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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, July 16, 2025, Vol. 28, No. 141
Headlines
A U S T R A L I A
ALTHEA COMPANY: First Creditors' Meeting Set for July 18
AXIA HR: First Creditors' Meeting Set for July 18
BBY LIMITED: Former Exec Chairman Charged Over Dishonest Conduct
CRYPTOLOC: Liquidator Probes Transfer of QLD Funds to Founder
CUTTING EDGE: Enters Liquidation With Nearly AUD4 Million Debt
GJC BUILDERS: Goes Into Liquidation; Owes AUD500,000
ONWARD ACCOUNTING: First Creditors' Meeting Set for July 18
ROWLAND GROUP: First Creditors' Meeting Set for July 18
RYAN BRICKLAYING: First Creditors' Meeting Set for July 21
SAGE PAINTING: Placed in Liquidation With AUD2 Million Debt
C H I N A
CHINA VANKE: Sees Bigger Q1 Loss Despite Clearing Offshore Debts
H O N G K O N G
VALUE EXCHANGE: Grassi Declines 2024 Audit Over Unpaid Fees
I N D I A
AB SUGARS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
ACE AUTOCARS: CRISIL Keeps B Debt Ratings in Not Cooperating
AGRAWAL STRUCTURE: Ind-Ra Moves BB Loan Rating to NonCooperating
AKANKSHA AUTOMOBILES: ICRA Keeps B+ Ratings in Not Cooperating
AL NAFEES FROZEN: CRISIL Keeps D Debt Ratings in Not Cooperating
AL-NAFEES PROTEINS: CRISIL Keeps D Ratings in Not Cooperating
AMALESWARI CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Coop.
API ASSOCIATES: ICRA Keeps D Debt Ratings in Not Cooperating
ARNAY TUBES: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable
ASHIANA LANDCRAFT: ICRA Keeps D Debt Rating in Not Cooperating
BALIBOINA SIVAPRASAD: CRISIL Keeps D Ratings in Not Cooperating
BHAGYALAXMI INDUSTRIES: ICRA Keeps B+ Ratings in Not Cooperating
COIRFOAM INDIA: ICRA Keeps B+ Debt Rating in Not Cooperating
GANAPATHI STONE: ICRA Keeps B+ Debt Ratings in Not Cooperating
GOPINATH DAIRY: ICRA Keeps D Debt Ratings in Not Cooperating
ISHAAN METALS: ICRA Keeps B+ Debt Ratings in Not Cooperating
JAGANNATH ROLLER: Ind-Ra Moves BB+ Loan Rating to NonCooperating
JAIKA AUTOMOBILES: Ind-Ra Assigns BB Bank Loan Rating
JIMI SOLAR: Ind-Ra Moves BB Loan Rating to NonCooperating
K.P.R. RICE: ICRA Lowers Rating on INR25cr LT Cash Debt to B+
KARANJA TERMINAL: ICRA Moves D Debt Ratings to Not Cooperating
KHODIYAR OIL: ICRA Keeps D Debt Rating in Not Cooperating Category
KR HEALTH: Ind-Ra Gives BB+ Bank Loan Rating, Outlook Stable
KRISHNA STEVEDORES: ICRA Keeps B+ Debt Ratings in Not Cooperating
LIBERTY OIL: Ind-Ra Withdraws D Bank Loan Rating
MAA BHUASUNI: Ind-Ra Moves BB Rating to NonCooperating
MOHANI TEA: ICRA Keeps B+ Debt Rating in Not Cooperating Category
MRN CANEPOWER: ICRA Moves B Debt Rating to Not Cooperating
NAV BHARAT: ICRA Keeps B Debt Rating in Not Cooperating Category
NIKHIL UDYOG: ICRA Keeps D Debt Ratings in Not Cooperating
NISIKI INDIA: ICRA Keeps B+ Debt Ratings in Not Cooperating
OSIA HYPER: Ind-Ra Moves BB- Loan Rating to NonCooperating
PASUPATI SPINNING: Ind-Ra Affirms BB- Bank Loan Rating
PROTAC FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
RELIANCE COMMUNICATIONS: Canara Bank Erases 'Fraud' on Loan
RICE PROWIN: Ind-Ra Assigns BB- Loan Rating, Outlook Stable
SHAH TILES: ICRA Keeps B+ Debt Ratings in Not Cooperating
SHAKTHI MURUGAN: Ind-Ra Moves BB- Loan Rating to NonCooperating
SHIRPUR-WARVADE MUNICIPAL: ICRA Cuts Rating on LT Debts to B+
SHIV COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
SOORAJ AGRO: Ind-Ra Moves BB- Bank Loan Rating to NonCooperating
SYNERGIES CASTINGS: Ind-Ra Cuts Bank Loan Rating to B+
SYNERGY AGRI: CRISIL Keeps D Debt Ratings in Not Cooperating
WARSAW INTERNATIONAL: Ind-Ra Moves BB Rating to NonCooperating
WOODON MDF: Ind-Ra Withdraws B+ Bank Loan Rating
J A P A N
NISSAN MOTORS: To Stop Production at Oppama Plant by March 2028
N E W Z E A L A N D
AIRWORK HOLDINGS: Placed in Receivership
CVM HOSPITALITY: Court to Hear Wind-Up Petition on July 24
GENTLE PINK: Creditors' Proofs of Debt Due on Aug. 15
MEGA CAR: Court to Hear Wind-Up Petition on Aug. 28
SELECT BUILDING: Creditors' Proofs of Debt Due on Aug. 7
S I N G A P O R E
BIOCAIR SINGAPORE: Creditors' Proofs of Debt Due on Aug. 4
FISHEROO PTE: Commences Wind-Up Proceedings
IVANHOE CAMBRIDGE: Creditors' Proofs of Debt Due on Aug. 4
POISE DINING: Commences Wind-Up Proceedings
TASTY SARAWAK: Court to Hear Wind-Up Petition on July 25
S O U T H K O R E A
WATCHA: Faces Restructuring as Investor Seeks Court Administration
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A U S T R A L I A
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ALTHEA COMPANY: First Creditors' Meeting Set for July 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Althea
Company Pty Ltd will be held on July 18, 2025 at 11:00 a.m. via
Microsoft Teams.
Sule Arnautovic of Salea Advisory was appointed as administrator of
the company on July 9, 2025.
AXIA HR: First Creditors' Meeting Set for July 18
-------------------------------------------------
A first meeting of the creditors in the proceedings of Axia HR
(Tas) Pty Ltd will be held on July 18, 2025 at 10:00 a.m. at the
offices of Rodgers Reidy (Tas) Pty Ltd, Cnr Bathurst and Argyle
Street, in Hobart, TAS, and via virtual meeting technology.
Shelley-Maree Brooks of Rodgers Reidy (Tas) Pty Ltd was appointed
as administrator of the company on July 8, 2025.
BBY LIMITED: Former Exec Chairman Charged Over Dishonest Conduct
----------------------------------------------------------------
The former Executive Chairman of BBY Limited (BBY), Glenn Alexander
Rosewall, has been charged with aiding, abetting, counselling or
procuring BBY's dishonest conduct in relation to a financial
service.
Mr. Rosewall appeared on July 15 in the Downing Centre Local Court
charged with two offences contrary to sections 1041G and 1311 of
the Corporations Act 2001 (Cth) and section 11.2(1) of the Criminal
Code (Cth), following an ASIC investigation.
ASIC alleges that between about 1 March 2015 and about May 17,
2015, Mr. Rosewall aided, abetted, counselled or procured BBY's use
of AUD1.95 million of client money to facilitate payment of an
unrelated corporate invoice.
The matter was adjourned for further mention on September 9, 2025.
This matter is being prosecuted by the Office of the Director of
Public Prosecutions (Cth) (CDPP) following a referral from ASIC.
Each offence carries a maximum penalty of 10 years' imprisonment,
or a fine of 4,500 penalty units (AUD765,000) or three times the
total value of benefits obtained (or both). The maximum period of
imprisonment has subsequently been increased.
BBY was a former stockbroking and financial services business. It
was placed into voluntary administration on May 17, 2015 and
liquidation on June 22, 2015.
ASIC suspended BBY's AFS licence in May 2015. That suspension
remained in place until its licence was cancelled in June 2021.
ASIC's investigation into BBY has also led to the following ongoing
and completed prosecutions:
* June 2023 - Fiona Mae Bilton, former Head of Operations at
BBY, was sentenced following her plea of guilty to three charges of
dishonestly obtaining a financial advantage for BBY.
* October 2023 - Arunesh Narain Maharaj, BBY's former CEO,
appeared in the Downing Centre Local Court charged with aiding,
abetting, counselling or procuring the dishonest obtaining of a
financial advantage.
* August 2024 - Yat Nam (April) Yuen, who held various roles at
BBY including Manager (Strategy), was sentenced following her plea
of guilty to two charges of aiding, abetting, counselling or
procuring BBY to engage in dishonest conduct.
* June 2025 - Mr. Maharaj appeared in the Downing Centre Local
Court charged with aiding, abetting, counselling or procuring BBY
to engage in dishonest conduct.
CRYPTOLOC: Liquidator Probes Transfer of QLD Funds to Founder
-------------------------------------------------------------
ABC News reports that liquidators are probing how money for a AUD15
million Queensland government project was transferred from the
contract-winning cybersecurity company to its founder's bank
account within 24 hours of the funds arriving.
The funds transfer to Cryptoloc Holdings founder Jamie Wilson, who
once wooed the state's top politicians and pop stars, is under
investigation as a potential "fraudulent" transaction, according to
a liquidator's report.
According to the ABC, the move is the latest shock from a
disastrous cybersecurity tender won just before last year's state
election by Cryptoloc Holdings.
The government contract dissolved within months and the state has
pursued AUD1.5 million paid in an initial sum.
The ABC can also reveal Mr. Wilson has just filed for personal
bankruptcy. He declared having repaid AUD1 million to a family
member in the months before his company failed, but only having
AUD120 in cash on him now.
Mr. Wilson's entities donated more than AUD320,000 to both sides of
politics over four years. He was a networker who was repeatedly
nominated for the LNP Brisbane Lord Mayor Adrian Schrinner's
businessperson of the year award and scored face time with
then-Labor deputy premier Steven Miles.
The 45-year-old accountant turned tech entrepreneur rubbed
shoulders with celebrities, including pop star Ronan Keating at
company-sponsored parties and appeared on video podcasts with
influencers.
His Cryptoloc Holdings won a tender last September to provide a
AUD15 million cybersecurity program, hailed by the then-Labor
government as helping "protect Queensland's small businesses," the
ABC recalls.
But after an ABC investigation in November uncovered financial
problems, the state government alleged it could not get sufficient
answers from Cryptoloc Holdings and tipped it into liquidation.
Now liquidator Nick Combis of Vincents has zeroed in on the state
funds.
Cryptoloc Holdings "never had any assets of significance until the
funds it received . . . from the Queensland state government", his
report said, the ABC relays.
Creditors seek AUD2.4 million, including AUD1.51 million for the
state and AUD44,000 for a subcontractor.
"My investigations have revealed several uncommercial transactions,
including the removal of funds from the company's bank account and
paid directly to the director's bank account within twenty-four
hours of funds being received from the Queensland state
government," Mr. Combis wrote.
He noted management accounts had recorded expenses last year of
AUD1.55 million and these were "amounts transferred primarily from
the company's account to the director's bank account (I have
traced) which I consider to be voidable and or fraudulent
transactions".
Daily Mail Australia says Mr. Combis wrote Mr. Wilson has
"indicated that he has no assets [to] repay the funds".
Cryptoloc Holdings specialises in EDMS and anti-counterfeiting
solutions.
CUTTING EDGE: Enters Liquidation With Nearly AUD4 Million Debt
--------------------------------------------------------------
Caitlin Powell at Daily Mail Australia reports that the
Australia-based firm behind the post-production of hits such as
Aquaman, Pirates of the Caribbean and Thirteen Lives has fallen
into liquidation.
Cutting Edge Post, which has offices in Brisbane, Sydney and the
Gold Coast, announced on July 3 that the company would no longer be
operating, according to Daily Mail Australia.
'To all our valued clients and supporters, we would like to inform
you that after 35 years Cutting Edge Post has officially ceased
operations,' it said on social media.
'We sadly say goodbye to the end of an era, thanking all those who
joined our team, gave us a chance and collaborated passionately
beside us. We are truly grateful.
'Please note, Cutting Edge Technical Services (CETS) remains fully
operational, and is business as usual.'
Daily Mail Australia, citing the Australian Securities and
Investments Commission (ASIC), says the decision to send the firm
into liquidation was made at a general meeting on June 27.
It has since been revealed the company owed AUD3.7 million, of
which AUD2.4 million is owed to 62 staff across Australia.
In documents submitted to ASIC, the debt to staff included
AUD951,680 in redundancy entitlements, AUD581,649 in annual leave,
AUD484,230 in long service leave and AUD77,884 in wages, The Herald
Sun reported.
The report listed other creditors, among whom are the Australian
Tax Office which is owed AUD389,176 and Commonwealth Bank of
Australia which is due AUD25,166, Daily Mail Australia discloses.
A total of AUD182,990 in the form of a term loan is listed for the
Queensland Rural and Industry Development Authority, while it is
indebted to trade creditors by AUD81,633.
According to Daily Mail Australia, company director Michael Burton
said in the report that 20 trade debtors owed his company a total
of AUD702,243 on top of AUD35,032 for related party loans.
Regarding the firm's current financial state, he said it possessed
just over AUD1 million across its assets.
This was made up of AUD848,024 in fit-outs and AUD236,500 in bank
accounts with the Commonwealth Bank of Australia.
William Paul Cotter, from Robson Cotter Insolvency Group, has been
appointed as liquidator and has been contacted for comment, as has
Cutting Edge Post, Daily Mail Australia notes.
Cutting Edge Post offered sound and picture services for the
advertising, films and TV nationally and across the world,
including Hollywood.
GJC BUILDERS: Goes Into Liquidation; Owes AUD500,000
----------------------------------------------------
Max Aldred at Daily Mail Australia reports that a south-east
Melbourne builder has collapsed owing half a million dollars to
creditors.
GJC Builders (Vic) Pty Ltd, based in Cranbourne West, entered
liquidation on June 23.
According to , Daily Mail Australia, it owed 20 unsecured creditors
a total of AUD514,944, which includes AUD167,709 to the Australian
Taxation Office (ATO).
The company also owes AUD7,298 to Allianz Australia in workers
compensation, AUD8,827 to Bunnings, and AUD1,492 to Westpac.
Insolvency accountants Adam Cormack and Jonathon Colbran from RSM
Australia Partners were appointed as liquidators.
They reported the company had no cash at bank at the time of
collapse and held AUD27,594 in other assets, though it was unclear
whether it would be realizable, Daily Mail Australia relays.
According to Australian Securities and Investments Commission
(ASIC) records, the business was registered in 2008. Giacomo
Cosentino was listed as its director.
A restructuring practitioner was appointed to the company in April
this year.
It had also been subject to a winding up order in the Supreme Court
of Victoria, launched by Sam Painting Group in June 2024, Daily
Mail Australia says.
Last year, the Building and Plumbing Commission - then known as the
Victorian Building Authority - took disciplinary action against GJC
Builders, the report recalls.
Daily Mail Australia relates that the commission accused the
builder of failing to comply with a dispute resolution order issued
by Domestic Building Dispute Resolution Victoria.
The company received a AUD5,000 fine in August 2024 and was
suspended from conducting any work beyond complying with the order.
GJC Builders' registration lapsed in November.
Trade creditors to the company included Beenak Concrete and
Formwork, owed AUD11,627; Boronia Concreters, owed AUD76,148;
Bowens, owed AUD13,555; Casey Screens owed AUD7,649; Hangan Steel,
owed AUD96,310; and Ladner's Constructions, owed AUD22,500.
Other creditors to the company included Yokor Windows, owed
AUD5,313; Vic Lining Services, owed AUD22,652; Sunflower Kitchens,
owed AUD2,509; Smart Tiler, owed AUD16,758; Shiny Kitchens, owed
AUD5,047; and Pugliese Constructions, owed AUD5,995, Daily Mail
Australia discloses.
ONWARD ACCOUNTING: First Creditors' Meeting Set for July 18
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Onward
Accounting And Taxation Pty Ltd will be held on July 18, 2025 at
11:00 a.m. via Microsoft Teams Meeting.
Desmond Teng of Byrons Recovery was appointed as administrator of
the company on July 8, 2025.
ROWLAND GROUP: First Creditors' Meeting Set for July 18
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Rowland
Group (TAS) Pty Ltd will be held on July 18, 2025 at 11:30 a.m. at
the offices of Rodgers Reidy (Tas) Pty Ltd, Cnr Bathurst and Argyle
Street, in Hobart, TAS, and via virtual meeting technology.
Shelley-Maree Brooks of Rodgers Reidy (Tas) Pty Ltd was appointed
as administrator of the company on July 9, 2025.
RYAN BRICKLAYING: First Creditors' Meeting Set for July 21
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Ryan
Bricklaying And Stonework Pty Ltd will be held on July 21, 2025 at
11:00 a.m. via virtual meeting technology.
Maris Andris Rudaks of BRI Ferrier was appointed as administrator
of the company on July 9, 2025.
SAGE PAINTING: Placed in Liquidation With AUD2 Million Debt
-----------------------------------------------------------
Newcastle Herald reports that fifth-generation painter Sean
Hersee's well-known Hunter business, Sage Painting, has been placed
in liquidation with debts of more than AUD2 million, but Mr. Hersee
will continue trading under a new company known as Sage Painting
Port Stephens after a business restructuring.
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C H I N A
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CHINA VANKE: Sees Bigger Q1 Loss Despite Clearing Offshore Debts
----------------------------------------------------------------
Yicai Global reports that shares of China Vanke said its net loss
widened in the first half of this year despite having cleared its
offshore debts in the short term, thanks to sustained efforts to
resolve liabilities.
Net loss likely grew 1 percent to 21 percent to between CNY10
billion and CNY12 billion (USD1.4 billion and USD1.7 billion) in
the six months ended June 30 from a year earlier, the
Shenzhen-based firm announced on July 14, Yicai relays. Last year,
Vanke's loss totaled CNY49.5 billion (USD6.9 billion).
Yicai relates that Vanke attributed the loss to the decrease in
real estate development project deliveries, smaller profit margins,
and the fact that prices of some large asset and equity
transactions were lower than their book values.
Despite the considerable financial pressure, Vanke maintained
steady operations in the first half, delivering more than 45,000
new homes and achieving sales of CNY69.1 billion, Yicai says. The
company generated CNY6.4 billion in revenue through the sale of
large assets and collected CNY5.8 billion through the
revitalization of existing projects.
Vanke has obtained new financing and refinancing worth CNY24.9
billion (USD3.5 billion) in the first half of the year, as well as
over CNY21.1 billion in six loans from its largest shareholder,
Shenzhen Metro Group, according to Yicai. The firm has repaid
CNY16.5 billion of debts in the period and has no more offshore
debts maturing before 2027.
As of the end of last year, Vanke's interest-bearing liabilities
totaled CNY361.3 billion (USD50.4 billion), accounting for 28
percent of its total assets, according to the company's 2024
financial report released earlier this year. Forty-four percent of
such debts were due within one year, and 17 percent were offshore
debts.
About China Vanke
China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.
As reported in the Troubled Company Reporter-Asia Pacific in
mid-June 2025, S&P Global Ratings affirmed its 'B-' long-term
issuer credit rating on China Vanke Co. Ltd. and its subsidiary,
Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK). S&P also
affirmed its 'B-' issue rating on Vanke HK's senior unsecured
notes. S&P removed the ratings from CreditWatch, where they were
placed with developing implications on March 5, 2025.
The negative rating outlook on China Vanke reflects S&P's view that
the company's liquidity could tighten in the face of deteriorating
sales and a bond maturity wall over the next 12 months.
The TCR-AP reported on May 20, 2025, Fitch Ratings has downgraded
China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) to 'CCC+', from 'B-'. Fitch has also
downgraded the Long-Term IDR on China Vanke's wholly owned
subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK),
to 'CCC', from 'CCC+', and its senior unsecured rating and the
rating on its outstanding senior notes to 'CCC', from 'CCC+', with
a Recovery Rating of 'RR4'. The ratings are removed from Rating
Watch Negative.
The TCR-AP in March 2025, S&P Global Ratings placed on CreditWatch
with developing implications the following ratings: the 'B-'
long-term issuer credit ratings on China Vanke and on China Vanke's
subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), and
the 'B-' issue ratings on Vanke HK's senior unsecured notes.
=================
H O N G K O N G
=================
VALUE EXCHANGE: Grassi Declines 2024 Audit Over Unpaid Fees
-----------------------------------------------------------
Value Exchange International, Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that it
received electronic notice from Grassi & Co. CPAs P.C. that Grassi
would not engage to perform the audit work for the Company's fiscal
year ending December 31, 2024. The Company believes that the
disengagement is the result of a past-due, outstanding fees owed to
Grassi.
The Company has begun the process of identifying a successor
independent registered public accounting firm. The Company will
authorize Grassi to respond fully to the inquiries of the successor
independent registered public accounting firm, once selected.
The Company is endeavoring to complete necessary work to file its
past due Form 10-K Annual Report for fiscal year ended December 31,
2024 and its past due Quarterly Report on Form 10-Q for the quarter
ending March 31, 2025.
During the fiscal year ended December 31, 2023, and the subsequent
interim fiscal periods in 2024, (1) there were no "disagreements,"
as defined in Item 304(a)(1)(iv) of Regulation S-K, with Grassi on
any matter of accounting principles or practices, financial
statement disclosure or auditing scope or procedure, which if not
resolved to Grassi's satisfaction to our knowledge would have
caused it to make reference to the subject matter thereof in
connection with its report, and (2) there were no "reportable
events" as described in Item 304(a)(1)(v) of Regulation S-K. Grassi
has not issued any report on the Company's financial statements for
the fiscal year ended December 31, 2024.
The Company has provided Grassi with a copy of the disclosures
required by Item 304(a) of Regulation S-K contained in Item 4.01 of
the Current Report on Form 8-K and has requested that Grassi
furnish the Company with a letter addressed to the Securities and
Exchange Commission stating whether it agrees with the Company's
statements made in response to those requirements and, if not,
stating the respects in which it does not agree. The letter from
Grassi, dated July 2, 2025, is attached as Exhibit 16.1 to the
Current Report on Form 8-K, available at
https://tinyurl.com/yc3p65hw
About Value Exchange International
Kowloon, Hong Kong-based Value Exchange International, Inc. is a
provider of customer-centric technology solutions for the retail
industry in Hong Kong SAR and certain regions of China and the
Philippines. The Company was incorporated in the State of Nevada on
June 26, 2007, and changed to its current corporate name, "Value
Exchange International, Inc.", on December 5, 2017.
Jericho, N.Y.-based Grassi & Co., CPAs, P.C., the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated July 16, 2024, citing that the Company's significant
accumulated operating losses and working capital deficit raise
substantial doubt about its ability to continue as a going concern.
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I N D I A
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AB SUGARS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of AB Sugars
Limited in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 110.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 25.97 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 77.22 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 30.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with AB Sugars Limited, ICRA has been trying to seek information
from the entity so as to monitor its performance Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
AB Sugars Limited is a private sector sugar mill with a 7,000-tonne
crushed per day (TCD) capacity. It has 60-kilo litres per day
(KLPD) distillery and a 33-megawatt (MW) bagasse-based cogeneration
plant located in Dasuya Tehsil in the Hoshiarpur district of
Punjab. In FY2016, the company derived 61% of its topline from
sugar sales, 31% from the sale of liquor and the remaining from
power sales and other related activities.
ACE AUTOCARS: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of ACE Autocars
Private Limited (AAPL) continue to be 'Crisil B-/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Electronic Dealer 8 CRISIL B-/Stable (ISSUER NOT
Financing Scheme COOPERATING)
(e-DFS)
Proposed Fund- 2 CRISIL B-/Stable (ISSUER NOT
Based Bank Limits COOPERATING)
Crisil Ratings has been consistently following up with AAPL for
obtaining information through letter and email dated June 5, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of AAPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AAPL continues to be 'Crisil B-/Stable Issuer not cooperating'.
Set up in 2008 by Mr. Dharmaditya Pattanaik, his wife, Ms. Sanjana
Sanghamitra Das, and Mr. Divyaloka Pattanaik, AAPL is an exclusive
dealer of TML's passenger cars and has a showroom-cum-workshop near
Cuttack.
AGRAWAL STRUCTURE: Ind-Ra Moves BB Loan Rating to NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Agrawal Structure Mills Private Limited to the non-cooperating
category as per Ind Ra's policy on Issuer Non-Cooperation,
following non-submission of No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency and
also IND-Ra's inability to validate timely debt servicing through
other sources it considers reliable. No Default Statement in the
format prescribed by SEBI is required to be shared by the issuer
every month as a confirmation that all financial obligations are
being serviced on time. Investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND BB/Negative(ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR150 mil. Fund-based working capital limits Outlook revised
to Negative; rating migrated to non-cooperating category with
IND BB/Negative (ISSUER NOT COOPERATING) rating;
-- INR250 mil. Fund-based working capital limits Outlook revised
to Negative; rating migrated to non-cooperating category with
IND BB/Negative (ISSUER NOT COOPERATING) rating;
-- INR30 mil. Non-Fund-based working capital limits Outlook
revised to Negative; rating migrated to non-cooperating
category with IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR30.65 mil. Term loan due on July 31, 2026 Outlook revised
to Negative; rating migrated to non-cooperating category with
IND BB/Negative (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.
Detailed Rationale of the Rating Action
1.For Investment Grade: The migration of rating to the
non-cooperating category and Outlook revision to Negative are in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation. The Outlook revision to Negative from Stable
reflects the likelihood of downgrade of ratings to sub-investment
grade on continued non-cooperation for six months. In line with the
regulatory requirement, if an issuer has an investment grade rating
outstanding while being non-cooperative for more than six months
with Ind-Ra, then the agency will necessarily downgrade such rating
to the non-investment grade while maintaining the Issuer Not
Cooperating status. 2.For Sub Investment Grade: The migration of
rating to the non-cooperating category and Outlook revision to
Negative are in accordance with Ind-Ra's policy, Guidelines on What
Constitutes Non-Cooperation. The Negative Outlook reflects the
likelihood of a downgrade of the entity's ratings on continued
non-cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with Agrawal Structure Mills
Private Limited over emails starting from April 30, 2025, apart
from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Agrawal Structure Mills
Private Limited on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Agrawal Structure Mills
Private Limited's credit strength. If an issuer does not provide
timely No Default Statement, it indicates weak governance,
particularly in 'Timely debt servicing'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.
About the Company
ASMPL was incorporated in November 1995 as a private limited
company. The company is engaged in the manufacturing and trading of
mild steel billets and steel structural in Urla industrial area,
Raipur. Its registered office is in Raipur, Chhattisgarh.
AKANKSHA AUTOMOBILES: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Akanksha
Automobiles (P) Ltd (AAPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 19.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.53 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 6.00 [ICRA]A4 ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with AAPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Moradabad based Akanksha Automobiles Pvt. Ltd. (AAPL) was
constituted as a private limited company by Singhal Family. Later,
in April 2003, the entity was sold to Goyal Family. Currently, the
directors - Mr. Amit Goyal, Mr. Shubham Goyal, and Mr. Anil Goyal
are heading the company. The Company is an authorized dealer of
Maruti Suzuki India Limited (MSIL) and has its showrooms in
Moradabad, Rampur, Amroha, Sambhal, Thakurdwara, Gajraula,
Chandausi, and Bilaspur districts of Uttar Pradesh. It deals in
sale of new cars, after-sale services, purchase and sale of
pre-owned cars, and sale of spare parts under the brand name of
MSIL.
AL NAFEES FROZEN: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Al Nafees
Frozen Food Exports Private Limited (ANFF) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 93 CRISIL D (Issuer Not
Cooperating)
Cash Credit 140 CRISIL D (Issuer Not
Cooperating)
Foreign Bill 18 CRISIL D (Issuer Not
Discounting Cooperating)
Foreign Bill
Discounting 25 CRISIL D (Issuer Not
Cooperating)
Foreign Bill 7 CRISIL D (Issuer Not
Discounting Cooperating)
Letter of Credit 7 CRISIL D (Issuer Not
Bill Discounting Cooperating)
Proposed Long Term 60 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with ANFF for
obtaining information through letter and email dated June 5, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of ANFF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ANFF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ANFF continues to be 'Crisil D/Crisil D Issuer not cooperating'.
ANFF, promoted by Mr. Mohammad Mustaqeem Qureshi in 1987, is the
flagship company of the Al Nafees group. It processes and exports
buffalo meat. Its plant in Dasna (Uttar Pradesh) has capacity to
process 150 tonnes per day (tpd) of frozen meat. Its rented plant
in Hyderabad has a capacity of 90 tpd.
AL-NAFEES PROTEINS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Al-Nafees
Proteins Private Limited (ANP; part of the Al Nafees group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 7 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 40.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with ANP for
obtaining information through letter and email dated June 5, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of ANP, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ANP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ANP continues to be 'Crisil D/Crisil D Issuer not cooperating'.
ANFF, promoted by Mr. Mohammad Mustaqeem Qureshi in 1987, is the
flagship company of the Al Nafees group. It processes and exports
buffalo meat. Its plant in Dasna (Uttar Pradesh) has capacity to
process 150 tonnes per day (tpd) of frozen meat. Its rented plant
in Hyderabad has a capacity of 90 tpd.ANP, ATE, and PF are in the
same business. ANP, a subsidiary of ANFF, processes meat of sheep,
goat, and buffalo; ATE has a cold storage where the group stores
its products.
AMALESWARI CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Coop.
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amaleswari
Constructions (AC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4.0 CRISIL D (Issuer Not
Cooperating)
Cash Credit 2.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with AC for
obtaining information through letter and email dated June 5, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of AC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AC
continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Established as a partnership firm in 1988 by P. Venkata Rami Reddy,
AC undertakes civil construction projects for government
departments. The firm is based in Hyderabad.
API ASSOCIATES: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Api
Associates Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 3.00 [ICRA]D ISSUER NOT COOPERATING;
Unallocated Rating continues to remain
under 'Issuer Not Cooperating'
category
Long Term- 0.39 [ICRA]D ISSUER NOT COOPERATING;
Unallocated Rating continues to remain
under 'Issuer Not Cooperating'
category
Long-term- 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Api Associates Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 1986 the company is into manufacturing of
shoes/shoe parts under the synergy brand. The company manufactures
shoes of low range catering to the demand of lower income group of
the society. The product profile comprises school shoes + lower end
footwear (with MRP of INR150 -200).
ARNAY TUBES: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Arnay Tubes
Industries Private Limited's (ATIPL) bank facilities as follows:
-- INR69 mil. Fund-based working capital limits assigned with IND
BB+/Stable/IND A4+ rating;
-- INR100 mil. Fund-based working capital limit affirmed with IND
BB+/Stable/IND A4+ rating; and
-- INR281 mil. (reduced from INR350 mil.) Term loan due on August
7, 2032 affirmed with IND BB+/Stable rating.
Detailed Rationale of the Rating Action
The ratings reflect the company's continued moderate credit metrics
and its stretched liquidity position in FY25. The ratings are,
however, supported by an improvement in ATIPL's operational
performance and Ind-Ra's expectation of an improvement in the
company's overall financial performance in FY26 and in the medium
term. Furthermore, the ratings are also supported by the promoters'
a decade of experience in the steel sector.
Detailed Description of Key Rating Drivers
Stretched Liquidity: In FY25, ATIPL's net working capital cycle
elongated to 48 days in FY25 (FY24: 2 days), due to high inventory
days to 47 days (25 days) coupled with an increase in the debtor
days to 57 days (41 days). Furthermore, ATIPL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. In FY26, the agency
expects the company's working capital cycle to remain at similar
level. However, a likely increase in its scale of operations would
lead to an increase in the working capital requirements, which
would be funded by its fund-based limits. The company had
sanctioned fund-based limits of INR250.0 million under multiple
banking arrangements as of June 30, 2025 (enhanced from INR80
million as of August 2024). The average maximum utilization of the
fund-based limits was 95.30% during the 12 months ended April 2025
and expected to have remained at similar levels for May and June
2025. However, the company does not have any plan to further
enhance its fund-based limits in FY26.
Also, the company is shifting its Taloja plant and machinery to
Wada as Taloja property, which was in the name of the promoter,
would be taken over by Maharashtra State Road Development
Corporation Limited (MSRDC) for highway project. As per the
management, from the proceeds of the sale of the Taloja property,
the promoter is likely to infuse INR150 million-160 million as
interest-free unsecured loans in FY26 which is likely to be
utilized for working capital, which remains key monitorable.
Healthy Operating Profitability; Susceptible to Volatile Steel
Prices: As per the provisional numbers of FY25, ATIPL's EBITDA
margins improved to 4.99% (FY24: 4.0%), mainly on account of an
increase in sale on value-added high-end tubes used in
petro-chemicals, pharma among others, coupled with a reduction in
raw material prices. However, its return on capital employed
reduced to 15.8% in FY25 (FY24: 18.4%). Its major raw materials
comprise stainless steel coil, which the company imports 20%-30%
and the balance is procured domestically. Although the EBITDA
margins are susceptible to volatility in raw material prices, they
are not affecting the company as the same is passed on to the
customers, as per the management. In FY26, Ind-Ra expects the
EBITDA margins to sustain, on account of better absorption of fixed
costs and a likely rise in the production.
Likely Improvement in Scale of Operations: ATIPL's revenue from
operations improved to INR3,404.49 million in FY25 (FY24:
INR3,083.55 million), due to an increase in the realization per
metric ton to INR181,440 (FY24: INR158,955). Also, the sales of the
number of units increased to 17,460 MT in FY25 (FY24: 16,732 MT).
SS pipes are the major revenue contributor (FY25: 91.17%), followed
by coils (2.98%) and scrap sales (1.89%). Ind-Ra expects the
revenue to rise over the medium term, driven by a likely increase
in the demand from its end-user industry i.e. steel industry
coupled with the company's capex plan of INR210.0 million to
increase the capacity to 24,000 metric tons per annum (MTPA).
Moderate Credit Metrics: ATIPL's credit metrics remained moderate
in FY25, with net leverage (net debt/EBITDA) increasing to 4.49x
(FY24: 2.11x) and gross interest coverage (EBITDA/gross interest
cost) rising to 3.03x (2.41x), due to an increase in its overall
debt including unsecured loans to INR770.67 million (INR372.15
million). The unsecured loans were from the promoters and related
parties which are interest free and sub-ordinated to bank loans.
Excluding unsecured loans, the adjusted net leverage (adjusted net
debt/EBITDA) stood at 3.1x in FY25 (FY24: 1.14x). The company has
an installed capacity of 18,000MTPA where the capacity utilization
increased to 99.99% in FY25 (FY24: 98.41%). In FY25, the company
decided to increase its overall installed capacity to 24,000 MTPA
with total project cost of INR210.0 million, of which INR131.92
million was funded via term loan and the balance through unsecured
loans from the promoters. Ind-Ra expects the credit metrics to
remain moderate in the medium term due to high debt levels.
Experienced Promoters: The ratings are also supported by the
promoters' experience of nearly a decade in the steel sector,
leading to well-established relationships with customers as well as
suppliers.
Liquidity
Stretched: ATIPL cash and cash equivalent balance stood at INR6.53
million in FYE25 (FYE24: INR111.55 million). The company has debt
repayments of INR49.02 million in FY26 and INR55.38 million in
FY27, which is likely to be met through internal accruals. The cash
flow from operations turned to negative INR376.29 million in FY25
(FY24: 118.52 million) due to unfavorable changes in working
capital. Subsequently, the free cash flow was also negative at
INR515.41 million in FY25 (FY24: Negative INR16.16 million) due to
capex of INR140.40 million.
Rating Sensitivities
Negative: A substantial decline in the scale of operations or
deterioration in the liquidity profile could lead to a negative
rating action.
Positives: A substantial increase in the scale of operations, along
with an improvement in liquidity and the overall credit metrics on
a sustained basis, could lead to a positive rating action.
About the Company
Incorporated in 2019, ATIPL is promoted by Dinesh Kumar Sen. It
manufactures a wide range of stainless steel welded polished pipes
and tubes and sells them under the brand name Arnay Tubes. The
company has two factories located in Maharashtra, with a total
installed capacity of 24,000 MTPA.
ASHIANA LANDCRAFT: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Non-Convertible Debentures of Ashiana Landcraft
Realty Private Limited (ALRPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible 79.95 [ICRA]D; ISSUER NOT COOPERATING;
Debentures Rating continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with ALRPL, ICRA has been trying to seek information from the
entity so as to monitor its performance Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 2012, ALRPL is a joint development between Ashiana
Homes Pvt Ltd (AHPL) and Landcraft Projects Private Limited (LPPL)
formed solely for a premium real estate residential project
development named 'The Center Court' located at Sector 88A, Gurgaon
with a saleable area of 1.72 msf (million square feet). LPPL was
incorporated in 2007 and is the real estate vertical of Garg group
with the presence in Ghaziabad.
BALIBOINA SIVAPRASAD: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Baliboina
Sivaprasad (BS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 1.85 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.69 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Short Term Loan 6.46 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with BS for
obtaining information through letter and email dated June 5, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of BS
continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Incorporated in 2007 by Mr. Siva Prasad, Siva Prasad is involved in
construction and sale of residential and commercial property. The
firm is based out of Vijayawada, Andhra Pradesh.
BHAGYALAXMI INDUSTRIES: ICRA Keeps B+ Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Shree
Bhagyalaxmi Industries in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.50 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Shree Bhagyalaxmi Industries, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Established in April 2013 as a partnership firm, Shree Bhagyalaxmi
Industries is involved in ginning and pressing of raw cotton to
produce cotton bales and cotton seeds. Its manufacturing facility,
located in Rajkot (Gujarat), is equipped with 36 ginning machines
and a pressing machine with a capacity of 34 metric tonne of raw
cotton per day. At present, the firm is managed by nine partners,
who have extensive experience in the cotton industry.
COIRFOAM INDIA: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Coirfoam
(India) Pvt Ltd. (CIPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 1.00 [ICRA]A4 ISSUER NOT
Non Fund Based- COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with CIPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
CIPL was initially constituted as a partnership firm in 1977 and
was converted into a private limited company in June 1978. The
firm, originally promoted by the Agarwal family, was taken over by
Mr. Inderjeet Khurana and Mr. Sukhdeep Khurana in 1997. CIPL is
involved in manufacturing of rubberized coir mattresses and has an
installed capacity of 2500 MTPA. In addition to it, the company has
installed new machines having capacity of 1000 MTPA for
manufacturing of spring mattress. CIPL is also involved in trading
of home products such as pillows, cushions, spring mattresses,
blanket, bed sheet towel and others.
GANAPATHI STONE: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Ganapathi Stone Crusher in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)
ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 7.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Ganapathi Stone Crusher, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Ganapathi Stone Crusher, based in Bangalore, Karnataka is a
proprietorship firm incorporated in 2005 by Mr. S T Ramesh. The
firm is involved in civil contractor work majorly in construction
of roads and asphalting works. The firm's clientele comprises of
government entities like PWD, Bangalore Development Authority
(BDA), Bruhat Bengaluru Mahanagara Palike (BBMP), Agricultural
Produce Market Committee (APMC), BHEL and many more. The firm is
registered as "Class 1 PWD Contractor", Karnataka. The areas of
operations mainly limited in and around Karnataka.
GOPINATH DAIRY: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Gopinath Dairy Products
Private Limited (GDPPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 0.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 11.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 14.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with GDPPL, ICRA has been trying to seek information from the
entity so as to monitor its performance Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 1994, GDPPL was operating as an industrial
warehouse in Navi Mumbai till 2009. Between 1994 and 2009, the
company was operating as a repacking cum warehousing for Kodak
India Private Limited (for cameras and camera rolls), Saregama
India Limited (for CDs and cassettes) and Voltas Limited (for
chemicals). The unit measures about 1,268 square meters and is
taken on 99 years sub lease from Maharashtra Industrial Development
Corporation 2 (MIDC) by the promoters In 2011, the promoters
entered into a ten-year job-work agreement with Reliance Dairy
Foods Limited (RDFL), which is a stepdown subsidiary of the
financially strong Reliance Industries Limited, for processing raw
milk into pasteurized milk and milk products such as cottage
cheese, curd and clarified butter to be sold under the brand name
Reliance Dairy Life.
ISHAAN METALS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Ishaan Metals
Private Limited (IMPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term 2.50 [ICRA]B+ (Stable); ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with IMPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
IMPL was established in 2003 as a private limited company promoted
by Mr. Lalit Sharma, Mr. Anshul Gupta and Mr. Vikas Singhal. It is
in the business of trading of agricultural commodities and precious
metals. The company is a member of National Commodity and
Derivatives Exchange (NCDEX) and Multi Commodity Exchange (MCX). It
is also involved in client and proprietary trading and works as a
broker and hedger. The company's shares are entirely held by the
promoters and their family members.
JAGANNATH ROLLER: Ind-Ra Moves BB+ Loan Rating to NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on Sri
Jagannath Roller Flour Mills' (SJRFM) bank facilities to Negative
from Stable and has simultaneously migrated the ratings to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through phone calls and emails. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The ratings will now appear as 'IND BB+/Negative (ISSUER
NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR7.62 mil. Term loan due on November 30, 2026 Outlook
revised to Negative and migrated to non-cooperating category
with IND BB+/Negative (ISSUER NOT COOPERATING) rating; and
-- INR350 mil. Fund-based working capital limit Outlook revised
to Negative and migrated to non-cooperating category with IND
BB+/Negative (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information
Detailed Rationale of the Rating Action
The migration of rating to the non-cooperating category and Outlook
revision to Negative are in accordance with Ind-Ra's policy,
Guidelines on What Constitutes Non-Cooperation. The Negative
Outlook reflects the likelihood of a downgrade of the entity's
ratings on continued non-cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interactions with SJRFM while reviewing the
ratings. Ind-Ra had consistently followed up with SJRFM over emails
since June 3, 2025, apart from phone calls. The issuer has
submitted no default statement until March 2025.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SJRFM, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. SJRFM has been
non-cooperative with the agency since March 2025.
About the Company
SJRFM was established as a partnership firm in 1980 and is engaged
in flour milling in Bhubaneswar (Odisha). It has an installed
capacity of 450 tons per day. The firm markets all its products
under the brand name Rishta Foods.
JAIKA AUTOMOBILES: Ind-Ra Assigns BB Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jaika Automobiles
& Finance Pvt Ltd.'s (JAFPL) bank facilities as follows:
-- INR1,232.5 bil. Fund-based working capital facilities assigned
with IND BB/Stable/IND A4+ rating;
-- INR30.29 mil. Term Loan due on November 30, 2027 assigned with
IND BB/Stable rating; and
-- INR17.21 mil. Proposed fund-based working capital facilities
assigned with IND BB/Stable/IND A4+ rating.
Detailed Rationale of the Rating Action
The ratings reflect JAFPL's modest operating profitability with
thin margins due to the cyclical and intensively competitive nature
of the automobile dealership business, modest credit metrics and
stretched liquidity position. However, the ratings are supported by
JAFPL management's over three decades of industry experience,
longstanding association with Tata Motors Ltd and growing scale of
operations. FY25 financials are provisional in nature.
Detailed Description of Key Rating Drivers
Modest Credit Metrics: JAFPL's gross interest coverage (operating
EBITDA/ gross interest expenses) remained modest at 1.48x in FY25
(FY24: 1.40x, FY23: 1.19x) due to higher interest expenses
following increased working capital borrowings. The slight
improvement in the ratio was led by improved operating
profitability of INR211 million in FY25 (FY24: INR184 million,
FY23: INR146 million). The net leverage (total net debt/operating
EBITDA) also improved slightly to 6.56x in FY25 (FY24: 6.83x, FY23:
7.24x) due to higher cash balance and improved operating
profitability, but remained elevated. Ind-Ra expects the credit
metrics to improve marginally over the medium term, due to the
absence of any major debt-funded capex and expanding business
operations.
Competitive Industry: The automotive industry is characterized by
intensive competition led by the presence of several organized and
unorganized secondary commercial vehicles market players and
leading and established players along with low entry barriers. This
along with low value addition in the product results in thin
profitability.
Cyclical Automobile Industry: JAFPL is majorly into sales of
commercial automobiles and related spare parts and body building
receipts; hence, the company highly depends on the performance of
the cyclical automobile industry. Demand for automobiles and spare
parts is largely linked to the growth of the overall economy,
macro-economic fundamentals, industrial production
Corporate Guarantees Extended to Group Companies: JAFPL has
provided corporate guarantees to part working capital banking lines
of its two group companies Jaika Automobiles Private Limited
(INR290 million) and Jaika Vaninjya Pvt Ltd. (INR58 million). Any
significant increase in the exposure towards the group companies
might stress the already modest credit metrics.
Medium and Growing Scale of Operations: The company's revenue
moderated to INR5,696 million in FY25 (FY24: INR6,526 million,
FY23: INR3,535 million) due to the lower vehicle sales in line with
the overall weak market sentiment and high competition. Sale of
vehicles accounted for over 95% of the revenue, followed by spare
parts (3%-7%), body building and service income through workshops.
The company has established a strong market position in
Chhattisgarh as an authorized dealer of the full range of Tata
Motors commercial vehicles. Ind-Ra expects the revenue to improve
over the near to medium term in line with market sentiments.
Modest Operating Profitability: JAFPL exhibited modest operating
profitability margin of 3.7% in FY25 (FY24: 2.8%, FY23: 4.2%) with
an ROCE of 9.3% (9%, 7.2%). The thin operating profitability
margins are attributed to the dealership nature of business which
has low bargaining power along with low value addition and high
competition. Management expects the margins to trail at a broadly
similar level of around 3.5% over the near to medium term due to
the similar nature of business operations.
Experienced Management; Strong Brand Recognition: The company
benefits from its director's extensive experience of over two
decades in the automobile dealership industry and its longstanding
association with a well-known reputed brand in the Indian market:
Tata Motors. The company has seven outlets: three 3S (sale, service
and spare parts) outlets and four 2S rental festival outlets for
only vehicle sales. JAFPL is among the leading dealers of Tata
Motors's vehicles in Chhattisgarh, and has a diversified presence,
dealing in the full range of commercial vehicles.
Liquidity
Stretched: JAFPL's average month-end working capital utilization
was around 92% on the consolidated limits for the 12 months ended
May 2025. The cash flow from operations is likely to have stood
negative INR110 million-120 million in FY25 (FY24: negative INR175
million) amid unfavorable working capital changes and payments
towards supplier advances. The firm has debt repayment obligations
of INR77.3 million for FY26, INR36.5 million for FY27 and INR18.3
million for FY28. The company does not have any capital market
exposure and relies only on banks and financial institutions to
meet its funding requirements. Promoter infusion is likely in case
of any shortfall of funds. As of March 31, 2025, the company's cash
and cash equivalents stood at around INR77 million (FY24: INR21
million).
Rating Sensitivities
Negative: Substantial deterioration in the scale of operations or
operating profitability or net interest coverage falling below 1.5x
with a further stress on liquidity position on a sustained basis
could lead to a negative rating action.
Positive: A substantial improvement in the operating profitability
while maintaining the scale, and net interest coverage exceeding
2.0x and improving liquidity position on a sustained basis could
lead to a positive rating action.
About the Company
JAFPL is a part of the Jaika Group, established in 1954.
Incorporated in 1981, JAFPL is an authorized dealer of Tata Motors'
full range of commercial vehicles in Chhattisgarh, operating
through seven showrooms in the state. Prafulla K. Kale, Rohit
Satish Kale, Gautam Satish Kale, and Kartik Prafulla Kale are the
directors of the firm. JAFPL is a part of the Jaika Group,
established in 1954.
JIMI SOLAR: Ind-Ra Moves BB Loan Rating to NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
JIMI Solar Private Limited to the non-cooperating category as per
Ind Ra's policy on Issuer Non-Cooperation, following non-submission
of No Default Statement continuously for 3 months despite
continuous requests and follow-ups by the agency and also IND-Ra's
inability to validate timely debt servicing through other sources
it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB/Negative (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR100 mil. Proposed Bank Loan Outlook revised to Negative;
rating migrated to non-cooperating category with IND BB/
Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating; and
-- INR300 mil. Term loan coupon rate 8.7 Outlook revised to
Negative; rating migrated to non-cooperating category with
IND BB/Negative (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.
Detailed Rationale of the Rating Action
1.For Investment Grade: The migration of rating to the
non-cooperating category and Outlook revision to Negative are in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation. The Outlook revision to Negative from Stable
reflects the likelihood of downgrade of ratings to sub-investment
grade on continued non-cooperation for six months. In line with the
regulatory requirement, if an issuer has an investment grade rating
outstanding while being non-cooperative for more than six months
with Ind-Ra, then the agency will necessarily downgrade such rating
to the non-investment grade while maintaining the Issuer Not
Cooperating status. 2.For Sub Investment Grade: The migration of
rating to the non-cooperating category and Outlook revision to
Negative are in accordance with Ind-Ra's policy, Guidelines on What
Constitutes Non-Cooperation. The Negative Outlook reflects the
likelihood of a downgrade of the entity's ratings on continued
non-cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with JIMI Solar Private Limited
over emails starting from April 30, 2025, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of JIMI Solar Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect JIMI Solar Private Limited's
credit strength. If an issuer does not provide timely No Default
Statement, it indicates weak governance, particularly in 'Timely
debt servicing'. The agency may also consider this as symptomatic
of a possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
JSPL was established in 2023 and started operations in April 2024.
The company operates a solar power plant at Tiruchengode, Tamil
Nadu. K.R. Sengottuvelu, S. Rajathi, S. Gowrishankar, M. Brindha
are the promoters and major shareholders of JSPL. It will have a
solar power installed capacity of 12MW from September 2024.
K.P.R. RICE: ICRA Lowers Rating on INR25cr LT Cash Debt to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of K.P.R.
Rice Mills (KPRRM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 25.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating Downgraded
Cash Credit from [ICRA]BB-(Stable); ISSUER
NOT COOPERATING and continues
to remain under 'Issuer Not
Cooperating' category
Rationale
The rating downgrade is attributable to the lack of adequate
information regarding KPRRM performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating, as the rating may not
adequately reflect the credit risk profile of the entity, despite
the downgrade.
As part of its process and in accordance with its rating agreement
with K.P.R. Rice Mills, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
K.P.R. Rice Mills (KPRRM) was established in 1998 by Mr. Kovvuri
Satyanarayana Reddy and is involved in the processing of paddy and
produces raw, broken and boiled rice. The firm's processing unit is
at Biccavolu Mandal, East Godavari district, Andhra Pradesh, with
an installed capacity of 54,000 MTPA.
KARANJA TERMINAL: ICRA Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
ICRA has moved the rating for the bank facilities of Karanja
Terminal & Logistics Private Limited (KTPL) to 'Issuer Not
Cooperating' category on account of inadequate information
regarding its performance and, hence, the uncertainty around its
credit risk. The rating is denoted as '[ICRA]D; ISSUER NOT
COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 408.06 [ICRA]D; ISSUER NOT COOPERATING;
Long Term Rating moved to 'ISSUER NOT
Term Loan COOPERATING' category
Fund based- 44.25 [ICRA]D; ISSUER NOT COOPERATING;
Long term- Rating moved to 'ISSUER NOT
FITL COOPERATING' category
Fund based- 7.71 [ICRA]D; ISSUER NOT COOPERATING;
Long term- Rating moved to 'ISSUER NOT
GECL COOPERATING' category
Fund based- 0.76 [ICRA]D; ISSUER NOT COOPERATING;
Long Term Rating moved to 'ISSUER NOT
Term Loan COOPERATING' category
Unallocated 1.84 [ICRA]D; ISSUER NOT COOPERATING;
limits-Long Rating moved to 'ISSUER NOT
term COOPERATING' category
Issuer rating - [ICRA]D; ISSUER NOT COOPERATING;
Rating moved to 'ISSUER NOT
COOPERATING' category
ICRA assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
'policy in respect of non-cooperation by a rated entity' available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as it may not adequately reflect the entity's
credit risk profile.
As a part of its process and in accordance with its rating
agreement with Karanja Terminal & Logistics Private Limited, ICRA
has been trying to seek information from the entity to monitor its
performance. Despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been moved to the 'Issuer Not Cooperating'
category. The rating is based on the best available information.
Please refer to the following link for the previous detailed
rationale that captures the key rating drivers and their
description, liquidity position, rating sensitivities: Click here.
ICRA is unable to provide the latest information because of
non-cooperation by the entity.
Karanja Terminal & Logistics Private Limited (KTLPL) is an SPV
formed by Mercantile Ports and Logistics Limited (MERCPL; erstwhile
SKIL Ports and Logistics Limited) to develop an all-weather port
and logistics facility at Karanja Creek, Chanje village in Raigad
district of Maharashtra. A concession agreement (CA) was entered
between KTLPL and Maharashtra Maritime Board (MMB) on August 31,
2009, granting KTLPL the right to develop the Karanja port on a
built-own-operate-transfer (BOOT) basis for a total lease period of
30 years (including two years of construction period).
Subsequently, in May 2018, MMB gave an in-principle approval to
extend the concession to 50 years. The approvals are for 200 acres
of reclaimed land and 1,000 m waterfront. However, at present, 100
acres of land have been reclaimed and developed, with 800 m of
berthing space. The port has a draft of 6 m and can accommodate
vessels of up to 5,000 DWT at the port and 60,000 DWT at
anchorage.
KHODIYAR OIL: ICRA Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Shree
Khodiyar Oil Industries (SKOI) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 15.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with SKOI, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Shree Khodiyar Oil Industries (SKOI) was established as a
partnership firm in 1997 as a cottonseed crushing unit with the
operations located at Jambuda, Gujarat. However, the present
management had purchased the firm in the year 2003 and later it has
augmented its operating sphere by backward integration into cotton
ginning. The manufacturing facility of the firm is currently
equipped with 24 ginning machines and 8 expellers with an installed
capacity of 8,000 TPA and 1,950 TPA of ginned cotton and wash oil
respectively. From November 2013, the firm has diversified in
groundnut seed crushing also. The firm is currently headed by Mr.
Sanjay J Lakkad along with other six partners, having an experience
of more than three decades in cotton and ginning activities.
KR HEALTH: Ind-Ra Gives BB+ Bank Loan Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated KR Health Care
Private Limited's (KRHPL) bank facilities as follows:
-- INR25 mil. Fund-based working capital limits assigned with
IND BB+/Stable/IND A4+ rating; and
-- INR175 mil. Term loan due on November 30, 2034 assigned with
IND BB+/Stable rating.
Detailed Rationale of the Rating Action
The ratings reflect KRHPL's volatile EBITDA margins and modest
credit metrics, which Ind-Ra expects to improve in the medium term.
However, the ratings are supported by the company's long track
record of operations, strong promoter group (Salzer group) and
adequate liquidity.
Detailed Description of Key Rating Drivers
Declining EBITDA Margins: As per FY25 provisional financials,
KRHPL's EBITDA margins declined to 12.27% (FY24: 19.44%; FY23:
30.78%) due to an increase in overall operational expenses since
FY23. As per management, the decline in EBITDA margins is
attributable to planned investments in quality personnel and
infrastructure, leading to higher salaries and maintenance costs,
to support a larger patient base and higher bed capacity. The
company has high fixed costs in the form of salaries or doctor
consultation charges, which accounted for more than 42% of the
overall revenue in FY25, followed by hospital maintenance cost of
around 8%. The return on capital employed was negative 3.5% in FY25
(FY24: 3.6%; FY23: 7.5%) due to a PAT loss in FY25 owing to high
depreciation. Ind-Ra expects the EBITDA margins to marginally
improve in FY26 and in the medium term considering stabilization of
the facilities coupled with management's expectation of an
improvement in patient volumes without proportional increases in
fixed costs.
Modest Credit Metrics: KRHPL's credit metrics were modest in FY25
due to an increase in the overall debt to INR254.86 million (FY24:
INR241.07 million) coupled with a reduction in the absolute EBITDA
to INR30.73 million (INR39.45 million). The net financial leverage
(adjusted net debt/operating EBITDA) deteriorated to 4.68x in FY25
(FY24: 3.28x; FY23: 3.81x). However, the gross interest coverage
(operating EBITDA/gross interest expense) increased to 1.81x in
FY25 (FY24: 1.75x; FY23: 1.93x) due to a fall in the interest
expenses to INR16.97 million (INR22.48 million; INR17.39 million).
Ind-Ra expects the credit metrics to marginally improve in the
medium term due to absence of any major debt-led capex plans by
coupled with the stabilization of additional beds and facilities
over the medium term.
Intense Competition and Regulatory Risk: KRHPL is exposed to
increased competition from several large hospitals in Coimbatore,
Tamil Nadu, where most of its hospitals are located. It also
remains exposed to the regulatory risks faced by the healthcare
industry, mainly in the form of price capping for medical
procedures and devices. However, this risk is mitigated to an
extent considering KRHPL is the only referral hospital from Ooty to
Coimbatore with all the required facilities as per management.
Strong Promoter Group; Healthy Financial Flexibility: KRHPL is a
part of Salzer Group, which has a diverse business presence. There
are no major related party transactions between KRHPL and
promoter-owned Salzer group of companies, except in the form of
unsecured loans and investments. Furthermore, Ind-Ra has observed
multiple instances of fund infusions by the promoters in the past
in the form of unsecured loans which are interest free and expects
the same to continue in the future based on business requirements.
Ind-Ra expects fund infusions by the promoters for discharging
external liabilities, in case needed.
Sustained Growth in Revenue in FY25, Although Small Scale of
Operations: The overall revenue from operations continued to
increase to INR250.42 million in FY25 (FY24: INR202.94 million;
FY23: INR109.11 million), backed by increased demand in key
specialty areas, an increase in the average revenue per occupied
bed (ARPOB), and the addition of beds over the years. Furthermore,
the number of operational beds increased to 120 in FY25 from 80 in
FY23 (FY21: 40). The in-patient revenue doubled to INR160.0 million
in FY25 from INR67.4 million in FY23 on account of an increase in
ARPOB to INR5,845 in FY25 (FY24: INR5,444; FY23: INR2,841),
resulting from an increase in the number of in-patients to 7,527
(6,640; 5,998). The occupancy stood at 94% in FY25 (FY24: 93%;
FY23: 93%), and the average length of stay was 6 days during FY23
to FY25. However, the scale of operations is small.
During 2MFY26, the company recorded revenue of about INR52.8
million. Ind-Ra opines that a substantial increase in the revenue
would be key for an improvement in KRHPL's business profile. The
management expects the revenue to double in the medium term, given
the increase in the number of operational beds. Ind-Ra expects a
marginal growth in the revenue in FY26 and in the medium term.
Long Track Record of Operations: The hospital has been operational
since 1987. The hospital is currently being managed by Dr. Thilagam
Rajesh (obstetrician and gynecologist), who is the director and has
around 25 years of clinical experience.
Liquidity
Adequate: KRHPL's cash and cash equivalents (including equity
investments in various listed entities) stood at INR111.04 million
at FYE25 (FYE24: INR111.76 million; FYE23: INR110.43 million). The
average maximum utilization of the fund-based limits was 90.9%
during the 12 months ended May 2025. The company has scheduled
repayments of INR17.50 million and INR21.25 million in FY26 and
FY27, respectively, which can be met from internal accruals.
However, the cash flow from operations turned negative to INR18.3
million in FY25 (FY24: INR28.22 million; FY23: INR118.55 million)
due to a decline the absolute EBITDA and unfavorable changes in
working capital. The company incurred capex of INR2.52 million in
FY25 (FY24: INR25.35 million). KRHPL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements.
Rating Sensitivities
Negative: A lower-than-Ind-Ra-expected scale of operations, leading
to deterioration in the overall credit metrics or net leverage
remaining above 4.3x on a sustained basis, could lead to a negative
rating action.
Positive: A significant increase in the scale of operations, along
with an improvement in the overall credit metrics all on a
sustained basis, could lead to a positive rating action.
About the Company
KRHPL was setup as a clinic in 1987 by Late Dr. Rajaveni Doraiswamy
and later incorporated into a private Limited company in 2000. The
company is currently managed by Dr Thilagam Rajeshkumar. KRHPL
provides multispecialty healthcare services in Coimbatore. The
company operates a 120-bed hospital.
KRISHNA STEVEDORES: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Shree Krishna
Stevedores Private Limited (SKSPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 17.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 18.51 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term/ 6.00 [ICRA]B+(Stable) ISSUER NOT
Short Term COOPERATING/[ICRA]A4 ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SKSPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in March 2010, Shree Krishna Stevedores Private
Limited (SKSPL) is the flagship company of the Shree Krishna Group
and is engaged in providing cargo handling services which includes
stevedoring, sea transportation (barging), loading/unloading, road
transportation and rail transportation (rake loading). Its head
office is located in Mumbai while branch offices are located at
Jamnagar, Sikka, Ratnagiri and Surat. The company handles various
kinds of cargoes which includes coal, pulses, cement, clinker,
Sulphur, steel plates and pipes, fertilisers, iron ore, limestone
and rock phosphate among others, mainly at the ports of Mumbai,
Dahanu, Ratnagiri, Magadalla and Hazira. The company owns 26 barges
currently with average capacity of 1,500- 3,000 tonnes; apart from
a no. of excavators, loaders, dumpers, cranes etc.
LIBERTY OIL: Ind-Ra Withdraws D Bank Loan Rating
------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Liberty Oil Mills
Limited's (LOML) bank loan ratings as follows:
-- The 'IND D (ISSUER NOT COOPERATING)' rating on the INR1.30
bil. Fund-based Limits is withdrawn; and
-- The 'IND D (ISSUER NOT COOPERATING)' rating on the INR7.120
bil. Non-fund-based limits is withdrawn.
Detailed Rationale of the Rating Action
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-dues certificate from the lenders. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.
About the Company
LOML is a part of the Liberty group of companies. The company is
engaged in the refining and trading of edible oils. It also
manufactures clarified butter, interesterified vegetable oils and
fats and bakery products. The company has a total annual capacity
of over 650,000 metric tons, with six processing facilities in
Shahapur, Thane. LOML has an established presence in western India
and a management with an experience of over two decades in the
edible oil business.
MAA BHUASUNI: Ind-Ra Moves BB Rating to NonCooperating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on Maa
Bhuasuni Roller Flour Mills' (MBRFM) bank facilities to Negative
from Stable and has simultaneously migrated the ratings to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through phone calls and emails. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The ratings will now appear as 'IND BB/Negative (ISSUER
NOT COOPERATING)' on the agency's website.
The detailed rating action is:
-- INR180 mil. Fund-based working capital limit Outlook revised \
to Negative; rating migrated to non-cooperating category with
IND BB/Negative (ISSUER NOT COOPERATING) rating.
ISSUER NOT COOPERATING: Issuer did not co-operate; based on best
available information
Detailed Rationale of the Rating Action
The migration of rating to the non-cooperating category and Outlook
revision to Negative are in accordance with Ind-Ra's policy,
Guidelines on What Constitutes Non-Cooperation. The Negative
Outlook reflects the likelihood of a downgrade of the entity's
ratings on continued non-cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interactions with MBRFM while reviewing the
ratings. Ind-Ra had consistently followed up with MBRFM over emails
since June 3, 2025, apart from phone calls. The issuer has
submitted no default statement until March 2025.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of MBRFM, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. MBRFM has been
non-cooperative with the agency since March 2025.
About the Company
Established in 1984, MBRFM is engaged in the flour milling business
for more than three decades. The company procures wheat from the
local farmers from nearby markets from West Bengal, Uttar Pradesh,
Madhya Pradesh, and Bihar. It grinds and sells wheat flour to
wholesalers, retailers, and end-users. The product manufactured
comprises of atta, wheat, semolina, maida, bran (Chokar) which is
originated from wheat, or we can say other forms of wheat.
MOHANI TEA: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Mohani Tea
Leaves Private Limited (MTPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING ".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 5.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 35.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with MTPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established in 1992, MTPL procures, blends, packages and markets
CTC black tea and other specialty varieties under its own umbrella
brand, Mohani Tea. The company is present in the North Indian
markets, including UP, Uttaranchal, Bihar, MP, Delhi, Punjab and
J&K and operates primarily in the mid-segment category through its
flagship brand 'Mohani Good Time', which accounts for 80% of the
overall revenues. The company is also present in the premium
segment through its 'Mohani Gold' brand and other specialty
varieties.
MRN CANEPOWER: ICRA Moves B Debt Rating to Not Cooperating
----------------------------------------------------------
ICRA has moved the rating for the issuer rating of MRN Canepower
and Biorefineries Pvt. Ltd. (MRNCBPL) to the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B (Stable);
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 100.00 [ICRA]B (Stable); ISSUER NOT
Unallocated COOPERATING; Rating moved to
Limits 'ISSUER NOT COOPERATING'
Category
The ratings are based on limited cooperation from the entity since
the time it was last rated in May 2024. As part of its process and
in accordance with its rating agreement with MRNCBPL, ICRA has been
trying to seek information from the entity to monitor its
performance. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been moved to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
MRNCBPL operates of a sugar plant, which it acquired in FY2021 for
a period of 40 years on operating lease from Pandavapura Sahakara
Sakkhare Karkhane Ltd (PSSK). The plant is located in South
Karnataka in Pandavpura, Mandya district, near Mysore. The plant
had been shut down since 2013 due to operational and financial
challenges. Hence, the Government of Karnataka (GoK) had
facilitated invitation of tenders for operating the factory on
lease. Subsequently, Nirani Sugars Ltd bagged the tender. As of
now, it is one of the two plants the MRN Group has in South
Karnataka, with rest of the units being in North Karnataka.
NAV BHARAT: ICRA Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Nav Bharat Rice & General
Mills (NRGM) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING ".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with NRGM, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
NRGM is a partnership firm, was set up in 1987 by Mr. Subhash Chand
and Mr Rajinder Kumar. NRGM is engaged in trading and milling of
basmati rice. It has a plant at Cheeka (Haryana) having milling
capacity of 4 tonnes per hour and sortex capacity of 3 tonnes per
hour. The firm has a fully automated plant. The byproducts of
basmati rice viz husk, rice bran and 'phak' are sold in the
domestic market.
NIKHIL UDYOG: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Nikhil Udyog
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Short-term 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long Term- 6.23 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term- 7.27 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Nikhil Udyog, ICRA has been trying to seek information from
the entity so as to monitor its performance Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
M/s Nikhil Udyog was incorporated in the year 1985 and is involved
in manufacturing of footwear under the brand name "Synergy". Nikhil
Udyog has its manufacturing facilities located at Udyog Nagar
(Delhi), Baddi (Himanchal Pradesh), Haridwar (Uttarakhand) and is
setting up another unit at Bahadurgarh (Haryana).
NISIKI INDIA: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Nisiki India
Private Limited (NIPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 8.00 [ICRA]A4 ISSUER NOT
Non Fund Based- COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with NIPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Nisiki India Private Limited (NIPL) was incorporated in 1992 as a
private limited company. The company has been involved in the
trading of different types of bearings, motors, fans, and other
electrical and mechanical accessories in the domestic market. The
company imports finished goods from large manufacturers located
primarily in China, which manufacture the products based on the
designs and specifications.
OSIA HYPER: Ind-Ra Moves BB- Loan Rating to NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Osia Hyper
Retail Limited's (OHRL) long-term debt to 'IND BB-/Negative (ISSUER
NOT COOPERATING)' from 'IND BB+' while resolving the Rating Watch
with Developing Implications. The agency has simultaneously
migrated to the rating to the non-cooperating category as per
Ind-Ra's policy on Issuer Non-Cooperation, following the
non-submission of no default statement(NDS) continuously for three
months despite continuous requests and follow-ups by the agency and
Ind-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No default statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB-/Negative (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR990 mil. Fund-based working capital limits downgraded; off
Rating Watch with Developing Implications and migrated to
non-cooperating category with IND BB-/Negative (ISSUER NOT
COOPERATING rating; and
-- INR100 mil. Non-fund-based working capital limits affirmed;
off Rating Watch with Developing Implications and migrated to
non-cooperating category with IND A4+ (ISSUER NOT
COOPERATING) rating;
Detailed Rationale of the Rating Action
The downgrade reflects OHRL's continued dishonoring of payments
towards an operational creditor on the Trade Receivables
Discounting System (TReDS) platform of Receivable Exchange of India
Limited (RXIL). The company's management is in a process of raising
additional funds through a debt of around INR1,500 million to repay
the entire outstanding of the TReDS facility platform and funding
working capital requirements. OHRL raised nearly INR1,250 million
through equity proceeds in the last week of March 2025. Ind-Ra has
resolved the Rating Watch with Developing Implications based on the
available information and because of the fact that issuer is being
migrated to non-cooperating category because of non-submission of
NDS for three consecutive months.
The migration of rating to the non-cooperating category and the
Negative Outlook are in accordance with Ind-Ra's policy, Guidelines
on What Constitutes Non-Cooperation. The Negative Outlook reflects
the likelihood of a downgrade of the entity's ratings on continued
non-cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received no default statements continuously for
three months despite continuous requests and follow-ups by the
agency. Ind-Ra had consistently followed up with OHRL over emails,
apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of OHRL on the basis of best
available information and is unable to provide a forward-looking
credit view. Hence, the current outstanding rating might not
reflect OHRL's credit strength. If an issuer does not provide
timely no default statements, it indicates weak governance,
particularly in timely debt servicing. The agency may also consider
this as symptomatic of a possible disruption/distress in the
issuer's credit profile. Therefore, investors and other users are
advised to take appropriate caution while using these ratings.
About the Company
Incorporated in 2014, OHRL (formerly known as Mapple Exim Private
Limited) is engaged in the retailing of consumer products across
categories, including food, beverages, groceries, clothes, home
appliances, furniture, handcraft, footwear, and toys among other
related products. The company has 31 stores spread across various
cities in Gujarat, one store each in Maharashtra and Uttarakhand
and two stores in Uttar Pradesh.
PASUPATI SPINNING: Ind-Ra Affirms BB- Bank Loan Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Pasupati Spinning & Weaving Mills Limited's (PSWML) bank
facilities:
-- INR44.59 mil. Term loan due on August 31, 2029 assigned with
IND BB-/Stable rating;
-- INR59.55 mil. Non-fund based working capital limit affirmed
with IND A4+ rating;
-- INR338.25 mil. (reduced from INR355.30 mil.) Fund-based
working capital limit affirmed with IND BB-/Stable rating;
-- INR17.75 mil. (reduced from INR48.32 mil.) Working capital
term loan affirmed with IND BB-/Stable rating; and
-- INR30.04 mil. Term loan due on November 30, 2027 affirmed with
IND BB-/Stable rating.
Detailed Rationale of the Rating Action
The affirmation reflects PSWML's continued small scale of
operations, and modest credit metrics and EBITDA margins. However,
the ratings are supported by PSWML's promoters' experience of over
four decades in the textile industry. Ind-Ra expects the scale of
operations to remain small, EBITDA margins and credit metrics to
marginally improve but remain modest in the medium term.
Detailed Description of Key Rating Drivers
Decline in Small Scale of Operations: PSWML's revenue fell to
INR1,005.08 million in FY25 (FY24: INR1,079.35 million) and EBITDA
to INR73.54 million (INR74.12 million) due to the closure of the
unviable spinning facility in Dharuhera, Haryana. The facility has
now been converted into a warehouse and will be rented out to third
parties, thus providing better revenue generation opportunities. In
2MFY26, PSWML has clocked a revenue of INR155.6 million. In the
medium term, Ind-Ra expects the scale of operations to remain small
due to the similar nature of operations. FY25 figures are
provisional in nature.
Continued Modest Credit Metrics: The interest coverage (operating
EBITDA/gross interest expenses) remained stable at 1.51x in FY25
(FY24: 1.49x) as the decline in EBITDA was offset by the decline in
interest expenses (interest expenses declined due to repayment of
long term loans). However, the net leverage (adjusted net
debt/operating EBITDAR) deteriorated to 7.23x in FY25 (FY24: 6.78x)
because of an increase in total debt at end-FY25. Ind-Ra expects
the credit metrics to marginally improve in the medium term, due to
the absence of a major capex plan and scheduled term loan
repayments.
Continued Modest EBITDA Margins: PSWML's EBITDA margins improved
but remained modest at 7.32% in FY25 (FY24: 6.87%) with a return on
capital employed of 6.3% (6.4%) due to the closure of unviable
facility. Ind-Ra expects the margins to remain modest in the medium
term, but improve marginally backed by the expected revenue from
the warehouse.
Experienced Promoters: The ratings are supported by the promoters'
over four decades of experience in the textile industry.
Liquidity
Stretched: PSWML's average maximum utilization of the fund-based
and non-fund-based limits was 85.3% and 38.25%, respectively, for
the 12 months ended April 2025. The cash flow from operations
deteriorated to INR27.55 million in FY25 (FY24: INR55.59 million)
due to unfavorable changes in working capital. Consequently, the
free cashflow deteriorated to negative INR43.33 million in FY25
(FY24: INR2.75 million). At FYE25, PSWML had a cash balance of
INR1.43 million (FYE24: INR16.14 million), against the total debt
of INR539.88 million (INR518.72 million). The company has debt
repayment obligations of around and INR35.1 million and INR25
million for FY26 and FY27, respectively. The net working capital
cycle further elongated to 331 days in FY25 (FY24: 298 days) due to
an increase in the inventory holding period to 262 days (231 days)
and debtor collection period to 103 days (98 days) due to the
closure of unviable facility.
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the credit metrics and/or any weakening of the
liquidity position, all on a sustained basis, could be negative for
the ratings.
Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics, with the interest
coverage exceeding 2x, all on a sustained basis, could lead to a
positive rating action.
About the Company
PSWML, a public limited company, was incorporated in 1979 by Ramesh
Kumar Jain. The company manufactures cotton/synthetic/blended yarn,
knitted fabrics and readymade garments at its facility in
Dharuhera, Haryana, and polyester grey and dyed sewing thread at
its facility in Kala Amb, Himachal Pradesh.
PROTAC FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Protac Foods International Private Limited (PFIPL) in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 18.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with PFIPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in February 2014, PFIPL started its commercial
operations from July 2016. The company is engaged in processing of
poultry birds for production of dressed and frozen chicken. The
product portfolio of the company consists of fresh chilled chicken,
frozen chicken, chicken cut parts (whole, boneless and portions)
and ready to eat product(marinated chicken pieces).
The company's processing plant is located in Kolar district of
Karnataka and has an installed capacity of processing 6000 birds
per hour. However, with certain capital expenditure yet to
undertaken, the current operational capacity stands at 2500 birds
per hour. As per provisional results for FY2017, the company
reported a net loss of INR5.64 crore on an operating income of
INR10.96 crore for the period from July 2016 to November 2016.
RELIANCE COMMUNICATIONS: Canara Bank Erases 'Fraud' on Loan
-----------------------------------------------------------
The Economic Times reports that public sector lender Canara Bank on
July 10 informed the Bombay High Court that it has withdrawn its
order of classifying the Anil Ambani-promoted Reliance
Communications loan account as 'fraudulent'.
ET relates that the division bench of Justice Revati Mohite Dere
and Justice Neela Gokhale, after hearing the lender's views on the
subject, disposed of the case. The detailed order was not uploaded
until the publication of this report.
According to ET, the withdrawal followed Ambani's petition
challenging the classification. Separately, SBI has also classified
Reliance Communications' loan account as fraudulent, which Anil
Ambani has challenged in court.
About Reliance Communications
Based in Mumbai, India, Reliance Communications Ltd is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile communication
(GSM) technology-based networks across India; voice, long distance
services and broadband access to enterprise customers; managed
Internet data center services, and direct-to-home (DTH) business.
Global operations comprise Carrier, Enterprise and Consumer
Business units. It provides carrier's carrier voice, carrier's
carrier bandwidth, enterprise data and consumer voice services. The
Company owns and operates Internet protocol (IP) enabled
connectivity infrastructure, comprising over 280,000 kilometers of
fiber optic cable systems in India, the United States, Europe,
Middle East and the Asia Pacific region.
The National Company Law Tribunal on May 9, 2019, allowed Reliance
Communications (RCom) to exclude the 357 days spent in litigation
and admitted it for insolvency. With this, RCom, which owes over
INR50,000 crore to banks, has become the first Anil Ambani group
company to be officially declared bankrupt after the NCLT on May 9
superseded its board and appointed a new resolution professional to
run it and also allowed the SBI-led consortium of 31 banks to form
a committee of creditors.
RICE PROWIN: Ind-Ra Assigns BB- Loan Rating, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Shre Rice Prowin
Private Limited's (SRPPL) bank facilities as follows:
-- INR245 mil. Fund-based working capital limit assigned with IND
BB-/Stable/IND A4+ rating;
-- INR31.136 mil. Term loan due on September 30, 2029 assigned
with IND BB-/Stable rating; and
-- INR13.864 mil. Proposed term loan assigned with IND BB-/Stable
rating.
Detailed Rationale of the Rating Action
The ratings reflect SRPPL's small scale of operations, modest
EBITDA margins, modest credit metrics, and stretched liquidity.
Ind-Ra expects the revenue to improve, and the EBITDA margin to
remain at similar levels in the medium term. The ratings, however,
are supported by the promoters' two decades of experience in the
trading industry.
Detailed Description of Key Rating Drivers
Small Scale of Operations: SRPPL's scale of operations remained
small with its revenue increasing to INR1,869.6 million in FY25
(FY24: INR1,757.8 million; FY23: INR1,411.3 million) driven by an
improvement in its capacity utilization and increased sales. The
EBITDA improved to INR49.13 million in FY25 (FY24: INR21.92
million; FY23: INR36.21 million), supported by a reduction in
administrative expenses. Its FY25 numbers are provisional in
nature. In FY26, the management expects the revenue to improve on
account of an improvement in its product prices.
Modest EBITDA Margins: SRPPL's EBITDA margins improved but
remained modest at 2.63% in FY25 (FY24: 1.25%; FY23: 2.57%), led by
a reduction in its administrative expenses and favorable market
conditions. The return on capital employed stood at 1.0% in FY24
(FY23: 5.1%). In the medium term, Ind-Ra expects the EBITDA margin
to remain at similar levels, due to the nature of operations.
Modest Credit Metrics: SRPPL's credit metrics remained modest with
the gross interest coverage (operating EBITDA/gross interest
expenses) improving to 1.93x in FY25 (FY24: 0.95x; FY23: 2.4x) and
the net leverage (total adjusted net debt/operating EBITDAR)
reducing to 5.82x (11.6x; 6.4x), on account of an increase in the
EBITDA. SRPPL plans to incur capex of INR80 million in FY27, which
will be funded through a term loan of INR60 million and the rest
through internal accruals. In the medium term, Ind-Ra expects the
credit metrics to improve on account of an improvement in the
EBITDA.
Stretched Liquidity: Please refer to the liquidity section below.
Experienced Promoters: The ratings are supported by the promoters'
two decades of experience in trading industry, leading to
established relationships with customers as well as suppliers.
Liquidity
Stretched: SRPPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. SRPPL's average month-end utilization of the
fund-based limits was 94.65% during the 12 months ended May 2025.
The cash flow from operations improved but remained at negative
INR10.92 million in FY24 (FY23: negative INR124.48 million), due to
changes in the working capital. Consequently, the free cash flow
stood at negative INR29.15 million (FY23: negative INR137.74
million). The net working capital cycle remained at 31 days in FY24
(FY23: 31 days) mainly on account of the nature of operations. The
company provides 45 days credit period to its customers and
receives around 45 days credit period from its suppliers. SRPPL has
debt repayment obligations of INR10.3 million each in FY26 and
FY27. The cash and cash equivalents stood at INR1.03 million at
FYE25 (FYE24: INR4.10 million).
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the interest
coverage remaining below 1.4x and/or further pressure on the
liquidity position, could lead to negative rating action.
Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics, with an improvement in
the liquidity profile, all on a sustained basis, could lead to a
positive rating action.
About the Company
Established in 2021, SRPPL manufactures rice bran oil and de-oiled
rice bran. It is located in Namakkal.
SHAH TILES: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Shah Tiles Private Limited (STPL) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable)
ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.50 [ICRA]B+ (Stable); ISSUER NOT
Fund Based- COOPERATING; Rating Continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 7.14 [ICRA]B+ (Stable); ISSUER NOT
Fund Based- COOPERATING; Rating Continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 1.91 [ICRA]A4; ISSUER NOT
Non Fund Based COOPERATING; Rating Continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with STPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Shah Tiles Private Limited (STPL) was incorporated in 1992, while
commercial production commenced from 1993. The company is owned and
managed by Mr. Hemant Akhani and Mrs. Dipti Akhani. STPL
manufactures soluble salt vitrified tiles of 605mm x 605mm size,
which find wide application in commercial and residential
buildings. The manufacturing facility is located in Kalol, Gujarat,
and operates in two shifts of 12 hours each with a current
installed manufacturing capacity of 39,400 Metric Tonnes Per Annum
(MTPA). The company markets its tiles under the two brands, 'Shiv
Cera' and 'Diva'.
SHAKTHI MURUGAN: Ind-Ra Moves BB- Loan Rating to NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Shakthi Murugan Textiles to the non-cooperating category as per Ind
Ra's policy on Issuer Non-Cooperation, following non-submission of
No Default Statement continuously for 3 months despite continuous
requests and follow-ups by the agency and also IND-Ra's inability
to validate timely debt servicing through other sources it
considers reliable. No Default Statement in the format prescribed
by SEBI is required to be shared by the issuer every month as a
confirmation that all financial obligations are being serviced on
time. Investors and other users are advised to take appropriate
caution while using these ratings. The rating will now appear as
'IND BB-/Negative (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR85 mil. Fund Based Working Capital Limit Outlook revised
to Negative; rating migrated to non-cooperating category with
IND BB-/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating;
-- INR85 mil. Fund-based working capital limits Outlook revised
to Negative; rating migrated to non-cooperating category with
IND BB-/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating;
-- INR145 mil. Non-Fund Based Working Capital Limit Outlook
revised to Negative; rating migrated to non-cooperating
category with IND A4+ (ISSUER NOT COOPERATING) rating;
-- INR65 mil. Proposed Bank Facility Outlook revised to
Negative; rating migrated to non-cooperating category with
IND BB-/Negative (ISSUER NOT COOPERATING) rating; and
-- INR92.22 mil. Term Loan due on September 30, 2028 Outlook
revised to Negative; rating migrated to non-cooperating
category with IND BB-/Negative (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.
Detailed Rationale of the Rating Action
1.For Investment Grade: The migration of rating to the
non-cooperating category and Outlook revision to Negative are in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation. The Outlook revision to Negative from Stable
reflects the likelihood of downgrade of ratings to sub-investment
grade on continued non-cooperation for six months. In line with the
regulatory requirement, if an issuer has an investment grade rating
outstanding while being non-cooperative for more than six months
with Ind-Ra, then the agency will necessarily downgrade such rating
to the non-investment grade while maintaining the Issuer Not
Cooperating status. 2.For Sub Investment Grade: The migration of
rating to the non-cooperating category and Outlook revision to
Negative are in accordance with Ind-Ra's policy, Guidelines on What
Constitutes Non-Cooperation. The Negative Outlook reflects the
likelihood of a downgrade of the entity's ratings on continued
non-cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with Shakthi Murugan Textiles
over emails starting from April 30, 2025, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Shakthi Murugan Textiles
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect Shakthi Murugan Textiles' credit strength.
If an issuer does not provide timely No Default Statement, it
indicates weak governance, particularly in 'Timely debt servicing'.
The agency may also consider this as symptomatic of a possible
disruption/distress in the issuer's credit profile. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.
About the Company
Incorporated in 2000 as a partnership firm, SMT is engaged in the
manufacturing of textiles, with three divisions, namely spinning,
weaving and power, in Coimbatore. The partners in the firm are R.
Murugesan, M. Naveen, Shanti Subramanian and Velumani Shanmugham.
SHIRPUR-WARVADE MUNICIPAL: ICRA Cuts Rating on LT Debts to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Shirpur-Warvade Municipal Council (SWMC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.90 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating downgraded
Term Loan from [ICRA]BB+(Stable) and
continues to remain under
'Issuer Not Cooperating'
category
Long Term 5.78 [ICRA]B+ (Stable); ISSUER NOT
Unallocated COOPERATING; Rating downgraded
from [ICRA]BB+(Stable) and
continues to remain under
'Issuer Not Cooperating'
category
Rationale
The rating downgrade is attributable to the lack of adequate
information regarding (SWMC) performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating, as the rating may not
adequately reflect the credit risk profile of the entity, despite
the downgrade."
As part of its process and in accordance with its rating agreement
with Shirpur-Warvade Municipal Council, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Established in 1869, the Shirpur-Warvade Municipal Council (SWMC)
provides urban infrastructure services to the twin cities of
Shirpur and Warvade. The city is in the Dhule district of
Maharashtra, around 380 km from Mumbai. The city houses the famous
temples of Balaji and Pataleshwar, many educational institutes and
India's first as well as Asia's largest gold refinery. According to
Census 2011, SWMC, covering an area of 17.90 sq. km., serves a
total population of 76,905. The body is governed by the Maharashtra
Municipal Councils, Nagar Panchayats and Industrial Townships Act,
1965. SWMC's council comprises 30 ward councillors and is headed by
a president, who is directly elected by the citizens along with the
ward councillors. SWMC's regular operations are supervised by the
chief officer, who is appointed by the state government and is
supported by the heads of various departments.
Key services extended by the ULB are construction and maintenance
of roads and drains, water supply, sewerage, solid waste
management, streetlights and amenities such as shopping stalls,
community halls, playgrounds, parks/gardens etc. Apart from basic
municipal services, SWMC also owns and operates a 200-bed super
speciality hospital.
SHIV COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Shiv
Cotton Industries- Tankara in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 1.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Shiv Cotton Industries- Tankara, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Shiv Cotton Industries (SCI) was established as a partnership firm
in May 2013. SCI commenced its operation in January 2014. The firm
is engaged in ginning and pressing of raw cotton. SCI's
manufacturing facility is located at Tankara, in Rajkot district of
Gujarat and is equipped with 24 ginning machines and one pressing
machine to produce cotton bales and cottonseeds.
SOORAJ AGRO: Ind-Ra Moves BB- Bank Loan Rating to NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Sooraj Agro Distilleries Limited to the non-cooperating category as
per IndRa's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 3 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB-/Negative (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR450 mil. Fund-based working capital limits Outlook revised
to Negative; rating migrated to non-cooperating category with
IND BB-/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating; and
-- INR1.320 bil. Term loan issued on September 1, 2023 coupon
rate 11.2 due on December 31, 2032 Outlook revised to
Negative; rating migrated to non-cooperating category with
IND BB-/Negative (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.
Detailed Rationale of the Rating Action
1. For Investment Grade: The migration of rating to the
non-cooperating category and Outlook revision to Negative are in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation. The Outlook revision to Negative from Stable
reflects the likelihood of downgrade of ratings to sub-investment
grade on continued non-cooperation for six months. In line with the
regulatory requirement, if an issuer has an investment grade rating
outstanding while being non-cooperative for more than six months
with Ind-Ra, then the agency will necessarily downgrade such rating
to the non-investment grade while maintaining the Issuer Not
Cooperating status. 2. For Sub Investment Grade: The migration of
rating to the non-cooperating category and Outlook revision to
Negative are in accordance with Ind-Ra's policy, Guidelines on What
Constitutes Non-Cooperation. The Negative Outlook reflects the
likelihood of a downgrade of the entity's ratings on continued
non-cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with Sooraj Agro Distilleries
Limited over emails starting from April 30, 2025, apart from phone
calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Sooraj Agro Distilleries
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Sooraj Agro Distilleries
Limited's credit strength. If an issuer does not provide timely No
Default Statement, it indicates weak governance, particularly in
'Timely debt servicing'. The agency may also consider this as
symptomatic of a possible disruption / distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.
About the Company
Incorporated in March 2022, SADL is setting up a 120 kilo liter per
day capacity distillery project for the production of fuel ethanol
at Havnoor village, Haveri District, Karnataka. The registered
office is in Bellary, Karnataka. The unit is likely to commence
operations from the first week of April 2025.
SYNERGIES CASTINGS: Ind-Ra Cuts Bank Loan Rating to B+
------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Synergies
Castings Limited's (SCL) proposed bank loans to 'IND B+'/Stable/IND
A4 from 'IND BB+'/Stable/IND A4+ and has simultaneously migrated
the ratings to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency through phone calls and emails. Thus, the
rating is based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND
B+'/Stable (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)
on the agency's website.
The instrument-wise rating actions are:
-- INR1.0 bil. Proposed term loan/working capital limits
downgraded and migrated to non-cooperative category with IND
B+/Stable (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on best available information.
Detailed Rationale of the Rating Action
The downgrade reflects SCL's delayed payments to an operational
creditor on the trade receivables discounting system (TReDS)
platform of Receivable Exchange of India Limited (RXIL). Ind Ra
unable to provide further course of actions taken by the management
to repay the outstanding of TReDS facility platform and to fund
future working capital requirements.
The ratings have been migrated in the non-cooperating category as
the issuer for not submitting No Default Certificate (NDS) for
April- June 2025. This is in accordance with Ind-Ra's policy of
'Guidelines on What Constitutes Non-cooperation'.
Non-Cooperation by the Issuer
Ind-Ra has not received no-default statement (NDS) for three
consecutive months as on the first working day of July 2025 and has
not been able to conduct management interaction with SCL while
reviewing the ratings. Ind-Ra had consistently followed up with SCL
over emails, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SCL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. SCL has been
non-cooperative with the agency since April 2025.
About the Company
SCL manufactures aluminum alloy wheel rims for passenger vehicles.
It is among the few Indian alloy wheel manufacturers in the
passenger vehicle segment with a capability to manufacture large
wheel rim sizes up to 22 inches with all types of finishes such as
chrome, premium painted, and ultra-bright finishes. Its
manufacturing facility with a capacity of 1.2-million-wheel rims
per annum is located in Visakhapatnam (Andhra Pradesh).
SYNERGY AGRI: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Synergy Agri
Products Private Limited (SAPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.25 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 2.00 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Proposed Long Term 0.75 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 7 CRISIL D (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with SAPPL for
obtaining information through letter and email dated June 5, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SAPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SAPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SAPPL continues to be 'Crisil D Issuer not cooperating'.
SAPPL, based in Durgapur, is engaged in propagation and growing of
plants and tissue culture activities. SAPPL was started on 3rd
March, 2004 as 'Synergy Bio-technologies Limited' and was
subsequently renamed.
WARSAW INTERNATIONAL: Ind-Ra Moves BB Rating to NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Warsaw International's (WI) bank facilities to Negative from Stable
and migrated the ratings to the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency through phone
calls and emails. Thus, the rating is based on the best-available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.
The instrument-wise rating actions are:
-- INR260 mil. Fund-based working capital limit Outlook revised
to Negative; migrated to non-cooperating category with IND
BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information
Detailed Rationale of the Rating Action
The migration of WI's rating to the non-cooperating category is in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation. The Negative Outlook reflects the likelihood of a
downgrade of the entity's ratings on continued non-cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interactions with WI while reviewing the
rating. Ind-Ra had consistently followed up with WI over emails
till 26 June 2025, apart from phone calls. The issuer has submitted
its monthly no default statement until March 2025.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of WI, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. WI has been
non-cooperative with the agency since March 2025.
About the Company
WI was established in 1989 as a partnership firm by Raja M
Shanmugham, M Ramaswamy, S Vishal and R Muthuarvind, Tirupur. The
Tamil Nadu-based firm manufactures knitted ready-made garments for
men, women, and exports to European companies. WI has a
manufacturing capacity of 1.80 million knitted garment pieces
annually.
WOODON MDF: Ind-Ra Withdraws B+ Bank Loan Rating
------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Woodon MDF Panels
Private Limited's (WMPPL) bank facilities rating to the
non-cooperating category. The ratings are simultaneously withdrawn
on the issuer's request.
The detailed rating actions are:
-- INR400 mil. Term loan** due on March 31, 2035 migrated to non-
cooperating category and withdrawn; and
-- INR90 mil. Fund-based working capital limit* migrated to non-
cooperating category and withdrawn.
*Migrated to 'IND B+/Stable (ISSUER NOT COOPERATING)'/'IND A4
(ISSUER NOT COOPERATING)' before being withdrawn
**Migrated to 'IND B+/Stable (ISSUER NOT COOPERATING)' before
being withdrawn
Detailed Rationale of the Rating Action
The ratings have been migrated to the non-cooperating category
before being withdrawn as the issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls, and has not provided
information about latest audited financial statement, sanctioned
bank facilities, business plans and projections for the next three
years. This is in accordance with Ind-Ra's policy of 'Guidelines on
What Constitutes Non-cooperation'.
Ind-Ra is no longer required to maintain the rating, as the agency
has received no-objection certificate from the lenders and a
withdrawal request from the issuer. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with WMPPL while reviewing the
rating. Ind-Ra had consistently followed up with WMPPL over emails,
apart from phone calls.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of WMPPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
WMPPL started its commercial operations from January 2024 with an
installed capacity of 54,000 cubic meters. It is also in the
process of expanding its existing capacity to 108,000 cubic meters
which will be completed by December 2024. It has machines installed
to produce plain boards and prelaminated boards. The promoters set
up a fully automated plant for manufacturing of export quality
particle board at Idukki, Kerala. Its promoters are Pareeth,
Aboobacker, and Youseph.
=========
J A P A N
=========
NISSAN MOTORS: To Stop Production at Oppama Plant by March 2028
---------------------------------------------------------------
Reuters reports that Nissan Motor Co said on July 15 it will stop
producing vehicles at its Oppama plant in Japan by March 2028 and
transfer operations to its factory in the southern prefecture of
Fukuoka as part of a global restructuring plan to reduce capacity.
Japan's third-biggest automaker is looking to slash production
capacity to 2.5 million vehicles from 3.5 million and consolidate
production sites to 10 from 17 as it grapples with falling sales
and mounting losses, Reuters says.
Reuters reported last week that Nissan was in talks to allow
Taiwan's Foxconn to use the Oppama factory to produce EVs and avert
a closure.
Reuters relates that Nissan said in a statement on July 15 that it
would explore "a wide range of options" for the future use of the
Oppama plant, in the port city of Yokosuka, south of Tokyo.
Related costs will be disclosed along with first-quarter financial
results, it said.
CEO Ivan Espinosa has announced sweeping restructuring plans aimed
at turning around the struggling automaker, including reducing its
global workforce by some 15%.
When the Oppama factory first opened in 1961, it was one of Japan's
first large-scale auto factories and a symbol of Nissan's - and
Japan's - global ambitions, Reuters notes.
About Nissan Motor
Nissan Motor Co., Ltd. manufactures and distributes automobiles and
related parts. The Company produces luxury cars, sports cars,
commercial vehicles, and more. Nissan Motor markets its products
worldwide.
As reported in the Troubled Company Reporter-Asia Pacific on July
10, 2025, Fitch Ratings has assigned a rating of 'BB' to Nissan
Motor Co., Ltd.'s (BB/Negative) proposed senior unsecured US dollar
and euro notes. The proposed notes are rated in line with Nissan's
Long-Term Foreign-Currency Issuer Default Rating (IDR), as they
represent the company's direct, unsecured and unsubordinated
obligations, and rank pari passu with all its other unsecured and
unsubordinated debt. The proceeds will be used for general
corporate purposes. The company expects the proceeds from the new
notes to be used to prefund the refinancing of maturing notes.
Fitch does not expect the company's net debt balance after issuance
to change materially, leaving the company's financial structure
unchanged.
Fitch Ratings, in April 2025, downgraded Nissan Motor Co., Ltd.'s
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
and senior unsecured rating to 'BB' from 'BB+'. The Outlook is
Negative. Fitch has affirmed the Short-Term Foreign- and
Local-Currency IDRs at 'B'.
The TCR-AP reported on July 9, 2025, S&P Global Ratings assigned
its 'BB' issue credit rating to Nissan Motor Co. Ltd.'s
(BB/Negative/B) three proposed U.S.-dollar denominated senior
unsecured notes and two proposed euro-denominated senior unsecured
notes. The notes differ in maturities.
S&P Global Ratings, on March 7, 2025, lowered its long-term issuer
credit ratings on Nissan Motor and its overseas subsidiaries to
'BB' and affirmed its short-term issuer credit ratings on each
company at 'B'. The negative outlook reflects S&P's view that the
company's creditworthiness may continue to deteriorate as a
challenging operating environment hampers profitability improvement
and free cash flow losses continue.
Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3
the senior unsecured rating for Nissan Motor Co., Ltd. At the same
time, Moody's have assigned a Ba1 corporate family rating and
withdrawn the company's Baa3 issuer rating. Moody's have also
maintained the negative rating outlook.
=====================
N E W Z E A L A N D
=====================
AIRWORK HOLDINGS: Placed in Receivership
----------------------------------------
Neale Jackson, Brendon James Gibson and Daniel Stoneman of Calibre
Partners on July 2, 2025, were appointed as receivers and managers
of Airwork Holdings Limited, Airwork Flight Operations Limited, AFO
Aircraft (NZ) Limited, Contract Aviation Industries Limited and
Airwork Fixed Wing Limited.
The receivers and managers may be reached at:
Neale Jackson
Brendon James Gibson
Daniel Stoneman
Calibre Partners
Level 21
88 Shortland Street
Auckland
CVM HOSPITALITY: Court to Hear Wind-Up Petition on July 24
----------------------------------------------------------
A petition to wind up the operations of CVM Hospitality NZ Limited
will be heard before the High Court at Christchurch on July 24,
2025, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on May 27, 2025.
The Petitioner's solicitor is:
Nanette Cunningham
Inland Revenue, Legal Services
PO Box 1782
Christchurch 8140
GENTLE PINK: Creditors' Proofs of Debt Due on Aug. 15
-----------------------------------------------------
Creditors of Gentle Pink Limited, Niche Investments Limited,
Lorenzo Developments Limited and Dino Robertson Hospitality Group
Limited (trading as Dino's Pizzeria) are required to file their
proofs of debt by Aug. 15, 2025, to be included in the company's
dividend distribution.
Gentle Pink commenced wind-up proceedings on June 26, 2025.
Niche Investments and Lorenzo Developments commenced wind-up
proceedings on June 27, 2025.
Dino Robertson Hospitality Group commenced wind-up proceedings on
June 30, 2025.
The company's liquidator is:
Garry Whimp
Blacklock Rose Limited
PO Box 6709
Victoria Street West
Auckland 1142
MEGA CAR: Court to Hear Wind-Up Petition on Aug. 28
---------------------------------------------------
A petition to wind up the operations of Mega Car Parts Limited will
be heard before the High Court at Auckland on Aug. 28, 2025, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on March 6, 2025.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
SELECT BUILDING: Creditors' Proofs of Debt Due on Aug. 7
--------------------------------------------------------
Creditors of Select Building Limited are required to file their
proofs of debt by Aug. 7, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 3, 2025.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
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S I N G A P O R E
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BIOCAIR SINGAPORE: Creditors' Proofs of Debt Due on Aug. 4
----------------------------------------------------------
Creditors of Biocair Singapore Pte. Ltd. are required to file their
proofs of debt by Aug. 4, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 30, 2025.
The company's liquidators are:
Victor Goh
Khor Boon Hong
Marie Lee
C/o Baker Tilly
600 North Bridge Road
#05-01 Parkview Square
Singapore 188778
FISHEROO PTE: Commences Wind-Up Proceedings
-------------------------------------------
Members of Fisheroo Pte. Ltd. on June 20, 2025, passed a resolution
to voluntarily wind up the company's operations.
The company's liquidator is Farooq Ahmad Mann of M/s Mann &
Associates PAC.
IVANHOE CAMBRIDGE: Creditors' Proofs of Debt Due on Aug. 4
----------------------------------------------------------
Creditors of Ivanhoe Cambridge Singapore Fund I Pte. Ltd. are
required to file their proofs of debt by Aug. 4, 2025, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on June 30, 2025.
The company's liquidators are:
Mr. Paresh Tribhovan Jotangia
Ms. Ho May Kee
Grant Thornton Singapore
8 Marina View
#40 - 04/05 Asia Square Tower 1
Singapore 018960
POISE DINING: Commences Wind-Up Proceedings
-------------------------------------------
Members of Poise Dining Pte. Ltd. on June 30, 2025, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Seah Chee Wei
Rock Stevenson Pte Ltd
8 Burn Road Trivex #16-12
Singapore 369977
TASTY SARAWAK: Court to Hear Wind-Up Petition on July 25
--------------------------------------------------------
A petition to wind up the operations of Tasty Sarawak Kolo Mee Pte.
Ltd. will be heard before the High Court of Singapore on July 25,
2025, at 10:00 a.m.
United Overseas Bank Limited filed the petition against the company
on July 1, 2025.
The Petitioner's solicitors are:
Quantum Law Corporation
No. 10 Anson Road
#26-10 International Plaza
Singapore 07990
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S O U T H K O R E A
=====================
WATCHA: Faces Restructuring as Investor Seeks Court Administration
------------------------------------------------------------------
Chosun Biz reports that South Korea's first-generation online video
service (OTT) platform Watcha Inc. is in danger of going through
corporate restructuring. This comes as Inlight Ventures, one of the
investors, has requested court administration, Chosun Biz relates.
Due to prolonged deficits, it has become difficult for the investor
to recover the invested funds, prompting the creditor to directly
request the restructuring process.
According to the report, Watcha plans to request the withdrawal of
corporate restructuring through negotiations with investors.
However, the situation is challenging. Legally, the side holding
the 'flowering card' is the creditor.
Chosun Biz relates that to the investment banking (IB) industry and
legal circles said on July 14, the Seoul Bankruptcy Court is
currently reviewing the corporate restructuring application for
Watcha submitted by Inlight Ventures.
The court plans to hold a hearing on July 22 to hear the
applicant's opinion, Chosun Biz says. According to the Debtor
Rehabilitation Act, corporate restructuring can be applied for
solely by creditors holding more than 10% of the corporation's
equity.
It is rare for investors to apply for corporate restructuring for
their portfolio companies. However, Inlight Ventures appears to
have taken this strong measure because it judged that the current
management condition of Watcha makes it difficult to recover its
investment, Chosun Biz states.
In fact, Watcha has not escaped a long-term operational deficit,
falling into a complete capital erosion state. As of the end of
last year, the total capital was minus (-) 79.6 billion won, Chosun
Biz discloses. The external auditor also notified that it would
decline the audit opinion due to uncertainty about the assumption
of going concern (that the corporation will continue normal
operations). This situation can be interpreted as one of the
requirements for court administration, i.e., 'insolvency.'
If the court decides to initiate the corporate restructuring
process in the future, Watcha is expected to pursue mergers and
acquisitions (M&A) before the restructuring plan is approved,
Chosun Biz relays. This will involve issuing new shares through a
third-party placement capital increase, funneling investor funds
into the company to repay debts. Existing shareholders' stakes will
be canceled for free, allowing new investors to become the majority
shareholders. However, as the management situation deteriorates and
court administration is undergone, there is a high likelihood that
some restructuring claims will be converted into equity.
Watcha Inc. has two main services - Watcha and Watcha Pedia. Watcha
is an online video streaming service with 100,000+ titles including
movies, TV shows, documentaries and animation. Watcha Pedia is a
content rating and recommendation service that suggests movies, TV
shows, books and webtoon tailored to users' taste. Watcha Inc. also
produces its own original content and distributes films.
*********
S U B S C R I P T I O N I N F O R M A T I O N
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Copyright 2025. All rights reserved. ISSN: 1520-9482.
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