250520.mbx

250520.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, May 20, 2025, Vol. 28, No. 100 Headlines A U S T R A L I A BELLINGEN RSL: First Creditors' Meeting Set for May 23 CORONADO GLOBAL: Fitch Lowers Long-Term IDR to 'CCC+' D-STILL PTY: Second Creditors' Meeting Set for May 22 DIRECT MORTGAGES: First Creditors' Meeting Set for May 23 HFT WATER: Second Creditors' Meeting Set for May 22 N.A KRATZMANN: First Creditors' Meeting Set for May 26 SCOTPAC GEARS 2025-1: Moody's Assigns (P)B2 Rating to Cl. F Notes SPECTRE RETAIL 2022-2: Fitch Affirms 'Bsf' Rating on Class E Notes C H I N A CHINA EVERGRANDE: Creditors' Proofs of Debt Due on June 13 CHINA VANKE: Fitch Lowers IDRs to 'CCC+' CHINA VANKE: Repays Only Dollar Bond Due This Year POWERLONG REAL ESTATE: Liquidation Hearing Moved to July 21 SUNRISE REAL: RH CPA Raises Going Concern Doubt I N D I A ABACUS INDIA: Ind-Ra Cuts Bank Loan Rating to B+ AGGARWAL FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating AGS TRANSACT: Ind-Ra Moves D Loan Rating to NonCooperating AISHWARYA HEALTHCARE: Ind-Ra Keeps BB- Rating in NonCooperating AISHWARYA LIFESCIENCES: Ind-Ra Keeps BB- Rating in NonCooperating AISIRI AGRO: CARE Keeps C Debt Rating in Not Cooperating Category ALOM POLY: CARE Keeps C Debt Rating in Not Cooperating Category ARABIAN PETROLEUM: Ind-Ra Keeps BB- Rating in NonCooperating ARORA KNIT: CARE Keeps D Debt Rating in Not Cooperating Category BALA BALAJI: CARE Keeps D Debt Rating in Not Cooperating Category BANKEY BIHARI: Ind-Ra Affirms BB- Bank Loan Rating BANSAL FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating BHUSHAN POWER: NCLT Defers Insolvency Matter to May 30 BYJU'S: Byju Raveendran Calls US$1.2 Billion Term Loan a Mistake CELEBRITY BIOPHARMA: Ind-Ra Keeps BB- Rating in NonCooperating COPRAL ENERGY: Ind-Ra Assigns BB+ Bank Loan Rating ENTERPRISING ENTERPRISES: ICRA Keeps B Rating in Not Cooperating ESCON ELEVATORS: Ind-Ra Keeps BB- Loan Rating in NonCooperating EXEMPLARY HOTELS: Ind-Ra Affirms BB- Bank Loan Rating FABA AGENCIES: Ind-Ra Assigns BB- Loan Rating, Outlook Stable FURUKAWA MINDA: CRISIL Keeps B Debt Rating in Not Cooperating G.S. BUILDTECH: CARE Keeps C/A4 Debt Ratings in Not Cooperating GANAPATI BUILDERS: CARE Keeps C Debt Rating in Not Cooperating GENSOL ENGINEERING: NCLT to Hear Ireda's Insolvency Plea on June 3 GREEN GOLD: Ind-Ra Affirms BB NonConvertible Debt Rating HANDLOOM BHANDAR: ICRA Keeps B Debt Ratings in Not Cooperating HARDAYAL MILK: CARE Keeps D Debt Rating in Not Cooperating HERO FINCORP: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable INTERJEWEL PRIVATE: CARE Keeps D Debt Ratings in Not Cooperating JAIN AGENCIES: ICRA Keeps B+ Debt Rating in Not Cooperating JEYASOUNDHARAM TEXTILE: ICRA Keeps C Ratings in Not Cooperating MACRO VENTURES: CARE Keeps D Debt Rating in Not Cooperating MAHALAXMI FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating MALABAR IMPEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating MANI BHUSAN: CRISIL Keeps B+ Debt Ratings in Not Cooperating MARUTI NANDAN: CARE Keeps D Debt Rating in Not Cooperating MEKA BUJJI: CRISIL Keeps B+ Debt Ratings in Not Cooperating NIRUPAM ASSOCIATES: CARE Keeps C Debt Rating in Not Cooperating RAMDEV COTTON: CARE Keeps D Debt Rating in Not Cooperating RM DAIRY: CARE Keeps D Debt Rating in Not Cooperating Category S.K.L. EXPORTS: Ind-Ra Keeps BB- Loan Rating in NonCooperating SACRED HEART: Ind-Ra Withdraws BB+ Bank Loan Rating SECUREVALUE INDIA: Ind-Ra Moves D Loan Rating to NonCooperating SELVANAAYAKI TEXTILE: CARE Keeps D Debt Rating in Not Cooperating SHIVA PARVATI: Ind-Ra Moves B Loan Rating to NonCooperating SHIVASHAKTI SUGARS: Ind-Ra Affirms BB+ Bank Loan Rating SHYAM AGRO: Ind-Ra Cuts Term Loan Rating to B SIGMA CHEMTRADE: Ind-Ra Cuts Loan Rating to BB- SILVERLINE INVESTMENTS: ICRA Keeps D Ratings in Not Cooperating SINDHU CARGO: Ind-Ra Keeps D Loan Rating in NonCooperating SN ENVIRO: CRISIL Keeps D Debt Ratings in Not Cooperating SUDHIR AGRO: ICRA Keeps D Debt Ratings in Not Cooperating SURAT WOVENSACKS: ICRA Keeps B+ Debt Ratings in Not Cooperating SURYA PANEL: CRISIL Moves B- Debt Ratings to Not Cooperating SVARRNIM INFRASTRUCTURES: Ind-Ra Keeps D Rating in NonCooperating SWASTIK CEMENT: CARE Keeps C Debt Rating in Not Cooperating TRANS VIRTUAL: Ind-Ra Moves BB+ Loan Rating to NonCooperating VARUN AQUA: ICRA Keeps B+ Debt Ratings in Not Cooperating VENTA REALTECH: CARE Keeps D Debt Rating in Not Cooperating VERMA TRACTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating YAMUNA HOMES: Ind-Ra Affirms BB- Bank Loan Rating ZILLION INFRAPROJECTS: ICRA Keeps D Ratings in Not Cooperating J A P A N MUSEE PLATINUM: Owes Employees JPY1.5 Billion N E W Z E A L A N D LT BUILDERS: Court to Hear Wind-Up Petition on May 22 MR PAINTER: Court to Hear Wind-Up Petition on May 22 OPTIMUM HOMES: Creditors' Proofs of Debt Due on June 15 SHAPE CONSTRUCTION: Goes Into Liquidation; Owes More Than NZD1MM U1 DREAM: Creditors' Proofs of Debt Due on June 12 VORTEX GROUP: Creditors' Proofs of Debt Due on June 12 P H I L I P P I N E S ORIENTAL TAMARAW: MB Shuts Bank; PDIC to Pay All Deposit Claims S I N G A P O R E BEOW HOCK: Court to Hear Wind-Up Petition on May 30 PRECAST TECHNOLOGY: Creditors' Proofs of Debt Due on June 13 ROYALTY WATCH: Commences Wind-Up Proceedings RSKY MANAGEMENT: Court Enters Wind-Up Order SMILE AUTO: Court to Hear Wind-Up Petition on May 30 - - - - - ================= A U S T R A L I A ================= BELLINGEN RSL: First Creditors' Meeting Set for May 23 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Bellingen RSL Country Club Limited will be held on May 23, 2025 at 11:00 a.m. at Bellingen Golf Club, 1172 Waterfall Way in Bellingen. Michael William Lee Brennan and Morgan James Chubb of Clout Advisory were appointed as administrators of the company on May 13, 2025. CORONADO GLOBAL: Fitch Lowers Long-Term IDR to 'CCC+' ----------------------------------------------------- Fitch Ratings has downgraded Coronado Global Resources Inc.'s (CRN) Long-Term Issuer Default Rating (IDR) to 'CCC+', from 'B'. Fitch has also downgraded the rating on the US dollar senior secured notes issued by CRN's wholly owned subsidiary, Coronado Finance Pty Ltd, to 'B', from 'BB-', with a Recovery Rating (RR) of 'RR2'. The notes are guaranteed by CRN and all its operating subsidiaries, and are their senior secured obligations. The RR is constrained under Fitch's criteria, as Fitch treats the notes effectively as having second lien status behind CRN's USD150 million asset-based revolving credit facility (RCF). The IDR downgrade reflects CRN's minimal liquidity headroom, as Fitch expects the cash depletion seen in 1Q25 to worsen in the absence of additional funding. The company's efforts to negotiate amendments to its RCF has been delayed, along with plans to secure additional financing. Geopolitical uncertainty around US tariffs and their impact on prices of metallurgical (met) coal, CRN's primary output, and interest rates has exacerbated risks. Key Rating Drivers One-Third of Cash Depleted: CRN's cash balance fell by 32% in 1Q25 to USD229 million, hit by lower coal sales volume and qoq higher mining cost per tonne (t) sold. CRN's 1Q25 sales volume, excluding non-produced coal, fell by 8% yoy and 17% qoq, which the company said was partly due to external factors that delayed shipments. Unit mining costs were 10% lower yoy, but jumped 16% qoq on lower volume. CRN expects sales volume to recover from 2Q25. Further Cash Drain Likely: Fitch forecasts negative FCF of over USD400 million in 2025, which would drain cash without additional funding. Fitch estimates an EBITDA loss of over USD150 million in 2025, assuming an average realised met coal price of USD137/t and unit mining cost of USD94/t. Its prices assumption is roughly 10% below CRN's 1Q25 realised price, and Fitch expects the impact of weak spot prices in March 2025 to be felt in 2Q25. Fitch expects unit mining costs to fall in 2H25 and assume they will average around 15% lower in 2025 than in 1Q25. Additional Funding Uncertain: CRN continues to engage lenders of its RCF on changes granting covenant and usage flexibility, which would allow the company to use the facility beyond the covenant-test deferral until 31 May 2025. CRN is also seeking other financing that would exempt it from the minimum fixed-charge cover incurrence covenant of 2.0x under the notes. Fitch thinks obtaining additional funding in a timely manner at a manageable cost could be challenging due to market volatility. Volatile Coal Prices: Premium hard met coal spot prices for Australia have recovered to around USD190/t as of end-April 2025, after falling to below USD170/t in March 2025. However, Fitch sees risk that coal prices could decline again on weak prospects for global growth and steel demand due to the uncertainty around US tariff hikes. High Costs Likely to Decrease: CRN was in the fourth quartile of CRU's business cost curve for met coal exports in 2024, on a weighted-average basis. Fitch estimates CRN's cost position will improve in 2H25, based on CRU data, driven by higher output from the new Mammoth underground mine in Curragh Complex, Australia, and Buchanan mine expansion in the US. Higher Output in 2025: Fitch expects CRN's coal sales volumes to jump by over 10% in 2025, on higher output at key assets. CRN plans to increase the mining units at Mammoth to three, from one, by 2H25. It also aims to add a raw coal storage facility and coal hoisting capacity at Buchanan in 2Q25. It expects to incur most of the planned 2025 capex on these projects in 1H25. Opex and Capex Flexibility Limited: CRN plans to optimise contractor structure and idle surface operations at Logan in the US to reduce operating costs, undertake future development capex in phases and push sustaining capex back by a few months. The company does not intend to take steps such as lowering strip ratios, which would weaken longer-term profitability. Fitch sees risk that CRN may be forced to cut costs further by adjusting its mining plan to maintain liquidity. The company may also have to prolong the deferral of sustaining capex, which would increase risk of unplanned outages. Stanwell Uplift from 2027: Profitability at Curragh, CRN's largest asset by volume, is weakened by thermal coal sales to Stanwell Corporation Ltd. at below market rates and revenue sharing from coal exports with Stanwell through rebates. CRN expects its agreement with Stanwell to expire by early 2027 upon delivery of contracted volumes. The group would then no longer pay rebates on coal exports and could export around 1 million tonnes per year of low-grade met coal, instead of selling it as thermal coal to Stanwell at below market rates. Metrics to Improve from 2026: CRN is susceptible to small changes in coal prices. Therefore, any improvement in prices, combined with cost reduction, would improve EBITDA rapidly. Fitch estimates CRN's EBITDA net leverage will improve to 6.9x in 2026 and 3.1x by end-2027. In 2026, Fitch expects CRN to benefit from a full year of higher output and lower costs, which should be seen from 2H25. Its 2027 expectations incorporate the uplift from the expiry of the Stanwell contract. Fitch forecasts EBITDA interest coverage to improve to 1.3x in 2026 and 2.8x in 2027. Rated on Standalone Basis: Fitch rates CRN based on its standalone credit profile, despite Coronado Group LLC's 50.4% stake. Fitch does not have any information on Coronado Group, held by Energy & Minerals Group (EMG), a private equity firm. Fitch sees limited risk to CRN's credit profile from large dividends or other forms of exceptional returns to Coronado Group and EMG. CRN is listed in Australia and most of its directors are independent. Fitch thinks CRN's share price would fall if EMG exerted undue influence on CRN's decisions, hurting EMG's profits. Peer Analysis CRN's ratings can be compared with other rated met coal producers Golden Energy and Resources Pte. Ltd. (GEAR, B+/Stable) and Mongolian Mining Corporation (MMC, B+/Stable). GEAR owns 59% of Australia-based met coal mining company Stanmore Resources and a 70% stake in an Illawarra met coal asset. GEAR's assets have a better cost position than CRN's, within the third quartile of the global met coal cost curve. Fitch expects GEAR's average proportionately consolidated EBITDA over 2025-2027 to be significantly higher than CRN's average. CRN's business profile disadvantages compared with GEAR, along with a weaker financial profile highlighted by significant liquidity risk, drive the lower IDR for CRN. MMC is the largest producer and exporter of high-quality hard met coal in Mongolia. MMC has a significantly stronger financial profile than CRN. This drives MMC's higher rating, despite its IDR being affected by the concentration of end customers in northern China and high country-risk for its mining operations in Mongolia. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for CRN: - Total coal sales volume, including thermal coal, of 18mt in 2025 and 19mt from 2026 (2024: 16mt); - Average realised price for coal sales of around USD120/t over 2025-2027 (2024: USD155/t); - Unit cost of coal revenues declines by USD14/t each in 2025 and 2026; - Average annual capex of around USD180 million over 2025-2027 (2024: USD248 million); - Flat annual dividend of USD17 million during 2025-2027. Recovery Analysis Key Recovery Rating Assumptions - The recovery analysis assumes that CRN would be liquidated in bankruptcy, based on its estimate of higher recoveries for debtholders in case of liquidation compared with CRN's going-concern enterprise value. - Fitch has assumed a 10% administrative claim. - Fitch uses an 80% advance rate against the value of trade receivables as of end-2024 and a 50% advance rate against the value of inventory to calculate the liquidation value. This is in line with typical advance rates Fitch uses for receivables and inventories. Fitch uses a 25% advance rate against the value of property, plant and equipment, which is lower than Fitch's typical assumption. The higher discount is based on its assessment that the liquidation value could be hampered by the old age of a large portion of CRN's plant and equipment. - Fitch assumes that the USD150 million RCF will be fully drawn and practically rank ahead of the USD400 million senior secured notes in the event of liquidation. The RCF has first lien status over trade receivables and inventories, among other assets, which are more easily liquidated than other assets. This effectively renders the US dollar notes second lien, in its view. The assumptions result in an 'RR2' Recovery Rating for the US dollar notes under Fitch's Corporate Recovery Ratings and Instrument Ratings Criteria. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - A deterioration in liquidity, potentially due to an inability to obtain additional financing. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - An improvement in CRN's liquidity profile. Liquidity and Debt Structure CRN had USD229 million of cash as of 31 March 2024. In addition, it had USD96 million available under the USD150 million RCF, which matures in August 2026. The group has around USD450 million of debt, mainly comprising USD400 million in secured notes due in 2029. CRN does not have material debt maturities in 2025 and 2026. However, Fitch forecasts large negative FCF in 2025-2026, which would impair CRN's liquidity in the absence of additional financing. Fitch assumes that CRN will be able to amend its RCF and secure additional financing in the next few months to fund operations, helped by an improvement in its business profile. However, CRN's liquidity is at risk from coal price and debt market volatility. Issuer Profile CRN is an Australia-listed miner of met coal and some thermal coal. It has assets in Australia and the US and sold 16mt of coal in 2024. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Coronado Global Resources Inc. LT IDR CCC+ Downgrade B Coronado Finance Pty Ltd senior secured LT B Downgrade RR2 BB- D-STILL PTY: Second Creditors' Meeting Set for May 22 ----------------------------------------------------- A second meeting of creditors in the proceedings of D-Still Pty. Ltd. has been set for May 22, 2025 at 11:00 a.m. at the offices of O'Brien Palmer at Level 9, 66 Clarence Street in Sydney. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 21, 2025 at 5:00 p.m. Liam Thomas Bailey of O'Brien Palmer was appointed as administrator of the company on April 7, 2025. DIRECT MORTGAGES: First Creditors' Meeting Set for May 23 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Direct Mortgages Pty Ltd will be held on May 23, 2025 at 10:00 a.m. online via videoconference only. Roberto Crispino and Richard Albarran of Hall Chadwick were appointed as administrators of the company on May 13, 2025. HFT WATER: Second Creditors' Meeting Set for May 22 --------------------------------------------------- A second meeting of creditors in the proceedings of HFT Water Solutions Pty Ltd has been set for May 22, 2025 at 11:00 a.m. virtually via Zoom. 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 21, 2025 at 5:00 p.m. Ivan Glavas of Worrells was appointed as administrator of the company on March 27, 2025. N.A KRATZMANN: First Creditors' Meeting Set for May 26 ------------------------------------------------------ A first meeting of the creditors in the proceedings of N.A Kratzmann & Sons Pty. Ltd will be held on May 26, 2025 at 11:00 a.m. via Microsoft Teams. Robyn Louise Duggan of Ernst & Young was appointed as administrator of the company on May 14, 2025. SCOTPAC GEARS 2025-1: Moody's Assigns (P)B2 Rating to Cl. F Notes ----------------------------------------------------------------- Moody's Ratings has assigned provisional ratings to notes to be issued by Equity Trustees Limited, as trustee of ScotPac Gears ABS Trust 2025-1. Issuer: ScotPac Gears ABS Trust 2025-1 AUD186.76 million Class A Notes, Assigned (P)Aaa (sf) AUD22.07 million Class B Notes, Assigned (P)Aa2 (sf) AUD13.71 million Class C Notes, Assigned (P)A2 (sf) AUD7.62 million Class D Notes, Assigned (P)Baa2 (sf) AUD12.18 million Class E Notes, Assigned (P)Ba2 (sf) AUD4.57 million Class F Notes, Assigned (P)B2 (sf) The AUD6.85 million of Class G Notes are not rated by us. The transaction is a securitisation of a portfolio of commercial auto and equipment loans originated by Scottish Pacific Business Finance Pty Limited ("ScotPac"). ScotPac will act as servicer of the transaction. The transaction includes the pro-rata note issuance for the liquidity reserve, that is 1.5% of the aggregate outstanding balance of all receivables. ScotPac is a non-bank lender for SMEs providing working capital and other financial services to transport, manufacturing, wholesale, import and printing industries in Australia. ScotPac's core product is debtor finance, and it has diversified its products into asset finance loans since 2018. RATINGS RATIONALE The provisional ratings take into account, among other factors, Moody's evaluations of the underlying receivables and their expected performance, an evaluation of the capital structure and credit enhancement provided to the notes, the availability of excess spread over the life of the transaction, the liquidity reserve in the amount of 1.5% of outstanding balance of all receivables, the legal structure, the experience of ScotPac as servicer; and the presence of Equity Trustees Limited as back-up servicer. According to Moody's analysis, the transaction benefits from the high level of excess spread available to cover losses arising from the portfolio. The key challenge in the transaction is the limited historical data available for the portfolio. ScotPac is a relatively new originator in asset finance, with historical default data for its auto and equipment loan book only available from 2019. As such, the pool's performance could be subject to greater variability than the observed data indicates. The transaction's key features are as follows: --Initially, the Class A, Class B, Class C, Class D, Class E and Class F Notes benefit from 26.40%, 17.70%, 12.30%, 9.30%, 4.50% and 2.70% of note subordination, respectively. --Once stepdown conditions are satisfied, all notes, excluding the Class G notes, will receive their pro-rata share of principal. Step-down conditions include, among others, the payment date is at least 12 months after the settlement date and no unreimbursed charge-offs. --A swap provided by National Australia Bank Limited (Aa2/P-1/Aa1(cr)/P-1(cr)) will hedge the interest rate mismatch between the assets bearing a fixed rate of interest, and floating rate liabilities. The notional balance of the swap will follow the schedule amortization of the portfolio. --Equity Trustees Limited (EQT) is the back-up servicer. If ScotPac is terminated as servicer, EQT will take over the servicing role in accordance with the standby servicing deed and its back-up servicing plan. Key portfolio features are as follows: -- Heavy commercial vehicle loans, including trucks and trailers, are the largest component making up 55.5% of the portfolio. Cars make up 11.1% of the portfolio. -- The portfolio has a high weighted average yield of 12.10% which provides excess spread to cure portfolio losses. -- The pool has a weighted average seasoning of 14.4 months. Key model assumptions: Moody's base case assumptions are a portfolio expected default rate of 6.40%, and a portfolio credit enhancement ("PCE") — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recessionary scenario — of 30.00%. The assumed recovery rate is 25%. Expected defaults, recoveries and PCE are parameters used by us to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in Moody's cash flow model to rate consumer ABS. To address the limited historical loss data on ScotPac's portfolio, Moody's have benchmarked the performance to data from comparable Australian commercial auto and equipment ABS originators. Moody's have also overlaid additional stresses into Moody's default and PCE assumptions. Methodology Underlying the Rating Action The principal methodology used in these ratings was "Equipment Lease and Loan Securitizations" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement, due to sequential amortization or better-than-expected collateral performance. The Australian job market is a primary driver of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons that could lead to a downgrade include poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, or lack of transactional governance and fraud. SPECTRE RETAIL 2022-2: Fitch Affirms 'Bsf' Rating on Class E Notes ------------------------------------------------------------------ Fitch Ratings has affirmed four classes of notes from Spectre Retail Warehouse Trust 2022-2. The notes are backed by a pool of first-ranking Australian automotive lease and loan receivables originated by Angle Auto Finance Pty Ltd (AAF). The notes were issued by Perpetual Corporate Trust Limited as trustee for Spectre Retail Warehouse Trust 2022-2. Entity/Debt Rating Prior ----------- ------ ----- Spectre Retail Warehouse Trust 2022-2 B LT Asf Affirmed Asf C LT BBBsf Affirmed BBBsf D LT BBsf Affirmed BBsf E LT Bsf Affirmed Bsf KEY RATING DRIVERS Stable Performance and Collateral Characteristics: The transaction's 30+ day and 60+ day arrears as of end-February 2025 were 1.5% and 0.9%, respectively. This is slightly lower than Fitch's 4Q24 Australian Dinkum ABS Index 30+ day arrears of 1.55% but higher than Dinkum ABS Index 60+ day arrears of 0.75%. Fitch derived product-specific default base-case expectations for novated leases, consumer loans and commercial loans. Its default assumptions (and Asf default multiples) are 1.0% (4.7), 3.5% (3.3x) and 4.0% (3.3x) for each sub-pool, respectively. The recovery base case is 24.0%, with a 'Asf' recovery haircut of 30.0%, for electric vehicles (EVs) and 35.0%, with a 'Asf' recovery haircut of 40.0%, for non-EVs. The transaction's eligibility criteria and portfolio parameters shaped the proxy portfolio used to drive the asset analysis. The proxy portfolio reflects the assumption that the portfolio's characteristics may migrate towards the limits during the availability period, including limits on products, asset type and obligor size and concentration. The pool parameters floor novated leases at 30% and cap the commercial loans at 40%, with no parameter limiting the proportion of consumer loans; Fitch assumed 40% were commercial loans and the remaining consumer loans. There is no parameter limiting the proportion of EVs; Fitch assumed 50% of novated leases were EVs. The weighted-average (WA) base-case default and recovery assumptions were 3.0% and 33.4%, respectively, and the 'Asf' default multiple and recovery haircut were 3.4 and 30.9%. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market, despite rapid interest rate hikes in 2022-2023. GDP growth was 1.1% in 2024 and unemployment was 4.1% in March 2025. Fitch forecasts GDP growth picking up to 1.7% in 2025 and 1.9% in 2026, with unemployment of 4.3% in 2025, decreasing to 4.2% in 2026. Credit Enhancement Supports Ratings: Spectre 2022-2 is currently in its revolving period, which is set to expire in October 2025. The transaction employs a sequential structure after the availability period, with no pro rata paydown permitted. Low Operational and Servicing Risk: All receivables were originated by AAF, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by backup servicing arrangements. The nominated backup servicer is Perpetual Corporate Trust Limited. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with those of other auto lenders. The key rating drivers listed in the applicable sector criteria, but not mentioned above, are not material to this rating action. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults and decreased recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - defaults or recoveries - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Notes: B / C / D / E Rating: Asf / BBBsf / BBsf / Bsf 10% increase in defaults : A-sf / BBB-sf / BB-sf / less than Bsf 25% increase in defaults: BBB+sf / BB+sf / B+sf / less than Bsf 50% increase in defaults: BBB-sf / BBsf / less than Bsf / less than Bsf 10% decrease in recoveries: A-sf / BBB-sf / BB-sf / less than Bsf 25% decrease in recoveries: A-sf / BBB-sf / BB-sf / less than Bsf 50% decrease in recoveries: BBB+sf / BB+sf / B+sf / less than Bsf 10% increase in defaults / 10% decrease in recoveries: A-sf / BB+sf / BB-sf / less than Bsf 25% increase in defaults / 25% decrease in recoveries: BBBsf / BBsf / Bsf / less than Bsf 50% increase in defaults / 50% decrease in recoveries: BB+sf / B+sf / less than Bsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Notes: B / C / D / E Rating: Asf / BBBsf / BBsf / Bsf 10% defaults decrease / 10% recoveries increase: A+sf / BBBsf / BBsf / B+sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public. ESG Considerations Spectre Retail Warehouse Trust 2022-2, which includes exposure to EVs, has an ESG Relevance Score (RS) of '4' (impact on credit) for Energy Management, above the baseline RS of '2' (no impact) for this issue in the Australian auto sector, due to the limited credit performance data for EVs. Available market data show notable differences in recoveries between EVs and non-EVs. Fitch's analytical approach for the transaction was not adjusted, due purely to the "green" nature of the underlying collateral, but Fitch referenced available market data for EVs in determining recovery assumptions. 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. ========= C H I N A ========= CHINA EVERGRANDE: Creditors' Proofs of Debt Due on June 13 ---------------------------------------------------------- Creditors of China Evergrande Group are required to file their proofs of debt by June 13, 2025, to be included in the company's dividend distribution. Any creditor who would like to serve as a member of any Committee of Inspection (COI) thay may be formed should also submit expressions of interest by June 13, 2025. China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. China Evergrande Group, the second largest real estate developer in China, and certain of its affiliates sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023. Evergrande, widely known as the most leveraged company in the world, and its affiliates are asking the U.S. Bankruptcy Court for the Southern District of New York for recognition of foreign proceedings as "foreign main" proceeding under Chapter 15. Evergrande is in the midst of a highly complex restructuring of around $20 billion in offshore debt. In total, the Company has more than $300 billion in liabilities. Evergrande is incorporated in the Cayman Islands as an exempted company with limited liability, with its principal place of business located at 15th Floor, YF Life Centre, 38 Gloucester Road, Wanchai, Hong Kong. It is subject to a restructuring proceeding entitled In the Matter of China Evergrande Group, concerning a scheme of arrangement between Evergrande and certain Scheme Creditors pursuant to the relevant provisions of the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong), currently pending before the High Court of Hong Kong (Case Number HCMP 1091/2023. Affiliate Tianji Holding Limited is incorporated in Hong Kong as a limited liability company, with its principal place of business located at 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring proceeding entitled In the Matter of Tianji Holding Limited, concerning a scheme of arrangement between Tianji and certain Scheme Creditors, pursuant to the relevant provisions of the Hong Kong Companies Ordinance and currently pending before the Hong Kong Court (Case Number HCMP 1090/2023). Affiliate Scenery Journey Limited is incorporated in the British Virgin Islands as a limited liability company, with its principal place of business located at 2nd Floor Water's Edge Building, Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is subject to a restructuring proceeding entitled In the Matter of Scenery Journey Limited, concerning a scheme of arrangement between Scenery Journey and certain Scheme Creditors, pursuant to section 179A of the BVI Business Companies Act, 2004, and currently pending before the High Court of the Eastern Caribbean Supreme Court (Case Number BVIHCOM 2023/0076). U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15 proceedings. Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji. Maples BVI is the British Virgin Island Counsel to Scenery Journey. On Jan. 29, 2024, a Hong Kong court ordered the liquidation of China Evergrande Group. Edward Middleton and Tiffany Wong of Alvarez & Marsal were appointed as the liquidators. CHINA VANKE: Fitch Lowers IDRs to 'CCC+' ---------------------------------------- Fitch Ratings has downgraded Chinese homebuilder China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'CCC+', from 'B-'. Fitch has also downgraded the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), to 'CCC', from 'CCC+', and its senior unsecured rating and the rating on its outstanding senior notes to 'CCC', from 'CCC+', with a Recovery Rating of 'RR4'. The ratings are removed from Rating Watch Negative. The downgrade is driven by China Vanke's 1Q25 sales and cash flow generation that were weaker than Fitch expected, leading to a further reduction in its liquidity buffer against significant capital-market debt maturities this year. The company has repaid its capital-market debt year-to-date, aided by shareholder loans from Shenzhen Metro Group (SZMG), its largest shareholder. Fitch believes ongoing and timely liquidity support from SZMG may be essential to address China Vanke's near-term financing requirement and support its ratings, considering the uncertainties surrounding the company's cash flow generation. Key Rating Drivers Reduction in Liquidity: China Vanke's liquidity buffer has been reduced amid negative free cash flow (FCF) generation in 1Q25 and 2024. The company's reported unrestricted cash, which includes pre-sale cash deposits, dropped to CNY71.1 billion by end-March 2025 from CNY77.3 billion at end-September 2024. This is against short-term debt of CNY156 billion, including capital-market debt of CNY27 billion maturing in the next 12 months. Support from Shareholder Loans: SZMG, wholly owned by the Shenzhen municipality's State-owned Assets Supervision and Administration Commission, is China Vanke's largest shareholder with a 27.18% stake. The entity provided CNY10.3 billion in shareholder loans to China Vanke this year. Fitch believes the support helped China Vanke address CNY13 billion in capital-market debt that matured year-to-date. However, another CNY23 billion of capital-market debt is maturing for the rest of 2025. Fitch currently rates China Vanke on a standalone basis as SZMG does not control the board of China Vanke. SZMG currently has four representatives out of a total of 10 board members in China Vanke. Sales Decline Continues: China Vanke's 1Q25 sales declined 40% to CNY34.9 billion, worse than its expectation of a 20% decline for the full year and underperforming the 10% drop for China's top-100 developers, according to data from the National Bureau of Statistics. Fitch has revised China Vanke's contracted sales forecast to -40% in 2025 and -25% for 2026 (previously -20% and -10%, respectively). Fitch believes the sales decline will have a direct impact on the company's cash generation and debt-servicing capacity. Narrowing Cash Outflow: China Vanke had -CNY8 billion of FCF in 1Q25, including proceeds from bulk asset sales (-CNY16 billion in 1Q24). Fitch expects cash outflow to narrow for the remainder of 2025, as 1Q25 FCF is typically affected by seasonal factors and the company also expects its newly completed floor area in 2025 to decline by 40%. Fitch revised its FCF forecast for the company from neutral to a CNY1 billion outflow in 2025 (CNY10 billion outflow in 2024), including proceeds from asset sales. Stability in Banking Access Key: Fitch believes stable access to onshore secured bank lending is critical in maintaining China Vanke's liquidity. The company's total borrowings from banks and financial institutions have remained largely stable since June 2024, as it has continued to increase its secured borrowings while repaying capital-market debt. As of end-2024, China Vanke had unencumbered investment-property assets of around CNY67 billion to support its continuous bank funding access. Potential Asset-Disposal Proceeds: China Vanke contracted bulk asset sales of CNY27 billion and received CNY10 billion in proceeds in 2024, and further contracted and received about CNY4 billion in 1Q25, mainly from the sale of investment properties, hotels and rental apartments. Fitch expects the company will receive about CNY15 billion in asset sales proceeds in 2025 (CNY10 billion in 2024) to supplement its cash flow and repay debt, which may be subject to timing uncertainty. Fitch considers the cash flow from asset sales in conjunction with its FCF generation. Subsidiary's Ratings Notched Down: Vanke HK is China Vanke's sole offshore financing platform. Fitch assesses the subsidiary under the "stronger parent" path in its Parent and Subsidiary Linkage Rating Criteria. Vanke HK's ratings are one notch below those of its parent, based on its assessment of 'Medium' legal, strategic and operational incentives for the parent to provide support. Peer Analysis China Vanke's ratings are constrained by its liability and cash flow profile amid substantial capital-market debt maturities in 2025 and 2026. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Sales to drop by 40% in 2025 and 25% in 2026 (2024: 35% drop). - FCF after asset disposal proceeds of negative CNY1 billion-2 billion in 2025-2027 (-CNY10 billion in 2024). - Trade and bills payables to drop by CNY45 billion 2025 and CNY35 billion in 2026 (CNY62 billion drop in 2024). Recovery Analysis The recovery analysis assumes that Vanke HK would be liquidated in a bankruptcy. The liquidation value approach usually results in a higher value than the going-concern approach, given the nature of homebuilding. Fitch assumes a 10% administrative claim. Liquidation Approach The liquidation estimate reflects its view of the value of balance-sheet assets that can be realised in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. - 50% advance rate applied to net inventory, net of margin-adjusted customer deposits. Fitch generally applies higher rates to completed properties than properties under development. No inventory breakdown was provided for Vanke HK and Fitch follows the 50% rate Fitch generally uses for properties under development. - 50% advance rate applied to net joint-venture assets, largely comprising Vanke HK's equity stake in GLP Holdings, L.P. at a book value of CNY17 billion. - 50% advance rate applied to property, plant and equipment, which mainly consist of land and buildings of insignificant value. - 0% advance rate applied to excess cash. China's homebuilding regulatory environment means that available cash, including pre-sales that are regulated as cash, is typically prioritised for project completion, including payment of trade payables. Net payables (trade payables - available cash) are included in the debt waterfall ahead of secured debt. However, Fitch does not assume that available cash in excess of outstanding trade payables is available for other debt-servicing purposes and therefore apply an advance rate of 0%. Vanke HK's bank loans are offshore unsecured bank loans that rank pari passu with its offshore bonds. The allocation of value in the liability waterfall results in a Recovery Rating of 'RR4' for the offshore senior unsecured debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Weaker contracted sales or FCF generation (including asset sales proceeds) than Fitch expects - Deterioration in liquidity or funding access Vanke HK's rating could be downgraded if incentives for China Vanke to support Vanke HK weaken. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: Fitch does not expect positive rating action in the near term, unless there is sustained recovery in the company's contracted sales and FCF, or extraordinary financial support from its major shareholder, leading to an improved liquidity profile. Liquidity and Debt Structure China Vanke's liquidity has weakened, with CNY71 billion of reported cash at end-March 2025, including regulated pre-sale funds that can cover short-term debt by 0.5x. Fitch believes the group will use its shareholder's loan, asset disposal receipts and additional onshore bank loans to repay its CNY27 billion of capital-market debt maturing in a year. Issuer Profile China Vanke was one of China's top-five developers by contracted sales in 2024 with a nationwide footprint. Its main businesses are real-estate development and property services. Vanke HK is China Vanke's main offshore fundraising entity. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Vanke Real Estate (Hong Kong) Company Ltd LT IDR CCC Downgrade CCC+ senior unsecured LT CCC Downgrade RR4 CCC+ China Vanke Co., Ltd. LT IDR CCC+ Downgrade B- LC LT IDR CCC+ Downgrade B- CHINA VANKE: Repays Only Dollar Bond Due This Year -------------------------------------------------- Bloomberg News reports that China Vanke Co. has wired funds to repay a dollar bond due on May 12, according to people familiar with the matter, clearing its only such obligation of the year after a government-led overhaul of the developer. Bloomberg relates that two holders have received principal and interest payments on a 3.15% dollar bond issued by a Vanke offshore subsidiary that matured on May 12, with $423 million outstanding, said the people, who asked not to be identified discussing private matters. The note traded at 99.7 cents on the maturity date, according to Bloomberg-compiled data. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific in March 2025, S&P Global Ratings placed on CreditWatch with developing implications the following ratings: the 'B-' long-term issuer credit ratings on China Vanke and on China Vanke's subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), and the 'B-' issue ratings on Vanke HK's senior unsecured notes. The TCR-AP in January 2025 reported that Fitch Ratings downgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'B-', from 'B+'. Fitch has also downgraded the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), to 'CCC+', from 'B', and its senior unsecured rating and the rating on its outstanding senior notes to 'CCC+', from 'B', with a Recovery Rating of 'RR4'. The ratings are on Rating Watch Negative (RWN). The downgrade reflects a deterioration in China Vanke's sales and cash generation, which is eroding its liquidity buffer against large capital market debt maturities in 2025. POWERLONG REAL ESTATE: Liquidation Hearing Moved to July 21 ----------------------------------------------------------- TipRanks reports that Powerlong Commercial Management Holdings Limited announced a rescheduling of the liquidation application hearing concerning its direct holding company, Powerlong Real Estate (BVI) Holdings Limited, to July 21, 2025. This development may impact the company's operations and stakeholders are advised to exercise caution when dealing with the company's securities. A winding-up petition was filed against Powerlong Real Estate (BVI) by a group of creditors led by PAG in early March 2025. Powerlong Real Estate Holdings Ltd. operates real estate businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other services. Powerlong Real Estate Holdings also operates hotel operation, tourism development, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific in early July 2022, Moody's Investors Service has downgraded Powerlong Real Estate Holdings Limited's corporate family rating to Caa2 from Caa1 and senior unsecured rating to Caa3 from Caa2. The outlook remains negative. On June 29, 2022, S&P Global Ratings lowered its long-term issuer credit rating on Powerlong Real Estate Holdings Ltd. to 'CCC+' from 'B'. S&P also lowered the long-term issue rating on the developer's senior unsecured notes to 'CCC' from 'B-'. At the same time, S&P placed the ratings on CreditWatch with negative implications. S&P subsequently withdrew its issuer credit rating and issue rating on Powerlong at the company's request. In December 2023, Powerlong Real Estate Holdings said it missed a coupon payment on an offshore bond and hiring restructuring advisors, according Mingtiandi. Having failed to pay US$15.9 million in interest on a set of dollar bonds by the Oct. 30, 2023, due date, the developer said that it had failed to honour that obligation within the 30-day grace period, triggering a default and setting the stage for a debt restructuring. SUNRISE REAL: RH CPA Raises Going Concern Doubt ----------------------------------------------- Sunrise Real Estate Group, Inc. disclosed in a Form 10-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2024, that its auditor expressed an opinion that there is substantial doubt about the Company's ability to continue as a going concern. The Company has incurred a net loss of $18,332,392 for the fiscal year ended December 31, 2024 compared to a net loss of $18,332,392 for the year 2023, and has experienced recurring losses in prior years, resulting in an accumulated deficit of $90,363,630 as of December 31, 2024. Bayside, N.Y.-based RH CPA, the Company's auditor since 2017, issued a "going concern" qualification in its report dated April 21, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that as of December 31, 2024, the Company has incurred recurring losses from operations and experienced an accumulated deficit of $90,363,630. These conditions raise substantial doubt about the Company's ability to continue as a going concern for a within the next 12 months. Management has evaluated these conditions and has developed plans to mitigate the circumstances that give rise to this uncertainty. These plans include reducing operating expenses and general expenses through cost-cutting initiatives and increasing revenue through new business. However, there can be no assurance that these plans will be successfully implemented or that they will be sufficient to enable the Company to meet its obligations as they come due. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/3hjahjn5 About Sunrise Real Shanghai, China-based Sunrise Real Estate Group, Inc. is a Texas holding company and conducts business primarily through its operating subsidiaries in China. The principal activities of SRRE and its subsidiaries are real estate development including property leasing services and property management services in the People's Republic of China. As of December 31, 2024, the Company had $174,699,505 in total assets, $77,724,767 in total liabilities, and a total equity of $96,974,738. ========= I N D I A ========= ABACUS INDIA: Ind-Ra Cuts Bank Loan Rating to B+ ------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded Abacus India Agencies Private Limited rating to 'ND B+/Negative (ISSUER NOT COOPERATING)'. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating actions are: -- INR205 mil. Fund Based Working Capital Limit downgraded with IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; -- INR20 mil. Non-Fund Based Working Capital Limit downgraded with IND A4 (ISSUER NOT COOPERATING) rating; and -- INR23.625 mil. Term loan due on May 31, 2027 downgraded with IND B+/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category and Outlook revised to Negative in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Abacus India Agencies Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Abacus India Agencies Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Abacus India Agencies Private Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Abacus India Agencies Private Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in 2011, AIA is a Lucknow-based company that is a channel partner for multi-brand outlets in the B2B segment. It is also engaged in the trading of fashion wear, shoes and jewelry of various brands, such as UCB and Sketchers. It has stores across India. AGGARWAL FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the long-term ratings of Aggarwal Foods (AF) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.80 [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 AF, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Aggarwal Foods (AF) is a proprietorship firm, was set up in 1997 by Mr. Suresh Kumar. Aggarwal Foods is engaged in processing and export of basmati rice. It has a plant at Karnal (Haryana) which has a milling capacity of 3.24 lac quintals per annum and a sortex machinery with a similar capacity. AGS TRANSACT: Ind-Ra Moves D Loan Rating to NonCooperating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated AGS Transact Technologies Limited's bank facilities' ratings to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of the no default statement (NDS) for three consecutive months despite continuous requests and follow-ups by the agency, and also Ind-Ra's inability to validate timely debt servicing through other sources it considers reliable. NDS in the format prescribed by the Securities and Exchange Board of India is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR5.673 bil. Term loan (long term) due on March 31, 2029 migrated to non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR1.938 bil. Working capital bank loan (long term/short term) migrated to non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Detailed Rationale of the Rating Action The migration of rating to the non-cooperating category is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation, Non-Cooperation by the Issuer Ind-Ra has not received the NDS for three consecutive months despite continuous requests and follow-ups by the agency. Ind-Ra had consistently followed up with AGS Transact over emails starting from February 28, 2025, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of AGS Transact on the basis of the best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect AGS Transact Technologies Limited's credit strength. If an issuer does not provide the NDS in a timely manner, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company AGS Transact is an integrated end-to-end cash/ATM management solutions provider. It provides cash management services through SVIL and is establishing its presence in digital payment solutions wherein it provides merchant solutions (POS terminals), switching services and other value-added services. Furthermore, it offers various automation products and related maintenance/upgrade services. AISHWARYA HEALTHCARE: Ind-Ra Keeps BB- Rating in NonCooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Aishwarya Healthcare's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB-/Negative (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR310 mil. Cash Credit LT Downgraded; ST maintained in non- cooperating category with IND BB-/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR40 mil. Term loan due on March 31, 2029 downgraded with IND BB-/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Aishwarya Healthcare while reviewing the rating. Ind-Ra had consistently followed up with Aishwarya Healthcare over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Aishwarya Healthcare on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Aishwarya Healthcare's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company AHC, which was started in 2006 as a partnership firm, is involved in the manufacturing of liquid medicines at its facilities in Baddi, Himachal Pradesh and in Sikkim. AISHWARYA LIFESCIENCES: Ind-Ra Keeps BB- Rating in NonCooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained AISHWARYA LIFESCIENCES' instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB-/Negative (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR300 mil. Cash Credit LT Downgraded; ST maintained in non- cooperating category with IND BB-/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR50 mil. Term loan due on March 31, 2027 downgraded with IND BB-/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with AISHWARYA LIFESCIENCES while reviewing the rating. Ind-Ra had consistently followed up with AISHWARYA LIFESCIENCES over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of AISHWARYA LIFESCIENCES on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect AISHWARYA LIFESCIENCES's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company ALS is a partnership firm and was established in 2009. Its pharmaceutical manufacturing facility is situated in Baddi, Himachal Pradesh, and it is equipped with four Rommelag machines. AISIRI AGRO: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of AISIRI Agro Private Limited (AAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 8, 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 24, 2025, April 3, 2025, April 13, 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 AISIRI Agro Private Limited (erstwhile ISIRI Agro Private Limited) is a private limited company incorporated in the year December 23, 2015 by Mr. Gowrishankar Uday Kumar, Mrs. Vimala Uday Kumar, Mr. Annaiah, Mr. S Devanand and Ms. K. Lalitha as its Directors. The AAPL started its commercial operations in January 2016. In FY19, the company has reconstituted by changing its name from ISIRI agro Private Limited to AISIRI Agro Private Limited and continued its operations under new name. The company is engaged in providing services like assisting farmers in protected cultivation in poly houses/greenhouses by undertaking poly houses construction and providing help in cultivation activities. ALOM POLY: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Alom Poly Extrusions Limited (APEL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.65 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 May 2, 2024, placed the rating(s) of APEL under the 'issuer non-cooperating' category as APEL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. APEL continues to be non-cooperative despite repeated requests for submission of information through emails 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: Stable Alom Poly Extrusions Limited (APEL) was incorporated in June 1990 and currently it is managed by Mr. Ajay Prakash Jhunjhunwala, Mr. Shree Prakash Jhunjhunwala, Mr. Pravin Agarwal, Mr. Anil Kumar Seth and Mr. Arnav Jhunjhunwala. The company is into manufacturing of corrugated polyethylene pipes for sewage, drainage and cables protection. The company is manufacturing of Double Wall Corrugated (DWC) High Density Polyethylene (HDPE) Pipes in diameters upto 1000 MM. The manufacturing facility of the company is located at Banganagar, West Bengal, with an installed capacity of 1000 metric tonnes per annum (MTPA), has the latest plant and machinery and fully equipped QA laboratory for testing and establishment of highquality products. ARABIAN PETROLEUM: Ind-Ra Keeps BB- Rating in NonCooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained ARABIAN PETROLEUM LIMITED's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB-/Negative (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR170 mil. Fund Based Working Capital Limit LT Downgraded; ST maintained in non-cooperating category with IND BB-/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR39.30 mil. Term Loan due on April 30, 2027 downgraded with IND BB-/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with ARABIAN PETROLEUM LIMITED while reviewing the rating. Ind-Ra had consistently followed up with ARABIAN PETROLEUM LIMITED over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of ARABIAN PETROLEUM LIMITED on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect ARABIAN PETROLEUM LIMITED's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in 2006, Maharashtra-based APL manufactures industrial and automotive lubricants. ARORA KNIT: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Arora Knit Fab Private Limited (AKFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 57.89 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 3, 2024, placed the rating(s) of AKFPL under the 'issuer non-cooperating' category as AKFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AKFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 19, 2025, March 29, 2025 and 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: Not Applicable AKFPL, incorporated in the year 2000, under companies Act 1956 and the flagship entity of the Arora Group. The company is engaged in manufacturing and exports of Knitted Fabrics, Home Textiles, Garments, Mink Blankets and the substitutes. The company is managed by Shri Mohinder Singh Arora (Chairman, founder CEO) and Shri Ravinder Pal Singh elder brother of Mohinder Singh Arora. BALA BALAJI: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bala Balaji Srinivasa Poultry Complex (BBSPC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.97 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 15, 2024, placed the rating(s) of BBSPC under the 'issuer non-cooperating' category as BBSPC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BBSPC 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 Bala Balaji Srinivasa Poultry Complex (BBSPC) was established on October 25, 2018 by Dr. G.V.Subramaniam (Managing Partner), Mr. G.V. Subramanyam (Managing Partner) and other family members. The firm started its commercial operations from August 2019 onwards. BBSPC is engaged in farming of egg, laying poultry birds (chickens) and trading of eggs, cull birds and their manure. The firm sells its products such as eggs and cull birds to retailers through own sales personnel and dealers, across the southern and Kolkata region. BANKEY BIHARI: Ind-Ra Affirms BB- Bank Loan Rating -------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on Shri Bankey Bihari Polymers' (SBBP) bank facilities to Stable from Negative while affirming the rating at 'IND BB-' as follows: -- INR26 mil. Term loan due on March 31, 2027 affirmed; Outlook revised to Stable with IND BB-/Stable rating; and -- INR154 mil. Fund-based working capital limits affirmed; Outlook revised to Stable with IND BB-/Stable/IND A4+ rating. Detailed Rationale of the Rating Action The Outlook revision to Stable is on account of the material information shared by the issuer for conducting the surveillance exercise. The affirmation reflects SBBP's continued medium scale of operations and modest EBITDA margins, and the promoters a decade-long experience in the trading business. However, the ratings remain constrained by the company's modest credit metrics and stretched liquidity. FY25 figures are provisional in nature and provided by the firm. Detailed Description of Key Rating Drivers Modest Credit Metrics: The gross interest service coverage (EBITDA/interest expenses) and net leverage (net debt/EBITDA) remained modest at around 1.53x in FY25 (FY24: 1.10x; FY23: 1.22x) and 8.61x (5.42x; 4.64x), respectively, due to debt of around INR320.99 million (INR243.21million) against EBITDA of around INR37.21 million (INR44.51 million). Ind-Ra expects the metrics to improve over the near term based on no major debt-funded capex and healthy EBDITA margins. Stretched Liquidity: Please refer to the Liquidity Section below. Medium Scale of Operations: The revenue increased to INR5,680 million in FY25 (FY24: INR4,899.90 million; FY23: INR 4,523.52 million), led by increase in demand for polymers. SBBP supplies polymers to manufacturers and traders engaged in diversified industries but mainly caters to the packaging industry. Over the medium term, Ind-Ra expects the revenue to remain at similar levels due to the trading nature of business. Modest EBITDA Margins: The EBITDA margins declined to 0.66% in FY25 (FY24: 0.91%; FY23: 1.15%;) owing to high volatility in the market. The return on capital employed deteriorated to 10.9% in FY25 (FY24: 15.2%; FY23: 21.0%). Ind-Ra expects the margins to remain modest over the medium term due to the similar nature of operations. Experienced Promoters: The firm's partners have a decade-long experience in the trading business, leading to longstanding relationships with its suppliers and customers. Liquidity Stretched: The average maximum utilization of the fund-based working capital limits was 101% during the 12 months ended March 2025 as the firm frequently resorted to adhoc limits for meeting its working capital requirements. The cash flow from operations turned negative to INR71 million in FY25 (FY24: INR4.44 million; FY23: negative INR63.14 million) due to unfavorable changes in working capital. Consequently, the free cash flow turned negative to INR70.8 million in FY25 (FY24: INR4.08 million; FY23: INR64.84 million). SBBP had cash and cash equivalents of INR0.47 million at FYE25 (FYE24: INR2.04 million; FYE23: INR0.34 million). The working capital cycle elongated to 18 days in FY25 (FY24: 12 days; FY23: 13 days) mainly due to a decline in the creditor days to 25 (39; 29. SBBP has term loan repayment obligations of around INR 6 million, each, in FY26 and FY27. Rating Sensitivities Negative: A significant decline in the profitability, leading to deterioration in the liquidity and credit metrics with the interest coverage falling below 1.1x will be negative for the ratings. Positive: A substantial increase in the profitability, leading to an improvement in the credit metrics with the interest coverage remaining above 1.5x on a sustained basis and an improvement in the liquidity will be positive for the ratings. About the Company Established in 2019, SBBP is a partnership firm engaged in the trading of polymers having its registered office in Delhi. Ayush Gupta and Nikhil Jain are the partners. BANSAL FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the long-term ratings of Bansal Foods (India) (BNF) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 4.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with BNF, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. BNF was set up in December, 2013 as a proprietorship firm by Mr Jodha Ram Bansal in Samana (Punjab). The firm is engaged in the milling of paddy into rice (basmati), with bran and husk as the byproducts. The firm's plant, which has a capacity of 4 metric tonnes per hour, commenced commercial operations from September 29,2014 and caters entirely to the export markets through third parties. Mr Bansal is assisted by his two sons in this business. BHUSHAN POWER: NCLT Defers Insolvency Matter to May 30 ------------------------------------------------------ Livemint.com reports that the National Company Law Tribunal (NCLT) on May 13 deferred the Bhushan Power & Steel Ltd (BPSL) insolvency case to May 30, when it is expected to issue directions on a plea filed by former promoter Sanjay Singal. According to Livemint.com, Singal's plea seeks enforcement of the Supreme Court's May 2 ruling, which quashed JSW Steel's INR19,700 crore resolution plan and directed NCLT to initiate liquidation proceedings. Livemint.com says the adjournment followed a request from Solicitor General Tushar Mehta, representing the Union government and other stakeholders, to refrain from issuing any notices yet. He urged the bench to allow Singal to identify and implead all necessary parties before the matter is formally heard. "Let him (Singal) consider whom he would wish to join, or who are necessary parties before even notice is issued, and thereafter we can issue," Mehta told the bench. The NCLT principal bench, led by Justice R. Sudhakar, agreed with Mehta's submission and directed Singal's counsel to implead all relevant stakeholders before the next hearing, Livemint.com relays. "So all of you should think over it. Yes. We just can't take a decision," the bench said. During the NCLT hearing, Mehta indicated that stakeholders are considering various legal options in response to the Supreme Court ruling, including seeking a fresh Corporate Insolvency Resolution Process (CIRP) for BPSL, according to the report. "Every option is under consideration because this will have to be clarified by the Honourable Court," Mehta said. "We may even persuade the Court to initiate a fresh CIRP process because the ultimate object of the IBC is to preserve the company as a going concern. Liquidation is the ultimate death," the report quotes Mehta as saying. Livemint.com relates that Mehta also raised concerns over BPSL's assets, which have been attached by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA). He reminded the tribunal that Section 32A of the IBC was introduced to protect resolution applicants from past criminal liabilities once a resolution plan is approved. With the resolution plan now void, Mehta said, questions arise about whether ED attachments can survive and whether such assets can be included in liquidation. "Now, with the resolution plan set aside, even those ED attachments may be revived. A broader question also arises: can properties attached under a different statute be brought under liquidation proceedings at all?" Mehta, as cited by Livemint.com, pointed out. Meanwhile, Singal's counsel urged the tribunal to appoint someone to take control of the company's assets to prevent potential misuse or diversion, Livemint.com reports. "Someone must be appointed to take control of the assets to prevent siphoning," the counsel submitted. About Bhushan Power Bhushan Power and Steel Limited manufactures and markets steel products. It offers flat products, such as coated products, galvanized/galvalume, color coated products, cable tapes, and cold rolled products; and long products, including iron making and sponge iron products. The company also provides steel pipes, hollow steel sections, grooved pipes, and carbon steel tubes. Mahendra Kumar Khandelwal was appointed as the IRP in the case under an order passed by the National Company Law Tribunal (NCLT) on July 26, 2017. Bhushan Power, which owes over INR37,000 crore to a consortium of lenders led by Punjab National Bank, was among 12 large companies identified by the Reserve Bank of India against which banks were directed to initiate insolvency proceedings. Barring Era Infra Engineering Ltd, petitions have been admitted in all other cases. As reported in the Troubled Company Reporter-Asia Pacific on March 29, 2021, JSW Steel group on March 26 closed the INR19,350-crore transaction with lenders to acquire Bhushan Power, bringing down the curtain on a corporate insolvency resolution process (CIRP) that has stretched over three-and-a-half years. Business Standard said the transaction was funded through a mix of equity and debt. As part of the payment, a sum of INR8,614 crore in Piombino Steel (PSL) was arranged through a mix of equity, optionally convertible instruments and debt. Of this, INR8,550 crore was invested in a special purpose vehicle (SPV), Makler, the bidding company. The remaining INR10,800 crore was funded through debt. JSW informed the stock exchanges that following the implementation of the resolution plan, which included payment of INR19,350 crore to financial creditors of BPSL and the merger of the SPV, PSL holds 100 per cent equity shares in BPSL. Seshagiri Rao, joint managing director and chief financial officer, JSW Steel, said the company took charge of the asset on March 26, according to Business Standard. BYJU'S: Byju Raveendran Calls US$1.2 Billion Term Loan a Mistake ---------------------------------------------------------------- The Economic Times reports that Byju's founder Byju Raveendran has admitted that one of the company's biggest mistakes was opting for a US$1.2 billion term loan in 2021, despite having sufficient equity funding options. In an interview with ANI, Raveendran revealed that the decision, made collectively with board members including investor and founder directors, was not driven by desperation, as the company had raised US$5 billion earlier, ET relays. Reflecting on the move, he acknowledged that alternative options were available and the loan ultimately contributed to Byju's financial challenges. "Only mistake if you ask me, which created all this is that we shouldn't have taken this, when we had enough equity options, we shouldn't have taken this term loan at that time in 2021. One billion (USD) because we had other options. We have raised 5 billion before that. We were not doing it out of desperation. It was all a collective decision. Today, everyone, like our board was like three founder directors and three investor directors. They were there till 2020," ET quotes Raveendran as saying. ". . . those are all business mistakes. now I am like today, even though that came through an acquisition, the concept of whitehead Junior, what would have really changed is teachers in India teaching students anywhere in the world who wanted to learn math from Indian teachers. Like, that's a huge opportunity lost," he said. The Bengaluru-based edtech company is facing financial problems, regulatory issues, and legal battles. According to ET, Raveendran also spoke about the payments made to the cricket board BCCI. "We paid . . . we would have paid almost thousand five hundred crores before that. But the last 158 crores, we were not able to pay because the company was going through a liquidity crunch. Approximately, that's the amount we would have paid in those three years when we had the sponsorship. Last 10% was remaining, which they went to NCLT with that. But the moment, we got admitted into this CIRP process, we arrived at a settlement with BCCI and we paid them the amount. So we should have been out of insolvency and company should have come back, should have been back to us within 15 days," he said. ET says Raveendran termed the acquisition of Akash Institutes as one of his "best acquisitions". "It's one of our best acquisitions. Today, all this narrative around acquisitions - like we made mistakes - like when you make six big acquisitions, four of them are doing well but everyone talks about the two, and that's how it works, right?" Raveendran said. Edtech Byju's in April 2021 acquired Aakash Educational Services Ltd (AESL) for nearly $950 million, ET notes. The deal was a cash-and-stock deal, and the acquisition was one of the largest in the Indian startup ecosystem. The deal involved a 70% cash component and a 30% equity component. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific in July 2024, the National Company Law Tribunal on July 16 ordered insolvency proceedings against the company after a complaint by the Board of Control for Cricket in India (BCCI) for not paying US$19 million in dues. Pankaj Srivastava was appointed as the interim resolution professional. Reuters said Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses, job cuts and a collapse in its valuation to less than $3 billion. Byju's has denied any wrongdoing. The TCR-AP relayed that the National Company Law Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement between Byju Raveendran and the BCCI, thus removing Byju's parent Think and Learn from the insolvency resolution process. However, in October 2024, the Supreme Court quashed an earlier NCLAT ruling approving the settlement, according to The Economic Times. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's $1.2 billion term loan, have filed an insolvency petition against the online tutor in India. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Alleged creditors of Epic! Creations, also a U.S. unit, sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. CELEBRITY BIOPHARMA: Ind-Ra Keeps BB- Rating in NonCooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Celebrity Biopharma Ltd.'s instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB-/Negative (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR250 mil. Cash Credit LT Downgraded; NST maintained in non- cooperating category with IND BB-/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Celebrity Biopharma Ltd while reviewing the rating. Ind-Ra had consistently followed up with Celebrity Biopharma Ltd over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Celebrity Biopharma Ltd on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Celebrity Biopharma Ltd.'s credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company CBL was created with the acquisition of Celebrity Biopharma in 2013. The plant is situated in Baddi, Himachal Pradesh, and manufactures oral medicines. The company is promoted by Niraj Kumar Nir. COPRAL ENERGY: Ind-Ra Assigns BB+ Bank Loan Rating -------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Copral Energy Private Limited's (CEPL) bank facilities as follows: -- INR375 mil. Fund-based working capital limits assigned with IND BB+/Stable/IND A4+ rating; and -- INR330 mil. Non-fund-based working capital limits assigned with IND A4+ rating. Detailed Rationale of the Rating Action The ratings reflect CEPL's stretched credit metrics, modest EBITDA margins, and stretched liquidity position in FY24, and Ind-Ra's expectation of the same having sustained during FY25. The revenue and profitability are likely to have improved in FY25 on the back of increased capacity utilization levels to cater to the increase in the demand. Detailed Description of Key Rating Drivers Stretched Credit Metrics; Leverage Likely to Have Remained Elevated in FY25, and Interest Coverage Likely to have been 2x: The gross interest coverage (operating EBITDA/gross interest expenses) declined to 1.95x in FY24 (FY23: 2.04x), on account of a substantial increase in the gross interest expense, due to channel financing from Hindalco industries limited (vendor) and bill discounting from Salzer Electronics Limited (customer) for working capital purposes. The leverage (gross debt/operating EBITDA) reduced to 4.24x in FY24 (FY23: 5.58x), on account of repayment of term debt. The leverage is likely to have remained elevated in FY25, while the interest coverage is likely to have been around 2x. Ind-Ra expects the metrics to remain at similar levels in the medium term due to range-bound EBITDA margins, resulting from volatility in commodity margins, and an increase in the short-term facility requirement for managing its working capital. Modest EBITDA Margins: CEPL's EBITDA margins have been modest due to volatility in the prices of its raw material and end-products. The return on capital employed was 11.4% during FY24 (FY23: 8.5%). The EBITDA margin increased to 4.71% in FY24 (FY23: 4.11%) due to a decline in input costs. The absolute EBITDA improved to INR137.26 million in FY24 (FY23: INR108.02 million). In FY24, the EBITDA/metric ton (MT) rose to INR30,406.51 (FY23: INR27,133.63), as the drop in sales realizations per MT by INR14,995 was offset by the decline in the cost of goods sold per MT by INR20,218. In 10MFY25, CEPL recorded an EBITDA margin of 3.7% and absolute EBITDA of INR120.1 million. Ind-Ra expects the margin to have remained at similar levels in FY25 and believes it would continue to range between 4%-5% in the medium term owing to sustained volatility in commodity prices. Input Cost Volatility Risk; Limited Exposure to Forex Risk: The prices of CEPL's main raw material, i.e. copper, aluminum scrap and aluminum ingots, are volatile in nature. Any sharp movement in the prices can have an adverse impact on the company's profitability and credit metrics. The raw material cost accounted for 90.43% of the revenue in FY24 (FY23: 91.44%). CEPL's exports constitute a negligible share of its sales. The company procures most of its raw material from the domestic market, resulting in very low unhedged forex exposure. Furthermore, the risk is mitigated by the short lead time between order placement and delivery of rods. Medium Scale of Operations; Revenue Growth to Remain Healthy in Medium Term: In FY24, CEPL's revenue increased to INR2,914.82 million in FY24 (FY23: INR2,630.34 million; FY22: INR2,283.03 million), supported by the addition of new customers and the company's expansion into new geographies. The share of aluminum products in CEPL's total revenue increased to 28% in FY24 (FY23: 19%). However, the company continues to derive a major portion of its revenue from copper, which contributed 72% of its FY24 revenue (FY23: 81%). CEPL's capacity utilization and revenue stood at 54.12% and INR3,247.26 million in 10MFY25. Ind-Ra expects the copper manufacturing segment to remain the largest contributor to CEPL's revenue and profitability over the near-to-medium term. Ind-Ra expects the revenue to improve in the medium term, backed by the addition of new customers through leveraging the promoters' experience and relationship with industry players in the aluminum segment. Experienced Promoters: S.R. Jeyaprakash, the co-founder and director of CEPL, has three decades of experience in the manufacturing of insulated conductors and busbars in India. Along with the late Manohar Naidu, he has played a key role in the company's significant growth since its inception in 1994. Liquidity Stretched: CEPL's monthly average utilization of the fund-based limits was 97% over the 12 months ended January 2025 and the utilization is likely to have remained at similar levels in the subsequent period. The cash flow from operations remained positive and rose to INR48.76 million in FY24 (FY23: INR14 million) due to steady working capital and improvement in funds flow from operations to INR64.51 million (INR50.42 million). In FY24, despite a slight increase in inventory days to 32 days (FY23: 27 days) and a decline in creditor days to seven days (eight days), the working capital cycle improved to 80 days in FY24 (FY23: 85 days) on account of a decrease in debtor to 55 days (67 days). The inventory days are likely to remain in the range of 30-35 days in the medium term. CEPL repaid debt of INR31.5 million in FY25 and has scheduled repayments of INR20.3 million each in FY26 and FY27, which are likely to be met via internal accruals. Ind-Ra expects the internal accruals to remain sufficient to meet outflows over the medium term. Rating Sensitivities Negative: A substantial decline in the scale of operations or deterioration in the liquidity position or operating profitability, leading to the weakening of its credit metrics, with the net leverage exceeding 4.5x, would be negative for the rating. Positive: An improvement in the scale of operations, maintaining the profitability and adequate liquidity, and an improvement in the credit metrics, with the net leverage falling below 3.5x, on a sustained basis, would be positive for the rating. About the Company CEPL (formerly known as Copral Insulated Conductors Private Limited) commenced operations in 1994. The company manufactures high-quality copper products (Insulated conductors and busbars), catering to various industries and sectors. S.R. Jeyaprakash is a co-founder and director of CEPL. Along with the late Manohar Naidu, he has played a key role in the company's significant growth since its inception in 1994. ENTERPRISING ENTERPRISES: ICRA Keeps B Rating in Not Cooperating ---------------------------------------------------------------- ICRA has kept the long-term and short-term ratings of Enterprising Enterprises (EE) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 29.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 0.50 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with EE, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Enterprising Enterprises (EE) was established as a partnership firm in 1972 by its founder, Mr. K. Badrinarayanan, the Group chairman of the Enterprising Group. The Group has an established presence in the granite quarrying and trading business in India through EE as well as group entities such as Pooshya Exports Private Limited and Yak Granite Industries Private Limited. ESCON ELEVATORS: Ind-Ra Keeps BB- Loan Rating in NonCooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Escon Elevators Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB-/Negative (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR20 mil. Fund Based Working Capital Limit LT Downgraded; ST maintained in non-cooperating category with IND BB-/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; -- INR180 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR50 mil. Term loan due on March 31, 2027 downgraded with IND BB-/Negative(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Escon Elevators Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Escon Elevators Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Escon Elevators Private Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Escon Elevators Private Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in 1990 by P. H. Kunnel, EEPL is involved in the designing, manufacturing and installation of elevators and escalators as well as the related onsite maintenance support. It also undertakes modernization of existing and old systems by providing consultancy services, technical audit and inspection, repair and replacement of the worn-out parts, and technology up-gradation. EEPL has 10 offices located in several Indian cities, including its head office in Mumbai, and branches in New Delhi, Bengaluru, Hyderabad, Bhubaneshwar, Visakhapatnam, Kochi, Pune, Kolkata and Kathmandu in Nepal. EXEMPLARY HOTELS: Ind-Ra Affirms BB- Bank Loan Rating ----------------------------------------------------- India Ratings and Research has revised the Outlook on Exemplary Hotels Private Limited's (EHPL) bank facilities to Positive from Stable while affirming the rating as follows: -- INR500 mil. Term loan due on May 31, 2032 affirmed; Outlook revised to Positive with IND BB-/Positive rating. Detailed Rationale of the Rating Action The Positive Outlook reflects Ind-Ra's expectation of an increase in revenue generation in the medium term. Since FY26 will be the first full year of operations, the rating reflects the nascent stage of operations, cost and time overrun and the likely modest credit metrics and EBIDTA margin, along with a small scale of operations over the medium term. However, the ratings are supported by the locational advantage, promoters' experience of over two decades in the hotel industry and the operational agreement with the Sarovar Group of Hotels. Detailed Description of Key Rating Drivers Nascent Stage of Operations: The affirmation reflects the nascent stage of operations as EHPL's operations commenced in January 2025, with a capacity of 88 rooms and three banquet halls. During 4QFY25, EHPL generated a revenue of INR12 million. Over the medium term, Ind-Ra expects a significant increase in revenue generation as FY26 will be the first full year of operations; however, the scale will remain small owing to the initial risk associated with occupancy. Cost and Time Overrun: The ratings reflect the time and cost overrun and funding risks associated with the increased cost of the project to INR1,027.2 million from the earlier decided cost of INR850 million. The additional cost of INR177.2 million was made through additional unsecured loan from promoters. The operations, which were scheduled to commence from October 2023, got delayed due delays in the construction of Mittal Mall, the mall in which the hotel is located in and further due to specifications from the Sarovar Group with respect to alterations of banquet partitions, room, kitchen cutlery and furniture, among others. Expected Modest Credit Metrics: Moreover, Ind-Ra expects that the debt service coverage ratio and overall credit metrics to be modest during the initial years of commencement of operations, before improving, in line with the increase in the scale of operations. Expected Modest EBITDA Margin: Ind-Ra expects EBITDA margins to have remained modest in FY25 and to be so over the medium term. Expected Growth in Revenue: Over the medium term, Ind-Ra expects a significant increase in revenue generation as FY26 will be the first full year of operations; however, the scale will remain small owing to the initial risk associated with occupancy. Locational Advantage: The ratings are, however, supported by the location of the hotel which is at the city's commercial center and at a convenient distance from the railway station and bus stand. Experienced Promoters; Brand Association: The ratings are supported by the promoters' experience of over two decades in the hotel industry. The ratings are further supported by EHPL's operational agreement with the Sarovar Group of Hotels. Liquidity Stretched: EHPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The cash and cash equivalents stood at INR4.69 million at FYE24 (FYE23: INR2.83 million). The company had debt repayment obligations of INR9 million in FY25, and it has debt obligations of INR18 million and INR36.4 million in FY26 and FY27, respectively. The agency expects its liquidity to remain stretched over the near term, due to the high annual interest costs. Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics along with the EBIDTA interest coverage being below 1.7x, and further stress on the liquidity position, will be negative for the ratings. Positive: An increase in the scale of operations, along with the EBIDTA interest coverage exceeding 1.7x, and/or an improvement in the liquidity position, all on a sustained basis, will lead to a positive rating action. About the Company Incorporated in June 2019, EHPL is a Rajasthan-based hospitality company which has developed a four-star hotel under the brand Sarovar Portico. The commercial operations of the hotel has commenced from January 2025. FABA AGENCIES: Ind-Ra Assigns BB- Loan Rating, Outlook Stable ------------------------------------------------------------- India Ratings and Research has rated Faba Agencies' bank facilities as follows: -- INR500 mil. Fund-based working capital limits assigned with IND BB-/Stable/IND A4+ rating; and -- INR100 mil. Term loan due on October 5, 2031 assigned with IND BB-/Stable rating. Detailed Rationale of the Rating Action The ratings reflect Faba's small scale of operations, modest EBITDA margin and modest credit metrics. Ind-Ra expects the scale of operations to have remained at similar levels in FY25, but the agency believes the revenue would grow in FY26. The ratings are supported by the promoters' three decades of experience in the trading business. Detailed Description of Key Rating Drivers Small Scale of Operations: Faba's revenue declined to INR1,750.54 million in FY24 (FY23: INR1,959.05 million) due to a fall in the sales of pipes and sheets. However, its absolute EBITDA increased to INR88.56 million in FY24 (FY23: INR73.73 million) owing to an increase in its sales of high margin items. During 11MFY25, Faba booked revenue of INR1,449.03 million. Ind-Ra expects the revenue to have remained largely stable on a yoy basis in FY25, due to the stability in demand for construction material from end users. However, Ind-Ra expects the revenue to improve during FY26, backed by likely growth in demand for steel pipes for infrastructure development. Modest EBITDA Margin: Faba's EBITDA margin remained modest but improved to 5.06% in FY24 (FY23: 3.76%) because of a decline in freight and handling charges. The return on capital employed was 9.3% in FY24 (FY23: 8.2%). Ind-Ra expects the EBITDA margins to remain at similar levels over FY25-FY26 due to similar nature of operations. Modest Credit Metrics: Faba's credit metrics improved in FY24, due to an increase in the EBITDA along with scheduled debt repayment of INR43.9 million. The gross interest coverage (operating EBITDA/gross interest expenses) was 1.31x in FY24 (FY23: 1.30x), due to similar level of interest expense, while the net leverage (total adjusted net debt/operating EBITDAR) was 6.56x (8.75x). Ind-Ra expects the credit metrics to have improved in FY25 and believes the metrics would continue to improve in the medium term, backed by a likely improvement in the EBITDA and the absence of any debt-funded capex plans. Promoter Experience: The ratings are supported by the promoter's experience of nearly three decades in the trading business, leading to established relationships with suppliers and customers. Liquidity Poor: Faba's average maximum utilization of the fund-based limits was 98.70% during the 12 months ended February 2025 with the instance of overutilization up to five days during May 2024. The cash flow from operations turned positive at INR83.96 million in FY24 (FY23: Negative INR143.50 million), due to a decrease in the working capital requirement. The free cash flow also turned positive at INR82.39 million in FY24 (FY23: Negative INR148.30 million) due to the absence of capex. Despite an increase in creditor days to 47 days in FY24 (FY23: 38 days), the net working capital cycle stretched to 122 days (118 days), mainly on account of an increase in the inventory days to 138 days (124 days). Faba has debt repayment obligations of INR44.4 million and INR33.7 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR50.94 million at FYE24 (FYE23: INR3.50 million). Faba does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: Further deterioration in the liquidity position along with a decline in the scale of operations, leading to deterioration in the overall credit metrics, could lead to a negative rating action. Positive: An improvement in the liquidity position along with an increase in the scale of operations, and an improvement in the overall credit metrics, with the gross interest coverage exceeding 1.7x, could lead to a positive rating action. About the Company Ernakulam, Kerala-based Faba is a proprietorship firm that was incorporated in 1988 by A. S. Shajahan. The firm is engaged in the trading of construction materials such as pipes, sheets, hardware items, shutter and other allied items. Faba has presence in Karnataka and Tamil Nadu and is planning to expand its branches in Chennai and Hyderabad. FURUKAWA MINDA: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Furukawa Minda Electric Private Limited (MFEPL; previously known as Minda Furukawa Electric Private Limited) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit & 1.50 CRISIL B/Stable (Issuer Not Working Capital Cooperating) Demand Loan Crisil Ratings has been consistently following up with MFEPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MFEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MFEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MFEPL continues to be 'Crisil B/Stable Issuer not cooperating'. MFEPL was incorporated in 2006, as a joint venture between the Furukawa Group (comprising Furukawa Electric Co Ltd and Furukawa Automotive Systems Inc; 51% stake), a leading Japanese auto component manufacturer; and MCL (49% stake). In October 2014, MCL increased its stake to 51%, but subsequently trimmed it to 25% in December 2018 and that owned by the Furukawa group rose to 75%, from 49% earlier. MFEPL manufactures wire harnesses, and allied components such as couplers, terminals, relay box, junction boxes, and steering roll connectors, primarily for automobiles. G.S. BUILDTECH: CARE Keeps C/A4 Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of G.S. Buildtech Private Limited (GSBPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 6.80 CARE C/CARE A4; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities 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 GSBPL under the 'issuer non-cooperating' category as GSBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GSBPL 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 GSBPL was incorporated in July 2009 and is engaged in turnkey solutions for interior works such as furniture and furnishing, flooring, false ceiling and wall finishing, civil and plumbing work, installation of security systems and external building work. It is currently being managed by Mr. Gopal Das Khandelwal and his son, Mr. Vikas Khandelwal. All the processes of the company are ISO 9001-20008 certified. The company caters to the needs of various corporate houses primarily in the private sector and receives orders through tenders. The company operates on Pan India basis and procures the raw material from the various dealers and traders in the domestic market on order to order basis. GANAPATI BUILDERS: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ganapati Builders Limited (GBL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 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 2, 2024, placed the rating(s) of GBL under the 'issuer non-cooperating' category as GBL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GBL continues to be non-cooperative despite repeated requests for submission of information through emails 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: Stable Odhisa based GBL was incorporated on March 29, 1995 and it is currently managed by Mr. Santosh Agarwal, Mr. Anand Agarwal and Mr. Krishna Kumar Agarwal. Since its incorporation, the company has been engaged in development of commercial and residential real estate projects. In past, the company has developed various real estate projects in the state of Odhisa namely Ganapati Villa, Ganapati residency, Ganapati Market Complex, New Ganapati Villa, KRP Residency Block A. The company gives construction activities of its projects to contractor and it focus mainly on marketing aspects. The promoters have satisfactory business experience of more than two decades in real estate industry. GENSOL ENGINEERING: NCLT to Hear Ireda's Insolvency Plea on June 3 ------------------------------------------------------------------ Business Standard reports that the National Company Law Tribunal (NCLT) Ahmedabad on May 16 agreed to hear an insolvency plea moved by the Indian Renewable Energy Development Agency Limited (Ireda) against Gensol Engineering. Ireda approached the insolvency tribunal following a default on payment of INR510 crore by Gensol Engineering, which ran and managed the electric-car ride-hailing platform BluSmart. A bench of judicial member Shammi Khan and technical member Sanjeev Kumar Sharma refused Ireda's request to appoint an interim resolution professional (IRP) at this stage, stating that Gensol Engineering must be heard first, according to Business Standard. Business Standard relates that Ireda's lawyer also urged the tribunal to appoint someone to manage the company, claiming Gensol was 'headless' after its promoters allegedly fled amid regulatory scrutiny. "Sir, by virtue of Sebi's (Securities and Exchange Board of India) order, the company is now headless. Directors have walked out and the company has projects worth crores of rupees. Somebody needs to manage the show," the lawyer told the NCLT. Business Standard says the financial creditor also alleged a complete breakdown of internal controls and corporate governance norms at Gensol, accusing the promoters of running the listed firm as if it were their proprietary concern. The hearing is now scheduled for June 3. BluSmart, on April 16, had paused cab bookings in certain parts of Delhi-NCR, Bengaluru, and Mumbai - the three cities where it operates, Business Standard notes. Business Standard relates that the rides were halted a day after the Securities and Exchange Board of India (Sebi) barred the promoters and directors of Gensol Engineering - Anmol Singh Jaggi and Puneet Singh Jaggi - from accessing the securities markets, allegedly for fraudulent practices and fund misuse. The market regulator also restricted the duo from holding any key positions at any listed company. Gensol Engineering is a part of the Gensol Group of companies, which offers engineering, procurement, and construction (EPC) services for the development of solar power plants. GREEN GOLD: Ind-Ra Affirms BB NonConvertible Debt Rating -------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on Green Gold Animation Private Limited's (GGAPL) non-convertible debentures (NCDs) to Negative from Stable while affirming the rating on them as follows: -- INR200 mil. Non-convertible debentures* affirmed; Outlook revised to Negative with IND BB/Negative rating. Analytical Approach Ind-Ra continues to take a fully consolidated view of GGAPL and its group company Megraj Holdings Private Limited (MHPL; NCDs rated at IND BB/Negative), along with GGAPL's subsidiaries Green Gold Licensing & Merchandising Pvt. Ltd. (holds 75.50%), Green Gold Entertainment Pte. Ltd.(100%), Green Gold Corporation US (100%) and Goldon Robot Animations P. Ltd. (90%) due to the strong operational, strategical and legal linkages among them. Ind-Ra has also consolidated MHPL's other these group companies Kazoom Holding Private Limited and Tigris Entertainment Private Limited (50%) as both these group companies have extended a corporate guarantee for the issued NCDs. MHPL and Kazoom Holding have no active business. Thus, these companies do not contribute to the consolidated financial numbers. Detailed Rationale of the Rating Action The Negative Outlook reflects 1) the deterioration in the consolidated credit metrics due to higher debt obligations arising from the issuance of NCDs in FY24 and lower-than-expected consolidated operating profitability, on account of lower syndication revenue in FY25, and 2) limited liquidity cushion to meet high repayment obligations. The agency expects credit metrics to remain for modest for FY26. The ratings also factor in the continued small scale of operations. Ind-Ra expects a slight improvement in the scale of operations in FY26 due to an increase in revenue from the VFX and live action business, leading to a slight rise in EBITDA margins. The ratings however are supported by the promoter's more than two decades of experience in content production and its sale, animation, licensing and merchandising. Detailed Description of Key Rating Drivers Lower-than-expected Operating Profitability: As per provisional figures for FY25, the consolidated EBITDA margins was 6.10%. Ind-Ra expects a similar levels of margins for FY26 due to low booking of syndication revenue. The agency expects the EBITDA margin to increase FY27 onwards, due to an increase in syndication revenue, led by content becoming non-exclusive after three years. Syndication revenue is fixed recurring revenue derived by selling content to customer for a certain period and it contributes highest to the margins. In FY24, the EBITDA margins had drastically reduced to 0.38% (FY23: 6.74%) as the two movies released in May 2024 did not earn well theatrically due to the general elections and cricket tournament, of which the cost unlikely to realized was provided as expense in FY24, accounting for 24% of the total revenue. Major cost incurred by the company is production cost of the content and staff salary expenses. Deterioration in Credit Metrics: Ind-Ra expects the consolidated gross interest coverage to have declined in FY25, and this might continue in FY26 due to higher finance cost on NCDs after completion of the moratorium period in FY25. Furthermore, the agency expects a similar level of net leverage for the medium term. The debenture's coupon rate is 7%; however, with the effect of the redemption premium, the effective internal rate of return would be 17%. The consolidated gross interest coverage (operating EBITDAR/gross interest expense + rents) declined to 0.19x in FY24 (FY23: 2.77x) due to a decline in EBITDA to INR4.36 million (INR54.66 million). In FY24, the consolidated net leverage deteriorated to 434.98x (FY23: 2.93x) due to high debt obligations arising from the issuance of debentures of INR1,600 million in June 2023. Limited Cushion to Meet High Debt Obligations: The group has scheduled debt repayment obligations for NCDs, which are redeemable, in FY27 along with the redemption premium of INR579.35 million for a total value of around INR2,290 million. The company does not have sufficient internal accruals and is planning to meet the debt obligations by (i) refinancing the debt with a cheaper debt available in the market, (ii) onboarding a strategic partner through private equity and thereby diluting equity and (iii) coming out with an initial public offering. Thus, timely arrangement of funds for meeting the debt obligations through any of above options is a key monitorable. However, as per the debenture deed, the company can be granted the first extension of a further 12 months and a second extension of a further 12 months, subject to terms and conditions specified in the deed. Continued Small Scale of Operations: Ind-Ra expects a slight improvement in the scale of operations in FY26 on account of an increase in revenue from the VFX and live action business with the release of one live action movie. As per the provisional figures of FY25, the revenue booked was INR1,202.13 million with EBITDA of around INR73.29 million. GGAPL derives revenue from providing various services, of which animation contributed 28.37% to the total revenue in FY25 (FY24: 32.3%); syndication revenue 11.46% (26.42%), sale of right of own IP around 27.02% (37.1%) and live action movies around 31% (0.32%). In FY24, revenue had improved to INR1,141.27 million (FY23: INR811.47 million) due to an increase in the syndication revenue. However, the overall EBITDA had reduced in FY24, as the two movies released in May 2024 did not earn well; of which the cost unlikely to be realized, was provided as expense in FY24. Established Track Record of Operations: GGAPL has been an animation player for over two decades and has diversified its portfolio in different services such as content production and its sale, animation, licensing, merchandising, gaming, ed-tech and royalty. From FY22, GGAPL has entered into the visual effects, studio services and live action space. It has produced several popular animated series such as Chhota Bheem, Vikram Betaal and Mighty Raju. From FY23, the company has also ventured into the production of live action movies such as Aa Okkati Adakku, Curse of Damyan and Mareechika. Liquidity Stretched: GGAPL has a repayment obligation of INR2,290 million in FY27. In FY24, the working capital cycle reduced to 260 days (FY23: 459 days) due to a reduction in the inventory days to 236 (437 days) on account of the release of two movies. Its inventory includes production cost of live action movies and work-in-progress animation service. In FY24, debtors days were 48 (FY23: 37) and creditor days were 23 (15 days). In FY25, Ind-Ra expects the working capital cycle to have remained at the FY24 levels. GGAPL's average maximum utilization of its fund-based limits was around 61.20% of the sanctioned limits over the 12 months ended March 2025. In FY24, the cash flow from operations had deteriorated to negative INR26.24 million (FY23: INR128.72 million) due to the decline in operating profit. In FY24, the free cash flow declined to negative INR72 million (FY23: INR20.9 million). At FYE24, the cash and cash equivalent stood at INR9.13 million (FY23: INR25.31 million). Rating Sensitivities Negative: Substantial deterioration in the scale of operations and profitability, deterioration in the inventory monetizing, inability to timely finance the debt obligations and continued modest credit metrics, all on a sustained basis, will lead to a negative rating action. Positive: Substantial improvement in the scale of operations and profitability, improvement in the inventory monetizing, timely financing of debt obligations along with improvement in the credit metrics, all on a sustained basis, will lead to a positive rating action. About the Company GGAPL is a Hyderabad-based animation company, with offices in India, Singapore, Philippines and the US. It is known for creating the Chhota Bheem television series and the Krishna film series. The company was founded by Rajiv Chilaka in January 2001. HANDLOOM BHANDAR: ICRA Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the long-term ratings of Handloom Bhandar (HB) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.20 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 1.80 [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 HB, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1983 by Mr. Iqbal Ahmed, HB is a partnership firm which processes textiles by way dyeing, printing, waterproofing etc. The products have application in manufacturing of bags, rug sacks, defence clothes etc. The firm's manufacturing unit is based out of Shekhpur in Unnao district of UP. HARDAYAL MILK: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hardayal Milk Products Private Limited (HMPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 50.72 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 3, 2024, placed the rating(s) of HMPPL under the 'issuer non-cooperating' category as HMPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HMPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 19, 2025, March 29, 2025 and 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: Not Applicable Hardayal Milk Products Pvt. Ltd. (HMPPL) was setup by Mr. Praveendra Kumar, Mr. Ramveer Singh, Mr. Hardayal Singh, Mr. Veerpal Singh and Mr. Amol Yadav in July 2005. The company commenced production from December 2006. HMPPL is involved in production of various milk products mainly in Pasteurized packed milk, Ghee and other milk products like Flavored Milk, Curd, flavored Yogurt, Butter milk, Paneer, SMP (Skimmed Milk Powder), Pasteurized Butter, Whole Milk Powder and Dairy Whitener. Pasteurized milk is sold to institutional buyers in bulk, and other milk products are sold through retail chain with "Hardayal" brand name. The products are well established in the regional markets of Rajasthan, Uttar Pradesh, Uttarakhand, Punjab, Haryana, Maharashtra, West Bengal, Delhi, Madhya Pradesh, Andhra Pradesh and North – East States. HERO FINCORP: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable --------------------------------------------------------------- Moody's Ratings has affirmed Hero FinCorp Limited's (Hero FinCorp) Ba1 long-term corporate family rating. The rating outlook remains stable. RATINGS RATIONALE The rating affirmation and a stable outlook reflects Moody's expectations that Hero FinCorp's financial performance, along with the very high probability of affiliate support from Hero Motocorp Limited (HMCL), will remain stable over the next 12 – 18 months. The Ba1 CFR considers the company's b1 standalone credit assessment and 3 notches of affiliate support uplift. Capital has declined in the past year, although the capital level including the compulsory convertible preference shares (CCPS) remains adequate supported by regular capital infusions from its shareholders and Moody's expectations that company will raise timely capital to support its credit growth. Moody's estimates that the tangible common equity/tangible managed assets (TCE/TMA) ratio has declined below 9.5% at the end of March 2025 from 10.8% a year ago. In July 2024, Hero FinCorp filed a draft red herring prospectus (DRHP) with the securities regulator (SEBI) for an initial public offering (IPO) aggregating to INR 36.7 billion, including primary issuance of INR 21 billion to support growth. SEBI has not yet approved the DRHP. A significant delay in the IPO could impact Hero FinCorp's growth plans in absence of interim capital raise. Hero FinCorp's modest franchise and risky target customer base makes its asset quality and profitability more susceptible to fluctuations. Its gross non-performing loan (NPL) ratio deteriorated to 5.0% as of the end of March 2025, from 4.0% a year earlier. The deterioration in asset quality was more pronounced in its retail lending segment, a trend similar across other lenders in the industry. Additionally, lower recoveries on its NPLs due to a relatively weaker collection mechanism has led to higher charge offs. The company's management is undertaking measures to tighten underwriting and improve loan collections. Moody's expects some of these measures will help improve asset quality in the next 12-18 months. Moody's expects the company's profitability to improve, albeit from low levels, over the next 12-18 months as loan loss provisions will decline in tandem with improvement in asset quality, while net interest margin will remain broadly stable. Hero FinCorp leverages its strong links with its parent to access funding from banks and the debt capital markets. This helps to partially offset the refinancing risk due to reliance on wholesale funding sources. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Hero FinCorp's CFR could be upgraded if it significantly strengthens its franchise, improves its asset quality and maintains its return on assets above 2% on a sustained basis while affiliate support and credit strength of HMCL remains unchanged. Moody's would downgrade Hero FinCorp's rating if its capital deteriorates further, without a clear visibility on its ability to raise new equity capital in a timely manner. A delay in conversion of the compulsory convertible preference shares will also be negative for the rating. Specifically, a reduction in its TCE/TMA ratio below 8% could lead to a rating downgrade. Moody's could also downgrade the rating if there is a significant deterioration in its asset quality, leading to pressure on its profitability, or if its funding and liquidity deteriorate. Any change to Moody's expectations of support from HMCL could also lead to downgrade of Hero FinCorp's rating. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Finance Companies published in July 2024. COMPANY PROFILE Hero FinCorp Limited is headquartered in New Delhi and reported consolidated loan assets under management of INR 577.2 billion ($6.8 billion) as of March 31, 2025. INTERJEWEL PRIVATE: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Interjewel Private Limited (IPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 210.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.60 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 10, 2024, placed the rating(s) of IPL under the 'issuer non-cooperating' category as IPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IPL continues to be non-cooperative despite repeated requests for submission of information through emails dated March 26, 2025, April 5, 2025 and April 15, 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 Interjewel Private Ltd (IPL) was established as a partnership firm in 1970, in the name of D. Navinchandra & Co. by Mr. Shantibhai Mehta and Mr Navinbhai Mehta. The partnership firm was converted into a private limited company in April 2007, and subsequently renamed to its current name IPL. The group as a part of its restructuring process carried out a scheme of amalgamation and de-merger exercise with effect from April 1, 2009. IPL, now promoted by Mr. Rupen Kothari, Mr. Shrenik Choksi and Mr. Hemal Choksi, is engaged in the business of importing and processing of rough diamonds and exporting cut and polished diamonds (CPD) of various sizes and shapes. The diamond processing activities of IPL are undertaken at its own manufacturing facilities in Surat. IPL has its sales offices at Mumbai, Delhi and Ahmedabad. Currently, IPL has a 'Rio Tinto Select Diamantaire' status. Day to day operations of the company is managed by Mr Hemal Choksi – CEO. JAIN AGENCIES: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the long-term ratings of Jain Agencies in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Jain Agencies, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in August, 2012, Jain Agencies is an authorised distributor of Samsung Electronics India Limited in Sivasagar, Jorhat, Dibrugarh, Tinsukia and Nagaon districts of Assam. The firm sells consumer durables such as television, refrigerator, air conditioners, etc. The firm is promoted by the Guwahati-based Jain family, who have long experience in the distribution business through various group entities. JEYASOUNDHARAM TEXTILE: ICRA Keeps C Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Sree Jeyasoundharam Textile Mills Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]C; ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 17.00 [ICRA]C; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 6.07 [ICRA]C; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 1.33 [ICRA]C ISSUER NOT COOPERATING; Unallocated Rating continues to remain under 'Issuer Not Cooperating' Category Long Term- (1.00) [ICRA]C ISSUER NOT COOPERATING; Interchangeable Rating continues to remain under 'Issuer Not Cooperating' Category Short Term- 3.25 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Sree Jeyasoundharam Textile Mills Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Sree Jeyasoundharam Textile Mills Private Limited was established by Mr. J Rajesh and Mrs. J Gnanamani as a partnership Sree Jeyasoundharam Textile Mills Private Limited was incorporated as a private limited company in September 1989 in Sivagangai, Tamil Nadu. In 1997, it was taken over by Mr. T R Dhinakaran, the promoter of Ramalinga Group of Companies. The company is primarily engaged in manufacturing of cotton yarn of medium to fine counts. Over the years, the company has increased the spindle capacity from 3,000 spindles to its current level of 41,760 spindles and 672 rotors. The company is a part of Ramalinga Group of Companies based out of Aruppukottai, Tamil Nadu. The major companies in the Ramalinga group include (a) Shri Ramalinga Mills Limited (SRML) (ii) Aruppukottai Shri Ramalinga Spinners Private Limited and (iii) Tamilnadu Jaibharath Mills Limited. MACRO VENTURES: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Macro Ventures Private Limited (MVPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 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 8, 2024, placed the rating(s) of MVPL under the 'issuer non-cooperating' category as MVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 24, 2025, April 3, 2025 and April 13, 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 2011, Macro Ventures Private Limited (MVPL) is a part of the Macro Group and started its commercial operations in February-2013. The company is an authorized dealer of Tata Motors Ltd for its passenger cars, spares & accessories in Mohali and Ropar, Punjab. MVPL is promoted by Mr. Deepak Chopra and Ms. Sonia Chopra, who have extensive experience in the trading/distribution business, as the group is already operating several dealerships including Honda, Castrol Lubricants etc. under Macro Group Pvt Ltd, M/s Macro Linkers (ML), M/s Vinayak Enterprises (VE) and M/s Pioneer Sales Network (PSN). MAHALAXMI FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mahalaxmi Food Products (MFP) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Project Loan 3.75 CRISIL D (Issuer Not Cooperating) Proposed Term Loan 0.8 CRISIL D (Issuer Not Cooperating) Term Loan 7.45 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MFP for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MFP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MFP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MFP continues to be 'Crisil D Issuer not cooperating'. MFP was set up as a partnership firm in 2004 at Ratnagiri. The firm processes flour and spices. The partners of the firm are Mr. Yogesh Sarpotdar and Mr. Anand Mulye. MALABAR IMPEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Malabar Impex Solutions (MIS) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 8.5 CRISIL B+/Stable (Issuer Not Cooperating) Working Capital 4.5 CRISIL B+/Stable (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with MIS for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MIS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MIS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MIS continues to be 'Crisil B+/Stable Issuer not cooperating'. Set up in 2018 as a partnership firm by Mr. Moosa Kunnath and Mr. Mohammed Kunnath, MIS is setting up a plant in Malappuram, Kerala, to process frozen seafood products, food grains, and spices. MANI BHUSAN: CRISIL Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Mani Bhusan Dutta Steel Private Limited (MDBSPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Cash 5 CRISIL B+/Stable (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with MBDSPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MBDSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MBDSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MBDSPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2012, MBDSPL is promoted Mr. Prasanta Kumar Dutta and Ms Suparna Dutta. The company is distributor for JSW Steel in Hooghly and Howrah district of Kolkata. Apart from this company is also a distributor of JSW Cement and Nuvoco Cement. MARUTI NANDAN: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Maruti Nandan Food Products Private Limited (MNFPPL) 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 May 2, 2024, placed the rating(s) of MNFPPL under the 'issuer non-cooperating' category as MNFPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MNFPPL 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 Maruti Nandan Food Products Pvt. Ltd (MNFPPL), incorporated in July, 2007, was promoted by two brothers Shri Abhimanyu Kumar Singh and Shri Abhijeet Kumar Singh of Patna to set up a flour mill (both Roller Flour Mill and Atta 'Chakki'). The company is engaged in manufacturing of different flour qualities like "Atta", "Maida" and "Suzi". MNFPPL commenced commercial production on February 9, 2011, upon commissioning of its plant at Arrah (Bihar). MNFPPL's manufacturing facility is well equipped with modern amenities which have been reflected from the ISO 22000:2005 certification that it has received for maintaining a standard quality system. MNFPPL procures wheat from wholesalers and commission agents present in local grain markets and sell its products to wholesale traders in the states of Bihar, Orissa and West Bengal. The day-to-day affairs of the company are looked after by Shri Abhimanyu Kumar Singh, with adequate support from other two directors and a team of experienced personnel. MEKA BUJJI: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Meka Bujji Parameswara Rao (MBPR) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.9 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Fund- 1.1 CRISIL B+/Stable (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with MBPR for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MBPR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MBPR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MBPR continues to be 'Crisil B+/Stable Issuer not cooperating'. MBPR is a proprietorship firm set up in Krishna, Andhra Pradesh in 1983. The firm sell eggs obtained from its poultry farm of 2 lakh hens. The key proprietor, Mr. M B Parameswara Rao has experience of over three decade in the business. NIRUPAM ASSOCIATES: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nirupam Associates (NA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 17, 2024, placed the rating(s) of NA under the 'issuer non-cooperating' category as NA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 3, 2025, March 13, 2025, March 23, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Bhopal (Madhya Pradesh) based NA was formed as a proprietorship concern by Mr. Ram Babu Singh in 1997 with an objective to develop real estate projects. NA is the renowned real estate developer in Bhopal being present in the industry since 1997 and executed multiple real estate projects in and around Bhopal city. It has completed its Nirupam Royal Palms (NRP) in Bhopal project with total 150 bungalows. The firm undertook expansion project of NRP namely 'Nirupam Royal Palms - I' (NRP-I) and 'Nirupam Royal Palms – II' (NRP-II). Further, it undertook one commercial project 'Nirupam Yadav Trade Centre' (NYTC) in Sehore (Madhya Pradesh). RAMDEV COTTON: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ramdev Cotton Industries (RCI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 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 18, 2024, placed the rating(s) of RCI under the 'issuer non-cooperating' category as RCI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RCI continues to be non-cooperative despite repeated requests for submission of information through emails dated March 4, 2025, March 14, 2025, March 24, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Rajkot based Ramdev Cotton Industries (RCI) was established in 2009 as a partnership firm by Mr Ashwinbhai M. Chovatiya, Mr. Jagdishbhai M. Sakaria, Mr Kishorbhai N. Sakaria and Mr Ramjibhai K. Sakaria. All the partners are actively involved in the management of RCI as functional heads. RCI is engaged in business of cotton ginning & pressing to produce cotton bales and cotton seeds with an installed capacity to produce 6048 MTPA (Metric Tonnes per Annum) for cotton bales and 10,500 MTPA for cotton seeds as on March 31, 2017. RM DAIRY: CARE Keeps D Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of RM Dairy Products LLP (RDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 42.41 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 9, 2024, placed the rating(s) of RDPL under the 'issuer non-cooperating' category as RDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RDPL continues to be non-cooperative despite repeated requests for submission of information through emails dated March 25, 2025, April 4, 2025 and April 14, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable RM Dairy Products LLP is the flagship company of Ram Meher Group. The group was started in 2005 with focus in the real estate and glass industry. RM Dairy Products LLP was incorporated in April, 2015 as a limited liability partnership firm by eight partners - Mr Ram Vinod Singh, Ms Radha Singh, Mr Shishir Singh, Mr Girish Goyal, Ms Suman Goyal, Mr Ravi Singhal, Ms Archana Singhal and Ms Shally Singh. The firm has a manufacturing plant in Aligarh, Uttar Pradesh. S.K.L. EXPORTS: Ind-Ra Keeps BB- Loan Rating in NonCooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained S.K.L Exports' instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB-/Negative (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR1.070 bil. Fund Based Working Capital Limit LT Downgraded; ST Maintained in non-cooperating category with IND BB-/ Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR102.2 mil. Term loan due on March 31, 2026 downgraded with IND BB-/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with S.K.L Exports while reviewing the rating. Ind-Ra had consistently followed up with S.K.L Exports over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of S.K.L Exports on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect S.K.L Exports' credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Established in 1995, SKLE is a Tamil Nadu-based partnership firm engaged in the manufacturing of hosiery garments for men, women and kids. The company has three manufacturing units for knitting, sewing, embroidery, compacting and printing, all located in Tirupur. The firm derives 90% of its revenue from the export market. SACRED HEART: Ind-Ra Withdraws BB+ Bank Loan Rating --------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Sacred Heart Province's (SHP) bank loan rating as follows: -- The 'IND BB+/Stable' rating on the INR353.49 mil. Bank loan is withdrawn. Detailed Rationale of the Rating Action Ind-Ra is no longer required to maintain the rating, as the agency has received no-dues certificates from the lenders and a withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. About the Company SHP is registered as a trust under Income Tax Act, 1961. It is a part of Kerala-based CMI congregation, which has a long history of running a number of institutions in various fields. In addition to religious activities, SHP has contributed to the setting up and running of the institutions promoted by SHP/The Carmelite of Mary Immaculate. SECUREVALUE INDIA: Ind-Ra Moves D Loan Rating to NonCooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Securevalue India Limited (SVIL) to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of no default statement (NDS) for three consecutive months despite continuous requests and follow-ups by the agency, and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. NDS in the format prescribed by the Securities and Exchange Board of India is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR700 mil. Fund-based working capital limits migrated to non- cooperating category with IND D (ISSUER NOT COOPERATING)/IND D (ISSUER NOT COOPERATING) rating; and -- INR1.290 bil. Term loan due on March 31, 2028 migrated to non- cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Detailed Rationale of the Rating Action The migration of ratings to the non-cooperating category is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received NDS continuously for three months despite continuous requests and follow-ups by the agency. Ind-Ra had consistently followed up with SVIL over emails starting from February 28, 2025, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of SVIL on the basis of the best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect SVIL's credit strength. If an issuer does not provide the NDS in a timely manner, it indicates weak governance, particularly in 'timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company SVIL, a wholly owned subsidiary of AGS Transact Technologies Limited (debt rated at 'IND D (ISSUER NOT COOPERATING)'), provides cash management services, including cash pick-up, cash-in-transit, cash vaulting and cash processing, for ATMs managed by the parent and other operators. SELVANAAYAKI TEXTILE: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Selvanaayaki Textile (SST) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 21.00 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 17, 2024, placed the rating(s) of SST under the 'issuer non-cooperating' category as SST had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SST continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 3, 2025, March 13, 2025, March 23, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Sri Selvanaayaki Textile (SST) is a proprietorship concern established in the year 1989 by Mr. R. Palanisamy. The firm is primarily engaged in the manufacture of grey fabrics. The promoter is also supported by his wife Mrs. P. Indumathi in handling the operations. SST procures raw material (cotton) from suppliers located in India. The firm has sizing units. Each of the units have an installed capacity of about 7200 kgs of yarn per day. After sizing of yarn in the firm, the weaving process is outsourced to job workers in and around Coimbatore. SST also exports its fabrics to Mali, West Africa. SHIVA PARVATI: Ind-Ra Moves B Loan Rating to NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of SHIVA PARVATI POULTRY FEED PRIVATE LIMITED to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND B/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR400 mil. Fund Based Working Capital Limit Outlook revised to Negative; rating migrated to non-cooperating category with IND B/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and -- INR10.74 mil. Working Capital Term Loan due on October 31, 2024 coupon rate 7.5% Outlook revised to Negative; rating migrated to non-cooperating category with IND B/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action 1.For Investment Grade: The migration of rating to the non-cooperating category and Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Outlook revision to Negative from Stable reflects the likelihood of downgrade of ratings to sub-investment grade on continued non-cooperation for six months. In line with the regulatory requirement, if an issuer has an investment grade rating outstanding while being non-cooperative for more than six months with Ind-Ra, then the agency will necessarily downgrade such rating to the non-investment grade while maintaining the Issuer Not Cooperating status. 2. For Sub Investment Grade: The migration of rating to the non-cooperating category and Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency. Ind-Ra had consistently followed up with SHIVA PARVATI POULTRY FEED PRIVATE LIMITED over emails starting from 28 Feb 2025, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of SHIVA PARVATI POULTRY FEED PRIVATE LIMITED on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect SHIVA PARVATI POULTRY FEED PRIVATE LIMITED's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption / distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in 2004, SPPFPL is engaged in the extraction of soybean de-oiled cake and soybean crude oil. The company has a plant with an installed capacity of 90,000 metric ton per annum in Hingoli, Maharashtra. The company is a subsidiary of Shiva Global Agro Industries, engaged in the manufacturing of fertilizers and trading of other agricultural products. SHIVASHAKTI SUGARS: Ind-Ra Affirms BB+ Bank Loan Rating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on Shivashakti Sugars Limited's (SSL) bank facilities: -- INR317.10 mil. Term loan due on March 10, 2035 assigned with IND BB+/Stable rating; -- INR3.50 bil. Fund-based working capital limit affirmed with IND BB+/Stable rating; and -- INR3,189.50 bil. (reduced from INR3.670 bil.) Term loan due on September 30, 2034 affirmed with IND BB+/Stable rating. Detailed Rationale of the Rating Action The affirmation reflects SSL's stretched liquidity position, modest credit metrics and likely range-bound EBITDA margins, along with the company's susceptibility to the regulatory risk in the sugar industry. The ratings are, however, supported by the likely improvement in the scale of operation in the medium term due to the planned expansion of the company's sugarcane crushing capacity. Detailed Description of Key Rating Drivers Credit Metrics likely to Remain Modest Albeit Slight Improvement: In FY24, the net leverage (net debt/EBITAR) deteriorated to 10.26x (FY23: 5.42x) and the gross interest coverage (operating EBITDA/gross interest expense) to 1.55x (1.94x) on account of a decline in the EBITDA and an increase in the overall net debt. The net leverage is high due to high working capital requirement in the sugar industry during the sugar season. In FY25, SSL had availed a new term loan of INR317.1 million for the automation and modernization of its sugar plant and the construction of two labor quarters at the existing factory premises leading to an increase in the debt position. Furthermore, the entity plans to expand its capacity to 19,000TCD for which external borrowings of INR300 million-310 million are planned. Hence, according to Ind-Ra, the overall net leverage is likely to remain high despite a slight improvement expected in the medium term due to an EBITDA improvement and the repayment of loan instalments. Furthermore, Ind-Ra expects a slight improvement in the gross interest coverage ratio due to a likely increase in the EBITDA in the medium term; however, it is likely to remain modest. EBITDA Margins Likely to Remain Modest: SSL's EBITDA margins are likely to remain range bound at 10%-13% in the medium term as both the sugarcane prices and the sugar prices are regulated by the government. The prices of sugar in the domestic market increased in FY24 while the cane costs remained relatively low, with the fair remunerative price of sugarcane at INR3,150 per MT for a basic recovery rate of 10.25%. The government increased the basic fair and remunerative price (FRP) to INR3,400 per MT in FY25. The government has increased the basic FRP every year since SS19-20 and as per early reports, the government is likely to increase the FRP by a further INR150 per MT to INR3,550 per MT for the next season (SS25-26). Moreover, the entity is sometimes required to pay over and above the FRP for sugarcane due to market competition. In FY24, the EBITDA margin increased slightly to 10.78% (FY23: 10.66%) mainly due to higher sugar sales realizations. Hence, Ind-Ra expects the EBITDA margins to remain modest in the medium term. The return on capital employed was 7.4% in FY24 (FY23: 11.9%). Susceptibility of Business to Regulatory Risks in Sugar Industry: The sugar industry is regulated and vulnerable to government policies as it is classified as an essential commodity. Besides setting quotas for the domestic sale of sugar and restricting sugar exports, the government has implemented various regulations such as fixing the raw material prices in the form of fair and remunerative prices. All these factors impact the production and sales of sugar and diversification of syrup for production of ethanol, posing significant uncertainty risks on SSL's scale of operations. Likely Improvement in the Scale of Operations: In FY24, SSL increased its sugarcane crushing capacity to 14,000TCD from 10,000TCD. The entity is planning to incur a further capex of around INR400 million to expand its capacity to 19,000TCD. In FY24, despite the expansion, the revenue declined to INR7,914.45 million (FY23: INR10,143.80 million) because of the lower allotment of quotas as well as the ban on sugar exports. However in FY25, the revenue increased due to a rise in the sale of sugar syrup (as per the provisional figures). In the medium term, due to increased capacity, Ind-Ra expects growth in the revenue. Furthermore, the entity has started selling sugar syrup to its group company for the production of ethanol since FY24 for which the average realization per MT increased to INR15,500 in FY25 (FY24: INR14,700). The government has also lifted the ban on ethanol production from sugar syrup due to which the sales quantity of sugar syrup sales is expected to improve. Considering all of the above, Ind-Ra expects an improvement in the scale of operations in the medium term. Liquidity Stretched: SSL had an unencumbered cash balance of INR1,083 million during 9MFY25 (FYE24: INR365.80 million; FYE23: INR98.30 million). The average maximum use of the fund-based limit stood at 62.78% for the 12 months ended December 2024. The utilization increased over January-March 2025 due to high sugar inventory during sugar season; however, it is likely to decrease again during the off season (April-September) when the sugar inventory is sold. SSL had incurred capex of around INR500 million, as informed by the management, for the automation and modernization of the sugar plant and the construction of two labor quarters at the existing factory premises. To fund this capex, SSL had availed a term loan of INR317.1 million in FY25 at the interest rate of 9.60% p.a. repayable in 40 quarterly instalments. In FY25, the entity had a repayment obligation of INR419.32 million. Furthermore, the repayment obligations for FY26 and FY27 are INR508.71 million and INR508.23 million, respectively. SSL is also planning for the expansion of its capacity to 19,000TCD from 14,000TCD for which the capex of around INR400 million is required. To fund this capex, company intends to avail a term loan of INR300 million-310 million. The remaining capex will be funded through internal accruals and promoters' contribution (if required). Rating Sensitivities Negative: Any deterioration in the liquidity or profitability or credit metrics, on a sustained basis, could result in a negative rating action. Positive: An overall improvement in the liquidity and credit metrics on a sustained basis could result in a positive rating action. About the Company SSL was set up in 1995 by Prabhakar B Kore who obtained a license for setting up a sugar manufacturing unit in 1995. However, he was unable to launch the project till 2000 for various reasons. Subsequently, SSL was acquired by KPR Sugar Mills Pvt Ltd (a part of Coimbatore-based KPR group) in early 2000. Later, the company was acquired by Kore in April 2010. At FYE25, SSL had a sugar production capacity of 14,000TCD and 37MW of co-generation capacity. SHYAM AGRO: Ind-Ra Cuts Term Loan Rating to B --------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Shri Shyam Agro Biotech Private Ltd rating to 'IND B/Negative (ISSUER NOT COOPERATING)'. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating actions are: -- INR140 mil. Fund based working capital limit downgraded with IND B/Negative (ISSUER NOT COOPERATING) rating; -- INR7.5 mil. Non-fund-based working capital limit downgraded with IND A4 (ISSUER NOT COOPERATING) rating; and -- INR3.7 mil. Term loan downgraded with IND B/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category and Outlook revised to Negative in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Shri Shyam Agro Biotech Private Ltd while reviewing the rating. Ind-Ra had consistently followed up with Shri Shyam Agro Biotech Private Ltd over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Shri Shyam Agro Biotech Private Ltd on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Shri Shyam Agro Biotech Private Ltd.'s credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Established in 2001, SSABPL is operates a flour mill with a capacity of 150 tons in Raniganj, West Bengal. SSABPL is engaged in the manufacturing and trading activities of food products such as wheat flour, refined wheat flour and soya chunks are manufactured and traded. SSABPL sells its products to both industrial and retail consumers under its own brand named Agro Fresh, and it also undertakes repackaging of products for other market players such as Flipkart Private Limited, Hands on Trades Private Limited, Tata Consumer Products Limited, and Parle Products Pvt. Ltd. SIGMA CHEMTRADE: Ind-Ra Cuts Loan Rating to BB- ----------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Sigma Chemtrade Pvt. Ltd rating to 'IND BB-/Negative (ISSUER NOT COOPERATING)'. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating actions are: -- INR42.5 mil. Cash credit downgraded with IND BB-/Negative (ISSUER NOT COOPERATING) rating; -- INR57.5 mil. Fund Based Working Capital Limit downgraded with IND BB-/Negative (ISSUER NOT COOPERATING) rating; -- INR100 mil. INR100 million Non-fund based limits maintained in non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR95 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category and Outlook revised to Negative in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Sigma Chemtrade Pvt. Ltd while reviewing the rating. Ind-Ra had consistently followed up with Sigma Chemtrade Pvt. Ltd over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Sigma Chemtrade Pvt. Ltd on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Sigma Chemtrade Pvt. Ltd.'s credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Indore-based SCPL was set up in 2007 and trades in polymers and plastic raw materials such as high-density polyethylene, low-density polyethylene, polypropylene and chemicals. The company's operations spread across Maharashtra, Gujrat, Chhattisgarh, Rajasthan, Delhi, Chennai and in the Union Territories of Daman and Silvassa. Vijay Goyal and Nina Goyal are the main promoters of the company. SILVERLINE INVESTMENTS: ICRA Keeps D Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term rating of Silverline Investments in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 5.25 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 7.40 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Silverline Investments, 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. Formed in January 2004, Silverline Investments is a partnership firm engaged in development of residential and commercial properties. The firm has completed 6 residential projects and two commercial projects till date. Currently the firm focuses only on commercial projects. The same promoters have a different entity names Srivastav Buildeers, which undertakes residential projects. SINDHU CARGO: Ind-Ra Keeps D Loan Rating in NonCooperating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Sindhu Cargo Services Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR450 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR20 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Sindhu Cargo Services Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Sindhu Cargo Services Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Sindhu Cargo Services Private Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Sindhu Cargo Services Private Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company SCSPL was incorporated in 1987 and provides diversified logistic services such as custom clearing, freight forwarding, transportation, warehousing, and supply chain management, among others through air, water and land. SN ENVIRO: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of SN Enviro - Tech Private Limited (SNETPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 65 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 4.5 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 15.5 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with SNETPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SNETPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SNETPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SNETPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2005, SNETPL is promoted by the late Mr. Samarendra Nath Nandy, and is currently managed by his son, Mr. Abhishek Nandy, Ms Sonali Nandy and a team of professionals. The Delhi-based company undertakes engineering, procurement and construction of water and sewage treatment plants, and industrial effluents treatment plants. SUDHIR AGRO: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Sudhir Agro Oils Private Limited (SAOPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 4.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 16.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SAOPL, 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 1993, SAOPL is engaged in the trading of edible oils. It trades primarily in Crude Palm Oil, Mustard Oil, Cotton Seed Oil, Sunflower Oil and Soya Oil. The company does not have any warehousing facility for storage of traded products. The promoter Mr. Prem Kumar's family has been involved in the edible oil trading business for three generations. SURAT WOVENSACKS: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term of Surat Wovensacks Industries LLP (SWIL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 8.60 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SWIL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in October 2015, Surat Wovensacks Industries LLP (SWIL), manufactures high density poly ethylene and poly propylene (HDPE & PP) woven fabrics (laminated and non-laminated). The firm started its commercial operations in August 2016 from its manufacturing facility at Magrol, in Surat, with an installed capacity to manufacture 3960 Metric Tonnes (MT) fabrics. The firm is managed by Mr. Anil Pugliya and Mr. Harjeet Singh Chhabra. In FY2017, the company on a provisional basis reported a net loss of INR0.70 crore on an operating income of INR10.96 crore. SURYA PANEL: CRISIL Moves B- Debt Ratings to Not Cooperating ------------------------------------------------------------ Crisil Ratings has migrated the rating on bank facilities of Surya Panel Private Limited (SPPL) to 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B-/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Fund- Based Bank Limits 9.5 Crisil B-/Stable (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 6.5 Crisil B-/Stable (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with SPPL for obtaining information through letter and email dated April 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of SPPL to 'Crisil B-/Stable Issuer not cooperating'. Incorporated in December 2014 and promoted by Mr. Sudharshan Hadihalli Byregowda and Mr. Rushil Krupesh Thakkar, SPPL is setting up a manufacturing facility for high-density and medium-density fibre boards. SVARRNIM INFRASTRUCTURES: Ind-Ra Keeps D Rating in NonCooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Svarrnim Infrastructures Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR50 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR247.5 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Svarrnim Infrastructures Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Svarrnim Infrastructures Private Limited over emails, apart from phone calls.. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Svarrnim Infrastructures Private Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Svarrnim Infrastructures Private Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Established in February 2010, Svarrnim Infrastructures undertakes civil construction work mainly for government organizations. The company has its registered office in Delhi. SWASTIK CEMENT: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Swastik Cement Products Private Limited (SCPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 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 SCPPL under the 'issuer non-cooperating' category as SCPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCPPL 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 Uttar Pradesh based SCPPL was incorporated in February, 1980. The company is currently being managed by Mr Ajit Kumar Jain and Mr Rishabh Tulsyan. The firm primarily engaged in the manufacturing of Mild Steel (MS) ingots. The company has its manufacturing facility located at Chandauli, Uttar Pradesh. Also, the company is engaged in manufacturing of wheat flour on job work basis for Swastik Grains Corporation (associate firm). SCPPL has an associate concern namely Swastik Grains Products Private Limited, which was incorporated in March, 2007 and is engaged in processing of wheat flour. TRANS VIRTUAL: Ind-Ra Moves BB+ Loan Rating to NonCooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Trans Virtual Private Limited to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR50 mil. Fund Based Working Capital Limit Outlook revised to Negative; rating migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; -- INR50 mil. Fund Based Working Capital Limit Outlook revised to Negative; rating migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING)/ IND A4+(ISSUER NOT COOPERATING) rating; -- INR200 mil. Non-Fund Based Working Capital Limit Outlook revised to Negative; rating migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR50 mil. Non-Fund Based Working Capital Limit Outlook revised to Negative; rating migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action 1.For Investment Grade: The migration of rating to the non-cooperating category and Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Outlook revision to Negative from Stable reflects the likelihood of downgrade of ratings to sub-investment grade on continued non-cooperation for six months. In line with the regulatory requirement, if an issuer has an investment grade rating outstanding while being non-cooperative for more than six months with Ind-Ra, then the agency will necessarily downgrade such rating to the non-investment grade while maintaining the Issuer Not Cooperating status. 2. For Sub Investment Grade: The migration of rating to the non-cooperating category and Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency. Ind-Ra had consistently followed up with Trans Virtual Private Limited over emails starting from 28 Feb 2025, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Trans Virtual Private Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Trans Virtual Private Limited's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Guwahati, Assam-based TVPL was established in 2002 and offers IT consulting, IT services and telecom services to and a wide array of solutions and services to key verticals. VARUN AQUA: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term rating of Sri Varun Aqua Enterprises (SVAE) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.90 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.10 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SVAE, 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. Sri Varun Aqua Enterprises (SVAE) was established in 2004 and is an Andhra Pradesh-based partnership firm promoted by Mr. K. Srinivas Reddy, Mr. Dwarampudi Ammireddy and Ms. Kovvuri Somireddy. The firm trades in shrimp feed and shrimp feed supplements. The firm buys feed and sells it to shrimp farmers across India. Its key business unit is located in Kakinada city of East Godavari district. In FY2020, on a provisional basis, the company reported a net profit of INR0.4 crore on an operating income of INR31.5 crore compared to a net profit of INR0.5 crore on an operating income of INR36.9 crore in the previous year. VENTA REALTECH: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Venta Realtech Private Limited (VRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 90.00 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 9, 2024, placed the rating(s) of VRPL under the 'issuer non-cooperating' category as VRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 25, 2025, April 4, 2025 and April 14, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Venta Realtech Private Limited was incorporated in June 5, 2010 as Krrish Realtynirman Pvt Ltd (KRPL) was engaged in the development of residential/group housing project in Gurgaon (Haryana). Company was engaged in the construction and development of the project viz. Monde De Provence (MDP). The project is a residential (group housing) project on a land area measuring 12.36 acres situated at Sector 2, Gwal Pahari, Gurgaon, Haryana and comprises of 174 residential units. Effective from March 8, 2018, the name of the company has been changed to Venta Realtech Private Limited. VERMA TRACTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Verma Tractors (VT) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 7.00 [ICRA]B+ (Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Fund Based Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with VT, 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. Verma Tractors (VT) established in 2004 is an authorized dealer of Escorts Tractors in the city of Barabanki, U.P. The firm operates in the city through its four outlets. The outlets are in Barabanki city and blocks of Kaiserganj, Fatehpur and Ramnagar. The operation of the firm is being managed by three partners Mrs Daya Rani Verma, Mrs Archana Verma and Mr Suresh Chandra Verma. YAMUNA HOMES: Ind-Ra Affirms BB- Bank Loan Rating ------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on Yamuna Homes and Design Private Limited's (YHDPL) bank facilities: -- INR78.75 mil. Fund-based working capital limits assigned with IND BB-/Stable/IND A4+ rating; -- INR30 mil. Fund-based working capital limits affirmed with IND BB-/Stable/IND A4+ rating; and -- INR2,041.25 bil. (reduced from INR2.047 bil.) Term loan* due on August 22, 2032 affirmed with IND BB-/Stable rating. * Proposed term loan of INR2,000 million has been sanctioned. Further, the term loan of INR47 million rated previously has been reduced to INR41.25 million. Detailed Rationale of the Rating Action The affirmation reflects the time and cost overrun risks related to YHDPL's ongoing residential flagship project Yamuna Sky City (YSC), which is at a nascent stage. The company has, so far, not achieved a financial closure on an overall basis and the project was only 16% completed as of December 31, 2024. The ratings are also constrained by the modest offtake risk associated with the ongoing project. However, the ratings are supported by the company's successful completion of projects and the sale of more than 1,120,598 square feet (sf) across Mangaluru, Karnataka. The ratings also benefit from the suitable location of the projects and promoters' experience in the real estate sector. Detailed Description of Key Rating Drivers Time and Cost Overrun Risk with Slow Sales Velocity for the Yamuna Sky City Project: The ratings reflect the moderate level of execution risk in YHDPL's flagship project YSC because of the limited experience of the promoters in the development of high-rise skyscraper. Moreover, the YSC project is the first of its kind project for the company which will require complex construction techniques and availability of ample materials for timely execution. The absence of the required experience can lead to completion delays and cost overrun as the project is in the nascent stage of construction. While the soft launch was done in FY23-24, due to certain structural changes and heavy rains in Mangaluru region in FY24-25, the progress of the project was affected and consequently, some amount of cost escalation is also likely. Considering it is a luxury project, timely sale would be a key factor since the majority of YHDPL's cash inflows depend on it. However, the sales velocity was low in FY24-25 as only the pilling and first floor work could be achieved. Till end-April 2025, only five flats were sold on record; the management has started the marketing of the project from end-FY25 only. Although the project has various risks, Ind-Ra takes some comfort from the fact that the company has received all the required consultancies and approvals for project development. High Dependency on Customer Advances for Project Completion; Medium Offtake Risk: YHDPL's YSC project is at a nascent stage and was initially funded using promoters' contribution which constitutes around 15% of the total project cost. The balance amount will be funded through the sanctioned term loan of INR2,000 million which will cover up 37% of the total project cost, of which only INR100 million was disbursed till FYE25. Therefore, the balance funding (close to 49% of the total project cost) is majorly dependent on the timely receipt of the customer advances. Furthermore, at end-December 2024, around 41% funding was pending to be achieved for which customer advances of around 99% and term loan disbursement of around 96% are likely to be received. The promoter's contribution is around 15% of the total cost for which around 96% has already been injected in the project which includes the land cost as well. Since the company has just started the marketing of the luxurious property (a high-rise apartment near the coastline), timely sales will be key for the repayment of the company's high debt obligation. Low-to-medium Scale of Projects Executed; Limited Experience in the Luxury Real Estate Segment: YHDPL has developed low-to-medium scale of projects in the past with a combined total area of all the projects being just 1.12million sf. Most of these projects are residential and of them all have been completed and completely sold out except the Yamuna Asha City which had around 25 plots unsold out of total 269 plots at end-April 2025 (around 91% sold ratio). The unsold plots will be sold in FY26, and the funds will be deployed in completing the YSC project, if required. Although the company has developed only small-to-medium scale projects in the past, it is now developing large luxury scale projects with a total combined area of 0.99 million sf. YHDPL has a sales velocity of INR115.79 million from the ongoing project against which only INR30 million was collected at end-December 2024. Ind-Ra expects the sales velocity to increase in FY26 since the sales of the YSC project have just started with the recent marketing activities. However, all the units from the recently completed projects of Yamuna Pride have been sold out for which the collections have been received in full and used for the YSC project. Furthermore, at end-April 2025, the Yamuna Asha City project was around 91% sold and collections were received in full; the balance units will be sold out in FY26 and the funds received will be used for the YSC project. Favorable Location and Premium Luxury Real Estate Project: According to the management, YSC consist of 60 floors at a seashore in the Kulai, Mangaluru area; the project has many luxurious amenities such as balconies, a club house, an infinity swimming pool, a gymnasium and sea view from every room. This is the first project of its kind in this city, according to the management. Additionally, public transport options including railway stations, state bus stops and the Mangalore International Airport are all located in the range of 15km from the project. Also, being a premium real estate project, the per square feet rates for the flats are around INR10,000, which the management expects to increase further. Ind-Ra has checked the prices on an aggregator website, which are close to the company' prices. Established Operational Track Record; Experienced Promoters: YHDPL's total saleable area of the past completed projects is around 1.12 million sf. YHDPL's promoters have a net worth of INR775 million on account of their two decades of involvement in business operations such as earth moving, tube well digging and construction of building on contractor basis. Moreover, YHDPL is also developing a project Yamuna Westline Signature as a joint venture with Westline Constructions & Developments Pvt Ltd. wherein YHDPL has provided the land (40,000sf) and the latter is developing the project. YHDPL will receive 11 flats as proceeding against land which will support the promoters in making their contribution for YSC. Liquidity Stretched: At end-December 2024, YHDPL's ongoing projects (sold) had receivables of just INR446.35 million; the company had an unsold inventory of INR9,424.11 million, against a pending construction cost of INR4,582.8 million. Furthermore, only INR100 million has been disbursed out of the term loan of INR2,000 million and the balance disbursements will come in FY26 and FY27. The company has repayment obligation for the term loan of INR500.1 million in FY28 and INR500.1 million in FY29, which will pressurize the company's liquidity in the long term. The company's available cash and cash equivalents were INR6.39 million as per the 9MFY25 YTD details (FY24: INR5.34 million; FY23: 45.62 million). Rating Sensitivities Negative: Any delay in the timely completion of the projects with significant time or cost overrun, lower-than-Ind-Ra-expected sales volume or a slow realization from bookings, leading to a pressure on the liquidity position will be negative for the ratings. Positive: Timely project completion in a phased manner, along with a significant improvement in the sales and customer advances, a strong visibility of cash inflows and an improvement in the liquidity position, could lead to a positive rating action. About the Company YHDPL started its operations two decades back as an earth mover. Thereafter, the company also started the development of real estate projects in Mangalore city along with working as a contractor for building construction. ZILLION INFRAPROJECTS: ICRA Keeps D Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the long-term ratings of Zillion Infraprojects Private Limited (Formerly known as Durha Constructions Private Limited) (ZIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUERNOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 250.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term- 80.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with ZIPL, 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. Zillion Infraprojects Private Limited (ZIPL), formerly known as Durha Constructions Private Limited, has been involved in infrastructure business since 1977. ZIPL was incorporated in 1977 by Mr. C S Saxena. Mr. Saxena is an M.Sc. and has done an Advance Course in Non-destructive Testing. He started his career in Bhabha Atomic Research Centre. He was later joined by his younger brother, Mr. Anant Saxena, who is a bachelor in technology from IT BHU. Over the years, the company has grown from a labor contractor and provider of nondestructive technology (NDT) services to erection, procurement and commissioning (EPC) contractor. The main activities of the company are site fabrication, installation of steel structures, equipments and piping, all type of civil works, pipelines, and electrical installations. In December 2010, Sintex Industries Limited (SIL), through its group company Sintex Infra Projects Ltd (SIPL), acquired a 30% stake in the company for INR42 crore. ========= J A P A N ========= MUSEE PLATINUM: Owes Employees JPY1.5 Billion --------------------------------------------- The Japan Times reports that amid serious financial troubles at major hair removal clinic franchise Musee Platinum, former employees have taken the rare step of filing for the company's bankruptcy due to unpaid wages, a case that could become one of the biggest bankruptcies of the year. Ten people, including former employees of MPH - the company that operated 167 clinics nationwide - filed for bankruptcy with the Tokyo District Court on May 16, The Japan Times discloses citing to business research firm Teikoku Databank. The company reportedly has debts totaling JPY30 billion ($207 million). In fiscal 2024, only five other bankruptcies exceeded that amount, and if similar numbers are seen this year, this would rank among the largest, the firm said. Facing financial difficulties, the company had been unable to pay some employees and business partners since last November, The Japan Times says. In March, it temporarily shut down all of its clinics nationwide after it became unable to continue offering services. More than 2,000 former employees of the company went unpaid between January and April, with total wages during that time estimated at around JPY1.5 billion, according to The Japan Times. "Not only me, but over 2,000 employees nationwide are in dire straits and spending their days in a difficult situation - this matter should not be left unattended," The Japan Times quotes one of the former employees who filed the petition as saying at a news conference on May 16. "We were in an environment where employees could not concentrate on serving customers whenever we were told repeatedly, 'We will definitely pay you (your salary),'" added another plaintiff. "I cannot forget how the (company) president just simply dismissed us at the end, saying, 'We can't pay your salaries, so you're fired,' to the people who had worked so hard to serve the customers until the very end." However, company president Hideki Takahashi remains hopeful about continuing the business, stating in a YouTube video published May 16 that he has "no intentions to file for company bankruptcy of his own will," The Japan Times relays. To address customers who had prepaid for hair removal plans but were unable to receive treatment after the clinic closures, the company launched a new service in April called "Dokodemo Musee," or "Musee Wherever." Takahashi said he believes this new system could help revive the business. Under the new service, the company said it is outsourcing treatments to unaffiliated businesses, allowing customers to receive the same services at around 280 locations nationwide, The Japan Times relays. According to the report, the hair removal franchise, operating since 2003, has continued to struggle financially due to the impact of the COVID-19 pandemic and failed attempts to diversify its business. Despite efforts to rebuild the company since around 2015, the franchise was passed between various shareholders - none of whom were able to improve its financial situation, adds The Japan Times. ===================== N E W Z E A L A N D ===================== LT BUILDERS: Court to Hear Wind-Up Petition on May 22 ----------------------------------------------------- A petition to wind up the operations of LT Builders 2014 Limited will be heard before the High Court at Auckland on May 22, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 14, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 MR PAINTER: Court to Hear Wind-Up Petition on May 22 ---------------------------------------------------- A petition to wind up the operations of Mr Painter Limited will be heard before the High Court at Auckland on May 22, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 14, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 OPTIMUM HOMES: Creditors' Proofs of Debt Due on June 15 ------------------------------------------------------- Creditors of Optimum Homes Limited are required to file their proofs of debt by June 15, 2025, to be included in the company's dividend distribution. The High Court at Auckland appointed Daran Nair and Heiko Draht of Nair Draht as liquidators on March 14, 2025. SHAPE CONSTRUCTION: Goes Into Liquidation; Owes More Than NZD1MM ---------------------------------------------------------------- Otago Daily Times reports that Christchurch modular housing company Shape Construction has gone under, owing more than NZD1 million to creditors and leaving homes unfinished. The company went into liquidation on May 2 with Brenton Hunt of Insolvency Matters appointed as the liquidator by the company director, ODT discloses. Shape Construction, which began operating in 2012, ceased trading in April. In the company's Instagram page it was described as a progressive, creative and innovative builder of modular and container homes in New Zealand. The homes were prefabricated in a yard with posts showing them being delivered to often rural and remote sites. The company's website and Facebook page appeared to have been removed. According to ODT, Mr. Hunt's initial report said issues with projects over the past few years had a large impact on working capital. According to director Toby Van T Veen, Covid-19 had a large effect on the business with price escalations making some projects uneconomic quite quickly, ODT relays. A past customer had began legal action against the company for costs in relation to an uncompleted building project. The company's bank account was in overdraft at liquidation. The report said the preferential creditors of Inland Revenue was estimated to be owed NZD500,000 and NZD30,000 was owed in staff wages and holiday pay, while unsecured creditors were out of pocket NZD500,000, ODT relays. Among more than 30 unsecured creditors were ACC, Auckland Council, Contact Energy, Central Otago District Council, Inland Revenue, Spark NZ and building suppliers, service and other firms. Total funds in the report for distribution were estimated at NZD25,000, ODT discloses. ODT says the liquidator estimated at this stage that there would be no funds available to unsecured creditors, however, this would depend on the progress of the liquidation. The liquidation was expected to be completed within a year. U1 DREAM: Creditors' Proofs of Debt Due on June 12 -------------------------------------------------- Creditors of U1 Dream Designs Limited are required to file their proofs of debt by June 12, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 12, 2025. The company's liquidators are: Brenton Hunt PO Box 13400 City East Christchurch 8141 VORTEX GROUP: Creditors' Proofs of Debt Due on June 12 ------------------------------------------------------ Creditors of Vortex Group Limited are required to file their proofs of debt by June 12, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 14, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 ===================== P H I L I P P I N E S ===================== ORIENTAL TAMARAW: MB Shuts Bank; PDIC to Pay All Deposit Claims --------------------------------------------------------------- The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) prohibited Oriental Tamaraw Rural Bank of Naujan (Oriental Mindoro), Inc. from doing business in the Philippines through MB Resolution No. 437.B dated May 8, 2025, which also directed the Philippine Deposit Insurance Corporation (PDIC), as Receiver, to proceed with the takeover and liquidation of the bank. The PDIC took over the bank on May 13, 2025. Oriental Tamaraw Rural Bank of Naujan (Oriental Mindoro), Inc. is a single-unit rural bank with Head Office located in Barcenaga, Naujan, Oriental Mindoro. Latest available records show that as of December 31, 2024, Oriental Tamaraw Rural Bank of Naujan (Oriental Mindoro), Inc. has 2,996 deposit accounts with total deposit liabilities of PHP98.6 million, of which 91.4% or PHP90.1 million are insured deposits. The PDIC assured depositors that all valid deposits and claims will be paid up to the maximum deposit insurance coverage of PHP1 million per depositor. Individual account holders and registered entities with valid deposit balances of PHP500,000.00 and below, that have no outstanding obligations or have not acted as co makers of obligations with Oriental Tamaraw Rural Bank of Naujan (Oriental Mindoro), Inc. are not required to file deposit insurance claims. These individual depositors and registered entities must ensure that they have complete and updated addresses with the bank. Depositors may update their addresses by submitting a Mailing Address Update Form (MAUF) until May 22, 2025, either through the PDIC representatives in the bank premises, or by sending a scanned copy of said Form and valid ID to email address, naujanpad@pdic.gov.ph. MAUF will be made available at the bank premises or may be downloaded from the PDIC website at www.pdic.gov.ph. Insurance payments for valid deposits with balances of PHP500,000.00 and below will be made through postal money order or through Landbank Visa Debit Card and targeted to be sent via mail starting on June 2, 2025. For all other depositors, filing of claims for insured deposit is targeted to start by June 10, 2025. Borrowers are likewise reminded to continue paying their loan obligations with the closed Oriental Tamaraw Rural Bank of Naujan (Oriental Mindoro), Inc. and to transact only with designated and duly authorized PDIC representatives. For more information on the requirements and procedures for filing deposit insurance claims and settlement of loan obligations, depositors and borrowers of the bank are enjoined to attend the Depositors-Borrowers' Forum scheduled on May 30, 2025. Details of the Forum i.e., time and venue, will be announced later. As provided for by the PDIC Charter, the PDIC shall likewise accept Letters of Intent from interested banks and non-bank institutions for possible purchase of assets and assumption of liabilities (P&A) as a mode of liquidating the Oriental Tamaraw Rural Bank of Naujan (Oriental Mindoro), Inc. Letters of intent should be submitted within 60 days from takeover date subject to compliance with the requirements prescribed under the Guidelines in Pre-qualifying Proponents and Evaluating the Proposals for Purchase of Assets and Assumption of Liabilities Mode of Liquidating Closed Banks which can be accessed in the PDIC website. All clients of the bank may communicate with PDIC through any of the following modes: Public Assistance Hotline during office hours at (02) 8841-4141, Toll-Free Hotline at 1 800-1-888-PDIC (7342) during office hours for those outside Metro Manila, e-mail to naujan-pad@pdic.gov.ph or Facebook private message. For visits to the PDIC Public Assistance Center, clients are highly encouraged to request for an appointment which may be secured through telephone, e-mail or Facebook private message. ================= S I N G A P O R E ================= BEOW HOCK: Court to Hear Wind-Up Petition on May 30 --------------------------------------------------- A petition to wind up the operations of Beow Hock Engineering Pte. Ltd. will be heard before the High Court of Singapore on May 30, 2025, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on May 8, 2025. The Petitioner's solicitors are: Quantum Law Corporation No. 10 Anson Road #26-10 International Plaza Singapore 079903 PRECAST TECHNOLOGY: Creditors' Proofs of Debt Due on June 13 ------------------------------------------------------------ Creditors of Precast Technology Pte. Ltd. are required to file their proofs of debt by June 13, 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: Tan Chin Ren Tan, Chan & Partners 26 Eng Hoon Street Singapore 169776 ROYALTY WATCH: Commences Wind-Up Proceedings -------------------------------------------- Members of Royalty Watch Pte. Limited on May 5, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Lim Soh Yen Tan Suah Pin 133 New Bridge Road #24-01/02 Chinatown Point Singapore 059413 RSKY MANAGEMENT: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on May 2, 2025, to wind up the operations of RSKY Management Pte. Ltd. Maybank Singapore Limited filed the petition against the company on April 8, 2025. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 SMILE AUTO: Court to Hear Wind-Up Petition on May 30 ---------------------------------------------------- A petition to wind up the operations of Smile Auto Pte. Ltd. will be heard before the High Court of Singapore on May 30, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on May 7, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 ********* 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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