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250522.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, May 22, 2025, Vol. 28, No. 102 Headlines A U S T R A L I A ATTVEST TRUST 2023-1: Moody's Gives Ba2 Rating to AUD6.25MM E Notes BAYVIEW HEALTH: First Creditors' Meeting Set for May 27 EXOTICATHLETICA: Goes Into Voluntary Administration HUMANLY AGILE: Second Creditors' Meeting Set for May 27 NEW AGE: First Creditors' Meeting Set for May 27 SOUTH WEST: First Creditors' Meeting Set for May 27 TCS INTEGRATED: Second Creditors' Meeting Set for May 26 C H I N A [] CHINA: No. of Pharmacies Falls as Healthcare e-Commerce Grows I N D I A ALDIAM MOTORS: Insolvency Resolution Process Case Summary ARSHIT GEMS: ICRA Keeps D Debt Ratings in Not Cooperating AVERA RESOURCE: ICRA Keeps D Debt Rating in Not Cooperating BADEPALLY MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating BHIMAVARAM MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating BODUPPAL MUNICIPAL: ICRA Keeps B+ Debt Rating in Not Cooperating CIEMME JEWELS: ICRA Keeps D Debt Ratings in Not Cooperating CITY TILES: ICRA Keeps D Debt Ratings in Not Cooperating Category DESIGN CLASSICS: ICRA Keeps D Debt Ratings in Not Cooperating G V ANNAI: Insolvency Resolution Process Case Summary GONGLU AGRO: ICRA Keeps D Debt Ratings in Not Cooperating GREENVISION TECHNOLOGIES: Ind-Ra Withdraws B+ Loan Rating HETRO SPINNERS: Ind-Ra Cuts Bank Loan Rating to D HONEST DERIVATIVES: ICRA Keeps D Debt Ratings in Not Cooperating IL&FS TRANSPORTATION: Ind-Ra Affirms D Bank Loan Rating INDERA ETHNIC: ICRA Keeps D Debt Ratings in Not Cooperating IREO HOSPITALITY: ICRA Keeps D Debt Ratings in Not Cooperating J.Y. INTERNATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating JS ESTATES: ICRA Keeps B+ Debt Rating in Not Cooperating Category KALPANA WINES: ICRA Keeps B+ Debt Ratings in Not Cooperating KAMAKHYA TRADERS: ICRA Keeps B Debt Ratings in Not Cooperating KAVAN COTTON: ICRA Keeps D Debt Ratings in Not Cooperating KHOSLA GRAINS: Ind-Ra Cuts Term Loan Rating to B KM TOLL: ICRA Keeps D Debt Ratings in Not Cooperating Category KOHINOOR FEEDS: Ind-Ra Moves B+ Loan Rating to NonCooperating KRISHNA COTTON: ICRA Keeps D Debt Ratings in Not Cooperating LUXUS HOSPITALITY: Ind-Ra Affirms BB- Bank Loan Rating M/S GMA: Ind-Ra Moves B Loan Rating to NonCooperating MAGPPIE EXPORTS: Ind-Ra Keeps D Loan Rating in NonCooperating N.D. PATIL: Ind-Ra Cuts Loan Rating to B OLIVE BAR: Ind-Ra Moves BB+ Loan Rating to NonCooperating P.E. ERECTORS: Ind-Ra Moves BB+ Loan Rating to NonCooperating PALANI ANDAVAR: Ind-Ra Affirms BB+ Bank Loan Rating PHADNIS CLINIC: Ind-Ra Keeps B- Loan Rating in NonCooperating PONNI HATCHERIES: Ind-Ra Assigns BB Bank Loan Rating RAPID METRORAIL SOUTH: ICRA Keeps D Rating in Not Cooperating RAPID METRORAIL: ICRA Keeps D Debt Rating in Not Cooperating REAL TECH: Insolvency Resolution Process Case Summary SAI INFRACONSTRUCTIONS: Ind-Ra Withdraws B Bank Loan Rating SWASTIK ENTERPRISE: ICRA Keeps D Debt Ratings in Not Cooperating TAURIAN ENGINEERING: Liquidation Process Case Summary YUSRA AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating ZADAFIYA CREATIONS: ICRA Keeps D Debt Ratings in Not Cooperating J A P A N NISSAN MOTOR: Toyota Offered Help After Honda Talks Collapsed NISSAN MOTOR: Troubles Might Go All The Way Back to Ghosn M A L A Y S I A SARAWAK CABLE: Face Delisting After Bursa Rejects Extension Appeal N E W Z E A L A N D AVANTI NZ 2023-1: Moody's Upgrades Rating on Class E Notes to Ba1 BERKING CONSTRUCTION: Creditors' Proofs of Debt Due on June 16 BILLY BILLY: Khov Jones Appointed as Receivers and Managers CHORUS LTD: S&P Rates Proposed Subordinated Capital Notes 'BB+' JT CARTAGE: Creditors' Proofs of Debt Due on June 5 RMC COMMUNICATIONS: Court to Hear Wind-Up Petition on May 26 STEWART RESIDENTIAL: Court to Hear Wind-Up Petition on June 12 P H I L I P P I N E S PEOPLE'S CREDIT: SEC Shuts Down Financing Company PH RESORTS: Dennis Uy Yet to Surrender Original Copy of License S I N G A P O R E FAST TRACK: Court Enters Wind-Up Order MULTICHAIN FOUNDATION: Singapore Court Orders Liquidation PETROFAC SOUTH: KordaMentha Appointed as Interim Judicial Managers SQUAREUP PTE: Creditors' Proofs of Debt Due on June 16 TRUELINK INTERNATIONAL: Court to Hear Wind-Up Petition on May 23 URBAN RENEWABLES: First Creditors' Meeting Set for May 23 YANLORD LAND: Moody's Lowers CFR to B2, Alters Outlook to Stable S O U T H K O R E A HOMEPLUS CO: To Close Sangdo Store Due to Contract Expiration X X X X X X X X GURU RAGHAVENDRA: Ind-Ra Keeps B- Loan Rating in NonCooperating - - - - - ================= A U S T R A L I A ================= ATTVEST TRUST 2023-1: Moody's Gives Ba2 Rating to AUD6.25MM E Notes ------------------------------------------------------------------- Moody's Ratings has assigned definitive rating to the new Class E Notes and affirmed the ratings of outstanding Class A to Class D Notes issued by AMAL Trustees Pty Limited as trustee of Attvest Trust 2023-1. Issuer: Attvest Trust 2023-1 AUD500.00 million Class A Notes, Affirmed Aaa (sf); previously on December 22, 2023 Assigned Aaa (sf) AUD14.06 million Class B Notes, Affirmed Aa2 (sf); previously on December 22, 2023 Assigned Aa2 (sf) AUD21.88 million Class C Notes, Affirmed A2 (sf); previously on December 22, 2023 Assigned A2 (sf) AUD20.32 million Class D Notes, Affirmed Baa2 (sf); previously on December 22, 2023 Assigned Baa2 (sf) AUD6.25 million Class E Notes, Assigned Ba2 (sf) The Subordinated Notes are not rated by us. The note amounts above represent the maximum amounts that can be issued for each respective note during the revolving period, provided that minimum required subordination for each note is maintained. The transaction is a cash securitisation of a revolving portfolio of insurance premium funding loans to Australian businesses and consumers originated by Attvest Finance Pty Ltd (Attvest). The majority of the loans are secured by the right to receive unearned premium amounts payable by insurance companies if the borrowers fail to pay the amounts due on the premium finance loans. Attvest was incorporated in 2014. Attvest originates insurance premium funding loans through a national network of insurance and finance brokers. Attvest originates circa AUD1.5 billion of insurance premium funding loans annually and has originated approximately AUD7.7 billion to date. This is a renewal Attvest's existing asset-backed securities (ABS) transaction and securitises a large majority of Attvest's receivables portfolio. RATINGS RATIONALE The ratings take into account, among other factors, (1) Moody's evaluations of the underlying receivables and their expected performance; (2) evaluation of the capital structure and credit enhancement provided to the notes; (3) availability of excess spread over the transaction's life; (4) the liquidity reserve in the amount of 1.5% of the note balance subject to a floor of AUD525,000; (5) the legal structure; and (6) Attvest's experience as servicer. According to Moody's analysis, the transaction benefits from the high level of excess spread available to cover losses arising from the portfolio and the recourse to borrowers' unearned cancellable insurance policy premiums. Key challenges in the transaction include, (1) servicer disruption risk if a default by Attvest extends the time it takes to cancel insurance policies in the event obligors default resulting in a reduction in unearned insurance premium proceeds. This risk is mitigated by AMAL Asset Management Limited acting as a backup servicer; and (2) a 12-month portfolio replenishment period which exposes noteholders to adverse collateral pool changes. This risk is mitigated by portfolio parameters. KEY PORTOLIO AND STRUCTURAL FEATURES The portfolio of underlying assets consists of fixed rate short-term premium finance loans distributed through insurance brokers. The receivables in the portfolio finance premiums for commercial and consumer clients, who wish to pay in instalments rather than in lump sum. Most receivables (85.34% at March 31, 2025) benefit from recourse to insurance companies with respect to the unearned premium amounts in the event of borrower default. Key transactional features include 12-month portfolio replenishment, the portfolio parameters and early amortisation triggers which protect noteholders against a deterioration in the quality and performance of the collateral during the portfolio replenishment period. Early amortization triggers include: -- a class of note does not have the required subordination; -- a breach of the pool parameters has not been remedied by the following payment date; -- 3 month average 31 days arrears ratio or the 90 day arrears ratio is greater than 2.5% or 2% respectively; -- 3 month average annualized loss ratio is greater than 0.5%; Pool parameters include: -- Non-cancelable insurance contract loans do not exceed 22.5% of the pool balance; -- The largest obligor does not exceed 3% of the pool balance; -- The top 5 obligors and top 20 obligors do not exceed 10% and 20% of the pool balance respectively. -- Exposure to obligors in the construction industry does not exceed 25% of the pool balance. -- Exposure to the largest insurer does not exceed 15% of the pool balance. Class A, Class B, Class C, Class D and Class E Notes are variable funding notes which can be redeemed and redrawn during the transaction revolving period subject to minimum required note subordination levels being maintained. The minimum required note subordination for the Class A, Class B, Class C, Class D and Class E Notes is 13.7%, 10.8%, 7.3%, 3.4% and 1.9% respectively. When the transaction enters the amortization period the notes will be repaid on a sequential basis. AMAL Asset Management Limited (AMAL) is the back-up servicer. If Attvest is terminated as servicer, AMAL will take over the servicing role in accordance with the standby servicing deed and back-up servicing plan. MAIN MODEL ASSUMPTIONS Moody's base case assumptions are as follows: -- An expected average portfolio credit quality equivalent to a B1 proxy rating, with a weighted average life of approximately 0.5 years. This translates into an expected gross portfolio default rate of 2.19%. -- A portfolio recovery rate distribution with a weighted average recovery rate of 53.44%, which was calibrated based on a recovery rate assumption of 65% on loans funding cancelable insurance policies and a recovery rate assumption of 15% on loans funding non-cancelable insurance policies. -- An Aaa portfolio credit enhancement of 13.6%. Moody's assumed average default rate and recovery rate are stressed compared to the historical observed levels of 1.4% and 94.1% respectively. Observed default and recovery rates were calculated based on historical portfolio performance data since 2018 provided by Attvest and incorporate various assumptions made by us. The difference between the historical and assumed default and recovery rates is in part explained by the additional stresses assumed by us to address the lack of a full economic cycle in the historical data and the high level of volatility in observed recovery rates. The recovery rate analysis also took into consideration the risk of servicer disruption. A default by Attvest can result in losses for noteholders if it extends the time between the default of a loan obligor and when the servicer cancels the relevant insurance policy to collect the unearned premium. This risk is however mitigated by the issuer's warm back-up servicing agreement with AMAL, under which it assumes the servicer's duties under the servicing agreement upon termination of Attvest as servicer. The credit quality of the insurance companies providing the cancelable insurance policies is factored in the recovery rate analysis to consider scenarios where the insurance company might fail to return unearned insurance premiums on cancellation of the related insurance policy. To analyse insurance company exposure a joint default distribution is created, considering both the obligors' default risk, the insurance companies' default risk and the correlation between the two. Insurance company default risk is assessed by taking into consideration Moody's outstanding ratings, if any, or Moody's credit estimates. Methodology Underlying the Rating Action The principal methodology used in these ratings was "Insurance Premium Finance Securitizations" published in June 2024. Please note that a Request for Comment was published in which Moody's requested market feedback on potential revisions to one or more of the methodologies used in determining these Credit Ratings. If the revised methodologies are implemented as proposed, it is not currently expected that the Credit Ratings referenced in this press release will be affected. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include better-than-expected collateral performance. The Australian economy is a primary driver of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Additionally, Moody's could downgrade the ratings in case of 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. BAYVIEW HEALTH: First Creditors' Meeting Set for May 27 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Bayview Health - Matilda Bay Pharmacy Pty Ltd and Bayview Health North Shore Pharmacy Pty Ltd will be held on May 27, 2025 at 11:00 a.m. via Zoom. Andrew Michael Smith and Robert Allan Jacobs of Auxilium Partners were appointed as administrators of the company on May 15, 2025. EXOTICATHLETICA: Goes Into Voluntary Administration --------------------------------------------------- News.com.au reportst that a popular Australian women's activewear company has gone bust, owing AUD13 million to creditors. Founded in 2014 by Leilani Chandler in Noosa, Exoticathletica is best known for its size-inclusive, vibrant and bright activewear and quickly became a popular choice for women across the country. However, the brand filed for voluntary administration on April 9, turning to insolvency firm SV Partners Terry van der Velde and Matthew Hudson to search for potential buyers while they comb through the financial debris, news.com.au relates. Commonwealth Bank - the secured creditor for the business - is owed AUD6.7 million, while the brand owes unsecured creditors more than AUD6.2 million, news.com.au discloses. This includes AUD211,000 to manufacturers Active Apparel Group, AUD311,000 to Andorra Australia, AUD447,000 to Dongguan Huachen Sporting Goods Co and AUD416,000 to D and J International. The sporting brand also owes over AUD550,000 to e-commerce giant Shopify, AUD224,000 to American Express, AUD53,00 to PayPal , AUD136,00 to Invenco and AUD114,00 to Thread Collective Co. Customers have suffered a loss of AUD172,000, and the Noosa-based business owes AUD800,000 to the Australian Taxation Office (ATO). Employees have also been left AUD114,000 out of pocket, with AUD37,733 in unpaid superannuation. According to news.com.au, minutes from the first meeting with creditors on April 23 said the business would continue trading to "maximise the funds recovered from the sale of stock". "The administrators also intend to list the business for sale shortly," the minutes read. "After the business is listed for sale, the financial position of the company and the anticipated return to creditors will be more certain." While the company's total assets are yet to be advised, the administrators estimate its stock to be valued at AUD2.5 million, news.com.au relays. "We have continued to trade the business to preserve its value, with the aim of maximising the return to creditor," Mr. Hudson said per Courier-Mail. "This strategy has allowed the business to remain operational, thereby maintaining its goodwill, customer relationships and employee engagements. "By trading the business, we have sought to facilitate a sale of the business as a going concern." Exoticathletica was founded by Ms Chandler in 2014 and was inspired by "Brazil's fitness fashion culture, their celebration of feminine curves and bold designs that encourage women to express themselves". The brand is best known for its inclusive designs which aims to "help women enhance and accentuate their bodies and unapologetically celebrate their uniqueness". Between April 2020 and April 2021, the brand found success selling a wire-free crop top, with more than 140,000 customers purchasing the AUD49.99 activewear. A second meeting with creditors is expected to take place next week, news.com.au adds. HUMANLY AGILE: Second Creditors' Meeting Set for May 27 ------------------------------------------------------- A second meeting of creditors in the proceedings of Humanly Agile Pty Ltd has been set for May 27, 2025 at 10:00 a.m. virtually via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 26, 2025 at 5:00 p.m. Sule Arnautovic of Salea Advisory was appointed as administrator of the company on April 10, 2025. NEW AGE: First Creditors' Meeting Set for May 27 ------------------------------------------------ A first meeting of the creditors in the proceedings of New Age Media Goup Pty Ltd will be held on May 27, 2025 at 11:00 a.m. at the offices of Vincents at Level 34, 32 Turbot Street in Brisbane. Nick Combis of Vincents was appointed as administrator of the company on May 15, 2025. SOUTH WEST: First Creditors' Meeting Set for May 27 --------------------------------------------------- A first meeting of the creditors in the proceedings of South West Civil Aust Contracting Pty Ltd will be held on May 27, 2025 at 11:00 a.m. at Suite 5B, 55 Kembla Street in Wollongong. Stephen John Hundy and Daniel Ivan Cvitanovic of Worrells were appointed as administrators of the company on May 15, 2025. TCS INTEGRATED: Second Creditors' Meeting Set for May 26 -------------------------------------------------------- A second meeting of creditors in the proceedings of TCS Integrated Services Pty Ltd has been set for May 26, 2025 at 10:00 a.m. at the offices of WLP Restructuring at Suite 19.02, Level 19, 1 Castlereagh 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 23, 2025 at 12:00 p.m. Nicholas Charlwood, Glenn Livingstone and Benjamin Ho of WLP Restructuring were appointed as administrators of the company on April 9, 2025. ========= C H I N A ========= [] CHINA: No. of Pharmacies Falls as Healthcare e-Commerce Grows ---------------------------------------------------------------- Yicai Global reports that the number of pharmacies in China dropped in the fourth quarter of last year, with drugstores struggling due to the rapid growth of healthcare e-commerce. Some 14,100 brick-and-mortar pharmacies closed in China in the three months ended Dec. 31, while only 10,700 opened, Yicai discloses citing figures from health industry data and consulting service platform Zhongkang CMH. Their total number fell 0.5 percent from a quarter earlier. In addition, five of the eight pharmaceutical companies listed on the Chinese mainland reported a drop in net profit last year. In comparison, Alibaba Health Information Technology's net profit surged 62 percent to CNY1.4 billion (USD193.9 million) in the fiscal year ended March 31 from a year earlier, while its revenue rose 13.2 percent to CNY30.6 billion (USD4.2 billion), the online healthcare unit of the Chinese e-commerce giant announced on May 19, Yicai discloses. JD.Com's digital health services and resources subsidiary also recently reported its net profit soared 94 percent to CNY4.1 billion last year from the previous year, while its operating income rose 11.6 percent to CNY59.9 billion. The market shift is mainly due to changes in patients' purchasing habits and doctors' diagnosis and treatment behaviors, fierce industry competition, and increased compliance requirements, industry experts told Yicai. These factors have also led pharmaceutical firms to redouble their efforts to lay out e-commerce channels, they noted. Ten years ago, academic research was mostly done offline because doctors were mainly concentrated on such work, an insider from a multinational pharmaceutical company said to Yicai. Now, doctors are increasingly using their spare time for online diagnosis and treatment, showing them the opportunities brought by online channels, the person added. Drug sales in China's retail pharmacies market climbed 0.8 percent to CNY501.9 billion (USD69.5 billion) last year from the prior one, Zhongkang CMH data showed. Sales via e-commerce channels rose 4.6 percent to CNY64.5 billion, higher than the 0.3 percent growth rate of brick-and-mortar stores, including online-to-offline pharmacies. ========= I N D I A ========= ALDIAM MOTORS: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Aldiam Motors Private Limited Plot No. 986/31-32, GIDC, Makarpura, Vadodara, Gujarat- 390010 Insolvency Commencement Date: May 6, 2025 Estimated date of closure of insolvency resolution process: November 2, 2025 Court: National Company Law Tribunal, Ahmedabad Bench-I Insolvency Professional: Manohar Lal Vij 8/28, Third Floor, Right Side, WEA, Abdul Aziz Road, Karol Bagh, New Delhi 110005 Email: mlvij1956@gmail.com Email: cirp.aldiam@gmail.com Last date for submission of claims: May 20, 2025 ARSHIT GEMS: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings for the Bank facilities of Arshit Gems in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/ 28.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Fund Based- remain under 'Issuer Not Cash Credit Cooperating' Category As part of its process and in accordance with its rating agreement with Arshit Gems, 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 1988, Arshit Gems is a partnership firm based in Mumbai. The firm is engaged in importing rough diamonds, cutting, polishing and marketing them in India as well as to other countries. The firm has manufacturing unitssituated at Surat (two units), Bhavnagar (three units) and Rajkot (one unit). AVERA RESOURCE: ICRA Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Short-Term ratings for the Bank Facility of Avera Resource Private Limited (ARPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term 11.00 [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 ARPL, 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 2005, ARPL is engaged in opportunistic trading of steel products and chemicals. ARPL is promoted by Mr. Alok Gupta and Mrs. Divya Gupta. Earlier, Mr. Alok Gupta was the Chairman and Managing Director of ACI Infocom Limited (AIL), which was engaged in trading of steel, coal and scrap. Mr. Alok Gupta sold his stake in AIL and resigned from its board of directors in February 2012. A part of the trading business of AIL was spun-off and transferred to ARPL during that period. Mr. Alok Gupta continued the steel trading business henceforth under ARPL. The promoters of ARPL entered into biomass pellet. BADEPALLY MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the Issuer rating of Badepally Municipality (BDM) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer Rating - [ICRA]B+ (Stable); ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with BDM, 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. The BDM, being an ULB, provides civic services to the Badepally town. The town is located inMahbubnagar district of Telangana and is at a distance of around 90 km from the state capital, Hyderabad. Badepally covers an area of 10.37 sq. km. and has population base of 32,598, of which, ~37% is accounted by slum dwellers. The major functions of the BDM involve water. BHIMAVARAM MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Issuer rating of Bhimavaram Municipality (BVM) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer Rating - [ICRA]B+ (Stable); ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with BVM, 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. Bhimavaram Municipality was established in 1948 and was upgraded to a selection grade municipality in 2011. The municipality is governed by the Andhra Pradesh Municipalities Act, 1965, which is administered by the Municipal Administration and Urban Development Department (DMA), GoAP. BVM provides basic municipal services in Bhimavaram town, which is located in the Godavari district of Andhra Pradesh. BVM covers an area of 32 square kilometre (sq. km.) and serves a population of 1.37 lakh(as per Census 2011). The majorfunctions of the BVM include water supply, solid waste management and construction, repair and maintenance of roads and streetlights in its area. The municipality is divided into 39 wards and is supervised by an elected body, the council, consisting of ward councillors, elected for a period of five years. The council further elects a Mayor, who heads the deliberative wing of the corporation. The Commissioner, appointed by the State Government, heads the executive wing of the ULB, and is responsible for all the activities carried out by the Corporation. BODUPPAL MUNICIPAL: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Issuer rating of Boduppal Municipal Corporation (BMC) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer Rating - [ICRA]B+ (Stable) ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with BMC, 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. Boduppal Municipal Corporation (BMC), an ULB, was initially established as a Municipality in 2016 by merging Boduppal and Chengicherla Gram Panchayats of Rangareddy district, Telangana. The ULB's status was upgraded to a Municipal Corporation in 2019. The ULB provides urban infrastructure services to the city of Boduppal and is governed by the Telangana Municipalities Act 2019. The BMC covers an area of 20.53 sq. km. and serves a population of 1.45 lakh (projected as of 2021).It's main functions include solid waste management and construction, repair and maintenance of roads and streetlights. The ULB has 28 municipal wards and is governed by an elected body (Council) headed by a Mayor, while the Commissioner acts as the chief executive, overseeing its everyday functioning. CIEMME JEWELS: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Ciemme Jewels Limited (CJL) in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 13.90 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term- 24.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term 0.40 [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 CJL, 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. Ciemme Jewels Limited (CJL) is a wholly owned subsidiary of C Mahendra International Limited (CMIL). CMIL is in turn a wholly owned subsidiary of C Mahendra Exports Limited which is the flagship company of the C Mahendra Group. CMIL is the holding company for all other C Mahendra group companies. CJL was incorporated on April 03, 2003 as C.M. Jewels Private Limited to buy, sell, export, import, deal, market and manufacture diamonds, precious stones, semi-precious stones and jewellery. The name of the company was changed to Ciemme Jewels Private Limited on June 6, 2003. The company was converted into a public limited company and name was further changed to Ciemme Jewels Limited with effect from June 28, 2007. The company is engaged in the manufacturing and marketing of Diamond studded jewellery. It also engages in trading of diamonds. CITY TILES: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of City Tiles Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term 14.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term- 22.52 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 12.48 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term- 35.00 [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 City Tiles, 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. City Tiles Limited was incorporated in 2002 as a manufacturer of ceramic tiles, by Mr R. D. Patel. Since then the company has extended production capacities as well as the product range. CTL is currently engaged in the business of manufacturing and outsourcing of vitrified tiles. The manufacturing facility of the company is located near Himmatnagar in Gujarat having an installed capacity of about 14,000 square meters per day of vitrified tiles. CTL markets its tiles under a single brand name "City Tiles". DESIGN CLASSICS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the long-term and short-term ratings of Design Classics Exports Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 3.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term- 4.95 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 0.10 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Short Term-Non 0.90 [ICRA]D ISSUER NOT COOPERATING; Fund Based Rating continues to remain in Others the 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Design Classics, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. M/s. Design Classics was established in the year 1989 as a partnership firm for manufacturing and exports of knitted garments by Mr.Rajasekar Kora. In 1993, it was converted into private limited company as Design Classics Exports Private Limited. The Company is engaged in manufacture of knitted garments and its product profile caters to kids, men and women. The Company operates with three manufacturing facilities in Tamil Nadu. During the initial years, to improve its business volumes, the Company was executing direct export orders as well as orders from merchant exporters. From 2007, the Company executes only direct export orders. In the year 2000 and 2007, the Company set up two more manufacturing units in Tirutanni and Madur, Tamil Nadu. Since November 2011, the Company has also been engaged in the business of manufacturing and selling of customized inner-wear under their brand name "Design Legacy". The Company markets this through e-mails and cold calls to high end customers in domestic market as the pricing ranges between Rs. 650 to Rs. 5000. The company also started selling garments under its own brand 'Design Classics" through third party e-commerce sites and through owned retail showrooms. For this purpose the company has three showrooms in Tamil Nadu selling ready to wear Men, Kids and ladies ware. G V ANNAI: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: M/s. G V Annai Hospital LLP No.65, Dharmaraja Koil Street, Arcot, Vellore – 632503 Insolvency Commencement Date: April 15, 2025 Estimated date of closure of insolvency resolution process: October 11, 2025 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: P Balasubramanian 85/3, Sukkaliyur, Karuppampalayam Village, Karur – 639003 Email: karurbalaw@gmail.com Door No.3&4, 157E Ground Floor, Mahathma Gandhi Road, Bharathi Nagar, Karur – 639 002 Email: gvannai.cirp@gmail.com Last date for submission of claims: May 12, 2025 GONGLU AGRO: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings for the Bank facilities of Gonglu Agro Private Limited in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/ 1.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category Short-term 5.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term- 45.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 15.02 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Gonglu Agro Private, 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. Gonglu Agro Private Limited, incorporated in April 2013, is a subsidiary of Capricorn Food Products India Limited. GAPL is involved in the processing of mango pulp, besides other products including tomato gherkins, etc. Its manufacturing facility is in Nashik, Maharashtra. The company commenced operations in FY2015 and has an installed capacity of 200 MT per day. GREENVISION TECHNOLOGIES: Ind-Ra Withdraws B+ Loan Rating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Greenvision Technologies Private Limited's bank loan ratings as follows: -- The 'IND A4 (ISSUER NOT COOPERATING)' rating on the INR125 mil. Non-fund-based working capital limits is withdrawn; and -- The 'IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)' rating on the INR120 mil. Fund-based working capital limits is withdrawn. Detailed Rationale of the Rating Action Ind-Ra is no longer required to maintain the ratings, as the agency has received no dues certificates from the lenders and withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. About the Company Incorporated in 2008 and managed by Biju Bruno, Bipin Shaparia and Aditya Ajay Mehta, Greenvision Technologies manufactures lead acid batteries and trades tubular batteries. HETRO SPINNERS: Ind-Ra Cuts Bank Loan Rating to D ------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Hetro Spinners Private Limited's (HSPL; erstwhile Sai Manasa Spintex (India) Limited) bank facilities to 'IND D (ISSUER NOT COOPERATING)' from 'IND B/Negative (ISSUER NOT COOPERATING)' while maintaining the ratings in the non-cooperating category. The issuer did not participate in the rating review despite continuous requests and follow-ups by the agency. 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: -- INR112 mil. Fund-based working capital limit (long-term) downgraded with IND D (ISSUER NOT COOPERATING) rating; -- INR15.2 mil. Non-fund-based working capital limit (short-term) downgraded with IND D (ISSUER NOT COOPERATING) rating; and -- INR215.5 mil. Term loan (long-term) downgraded 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 downgrade reflects delays in debt servicing by HSPL. Ind-Ra has relied on information available through from public domain. However, Ind-Ra has not been able to ascertain the reason for the delays, as the company has been non-cooperative. The ratings remain in the non-cooperating category in accordance with Ind-Ra's Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with HSPL while reviewing the rating. Ind-Ra had consistently followed up with HSPL over emails, apart from phone calls. The issuer has also not been submitting their monthly no default statement. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of HSPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these HSPL has been non-cooperative with the agency since November 16, 2017. About the Company Incorporated in 2009 by K Gopala Reddy and P Rama Rao, Andhra Pradesh-based HSPL manufactures cotton yarn from raw cotton. HONEST DERIVATIVES: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-term and Short-term ratings of Honest Derivatives Private Limited (HDPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 58.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 17.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 3.50 [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 HDPL, 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. The Tradco Group comprises three companies - STIPL, HDPL and STDPL - and is primarily involved in maize trading and manufacturing of starch and derivatives. Maize trading contributed ~76.8% to the Group's revenues in FY2019, with starch and derivative manufacturing comprising ~21.1%. In addition, it generates revenue from chemical trading and windmill business (13.5 MW capacity). The Tradco Group is promoted by Mr. Rajratan Agarwal, who manages its operations, growing his business by a CAGR of ~12.5% from FY2014 to FY2019. STIPL, the Group's flagship company, was incorporated in 2006. The Group has two maize processing facilities, one each at Dhule (for STDPL) and Jalgaon (for HDPL), with a processing capacity of 1,05,000 metric tonne per annum (MTPA) each. IL&FS TRANSPORTATION: Ind-Ra Affirms D Bank Loan Rating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed IL&FS Transportation Networks Limited's (ITNL) debt instruments at 'IND D' as follows: -- INR8.0 bil. Non-convertible debentures affirmed with IND D rating; and -- INR1.190 bil. Term loan December 31, 2018 affirmed with IND D rating. Analytical Approach Ind-Ra continues to take a standalone rating approach of ITNL while factoring in the support towards special purpose vehicles. Detailed Rationale of the Rating Action The affirmation reflects ITNL's continued delays in debt servicing since September 2018, as per the no-default statement shared with Ind-Ra. Detailed Description of Key Rating Drivers Delayed Debt Repayment: The rating reflects ITNL's continuous delays in servicing of its debt obligations since September 2018 on account of its poor liquidity position. Liquidity Poor: ITNL has not been servicing its debt since September 2018, as per the confirmation from the company. As per National Company Law Appellate Tribunal (NCLAT) order dated 15 October 2018, the company, being part of the IL&FS Group, has been put under a moratorium on debt payment, hence it is not servicing the dues to its lenders. About the Company ITNL is a surface transportation infrastructure company and the largest private sector road operator in India under the build-operate-transfer model. INDERA ETHNIC: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Indera Ethnic & Designs Private Limited (IEDPL) in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 0.42 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term- 4.97 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 0.35 [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 IEDPL, 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 2005, IEDPL is engaged in the apparel retailing business in Rourkela, Odisha. The company's promoters have an experience of around two decades in the apparel retailing business. The company runs three showrooms under the name 'Inderas Lifestyle', offering outfits for men, women and kids along with other accessories. It deals in both branded and non branded ready-made apparels and also provides tailoring services. IREO HOSPITALITY: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Ireo Hospitality Company Private Limited (IHCPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 863.30 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term 60.00 [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 IHCPL, 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. IREO Hospitality Company Private Limited (IHCPL) is a SPV sponsored by IREO which has right to develop approximately 13.5 acres of plot located at the junction of Golf Course Road and the 150-meter-wide Golf Course Extension Road in Sector 58, Gurgaon. IHCPL is undertaking mixed used hospitality development of five-star deluxe hotel and service apartments including Grade-A office and high street retail space. The proposed Hospitality Complex would be developed at the junction of Golf Course Road and Golf Course Extension Road on a land parcel admeasuring about 13.50 acres. The hotel and service apartments will operate as "Grand Hyatt Gurgaon" managed under a branding and management arrangement with the Hyatt Hotel Corporation chain. J.Y. INTERNATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings for the Bank Facility of J.Y. International 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- 11.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 1.28 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term/ 4.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Fund Based- remain under 'Issuer Not Cash Credit Cooperating' Category As part of its process and in accordance with its rating agreement with J.Y. International, 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 year 2004 by Mr. Mehul Parekh and Ms. Yogini Parekh, JY International is a partnership firm engaged in manufacturing of stainless steel (SS) utensils like fry pan, cookware, buckets, canisters etc. The company operates a plant located at Vasai, Mumbai where the SS utensils are manufactured. In the last six years, the promoters have regularly expanded the ancillary capacities to increase the production capacity and 3 improve the automation in the manufacturing process. These investments have been primarily funded through unsecured loans from promoters and internal accruals. The products so produced are mainly exported to Middle East, African and Far East Countries. The promoters have been in this business for more than three decades and during this period have developed relationships with various wholesalers, agents and export houses. The products are generally exported through JNPT port. JS ESTATES: ICRA Keeps B+ Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of JS Estates and Projects Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.00 [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 JS Contractors, 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. JS Contractors and Consultants Private Limited was in existence since 1996 which was renamed as J S Estates & Projects Private Limited in Jan 2013. The company was initially involved in undertaking small valued civil contracts ( KALPANA WINES: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the ratings for the bank facilities of Kalpana Wines in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 1.00 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Kalpana Wines, 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 2011, Kalpana Wines is a partnership firm engaged in selling IMFL, country liquor and beer through retail shops in Kanpur. At present, the firm has 14 retail shops comprising of model shops as well. The firm has 14 partners, with most of them owning one or more licenses for running liquor retail shops. The operations of the firm are primarily managed by Mr. Sukhvinder Singh. KAMAKHYA TRADERS: ICRA Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term ratings of Kamakhya Traders in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.00 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Kamakhya Traders, 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 2001, Kamakhya Traders has been engaged in the trading of coal especially coking coal used for metallurgical uses as well as providing allied services such as logistics and transportation of coal to its customers. The firm purchases the coal domestically from Assam, Kolkata and Gorakhpur while sells off to steel and other metal players, tyre manufacturing companies as well as construction units. The sales are made majorly in Gorakhpur while the firm also sells to other parts of UP. The firm has a designated team assigned in Assam from where the coal is loaded on the train for Gorakhpur. The firm takes orders in advance post which the order for the specific quantity of coal is given in Assam and Kolkata. The coal is received in Goarkhpur by another team of Kamakhya which load the same on the logistics units provided by the customers. Hence, major logistics work is either carried through the train or further handled by the customer itself reducing any logistics pressure on Kamakhya. However, in some cases, Kamakhya provides logistics services by hiring a vehicle and charges a specific commission from the customer. KAVAN COTTON: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Kavan Cotton Private Limited in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 1.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term- 40.00 [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 Kavan Cotton, 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 2008, Kavan Cotton Private Limited is engaged in the business of cotton ginning, pressing and crushing activities with 40 ginning machines, 1 pressing machine and 11 expellers for producing FP (fully pressed) bales and cottonseed oil with an intake capacity of 42,240 MT per annum of raw cotton and 12,720 MT per annum of cottonseeds. Apart from production, the company is also involved in trading activities in cotton bales, cottonseeds, cottonseed oil and oil cakes. KHOSLA GRAINS: Ind-Ra Cuts Term Loan Rating to B ------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded Khosla Grains Private Limited 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: -- INR290 mil. Fund Based Working Capital Limit downgraded with IND B/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and -- INR6.4 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 Khosla Grains Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Khosla Grains Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Khosla Grains 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 Khosla Grains 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 2018, KGPL is engaged in the business of rice milling in Batala, Punjab . The company sells basmati rice under the brand name Fateh and Seven Star Gold. The company has installed capacity to produce 60 metric tons of rice per day. KM TOLL: ICRA Keeps D Debt Ratings in Not Cooperating Category -------------------------------------------------------------- ICRA has kept the Long-Term rating of Km Toll Road Private Limited (KMTRPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 789.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with KMTRPL, 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. K M Toll Road Private Limited (KMTRPL), a 100% subsidiary of Reliance Infrastructure Limited ('R Infra'), has been set up for the purpose of 4/6 laning of the Gandhidham (Kandla) - Mundra Section of NH-8A Extension in the state of Gujarat from 0.00 Km to 71.4 Km. The sponsor Reliance Infrastructure Ltd stated in their FY2020 financials uploaded on Bombay Stock Exchange on May 30, 2020, "We draw attention to Note 14(b) to the standalone financial statements regarding KM Toll Road Private Limited (KMTR), a subsidiary of the Company, has terminated the Concession Agreement with National Highways Authority of India (NHAI) for Kandla Mundra Road Project (Project) on May 7, 2019, on account of Material Breach and Event of Default under the provisions of the Concession Agreement by NHAI. The Company is confident of recovering its entire investment of ` 544.94 Crore in KMTR, as at March 31, 2020 and no impairment has been considered necessary against the above investment for the reasons stated in the aforesaid note". KOHINOOR FEEDS: Ind-Ra Moves B+ Loan Rating to NonCooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Kohinoor Feeds and Fats 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 action is: -- INR500 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. 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 Kohinoor Feeds and Fats Private Limited over emails starting from February 28, 2025, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Kohinoor Feeds and Fats 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 Kohinoor Feeds and Fats 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 KFFPL was established in 1990 by A.J. Panjwani and N.B. Mahajan with its registered office at Nanded. The company is a part of the Nanded-based Kohinoor Group and engages in the extraction and refining of soya bean oil, manufacturing of de-oiled cakes and trading of agro-based products. The company sells final output to re-packers who ultimately sell to customer under their band names. The company also imports edible oil and sells them in the domestic market. KRISHNA COTTON: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term ratings for the Bank facilities of Krishna Cotton (Tankara) (KC) in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 0.20 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 0.80 [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 KC, 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 2011 as a partnership firm, Krishna Cotton ('KC') is in the business of ginning and pressing of raw cotton. The firm commenced commercial production in October 2012 from its manufacturing facility at Rajkot in Gujarat. The unit is equipped with 24 ginning machines, one pressing machine and four expellers and has a processing capacity of ~19000 metric tonnes per annum (MTPA) of raw cotton. The promoters of K C have a decade long experience in the cotton ginning business by virtue of their association with other related companies. LUXUS HOSPITALITY: Ind-Ra Affirms BB- Bank Loan Rating ------------------------------------------------------ India Ratings and Research (Ind-Ra) has affirmed Luxus Hospitality Private Limited's (LHPL) term loan rating as follows: -- INR1.150 bil. Term loan due on June 30, 2035 affirmed with IND BB-/Stable rating. Detailed Rationale of the Rating Action The affirmation reflects LHPL's delays in the completion of construction of its hotel and the commencement of commercial operations, which was scheduled in July 2025. However, the completion of work has been delayed and the management expects it to complete by March 2026. The rating also reflects the intense competition and business seasonality faced in the hospitality industry. The promoters are new to the hotel industry, which might keep LHPL exposed to higher competition in the medium term, particularly in the initial few years of operations. However, the rating is supported by brand recognition of Indian Hotels Company Limited (IHCL) and the hotel's favorable locational advantage. Detailed Description of Key Rating Drivers Risk of Delay in Commencement of Operations: LHPL had planned to complete the construction of hotel and commence its operations by July 2025. However, the completion of work has been delayed and is likely to be completed by March 2026. As per the agency's discussion with management, the delay is because the management wants to improve the architecture of mock rooms and has replaced the main architect of the project. The management has stated that LHPL has got the extension of completion date to March 2025 from IHCL. Intense Competition and Business Seasonality: The hospitality industry faces intense competition, particularly in the high-end segment with the entry of several new players and expansion by existing players. The hotel industry's demand depends upon the prevailing economic conditions. With the cyclicality experienced in major industries, the same could be reflected in demand for hotels. The industry, particularly those catering to leisure travel, is seasonal in nature, which could impact occupancy levels, room rate realization and cash flows generation of hotels. Lack of Experience of Promoters: The promoters are new to the hotel industry, which might keep LHPL exposed to higher competition in the medium term, particularly in the initial few years of operations. Brand Recognition: LHPL has executed a hotel operating agreement with IHCL for 20 years, which is renewable for further two successive period of 15 years, each, in consideration for the agreed fees. IHCL is one of the largest hospitality brand with premium brands including TAJ, VIVANTA and GINGER. Favorable Location: LHPL is situated in Lucknow, which is a highly populated city and the capital of Uttar Pradesh. Furthermore, the hotel's proximity to airport and railway station provides an advantage with brand recognition over the competitors. Liquidity Poor: The total project investment of INR2,583.10 million is being funded through term loans of INR1,150 million and the remaining through promoters' contribution. The promoters are infusing capital in the form of equity of INR251.2 million and unsecured loans of INR1,181.8 million. LHPL has already incurred around INR1,718.50 million of the project cost till February 2025, which was funded by promoters' capital INR251.2 million, loan from directors and associates of INR1,000 million, and term loans of INR464 million. In the event of a delay in capex completion, the expenses will be funded by the promoters. LHPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. LHPL had cash and cash equivalents of INR8.25 million at FYE24 (FYE23: INR12.09 million). LHPL has scheduled term loan repayment of INR17.25 million in FY27 and INR23 million in FY28. Rating Sensitivities Negative: Any delay in the commencement of operations, any instance of cost overrun of the project and/or inability to achieve stability in operations and failure to secure approval from the banker for the extension of repayment schedule, thereby affecting the company's debt serviceability could be negative for the ratings. Positive: The timely commencement of operations with no further delay in completion of construction and the subsequent achievement of stable operations will be positive for the ratings. About the Company Incorporated in 2014, LHPL is setting up a five-star hotel in Lucknow under the franchise of brand TAJ. The hotel is likely to commence operations from July 2025. M/S GMA: Ind-Ra Moves B Loan Rating to NonCooperating ----------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of M/s GMA Pinnacle Automotives 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: -- INR26.73 mil. Bank Loan Outlook revised to Negative; rating migrated to non-cooperating category with IND B/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; -- INR100 mil. Fund Based Working Capital Limit migrated to non- cooperating category with IND D (ISSUER NOT COOPERATING) rating; -- INR100 mil. Fund Based Working Capital Limit migrated to non- cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR23.27 mil. Term Loan 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 M/s GMA Pinnacle Automotives 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 M/s GMA Pinnacle Automotives 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 M/s GMA Pinnacle Automotives 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 2016, GMA is an authorized dealer of Jeep vehicles. The company is engaged in the selling of imported and domestic cars, spare parts-accessories and servicing. MAGPPIE EXPORTS: Ind-Ra Keeps D Loan Rating in NonCooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Magppie Exports 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 action is: -- INR195 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Magppie Exports Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Magppie Exports Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Magppie Exports 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 Magppie Exports 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 1994, MEPL is engaged in the trading of metal and other articles. N.D. PATIL: Ind-Ra Cuts Loan Rating to B ---------------------------------------- India Ratings and Research (Ind-Ra) has downgraded N. D. Patil Sugars Private Limited 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: -- INR95 mil. Proposed Fund Based Working Capital Limit downgraded with IND B/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and -- INR540.8 mil. Term loan due on March 31, 2033 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 N. D. Patil Sugars Private Limited while reviewing the rating. Ind-Ra had consistently followed up with N. D. Patil Sugars Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of N. D. Patil Sugars 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 N. D. Patil Sugars 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 NDPSPL was incorporated on January 20, 2021. Its registered office is in Islampur Sangli, Maharashtra. The company is promoted by Dattajirao Narayanrao Patil and Anjali Dattajirao Patil. The company has set up a 1,800 tons crushing per day jaggery manufacturing unit in Koregaon grampanchayat, district-Sangli, Maharashtra. The unit will commence commercial operations from April 2024. OLIVE BAR: Ind-Ra Moves BB+ Loan Rating to NonCooperating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Olive Bar & Kitchen 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: -- INR150 mil. Term Loan Outlook revised to Negative; rating migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING) rating; and -- INR134.20 mil. Term Loan due on March 31, 2027 Outlook revised to Negative; rating migrated to non-cooperating category with IND BB+/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 Olive Bar & Kitchen Private Limited over emails starting from February 28, 2025, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Olive Bar & Kitchen 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 Olive Bar & Kitchen 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 2000, OBKPL operates chain of restaurants and bars in various states across India under various brand names such as Olive Bar & Kitchen, Olive Beach, Monkey bar, Sodabottleopenerwala, Olive Bistro, Fatty Bao, Toast & Tonic, Guppy, Ek-Bar, etc. The company operates 25 restaurants in Mumbai, Delhi, Gurgaon, Noida, Bengaluru, Hyderabad and Kolkata location under flagship brand 'Olive' which serves Lebanese, Italian, European and Continental cuisines. Furthermore, in past India Agri Business Fund II and Real Trust II, sponsored by Rabobank, have picked up 43% stake in OBKPL from Aditya Birla Private Equity Trust and other private equity investors. And also, Business match Services (I) Pvt. Ltd. holds 13% stake in OBKPL. P.E. ERECTORS: Ind-Ra Moves BB+ Loan Rating to NonCooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of P.E. Erectors Pvt Ltd 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: -- INR52.48 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; -- INR10 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; -- INR100 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 -- INR137.52 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 P.E. Erectors Pvt Ltd over emails starting from February 28, 2025, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of P.E. Erectors 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 P.E. Erectors Pvt Ltd.'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 PEEPL was incorporated in 1983 in Kolkata. The company is into engineering services business, with core competency in executing maintenance and mechanical erection jobs in power plants. Its services include installation, commissioning, testing and maintenance work at thermal, gas and hydroelectric power generation plants, oil refineries, steel and chemical plants. Satyabrata Ray Chaudhury is the company's managing director. PALANI ANDAVAR: Ind-Ra Affirms BB+ Bank Loan Rating --------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed The Palani Andavar Mills Private Limited's (TPAMPL) bank facilities as follows: -- INR16 mil. Non-fund-based working capital limit affirmed with IND A4+ rating; -- INR140.90 mil. (reduced from INR191.40 mil.) Term loan due on March 31, 2033 affirmed with IND BB+/Stable rating; and -- INR100 mil. Fund-based working capital limit affirmed with IND BB+/Stable/IND A4+ rating. *Proposed term loan has now been allocated to the term loan. Detailed Rationale of the Rating Action The ratings reflect TPAML's small scale of operations, modest EBITDA margins and average credit metrics in FY24. The company's revenue improved in FY25 in line with Ind-Ra's expectations. Ind-Ra expects TPAML's scale of operations and profitability to improve in FY26, supported by a decrease in its power costs following the installation of a solar power plant. However, the ratings are supported by the company's established presence in the cotton yarn manufacturing industry and experienced promoters. Detailed Description of Key Rating Drivers Small Scale of Operations: As per the provisional numbers of FY25, TPAML's revenue increased to INR555.11 million (FY24: INR520.92 million; FY23: INR564.37 million), led by an increase in the prices of cotton yarn. The company takes only one month of advance orders and produces and sells cotton yarn worth INR40 million-45 million per month. Ind-Ra expects the revenue to increase marginally in the near to medium term as the company is likely to operate at similar capacity along with an increase in the prices of cotton yarn. Average Credit Metrics; likely to Improve in FY26: TPAML's credit metrics were average, with gross interest coverage (operating EBITDA/gross interest expenses) deteriorating to 3.03x in FY24 (FY23: 7x) and the net leverage (total adjusted net debt/operating EBITDAR) increasing to 5.60x (2.45x), largely due to a reduction in the EBITDA to INR31.24 million (INR45.39 million). Ind-Ra expects the credit metrics to have improved in FY25 and to further increase in the medium and long term supported by a likely increase in the EBITDA but marginally offset with an increase in the debt to fund capex. In FY26, the agency expects the interest coverage to improve because of a likely improvement in the EBITDA supported by savings of power costs following the installation of a new 3900MW solar power plant. EBITDA Margins likely to Improve Post-operationalization of Solar Power Plant: TPAML's EBITDA margins reduced to 6% in FY24 (FY23: 8.04%), due to an increase in price of cotton, lower production in India and an increase in cost of goods sold. The return on capital employed reduced to 2.2% in FY24 (FY23: 6.4%). In FY25, Ind-Ra expects the EBITDA margins to have slightly increased due to lower cotton prices. However, the agency expects the margins to improve in FY26, due to savings in its power costs. Experienced Promoters: The ratings benefit from the promoters' experience of over four decades in the spinning industry and the established track record of the company of over eight decades, leading to strong relationships with the customers and suppliers. Liquidity Stretched: TPAML's cash flow from operations declined to INR21.52 million in FY24 (FY23: INR35.06 million), due to the reduction in the EBITDA. Furthermore, the free cash flow turned positive to INR9.33 million in FY24 (FY23: negative INR3.66 million). The net working capital cycle was elongated and stood at 170 days in FY24 (FY23: 221 days), although shortened due to a reduction in the inventory holding period to 151 days (208 days) and increase in receivable period to 18 days (14 days). The cash and cash equivalents stood low at INR75.33 million at FYE24 (FYE23: INR0.18 million). Moreover, TPAML does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The average maximum utilization of the fund-based limits was 50.04% while the non-fund-based limits remained unutilized during the 12 months ended February 2025. It has scheduled repayments of INR29.2 million and INR23.8 million in FY26 and FY27, respectively. Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics with the net leverage exceeding 4.5x and/or pressure on the liquidity position, all on a sustained basis, could lead to negative rating action. Positive: A substantial increase in the scale of operations, along with an improvement in the overall credit metrics and the liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company Incorporated on April 25, 1933, TPAML manufactures cotton yarn at its manufacturing unit in Udumalai, Tamil Nadu, with an installed capacity of 35,072 spindles. The company's day-to-day activities are managed by the managing director, Girija Parthasarathy along with the joint managing director, R Mahendran. The major raw material being ginned cotton, is procured from the ginning mills. TPAML produces cotton yarn in the count of 60s, 67s and 92s. PHADNIS CLINIC: Ind-Ra Keeps B- Loan Rating in NonCooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Phadnis Clinic Private Limited's (PCPL) bank facilities' ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating actions are: -- INR125 mil. Fund-based working capital limits* maintained in non-cooperating category and withdrawn; and -- INR415 mil. Term loan** due on April 30, 2033 maintained in non-cooperating category and withdrawn. * Maintained at 'IND B-/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)' before being withdrawn ** Maintained at 'IND B-/Negative (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The rating has been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails, and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a request for withdrawal of ratings and no-objection certificate issued by the bankers. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with PCPL while reviewing the rating. Ind-Ra had consistently followed up with PCPL over emails, apart from phone call. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of PCPL as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. PCPL has been non-cooperative with the agency since June 2021. About the Company PCPL is a private company incorporated on March 22, 1991. It has a hospital that provides services such as cardiology, orthopedics, neurology, dental, surgeries, pediatric, gynec and obstetrics specialty services. The management is in the hands of Amita Phadnis Avinash and Avinash Ramchandra Phadnis. PCPL is located at Shivaji Nagar in Pune. PONNI HATCHERIES: Ind-Ra Assigns BB Bank Loan Rating ---------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Ponni Hatcheries Private Limited's (PHPL) bank facilities as follows: -- INR74.41 mil. Term loan due on March 31, 2033 assigned with IND BB/Stable rating; -- INR210 mil. Fund-based working capital limits assigned with IND BB/Stable/IND A4+ rating; and -- INR65.59 mil. Proposed term loan assigned with IND BB/Stable rating. Detailed Rationale of the Rating Action The ratings reflect PHPL's small scale of operations, modest EBITDA margins and stretched liquidity in FY24. However, the ratings are supported by the company's comfortable credit metrics and the promoters' nearly three decades of experience in the poultry industry. In the medium term, Ind-Ra expects the scale of operations to improve, while the EBITDA margins to remain at similar levels and the credit metrics to deteriorate. Detailed Description of Key Rating Drivers Small Scale of Operations: The revenue grew to INR815.8 million in FY24 (FY23: INR727.1 million) while the EBITDA was almost stable at INR37 million (INR39.2 million). In FY24, the revenue growth was attributable to higher demand for poultry products coupled with increased realizations. Until 11MFY25, PHPL booked revenue of INR722.3 million. Ind-Ra expects the revenue to increase further in the medium term due to the likely completion of capex by 1HFY26. Modest EBITDA Margins: The EBITDA margins were 4.5% in FY24 (FY23: 5.4%) with a return on capital employed of 10.5% (9.5%). In FY24, the EBITDA margins deteriorated as a result of increasing feed prices. In medium term, Ind-Ra expects the margins to remain at similar levels owing to the similar nature of business. Comfortable Credit Metrics: The interest coverage (operating EBITDA/gross interest expenses) improved to 3.0x in FY24 (FY23: 2.6x) and the net leverage (total adjusted net debt/operating EBITDAR) to 3.1x (4.0x). This was due to a decline in the total adjusted debt to INR115.8 million at FYE24 (FYE23: INR155.5 million) and the subsequent decline in the interest expense to INR12.2 million (INR14.9 million). However, Ind-Ra expects the credit metrics to deteriorate in the medium term due to an increase in the total debt. PHPL has planned capex of INR78.73 million, which will be funded through a term loan of INR63 million and equity of INR15.73 million. Of this, PHPL incurred INR30.33 million till March 2025; the capex is likely to be completed by 1HFY26. Long Operational Track Record; Experienced Promoters: PHPL's promoters have nearly three decades of experience in the poultry industry. This has facilitated the company to establish strong relationships with customers as well as suppliers. Liquidity Stretched: PHPL's average maximum utilization of the fund-based limits was 97.5% during the 12 months ended February 2025 with an instance of overutilization of up to 3 days in August 2024. The cash flow from operations increased to INR53.6 million in FY24 (FY23: INR28.1 million) due to a decrease in working capital requirements to INR11.7 million (INR82.8 million). Consequently, the free cash flow improved to INR40.1 million in FY24 (FY23: INR21 million), despite the capex of INR13.5 million (INR7.1 million). The net working capital cycle shortened to 5 days in FY24 (FY23: 43 days), mainly on account of a decline in the receivable period to 31 days (45 days) and inventory holding period to 25 days (33 days). The company provides up to 14 days of credit period to its customers. PHPL has debt repayment obligations of INR12 million and INR9.5 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR0.93 million at FYE24 (FYE23: INR0.56 million). Furthermore, PHPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A substantial decrease in the scale of operations or operating profitability or deterioration in the overall credit with the interest coverage reducing below 2.0x or a decline in the liquidity on a sustained basis, could lead to a negative rating action. Positive: A significant improvement in the scale of operations while maintaining the credit metrics with the interest coverage remaining above 2.5x, along with an improvement in liquidity on a sustained basis, could lead to a positive rating action. About the Company Established in 2010, PHPL is a part of the Ponni group. PHPL primarily focuses on production of commercial broiler and layer day old chicks in farms located in Namakkala and Hosur. K. Singaraja, S. Sastikumar and S. Dhanalakshmi are the promoters. RAPID METRORAIL SOUTH: ICRA Keeps D Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank Facility of Rapid Metrorail Gurgaon South Limited (RMGSL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 1500.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with RMGSL, 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. RMGSL, a Special Purpose Vehicle (SPV), was incorporated with the aim of implementing a Metro link from DMRC Sikandarpur Station to Sector-56, in Gurgaon under concession from HUDA in Public Private Partnership. The SPV's sponsors are IL&FS Rail Limited (IRL) (65.0%) and IL&FS Transportation Networks Limited (ITNL) (35.0%). The scope of the project includes design performance and execution, engineering, financing, procurement, construction, installation, commissioning and testing of the works together with subsequent operation and maintenance of the entire project. HUDA has granted the concession to the SPV for a period of 98 years starting from July 2, 2013. The total cost of the project was funded by a combination of debt (Rs. 1,500 crore) and equity. The entire term loan of INR1,500 crore has been sanctioned by a consortium of five banks with Canara Bank as the lead bank and an external commercial borrowing (ECB) loan lender. The project achieved commercial operations on March 31, 2017. The IL&FS Group has experience in developing a similar metro project and has successfully executed a metro line under RMGL. This was the Group's first metro rail project with operations commencing in November 2013. The link has been developed from DMRC Sikanderpur Station to National Highway 8 (NH 8) in Gurgaon under concession from HUDA. RAPID METRORAIL: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating for the Bank Facility of Rapid Metrorail Gurgaon Limited (RMGL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 761.60 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with RMGL, 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. RMGL is a Special Purpose Vehicle (SPV) incorporated with the purpose of implementing the metro link from Delhi Metro Rail Corporation (DMRC) Sikandarpur Station to National Highway-8 (NH-8) in Gurgaon (Haryana) under concession from Haryana Urban Development Authority (HUDA) in Public Private Partnership. The scope of the project includes the performance and execution of design, engineering, financing, procurement, construction, installation, commissioning and testing of the works together with subsequent operations and maintenance of the entire project. The concession has been granted by HUDA to the SPV for a period of 99 years starting from December 9, 2009. The metro became operational on November 14, 2013. The project was completed at a cost of INR1,241 crore (including DSRA), as against the initially expected project cost of INR1,088 crore. The cost over runs incurred to complete the project has been entirely funded through promoters' incremental contribution. The metro commenced operations with a fare of INR12per ride, however, the same was increased to INR20 per ride in August 2014 under provisions of The Metro Railway Operations & Maintenance Act 2002. The CA specifies connectivity charges of INR5 crore to be paid to HUDA within 60 days of signing the CA and INR40 crore per year from the 17th to 35th year. Also, HUDA will have a revenue share on non-fare annual revenues starting from 5% and going up to 10% which will be paid on a yearly basis. The CA also entitles RMGL to collect revenues related to the passenger fares, advertising revenues and real estate revenues. The sponsors in the SPV are IL&FS group companies including IL&FS Rail Limited, IL&FS Incubation Trust and IL&FS Transport Networks Limited (ITNL) which hold 49.58%, 47.58% and 2.89% shareholding respectively. REAL TECH: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: Real Tech Constructions Private Limited Registered Office: D-22, Defence Colony, South Delhi, New Delhi, Delhi, India, 110024 Principal Office: Terrace at 3rd Floor Plot No.7, MLU Vardhman Jaypee Plaza Sec-4, N.S.I.T Dwarka, South West Delhi, New Delhi, Delhi, India, 110078 Insolvency Commencement Date: April 28, 2025 Estimated date of closure of insolvency resolution process: October 28, 2025 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Mr. Pankaj Khelan K-37/A Basement Kailash Colony Near Kailash Colony Metro Station, South Delhi, Delhi, 110048 Email: ippankajkhelan@gmail.com Email: cirprealtechconstructions@gmail.com Last date for submission of claims: May 15, 2025 Representatives of Creditors in a class: 1. Maya Gupta 2. Keshav Khaneja 3. Rajender Pal Chandel SAI INFRACONSTRUCTIONS: Ind-Ra Withdraws B Bank Loan Rating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Sai InfraConstructions Private Limited's (SIPL) bank facilities' ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating actions are: -- INR65 mil. Fund-based working limit* maintained in non- cooperating category and withdrawn; and -- INR70 mil. Non-fund-based working capital limit** maintained in non-cooperating category and withdrawn. * Maintained at 'IND B/Negative (ISSUER NOT COOPERATING)'/'IND A4 (ISSUER NOT COOPERATING)' before being withdrawn ** Maintained at 'IND A4 (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The ratings have been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails, and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a request for withdrawal of ratings and no-objection certificate issued by the bankers. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with SIPL while reviewing the ratings. Ind-Ra had consistently followed up with SIPL over emails, apart from phone calls since May 2018. Although, the issuer has been providing with the monthly no-default statement. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of SIPL as the agency does not have adequate information to review the ratings. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. SIPL has been non-cooperative with the agency since April 2018. About the Company Incorporated in 2009, SIPL executes contracts for the construction of roads, highways and bridges for various government departments. SWASTIK ENTERPRISE: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Swastik Enterprise (SE) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term 5.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term- 8.00 [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 SE, 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 1992, Swastik Enterprise (SE) is a proprietorship firm formed with the main business objective of distribution of various FMCG and electronic goods. Currently, SE is a distributor of HTC mobile phones for Ahmedabad district and North Gujarat region. The firm is also a distributor for Spice and Zoko mobile phones as well as Apps Daily mobile application in the entire state of Gujarat. The firm is promoted by Mrs. Varsha Jain. TAURIAN ENGINEERING: Liquidation Process Case Summary ----------------------------------------------------- Debtor: TAURIAN ENGINEERING PRIVATE LIMITED 63, 3rd Floor, 107, Anand Ashram, Dr R. G. Thadani Marg, Poddar Hospital, Worli, Mumbai City, Mumbai, Maharashtra, India, 400018 Liquidation Commencement Date: April 4, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Rakesh Chaturvedi Paresh Rakesh & Associates LLP 103, Namrata CHS, Bldg No.-15, Shashtri Nagar, Link Road, Goregaon West, Mumbai - 400104 Mobile no: 9867564075 Email: ip@pareshrakesh.in Email: cirp.taurian@gmail.com Last date for submission of claims: June 6, 2025 YUSRA AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-term rating for the bank facilities of Yusra Agro Foods Private Limited 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 in the 'Issuer Not Cooperating' category Long Term- 20.50 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Yusra Agro Foods 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. Yusra Agro Foods Private Limited, incorporated in 2015, is a Group company of Rehber Food Industries Private Limited (RFIPL) which is also involved in buffalo meat trading. YAFPL has the same set of promoters and supports the domestic operations of RFIPL. YAFPL usedto procure raw meat from RFIPL as well as from other players and supply to various companies in the domestic market. However, as per the company management, there were no business operations in Yusra Agro in FY2020 andFY2021. ZADAFIYA CREATIONS: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has retained the rating for the bank facilities of Zadafiya Creations Pvt. Ltd. (ZCPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 3.75 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating and continues to remain under 'Issuer Not Cooperating' category Long-term- 14.25 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating and continues to remain Term Loan under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with ZCPL, 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 noncooperative. 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. Surat based Zadafiya Creations Private Limited (ZCPL) was incorporated in February 2015 and has been engaged in trading of sarees. In current fiscal the company has setup knitted fabric manufacturing facility and commenced commercial production from June 2017. The installed capacity for knitted fabric manufacturing is 7,500 MTPA (considering 300 working days). The company is promoted by the Zadafiya family and the promoters have been associated with other entities which are majorly engaged into fabric embroidery and knitted fabric manufacturing. ========= J A P A N ========= NISSAN MOTOR: Toyota Offered Help After Honda Talks Collapsed ------------------------------------------------------------- Automotive News reports that Toyota Motor Corp. has surfaced as a backup partner of sorts for troubled Nissan Motor Co., according to a news report that said Japan's biggest automaker offered to help Nissan after its talks with Honda collapsed. Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. Fitch Ratings, in April 2025, downgraded Nissan Motor Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured rating to 'BB' from 'BB+'. The Outlook is Negative. Fitch has affirmed the Short-Term Foreign- and Local-Currency IDRs at 'B'. S&P Global Ratings, on March 7, 2025, lowered its long-term issuer credit ratings on Nissan Motor and its overseas subsidiaries to 'BB' and affirmed its short-term issuer credit ratings on each company at 'B'. The negative outlook reflects S&P's view that the company's creditworthiness may continue to deteriorate as a challenging operating environment hampers profitability improvement and free cash flow losses continue. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. NISSAN MOTOR: Troubles Might Go All The Way Back to Ghosn --------------------------------------------------------- The Japan Times reports that Nissan Motor Co. is in deep trouble, posting huge losses, shutting factories and laying off workers, and some analysts trace the problems all the way back to the tenure of Carlos Ghosn, who ran the company for more than 15 years. They argue that aggressive expansion by the iconoclastic executive left the company overextended, and that the journey back to a manageable and profitable size will be difficult, the Japan Times says. "Until Ghosn left the company, Nissan was aggressively pursuing global expansion. It has not been easy to abruptly shift that strategy and scale it down," the Japan Times quotes Yasushi Yokoyama, a senior analyst at Aizawa Securities, as saying. "It seems the company is facing its adverse impact." In 2011, Mr. Ghosn announced that Nissan, which had less than 6% of global unit sales in the auto industry, would boost that share to 8% in six years, the Japan Times recalls. The company boosted production capacity, which left Nissan with the excess capacity it is burdened with now. According to the Japan Times, Nissan's global unit sales plunged to 3.3 million last fiscal year compared to the peak of 5.8 million in fiscal 2017. The company sold 1.6 million in the United States in fiscal 2017, but the figure plummeted to 938,000 in fiscal 2024. In China, the unit sales fell to 697,000 in fiscal 2024, compared to 1.5 million units in fiscal 2017. Another legacy of the Ghosn era is a culture of pursuing short-term profit and efficiency, according to Atsushi Osanai, a professor at Waseda Business School, the Japan Times relays. This has led to lackluster investments in electric vehicles and caused Nissan to lag behind Chinese automakers, while the company has also failed to establish an effective internal structure to produce competitive vehicles, Osanai added. "Nissan has design prowess and possesses a range of internal combustion engine technologies, so I believe Nissan is capable of making competitive cars, but has been failing to do so," the report quotes Osanai as saying. "Considering the capability of front-line workers, if they had effectively integrated their technology and product planning, I think things wouldn't have turned out this way." According to the Japan Times, Nissan's new management team, led by CEO Ivan Espinosa, who took the helm in April, appears to be well aware of the issue and what needs to be done. "The reality is clear," Espinosa said last week at a news conference, the Japan Times relays. "We have a very high cost structure. To complicate matters further, the global market environment is volatile and unpredictable, making planning and investment increasingly challenging." Nissan reported a net loss of JPY670 billion ($4.5 billion) in fiscal 2024, the Japan Times discloses. It is the third-biggest annual loss in Nissan's history. The focus now is on whether Mr. Espinosa and his team will be able to turn the situation around, the Japan Times states. Some analysts said the previous management team was largely controlled by veteran Japanese executives and was slow to make decisions, but the new team is a mix of non-Japanese executives and younger Japanese employees, so it will likely be able to act more quickly and decisively, according to the Japan Times. Nissan updated the turnaround strategy last week, saying it now aims to cut JPY500 billion in annual costs. It plans more than 19,000 job cuts globally. This means Nissan will be reducing its workforce by about 15%. The automaker will also reduce the number of production bases to 10 from 17, possibly including factories in Japan, the Japan Times relays. Mr. Espinosa told Bloomberg last week that the automaker still has more than JPY2 trillion in cash on hand and another JPY2 trillion of unused credit lines, so it can maintain operations for 12 to 18 months without taking any measures. Yokoyama said the additional job cuts and closures of the plants are "very bold" measures given that Nissan still has sufficient financial resources. Making this decision might not have been possible for an ordinary Japanese leader, he added. "It is possible for Nissan to overcome the immediate crisis, but it's still unclear what the situation will be in a decade," he said. In the longer term, it will be tough for Nissan to compete with global rivals amid the rise of new technologies, including connected automobiles and autonomous vehicles, as well as the ongoing EV revolution. Nissan and Honda sought a merger but gave up on it in February. They insist that the merger is off the table but have added that they will still cooperate on new technologies. Mr. Espinosa said Nissan is considering various partnership options other than Honda, the report adds. About Nissan Motor Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. Fitch Ratings, in April 2025, downgraded Nissan Motor Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured rating to 'BB' from 'BB+'. The Outlook is Negative. Fitch has affirmed the Short-Term Foreign- and Local-Currency IDRs at 'B'. S&P Global Ratings, on March 7, 2025, lowered its long-term issuer credit ratings on Nissan Motor and its overseas subsidiaries to 'BB' and affirmed its short-term issuer credit ratings on each company at 'B'. The negative outlook reflects S&P's view that the company's creditworthiness may continue to deteriorate as a challenging operating environment hampers profitability improvement and free cash flow losses continue. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. =============== M A L A Y S I A =============== SARAWAK CABLE: Face Delisting After Bursa Rejects Extension Appeal ------------------------------------------------------------------ The Star reports that Bursa Malaysia Securities Bhd (Bursa Securities) announced that Sarawak Cable Bhd and Annum Bhd are facing delisting from the stock exchange after their respective applications for a further extension of time to submit their regularisation plans were rejected. In separate filings to Bursa Malaysia, the exchange said trading in both securities will be suspended with effect from May 28, 2025. "The securities of the companies will be delisted on May 30, 2025 unless an appeal against the delisting is submitted to Bursa Securities on or before May 27, 2025. "Any appeal submitted after the appeal timeframe will not be considered," it said. According to The Star, the exchange said in the event that the companies submitted appeals to Bursa Securities within the appeal timeframe, the delisting of the securities of the companies from the official list of Bursa Securities on May 30, 2025 will be deferred pending the decision on the appeal. However, Bursa Securities said it will proceed to suspend the trading of both companies' securities on May 28, 2025 even though the decision on the appeal is still pending. The Star relates that the exchange noted that upon the delisting, the companies will continue to exist but as an unlisted entity and are still able to continue their operations and business and proceed with their corporate restructuring and the shareholders can still be rewarded by the companies' performance. "However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities. The interests and rights of the shareholders will remain safeguarded under the Companies Act 2016," it said. About Sarawak Cable Malaysian-based Sarawak Cable Bhd manufactures cables and wires. It operates in four segments The Sale of power cables and conductors segment supplies power cables and conductors components, sale of galvanized steel products, and steel structures segment supplies galvanized steel products and steel structures and galvanizing services. The transmission lines construction segment involves supply, installation, and commissioning of transmission line projects. And the corporate segment is involved in Group-level corporate and management services. In September 2022, Sarawak Cable Bhd said it triggered the criteria of a Practice Note 17 (PN17) company following a disclaimer of opinion expressed by its external auditor. It said it is in the midst of formulating a regularisation plan to address the PN17 status. ===================== N E W Z E A L A N D ===================== AVANTI NZ 2023-1: Moody's Upgrades Rating on Class E Notes to Ba1 ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings on four classes of notes issued by Avanti NZ Auto ABS 2023-1 Trust in respect of the Series 2023-1. The affected ratings are as follows: Issuer: Avanti NZ Auto ABS 2023-1 Trust Class B Notes, Upgraded to Aa1 (sf); previously on Dec 11, 2023 Definitive Rating Assigned Aa2 (sf) Class D Notes, Upgraded to Baa1 (sf); previously on Dec 11, 2023 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Ba1 (sf); previously on Dec 11, 2023 Definitive Rating Assigned Ba2 (sf) Class F Notes, Upgraded to Ba2 (sf); previously on Dec 11, 2023 Definitive Rating Assigned B1 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in note subordination available for the affected notes and the collateral performance to date. No action was taken on the remaining rated classes in the deal as credit enhancement remains commensurate with the current ratings for the notes. Following the April 2025 payment date, the note subordination available for the Class B, Class D, Class E and Class F Notes has increased to 13.4%, 6.5%, 4.4% and 3.0% respectively, from 9.0%, 4.0%, 2.5% and 1.5% at closing in December 2023. Principal collections have been distributed on a pro-rata basis across the rated notes since September 2024 payment date. Current total outstanding notes as a percentage of the total closing balance is 49.4%. As of end-March 2025, 1.3% of the outstanding pool was 30-plus day delinquent and 0.2% was 90-plus day delinquent. The portfolio has incurred 1.4% and 1.0% (as a percentage of the original note balance) of gross and net losses to date. Based on the observed performance to date and loan attributes, Moody's have revised Moody's expected default assumption to 3.1% of the current pool balance (equivalent to 3.0% of the original pool balance), versus 2.5% of the pool balance at closing in December 2023. Moody's have also revised the Aaa portfolio credit enhancement to 17% versus 14% at closing. The transaction is a cash securitisation of receivables backed by motor vehicles. The receivables were originated and are serviced by Branded Financial Services (NZ) Limited, a wholly owned and operated subsidiary of Avanti Finance Limited. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in August 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. BERKING CONSTRUCTION: Creditors' Proofs of Debt Due on June 16 -------------------------------------------------------------- Creditors of Berking Construction Limited are required to file their proofs of debt by June 16, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 15, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 BILLY BILLY: Khov Jones Appointed as Receivers and Managers ----------------------------------------------------------- Steven Khov and Kieran Jones of Khov Jones on May 19, 2025, were appointed as receivers and managers of Billy Billy Limited. The receivers and managers may be reached at: Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 CHORUS LTD: S&P Rates Proposed Subordinated Capital Notes 'BB+' --------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' long-term issue rating to proposed subordinated capital notes of NZ$170 million issued by Chorus Ltd. The proposed issuance of capital notes is intended to replace some of the existing securities issued by Chorus related to National Infrastructure Funding and Financing (NIFF, a New Zealand government-owned entity). Chorus received New Zealand government funding of about NZ$1.3 billion in the form of NIFF securities (debt and equity-like securities) to finance construction costs of its ultra-fast broadband rollout. The funds raised from this offering will be used jointly to: -- Repay a NZ$85.3 million debt tranche of NIFF securities that are set to mature on June 30, 2025; and -- Refinance a NZ$85.3 million tranche of equity NIFF securities required to begin paying distributions from July 1, 2025. Key considerations of S&P's assessment of these hybrid capital notes are: -- S&P assesses the subordinated capital notes as having the key features for intermediate equity content (therefore, it treats 50% of the intermediate equity content securities as equity when calculating its credit metrics). -- However, S&P expects the hybrid capitalization ratio post the capital notes issuance to exceed our 15% threshold. -- S&P has rated the issuance of NZ$170 million two notches below the long-term issuer credit rating on Chorus (BBB/Stable/--) to reflect the hybrid notes subordination and the company's ability to defer interest payments. -- Notwithstanding its assessment of intermediate equity content on proposed capital notes issuances, S&P will treat any amount exceeding the 15% hybrid capitalization threshold as 100% debt in our adjusted credit metrics. S&P said, "Our assessment of intermediate equity content is based on our view that the capital notes meet our criteria in terms of subordination, loss absorption, cash preservation, and sufficiently long effective maturity, with optional coupon deferability. "Another consideration of intermediate equity content is Chorus' stated intention to maintain the capital notes as a key feature of its capital structure over the long term, despite not having a legal obligation to replace these capital notes. As such, in the event this issue was to be redeemed (on a qualifying reset date) we would expect a replacement issuance on substantially the same terms and conditions. "If Chorus deviates from its intention to retain these capital notes as loss-absorbing capital over the longer term, this would adversely affect our view of equity-like characteristics of the company's hybrid instruments. Accordingly, we are likely to revise our assessment and treat them as debt. "The subordinated capital notes have a final maturity of 31 years, i.e., June 3, 2056, with a 25 basis points (bps) step-up in year 11 (2036) and another 75 bps step-up in year 26 (2051). While our long-term issuer credit rating on Chorus is in the 'BBB' rating category or higher, we will reclassify the capital notes as having no equity content from intermediate when the period remaining to effective maturity is less than 20 years (2031). "We note Chorus retains the option to defer coupons by up to five years under the terms of the issuance. If the company were to defer any coupon payment, a dividend stopper would apply, preventing Chorus from paying any equity dividends, distributions, or capital returns. This would persist until the company pays all the outstanding cumulated deferred interest on the capital notes. We view this settlement pusher feature as neutral because it does not restrict the issuer's ability to start deferring interest on these capital notes. "We expect Chorus to manage financial obligations related to its outstanding NIFF securities such that they are neutral for Chorus' financial profile. As part of its capital management strategy, Chorus plans to refinance the NIFF securities through similar equity-like instrument issuances if they redeem the outstanding ones." This includes: -- The NIFF equity securities of total NZ$768.5 million; an increasing portion of these will attract dividend payments as follows: NZ$85.3 million in 2025, NZ$197.0 million in 2030, NZ$404.0 million in 2033, and NZ$768.5 million in 2036. -- The NIFF debt securities of total NZ$566.9 million expected to mature as follows: NZ$85.3 million in 2025, NZ$104.7 million in 2030, NZ$166.7 million in 2033, and NZ$210.2 million in 2036. S&P believes Chorus is committed to financial discipline and maintaining balance sheet settings consistent with its policy. The company's capital management objectives include maintaining balance sheet headroom (net debt to EBITDA of up to 4.75x), compared with a rating threshold of 5.0x. Its base case forecasts the company's S&P Global Ratings adjusted debt-to-EBITDA ratio will be about 4.6x in fiscal 2025. Furthermore, the regulatory framework for Chorus' national fiber network will continue to support stable and predictable revenue and cash flow underpinning its exceptionally robust business, in S&P's opinion. JT CARTAGE: Creditors' Proofs of Debt Due on June 5 --------------------------------------------------- Creditors of JT Cartage and Contracting Limited are required to file their proofs of debt by June 5, 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: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 RMC COMMUNICATIONS: Court to Hear Wind-Up Petition on May 26 ------------------------------------------------------------ A petition to wind up the operations of RMC Communications NZ Limited will be heard before the High Court at Whangarei on May 26, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 13, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 STEWART RESIDENTIAL: Court to Hear Wind-Up Petition on June 12 -------------------------------------------------------------- A petition to wind up the operations of Stewart Residential Construction Limited will be heard before the High Court at Palmerston on June 12, 2025, at 10:00 a.m. Sayer Industries Limited filed the petition against the company on March 20, 2025. The Petitioner's solicitor is: Jeffrey Gray Ussher Level 19, 191 Queen Street Auckland ===================== P H I L I P P I N E S ===================== PEOPLE'S CREDIT: SEC Shuts Down Financing Company ------------------------------------------------- Bilyonaryo.com reports that People's Credit and Finance Corporation (PCFC) can no longer operate as a financing company. According to Bilyonaryo.com, the Securities and Exchange Commission (SEC) has cancelled PCFC's primary registration and certificate of authority due to a persistent failure to comply with reportorial requirements. In a May 14 order, the SEC's Financing and Lending Companies Department (FinLend) confirmed that PCFC failed to submit 15 mandated reports, Bilyonaryo.com relates. This non-compliance violates several key regulations, including the Revised Corporation Code, the Financing Company Act and its related rules, alongside various SEC circulars. Bilyonaryo.com says the decision to revoke PCFC's licenses also comes after a directive from the Office of the President, calling for the company's abolition and the orderly winding down of its business. "The company has been declared delinquent by the Commission for its failure to comply and/or submit the required reportorial requirements," the SEC said in the order. "After the declaration, no effort from the company has been made" to address the violations or begin its winding down, it added. People's Credit and Finance Corporation (PCFC), a government-owned firm, was created to support microfinance institutions but has since faced calls for closure due to overlapping mandates with other financial agencies. PH RESORTS: Dennis Uy Yet to Surrender Original Copy of License --------------------------------------------------------------- Bilyonaryo.com reports that Duterte crony Dennis Uy has yet to surrender the original copy of the license for his stalled Clark casino project - months after the Philippine Amusement and Gaming Corp. (Pagcor) officially revoked it. Documents obtained by Bilyonaryo show that Mr. Uy's PH Resorts Group revealed the cancellation of the provisional license issued to its subsidiary, Clark Grand Leisure Corp. (CGLC), in 2024. "Revocation will be finalized once CGLC surrenders the original copy of the provisional license granted by Pagcor. This is in line with the group's ongoing reprioritization of projects," PH Resorts disclosed. Most of Mr. Uy's ventures have ground to a halt due to severe cash shortages and ballooning debt, Bilyonaryo.com notes. According to Bilyonaryo.com, CGLC secured a 15-year license in 2017 to operate a casino within the Clark Freeport Zone. The project was meant to rise on land leased from Mr. Uy's Global Gateway Development Corporation (GGDC). As part of the licensing agreement, Mr. Uy committed to several requirements, including maintaining a $25 million escrow account to fund development and setting up a gaming-related foundation. But the Clark casino never made it past the drawing board, Bilyonaryo.com relates. The revocation followed Mr. Uy's request for a voluntary suspension of the license in 2021, claiming he wanted to refocus resources on another stalled project - Emerald Bay in Cebu, which has also faced years of construction delays. In 2023, ultra bilyonaryo Ricky Razon's Bloomberry Resorts expressed interest in taking over PH Resorts' assets, including the Clark casino. However, the deal fell apart after due diligence revealed red flags, and Bloomberry walked away - despite not having fully recovered the PHP1 billion advance it had given Mr. Uy. About PH Resorts PH Resorts Group Holdings Inc. operates as a holding company. The Company, through its subsidiaries, manages and maintains tourism-related businesses which includes resort and casino projects. PH Resorts Group holdings serves customers in the Philippines. As reported in the Troubled Company Reporter-Asia Pacific on May 2, 2024, PH Resorts (PHR) Group Holdings reported losses of PHP4.213 billion in 2023, up 270 percent from PHP1.14 billion the previous year. PHR reported a net loss of PHP1.802 billion for the year ended Dec. 31, 2024. ================= S I N G A P O R E ================= FAST TRACK: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on May 2, 2025, to wind up the operations of Fast Track Construction Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 MULTICHAIN FOUNDATION: Singapore Court Orders Liquidation --------------------------------------------------------- Bitcoin.com News reports that Sonic Labs CEO Michael Kong said the Singapore High Court has approved his firm's application to liquidate Multichain Foundation. Mr. Kong revealed that the court, which issued its ruling on May 9, also appointed personnel from the accounting firm KPMG's Singapore branch as liquidators. In a post on X, Mr. Kong justified Sonic Labs' decision to seek Multichain's liquidation, stating that the foundation's refusal to cooperate had forced the company's hand. As reported by Bitcoin.com News in July 2024, Sonic Labs (formerly Fantom Foundation) was awarded $2.19 million in damages in a case against Multichain Foundation. The case stemmed from Multichain's failure to deliver 4.175 million FTM tokens or their equivalent value. Bitcoin.com News relates that Sonic Labs sought damages after a security breach on July 7, 2023, which led to the loss of more than $210 million in assets, including stablecoins (USDT, USDC, DAI) and wrapped tokens held on the Multichain Bridge. On Sept. 18, 2023, the court assessed the diminished value of the lost assets and awarded Sonic Labs $58,620.55 for stablecoins and $2,129,250 for 4.175 million FTM tokens, based on market value calculations. Despite the court ruling, Multichain Foundation has yet to comply, prompting Sonic Labs to seek further legal action, Bitcoin.com News says. "Unfortunately, since Multichain and its former employees have been completely uncooperative, we were compelled to file a lawsuit against Multichain and forcibly wind up the company. If Multichain had not hidden from victims, this entire process would have been unnecessary, and we would have saved more than a year," Mr. Kong stated on X. Mr. Kong said the appointed liquidators will now begin working with other parties to secure funds that could eventually be returned to affected users, pending the outcome of legal proceedings, Bitcoin.com News adds. PETROFAC SOUTH: KordaMentha Appointed as Interim Judicial Managers ------------------------------------------------------------------ Cameron Lindsay Duncan and David Dong-Won Kim of KordaMentha on May 9, 2025, were appointed as Interim Judicial Managers of Petrofac South East Asia Pte Ltd. The Interim Judicial Managers may be reached at: Cameron Lindsay Duncan David Dong-Won Kim c/o KordaMentha 50 Raffles Place #25-01 Singapore Land Tower Singapore 048623 SQUAREUP PTE: Creditors' Proofs of Debt Due on June 16 ------------------------------------------------------ Creditors of Squareup Pte. Ltd. are required to file their proofs of debt by June 16, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 8, 2025. The company's liquidators are: Timothy James Reid Ng Yau Yee Theresa c/o Baker Tilly Reid 600 North Bridge Road #05-01 Parkview Square Singapore 188778 TRUELINK INTERNATIONAL: Court to Hear Wind-Up Petition on May 23 ---------------------------------------------------------------- A petition to wind up the operations of Truelink International Shipping Pte. Ltd. will be heard before the High Court of Singapore on May 23, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on May 2, 2025. The Petitioner's solicitors are: Tito Isaac & Co LLP 1 North Bridge Road #30-00 High Street Centre Singapore 179094 URBAN RENEWABLES: First Creditors' Meeting Set for May 23 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Urban Renewables (Singapore) Pte. Ltd. will be held on May 23, 2025 at 2:00 p.m. via electronic means. Tan Kim Han and Luke Anthony Furler of Quantuma Advisory were appointed as Judicial Managers of the company on Dec. 11, 2024. YANLORD LAND: Moody's Lowers CFR to B2, Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings has downgraded Yanlord Land Group Limited's (Yanlord) corporate family rating to B2 from B1, and the backed senior unsecured rating on the bond issued by Yanlord Land (HK) Co., Limited, a wholly-owned subsidiary of Yanlord, to B3 from B2. The bond is guaranteed by Yanlord. At the same time, Moody's have changed the outlook on the ratings to stable from negative. "The downgrade reflects Yanlord's reduced operating scale, as shown in ongoing contracted sales declines, which will continue to weaken its operating performance and credit metrics over the next 12-18 months," says Daniel Zhou, a Moody's Ratings Assistant Vice President and Analyst. "The stable outlook reflects Moody's expectations that Yanlord will maintain adequate liquidity to meet all funding needs over the next 12-18 months," adds Zhou. RATINGS RATIONALE Yanlord's B2 CFR reflects the company's established brand name and high-quality products. The rating also considers Yanlord's adequate liquidity, despite narrowing buffer, and solid recurring rental income from its investment properties (IP) in China and Singapore. On the other hand, the rating is constrained by Yanlord's reduced operating scale, declining sales, weakening credit metrics, geographic concentration, as well as significant exposure to joint venture businesses. Yanlord's gross contracted sales decreased to RMB22.2 billion in 2024, continuing the decline trend reported in 2023. The weakened sales performance was driven by the lingering sector challenges and its significant slowdown in land replenishment. Moody's forecasts Yanlord's annual contracted sales to fall moderately by around 5% over the next 12-18 months. While latest policy stimulus may support its sales, the effect will likely be constrained by the ongoing reduction in salable resources. The contracted sales decline will further reduce Yanlord's revenue and cash flow over the next 12-18 months. This will be partially helped by the recurring income generated from Yanlord's established IP portfolio, particularly the projects in Singapore that benefit from a stable operating environment. Such rental income could enhance the quality of Yanlord's EBITDA and cash flow. Moody's projects Yanlord's debt leverage, as measured by adjusted debt/EBITDA, will increase to around 7.0x over the next 12-18 months from 4.3x in 2024. Its adjusted EBIT/interest coverage will also decline to around 2.0x from 3.8x for the same period. Yanlord's liquidity remains adequate. The company's cash balance of RMB10.2 billion as of end-2024 and operating cash flow are sufficient to address its debt maturities in the next 12-18 months, including the USD500 million bond due in May 2026. Yanlord's ability to raise secured loans by pledging the company's IP portfolio can also support its liquidity. Meanwhile, an increase in reliance on secured borrowings will reduce Yanlord's financial flexibility. The company's B3 senior unsecured debt rating is one notch lower than the CFR due to structural subordination risk. This risk reflects the fact that the majority of claims are at the operating subsidiaries and have priority over Yanlord's senior unsecured claims in a bankruptcy scenario. In addition, the holding company lacks significant mitigating factors for structural subordination. As a result, the likely recovery rate for claims at the holding company will be lower. In terms of environmental, social and governance (ESG) factors, Moody's have considered Yanlord's concentrated ownership, with its largest shareholder and chairman, Mr. Zhong Sheng Jian, holding an approximately 71.55% direct and indirect stake (excluding treasury shares) in the company as of March 10, 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Yanlord's ratings if the company strengthens its sales performance and credit metrics, and continue to maintain adequate liquidity. Moody's could downgrade Yanlord's ratings if its liquidity becomes inadequate; its contracted sales drop more than Moody's expectations; or its credit metrics weaken further, with EBIT/interest coverage falling below 1.5x or debt/EBITDA above 8.0x, both on a sustained basis. The principal methodology used in these ratings was Homebuilding and Property Development published in October 2022. Yanlord is a real estate developer in China and Singapore, and is listed on the Singapore Exchange. It had land bank with total gross floor area of about 6.4 million square meters as of December 2024, located mainly across six geographic regions in China, including the Yangtze River Delta, the Greater Bay Area, the Bohai Rim, Central China, Hainan and Western China. The company also has residential development projects and investment properties in Singapore. ===================== S O U T H K O R E A ===================== HOMEPLUS CO: To Close Sangdo Store Due to Contract Expiration ------------------------------------------------------------- ChosunBiz reports that Homeplus Co will close the operations of Homeplus Express Sangdo store, a corporate supermarket (SSM), next month. According to the retail industry, Homeplus Express Sangdo store, located in Dongjak-gu, Seoul, will operate only until May 31. Online delivery from Homeplus Express Sangdo store will only be available until May 21, ChosunBiz relates. In addition, Homeplus Express Sanggyejangam store will be converted to a franchise starting from June 1. At the same time, the online delivery service offered at Homeplus Express Sanggyejangam store will only be operated until May 21, according to ChosunBiz. Regarding the closure of Homeplus Express Sangdo store, the company stated that it is unrelated to corporate rehabilitation, ChosunBiz relays. A Homeplus official said, "This closure is due to the contract expiration and is unrelated to corporate rehabilitation." Recently, Homeplus has notified the termination of contracts for 17 stores where progress has not been made in rent adjustment negotiations, with the approval of the court, ChosunBiz notes. Based on the rehabilitation process initiated on March 4, Homeplus has been negotiating rent adjustments with landlords of 61 rental stores under Article 119 of the Debt Rehabilitation Act due to excessively high rent, but failed to reach an agreement with landlords of 17 stores. However, Homeplus noted that even if an agreement is ultimately not reached, it plans to guarantee the employment of all employees belonging to the relevant stores and stated that there would be no artificial restructuring as a result, according to ChosunBiz. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. =============== X X X X X X X X =============== GURU RAGHAVENDRA: Ind-Ra Keeps B- Loan Rating in NonCooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Guru Raghavendra Infrastructures' 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 B-/ Negative (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR100 mil. Fund Based Working Capital Limit LT Downgraded; ST maintained in non-cooperating category with 'IND B-/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)' rating; and -- INR250 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 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 Guru Raghavendra Infrastructures while reviewing the rating. Ind-Ra had consistently followed up with Guru Raghavendra Infrastructures over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Guru Raghavendra Infrastructures 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 Guru Raghavendra Infrastructures' 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 GRI was established as a partnership concern in Hyderabad, Telangana on June 25, 2006. The firm is promoted by Venkata Krishna Reddy Daggumati along with his wife, Sreelatha Daggumati. GRI produces gravel using stone crushers and also supplies ready-mix concrete. The firm entered into civil work in 2017 and provides services in irrigation works, hydro power, construction of bridges and road works on sub-contract basis. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***