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250527.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, May 27, 2025, Vol. 28, No. 105 Headlines A U S T R A L I A COURSES EDUCATION: First Creditors' Meeting Set for May 30 CROSSGUARD GROUP: Second Creditors' Meeting Set for May 30 HAPPY LIFE: First Creditors' Meeting Set for June 3 HEALTHSCOPE LTD: Enters Receivership With AUD1.6 Billion of Debt INFRABUILD AUSTRALIA: Ropes & Gray Advises on $150MM Note Issuance MD HOTEL: First Creditors' Meeting Set for May 29 ONESTEEL: Administrators in Credit Stand-Off With InfraBuild XLK CATERING: First Creditors' Meeting Set for June 2 C H I N A COUNTRY GARDEN: Liquidation Hearing Adjourned to Aug. 11 I N D I A AAMANYA ORGANICS: Ind-Ra Moves BB+ Loan Rating to Non-Cooperating ASIATIC ELECTRICAL: Ind-Ra Keeps D Loan Rating in NonCooperating BHUMI PLASTIC: CARE Keeps D Debt Ratings in Not Cooperating DECCAN HYDERABAD: CARE Keeps D Debt Rating in Not Cooperating DHANASHREE AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating E.P. INDUSTRIAL: CARE Keeps D Debt Ratings in Not Cooperating ELITE INFRAPROJECTS: CARE Keeps D Debt Ratings in Not Cooperating GYANMANJARI CAREER: Ind-Ra Affirms BB Bank Loan Rating HEALTHFORE TECHNOLOGIES: CARE Keeps D Ratings in Not Cooperating HINDUSTAN DISTRIBUTORS: Ind-Ra Affirms BB Bank Loan Rating IL&FS FINANCIAL: Ind-Ra Affirms D NonConvertible Debt Rating INDOTECH INDUSTRIAL: CRISIL Keeps D Ratings in Not Cooperating INFRASTRUCTURE LEASING: Ind-Ra Affirms D Bank Loan Rating INKAL VENTURES: CRISIL Keeps D Debt Ratings in Not Cooperating ISWARYA TEXTILE: Ind-Ra Moves BB+ Rating to Non-Cooperating JAIPRAKASH ASSOCIATES: NCLAT Directs NCLT to Decide Stay on EoI JAISWAL BATTERY: CRISIL Keeps D Debt Ratings in Not Cooperating JAYPEE INFRATECH: ED Seizes INR1.70-cr Cash, Documents in Raids JULIET APPARELS: CRISIL Lowers Long/Short Term Ratings to D KAMLESHKUMAR BALUBHAI: CRISIL Keeps D Ratings in Not Cooperating KARO COILS: CRISIL Keeps D Debt Ratings in Not Cooperating KHUKHRAIN COLD: CRISIL Keeps D Debt Ratings in Not Cooperating KODAI CARS: CRISIL Keeps D Debt Ratings in Not Cooperating KOMMINENI INFOTECH: CARE Keeps D Debt Ratings in Not Cooperating KRISHNA CONTAINERS: CRISIL Keeps D Ratings in Not Cooperating KUMAR SINEW: Ind-Ra Affirms D NonConvertible Debt Rating LIGARE AVIATION: CARE Keeps D Debt Ratings in Not Cooperating MAX INTERNATIONAL: Ind-Ra Affirms BB Loan Rating, Outlook Stable MONEY2ME FINANCE: Ind-Ra Withdraws BB+ Bank Loan Rating NAJMUDDIN TRADING: CARE Keeps C Debt Rating in Not Cooperating NARSIMHA IRON: Ind-Ra Withdraws B Bank Loan Rating OCTAL SALES: CARE Keeps D Debt Rating in Not Cooperating Category ONGOLE AROGYA: CARE Keeps D Debt Rating in Not Cooperating PARCO INSTITUTE: CARE Keeps D Debt Ratings in Not Cooperating PARORCH DEVELOPERS: Insolvency Resolution Process Case Summary PIBCO ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating RAMKRISHNA AGENCIES: Ind-Ra Hikes Loan Rating to BB+ SAI DURGA: CARE Keeps D Debt Ratings in Not Cooperating Category SAPTAGIR LABORATORIES: CARE Keeps C Debt Rating in Not Cooperating SIDHARTH CONSTRUCTION: CARE Keeps D Ratings in Not Cooperating SITARAM DENIMS: Ind-Ra Affirms BB+ Bank Loan Rating SOLAPUR TOLLWAYS: Ind-Ra Keeps D Loan Rating in NonCooperating SURBHI SATCOM: Ind-Ra Moves BB Loan Rating to NonCooperating T T LIMITED: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable VIDEONETICS TECHNOLOGIES: Ind-Ra Gives BB+ Rating, Outlook Stable VINP DISTILLERIES: Ind-Ra Keeps D Rating in Non-Cooperating N E W Z E A L A N D 141 DEVELOPMENT: Reynolds & Associates Appointed as Liquidator BAND BAAJA: Court to Hear Wind-Up Petition on May 30 GREENFERN INDUSTRIES: Owes Creditors NZD3 Million HSQ LIMITED: Creditors' Proofs of Debt Due on June 27 TOTAL DEVELOPMENTS: Creditors' Proofs of Debt Due on July 4 WAKE UP COMMERCIAL: Court to Hear Wind-Up Petition on June 12 S I N G A P O R E CKR PAINTS: Court to Hear Wind-Up Petition on June 6 G A PROPERTIES: Court to Hear Wind-Up Petition on June 6 GLOBAL ECO: Creditors' Proofs of Debt Due on June 21 HOUSE ON HIRE: Court to Hear Wind-Up Petition on May 30 TRENTWELL MANAGEMENT: Creditors' Proofs of Debt Due on June 23 S O U T H K O R E A [] SOUTH KOREA: 74% of Biotech Firms Struggle Financially - - - - - ================= A U S T R A L I A ================= COURSES EDUCATION: First Creditors' Meeting Set for May 30 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Courses Education Pty Ltd will be held on May 30, 2025 at 10:00 a.m. via teleconference only. Stephen Dixon of Hamilton Murphy Advisory was appointed as administrator of the company on May 20, 2025. CROSSGUARD GROUP: Second Creditors' Meeting Set for May 30 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Crossguard Group Pty Ltd has been set for May 30, 2025 at 10:00 a.m. via videoconference only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 29, 2025 at 5:00 p.m. Roberto Crispino and Richard Albarran of Hall Chadwick were appointed as administrators of the company on April 15, 2025. HAPPY LIFE: First Creditors' Meeting Set for June 3 --------------------------------------------------- A first meeting of the creditors in the proceedings of Happy Life Care Pty Ltd will be held on June 3, 2025 at 11:00 a.m. via teleconference only. Mohammad Najjar of Vanguard Insolvency Australia was appointed as administrator of the company on May 22, 2025. HEALTHSCOPE LTD: Enters Receivership With AUD1.6 Billion of Debt ---------------------------------------------------------------- James Harrison at Sky News Australia reports that a major private hospital operator with AUD1.6 billion of debt has entered receivership on May 26 and will begin working with a leading firm to sell the business. According to Sky News Australia, the lenders behind Healthscope, which runs 37 hospitals across Australia, have opted to call in McGrathNicol Restructuring to find a buyer. Healthscope was purchased by Canadian asset management firm Brookfield in 2019, however, it handed control of the health company to the lenders earlier this month. This syndicate of hedge funds and banks voted on May 26 to put the company into receivership, Sky News Australia says. All the hospitals will remain open and operate as usual with no impact to the staff, doctors or patients, Healthscope said. It has received a AUD100 million lifeline from Commonwealth Bank of Australia, which comes in addition to its current cash balance of AUD110 million and "substantial additional asset backing across the group", according to Healthscope, Sky News Australia relays. Westpac has also agreed to provide the receivers with capital to facilitate the sale. Sky News Australia says the company's CEO Tino La Spina told reporters he is confident there will be a buyer to take over the business. "I think we're confident that there is interest in taking the Healthscope business as a whole. We have 10 non-binding indicative offers," the report quotes Mr. La Spina as saying. "Some are for the whole (business) and others potentially could include the whole (business) under certain circumstances. That is the focus." Sky News Australia relates that Health Minister Mark Butler stressed that while the staff and patients were assured the hospitals will continue to operate, "this will still be difficult for the hospital's employees and their patients". "As Healthscope have today stated, if you have a planned procedure in one of their hospitals, it will go ahead," the report quotes Mr. Butler as saying. He also noted the government had met with KordaMentha, Healthscope's administrator, and the receiver and expects the hospitals to "remain a critical part of our healthcare system". "The government does not want any of these important assets to be put in jeopardy to satisfy international investors," Mr. Butler said. However, Labor will not bail out the embattled healthcare group, Sky News Australia relays. "We remain steadfast in our view that an orderly sales process that maintains the integrity of the entire hospital group will provide the best outcome for patients, staff, landlords and lenders," Mr. Butler said. Healthscope owns 13 hospitals each in Victoria and NSW, alongside five in Queensland and four in South Australia and about 19,000 staff across the nation. About Healthscope Limited Healthscope Limited -- http://www.healthscope.com.au/-- provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. As reported in the Troubled Company Reporter-Asia Pacific in mid-March 2025, Healthscope Ltd has appointed restructuring experts at KordaMentha to prepare a contingency plan in case the country's second-largest private hospital operator is placed into voluntary administration. The company was acquired by Canadian investment giant Brookfield in 2019 but has struggled under a debt pile that has reached AUD1.6 billion. Healthscope has been negotiating with its lenders and has previously warned it may have breached the conditions of those loans, according to The Australian Financial Review. Earlier in March 2025, Healthscope was issued breach notices for 11 of its 38 hospitals after it failed to pay rent due to its landlord, HealthCo Healthcare & Wellness REIT, an investment vehicle run by David Di Pilla's HMC Capital. INFRABUILD AUSTRALIA: Ropes & Gray Advises on $150MM Note Issuance ------------------------------------------------------------------ Ropes & Gray has advised InfraBuild, Australia's only fully vertically-integrated steel manufacturing, distribution and recycling business, on a transaction seeking consents from the holders of its 14.500% Notes due 2028, with a significant majority of noteholders voting in favour of providing greater flexibility and liquidity for InfraBuild. The transaction also included the issuance of an additional $150 million of InfraBuild's 14.500% Notes due 2028. The outcome of the transaction allows InfraBuild to invest in growth and innovation, positioning itself as Australia's leading sustainable steel company and a key partner to the country's building, construction and engineering industries. The Ropes & Gray team was led by finance partner Michael Kazakevich and counsel Alexandru Mocanu with support from associates Clara Melly, Alma Yasin and Anushka Shah. Additional support was provided by litigation & enforcement partners David Hennes and Lisa Bebchick, counsel Casey Lee, and associate Deanna Beck, restructuring partners Ryan Preston Dahl, Daniel Gwen and Cristine Schwarzman, and associate Lucas Brown, tax partner David Saltzman, counsel Ariella Mutchler and Sara Clevering, and associate Michelle Perry, and finance associate Alice Sun. About InfraBuild InfraBuild is Australia's largest and only vertically integrated electric arc furnace manufacturer and supplier of steel long products. The company supplies around 2.1 million tonnes per annum (mtpa) of steel long products across Australia, with most products supplying the construction steel segment of the market (rebar, mesh, etc.). InfraBuild is a private company and is ultimately owned by the GFG Alliance, a UK-based international industrial, energy, natural resources and financial services group. As reported in the Troubled Company Reporter-Asia Pacific in April 2025, Fitch Ratings has downgraded the Long-Term Issuer Default Rating (IDR) of InfraBuild Australia Pty Ltd. (InfraBuild) to 'CC', from 'CCC-'. The rating on InfraBuild's senior secured US dollar notes has also been downgraded to 'CCC-', from 'CCC+', with a Recovery Rating of 'RR3'. Fitch rates InfraBuild based on the consolidated profile of its 100% holding company, Liberty InfraBuild Ltd. (InfraBuild Group), which does not generate any revenue, nor holds any cash or debt. In late April 2025, Moody's Ratings affirmed the Caa2 corporate family rating and backed senior secured notes rating of InfraBuild Australia Pty Ltd. The outlook has changed to stable from negative. MD HOTEL: First Creditors' Meeting Set for May 29 ------------------------------------------------- A first meeting of the creditors in the proceedings of MD Hotel Group Pty Ltd will be held on May 29, 2025 at 10:30 a.m. virtually via Zoom. Scott Andersen and Ivan Glavas of Worrells were appointed as administrators of the company on May 29, 2025. ONESTEEL: Administrators in Credit Stand-Off With InfraBuild ------------------------------------------------------------ The Australian Financial Review reports that the administrators of the Whyalla steelworks temporarily halted the delivery of steel to InfraBuild in a stand-off over payment amid tense relations between the two businesses associated with Sanjeev Gupta. The British industrialist lost control of the Whyalla steelworks earlier this year when the South Australian government seized control, appointing KordaMentha to run the business and prepare it for sale, the Financial Review notes. Both the steelworks and InfraBuild have faced funding issues, culminating in KordaMentha placing a "stop credit" status on InfraBuild for several days last week, the Financial Review says. Deliveries of steel to InfraBuild distribution centres were paused as a result, although the stand-off was resolved late on May 23. "InfraBuild and the administrators of OneSteel Manufacturing have been in discussions regarding the supply of products from the Whyalla steelworks. While there was a pause in supply from both parties at a point during the negotiations, this was resolved," the Financial Review quotes InfraBuild spokesman as saying. The Financial Review relates that tensions between KordaMentha and Mr. Gupta have escalated in the past few weeks after the state seized control of a port adjacent to the Whyalla steelworks by amending legislation, over-riding a looming Federal Court hearing due to begin in early June. Mr. Gupta, who had owned the Whyalla plant since acquiring it out of administration in 2017, has claimed that his company, known as GFG Alliance, had a 99-year lease on the port. While Mr. Gupta has lost control of Whyalla, and has creditors closing in on the rest of his steelmaking empire in Europe, he retains ownership over InfraBuild, another part of the business that he acquired eight years ago, according to the report. Late on May 23, InfraBuild announced it had finalised long-delayed accounts after reaching a deal with creditors, the Financial Review reports. It reported a AUD121 million loss in the 12 months to June 30, booking a AUD157 million impairment for the year relating to its exposure to Gupta's other businesses in Poland, the United States and Whyalla. The Australian Financial Review reported in March that InfraBuild had posted an AUD81 million loss in the six months to December 31. The substantial amount of steel from Whyalla purchased by InfraBuild before the administration was outlined in a presentation to its bondholders late last year, the Financial Review states. InfraBuild bought AUD272 million of steel billet - metal bars that are processed into other products – and AUD154 million of hot-rolled structural steel from the Whyalla steelworks in the 12 months to June 30. That equated to 400,000 tonnes of steel. About OneSteel Manufacturing OneSteel Manufacturing Pty Limited manufactures steel products. The Company offers a variety of products including steel pipes, valves, and sheets. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing Pty Ltd, the owner and operator of the Whyalla steelworks and the iron ore mining operations in the Middlebank Range (together, 'Whyalla Steelworks and Mining') in South Australia. The appointment was made by the South Australian Government. XLK CATERING: First Creditors' Meeting Set for June 2 ----------------------------------------------------- A first meeting of the creditors in the proceedings of XLK Catering Services Pty Ltd and CLG Catering Service Pty Ltd will be held on June 2, 2025 at 10:00 a.m. via virtual meeting facility. Jialan Xu and Michael Gerard McCann of Grant Thornton Australia were appointed as administrators of the company on May 21, 2025. ========= C H I N A ========= COUNTRY GARDEN: Liquidation Hearing Adjourned to Aug. 11 -------------------------------------------------------- Bloomberg News reports that Country Garden Holdings was given more time by a Hong Kong court to work on its US$14.1 billion offshore restructuring after amassing additional creditor support for the plan. According to Bloomberg, High Court Judge Linda Chan adjourned a liquidation hearing against the company to Aug. 11, taking into consideration the amount of the debt and number of creditors involved, and said she would like to see some "useful and good progress" in the next hearing. Bloomberg relates that the defaulted builder, once China's largest by contracted sales, has said that it has so far secured backing from holders representing over 70 per cent of its debt. Bank creditors, however, had yet to sign on to the plan as at May 22, Bloomberg reported earlier. The company and bondholders had asked for a six-month extension to the hearing, while bank creditors sought a three-week reprieve. Bloomberg notes that Country Garden has been in talks with creditors since it defaulted on its US dollar debt about 19 months ago. The company received a liquidation petition in early 2024, adding urgency to what is one of the biggest restructurings of a Chinese developer since the beginning of the real estate crisis. It has previously said that it aims to complete the restructuring in December. The company needs the support of creditors holding three-quarters of all debt as well as majorities of individual groups of debt holders to pass the plan through a "scheme of arrangement" procedure, Bloomberg relays. The builder said in April that it was close to finalising negotiations with the seven banks that make up a key group called the co-ordination committee, comprising long-term business partners of the developer, Bloomberg recalls. The committee holds or controls about 48 per cent of three syndicated loans with total principal of US$3.6 billion, according to a company filing. About Country Garden Holdings Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. Country Garden Holdings first defaulted on its debt in October 2023 when it failed to make payments on a US dollar-denominated bond. The company is now in a restructuring process that aims to reduce a debt load of US$14.1 billion by 78 per cent, according to the South China Morning Post. Earlier in May 2025, the company said it was moving ahead with efforts to restructure CNY12.4 billion in debt as part of a plan to reorganise nine bonds totalling CNY13.5 billion. ========= I N D I A ========= AAMANYA ORGANICS: Ind-Ra Moves BB+ Loan Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on Aamanya Organics Private Limited's (AOPL) bank facilities to Negative from Stable and has simultaneously migrated the ratings to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through phone calls and emails. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The instrument-wise rating actions are: -- INR63.9 mil. Proposed Fund-based working capital limits Outlook revised to Negative and migrated to non-cooperating Category with IND BB+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; -- INR510 mil. Fund-based working capital limits Outlook revised to Negative and 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 migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR1,876.1 bil. Term loan Outlook revised to Negative and migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer not co-operating; based on best-available information. Detailed Rationale of the Rating Action The migration of the rating to the non-cooperating category and Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with AOPL while reviewing the ratings. Ind-Ra had consistently followed up with AOPL over emails starting January 7, 2025, apart from phone calls. The issuer has submitted the no-default statement until March 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of AOPL, 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. About the Company Incorporated in 2018, AOPL was previously involved in the business of growing and selling organic vegetables and fruits. The company is setting up a fuel grade ethanol plant of 250 kilo liters per day and a 11.15MW cogeneration power plant in Ahmedabad. AOPL is promoted by Saurin Dilipbhai Shah and Sunny Dilip Pandya. ASIATIC ELECTRICAL: Ind-Ra Keeps D Loan Rating in NonCooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Asiatic Electrical & Switchgear Pvt. Ltd.'s (AESPL) bank facilities' ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating actions are: -- INR85.01 mil. Term loan* (Long-term) due on January 31, 2023 maintained in non-cooperating category and withdrawn; -- INR150 mil. Non-fund based working capital limits* (Short- term) maintained in non-cooperating category and withdrawn; and -- INR150 mil. Fund-based working capital limits*(Long-term/ Short-term) maintained in non-cooperating category and Withdrawn. *Maintained at IND D (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 AESPL while reviewing the ratings. Ind-Ra had consistently followed up with AESPL over emails, apart from phone calls. The issuer has not submitted No default statement for the past 12 months. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of AESPL, 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. AESPL has been non-cooperative with the agency since October 8, 2021. About the Company ASEPL designs, manufactures and sells a wide range of switchgear products, including feeder pillars, distribution boards, low-voltage cut-outs, fuse switches, fuse cut-outs, surge arrestors, fuse boards and composite insulators. BHUMI PLASTIC: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Bhumi Plastic Pipes Private Limited (BPPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 18, 2024, placed the rating(s) of BPPPL under the 'issuer non-cooperating' category as BPPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BPPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 4, 2025, March 14, 2025 and March 24, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Andhra Pradesh based Bhumi Plastic Pipes Private Limited (BPPPL) was incorporated as Raghuram Concrete Products Private limited (RCPPL) in January 2012, however, the operations were not started in 2012 due to change in nature of business plan by the promoters. Further, RCPPL was renamed as BPPPL on January 16, 2014. BPPPL is promoted by Mrs. Velagapudi Usha Rani, Mr. Velagapudi Krishna Prasad, Mr. Velagapudi Lakshmana Rao and Mrs. Velagapudi Anusha. All the promoters are family members and are having more than a decade experience in the civil construction industry (installation of HDPE and PVC pipes) through their associate concern Raghuram Hume Pipes Private Limited and VelkoInfratek Projects Private Limited, which are mainly engaged in civil construction in irrigation and water supply segment. BPPPL is planning to set up a manufacturing unit at Prakasam District, Andhra Pradesh-523212 for High Density Polyethylene (HDPE) and Polyvinyl Chloride (PVC) pipes of various sizes ranging from 20 mm to 200 mm and 250 mm to 400 mm under the brand name of 'BHUMI'. The company is planning to install four machineries with an install capacity of 6000 MTPA. These pipes will be mainly catering to irrigation, agriculture, potable water supply, and sewerage & drainage systems. DECCAN HYDERABAD: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Deccan Hyderabad Tradeimpex Private Limited (DHTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 18, 2024, placed the rating(s) of DHTPL under the 'issuer non-cooperating' category as DHTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DHTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 4, 2025, March 14, 2025 and March 24, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Deccan Hyderabad Trade Impex Private Limited (DHTPL), incorporated in 2013, is promoted by Mr. Kristam Srinivasa Rani Rama Charan and Mr. Vanga Seshi Reddy. The company belongs to the Nandi group of Kurnool, Andhra Pradesh (A.P.). DHTPL commenced operation in May, 2013 and is into trading business of Poly vinly chloride (PVC) Resin. The company imports the PVC resins mainly from Taiwan and Korea and sells it to indigenous customers. DHANASHREE AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Dhanashree Agro Products Private Limited (DAPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.2 CRISIL D (Issuer Not Cooperating) Cash Credit 60 CRISIL D (Issuer Not Cooperating) Letter of Credit 1.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 52 CRISIL D (Issuer Not Cooperating) Long Term Loan 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DAPPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DAPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DAPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DAPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. DAPPL (formerly, Lakshmi Sugar Mills Company Pvt Ltd), incorporated in September 1940, is promoted by the Sawhney family. It is one of the oldest sugar manufacturing companies in Uttarakhand. It has a sugar factory at Iqbalpur in Haridwar. E.P. INDUSTRIAL: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of E.P. Industrial & Agro Products Private Limited (EIAPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 9.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 15, 2024, placed the rating(s) of EIAPPL under the 'issuer non-cooperating' category as EIAPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EIAPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 1, 2025, March 11, 2025 and March 21, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Hyderabad based, E.P. Industrial & Agro Private Limited (EIAPPL) was incorporated in 1994 and promoted by Mr. Jatinder Kumar Arya and Ms. Chander Mohini Arya. The company is engaged into manufacturing of specialty chemicals covering a wide range of cellulose and starch-based specialty chemicals for various industrial applications i.e., oil well drilling, detergents, paper, textiles, cosmetics, ceramic, paint, drug and pharmaceuticals etc. Currently, the company has an aggregate capacity of 2400 MT per annum. The company purchases the raw material like Cellulose and Starch from local supplier SR Drugs and Intermediaries Private Limited, SR Enterprises, Gunjan Enterprises, Gayatri Bio organics Limited among others in India. ELITE INFRAPROJECTS: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Elite Infraprojects Private Limited (EIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 10, 2024, placed the rating(s) of EIPL under the 'issuer non-cooperating' category as EIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EIPL continues to be non-cooperative despite repeated requests for submission of information through emails dated February 24, 2025, March 6, 2025, March 16, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable EIPL was incorporated in the year 2009 by Mr. B Narsimha Reddy and Mr. B Nagi Reddy. The company is engaged in the execution of civil construction works such as laying of roads, canal irrigation works and other civil works for both government and private organisations. EIPL mainly undertakes projects for government and private organisations. GYANMANJARI CAREER: Ind-Ra Affirms BB Bank Loan Rating ------------------------------------------------------ India Ratings and Research (Ind-Ra) has revised the Outlook on Gyanmanjari Career Academy's (GCA) bank facilities to Stable from Negative while affirming the ratings at 'IND BB'. The detailed rating actions are: -- INR372.5 mil. Term loan due on July 1, 2034 assigned with IND BB/Stable rating; and -- INR27.5 mil. (Reduced from INR400 mil.) Proposed term loan affirmed; Outlook revised to Stable from Negative with IND BB/Stable rating. Detailed Rationale of the Rating Action The Outlook revision reflects the company's cooperation in providing the required information for the rating review. The ratings reflect GCA's small scale of operations, stretched liquidity, and likelihood of deterioration in the credit metrics in FY26 due to the capex undertaken by the company. The ratings are supported by the healthy EBITDA margins. Ind-Ra expects the scale of operation to improve in the medium term, while the EBITDA margins are likely to stay at similar levels. The rating is supported by the promoter's experience of almost two decades in the education industry. Detailed Description of Key Rating Drivers Small Scale of Operations: GCA's revenue declined slightly to INR157 million in FY24 (FY23: INR158.9 million) due to a reduction in the number of students enrolled to 1,656 (1,695). The EBITDA fell to INR33.6 million in FY24 (FY23: INR39.8 million). GCA's revenue increased to INR186 million in FY25 (provisional numbers). GCA has undertaken capex of INR547.2 million to develop new facilities and expand the student capacity. The capex was scheduled to be completed by April 2025, but it has been delayed by six months. Ind-Ra expects the revenue to improve in the medium term, backed by the expansion of facilities. Credit Metrics Likely to Deteriorate in FY26: During FY24, GCA did not have any long-term debt, and it only had a short-term debt of INR8.14 million. GCA has planned capex of INR547.2 million to completed by October 2025, which will be funded through a term loan of INR372.5 million, equity of INR47.4 million and the remaining INR127.3 million will be funded through internal accruals. As of March 2025, GCA had incurred capex of INR229.5 million, which was funded by a term loan of INR164.4 million, equity of INR14.7 million and internal accruals of INR50.6 million. As of May 1, 2025, INR177 million of the term loan had been drawn and the remaining is likely to be disbursed by July 2025, leading to deterioration of credit metrics in FY26. Stretched Liquidity: Please refer to the liquidity section below. Healthy EBITDA Margins: GCA's healthy EBITDA margin fell to 21.4% in FY24 (FY23: 25.1%) due to a hike in salaries coupled with no increase in tuition fees. The return on capital employed was 57.4% in FY24 (FY23: 183.5%). In FY25, Ind-Ra expects the EBITDA margins to have recover to FY23 levels, supported by an increase in the fees. Furthermore, Ind-Ra expects the EBITDA margin to remain at FY25 levels in the medium term due to the nature of operations. Experienced Promoters: The promoters have around two decades of experience in the education industry, which has helped the entity establish trust among the students. Liquidity Stretched: GCA's cash flow from operations improved slightly to INR43.71 million in FY24 (FY23: INR 43.53 million) due to a favorable change in the working capital. However, the free cash flow turned negative at INR24.12 million in FY24 (FY23: INR40.35 million) due to the capex of INR67.83 million undertaken by the company during the year. GCA has debt repayment obligations of INR43.8 million each in FY26 and FY27. The cash and cash equivalents stood at INR3.12 million at FYE24 (FYE23: INR5.24 million). GCA does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A decline in the scale of operations and/or deterioration in the liquidity profile or delay in timely completion of the planned capex, leading to delay in the commencement of operations of the additional facility, thereby affecting the debt servicing ability could be negative for the rating. Positive: Timely completion of capex, leading to a substantial increase in the scale of operations, along with an improvement in the overall credit metrics, with the net leverage remaining below 4.5x, and an improvement in the liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company Established in 2017, GCA provides coaching for IIT-JEE & NEET entrance examination to 11th and 12th grade students in Bhavnagar, Gujarat. Mansukh M Nakrani, Avinash B Patel and Vikram J Purohit are the promoters. HEALTHFORE TECHNOLOGIES: CARE Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Healthfore Technologies Limited (HTL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 266.67 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.10 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 8, 2018, placed the ratings of HTL under the 'Issuer Non-Cooperating' category as HTL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HTL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter dated February 10, 2025, February 20, 2025, March 2, 2025 and May 9, 2025. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the ratings on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings take into account the constraints relating to delays in the servicing of the debt obligations by HTL. Analytical approach: Standalone Outlook: Not Applicable Detailed description of the key rating drivers: At the time of last rating on March 27, 2024, the following were the rating weaknesses: Key weaknesses * Delays in debt servicing: There has been delays in the servicing of the debt obligations by HTL at the time of last rating as per public available information. Liquidity: Poor HTL has a poor liquidity position due to delays in servicing its debt obligations, as per publicly available information. Healthfore Technologies Limited (HTL; erstwhile Religare Technologies Limited), incorporated in May, 2009 is a global healthcare IT solutions and advisory services company. HTL offers various products and services including product 'Infinity' which is a Hospital Information System and supports patient, clinical, ancillary and financial management, 'Magnum Imaging system' which optimizes clinical workflow by combining Picture Archival and Communication System (PACS), Radiology Information System (RIS) and teleradiology. HTL also provides telehealth services spanning telemedicine, telepathology, teledermatology and teleradiology. RHC (formerly known as, Solaris Finance Private Limited), incorporated in April 2007, is a Non-Banking Financial Company (NBFC) managed and controlled by the family members of Mr. Malvinder Singh and Mr. Shivinder Singh. HINDUSTAN DISTRIBUTORS: Ind-Ra Affirms BB Bank Loan Rating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on Hindustan Distributors' (HD) bank facilities to Stable from Negative while affirming the ratings at 'IND BB'. The detailed rating actions are: -- INR250 mil. Fund-based working capital limits affirmed; Outlook revised to Stable with IND BB/Stable rating; and -- INR50 mil. Fund-based working capital limits assigned with IND BB/Stable rating. Analytical Approach HD is a part of the Hans group of companies. To arrive at the ratings, Ind-Ra continues to factor in the possibility of support to be provided to some entities by other Hans group companies, which include Sai Shakti Agencies (debt rated at 'IND BBB-'/ Stable), Shakti Agencies Private Limited (debt rated at 'IND BBB-'/Stable), Ramkrishna Agencies (debt rated at 'IND BB+'/Stable) and Max International (debt rated at 'IND BB'/Stable). The promoters have informed the agency that they/other group entities will provide financial support to any of the group entities, if required. The group companies are engaged in the trading and retailing of products such as fast-moving consumer goods (FMCG), mobile phones, consumer durables, and gems/jewelry. Detailed Rationale of the Rating Action The Outlook revision reflects the company's cooperation in providing the required information for the rating review and the regular submission of its no-default statement. The rating affirmation reflects HD's growing scale of operations and firm's experienced management. However, the rating remains constrained by the company's modest credit metrics, albeit slightly improved-but-moderate profitability and stretched liquidity position in FY25. However, the ratings are supported by the long-standing operations of group and its established association with well-known brands. Detailed Description of Key Rating Drivers Modest Credit Metrics: The credit metrics remained modest with a stable interest coverage (operating EBITDA/gross interest expenses) of 1.24x in FY24 (FY23: 1.25x, FY22: 0.75x). However, the net leverage (net debt/operating EBITDA) improved to 6.50x in FY24 (FY23: 8.25x, FY22: 13.69x), benefitting from a slightly higher EBITDA and lower working capital utilization at year-end. The operating profitability increased to INR41.84 million in 11MFY25 (provisional) (FY24: INR41.6 million, FY23: INR40.94 million) and is likely to improve further over the medium term because of a likely increase in the revenue and profitability, as well as scheduled debt repayments. Modest Profitability: The ratings also factor in HD's modest EBITDA margin with a return on capital employed of 10.6% in FY24 (FY23:10%, FY22: 5.7%). The EBITDA margin deteriorated slightly to 3.44% in FY24 (FY23: 3.61%, FY22: 1.99%) amid a slight increase in the cost of goods sold. The entity's operating margin improved to around 3.7% in 11MFY24, due to an increase in the commission and incentives received during the year. Ind-Ra expects the margins to remain at similar levels in the near-to-medium term, given the trading nature of the business. Stretched Liquidity Position: Please refer to the liquidity section below. Experienced Promoters; Strong linkages with the Group: The ratings remain supported by the company's experienced promoters. HD is promoted by the Odisha-based Hans family, which has diversified interests in various segments such as gems and jewelry, fast moving consumer goods (FMCG), and electronics. The family has more than four decades of experience in the trading of these products in Odisha, giving it an edge in supply chain management as well as strong distribution capabilities, which is critical in the trading business. As a result, the group is a preferred supplier/ distributor for large multinationals that cater to the Odisha market. The firm belongs to the Hans Group, which includes seven entities (five are rated by Ind-Ra) engaged in the trading of consumer durables, mobile phones, fast-moving consumer goods and jewelry among others. HD has centralized financial control, common promoters, operational and business linkages and fall under the same business jurisdiction. Furthermore, the promoters have informed that the firm will get financial benefit from the promoters or other group entities, if required, which refers to the strong support within the Hans Group. Long Association with Reputed Brands: The ratings also benefit from the Hans group's association with reputed brands such as Samsung India Limited, Hindustan Unilever Limited, Britannia Industries Limited, Tata Global Beverages Limited, Nestle India Limited, and Tanishq (a brand of Titan Company Limited), among others. The group has been associated with some of these brands for more than 30 years. Medium Scale of Operations: The ratings reflect HD's continued medium scale of operations as indicated by a revenue of INR1,210 million in FY24 (FY23: INR1,132 million, FY22: INR1,159 million). The FMCG segment dominates the revenue constitution at 70%-75%, followed by mobile phones 15%-20%, followed by other electronic items at 10%-15%. The entity recorded a revenue of around INR1,248 million in 11MFY25. Ind-Ra expects the revenue to grow further over the near-to-medium term with a likely improvement in the performance of FMCG and modern trade segments. Liquidity Stretched: The average maximum utilization of the fund-based limits was around 98.4% during the 12 months ended February 2025 with similar utilizations in March and April 2025. In FY24, the cash flow from operations turned positive at INR88.73 million (FY23: negative INR19.05 million), on account of favorable working capital changes. Although the net working capital cycle shortened to 96 days in FY24 (FY23: 125 days), it remained elongated. The debtor and inventory days remained largely stable at 44 and 45 and 77 and 79 in FY24 and FY23, respectively; while creditor days increased to 25 in FY24 from nil in FY23. The credit period is largely provided by Ramkrishna Agencies for Samsung mobile phones. HD maintained cash & cash equivalents of INR17.10 million at FYE24 (FYE23: INR16.64 million, FYE22: INR16.6 million). The company has debt repayment obligations of INR7.8 million in FY26 and FY27 each. Rating Sensitivities Negative: Deterioration in the scale of operations or operating profitability or cash flow from operation, resulting in the interest coverage staying below 1.5x and/or deterioration in the liquidity position, or a weakening of linkages with Hans group companies on a sustained basis, could result in a negative rating action. Positive: A substantial increase in the scale of operations and operating profitability, along with an improvement in the liquidity position and credit metrics, with the interest coverage increasing above 2x on a sustained basis, will be positive for the ratings. About the Company HD is a partnership firm managed by Ajay Hans and Vishesh Hans engaged in the distribution business of Hindustan Unilever products, Colgate Palmolive products, dealer for LG and Llyods electronic items and one of the micro-distributor for Samsung mobile phones for Ramkrishna Agencies for Balsor region (Eastern Orissa). The firm has been associated with brands such as Samsung and Hindustan Unilever for 25-30 years. IL&FS FINANCIAL: Ind-Ra Affirms D NonConvertible Debt Rating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has affirmed IL&FS Financial Services Ltd.'s (IFIN) debt instruments as follows: -- INR11.0 bil. Subordinated debt (long term)* affirmed with IND D rating; -- INR49.850 mil. Non-convertible debenture (long term)* affirmed with IND D rating; -- INR7.0 bil. Short-term debt/commercial paper programme^ affirmed with IND D rating; and -- INR7,587.50 bil. Bank loan (long term) affirmed with IND D rating. ^Unutilized *Details in annexure Analytical Approach Ind-Ra continues to take a standalone view of IFIN to arrive at the rating. Detailed Rationale of the Rating Action The affirmation reflects IFIN's continued delays in debt servicing since September 2018. Detailed Description of Key Rating Drivers Delayed Debt Repayment: The ratings continue to reflect IFIN's missed payments on contractual debt obligations. The IL&FS group is functioning under a resolution framework wherein payments are made mostly to meet operational expenses to ensure the going concern status of the company. The group remains in a cash conserving mode while making efforts towards asset monetization. IFIN submitted re-casted standalone financial statements for FY14-FY18. As per the re-casted financials, IFIN had a negative net worth as of March 31, 2018 and made a loss of INR33 billion for FY18 (as compared to a profit in original financials of FY18). The major difference between the original and the re-casted financials is the overstatement of its revenue from operations in the original financials and the understating of its provisions. The revenue from operations in the re-casted financials stood at INR17 billion as compared to INR23 billion in the original financials. Furthermore, the provisions and the write-offs stood at INR16.6 billion in the re-casted financials as compared to INR4.2 billion in the original financials. Positive: Timely debt servicing for at least three consecutive months could result in a positive rating action. About the Company IFIN was a non-banking finance company that provided credit and other services such as debt syndication and corporate advisory. INDOTECH INDUSTRIAL: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Indotech Industrial Solutions Private Limited (IISPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term Loan 3.46 CRISIL D (Issuer Not Cooperating) Term Loan 1.54 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with IISPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of IISPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on IISPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of IISPL continues to be 'Crisil D Issuer not cooperating'. IISPL, incorporated in June 2006 at Pune, Maharashtra undertakes turnkey projects in dairy, sugar, food processing, power, and telecom industries. Mr Bhausaheb Janjire and Ms Hemlata Janjire are the promoters. INFRASTRUCTURE LEASING: Ind-Ra Affirms D Bank Loan Rating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Infrastructure Leasing & Financial Services Limited's (IL&FS) debt instruments as follows: -- INR3.0 bil. Bank loan (Long term) affirmed with IND D rating; -- INR12.250 bil. Short term debt affirmed with IND D rating; -- INR93,600.80 bil. Long-term debt* affirmed with IND D rating; and -- INR1.0 bil. Lower tier II subordinated debt^(long term) affirmed with IND D rating. ^Unutilized *Details in annexure Analytical Approach Ind-Ra continues to take a standalone view of IL&FS to arrive at the rating. Detailed Rationale of the Rating Action The affirmation reflects IL&FS's continued delays in debt servicing since September 2018. Detailed Description of Key Rating Drivers Delayed Debt Repayment: The ratings continue to reflect IL&FS's missed payments on contractual debt obligations. The IL&FS group has been functioning under a resolution framework, wherein payments are made mostly to meet operational expenses to ensure the going concern status of the company. IL&FS remains in a cash conserving mode while continuing to make efforts towards asset monetization. In a media release dated April 10, 2025, the company announced that the IL&FS group resolved an aggregate debt of about INR453 billion (45.47% of total debt) across entities, as per Resolution Progress Report dated 21 March 2025. ILFS reported that it has successfully resolved 197 of its 302 subsidiaries which are no longer part of the insolvency process. ILFS also reported that 57 entities are at an advances stage of resolution. On August 26, 2024, IL&FS had submitted re-casted standalone financial statements for FY14-FY18. As per the re-casted financials, IL&FS had a negative net worth as of March 31, 2018 and made a loss of INR75 billion for FY18 (as compared to a profit in original financials of FY18). The major difference between original and recasted financials is overstatement of its revenue from operations in the original financials and understating of provisions. The revenue from operations in the re-casted financials stood at INR11 billion as compared to INR18 billion in the original financials. Furthermore, provisions and write-offs stood at INR72 billion in the re-casted financials as compared to INR1.1 billion in the original financials. Positive: Timely debt servicing for at least three consecutive months could result in a positive rating action. About the Company IL&FS operated in India's infrastructure development space. The company had restructured its business in FY08 and converted itself into a holding company after demerging its lending and advisory business to its subsidiary, IL&FS Financial Services Ltd. ('IND D'). The company received a core investment company license in September 2012. INKAL VENTURES: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Inkal Ventures Private Limited (IVPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4.5 CRISIL D (Issuer Not Cooperating) Cash Credit 10.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with IVPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of IVPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on IVPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of IVPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2008, and based at Cochin, IVPL is a part of Arabcal group of companies in the Middle East. The company has diversified business streams, which include execution of (Engineering, Procurement, and Construction) EPC projects, local distributorship for global industrial machinery companies and food processing (specifically dairy products). Mr. Prasad Balakrishnan Nair manages the daily operations. ISWARYA TEXTILE: Ind-Ra Moves BB+ Rating to Non-Cooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised Outlook on Sree Iswarya Textile Private Limited bank facilities to Negative from Stable and migrated the rating to the non-cooperating category. The issuer did not participate in the rating 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 these ratings. The ratings will now appear as 'IND BB+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR270 mil. Term loan due on October 31, 2024 Outlook revised to Negative and migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING) rating; -- INR30 mil. Fund-based working capital limit Outlook revised to Negative and migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR150 mil. Non-fund-based working capital limit migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on best available information. Detailed Rationale of the Rating Action The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. The ratings have been migrated to the non-cooperating category in accordance with Ind-Ra's policy of '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 SITPL while reviewing the ratings. Ind-Ra had consistently followed up with SITPL over emails, apart from phone calls. However, the issuer has been submitting its monthly no default statement till March 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of SITPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Rajapayalum, Tamil Nadu-based SITPL, established in 1996, manufactures cotton yarn. Its day-to-day operations are managed by Sethurama Murugan. JAIPRAKASH ASSOCIATES: NCLAT Directs NCLT to Decide Stay on EoI --------------------------------------------------------------- The Economic Times reports that the insolvency appellate tribunal has directed the NCLT to promptly decide on the stay of the process of inviting Expression of Interest (EOI) regarding two Jaiprakash Associates group's investments in Jaiprakash Power Venture and Jaypee Fertilisers & Industry. In an order on April 29, 2025, the Allahabad bench of the National Company Law Tribunal stayed the process of inviting EoI by the Resolution Professional of debt-ridden Jaiprakash Associates Ltd (JAL), which is currently going through the Corporate Insolvency Resolution Process (CIRP). This order was immediately challenged by the National Asset Reconstruction Company Ltd (NARCL), which is the assignee of 85 per cent of debts of the banks to JAL and the Resolution Professional (RP), before the National Company Law Appellate Tribunal, ET relates. However, a three-member bench of the NCLAT, led by Chairperson Justice Ashok Bhushan, observed that the matter is already scheduled for hearing before the Allahabad bench on May 26, 2025, hence it directed it to consider the reply filed by the lenders' body CoC (Committee of Creditors) and RP. "The application having been fixed for May 26, 2025, we request the Adjudicating Authority (NCLT) to consider the application as well as the reply submitted by the RP and CoC to take a decision with regard to further process without being influenced by any observation made in the impugned order," the National Company Law Appellate Tribunal (NCLAT) said in its order passed on May 20, ET relays. "Looking to the facts that CIRP is a time-bound process, the Adjudicating Authority (NCLT) shall endeavour to dispose of the application on the date fixed or as early as possible," it said. ET says the NCLAT also asked Sunil Kumar Sharma, the suspended director of JAL, on whose plea the NCLT stayed the process of EoI, to file a rejoinder, if any, and mentioned that it has "not expressed any opinion on the respective submissions" of the parties before it. According to ET, the appellate tribunal was hearing appeals filed by the National Asset Reconstruction Company Ltd (NARCL) and Resolution Professional (RP), challenging the status quo granted by the NCLT on the issuance of EoI. Under the Insolvency & Bankruptcy Code, RP issues EoIs for companies under CIRP, to invite potential resolution applicants to submit their resolution plans for the debt-ridden company. On April 29, 2025, though the NCLT issued notice to the resolution professional of JAL, it also directed to stay the process of inviting bids for Jaiprakash Power Ventures and Jaypee Fertilizers, recalls ET. "Meanwhile, with regard to the relief sought by the Applicant to issue ex-parte ad-interim stay on inviting EOI as resolved by the Committee of Creditors in the 11th meeting of the Committee of Creditors for the sale of investment of Corporate Debtor in Jaiprakash Power Ventures Limited (JPVL) and Jaypee Fertilizers & Industries Limited and/or Kanpur Fertilizers & Chemicals Limited (JFIL/KFCL), the status quo deserves to be maintained till further order," the NCLAT had said. ET relates that NARCL submitted before the appellate tribunal that the NCLT has not given any reasons in the impugned order for passing the order of status quo whereas reasons, if any, were only for issuing notice. It contended that there have to be reasons for passing an interim order, including irreparable loss, balance of convenience and prima facie case for passing of an interim order, which has the effect of staying the process of CIRP (Corporate Insolvency Resolution Process), which is a time-bound process. According to ET, Sunil Kumar Sharma has submitted that NCLT had raised concerns regarding the process to invite bids for the sale of certain investments, citing the proposed sale being premature, lacking transparency, and risking prejudice to the stakeholders' interests. The applicant had pointed out the failure to consider existing encumbrances, proper valuation, and the need for prior CoC approval, emphasising that any asset sale must ensure maximum realisation and legal compliance governing the CIRP process. However, despite his objection, RP convened a CoC meeting. Investments of JAL in Jaiprakash Power Ventures are encumbered, while investments in Jaypee Fertilisers & Industry are unencumbered, ET relays. ET adds that Sharma further submitted that there are certain mandatory preconditions under the IBC to be fulfilled for a valid sale, which include the sale must pertain to unencumbered assets, there must be a formed opinion that such a sale is necessary for better realisation of value under the circumstances; the book value of all assets sold during the CIRP must not exceed 10 per cent of the total admitted claims. About JAL Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. Bhuvan Madan is the resolution professional (RP) for the JAL. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. JAISWAL BATTERY: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jaiswal Battery Service (JBS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 7.5 CRISIL D (Issuer Not Cooperating) Cash Credit 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JBS for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JBS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JBS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JBS continues to be 'Crisil D/Crisil D Issuer not cooperating'. JBS is a proprietorship firm, set up in 1985, by Mr Raj Kumar Jaiswal in Lucknow. The firm manufactures and assembles various types of solar power products such as street lamps, home light systems and power plants. The firm, which has an ISO 9001:2008 and ISO 14001:2004 certification, derives around 90% of revenue from government projects, run by Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA), and the rest, from private players. JAYPEE INFRATECH: ED Seizes INR1.70-cr Cash, Documents in Raids --------------------------------------------------------------- The Economic Times reports that the Enforcement Directorate has said it seized cash of INR1.70 crore and documents related to immovable assets during searches conducted against Jaypee Infratech Ltd (JIL), Jayprakash Associates Ltd (JAL) and other entities in an alleged homebuyers' fraud case linked money laundering investigation. The raids were carried out at 15 premises in Delhi, Noida, Ghaziabad and Mumbai on May 23 under the Prevention of Money Laundering Act (PMLA). "The search covered offices and premises of JAL, its related entities and its promoters directors. "Searches were also conducted at the offices and premises related to key business associates of JAL, including Gaursons India Pvt Ltd, Gulshan Homz Pvt Ltd, and Mahagun Real Estate Pvt Ltd.," the central probe agency said in a statement issued on May 23, ET relays. According to ET, the money laundering case stems from FIRs registered by the Economic Offences Wing (EOW) of Delhi Police and Uttar Pradesh Police against companies like JAL, JIL, and their promoters, directors. ET relates that the FIRs allege large-scale fraud and criminal conspiracy, including dishonest inducement of homebuyers and investors to invest funds under the pretext of allotment of residential apartments and plots in projects such as Jaypee Wishtown (JIL) and Jaypee Greens (JAL). During the searches, it said, financial documents and digital devices along with documents relating to immovable properties held in the names of promoters, their family members and the group companies and cash amounting to INR1.70 crore were seized, ET relays. Jaiprakash Associates Ltd, currently facing insolvency proceedings, is into cement, construction, real estate, power and hospitality business among others. Suraksha Realty has acquired Jaypee Infratech Ltd through insolvency to complete stalled housing projects in NCR comprising around 20,000 flats. There was no response from the companies or promoters concerned, the report adds. About Jaypee Infratech Jaypee Infratech Limited (JIL) is engaged in the real estate development. The Company's business segments include Yamuna Expressway Project and Healthcare. The Company's Yamuna Expressway Project is an integrated project, which inter alia includes construction of 165 kilometers long six lane access controlled expressway from Noida to Agra with provision for expansion to eight lane with service roads and associated structures on build, own, operate and transfer basis. The Company provides operation and maintenance of Yamuna Expressway for over 36 years, collection of toll and the rights for development of approximately 25 million square meters of land for residential, commercial, institutional, amusement and industrial purposes at over five land parcels along the expressway. The Healthcare business segment includes hospitals. The Company has commenced development of its Land Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at Agra. JIL features in the Reserve Bank of India's first list of non-performing assets accounts and had debt exposure of over INR9,783 crore as of September 2017. The parent company, Jaiprakash Associates Ltd. (JAL), owes more than INR29,000 crore to various banks. On Aug. 8, 2017, the National Company Law Tribunal (NCLT), Allahabad bench accepted lender IDBI Bank's plea and classified JIL as an insolvent company. With this, the board of directors of the company remains suspended. Anuj Jain was appointed as Interim Resolution Professional (IRP) to manage the company's business. The IRP had invited bids from investors interested in acquiring JIL and completing the stuck real estate projects in Noida and Greater Noida. In June 2021, the Committee of Creditors (CoC), which is made up of banks and homebuyers, gave the Suraksha group authorization to acquire JIL. In March 2023, the National Company Law Tribunal (NCLT) authorised the group's bid to acquire JIL and complete construction about 20,000 flats across various projects in the national capital region. JULIET APPARELS: CRISIL Lowers Long/Short Term Ratings to D ----------------------------------------------------------- Crisil Ratings has downgraded its ratings on the bank loan facilities of Juliet Apparels Private Limited (JAPL) to 'Crisil D/Crisil D' from 'Crisil B+/Stable/Crisil A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (Downgraded from 'Crisil B+/Stable') Short Term Rating - Crisil D (Downgraded from 'Crisil A4') The downgrade reflects poor liquidity profile marked by the delay in servicing of term debt obligations in April 2025. The rating reflects JAPL's delay in repayment obligation and modest scale of operations in a highly competitive industry. These weaknesses are partially offset by the extensive industry experience of the promoters. Analytical Approach Crisil ratings has considered standalone analytical approach of the JAPL Key Rating Drivers & Detailed Description Weaknesses: * Delay in repayment obligations: There has been delay in the repayment of the term loan availed by the company. * Modest scale in a highly competitive industry: JAPL's scale of operations is modest as reflected in revenues of over INR150 crore in fiscal 2024. The textile industry is highly fragmented and competitive, which limits pricing flexibility and bargaining power of the players. Also, the threat from large integrated players in the form of capacity additions limits growth. Significant ramp up in the scale of operations remains a key monitorable for the medium term. Strength: * Extensive industry experience of the promoters: The promoters have experience of over four decades in the textile industry. This has given them a strong understanding of the market dynamics and enabled them to establish long-standing relationships with suppliers and customers. The promoters' extensive industry experience and established relationships with customers and suppliers should continue to support the business risk profile over the medium term. Liquidity: Poor Bank limit utilization is moderate at around 84 percent for the past 12 months ended March 2025. The current ratio was at 1.37 times on March 31, 2024. The promoters are likely to extend support in the form of equity and unsecured loans to meet its working capital requirements and repayment obligations. Rating sensitivity factors Upward factors: * Track record of timely debt servicing for 90 days or more * Improvement in operating performance JAPL was established in the year 1976 and subsequently incorporated as a private limited company in 2000. It is engaged in the manufacturing of ladies' undergarments, nightwear, dresses, and western outfits. The company is promoted by the Trevadia family and is based out of Mumbai, Maharashtra. JAPL is promoted by Mr. Gunvant G Trevadia, Mr. Shashikant M Trevadia, Mr. Hitesh M Trevadia, Mr. Hemendra G Trevadia and Mr. Bhavesh M Trevadia. KAMLESHKUMAR BALUBHAI: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kamleshkumar Balubhai Lad (KBL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5.25 CRISIL D (Issuer Not Cooperating) Cash Credit 6.25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KBL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KBL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KBL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KBL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 1983 as a proprietorship firm and promoted by Mr Kamlesh Lad, KBL executes road construction contracts in Gujarat. KARO COILS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Karo Coils Private Limited (KCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.01 CRISIL D (Issuer Not Cooperating) Term Loan 8.65 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KCPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KCPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2006, by Mr. Savmit Grover, KCPL manufactures cold-formed coil springs at its facility in Bhivadi, Rajasthan, which has an installed capacity of 300 tonne per month. KHUKHRAIN COLD: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Khukhrain Cold Storage & Ice Factory (KCS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL D (Issuer Not Cooperating) Term Loan 1.05 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KCS for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KCS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KCS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KCS continues to be 'Crisil D Issuer not cooperating'. Chandigarh-based KCS is a partnership firm promoted by the Sahni family. The firm provides warehousing and logistics services for dairy products, frozen meat products and vegetables, and beverages through a cold storage and a fleet of refrigerated vehicles. KODAI CARS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kodai Cars Private Limited (KCPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KCPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2007 in Tamil Nadu and promoted by Mr. Jayakumar and his wife, Ms. Sunita Jayakumar, KCPL is an authorised dealer for M&M's passenger car. KOMMINENI INFOTECH: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Kommineni Infotech Private Limited (KIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 18, 2024, placed the rating(s) of KIPL under the 'issuer non-cooperating' category as KIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 4, 2025, March 14, 2025 and March 24, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Kommineni Infotech Private Limited (KIPL) was incorporated in the year 1998 as a Private Limited company. Presently, the directors of the company are Mr Praveen Kumar (Managing Director), Mrs Uma (Director), Mrs Y. Saila Rani (Director) and Mr. Ajay Kumar (Director). KIPL has its registered office located at Hyderabad and is engaged in supply, installation and maintenance of computers, laptops, printers, networking products and related computer peripherals. The company receives the orders from State and Central government through participating in tenders (online and offline bidding) for supply, repairs and annual maintenance services (AMC) services. The company supplies its products and renders services to government departments like Andhra Pradesh State Road Transport Corporation (APSRTC), Telangana State Power. However as per MCA website Mr. K Srinivas (Director) and Mr. K Raghu Ramu (Additional Director). KRISHNA CONTAINERS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Krishna Containers (KC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.3 CRISIL D (Issuer Not Cooperating) Letter of Credit 15 CRISIL D (Issuer Not Cooperating) Letter of Credit 2.7 CRISIL D (Issuer Not Cooperating) Letter of Credit 20 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KC for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KC continues to be 'Crisil D/Crisil D Issuer not cooperating'. KC, established in 1999, is promoted by Mr Dinesh Arora and his family, who have been in the business of oil refining and palm oil trading for over two decades. It is based in Kanpur, Uttar Pradesh. The firm trades in crude palm oil (CPO) on a high-seas sale basis. It imports CPO from Malaysia and sells in the domestic market, mainly to refineries based in Uttar Pradesh and Punjab. It also trades in CPO in the domestic market and manufactures corrugated boxes. KUMAR SINEW: Ind-Ra Affirms D NonConvertible Debt Rating -------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Kumar Sinew Developers Private Limited's (KSDPL) non-convertible debentures' (NCDs) rating as follows: -- INR1.794 bil. Non-convertible debentures* (Long-term) affirmed with IND D rating. Analytical Approach Ind-Ra continues to take a standalone view of KSDPL to arrive at the rating. Detailed Rationale of the Rating Action The rating reflects the extension of the maturity date until December 31, 2025 from December 31, 2023 and cash flows dependency on environmental clearances which the company has yet to receive. Detailed Description of Key Rating Drivers Extension of Maturity date: KSDPL has entered into an agreement with the debenture holder/parent company, Sukumar Estates Private Limited (previously known as KUL Urban Development Bengaluru Private Limited), which holds 1,794 listed NCDs of KSDPL, to extend the redemption date of NCDs to December 31, 2025 from December 31, 2023. KSDPL is seeking in-principal approval from the BSE Limited for the extension in the redemption date as per Regulation 59 of Securities and Exchange Board of India's Listing Obligations and Disclosure Requirements regulations. Furthermore, the cash flows from the operations depend on the environmental clearances for the projects which the company has yet to receive. Liquidity Poor: KSDPL's cash and cash equivalents amounted to INR52.75 million as of December 31, 2024. As per the agreement with Sukumar Estates, NCDs would be redeemed by December 31, 2025. Positive: Timely debt servicing for three consecutive months could result in a re-assessment of the credit profile. ESG Issues ESG Factors Minimally Relevant to Rating: Unless otherwise disclosed in this section, the ESG issues are credit neutral or have only a minimal credit impact on KSDPL, due to either their nature or the way in which they are being managed by the entity. About the Company KSDPL is a real estate development special purpose entity with a focus on residential, retail and commercial development in Pune and Mumbai. LIGARE AVIATION: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ligare Aviation Limited (LAL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 235.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 8, 2018, placed the ratings of LAL under the 'Issuer Non-Cooperating' category as LAL had failed to provide information for monitoring of the ratings as agreed to in its Rating Agreement. LAL continues to be non-cooperative despite repeated requests for submission of information through emails, phone calls and a letter dated February 10, 2025, February 20, 2025, March 2, 2025 and May 9, 2025. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the ratings on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings take into account the constraints relating to delays in the servicing of the debt obligations by LAL. Analytical approach: Standalone Outlook: Not Applicable Detailed description of the key rating drivers: At the time of last rating on March 27, 2024, the following were the rating weaknesses: Key weaknesses * Delays in debt servicing: There has been delays in the servicing of the debt obligations by LAL, as per publicly available information. Liquidity: Poor LAL has a poor liquidity position due to delays in servicing its debt obligations, as per publicly available information. Ligare Aviation Limited (LAL) incorporated in September, 1996 is a subsidiary of Ligare Voyages Ltd (LVL; erstwhile Religare Voyages Ltd) which holds 99.99% stake in LAL as on March 31, 2016. RHC Holding Private Limited is the ultimate holding company of LAL as RHC holds 95% stake in LVL as on March 31, 2016. LAL is engaged in non-scheduled air charter business with fleet of 11 aircrafts (out of which four were owned and balance seven were leased) including jets, turbo props and helicopters with a flying range within the Asian continent and the Middle East. RHC (formerly known as, Solaris Finance Private Limited), incorporated in April 2007, is a Non-Banking Financial Company (NBFC) managed and controlled by the family members of Mr Malvinder Singh and Mr Shivinder Singh. MAX INTERNATIONAL: Ind-Ra Affirms BB Loan Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Max International's (MI) bank facilities as follows: -- INR495 mil. Fund-based working capital limits affirmed with IND BB/Stable rating. Analytical Approach MI is a part of the Hans group of companies. To arrive at the ratings, Ind-Ra continues to factor in the possibility of support to be provided to some entities by other Hans group companies, which include Shakti Agencies Private Limited (debt rated at 'IND BBB-'/Stable), Sai Shakti Agencies (debt rated at 'IND BBB-'/ Stable), Ramkrishna Agencies (debt rated at 'IND BB+'/Stable) and Hindustan Distributors (debt rated at 'IND BB'/Stable). The promoters have informed the agency that they/other group entities will provide financial support to any of the group entities, if required. The group companies are engaged in the trading and retailing of products such as fast-moving consumer goods (FMCG), mobile phones, consumer durables, and gems/jewelry. Detailed Rationale of the Rating Action The affirmation reflects MI's modest profitability and credit metrics, and stretched liquidity. However, the rating is supported by the firm's growing scale of operations, experienced management, longstanding operations of the group and established association with renowned brands. Detailed Description of Key Rating Drivers Continued Modest Credit Metrics: The credit metrics remained modest with interest coverage (operating EBITDA/gross interest expenses) of 1.42x in FY24 (FY23: 1.34x, FY22: 1.54x) and net leverage (net debt/operating EBITDA) of 6.79x (6.75x, 6.61x). The net leverage deteriorated in FY24 due to higher working capital borrowings in line with the expanding scale of operations; the leverage tends to be relatively constrained by muted operating profitability in a competitive industry landscape and low margins in trading industry. However, Ind-Ra expects the credit metrics to have improved in FY25 on the back of an improvement in operating profitability during 11MFY25. The agency expects the credit metrics to improve further over the medium term because of a likely increase in the revenue and profitability, as well as scheduled debt repayments. Modest Profitability: The EBITDA margin stood at 2.75% in FY24 (FY23: 3.18%, FY22: 3.16%) with a return on capital employed of 10.7% (11.6%, 12.1%). The decline in the EBITDA margin was due to higher administrative expenses in proportion to the revenue. The margin improved to around 3.2% in 11MFY25, due to an increase in commission and incentives received during the year. Ind-Ra expects the margin to remain at similar levels in the near-to-medium term, given the trading nature of business. Stretched Liquidity: Please refer to the liquidity section. Experienced Promoters; Strong Linkages with Group: MI is promoted by the Odisha-based Hans family, which has diversified interests in various segments such as gems and jewelry, fast-moving consumer goods, and electronics. The family has more than four decades of experience in the trading of these products in Odisha, giving it an edge in supply chain management as well as strong distribution capabilities, which is critical in the trading business. As a result, the group is a preferred supplier/distributor for large multinationals that cater to the Odisha market. The firm belongs to the Hans Group, which includes seven entities (five of which are rated by Ind-Ra) engaged in the trading of consumer durables, mobile phones, fast-moving consumer goods and jewelry, among others. MI has centralized financial control, common promoters, operational and business linkages, and fall under the same business jurisdiction. Furthermore, the promoters have informed that the firm will get financial benefit from the promoters or other group entities, if required, which refers to the strong support within the Hans Group. Long Association with Reputed Brands: The ratings also benefit from the Hans group's association with reputed brands such as Samsung India Limited, Hindustan Unilever Limited, Britannia Industries Limited, Tata Global Beverages Limited, Nestle India Limited, and Tanishq (a brand of Titan Company Limited), among others. The group has been associated with some of these brands for more than 30 years. Continued Medium Scale of Operations: The revenue grew to INR3,200 million in FY24 (FY23: INR2,561 million, FY22: INR2,068 million) owing to a recovery in demand for consumer durable products as well as increased demand for air-conditioners amid soaring temperatures during summers. Mobiles tend to dominate the revenue with around 50% contribution, followed by consumer electronics (about 35%) and others. The entity has recorded a revenue of around INR3,321 million in 11MFY25. Ind-Ra expects the revenue to grow further over the near-to-medium term, owing to the reviving demand in the fast-moving consumer goods and consumer durables sectors. Liquidity Stretched: The average maximum utilization of the fund-based limits was around 93% during the 12 months ended February 2025 and is likely to have remained at similar levels in March and April 2025. In FY24, the cash flow from operations remained negative at INR41 million (FY23: negative INR 144 million), although improved due to unfavorable changes in working capital. The net working capital cycle reduced to 74 days in FY24 (FY23: 87 days) owing to a decrease in the receivable period to 75 days (84 days) and inventory holding period to 87 days (102 days), partially offset by a decline in the creditor period to 87 days (99 days). The credit period is largely provided by Ramkrishna Agencies for Samsung mobile phones. MI maintained healthy cash & cash equivalents of INR51.86 million at FYE24 (FYE23: INR4.96 million, FYE22: INR55.80 million). The company does not maintain any term debt on its balance sheet except covid loans with scheduled debt repayment of INR7.2 million in FY26 and INR4.2 million in FY27. The company has maintained an adhoc facility of INR90 million for almost the entire year during FY25 and will likely enhance the limits with expanding operations. Rating Sensitivities Negative: Deterioration in the scale of operations or operating profitability or cash flow from operations, resulting in the interest coverage falling below 1.5x and/or deterioration in the liquidity position, all on a sustained basis, could result in a negative rating action. Positive: A substantial increase in the scale of operations and operating profitability, along with an improvement in the liquidity position and the credit metrics, with the interest coverage increasing above 2.0x, all on a sustained basis, will be positive for the ratings. About the Company MI is engaged in distribution of Samsung mobile phones and electrical appliances. The company is one of the Samsung mobile dealers of Ramkrishna Agencies for Bhubaneshwar and Rourkela, Odisha. It also has dealership of Voltas Limited's refrigerators and Whirlpool's washing machines, refrigerators, televisions, among others. MI is also engaged in the trading of Titan watches, Fast Track watches and sunglasses for Bhubaneshwar, Rourkela and other regions. MONEY2ME FINANCE: Ind-Ra Withdraws BB+ Bank Loan Rating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed and withdrawn Money2me Finance Private Limited's (MFPL) bank loans rating as follows: -- INR300 mil. Bank loan* affirmed and withdrawn. *Affirmed at 'IND BB+'/Stable before being withdrawn Detailed Rationale of the Rating Action The affirmation reflects MFPL's continued small scale of operations with high geographical concentration and modest resource profile as well as profitability. However, the rating remains supported by the company's adequate capitalization and managed asset quality. Ind-Ra is no longer required to maintain the rating, as the issuer is no longer expected to proceed with the instrument as previously envisaged, and the agency has received a withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Adequate capitalization Managed asset quality, but remains monitorable Detailed Description of Key Rating Drivers Small-though-improving Scale of Operations with Regional Concentration: The company operates in the loan against gold finance segment and its scale of operations has been improving with a loan portfolio of around of around INR1,240 million at FYE25 (FYE24: INR957 million, FYE23: INR847.9 million; FYE22: INR704 million) with a network of 23 branches (FY24: 20 branches). It lends loans against gold for an average ticket size of INR0.1 million with an average tenor of six-to-12 months. Hence, the disbursement momentum remains critical for loan book growth. The company also has a door-to-door product to scale up operations and capture market. This is a comprehensive loan service delivered directly to the borrower's doorstep to attract higher ticket size borrowers and forms 20% of the disbursements. Since MFPL is the evolution stage, scale remains a critical factor for achieving operational efficiencies, along with the execution of consistent and scalable policies. Considering the existing scale of operations, the company has inhouse LMS and LOS system in place for its day-to-day operations. which is updated regularly. FY25 numbers are provisional in nature. Furthermore, the rating remains constrained by the high geographical concentration risk as all of the company's branches are located in Maharashtra. Nonetheless, the low-ticket size of these loans mitigates the credit risk to a certain extent. MIPL commenced operations in the northern part of Mumbai. It is looking to expand to 28-29 branches by FYE26 (9MFY25: 23), some of which, it plans to open in Gujarat to reduce the geographic concentration risk. Modest Resource Profile: The resource profile is largely concentrated with a high proportion of overdraft facilities and cash credit facilities from banks, which constituted around 66% of the total borrowings while term loans from financial institutions/non-bank financial companies and non-convertible debentures accounted for around 33% and 0.9%, respectively at end-9MFY25. The top three lenders constituted 61% of the total funding (excluding compulsory convertible debentures (CCDs)) in 9MFY25. However, to explore a new funding avenue, the company has initiated co-lending and business correspondence model with non-banking financial companies and private banks and is planning to expand its business over the near-to-medium term. The diversification of the funding profile by securing new sources is critical for the company's loan book growth. Scaling up Essential for Stable Profitability: At end-9MFY25, MFPL's return on average assets was 1.23% (FY24: 1.28%, FY23: 1.28%, FY22: 1.65%) and return on equity was 6.78% (7.21%, 7.64%, 10.08%). The net interest margin reduced to 10.74% in 9MFY25 (FY24: 11.98%, FY23: 12.01%, FY22: 12.41%), as a result of reduced yields in 9MFY25. The operating costs also remained elevated at 8.7% at end-9MFY25 (FYE24: 8.95%; FYE23: 8.63%, FYE22: 8.34%), as the company is investing in opening new branches and hiring employees. MFPL's AUM per branch stood at INR45.5 million during 9MFY25 (FY24: INR41.6 million, FY23: INR42.2 million, FY22: INR57.8 million). The agency opines MFPL's operating leverage could benefit its profitability over the medium term, as the operations scale further with the rationalization of operating expenses for expansion. Adequate Capitalization: The company's capital position remains adequate and its capital adequacy ratio stood at 19.72% (FYE24: 20.29%; FYE23: 17.5%, FYE22: 19.9%). With steady accretions, its net worth grew and stood at INR224 million on 31 December 2024 (31 March 2024: INR212 million). However, the leverage (debt/tangible net worth) stood to 4.5 x in 9MFY25 (FY24x: 4.3; FY23: 5.3x; FY22: 4.4x). The company has infused INR27 million in FY24 and plans to further infuse INR100 million in 1HFY26, which will aid in reducing the leverage. The management intends to cap the leverage at around 5.0x over the medium term. Managed Asset Quality, but Remains Monitorable: MFPL extends gold loans with a tenor of up to 12 months with bullet principal repayments, while interest accrues on a monthly basis. The average loan-to-value ratio of the overall book was 70% in 9MFY25 with a maximum cap of 75%. The gross non-performing assets increased to 1.05% in FY25 (FY24: 0.71%; FY23: 0.5%; FY22: 1.49%). Although the borrower class is vulnerable, the ultimate credit loss is limited due to the capping of the loan-to-value (LTV) at 75%, as per regulatory requirements, at the time of disbursements and the liquid nature of the collateral. During the auction process, the company did not incur any losses on its principal dues; however, it forgoes some of the incurred interest on the loans. MFPL provides notices to customers who complete 90 days in over dues and conducts auctions post end of the 120th day to recover dues. The total overdue in terms of 1+ days past due stood at 1.98% of the overall AUM in 9MFYE25 (FY24: 3.6%; FYE23: 0.9%). Liquidity Adequate: At end-9MFY25, the company had maintained a cumulative surplus of around 80% of its total assets in the up to one-year bucket. Despite stress on its inflows, its asset-liability statement remains cumulatively positive in the up to one-year bucket. At end-March 2025, the company also had INR340.4 million of unutilized bank lines, and cash and liquid investments of INR34.35 million, sufficient to meet up to one month of debt obligations. About the Company MFPL was formed by acquiring Broadway Hire Purchase in 2016 by Nayan Kambli and Gunjan Kambli, and was renamed to MFPL with a focus on providing loans against gold. It is a registered non-systemically important non-deposit taking non-bank finance company. Gunjan Kambli, director and product head, has over 16 years of experience in the gold loan sector. The company operates through 23 branches located across Mumbai, Thane, Palghar and Pune district with a strength of 150 employees as of 9MFY25. NAJMUDDIN TRADING: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Najmuddin Trading Co. (NTC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 18, 2024, placed the rating(s) of NTC under the 'issuer non-cooperating' category as NTC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NTC continues to be non-cooperative despite repeated requests for submission of information through emails dated March 4, 2025, March 14, 2025, March 24, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Dahod (Gujarat) based Najmudding trading Co. (NTC) is a proprietorship firm established in 1975. Operations of NTC are managed by proprietor Mr. Najmuddin. NTC is established for trading of sugar pan India. NTC also established its branch in FY19 at Kohlapur, Maharashtra. NARSIMHA IRON: Ind-Ra Withdraws B Bank Loan Rating -------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Narsimha Iron and Steel Private Ltd (NIASPL) bank facilities' ratings as follows: -- The 'IND B/Negative (ISSUER NOT COOPERATING)' rating on the INR50 mil. Fund-based working capital limits is withdrawn; and -- The 'IND B/Negative (ISSUER NOT COOPERATING)' rating on the INR75 mil. Term loan due on March 31, 2024 is withdrawn. Detailed Rationale of the Rating Action Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-dues certificate from the lender. 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, NIASPL manufactures sponge iron at its 30,000 metric tons per annum unit in Jharkhand. OCTAL SALES: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Octal Sales Private Limited (OSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 18, 2024, placed the rating(s) of OSPL under the 'issuer non-cooperating' category as OSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 4, 2025, March 14, 2025, March 24, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Octal Sales Pvt Limited (OSPL) was incorporated in 1997 by Mr. Aditya Sarda and family with main objective of trading of jute. In February 2016, OSPL has entered into the agreement with Government of Bihar for mining lease for stones and thus from FY17 it started mining of stones. ONGOLE AROGYA: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ongole Arogya Hospitals Private Limited (OAHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 38.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 18, 2024, placed the rating(s) of OAHPL under the 'issuer non-cooperating' category as OAHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OAHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 4, 2025, March 14, 2025 and March 24, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ongole Arogya Hospitals Private Limited (OAHPL), incorporated as a Private Limited company in July 2012, was promoted by Mr. M. Anjaneyulu (Managing Director) and Ms. Manne Madhavi Latha (Director, W/o Managing Director). The Ongole-based company has set up a 300-beded super multi-specialty hospital named 'Arogya Hospitals' at Ongole in Prakasam district of Andhra Pradesh (A.P). PARCO INSTITUTE: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Parco Institute of Medical Sciences Private Limited (PIOMSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 87.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 02, 2024, placed the rating(s) of PIOMSPL under the 'issuer non-cooperating' category as PIOMSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PIOMSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 16, 2025, February 26, 2025, March 8, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Parco Institute of Medical Sciences Private Limited (PIOMSPL), incorporated in 2006, commenced its operation in Dec 2018 with a clinic at Kannur airport of Kerala. It started operating 'Parco Hospital' at Vadakara, Kozhikode from FY22 (i.e., Oct. 15, 2021) as a multispecialty hospital with departments such as Obstetrics & Gynaecology, Orthopaedics, General Surgery, Emergency Medicine, Paediatrics, General Medicine, Neonatology, Internal Medicine & Diabetology etc. with 125 operating beds. PARORCH DEVELOPERS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Parorch Developers LLP Registered Address: Shop No. 15, Anuradha Next to Fire Brigade, Irla Bridge, Andheri (W) Mumbai, Maharashtra 400058 India Insolvency Commencement Date: May 8, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: November 4, 2025 Insolvency professional: Ritesh R Mahajan Interim Resolution Professional: Ritesh R Mahajan Devgiri, B 203, 2nd Floor, Ganeshmala, Sinhgad Road, Pune - 411 030, Maharashtra. Email: riteshmahajancs@gmail.com Email: parorchcirp@riteshmahajan.in Last date for submission of claims: May 22, 2025 Representative of Creditors in a Class: 1. Mr. Mahesh Goverdhan Bagla 2. Mr. Shashant Sudhakar Yeola 3. Mr. Rushikesh Subhash Kanhed PIBCO ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pibco Enterprises Private Limited (PEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.49 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 17, 2024, placed the rating(s) of PEPL under the 'issuer non-cooperating' category as PEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PEPL continues to be non-cooperative despite repeated requests for submission of information through emails dated March 3, 2025, March 13, 2025, March 23, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Guwahati, Assam based Pibco Enterprises Private Limited was established in year 2003 with its registered office located at GS Road, Christian Bosti, Guwahati. The company is promoted by Mr. Khokon Ghosh, Mrs. Shahnaz Majid and Mr. Iltaf Hussain Hazarika. Initially, the company was established as a partnership firm in the year 1997 under the name "Pibco Enterprises" the company converted into Private Limited Company from the year 2003. The entity started its operation from 1988 and managed by two partners namely Mr. Jitendra Kumar Gupta and Mr. Nanda Kishore Gupta. Currently, the entity is authorized dealer of Hero MotoCorp Limited and Force Motors Limited. The company is operating through two showrooms each for Hero Motocorp Limited and Force Motors Limited providing sales, services and spare parts (3S Model) along with one workshop for Hero Motocorp Limited and two workshops of Force Motors Limited. Currently, the company has 14 sub-dealers spread across Guwahati, Assam for two-wheelers sales. RAMKRISHNA AGENCIES: Ind-Ra Hikes Loan Rating to BB+ ---------------------------------------------------- India Ratings and Research (Ind-Ra) has upgraded Ramkrishna Agencies' (RKA) fund-based facility rating to 'IND BB+' from 'IND BB' with a Stable Outlook. The instrument-wise rating actions are: -- INR729 mil. Fund Based Working Capital Limit upgraded with IND BB+/Stable rating; -- INR50 mil. Fund-based working capital limits assigned with IND BB+/Stable rating; and -- INR10 mil. (reduced from INR60 mil.) Non-Fund Based Working affirmed Capital Limit with IND A4+ rating. Analytical Approach RA is a part of the Hans group of companies. To arrive at the ratings, Ind-Ra continues to factor in the possibility of support to be provided to some entities by other Hans group companies, which include Shakti Agencies Private Limited (debt rated at 'IND BBB-'/Stable), Sai Shakti Agencies (debt rated at 'IND BBB-'/Stable), Hindustan Distributors (debt rated at 'IND BB'/Stable) and Max International (debt rated at 'IND BB'/Stable). The promoters have informed the agency that they/other group entities will provide financial support to any of the group entities, if required. The group companies are engaged in the trading and retailing of products such as fast-moving consumer goods (FMCG), mobile phones, consumer durables, and gems/jewelry. Detailed Rationale of the Rating Action The upgrade reflects the growth in RA's revenue and absolute EBITDA in 11MFY25, which are likely to have resulted in improved metrics, in 11MFY25. However, the credit metrics continue to be modest. The ratings are also constrained by the stretched liquidity position. The ratings are supported by RA's experienced management and its long association with reputed brands. Detailed Description of Key Rating Drivers Modest Credit Metrics: Despite higher term debt and slightly lower operating profitability, RA's credit metrics improved in FY24 on the back of lower working capital borrowings. The interest coverage (operating EBITDA/gross interest expenses) was 1.51x in FY24 (FY23: 1.42x, FY22: 1.80x) and the net leverage (net debt/operating EBITDA) was 7.03x (8.40x, 7.39x). Ind-Ra expects the metrics to have improved in FY25 well owing to higher absolute EBITDA (11MFY25: INR229.87 million (provisional), FY24: INR227.89 million, FY23: INR191.98 million). Furthermore, the agency expects the credit metrics to improve over the medium term because of a likely increase in the revenue as well as profitability, and scheduled debt repayments. Modest EBITDA Margins: In spite of growth in revenue, the EBITDA margin remained largely stable at 3.88% in FY24 (3.97%, 4.56%) due to the trading nature of the business. The return on capital employed was 9.7% in FY24 (FY23: 9.1%, FY22: 10.5%). The entity reported an operating margin of around 3.7% in 11MFY25 (provisional numbers). Ind-Ra expects the margins to remain at similar levels in the near-to-medium term. Stretched Liquidity: Please refer to the liquidity section. Experienced Promoters; Strong linkages with Group: The ratings continue to be supported by the firm's experienced promoters. RA is promoted by the Odisha-based Hans family, which has diversified interests in various segments such as gems and jewelry, FMCG, and electronics. The family has more than four decades of experience in the trading of these products in Odisha, giving it an edge in supply chain management as well as strong distribution capabilities, which is critical in the trading business. As a result, the group is a preferred supplier/distributor for large multinationals that cater to the Odisha market. The firm belongs to the Hans Group, which includes seven entities (five are rated by Ind-Ra) engaged in the trading of consumer durables, mobile phones, fast-moving consumer goods and jewelry among others. HD has centralized financial control, common promoters, operational and business linkages and fall under the same business jurisdiction. Furthermore, the promoters have informed the agency that the firm will receive financial support from the promoters or other group entities, if required. Long Association with Reputed Brands: The ratings benefit from the Hans group's association with reputed brands such as Samsung India Limited, Hindustan Unilever Limited, Britannia Industries Limited, Tata Global Beverages Limited, Nestle India Limited, and Tanishq (a brand of Titan Company Limited), among others. The group has been associated with some of these brands for more than 30 years. Medium Scale of Operations: RA's revenue grew to INR5,867 million in FY24 (FY23: INR4,840 million, FY22: INR3,768 million) on the back of higher demand for mobile phones, and increased sales of air conditioners amid soaring temperatures. The sale of Samsung mobile phones constitutes more than 80% of the total revenue, followed by revenue from Caratlane and consumer electronics. The entity recorded a revenue of around INR5,957 million in 11MFY25. Ind-Ra expects the revenue to grow further over the near-to-medium term amid higher demand for latest mobile phones and increasing demand for consumer electronics, especially air-conditioners. Liquidity Stretched: The average maximum utilization of the fund-based limits was around 93% during the 12 months ended February 2025, and the utilization is likely to have remained similar in the subsequent period. In FY24, the cash flow from operations turned positive at INR246 million (FY23: negative INR159 million) because of improvement in the absolute EBITDA and favorable changes in working capital. The net working capital cycle remained elongated but improved to 78 days in FY24 (FY23: 102 days) due to a decline in debtor days to 47 days (56 days) and creditor payments being made in 35 days (nil days). The inventory days increased to 66 days in FY24 (FY23: 46 days). The credit period is largely provided to mobile micro-distributors for Samsung mobile phones. RA maintained cash and cash equivalents of INR63.52 million at FYE24 (FYE23: INR121.12 million, FYE22: INR4.58 million). The firm had debt repayment obligation of INR72.2 million in FY25 and has debt repayment obligation of INR60.5 million in FY26 and INR49.8 million in FY27. Rating Sensitivities Negative: Deterioration in the scale of operations or operating profitability or cash flow from operations, resulting in the interest coverage remaining below 2.0x, on a sustained basis, and/or deterioration in the liquidity position, or a weakening of linkages with the Hans group companies, on a sustained basis, could result in a negative rating action. Positive: A substantial increase in the scale of operations and operating profitability, along with an improvement in the liquidity position and credit metrics, with the interest coverage exceeding 2.5x, all on a sustained basis, will be positive for the ratings. About the Company RA is a proprietorship firm managed by Renu Hans. The firm is a distributor of Samsung products in Odisha. It has 52 micro-distributors in Odisha, of which one is Max International and the other is Hindustan Distributors. RA has been associated with Samsung for 20-25 years, since the brand's launch in India. The firm also has four showrooms for brands such as Caratlane, Tanishq, eye+, Titan, Helios watches, and Mia Diamonds. SAI DURGA: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sri Sai Durga Infratech India Private Limited (SSDIIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 23.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 15, 2024, placed the rating(s) of SSDIIPL under the 'issuer non-cooperating' category as SSDIIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSDIIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 1, 2025, March 11, 2025 and March 21, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Sri Sai Durga Infratech India Private Limited (SSDIIPL) was incorporated in September 2010 to take over the business of Sri Sai Durga Constructions, a partnership firm started in 2008 by Mr. Chandra Rangarao and Mrs. Chandra Satvika. The company is engaged in the civil construction segment with work orders spanning across construction of building works, water supply works, electrical works and irrigation works etc. SAPTAGIR LABORATORIES: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Saptagir Laboratories Private Limited (SLPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.95 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 8, 2024, placed the rating(s) of SLPL under the 'issuer non-cooperating' category as SLPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SLPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 22, 2025, March 4, 2025, March 14, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Saptagir Laboratories Private Limited (Erstwhile known as Astrica Laboratories Private Limited), was incorporated on July 18, 2007, and promoted by Mr. Gopala Krishna and Mr. Bhaskar Rao along with two other directors. The company has set-up a manufacturing unit for bulk drugs with an installed capacity of 30,000 kg per annum. The company achieved commercial operations on October 1, 2016. The manufacturing unit of the company is located at Medak District, Telangana. However, the company is planning to increase the installed capacity to 60,000 kg per annum. SIDHARTH CONSTRUCTION: CARE Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sidharth Construction and Trading Private Limited (SCTPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 16, 2024, placed the rating(s) of SCTPL under the 'issuer non-cooperating' category as SCTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 1, 2025, April 11, 2025, April 21, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Sidharth Construction & Trading Private Limited (SCTPL) was incorporated in April 1982. Since its inception, the company has been engaged in earth work related construction and other civil work in the segment like roads, bridges and railway projects. SCTPL is also empanelled as a super class contractor under the chief engineer (roads), Odisha and also registered with the PWD Odisha for execution of various road construction projects. Mr. Bharat Chandra Rout (Managing Director) has more than four decades of experience in civil construction industry, looks after the day to day operations of the company. He is supported by other directors who are also having long experience in this industry. SITARAM DENIMS: Ind-Ra Affirms BB+ Bank Loan Rating --------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on Sitaram Denims India Limited's (SDIL) bank facilities to Positive from Stable while affirming the ratings at 'IND BB+'. The detailed rating actions are: -- INR150 mil. Fund-based working capital limit affirmed; Outlook revised to Positive from Stable with IND BB+/Positive/IND A4+ rating; and -- INR506 mil. Term loan due on May 31, 2027 affirmed; Outlook revised to Positive from Stable with IND BB+/Positive rating. Detailed Rationale of the Rating Action The Outlook revision reflects a likely enhancement in bank lines along with a moderation of its bank limit utilization, resulting in additional cushion in liquidity in the near term. The ratings factor in the company's modest credit metrics and stretched liquidity. However, the ratings are supported by the company's continued growing scale of operations and healthy EBDITA margins. Detailed Description of Key Rating Drivers Modest Credit Metrics: As per the provisional numbers for FY25, SDIL's gross interest coverage (operating EBITDA/gross interest expense) deteriorated to 2.57x (FY24: 2.83x; FY23: 3.21x; FY22: 2.88x), due to an increase in its debt level to INR1,939.05 million (FY24: INR1,533.09 million). Although the capex undertaken by the company was eligible for interest subsidy under the previous Rajasthan Industry Promotion Scheme (RIPS), with the change in the norms, the company is required to apply for subsidies under the new RIPS and is not availing any interest subsidy. The net leverage (total adjusted net debt/operating EBITDAR) reduced to 4.63x in FY25 (FY24: 7.52x; FY23: 3.49x; FY22: 4.21x), due to an increase in its absolute EBDITA to INR418.38 million in FY25 (FY24: INR203.74 million). The agency expects the net leverage to improve slightly in the medium term, but remain modest, supported by a likely increase in the EBITDA with the rise in scale. Stretched Liquidity: Please refer to the liquidity section below. Increased Scale of Operations: SDIL's revenue increased to INR2,088.43 million in FY25 (FY24: INR1,116.82million; FY23: INR821.78 million; FY22: INR607.14 million), owing to the company’s increased plant capacity. Ind-Ra expects the revenue to slightly grow further in the medium term, driven by stable demand for its premium products as well as increased production capacity. Healthy EBDITA Margins: The company's EBITDA margins increased to 20.03% in FY25 (FY24: 18.24%) with the increased scale of operations. The return on capital employed increased to 16.3% in FY25 (FY24: 7.4%; FY23:9.7%). Ind-Ra expects the margins to remain susceptible to fluctuations in price of cotton and cotton yarn, the key raw materials used for manufacturing denim fabric. Cotton prices are typically volatile due to the seasonality of cotton production, and the risks related to agricultural yields and production. Experienced Promoters: The promoters of the company have more than 35 years of experience in the textile industry, leading to established relationships with its customers as well as suppliers. Liquidity Stretched: SDIL's average maximum utilization of SDIL's fund-based limits was around 98.65% during the 12 months ended February 2025. The company has already applied for an enhancement with the banker and the timely disbursement of the enhancement with a moderation in the bank limit utilization in the near term will be a key rating monitorable. The net cash conversion cycle remained elongated at 213 days in FY25 (FY24: 214; FY23: 204; FY22: 205). The export sales are made on advance basis whereas the domestic customers are given a credit period of 60-120 days. Hence, the receivables period remained at 89 days in FY25 (FY24: 88 days; FY23: 81 days; FY22: 99 days) as the export sales accounted only for 1% of the total sales. The inventory holding period remained almost stable at 193 days in FY25 (FY24: 198 days; FY23: 166 days; FY22: 155 days). The company has scheduled debt repayments of INR215 million and INR196 million in FY26 and FY27, respectively. The company does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The cash and cash equivalent stood at INR32.42 million at FYE25 (FYE24: INR 48.51 million; FYE23: INR2.41 million; FYE22: INR2.12 million). The cash flow from operations turned negative INR152.39 million in FY25 (FY24: INR 21.59 million; FY23: INR101.24 million; FY22: INR61.51 million) owing to the negative changes in working capital. Consequently, the free cash flow further declined to negative INR392.65 million in FY25 (FY24: negative INR855.84 million; FY23: INR39.01 million; FY22: INR14.64 million) due to the company incurring capex of around INR240.26 million. The agency expects the cash flow from operations and free cash flow to improve slightly in the near to medium term, led by healthy EBDITA margins and no significant change in the working capital. The unsecured loan from the directors and its associates/sister concerns increased to INR273.57 million in FY25 (FY24: INR188.41 million). There will be no interest charged on the unsecured loans outstanding in the company going forward and need based funding support from the promoters and group companies will continue to support the liquidity. Rating Sensitivities Negative: Deterioration in the scale of operations, leading to deterioration in the liquidity and the credit metrics with the net leverage remaining above 4x and/or unavailability of the enhanced bank lines on a timely basis, all on a sustained basis, will be negative for the ratings. Positive: The maintenance of the scale of operations and an improvement in the overall liquidity with the enhancement in the bank limits, resulting in a moderation the bank limit utilization along with an improvement in the credit metrics with the net leverage remaining below 4x, on a sustained basis, will be positive for the ratings. About the Company Incorporated in 2011, SDIL manufactures denim fabric in Bhilwara, Rajasthan. The unit has an installed capacity of 24 million meters and commenced commercial production in 2018. SOLAPUR TOLLWAYS: Ind-Ra Keeps D Loan Rating in NonCooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Solapur Tollways 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: -- INR5,884.2 bil. Senior Project Term Loan due on March 31, 2031 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 Solapur Tollways Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Solapur Tollways Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Solapur Tollways 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 Solapur Tollways 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 STPL is incorporated by Bharat Road Network Limited, which is a subsidiary of Srei Infrastructure Finance Limited and holds a majority stake in STPL. It was incorporated to implement a lane expansion project under a 25-year concession from National Highway Authority of India (NHAI; 'IND AAA'/Stable) The project road is a 100km stretch from Solapur to Maharashtra-Karnataka border and is part of the National Highway 9. The project was bagged on the basis of highest annual premium of INR279.9 million payable to NHAI with an annual escalation of 5%. SURBHI SATCOM: Ind-Ra Moves BB Loan Rating to NonCooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has revised the Outlook on Surbhi Satcom Private Limited's (SSPL) bank facilities to Negative from Stable and has simultaneously migrated the rating to the non-cooperating category. The issuer did not participate in the rating 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 these ratings. The ratings will now appear as 'IND BB/Negative (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR120 mil. Fund-based working capital limits Outlook revised to Negative from Stable; migrated to non-cooperating category with IND BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR580 mil. Term loan due on March 31, 2027 Outlook revised to Negative from Stable; 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 Detailed Rationale of the Rating Action 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 adequate information and has not been able to conduct management interaction with SSPL while reviewing the ratings. Ind-Ra had consistently followed up with SSPL over emails since February 2025, apart from phone calls. The issuer has submitted the monthly no default statement until April 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of SSPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company SSPL, a part of the Surbhi group, was incorporated in 1981. The company's existing unit (D-23) in in Noida, India, imports, assembles and trades in telecommunication and cable television products, and is also engaged in original equipment manufacturing. T T LIMITED: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following ratings on T T Limited's (TTL) bank facilities: -- INR120 mil. (reduced from INR280 mil.) Term loan due on February 28, 2026 affirmed with IND BB+/Stable rating; -- INR308 mil. Fund-based working capital limits affirmed with IND BB+/Stable/IND A4+ rating; -- INR192 mil. Fund-based working capital limits assigned with IND BB+/Stable/IND A4+ rating; and -- INR50 mil. Non-fund-based limits is withdrawn. Detailed Rationale of the Rating Action The ratings reflect TTL's continued modest EBITDA margins, credit metrics and stretched liquidity over FY24-9MFY25. The ratings are supported by the company's medium scale of operations, the promoters' extensive experience in the textile industry. Detailed Description of Key Rating Drivers Modest Credit Metrics: TTL's credit metrics remained modest but improved in FY24 with its gross interest coverage (operating EBITDA/gross interest expenses) increasing to 1.15x (FY23: 0.57x) and the net leverage (total adjusted net debt/operating EBITDAR) reducing to 6.94x (15.26x). In 9MFY25, TTL's interest coverage declined to 0.23x, owing to a decline in its EBITDA to INR17.06 million (FY24: INR195.42 million; FY23: INR97.54 million). Ind-Ra expects the metrics to remain modest in FY25 but to improve in the medium term on the back of the ongoing restructuring of the business, a reduction in the working capital limits, and the commencing of the operations of its Kolkata facility. Modest EBITDA Margins: TTL's EBTIDA margins was modest but improved to 8.8% in FY24 (FY23: 4.4%), owing to a decline in the overhead costs and better absorption of fixed costs. The return on capital employed improved to 7.4% in FY24 (FY23: 2.8%). In 9MFY25, the margin declined to 1.21%, due to the closure of its Gajraula facility and the stock lying in the same was revalued and sold on heavy discount. Ind-Ra expects the margins to remain at lower level in FY25 but would improve yoy in the medium term. Any fluctuations in the EBITDA margins would be a key rating monitorable. Intense Competition in Textile Industry: Players in the textile industry face high competition due to the fragmented nature of the sector and raw material price volatility. Furthermore, cotton prices in India are regulated through the fixing of a minimum support price by the government, and cotton players depend on the price parity. The price of raw cotton also depends on the area under production, annual yield, international demand-supply scenario, export quota decided by the government and the previous year's inventory. Given the company's moderate presence in the industry, it does not have significant pricing power; hence, the revenue and profitability are susceptible to movements in realizations and input costs. Improvement in Revenue; likely to Sustain: TTL's revenue improved to INR2,110 million during FY24 (FY23: INR2,030 million), due to improved demand from international markets. The scale of operations remained small. Although TTL exited from the yarn manufacturing business in October 2021, it continues to engage in the yarn trading business, owing to its longstanding relationships with its existing customers. In 9MFY25, the company achieved revenue of INR1,519.38 million. TTL is establishing a new garment facility in Kolkata which is being funded by a term loan of INR120 million already sanctioned by the bank and rest through the equity infusion and the funds received from the sale of its Gajraula facility. As per the management, the factory will be operational and start generating revenue by 2QFY26. Ind-Ra expects TTL's revenue to have remained at similar level in FY25 and to increase yoy in the medium term, with additional revenue accruing from the Kolkata facility, a new facility that is proposed to be set up in the National Capital Region, and increased brand awareness. Long Operational Track Record; Experienced Management: The ratings are supported by nearly five decades of experience of the promoters in the textile industry, leading to established relationships with its customers as well as suppliers. Liquidity Stretched: TTL's average utilization of the fund-based limits was around 94% during the 12 months ended February 2025 and is likely have remained at similar level over March-April 2025. Furthermore, the cash credit limits reduced to INR386.5 million in FY25 (FY24: INR750 million). The cash flow from operations improved to INR94.03 million in FY24 (FY23: INR63.8 million) in line with the improvement in its EBITDA. The net working capital cycle improved though remained elongated at 235 days in FY24 (FY22: 246 days). The cash and cash equivalents stood at INR2.93 million at FYE24 (FYE23: INR4.42 million). The company has debt repayment obligations of around INR69 million in FY26 and around INR72 million in FY27. During FY25, the company received the balance proceeds from the sale of its Gajraula unit of INR533.4 million. In December 2024, TTL raised INR122 million through issuing 1 million equity shares at INR122 apiece and also issued 0.8 million warrants at same price and received 25% (i.e. INR24.4 million), the balance 75% is likely to be received in 1QFY26. The company approved the right issue of INR400 million, the amount is expected to be received during FY26. Rating Sensitivities Negative: Substantial deterioration in the scale of operations and/or the operating profit declining below INR150 million, leading to the EBITDA interest coverage remaining below 1.75x or deterioration in the liquidity position, all on a sustained basis, will be negative for the ratings. Positive: An improvement in the scale of operations and/or the operating profit increasing above INR200 million, along with an improvement in the liquidity position and the EBITDA interest coverage remaining above 2.25x, all on sustained basis, will be positive for the ratings. About the Company Incorporated in 1978, TTL is a public company domiciled in India. Its shares are listed with the National Stock Exchange Limited and BSE Limited. The company has a registered office in Delhi. The company operates in the textile segment and is engaged in yarn trading, knitting, and cutting and sewing of textiles products. The company caters to the domestic and export markets. VIDEONETICS TECHNOLOGIES: Ind-Ra Gives BB+ Rating, Outlook Stable ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Videonetics Technologies Private Limited's (VTPL) bank facilities as follows: -- INR170 mil. Fund-based working capital limits assigned with IND BB+/Stable rating; and -- INR230 mil. Proposed fund-based working capital limits assigned with IND BB+/Stable rating. Detailed Rationale of the Rating Action The ratings reflect VTPL's stretched liquidity and elongated receivable days along with small scale of operations in FY24. However, the ratings are supported by the experienced management along with VTPL's healthy EBITDA margins and credit metrics. Detailed Description of Key Rating Drivers Elongated Working Capital Cycle: VTPL's net working capital cycle elongated to 324 days in FY24 (FY23: 282 days), owing to increased collection period of 382 days (311 days) and the management expects the collection period to have increased further to around 470 days during FY25. The company receives payment after the completion of the entire project, leading to an elongation in its overall debtor collection. The inventory holding period remained low at 1 day in FY24 as the company does not require to keep any inventory. Ind-Ra expects the working capital cycle to remain at similar levels in FY26 despite a likely improvement in its collection efficiency following the completion of its ongoing work order on a timely manner. Furthermore, the management plans to change the revenue mix and product pricing mix, which might help the company narrow its collection period in the near to medium term. Small Scale of Operations Despite yoy Improvement in Revenue: As per the provisional numbers of FY25, VTPL's revenue increased to INR790 million in FY25 (FY24: INR608.13 million; FY23: INR521.64 million), supported by an increase in demand in domestic as well as in global markets. The scale of operations remained small. The company started its commercial operations in 2008 and has been witnessing moderate growth in revenue over the years. Ind-Ra expects the revenue to improve further during FY26, backed by continuous increase in demand in the domestic as well as global market, due to continuous investment in infrastructure by governments. Healthy EBITDA Margins: The company's EBITDA margins remained healthy and improved to 41%-43% during FY25 (FY24: 28.37%; FY23: 43.61%), on account of better cost management. The decline in its FY24 margins was due to an increase employee costs following a payment of a one-time performance bonus to employees, leading to a decline in its absolute EBITDA to INR172.55 million in FY24 (FY23: INR227.50 million). The return on capital employed stood healthy at 26.5% in FY24. Ind-Ra expects the EBITDA margins to remain at 42%-43% over FY26-FY27. Experienced Promoters and Established Track Record: VTIPL was established in 2008 for providing video management services. The promoter Tinku Acharya also has extensive experience in the field and is an inventor, entrepreneur, scientist, teacher, author, and an internationally acclaimed technologist. The promoter's experience in various technology domains has helped the company generate video analysis with high rate of accuracy, leading to repeat orders and established relationship with the suppliers. The company has a strong team including Naresh B Wadhwa (vice chairman and managing director); Tuhin Bose (senior vice president and chief technology officer) and Ripudaman Chamaria (chief finance officer), who are also working together and associated with the company's day-to-day operations. Healthy Credit Metrics: VTPL's gross interest coverage (operating EBIDTA/gross interest expenses) ratio to have remained at 15.0x-16.0x during FY25 (FY24: 83.73x; FY23: 650x) and the adjusted net leverage to be at negative 5x-6x (negative 0.18x; negative 0.74x) due to negligible utilization of bank facilities. In the medium term, the agency expects the credit metrics to improve, on account of an improvement in its EBIDTA. Liquidity Stretched: VTPL was unable to utilize its entire working capital facility due to the unavailability of full drawing power, as a large part of the debtors was outside the scope of the drawing power as per the lender, given its elongated collection period. Hence, the average monthly peak utilization of the fund-based limit was restricted to 67% during the eight months ended February 2025. Its collection period elongated to 382 days in FY24 and the management expects it to increase to around 470 days in FY25. Ind-Ra believes any further extension in the collection period beyond the level of FY25 will impact the overall liquidity of the company. However, in FY25, the company received private equity (PE) investment worth INR400 million, which was used to repay a PE loan received to meet the working capital requirements. Apart from this, the company invested the rest of the PE fund in its foreign subsidiary and kept INR80 million as free bank balance as of March 31, 2025, which will further support its liquidity over the near term. Moreover, the company is likely to get another PE investment worth INR200 million during September 2025, which will support its liquidity. Ind-Ra believes any delay in receiving the additional PE investment during FY25-FY26 will lead to further pressure on the company's liquidity. Besides, the cash flow from operations declined to negative INR23.96 million in FY24 (FY23: INR115.28 million), on account of the decline in its EBITDA and unfavorable changes in the working capital. The cash and cash equivalents reduced to INR38.18 million at FYE24 (FYE23: INR210.59 million). The company invested INR389.8 million in its subsidiaries as of March 31, 2025. The company does not have any long-term debt outstanding as on date. Rating Sensitivities Negative: A substantial decline in the scale of operations or deterioration in the collection period, resulting in a weakening of the liquidity position could lead to a negative rating action. Positive: The maintenance in the scale of operation while an improvement in the debtor collection, resulting in an improvement in the liquidity position while maintaining the credit metrics and profitability could lead to positive rating action. About the Company VTPL was incorporated on September 16, 2008, as a private limited company in Kolkata. The company is primarily engaged in the business of researching, developing system level solution products for intelligent video processing and related applications. It is also engaged in the business of software product development, R&D, design and marketing of intelligent video management and Intelligent Video Analytics software and system and video analytics product offerings for internet protocol-based surveillance systems and video-based business intelligence solutions. The company is headed by the promoter Tinku Acharya, who is an inventor, entrepreneur, scientist, teacher, author, and an internationally acclaimed technologist. VINP DISTILLERIES: Ind-Ra Keeps D Rating in Non-Cooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained VINP Distilleries and Sugars Private Limited's (VDSPL) bank facilities' ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating actions are: -- INR2.50 mil. Term loan (Long-term)* due on March 31, 2027 maintained in non-cooperating category and withdrawn; and -- INR900 mil. Fund-based working capital limit (Long-term/Short- term)* maintained in non-cooperating category and withdrawn. *Maintained at IND D (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 interaction with VDSPL while reviewing the rating. Ind-Ra had consistently followed up with VDSPL over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of VDSPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company VDSPL was incorporated on January 27, 2021. It has setup a distillery plant with a capacity of 300KLPD for producing ethanol and 14MW power plant at Konankeri Village, Haveri District in Karnataka. VINP distilleries has entered into agreement with oil manufacturing companies for the sale of ethanol. The company has started its operations from January 2023. ===================== N E W Z E A L A N D ===================== 141 DEVELOPMENT: Reynolds & Associates Appointed as Liquidator -------------------------------------------------------------- Grant Bruce Reynolds of Reynolds & Associates on May 19, 2025, was appointed as liquidator of 141 Development Limited. The liquidator may be reached at: Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 BAND BAAJA: Court to Hear Wind-Up Petition on May 30 ---------------------------------------------------- A petition to wind up the operations of Band Baaja Baaraat Limited will be heard before the High Court at Auckland on May 30, 2025, at 10:00 a.m. BOC Limited filed the petition against the company on March 21, 2025. The Petitioner's solicitor is: Gregory David Trainor C/- Hill Lee & Scott Lawyers Unit 4/31 Tyne Street Addington Christchurch GREENFERN INDUSTRIES: Owes Creditors NZD3 Million ------------------------------------------------- The New Zealand Herald reports that failed medical marijuana company Greenfern Industries owes creditors NZD3 million and additional claims are expected, according to receivers Waterstone Insolvency's first report released on May 25. Debt funders Emdex Ltd pushed the company into receivership in February, following confirmation that the previously NZX-traded company could not meet its payment obligations, NZ Herald notes. On Feb. 24, 2025, Damien Grant and Adam Botterill of Waterstone Insolvency were appointed as receivers and managers of Greenfern Industries Limited. HSQ LIMITED: Creditors' Proofs of Debt Due on June 27 ----------------------------------------------------- Creditors of HSQ Limited are required to file their proofs of debt by June 27, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 13, 2025. The company's liquidators are: Daran Nair Heiko Draht Nair Draht Limited 97 Great South Road Epsom Auckland 1051 TOTAL DEVELOPMENTS: Creditors' Proofs of Debt Due on July 4 ----------------------------------------------------------- Creditors of Total Developments Limited are required to file their proofs of debt by July 4, 2025, to be included in the company's dividend distribution. The High Court at Auckland appointed Iain Bruce Shephard and Jessica Jane Kellow of BDO Wellington as liquidators on May 9, 2025. WAKE UP COMMERCIAL: Court to Hear Wind-Up Petition on June 12 ------------------------------------------------------------- A petition to wind up the operations of Wake Up Commercial Limited will be heard before the High Court at Napier on June 12, 2025, at 2:15 p.m. Extension Capital Limited filed the petition against the company on April 3, 2025. The Petitioner's solicitor is: John-Paul Jefferey Rice c/- Vince & Rice Limited Level 3, 246 Queen Street Auckland 1010 ================= S I N G A P O R E ================= CKR PAINTS: Court to Hear Wind-Up Petition on June 6 ---------------------------------------------------- A petition to wind up the operations of CKR Paints & Coating Specialist Pte. Ltd. will be heard before the High Court of Singapore on June 6, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on May 14, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 G A PROPERTIES: Court to Hear Wind-Up Petition on June 6 -------------------------------------------------------- A petition to wind up the operations of G A Properties Pte. Ltd. will be heard before the High Court of Singapore on June 6, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on May 15, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 GLOBAL ECO: Creditors' Proofs of Debt Due on June 21 ---------------------------------------------------- Creditors of Global Eco Chemicals Singapore Pte. Ltd. are required to file their proofs of debt by June 21, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 15, 2025. The company's liquidator is: Mr. Liew Khee Soon 60 Paya Lebar Road #04-51, Paya Lebar Square Singapore 409051 HOUSE ON HIRE: Court to Hear Wind-Up Petition on May 30 ------------------------------------------------------- A petition to wind up the operations of House on Hire (Pte. Ltd.) will be heard before the High Court of Singapore on May 30, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on May 9, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 TRENTWELL MANAGEMENT: Creditors' Proofs of Debt Due on June 23 -------------------------------------------------------------- Creditors of Trentwell Management Pte. Ltd. are required to file their proofs of debt by June 23, 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: Don M Ho David Ho Chjuen Meng c/o DHA+ pac 63 Market Street #05-01A Bank of Singapore Centre Singapore 048942 ===================== S O U T H K O R E A ===================== [] SOUTH KOREA: 74% of Biotech Firms Struggle Financially --------------------------------------------------------- The Korea Times reports that more than 7 out of 10 Korean biotech companies are facing financial difficulties, and nearly 4 in 10 have considered selling their business, a survey showed May 21. According to the survey carried out by the Korea Biotechnology Industry Organization, 74 percent of chief executive officers (CEOs) and executives of 136 local biotech companies reported unstable funding conditions, the Korea Times relays. Additionally, 76 percent said their research and development (R&D) schedules have been disrupted due to funding challenges. Some 58 percent of them said they are uncertain when their financial situation might improve. According to the report, the data also revealed that 38 percent of biotech business leaders have considered selling their companies as a result of ongoing financial pressure. Furthermore, 47.8 percent said they would be open to selling if an appropriate buyer emerged. Based on the survey, the bio organization proposed 10 policy recommendations to the government aimed at strengthening the country's biotech ecosystem, the Korea Times relays. These include fostering startups, expanding R&D support, encouraging investment, creating a large-scale commercialization fund and easing financial regulations. ********* 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 ***