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250514.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, May 14, 2025, Vol. 28, No. 96 Headlines A U S T R A L I A ADELAIDE ELECTRICAL: First Creditors' Meeting Set for May 19 BANKSIA GROUP: Second Creditors' Meeting Set for May 19 FIRSTMAC MORTGAGE 2025-1: S&P Assigns Prelim. B Rating on F Notes GUARDIAN NURSING: Second Creditors' Meeting Set for May 19 INSPIRED PROPERTY: Second Creditors' Meeting Set for May 16 INTEGRITY GROUP: Shareholders Voluntarily Wind Up Company JERVOIS GLOBAL: Executes Deed of Company Arrangement JSJ PROPERTY: First Creditors' Meeting Set for May 20 REACON AUSTRALIA: Placed Into Liquidation ROBERTS CO: Construction Restarts on AUD180MM Melbourne Tower SNAP SECURITY: McGrathNicol Appointed as Liquidators THINK TANK 2025-2: S&P Assigns Prelim. B+(sf) Rating on Cl. F Notes C H I N A JINKE PROPERTY: Court Approves Judicial Debt Restructuring H O N G K O N G HONG KONG TELECOM: S&P Affirms BB on Perpetual Sub. Securities I N D I A 4S SPINTEX: CARE Keeps B- Rating in Not Cooperating Category AGH ALTECH: CARE Keeps B- Debt Rating in Not Cooperating Category ANI TECHNOLOGIES: S&P Lowers ICR to 'CCC+' on Return to Cash Burn B S ISPAT: Insolvency Resolution Process Case Summary BRANDSCALE INNOVATIONS: Insolvency Resolution Process Case Summary C-TECH ENGINEERS: CARE Lowers Rating on INR9.0cr LT Loan to D COSMOS INFRA: CARE Keeps C Debt Rating in Not Cooperating Category COUPLE INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating CUCKU ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating ESSEL AHMEDABAD: Insolvency Resolution Process Case Summary EUROCOIN CERAMICS: Insolvency Resolution Process Case Summary FORTUNE SPIRIT: CARE Keeps D Debt Rating in Not Cooperating HARI KRIPA: CARE Keeps D Debt Ratings in Not Cooperating Category HLN ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating KEDARNATH COMMOTRADE: CARE Keeps D Debt Ratings in Not Cooperating KIRTIMAN CEMENTS: CARE Keeps D Debt Rating in Not Cooperating KUMARAKOM AQUA: Insolvency Resolution Process Case Summary LAKSHMI GODAVARI: CARE Lowers Rating on INR13.85cr LT Loan to D MMS INFRATECH: ICRA Reaffirms B+ Rating on INR14.11cr Term Loan NARSHINGHA COLD: CARE Keeps B- Debt Rating in Not Cooperating NEO ISPAT: CRISIL Lowers Rating on INR10cr LT Loan to B- NEW HAVEN: Insolvency Resolution Process Case Summary NIKKAMAL JEWELLERS: CARE Keeps B- Debt Rating in Not Cooperating NORTHERN POWER: CARE Lowers Rating on INR14cr LT Loan to C PATEL WOOD: Insolvency Resolution Process Case Summary PRASANTHI PROPERTY: CRISIL Reaffirms B- Rating on INR80cr Loan RAM COMMODITIES: CARE Keeps D Debt Rating in Not Cooperating SALASAR BALAJI: CARE Keeps B- Debt Rating in Not Cooperating SOVA STORES: Insolvency Resolution Process Case Summary SOWPARNIKA PROJECTS: ICRA Keeps B+ Ratings in Not Cooperating SPENCER'S TRAVEL: CARE Keeps B- Debt Rating in Not Cooperating SS REALTECH: Insolvency Resolution Process Case Summary STONE INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category SUN-POWER METALICS: Liquidation Process Case Summary SUPERMAK FOILS: Insolvency Resolution Process Case Summary SUSEE TRUCKS: ICRA Moves B Debt Rating to Not Cooperating TORO PROCESSORS: CARE Keeps D Debt Rating in Not Cooperating [] INDIA: Creditors Realise INR3.89cr Lakh Under Resolution Plans J A P A N NISSAN MOTOR: Plans to Slash 20,000 Jobs Globally N E W Z E A L A N D BLUEBELLE BRIDAL: Creditors' Proofs of Debt Due on June 18 EXPERT MOVING: Court to Hear Wind-Up Petition on June 16 PARTNERS COLLECTIVE: Court to Hear Wind-Up Petition on June 4 ROVIMA PROPERTY: Creditors' Proofs of Debt Due on June 4 STEELPIPE LIMITED: Creditors' Proofs of Debt Due on June 7 S I N G A P O R E EASTBUILT ENGINEERING: Court Enters Wind-Up Order GLP PTE: Fitch Rates Proposed USD Notes 'BB' JOY CONSTRUCTION: Court to Hear Wind-Up Petition on May 23 LBRLABEL PTE: Court Enters Wind-Up Order LOYAL HACKERS: Creditors' Proofs of Debt Due on June 9 WM AUTOMATION: Court to Hear Wind-Up Petition on May 30 - - - - - ================= A U S T R A L I A ================= ADELAIDE ELECTRICAL: First Creditors' Meeting Set for May 19 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Adelaide Electrical & Solar Contractors Pty Limited will be held on May 19, 2025 at 10:00 a.m. at Ground Floor, 195 Victoria Square, in Adelaide, SA. Michael van Dissel of Bernardi Martin was appointed as administrator of the company on May 8, 2025. BANKSIA GROUP: Second Creditors' Meeting Set for May 19 ------------------------------------------------------- A second meeting of creditors in the proceedings of Banksia Group Pty Ltd has been set for May 19, 2025, at 11:00 a.m. via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 16, 2025 at 4:00 p.m. Matthew Charles Hudson and Daniel Jon Quinn of SV Partners were appointed as administrators of the company on March 17, 2025. FIRSTMAC MORTGAGE 2025-1: S&P Assigns Prelim. B Rating on F Notes ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to eight of the nine classes of prime residential mortgage-backed securities (RMBS) to be issued by Firstmac Fiduciary Services Pty Ltd. as trustee for Firstmac Mortgage Funding Trust No.4 Series 2025-1. The preliminary ratings assigned to the prime floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support for the rated notes is provided by subordination, excess spread, and lenders' mortgage insurance (LMI). 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 considers Firstmac Ltd.'s (Firstmac) underwriting standards and approval processes, which are consistent with industry-wide practices, and the strong servicing quality of Firstmac, and the support provided by the LMI policies on 6.4% of the loan portfolio. The rated notes can meet timely payment of interest -- excluding the residual interest (if applicable) due on the class B, class C, class D, class E, and class F notes -- and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, the LMI cover, the liquidity reserve, the principal draw function, the interest-rate swap, 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's ratings also take into account the counterparty exposure to Westpac Banking Corp. as bank account provider and Australia and New Zealand Banking Group Ltd. as interest-rate swap provider. The transaction documents for the facilities include downgrade language consistent with our counterparty criteria. S&P also has factored into its ratings the legal structure of the trust, which is established as a special-purpose entity and meets its criteria for insolvency remoteness. Preliminary Ratings Assigned Firstmac Mortgage Funding Trust No.4 Series 2025-1 Class A1, A$675.00 million: AAA (sf) Class A2, A$30.00 million: AAA (sf) Class AB, A$8.50 million: AAA (sf) Class B, A$13.70 million: AA (sf) Class C, A$12.20 million: A (sf) Class D, A$3.80 million: BBB (sf) Class E, A$3.40 million: BB (sf) Class F, A$1.10 million: B (sf) Class G, A$2.30 million: Not rated GUARDIAN NURSING: Second Creditors' Meeting Set for May 19 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Guardian Nursing Agency Pty Ltd, trading as Infinite College and/or GNA Staffing Solutions, has been set for May 19, 2025, at 11:30 a.m. via Videoconference Only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 16, 2025 at 5:00 p.m. Roberto Crispino and Richard Albarran of Hall Chadwick were appointed as administrators of the company on April 2, 2025. INSPIRED PROPERTY: Second Creditors' Meeting Set for May 16 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Inspired Property Group Pty Ltd has been set for May 16, 2025, at 10:30 a.m. via virtual technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 15, 2025 at 5:00 p.m. Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were appointed as administrators of the company on April 1, 2025. INTEGRITY GROUP: Shareholders Voluntarily Wind Up Company --------------------------------------------------------- Integrity Group Holdings Limited shareholders, at an April 28, 2025 extraordinary general meeting, resolved to voluntarily wind the company up and appointed Phil Quinlan and Stephen Vaughan of KPMG as Liquidators. Each of the four subsidiary companies were also wound up. The subsidiary companies are: - Integrity Life Australia Limited, - IGH Australia Pty Ltd, - IGH Services Pty Ltd, and - IGH Rem Pty Ltd. Each of the Companies ceased trading on April 28, 2025. The Liquidators will complete closure and administrative tasks, including realising assets and settling liabilities. If any surplus is available, this will be distributed to shareholders. In September 2023, Integrity Group Holdings Limited and its wholly owned subsidiary Integrity Life Australia Limited closed to writing new life insurance policies in the Retail Advised and Corporate Group Insurance channels.   Between October 2023 and April 2025, Integrity Group transferred its portfolio of life insurance policies to other insurers. With all policy holder liabilities transferred, APRA revoked Integrity Group's registration to conduct life insurance business in Australia on April 16, 2025. Integrity Group applied to ASIC to cancel its AFSL on March 26, 2025. JERVOIS GLOBAL: Executes Deed of Company Arrangement ---------------------------------------------------- Jervois Global Limited convened and held concurrently a Second Meeting of Creditors of the Companies on April 30, 2025. At the Second Meeting, creditors passed resolutions requiring the Companies to execute a Deed of Company Arrangement (DOCA) pursuant to Part 5.3A of the Corporations Act 2001 (Cth) (the Act). Deed of Company Arrangement On May 9, 2025, the DOCA was executed, wholly effectuated and terminated in accordance with its terms. The DOCA has been lodged with the Australian Securities and Investments Commission (ASIC) in accordance with Section 450B of the Act. Notice of the effectuation of the deed, in accordance with Section 445FA of the Act, has been lodged with ASIC. Pursuant to the DOCA, and related transaction documents, Jervois' principal assets and businesses have been transferred to New JRV Topco Holdings LLC (NewCo) and its relevant subsidiaries, including: * its shares in the entities that hold the ICO, SMP Refinery and JFO; and * certain other Jervois assets, including certain receivables, contracts, books and records, intellectual property and causes of action. NewCo and its relevant subsidiaries have assumed the operations of Jervois, along with the majority of its contracts (Transferred Contracts). All claims under the Transferred Contracts will be paid by NewCo or the relevant subsidiary of NewCo in the normal course of business. Creditors with queries regarding ongoing trading matters or claims relating to Transferred Contracts should contact NewCo at contact@jervoisglobal.com. Creditors' Trust The Jervois Creditors' Trust has been created for the benefit of creditors of the Companies whose claims have not been transferred to NewCo and/or its relevant subsidiaries. "We expect to soon formally request proofs of debt to initiate the process for paying dividends under the Jervois Creditors' Trust Deed," KPMG said. Liquidation In accordance with section 446AA of the Act, upon completion of the DOCA, the Companies were placed into liquidation with Gayle Dickerson, David Hardy and Ian Sutherland appointed as liquidators (Liquidators). The control of the Companies will remain with the Liquidators until finalisation of the liquidations. The remaining assets of the Companies, along with the remaining foreign underlying subsidiaries, will be liquidated in due course. The Liquidators intend to apply for Jervois to be delisted from the ASX and any other stock exchanges. About Jervois Global Jervois Global Limited (ASX: JRV) (TSX-V: JRV) (OTC: JRVMF) and its affiliates are global suppliers of advanced manufactured cobalt products, serving customers in the powder metallurgy, battery and chemical industries. The Debtors' principal asset base is comprised of an operating cobalt facility in Finland and non-operating plants in both the United States and Brazil. On Jan. 28, 2025, Jervois Texas, LLC and seven affiliated debtors, including Jervois Global Limited filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The Debtors' bankruptcy cases are seeking joint administration under Case No. 25-90002 and are pending before the Honorable Judge Christopher M. Lopez in the United States Bankruptcy Court for the Southern District of Texas. The Debtors tapped Sidley Austin LLP as restructuring counsel, Moelis & Company as investment banker, and FTI Consulting, Inc., as restructuring advisor. Stretto Inc. is claims agent to the Debtors. David Hardy and Gayle Dickerson of KPMG were appointed as administrators of the company on March 12, 2025. JSJ PROPERTY: First Creditors' Meeting Set for May 20 ----------------------------------------------------- A first meeting of the creditors in the proceedings of JSJ Property Investments Pty. Ltd. will be held on May 20, 2025 at 11:00 a.m. at the offices of Rodgers Reidy, Level 12, 210 Clarence Street, in Sydney, NSW. Andrew James Barnden of Rodgers Reidy was appointed as administrator of the company on May 8, 2025. REACON AUSTRALIA: Placed Into Liquidation ----------------------------------------- Sprinter reports that Reacon Australia has been placed into liquidation following a ruling by the Federal Court on May 9. The administrators for the business, Simon Cathro and Andrew Blundell from Cathro & Partners, have been appointed as the liquidators for the business, Sprinter discloses. "On May 9, the Federal Court wound up Reacon Australia following a petition received from Ctrl Print and as a result Simon and I were then appointed liquidators," Mr. Blundell told Sprinter. "In our role as liquidators for Reacon Australia, we are currently assessing the legal position of the company following the orders from last Friday. In the meantime, we will be continuing to trade while we seek legal advice in relation to what is now further required," he said. Sprinter relates that Mr. Blundell confirmed that the management of the assets and the business remain the responsibility of Cathro & Partners under liquidation in the same way it was under administration. "Mail Marketing Works trading as MMW3degrees is not in liquidation. We are continuing as administrator for Mail Marketing Works trading as MMW3degrees and there is a creditors meeting scheduled for this Friday [May 16]. "We will provide a further update to customers and creditors in the next couple of days." Andrew Blundell and Simon Cathro of Cathro & Partners Pty Limited were appointed as administrators of Reacon Australia Pty Ltd and Mail Marketing Works Pty. Limited (trading as MMW 3 Degrees) on April 8, 2025. On April 10, Westman Printing purchased Reacon Group - the parent company of Reacon Australia and MMW3degrees - with a view to restructuring the businesses through a Deed of Company Arrangement. ROBERTS CO: Construction Restarts on AUD180MM Melbourne Tower ------------------------------------------------------------- Michael Bleby at The Australian Financial Review reports that Golden Age Group has restarted construction on its AUD180 million office tower in central Melbourne after work on the Little Collins Street project halted when builder Roberts Co Vic went into administration in March. According to the Financial Review, the strata office project was hit by two builder failures – by that of Probuild three years ago and then by Roberts Co, which took over the Melbourne CBD project as part of the NSW builder's fateful expansion south of the Murray. It will complete in August, rather than this month, Golden Age said. Work partially resumed last week and the developer is now finalising agreements with more than 30 subcontractors, consultants and suppliers to resume full construction on the tower, Golden Age said, the Financial Review relays. The Financial Review says the developer, which has engaged a construction manager to complete the balance of outstanding work, has novated subcontractors previously hired by Roberts Co Vic to work for it directly and is engaging suppliers directly. "Golden Age remains deeply committed to delivering 130 Little Collins Street to the highest standard," the report quotes Damien Hehir, Golden Age's development director, as saying. "Our immediate focus has been to secure continuity of works and minimise disruption for our valued purchasers and stakeholders." Golden Age declined to say how much more the project would take to complete after Roberts Co Vic's failure, the Financial Review relays. It said, however, that the cost to complete was "many multiples" of the original contract it had agreed with Roberts Co Vic. It said the estimated end value of the Cox Architecture-designed tower was AUD180 million. Restarting work removes uncertainty for one of the four Roberts Co Vic projects that fell into limbo when the company's owner, billionaire Andrew Roberts, put it into administration, the Financial Review states. But the 28-level office project was the most advanced and an easier proposition to resolve than the much larger, and less advanced, projects such as developer ESR's giant warehouse for Amazon in northern Melbourne's Craigieburn, or Investa's AUD450 million build-to-rent project in inner-western Footscray, or the mRNA manufacturing facility at La Trobe University for German company BioNTech. One issue hanging over all projects is the value of any contribution Roberts, as owner of Roberts Co Australia, parent of the Victorian entity, would make to help the projects restart, according to the Financial Review. Golden Age declined to give any details about any support Roberts had provided. Work on the other three projects has not yet recommenced, but a source close to Investa last month told The Australian Financial Review it hoped to be able to restart the 700-unit project on McNab Street in June. The Golden Age office tower was a developments Roberts Co took over in 2022 after another builder, Probuild, collapsed after its South African parent called time on the loss-making company. At the time, Roberts Co told the Financial Review the Golden Age project had to be repriced because the formwork subcontractor on the project was closing its business and the new builder had to find an alternative. About Roberts Co Roberts Co is an Australian-based, a boutique tier-one construction company. Jason Ireland and Matthew Caddy of McGrathNicol were appointed as voluntary administrators of Roberts Co (VIC) Pty Limited, the Victorian subsidiary of Roberts Co Australia, on March 14, 2025. SNAP SECURITY: McGrathNicol Appointed as Liquidators ---------------------------------------------------- Katherine Sozou and Damien Pasfield of McGrathNicol were appointed as liquidators of Snap Security (Aust) Pty Ltd on May 12, 2025. An application for the winding up of the company was commenced by the plaintiff Commonwealth Bank of Australia on April 4, 2025. THINK TANK 2025-2: S&P Assigns Prelim. B+(sf) Rating on Cl. F Notes ------------------------------------------------------------------- S&P Global Ratings assigned new preliminary ratings to eight of the nine classes of residential mortgage-backed, floating-rate pass-through notes to be issued by BNY Trust Co. of Australia Ltd. as trustee of Think Tank Residential Series 2025-2 Trust. These preliminary ratings supersede those assigned on March 31, 2025. The updated preliminary ratings reflect changes made to the transaction, including an updated collateral pool and capital structure. Think Tank Residential Series 2025-2 Trust is a securitization of loans to residential borrowers, secured by first-registered mortgages over Australian residential properties originated by Think Tank Group Pty Ltd. (Think Tank). The ratings reflect the following factors. S&P said, "We have considered the credit risk of the underlying collateral portfolio, including the fact that this is a closed portfolio, which means no further loans will be assigned to the trust after the closing date. "The credit support is sufficient to withstand the stresses we apply. This credit support comprises note subordination for each class of rated note." The transaction's cash flows can meet timely payment of interest and ultimate payment of principal to the noteholders under the rating stresses. Key factors are the level of subordination provided, the condition that a minimum margin will be maintained on the assets, an amortizing liquidity facility sized at 1.5% of the outstanding balance of the rated notes, the yield reserve, and the principal draw function. There is an extraordinary expense reserve of A$150,000, funded from day one by Think Tank, available to meet extraordinary expenses. The reserve will be topped up via excess spread if drawn. S&P's ratings also reflect the legal structure of the trust, which has been established as a special-purpose entity and meets its criteria for insolvency remoteness. S&P has also considered the counterparty exposure to Commonwealth Bank of Australia as bank account provider and National Australia Bank Ltd. as liquidity facility provider. The transaction documents for the bank account and liquidity facility include downgrade language consistent with its counterparty criteria. Preliminary Ratings Assigned Think Tank Residential Series 2025-2 Trust Class A1-S, A$150.00 million: AAA (sf) Class A1-L, A$250.00 million: AAA (sf) Class A2, A$59.75 million: AAA (sf) Class B, A$15.15 million: AA (sf) Class C, A$12.10 million: A (sf) Class D, A$6.00 million: BBB (sf) Class E, A$3.25 million: BB (sf) Class F, A$1.75 million: B+ (sf) Class G, A$2.00 million: Not rated ========= C H I N A ========= JINKE PROPERTY: Court Approves Judicial Debt Restructuring ---------------------------------------------------------- Yicai Global reports that Jinke Property Group's shares surged after a court in China gave the green light to the troubled Chinese developer's debt restructuring plan, making it the largest ever in China's real estate industry. Jinke closed up 4.7 percent at CNY1.56 (22 US cents) a share in Shenzhen on May 12, giving it a market capitalization of CNY8.3 billion (USD1.15 billion). Under bourse rules, the stock is classified as facing significant financial risks, so its daily trading range is capped at 5 percent. The debt restructuring plans for Jinke and its wholly owned subsidiary Chongqing Jinke Real Estate Development have been approved by the Chongqing Fifth Intermediate People's Court and will now proceed, the developer said on May 11, Yicai relates. It is the largest judicial reorganization in China's real estate sector to date, as the Chongqing-based builder has CNY147 billion (USD20.4 billion) in debt and more than 8,400 creditors, Yicai notes. If executed smoothly, the reorganization will help optimize its asset-liability structure, enhance sustainable operations and profitability, and positively impact this year's financial metrics, Jinke said, according to Yicai. After exhausting its liquidity, Jinke applied for bankruptcy reorganization with the court in February last year, becoming the first major developer to voluntarily enter judicial restructuring, Yicai recalls. Last November, Jinke named a consortium led by Shanghai Pinqi Management Consulting and Beijing Tianjiao Lvyuan Real Estate Development as its strategic restructuring investor. Jinke later secured a CNY2.6 billion (USD359 million) capital injection from more than 20 investors, including state-owned China Great Wall Asset Management and Sichuan Development Securities Investment Fund Management. Under the reorganization plan, those funds will go first to paying employee wages and taxes, and will also be used for operational reserves, with the remainder allocated to debt repayment, Yicai relates. Outstanding debts will be settled through Jinke shares and trust beneficiary rights. Hit hard by the downturn in China's real estate sector, Jinke has posted losses since 2022, amassing CNY62.1 billion (USD8.6 billion) of red ink over the past three years. In the first quarter of this year, its net loss widened 39 percent to CNY1.6 billion from a year ago, while revenue plunged 90 percent to CNY753 million (USD104 million), Yicai discloses. Yicai adds that the firm intends to shift from being a traditional developer to a comprehensive real estate operator focused on asset management and operations, its annual earnings report said. About Jinke Property Jinke Property Group Co., Ltd. principally engages in the development and distribution of real estates. The Company mainly operates through three segments. Real Estate segment is primarily engaged in the development of residential and commercial properties, as well as the development and operation of industrial estates. Community Integrated Services segment mainly provides property management services. New Energy segment consists of wind power and photovoltaic power generation. The Company is also involved in hotel management, gardening and architecture decoration businesses. The Company operates its business in domestic market, mainly in Chongqing and Jiangsu Province, China. ================= H O N G K O N G ================= HONG KONG TELECOM: S&P Affirms BB on Perpetual Sub. Securities -------------------------------------------------------------- S&P Global Ratings affirmed the 'BBB' long-term issuer credit rating on Hong Kong Telecommunications (HKT) Ltd. (HKT) and 'BBB-' long-term issuer credit rating on CAS Holding No. 1 Ltd. At the same time, S&P affirmed its 'BBB' long-term issue ratings on HKT's guaranteed unsecured debt and 'BB' long-term issue rating on the perpetual subordinated securities that CAS Holding guarantees. S&P said, "The stable outlook on HKT reflects our expectation of stable operating performances and debt leverage at 3.6x-3.8x over the next two years. The negative outlook on CAS Holding reflects the risk of delays in materializing deleveraging initiatives, given volatility in market conditions. Proceeds from potential sales could also be less than what we expect, such that PCCW will not be able to reduce its debt-to-EBITDA ratio to less than 4.5x." The parent of HKT Trust and CAS Holding No. 1 Ltd., PCCW Ltd., is committed to deleveraging to less than 4.5x via multiple deleveraging initiatives. Its debt leverage could drop to 5.2x as of end-2025. We expect HKT to maintain its debt leverage at 3.6x-3.8x over the next two years. HKT Trust will likely maintain stable cash flow and leverage amid deleveraging by the PCCW group. The company's revenue growth over the next two years should largely track Hong Kong's GDP growth of about 2%. Drivers will be a modest increase in mobile roaming, broadband, and local data services. The company could report slightly higher EBITDA while maintaining steady dividend payouts. Its debt-to-EBITDA ratio may stay at 3.6x-3.8x in 2025-2026, versus 3.7x in 2024 following a stake sale in HKT's wireline network. S&P affirmed its rating on CAS Holding to reflect increased visibility of PCCW's deleveraging. The parent last year lowered the passthrough of HKT Trust's dividends to PCCW's shareholders. This suggests the group is increasingly committed to managing its financial health. PCCW's deleveraging efforts include diversifying into less expensive content for its over-the-top (OTT) media business. Combined with lower user acquisition spending, EBITDA for the OTT business may rebound in 2025-2026. Capital expenditure (capex) for this business may also decline. S&P also anticipates narrower losses and less cash outflow for PCCW's solution business as the group ramps up its "eMPF" project. The improvement at OTT and solution businesses will cut losses at PCCW's developing businesses this year. Still, PCCW's adjusted net debt-to-EBITDA ratio could remain at 5.2x in 2025, before dipping to 4.9x in 2026. PCCW could have over HK$2 billion of net cash outflow after shareholder returns, excluding HKT Trust this year. The cash flow deficit could significantly narrow in 2026. PCCW is considering incremental actions to reduce leverage. Such actions may include: (1) further stake sale in the OTT and other businesses; (2) the disposal of non-core assets; or (3) lower dividends pass through to shareholders. Options are more limited now, after substantive asset sales in the past few years. The group sold a majority interest in its solutions business to Lenovo Group Ltd. in 2022 for US$614 million and a 40% stake in HKT's wireline network to passive investors for gross proceeds of US$870 million in late 2024. S&P said, "We align the rating on CAS Holding with the credit profile of the PCCW group. This is because CAS Holding is a core subsidiary of PCCW. The company holds the parent's entire 52.2% interest in HKT Trust and HKT. As an immediate parent of HKT Trust, CAS Holding sits outside the trust structure of the subsidiary. Therefore, CAS Holding is subject to PCCW's financial policy and credit risk exposure. "We assess HKT and HKT Trust on a combined basis. HKT Trust is a subsidiary of PCCW and CAS Holding. The entities have some business interactions and overlapping board members. "We give a two-notch rating insulation for HKT Trust from the rating on PCCW. This reflects ring-fencing from the trust structure and the trust's considerable minority shareholders and independent directors." HKT: The stable rating outlook reflects S&P's view that HKT Trust's debt-to-EBITDA ratio will remain steady at 3.6x-3.8x. S&P's forecasts assume the full expensing of user acquisition costs. Drivers will be HKT Trust's steady business performance with potential revenue growth of 2% and an EBITDA margin of 36% over the next two years. S&P said, "We take a consolidated view of PCCW in our ratings on HKT and HKT Trust. As the majority owner of HKT and HKT Trust, PCCW can have significant influence over the financial policy of both entities. The stable outlook also reflects our view that PCCW's debt-to-EBITDA ratio will stay below 5.5x." CAS Holding: The negative rating outlook reflects S&P's expectation that PCCW's debt-to-EBITDA ratio could remain high at about 5.0x and above our 4.5x downside trigger over the next 12-24 months. PCCW's shareholder-friendly dividend policy and cash flow deficit from its operating businesses will gradually push up its adjusted debt. PCCW will likely try to manage its debt-to-EBITDA leverage through EBITDA growth, asset sales, and other initiatives. However, options may become more limited than previously. S&P expects steady revenue growth of 3%-4% with an EBITDA margin of 32%-33% for the next two years. S&P expects CAS Holding to remain a core subsidiary of PCCW. HKT: S&P said, "We could lower the rating on HKT if PCCW's debt-to-EBITDA ratio exceeds 5.5x, or HKT's leverage rises substantially above 4.0x. This could happen if: (1) the PCCW group is unable to execute its deleveraging plan and its consolidated EBITDA fails to improve; (2) the operating performance of HKT and PCCW deteriorates materially; or (3) we reduce HKT's insulation from PCCW to one notch from two notches, which could happen if we see a higher likelihood of negative shareholder intervention." CAS Holding: S&P said, "We could lower the rating on CAS Holding if PCCW's leverage stays materially above 4.5x, despite the company's deleveraging plan. This could happen if: (1) the group does not make major progress in divestments over the next 12 months; (2) the operating performance of PCCW is below our expectation; or (3) if the companies make debt-funded investments and dividend payments that are higher than our base case." HKT: Upside potential is limited for HKT. S&P could upgrade HKT if the leverage of HKT and PCCW stays below 3.0x and 4.5x, respectively on a sustained basis. This could happen if HKT and PCCW execute further deleveraging or equity financing, along with a much less aggressive dividend policy to lower leverage, as well as significantly improving profitability. CAS Holding: S&P could revise the outlook to stable if PCCW's debt-to-EBITDA ratio improves to about 4.5x. This could happen if PCCW executes its deleveraging initiatives, reduces capital spending on its media business, and significantly improves the profitability of its non-telecom businesses, with no significant new investments. ========= I N D I A ========= 4S SPINTEX: CARE Keeps B- Rating in Not Cooperating Category ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of 4S Spintex India Private Limited (4SIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 19.69 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 26, 2024, placed the rating(s) of 4SSIPL under the 'issuer non-cooperating' category as 4SSIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. 4SSIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 12, 2025, March 22, 2025, April 1, 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 4S Spintex India Private Limited (4SSIPL) was incorporated in the year 2012 and promoted by Mr K Purushotham and relatives. The company has set up a spinning mill with an installed capacity of 8160 spindles of 32 counts. The company has successfully completed the project without any cost and time overrun and started its commercial operations from August 1, 2016. The company purchases the raw material (raw cotton) from local farmers and traders located at Guntur district. 4SSIPL sells the cotton yarn to the traders, dealers and merchant exporters located at various places like Tamil Nadu, Andhra Pradesh and Maharashtra. The manufacturing unit of the company is located at Bhimavaram, Krishna District, Andhra Pradesh. AGH ALTECH: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of AGH Altech Private Limited (AAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 10.00 CARE B-; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 2, 2024, placed the rating(s) of AAPL under the 'issuer non-cooperating' category as AAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2025, March 28, 2025, April 7, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Delhi-based AGH Altech Private Limited (AAPL), is a private limited company, incorporated in December 28, 2007 is promoted by Mr. Gurvinder Pal Singh. The company is engaged in the manufacturing of multi-channel tubes of aluminium which finds its application in automobiles and split air conditioner. The company sells its product directly to OEM such as Lloyd's Electric & Engineering Ltd, Samsung India Electronics Private Limited, Blue Star Limited, Zamil Air Conditioners India Pvt. Ltd etc. ANI TECHNOLOGIES: S&P Lowers ICR to 'CCC+' on Return to Cash Burn ----------------------------------------------------------------- S&P Global Ratings lowered to 'CCC+' from 'B-' the issuer credit rating on ANI Technologies Pte. Ltd. (ANI Tech) as well as the issue rating on a secured term loan B raised by subsidiary Ola Netherlands B.V. The negative outlook reflects ANI Tech's weakened liquidity amid protracted operational cash burn. ANI Tech is making operating losses, and fierce competition could derail its recovery path. S&P believes the company's cash surplus could erode faster over the next 12 months. We estimate the company's cash holdings will be materially lower in fiscal 2025 (ending March 2025) compared with INR15.4 billion as of March 31, 2024. S&P believes the fast-growing Indian ride-hailing industry remains highly competitive, with players such as ANI Tech and Uber Technologies Inc. (BBB/Stable/--) making sizable expenditures on incentives to acquire and retain customers. Regional players such as Roppen Transportation Services Pte. Ltd. (Rapido) are also seeking rapid growth in the two-wheeler and three-wheeler ride-hailing segments. Given the inherently low transaction size (less than US$2.5 per ride) and increasing fragmentation of customers among ride-hailing services, ANI Tech is likely to report negative EBITDA and negative operating cash flow in fiscal 2025 (ending March 31, 2025) and fiscal 2026. The cash burn has worsened ANI Tech's capital structure. S&P views the company's ability to address its IPO deadline as a growing concern. ANI Tech has delayed its IPO plans since 2020, and failure to secure an extension of the IPO deadline from its CCPS holders would mean that CCPS holders could exercise their rights in the absence of an IPO. ANI Tech has a record of negotiating a timely extension of the deadline. However, S&P believes recent unfavorable market conditions, weakness in the company's business operations, and uncertainty on leadership and strategy amid high management turnover could affect such efforts. ANI Tech has relied on funding from investors in the form of CCPS, which S&P Global Ratings considers as debt-like. This is due to lack of permanence, given the presence of investor exit rights in the absence of an IPO by the stated deadline. ANI Tech had about INR195 billion (approximately US$2.3 billion) in CCPS outstanding as of March 31, 2024, accounting for about 95% of the company's adjusted debt. ANI Tech's liquidity could materially weaken very quickly. The company is unlikely to be able to withstand event risks, in our view. Significant cash burn in operations or shareholders' exercising exit rights leading to an accelerated repayment of the outstanding secured term loan B could increase liquidity pressure. ANI Tech is also highly dependent on a successful IPO to meet obligations to CCPS holders. The company is unlisted and has a limited record in credit markets. ANI Tech continues to have a high turnover of senior management. This has led to frequent changes in company strategy within a short period of time and has affected strategic planning and execution. For instance, the company stopped food deliveries in fiscal 2023. However, within two years, it has re-entered the segment through its partnership with the Open Network for Digital Commerce (ONDC). The negative outlook reflects our view of ANI Tech's weakening liquidity amid protracted operational cash burn. This could affect the IPO process, increase event risk of an exit by CCPS holders, and limit alternative funding options. S&P could lower its rating if ANI Tech's cash balance deteriorates significantly over the next three to 12 months. This could happen if the company continues to generate negative operating cash flows, with no clear path to return to profitability. The inability of ANI Tech to raise further capital due to loss of shareholder support, IPO failure, or CCPS exits could also lead to a downgrade. S&P could revise the outlook to stable if ANI Tech's operations turn around and it expects the company to generate positive free operating cash flows. This could happen on the back of strong revenue growth and reduced spending on incentives. A stable outlook will also require an improvement in ANI Tech's liquidity. This will include the risks dissipating of an immediate CCPS exit. B S ISPAT: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: B S Ispat Limited Khasara No. 97, 101,190, Village Salori Yensa Post Chinora Tah, Warora, Chandrapur, Chandrapur, Maharashtra, India 442914 Insolvency Commencement Date: March 26, 2025 Estimated date of closure of insolvency resolution process: September 22, 2025 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mihir Bharat Shah 417, Goldcrest Business Park, LBS Marg, Opposite Shreyas Cinema, Mumbai - 86 Email: mihirshah270@gmail.com Email: cirp.bsispat@gmail.com Last date for submission of claims: April 9, 2025 BRANDSCALE INNOVATIONS: Insolvency Resolution Process Case Summary ------------------------------------------------------------------ Debtor: Brandscale Innovations Private Limited Registered Address: Plot No. 10, Buty Layout Vijay Nagar, Nagpur, Maharashtra, India 4400133 Other Office: Plot No 28, Block A Sector 63 Gautam Budh Nagar, Noida, Uttar Pradesh, India 201301 Insolvency Commencement Date: April 24, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: October 21, 2025 Insolvency professional: Divyesh Desai Interim Resolution Professional: Divyesh Desai Moore Stephens Singhi Advisors LLP Moore Singhi Advisors LLP B2-402, Marathon Innova, 4th Floor, Off Ganpatrao Kadam Marg, Lower Parel Mumbai, Maharashtra 400013 Email: divyeshesai@singhico.com Email: cirp.bipl@gmail.com Last date for submission of claims: May 8, 2025 C-TECH ENGINEERS: CARE Lowers Rating on INR9.0cr LT Loan to D ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of C-Tech Engineers Private Limited (CTEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 9.00 CARE D Downgraded from CARE B+; Bank Facilities Stable Long Term/ 6.42 CARE D/CARE D Downgraded from Short Term CARE B+; Stable/CARE A4 Bank Facilities Short Term 9.58 CARE D Downgraded from CARE A4 Bank Facilities Rationale and key rating drivers Revision in the ratings assigned to the bank facilities of CTEPL factors in delays in servicing of its debt obligations during April 2025 as per the no default statement (NDS) received for the month. The rating action is in line with CARE's policy on default recognition. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Timely servicing of debt obligations for minimum 3 consecutive months. Analytical approach: Standalone Detailed description of key rating drivers: Key weaknesses * Delays in debt servicing: As per the NDS received for April 2025, there were delays in servicing the debt obligations related to Term Loan, Packing Credit and Purchase Finance facilities availed by CTEPL. Liquidity: Poor The liquidity position continues to remain poor marked by delay in debt servicing, near full utilization of working capital limits, and low cash balance. Incorporated in April 2001, C-Tech Engineers Private Limited (CTEPL) is engaged in manufacturing of high precision machine components including fasteners, earth moving equipment, flanges, valves, bushes and more. These components are primarily used in construction equipment, mining, agriculture, automobiles and other machineries. Currently, company has two manufacturing units with a completely owned land and buildings, with a total manpower of 210 people. COSMOS INFRA: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Cosmos Infra Engineering (India) Private Limited (CIEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 72.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 3, 2024, placed the rating(s) of CIEIPL under the 'issuer non-cooperating' category as CIEIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CIEIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 19, 2025, March 29, 2025, April 8, 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 Cosmos Infra Engineering India Private Limited (CIEIPL) was incorporated in 1986 as Cosmos Builders & Promoters Limited by Mr. Vinod Mittal (Chairman & Managing Director). Later in March, 2008, company changed its name to Cosmos Infra Engineering India Limited. Further, in June-2016, company became Private Limited and subsequently its name changed to the present one Cosmos Infra Engineering India Private Limited. CIEIPL is involved in construction of residential and commercial real estate projects. COUPLE INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Couple International Private Limited (CIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.70 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 2, 2024, placed the rating(s) of CIPL under the 'issuer non-cooperating' category as CIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2025, March 28, 2025, April 7, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable New Delhi based CIPL was incorporated in 1998. The company is currently being managed by Mr. Rituraj Gupta and Ms. Kavita Vardhan. CIPL is engaged in the manufacturing of garments and accessories (scarfs). Its manufacturing plant is located in Noida, Uttar Pradesh. CUCKU ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Cucku Enterprises Private Limited (CEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 6.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 30, 2024, placed the rating(s) of CEPL under the 'issuer non-cooperating' category as CEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 16, 2025, March 26, 2025 and April 5, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Delhi-based CEPL was incorporated in 2008 and is currently being managed by Mr Chirag Goel and Mr Chaman Goel. The company is engaged in processing of spices such as whole, grounded and blended spices at its processing unit in Delhi. Besides this, the company is also engaged in trading of rice. The company procures the raw material such as turmeric, coriander, chillies, black pepper, ginger powder and mustard powder from suppliers located in Delhi region and nearby areas and traded good i.e. rice is procured from brokers in Haryana and Punjab. The company sells its products domestically and also exports the products to UK, Australia, Canada, USA and South Africa. ESSEL AHMEDABAD: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Essel Ahmedabad Godhra Toll Roads Limited 513/A, 5th Floor, Kohinoor City, Kirol Road L.B.S. Marg, Off Bandra-Kurla Complex, Kurla (W), Mumbai, Maharashtra, India – 400070 Insolvency Commencement Date: April 30, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: October 26, 2025 Insolvency professional: R S Balasubramanyam Interim Resolution Professional: R S Balasubramanyam B-601, Legacy By Kasturi, Pancard Club Road, Baner, Near West Port Office Complex, Pune, Maharashtra,411045 Email: rsbalasubramanyam7@gmail.com Email: cirp.essel@gmail.com Last date for submission of claims: May 13, 2025 EUROCOIN CERAMICS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Eurocoin Ceramics Private Limited S. No. 564, Near Narmada Canal Opposite Pavadiyari Temple, Tal. Morbi, Rajkot, Sapar, Gujarat - 363630 Insolvency Commencement Date: April 17, 2025 Estimated date of closure of insolvency resolution process: October 14, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Mr. Pawankumar Jagetia 508, 21st, Century Business Centre, Ring Road, Beside World Trade Centre, Surat, Gujarat - 395002 Email: pjagetiaco@yahoo.co.in Email: cirp.eurocoin@gmail.com Last date for submission of claims: May 1, 2025 FORTUNE SPIRIT: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Fortune Spirit Limited (FSL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 26, 2024, placed the rating(s) of FSL under the 'issuer non-cooperating' category as FSL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FSL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 12, 2025, March 22, 2025 and April 1, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Fortune Spirit Limited (FSL) was incorporated in 2007 by Mr. Deepak Kumar Sahu (Chairman) and his brother Mr. Rajesh Kumar Sahu (MD). Both of them are having an experience of more than two decades. They are supported by Mr. Ayush Sahu (son of Mr. Deepak Kumar Sahu). The Company is engaged in bottling and manufacturing of India Made Foreign Liquor (IMFL) with installed capacity of 4,50,000 cases per annum at Gopalpur, Odisha. HARI KRIPA: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Hari Kripa Business Venture Private Limited (HKBVPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.42 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 6, 2024, placed the rating(s) of HKBVPL under the 'issuer non-cooperating' category as HKBVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HKBVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 22, 2025, April 1, 2025 and April 11, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Jaipur (Rajasthan) based, HKBVPL was incorporated in 2008 by Mr. Mahendra Kumar Agrawal along with his family members. HKBVPL is engaged in the business of manufacturing of MS ingots/billets, flats and pipes. The company is also engaged in trading of MS billets and ingots. The manufacturing unit of the company is located at Kaladera Industrial Area, Jaipur. HLN ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of HLN Enterprises (HE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 11.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 26, 2024, placed the rating(s) of HE under the 'issuer non-cooperating' category as HE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 12, 2025, March 22, 2025, April 1, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Veraval-based (Gujarat) HLN Enterprises (HE) is a proprietorship firm established in 2008 by Mr. Lenin Augustin to export fish majorly to China and other countries. HE procures fishes directly from fisherman, segregate fishes according to its size and type, freeze it and exports it from Pipavav Port (Gujarat) on demand to China, Vietnam, Thailand etc. HE majorly exports Ribbon Fish which is available in Arabian Sea and highly demanded in China. KEDARNATH COMMOTRADE: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Kedarnath Commotrade Private Limited (KCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 25.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 26, 2024, placed the rating(s) of KCPL under the 'issuer non-cooperating' category as KCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 12, 2025, March 22, 2025 and April 1, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Kedarnath Commotrade Private Limited (KCPL) was incorporated in February 2009 and commenced the commercial operations in December 2015. The company is promoted by Mr Kishanlal Choudhary who has more than 3 decades of experience in the Iron and Steel Industry. He is supported by his son Mr. Sunil Choudhary, who is the managing director and chief executive officer with an overall experience of 20 years. KIRTIMAN CEMENTS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kirtiman Cements & Packaging Industries Limited (KCPIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 27.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 29, 2024, placed the rating(s) of KCPIL under the 'issuer non-cooperating' category as KCPIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KCPIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 15, 2025, March 25, 2025 and April 4, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 1996, Kirtiman Cements and Packaging Industries Limited (KCPIL) is promoted by Mr. Ashwani Kumar Oberoi, Mr. Sunil Kumar Oberoi and their family members. KCPIL has been operational since August 2008 and is engaged into manufacturing of Poly Propylene (PP) woven fabric bags used in packaging industry. Apart from PP woven bags, the company also supplies PP woven fabric to traders. Company is a part of the Ashwani Oberoi Construction Company India Limited (AOCC) group which is engaged in the real estate line of business. KUMARAKOM AQUA: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: M/s Kumarakom Aqua Serene Private Limited Building No. 4/125, Vettoor House, Kudavechoor P.O., Vaikom, Kottayam - 686144 Insolvency Commencement Date: April 16, 2025 Estimated date of closure of insolvency resolution process: March 12, 2026 Court: National Company Law Tribunal, Kochi Bench Insolvency Professional: P T Joy Chartered Accountant 41/710, 1st Floor, JB Plaza, Near NSS Hostel, Edapally-Tripunithura Road, Oberon Mall Jn, Padivattom Kochi - 682024 Email: insolvency02@gmail.com Phone: 0484-2807097 Last date for submission of claims: April 30, 2025 LAKSHMI GODAVARI: CARE Lowers Rating on INR13.85cr LT Loan to D --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Sri Lakshmi Godavari Spinning Mills Private Limited (SLGSMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 13.85 CARE D Downgraded from CARE BB; Bank Facilities Stable Long Term/ 68.00 CARE D/CARE D Downgraded from Short Term CARE BB; Stable/CARE A4 Bank Facilities Short Term 1.38 CARE D Downgraded from CARE A4 Bank Facilities Rationale and key rating drivers The revision in the rating assigned to the bank facilities of SLGSMPL is on account of ongoing delays in debt servicing including working capital and GECL loan with account classified as NPA (Non Performing Asset ) on April 30, 2025 based on the confirmation received during interaction with the lender. The rating action has been taken by CARE Ratings Ltd (CARE) in line with its policy on default recognition. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Company's ability to meet the curing period guidelines as stipulated by SEBI by demonstrating a delay free track record. Analytical approach: Standalone Outlook: Not Applicable Key weaknesses * Delays in Debt Servicing Obligations: As per the banker interaction, the company has been classified under Non-Performing Asset (NPA) on April 30, 2025, due to delays in the repayment of its working capital and GECL loan obligations. The account was initially classified under the SMA category in January 2025 and has since witnessed continued delays in debt servicing. Liquidity: Poor The company's liquidity is poor, as reflected in the delays in debt servicing obligations due to insufficient cash accruals against its repayment. Sri Lakshmi Godavari Spinning Mills Private Limited (SLGSMPL) was incorporated on September 12, 2005. The company manufactures cotton yarn at its unit in Guntur, Andhra Pradesh. The company was initially set up with 18,000 spindles which has now been scaled up to 61,008 spindles. Sri. Vummaneni Siva Nageswara Rao, his wife Smt. Vummaneni Lalitha Kumari and Mr. Kandru Subbarao are the promoters of the company. The promoters are having business experience in the processing of Mineral Water, Financing business and Real Estate for close to two decades. MMS INFRATECH: ICRA Reaffirms B+ Rating on INR14.11cr Term Loan --------------------------------------------------------------- ICRA has reaffirmed ratings on certain bank facilities of MMS Infratech Private Limited (MIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 14.11 [ICRA]B+ (Stable); Reaffirmed Fund Based- Term Loan Long Term- 13.50 [ICRA]B+ (Stable) ; Reaffirmed Fund Based- Overdraft Short-term- 25.48 [ICRA]A4; reaffirmed Non-fund based- Bank guarantee Long-term/ 10.73 [ICRA]B+ (Stable)/[ICRA]A4; Short-term- reaffirmed Unallocated Rationale The assigned ratings take into consideration the long experience of MIPL promoters in the civil construction industry, wherein it is a Class-AA category contractor with the roads and building (R&B) department of the Government of Gujarat (GoG). ICRA notes the significant increase in the company's operating income (OI) to ~INR105 crore (provisional) in FY2025 from INR33 crore in FY2024, driven by the execution of its order in hand. The ratings are, however, constrained by the weak order inflow, with no new order addition during the last fiscal and limited orders in hand (nearing completion), leading to pressure on the company's revenue profile for FY2026/FY2027. As of March 2025, it had an unexecuted order book position of ~INR160 crore, to be executed over the next 1-1.5 years, providing limited revenue visibility of ~1.5 times based on FY2025's revenue. Going forward, the company's ability to acquire new orders would remain a key monitorable. The ratings are also constrained by the modest financial risk profile as reflected by subdued debt coverage metrics with an interest cover of 1.7 times and 2.8 times, respectively, in FY2024 and FY2025 (on provisional basis). MIPL's liquidity profile remains stretched, with impending debt repayments expected to be tightly matched against future accruals, along with limited buffer in its working capital limits. Further, the company faces high sectoral and client concentration risks as 100% of its outstanding order book as of March 2025 was concentrated towards road construction projects and to a single client in the R&B department. Also, most of the projects executed in the past and the outstanding order book remains concentrated in Gujarat resulting in high geographical risk. The Stable outlook on the long-term rating reflects ICRA's opinion that the company is likely to sustain its operating metrics even as its revenue growth would remain under pressure. Further, the outlook underlines ICRA's expectations that the company's working capital and short-term fund requirements would be funded in such a manner that MIPL is able to durably maintain its debt protection metrics commensurate with the existing ratings. Key rating drivers and their description Credit strengths * Adequate experience of promoters in civil construction industry: MIPL's promoters, Mr. Kantilal Hadiya, and Mr. Madhavji Hadiya, have adequate experience (more than 25 years) in civil construction work involving roads, buildings, railway projects for government entities. MIPL is a government-approved contractor with Class-AA (roads and buildings) certification from the Government of Gujarat. Credit challenges * Modest financial risk profile, coupled with subdued order book position: MIPL's OI recovered significantly in FY2025 to ~INR105 crore (provisional) from INR33 crore in FY2024, driven by execution of orders in hand. However, the company's revenue remains moderate, which is unlikely to increase substantially in the near to medium term, considering the limited size of its order book. As on March 31, 2025, it had an unexecuted order book position of ~INR160 crore, to be executed over the next 1-1.5 years, providing a revenue visibility of ~1.5 times based on FY2025's revenue. However, it did not secure any new orders in FY2025, making the acquisition of new orders a key monitorable. Further, MIPL's debt coverage indicators remain subdued owing to low cash accruals and relatively high borrowing levels. Going forward, the company's debt protection metrics would remain under pressure due to expected limited accruals and debt-funded capex (INR5.5 crore) planned in FY2026. * High sectoral, client and geographical concentration risks: MIPL faces high sectoral and client concentration risks as 100% of its outstanding order book as of March 2025 was concentrated towards road construction projects and to a single client R&B division. Further, most of the projects executed by the company in the past, along with the outstanding order book, remained concentrated in Gujarat, resulting in high geographical risk. * Profitability vulnerable to input price fluctuations and intense competition: MIPL's operating margins are susceptible to adverse fluctuations in input prices as majority of its contracts are fixed-price contracts and do not have provision for a pass through clause. Further, stiff competition and the fragmented structure of the civil construction industry impacts the company's pricing position and consequently its profitability. Liquidity position: Stretched MIPL's liquidity remains stretched, with impending debt repayments expected to be tightly matched against the future accruals. Additionally, the working capital limits are nearly fully utilised, providing limited buffer. Rating sensitivities Positive triggers – ICRA could upgrade MIPL's ratings if it is able to demonstrate a sustained improvement in its order book, scale and profitability, along with an improvement in liquidity profile. Negative triggers – The ratings may be downgraded if the company witnesses slower execution and/or order inflow, thereby resulting in sustained decline in revenues and profits. Further, a stretch in the working capital cycle or a large debt-funded capital expenditure exerting pressure on its liquidity could result in a downgrade of the ratings. Incorporated in September 2012, MMS Infratech Private Limited undertakes civil construction work, mainly comprising roads, building, railway, and irrigation works for various government and semi-government entities. It is registered as a contractor in 'AA' class category in Gujarat. The company is based out of Anjar - Kutch (Gujarat). NARSHINGHA COLD: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shree Narshingha Cold Storage Private Limited (SNCSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 8.85 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER Short-term Bank 0.15 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 26, 2024, placed the rating(s) of SNCSPL under the 'issuer non-cooperating' category as SNCSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SNCSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 12, 2025, March 22, 2025, April 1, 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 Shree Narshingha Cold Storage Private Limited (SNCSPL) was incorporated in September 2003 and presently managed by Mr. Mohan Lal Poddar and Mr. Sushil Kumar Poddar. The company has commenced operations at its cold storage unit from March 2004. The cold storage facility of SNCSPL is located at Medinipore, West Bengal with aggregated storage capacity of 14000 metric ton. NEO ISPAT: CRISIL Lowers Rating on INR10cr LT Loan to B- -------------------------------------------------------- Crisil Ratings has downgraded its rating on the long-term bank facilities of Neo Ispat Pvt Ltd (NIPL) to 'Crisil B-/Stable' from 'Crisil B/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating 10 Crisil B-/Stable (Downgraded from 'Crisil B/Stable') The downgrade in rating factors in deterioration in the business and financial risk profiles of the company. Operating income declined to INR16.61 crore in fiscal 2025, from INR23.33 crore in fiscal 2024, due to raw material shortage and sluggish demand. The working capital cycle has stretched, with gross current assets increasing to ~174 days as on March 31, 2025, (from 113 days a year ago) due to higher inventory levels. The financial risk profile is marked by leveraged capital structure, with gearing of 6 times and total outside liabilities to tangible networth ratio of 7.22 times as on March 31, 2025. Debt protection metrics is marked by interest coverage ratio of 1.20 times and net cash accrual to adjusted debt ratio of 0.04 time in fiscal 2025 (1.50 times and 0.06 time in the previous fiscal). The financial risk profile will improve over the medium term, led by the likely increase in scale of operations and profitability amid no major, debt-funded capital expenditure (capex). The rating reflects modest financial risk profile and small scale of operations. These weaknesses are partially offset by the extensive experience of the promoters in the steel industry. Analytical Approach Crisil Ratings has considered the standalone business and financial risk profiles of NIPL. Unsecured loan (INR5.29 crore as on March 31, 2024) extended by the promoters has been treated as 75% equity and 25% debt. This is because the loan is interest free and expected to be maintained in the business over the medium term. Key Rating Drivers & Detailed Description Weaknesses: * Modest financial risk profile: The capital structure is leveraged, with gearing of 6 times and total outside liabilities to tangible networth ratio of 7.22 times as on March 31, 2025. Debt protection metrics is marked by interest coverage ratio of 1.20 times and net cash accrual to adjusted debt ratio of 0.04 time in fiscal 2025 (1.50 times and 0.06 time in the previous fiscal). The financial risk profile will improve over the medium term, led by the likely increase in scale of operations and profitability amid no major, debt-funded capex. * Small scale of operations: The iron and steel industry is highly fragmented and the consequent intense competition may continue to constrain scalability, pricing power and profitability. The company reported revenue of INR11.44 crore for the first nine months of fiscal 2025 and is estimated to book INR16.61 crore for the full fiscal. Operating income declined from INR23.33 crores in fiscal 2024 due to raw material shortage and sluggish demand. The operating margin stood stable at around 6.3% for the two fiscals through 2025 and may continue at similar levels going forward. Improvement in scale will remain a key rating sensitivity factor over the medium term. Strength: * Extensive experience of the promoters: The promoters have more than a decade of experience in the steel industry; their strong understanding of market dynamics and healthy relationships with customers and suppliers will continue to support the business. Liquidity: Stretched Bank limit utilisation was high at around 98% for the 11 months through January 2025. Cash accrual is expected at more than INR0.30 crore per annum, insufficient to meet the yearly debt obligation of INR0.91 crore over the medium term; the cash flow mismatch would be met by funds (unsecured loans and equity) extended by the promoters. Current ratio is estimated at 1.19 times on March 31, 2025. Outlook: Stable NIPL will continue to benefit from the extensive experience of its promoters and their established relationship with clients. Rating sensitivity factors Upward factors: * Sustained increase in revenue and operating margin, leading to net cash accrual above INR1.3 crore * Improvement in the working capital cycle, thereby reducing reliance on external debt Downward factors: * Revenue reducing by 20% or a steep decline in operating profitability, resulting in lower-than-expected net cash accrual * Large, debt-funded capex or a sizeable stretch in the working capital cycle NIPL, incorporated in 2010, manufactures steel and iron castings such as cast iron castings, mild steel (MS) angles, MS rounds and MS flats and squares. Its facility is at Prantij in Gujarat. Mr Haresh D Patel, Mr Ashish H Patel and Mr Viralkumar H Patel own and manage the business. NEW HAVEN: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: New Haven Engineering Co Private Limited Simran Centre, 30 H Parsipanchyat Rd, Andheri (E), Mumbai, Maharashtra, India, 400069 Insolvency Commencement Date: April 11, 2025 Estimated date of closure of insolvency resolution process: October 8, 2025 Court: National Company Law Tribunal, Mumbai Bench-VI Insolvency Professional: Mayur RajendraKumar Popat 802, Sainath Heights, Besides Isckon Temple, Near Harinagar Crossing, Vadodara, Gujarat 390021 Email: mayurpopat@hotmail.com 425, Lotus Elite, Gotri Sevasi Road, Besides OSIA Hypermart, Vadodara, Gujarat – 390021 Email: cirp.newhaven@gmail.com Last date for submission of claims: May 8, 2025 NIKKAMAL JEWELLERS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nikkamal Jewellers Private Limited (NJPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 29, 2024, placed the rating(s) of NJPL under the 'issuer non-cooperating' category as NJPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NJPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 15, 2025, March 25, 2025 and April 4, 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 Nikkamal Jewellers Private Limited (NJPL), incorporated in year 1991, is engaged in the business of manufacturing and trading of gold jewellery, diamond/precious stones, gold bars/coins etc. The company sells jewellery and precious stones to retail customers at its showroom located in Ludhiana under the brand name- 'Nikkamal Jewellers'. NJPL started its operations in 1991 with a showroom in New Delhi. However, in the year 2010, the company shifted its operations to Ludhiana. NORTHERN POWER: CARE Lowers Rating on INR14cr LT Loan to C ---------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Northern Power Erectors Limited (NPEL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and revised from CARE B-; Stable Short Term Bank 4.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 29, 2024, placed the rating(s) of NPEL under the 'issuer non-cooperating' category as NPEL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NPEL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 15, 2025, March 25, 2025 and April 4, 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 New Delhi based, Northern Power Erectors Limited (NPEL) is a closely held public limited company originally incorporated in 1986 as Northern Power Erectors Private Limited. The name was and constitution was revised to present one in May, 1993. The Company is currently being managed by Mr. V.S. Mittal and Mr. N.S. Mittal. The company is engaged in manufacturing of hydro turbine and generator parts like S.S. rings, turbine runners, guide vane housing, etc. The company is also engaged in servicing and maintenance of hydro power stations. PATEL WOOD: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Patel Wood Products Limited RZ-B2/115, 1st Floor, Vijay Enclave Palam, South West Delhi, Delhi, Delhi, India, 110045 Insolvency Commencement Date: April 22, 2025 Estimated date of closure of insolvency resolution process: October 19, 2025 (180 Days) Court: National Company Law Tribunal, New Delhi Bench-V Insolvency Professional: Manoj Kumar Anand 2, Community Centre, 3rd Floor, (Near PVR/McDonald), Naraina, New Delhi - 110028 Email: anandmanoja@gmail.com Email: patelwoodcirp@gmail.com Last date for submission of claims: May 8, 2025 PRASANTHI PROPERTY: CRISIL Reaffirms B- Rating on INR80cr Loan -------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B-/Stable' rating on the long-term bank facilities of Prasanthi Property Developers Pvt Ltd (PPDPL; part of the Prasanthi group). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating 80 Crisil B-/Stable (Reaffirmed) The rating continues to reflect the company's susceptibility to cyclicality in the real estate sector and modest scale of operations. These weaknesses are offset by the extensive entrepreneurial experience of its promoters and funding support from them. Analytical approach: Crisil Ratings has evaluated the standalone business and financial risk profiles of PPDPL. Key rating drivers and detailed description Weaknesses: * Exposure to cyclicality inherent in the real estate industry: In addition to cyclicality, the real estate sector in India is affected by volatile prices, opaque transactions and a highly fragmented market structure. Hence, the business risk profile will remain susceptible to risks arising from any industry slowdown. * Modest scale of operations: PPDPL started its operations in fiscal 2024 and booked INR12-13 crore revenue from sales of scrap including equipment and machinery in the fiscal. The company is also planning to get into real estate for which they have purchased land parcels in Malappuram and Nagercoil districts, however it is in the nascent stage and revenue is expected to be generated from fiscal 2027 onwards. Strength: * Extensive entrepreneurial experience of its promoters and funding support from them: PDPPL is a part of the Kerala-based Prasanthi group, which is one of the largest cashew exporters in Kerala. The group operates around 100 owned processing units under different entities in Kerala, Tamil Nadu and Andhra Pradesh, with a combined processing capacity of around 250 tonne per day. The promoters have experience of more than three decades in the cashew industry. Liquidity: Stretched Bank lines were highly utilised at 94.86% on average during the last tweleve months till March 2025. Net cash accrual is expected to be insufficient against debt obligation of INR1.2 crore over the medium term. Support from the promoters, in the form of unsecured loan, will support the business. Outlook: Stable Crisil Ratings believes PDPPL will continue to benefit, over the medium term, from its promoters' extensive experience. Rating sensitivity factors Upward factors: * Early completion of projects and higher income from scrap sales resulting in net cash accrual of more than INR2 crore * Improvement in the financial risk profile. Downward factors: * Low cash flow from operations and operating margin lower than 25% leading to insufficient cash accrual for debt obligation * Stretched working capital cycle weakening the financial risk profile, particularly liquidity Incorporated in January 2023 by Mrs Ushasree Kunjulekshmi Amma Raghava Pilla and Mr Mohanachandran Nair Balakrishna Pillai, PPDPL is engaged in commercial real estate development (building of factories) along with selling of scraps inclduing machineries and equipments in Kollam, Kerala. RAM COMMODITIES: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shri Ram Commodities (SRC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 13.23 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) had placed the rating of SRC under the 'issuer not cooperating' (INC) category vide its press release dated March 18, 2024, considering SRC's failure to provide information for monitoring the rating and non-payment of surveillance fees for the rating exercise. The rating of CARE D assigned to short-term bank facilities of SRC continues to remain under INC category, as the firm has neither provided requisite information for monitoring ratings nor paid the surveillance fees for the rating exercise as agreed in its Rating Agreement, despite, CARE Ratings seeking information from SRC to monitor the rating(s) vide e-mail communications dated February 21, 2025, February 11, 2025, and February 1, 2025, and numerous phone calls. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CARE Ratings has reviewed the rating based on best available information, which in CARE Ratings' opinion is not sufficient to arrive at a fair rating. The rating on SRC's short-term bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and public at large) are hence requested to exercise caution while using above rating(s). Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: At the time of last rating on March 18, 2024, following were the rating strengths and weaknesses (CARE Ratings did not receive information after FY22). Key weaknesses * Ongoing delays: Based on feedback from the banker on February 7, 2023, there are ongoing overdue payments on the term loan, and the cash credit/overdraft (CC/OD) limit is overdrawn. Term loan payments have been overdue since November 2022. There is no updated information available. * Small scale of operations: The firm's operations remain small with total income of ₹4.13 crore in FY22, decreased from ₹5.38 crore in FY21 considering decline in net brokerage income. Updated information is not available. * Inherent volatility in the revenue profile with majority income coming from brokerage segment: The firm's majority income is derived from trading in commodities. Income derived from this segment is highly volatile and speculative in nature. Though income from the segment has increased on a year-on-year basis in FY22, the firm's ability to continue to achieve profits in the segment remains a key rating consideration. Updated information is not available. * Increasingly competitive business segment: Broking business in India is highly competitive and SRC faces fierce competition from large broking firms. Large broking firms are in a better position to reduce operating expenses and maintain their margins. Broking business in India is becoming increasingly competitive with reducing brokerage fees and volatile volumes. * Constitution of the entity being a partnership firm: SRC's constitution as a partnership firm has the inherent risk of possibility of withdrawal of partners' capital at the time of personal contingency and the firm being dissolved on the death/retirement/insolvency of partners. Partnership firms have restricted access to external borrowing as credit worthiness of partners would be the key factor affecting lenders' credit decision. Key strengths * Experienced partners: Rattan Lal Aggarwal, Deepa Gupta and Ramesh Bansal are partners for SRC. They have nine years of industry experience through their association with SRC alone. Partners have adequate acumen across aspects of business, which are likely to benefit SRC in the long run. SRC was established in June 2010 as a partnership firm, and its commercial operations started in 2011. The firm is being currently managed by Rattan Lal Aggarwal, Deepa Gupta, and Ramesh Bansal as its partners. SRC is a trading member of the Multi Commodity Exchange of India Limited (MCX Member ID - 46005) with clearing support of Globe Commodities limited and trading cum-clearing member of National Commodity and Derivatives exchange Limited (NCDEX Member ID - 01059) since 2011. The firm has also taken the membership from Bombay Stock Exchange Limited (BSE- Member id: 6693) and National Stock Exchange of India Limited (NSE - Member id: 90150). SRC has 30 franchisees spread across India. SALASAR BALAJI: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Salasar Balaji Industries (SBI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 15, 2024, placed the rating(s) of SBI under the 'issuer non-cooperating' category as SBI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 1, 2025, March 11, 2025, March 21, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Salasar Balaji Industries, incorporated in 1996 by Mr. Mahesh Kumar Khetan, Mr. Dhiraj Kumar Khetan, Mr. Vikrant Kumar Khetan and Mrs. Vidya Devi Khetan as a partnership firm. The firm is engaged in trading, manufacturing and processing of Kapas to produce cotton bales and processing of cotton seeds to produce cotton seed wash oil & cotton seed oil cake. The firm is a part of Sri Salasar Balaji group, promoted by Mr. Mahesh Kumar Khetan. The other group companies; Shree Ashta Laxmi Spinning Mills Pvt Ltd (a spinning mill), Sri Salasar Balaji Agro Tech Private Limited and Agrawal Ginning & Pressing Pvt Ltd, are also engaged in the cotton textile industry with business activity spanning across cotton ginning and pressing and trading. SOVA STORES: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: M/s Sova Stores & Spares Pvt Ltd. 37, Shakespeare Sarani, S. B. Tower, Kolkata, West Bengal - 700017 Insolvency Commencement Date: April 29, 2025 Estimated date of closure of insolvency resolution process: October 26, 2025 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Tripti Agarwal 9C, Ekta Residency, 174A Manicktalla Main Road, Kolkata - 700054 Email: ip.tripti@gmail.com 12, Park Lane 2nd Floor, Kolkata - 700016 Email: cirp.sovastores@gmail.com Last date for submission of claims: May 13, 2025 SOWPARNIKA PROJECTS: ICRA Keeps B+ Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Sowparnika Projects and Infrastructure Private Limited (SPIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- NCD/Debt-Bonds/ 80.00 [ICRA]B+(Stable); ISSUER NOT NCD/LTD COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 41.30 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 88.70 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SPIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2003, Sowparnika Projects and Infrastructure Private Limited (SPIPL), is a closelyheld private limited company involved in real-estate development. The company is the flagship entity of the Sowparnika Group, which comprises a group of companies owned and managed by Ms. Meenakshi Ramji, Mr. Ramji Subramaniam and associates. Till date, the company has completed 32 projects in Bengaluru, Trivandrum, Coimbatore, Mysore and Chenganassery, aggregating to 2.4 million sq. ft. At present, the company is executing 29 projects encompassing 3.9 million sq.ft. of Total Saleable Area (SBA). Besides, it also has 14 upcoming projects of 3.1 million sq.ft., which are under various stages of approvals and land aggregation. SPENCER'S TRAVEL: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Spencer's Travel Services Limited (STSL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 12, 2024, placed the rating(s) of STSL under the 'issuer non-cooperating' category as STSL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. STSL continues to be non-cooperative despite repeated requests for submission of information through emails dated February 26, 2025, March 8, 2025, March 18, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Chennai (Tamil Nadu) based Spencers Travel Services Limited (STSL) was incorporated in the year 2001 and subsidiary of Spencers Holdings Private Limited. STSL is part of RPG Group, CEAT Limited is the flagship company in the group which started in 1981. The group then went on to acquire KEC (1982), Searle India, now RPG Life Sciences (1983), Dunlop (1984), Gramophone Company of India Ltd, now Saregama India (1986) and finally CESC, Harrisons Malayalam and ICIM (1989). This group acquired Spencer & Company Limited in 1989 and its airline division became a separate entity as Spencer's Travel Services Limited in 2001. STSL is an IATA (International Air Transport Association) accredited agency and affiliated to the Uniglobe network. The company is engaged in providing services of tourist and travel agent, tour operators and allied services for airline operators (such as accommodation and catering services). The Board of Directors consists of Ms. Geetha George (Managing Director), Ms. Binu Varghese and Ms. Pooja Madaiah. SRSL has partnered with Qatar Airways, Dragon Air, Cathay Pacific and Cathay pacific cargo, Sri Lakan Airlines, Maldivian Airlines, Air India Express, Air Mauritius, Emirates and Salalah Airlines to render their services. The services contract with airlines will be renewed every 5 years. The day-to-day operations are managed by Ms. Geetha George (Managing Director) and Mr. George Manamel (CEO), who have experience of more than a decade in the sector. The company has around 1200 agents in PAN India. SS REALTECH: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: SS Realtech Private Limited 592 A, Bijwasan, New Delhi – 110061 Insolvency Commencement Date: April 29, 2025 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: October 26, 2025 Insolvency professional: Anju Agarwal Interim Resolution Professional: Anju Agarwal 73, National Park, Lajpat Nagar IV, Delhi 110024 Email: anju@insolvencyservices.in -- and -- C-100, Sector 2, Noida, Uttar Pradesh 201301 Email: ssrealtech@ibcprocess.in Last date for submission of claims: May 13, 2025 STONE INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Stone India Limited (SIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 34.48 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 19.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 26, 2024, placed the rating(s) of SIL under the 'issuer non-cooperating' category as SIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 12, 2025, March 22, 2025, April 1, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Stone India Limited (SIL) currently belonging to the Kolkata-based Duncan Goenka group, was incorporated in 1931. Before coming under the aegis of the Duncan Goenka group in early 90s, SIL was a part of Stone-Platt, a UK based group. SIL has been engaged in the manufacturing of electrical and mechanical equipment like brake systems, alternators, pantographs, slack adjusters, etc. for rail road industry, since eight decades. Its manufacturing facilities are located in Kolkata and Baddi (Himachal Pradesh). SIL has technical tie-ups with foreign players for gaining access to new technology and to maintain business continuity with Indian Railways (IR). The Duncan Goenka group, which has interest in sectors like tea, paper, chemical and engineering, is spearheaded by Mr. G. P. Goenka duly supported by his son Mr. S. V. Goenka. SIL holding ISIN number INE290C01015, was previously listed on BSE. However, it has been delisted as on March 21, 2024. SUN-POWER METALICS: Liquidation Process Case Summary ---------------------------------------------------- Debtor: Sun-Power Metalics Private Limited Office No. 810, Tandice 69, Govindnagar, Andheri Kurla Rd, Near Darpan Tele-Exchange, Andheri East, Mumbai, Maharashtra, India 400093 Liquidation Commencement Date: April 20, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Milind Kasodekar Third Floor, Satyagiri Apartments, 77, Vijayanagar Colony, 2147, Sadashiv peth, Pune 411030 Email: milind.kasodekar@kmdscs.com Email: liq.sunpowermetallics@gmail.com Last date for submission of claims: May 29, 2025 SUPERMAK FOILS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Supermak Foils Private Limited 301 Mancharam Apartment Nehru Street Opposite LIC Office, Vapi, Gujarat, India, 396191 Insolvency Commencement Date: April 28, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: October 25, 2025 Insolvency professional: Hasti Mal Kachhara Interim Resolution Professional: Hasti Mal Kachhara A-602, Nirman Apartments, Pump House, Vikas Nagar, Andheri (East), Mumbai City, Maharashtra, 400093 Email: hastimal.kachhara@gmail.com -- and -- 1221, Maker Chamber V, Nariman Point, Mumbai 400021 Email: cirp.sfpl@gmail.com Last date for submission of claims: May 12, 2025 SUSEE TRUCKS: ICRA Moves B Debt Rating to Not Cooperating --------------------------------------------------------- ICRA has moved the ratings for the bank facilities of Susee Trucks Private Limited (STPL) to the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 6.00 [ICRA]B (Stable); ISSUER NOT Fund-based- COOPERATING; Rating moved to Cash Credit 'Issuer Not Cooperating' category The rating is based on limited cooperation from the entity since the time it was last rated in July 2024. As a part of its process and in accordance with its rating agreement with STPL, ICRA has been sending repeated reminders to the entity for payment of the surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite cooperation and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. Incorporated in 2004, Susee Trucks Private Limited is the sole authorised dealer of SCVs and LCVs for Tata Motors Limited in Tamil Nadu, across six districts, namely, Vellore, Thiruvannamalai, Kanchipuram, Tirupattur, Vandavasi and Sriperumbudur. It has four 3S showrooms and multiple sales showrooms. The company is a part of the larger Susee Group, with interests in various businesses including logistics, packaging and education, apart from auto dealership. The company's day-to-day operations are managed by Mr. S. Manivannan. TORO PROCESSORS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Toro Processors India Private Limited (TPIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 26, 2024, placed the rating(s) of TPIPL under the 'issuer non-cooperating' category as TPIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TPIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 12, 2025, March 22, 2025 and April 1, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable TPIPL was incorporated in April 2011 for setting up a manufacturing and fabrication of heavy steel aggregates plant. The commercial operation of the company started in February 2017 and the plant is located at Kharagpur, West Bengal with an installed capacity of 24000 metric tonnes per annum. The company caters to the requirements of reputed clients like Indian Oil Corporation Limited, Larsen and Toubro Limited, etc. [] INDIA: Creditors Realise INR3.89cr Lakh Under Resolution Plans ----------------------------------------------------------------- Telegraph India reports that creditors have realised INR3.89 lakh crore under resolution plans through March, accounting for 32 per cent of the admitted claims by them, a senior official from the Insolvency & Bankruptcy Board of India said on May 10. A total of 1,194 cases have been resolved under the Insolvency & Bankruptcy Code, 2016 till that period and the realised recovery represents 170.02 per cent of the liquidation value and 93.36 per cent of the fair value, Jithesh John, executive director of the IBBI, informed, Telegraph India relays. Joining virtually at the 8th IBC Conclave organised by the CII, John said the realised value did not take into account the possible realisation through corporate and personal guarantors and recovery against avoidance transactions, according to Telegraph India. Moreover, 40 per cent of the corporate debtors which underwent the corporate insolvency resolution process were defunct companies. "This is the real success of the Code that even defunct companies have been made operational through this process, leading to job creation. In these cases, the claimants have realised 150.33 per cent of liquidation value and 18.96 per cent of their admitted claims," Telegraph India quotes John as saying. According to the report, Bijay Murmuria, chairman of banking and financial services subcommittee of CII Eastern Region, said there has been a consistent upward trend in resolutions and a significant downward shift in liquidations since 2020-21. "In 2017-18, for every corporate debtor (CD) resolved, five went into liquidation. However, in 2024-25 (until December 2024), for every one CD resolved, only 1.3 went into liquidation. This marks a clear reversal in the trend of companies going into liquidation under the Code," Murmuria argued. Telegraph India relates that John argued that IBC changed the debtors' behaviour. "The provisions of the IBC have prompted debtors to take early action in distress situations, marking a positive shift in their behaviour. There's a noticeable improvement in credit discipline, with 30,310 cases settled prior to admission, covering underlying defaults worth INR13.78 lakh crore till December, 2024. According to the RBI's trend and progress of banking in India for the year 2023-24 report, out of the INR96,325 crore recovered by scheduled commercial banks through various channels, INR46,340 crore has been recovered through IBC alone, he noted. Telegraph India says John cited an IIM Ahmedabad study that demonstrates how IBC has helped the economy by getting sick assets back on stronger financial footing. Average sales of firms that underwent resolution increased by 76 per cent in the three years following resolution, the report noets. While net margins remain negative, resolved firms have achieved operational break-even (4 per cent operating margin) by the third-year post-resolution, a significant improvement from the pre-resolution period, Telegraph India relays. There was a 50 per cent increase in average employee expenses three years post-resolution, indicating higher employment intensity in resolved listed firms. Total employment across firms also showed a substantial increase. Telegraph India adds that average total assets of resolved firms increased by about 50 per cent post-resolution, coupled with a 130 per cent increase in capital expenditure, indicating a build-up of tangible assets. "For listed resolved firms, there was a significant revival in average market valuations post-resolution. The aggregate market valuation of all resolved firms increased from around INR2 lakh crore to INR6 lakh crore post-resolution," John noted. ========= J A P A N ========= NISSAN MOTOR: Plans to Slash 20,000 Jobs Globally ------------------------------------------------- Kyodo News reports that Nissan Motor Co. plans to cut around 20,000 jobs globally, more than 10,000 above the reduction announced last fall, as it deems deeper action is needed to turn its business around, a source familiar with the matter said on May 12. Kyodo relates that the job cuts under the new plan represent about 15 percent of Nissan's total workforce. The company was set to report its earnings for the fiscal year ended March on May 13, with attention focused on the impact of U.S. President Donald Trump's higher auto tariffs. The automaker is also considering closing one of its domestic factories as part of efforts to optimize production capacity amid declining sales, the source said, Kyodo relays. In November, Nissan announced plans to cut 9,000 jobs in Japan and overseas and to reduce its global production capacity by 20 percent by fiscal 2026, as its businesses in the United States and China continued to struggle. In February, it said it also plans to close a Thai plant and two other factories without giving details. According to Kyodo, Nissan currently operates five vehicle assembly plants in Japan, with former CEO Makoto Uchida previously expressing a commitment to keeping domestic factories in operation. Kyodo relates that the plan to close a domestic plant is expected to draw strong opposition from labor unions and other stakeholders, likely making coordination difficult. Last month, the automaker projected a net loss of JPY700 billion ($4.7 billion) to JPY750 billion for fiscal 2024 due to restructuring costs, which would be the company's biggest-ever annual net loss, Kyodo notes. According to Kyodo, Nissan has been reviewing its investment strategy under CEO Ivan Espinosa, who assumed Nissan's top post on April 1. It said last week it has abandoned a plan to build an electric vehicle battery plant in Fukuoka Prefecture, only a few months after signing a pact with local governments over the envisioned facility, Kyodo relates. Nissan sought to merge operations with rival Honda Motor Co., but their negotiations broke down in February after Honda's proposal to make Nissan its subsidiary riled the Yokohama-based automaker's board. About Nissan Motor Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. Fitch Ratings, in April 2025, also downgraded Nissan Motor Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured rating to 'BB' from 'BB+'. The Outlook is Negative. Fitch has affirmed the Short-Term Foreign- and Local-Currency IDRs at 'B'. S&P Global Ratings, on March 7, 2025, lowered its long-term issuer credit ratings on Nissan Motor and its overseas subsidiaries to 'BB' and affirmed its short-term issuer credit ratings on each company at 'B'. The negative outlook reflects S&P's view that the company's creditworthiness may continue to deteriorate as a challenging operating environment hampers profitability improvement and free cash flow losses continue. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. ===================== N E W Z E A L A N D ===================== BLUEBELLE BRIDAL: Creditors' Proofs of Debt Due on June 18 ---------------------------------------------------------- Creditors of Bluebelle Bridal Co Limited are required to file their proofs of debt by June 18, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 7, 2025. The company's liquidator is: Lynda Smart Rodgers Reidy PO Box 39090 Harewood Christchurch 8545 EXPERT MOVING: Court to Hear Wind-Up Petition on June 16 -------------------------------------------------------- A petition to wind up the operations of Expert Moving Group Limited will be heard before the High Court at Hamilton on June 16, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 20, 2025. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight (PO Box 432) Hamilton PARTNERS COLLECTIVE: Court to Hear Wind-Up Petition on June 4 ------------------------------------------------------------- A petition to wind up the operations of Partners Collective Group Limited will be heard before the High Court at Auckland on June 4, 2025, at 10:00 a.m. Ben Mayne Plumbing Limited filed the petition against the company on April 7, 2025. The Petitioner's solicitors are: Jonathan Kilby Scragg Joshua Jordan Pietras c/o Duncan Cotterill Level 5, Duncan Cotterill House 50 Customhouse Quay Wellington 6011 ROVIMA PROPERTY: Creditors' Proofs of Debt Due on June 4 -------------------------------------------------------- Creditors of Rovima Property Limited and Trustwood Forests (Ngatoka) Limited are required to file their proofs of debt by June 4, 2025, to be included in the company's dividend distribution. Rovima Property and Trustwood Forests commenced wind-up proceedings on May 5, 2025 and May 6, 2025, respectively. The company's liquidator is: Victoria Toon Corporate Restructuring Limited PO Box 10100 Dominion Road Auckland 1446 STEELPIPE LIMITED: Creditors' Proofs of Debt Due on June 7 ---------------------------------------------------------- Creditors of Steelpipe Limited are required to file their proofs of debt by June 7, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 7, 2025. The company's liquidators are: Gareth Russel Hoole Raymond Paul Cox Ecovis KGA Limited Level 2, 5–7 Kingdon Street Newmarket Auckland 1023 ================= S I N G A P O R E ================= EASTBUILT ENGINEERING: Court Enters Wind-Up Order ------------------------------------------------- The High Court of Singapore entered an order on April 25, 2025, to wind up the operations of Eastbuilt Engineering Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani C/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 GLP PTE: Fitch Rates Proposed USD Notes 'BB' -------------------------------------------- Fitch Ratings has assigned GLP Pte. Ltd.'s (BB/Stable) proposed US dollar notes a rating of 'BB'. The proposed notes will be issued by GLP and the company will use the proceeds for refinancing. The notes are rated at the same level as GLP's senior unsecured rating because they constitute direct, unsubordinated and senior unsecured obligations of the company. GLP's ratings reflect the resilient performance of its diversified asset portfolio. The company has executed its asset monetisation plan. This, along with an expansion in funding access and stable banking relationships, supports its liquidity buffer replenishment and addresses its capital-market debt maturities. Fitch expects the stabilisation of the company's asset monetisation programme and increased contribution from new businesses, in particular the data-centre segment, to bolster its EBITDA and cash flow recovery. This is likely to drive GLP's medium-term deleveraging, providing key support to its ratings. Key Rating Drivers Improved Liquidity Buffer: GLP had short-term borrowings of USD4.0 billion at end-2024 (end-2023: USD4.9 billion). Excluding revolving credit facilities, Fitch estimates that around USD3.2 billion of the short-term debt, including USD1.2 billion of bonds, will be repaid using liquidity on hand and proceeds from asset monetisation. GLP had available liquidity of USD1.6 billion at end-2024, comprising readily available cash and undrawn facility headroom. GLP subsequently received USD1.4 billion in cash and USD300 million in shares from the disposal of its international fund management business. Additionally, the company has secured new loan facilities in the ordinary course of business refinancing and the newly announced USD300 million bond issuance should bolster its liquidity buffer. Slower Asset Monetisation: The pace of GLP's ordinary course of business asset monetisation, excluding the sale of the fund management business, slowed in 2H24, with USD1.4 billion of disposals, compared with USD2.1 billion in 1H24. Fitch estimates disposals in 1Q25 amounted to about USD300 million. Continued successful execution of its asset monetisation strategy is key towards supporting its liquidity and deleveraging trajectory. In terms of fund formation, it closed a CNY2.8 billion logistics fund, CIF XIII, in December 2024 and a CNY2.6 billion China internet data centre (IDC) income fund, GLP's first digital asset-focused fund, in April 2025. Resilient Underlying Operating Performance: Revenue fell 11% yoy in 2024, primarily due to asset disposals and lower promote fees. Logistics rental and related income declined by 22%, but underlying performance remained resilient, with a small drop in the lease ratio to 90% in 2024, from 92% in 2023, and a stable net operating income margin of 86%. The company estimates that less than 10% of the logistics portfolio is export-related, of which only a small proportion is direct export to the US, which may help contain the potential impact of trade tensions. The data-centre business' revenue rose 43% yoy to USD193 million, with underlying EBITDA turning positive with a USD51 million contribution. Deleveraging Is Key: GLP's debt, excluding non-recourse debt at managed funds, fell by about USD1.2 billion to USD11.9 billion by end-2024. Fitch expects the company to continue to reduce debt this year through asset disposals. Fitch expects leverage to improve in the medium term as EBITDA growth returns, driven by the growth in the IDC business and stabilisation of the logistics business. GLP's recurring EBITDA interest coverage was 1.26x in 2024 (2023: 1.18x), against Fitch's negative rating threshold of 1.25x. Fitch expects recurring EBITDA interest coverage to improve in the medium term as the company reduces debt and interest rates decline. Changing Business Mix: The replacement of logistics rental income with other income streams, such as data-centre services and fund management fees, may lead Fitch to lower the company's leverage threshold to that of a typical investment-property (IP) company at the same rating level. This would be when GLP's other non-IP income contribution becomes materially higher than the current level, as rating sensitivities for Fitch-rated data-centre and other business-service companies tend to be more conservative than for property investors. Peer Analysis GLP's ratings are constrained by its liability profile and interest coverage. GLP faces significant capital market maturities in 2025 and 2026. The company's liquidity buffer has improved with the successful execution of its asset monetisation plan, stable banking relationships and the improvement in funding access. GLP's property portfolio is comparable with that of Singapore-based Mapletree Industrial Trust (BBB+/Stable) and Mapletree Logistics Trust (BBB+/Stable). However, a large portion of its assets is held under managed funds, where it earns fund management-related income, instead of direct rental income, with weaker access to secured financing. GLP also has greater concentration in China, where leases are shorter and the operating environment is currently more challenging. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Revenue to decline by 7% in 2025 (-12% in 2024); - Operating EBITDA margin of 35% in 2025 (2024: 33%); - USD2 billion of asset monetisation in 2025 (2024: USD3.4 billion); - USD1.6 billion of acquisitions and investments in 2025 (2024: USD1.6 billion). RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Evidence of weakening liquidity, such as cash and committed undrawn facilities that are insufficient to cover short-term capital market debt and/or bank funding access that is weaker than Fitch expects; - Recurring EBITDA interest coverage of below 1.25x on a sustained basis; - Leverage fails to decline in line with Fitch's expectation over the medium term. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Positive rating action is unlikely over the next 12-18 months unless the company stabilises its asset portfolio and demonstrates positive and sustained improvement in cash flow from operations. Issuer Profile GLP is a global investor, developer and investment manager, focused on the logistics digital infrastructure, and renewable energy sectors. The group has 69 million square metres of completed gross floor area in its logistics portfolio, 2,400MW of secured IT capacity globally, and around USD80 billion of assets under management. Summary of Financial Adjustments Adjustments made to standard Fitch-defined EBITDA to derive GLP's recurring EBITDA: - Add back eliminated management fees on consolidated managed funds. - Deduct withholding tax from jointly controlled entities' dividends. Date of Relevant Committee 09-Oct-2024 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations GLP has an ESG Relevance Score of '4' for Group Structure due to its complex group structure with various forms of operating entities. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. GLP has an ESG Relevance Score of '4' for Financial Transparency due to less frequent or detailed disclosures. This has a negative impact on the credit profile and is relevant to the ratings 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 ----------- ------ GLP Pte. Ltd. senior unsecured LT BB New Rating JOY CONSTRUCTION: Court to Hear Wind-Up Petition on May 23 ---------------------------------------------------------- A petition to wind up the operations of Joy Construction & Engineering Pte. Ltd. will be heard before the High Court of Singapore on May 23, 2025, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on April 29, 2025. The Petitioner's solicitors are: Adsan Law LLC 300 Beach Road #26-00 TheConcourse Singapore 199555 LBRLABEL PTE: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on May 2, 2025, to wind up the operations of Lbrlabel Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani C/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 LOYAL HACKERS: Creditors' Proofs of Debt Due on June 9 ------------------------------------------------------ Creditors of Loyal Hackers Pte. Ltd. are required to file their proofs of debt by June 9, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March -, 2025. The company's liquidator is: Liew Khee Soon 60 Paya Lebar Road #04-51, Paya Lebar Square Singapore 409051 WM AUTOMATION: Court to Hear Wind-Up Petition on May 30 ------------------------------------------------------- A petition to wind up the operations of WM Automation Pte. Ltd. will be heard before the High Court of Singapore on May 30, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on May 5, 2025. The Petitioner's solicitors are: Adsan Law LLC 300 Beach Road #26-00 TheConcourse Singapore 199555 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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