperating ANDAL PAPER: Ind-Ra Assigns BB Loan Rating, Outlook Stable ANJANEYA MEDICAL: CRISIL Keeps B Debt Rating in Not Cooperating BEST & CROMPTON: Insolvency Resolution Process Case Summary BIO AGRO: Ind-Ra Hikes Loan Rating to B+, Outlook Stable CLOTHWARI PRINTING: Insolvency Resolution Process Case Summary DELHI INT'L AIRPORT: Fitch Hikes LongTerm IDR to 'BB+' EGT ENTERTAINMENT: Insolvency Resolution Process Case Summary EPHYSX TECHNOLOGIES: CRISIL Keeps D Ratings in Not Cooperating FUTURE IDEAS: Insolvency Resolution Process Case Summary HI-TECH SATLUJ: CRISIL Keeps D Debt Ratings in Not Cooperating INDIAN ACOUSTICS: CRISIL Keeps D Debt Ratings in Not Cooperating J.M.D. CORPORATION: CRISIL Keeps D Ratings in Not Cooperating JALDHAKA COLD: CRISIL Keeps D Debt Ratings in Not Cooperating JASHANK IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating JAYALAKSHMI CASHEW: CRISIL Keeps B+ Ratings in Not Cooperating JOHNS GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating KAUR SAIN: CRISIL Keeps D Debt Ratings in Not Cooperating KCS PRIVATE: CRISIL Keeps D Debt Ratings in Not Cooperating KESHAVA ENTERPRISES: CRISIL Keeps D Rating in Not Cooperating KHANDESH COLLEGE: CRISIL Keeps B Debt Ratings in Not Cooperating KIRTIMAN CEMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating KOSHAL CERAMICS: Ind-Ra Assigns BB+ Rating, Outlook Stable NEW TECH IMPORTS: Insolvency Resolution Process Case Summary OM SHAKTHI TRAVELS: Insolvency Resolution Process Case Summary PARANJAPE SCHEMES: CRISIL Reaffirms D Rating on INR175cr NCDs RAGHURAMACHANDRA RICE: CRISIL Keeps B+ Ratings in Not Cooperating RAGHUVANSHI COTTON: Liquidation Process Case Summary RANBA CASTINGS: Ind-Ra Assigns BB Loan Rating, Outlook Stable REDWOODS INFRASTRUCTURE: Insolvency Resolution Process Case Summary RIVAAZ TRADE: Insolvency Resolution Process Case Summary S L S POWER: Insolvency Resolution Process Case Summary SAI RAGHAVENDRA: CRISIL Keeps B+ Debt Ratings in Not Cooperating SAINATHA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating SANT RAM: CRISIL Keeps B+ Debt Ratings in Not Cooperating SANTOSH ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating SATWIK STEEL: Ind-Ra Moves B+ Loan Rating to NonCooperating SOYUZSNAB INDIA: Voluntary Liquidation Process Case Summary SPECIFIC ALLOYS: Liquidation Process Case Summary SRINITHI ENTERPRISES: Insolvency Resolution Process Case Summary SRM TRANSPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating SUNHETI SOLAR: Ind-Ra Withdraws BB+ Term Loan Rating SUNNY DIAMONDS: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable SURBHI INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating SURYAA CHAMBALL: CRISIL Keeps B Debt Ratings in Not Cooperating TRANSCENDED IT: Voluntary Liquidation Process Case Summary TRANSFORMERS AND ELECTRICALS: Ind-Ra Affirms BB- Loan Rating VENKATESWARA EDUCATIONAL: CRISIL Keeps Ratings in Not Cooperating VIJAYA DURGA: CRISIL Keeps B+ Debt Ratings in Not Cooperating YOSMITE ENGINEERING : Insolvency Resolution Process Case Summary M A L A Y S I A PHARMANIAGA: Auditor Flags Going Concern for Third Straight Year N E W Z E A L A N D BOXMAN LEASE: BDO Christchurch Appointed as Receivers GUNTRIP LOGISTICS: Court to Hear Wind-Up Petition on May 6 HAMMOSMITH LIMITED: Creditors' Proofs of Debt Due on May 29 I O INVESTMENT: Grant Bruce Reynolds Appointed as Liquidator RG LAWNS: Creditors' Proofs of Debt Due on May 30 S I N G A P O R E ALPHA DX: Court Enters Wind-Up Order APOLLO AQUACULTURE: Court to Hear Wind-Up Petition on May 9 FAST TRACK: Court to Hear Wind-Up Petition on May 2 KTO OIL: Commences Wind-Up Proceedings LBRLABEL PTE: Court to Hear Wind-Up Petition on May 2 S R I L A N K A SRI LANKA: IMF Board Review of Bailout Program Likely in June - - - - - ================= A U S T R A L I A ================= ACCESS ENGINEERING: First Creditors' Meeting Set for May 9 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of these entities will be held May 9, 2025 at 11:00 a.m. at dVT Group Parramatta Office, Suite 2, Level 2, 60 Phillip Street in Parramatta and via virtual meeting technology: - Access Engineering Systems (NSW) Pty. Ltd.; - Access Group Solutions (Kotara) Pty. Ltd.; - Access Group Solutions (Melbourne) Pty. Ltd.; - Access Group Solutions (MGT) Pty. Ltd.; - Access Group Solutions (NSW) Pty. Ltd.; - Access Group Solutions (Victoria) Pty. Ltd.; - Access Group Solutions 1 Pty Ltd; - Access Group Solutions 2 Pty. Ltd.; - Access Group Solutions 3 Pty. Ltd.; - Access Group Solutions 5 Pty. Ltd.; - Access Group Solutions 6 Pty Ltd; - Access Group Solutions 7 Pty Ltd; - Access Group Solutions 9 Pty Ltd; and - Access Group Solutions 10 Pty Ltd Antony Resnick of dVT Group was appointed as administrator of the company on April 29, 2025. HIGHWALL MINING: Second Creditors' Meeting Set for May 6 -------------------------------------------------------- A second meeting of creditors in the proceedings of Highwall Mining Australia Asset Pty Ltd and Highwall Mining Australia (B) Pty Ltd has been set for May 6, 2025 at 11:00 a.m. at the offices of CasCap Advisory at Level 9, 70 Pitt Street in Sydney and virtually by Zoom video conference facility. 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 5, 2025 at 5:00 p.m. Brian Raymond Silvia and Brian Raymond Silvia of CasCap Advisory were appointed as administrators of the company on March 20, 2025. MINERAL RESOURCES: Rules Out Equity Raise as Debt Hits AUD5.4BB --------------------------------------------------------------- Mark Wembridge at The Australian Financial Review reports that Mineral Resources has cut its iron ore guidance and warned that it spent AUD300 million of cash in three months, but still investors took comfort from assurances that a highly dilutive equity raise was off the table. The Financial Review relates that the loss-making miner said its net debt jumped by AUD300 million in the third quarter to AUD5.4 billion, outweighing its market capitalisation of AUD4 billion. Investors pushed its shares 13 per cent higher on April 29 to AUD20.61, although they are down 70 per cent from a year ago. The diversified lithium and iron ore miner has endured a torrid six months after The Australian Financial Review revealed that founder Chris Ellison profited from an offshore tax rort and was involved in related party transactions, prompting its board to hand down a scathing review of his conduct. According to the Financial Review, the Australian Securities and Investments Commission is investigating the allegations against MinRes and Ellison, who remains managing director and the biggest shareholder with an 11.5 per cent stake. Mr. Ellison has pledged to quit by mid-2026, while chairman James McClements will depart in the coming weeks. The turmoil has erased billions of dollars of shareholder value and pushed the company out of the S&P ASX50 index. There were investor fears that MinRes would be forced into a dilutive equity raising - something that Mark Wilson, MinRes chief financial officer, ruled out on April 29, the Financial Review relays. "An equity raise, as we keep being encouraged to do so by aspects of the market, has a huge cost at today's [share] price, a huge impact on shareholders who don't participate. That as an extreme, high-cost [option]," the report quotes Mr. Wilson as saying. He added that MinRes could sell assets if it needed to raise capital, noting that the group received "inbound queries from time to time on other assets within the portfolio". Mr. Wilson reiterated that MinRes could access capital markets and refinance its debt if required, although at a higher interest rate of 11 per cent, up from about 8 per cent. "Given the company's strong liquidity and a number of other levers at MinRes' disposal, an equity raise is not under consideration," noted Morgan Stanley analyst Rahul Anand, who has a target price of AUD35 for the shares, the Financial Review relays. According to the report, the miner's loans came under the spotlight recently when its US dollar denominated debt traded as much as 10 per cent below face value, suggesting investors harboured concerns over the company's ability to repay that debt. "The recent decrease in bond pricing, which was largely correlated with a broader decline in bond and credit markets, had no impact on serviceability nor the company's interest expense," MinRes said. The Financial Review says the board established an ethics and governance group to improve the miner's culture and oversee Mr. Ellison's conduct, although the committee fell into disarray after three directors quit inside a week. The miner has stonewalled investors' questions about whether efforts to improve its culture are superficial. MinRes confirmed that the former non-executive directors – Denise McComish, Jacqueline McGill and Susan Corlett – would be replaced by the financial year-end, adds the Financial Review. "In terms of the recent board resignations, I'm not in a position to make any additional comments. The [ethics committee] will continue to have a role," said Mr. Wilson. The committee has the power to examine related party transactions involving Mr. Ellison, improve internal controls, oversee whistleblower reports and ethical breaches, and reopen previously concluded investigations. "The board is meeting shortly to consider the composition of the various committees, some of those changes will be interim until the new chair is appointed," Mr. Wilson said. About MinRes Based in Osborne Park, Australia, Mineral Resources Limited (ASX:MIN) -- https://www.mineralresources.com.au/ -- is an ASX-listed company operating across mining services, as well as mining of iron ore and lithium minerals. As reported in the Troubled Company Reporter-Asia Pacific in November 2024, Moody's Ratings has affirmed the Ba3 corporate family rating of Mineral Resources Limited (MinRes). At the same time, Moody's have affirmed the Ba3 senior unsecured bond ratings and changed the outlook to negative from stable. The TCR-AP reported in March 2025, Fitch Ratings downgraded Mineral Resources Limited's (MinRes) Issuer Default Rating (IDR) to 'BB-' from 'BB'. The Outlook is Negative. Fitch has also downgraded MinRes' US dollar senior unsecured notes to 'BB-' from 'BB'. The rating downgrade reflects MinRes' high leverage and increased deleveraging risks over the medium term. Fitch expects EBITDA net leverage to worsen to 7.3x in the financial year ending June 2025 (FY25), from 4.9x in FY24, and remain above 3.0x in FY26-FY28, considering Fitch's mid-cycle price assumptions. Reported net debt increased by AUD656 million to AUD5.1 billion at end-December 2024, despite AUD1.9 billion in cash proceeds from the sale of a 49% stake in the Onslow Iron haul road and gas assets. Around AUD320 million of the increase in the company's debt was related to the revaluation of its USD3.1 billion in bonds. The Negative Outlook reflects the execution risks associated with its planned cost improvements, capex discipline and production ramp-up at its Onslow iron ore project that may keep leverage above its expectations, which could lead to negative rating action. ORNATE BANQUETS: Second Creditors' Meeting Set for May 6 -------------------------------------------------------- A second meeting of creditors in the proceedings of Ornate Banquets Pty Ltd has been set for May 6, 2025 at 10:00 a.m. at 165 Camberwell Road in Hawthorn East and via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 5, 2025 at 4:00 p.m. Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. were appointed as administrators of the company on April 2, 2025. S.A.I.S.S. SOFTWARE: Second Creditors' Meeting Set for May 6 ------------------------------------------------------------ A second meeting of creditors in the proceedings of S.A.I.S.S. Software Group Pty Ltd has been set for May 6, 2025 at 10:00 a.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 5, 2025 at 5:00 p.m. Andrew Hewitt and Matthew Byrnes of Grant Thornton Australia were appointed as administrators of the company on April 4, 2025. STAR ENTERTAINMENT: Posts EBITDA Loss of AUD21 Million in Q3 ------------------------------------------------------------ Reuters reports that Star Entertainment said on April 30 it swung to an operating loss in the third quarter, as seasonal weakness, dwindling casino visitors and Queensland property closures from March storms battered the troubled Australian gambling operator. For the quarter ended March 31, the company reported a loss in earnings before interest, taxes, depreciation, and amortization of AUD21 million ($13.41 million), before significant items, compared with an EBITDA profit of AUD38 million a year earlier, Reuters discloses. Quarterly revenues, before significant items, fell 35% to AUD271 million from last year. Operating expenses fell 3% sequentially due to lower corporate costs and volume-related reductions. According to Reuters, the company warned that there is still "material uncertainty" regarding its ability to continue as a going concern, highlighting several critical initiatives needed to shore up its liquidity position. Earlier this month, Star agreed to an AUD300 million rescue package from U.S. group Bally's and the Mathieson family - Star's largest investor. In June, shareholders will consider approving a part of Bally's investment, which will give the U.S. casino group control of 56.7% of Star. Star said that completing this strategic investment is critical to its survival, and it's among its key near-term initiatives, alongside securing access to proceeds from the Sydney Event Centre sale and completing a transaction to exit its DBC joint venture, Reuters relays. About Star Entertainment The Star Entertainment Group Limited (ASX:SGR) -- https://www.starentertainmentgroup.com.au/ -- is an Australia-based company that provides gaming, entertainment and hospitality services. The Company operates The Star Sydney (Sydney), The Star Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The Company operates through three segments: Sydney, Gold Coast and Brisbane. Sydney segment consists of The Star Sydney's casino operations, including hotels, restaurants, bars and other entertainment facilities. Gold Coast segment consists of The Star Gold Coast's casino operations, including hotels, theatre, restaurants, bars and other entertainment facilities. Brisbane segment includes Treasury's casino operations, including hotel, restaurants and bars. The Company also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government. The Company also owns Broadbeach Island on which the Gold Coast casino is located. The Star Entertainment Group posted three consecutive annual net losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for the years ended June 30, 2022, 2023, and 2024, respectively. As reported in the the Troubled Company Reporter-Asia Pacific on Jan. 21, 2025, Star Entertainment has warned that it faces "material uncertainty" over its ability to stay afloat unless it finds a solution to its worsening financial woes. In a quarterly update to investors on Jan. 20, ASX-listed Star said its revenue had fallen 15 per cent in the December quarter, citing ongoing weakness in its operating performance. It pointed to a "challenging" consumer environment, the impact of carded play in NSW, and expenses caused by a series of regulatory and compliance problems. UPC PTY: First Creditors' Meeting Set for May 9 ----------------------------------------------- A first meeting of the creditors in the proceedings of UPC Pty Ltd will be held on May 9, 2025 at 11:00 a.m. via Microsoft Teams platform. Rajiv Ghedia of Westburn Advisory was appointed as administrator of the company on April 29, 2025. ========= C H I N A ========= CHINA VANKE: Largest Shareholder to Offer CNY3.3 Billion Loan ------------------------------------------------------------- The Standard reports that China Vanke said its largest backer state-owned Shenzhen Metro Group intends to offer the company with a loan of up to CNY3.3 billion, the latest efforts of Chinese officials to stabilize the cash-strapped developer’s operations. According to The Standard, the company also proposed to sell 72.96 million treasury shares to replenish its liquidity. The loan will be used to repay the principal and interest on Vanke's bonds issued in the open market, The Standard relates. The loan has a term of 36 months, with an interest rate set 76 basis points lower than the one-year loan prime rate published by the National Interbank Funding Center on the business day before each loan disbursement. The current LPR is 2.34 percent, the report notes. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific in March 2025, S&P Global Ratings placed on CreditWatch with developing implications the following ratings: the 'B-' long-term issuer credit ratings on China Vanke and on China Vanke's subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), and the 'B-' issue ratings on Vanke HK's senior unsecured notes. The TCR-AP in January 2025 reported that Fitch Ratings downgraded Chinese homebuilder China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'B-', from 'B+'. Fitch has also downgraded the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), to 'CCC+', from 'B', and its senior unsecured rating and the rating on its outstanding senior notes to 'CCC+', from 'B', with a Recovery Rating of 'RR4'. The ratings are on Rating Watch Negative (RWN). The downgrade reflects a deterioration in China Vanke's sales and cash generation, which is eroding its liquidity buffer against large capital market debt maturities in 2025. CHINA VANKE: Net Loss Widens to CNY6.25 Billion in Q1 ----------------------------------------------------- The Standard reports that China Vanke's first quarter net loss widened by 16.3 times year-on-year to CNY6.25 billion, mainly due to the decrease in the settlement scale and gross profit margin of the development business. In the quarter, the developer's profit margin slumped by 4.7 percentage points to 6.1 percent, according to a filing on April 29. According to The Standard, revenue for the period plunged by 38.3 percent to CNY37.99 billion, of which, the property development business contributed CNY22.8 billion, representing a year-on-year decrease of 51.1 percent. Sales from the operating and property service business also decreased by 12.1 percent to CNY12.27 billion, The Standard discloses. Contracted sales dropped by nearly 40 percent to CNY34.92 billion in the quarter despite a 35.1 percent decline in sales area to 2.54 million square meters. It held CNY75.5 billion of cash on hand as of the end of March and the total interest-bearing liabilities amounted to CNY365.87 billion, The Standard relays. It received new financing and refinancing totaling CNY13.9 billion in the first quarter with the composite cost of new financing decreased by 21 basis points to 3.39 percent, the filing said. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific in March 2025, S&P Global Ratings placed on CreditWatch with developing implications the following ratings: the 'B-' long-term issuer credit ratings on China Vanke and on China Vanke's subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), and the 'B-' issue ratings on Vanke HK's senior unsecured notes. The TCR-AP in January 2025 reported that Fitch Ratings downgraded Chinese homebuilder China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'B-', from 'B+'. Fitch has also downgraded the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), to 'CCC+', from 'B', and its senior unsecured rating and the rating on its outstanding senior notes to 'CCC+', from 'B', with a Recovery Rating of 'RR4'. The ratings are on Rating Watch Negative (RWN). The downgrade reflects a deterioration in China Vanke's sales and cash generation, which is eroding its liquidity buffer against large capital market debt maturities in 2025. [] CHINA: Factories Are Stopping Production as U.S. Tariffs Bite ---------------------------------------------------------------- CNBC reports that Chinese manufacturers are pausing production and turning to new markets as the impact of U.S. tariffs sets in, according to companies and analysts. The lost orders are also hitting jobs, CNBC says. "I know several factories that have told half of their employees to go home for a few weeks and stopped most of their production," CNBC quotes Cameron Johnson, Shanghai-based senior partner at consulting firm Tidalwave Solutions, as saying. He said factories making toys, sporting goods and low-cost dollar store-type goods are the most affected right now. "While not large-scale yet, it is happening in the key [export] hubs of Yiwu and Dongguan and there is concern that it will grow," Mr. Johnson said. "There is a hope that tariffs will be lowered so orders can resume, but in the meantime companies are furloughing employees and idling some production." Around 10 million to 20 million workers in China are involved with U.S.-bound export businesses, CNBC notes citing Goldman Sachs estimates. The official number of workers in China's cities last year was 473.45 million. Over a series of swift announcements this month, the U.S. added more than 100% in tariffs to Chinese goods, to which China retaliated with reciprocal duties, CNBC says. While U.S. President Donald Trump on April 24 asserted trade talks with Beijing were underway, the Chinese side has denied any negotiations are ongoing. The impact of the recent doubling in tariffs is "way bigger" than that of the Covid-19 pandemic, said Ash Monga, founder and CEO of Guangzhou-based Imex Sourcing Services, a supply chain management company, according to CNBC. He noted that for small businesses with only several million dollars in resources, the sudden increase in tariffs might be unbearable and could put them out of business. He said there's so much demand from clients and other importers of Chinese products that he's launching a new "Tariff Help" website on April 25 to help small business find suppliers based outside China, CNBC relays. According to CNBC, the business disruption is forcing Chinese exporters to try new sales strategies. CNBC relates that Woodswool, an athletic wear manufacturer based in Ningbo, near Shanghai, quickly turned to selling the clothes online in China via livestreaming. After launching the sales channel about a week ago, the company said it's received more than 30 orders with gross merchandise value of more than CNY5,000 ($690). It's a small step toward salvaging lost business. "All our U.S. orders have been canceled," Li Yan, factory manager and brand director of Woodswool, said in Mandarin, translated by CNBC. More than half of production once went to the U.S., and some capacity will be idle for two to three months until the company is able to build up new markets, Li said. He noted the company has sold to customers in Europe, Australia and the U.S. for more than 20 years. CNBC says the venture into livestreaming is part of an effort by major Chinese tech companies, at the behest of Beijing, to help exporters redirect their goods to the domestic market. Woodswool is selling its products online through Baidu, whose search engine app also includes a livestreaming e-commerce platform, CNBC relates. Li said he chose the company's virtual human livestreaming option since it allowed him to get up and running within two weeks, without having to spend time and money on renovating a studio and hiring a team. CNBC adds that Baidu said it has worked with at least several hundred Chinese businesses to launch domestic e-commerce channels after this month announcing it would provide subsidies and free artificial intelligence tools - such as its "Huiboxing" virtual humans - for 1 million businesses. The virtual humans are digitally recreated versions of people that use AI to mimic sales pitches and automate interactions with customers. The company claimed that return on investment was higher than that of using a human being. [] CHINA: Largest Airlines Deepen Losses in First Quarter --------------------------------------------------------- Reuters reports that China's three biggest airlines reported deeper first-quarter losses on April 29 from the same period a year ago, amid intensifying competition and economic pressures on consumers, and a worsening trade war with the United States. According to Reuters, state-owned China Southern Airlines, Air China, and China Eastern have struggled to return to a break-even position after the COVID-19 pandemic, posting five consecutive years of annual losses. Domestic market competition, low international and business travel demand, supply chain problems, and currency depreciation are business challenges, the airlines have said, Reuters relays. In contrast, the industry globally rebounded to profit in 2023. China said on April 29 its airlines had been severely affected by the trade war between Washington and Beijing. Air China, the country's flagship carrier, reported a net loss of CNY2.04 billion ($281 million) for the quarter, 22% lower than the prior-year period, Reuters discloses. China Southern, the country's largest carrier by capacity, moved into a net loss of CNY747 million in the first three months of this year, having posted a comparable quarterly profit of CNY756 million last year. And Shanghai-headquartered China Eastern Airlines reported a quarterly net loss of CNY995 million, down 24% from last year. Domestic flight capacity is starting to decline, Cirium and airline data shows, as airlines bring back more international flights and ticket prices fall. However, China's international capacity remains around 20% lower than 2019 levels, as domestic economic pressures and political tensions with other countries mute demand, Reuters relays. Reuters adds that the aviation industry is also concerned that U.S. President Donald Trump's tariffs may dampen global growth and, therefore, demand for passenger travel and air freight. Asia's export-oriented economies could see "softening passenger and cargo demand in the coming months," Subhas Menon, the director general of the Association of Asia Pacific Airlines (AAPA), said on April 29. ========= I N D I A ========= ACE INOTEC: Ind-Ra Withdraws BB+ Bank Loan Rating ------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Ace Inotec Manufacturing Pvt Ltd.'s (AIMPL) bank facilities' rating to the non-cooperating category and has simultaneously withdrawn the same. The detailed rating actions are: -- INR97.50 mil. Fund-based working capital limit* migrated to non-cooperating category and withdrawn; -- INR120 mil. Proposed fund-based working capital limit** migrated to non-cooperating category and withdrawn; and -- INR120 mil. Proposed term loan# migrated to non-cooperating category and withdrawn. Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based on best available information *Migrated to 'IND BB+/Stable (ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING)' before being withdrawn ** Migrated to 'IND BB+/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn # Migrated to 'IND BB+/Stable (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 surveillance exercise despite continuous requests and follow-ups by the agency through emails and phone calls, and has not provided information about the latest audited financial statements, sanctioned bank facilities, business plans and projections for the next three years. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the rating, as the agency has received a no-objection certificate from the lenders and a withdrawal request from the issuer. 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 AIMPL while reviewing the ratings. The issuer submitted the no-default statement until March 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of AIMPL, 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 the ratings. About the Company Incorporated in March 2013, AIMPL manufactures customized precision and non-precision components, primarily used in defense and aerospace, and medical and life science industries, among others. The company is promoted by Vignesh L. and Jiby John. AGRAWAL STRUCTURE: Ind-Ra Hikes Bank Loan Rating to BB ------------------------------------------------------ India Ratings and Research (Ind-Ra) has upgraded Agrawal Structure Mills Private Limited's (ASMPL) bank facility ratings to 'IND BB' with a Stable Outlook from 'IND BB-/Negative (ISSUER NOT COOPERATING)'. The instrument-wise rating actions are: -- INR30.65 mil. (reduced from INR41 mil.) Term loan due on July 31, 2026 upgraded with IND BB/Stable rating; -- INR150 mil. Fund-based working capital limits upgraded with IND BB/Stable rating; -- INR250 mil. Fund-based working capital limits assigned with IND BB/Stable rating; and -- INR30 mil. (reduced from INR50 mil.) Non-fund-based working capital limits affirmed with IND A4+ rating. Detailed Rationale of the Rating Action The upgrade in ratings, factors in the current credit profile of ASMPL, following co-operation by the issuer while reviewing the rating. The ratings reflect ASMPL's continued small scale of operations and modest EBITDA margin in FY24. However, the ratings are supported by the company's comfortable credit metrics and promoters experience of three decades in the steel industry. Ind-Ra expects the scale of operation, EBITDA margin and credit metrics to have remained at similar levels in FY25. Detailed Description of Key Rating Drivers Continued Small Scale of Operations: The revenue declined to INR2,019.58 million in FY24 (FY23: INR2,225.19 million) due to a decline in the realization of sponge iron to INR24 per kg (INR36 per kg) and lower production as the facility was shut for 20 days during FY24 for repair works. Consequently, the EBITDA declined to INR93.99 million in FY24 (FY23: INR166.12 million). Till 10MFY25, ASMPL booked revenue of INR1,713.11 million. The total installed capacity stood at 94,000 metric tons per annum (MTPA) in FY24 (FY23: 94,000MTPA). In FY25, Ind-Ra expects the revenue likely to have remained at similar level due to a likely stable realizations. Modest EBITDA Margin: The EBITDA margin declined to 4.65% in FY24 (FY23: 7.47%) with a return on capital employed of 9.4% (22.5%), due to a rise in power and fuel expense, and rental expense of INR11.3 million (nil). In FY25, Ind-Ra expects the EBITDA margin to have remained at similar levels due to the similar nature of operations. Comfortable Credit Metrics despite Deterioration in FY24: The interest coverage (operating EBITDA/gross interest expenses) deteriorated to 4.68x in FY24 (FY23: 7.35x) and the net leverage (total adjusted net debt/operating EBITDAR) to 2.51x (0.68x), due to a decline in the EBITDA to INR93.9 million (INR166.12 million). ASMPL has a planned capex of INR712 million to completed by February 2028, which will be funded through a term loan of INR400 million, unsecured loans of INR100 million and rest INR212 million through internal accruals. So far, ASMPL has not incurred any capex. In FY25, Ind-Ra expects the credit metrics to have remained at similar level due to the likely stable profitability, however, deteriorate in FY26 credit metrics due to the planned debt-led capex. Experienced Promoters: The company's promoters' have nearly three decades of experience in the steel industry. This has facilitated the company to establish strong relationships with customers as well as suppliers. Liquidity Stretched: The cash flow from operations plunged to INR48.92 million in FY24 (FY23: INR240.56 million) due to a higher working capital requirement. Consequently, the free cash flow turned negative to INR139.54 million in FY24 (FY23: INR229.52 million). The average net working capital cycle elongated to 33 days in FY24 (FY23: 7 days), mainly on account of a decline in the creditor period to 30 days (46 days) and a rise in the inventory holding period to 51 days (45 days). The company provides seven to 14 days of credit period to its customers and receives five-to-seven days of credit period from its suppliers. The inventory holding period varies from 40-50 days with a raw material holding period of 30-40 days, work-in-progress of 14 days and finished good stocking of around 2 days. ASMPL has debt repayment obligations of INR2.9 million, each, in FY26 and FY27. The cash and cash equivalents stood at INR1.43 million at FYE24 (FYE23: INR99.64 million). ASMPL's average maximum utilization of the fund-based limits was 50.59% and non-fund-based limits was 76% during the 12 months ended March 2025. Furthermore, ASMPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A decline in the scale of operations, leading to a further deterioration in the credit metrics, along with a further weakening of the liquidity position, all on a sustained basis, will lead to a negative rating action. Positive: An increase in the scale of operations, leading to an improvement in the credit metrics, along with an improvement in the liquidity position, all on a sustained basis, could lead to a positive rating action. About the Company ASMPL was incorporated in November 1995 as a private limited company. The company is engaged in the manufacturing and trading of mild steel billets and steel structural in Urla industrial area, Raipur. Its registered office is in Raipur, Chhattisgarh. AMOGEN PHARMA: Ind-Ra Moves B+ Loan Rating to NonCooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has revised the Outlook on Amogen Pharma Private Limited's (APPL) bank facilities to Negative from Stable and has simultaneously migrated the ratings to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through phone calls and emails. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The ratings will now appear as 'IND B+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR30 mil. Fund-based working capital limit Outlook revised to Negative from Stable; migrated to non-cooperating category with IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and -- INR720 mil. Term loan due on January 31, 2030 Outlook revised to Negative from Stable; migrated to non-cooperating category with IND B+/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on best available information. Detailed Rationale of the Rating Action The migration of APPL's rating to the non-cooperating category and Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with APPL while reviewing the ratings. Ind-Ra had consistently followed up with APPL over emails from January 30, 2025, apart from phone calls. The issuer has 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 APPL, 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. APPL has been non-cooperative with the agency since January 2025. About the Company Incorporated in July 2020 and headquartered in Hyderabad, APPL is setting up a manufacturing unit of bio pharma products at Karkapatla, Telangana, with an installed capacity of 228kg per annum. ANDAL PAPER: Ind-Ra Assigns BB Loan Rating, Outlook Stable ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Sri Andal Paper Mills Private Limited's (SAPMPL) bank facilities as follows: -- INR200 mil. Fund-based working capital limits assigned with IND BB/Stable/IND A4+ rating; and -- INR800 mil. Term loan due on June 30, 2027 assigned with IND BB/Stable rating. Analytical Approach Ind-Ra has fully consolidated SAPMPL, Sri Andal Paper and Boards Private Limited and Sri Andal Paper Mills Unit II Private Limited, jointly referred to as the Andal group, while assigning the ratings due to the strong operational and strategic interlinkages between them, given that the companies have the same promoters and similar nature of operations. Moreover, the promoters have informed the agency that the promoters/group entities will provide financial support to any of the group entities, if required. Detailed Rationale of the Rating Action The ratings reflect SAPMPL's modest EBITDA margins, and moderate credit metrics. Furthermore, the group's liquidity position is stretched on account of the modest profitability. The ratings factor in the medium scale of operations and steady growth in revenue. The ratings are supported by a likely improvement in SAPMPL's margins in the near-to-medium term, resulting from cost savings due to the installation of new machineries in FY25, and optimum capacity utilization. Detailed Description of Key Rating Drivers Modest EBITDA Margins: The consolidated operating margin improved to 6.43% in FY24 (FY23: 0.78%; FY22:7.84%), due to better absorption of fixed costs on account of improved capacity utilization. Also, in FY23, the margin had been low because of low capacity utilization, as it was the first year of operations for increased capacity of 630 tons per day (TPD) (FY22: capacity of 49TPD). The ROCE was negative in FY24 (FY23: negative ROCE; FY22: 3.2%). In 10MFY25, the Andal group's EBITDA margin was 3.3%, with absolute EBITDA of INR160 million. Ind-Ra expects the consolidated margin to improve on a yoy basis in FY25, and believes it would improve further in the medium term, led by optimum utilization of its capacity and increasing demand. On a standalone basis, SAPMPL's EBITDA margin improved to 5.74% in FY24 (FY23: EBITDA loss, FY22: 12.91%) due to optimum capacity utilization and better realizations. However, the ROCE remained negative in FY24 (FY23: negative ROCE; FY22: 1.5%). The margin remains susceptible to volatility in raw material prices, as input costs constitute 55%-65% of the company's revenue. In 10MFY25, the company generated an absolute EBITDA of INR112 million, with an EBITDA margin of 3.5%. Ind-Ra expects the margin to improve in the near-to-medium term. Moderate Credit Metrics: The consolidated credit metrics improved in FY24 due to an increase in the EBITDA to INR279.85 million (FY23: INR22.38 million) and a decline in the net debt to INR1,127.97million (FY23: INR1,477.98million) in FY24. The gross interest coverage (operating EBITDA/gross interest expenses) improved to 0.91x in FY24 (FY23: 0.20x) and net financial leverage (adjusted net debt/operating EBITDA) improved to 4.18x (72.57x). Ind-Ra expects the credit metrics to have improved further in FY25 and believes it would continue to improve over the medium term, due to the absence of any major debt-funded capex and scheduled term loan repayments. On a standalone basis, SAPMPL reported positive EBITDA of INR140.20 million in FY24 (FY23: EBITDA loss of INR16.40 million). The gross interest coverage (operating EBITDA/gross interest expenses) stood at 0.46x in FY24 (FY23: not meaningful) and net financial leverage (adjusted net debt/operating EBITDA) stood at 9.29x (not meaningful). SAPMPL's total debt stood at INR1,127.97million in FY24 (FY23: INR1,477.98million). Cyclical Industry: The paper industry is cyclical in nature and incumbents are exposed to volatility in raw material prices, as well as the threat of imports, which could prevent companies from passing on the increase in raw material prices. In addition, lumpy capacity additions that are not commensurate with demand growth could exert an upward pressure on raw material prices and a downward pressure on finished product prices, leading to a weakening of the profit margins. Medium Scale of Operations; Growth in Revenue: The group's consolidated revenue increased to INR4,351.45 million in FY24 (FY23: INR3,085.30 million), largely driven by growth in SAPMPL's revenue (FY24: INR2,442.36 million; FY23: INR943.82 million), owing to an improvement in capacity utilization and increased demand for Kraft paper. In 10MFY25, the group recorded revenue of INR4,899.93 million on the back of a rise in production and sales volumes and better realizations. Ind-Ra expects the revenue to improve further in the near term, led by the upgradation of machines in FY25, which will lead to a further increase in capacity utilization. SAPMPL's capacity utilization increased to 38% (86,403 metric tons in FY24 (FY23: 13.52%), and it rose further to 49% in 10MFY25 (94,481MT). The management expects the utilization to increase further in the medium term. The company has been catering to the domestic as well as export markets. It has been exporting its products to Oman, the UAE, Dubai, Saudi Arabia, Thailand and Canada. SAPMPL recorded a standalone revenue of around INR3,128 million during 10MFY25, which includes export revenue of INR166.73 million. Also, from FY24, SAPMPL started manufacturing colored gypsum boards, and it exports the same to Gulf countries. The company expects higher realizations from the exports of gypsum board. Ind-Ra expects the consolidated scale of operations to have improved in FY25 and believes it would continue to grow in the medium term on account of a likely increase in capacity utilization and expansion of new product lines for the manufacturing of gypsum boards. Long Track Record of Operations; Experienced Promoters: The ratings are supported by the promoters' experience of nearly two decades in the paper industry, which has enabled the company to establish strong relationships with customers as well as suppliers. Liquidity Stretched: SAPMPL does not have any capital market exposure and relies on a single bank to meet its funding requirements. The average maximum utilization of its fund-based limits was 95.92% during the 12 months ended January 2025. The cash flow from operations remained negative at INR117.49 million in FY24 (FY23: negative INR217.02 million) due to unfavorable changes in working capital. The free cash flow also remained negative at INR352.14 million in FY24 (FY23: negative INR986.73 million) due to the capex of INR234.65 million incurred during the year (INR733.71 million). During FY25, the promoters infused funds of INR703 million in the company in the form of unsecured loans to meet repayment obligations. However, SAPMPL's debt service coverage ratio is likely to be less than 1x for FY26 and the medium term. At FYE24, SAPMPL had unencumbered cash and cash equivalents of INR6.43 million (FYE23: INR21.51 million). SAPMPL has scheduled long-term debt repayments of INR350 million each for FY26 and FY27. The net working capital cycle improved to 97 days in FY24 (FY23: 160 days) as the inventory days decreased to 52 (97) and the debtor days to 65 (116). Rating Sensitivities Negative: Any decline in the liquidity position and/or deterioration in the credit metrics, all on a sustained basis, will be negative for the ratings. Positive: Any significant improvement in the liquidity position and/or an improvement in credit metrics, with the interest coverage exceeding 1.25x , all on a sustained basis, will be positive for the ratings. About the Company Incorporated in March 1996, SAPMPL manufactures uncoated kraft paper with bursting factor in the range of 12-36 BF. The company is promoted and managed by P. Subramaniam, the managing director. The company has an installed capacity of 230,000 tons per annum (TPA). The company is part of the Andal group, and the other group companies are Sri Andal Paper and Boards and Sri Andal Paper Mills Unit II. All the entities belong to the same promoters and are engaged in the same line of business. The group has a total capacity of 325000TPA. All the three manufacturing facilities, operating as an integrated pulp and paper mill, are located at Erode, Tamil Nadu. ANJANEYA MEDICAL: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Sree Anjaneya Medical Trust (SAMT) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 3.15 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SAMT for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SAMT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAMT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SAMT continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2005 in Kerala by Mr Anil Kumar and Dr. Sudha Anil Kumar.SAMT runs a multi-specialty hospital and college- Malabar Medical College and Research Hospital. It also operates 7 institutes providing undergraduate courses in medicine, dental science, nursing and paramedical sciences. BEST & CROMPTON: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Best & Crompton Engineering Projects Limited No. 19A, Emerald Apartments, Flat No. 4, First Floor, Wheatcroft's Road, Nungambakkam, Chennai - 600034 Insolvency Commencement Date: April 4, 2025 Estimated date of closure of insolvency resolution process: October 10, 2025 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: V. DURAISAMY 397. Precision Plaza, No. 23, Third Floor, Teynampet Anna Salai, Chennai - 600018 Email: karurdurai.samy@gmail.com Email: bcepcirp@gmail.com Last date for submission of claims: April 27, 2025 BIO AGRO: Ind-Ra Hikes Loan Rating to B+, Outlook Stable -------------------------------------------------------- India Ratings and Research (Ind-Ra) has upgraded Bio Agro Energy Private Limited's (BAEPL) bank facilities to 'IND B+' from 'IND D'. The Outlook is Stable. The detailed rating actions are: -- INR1.70 bil. Term loan due on February 28, 2032 upgraded with IND B+/Stable rating; -- INR450 mil. Fund-based working capital limits assigned with IND B+/Stable/IND A4 rating; and -- INR80 mil. Non-fund-based working capital limits assigned with IND A4 rating. Detailed Rationale of the Rating Action The upgrade reflects the timely servicing of BAEPL's debt obligations consecutively for the past three months ended 10 April 2025 and the agency's expectation of an improvement in its scale of operations and credit metrics in FY26, which is the first full year of its operations. The ratings are supported by the presence of a 10-year offtake agreement with oil marketing companies (OMCs) which accounted for 30.3% of the operational capacity, and the management's nearly two decades of experience in the ethanol manufacturing business. However, the ratings are constrained by the company's average EBIDTA margins and poor liquidity. Detailed Description of Key Rating Drivers Likely Average EBITDA Margins: In the medium term, Ind-Ra expects BAEPL's EBITDA margins to be average as the operations are in the nascent stage with high expenditure on raw materials. The key raw material for BAEPL for manufacturing ethanol is broken rice and maize, while paddy straw and sugarcane trash will be required for fueling the boiler. Any adverse fluctuation, especially in the prices of rice as well as maize for the short term, can impact the profitability of the company, given that the prices for ethanol are typically fixed for the entire ethanol supply year. Likely Modest Credit Metrics: In the medium term, Ind-Ra expects the credit metrics to improve as FY26 will be the first full year of operations. In FY25, its credit metrics are expected to have remained modest, owing to the company incurring a capex of INR2,750 million until January 2025, which was funded through a term loan of INR1,700 million, equity of INR485.1 million and the rest INR574.9 million through unsecured loans. Poor Liquidity: Please refer to the liquidity section below. LTOA with OMCs Providing Revenue Visibility: BAEPL has entered an LTOA with three OMCs - Indian Oil Corporation ('IND AAA'/Stable), Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited (debt rated at 'IND AAA'/Stable) - for an annual supply of 20 million liters of ethanol that is 30.3% of BAEPL's operational capacity, at its designated locations for 10.5 years, thus providing stable revenue visibility. In FY25, BAEPL's revenue stood at INR16.5 million in two months of operations. Based on the agreement, Ind-Ra expects the scale of operations to improve in FY26. Experienced Management: BAEPL's management has experience of more than two decades in the ethanol business, leading to established relationships with customers as well as suppliers. Liquidity Poor: BAEPL has scheduled repayment obligations of INR81.9 million in FY26 and INR198 million in FY27. BAEPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Ind-Ra expects the free cash flow to have remained negative in FY25 due to the capex of INR2,750 million. The company had cash equivalents of INR11.22 million in FY24 (FY23: INR1.54 million). Rating Sensitivities Negative: Any delay in achieving stability in the operating performance, leading to deterioration in the overall credit metrics and/or further pressure on the liquidity position, could lead to a negative rating action. Positive: The achievement of a stable operating profitability, along with an improvement in the overall credit metrics with the net leverage falling below 5.5x along with liquidity profile getting improved, all on a sustained basis, could lead to a positive rating action. About the Company Incorporated in September 2021, BAEPL is operating an ethanol distillery with a production capacity of 66,000 kilo liters per annum in Sonepur, Odisha. The Khordha, Odisha-based company started operations in January 2025. CLOTHWARI PRINTING: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: M Clothwari Printing Private Limited Prop No 133, First Floor, Pocket 3, Paschim Puri, Paschim Vihar, West Delhi, New Delhi, Delhi, India, 110063 Insolvency Commencement Date: April 7, 2025 Estimated date of closure of insolvency resolution process: October 4, 2025 Court: National Company Law Tribunal, Delhi Bench Insolvency Professional: Mr. Dinesh Gopal Mundada 403, Fortune House, Baner Pashan Link Road, Pune - 411045 Email: mundada2007@gmail.com Email: cirp.clothwari@gmail.com Last date for submission of claims: April 21, 2025 DELHI INT'L AIRPORT: Fitch Hikes LongTerm IDR to 'BB+' ------------------------------------------------------ Fitch Ratings has upgraded Delhi International Airport Limited's (DIAL) Long-Term Issuer Default Rating (IDR) and rating on the senior secured notes to 'BB+' from 'BB-'. The Outlook is Stable. RATING RATIONALE The upgrade reflects Fitch's expectation of substantial improvement in DIAL's financial profile following the tariff hike for the fourth control period (CP4), which covers the financial years ending March 2025 (FY25) to FY29. The improvement in the financial profile is likely to be materially higher than its previous expectations. DIAL's average tariff has more than doubled for CP4, with the yield per passenger increasing 140% from CP3 due to the rise in its regulated asset base driven by its large capex. The tariff hike is likely to aid DIAL's deleveraging, with net debt/EBITDA under its rating case falling to 5.5x in FY26 from an estimated 10.3x in FY25 (FY24: 10.9x), while the interest cover (EBITDA/interest paid) should improve to 2.2x in FY26 (FY24: 1.1x; FY25 estimate: 1.2x). The stronger EBITDA following the tariff hike, and the absence of any major capex due to completion of the capex cycle in FY25, should result in DIAL's free cash flow turning positive from FY26. Consequently, Fitch expects DIAL's net debt to fall below INR130 billion by FYE27 (FYE24: 138 billion; FYE25 estimate: INR146 billion) and further decline below INR120 billion by FYE29, under its rating case, supporting sustained deleveraging over the medium term. Fitch forecasts DIAL's rating case leverage (net debt/ EBITDA) to further decrease to 4.1x, on average, over FY27-FY29. The rating reflects DIAL's regulated nature of the business, with the tariff structure allowing returns on regulatory asset base and a long concession period extendable up to 2066. DIAL benefits from a stable regulatory regime with revenue and capex determined by the Airports Economic Regulatory Authority of India (AERA). The company also benefits from its position as India's largest airport by passenger traffic and the gateway to the national capital region with a catchment population of over 30 million, supporting strong long-term growth prospects despite some competition from the proposed opening of Noida International Airport in FY26. KEY RATING DRIVERS Traffic Growth to Continue: Revenue Risk - Volume - High Stronger Fitch expects traffic growth at Delhi Airport to remain strong given its position as the main gateway to India, handling over a quarter of all international passengers to India. It remains India's largest airport handling traffic of 79 million passengers in FY25 (FY24: 74 million). Fitch expects the planned opening of Noida International Airport in FY26 to expose DIAL to some competition. Even so, Fitch believes the strong long-term demand growth prospects, supported by favourable demographics and consumers' increasing propensity to fly, will continue to support growth over the medium term. This will provide enough traffic to utilise the capacity of both airports. Tariff Hiked under CP4: Revenue Risk - Price - Midrange DIAL's tariff has more than doubled for CP4 from FY25 to FY29, due to an increase in its regulated asset base after the capex cycle and other favourable regulatory rulings. The tariff order was implemented from April 2025 with a delay of a year. Its assessment reflects a relatively stable regulatory framework, despite the regulatory regime still maturing, as evident from delays in various control-period tariff orders. DIAL operates under a hybrid till regulatory framework with 30% non-aeronautical revenue used for cross-subsidisation. The AERA has determined that the aeronautical tariffs charged by DIAL must be no less than base airport charges +10% (BAC+10%), as stipulated in the state support agreement between DIAL and the Government of India. The tariff formula provides a floor to DIAL's airport charges Capex Cycle Ended: Infrastructure Dev. & Renewal - Midrange Fitch does not expect significant capex in the medium term, as DIAL's large capex in CP3 constructed a fourth runway and eastern cross taxiway and expanded Terminal 1. This expansion has increased the airport's passenger capacity to 100 million from 66 million, supporting traffic growth over the next five years. DIAL incurred over INR126 billion in capex on the capacity expansion project, and now expects to incur only maintenance capex in CP4. Diversified Funding, Laddered Maturity: Debt Structure - Midrange DIAL has diversified its funding and raised number of domestic onshore rupee-denominated non-convertible debentures (NCDs) in recent years, including INR25.2 billion to repay the balance outstanding under USD450 million bond issued by India Airport Infra. DIAL's total debt comprises two US dollar senior secured notes and five rupee-denominated NCDs. DIAL's US dollar bullet bonds are secured with structural covenants, including defined cash waterfall, restrictions on dividend payments, and a fixed-charge coverage ratio test for additional debt, excluding debt incurred for regulated capex. The refinancing risk of the bullet bonds is mitigated by the laddered maturity between 2026 and 2029, and the current airport initial concession term that runs until 2036, indicating access to domestic capital markets Financial Profile Fitch's base case assumes passenger traffic will increase by 8% to about 86 million by FYE26, and then rise by about 6% a year for the next three years. Only contracted income from commercial property development has been considered. Leverage remains high in the short term, before dropping to 5.2x by FYE26 and 4x by FYE27. Interest coverage ratio is likely to average 2.5x over FY25-FY29. Fitch's rating case assumes passenger traffic will increase by around 6% to about 84 million by FYE26, and then rise by around 5% a year for the next three years. Only contracted income from commercial property development has been considered. Leverage remains high in the short term, before reaching 5.4x by FYE26 and 4.3x by FYE27. Interest coverage ratio is likely to average 2.4x over FY25-FY29. PEER GROUP Mumbai International Airport Limited (MIAL, senior secured notes BB+/Negative) is DIAL's closest peer. Both airport operators benefit from a solid 'High Stronger' volume risk assessment, with DIAL and MIAL being the largest and second-largest airports in India, respectively. DIAL caters to the national capital region and MIAL to India's financial and industrial hub. Fitch has assessed the price risk at both airports as 'Midrange', as there is some regulatory uncertainty with tariff implementation, However, the base airport charges mitigate any downside risk to aeronautical tariff determination. Fitch estimates MIAL's leverage, before considering any benefit from higher tariffs for CP4, to be similar to DIAL's, resulting in the same rating. DIAL can also be compared to GMR Hyderabad International Airport Limited (GHIAL, BB+/Stable). DIAL has a larger catchment area than GHIAL, which serves Hyderabad, a smaller city than Delhi. DIAL's volume risk is assessed as 'High Stronger' against GHIAL's 'High Midrange'. Both DIAL and GHIAL have the same economic regulatory framework with price risk assessed as 'Midrange'. Both airport operators have completed their major capex cycle. DIAL has a higher rating case leverage in the interim, but Fitch expects both airports' leverage to come down to around 5.4x in FY26. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Forecast net debt/EBITDA above 7.5x for a sustained period. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Forecast net debt/EBITDA below 5.5x for a sustained period; - Interest cover demonstrably sustaining over 2x. CREDIT UPDATE Traffic Growth: Fitch estimates passenger traffic volume to have risen by 8% to 79 million in FY25. Financial Performance: Fitch estimates aero revenue to have increased by 8% to INR11.4 billion in FY25, from INR10.6 billion in FY24. The revenue growth was broadly in line with the passenger growth. Non-aero revenue (about 60% of total operating revenue) rose faster, at about 13%, over the same period. Fitch estimates DIAL's EBITDA to have increased by 10% in FY25, from INR12.7 billion in FY24 Arbitration over Revenue Share Payment: DIAL invoked the force majeure clause in December 2020 to temporarily cease its revenue sharing with the Airports Authority of India (AAI) after low traffic and revenue caused by the Covid-19 outbreak. AAI has been challenging DIAL's position in various legal forums. Under the concession agreement, DIAL is required to pay 45.99% of its annual revenue as concession fee to AAI. An arbitration tribunal decision was awarded on 6 January 2024, excusing DIAL from making the monthly annual fee (MAF) payment for 19 March 2020 to 28 February 2022 due to the force majeure clause. The tribunal has directed AAI to refund around INR5 billion to DIAL for 19 March 2020 to 31 December 2020. It also waived DIAL's around INR12 billion payment from 1 January 2021 to 28 February 2022. Furthermore, the tribunal has allowed an extension in the airport concession period, subject to approval from government authorities, by one year and 11 months - the period excused under force majeure. The AAI had challenged the arbitration decision in the High Court of India, but the court also ruled in DIAL's favour. The AAI now has the option of appealing further. Fitch believes that following the arbitration decision and the High Court's ruling, DIAL has sufficient grounds to not make the MAF payments for 19 March 2020 to 28 February 2022 due to the force majeure clause. Therefore, Fitch does not assume any payments in its rating case. However, Fitch has also not assumed any refund of the payment already made. Liquidity Position: DIAL had a cash and cash equivalents, including current financial investments, of around INR5 billion as of December 2024. This, and positive free cash flow, will be adequate to cover any debt maturities. 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 ----------- ------ ----- Delhi International Airport Limited LT IDR BB+ Upgrade BB- Delhi International Airport Limited/ Project Revenues – First Lien/1 LT LT BB+ Upgrade BB- EGT ENTERTAINMENT: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: EGT Entertainment Private Limited House No CH-4-1, Near District Court, BasiKothi, Upper Sichey, Gangtok, Sikkim - 737101 Insolvency Commencement Date: April 7, 2025 Estimated date of closure of insolvency resolution process: October 4, 2025 (180 Days) Court: National Company Law Tribunal, Guwahati Bench Insolvency Professional: Amit Pareek 4th Floor, Ram Prasad Complex Chatribari, Guwahati - 781001 Email: amitpareek99@yahoo.com Email: cirpegt@gmail.com Last date for submission of claims: April 23, 2025 EPHYSX TECHNOLOGIES: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ephysx Technologies Private Limited (Ephysx) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Cash Credit 8 CRISIL D (Issuer Not Cooperating) Proposed Cash 1 CRISIL D (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with Ephysx for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Ephysx, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Ephysx is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Ephysx continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2011 and based out of Hyderabad, Ephysx (Ephysx, previously known as Smarttrack Solar Systems Private Limited) is engaged in the manufacture of solar trackers and other structural components required for the manufacture of solar panels. The company is promoted and being managed by Mr. Bhagwan Reddy. FUTURE IDEAS: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Future Ideas Company Limited Plot No. 14 at Sogaon Tal Alibagh, Alibagh, Raigarh (MH), Alibag, Maharashtra, India, 402201 Insolvency Commencement Date: April 9, 2025 Estimated date of closure of insolvency resolution process: October 6, 2025 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Mr. Ritesh Agarwal Jindal Tower, Block C, Flat No. 301, 1А Kundan Bye Lane, Near Silver Jubilee Hospital, Haora, West Bengal, 711204 Email: ritesagarwal@gmail.com 6, Little Russel Street, Kankaria Estates, 7th Floor, Kolkata - 700071, West Bengal Email: cirprivaaz@gmail.com Last date for submission of claims: April 23, 2025 HI-TECH SATLUJ: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Hi-Tech Satluj Motors Private Limited (HTSMPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory Funding 13.24 CRISIL D (Issuer Not Facility Cooperating) Overdraft Facility 6.76 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HTSMPL for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HTSMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HTSMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HTSMPL continues to be 'Crisil D Issuer not cooperating'. HTSMPL is an authorised dealer of passenger cars of TML in HP. It was set up as a partnership firm named Satluj Motors, and reconstituted as a private limited company, with the current name in fiscal 2013. The company has been promoted by Mr Mohinder Singh Gulleria and Mr Narinder Singh Gulleria, who have experience of over a decade in the automotive dealership business. The company has three showrooms and workshops, one each in Mandi, Hamirpur, and Kullu, and has one branch each in Bilaspur, Sarkaghat, Jogindernagar, Manali, and Lunapani. INDIAN ACOUSTICS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Indian Acoustics Private Limited (IAPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 14 CRISIL D (ISSUER NOT COOPERATING) Bill Discounting 15 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 3 CRISIL D (ISSUER NOT COOPERATING) Packing Credit 10 CRISIL D (ISSUER NOT COOPERATING) Packing Credit in 11 CRISIL D (ISSUER NOT Foreign Currency COOPERATING) Crisil Ratings has been consistently following up with IAPL for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of IAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on IAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of IAPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. FCEL is a part of the Five Core group that manufactures electronic equipment, including public address systems, speakers, amplifiers, microphones, woofers; and electrical accessories under the 5 Core brand. The group exports products to 56 countries. Mr Amarjit Kalra and his family manage the operations. Incorporated in 2002, FCEL is listed on the NSE Emerge platform since May 2018, and has manufacturing units in Delhi and Bhiwadi, Rajasthan. Set up in 2008 as a partnership firm, EMS has a facility in Kashipur, Uttarakhand. Visual is a limited liability partnership firm set up in 2008, with a unit in Mundka, Delhi. Neha was set up as a proprietorship firm in 2009, and has a unit at Daruhera, Gurugram. Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are private limited companies with units in Noida, Bhiwadi, and Delhi, respectively. 5Core, set up in 2012, has a unit in Bhiwadi. J.M.D. CORPORATION: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of J.M.D. Corporation of India Limited (JMD) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 18.5 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 11.5 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with JMD for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JMD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JMD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JMD continues to be 'Crisil D Issuer not cooperating'. JMD, set up in 2012, is a proprietorship concern of Mr. Ashwini Agarwal. The firm trades in iron and steel products including cold-rolled and hot-rolled coils, steel sheets, steel beams, steel plates, thermo-mechanically treated bars, ingots, and billets. With over a decade's experience, Mr. Agarwal oversees the firm's operations. JALDHAKA COLD: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jaldhaka Cold Storage Private Limited (JCSPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.3 CRISIL D (Issuer Not Cooperating) Cash Credit 1.25 CRISIL D (Issuer Not Cooperating) Funded Interest 1.3 CRISIL D (Issuer Not Term Loan Cooperating) Long Term Loan 0.07 CRISIL D (Issuer Not Cooperating) Long Term Loan 3.58 CRISIL D (Issuer Not Cooperating) Working Capital 7.5 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with JCSPL for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JCSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JCSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JCSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1997, JCSPL provides cold storage facilities to potato farmers and traders. It also trades in potatoes. Its current owners-directors, Mr Gobinda Das Pal and Mr Pradyut Kumar Pal, purchased JCSPL on January 1, 2010. The cold storage at Jalpaiguri has a capacity of 21,900 tonne. JASHANK IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Jashank Impex Private Limited (JIPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JIPL for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JIPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2011, JIPL, promoted by Mr Anil Gupta and Nirmal Desai, manufactures and exports readymade garments for men and women. The manufacturing facilities are at Udhna (Gujarat) and Ulhasnagar (Maharashtra)'they have cutting, stitching, rolling and embellishments machines. JAYALAKSHMI CASHEW: CRISIL Keeps B+ Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Jayalakshmi Cashew Exports (JCE) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B+/Stable (ISSUER NOT COOPERATING) Key Loan 2.63 CRISIL B+/Stable (ISSUER NOT COOPERATING) Term Loan 0.37 CRISIL B+/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with JCE for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JCE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JCE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JCE continues to be 'Crisil B+/Stable Issuer not cooperating'. Established in 2005, JCE is a proprietorship firm, established by Mr Pankajakshan Pillai and his son Mr Manoj Pillai, and is engaged in the processing of raw cashew nuts and sales of cashew kernels. The total capacity is around 250 bags per day. The firm is based out of Kollam, Kerala. JOHNS GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Johns Gold & Diamonds (JGD) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 CRISIL D (Issuer Not Cooperating) Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JGD for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JGD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JGD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JGD continues to be 'Crisil D Issuer not cooperating'. Set up in the 2015, JGD is a partnership firm between Mr. Sijo John and Mr. Jesmy Sijo, Which is engaged in jewellery manufacturing and retailing. The firm started operation from July 2016. KAUR SAIN: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kaur Sain Spinning Mills (KSSM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 14 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 4 CRISIL D (ISSUER NOT COOPERATING) Term Loan 18 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with KSSM for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KSSM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KSSM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KSSM continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 1999, KSSM, a partnership firm of Mr Sushil Kumar Mittal, Mr Pawan Kumar and Mr. Rajinder Kumar and their family members, manufactures partially oriented yarn (POY) at its plant in Ludhiana (Punjab). It has yarn texturing capacity of 20 tonne per day (tpd). In the same plant, there is a knitting unit with 5MT/day capacity. There is a yarn dyeing facility with capacity of 5 tpd in the second unit. KCS PRIVATE: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of KCS Private Limited (KCS) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.88 Crisil D (Issuer Not Cooperating) Cash Credit 4 Crisil D (Issuer Not Cooperating) Term Loan 1.12 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KCS for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KCS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KCS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KCS continues to be 'Crisil D/Crisil D Issuer not cooperating'. KCS was set up in 1971 by Mr Kishore Chandra Sahu as a proprietorship firm, and reconstituted as a private limited company in 1991. Based in Rourkela (Odisha), KCS undertakes turnkey projects involving supplying, fabricating, and erecting electrical and mechanical components, and also civil construction. KESHAVA ENTERPRISES: CRISIL Keeps D Rating in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Keshava Enterprises (Keshava) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (I SSUER NOT COOPERATING) Crisil Ratings has been consistently following up with Keshava for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Keshava, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Keshava is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Keshava continues to be 'Crisil D Issuer not cooperating'. Established in 1999, Keshava is a proprietorship firm of Ms Shubhangi Lalit Manjrekar. It is an authorised distributor of construction chemicals and coatings of SSCPL in Mumbai and the Mumbai metropolitan region. It is also a distributor of Hindustan Petroleum Corporation Ltd's lubricants in Navi Mumbai and Raigad in Maharashtra. The firm's operations are managed by Mr Lalitkumar Manjrekar. KHANDESH COLLEGE: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Khandesh College Education Society (KCES) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.50 Crisil B/Stable (Issuer Not Cooperating) Long Term Loan 5.91 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KCES for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KCES, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KCES is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KCES continues to be 'Crisil B/Stable Issuer not cooperating'. KCES was established in 1945 by a group of 125 individuals from Jalgaon. Through its 22 educational institutions in and around Jalgaon, the society provides education from kindergarten to post graduation in field of commerce, science and arts. The trust is led by Mr. V.N. Pati. KIRTIMAN CEMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Kirtiman Cements and Packaging Industries Limited (KCP) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 18 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 0.02 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 4.98 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with KCP for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KCP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KCP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KCP continues to be 'Crisil D Issuer not cooperating'. KCP was incorporated in 1996 as a private-limited company by Mr. Oberoi and his family members. However, the company commenced operations only in August 2008. It manufactures polypropylene and high-density polyethylene fabric bags and trades in jute bags. Its facility is at Yamuna Nagar in Haryana. Mr Ashwini Oberoi and his brother, Mr Sunil Oberoi, are the promoters. KOSHAL CERAMICS: Ind-Ra Assigns BB+ Rating, Outlook Stable ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Koshal Ceramics Private Limited's (KCPL) bank facilities as follows: -- INR250 mil. Fund-based working capital limits assigned with IND BB+/Stable/IND A4+ rating; -- INR38.50 mil. Proposed fund-based working capital limits assigned with IND BB+/Stable/IND A4+ rating; and -- INR111.50 mil. Term loan due on March 31, 2028 assigned with IND BB+/Stable rating. Detailed Rationale of the Rating Action The ratings reflect KCPL's small scale of operations, modest EBITDA margins, modest credit metrics, high customer concentration and poor liquidity during FY24. In FY25, Ind-Ra expects the scale of operations to have improved and to increase further in the medium term. However, the ratings are supported by its experienced promoters. Detailed Description of Key Rating Drivers Small Scale of Operations: KCPL's scale of operations was small with its revenue increasing to INR1,079.70 million in FY24 (FY23: INR1,020.96 million), on account of increased demand of refractory bricks. However, its EBITDA declined to INR99.18 million in FY24 (INR109.88 million), due to raw material price fluctuation. Till 11MFY25, KCPL booked revenue of INR999.54 million. In FY25, Ind-Ra expects the revenue to have improved considering 11MFY25 performance. Modest EBITDA Margins: KCPL's EBITDA margins declined and remained modest at 9.19% in FY24 (FY23: 10.76%), on account of volatility in its raw material prices. Its return on capital employed reduced to 9.60% in FY24 (FY23: 11.20%). As of 11MFY25, its EBITDA margins stood at 7.97%. In FY25, Ind-Ra expects the EBITDA margins to have declined slightly. Modest Credit Metrics: KCPL's credit metrics remained modest with the gross interest coverage (operating EBITDA/gross interest expenses) increasing slightly to 2.47x in FY24 (FY23: 2.40x), on account of reduced interest expense following the repayment of its term loans, while the net leverage (total adjusted net debt/operating EBITDAR) stood at 4.74x (3.94x). In FY25, Ind-Ra expects the credit metrics to have improved slightly considering the slight improvement in its EBITDA. High Customer Concentration: In FY24, a single customer accounted for around 87% of KCPL's revenue. Furthermore, the company derived 100% of the revenue from its top five customers in FY25. Poor Liquidity: Please refer to the liquidity section below. Experienced Promoters: The ratings are supported by the promoters' more than two decades of experience in the refractory manufacturing industry, leading to established relationships with customers as well as suppliers. Liquidity Poor: KCPL's average maximum utilization of the fund-based limits was 99.90% during the 12 months ended February 2025. KCPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Furthermore, there have been delays in serving the interest charged on fund-based facility during the 12 months ended in February 2025. The cash flow from operations turned negative INR30.40 million in FY24 (FY23: INR30.51 million), on account of a change in the working capital at negative INR83.88 million (negative INR28.24 million). Furthermore, the free cash flow declined to negative INR35.69 million in FY24 (FY23: negative INR6.43 million) due to the company incurring capex of INR5.29 million (INR36.94 million). The net working capital cycle reduced but remained elongated at 119 days in FY24 (FY23: 125 days), on account of decreased inventory days to 78 days (104 days). KCPL has debt repayment obligations of INR27.50 million and INR25.00 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR0.13 million at FYE24 (FYE23: INR0.16 million). Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics and/or a further pressure on the liquidity position, could lead to a negative rating action. Positive: A substantial increase in the scale of operations while maintaining the overall credit metrics and an improvement in the liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company Incorporated in 2009, KCPL manufactures various kinds of refractories. Based in Jharsuguda - Odisha, KCPL is promoted by Rajesh Aggarwal and his family. NEW TECH IMPORTS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: New Tech Imports Private Limited 1/778, Nichlosan Road, Kashmere Gate, Delhi - 110006 Insolvency Commencement Date: April 17, 2025 Estimated date of closure of insolvency resolution process: October 14, 2025 (180 Days) Court: National Company Law Tribunal, Jaipur Bench Insolvency Professional: Rishabh Chand Lodha E-5, Basant Vihar, Bhilwara – 311001 Email: rishabhlodha57@gmail.com Email: cirp.ntipl@gmail.com Last date for submission of claims: May 1, 2025 OM SHAKTHI TRAVELS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: OM Shakthi Travels Private Limited S1, Kurian Complex, 19, Railway Colony I Street, Chennai 600029, Tamil Nadu, India Insolvency Commencement Date: April 4, 2025 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: September 30, 2025 Insolvency professional: Mathur Sabhapathy Viswanathan Interim Resolution Professional: Mathur Sabhapathy Viswanathan Plot No. 22 Vallalar Street, Nilamangai Nagar, Adambakkam, Chennai - 600088, Tamil Nadu Email: msv8200@gmail.com -- and -- Old No.56, New No.01, Dr. Ranga Road, 1st Lane, Alwarpet, Chennai 600018 Email: omshakthi32024@gmail.com Last date for submission of claims: April 18, 2025 PARANJAPE SCHEMES: CRISIL Reaffirms D Rating on INR175cr NCDs ------------------------------------------------------------- Crisil Ratings has reaffirmed its rating on the non-convertible debentures (NCD) of Paranjape Schemes (Construction) Limited (PSCL) at 'Crisil D'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Non Convertible 175 Crisil D (Reaffirmed) Debentures Rating continues to reflect the delays in repayment obligations and weak financial profile of the group. These weaknesses are partially offset by the extensive experience of the promoters in the real estate business. Analytical Approach Crisil Ratings has consolidated the business and financial risk profiles of PSCL with its subsidiaries, collectively referred to herein as the Paranjape group, as these entities have financial fungibility and business synergies. Key Rating Drivers & Detailed Description Weaknesses: * Delay in repayment obligations: There has been an ongoing delay in the repayment of the principal and interest components of the debentures and term loan availed by the group. * Weak financial risk profile: The financial risk profile has been subdued marked by eroded net worth owing to accumulated losses. Financial risk profile may improve over the medium term, led by accretion to reserve, and will remain monitorable. Strength: * Extensive experience of the promoters: The promoters -- Mr Shrikant Paranjape and Mr Shashank Paranjape have been in the real estate business since 1987. Expertise of the promoters, their strong understanding of market dynamics and healthy relationships with customers and suppliers helped the group successfully execute projects and create a strong brand. Liquidity: Poor Liquidity is poor marked by delay in servicing of debt. Net cash accruals are expected to remain insufficient against repayment obligations Rating sensitivity factors Upward factors: * Track record of timely debt servicing for 90 days or more * Improvement in operating performance Incorporated in 1987 by brothers -- Mr Shashank Paranjape and Mr Shrikant Paranjape -- as a private-limited company, the entity got reconstituted into a public-limited company in 2005. The Paranjape group is a leading real estate developer in Pune and operates across Mumbai, Chiplun, Kolhapur, Nashik (all in Maharashtra) and Bengaluru. RAGHURAMACHANDRA RICE: CRISIL Keeps B+ Ratings in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Sri Raghuramachandra Rice Industries (SRRI) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.3 Crisil B+/Stable (Issuer Not Cooperating) Long Term Loan 1.1 Crisil B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SRRI for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SRRI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRRI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRRI continues to be 'Crisil B+/Stable Issuer not cooperating'. Set up in 2011 as a proprietorship firm, SRRI mills and processes paddy into rice, rice bran, broken rice, and husk. The firm is promoted by Mr. A. Raghuram and is based out of Raichur (Karnataka). RAGHUVANSHI COTTON: Liquidation Process Case Summary ---------------------------------------------------- Debtor: Raghuvanshi Cotton Ginning and Pressing Private Limited Survey No 34, Movia Padadhantai, Padadhari District Rajkot - 360110, Gujarat Liquidation Commencement Date: April 8, 2025 Court: National Company Law Tribunal Ahmedabad Bench Liquidator: Mr. Ramesh Kumar Toda A-1/1007, Rudra Enclave, Athan-Bhimrad Road, Athan, Opposite Nest Orchid Surat, Gujarat - 395007 Email: mandoo.surat@gmail.com Email: liquidation.rogpp@gmail.com Last date for submission of claims: May 8, 2025 RANBA CASTINGS: Ind-Ra Assigns BB Loan Rating, Outlook Stable ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Ranba Castings Limited's (RCL) bank facilities as follows: -- INR60 mil. Fund-based working capital limits assigned with IND BB/Stable/IND A4+ rating; and -- INR99 mil. Term loan due on March 31, 2029 assigned with IND BB/Stable rating. Detailed Rationale of the Rating Action The ratings reflect RCL's small scale of operations, average EBIDTA margin and average net leverage. Ind-Ra expects the scale of operation to have remained stable in FY25, while the EBIDTA margin is likely to have declined slightly. However, the net leverage is likely to have improved in FY25. The ratings is supported by comfortable interest coverage and promoters' experience of 30 years in the casting industry. Detailed Description of Key Rating Drivers Small Scale of Operations: In FY24, despite higher production of 7,635 metric tons per annum (MTPA) (FY23: 7,191MTPA), RCL's revenue declined to INR799.15 million (INR836.24 million) due to a decline in the realization per metric ton to INR1,04,669 (FY23: INR1,16,289). RCL's EBIDTA improved to INR48.25 in FY24 (FY23: INR42.81 million) due to a decline in raw material prices. As of February 2025, RCL had already booked revenue of INR710 million. Ind-Ra expects the revenue to be stable on a yoy basis in FY25 and believes it would continue to be stable in the medium term, given the company's existing orderbook and the likelihood of largely stable demand. Average EBIDTA Margin; Deterioration Likely in FY25: RCL's EBITDA margin rose to 6.04% in FY24 (FY23: 5.12%), mainly due to a decline in raw material prices. The return on capital employed was 12.4% in FY24 (FY23: 10.9%). In FY25, Ind-Ra expects the EBITDA margin to have declined to FY23 levels due similar nature of the orders being executed. Average Net Leverage: RCL's net leverage (total adjusted net debt/operating EBITDAR) improved slightly to 4.09x in FY24 (FY23: 4.71x), due to a marginal increase in the overall EBIDTA to INR48.25 million (INR42.81 million) coupled with repayment of debt of INR19.2 million during the year (INR13.34 million). Ind-Ra expects the net leverage to have remained stable in FY25 and believes it would improve in the medium term due to a likely decrease in long-term debt on account of scheduled repayments. RCL plans to undertake capex for expanding its production capacity, which will be funded through internal accruals. Comfortable Interest Coverage: RCL's interest coverage remained comfortable in FY24 as no interest cost is being charged on unsecured loans of INR50.98 million (FY23: INR50.98 million) from the promoters. The interest coverage (operating EBITDA/gross interest expenses) improved to 2.93x in FY24 (FY23: 2.36x) due to a marginal increase in overall EBIDTA to INR48.25 (INR42.81 million) coupled with a reduction in gross interest expenses to INR16.49 million (INR18.11 million). Ind-Ra expects the interest coverage to have remained stable in FY25, and believes it would improve in the medium term due to a likely decrease in long-term debt on account of scheduled debt repayment. Established Operational Track Record: The promoters have an established track record of nearly 30 years in the manufacturing and selling of grey iron casting products, which has helped the company establish healthy relations with suppliers and customers. RCL caters to players in the textiles, pump & valves, wind energy and marine and engineering sectors. Liquidity Stretched: RCL's average monthly utilization of its sanctioned fund-based limits was around 85.33% over the 12 months ended December 2024. The company had debt repayment obligations of INR19.8 million in FY25, and it has debt obligations of INR26.3 million and INR21.6 million in FY26 and FY27 respectively. In FY24, the cash flow from operations turned negative at INR236.02 million (FY23: INR56.97 million) due to unfavorable changes in working capital. The free cash flows also turned negative at INR26.25 million (FY23: negative INR42.05 million). In FY24, the cash and cash equivalent stood at INR7.45 million (FY23: INR16.74 million). In FY24, despite inventory days declining to 41 days (FY23: 58 days) due to better inventory management, the working capital cycle remained stable at 48 days (48 days) due to a fall in creditor days to 61 days (80 days). Furthermore, the company does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics with net leverage above 5.5x and/or further pressure on the liquidity position, could lead to negative rating action. Positive: An increase in the scale of operations, along with an improvement in the overall credit metrics along with liquidity profile getting improved, all on a sustained basis, could lead to a positive rating action. About the Company Coimbatore-based RCL was incorporated in 1995 by V Rajendran. RCL is engaged in the manufacturing of various grades of grey iron and S.G. iron castings. It has a manufacturing facility in Coimbatore, Tamil Nadu, with an installed production capacity of 1,000MT per annum. REDWOODS INFRASTRUCTURE: Insolvency Resolution Process Case Summary ------------------------------------------------------------------- Debtor: Redwoods Infrastructure Private Limited The Estate, No. 403 121 Dickenson Road, Bangalore, Karnataka, India - 560042 Insolvency Commencement Date: April 7, 2025 Estimated date of closure of insolvency resolution process: October 4, 2025 Court: National Company Law Tribunal, Bangalore Bench Insolvency Professional: Venkataraman Jayagopal E-003, Victoria Haven, Patel Ram Reddy Road, Domlur 1st stage, Bangalore - 560071 Email: gopal_venus@hotmail.com Email: cirp.redwoods@gmail.com Last date for submission of claims: April 25, 2025 RIVAAZ TRADE: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Rivaaz Trade Ventures Private Limited Shop No. 28, 1st Floor, Krisha Arcade, Yashwant Shrusti, Khaira, Boisar, Thane, Palghar, Maharashtra, India 401501 Insolvency Commencement Date: April 9, 2025 Estimated date of closure of insolvency resolution process: October 6, 2025 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Mr. Ritesh Agarwal Jindal Tower, Block C, Flat No. 301, 1А Kundan Bye Lane, Near Silver Jubilee Hospital, Haora, West Bengal, 711204 Email: ritesagarwal@gmail.com 6, Little Russel Street, Kankaria Estates, 7th Floor, Kolkata - 700071, West Bengal Email: cirprivaaz@gmail.com Last date for submission of claims: April 23, 2025 S L S POWER: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: M/s. S L S Power Corporation Limited Sy. No. 202/A2, Ashok Nagar, Navalak Gardens, Nellore, Andhra Pradesh, India - 524002 Insolvency Commencement Date: April 7, 2025 Estimated date of closure of insolvency resolution process: October 4, 2025 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: Kammula Prabhakar Rao #39-4-1, S5, Koduru Enclave, Picchaiah Street, Labbipet, Vijayawada, NTR District, Andhra Pradesh - 520010 Email: kammulaprabhakar@hotmail.com Flat No 106, Sai Balaram Towers, Pitchaiah Street, Labbipet, Vijayawada, Andhra Pradesh- 520010 Email: cirp.sls2025@gmail.com Mobile No: 9848124608 Last date for submission of claims: April 25, 2025 SAI RAGHAVENDRA: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings for the bank facilities of Sai Raghavendra Rice Industries (Sai) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.15 CRISIL B+/Stable (ISSUER NOT COOPERATING) Long Term Loan 1.47 CRISIL B+/Stable (ISSUER NOT COOPERATING) Proposed Long Term 1.88 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING) SME Credit 0.50 CRISIL B+/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with Sai Raghavendra for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Sai Raghavendra, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Sai Raghavendra is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Sai Raghavendra continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2011 as a partnership firm, Sai Raghavendra operates a rice mill for undertaking milling and processing of paddy into rice, rice bran, broken rice, and husk. The firm commenced commercial operations in fiscal 2013 and is based in Kolkulpally, Andhra Pradesh. The managing partners, Mr. V Jagan and Mr. V Srinivas, have around 30 years of experience in similar lines of business. SAINATHA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Sainatha Rice Industries (SSRI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Long Term Loan 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSRI for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSRI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSRI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSRI continues to be 'Crisil D Issuer not cooperating'. Established as a partnership firm in 2013 and based in Nizamabad (Telangana), SSRI mills and processes paddy into rice, rice bran, broken rice, and husk. The firm is promoted by Mr. Ravinder Kuna and Mrs. Shashikala Kuna. The operations are managed by Mr. Naresh Kuna. SANT RAM: CRISIL Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Sant Ram Mangat Ram Jewellers Private Limited (SRMRJPL) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15.50 Crisil B+/Stable (Issuer Not Cooperating) Proposed Long Term 2.14 Crisil B+/Stable (Issuer Not Bank Loan Facility Cooperating) Standby Letter 3 Crisil B+/Stable (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with SRMRJPL for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SRMRJPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRMRJPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRMRJPL continues to be 'Crisil B+/Stable Issuer not cooperating'. SRMRJPL founded in year 1900, is based out of Ludhiana, Punjab. The company is basically engaged in manufacturing & retailing of gold & diamond studded jewellery under own brand name SM. It is presently run by Mr. Mahesh Jain based in Ludhiana, the firm is a family business with a traditional jewellery family background dating back to a century. SANTOSH ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Santosh Enterprises (SE) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 2 CRISIL D (Issuer Not Cooperating) Cash Credit 2.25 CRISIL D (Issuer Not Cooperating) Cash Credit/ 1.50 CRISIL D (Issuer Not Overdraft facility Cooperating) Proposed Working 1.25 CRISIL D (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with SE for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SE continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1990, SE is promoted Mr Santosh Dalvi. The firm is engaged in the manufacturing of fabricated structures used by the windmill industry. It has a manufacturing facility in the Ambad industrial area of Nasik. SATWIK STEEL: Ind-Ra Moves B+ Loan Rating to NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated the rating of Satwik Steel Private Limited's (SSPL) bank facilities to the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR800 mil. Fund-based working capital limit* migrated to non- cooperating category and withdrawn. *Migrated to 'IND B+/Stable (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 surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls, and has not provided information about latest audited financial statement, sanctioned bank facilities, business plans and projections for the next three years. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the rating, as the agency has received no-objection certificate from the lenders and a withdrawal request from the issuer. 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 SSPL while reviewing the rating. Ind-Ra had consistently followed up with SSPL over emails, apart from phone calls since March 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of SSPL, 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. About the Company Incorporated in 2010, SSPL is engaged in trading of building materials including billets, bars and Rods, wired rings, among others. The company is promoted by Rashmi Rani and has operations in Bihar. SOYUZSNAB INDIA: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Soyuzsnab India Private Limited Office No. 601 Sai Plaza CTS NO 761/1 & 2 Near Telephone Exchange Andheri Kurla Road, Sakinaka, Mumbai City, Mumbai, Maharashtra, India 400070 Liquidation Commencement Date: April 8, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: Sunil Gajanan Nanal 3-4, Aishwarya Sankul, 17 G.A. Kulkarni Path, Opposite Joshi's Railway Museum, Kothrud, Pune – 411038 Flat No. 8, Priyanjali, Lane No. 6 , Dahanukar Colony Kothrud, Pune – 411038 Email: sunil.nanal@kanjcs.com Last date for submission of claims: May 8, 2025 SPECIFIC ALLOYS: Liquidation Process Case Summary ------------------------------------------------- Debtor: Specific Alloys Private Limited Shop No 24 & 25 Jedhe Mansion78 Guruwar Peth, Pune, Maharashtra, India - 411042 Liquidation Commencement Date: April 7, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Prashant Jain A501, Shanti Heights, Plot No. 2,3,9B/10, Sector 11, Koparkharine, Thane, Navi Mumbai - 400709 Email: ipprashantjain@gmail.com -- and -- c/o A501, Shanti Heights, Plot No. 2, 3, 9B/10, Sector 11, Koparkharine, Thane, Navi Mumbai - 400709 Email: cirp.specificalloys@gmail.com Last date for submission of claims: May 7, 2025 SRINITHI ENTERPRISES: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Srinithi Enterprises Private Limited New No. -26/1. Old No. -27, Sarada Nagar 3rd Street, Virugambakkam, Chennai Tamil Nadu, India - 600092 Insolvency Commencement Date: April 4, 2025 Estimated date of closure of insolvency resolution process: October 2, 2025 (180 Days) Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: Sanjeevi C 469A4 Golden Enclave, Anugraha Appartments, Kamarajar Road, Pelamedu Post, Coimbatore - 641004, Tamil Nadu Email: sanjeevicra@yahoo.co.in Door No. 7/43-114, Shiradi Avenue, 3rd Line East, Nearby CRI Pumps Keeranatham Post, Coimbatore - 641035 Tamil Nadu Email: sanjeevicra@yahoo.co.in Last date for submission of claims: April 27, 2025 SRM TRANSPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of SRM Transports India Private Limited (SRMT) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 3 CRISIL D (Issuer Not Cooperating) Term Loan 8.5 CRISIL D (Issuer Not Cooperating) Term Loan 6.8 CRISIL D (Issuer Not Cooperating) Term Loan 7.2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SRMT for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SRMT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRMT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRMT continues to be 'Crisil D Issuer not cooperating'. SRMT, incorporated in 1999 by Mr Ravi Pachaimuthu, is a Chennai-based company that provides inter-city bus transportation services, mainly in South India. SUNHETI SOLAR: Ind-Ra Withdraws BB+ Term Loan Rating ---------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Sunheti Solar Projects Private Limited's (SSPPL) rupee term loan rating as follows: -- The 'IND BB+/Stable (ISSUER NOT COOPERATING)' rating on the INR113.68 mil. Senior project term loans due on March 31, 2036 is withdrawn; and -- The 'IND BB+/Stable (ISSUER NOT COOPERATING)' rating on the INR18.40 mil. Working capital demand loan is withdrawn. Detailed Rationale of the Rating Action Ind-Ra is no longer required to maintain the ratings, as the agency has received a no dues certificate from the lender for senior project term loans, lender has confirmed that the working capital demand loan has been cancelled where no dues certificate is not required and withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. About the Company SSPPL operates a 5MWAC solar power plant in Uttarakhand. The plant under SSPPL has been operational since March 2017. SUNNY DIAMONDS: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Sunny Diamonds Private Limited's (SDPL) bank facilities as follows: -- INR295 mil. Fund-based working capital limits assigned with IND BB+/Stable/IND A4+ rating; -- INR228.45 mil. Proposed bank loan assigned with IND BB+/ Stable/IND A4+ rating; and -- INR26.55 mil. Term loan due on April 1, 2030 assigned with IND BB+/Stable rating. Detailed Rationale of the Rating Action The ratings reflect SDPL's small scale of operations and average EBITDA margins in FY25. Ind-Ra expects the company's revenue to have improved in FY25, backed by increased demand for diamond jewelry and the addition of new showrooms. However, the ratings are supported by SDPL's established brand and experienced promoter and moderate credit metrics. Detailed Description of Key Rating Drivers Small Scale of Operations: As per the provisional numbers of FY25, SDPL's scale of operations remained small with its revenue increasing to INR1,370.37 million (FY24: INR653.12 million; FY23: INR622.98 million), on account of an increase in demand for diamond jewelry and the addition of two new showrooms. The company opened a showroom in Coimbatore (Tamil Nadu) in August 2024 and another in Ernakulam (Kerala) in April 2024. Its EBITDA also increased to INR127million in FY25 (FY24: INR52 million). Ind-Ra expects SDPL's revenue to improve in the near to medium term, backed by sustained demand and its plans to open new showrooms. Average EBITDA Margins: In FY25, the company's EBITDA margins increased to 9.28% (FY24: 8.09%; FY23: 9.94%), led by growth in the diamond market. The decline in its margins in FY24 was due to market volatility along with an increase in its promotion and marketing expenses. The return on capital employed stood at 14% in FY24 (FY23: 20.5%). Ind-Ra expects the EBITDA margins to remain largely stable in FY26. Established Brand; Experienced Promoter: The ratings are supported by the promoter's nearly two decades of experience in the diamond jewelry retail industry which has enabled SDPL to develop a deep understanding of market dynamics, build strong relationship with suppliers and earn a solid reputation among retail customers. The brand, Sunny Diamond, is a well-established name in Kerala known for its quality of diamonds with a presence across key cities in Kerala. The company has expanded to Tamil Nadu with a new showroom in Coimbatore and is planning to further expand its presence in other states as well. Moderate Credit Metrics: SDPL's credit metrics stood moderate with its gross interest coverage (operating EBITDA/gross interest expenses) falling to 3.56x in FY24 (FY23: 4.14x) and the net leverage (total adjusted net debt/operating EBITDAR) increasing to 3.93x (2.62x), due to an increase in its total debt INR180.13 million (INR129.51 million). In FY25, Ind-Ra expects the credit metrics to have improved, due to the improvement in the operating EBITDA. Liquidity Stretched: SDPL's average month-end utilization of the working capital limits was 89.87% during the 12 months ended March 2025. The cash and cash equivalents stood at INR11.92 million at FYE24 (FYE23: INR0.47 million). It has scheduled debt repayment obligations of INR17.35 million for FY26 and INR14.94 million for FY27. The cash flow from operations turned negative in FY24 to INR28.95 million (FY23: INR9.64 million) due to unfavorable changes in its working capital. In FY25, Ind-Ra expects the cash flow from operations to have remained negative on account of a likely stretch in its working capital cycle. The fund flow from operations remained positive at INR30.08 million in FY24 (FY23: INR36.69 million), on account of the improvement in its operating EBITDA. SDPL does not have any capital market exposure relies on banks and financial institutions. Rating Sensitivities Negative: Significant deterioration in the scale of operations (revenue and EBITDA), leading to deterioration in the liquidity profile and the credit metrics, with the interest coverage falling below 2.5x on a sustained basis, will be negative for the ratings. Positive: A substantial increase in the scale of operations (revenue and EBITDA) and an improvement in the overall credit metrics, along with an improvement in the liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company SDPL, incorporated in 2008 with P Sunny and his wife Seena Sunny as the promoters of the company and the company is engaged in retailing diamond jewelry through its showrooms in Thiruvananthapuram, Kozhikode, Thrissur, Ernakulam (Kerala) and Coimbatore (Tamil Nadu). SURBHI INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Surbhi Industries - Morbi (SI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Term Loan 1.8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SI for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SI continues to be 'Crisil D Issuer not cooperating'. Established in 2013, SI is promoted by Mr Manoj Panara, Mr Bipin Kasundra, and their family members. The firm is engaged in manufacturing of cotton bales. SURYAA CHAMBALL: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Suryaa Chamball Power Limited (SCPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 Crisil B/Stable (Issuer Not Cooperating) Cash Credit/ 6.75 Crisil B/Stable (Issuer Not Overdraft facility Cooperating) Proposed Fund- 23.55 Crisil B/Stable (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with SCPL for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCPL continues to be 'Crisil B/Stable Issuer not cooperating'. SCPL was set up in 1997, by the Bargodia family. The company operates a 7.5-megawatt biomass-based power plant near Kota in Rajasthan. The plant became operational in June 2006. TRANSCENDED IT: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Transcended IT Consulting Solutions Private Limited F-11, 3rd Floor, Manek Mahal 9, Veer Nariman Road, Churchgate, Mumbai, Maharashtra 400020 Liquidation Commencement Date: April 8, 2025 Court: National Company Law Tribunal, Chennai Bench Liquidator: G Ramachandran F-10, Syndicate Residency, Dr. Thomas First Street, South Boag Road T. Nagar, Chennai 600017 Email: liquidation.ticspl@gmail.com Mobile No: +91 9841037454 Last date for submission of claims: May 8, 2025 TRANSFORMERS AND ELECTRICALS: Ind-Ra Affirms BB- Loan Rating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has taken the following rating actions on Transformers and Electricals Kerala Limited's (TELK) bank facilities: -- INR59.40 mil. Term loan due on March 31, 2028 affirmed with IND BB-/Stable rating; -- INR410 mil. (reduced from INR470 mil.) Fund-based working capital limit affirmed with IND BB-/Stable/IND A4+ rating; -- INR964 mil. Non-fund-based working capital limit affirmed with IND BB-/Stable/IND A4+ rating; -- INR806.40 mil. Proposed fund-based/non-fund-based working capital limits affirmed with IND BB-/Stable/IND A4+ rating; and -- INR60 mil. Proposed fund-based/non-fund-based working capital limits assigned with IND BB-/Stable/IND A4+ rating. Detailed Rationale of the Rating Action The ratings are constrained by the unavailability of TELK's audited financials since FY22. The ratings also factor in the small scale of operations along with poor liquidity on account of limited availability of its working capital facilities in FY24. However, the ratings are supported by a likely significant improvement in the company's credit metrics along with an improvement in the operational parameters such as increased revenue visibility led by increased order book and capacity utilization, and steady demand scenario for transformers in India over the medium term. Detailed Description of Key Rating Drivers Small Scale of Operations: TELK is a small player in the transformer market, with a capacity of 4,500 MVA. The company's operations are small with its revenue standing at INR1,311 million in 9MFY25 (FY24: INR1,302 million; FY23: INR1,748 million). Additionally, owing to the limited availability of working capital limits, TELK faces constraints in improving its capacity utilization and is incurring additional capex towards improving the process, leading to its EBITDA (9MFY25: INR113 million; FY24: INR121 million; FY23: INR30 million) remaining highly sensitive to the capacity utilization and mobilization of funds. Around 20% of its FY24 revenue comprised a one-time income related to PV adjustments of its orders in the previous years. Excluding that, the EBITDA would have been negative. However, Ind-Ra expects the EBITDA to pick up FY25 onwards, led by a steady increase in the capacity utilization, the presence of an increased order book giving revenue visibility, and an increase in the share of private parties in its order book, leading to timely receipt of receivables. Working Capital Intensive Operations: Ind-Ra expects TELK's working capital cycle to remain elongated and highly dependent on non-fund-based limits in the near- to medium term, due to the nature of its business. The payments are milestone based and varies from 60-180 days depending upon the type of transformers and the presence of letter of credit (LC) and bill discounting (BD) facilities helps manage the working capital needs during the extended period. Furthermore, the company has to extend bank guarantees (BGs) for the transformers sold for the defect liability period. TELK's working capital cycle has been stretched because of the long transit period, long lead time and moderate credit period offered by raw material suppliers. The working capital cycle increased to 269 days in FY24 (FY23: 212 days; FY22: 290 days) on account of a significant increase in the inventory holding period to 158 days (75 days; 121 days), due to the increase in the number of orders. For most government utility contracts, around 80% of the payment is being received after 90-120 days of delivery, and the remaining after 30 days from the commissioning of the project. TELK's net working capital cycle in FY24 remained stable, returning to the FY19-FY20 levels (FY21-FY22 were affected by COVID-19), at about 64% of its net revenue. However, the company has LCs for most of its orders in place along with a BD facility. Hence, Ind-Ra expects the company's receivable period to be at 200-220 days over the medium term (FY24: 269 days; FY23:225 days). Furthermore, TELK's orders are customized as per client requirements, and the products take four-to-six months to be designed, manufactured and tested, leading to a high work-in-progress inventory. However, TELK is working towards reducing its inventory holding period and improving its terms of trade with customers through a change in the mix towards private customers. Ind-Ra expects the working capital cycle to improve marginally from FY25. Its private consumers accounted for 80% of the order book in FY25. Non-Availability of Audited Financials: TELK's audited financials has not been available since FY22, constraining the rating and limiting a comprehensive assessment of the company's financials. As per the management, the delay was on account of the appointment of an auditor. Healthy Order Book; Improvement in Operational Performance: TELK's order book almost doubled to INR6,000.58 million in FY24 (FY23: INR3,100 million; FY22: INR2,800 million). The revenue increased in 9MFY25, led by an improvement in the capacity utilization to about 59.6% (FY24: 31.4%; FY23: 53.6%; FY22: 46.2%). The improvement in capacity utilization was largely due to the improved availability of cash flows. Furthermore, order execution has picked up pace, with the increase in its capacity utilization. The company successfully executed a few orders for Megha Engineering & Infrastructures Ltd. (MEIL; debt rated at 'IND AA'/Stable) resulting in its order book reducing to INR3,935.29 million in FY25. The order book is largely driven by MEIL's order, favorable industry dynamics and an increase in the transmission capacity. The company's top five customers accounted for around 80% of the order book as of March 31, 2025 while its single-largest customer accounted for 61%. Furthermore, Ind-Ra draws comfort from the demand-supply dynamics and the bargaining position that manufacturers enjoy during such times of market imbalance. TELK's order book, being medium cycle orders, has a large mix of firm orders and orders with price variation basis indexes. Thus, in a declining raw material price scenario, the company tends to benefit. Improvement in Credit Metrics: TELK's net leverage (net debt/EBITDA) reduced to 3.63x in FY24 (FY23: 21.55x; FY22: negative 1.28x), driven by the improvement in its EBITDA, led by a one-time receipt of PV income. The interest coverage (EBITDA/interest expense excluding fair value adjustments) increased to 1.49x in 9MFY25 (FY24: 1.3x; FY23: 0.37x). The total external debt stood at INR471 million at end-1HFY25 (FYE24: INR471 million; FYE23: INR683 million). PV Clause to Aid EBITDA: Prices of TELK's raw materials, such as copper, steel, and silicon are highly volatile in nature. However, the presence of the PV clause protects against any such increases. However, TELK in one of the earlier orders with Kerala State Electricity Board (KSEB) was unable to recover the same due to a failure to meet of certain stringent conditions. As per the management, after negotiations, KSEB agreed to release the PVs, and TELK had realized a part of this in 3QFY24, resulting in strong growth in its EBITDA in FY24 to INR121 million which included around INR250 million of a one-time income related to PV for previous years. TELK has the PV clause for almost 95% of its orders as on 31 March 2025. Ind-Ra believes that TELK will be able to pass on any hike related to raw material increase and not incur any loss on that account. This will be a key monitorable, because as per the management, the company will not incur losses on account of price variation in the future. Liquidity Poor: TELK does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The average maximum utilization of its fund-based working capital limits was 96.7% during the 12 months ended January 2025, while that for non-fund-based was 80.8% during the 12 months ended March 2025. The company has received an approval for additional INR400 million of facilities backed by KSEB guarantee, which is under process. TELK's cash flow from operations turned positive at INR230.76 million in FY24 (FY23: negative INR3.7 million; FY22: negative INR305 million). TELK does not plan to incur any capex in the medium term. The company had an unencumbered cash balance of INR32 million at FYE24 at (FYE23: INR30 million; FYE22: INR2.7 million). TELK has debt repayment obligations of INR25.3 million and interest expense of INR88 million for FY26. Rating Sensitivities Negative: A decline in the profitability, leading to deterioration in the credit metrics and EBITDA and/or any deterioration in the liquidity position resulting in the interest coverage ration reducing below 1.1x, all on a sustained basis, would lead to a negative rating action. Positive: Timely availability of audited financials along with an increase in the scale of operations and EBITDA, leading to an improvement in the credit metrics, resulting in the interest coverage increasing above 1.5x, along with an improvement in the liquidity position, all on a sustained basis, could be positive for the ratings. About the Company TELK was incorporated on 1963 by the government of Kerala under technical and financial collaboration agreement with M/s. Hitachi Limited, Japan, to set up a full-fledged unit for designing and manufacturing extra high voltage electrical equipment. The company is engaged in the manufacturing, supply, erection, and commissioning of power transformers and other related power equipment. In 2007, TELK entered into a business collaboration and shareholders' agreement with NTPC Limited ('IND AAA'/Stable), the largest power utility in India under which the latter acquired 45% of equity of the former. The government of Kerala holds majority stake of 55%. VENKATESWARA EDUCATIONAL: CRISIL Keeps Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Venkateswara Educational Trust (SVET) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 1.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 10.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SVET for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SVET, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVET is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SVET continues to be 'Crisil D Issuer not cooperating'. Set up in 2014, SVET has two schools, Sri Venkateswara Matriculation School, and Sri Venkateswara Public (CBSE) School. The operations are managed by Mr G Venkatesan. Fiscal 2017 was the first year of operations. VIJAYA DURGA: CRISIL Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Sri Vijaya Durga Parboiled Rice Industries (SVD) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B+/Stable (Issuer Not Cooperating) Proposed Long Term 4.7 Crisil B+/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SVD for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SVD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SVD continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2009, SVD mills raw and parboiled rice in Nalgonda (Telangana). The firm has been promoted by Mr G Sudarshan Reddy and his friends. YOSMITE ENGINEERING : Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Yosmite Engineering Private Limited Old No. 58, New No. 16 F1, KC Vaishnavi Apartments, 6 Street, Vaishaw Nagar, Chennai, Tamil Nadu - 600062 Insolvency Commencement Date: April 4, 2025 Estimated date of closure of insolvency resolution process: October 1, 2025 (180 Days) Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: Asha Rathod No. 15, PV. Koll Street, Royapuram Chennai, Tamil Nadu - 600013 Email: osharathod86@gmail.com Email: cirp yosmite@igmal.com Last date for submission of claims: April 24, 2025 =============== M A L A Y S I A =============== PHARMANIAGA: Auditor Flags Going Concern for Third Straight Year ---------------------------------------------------------------- The Edge Malaysia reports that concerns over Pharmaniaga Bhd's financial sustainability have been raised for the third straight year, with independent auditor Ernst & Young PLT (EY) identifying a material uncertainty in the group's FY2024 financial statements that raised doubts about its ability to continue as a going concern. In its audit, EY pointed out that, as of end-December 2024, Pharmaniaga's current liabilities exceeded its current assets significantly by MYR748.8 million at the group level and by MYR827.2 million at the company level. The auditor also noted a capital deficiency of MYR145.9 million at the group level, the Edge relates. "This indicates the existence of material uncertainties that may cast significant doubt on the group and the company's ability to continue as a going concern," it said in a statement filed to Bursa by Pharmaniaga. Despite these concerns, the financial statements were prepared on a going concern basis, said EY, adding the validity is dependent on Pharmaniaga's successful implementation of its proposed plan to regularise its Practice Note 17 (PN17) status for financially distressed companies, and continuous support from its lenders, according to the Edge. In response, Pharmaniaga said it expects to resolve the going concern issue upon the completion of its regularisation plan, which is targeted for the second quarter of 2025, the Edge relays. In March, Pharmaniaga's shareholders approved the proposed regularisation plan at an extraordinary general meeting, the Edge recalls. This plan includes a proposed rights issue of up to MYR353.5 million, a private placement of up to MYR300 million (with a minimum of MYR215 million), and a capital reduction of MYR520 million. Proceeds from this plan will be used to reduce borrowings and fund business expansion. Once implemented, Pharmaniaga anticipates reducing its net debt, restoring positive shareholders' equity, and complying with various financial covenants - all of which would enable it to exit its PN17 status, the Edge says. Pharmaniaga slipped into PN17 status in February 2023 after announcing its quarterly and annual reports for 4QFY2022 and FY2022, after it incurred a substantial MYR552.3 million impairment on its inventory of Covid-19 vaccines, which significantly impacted its financials. At the time, auditor Messrs PricewaterhouseCoopers PLT (PwC) raised going concerns doubts in its audit of the group's FY2022 financial statements, noting Pharmaniaga's current liabilities exceeded current assets by MYR632.1 million at the group level and MYR411.2 million at the company level, while capital deficiency stood at MYR274.1 million. Similarly, in its FY2023 audit, PwC flagged the same issue, when Pharmaniaga's current liabilities exceeded its current assets by MYR895 million at the group level, and MYR439 million at the company level; with a capital deficiency of MYR227.4 million, according to the Edge. About Pharmaniaga Pharmaniaga Berhad is an investment holding company. The Company is principally engaged in the research and development, manufacturing of generic drugs and medical devices, logistics and distribution, sales, and marketing, as well as community pharmacy. It was reported in February 2023 that Pharmaniaga had been classified as an affected listed issuer under PN17. The pharmaceutical company said it had triggered the PN17 criteria pursuant to its audited consolidated financial statements for the period ended Dec. 31, 2022. ===================== N E W Z E A L A N D ===================== BOXMAN LEASE: BDO Christchurch Appointed as Receivers ----------------------------------------------------- Colin Gower and Diana Matchetton of BDO Christchurch on April 28, 2025, were appointed as receivers and managers of Boxman Lease Limited and Boxman Mods Limited. The receivers and managers may be reached at: BDO Christchurch Awly Building Level 4, 287–293 Durham Street North Christchurch 8013 GUNTRIP LOGISTICS: Court to Hear Wind-Up Petition on May 6 ---------------------------------------------------------- A petition to wind up the operations of Guntrip Logistics Limited will be heard before the High Court at Rotorua on May 6, 2025, at 10:00 a.m. Mechanics in Motion 2020 Limited filed the petition against the company on Jan. 31, 2025. The Petitioner's solicitor is: Greg Burt Lance Lawson Level 1, ANZ House 1230A Amohau Street Rotorua HAMMOSMITH LIMITED: Creditors' Proofs of Debt Due on May 29 ----------------------------------------------------------- Creditors of Hammosmith Limited are required to file their proofs of debt by May 29, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 27, 2025. The company's liquidators are: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington, Business Restructuring Level 1, 50 Customhouse Quay Wellington 6011 I O INVESTMENT: Grant Bruce Reynolds Appointed as Liquidator ------------------------------------------------------------ Grant Bruce Reynolds of Reynolds & Associates on April 28, 2025, was appointed as liquidator of I O Investment Ventures Limited and SGTB Investments Limited. The liquidator may be reached at: Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 RG LAWNS: Creditors' Proofs of Debt Due on May 30 ------------------------------------------------- Creditors of RG Lawns & Cleaning Services 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 28, 2025. The company's liquidators are: Rachel Mason-Thomas Jeffrey Philip Meltzer Meltzer Mason, Chartered Accountants PO Box 6302 Victoria Street West Auckland 1141 ================= S I N G A P O R E ================= ALPHA DX: Court Enters Wind-Up Order ------------------------------------ The High Court of Singapore entered an order on April 8, 2025, to wind up the operations of Alpha Dx Group Limited. The company's liquidators are: Tan Wei Cheong Lim Loo Khoon 6 Shenton Way #33-00, OUE Downtown Two Singapore 068809 APOLLO AQUACULTURE: Court to Hear Wind-Up Petition on May 9 ----------------------------------------------------------- A petition to wind up the operations of Apollo Aquaculture Group Private Limited will be heard before the High Court of Singapore on May 9, 2025, at 10:00 a.m. The Petitioner's solicitors are: Oon & Bazul LLP 36 Robinson Rd #08-01/06 City House Singapore 068877 FAST TRACK: Court to Hear Wind-Up Petition on May 2 --------------------------------------------------- A petition to wind up the operations of Fast Track Construction Pte. Ltd. will be heard before the High Court of Singapore on May 2, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on April 7, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 KTO OIL: Commences Wind-Up Proceedings -------------------------------------- Members of KTO OIL & GAS Pte. Ltd. on April 15, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Farooq Ahmad Mann No. 3 Shenton Way #03-06C Shenton House Singapore 068805 LBRLABEL PTE: Court to Hear Wind-Up Petition on May 2 ----------------------------------------------------- A petition to wind up the operations of Lbrlabel Pte. Ltd. will be heard before the High Court of Singapore on May 2, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on April 9, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 ================= S R I L A N K A ================= SRI LANKA: IMF Board Review of Bailout Program Likely in June ------------------------------------------------------------- EconomyNext reports that the next review of Sri Lanka's bailout program is likely to go the executive board of International Monetary Fund for consideration in June, Mission Chief Evan Papageorgiou said. Sri Lanka struck a staff level agreement for the next phase of the program on April 25, according to EconomyNext. "I think there's good momentum from the authorities and everybody else's point of view in completing the review," EconomyNext quotes Papageorgiou as saying in an online briefing. "It's a long process, as you probably know, in terms of us consulting and redrawing our numbers and our assumptions and having great confidence in the direction of policy reforms and of the outlook and everything else. "I would say that it will take a little while, maybe a couple more months at least, in terms of finalizing the review." According to EconomyNext, Sri Lanka has to hike electricity prices, to end losses in the utility from a tariff cut ordered by the regulator. EconomyNext relates that the Ceylon Electricity Board is yet to propose the new tariff revision. There was also an automatic price rise to be triggered under the bulk supply tariff account when cash reserves fell below a certain level. "The BSTA, has not operated as we envisaged, and the April tariff revision that was meant to take place in, you know, for the second quarter of this year was not implemented," Papageorgiou explained. "Of course, we defer to the authorities and to the regulator, the PUCSL, on the exact timing for implementing these actions, these prior actions, but we urge them to do so as soon as possible, so that the utility company CEB is not incurring financial losses on a forward-looking basis." Sri Lanka's SOE losses including in both the CEB and CPC ended up in national debt, EconomyNext notes. EconomyNext says the IMF was also in constant touch with Sri Lanka on the possible impact of US tariffs on Sri Lanka's exports. A team from Sri Lanka has already met US trade officials on ways to address concerns over a trade surplus with the US. "Sri Lankan authorities, Sri Lankan government, has made great progress in establishing greater connection with bilateral trade partners, including the United States," Papageorgiou said. "We encourage more action and greater discussion in ensuring that there is a good outcome from these discussions and that the trade policy uncertainty gets resolved and there is greater sensitivity." 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. ********* 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. 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