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250711.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 Friday, July 11, 2025, Vol. 28, No. 138 Headlines A U S T R A L I A ACBF FUNERAL: Fined AUD3.5MM Following Successful ASIC Appeal AUSTRALIAN FIDUCIARIES: First Creditors' Meeting Set for July 16 BEGA GROUP: To Close 100-Year-Old Peanut Factory Amid Losses CORONADO GLOBAL: Moody's Cuts CFR to Caa2, On Review for Downgrade D&H GROUP: First Creditors' Meeting Set for July 15 KETTRIDGES PTY: First Creditors' Meeting Set for July 16 LIBERTY FUNDING 2023-4: Moody's Ups Rating on Class F Notes to Ba2 MECHANICAL CONTROL: First Creditors' Meeting Set for July 15 WHITLOWE PTY: First Creditors' Meeting Set for July 17 ZIP MASTER 2025-1: S&P Assigns BB (sf) Rating to Class E Notes C H I N A BINHAI INVESTMENT: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable [] CHINA: Opens Platform for Auto Suppliers' Payment Complaints I N D I A ACCUREX BIOMEDICAL: CARE Reaffirms B+ Rating on INR5cr LT Loan AGARWAL AGENCY: CARE Keeps B- Debt Rating in Not Cooperating BEE GEE: CARE Keeps B- Debt Rating in Not Cooperating Category BEST IT: CARE Keeps D Debt Rating in Not Cooperating Category BYJU'S: US Bankruptcy Court Holds Byju Raveendran in Contempt C.D. ENGINEERING: CARE Lowers Rating on INR14cr LT Loan to B- CONTINUUM GREEN: Fitch Affirms 'BB+' USD650M Sr. Sec. Notes Rating DEEN DAYAL: CARE Keeps D Debt Ratings in Not Cooperating Category DEWAN CHAND: CARE Keeps D Debt Ratings in Not Cooperating Category DODSAL ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating J. V. EXPORTS: CARE Keeps B- Debt Rating in Not Cooperating K. K. BUILDERS: CARE Keeps C Debt Rating in Not Cooperating KISAN GINNING: CARE Keeps B- Debt Rating in Not Cooperating KRISHNA REDDY: CARE Keeps D Debt Rating in Not Cooperating LAVASA CORPORATION: Valor Emerges as Top Bidder for Company MAYUR LEATHER: CARE Keeps D Debt Ratings in Not Cooperating MODI SOLVEX: CARE Lowers Rating on INR40cr LT Loan to B- PADAM MOTORS: CARE Keeps D Debt Ratings in Not Cooperating RKV SPIRITS: CARE Reaffirms B+ Rating on INR95cr LT Loan S S POULTRIES: CARE Keeps B- Debt Rating in Not Cooperating S.K. INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating SAASTHA WARE: CARE Lowers Rating on INR20cr LT Loan to B+ SHIVA INTERNATIONAL: CARE Keeps B- Debt Rating in Not Cooperating SHRIKRIPA POULTRY: CARE Keeps B- Debt Rating in Not Cooperating SIDDS JEWELS PRIVATE: CARE Reaffirms D Rating on INR133.09cr Loans SIDDS JEWELS: CARE Reaffirms D Rating on INR60cr Loans SUDHA SIKSHA: CARE Keeps B- Debt Rating in Not Cooperating SUPREME & COMPANY: CARE Keeps D Debt Ratings in Not Cooperating UM GREEN: CARE Keeps D Debt Ratings in Not Cooperating Category WONDERVALUE REALTY: CARE Keeps D Debt Rating in Not Cooperating ZOTRES HOSPITALS: CARE Keeps B- Debt Rating in Not Cooperating N E W Z E A L A N D AMBRY HOLDINGS: Creditors' Proofs of Debt Due on July 17 DLM LIMITED: Court to Hear Wind-Up Petition on July 14 KV LTD: Owes NZD1.5 Million, Liquidator's Report Shows MCCORMACK CONSTRUCTION: Court to Hear Wind-Up Petition on July 17 RESEARCH FIRST: Owners Back in Business Under New Name SELECT BUILDING: Construction Company Goes Into Liquidtion SHARECLARITY LIMITED: Creditors' Proofs of Debt Due on July 18 URBAN SCAFFOLDING: Creditors' Proofs of Debt Due on July 29 S I N G A P O R E ATLANTIS RESOURCES: Placed in Creditors' Voluntary Liquidation COALESCE ENGINEERING: Court Enters Wind-Up Order PTY RESOURCES: Court Enters Wind-Up Order TBEAUTY SERANGOON: Court to Hear Wind-Up Petition on July 18 VISTA HARDWARE: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= ACBF FUNERAL: Fined AUD3.5MM Following Successful ASIC Appeal ------------------------------------------------------------- The Federal Court has ordered a AUD3.5 million penalty against ACBF Funeral Plans Pty Ltd (ACBF) for misrepresenting that funeral expenses insurance provider ACBF was Aboriginal owned or managed when it was not. The AUD3.5 million penalty handed down on July 10 comes in addition to the AUD1.2 million penalty ordered in September 2023 over another misrepresentation that consumers would receive a lump sum payment when this was not the case. This brings the total penalties ordered against ACBF to AUD4.7 million. ASIC Chair Joe Longo said, 'Today's penalty is a strong deterrent to anyone who tries to mislead Aboriginal consumers by falsely claiming Aboriginal ownership or management. 'It is one of ASIC's enduring priorities to tackle misconduct targeting First Nations people and our work in this case shows exactly why.' In handing down his decision, Justice Goodman agreed with ASIC's submission that the making of the representation that ACBF was Aboriginal owned or managed when it was not was deliberate and callous and involved egregious conduct. Today's penalty decision comes after ASIC's successful appeal to the Full Federal Court overturning part of an earlier Federal Court decision in relation to ACBF and Youpla Group Pty Ltd handed down on Feb. 29, 2024. The matter was remitted to the Federal Court for a decision on the appropriate penalty which was delivered on July 10. ASIC is not to enforce either penalty without leave of the Court because ACBF is in liquidation. ACBF, a wholly owned subsidiary of Youpla, offered, promoted and sold the Aboriginal Community Funeral Plan (ACF Plan), a funeral expenses insurance policy, primarily to Aboriginal consumers. ACBF customers who purchased the ACF Plan paid fortnightly premiums so that their nominees, such as their family members, would be covered for funeral related expenses up to a selected benefit amount. Youpla Group (then ACBF Group Holdings Pty Ltd) was the subject of a case study in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. In October 2020, ASIC commenced proceedings in this matter alleging four misrepresentations by ACBF and involvement in those misrepresentations by Youpla, that: 1. ACBF was owned or managed by an Aboriginal person or persons, 2. the ACF Plan had Aboriginal community approval, 3. the ACF Plan was more beneficial to Aboriginal consumers than other funeral insurance products generally available at the time, and 4. plan holders would receive a lump sum payment of their chosen benefit amount, when in fact they would only be reimbursed for funeral related expenses up to the benefit amount upon production of proof that those expenses had been incurred. On March 11 and April 27, 2022 respectively, ACBF and Youpla went into liquidation. ASIC sought leave to continue the proceedings due to the importance of general deterrence in relation to the defendants' conduct. On Sept. 6, 2023, the Federal Court found that ACBF misrepresented to plan holders that they would receive a lump sum payment of their chosen benefit amount, when in fact they would only be reimbursed for funeral related expenses up to the benefit amount upon production of proof that those expenses had been incurred. The court ordered a AUD1.2 million penalty against ACBF (which ASIC is not to enforce without leave of the Court). However, the Federal Court found that ASIC had not made out its case in relation to the other alleged misrepresentations. On Feb. 29, 2024, the Full Federal Court upheld ASIC's appeal, finding that ACBF had also misrepresented to Aboriginal consumers that it was Aboriginal owned or managed when that was not the case. The matter was then remitted to the trial judge of the Federal Court to determine the appropriate penalty. Separately, on Aug. 30, 2023, ASIC commenced civil penalty proceedings in the Federal Court against five former directors and officers of ACBF Funeral Plans and Youpla Group for breaches of their duties. This matter is ongoing. AUSTRALIAN FIDUCIARIES: First Creditors' Meeting Set for July 16 ---------------------------------------------------------------- A first meeting of the creditors in the proceedings of: - Australian Fiduciaries Limited; - Global Active Property Pty Ltd; - Global Yield Investments Pty Ltd; - Impact Fiduciaries Pty Ltd ATF Social Impact Trust; - Global Private Equity Pty Ltd; - ELC Fiduciaries Pty Ltd ATF Early Learning Property Trust; - SRI Fiduciaries Pty Ltd ATF SRI Property Trust; - SDA Property Nominees Pty Ltd ATF SDA Holdings Trust; - SDA Fiduciaries Pty Ltd ATF SDA Property Trust; - SDA Fiduciaries 2 Pty Ltd ATF SDA Property Trust 2; - SDA Fiduciaries 3 Pty Ltd ATF SDA Property Trust 3; - SDA Fiduciaries 4 Pty Ltd ATF SDA Property Trust 4; - SDA Fiduciaries 5 Pty Ltd ATF SDA Property Trust 5; - SDA Fiduciaries 6 Pty Ltd ATF SDA Property Trust 6; - SDA Fiduciaries 7 Pty Ltd ATF SDA Property Trust 7; - SDA Fiduciaries 8 Pty Ltd ATF SDA Property Trust 8; - Global Multimedia Pty Ltd ATF Global Multimedia Trust; - Emporio Fiduciaries Pty Ltd ATF Emporio Trust; - Chirn Park Fiduciaries Pty Ltd ATF Chirn Park ELC Trust; and - Point Fiduciaries Pty Ltd ATF Paradise Point Trust will be held on July 16, 2025 at 11:00 a.m. via virtual meeting facilities. Matthew Charles Hudson and Terry Grant van der Velde of SV Partners were appointed as administrators of the company on July 4, 2025. BEGA GROUP: To Close 100-Year-Old Peanut Factory Amid Losses ------------------------------------------------------------ News.com.au reports that more than 150 jobs are at risk as Bega Group winds down the Peanut Company of Australia, ending nearly a century of peanut processing in Kingaroy, a decision the local mayor called a "sad day." According to news.com.au, the company announced on July 9 that it would begin a phased shutdown of PCA's facilities in Kingaroy and Tolga in the next 18 months. The closure follows a 12-month strategic review and years of ongoing financial losses, the report notes. "PCA had been under sustained financial pressure for several years prior to its acquisition by Bega Group in 2017," the company said in a statement, notes the report. "Despite ongoing investments made by Bega Group into PCA's operations, including significant upgrades to site safety and initiatives aimed at supporting local growers to boost production, Bega Group has not been able to establish a sustainable business model." The business said it had been operating at a loss of AUD5-10 million per year and are anticipating one-off shutdown costs of AUD5-10 million. News.com.au relates that Bega said the shutdown comes amid growing challenges in the Australian peanut industry, including import competition, rising costs, falling production, and better returns from alternative crops. "We announced the strategic review over 12 months ago and we have pursued several options to sell the business. Unfortunately, we've been unable to secure a buyer that could sustain a long-term future for employees and growers," news.com.au quotes Bega Group chief executive Pete Findlay as saying in a statement to the ASX. The company said it would offer support services, redeployment incentives and redundancy packages to affected employees, some of whom will continue in their roles during the wind-down period. "We understand the impact this decision will have, and we will work closely with growers and the approximately 150 employees at the Kingaroy and Tolga facilities to support them through this period," Mr. Findlay said. Bega had informed growers in August last year that it could not commit beyond the current season's crop. PCA and its predecessor organisations have been based in Kingaroy since 1924. The town has long been associated with peanut production, and its iconic peanut silos were built between 1938 and 1951. CORONADO GLOBAL: Moody's Cuts CFR to Caa2, On Review for Downgrade ------------------------------------------------------------------ Moody's Ratings has downgraded Coronado Global Resources Inc.'s corporate family rating and the backed senior secured notes rating of Coronado Finance Pty Ltd to Caa2 from Caa1. The ratings remain on review for further downgrade. RATINGS RATIONALE The downgrade of Coronado's ratings, and further review, reflect Moody's views that the company remains at high risk of default within the next 6 to 18 months, despite recent efforts to strengthen near-term liquidity through the amendments to the Stanwell agreement and the ABL refinancing. This, in part, reflects Moody's understanding that a review event has been triggered under the new ABL, introducing material uncertainty around continued access to the facility. Should access be restricted or the facility cancelled, and in the absence of a successful refinancing with an alternative lender, near-term credit risk would be significantly elevated. This development, combined with tightening covenants, rating-linked triggers in the ABL, and still weak coal market conditions, heightens concerns over Coronado's financial flexibility heading into the second half of the year. This is further compounded potential execution risks around its ability to deliver meaningful cost improvements from expanded capacity. Moody's understands that Coronado is actively pursuing additional measures to improve liquidity, including the potential sale of minority interests in its assets and further customer prepayments. However, the successful execution of these initiatives remains uncertain given ongoing coal market volatility, operational performance risks, and the conditional nature of the ABL facility. While cash burn is expected to moderate through the remainder of 2025, in part supported by rebate relief, without a sustained recovery in coal prices or material cost improvements cash depletion is likely to continue in 2026, potentially resulting in a funding shortfall in the second half of the year and a heightened probability of default. If access to the ABL facility were also revoked, this depletion would likely occur even earlier, bringing forward the timing of the liquidity shortfall and further increasing default risk. The review for downgrade will focus on: (1) clarity around the outcome of the ABL review event, including the company's ability to obtain extended waivers; (2) execution of further liquidity-enhancing transactions, such as coal prepayments and/or the sale of minority interests in assets; and (3) updates on operational performance improvements, particularly regarding the ramp-up of the Mammoth underground and Buchanan expansion, which are critical to reducing cash burn rates. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATION Coronado Global Resources Inc.'s ESG Credit Impact Score is CIS-5 indicating that the credit rating is lower than it would have been if ESG risk exposures did not exist. Coronado's credit impact score reflects the company's exposure to environmental and social risks related to its coal mining operations. Further, governance risks stem from its liquidity and risk management practices as well as majority private equity ownership. LIQUIDITY Coronado's liquidity profile is weak and remains highly sensitive to coal prices. As of March 31, 2025, the company reported a cash balance of $229 million. The new Stanwell agreement includes a $75 million prepayment under a coal supply contract, to be repaid through physical coal deliveries from January 2027 over five years. Additionally, the company has deferred Stanwell rebate payments from April to December 2025, providing up to $75 million in further liquidity support. Including the ABL facility, of which $75 million has already been drawn, Coronado is expected to end the June quarter with approximately US$240 million in cash. Assuming a metallurgical coal price of US$180/t and no additional liquidity support, Coronado is expected to continue to be free cash flow negative over the next 12–15 months, particularly in 2026 as rebate relief expires. Cash burn is likely to persist unless there is a material improvement in unit costs from the ramp-up of the Mammoth and Buchanan mine expansions, though the success of these efforts remains uncertain. Without operational improvements or a recovery in coal prices, the company may face a funding shortfall and sustained negative free cash flow over the next two years. Liquidity remains vulnerable to coal price and debt market volatility, which could affect both the timing and terms of any new funding. Even if the ABL facility remains in place, there is a risk that Coronado could breach financial covenants in 1H26, particularly given expectations of continued negative EBITDA. The outcome of the current review process adds further uncertainty regarding the company's ability to maintain access to the facility and secure necessary waivers in a timely manner. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Coronado's ratings could be downgraded further if the risk of default intensifies or if recovery prospects for creditors weaken. This could occur if 1) liquidity deteriorates more than expected; 2) high operating costs persist; 3) the company is unable to maintain access to the ABL facility following the review event, or if an event of default is triggered, and/or; 4) it fails to execute liquidity-enhancing transactions needed to avoid a potential default. Conversely, the ratings could be confirmed at Caa2 if Coronado takes timely and effective steps to address its liquidity needs and strengthen its financial flexibility over the next 12 to 18 months. This could include the successful resolution of the ABL review event and the execution of material asset sales securing new sources of funding, or other liquidity-enhancing measures. A recovery in coal prices or sustained improvements in cost performance could also support a more stable credit profile. METHODOLOGY The principal methodology used in these ratings was Mining published in April 2025. Coronado's Caa2 rating is two notches below the scorecard-indicated outcome of B3, reflecting elevated default risk driven by a deteriorating liquidity profile, uncertainty regarding continued access to the ABL facility, and constrained financial flexibility amid weak market conditions and operational challenges. PROFILE Coronado Global Resources Inc. (ASX:CRN) was founded in 2011 with the intention to acquire and develop existing met coal operations. Coronado owns a portfolio of eight active operating mines across 3 mining complexes located in Queensland, Australia, and in the states of Virginia and West Virginia in the US. Coronado is majority owned by the Energy & Minerals Group (EMG), a private investment firm, and has been listed on the Australian Stock Exchange (ASX) since 2018. The company generated around $2.5 billion in revenue and $170 million of Moodys-adjusted EBITDA in 2024. D&H GROUP: First Creditors' Meeting Set for July 15 --------------------------------------------------- A first meeting of the creditors in the proceedings of D&H Group Holdings Pty Ltd (trading as DHF Tyres) will be held on July 15, 2025 at 11:00 a.m. via videoconference only. Shaun Fernando and Liam Bellamy of Mackay Goodwin were appointed as administrators of the company on July 3, 2025. KETTRIDGES PTY: First Creditors' Meeting Set for July 16 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Kettridges Pty Ltd ATF Mark Huisman Family Trust will be held on July 16, 2025 at 11:30 a.m. at Bunbury Geographe Chamber of Commerce and Industry, at 15 Stirling Street, in Bunbury, WA and via Zoom virtual meeting technology. Aaron Dominish, Cameron Shaw and Richard Albarran of Hall Chadwick were appointed as administrators of the company on July 4, 2025. LIBERTY FUNDING 2023-4: Moody's Ups Rating on Class F Notes to Ba2 ------------------------------------------------------------------ Moody's Ratings has upgraded ratings on two classes of notes issued by Liberty Funding Pty Ltd in respect of Liberty Series 2023-4. The affected ratings are as follows: Issuer: Liberty Series 2023-4 Class C Notes, Upgraded to Aa2 (sf); previously on Oct 9, 2024 Upgraded to Aa3 (sf) Class F Notes, Upgraded to Ba2 (sf); previously on Oct 9, 2024 Upgraded to B1 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by (1) an increase in credit enhancement (via note subordination and the Guarantee Fee Reserve) available to the affected notes and (2) the collateral performance to date. No actions were taken on the remaining rated classes in the deal as credit enhancement remains commensurate with the current rating for the respective notes. The now fully-funded and non-amortising Guarantee Fee Reserve Account provides credit support of 0.3% of the original note balance to the deal. The account can be used to cover charge-offs against the notes and liquidity shortfalls that remain uncovered after drawing on the liquidity facility and principal. Following the June 2025 payment date, note subordination available for the Class C and Class F Notes has increased to 4.9% and 2.1%, respectively, from 3.7% and 1.6% at the time of the last rating action for these notes in October 2024. Principal collections have been distributed on a sequential basis starting from Class A1 Notes. Current outstanding note balance as a percentage of the closing note balance is 54.1%. As of end-May 2025, 3.3% of the outstanding pool was 30-plus days delinquent and 1.8% was 90-plus days delinquent. The portfolio has incurred 0.0001% (as a percentage of the original pool balance) of gross losses to date, which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have updated Moody's expected loss assumption to 0.7% of the original pool balance (equivalent to 1.4% of the current pool balance) from 0.8% of the original pool balance (equivalent to 1.1% of the outstanding pool balance) at the time of the last rating action in October 2024. Moody's have also updated Moody's MILAN CE to 5.0% from 4.3%. The transaction is an Australian RMBS originated and serviced by Liberty Financial Pty Ltd, an Australian non-bank lender. A portion of the portfolio consists of loans extended on an alternative documentation basis, and a small portion to borrowers with impaired credit histories. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the credit enhancement available for the notes and (3) a deterioration in the credit quality of the transaction counterparties. MECHANICAL CONTROL: First Creditors' Meeting Set for July 15 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Mechanical Control Services Pty Ltd will be held on July 15, 2025 at 11:00 a.m. via Virtual meeting online (Zoom). Aaron Dominish and Cameron Shaw, Richard Albarran of Hall Chadwick were appointed as administrators of the company on July 3, 2025. WHITLOWE PTY: First Creditors' Meeting Set for July 17 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Whitlowe Pty Ltd ATF Whitlowe Unit Trust (trading as The Manna Group) and Key Idea Holdings Pty Ltd will be held on July 17, 2025 at 11:00 a.m. via virtual meeting. Lindsay Stephen Bainbridge and Andrew Reginald Yeo of Pitcher Partners were appointed as administrators of the company on July 7, 2025. ZIP MASTER 2025-1: S&P Assigns BB (sf) Rating to Class E Notes -------------------------------------------------------------- S&P Global Ratings assigned its ratings to five classes of notes issued by Perpetual Corporate Trust Ltd. as trustee of Zip Master Trust – Series 2025-1. Zip Master Trust – Series 2025-1 is a securitization of a buy now, pay later line of credit receivables to consumers originated by zipMoney Payments Pty Ltd. (Zip). The ratings reflect the following factors. S&P has assessed the credit risk of the underlying collateral portfolio, including the fact that the portfolio has an initial revolving period, which means further receivables may be assigned to the series after the closing date. The credit support provided to each class of rated notes is commensurate with the ratings assigned. Credit support is provided by subordination and excess spread, if any. The various mechanisms to support liquidity within the series, including a series-specific liquidity facility, mitigate disruption risks to senior fees and ensure timely payment of interest on the rated notes. The transaction documents include downgrade language consistent with our counterparty criteria that requires the replacement of the bank account provider and liquidity facility provider should our rating on the providers fall below the applicable rating. The legal structure of the master trust is established as a special-purpose entity and meets our criteria for insolvency remoteness. Ratings Assigned Zip Master Trust – Series 2025-1 Class A, A$198,300,000: AAA (sf) Class B, A$27,000,000: AA (sf) Class C, A$17,100,000: A (sf) Class D, A$30,900,000: BBB (sf) Class E, A$11,700,000: BB (sf) Class G, A$15,000,000: Not rated ========= C H I N A ========= BINHAI INVESTMENT: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Binhai Investment Company Limited's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB+'. The Outlook is Stable. Fitch has also affirmed Binhai's senior unsecured rating at 'BB+'. The ratings incorporate a one-notch uplift from Binhai's Standalone Credit Profile (SCP) of 'bb', reflecting Fitch's strong expectation of support from the Tianjin municipal government under the agency's Government-Related Entities (GRE) Rating Criteria. Binhai's SCP reflects stable cash flow from retail gas sales and moderate leverage, but is constrained by the company's small operating scale and geographically concentrated assets. Binhai is 42.08%-owned by TEDA Investment Holding Company Ltd, which is fully owned by the Tianjin State-owned Assets Supervision and Administration Commission. Fitch applies the GRE criteria directly to Binhai, as Fitch believes the Tianjin government has ultimate control and can provide support directly if needed, while TEDA will not prevent Binhai from receiving timely support. Key Rating Drivers Rising Leverage, Reduced Headroom: Fitch expects Binhai to maintain EBITDA net leverage below the 5.0x downgrade trigger, given its expectations EBITDA will recover with a higher gas sales dollar margin. Binhai's EBITDA net leverage increased to 4.9x in 2024, from 4.0x in 2023. The rise in leverage was due mainly to EBITDA underperformance from both gas sales and connection. This has significantly reduced Binhai's rating headroom. Fitch expects free cash flow (FCF) to turn negative in 2025 due to delayed capex spending, but FCF will turn neutral after that as Binhai slows expansion. Fitch anticipates EBITDA net leverage of around 4.8x in 2025-2028, commensurate with the 'bb' SCP. Recovery in Gas Dollar Margin: Fitch expects Binhai's city gas dollar margin to be CNY0.52/cubic metre (cbm) in 2025, as gas costs are likely to decline further. However, Fitch anticipates Binhai will pass on some of the lower costs to end users to boost sales volume. Fitch expects its city gas dollar margin to rise to CNY0.54/cbm in 2026-2028, as government subsidies to compensate for insufficient gas cost pass-through are likely to gradually translate into higher gas tariffs. Binhai's city gas dollar margin recovered to CNY0.58/cbm in 2H24 with lower gas costs and a further increase in the residential gas tariff. However, its weak dollar margin of CNY0.41/cbm in 1H24 reduced the full-year dollar margin to CNY 0.48/cbm because the low cost benefits were only reflected from April onwards. Slower Expansion, Lower Connection: Fitch expects Binhai's gas connection volume to decline further in 2025 and 2026, after the company slowed expansion in 2024 amid a weak property market and economic uncertainties. Fitch estimates the gas connection contribution to EBITDA will drop to 15% in 2026, from 22% in 2024. This will lead to slower EBITDA growth in the near term, but will bring greater stability to cash flow in the longer term. Binhai's expansion slowdown resulted in capex declining to HKD379 million in 2024, from HKD568 million in 2023. This, together with still weak property demand, has led to a significant decline in gas connections. Small Scale, Geographical Concentration: Binhai's gas sales scale is much smaller than other rated city gas peers in China, with over half of the gas sales generated from its home market of Tianjin. Its small size and asset concentration lead to higher volatility in earnings, as the company is subject to economic cycles and pricing regulation in one region. The asset concentration in Tianjin is mitigated by Binhai's cost advantage due to its strategic location with access to four nearby liquefied natural gas (LNG) terminals, and its strategic cooperation with China Petroleum & Chemical Corporation (Sinopec, A/Stable), one of the largest upstream gas suppliers in China. Strong Responsibility to Support: Fitch assesses the Tianjin government's decision-making and oversight as 'Strong'. The government approves Binhai's major financing and investing decisions through TEDA or directly, and monitors its financial performance via monthly reports. Fitch assesses the precedents of support as 'Strong', reflecting the state's support for Binhai's predecessor, Wah Sang Gas Hld Ltd, during its 2004-2009 financial distress. The government also coordinated with regulators and offshore lenders to facilitate the refinancing of Binhai's offshore borrowings. Strong Preservation of Policy Role: Fitch assesses the preservation of government policy role as 'Strong'. Binhai is a key gas supplier with 10 concessions in Tianjin and an expanding presence. Gas accounts for around 20% of energy consumption in Tianjin and is a key source of heating. Binhai's users include key industrial manufacturers, centralised heating, gas-fired power plants and rural households. Its natural monopoly for gas supply means there will be no immediate substitute should Binhai default, which would lead to disruptions in industrial activity and affect the wellbeing of local residents. Contagion Risk: Fitch assesses the contagion risk of a Binhai default as 'Not Strong Enough', due mainly to its small size compared with other GREs in Tianjin and the company's lack of capital-market debt. Peer Analysis Fitch rates Binhai on a bottom-up basis and one notch above the SCP under its GRE rating criteria, based on its GRE support score and the difference between its SCP and its internal assessment of the sponsor. Fitch assesses Binhai's decision-making and oversight, precedents of support and preservation of government policy role factors as 'Strong', whereas contagion risk is assessed as 'Not Strong Enough'. Binhai's four key risk factors are assessed similarly to those of Beijing Environment Sanitation Engineering Group Co., Ltd. (BBB/Stable), which also provides essential public services in its local market. However, Both Binhai and Beijing Environment have lower contagion risk as they does not issue public bonds. Binhai's SCP of 'bb' is weaker than Foran Energy Group Co.,Ltd.'s (BBB+/Stable) 'bbb-'. Both are regional city-gas distributors, with most of the gas sales from their home markets. Foran Energy's gas sales volume is much higher than Binhai's and it has lower exposure to one-off connection business, while Binhai has higher geographical diversification with more gas sales contribution outside its home market. In addition, Foran Energy has much stronger financials, with EBITDA net leverage of 2.6x and EBITDA interest coverage of 6.8x. Key Assumptions Fitch's Key Assumptions Within the Rating Case for the Issuer: - Gas sales volume growth of 2%-3% in 2025-2028; - City gas sales dollar margin of HKD0.43/cbm in 2025, and HKD0.46/cbm in 2026-2028; - New residential household connections to decline by 10% in 2025 and 5% a year in 2026-2028; - Gas transmission volume to be stable in 2025, and then gradually increase in 2026-2028; - Cash capex (excluding capitalised interest) of HKD400 million-480 million a year in 2025 to 2028; - Dividend payout ratio at 44%-52% in 2025-2028; - Interest rate change per Fitch's latest Global Economic Outlook. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - EBITDA net leverage at above 5.0x for a sustained period; - Lower likelihood of support from Tianjin municipality. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - EBITDA net leverage sustained below 4.0x; - Higher likelihood of support from Tianjin municipality, Liquidity and Debt Structure Binhai's short-term debt of HKD1.1 billion at end-2024 was mostly working capital loans. Fitch expects the company to roll over the debt given its sound record. Its operating cash flow generated by project loans can easily cover the amortisation of those loans. It had readily available cash of HKD384 million, bank deposits of HKD20 million and undrawn loan facilities of HKD852 million at end-2024, providing ample liquidity. Its funding access improved further in 1Q25 with an additional CNY300 million (HKD326 million) in low-cost financing. Issuer Profile Binhai is a regional city gas distributor. Its key businesses include piped gas sales, gas connection service and long-distance gas transmission. Public Ratings with Credit Linkage to other ratings Binhai's IDR benefits from a one-notch uplift due to the Tianjin government's support, in line with Fitch's GRE criteria. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Binhai Investment Company Limited LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ [] CHINA: Opens Platform for Auto Suppliers' Payment Complaints --------------------------------------------------------------- Reuters reports that China's industry ministry said on July 9 that it would accept complaints from auto suppliers if major Chinese automakers fail to honor their commitment to timely payments, aiming to address suppliers' concerns over loopholes in payment regulations. According to Reuters, the Ministry of Industry and Information Technology launched an online platform allowing suppliers to report automakers that set payment periods in procurement contracts longer than 60 days, delay payment by postponing product inspections or acceptance certificates without valid reasons, or compel medium- and small-sized suppliers to accept non-cash payments, it said in a statement. Tension has been high in China's auto industry as the price war which began in early 2023 has shown little sign of abating. Seventeen Chinese car manufacturers pledged in June to make payments to suppliers within 60 days, responding to a recent outcry from material makers including steelmakers over prolonged payment times as the backlash to a punishing price war grows, Reuters says. Chinese authorities issued new rules in March that require big companies to settle most payments with suppliers within 60 days, effective on June 1, according to Reuters. Even so, suppliers had voiced concerns over potential loopholes in these regulations, seeking clarity on whether payments would be made in cash or commercial paper and on the criteria for determining the start of the 60-day payment period. Reuters says commercial paper has been commonly used in the property sector, popular among developers because it is not categorised as interest-bearing debt. It promises suppliers a payment on a future fixed date, usually within one year, though the suppliers sometimes sell the paper before maturity at a discount in the secondary market. ========= I N D I A ========= ACCUREX BIOMEDICAL: CARE Reaffirms B+ Rating on INR5cr LT Loan -------------------------------------------------------------- CARE Ratings has reaffirmed ratings on certain bank facilities of Accurex Biomedical Private Limited (ABPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B+; Stable; Reaffirmed Facilities Short Term Bank Facilities 4.50 CARE A4 Reaffirmed Rationale and key rating drivers The reaffirmation of ratings assigned to the bank facilities of ABPL continue to be constrained by its small scale of operations, moderate profitability margins albeit improvement in the same during FY25, working capital intensive nature of operations, stretched liquidity position and exposure to foreign exchange fluctuation. The rating is further constrained by its presence in the highly competitive and fragmented medical equipment industry. However, the ratings continue to derive strength from the established track record of operations with recognized brand name and experienced promoters, comfortable capital structure and moderate debt coverage indicators. Rating Sensitivities: Factors likely to lead to rating actions Positive Factors * Increase in scale of operations with total operating income (TOI) exceeding INR80 crore translating into significant improvement in cash accruals on sustained basis * Improvement in operating margin exceeding 5% on a sustained basis Negative Factors * Significant decrease in the scale of operations on a sustained basis * Deterioration in the interest coverage below 1.25x on a sustained basis * Significant increase in operating cycle above 100 days Analytical approach: Standalone Outlook: Stable The continuation of "Stable" outlook reflects CARE Ratings belief that ABPL will sustain its scale of operations, profitability margins and credit profile over the near-to-medium term on the back of established track record and experienced promoters. Detailed description of the key rating drivers: Key weaknesses * Small scale of operations: ABPL's scale of operations continued to remain at a small level marked by a TOI of INR48.29 crore in FY25 (vis-à-vis INR51.65 crore in FY24), the same has slightly reduced due to commencement of the manufacturing activities led to higher emphasis on the same along with stable demand from the healthcare industry. Further, the tangible net worth of the company stood low at INR9.24 crore as on March 31, 2025 (vis-a-vis INR8.13 crore as on March 31, 2024) which limits its financial flexibility to meet any exigency. Further during 2MFY26 (2M refers to April 1 to May 31) the company has posted revenue of INR6 crore (PY: INR 13 crore). Going forward the company expects to maintain its revenue at similar levels in the near to medium term. * Moderate and fluctuating profit margins: The profit margins of the company remained moderate and highly fluctuating during FY21-FY25. PBILDT margin improved from 0.47% in FY24 to 4.17% in FY25. The significant improvement in the same on account of higher realization received on manufactured products and change in the business strategy with reduced its reliance on their super-stockiest and instead increase its penetration towards distributors along with higher emphasis on profitability margins. ABPL reported net profit after tax of INR1.12 crore in FY25 compared to net loss of INR0.18 crore in FY24. Nevertheless, the ability of the company to sustain its profitability margins remains key monitorable. * Working capital intensive operations: The operations of the company continue to remain working capital intensive marked by high gross current asset period of 131 days in FY25 (PY: 104 days) due to funds largely being utilised towards inventory and receivables. The inventory period increased to 65 days in FY25 (PY: 53 days) as company procured the higher traded goods to avail price discounts and to meet increasing demand for traded medical equipment which requires long lead time for procurement including raw materials for imports. The collection period stood at 50 days (PY: 46 days). The said elongation led to increase in the operating cycle to 58 days in FY25 (vis-à-vis 47 days in FY24) with an increase in creditors period from 51 days in FY24 to 57 days in FY25. The average utilization of the working capital limit stood at high at ~72% for the past 12 months ended April 2025. * Exposure to foreign exchange fluctuation: The company is entirely importing its medical instruments traded from China, Germany, Indonesia and Italy and partially importing its chemical requirement from Japan, UK, USA and Spain. On the other hand, it exports 7% to Europe, Nigeria, Africa etc. Thus, it exposed to high foreign exchange fluctuation risk. This overall structure partially provides a natural hedge to some extent. Further, the management does not have any formal hedging policy to hedge its total foreign currency exposure. Accordingly, the profit margins of ABPL remain susceptible to the adverse or favorable movement in the forex rate, which had been very volatile in the past. The company had a foreign exchange gain of INR1.44 crore during FY25 (vis-à-vis exchange gain of INR0.14 crore during FY24). * Presence in highly competitive and fragmented industry: Medical equipment market in India is highly regulated and competitive wherein there is presence of a large number of players in the unorganized and organized sectors. There is a high degree of fragmentation and competition in the industry which is likely to impact profitability of small players like ABPL. Key Strengths * Established track record of operations with recognized brand name and experienced promoters: Over the three decades of existence in the market, ABPL has established its brand "Accurex" in the industry. Further, the promoters at ABPL have over a decade of experience in the industry. Their deep knowledge of the diagnostic sector and practical experience in operations and strategy have been crucial for the company's growth. The management built strong relationships with suppliers, customers, and regulatory bodies, which help in smooth business operations and making strategic decisions. * Comfortable capital structure and moderate debt coverage indicators: The company's capital structure stood comfortable, as marked by an overall gearing (after considering LC acceptance and guarantee given against housing loan availed by directors) of 0.69 as on March 31, 2025 (0.68x as on March 31, 2024) due to moderate reliance on external debt. Its debt profile largely comprises working capital borrowings with higher reliance on nonfund-based limits for import materials. The total outside liabilities to net worth stood moderate at 1.67x as on March 31, 2025 (1.82x as on March, 31, 2024). The improvement in capital structure was on account of profit accretion to reserves. Further, due to improvement in the profitability during FY25, the debt coverage indicators improved and remained moderate with interest coverage stood at 3.23x in FY25 as against 0.34x in FY24 and total debt/GCA also improved to 4.15x in FY25. Liquidity: Stretched The liquidity position remained stretched on account of higher utilization of its fund based working capital limits with average of maximum utilisation stood at 72% in past 12 months ended as on April 2025. The company has not availed any long-term debt as on March 31, 2025. Further, the company owns a free cash & bank balance worth INR1.08 crore as on March 31, 2025. The current ratio and quick ratio remained weak at 1.26x and 0.64x respectively as on March 31, 2025 (vis-à-vis 0.98x and 0.53x respectively as on March 31, 2024). The net cash flow from operating activities stood positive of INR0.15 crore in FY25 (vis-à-vis negative INR0.21 crore in FY24). Established in 1984 as a partnership entity and later reconstituted as private limited in October 1994, ABPL is engaged into manufacturing of vitro diagnostic kits and trading of imported medical instruments. Furthermore, the company also undertakes servicing of medical instruments sold with service contract of one year. ABPL is ISO 9001:2000, ISO 13485:2003 certified and holds a Good Manufacturing Practice certificate from FDA, Maharashtra. The company sells vitro diagnostic kits and medical instruments under its own brand "Accurex". The manufacturing facility to manufacture various vitro diagnostic kits and Gluco strips is located at Thane and Vishakhapatnam. AGARWAL AGENCY: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Agarwal Agency (AA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 25, 2024, placed the rating(s) of AA under the 'issuer non-cooperating' category as AA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 11, 2025, May 21, 2025 and May 31, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' 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 Shahjahanpur, Uttar Pradesh based Agarwal Agency (AA) was established in the year 2000 as a proprietorship firm and is currently managed by Mr. Vinay Kumar Agarwal. The firm is engaged in the manufacturing of snacks such as kachri papad, papad, corn grits and processing of pulses into gram flour (besan) and multigrain flour at its manufacturing facility located in Shahjahanpur, Uttar Pradesh. BEE GEE: CARE Keeps B- Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bee Gee Automobiles (Solan) (BGA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 10.00 CARE B-; Issuer not cooperating; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 26, 2024, placed the rating(s) of BGA under the 'issuer non-cooperating' category as BGA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BGA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 12, 2025, May 22, 2025 and June 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' 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 Bee Gee Automobiles (Solan) (BGA) was established in July 1, 2014 as a proprietorship entity by Mr. Munish Gupta. The entity was later on converted into proprietorship entity in 2014. BGA is an authorized dealer of Tata Motors Limited (TML) for sale of all commercial vehicles (with various range of bus, truck and loading vehicle) and its spare parts for Solan & Shimla region. BEST IT: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Best IT World (India) Private Limited (BIWPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 80.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 117.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 18, 2024, placed the rating(s) of BIWPL under the 'issuer non-cooperating' category as BIWPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BIWPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2025, May 14, 2025, May 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' 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 Promoted by Mr. Sandeep Parasrampuria in 1996, Best IT World (India) Private Limited (BIWPL) is engaged in the distribution and marketing of computer hardware and peripherals and tablets. The company started marketing its products under the brand 'iBall' from 2001 and continued its dominance in the "Plug and Play Device" segment which constitutes of desk set (keyboard and mouse), speakers, headsets, webcam, microphones, Bluetooth wireless products, MP3 players, pen drives, pen tablets, USB products and various assembled products such as CPU, monitors, laptops; and mobile handsets as well as tablets. During FY11, the company entered into the mobile handset segment and subsequently diversified into tablet segment during FY12. Later in August 2016, the company announced its exit from mobile business due to competitive challenges faced by it which resulted in losses in this segment. The company operates in mainly 5 product segments - Computer peripherals, Networking, Audio, Tablets and Security devices. BYJU'S: US Bankruptcy Court Holds Byju Raveendran in Contempt ------------------------------------------------------------- The Economic Times reports that the U.S. Bankruptcy Court for the District of Delaware has issued an order holding Byju's founder, Byju Raveendran, in civil contempt for failing to comply with earlier court orders related to limited expedited discovery. "This court has personal jurisdiction over Raveendran," it said in an order on July 7, ET relays. The court has further directed Raveendran to comply with the discovery orders. "Raveendran shall remit to the clerk of court the sum of $10,000 for each day he remains in contempt of the orders," it said. ET relates that the court has further directed Raveendran to comply with the discovery orders. "Raveendran shall remit to the clerk of court the sum of $10,000 for each day he remains in contempt of the orders," it said. In American legal parlance, the term 'discovery' refers to the process by which parties obtain evidence and information from the other party. According to ET, the judge noted that Raveendran missed all deadlines, did not show up in court, and failed to provide substantial documents. "I have seen a lot, but I have not seen strategic and patterned failure to provide meaningful, substantive responses to very basic and cogent questions that have gone on for more than a year," the judge said verbally, as per sources. "Byju will address the order in due course and reserves all rights. I wish to make clear that this order relates only to discovery requested by the opposing parties. Byju contests the jurisdiction of the court over him and reserves all rights," ET quotes J Michael McNutt, senior litigation advisor, Lazareff Le Bars Eurl, who represents Byju, as saying. Last month, ET reported that Byju's was selling its US assets at a fraction of the price it paid to acquire them, as creditors pushed to recover their dues. The proceeds from the sale were to be used to repay Byju's creditors. On April 10, the lenders filed a lawsuit in the US against Raveendran, his wife Divya Gokulnath and former company executive Anita Kishore, ET recalls. The lawsuit alleged that the three of them planned and executed a scheme to hide and misappropriate $533 million from the money they had lent to Byju's Alpha, a special purpose financing vehicle the edtech company had established in the US to receive the loan. Prior to this, a bankruptcy court ruling indicated that multiple fraudulent transfers and theft had taken place. According to the lenders, the court also found that suspended director Riju Ravindran, founder Raveendran's brother, had violated his fiduciary responsibilities as a director of the US entity, Byju's Alpha. Meanwhile in India, both the brothers have moved the NCLT seeking a stay on the committee of creditors (CoC) and the removal of the resolution professional (RP), ET notes. This move comes after the resolution professional for Think & Learn began steps to withdraw certain legal proceedings in a New York court, as per lawyers representing the founders. ET adds that the RP has also filed an application to remove Raveendran from the board of directors of coaching centre operator Aakash Institute. Think & Learn is a minority shareholder in the company. Earlier, Glas Trust, which represents Byju's US lenders, filed an application to stop Aakash from amending its articles of association, claiming that the amendment would harm the interests of minority shareholders, ET reports. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific in July 2024, the National Company Law Tribunal (NCLT) on July 16 ordered insolvency proceedings against the company after a complaint by the Board of Control for Cricket in India (BCCI) for not paying US$19 million in dues. Pankaj Srivastava was appointed as the interim resolution professional. Reuters said Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses, job cuts and a collapse in its valuation to less than $3 billion. Byju's has denied any wrongdoing. The TCR-AP relayed that the National Company Law Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement between Byju Raveendran and the BCCI, thus removing Byju's parent Think and Learn from the insolvency resolution process. However, in October 2024, the Supreme Court quashed an earlier NCLAT ruling approving the settlement, according to The Economic Times. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's $1.2 billion term loan, have filed an insolvency petition against the online tutor in India. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Alleged creditors of Epic! Creations, also a U.S. unit, sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. C.D. ENGINEERING: CARE Lowers Rating on INR14cr LT Loan to B- ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of C. D. Engineering Co (CDEC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 14.00 CARE B-; Issuer not cooperating; Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 25, 2024, placed the rating(s) of CDEC under the 'issuer non-cooperating' category as CDEC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CDEC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 11, 2025, May 21, 2025, May 31, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' 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 assigned to the bank facilities of CDEC have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Ghaziabad, Uttar Pradesh based C. D. Engineering Company (CDEC) is a partnership firm established in April 1995. The firm is managed by Mr. Deepak Gupta, Mr. Manish Agarwal and Mr. Udit Agarwal. CDEC is engaged in manufacturing of Carbon, Alloy & Stainless-Steel products. CONTINUUM GREEN: Fitch Affirms 'BB+' USD650M Sr. Sec. Notes Rating ------------------------------------------------------------------ Fitch Ratings has affirmed the 'BB+' rating on the USD650 million 7.50% senior secured notes due 2033 issued by the restricted group of India-based Continuum Green Energy (India) Private Limited (Continuum RG2). The Outlook is Stable. RATING RATIONALE The rating reflects the credit quality of a portfolio of wind and solar projects with a total capacity of 990.8 MW across four states in India. The portfolio is supported by a diversified pool of high-quality commercial and industrial (C&I) customers, which offsets the long payment cycles of state distribution companies (discoms). The rating also reflects the uncertainty around the debt refinancing and revenue risk over the longer term arising from renewal terms for maturing contracts and power purchase agreements (PPAs), the future discom C&I tariff and open access charges applicable for C&I projects. The financial profile is commensurate with 'BB+' rating. Fitch does not rate the state discoms and C&I customers that purchase power from Continuum RG2's projects. The revenue counterparties might have weak credit profiles and histories of payment delays, particularly the state discoms, although the exposure to multiple counterparties mitigates the risk. Furthermore, receivables collection from state discoms improved following the introduction of the late payment surcharge rule in 2022. Receivables collection from C&I customers is much stronger. Fitch believes it is prudent that such projects meet a higher threshold to achieve the same rating as other projects with strong counterparties, all else being equal. Therefore, Fitch uses merchant debt-service coverage ratio (DSCR) thresholds, while cash flow is evaluated using contracted prices. KEY RATING DRIVERS Operation Risk - Midrange The operation risk assessment reflects favourable production-based pricing mechanisms and comprehensive operating and maintenance (O&M) contracts, including both scheduled and unscheduled maintenance carried out by experienced teams. These contracts span five to 15 years. Fitch believes that it will not be difficult to find replacement operators when contracts expire, as similar technology is used widely in India. All the plants use proven technology. No third-party technical advisor has verified the costs, which is a weakness. Plant operating records range from one to nearly 11 years, with a capacity-weighted average of around five years. Revenue Risk - Volume - Midrange The energy yield forecast, prepared by third-party consultants and supported by portfolio benefit analysis, shows an overall P50/1-year P90 spread of 15.2%, narrowing to 11.5% after considering portfolio benefits. A spread between 6% and 16% leads to a 'Midrange' assessment. Curtailment risk is minimal, as renewables hold "must-run" status in India. The C&I customers are incentivised to maximise offtake due to cost advantages over alternative sources, and contracted volumes of Continuum RG2 projects usually cover only 50%-60% of customer demand. The assets have underperformed the 1-year P90 forecast in recent years, due mainly to weaker-than-expected wind resources in India. However, management expects the overall long-term average generation to remain in line with the wind resource assessments done by independent third parties. Revenue Risk - Price - Midrange Continuum RG2 has a diversified customer pool, with 37% of capacity contracted to state discoms and 63% contracted to over 130 C&I customers. This C&I share may rise to 83% of capacity upon conversion of the 199.7 MW project in Maharashtra (Bothe project) to the open-access route in 2027 when its PPA with the state discom expires. The tariff paid by C&I customers varies with the change in the retail tariff for C&I users charged by state discoms (discom C&I tariff) and applicable open-access charges. Both generators and customers bear part of the variation in the discom C&I tariff and open-access charges. A third-party consultant believes that the discom C&I tariff will generally rise over the project life and considers the financial model's relevant projections prudent. Debt Structure - 1 - Midrange The debt structure is a typical project-finance style structure. The US dollar notes are directly co-issued by operating entities domiciled in India. Noteholders are protected by conventional covenants and a security package. Notes pay fixed interest rates and Continuum RG2 uses a combination of call spread and call option to mitigate the currency risk arising from US dollar-rupee fluctuation. Noteholders benefit from a lock-up test at backward-looking graded DSCRs. No additional indebtedness is allowed other than a working capital basket of USD50 million. A portion equal to 4.5% of the notes' principal will amortise over the note life. The refinancing risk is mitigated by the mandatory cash sweep for about 43.1% of the principal. The refinancing of the remaining 52.4% of the principal is manageable due to adequate DSCRs under Fitch's rating case, with the assets having sufficient remaining economic life by the time the notes mature. PEER GROUP Continuum RG2 is comparable with Adani Green Energy Limited Restricted Group 1 (AGEL RG1, senior secured notes rating BBB-/Stable) and Adani Green Energy Limited Restricted Group 2 (AGEL RG2, senior secured notes rating BBB-/Stable). AGEL RG1 and AGEL RG2 are both pure solar portfolios with counterparties comprising state discoms and sovereign-backed off-takers. All three RGs have ringfenced issuing structures and protective covenants, with direct issuance by the operating entities. However, Continuum RG2 is exposed to refinancing risk, which is absent for AGEL RG1 and RG2 due to their largely amortising debt structures. Continuum RG2 is subject to changes in tariff and regulatory charges given a sizeable share of revenue flows from C&I customers, although the regulatory charge change is shared with its C&I customers. Such risk results in less predictability in its revenue. AGEL RG1 and AGEL RG2 benefit from more predictable revenue streams from their off-takers with no price or regulatory risks. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The average annual DSCR in the Fitch rating case dropping below 1.6x persistently. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade No rating upgrade is expected in the near term. This is due to the uncertainty around the debt refinancing, renewal terms for maturing contracts and PPAs, the future discom C&I tariff and open access charges applicable for C&I projects. CREDIT UPDATE Generation for the financial year ended March 2025 (FY25) was 13% below the 1-year P90 estimate, narrowing to 11% after accounting for compensable lost revenue, reflecting ongoing portfolio underperformance in recent years. The primary drivers were significant shortfalls at the 170MW Ratlam project and the 354MW Rajkot complex, with the latter affected by cyclone-related Force Majeure events and transformer maintenance. Additionally, changes in utility tariff and open access charges reduced net tariffs at Rajkot in FY25. Receivables remained healthy at under 30 days. In FY25 a weak wind year was experienced across India, with similar declines observed among industry peers. However, wind resource trends have improved significantly in FY26 to date, with pan-India wind generation increasing by 33.9% in April and 29.2% in May 2025 year-on-year, far outpacing capacity additions. FINANCIAL ANALYSIS The financial profile is assessed based on the DSCR over both the bond life and the refinancing period, with the latter assuming the notes' outstanding principal will be refinanced at maturity with long-term amortising debt over the remaining project lives. The P90 forecast is no longer considered practical, given the assets' historical underperformance. Its analysis now relies on actual performance data rather than third-party consultant estimates. The historical average generation is used as the Fitch base case, while the Fitch rating case applies a 5% haircut to the base case. The only exception is the Rajkot 3 hybrid asset, which commenced operations in FY24; for this asset, the base case uses the 1-year P90 estimate, while the rating case is derived from the 1-year P90 figure with an additional 7% haircut for wind and 5% for solar. Under these revised assumptions, the Fitch base-case DSCR averages 1.86x over the bond life and 1.87x during the refinancing period, with a minimum DSCR of 1.57x. Under Fitch's rating case, the DSCR averages 1.73x and 1.76x over the bond life and refinancing period, respectively, with a minimum DSCR of 1.46x. The financial profile remains consistent with the current rating, although rating headroom has decreased significantly compared to last year. ESG Considerations Fitch does not provide ESG relevance scores for Bothe Windfarm Development Private Limited,Continuum Trinethra Renewables Private Limited,DJ Energy Private Limited,Kutch Windfarm Development Private Limited,Renewables Trinethra Private Limited,Trinethra Wind And Hydro Power Private Limited,Uttar Urja Projects Private Limited,Watsun Infrabuild Private Limited. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. Entity/Debt Rating Prior ----------- ------ ----- Bothe Windfarm Development Private Limited Continuum Green Energy Limited/Senior Secured Debt/1 LT LT BB+ Affirmed BB+ Kutch Windfarm Development Private Limited Continuum Green Energy Limited/Senior Secured Debt/1 LT LT BB+ Affirmed BB+ Uttar Urja Projects Private Limited Continuum Green Energy Limited/Senior Secured Debt/1 LT LT BB+ Affirmed BB+ Renewables Trinethra Private Limited Continuum Green Energy Limited/Senior Secured Debt/1 LT LT BB+ Affirmed BB+ Continuum Trinethra Renewables Private Limited Continuum Green Energy Limited/Senior Secured Debt/1 LT LT BB+ Affirmed BB+ DJ Energy Private Limited Continuum Green Energy Limited/Senior Secured Debt/1 LT LT BB+ Affirmed BB+ Trinethra Wind And Hydro Power Private Limited Continuum Green Energy Limited/Senior Secured Debt/1 LT LT BB+ Affirmed BB+ Watsun Infrabuild Private Limited Continuum Green Energy Limited/Senior Secured Debt/1 LT LT BB+ Affirmed BB+ DEEN DAYAL: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Deen Dayal Foods Private Limited (DDFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.49 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 26, 2024, placed the rating(s) of DDFPL under the 'issuer non-cooperating' category as DDFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DDFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 12, 2025, May 22, 2025, June 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings 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 Deen Dayal Foods Private Limited (DDFPL) was incorporated in 2010 by Mr. Dileep Kumar Singhal, Mrs Aradhna Singhal and Mr. Vijay Pal. The company is engaged in the business of manufacturing milk and milk products. It purchases milk from local farmers with the help of agents. Its products include loose milk, skimmed milk powder, butter, Ghee, etc. It has a good customer base all over India. The company supplies its products mainly to Parle Products Private Limited and Virat Crane Industries Limited. DEWAN CHAND: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Dewan Chand (DC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 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 Limited (CareEdge Ratings) had, vide its press release dated June 24, 2024, placed the rating(s) of DC under the 'issuer non-cooperating' category as DC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 10, 2025, May 20, 2025 and May 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' 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 DC was initially established as proprietorship concern and later on converted into a partnership firm on August 29, 2009. DC is Delhi-based firm managed by Mr Vikram Phalper along with his wife Mrs Anita Phalper for carrying out different types of civil construction projects for Public Works Department (PWD) Delhi. DC was founded in 1949 by late Lala Mr Dewan Chand. DC is registered as a Class A contractor with PWD, Delhi, and has tendered various contracts involving contracts of government buildings since inception. It has completed prestigious contracts namely Indra Prastha Bhawan, Ashoka Estate Building, World health house, Indian Oil Bhawan, Police head Quarters, etc. DC is present majorly in Delhi. DODSAL ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Dodsal Enterprises Private Limited (DEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 105.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 129.58 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 19, 2024, placed the rating(s) of DEPL under the 'issuer non-cooperating' category as DEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 5, 2025, May 15, 2025, May 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings 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 Dodsal Enterprises Private Limited (DEPL), a closely held company formerly known as Dodsal Engineering & Construction Pvt Ltd till August 2009, belongs to the Dubai-based Dodsal group. DEPL was established in 1948 to carry out the engineering and construction contracts (EPC Division) in India and later diversified into business such as Casual Dining Restaurant (Food Division) and Trading (Agency Division). The food business was sold to Samara Capital (Private Equity) in September 2015. J. V. EXPORTS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of J. V. Exports (JVE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 18, 2024, placed the rating(s) of JVE under the 'issuer non-cooperating' category as JVE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JVE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2025, May 14, 2025, May 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' 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 Established in 1996, J V Exports (JVE) is a partnership firm engaged in the processing and export of diamonds. The operations of the firm are managed by the partners Mr. Vaghjibhai Vadsak, Mr. Vitthalbhai Vadsak, Mr. Arvindbhai Vadsak and Mr. Jaysukhbhai Vadsak who are vastly experienced and managing overall operations of the firm. The firm has its administrative office in Mumbai and its processing plant is located in Surat. K. K. BUILDERS: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of K. K. Builders Private Limited (KKBPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 26.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 6, 2024, placed the rating(s) of KKBPL under the 'issuer non-cooperating' category as KKBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KKBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 22, 2025, May 2, 2025, May 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' 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 K.K. Builders Private Limited was incorporated in 1990 in Jamshedpur, Jharkhand by Mr. Vikash Singh and his family members. The company is primarily engaged in construction of roads & highways, bridges, mining and Irrigation supporting infrastructure. The entity majorly works for the Central Govt. entities such as National Projects Construction Corporation Ltd, Central Public Works Department, etc. KISAN GINNING: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kisan Ginning & Pressing (KGP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 2, 2024, placed the rating(s) of KGP under the 'issuer non-cooperating' category as KGP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KGP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 18, 2025, May 28, 2025, and June 7, 2025, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' 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 Kisan Ginning & Pressing (KGP) is a Chandrapur based, partnership firm, established by Mr. Radhesham Adaniya and Mr. Gopal Adaniya in 2014. The entity is engaged in the business of cotton ginning & pressing and extraction of oil at its manufacturing facility located at Chandrapur, Maharashtra. KRISHNA REDDY: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Krishna Reddy Rural Godown (KRRG) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 4, 2024, placed the rating(s) of KRRG under the 'issuer non-cooperating' category as KRRG had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KRRG continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 20, 2025, April 30, 2025, May 10, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' 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 Telangana based, Krishna Reddy Rural Godown (KRRG) was established as a proprietorship firm in the year 2017 and promoted by Mr. P. Krishna Reddy. The firm is engaged in providing ware house on lease rental to Avenue Supercar's Limited ((D- Mart). The property is built on total land area of 165000 square feet and comprises of 4 godowns, with an aggregate storage capacity of around 24406 MT (Metric Tons), for agricultural products, fertilizers, consumer goods etc. LAVASA CORPORATION: Valor Emerges as Top Bidder for Company ----------------------------------------------------------- The Economic Times reports that realty developer Valor Estate, formerly DB Realty, has emerged as the highest bidder for Lavasa Corporation with an offer of INR771.09 crore on a net present value (NPV) basis, as part of the ongoing insolvency resolution process for the debt-laden hill city project near Pune, said people familiar with the development. Bids were invited under the 'challenge process' of the Corporate Insolvency Resolution Process (CIRP), which concluded on July 8, ET says. About Lavasa Corp Lavasa Corporation Limited develops and manages a hill city in India. Its portfolio includes R&D and training centers, IT and biotech industry, KPOs and those related to art, fashion, and animation companies; hospitality, tourism, health, education, and IT and ITES industries; lakeside apartments, villas, rental housing, and retiree housing; and studio apartments, starter homes, and workforce apartments. Lavasa is a subsidiary of construction major Hindustan Construction Company (HCC) and entered insolvency proceedings at the National Company Law Tribunal, Mumbai, in August 2018. As reported in the Troubled Company Reporter-Asia Pacific in late July 2023, the National Company Law Tribunal has approved a INR1,814 crore resolution plan for the private hill station Lavasa, nearly five years after the initiation of the insolvency resolution process. Darwin Platform Infrastructure Ltd. (DPIL) has emerged as the winning bidder for Lavasa Corp., which is primarily into the business of the development of the private hill station by the same name in Pune, according to BQ Prime. MAYUR LEATHER: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Mayur Leather Products Limited (MLPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 0.66 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 8.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 1.05 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 23, 2024, placed the rating(s) of MLPL under the 'issuer non-cooperating' category as MLPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MLPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 8, 2025, April 18, 2025, April 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Jaipur (Rajasthan) (ISIN Number: INE799E01011) based MLPL was formed in 1987 by Mr. Rajender Singh Poddar. The company is engaged in manufacturing and export of leather shoe and shoe uppers. The company has its manufacturing facility located at Jaipur and exports its products to Europe, Middle East and Canada. MODI SOLVEX: CARE Lowers Rating on INR40cr LT Loan to B- -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Modi Solvex (MDS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 40.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Revised from CARE B; Stable; and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) has been seeking the No Default Statement (NDS) from MS, to monitor the ratings vide e-mail communications dated July 1, 2025, June 27, 2025, June 26, 2025 and June 25, 2025 along with numerous phone calls. However, despite repeated requests, MS has not provided the NDS for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings has reviewed the ratings on the basis of best available information which however, in CARE Ratings' opinion is not sufficient to arrive at a fair rating. The ratings on bank facilities of MS will now be denoted as 'CARE B-; Stable; ISSUER NOT COOPERATING'. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating). The revision in ratings assigned is on account of non-availability of requisite information for continuous monitoring of the ratings, due to non-cooperation by MS with CARE Ratings, to provide the No Default Statement (NDS) on monthly basis. CARE Ratings views information availability risk as a key factor in its assessment of credit risk. The ratings assigned to the bank facilities of MS continue to remain constrained by small scale of operations with thin profitability margins, levered capital structure marked by high overall gearing and weak debt coverage indicators, and raw material price fluctuation risk. Further, the rating also factors in partnership nature of constitution and fragmented and competitive nature of industry. These rating weaknesses are partially offset by experienced partners and long track record of operations, favourable location of plant, and diversified customer base. Analytical approach: Standalone Outlook: Stable CARE Ratings believes that the firm shall continue to benefit from experience of its promoters and favourable location of plant as well as diversified customer base. Detailed description of key rating drivers: At the time of last rating on October 11, 2024, following were the rating weaknesses and strengths. Key weaknesses * Small scale of operations with thin margins: The firm's scale of operations remained small at INR132.97 crore in FY24 (refers to the period from April 1, 2023, to March 31, 2024) (PY: INR131.34 crore). The profitability margins of the firm remained thin with limited value addition and high volatility in raw material prices which is procured at market linked rates with limited pricing power. The firm reported PBILDT margin of 3.82% in FY24 against 3.31% in FY23. Further, the PAT margin in FY24 remained low at 0.54% against 0.48% in FY23. * Raw material price fluctuation risk: The firm is engaged in extraction of crude rice bran oil, which is susceptible to fluctuations in raw material prices. The price of rice is governed by the demand-supply dynamics prevalent in major rice growing nations, weather conditions and prices of substitute. Furthermore, any increase in the rice bran prices without a corresponding increase in edible crude oil prices will adversely impact the profitability margins of the entities in this business. * Weak solvency position: The capital structure of the firm continued to be leveraged with overall gearing ratio of 6.46x as on March 31, 2024, against 5.61x as on 31 March 2023 mainly on account of very low net-worth base of the firm. The firm continues to have weak debt coverage indicators marked by interest coverage ratio of 1.30x in FY24 (PY: 1.37x) and total debt to GCA of 32.83x for FY24 (PY:25.89x). * Partnership nature of constitution: Modi Solvex's constitution as a partnership firm has the inherent risk of possibility of withdrawal of the partners' capital at the time of personal contingency and firm being dissolved upon the death/retirement/insolvency of partners. With the low base of its own funds, its operations are susceptible to any business shock, thereby limiting its ability to absorb losses or financial exigencies. Further, it also results in increased vulnerability of its financial risk profile to any incremental debt. * Fragmented and competitive nature of industry: The firm operates in a competitive and highly fragmented agro-commodity industry which has a presence of large number of small and medium scale players. Further, the overall value addition in the trading industry is very low, which translates into thin profitability. Key strengths * Experienced partners and long track record of operations: The firm was established in 2001, and its day-to-day operations are looked after by two partners sharing profit and losses equally. Mr. Anubhav Modi and Mr Ashish Modi both having an industry experience of 23 years. Mr Anubhav Modi has completed MBA and looks after the production and purchase of the raw material. Mr Ashish Modi looks after the accounts and sales of the firm. Furthermore, the partners have been supported by a team of technical persons. With their extensive knowledge of the industry, they are able to maintain long term relationship with their clients and suppliers. * Favourable location of plant: The firm majorly utilizes agriculturally based raw materials in its manufacturing process. The manufacturing units are located in Ludhiana district of Punjab. This location results in easy procurement of rice, paddy and mustard and facilitates delivery of the same in a timely manner at competitive prices and lower logistics expenditure. Procurement of raw material is easy due to ample availability from farmers and traders as Ludhiana and its adjoining districts are established belts for rice and mustard cultivation. * Diversified customer base: Over the years, Modi Solvex has established good relations with its customers which has helped the firm to generate repeat orders from these customers. Modi Solvex has a diversified customer base as edible oil sale is based on the orders from the refineries and with diverse customer portfolio, the firm has better negotiating power with suppliers and other stakeholders, as it is not overly dependent on a small number of clients. Moreover, the firm has been focusing on adding new clients leading to lowering their customer concentration risk over the years. The top 5 customers contributed 36% of the total sales in FY24 (PY:42%). Liquidity: Stretched The liquidity position of the firm remained stretched as reflected by almost full utilisation of working capital limits in last 12 months ending August 31, 2024. The firm had cash and bank balance of Rs 0.62 crores as on March 31, 2024, which will be used for repayment of the loan and as per the management the shortfall will be funded through infusion of funds by partners in form of unsecured loans as seen in the past years. The firm is not planning to incur any major capex in the near to medium future. Modi Solvex is a partnership firm and was established in August 2001. The firm is engaged in the extraction of crude rice bran oil, de-oiled rice bran cake, crude mustard solvent and de-oiled mustard cake at its processing facility located in Ludhiana, Punjab with an installed solvent extraction capacity of 15000 metric tonne of rice bran oil per annum as in August 2024. The firm manufactures rice bran oil in semi-edible form for industrial use, which is sold to refineries based in Punjab and Haryana through brokers and commission agents. The firm has also started manufacturing mustard oil since last year and it contributes 30% of the revenue of the firm. Furthermore, the firm also sells its by-product i.e. de oiled rice bran cake to cattle feed manufacturers. The main raw material is rice bran which is mainly procured from rice millers based in in Ludhiana, Punjab. Furthermore, the firm has two group concerns, namely, Modi Foods Products and MGM Solvex foods. PADAM MOTORS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Padam Motors Private Limited (PMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.93 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 24, 2024, placed the rating(s) of PMPL under the 'issuer non-cooperating' category as PMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 10, 2025, May 20, 2025 and May 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' 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 Padam Motors Private Limited (PMPL) was incorporated in May 2004 and operates as an authorized dealer for the sale of passenger and commercial vehicles of the Ashok Leyland, Tata and Renault. RKV SPIRITS: CARE Reaffirms B+ Rating on INR95cr LT Loan -------------------------------------------------------- CARE Ratings has reaffirmed ratings on certain bank facilities of RKV Spirits Private Limited (RSPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 95.00 CARE B+; Stable; Reaffirmed Facilities Rationale and key rating drivers Reaffirmation of the rating assigned to bank facilities of RSPL continues to remain constrained by the execution risks as the project is under construction phase. It is noted that the project has achieved financial closure with the sanction of term loans (~47% already disbursed). Successful commissioning of the project without major time/cost overrun and stabilisation of the same would be key monitorable. The rating continues to remain constrained by limited experience of promoters in the ethanol industry. However, the rating derives comfort from RSPL's locational advantage with close proximity to raw materials procurement sources and favourable industry prospects. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Timely infusion of equity by the promoters within the projected timeline along with successful commissioning of the commercial operations within the projected budget cost and timeline. Negative factors * Any Significant cost or time over run in project execution leading to adverse impact on cash flows and deterioration in the liquidity position of the company. * Any Significant unbudgeted debt-funded investment, resulting in deterioration in the liquidity and leverage position. Analytical approach: Standalone Outlook: Stable The stable outlook reflects CARE Ratings Limited's (CareEdge Ratings') opinion on the company's ability to commission the ethanol plant within the expected timeline and without major cost overrun, following the financial closure of the project. Detailed description of key rating drivers: Key weaknesses * Limited experience of promoters in the ethanol industry: The company is promoted by Saini family, having an experience of over three decades in varied businesses such as iron and steel, LPG cylinders and poultry farm, among others. However, promoters have no prior experience in the ethanol industry and its operations. * Project implementation and stabilisation risk: RSPL is setting up a 100 kilo litres per day (KLPD) grain-based distillery in Solan, Himachal Pradesh, aligning with the Government of India's Ethanol Blended Petrol (EBP) program launched in 2003. The project, with a total estimated cost of INR167.75 crore, is being financed through a combination of INR95.0 crore term loan and remainder through unsecured loans from promoters, and equity infusion. Commercial operation date (COD) of the project is scheduled in April 2026. The company has already secured necessary pre-construction approvals, including the Water and Fire No Objection Certificates (NOCs), from the relevant regulatory bodies. As on May 31, 2025, RSPL has incurred ~INR81.00 crore, accounting for ~49% of the total project cost. This includes INR45.00 crore allocated to fixed assets, INR30.00 crore as supplier advances, and the remaining towards pre-operative expenses and GST input credits. It is noted that the project has achieved financial closure with the sanction of term loans (~47% already disbursed). The construction is at a moderate stage and the company's ability to complete the project within the envisaged time and cost will remain critical from credit risk perspective. Further, timely completion with stabilisation and streamlining of revenue remains to be seen. Key strengths * Locational advantage: The company has procured 32 acres' land to set-up a grain-based ethanol distillery at Mohal Beed Palsi of Solan, Himachal Pradesh. The plant is in North-Indian region, Punjab and Haryana which are the major paddy producing states, having highest number of rice mills which facilitates easy procurement of grains and other agro-based products during season. * Favourable industry prospects: Indian transportation sector is facing three major challenges, including depletion of fossil fuels, volatility in crude oil prices and stringent environmental regulations. Ethanol is one of the most suitable alternative blending transportation fuel due to its better fuel quality (ethanol has a higher-octane number) and environmental benefits. Per the national policy on biofuels, there was an indicative target of 20% blending ethanol in petrol by 2025 and it has reached 17.98% in Ethanol Supply Year (ESY) 2024-25 up to February 28, 2025. However, OMCs are currently facing significant delays in the decantation of ethanol tankers at depots, which is affecting the supply chain and causing overstocking issues across the sector. The Department of Food and Public Distribution (DFPD), Ministry of Consumer Affairs, Food and Public Distribution, Government of India (Gol) with a view to increase production of ethanol and its supply under Ethanol Blended with Petrol (ESP) Programme, has notified a scheme "Scheme for extending financial assistance to project proponents for enhancement of their ethanol distillation capacity or to set up distilleries for producing 1st Generation (1G) ethanol from feed stocks such as cereals (rice, wheat, barley, corn & sorghum), sugarcane, sugar beet etc." Accordingly, there is a large demand for ethanol from OMCs which provides revenue visibility of the project. Liquidity: Stretched Currently, the project is under construction stage and is scheduled to be operational by April 2026 and term loan repayments are scheduled to begin in October 2026. The company's liquidity position depends on timely completion of the project with stabilization and streamlining of revenues and timely company's fund infusion in the form of promoter's contribution. In line With the financing arrangement, the State Bank of India's term loan interest is being serviced through term loan i.e. by capitalisation of project expenses till COD of the project. However, the interest on Bank of India's term loan is being serviced by the company from promoter's own funds. RSPL was incorporated in January 2021 by Saini brothers, who have experience of over 3 decades in varied businesses such as iron and steel, LPG cylinders and poultry farm, among others. The company is setting up a greenfield project for manufacturing of fuel ethanol and ENA alongside it's by-product, animal feed. The same is under the ambit of Ethanol Blending Programme (EBP) policy of GOI. S S POULTRIES: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of S S Poultries (SSP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 5.27 CARE B-; Issuer not cooperating; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 24, 2024, placed the rating(s) of SSP under the 'issuer non-cooperating' category as SSP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 10, 2025, May 20, 2025 and May 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' 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 S S Poultries (SSP) was established in April, 2016 as a partnership firm and is being promoted and managed by Mr. Suresh Kumar Jain, Mr. Amit Jain, Mrs. Sarika Aggarwal and Mrs. Shalini Jain. SSP has up a poultry farm spread over 5.5 acres at Ludhiana, Punjab. The firm has two group concerns- Anand Poultry Farm and S R Poultries, which are also engaged in the similar line of business, since 2009 and 2014, respectively. S.K. INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of S.K. Industries (SI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.09 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 25, 2024, placed the rating(s) of SI under the 'issuer non-cooperating' category as SI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 11, 2025, May 21, 2025 and May 31, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' 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 S. K. Industries was established as a partnership firm in 1996 and it is currently being managed by Mr. Rakesh Kumar, Mr. Naresh Kumar, Mr. Sanjiv Kumar and Mr. Rajiv Kumar. The firm is engaged in processing of paddy at its manufacturing facility located in Faridkot, Punjab. SAASTHA WARE: CARE Lowers Rating on INR20cr LT Loan to B+ --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Saastha Ware Housing Limited (SWHL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 18, 2024, placed the rating(s) of SWHL under the 'issuer non-cooperating' category as SWHL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SWHL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2025, May 14, 2025 and May 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings 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 assigned to the bank facilities of SWHL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Not Applicable Saastha Warehousing Ltd. (SWHL) incorporated in 1994 is promoted by Shri N Adikesavulu Reddy. The company is engaged in the business of warehousing facilities in Bangalore and Hyderabad. The Company has also developed an integrated Cold Chain Project duly approved by the Ministry of Food Processing Industry, Govt. of India at Raigad, Maharashtra. The facility includes 16 chambers with capacity of 10,000 MT with an assured protection against ammonia contamination risk to the stored cargo. The company is a part of NDR Group providing agri-warehousing and third party logistics services since 1954. Continental Warehousing Corporation (NhavaSeva) Limited, flagship company of the group provides warehousing, CFS services, cargo storage, bonded & general warehouse facility and container depot with repair facilities. The other companies in the group includes Continental Multimodal Terminals Limited (CMTL), the company operates a PFT in Hyderabad. Kaveri Warehousing Pvt. Ltd. (KWPL) which is engaged in supply chain management services, such as manpower service, transportation and facility services to corporate clients and Delex Cargo (India) Private Limited (DelEx) providing pick-up and delivery operations, express cargo services and distribution logistic services to domestic airlines. SHIVA INTERNATIONAL: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shiva International Apparels (SIA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 9.00 CARE B-; Issuer not cooperating; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 24, 2024, placed the rating(s) of SIA under the 'issuer non-cooperating' category as SIA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 10, 2025, May 20, 2025 and May 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' 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 Delhi based Shiva International Apparels was incorporated in September 2006 as a Proprietorship Firm. The firm is engaged in manufacturing of Men and Women Garments like Kurtis, Jeans, Jackets, Trousers and Tops. SHRIKRIPA POULTRY: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shrikripa Poultry Feeds (SPF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 2, 2024, placed the rating(s) of SPF under the 'issuer non-cooperating' category as SPF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 18, 2025, May 28, 2025 and June 7, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' 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 SPF was incorporated in 1992 as a Proprietorship Firm by Mr. Sharad Narayanrao Bharsakale. SPF is engaged in poultry farming Business. SIDDS JEWELS PRIVATE: CARE Reaffirms D Rating on INR133.09cr Loans ------------------------------------------------------------------ CARE Ratings has reaffirmed ratings on certain bank facilities of Sidds Jewels Private Limited, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 49.25 CARE D Reaffirmed Facilities Long Term/ 133.09 CARE D/CARE D Reaffirmed Short Term Bank Facilities Rationale and key rating drivers While arriving at the ratings, CARE Ratings Limited (CareEdge Ratings) has considered the combined financial risk profiles of Sidds Jewels India LLP and Sidds Jewels Private Limited considering managerial, operational and financial linkages. The reaffirmation in the ratings assigned to the bank facilities of Sidds Jewels Private Limited continue to factor in the ongoing delays in debt servicing, as mentioned in audit report for FY24 and confirmed by the lenders. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Timely servicing of debt repayment obligations (principal and interest) for minimum 90 days Negative factors: Not Applicable Analytical approach: Combined Approach CareEdge Ratings has considered the combined financial risk profiles of Sidds Jewels India LLP and Sidds Jewels Private Limited as the entities operate under common management, are involved in similar lines of business and have operational synergies. Outlook: Not Applicable Detailed description of key rating drivers: Key weaknesses * Continued delays in servicing of debt repayment obligations: As per audit report for FY24, the account of the company with various banks has been classified as NPA since 2021. Further, OTS has been approved by Canara Bank on Mar 24, 2022, Union Bank of India on Mar 10, 2023, and Axis Bank on Mar 21, 2025. As on date, OTS proposals with other lenders (Bank of Baroda and Central Bank of India) are under process and the account is still tagged as NPA. Liquidity: Poor The liquidity position of the company remained poor on account of delays in debt servicing. Sidds Jewels Private Limited (SJPL) & Sidds Jewels India LLP (SJIL) are into manufacturing and exporting diamond studded jewellery. Both the entities are promoted by Mr. Sunil S. Kothari belonging to the Kothari family from Mumbai. The manufacturing facility is located in SEEPZ, Mumbai which employs around 200 employees. Apart from interest in G&J business, the Kothari family also has businesses in hospitality, real estate, horticulture and plantation industry. SIDDS JEWELS: CARE Reaffirms D Rating on INR60cr Loans ------------------------------------------------------ CARE Ratings has reaffirmed ratings on certain bank facilities of Sidds Jewels India LLP, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 29.98 CARE D Reaffirmed Facilities Long Term/ 60.00 CARE D/CARE D Reaffirmed Short Term Bank Facilities Short Term Bank 1.36 CARE D Reaffirmed Facilities Rationale and key rating drivers While arriving at the ratings, CARE Ratings Limited (CareEdge Ratings) has considered the combined financial risk profile of Sidds Jewels India LLP and Sidds Jewels Private Limited considering managerial, operational and financial linkages. The reaffirmation of the ratings assigned to the bank facilities of Sidds Jewels India LLP reflects the continued classification of its account as nonstandard with lenders on account of overdue principal and interest, as specified in audit report for FY24 and confirmed by the lenders. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Timely servicing of debt repayment obligations (principal and interest) for minimum 90 days Negative factors: Not Applicable Analytical approach: Combined CareEdge Ratings has considered the combined financial risk profiles of Sidds Jewels India LLP and Sidds Jewels Private Limited as the entities operate under common management, are involved in similar line of business and have operational synergies. Outlook: Not Applicable Detailed description of key rating drivers: Key weaknesses * Continued classification of account as NPA by lenders: As per audit report for FY24, the accounts of the firm with Union Bank of India have been classified as non-performing asset (NPA) w.e.f. August 20, 2021. The account continues to be tagged as NPA on account of overdue principal and interest amount, as confirmed by the lenders. Further, the Union Bank of India has sanctioned One Time Settlement (OTS) on August 25, 2023. Liquidity: Poor The liquidity position of the company remained poor on account of delays in debt servicing. Sidds Jewels Private Limited (SJPL) & Sidds Jewels India LLP (SJIL) are into manufacturing and exporting diamond studded jewellery. Both the entities are promoted by Mr. Sunil S. Kothari belonging to the Kothari family from Mumbai. The manufacturing facility is located in SEEPZ, Mumbai which employs around 200 employees. Apart from interest in G&J business, the Kothari family also has businesses in hospitality, real estate, horticulture and plantation industry. SUDHA SIKSHA: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sudha Siksha Sabha (SSS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 8.90 CARE B-; Issuer not cooperating; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 25, 2024, placed the rating(s) of SSS under the 'issuer non-cooperating' category as SSS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 11, 2025, May 21, 2025 and May 31, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' 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 Sudha Siksha Sabha (SSS) got registered as a society on November 19, 1999 under the Society Registration Act1860. The society was established by Mr. Bhupen Phougat and is currently being managed by Mr. Brahm Dev, and Mr. Bhupen Phougat with an objective to provide school education services. The trust is running three schools under the name of "Jasper Schools" (JAS) of which two are in Rajpura and one in Patiala, Punjab. Jasper School, Ghanuar and ICL Road, Rajpura are offering classes from Nursery to senior secondary level including all four courses viz. non-medical, medical, commerce and humanities and are Central Board of Secondary Education (CBSE) affiliated whereas the other branch is offering classes from Nursery to 8th standard and has applied for CBSE affiliation in January, 2018. Besides this, Mr. Bhupen Phougat is also associated with another society i.e. Pine Crest School Society which was established in 2000 and is running a school under the name of Pine Crest School in Gurgaon, Haryana. SUPREME & COMPANY: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Supreme & Company Private Limited (SCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 58.71 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 121.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 102.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 23, 2024, placed the rating(s) of SCPL under the 'issuer non-cooperating' category as SCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 8, 2025, April 18, 2025, April 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' 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 Supreme and Company Private Limited (SCPL), promoted by Mr. Omkar Agarwal of Kolkata, was incorporated in 1978 and remained dormant till 2006. Prior to setting up of SCPL, the promoters were engaged in manufacturing of fastener products through a partnership firm, named, Supreme & Company. Currently, SCPL is engaged in manufacturing of galvanised steel fabrication, aluminium and copper accessories for power transmission and distribution lines. In FY10, SCPL has ventured into supply, construction and commissioning of power distribution lines on turnkey basis. In FY15, SCPL took the dealership of Mahindra & Mahindra vehicles for five districts of West Bengal. UM GREEN: CARE Keeps D Debt Ratings in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Um Green Lighting Private Limited (UGLPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 10.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 25, 2024, placed the rating(s) of UGLPL under the 'issuer non-cooperating' category as UGLPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UGLPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 11, 2025, May 21, 2025 and May 31, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 2010, UGLPL is a part of UM group companies. The company is promoted by Mr. Gaurav Mamik (Chairman and Director) and Mr. Sushant Chhabra (Director). The company is engaged in manufacturing and installation of LED lights, solar lights and installation of solar power plants. The manufacturing facility of UMGL is located at Manesar, Gurgaon. WONDERVALUE REALTY: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Wondervalue Realty Developers Private Limited (WRDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 300.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 7, 2024, placed the rating(s) of WRDPL under the 'issuer non-cooperating' category as WRDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. WRDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 23, 2025, May 3, 2025, May 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Incorporated in September 2008, WRDPL is promoted by HBS Realtors Pvt. Ltd. (HBS, holding 50.01% stake) and IIRF India Realty XI Ltd. (IIRF-XI) & IL&FS Trust Company Ltd. (ITCL) (holding 49.99% stake). WRDPL is developing a residential redevelopment project spread over 3.61 acres (157,074 sq ft) of land in Worli, Mumbai, currently owned by Maharashtra Housing and Area Development Authority (MHADA). Total permissible Floor Space Index (FSI) is 2.5x for the proposed development. Considering the FSI available, the total area proposed to be developed is 695,127 sq ft. The above area is split into built up area of 362,847 sq ft to be used for the Rehab Towers and the balance built up area of 342,431 sq ft would be available to WRDPL for commercial sale (free sale area). ZOTRES HOSPITALS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Zotres Hospitals Private Limited (ZHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 18, 2024, placed the rating(s) of ZHPL under the 'issuer non-cooperating' category as ZHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ZHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2025, May 14, 2025, May 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' 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 Zotres Hospitals Private limited (ZHPL) was incorporated on October 22, 2018 as a Private limited company and currently managed by Dr. Lalrintluanga Jahau (MBBS, MSRC) having more than 3 decades of experience in healthcare industry and Dr. Madhurjya Sarmah (MBBS, DMRD) is radiologist by profession having more than decade of experience in healthcare industry. The company has successfully setup the Multi-Speciality Secondary Care Hospital having 110 beds capacity with 3 operation theatres, pre-operative and post-operative wards, labor rooms, and nursing station etc. Further the construction work has completed in October, 2020 and ZHPL has started its commercial operation since November, 2020, thus FY22 will be the first full year of operation. ===================== N E W Z E A L A N D ===================== AMBRY HOLDINGS: Creditors' Proofs of Debt Due on July 17 -------------------------------------------------------- Creditors of Ambry Holdings Limited and C&G Holdings Limited are required to file their proofs of debt by July 17, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 25, 2025. The company's liquidator is: Andrew Grenfell McGrathNicol Level 17 41 Shortland Street Auckland DLM LIMITED: Court to Hear Wind-Up Petition on July 14 ------------------------------------------------------ A petition to wind up the operations of DLM Limited will be heard before the High Court at Hamilton on July 14, 2025, at 10:45 a.m. NZ Build Group Limited filed the petition against the company on June 11, 2025. The Petitioner's solicitor is: Ivan Milan Vodanovich Vodanovich Law 4A Shamrock Drive Kumeu Auckland KV LTD: Owes NZD1.5 Million, Liquidator's Report Shows ------------------------------------------------------ The Press reports that the man behind a development company that did not repay an investor's NZD1 million loan has blamed the liquidation on Covid-19, construction delays and increased costs. According to the Press, Christopher Swann's company KV Ltd - previously named DRH4 Investments Ltd - completed two townhouse developments in St Albans and sold all eight units. But investor Harbour Holdings Ltd never received the million dollars it advanced to KV and took the company to the High Court in Christchurch earlier this year. It was placed in liquidation in May by Associate Judge Dale Lester, who told KV's lawyer his argument for the loan not being repaid was "nonsense". The first liquidators report revealed NZD1.16 million was owed to three unsecured creditors and NZD305,000 was owed to Inland Revenue, The Press relays. The Press relates that Mr. Swann blamed the liquidation on Covid-19. Funding was affected, costs increased, build times were delayed and the Harbour Holdings loan went into default, he stated. It was too early to say if any creditors would be paid, the liquidators said. The Press quoted Judge Lester as saying in May: "This has all the hallmarks of a tactical step by your client to delay matters and it hasn't filed its annual return, which is potentially a device to frustrate us at this proceeding. "The money from this development has gone somewhere. If the development didn't make any money then no doubt that would have been explained." Christopher Swann is a chartered accountant. He was previously the chair of the Waitaki District Health Services, as well as cancer diagnostics company Pacific Edge. MCCORMACK CONSTRUCTION: Court to Hear Wind-Up Petition on July 17 ----------------------------------------------------------------- A petition to wind up the operations of McCormack Construction Limited will be heard before the High Court at Auckland on July 17, 2025, at 10:00 a.m. Carters Building Supplies Limited filed the petition against the company on Oct. 30, 2024. The Petitioner's solicitor is: Philip John Morris Stace Hammond Lawyers KPMG Building, Level 7 85 Alexandra Street Hamilton 3240 RESEARCH FIRST: Owners Back in Business Under New Name ------------------------------------------------------ The Press reports that the people behind Research First, the Christchurch market research company that collapsed last month owing more than NZD3.5 million, are back in business under a new company name. Research First Ltd, which traded in its last year as Truwind, was put into liquidation on June 4 by its shareholders and directors, Carl Davidson and Ann Thompson, The Press discloses. They are now working as The Curiosity Company, with a handful of workers from their former team of 25. Davidson and Thompson incorporated the company on February 17, three-and-a-half months before pulling the plug on Research First. Its LinkedIn profile describes it as a market research business and lists five Curiosity Company workers - a mix of contractors and employees - alongside the two directors. According to The Press, award-winning Research First failed after 19 years in business. It collapsed amid mounting debts including unpaid taxes and penalties, and as Inland Revenue began recovery action. It vacated its leased Sydenham premises at the time of the liquidation. The Press relates that Mr. Davidson said last month their troubles began during Covid. He said the final blow was the United States Department of Government Efficiency (Doge) cancelling NZD1 million worth of contracts they hoped would keep them afloat. Those contracts included research on geo-political issues in the Pacific. "According to the director, the business had struggled to be economic for some time," the liquidator's first report said. The company's debts include NZD2 million in unpaid GST, PAYE and penalties owed to Inland Revenue. Unsecured creditors are owed NZD1.2 million and staff are owed NZD50,000 in holiday pay. ASB bank is owed NZD340,000, and holds securities over the company's assets including office furniture and computer equipment. These items were auctioned off last week. There are 32 unsecured creditors including ACC, Business Canterbury, Callaghan Innovation, Contact Energy, Facebook, Harcourts, and Spark. Along with The Curiosity Company, Messrs. Davidson and Thompson formed another company, Pacific First, on February 14. Both new companies are described with the Companies Office as business consultant services, according to The Press. The Curiosity Company's website describes it as a full-service market and social research agency that helps clients uncover insights, supports implementing change, and provides training to clients to foster long-term success. Neither Davidson nor Thompson responded to questions from The Press, including whether they knew liquidation was a possibility when they registered the new companies, the dates the American contracts were cancelled, whether their current work is for contracts secured before the liquidation, and if so what will happen to those payments. Under company law, directors must not trade recklessly, but are not held personally responsible for a liquidated company's debts, unless laws have been broken. Aside from the United States Government, Research First's clients included Canterbury University, Ōtakaro, Environment Canterbury, city and district councils, Greater Wellington, NZ Police, the Department of Conservation, and the Crusaders. SELECT BUILDING: Construction Company Goes Into Liquidtion ---------------------------------------------------------- Star News reports that Christchurch residential construction company Select Building has gone into liquidation with a total estimated shortfall to creditors of NZD329,500. That includes about NZD200,000 owed to Inland Revenue (IRD), which has started legal recovery action, while NZD10,000 in staff wages and holiday pay is in arrears. Select Building's demise follows a long line of building firms folding under business challenges. The company was placed in liquidation on July 3 with Insolvency Matters' Brenton Hunt appointed the liquidator, Star News discloses. In his first liquidators' report released on July 8, the house construction business operating in Canterbury was found to be insolvent. The Companies Register records Stephen Brett as the sole shareholder and director. According to Star News, Mr. Hunt said the director advised the company had struggled with a couple of recent projects. "Inland Revenue assessments had fallen behind [and] the director had worked hard to keep assessments up to date, but was not successful. "Inland Revenue had commenced legal actions for the recovery of the overdue assessments." The liquidator was collecting financial information and investigating the company's trading history as well as claims by creditors. Select Building's bank account funds were described as modest at liquidation, with limited plant and equipment to be collected and sold, Star News says. Two motor vehicles had finance owing and initial investigations indicated large overdrawn shareholder accounts. Unsecured creditors were estimated to be owed about NZD150,000 by the company which began trading in 2016, Star News discloses. SHARECLARITY LIMITED: Creditors' Proofs of Debt Due on July 18 -------------------------------------------------------------- Creditors of Shareclarity Limited are required to file their proofs of debt by July 18, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 2, 2025. The company's liquidators are: Daniel Stoneman Brendon James Gibson Calibre Partners Level 21 88 Shortland Street Auckland 1010 URBAN SCAFFOLDING: Creditors' Proofs of Debt Due on July 29 ----------------------------------------------------------- Creditors of Urban Scaffolding Limited are required to file their proofs of debt by July 29, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 29, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 ================= S I N G A P O R E ================= ATLANTIS RESOURCES: Placed in Creditors' Voluntary Liquidation -------------------------------------------------------------- Ms Chan Li Shan of Agile 8 Solutions on June 25, 2025, was appointed as liquidator of Atlantis Resources (Gujarat Tidal) Pte. Limited. The liquidator may be reached at: Ms Chan Li Shan c/o Agile 8 Solutions Pte. Ltd. 133 Cecil Street #14-01 Keck Seng Tower Singapore 069535 COALESCE ENGINEERING: Court Enters Wind-Up Order ------------------------------------------------ The High Court of Singapore entered an order on June 13, 2025, to wind up the operations of Coalesce Engineering & Construction Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 PTY RESOURCES: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on June 20, 2025, to wind up the operations of Pty Resources Pte. Ltd. Victorious Navigation S.A. filed the petition against the company. The company's liquidator is: Medora Xerxes Jamshid JK Medora PAC 22 Malacca Street #03-02, RB Capital Building Singapore 048980 TBEAUTY SERANGOON: Court to Hear Wind-Up Petition on July 18 ------------------------------------------------------------ A petition to wind up the operations of Tbeauty Serangoon Pte. Ltd. will be heard before the High Court of Singapore on July 18, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on June 27, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00 AIA Tower Singapore 048542 VISTA HARDWARE: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on June 20, 2025, to wind up the operations of Vista Hardware Supplies Pte Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ********* 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. 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