250506.mbx

250506.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 Tuesday, May 6, 2025, Vol. 28, No. 90 Headlines A U S T R A L I A CORONADO GLOBAL: S&P Lowers ICR to 'B-', Outlook Negative FOXALL LAND: First Creditors' Meeting Set for May 12 LANGUAGE ACADEMY: Placed Into Liquidation LST HOSPITALITY: First Creditors' Meeting Set for May 9 PLANET ARK: Goes Into Voluntary Administration RESIMAC TRIOMPHE 2025-1: S&P Assigns Prelim. 'B+' Rating on F Notes SIGNPEDIA PTY: First Creditors' Meeting Set for May 8 SKYWORKERS GROUP: First Creditors' Meeting Set for May 12 TASK TRANSPORT: First Creditors' Meeting Set for May 15 C H I N A [] CHINA: Solar Industry Remains in Red Amid Trade War I N D I A AGARWAL CORPORATION: CRISIL Keeps D Ratings in Not Cooperating ARCHON POWERINFRA: CRISIL Keeps C Debt Ratings in Not Cooperating ASANSOL MUNICIPAL: CRISIL Keeps C Debt Rating in Not Cooperating AURANGABAD PIPES: Ind-Ra Assigns BB- Loan Rating, Outlook Stable BALAJI BUSINESS: Ind-Ra Keeps B- Loan Rating in NonCooperating BHAGHYAJYOTHI AGRO: CRISIL Keeps D Ratings in Not Cooperating CINEMA CAPITAL: SEBI Orders Winding Up of Fund DEV RAJ: CRISIL Keeps D Debt Rating in Not Cooperating Category DHANASHREE ELECTRONICS: CRISIL Lowers Rating on INR5cr Loan to C E.S. KNIT: CRISIL Keeps C Debt Ratings in Not Cooperating ESGI GARMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating G. T. HOMES: CRISIL Keeps D Debt Rating in Not Cooperating GSR INFRATECH: Ind-Ra Affirms BB Loan Rating, Outlook Stable JANSHAKTI TEXTILE: CRISIL Assigns D Rating to INR15cr Term Loan KASIM COAL: CRISIL Keeps D Debt Ratings in Not Cooperating KUFRI FUN: CRISIL Keeps D Debt Rating in Not Cooperating Category LADHURAM TOSHNIWAL: CRISIL Lowers Rating on INR16.5cr Loan to D LAXMI NARASIMHAA: CRISIL Keeps D Debt Ratings in Not Cooperating LSR FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating MAHARASHTRA ENG'G: CRISIL Keeps D Debt Ratings in Not Cooperating MAK CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating MAKHWAN METAL: CRISIL Keeps D Debt Ratings in Not Cooperating MUMBAI INT'L AIRPORT: Fitch Alters Outlook on USD75MM Notes to Pos. NISHKALA HEALTHCARE: Ind-Ra Gives BB- Loan Rating, Outlook Stable PRESIDENCY EXPORTS: CRISIL Keeps D Ratings in Not Cooperating R. G. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating RAVIRAJ FOILS: Ind-Ra Assigns BB+ Loan Rating, Outlook Positive REAL AGROTECH: CRISIL Keeps D Debt Ratings in Not Cooperating RISHI SHARAAN: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable S.S. ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating SAI PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating SGS MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating TAHIR CONSTRUCTION: CARE Keeps B- Debt Rating in Not Cooperating TARAPUR TRANSFORMERS: CRISIL Keeps D Ratings in Not Cooperating M A L A Y S I A GREENPRO CAPITAL: Fails To Meet Nasdaq's Bid Price Rule NPC RESOURCES: Auditors Flag Going Concern Risks SEREMBAN ENGINEERING: Faces Winding-Up Bid Over MYR572,646 Debt N E W Z E A L A N D ACTIVE ELECTRO: Creditors' Proofs of Debt Due on June 3 AHURA IMPORTS: Creditors' Proofs of Debt Due on May 30 DHATT & CO: Court to Hear Wind-Up Petition on May 9 DREAMS FOODS: Court to Hear Wind-Up Petition on May 16 RESOLVE ELECTRICAL: Creditors' Proofs of Debt Due on May 29 P A K I S T A N PAKISTAN: India Asks IMF to Review Loans to Pakistan P H I L I P P I N E S CEBU AIR: Egan-Jones Retains CCC Senior Unsecured Ratings S I N G A P O R E AMIGOS Y VINOS: Commences Wind-Up Proceedings ECOLIFE PTE: Court to Hear Wind-Up Petition on May 16 ERVINIA PTE: Court Enters Wind-Up Order J. G. JEWELRY: Court to Hear Wind-Up Petition on May 26 TOPS & HUI: Court to Hear Wind-Up Petition on May 9 V I E T N A M VINFAST AUTO: Secures IDR1.8T Loan to Build EV Plant in Indonesia - - - - - ================= A U S T R A L I A ================= CORONADO GLOBAL: S&P Lowers ICR to 'B-', Outlook Negative --------------------------------------------------------- S&P Global Ratings lowered to 'B-' from 'B' its long-term issuer credit rating on Coronado Global Resources Inc. At the same time, S&P lowered to 'B' from 'B+' its long-term issue rating on the company's senior secured debt. The recovery rating on the senior secured debt is '2' (85%). The outlook remains negative, reflecting heightened risks to creditworthiness if coal prices do not improve materially or the company is unable to lower operating costs through the rest of 2025 to the bottom end of its 2025 guidance of $92 per ton-$105 per ton. Coronado's liquidity weakened materially in the first quarter of 2025 and faces continued pressure. The company's cash balance fell to about US$229 million as of March 31, 2025, from about US$324 million as of Dec. 31, 2024. S&P said, "We believe Coronado is likely to continue to have negative free cash flow in the June quarter if weak coal prices and high operating costs persist. Without higher coal prices, pressure on Coronado's liquidity is likely until the company can increase production from its mostly completed mine expansion projects during the second half of the year. Also, liquidity may come under pressure if the company does not successfully negotiate further extensions of covenant waivers for its US$150 million asset-based loan (ABL) facility or if cash depletion exceeds our expectations. We understand the company is seeking to restructure the ABL to obtain additional liquidity support on more flexible terms." Critical to improving resilience of the business to coal price cycles is completion of its Mammoth Underground mine and the Buchanan expansion, which S&P expects to lift coal production by 2.5 million-3.0 million metric tons per annum (Mtpa). This additional volume is key to reducing operating costs in the second half of fiscal 2025 (ended Dec. 31, 2025) to the lower end of its mining cost guidance of US$92 per ton. In the March quarter, Coronado reported average mining costs of US$113 per ton, well above its guidance for the year. Importantly, most of its capital expenditure (capex) for mine expansion projects has been completed. As of the end of April, the company reported spending about US$125 million of the US$230 million-US$270 million capex in its guidance for 2025. Coronado is unlikely to generate positive cash flow at current market prices. While metallurgical coal prices recovered modestly to about US$185 per ton through April, this remains well below the US$220 per ton we estimate it needs to break even at current operating costs. With mining costs of about US$105 per ton (at the upper end of its 2025 guidance) and stay-in-business capex of about US$10 million-US$15 million per month, we expect the company to burn through about US$10 million-US$20 million in cash per month for the next three to four months. However, we expect this cash burn to slow and potentially reach a free cash neutral level over the rest of the year if the company can: -- Realize mining costs of about US$90-US$95 per ton (at the bottom end of its 2025 guidance); and -- Achieve the US$100 million in cost cuts that it targets. S&P said, "Even so, we expect Coronado's leverage, measured by S&P Global-adjusted debt to EBITDA, to remain elevated through 2025. Our base case of negative US$85 million EBITDA reflects our current metallurgical coal price of US$190 per ton for the rest of 2025 and the company operating at the upper end of its cost guidance. The company is very sensitive to modest changes in coal prices and cost improvements. Accordingly, if prices improve and the company can realize the lower end of its cost guidance, we foresee EBITDA rapidly becoming positive. That said, regardless of price trends a materially improved cost position is critical to Coronado stabilizing its cash level and capital structure, in our view." Compounding Coronado's cost position are the economics of its Curragh mine, which are pressure from the twin effects of the company's supply agreement with Stanwell Corp. and the associated tonnage rebate. The Curragh mine must supply about 3 Mtpa of thermal coal to the Stanwell power station at deeply uneconomical prices. In addition to this lost revenue, Coronado also must pay a rebate of 25% of export revenue for the first 7 Mtpa of coal and 10% of export revenue for the next 7 Mtpa. At current prices, the rebate costs about US$85 million per year, which, if available, would stabilize the company's free cash flow. Once the supply agreement expires, anticipated in early 2027, the company will gain access to 1 Mtpa of thermal coal and, S&P understands, will stop paying the rebates. Profitability should improve materially thereafter. S&P said, "Support from Coronado's financial sponsor is unlikely for now. Majority owner the Energy & Minerals Group (EMG) is a financial sponsor, in our view. While we don't expect immediate assistance, we think that if necessary EMG would eventually provide some funding to preserve the likely improvement in the company's value from the expected rise in profitability when the Stanwell contract expires in early 2027." EMG provided equity support in 2021 by participating in a US$100 million equity raising during a restructuring of Coronado when coal prices crashed. The negative rating outlook reflects uncertainty about Coronado lifting its volumes and materially reducing mining costs over the next six to 12 months. In addition, persistent weak coal prices mean Coronado may not achieve the profitability necessary to support free cash flow and stabilize liquidity at levels sufficient to manage the weak price cycle. S&P could lower the rating if it believes the capital structure was at risk of no longer being sustainable. This could occur if: -- Liquidity weakens due to withdrawal of support by lenders, for example if Coronado is unable to extend the ABL on favorable terms, or if cash balances fall materially below US$100 million; and -- Operating performance does not improve, leading to persistent negative free cash flow. This could occur if mining costs remain elevated or coal prices stay below Coronado's breakeven price. S&P could revise the outlook to stable if Coronado can maintain positive operating cash flow, thereby stabilizing its liquidity position at a sufficient level to accommodate the weak price cycles. This could occur if the company can improve operating costs and coal prices broadly recover. FOXALL LAND: First Creditors' Meeting Set for May 12 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Foxall Land Holdings Pty Limited will be held on May 12, 2025 at 12:00 p.m. via virtual meeting. Frank Farrugia and Bruce Gleeson of Jones Partners were appointed as administrators of the company on April 30, 2025. LANGUAGE ACADEMY: Placed Into Liquidation ----------------------------------------- Kim Martin at The PIE reports that the Language Academy, an Australian language school with campuses in the Gold Coast and Sydney, has been placed into liquidation and has ceased operations. According to The PIE, the notice was posted by the Tuition Protection Service (TPS), which outlined that operations ceased as of May 1, with Worrells appointed as the liquidator. "The Tuition Protection Service is in contact with Worrells to inform them of The Language Academy's obligations to students and to determine how we can support The Language Academy and their students during this difficult time," the notice read. The news comes after another major Australian language provider - IH Sydney - was placed into liquidation earlier this year, after it entered voluntary administration, the PIE notes. The Language Academy was founded in 2014, specialising in Intensive General English, Exam Preparation courses (IELTS, FCE, CAE), English for Academic Purposes (EAP), Study Tours, High School Preparation, and Language Other Than English (LOTE): Spanish, Portuguese, Japanese, Italian, German, Mandarin, and French. Its offerings attracted both international students aiming to master English and locals interested in global languages. In 2019, the Language Academy received CRICOS accreditation and in 2021 moved to a larger campus in Broadbeach. In 2023, the campus was expanded to host 730 students across three timetables. The school opened a new Sydney campus in 2024, coinciding with its 10th anniversary celebrations. LST HOSPITALITY: First Creditors' Meeting Set for May 9 ------------------------------------------------------- A first meeting of the creditors in the proceedings of LST Hospitality Pty Ltd will be held on May 9, 2025 at 10:00 a.m. via videoconference only. Roberto Crispino and Richard Albarran of Hall Chadwick were appointed as administrators of the company on April 30, 2025. PLANET ARK: Goes Into Voluntary Administration ---------------------------------------------- ABC News reports that Planet Ark Environmental Foundation, one of Australia's largest environmental non-for-profits, has entered voluntary administration following a board review of the organisation's "financial position and future viability". The ABC says the organisation's board attributed the current economic climate, the impact of COVID-19 on stakeholder support and ongoing funding challenges as factors that had significantly impacted its operations in recent years. In a statement, the board said the decision "provides an opportunity for an independent assessment of the organisation's affairs" and a chance to "explore potential options for restructuring that will allow the organisation to continue our important work," the ABC relates. Established in 1991, Planet Ark was known across the country for its environmental campaigns and programs including National Tree Day and National Recycling Week. "Planet Ark has proudly worked for decades to inspire Australians to live more sustainably," the statement read. "We recognise the importance of the environmental mission we continue to pursue every day and sincerely believe that Planet Ark's contribution to that mission will continue with renewed strength beyond this process." Environmentalist and Planet Ark co-founder Jon Dee, who left the organisation in 2007 after 16 years as managing director, said he was disappointed to hear the organisation had gone into administration, according to the ABC. The ABC relates that Mr. Dee, who co-founded the organisation in 1991 alongside tennis great Pat Cash and is currently Chair of the Forest Stewardship Council (FSC) in Australia and New Zealand, said he had held longstanding concerns on the direction Planet Ark took after his departure. "I set up Planet Ark so that it could create real and measurable change," the report quotes Mr. Dee as saying in a statement. "As the person who headed up Planet Ark at its peak, I am interested in seeing what can be done to save the organisation. "Like many others, I want to see Planet Ark return to the original values and approaches that made it so successful." In 2012, the two founders told ABC's 7:30 Report they were particularly upset over Planet Ark's links with the timber industry. The organisation allowed its logo to be used on advertisements for timber, paid for by Forest and Wood Products Australia (FWPA), which was part of a sponsorship deal in which Planet Ark received AUD700,000 from the timber industry. "The deal with the forest industry and the controversy around the Peter Maddison TV advert has eroded Planet Ark's credibility as an environmental organisation," Mr Cash said in a statement at the time. The ABC adds that Mr. Dee said he has reached out to administrators to arrange a meeting in the hopes to explore ways he can help restore the organisation and its future. RESIMAC TRIOMPHE 2025-1: S&P Assigns Prelim. 'B+' Rating on F Notes ------------------------------------------------------------------- S&P Global Ratings assigned its ratings to seven classes of prime residential mortgage-backed securities (RMBS) to be issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust - RESIMAC Premier Series 2025-1. RESIMAC Triomphe Trust - RESIMAC Premier Series 2025-1 is a securitization of prime residential mortgage loans originated by RESIMAC Ltd. (RESIMAC). The preliminary ratings assigned reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each rated class of notes are commensurate with the ratings assigned. Subordination and lenders' mortgage insurance (LMI) cover provide credit support. The credit support provided to the rated notes is sufficient to cover the assumed losses at the applicable rating stress. Our assessment of credit risk takes into account RESIMAC's underwriting standards and approval process, which are consistent with industrywide practices; the strong servicing quality of RESIMAC; and the support provided by the LMI policies on 12.35% of the portfolio. The rated notes can meet timely payment of interest, and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, the LMI cover, the liquidity facility, the principal draw function, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the notes are fully redeemed by their legal final maturity date, and it does not assume the notes are called at or beyond the call date. S&P said, "Our ratings also take into account the counterparty exposure to National Australia Bank Ltd. as liquidity facility provider and Westpac Banking Corp. as bank account provider. "The transaction documents for the liquidity facility include downgrade language consistent with S&P Global Ratings' counterparty criteria. We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Preliminary Ratings Assigned RESIMAC Triomphe Trust - RESIMAC Premier Series 2025-1 Class A, A$900.00 million: AAA (sf) Class AB, A$54.30 million: AAA (sf) Class B, A$16.80 million: AA (sf) Class C, A$13.90 million: A (sf) Class D, A$5.00 million: BBB+ (sf) Class E, A$5.00 million: BB+ (sf) Class F, A$1.50 million: B+ (sf) Class G, A$3.50 million: Not rated SIGNPEDIA PTY: First Creditors' Meeting Set for May 8 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Signpedia Pty Limited will be held on May 8, 2025 at 10:00 a.m. via virtual meeting held via Teams. Simon Cathro and Andrew Blundell of Cathro Partners were appointed as administrators of the company on April 28, 2025. SKYWORKERS GROUP: First Creditors' Meeting Set for May 12 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Skyworkers Group Pty Ltd will be held on May 12, 2025 at 11:00 a.m. at the offices of O'Brien Palmer at Level 9, 66 Clarence Street in Sydney. Liam Thomas Bailey of O'Brien Palmer was appointed as administrator of the company on April 30, 2025. TASK TRANSPORT: First Creditors' Meeting Set for May 15 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Task Transport Pty Ltd will be held on May 15, 2025 at 10:30 a.m. via teleconference at SV Partners Brisbane, 22 Market Street in Brisbane. Terrence John Rose and Terry Grant van der Velde of SV Partners were appointed as administrators of the company on May 2, 2025. ========= C H I N A ========= [] CHINA: Solar Industry Remains in Red Amid Trade War ------------------------------------------------------ Reuters reports that China's solar manufacturers reported losses last week as U.S. President Donald Trump's trade war put further pressure on demand in an industry where top manufacturers were already facing low prices and tariffs on exports to the United States. Top producers Longi Green Energy and JinkoSolar both reported a net loss of CNY1.4 billion (US$193 million) for the first quarter, while losses for peers JA Solar and Trina Solar totalled CNY1.6 billion and CNY1.3 billion, respectively, Reuters discloses. Longi, which also turned in a net loss of CNY8.6 billion for 2024, told analysts in a call that demand for solar products was expected to be flat year-on-year in 2025, Reuters relays. "During the reporting period, solar industry supply chain prices were at a low level, combined with overseas trade policies impacting demand, all segments of the industry were under pressure," said Jinko, where losses increased from CNY473.7 in the fourth quarter of last year. The company's sales of solar products, including silicon wafer, solar cells and modules, fell 12.68% year-on-year to 19,130 megawatts in the quarter. According to Reuters, Jinko said it saw the fastest growth in the Asia Pacific and Africa regions, although China, the U.S. and Europe remain the largest markets. Even before Trump's trade war, in which he has levied 145% tariffs on imports of Chinese goods, Chinese solar exports were facing tariffs in the U.S., the second-biggest solar market after China, Reuters notes. As a result, Chinese manufacturers had set up production bases in third countries in Southeast Asia - countries that U.S. manufacturers later targeted with trade cases alleging they were flooding the market with cheap goods, Reuters relates. In response to one of those cases, the U.S. last week finalised tariffs of as high as 3,500% on solar products from Chinese solar manufacturers with factories in Malaysia, Cambodia, Thailand and Vietnam, the report says. The U.S. made up about 5% of Jinko's sales in the quarter, it said in its investor call. In addition to solar products, tariffs were also making it prohibitively expensive to sell battery storage systems to the U.S., Jinko told investors, Reuters adds. ========= I N D I A ========= AGARWAL CORPORATION: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Agarwal Corporation (AC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with AC 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 AC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AC continues to be 'Crisil D Issuer not cooperating'. AC, set up in 2001, is a proprietorship concern owned by Ms. Manjula Agarwal. It trades in iron and steel products, including cold-rolled and hot-rolled coils, steel sheets, steel beams, steel plates, and thermo-mechanically treated bars, ingots, and billets. Mr. Ashwini Agarwal (husband of Mrs. Manjula Agarwal) manages the firm's operations. ARCHON POWERINFRA: CRISIL Keeps C Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Archon Powerinfra India Private Limited (APIPL) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4.5 CRISIL A4 (Issuer Not Cooperating) Cash Credit 1.5 CRISIL C (Issuer Not Cooperating) Proposed Bank 4.5 CRISIL C (Issuer Not Guarantee Cooperating) Proposed Cash 1.5 CRISIL C (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with APIPL 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 APIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on APIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of APIPL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. Incorporated in 2010, APIPL constructs buildings for various state government departments. Operations are managed by Mr Kapil Sharma. ASANSOL MUNICIPAL: CRISIL Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bond of Asansol Municipal Corporation (AMC) continues to be 'CRISIL C Issuer Not Cooperating' Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bond 10 CRISIL C (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with AMC through letters and emails dated March 19, 2025, among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'Investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'Issuer not cooperating' as the rating is arrived at without any management interaction and is based on the best available or limited or dated information on the company. Such noncooperation by a rated entity may be a result of deterioration in its credit risk profile. Ratings with the '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 AMC, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that the rating action is consistent with the criteria detailed in 'Assessing information adequacy risk'. Based on the last available information, the rating on bond of AMC continues to be 'CRISIL C Issuer Not Cooperating' AMC is the civic body that governs Asansol in the Asansol Sadar subdivision of the Paschim Bardhaman district of West Bengal. It is the second largest and second most populated city of West Bengal. AURANGABAD PIPES: Ind-Ra Assigns BB- Loan Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Aurangabad Pipes Private Limited's (APPL) bank loans as follows: -- INR220 mil. Fund-based working capital limits assigned with IND BB-/Stable/IND A4+ rating; -- INR50 mil. Non-fund-based working capital limits assigned with IND A4+ rating; and -- INR250 mil. Term loan due on March 31, 2032 assigned with IND BB-/Stable rating. Detailed Rationale of the Rating Action The ratings reflect the risk of cost and time overrun associated with APPL's project, the nascent stage of operations and Ind-Ra's expectation of modest credit metrics in setting up of manufacturing plant for seamless pipes. Ind-Ra expects FY27 to be the first full year of operations and the debt service coverage ratio and overall credit metrics are likely to be weak during the initial years of commencement of operations. The ratings, however, are supported by the promoters' experience of one decade in the pipes industry. Detailed Description of Key Rating Drivers Cost and Time Over-run Risk: The ratings reflect the time and cost overrun and funding risks associated with APPL's proposed manufacturing unit of pipes. The total project cost of INR463.54 million will be funded by term loan of INR250 million which was sanctioned in December 2024 (INR150 million disbursed till March 2025), equity infusion by promoters of INR90.14 million (infused in March 2025) and an unsecured loan of INR123.4 million (availed in March 2025). So far, APPL has incurred INR111.2 million for purchase and construction of land and building, INR244 million for purchase of plant and machinery, and INR7.8 million for preliminary expenses. The balance amount is likely to be incurred till June 2025 for payment to the vendors of plant & machineries post the installation of machineries and the first successful trial run. The management has informed the agency that the commercial operations will commence from end-May 2025, post the trial run at end-April 2025. Nascent Stage of Operations: APPL will commence commercial production and revenue generation from end of May 2025. The trail run is likely to be undertaken by end-April 2025. The company plans to manufacture seamless pipes of up to 4.5 inch diameter for oil & gas, power generation and automotive industries. Ind-Ra expect the scale of operations to be small in the medium term due to lower orders and capacity utilization in the initial years. Likely Modest EBITDA Margins and Credit Metrics in Medium Term: Ind-Ra expects the EBITDA margins to be modest in the medium term as the company will start optimally utilizing the installed capacity for manufacturing pipes from FY27. Ind-Ra also expects the debt service coverage ratio and overall credit metrics to be modest during the initial years of commencement of operations and improve subsequently with the improvement in the scale of operations. Experienced Promoters: The promoters have a decade-long experience in the pipes industry, which would help APPL in setting up and operating the manufacturing plant. Liquidity Stretched: APPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The cash and cash equivalents stood at INR14.75 million at FYE24 (FYE23: INR10.34 million). The company does not have any repayments in FY26. It has scheduled debt repayments of INR11.9 million and INR35.7 million in FY27 and FY28, respectively. The agency expects the liquidity to remain stretched over the near term, due to its high annual interest costs. The company will fund its working capital requirements through fund-based working capital limits of INR220 million, which has, so far, been unutilized. The company has utilized INR33 million of the non-fund-based limit out of the INR50 million sanctioned amount as security deposit for statutory compliances. Rating Sensitivities Negative: Any delay in the commencement of operations, and achieving stability in the operating performance post the commencement of commercial operations, affecting the company's debt servicing ability, could be negative for the ratings. Positive: The timely commencement of operations and the subsequent achievement of a stable operating profitability will be positive for the ratings. About the Company Incorporated in February 2021 and headquartered in Maharashtra, APPL is a private limited company proposing to set up a manufacturing plant for seamless pipes with an installed capacity of 36,000 metric tons per annum. The company is promoted by Santosh R. Laddha. BALAJI BUSINESS: Ind-Ra Keeps B- Loan Rating in NonCooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Shri Balaji Business House Private Limited (SBBHPL) bank facilities' ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR95 mil. Fund-based working capital limits maintained in non-cooperating category and withdrawn. *Maintained at 'IND B-/Negative (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The ratings have been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails, and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a withdrawal request from the issuer and no-objection certificate from the bankers. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with SBBHPL while reviewing the ratings. Ind-Ra had consistently followed up with SBBHPL over emails, apart from phone calls since November 2018. The issuer has also not been submitting the monthly no default statement since November 2018. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of SBBHPL, 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. SBBHPL has been non-cooperative with the agency since November 2018. About the Company Founded in 2016, SBBHPL trades aqua feeds. BHAGHYAJYOTHI AGRO: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sree Bhaghyajyothi Agro Foods (SBAF) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL D (ISSUER NOT COOPERATING) Key Cash Credit 4.5 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SBAF 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 SBAF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBAF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SBAF continues to be 'Crisil D Issuer not cooperating'. SBAF, set up in 2011, processes paddy into rice, rice bran, and husk, and has capacity of 3.5 tonne per hour. The firm was set up by Mr Sharanaiya Swami and his mother Ms Gangamma. CINEMA CAPITAL: SEBI Orders Winding Up of Fund ---------------------------------------------- Bar and Bench reports that the Securities and Exchange Board of India (SEBI) has ordered the winding up of Cinema Capital Venture Fund (CCVF) and the recovery of investor money, citing "gross mismanagement of investors' funds" and "fraudulent activities" that continued even after an earlier penalty imposed in 2019. Bar and Bench relates that the order, issued on April 30, 2025, under Sections 11, 11B, and 15 of the SEBI Act, found that CCVF and its affiliates failed to liquidate the assets of its scheme nearly a decade after its scheduled termination and continued to breach key regulatory provisions relating to venture capital funds, alternate investment funds, and investor protection. Cinema Capital Venture Fund was registered with SEBI as a Venture Capital Fund in 2008, with a scheme tenure of five years, extendable by two. Its final closure date was November 14, 2015. However, SEBI found that even by October 2023, the fund had failed to liquidate outstanding investments. "The Fund did not wind up the scheme and distribute the proceeds accruing to its investors even after the expiry of its tenure... and even after the passing of the Adjudication Order, the scheme is still to be wound up," SEBI said. Only INR7.93 crore of the INR175 crore raised had been returned to investors, Bar and Bench discloses. INR2.47 crore worth of investments were still pending liquidation, according to the order. According to Bar and Bench, SEBI noted that the Fund's conduct demonstrated lethargic indifference and reckless negligence toward its fiduciary obligations and the interests of its investors. Bar and Bench says SEBI's investigation revealed that the fund had routed INR94 crore as interest-free loans and advances to investee companies, its own trustee, directors, and staff - without disclosing this in its Private Placement Memorandum (PPM). INR1.63 crore was written off as bad debts, and INR62.5 lakh remained outstanding as of October 31, 2023. "Providing loans and advances to investee companies at no interest cost is against the said investment strategy and not in the interest of Fund's investors," the SEBI noted. It further found that INR103 crore had been invested in three associate companies - Kinesis Films, Stellar Films, and Waterfront Films - all controlled by the fund's trustee and directors. This was in violation of Regulation 12(c) of the SEBI's Venture Capital Fund Regulations, Bar and Bench relays. "By investing in the investee companies that are its associates, the Fund neither conformed to its disclosed investment objective nor did it comply with the investment restrictions prescribed," the SEBI held. Citing violations under the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, the regulator further concluded that the Fund made promises in its PPM that it never intended to fulfil. "Promise that the Fund and the investment manager made through its IM namely; - 'focus to invest in portfolio companies to derive attractive returns for its investors' and that 'the money would not be used to invest in associates' was made without any intention of performing it," the SEBI, as cited by Bar and Bench, said. "Essentially by giving interest free money to its investee companies, Trustee and staff and then writing them off as bad debts, the Fund had no intention of making good of its investment objective," the regulator added. DEV RAJ: CRISIL Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Dev Raj Institute of Management and Technology Society (DRIMT) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 9.75 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DRIMT 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 DRIMT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DRIMT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DRIMT continues to be 'Crisil D Issuer not cooperating'. DRIMT was set up in 2010 by promoter and chairman, Mr Danish Gupta and his family, based in Ferozepur (Punjab). The society offers academic programmes through its institute, Dev Raj Group's Technical Campus. DRIMT is affiliated with the Punjab Technical University (PTU), Jalandhar, and approved by All India Council for Technical Education (AICTE), Ministry of Human Resource Development. DHANASHREE ELECTRONICS: CRISIL Lowers Rating on INR5cr Loan to C ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Dhanashree Electronics Limited (DEL; part of the Ladhuram Toshniwal group), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL C (ISSUER NOT COOPERATING; Revised from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Letter of Credit 10 CRISIL A4 (ISSUER NOT COOPERATING; Rating continues at the same level) Proposed Cash 5 CRISIL C (ISSUER NOT Credit Limit COOPERATING; Revised from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with DEL for obtaining information through letter and email dated December 24, 2024 and April 23, 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 DEL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believe that rating action on DEL is consistent with 'Assessing Information Adequacy Risk'. Based on the best available information, Crisil Ratings has downgraded its ratings to 'Crisil D/Crisil D Issuer Not Cooperating' from 'Crisil C/Crisil A4 Issuer Not Cooperating' as the company has defaulted on the repayment of loans to banks or other borrowings from any lender as per information on the public domain. Analytical Approach To arrive at the ratings, Crisil Ratings has combined the business and financial risk profiles of DEL and Ladhuram Toshniwal and Sons (LTS). This is because the two entities, together referred to as the Ladhuram Toshniwal group, are under a common management and have operational and financial linkages. About the Group Incorporated in 1989 as Rashmi Chock Pvt Ltd and reconstituted as a public limited company in 1997 with the current name, DEL manufactures lighting products and trades in audio and lighting products. The company has also obtained distributorship of the Music group for sales of audio equipment and products in India. It also earns income through lease rentals. DEL has also started manufacturing LED bulbs, street lamps, panel lights, solar lamps, and flood lights. LTS deals in electrical products such as tubes, lamps, luminaries, fans, and cable accessories. Around 85% of revenue comes from PIL's products. E.S. KNIT: CRISIL Keeps C Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of E.S. Knit Wear (ESKW) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Bill 1.25 CRISIL C (Issuer Not Discounting Cooperating) Packing Credit 3.25 CRISIL A4 (Issuer Not Cooperating) Term Loan 0.40 CRISIL C (Issuer Not Cooperating) Working Capital 1.1 CRISIL C (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with ESKW 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 ESKW, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ESKW is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ESKW continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. Incorporated in 1985 as a proprietorship firm by Mr. Easwaran. The firm is engaged in manufacturing of readymade garments. ESGI GARMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of ESGI Garments Private Limited (ESGI) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.7 CRISIL D (ISSUER NOT COOPERATING) Foreign Bill 8 CRISIL D (ISSUER NOT Purchase COOPERATING) Packing Credit 8 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 0.6 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Working Capital 3 CRISIL D (ISSUER NOT Term Loan COOPERATING) Crisil Ratings has been consistently following up with ESGI 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 ESGI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ESGI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ESGI continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up as a partnership entity, ESGI Leather Exports, the firm got reconstituted into a private-limited company with the current name in 2012. This Chennai-based company manufactures leather apparel such as jackets, skirts, shorts, and trousers, and predominantly exports to the US and Europe. G. T. HOMES: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of G. T. Homes (GTH) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 23 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GTH 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 GTH, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GTH is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GTH continues to be 'Crisil D Issuer not cooperating'. GTH, established in 2003 as a partnership firm, executes real estate projects; it is owned and managed by Mr. Gajendra Singh Rajpal and his nephew, Mr. Gurjeet Singh Rajpal. The firm is currently executing two residential real estate projects in Raipur and Naya Raipur (both in Chhattisgarh). GSR INFRATECH: Ind-Ra Affirms BB Loan Rating, Outlook Stable ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has taken the following rating actions on GSR Infratech Private Limited's (GSRIPL) bank facilities: -- INR10 mil. Fund-based working capital limits assigned with IND BB/Stable/IND A4+ rating; -- INR40 mil. Non-fund-based working capital limits assigned with IND A4+ rating; -- INR5 mil. Proposed fund-based working capital limits assigned with IND BB/Stable/IND A4+ rating; -- INR785 mil. Non-fund-based working capital limits affirmed with IND A4+ rating; and -- INR110 mil. Fund-based working capital limits affirmed with IND BB/Stable/IND A4+ rating. Detailed Rationale of the Rating Action The affirmation reflects GSRIPL's continued small scale of operations and poor liquidity. In FY25, Ind-Ra expects the scale of operations to have sustained on account of the order book in hand. However, the ratings are supported by the company's continued comfortable credit metrics, healthy EBITDA margin, and three decades of experience of the promoters in the road construction industry. Detailed Description of Key Rating Drivers Continued Small Scale of Operations: The ratings reflect GSRIPL's continued small scale of operations as indicated by revenue of INR918.12 million in FY24 (FY23: INR440.84 million) and EBITDA of INR105.62 million (INR36.36 million). In FY24, the revenue grew due to the execution of an order received during FY23. In FY25, GSRIPL booked revenue of INR695.60 million (unaudited). As of 31 March 2025, it had unexecuted work in hand of INR1,011.76 million, which is likely to be completed by March 2026. Thus, Ind-Ra expects the scale of operations to improve in FY26. Poor Liquidity: Please refer to the liquidity section below. Sustained Comfortable Credit Metrics: The interest coverage (operating EBITDA/gross interest expenses) improved to 4.42x in FY24 (FY23: 3.36x) owing to the improvement in EBITDA the company reported a net leverage (total adjusted net debt/operating EBITDAR) of 1.93x in FY24 as it raised INR62.03 million of debt during the year. The company had a net cash position in FY23. Ind-Ra expects the credit metrics to have improved in FY25 and will continue to do so in FY26on account of scheduled debt repayment coupled with lack of any debt-led capex plan. Healthy EBITDA Margin: The EBITDA margin was healthy at 11.50% in FY24 (FY23: 8.25%) with a return on capital employed of 27.5% (10.3%). In FY24, the EBITDA margin improved due to the execution of higher margin projects. Ind-Ra expects the EBITDA margin to have remained at similar levels in FY25 due to the continuation of same project. Experienced Promoters: The company's promoters have three decade of experience in the civil construction industry, leading to established relationships with its customers and suppliers. Liquidity Poor: GSRIPL's average maximum utilization of the fund-based limits was 104.89% with an instance of overutilization of up to 12 days and the non-fund-based limit was 54.39% during the 12 months ended 31 January 2025. The cash flow from operations turned negative to INR11.56 million in FY24 (FY23: INR165.04 million) due to settlement of other current liability of INR142.69 million. This, along with capex of INR102.05 million in FY24 (FY23: INR6.01 million), led the free cash flow to turn negative to INR113.61 million (INR159.03 million). The net working capital cycle reduced to 60 days in FY24 (FY23: 83 days) on account of a decrease the inventory holding period to 46 days (99 days), partially offset by a decrease in creditor period to 22 days (33 days) and an increase in the receivable period to 35 days (17 days). GSRIPL has repayment obligations of INR17.4 million and INR16.5 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR16.21 million at FYE24 (FYE23: INR119.43 million). However, GSRIPL 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 liquidity and credit metrics with the net leverage exceeding 4.5x, on a sustained basis, would lead to a negative rating action. Positive: An improvement in the scale of operations, leading to an improvement in the liquidity position, while maintaining the credit metrics, would lead to a positive rating action. About the Company GSRIPL (formerly Seema Construction Company) was established in 1992 as a proprietorship firm by Mr. Gagan Saran Rana and converted into a private limited company on April 21, 2023. GSRIPL is a certified and registered class A civil contractor in Irrigation Department in Uttarakhand, Public Works Department in Uttar Pradesh and Uttarakhand. The company undertakes contracts for government departments through e-tendering. It is located in Ghaziabad, Uttar Pradesh. JANSHAKTI TEXTILE: CRISIL Assigns D Rating to INR15cr Term Loan --------------------------------------------------------------- Crisil Ratings has assigned its 'Crisil D' rating to the long-term bank facilities of Janshakti Textile Mills Ltd (JTML). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Assigned) Term Loan 15 CRISIL D (Assigned) The rating reflects the delay in debt servicing due to weak liquidity, the company's modest scale of operations and highly leveraged capital structure. These weaknesses are offset by the extensive experience of the promoters in the cotton textile business. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of JTML. Key Rating Drivers & Detailed Description Weaknesses: * Delay in debt servicing: JTML's weak liquidity is reflected by the delay in repayment of term debt obligations. * Modest scale of operations: The scale of operations remains weak as indicated by the estimated revenue of Rs 55-60 crore in fiscal 2025, on account of intense competition in the industry. The consequent intense competition, with limited scale, will continue to limit operating flexibility. * Leveraged capital structure: The networth is estimated at Rs 15-16 crore as on March 31, 2025. Reliance on the outside borrowings for working capital requirement and capital expenditure has led to high total outside liabilities to adjusted networth ratio of 3-4 times as on March 31, 2025 (5.18 times as on March 31, 2024). The capital structure is expected to remain leveraged over the medium term. Strength: * Extensive industry experience of the promoters: Experience of over 15 years in the cotton textile business has given the promoters an understanding of the market dynamics and enabled them to establish relationships with suppliers and customers. As a result, the revenue increased to INR55-60 crore in fiscal 2025 (INR34.93 crores in fiscal 2024) from INR4.6 crore in fiscal 2021 and is expected to sustain over the medium term. Liquidity: Poor The liquidity is poor, as indicated by the delay in repayment of term debt obligations. Rating sensitivity factors Upward factors * Track record of timely repayment of debt for at least 90 days * Improvement in the financial risk profile Incorporated in 2011, JTML manufactures cotton yarn from bales at its unit in Ahmednagar. The company is promoted by Mr V J Kakade, Mr. M T Purnale and Mr L B Bittal. KASIM COAL: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kasim Coal and Logistics Private Limited (KCL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KCL 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 KCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KCL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2007, KCL trades in non-coking coal. The company's operations are managed by Mr Syed Abuthahir and Mr Sikkanthar Ali. KUFRI FUN: CRISIL Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Kufri Fun Campus Private Limited (KFCPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 12 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KFCPL 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 KFCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KFCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KFCPL continues to be 'Crisil D Issuer not cooperating'. Shimla-based KFCPL was established and promoted by Mr. Baldev Thakur. It runs an amusement park with amenities such as amusement rides, adventure sports and a restaurant. LADHURAM TOSHNIWAL: CRISIL Lowers Rating on INR16.5cr Loan to D --------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Ladhuram Toshniwal and Sons (LTS; part of the Ladhuram Toshniwal group), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.5 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil C ISSUER NOT COOPERATING') Cash Credit 16.5 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil C ISSUER NOT COOPERATING') Cash Credit 3.5 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil C ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with LTS for obtaining information through letter and email dated December 24, 2024, and April 23, 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 LTS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on LTS is consistent with 'Assessing Information Adequacy'. Based on the best available information, CRISIL Ratings has downgraded its rating to 'CRISIL D Issuer Not Cooperating' from 'CRISIL C Issuer Not Cooperating' as DEL has defaulted in the repayment of loans to banks or other borrowings from any lender as per information on the public domain. Analytical Approach To arrive at the ratings, CRISIL Ratings has combined the business and financial risk profiles of LTS and Dhanashree Electronics Limited (DEL). This is because the two entities, together referred to as the Ladhuram Toshniwal group, are under a common management and have operational and financial linkages. About the Group Incorporated in 1989 as Rashmi Chock Pvt Ltd and reconstituted as a public limited company in 1997 with the current name, DEL manufactures lighting products and trades in audio and lighting products. The company has also obtained distributorship of the Music group for sales of audio equipment and products in India. It also earns income through lease rentals. DEL has also started manufacturing LED bulbs, street lamps, panel lights, solar lamps, and flood lights. LTS deals in electrical products such as tubes, lamps, luminaries, fans, and cable accessories. Around 85% of revenue comes from PIL's products. LAXMI NARASIMHAA: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sri Laxmi Narasimhaa Spinning Mill Private Limited (SLN) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Long Term Loan 7 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 3 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with SLN 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 SLN, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SLN is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SLN continues to be 'Crisil D Issuer not cooperating'. Set up in 2007 and based in Tiruppur, Tamil Nadu, SLN manufactures cotton yarn. LSR FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of LSR Foods Limited (LSR) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Inland/Import 10 CRISIL D (Issuer Not Letter of Credit Cooperating) Crisil Ratings has been consistently following up with LSR 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 LSR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LSR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of LSR continues to be 'Crisil D/Crisil D Issuer not cooperating'. LSR, formerly Kush Dairy Ltd, and Kushagra Oils and Fats Ltd, was incorporated in 1996 and is headquartered in New Delhi. The company trades in edible oils and cashew nuts and also manufactures milk and products such as skimmed milk powder and ghee. Mr Lakshmi Chand Agarwal and family are the promoters. MAHARASHTRA ENG'G: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Maharashtra Engineering (ME) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 CRISIL D (Issuer Not Cooperating) Term Loan 2.8 CRISIL D (Issuer Not Cooperating) Working Capital 2.7 CRISIL D (Issuer Not Demand Loan Cooperating) Working Capital 3.0 CRISIL D (Issuer Not Demand Loan Cooperating) Crisil Ratings has been consistently following up with ME 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 ME, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ME is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ME continues to be 'Crisil D Issuer not cooperating'. ME manufactures tractor components, primary for Mahindra and Mahindra Ltd. The firm was established in by Mr R S Kamble in Mumbai. MAK CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of MAK Constructions (MAK) continues to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 Crisil D (Issuer Not Cooperating) Cash Credit/ 17.5 Crisil D (Issuer Not Overdraft facility Cooperating) Crisil Ratings has been consistently following up with MAK 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 MAK, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MAK is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MAK continues to be 'Crisil D/Crisil D Issuer not cooperating'. MAK was established in 2001 as a partnership firm. It undertakes infrastructure projects and is primarily focussed on the laying and maintanance of roads and bridges in and around Madurai,Tamil Nadu. MAKHWAN METAL: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Makhwan Metal Trading Company Private Limited (MMTCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MMTCPL 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 MMTCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MMTCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MMTCPL continues to be 'Crisil D Issuer not cooperating'. MMTCPL was incorporated in Thane, Maharashtra, in 2012 for trading in steel products such as steel scraps, thermo-mechanically treated bars, hot-rolled and cold-rolled coils, steel sheets, steel beams, and steel plates. The promoters are Mr Nipun Agarwal and Mr Punit Agarwal. MUMBAI INT'L AIRPORT: Fitch Alters Outlook on USD75MM Notes to Pos. ------------------------------------------------------------------- Fitch Ratings has revised the Outlook on Mumbai International Airport Limited's (MIAL) USD750 million senior secured notes due 2029 to Positive, from Negative, and has affirmed the note rating at 'BB+'. RATING RATIONALE The Positive Outlook reflects its expectation that MIAL's financial profile will improve in the near to medium term, leaving substantial headroom at the current rating level. The expected improvement is based on the proposed tariff for the fourth control period (CP4), covering the financial years ending March 2025 (FY25) to FY29. The rating action also reflects limited risks to MIAL's funding based on its reassessment of the exposure to contagion risk that stems from the large majority stake indirectly held by Adani Group. Its rating case forecast sees MIAL's leverage averaging at 3.7x over FY25-FY29, against its previous forecast of 4.8x (FY24: 3.4x). This is much stronger than required for a 'BBB-' rating. Fitch also expects higher EBITDA to partly fund MIAL's capex plans, reducing its incremental debt funding needs. The note rating could be upgraded based on the outcome of the final tariff order from the Airports Economic Regulatory Authority of India (AERA), expected by June 2025 at the latest, together with continued funding access, which would also support the debt funding for MIAL's proposed capex during CP4. Fitch believes the Indian government's 26% shareholding in MIAL via the Airport Authority of India (AAI), together with AAI's three nominee and three independent directors out of a total of nine, mitigates contagion risk in the event of adverse developments at other Adani group entities. Moreover, AAI 38.7% revenue share from MIAL offers considerable economic benefits beyond its shareholding, strengthening its financial interest in MIAL. The note rating reflects MIAL's strong market position as India's second largest airport - Chhatrapati Shivaji Maharaj International Airport (CSMIA) - located in the country's industrial and financial hub, improving financial performance and the regulated nature of its business. The rating also benefits from strong passenger growth potential in the Mumbai metropolitan region over the medium to long term, even with the region's forthcoming second airport - Navi Mumbai International Airport Limited (NMIAL) - in FY26, which is 74% owned by MIAL. MIAL is ringfenced from NMIAL and NMIAL has already received the committed equity for its first phase of operation. KEY RATING DRIVERS Healthy Traffic Growth: Volume Risk - High Stronger MIAL is well positioned as India's second-largest airport, supported by the Mumbai metropolitan region's growing population of 26 million as of FY24 and passenger volume of 55 million in FY25 (FY24: 53 million). Fitch expects a temporary decline in volume during the planned closure and refurbishment of Terminal 1, with some traffic shifting to Terminal 2 and NMIAL. Growth should resume from FY30 once Terminal 1 reopens. Fitch expects CSMIA to maintain healthy volume, despite competition from NMIAL from FY26, with the Centre for Aviation forecasting 15%-17% regional passenger growth over the next decade. However, CSMIA's long-term growth faces capacity constraints. Shift to Non-Aeronautical Revenue: Price Risk - Midrange The regulatory regime for Indian airport operators is evolving, with delayed tariff orders, but a largely stable framework without major disputes. AERA has confirmed the hybrid till regulatory framework, allocating 30% of non-aeronautical revenue for cross-subsidisation. The CP4 consultation paper, published March 2025, proposes an 18% increase in yield per passenger compared with CP3, aligning with planned capital expenditure. Fitch expects MIAL to derive most of its revenue from non-aeronautical services, where it will have greater tariff-setting flexibility, including revenue from contracted property development. Capex to Boost Efficiency: Infrastructure Development/Renewal - Midrange MIAL, which is operating at near full-term capacity, has substantial capex plans of around INR60 billion over FY26-FY29, primarily for Terminal 1 redevelopment to boost operating efficiency. CSMIA, the world's busiest single-runway airport, handles up to 53 air traffic movements per hour and up to 1,004 movements on peak days. MIAL aims to further improve runway operation efficiency to accommodate higher passenger volume. Additional planned investments include runway movement automation, check-in counter expansion and connecting Terminals 1 and 2. Fitch believes MIAL's sponsor possesses adequate capabilities to execute this capex plan. Ringfenced Structure, Manageable Refinancing Risk: Debt Structure - Midrange The US dollar notes benefit from seniority, security and a protective debt structure. This includes ringfencing of all cash flow and a covenant that caps leverage, defined as net debt/EBITDA, to 5x. Another covenant limits funds from operations/net debt to not less than 10%. There is a 40% margin above both covenants for 24 months post-issuance or a shorter period at the company's discretion. Refinancing risk is mitigated by a sweep sinking fund mechanism and long concession life, extendable till 2066. Noteholders are further protected by a cash waterfall mechanism and a six-month interest reserve. Financial Profile Its base case forecasts five-year average leverage to FY29 at 3.2x. The base case assumes a 15% decline in passenger volume in FY27, to remain below FY26 levels until FY30, due to the redevelopment of Terminal 1, in line with the management case. Fitch only considers contracted revenue from commercial property development and assume capex will be 80% funded by internal accrual and the remainder by external debt. Its rating case forecasts five-year average leverage to FY29 at 3.7x. The rating case assumes a 20% decline in passenger volume in FY27 and a one-year delay in the completion of Terminal 1's redevelopment, with growth resuming in FY30. Fitch only considers contracted revenue from commercial property development and assume a 2% capex cost overrun over FY27-FY28, with capex 80% funded by internal accrual and the remainder by external debt. PEER GROUP Delhi International Airport Limited (DIAL, BB+/Stable), which caters to India's capital region, is MIAL's closest peer. Both airport operators benefit from a 'Higher Stronger' volume risk assessment, with DIAL and CSMIA being the largest and second-largest airports in India. Fitch assesses price risk at both airports as 'Midrange', due to regulatory uncertainty with tariff implementation, but base airport charges mitigate downside risk to aeronautical tariff determinations. The Positive Outlook on MIAL reflects its expectations of its financial profile becoming stronger than that of DIAL after incorporating the CP4 tariff. MIAL can also be compared with GMR Hyderabad International Airport Limited (GHIAL, BB+/Stable). MIAL benefits from a stronger catchment area, as GHIAL serves Hyderabad, a vibrant but smaller city than Mumbai. Fitch assesses price risk for both airport operators as 'Midrange'. GHIAL recovered faster after the Covid-19 pandemic, as it is a regional mid-sized airport with a larger domestic passenger base, but Fitch expects leverage to remain higher than at MIAL. This explains the difference in its Outlook for each issuer. MIAL is comparable with London-based Heathrow Funding Limited (senior secured rating: A-/Stable), though the rating differential is wider. MIAL's key rating driver assessments broadly align with those for Heathrow. Still, Heathrow is one of the world's most robust airport assets and has a more resilient operating performance. It also has a proven record of maintaining and developing its infrastructure to a high level, leading to a better infrastructure development/renewal profile. Heathrow serves as the primary international gateway for London, while Gatwick Airport, financed via Gatwick Funding Limited (senior secured rating: BBB+/Stable), acts as the city's second airport, catering to the domestic market and low-cost carriers. This dual airport strategy, serving different routes and segments, mirrors CSMIA's focus on international passengers and NMIAL role in supporting domestic connectivity and spillover in traffic growth. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A large difference in the final tariff order compared with the consultation paper that results in forecast net debt/EBITDA of above 5.5x or EBITDA interest cover below 2x for a sustained period could see the Outlook being revised to Stable. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An improvement in MIAL's financial profile, with forecast net debt/EBITDA of below 5.5x and EBITDA interest cover of above 2x on a sustained basis, based on the final tariff order, along with the demonstration of continued funding access. CREDIT UPDATE Revenue from operations rose by 30% in FY24 to INR40.8 billion, from INR31.3 billion in FY23, on strong passenger growth. Fitch expects revenue to reach around INR45 billion in FY25. EBITDA, adjusted for full-year fee payments, was INR17.0 billion and expect it to rise to around INR17.5 billion in FY25. MIAL invoked the force majeure provision in its concession agreement during the pandemic, resulting in a suspension of its annual fee payments to authorities. The tribunal ruled in MIAL's favour and directed AAI to refund the fees paid by MIAL during the pandemic period. AAI has contested this decision in the High Court. The verdict is pending, hence Fitch has not assumed a refund in its model. The Enforcement Directorate of India is investigating GVK Group, the previous owner of MIAL, and MIAL over alleged irregularities in maintaining CSMIA. In February 2023, the investigation authorities alleged that INR8.5 billion has been siphoned off or diverted from MIAL through fake contracts. Fitch would consider any unfavourable outcome against MIAL as an event risk. SECURITY The security package includes: - First-ranking charge on project assets and documents, with carve-outs for the airport development fee (ADF) over all the accounts, excluding accounts related to the ADF. - First-ranking pari passu charge on all company accounts, excluding those maintained in relation to the ADF and lenders of the ADF refinancing facility, and the monies lying therein/receivables, excluding dues owed to the Airports Authority of India and the ADF. - Right to substitute the borrower under the operations, management and development agreement and other project documents, as defined in the agreement, as per the terms of the substitution agreement and to the extent allowed under the operations, management and development agreement. - First-ranking charge over all book debt, operating cash flow, receivables, current assets, commissions, revenue of the borrower, both present and future, excluding amounts pertaining to the ADF and investments made in NMIAL. - Pledge over 74% of the shares issued by MIAL. ESG Considerations MIAL has an ESG Relevance Score of '4' for Governance Structure, due to the concentration of ownership, with a large majority stake indirectly held by Adani Group. This has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. MIAL has an ESG Relevance Score of '4' for Group Structure, due to the structure's complexity at the shareholder level. This has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. 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 ----------- ------ ----- Mumbai International Airport Limited Mumbai International Airport Limited/Airport Revenues - First Lien/1 LT LT BB+ Affirmed BB+ NISHKALA HEALTHCARE: Ind-Ra Gives BB- Loan Rating, Outlook Stable ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Nishkala Healthcare Private Limited's (NHPL) bank facilities as follows: -- INR1.260 bil. Term loan due on February 25, 2036 assigned with IND BB-/Stable rating; and -- INR100 mil. Fund-based working capital limits assigned with IND BB-/Stable/IND A4+ rating. Detailed Rationale of the Rating Action The ratings reflect NHPL's nascent stage of operations, with the company having commenced operations only in November 2024, and the incurring of operating losses in FY25, due to fixed overheads and the low occupancy at its hospital. Ind-Ra expects the losses to continue over FY25-FY26 and believes NHPL would turn profitable only post FY26. FY25 numbers are provisional in nature. Detailed Description of Key Rating Drivers Nascent Stage of Operations; Revenue To Grow Over Medium Term: NHPL reported a revenue of INR94.50 million and occupancy level of 20% in the first five months of operations. Ind-Ra expects the scale of operations to remain small over the near term, as the company started operations only in November 2024 and the occupancy rate would remain low in the initial years. NHPL invested a total of INR2,102.63 million to purchase the hospital through National Company Law Tribunal's (NCLT) proceedings; of this, INR1,260 million was funded through bank debt and the remaining through promoters' contribution in form of equity infusion of INR532.11 million and unsecured loans of INR456.16 million. Delay in Commencement of Operations: NHPL commenced full commercial operations from November 2024 against the scheduled date of June 2024. According to the management, the delay was caused by delays in the receipt of NCLT's approvals to complete the sale and commence operations. In FY26, which would be the first full year of operations, the management expects to achieve revenue of around INR1,000 million, driven by growth in the business operations. As per the management, the occupancy will be around 41% in FY26 and 42% in FY27. Modest EBITDA Margins: NHL reported EBITDA losses of INR12.73 million in FY25, due to low absorption of fixed costs since it had commenced operations only in November 2024. The return on capital employed was negative in FY25. In FY26, Ind-Ra expects the EBITDA margin to turn positive due to better absorption of fixed costs, driven by an increase in the revenue. Ind-Ra expects the margins to continue to improve in the subsequent period, driven by revenue growth, and turn healthy in FY28. Weak Credit Metrics: The ratings further reflect NHPL's weak credit metrics, due to the incurring of EBITDA losses in FY25. Ind-Ra expects the credit metrics to remain modest in FY26 and improve from FY27 on account of a likely increase in EBITDA and scheduled debt repayment obligations. Intense Competition and Regulatory Risk: NHPL is exposed to intense competition from a few large hospitals in Navi Mumbai, where its hospital is located. It also remains exposed to the regulatory risks faced by the healthcare industry, mainly in the form of price capping for medical procedures and devices. Location Advantage: The hospital is situated in Navi Mumbai, an area poised for significant development due to initiatives such as the upcoming Navi Mumbai International Airport, information technology and business parks, and residential projects. Experienced Promoters: NHPL has multiple promoters, all of whom are doctors with an overall experience of over two decades in the healthcare industry. Liquidity Stretched: NHPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The entity has been sanctioned fund-based working capital limits of INR100 million. However, the company had not started utilizing the limit as of February 2025. NHPL had debt repayment obligations of INR46 million during FY25, and it has debt obligations of INR75 million in FY26 and INR110 million in FY27. Rating Sensitivities Negative: Lower than Ind-Ra expected scale of operations, leading to deterioration in the overall credit metrics and further pressure on the liquidity position, could lead to negative rating action. Positive: A significant increase in the scale of operations, along with an improvement in the overall credit metrics and liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company Incorporated in 2019, NHPL acquired Suasth Healthcare Foundation in FY25, and is engaged in the business of healthcare services in Navi Mumbai, Maharashtra. NHPL commenced operations as a 100-bed multi-specialty hospital in November 2024, with a total capacity of 400 beds and a focus on organ transplants. The promoters are Devyani Vijay, Ashish Kapadia, Mudabbir Ali, Aminuddin Moinuddin, Vishwa Vibhuti Agarwal and Ashutosh Rajurkar. PRESIDENCY EXPORTS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Presidency Exports and Industries Limited (PEIL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13 CRISIL D (Issuer Not Cooperating) Term Loan 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PEIL 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 PEIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PEIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PEIL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1919 and based in Kolkata, PEIL provides warehousing and is engaged in the lease rental business. R. G. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of R. G. International Private Limited (RGIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 55 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RGIPL 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 RGIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RGIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RGIPL continues to be 'Crisil D Issuer not cooperating'. About the Group TC Agro was established as a partnership firm in 1995, with Mr Ram Gopal Singla and Mr Rajendra Kumar as partners. In 2002, the firm was reconstituted as a proprietorship concern, with Mr Singla as the proprietor. The firm mills and sorts basmati rice. Its unit at Karnal, Haryana, has milling capacity of 14 tonne per hour (tph) and sorting capacity of 8 tph. RGIPL was established as a partnership firm in 2007 by Mr Rajesh Kumar Singla and his two brothers Mr Munish Kumar Singla and Mr Murari Lal Singla. The firm was reconstituted as a private limited company on April 1, 2013. The company is engaged in milling & sorting of basmati rice. Its unit in Karnal has a milling capacity of 16 tph and sorting capacity of 12 tph. RAVIRAJ FOILS: Ind-Ra Assigns BB+ Loan Rating, Outlook Positive --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Raviraj Foils Limited's (RFL) bank facilities as follows: -- INR900 mil. Fund-based working capital limits assigned with IND BB+/Positive/IND A4+ rating; -- INR55 mil. Non-fund-based working capital limits assigned with IND A4+ rating; -- INR44 mil. Proposed fund-based working capital limits assigned with IND BB+/Positive/IND A4+ rating; and -- INR501 mil. Term loan due on September 28, 2028 assigned with IND BB+/Positive rating. Detailed Rationale of the Rating Action The Positive Outlook reflects Ind-Ra's expectation of an improvement in RFL's scale of operations and credit metrics in FY26, following the imposition of an anti-dumping duty by the government of India on imports of aluminum foil from China for six months through a notification issued on March 17, 2025, which is likely to benefit domestic manufacturers like RFL. The ratings reflect the company's operational performance remaining susceptible to fluctuations in the price of the raw materials and finished goods, high debt levels, stretched liquidity and intense competition. Any further increase in the overall debt will remain a key monitorable in addition to the recovery in profitability. The ratings factor in a recovery in the company's scale of operations in 10MFY25. Ind-Ra expects an overall improvement in RFL's operations over the medium term. The ratings also factor in the established market position in the packaging industry, diversified product profile and the promoters' two decades of experience in the industry. Detailed Description of Key Rating Drivers Decline in EBITDA Margins in FY24; likely to Marginally Increase in Near Term: RFL's average EBITDA margins decreased to negative 1.97% in FY24 (FY23: 11.55%; FY22: 16.04), mainly due to loss on export order worth INR352.8 million following packaging issues, lower capacity utilization owing to low demand and an increase in the fixed expenses. The return on capital employed was negative 6.7% in FY24 (FY23: 12.4%; FY22: 18.1). The adjusted EBITDA without packaging loss in FY24 was INR253.8 million (EBITDA margin of 5.06%). The cost of material consumed increased to 89.6% of the overall revenue in FY24 (FY23: 77.2%; FY22: 72.6%). Furthermore, its personnel expenses increased to 4.3% of the overall revenue in FY24 (FY23: 3.2%; FY22: 3.5%), while the power, fuel and water expenses increased to 2.9% (1.7%; 2.3%). RFL's EBITDA margins remain susceptible to the fluctuations in raw material prices. Till 9MFY25, the company earned an EBITDA of INR254.60 million (6.03% EBITDA margin) while the EBITDA per ton increased to about INR20,679/ton(FY24: Negative INR 6264/ton; FY23: INR44966/ton), owing to a slight improvement in the market demand and supply situation. Ind-Ra expects the EBITDA margins to increase marginally in the near term. However, the sustainability of the EBITDA margins will remain a key rating monitorable. Ind-Ra believes healthy revenue growth, along with a reduction in the fixed expenses and a significant improvement in the operating margins remain crucial for an improvement in overall business of RFL. Weak Credit Metrics; likely to Marginally Improve: RFL's net leverage (net debt/EBITDA) deteriorated to negative 33.85x in FY24 (FY23: 3.78x), due to EBITDA losses, while the overall debt remained almost stable at INR3368.80 million (INR3,378 million). Although there was no capacity expansion over FY24-FY25, the company raised additional loans to meet the business and long-term repayment obligations. The company has no major capacity expansion plans in the pipeline for the medium term. The gross interest coverage ratio (EBITDA/gross interest cost) also deteriorated to negative 0.32x in FY24 (FY23: 3.46x). The unsecured loans from promoters remained at INR452.70 million in FY24 (FY23: INR443.70 million) which carries a 12% interest rate and is accrued a yoy basis. Any further increase or higher-than-Ind-Ra-expected debt levels will remain a key rating monitorable. Customer Concentration Risk; Intense Competition: RFL's top five customers accounted for nearly 48.6% of its revenue in FY24 (FY23: 49.06%). Also, the company faces high competition in the flexible packaging industry. Nonetheless, the company's established relationship with its customers and the promoters more than three decades of experience in the industry provides comfort. Raw Material and Forex Risks: RFL's earnings are susceptible to volatility in raw material prices which are derived from crude oil. Any adverse movement in the prices of the raw materials without the ability to pass on such cost can affect the EBITDA margins. As per the management, the raw material and finished goods prices are fixed based on the London Metal Exchange of the previous month and hence the price risk is mitigated to an extent. RFL is also susceptible to forex volatility. During FY24, the company's imports stood at INR17,44.3 million (FY23: INR3,368.3 million) while export sales stood at INR1,060.70 million (FY23: INR4,125.0 million) Revenue Growth in 10MFY25; Likely to Improve: In 10MFY25, RFL booked a revenue of INR4,220.6 million backed by marginal improvement in the market demand and supply situation. In FY24, RFL's revenue declined 34.9% yoy to INR5,016.60 million (FY23: INR7,702.90 million; FY22: INR6,716.87 million), due to lower exports, increased competition in the domestic market and sales return of INR747.9 million due to packaging issues. RFL exports to more than 30 countries and export sales were impacted in FY24 due to lower demand in the US and Europe, as well as Russia-Ukraine war. Its exports declined to 20.87% of the overall revenue in FY24 (FY23: 53.24%; FY22: 33.52). The company has an installed capacity of 25,343 metric tons per annum and the capacity utilization was low at 62.06% in FY24 (FY23: 78.56%; FY22: 73.22%) while the sales realization per metric ton reducing to INR321,566 in FY24 (FY23: INR391,741 million; FY22: INR367,702 million). In terms of segment, fast-moving consumer goods sector accounted for 66.15% of the overall revenue in FY24 (FY23: 76.93%; FY22: 66.87%) with the balance being generated from pharmaceutical industry. Ind-Ra expects the revenue to improve over the medium-term driven by softer market conditions, imposition of anti-dumping duty by India on imports of aluminum foil from China for six months since March 17, 2025, which is likely to benefit domestic manufacturers such as RFL. Established and Diversified Product Profile: RFL has an established operating track record of more than two decades in manufacturing of aluminum foil which are used in packaging of pharmaceuticals, food, dairy, flexible packaging and agro-industries. The company manufactures a wide range of aluminum products which includes blister foil, strip pack foil, lidding foil, light gauge (6-12 microns) and medium gauge (15-50 microns) foil and semi rigid containers due to its integrated nature of operations. As per management, the company has around 20% market share in 6 microns. Experienced Promoters: The promoters have almost two decades of experience in the industry, leading to established relationships with its customers, leading to secure, stable and repeat orders. Liquidity Stretched: RFL's average utilization of the fund-based limits and the non-fund-based limits was at 87.54% and 56.94%, respectively, during the 12 months ended January 2025 while the maximum utilization of the fund-based limits stood high at 97.67%. Due to EBITDA losses in FY24, the cash flow from operations deteriorated to INR134 million (FY23: INR183 million; FY22: negative INR28.13 million). However, the free cashflow turned to positive INR61.10 million in FY24 (FY23: negative INR278.70 million), due to the company incurring capex of INR72.90 million (INR278.70 million). The company's net working capital cycle (receivable days + inventory days – creditors days) elongated to 96 days in FY24 (FY23: 94 days), largely owing to the increase in its receivable days to 57 days (51 days). The inventory days reduced to 60 days in FY24 (FY23: 63 days), while its payable days increased to 21 days (19 days). The unencumbered cash and cash equivalents stood at INR18.0 million at FYE24 (FYE23: INR13.60 million; FYE22: INR11.32 million). RFL does not have any capital market exposure and relies only on banks and financial institutions to meet its funding requirements. RFL has scheduled long-term debt repayments of INR397.48 million and INR391.0 million in FY26 and FY27, respectively, which is likely to be met from internal accruals, infusion of unsecured loans from the promoters and additional loans from the banks/financial institution to meet the business and long-term repayment obligations. Ind-Ra expects the cash flow from operations to improve in FY26 on account of the likely improvement in its operating EBITDA. Rating Sensitivities Negative: Any decline in the scale of operations or profitability, resulting in deterioration liquidity position or deterioration in the credit metrics with net leverage above 3.5x, all on a sustained basis, could lead to revision of outlook back to stable. Positive: An increase in the scale of operation and profitability along with improvement in the liquidity position and the credit metrics with net leverage below 3.5x all on a sustained basis, could lead to a positive rating action. About the Company Incorporated in 1996, Ahmedabad-based RFL manufactures light (6-12 microns) and medium gauge (15-50 microns) aluminum foils used for food and pharmaceutical packaging. RFL has installed rolling capacity of 25,343 mtpa. REAL AGROTECH: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Real Agrotech Industries (RAI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Long Term Loan 1.33 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RAI 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 RAI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RAI continues to be 'Crisil D Issuer not cooperating'. RAI is a partnership firm set up in 2013 by the Patel family of Bavla, Gujarat. The firm processes non-basmati rice and trades in basmati rice. RISHI SHARAAN: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Rishi Sharaan Private Limited's (RSPL) bank facilities as follows: -- INR490 mil. Fund-based working capital limits assigned with IND BB+/Stable/IND A4+ rating; -- INR54.48 mil. Proposed bank loan assigned with IND BB+/Stable/ IND A4+ rating; and -- INR5.52 mil. Term loan due on May 29, 2028 assigned with IND BB+/Stable rating. Detailed Rationale of the Rating Action The rating reflects RSPL's modest credit metrics, average EBITDA margin and moderate customer concentration. However, the rating is supported by RSPL's diversified product portfolio, growing scale of operations and experienced promoters. Detailed Description of Key Rating Drivers Modest Credit Metrics: In FY25 (provisional numbers), RSPL's interest coverage (operating EBITDA/gross interest expenses) rose slightly to 2.07x (FY24:2.05x; FY23: 2.34x) due to an improvement in the operating EBITDA to INR82.61million (INR58.29 million; INR33.85 million). However, the net leverage (adjusted net debt/operating EBITDAR) increased to 6.0x in FY25 (FY24: 5.16x; FY23: 5.70x) due to an increase in the total debt to INR498.5million (INR301.29 million; INR193.09 million). Ind-Ra expects the credit metrics to improve in FY26, backed by a likely improvement in the absolute EBITDA. Average EBITDA Margin: RSPL's EBITDA margin rose to 3.6% in FY25 (FY24: 3.31% FY23: 2.66%) because of cost savings achieved through effective negotiation of purchase prices. The ROCE was 14.2% in FY25 (FY24: 15.9%). Furthermore, Ind-Ra expects the EBITDA margin to remain stable at FY25 levels in the near term, supported by continued effective management of costs. Moderate Customer Concentration: RSPL's top five customers contributed 69.31% to the total revenue in FY25(FY24: 93%). The company's top two customers contributed 48.32% to the FY25 revenue (FY24: 83.23%). However, the customer concentration risk is mitigated to some extent by the company's long-standing relationships with its key customers -SNJ Sugars And Products Ltd and Empee Distilleries Limited - and by continued addition of new customers. Diversified Product Portfolio: RSPL has a diversified portfolio across multiple product segments, including premium broken rice, red chilli, palm oil, and de-oiled rice bran. In FY25, the company also secured a new order of INR480 million from Tamil Nadu State Civil Supply Corporation for sugar production. In addition, its portfolio expanded to include cotton and maize in FY25. Furthermore, the management expects to receive more government tender-based orders in the near term. Medium Scale of Operations; Steady Growth in Revenue: RSPL's scale of operations has been growing steadily, backed by a continued increase in orders from existing as well as new customers. RSPL's revenue rose to INR2,294.9 million in FY25 (FY24: INR1,761.35million; FY23: INR1,271.86million, FY22: INR759.95million), driven by improved execution of orders in hand. Its EBITDA increased to INR82.6 million in FY25 (FY24: INR58.29 million). As of February 2025, the company had an order book of INR610.3 million, which is likely to be executed in the near term. Ind-Ra expects the revenue to improve in FY26, backed by the addition of tender-based orders and new export orders. Experienced Promoters: RSPL's promoters have over three decades of experience in the trading of broken rice, leading to established relationships with customers as well as suppliers. Liquidity Stretched: RSPL's month-end utilization of the working capital limits was 85.32% during the 12 months ended January 2025. The cash and cash equivalents stood at INR1.51 million at FYE25 (FYE24: INR0.7 million, FYE23: INR0.13 million, FYE22: INR0.63 million). RSPL has scheduled debt repayment obligations of INR3.99 million for FY26 and INR6.67 million for FY27. The fund flow from operations remained positive and increased to INR33.7 million (FY24: INR22.6million; FY23: INR14.6 million), led by the improvement in operating EBITDA. The net working capital cycle stretched to 88 days in FY25 (FY24: 64 days), due to an increase in debtor days to 92 days (56). RSPL does not have any capital market exposure and relies on banks and financial institutions for its funding requirements. Rating Sensitivities Negative: A significant decline in the revenue and profitability, resulting in deterioration in the credit metrics and liquidity position, on sustained basis, could lead to a rating downgrade. Positive: Substantial growth in the revenue, along with an improvement in the profitability, leading to the EBITDA interest coverage exceeding 2.25x and improvement in the liquidity position, all on a sustained basis, could lead to a rating upgrade. About the Company Incorporated in August 2021, RSPL is primarily engaged in the wholesale trading of broken rice to breweries/ distilleries. The company is located in Madhavaram, Chennai. RSPL is promoted by C. Somasundaram. S.S. ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of S.S. Enterprises Electricals (SSEE) continues to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 Crisil D (Issuer Not Cooperating) Cash Credit 4 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSEE 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 SSEE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSEE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSEE continues to be 'Crisil D/Crisil D Issuer not cooperating'. SSEE, is a proprietorship firm, Tamil Nadu based company, is involved in Electrical works and contracts. Firm is managed by Mr. Selvaraj and his wife Amudha. SAI PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Sai Projects and Systems Private Limited (SPS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.6 CRISIL D (Issuer Not Cooperating) Overdraft Facility 1 CRISIL D (Issuer Not Cooperating) Overdraft Facility 3 CRISIL D (Issuer Not Cooperating) Proposed Overdraft 1 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with SPS 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 SPS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SPS continues to be 'Crisil D/Crisil D Issuer not cooperating'. SPS was incorporated in the year 2007 and is engaged in the business of providing turn-key electric solutions for factory automation to varied industries. The company's corporate office is located at Bangalore, Karnataka. SGS MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of SGS Marine Habitability Private Limited (SGS) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 2.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 0.16 CRISIL D (Issuer Not Cooperating) Proposed Fund- 2.34 CRISIL D (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with SGS 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 SGS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SGS continues to be 'Crisil D/Crisil D Issuer not cooperating'. SGS, incorporated in 2012 and based in Visakhapatnam, Andhra Pradesh, assembles marine accommodation products, including gallery, scullery, living space, cabinets, and furniture, on turnkey basis. The company is promoted by Mr Ghanshyam Sharma, Mr Shyam Sundar Sharma, and Mr Jagdish Prasad Tamadiyat TAHIR CONSTRUCTION: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tahir Construction (TC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 9.90 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 17, 2024, placed the rating(s) of TC under the 'issuer non-cooperating' category as TC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 3, 2025, March 13, 2025 and March 23, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Tahir Construction was constituted in 2014 as a proprietorship firm and is currently managed by Mr. Tarik Ameer who has more than 2 decades of experience in construction industry. Tahir construction is involved in civil construction and bids only from government projects for water and sewage schemes. It has undertaken number of contracts for Atal Mission For Rejuvenation and Urban Transformation (AMRUT; Ministry of Housing and Urban Affairs, Government of India) and Neer Nirmal Pariyojana (providing clean drinking waters to villages). TARAPUR TRANSFORMERS: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tarapur Transformers Limited (Tarapur) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 13 CRISIL D (Issuer Not Cooperating) Cash Credit 12 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 14.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Rupee Term Loan 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Tarapur for seeking information via letter and email dated March 19, 2025, apart from telephone calls. However, the issuer has remained non-cooperative. '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 has been arrived at without any interaction with the management and is based on the best available, limited or dated information regarding the company. Such non-cooperation by a rated entity may be a result of weakening of its credit risk profile. 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 Tarapur. This restricts Crisil Ratings' ability to take a forward-looking view on the credit quality of the entity. Crisil Ratings believe that rating action on Tarapur is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Tarapur continue to be 'Crisil D/Crisil D Issuer Not Cooperating'. Tarapur, incorporated in 1988, manufactures and repair power and distribution transformers. The company was a loss-making entity when Bilpower Ltd (rated 'Crisil D/Crisil D Issuer Not Cooperating') acquired 70% of its equity shares in 2006, following which it started making profit. Tarapur made its initial public offering in April 2010, following which, Bilpower Ltd's equity stake in it reduced to 41.46%. Bilpower Ltd continues to have a controlling stake in Tarapur. Tarapur's unit in Boisar (Maharashtra) undertakes repairs, while its second unit in Wada (Maharashtra), which commenced operations in 2008-09, manufactures transformers. The company has built facilities (at an outlay of Rs.430 million) to manufacture transformers ranging from 1 kilovolt ampere (kVA) to 5000 kVA. =============== M A L A Y S I A =============== GREENPRO CAPITAL: Fails To Meet Nasdaq's Bid Price Rule ------------------------------------------------------- Greenpro Capital Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received a letter from the Nasdaq Stock Market LLC notifying the Company that it is not in compliance with the minimum bid price requirement as set forth under NASDAQ Listing Rule 5550(a)(2) for continued listing of its common stock on the NASDAQ. Listing Rule 5550(a)(2) requires the registrant to maintain a minimum bid price of $1.00 per share for its securities listed on the NASDAQ, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company's shares for the 30 consecutive business days prior to the Notice (February 25, 2025 through April 10, 2025), the Company no longer meets the minimum bid price requirement. However, under NASDAQ Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until October 8, 2025, to regain compliance with NASDAQ Listing Rule 5550(a)(2). During the 180-day period, the Company may regain compliance under Listing Rule 5550(a)(2) if the bid price for the Company's Common Stock is at least $1.00 for a minimum of 10 consecutive days. In the event that the Company does not regain compliance by October 8, 2025, the Company may be eligible for additional time to regain compliance. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. If the Company meets these requirements, NASDAQ will inform the Company that it has been granted an additional 180 calendar days. However, if it appears to the NASDAQ Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, our common stock will be subject to delisting. The receipt of the Notification Letter has no immediate effect on the listing of the Company's common stock, which will continue to trade uninterrupted on NASDAQ under the ticker "GRNQ". The Company intends to monitor the closing price of its common stock and may, if appropriate, consider available options to regain compliance with the minimum bid price requirement. There can be no assurances that the Company will be able to regain compliance with the minimum bid price requirement or maintain compliance with the other Nasdaq listing requirements. About Greenpro Capital Corp. Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides cross-border business solutions and accounting outsourcing services to small and medium-sized businesses located in Asia, with an initial focus on Hong Kong, China, and Malaysia. Greenpro offers a range of services as a package solution to its clients, believing that this approach can reduce business costs and improve revenues. Kuala Lumpur, Malaysia-based JP Centurion & Partners, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Apr. 9, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that for the years ended December 31, 2024, the Company incurred a negative cash flow from operating activities of $1,360,454 and as of December 31, 2024, the Company incurred an accumulated deficit of $37,264,379. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $6,473,923 in total assets, $1,279,635 in total liabilities, and a total stockholders' equity of $5,194,288. NPC RESOURCES: Auditors Flag Going Concern Risks ------------------------------------------------ The Malaysian Reserve reports that NPC Resources Berhad has received an unqualified opinion with material uncertainty related to going concern from its external auditors, PKF PLT, in the audited financial statements for the financial year ended Dec. 31, 2024. According to the Malaysian Reserve, the auditors noted that as at year-end, the group's current liabilities exceeded its current assets by MYR48.4 million. This position, combined with other factors, prompted the auditors to flag a material uncertainty that may cast significant doubt on the group's ability to continue as a going concern, The Malaysian Reserve relays. In their report, PKF PLT stated: "These events or conditions, along with other matters as set forth in Note 2(b), indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern." While the opinion remains unqualified - meaning the financial statements are presented fairly – the inclusion of this uncertainty underscores the need for caution regarding the group's financial stability, the Malaysian Reserve relays. Despite this concern, NPC's board of directors expressed confidence in the group's ongoing viability. As of Dec. 31 2024, NPC Resources held approximately 22,564 hectares of oil palm plantations, the report discloses. Around 42% of these are mature palms aged between 10 and 16 years, a stage considered to be peak yielding, while another 35% consist of younger palms aged four to nine years, expected to enhance profitability as they reach maturity. The Malaysian Reserve relates that the group has also renewed all of its existing banking facilities and continues to receive strong support from its principal bankers. These renewed facilities are crucial to sustaining operations and meeting working capital needs. According to the Malaysian Reserve, the board further pointed to expected cash inflows from the plantation business, the availability of committed banking lines, and the impact of ongoing cost rationalisation and operational efficiency measures. In addition, the industry outlook for crude palm oil prices in 2025 is viewed positively, which is anticipated to support revenue generation and liquidity. Taking all these factors into account, the directors believe the group will be able to generate sufficient operating cash flows and maintain adequate financial support to meet its obligations as they fall due over the next twelve months, the Malaysian Reserve relays. NPC Resources Berhad, an investment holding company, engages in oil palm plantation and milling activities in Malaysia and Indonesia. It operates through Plantation and Milling and Hotelier segments. It engages in the cultivation and sale of oil palm products. It is also involved in property letting, fresh fruit bunches trading, transportation, management, and hotelier businesses. SEREMBAN ENGINEERING: Faces Winding-Up Bid Over MYR572,646 Debt --------------------------------------------------------------- The Malaysian Reserve reports that Seremban Engineering Bhd has been served a winding-up petition by Xinsteel Sdn Bhd over an alleged unpaid debt of MYR572,646.19 related to a settlement agreement dated February 14, 2025. According to the report, the petition seeks to liquidate the company and appoint an official receiver, with a High Court e-review set for June 3 and case management on July 17. Seremban Engineering has appointed legal counsel to resolve the matter and stated that the issue currently has no material financial or operational impact, the Malaysian Reserve relates. Seremban Engineering Berhad engages in the fabrication of process equipment and metal structures in Europe, Malaysia, Singapore, and rest of Asia. It is involved in the design, fabrication, and installation of unfired pressure vessels, reactors, towers and columns, heat exchangers, oil heaters, and deodorisers, as well as receiver, storage, and mixing tanks. ===================== N E W Z E A L A N D ===================== ACTIVE ELECTRO: Creditors' Proofs of Debt Due on June 3 ------------------------------------------------------- Creditors of Active Electro Canterbury Limited are required to file their proofs of debt by June 3, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 28, 2025. The company's liquidator is: Robin Crimp RAC Insolvency Limited PO Box 147 Christchurch 8140 AHURA IMPORTS: Creditors' Proofs of Debt Due on May 30 ------------------------------------------------------ Creditors of Ahura Imports Limited and Vangalas Limited are required to file their proofs of debt by May 30, 2025, to be included in the company's dividend distribution. Ahura Imports Limited commenced wind-up proceedings on April 28, 2025. Vangalas Limited commenced wind-up proceedings on April 29, 2025. The company's liquidator is: Pritesh Patel PO Box 23296 Manukau City Auckland 2144 DHATT & CO: Court to Hear Wind-Up Petition on May 9 --------------------------------------------------- A petition to wind up the operations of Dhatt & Co Limited will be heard before the High Court at Auckland on May 9, 2025, at 10:45 a.m. Century 21 New Zealand Limited of Palmerston North filed the petition against the company on March 10, 2025. The Petitioner's solicitor is: Turner Hopkins Level 1, 1/7 The Strand Takapuna Auckland DREAMS FOODS: Court to Hear Wind-Up Petition on May 16 ------------------------------------------------------ A petition to wind up the operations of Dreams Foods Limited will be heard before the High Court at Auckland on May 16, 2025, at 10:00 a.m. Gemco Property 2015 Limited filed the petition against the company on March 6, 2025. The Petitioner's solicitor is: John Ropati 82 Jervois Road Ponsonby Auckland RESOLVE ELECTRICAL: Creditors' Proofs of Debt Due on May 29 ----------------------------------------------------------- Creditors of Resolve Electrical 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 May 1, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 =============== P A K I S T A N =============== PAKISTAN: India Asks IMF to Review Loans to Pakistan ---------------------------------------------------- Reuters reports that India has asked the International Monetary Fund to review loans disbursed to Pakistan, an Indian government source told Reuters on May 2, as tensions between the South Asian neighbours escalated following a deadly attack in Kashmir. India and Pakistan have announced a raft of measures after an attack on Hindu tourists in Indian Kashmir last week killed 26 men and there is a fear that the latest crisis between the nuclear-armed rivals could spiral into a military conflict, according to Reuters. Reuters relates that New Delhi has identified the three attackers, including two it says are Pakistani nationals, as "terrorists". Islamabad has denied any role and called for a neutral investigation. India suspended a critical river water sharing treaty and the two countries have closed their airspace to each other's airlines. Pakistan secured a US$7 billion bailout programme from the IMF last year and was granted a new US$1.3 billion climate resilience loan in March, Reuters notes. Reuters says the programme is critical to the US$350 billion economy and Pakistan said it has stabilized under the bailout that helped it stave off a default threat. India raised concerns with the IMF on its loans to Pakistan, asking for a review, a government source told Reuters without elaborating. The IMF and India's finance ministry did not immediately respond to a request for comment. According to Reuters, the advisor to Pakistan's finance minister said the IMF programme is "well on track". "The latest review has been done well and we are completely on track," advisor Khurram Schehzad, told Reuters, adding that Pakistan had very productive spring meetings with financial institutions in Washington. "We did about 70 meetings . . . interest has been very high for investing and supporting Pakistan as the economy turns around," Reuters quotes Schehzad as saying. The soaring tensions between the two countries has drawn global attention and calls for cooling tempers, the report states. Reuters relates that U.S. Vice President JD Vance said on May 1 that Washington hoped Pakistan would cooperate with India to hunt down Pakistan-based assailants. Muslim-majority Kashmir is claimed in full by both Hindu-majority India and Islamic Pakistan, but each rules it in parts. While New Delhi accuses Pakistan of backing an uprising in Indian Kashmir since 1989, Pakistan said it only offers diplomatic and moral support to a Kashmiri demand for self-determination, adds Reuters. About Pakistan Pakistan is a country located in South Asia. It has a coastline along the Arabia Sea and the Gulf of Oman and is bordered by Afghanistan, China, India, and Iran. Pakistan's capital is Islamabad. As reported in the Troubled Company Reporter-Asia Pacific on April 21, 2025, Fitch Ratings has upgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The Outlook is Stable. ===================== P H I L I P P I N E S ===================== CEBU AIR: Egan-Jones Retains CCC Senior Unsecured Ratings --------------------------------------------------------- Egan-Jones Ratings Company on April 28, 2025, maintained its 'CCC' foreign currency and local currency senior unsecured ratings on debt issued by Cebu Air Inc. EJR also withdrew rating on commercial paper issued by the Company. Headquartered in Cebu, Philippines, Cebu Air Inc. operates an airline which provides air transportation services. ================= S I N G A P O R E ================= AMIGOS Y VINOS: Commences Wind-Up Proceedings --------------------------------------------- Members of Amigos Y Vinos Pte. Ltd. on April 28, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Oon Su Sun 182 Cecil Street #30-01 Frasers Tower Singapore 069547 ECOLIFE PTE: Court to Hear Wind-Up Petition on May 16 ----------------------------------------------------- A petition to wind up the operations of Ecolife Pte. Ltd. will be heard before the High Court of Singapore on May 16, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on April 21, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 ERVINIA PTE: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on April 11, 2025, to wind up the operations of Ervinia Pte. Ltd. (formerly known as DM Wines Pte. Ltd.) Maybank Singapore Limited filed the petition against the company. The company's liquidator is: Gary Loh Weng Fatt C/o BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 J. G. JEWELRY: Court to Hear Wind-Up Petition on May 26 ------------------------------------------------------- A petition to wind up the operations of J. G. Jewelry Pte. Ltd. will be heard before the High Court of Singapore on May 26, 2025, at 10:00 a.m. Shree Ramkrishna Exports Pvt. Ltd., The Jewelry Company, Govind Dholakia, Rahul Dholakia, Nirav Narola, and Amit Shah filed the petition against the company on April 2, 2025. The Petitioners' solicitors are: Oon & Bazul LLP 36 Robinson Rd #08-01/06 City House Singapore 068877 TOPS & HUI: Court to Hear Wind-Up Petition on May 9 --------------------------------------------------- A petition to wind up the operations of Tops & Hui Builders Pte. Ltd. will be heard before the High Court of Singapore on May 9, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on April 16, 2025. The Petitioner's solicitors are: Tito Isaac & Co LLP 1 North Bridge Road #30-00 High Street Centre Singapore 179094 ============= V I E T N A M ============= VINFAST AUTO: Secures IDR1.8T Loan to Build EV Plant in Indonesia ----------------------------------------------------------------- Jakarta Globe reports that Vietnamese electric vehicle (EV) manufacturer VinFast has secured a syndicated loan worth IDR1.84 trillion (US$109 million) to fund the construction of an EV assembly plant in Indonesia. According to Jakarta Globe, state-owned Bank Negara Indonesia (BNI) contributed IDR1.51 trillion to the loan, while the remainder was provided by Bank Maybank Indonesia. The financing was extended to VinFast's local subsidiary, VinFast Automobile Indonesia. Jakarta Globe relates that the credit agreement was signed in Jakarta on May 1, in a ceremony attended by BNI's Head of International and Financial Institutions Division Rima Cahyani, VinFast Global Deputy CEO Pham Thuy Linhbank, BNI Corporate Banking Director Agung Prabowo, and representatives from Maybank. "The plant is expected to become VinFast's production hub for both domestic and export markets, while also strengthening the national automotive supply chain," Agung said in a statement. VinFast began construction of its first factory in Indonesia last July, Jakarta Globe notes. The facility, located in Subang, West Java, underscores the company's long-term commitment to the country. Jakarta Globe says the Subang plant is scheduled to begin production by late 2025 and will manufacture four electric car models: the VF5, VF6, VF7, and VF3. The project's initial investment is US$200 million (IDR3.2 trillion), forming part of a broader US$1.2 billion commitment to Indonesia. The plant will exclusively produce electric cars, with no plans to manufacture conventional vehicles or motorcycles. In a separate development last month, VinFast announced plans to build up to 100,000 EV charging stations across Indonesia, with a focus on Java Island. About VinFast Auto VinFast Auto Ltd. (NASDAQ: VFS) -- https://vinfastauto.us/ -- is an automotive manufacturer, engages in Automobiles and E-scooter related business in Vietnam and the United States. The company operates through Automobiles, E-scooter, Spare Parts, and Aftermarket Services segments. The Automobiles segment offers design, development, manufacturing, and sale of cars and electric buses. The E-scooter segment provides design, development, manufacturing, and sales of e-scooters. The Spare Parts, and Aftermarket Services segment engages in sale of spare parts and aftermarket services for automobiles and e-scooters. VinFast Auto Ltd. is based in Hai Phong City, Vietnam. The company operates as a subsidiary of Vingroup Joint Stock Company. VinFast Auto Ltd.'s working capital deficit was VND89.8 million at Dec. 31, 2023. The deficit was VND21.4 million at Dec. 31, 2022. At Dec. 31, 2023, the Company had total current assets of VND48.7 million and total current liabilities of VND138.5 million. At Dec. 31, 2022, the Company had total current assets of VND44.8 million and total current liabilities of VND66.2 million. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***