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250805.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, August 5, 2025, Vol. 28, No. 155 Headlines A U S T R A L I A AKASHA BREWING: Powder Monkey Buys Troubled Australian Beer Makers ONESTEEL MANUFACTURING: BlueScope Leads Bid for Whyalla Steelworks QUIRKY WARS: Enters Voluntary Administration WITTNER GROUP: G+T Advises Deloitte on Sale and Recapitalisation I N D I A AAMANYA ORGANICS: Ind-Ra Affirms BB+ Rating, Outlook Negative ADARSHA AUTO: Ind-Ra Cuts Bank Loan Rating to D ADARSHA AUTOMOTIVES: Ind-Ra Cuts Bank Loan Rating to D AK PETROCHEMICALS: Ind-Ra Assigns BB Loan Rating, Outlook Stable ARAVINDA INFRA: Ind-Ra Cuts Bank Loan Rating to BB BRIJ ENGINEERING: CARE Keeps C/A4 Debt Ratings in Not Cooperating DAGAR FARM: CARE Keeps D Debt Rating in Not Cooperating Category EXQUISITE PRINT: CARE Keeps B- Debt Rating in Not Cooperating FAIRDEAL OVERSEAS: CARE Keeps B Debt Rating in Not Cooperating GEELON INDUSTRIES: Ind-Ra Withdraws B+ Bank Loan Rating GEHLOT ENTERPRISE: CARE Keeps D Debt Rating in Not Cooperating GINNI INTERNATIONAL: Ind-Ra Affirms BB+ Loan Rating GOKILA POULTRY: CARE Keeps C Debt Rating in Not Cooperating GREEN WOOD: CARE Keeps B- Debt Rating in Not Cooperating Category HARI CONSTRUCTIONS: CARE Keeps B- Debt Rating in Not Cooperating HARIMAN SEEDS: CARE Keeps B- Debt Rating in Not Cooperating HINDUSTHAN LOHA: Ind-Ra Withdraws B+ Term Loan Rating HOTEL SWOSTI: Ind-Ra Moves BB+ Rating to NonCooperating INDUSTRIAL HANDLING: CARE Keeps B Debt Rating in Not Cooperating JAYSHRI GAYATRI: Ind-Ra Cuts Bank Loan Rating to D JOGINDRA CASTINGS: Ind-Ra Withdraws BB- Loan Rating JOSAN FOODS: Liquidation Process Case Summary KANHA EXIM: CARE Keeps B- Debt Rating in Not Cooperating Category KR HEALTH: Ind-Ra Affirms & Withdraws BB+ Bank Loan Rating KRISHAN KRIPA: CARE Keeps B- Debt Rating in Not Cooperating KRISHNA SUN: Ind-Ra Assigns BB Loan Rating, Outlook Stable KRUSHNARAJ BIO: CARE Keeps D Debt Rating in Not Cooperating L N CONSTRUCTIONS: CARE Keeps D Debt Ratings in Not Cooperating LEITWIND SHRIRAM: Ind-Ra Keeps D Loan Rating in NonCooperating M S INFRAENGINEERS: Ind-Ra Keeps B+ Rating in NonCooperating MAHA ARVIND: Ind-Ra Moves BB- Loan Rating to NonCooperating MATILAL AND GOURI: CARE Keeps B- Debt Rating in Not Cooperating MAYFAIR RESORTS: CARE Keeps B- Debt Rating in Not Cooperating MIRAJ METALS: CARE Keeps D Debt Ratings in Not Cooperating MN AUTOMOBILE: CARE Keeps B- Debt Rating in Not Cooperating MUTHUKUMARAN SILKS: CARE Keeps B- Debt Rating in Not Cooperating N G EXPORTS: Ind-Ra Gives B+ Bank Loan Rating, Outlook Stable NACHIAPPAN. K: CARE Keeps B- Debt Rating in Not Cooperating NAVBHARAT NIRMAN: CARE Keeps C Debt Rating in Not Cooperating PAAPPAI EXPORTS: CARE Keeps D Debt Rating in Not Cooperating PCDEY AND SON: Ind-Ra Cuts Bank Loan Rating to D PENTECH METALS: CARE Keeps B- Debt Ratings in Not Cooperating PRAJAPATI DEVELOPERS: CARE Keeps B- Rating in Not Cooperating PREM KUMAR: CARE Keeps B- Debt Rating in Not Cooperating Category PREMIUM MEDICAL: Ind-Ra Gives BB+ Bank Loan Rating RAMSWAROOP MEMORIAL: Ind-Ra Keeps D Loan Rating in NonCooperating RELIANCE INFRASTRUCTURE: Ind-Ra Hikes Bank Loan Rating to B RSKS AUTOMOTIVES: Ind-Ra Affirms BB+ Bank Loan Rating RUKMANI MOTORS: Ind-Ra Cuts Bank Loan Rating to D SAI KRIPA: CARE Keeps B- Debt Rating in Not Cooperating Category SANKET ENTERPRISE: CARE Keeps B- Debt Rating in Not Cooperating SARASWATI EDUCATIONAL: Ind-Ra Keeps D Rating in NonCooperating SDS SUNPOWER: Ind-Ra Assigns BB Term Loan Rating SHIV SHAKTI: CARE Keeps C Debt Rating in Not Cooperating Category SHOES EXPORTS: Ind-Ra Assigns BB+ Bank Loan Rating SHRIRAM EPC: Ind-Ra Keeps D Loan Rating in NonCooperating SIDDHIVINAYAK GREENTECH: Ind-Ra Withdraws BB Loan Rating SUNSHINE PAPTECH: Ind-Ra Withdraws BB Bank Loan Rating SUPREME POLYTUBES: CARE Keeps D Debt Ratings in Not Cooperating SUPREME VASAI: Liquidation Process Case Summary UI FABRICATORS: CARE Keeps D Debt Rating in Not Cooperating USHDEV ENGITECH: Ind-Ra Keeps C Rating in NonCooperating VASUPRADA PLANTATIONS: Ind-Ra Corrects 12/27/2024 Rating Release VETHAA DAIRY: Ind-Ra Keeps B+ Loan Rating in NonCooperating WELLNESS FOREVER: Ind-Ra Cuts Term Loan Rating to B+ YADAV TRACTOR: Ind-Ra Cuts Loan Rating to B- YASH PAPERS: Ind-Ra Cuts Bank Loan Rating to B+ YAZDANI STEEL: Ind-Ra Keeps D Loan Rating in NonCooperating YOGESH AND YOGESH: Ind-Ra Cuts Loan Rating to B YOGESH TRADING: Ind-Ra Cuts Bank Loan Rating to B- YOGIRAJ SPINNING: Ind-Ra Cuts Bank Loan Rating to B+ ZAACI DIAMONDS: Ind-Ra Keeps D Loan Rating in NonCooperating [] INDIA: Recovery in Realty Cases via IBC Hits 44.7% M A L A Y S I A RENEUCO BHD: Auditor Flags Going Concern Uncertainty N E W Z E A L A N D NAIKER ENTERPRISES: Court to Hear Wind-Up Petition on Aug. 11 VKS ENTERPRISES: Creditors' Proofs of Debt Due on Aug. 29 S I N G A P O R E DISNEY FTC: Creditors' Proofs of Debt Due on Aug. 30 IMPERIUM CROWN: Argile Partners Appointed as Liquidator LPS CONSTRUCTION: Court Enters Wind-Up Order MAXIMUM SINGAPORE: Placed in Creditors’ Voluntary Liquidation SANO V: Placed in Creditors' Voluntary Liquidation - - - - - ================= A U S T R A L I A ================= AKASHA BREWING: Powder Monkey Buys Troubled Australian Beer Makers ------------------------------------------------------------------ The Australian Financial Review reports that boutique British brewer Powder Monkey has made a bold push into the Australian market, snapping up a string of craft breweries at a time when many are struggling to make money. Almost 50 small beer makers have gone bust in the past year. Powder Monkey, which owns three small breweries in the United Kingdom, last month acquired Sydney's Akasha Brewing and Wayward Brewing Co for undisclosed sums, the Financial Review recalls. It will add those businesses to its other Australian assets that include Sydney's Willie the Boatman, NSW's Southern Highlands Brewing, and a taphouse facility in Sydney's south-west that will open in October. It's a high-risk play for UK-listed Powder Monkey as it will be competing against industry giants Asahi Beverages and Lion, which have also been acquiring craft beer businesses. Additionally, there are challenges for the beer sector with soaring costs and declining consumption. According to the Financial Review, Ben Twomey, a Powder Monkey Australasia director, said while it is tough in brewing, the group expects it can deliver stronger returns through economies of scale, which is why it may look at further acquisitions in Australia next year. "We've found a new normal now, albeit off a lower base," he said of the industry's challenges. Mr. Twomey said many of Australia's 750-odd craft breweries were operating at half of their capacity. "It's just getting the asset utilisation right. The key thing for us is centralising the manufacturing. It helps in getting your price points down." Mr. Twomey joined Powder Monkey after it acquired Southern Highlands Brewing, which he co-founded. The Financial Review adds that research group IBISWorld said the beer industry has been grappling with soaring production costs, including a 31 per cent hike in grain prices and a 16 per cent jump in excise taxes in the three years to 2024. It received a small reprieve after the Albanese government put a two-year freeze on the bi-annual excise increase on draught beer, meaning a scheduled increase for early August won't happen, the report states. Still, years of cost increases have hurt beer manufacturers' profit margins, especially small and independent breweries that lack economies of scale, and which have struggled to pass on those price rises. A number of those businesses have gone to the wall, such as Newstead Brewery in Brisbane, and Burnley Brewing, Deeds Brewing and Alchemy Brewing in Melbourne, the Financial Review discloses. Akasha Brewing went into voluntary administration in 2024, owing creditors AUD1.6 million, but re-emerged after a deed of company arrangement. Henry McKenna of Vincents was appointed as administrator of the company on March 30, 2024. ONESTEEL MANUFACTURING: BlueScope Leads Bid for Whyalla Steelworks ------------------------------------------------------------------ Reuters reports that BlueScope Steel said on August 4 it has assembled a heavyweight consortium of global steelmakers to bid for Sanjeev Gupta's troubled Whyalla Steelworks, over a month after the local government formally opened a sale process. Reuters relates that the group - comprising Japan's Nippon Steel, India's JSW Steel, and South Korea's POSCO - brings a combined market value of AUD115 billion ($74.4 billion), and is eyeing the South Australian plant as a future hub for low-emissions iron production for domestic and export markets. The consortium has lodged a non-binding expression of interest but has yet to submit a formal bid. Whyalla Steelworks was placed in administration in February, after its operating company collapsed under tens of millions in debt. The Australian and South Australian governments stepped in with a joint AUD1.9 billion rescue package to safeguard local jobs and preserve a key piece of industrial infrastructure. Australia formally opened the sale process in June, citing strong global interest from companies seeking a foothold in the emerging green steel economy. Gupta's family conglomerate, GFG Alliance, was not immediately reachable for a Reuters request for comment. About OneSteel Manufacturing OneSteel Manufacturing Pty Limited manufactures steel products. The Company offers a variety of products including steel pipes, valves, and sheets. OneSteel is part of the GFG corporate group and is the legal entity that owns and operates the Whyalla steelworks and the iron ore mining operations in the Middlebank Range in South Australia. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. QUIRKY WARS: Enters Voluntary Administration -------------------------------------------- Sean Slatter of IF reports that Quirky Wars, the production company behind director Luke Sparke's 2023 Queensland-shot mob thriller Bring Him to Me, has entered voluntary administration. IF, citing a public notice from the Australian Securities and Investments Commission (ASIC), discloses that David Michael Stimpson, of specialist accounting and advisory firm SV Partners, was appointed as administrator on July 21 under section 436A of the Corporations Act. The initial creditors' meeting took place on July 31 in Brisbane, where it was resolved that Mr. Stimpson would continue as the voluntary administrator and there would not be a committee of inspection, IF relates. In a statement, Mr. Stimpson said Quirky Wars director, Carmel Imrie, was "cooperating with, and was committed to assisting him in optimising the outcome for the company's creditors", adding he expected she would provide a proposal for a deed of company arrangement to put to creditors. "The SV Partners team is working through the initial stages of the appointment and conducting due diligence of the company's assets and liabilities and commencing investigation of the company's affairs," he said. "Our team is actively communicating with all known stakeholders." Filmed across Brisbane, Ipswich, and the Gold Coast at the end of 2022, Bring Him to Me stars Barry Pepper as a mild-mannered getaway driver whose conscience is tested when he is asked to collect a young and unsuspecting new crew member (Jamie Costa) one week after a violent robbery, according to IF. Sam Neill, Rachel Griffiths, Liam McIntyre, Zac Garred and Jennings Brower are also in the cast. Tom Evans wrote the script, while Mr. Sparke was an EP alongside Geoff Imrie, Sean Virgin, and Martin Walton. Carmel Imrie and Carly Sparke were producers, with Garred as a co-producer. IF says the film had its world premiere at the 2023 CinefestOZ Festival in Western Australia, before being released in Australia via Rialto Distribution. It also played in select US theatres at the beginning of 2024, after Roadside Attractions and Samuel Goldwyn Films acquired North American rights. The voluntary administration of Quirky Wars comes ahead of this month's release of Primitive War, which Sparke wrote and directed, and Carly Sparke and Carmel Imrie produced. In a statement made to IF, Carly Sparke said the development would not affect any film besides Bring Him to Me. "We are working diligently with the administrators to get the best outcome for all creditors," she said. WITTNER GROUP: G+T Advises Deloitte on Sale and Recapitalisation ---------------------------------------------------------------- Gilbert + Tobin has advised David Orr and Salvatore Algeri of Deloitte on the successful sale and recapitalisation of the business of Wittner Group Holdings Pty Ltd (WGH), Wittner Retail Australia Pty Ltd and Wittner Retail New Zealand Pty Ltd and (Wittner Group) to The Shoe Group Pty Ltd through a Deed of Company Arrangement (DOCA). G+T worked closely with David, Sal and also Dan Demir, together with many members of the Deloitte restructuring team. The transaction provided for under the DOCA completed on July 31, 2025 and involved the transfer of the entire issued share capital in WGH from its existing shareholders to TSG. The Wittner Group, which operates the iconic women's footwear retail business known as 'Wittner', entered external administration on April 16, 2025. The sale and recapitalisation of the Wittner Group business represents a significant restructuring outcome. The G+T team was led by Restructuring and Insolvency Co-Head and Partner Peter Bowden, with support from Partner Anna Schwartz and lawyers Andrew Fay, Becci Cartoon, Rebecca Hazeltine, Meg Parry and Katerina Kovalenko. Commenting on the Wittner Group transaction, Peter Bowden said: "We are very pleased to have supported the Deloitte team in preserving the Wittner business and delivering this result for the Wittner Group's stakeholders. This is another excellent example of our team's strong retail capability, and we congratulate all parties involved. Deloitte Turnaround and Restructuring partner and transaction lead Daniel Demir said completion of the sale and recapitalisation process represents a new chapter for the iconic Australian brand and its employees. "We are pleased that this much-loved heritage brand has found a new home in TSG. The success of the sale, which occurred in the context of a challenging retail environment, will allow for the continuation the majority of the Wittner business including retail stores and concessions, as well as the retention of over 170 employees," Mr. Demir said. Deloitte Turnaround and Restructuring partner and Voluntary Administrator, David Orr added: "The sale has also delivered a positive outcome for creditors, landlords and concession partners and we are thankful for their support throughout the administration period. "We also extend our thanks to the Wittner team, our Deloitte team and to the Gilbert + Tobin team for their invaluable hard work over the last three months in securing a future for Wittner." On April 16, 2025, David Orr and Sal Algeri of Deloitte SRT Pty Ltd were appointed as administrators of Wittner Group Holdings Pty Ltd, Wittner Retail Australia Pty Ltd, and Wittner Retail New Zealand Pty Ltd. ========= I N D I A ========= AAMANYA ORGANICS: Ind-Ra Affirms BB+ Rating, Outlook Negative ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Aamanya Organics Private Limited's (AOPL) bank facilities as follows: -- INR510 mil. Fund-based working capital limits affirmed with IND BB+/Negative/IND A4+ rating; -- INR63.90 mil. Proposed fund-based working capital limits affirmed with IND BB+/Negative/IND A4+ rating; -- INR100 mil. Non-fund-based working capital limits affirmed with IND A4+ rating; and -- INR1,876.10 bil. Term loan due on September 20, 2032 affirmed IND BB+/Negative rating. Detailed Rationale of the Rating Action The Negative Outlook reflects a delay in the commencement of commercial operations of AOPL's 250 kilo liters per day (KLPD) fuel grade ethanol plant until end-July 2026. The total capex was revised to INR2,357.1 million, of which INR1876.1 million will be funded through debt, INR67.3 million through equity, INR202.0 million through issuance of preference shares and INR211.7 million from unsecured loans. However, the rating derives comfort from the ready demand for fuel-grade ethanol, with the company having signed 10-year offtake agreements with three oil marketing companies (OMCs). Detailed Description of Key Rating Drivers Delay in Commencement of Operations: The commissioning of AOPL's grain (rice/maize)-based distillery plant for ethanol production, which was earlier scheduled for 2QFY25, has been delayed to end-July 2026. As per the management, the delay was due to ambiguity and contradiction in the guidelines pertaining to the use and storage of feedstock and ethanol outlined in the National Biofuel Policy-2018, the long-term offtake agreements (LTOAs) with OMCs and the Gujarat Prohibition Act. As per the Gujarat Prohibition Act, broken rice, open market rice and rice from the Food Corporation of India are considered as different feedstocks that must be stored separately in dedicated silos/tanks. However, as per OMCs guidelines and National Biofuel Policy (NBP), open market rice and broken rice are categorized as damaged food grains and can be stored together in the shared silos/tanks. As per the management, a significant redesign of the plant would be required and hence the management is waiting for further clarification which is expected to be received within in one-to-two months. Ind-Ra believes that the timely commissioning of the plant coupled with the unit's stabilization will remain a key rating monitorable to ensure successful ramp-up of the operations, aiding revenue scale-up and healthy profitability for the business. Increase in Project Cost: AOPL has entered into an agreement with an engineering, procurement and construction contractor for the construction of the plant and the project is on hold until further clarification. The total estimated project cost increased by INR55.6 million to INR2357.1 million, out of which INR1,876.1 million will be funded through debt, INR194.3 million through equity, INR74.1 million through the issuance of preference shares and INR169.5 million from unsecured loans. The term loan of INR1,876.1 million has been sanctioned. In case of delays in the completion of the remaining capex, the expenses will be funded by the promoters through infusion of unsecured loans. As of June 2025, the company completed about 56.15% of the work with civil foundation and other construction having 75% completed. The company has incurred capex of around INR300.0 million, of which INR37.5 million was funded through equity infusions and the balance via unsecured loans from the promoters. Revenue Visibility over Medium Term: AOPL's total capacity stood at 250KLPD and the has been awarded the contract for supply of ethanol for the next 10 years for 24.75 million liters (75 KLPD x 330 days) annually to Bharat Petroleum Corporation Limited on behalf of OMCs. Also, the company had an offtake agreement for 49.5 million liters (150KLPD x 330 days) which was expired, and it has requested for the extension, as per the management. Additionally, the company has been received letter of intent (LOI) from Reliance Industries Limited ('IND AAA'/Stable) for supply of 250 KLPD which provides revenue visibility and will allow the company to sell under the LTOA or to private players. Geographical Advantage: The project also benefits from locational advantages due to its proximity to ample raw material sources, along with its ability to reach out to various oil blending depots in the nearby areas. Furthermore, AOPL will be entitled to receive various fiscal benefits under the National Biofuel Policy 2018 and state policies. The advancement of the central government's ethanol blending target to 2025 from 2030, has created a strong demand for ethanol, and thus, supports the financial performance of distillery units for manufacturing ethanol. Liquidity Stretched: Since the unit is yet to commence operations, the stability in its capacity utilization and growth in its scale of operations are yet to be seen. This, along with the high interest on the loans incurred for the project, is likely to stress liquidity over the short term. Till June 2026, INR300 million capex has been incurred by way of equity infusion and unsecured loans against civil work and other expenses. AOPL has sanctioned term loan of INR1,876.1 which is yet to be drawn. The company's day-to-day requirements will be met through fund-based working capital limits of INR510 million, which has already been sanctioned and will be disbursed one month prior to the commencement of operations. In the event of any delay in the completion of the remaining capex, the expenses will be funded by promoters through unsecured loans. Rating Sensitivities Negative: Any delay in receipt of clarification or further delay in the commencement of operations could be negative for the ratings. Positive: The timely receipt of clarification and the timely completion of the capex along with the commencement of the operations would lead to the Outlook being revised to Stable. About the Company Incorporated in 2018, AOPL was previously involved in the business of growing and selling organic vegetables and fruits. The company is setting up a fuel grade ethanol plant of 250KLPD and a 11.15MW cogeneration power plant in Ahmedabad. AOPL is promoted by Saurin Dilipbhai Shah and Sunny Dilip Pandya. ADARSHA AUTO: Ind-Ra Cuts Bank Loan Rating to D ----------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Adarsha Auto World Private Limited's (AAWPL) bank facilities to 'IND D' from 'IND B+'/Negative (ISSUER NOT COOPERATING)'. The detailed rating actions are: -- INR955 mil. (reduced from INR1.085 bil.) Fund-based working capital limits (Long-term/Short-term) downgraded with IND D rating; -- INR40 mil. Non-fund-based working capital limits (Short-term) downgraded with IND D rating; and -- INR52.42 mil. (reduced from INR96.50 mil.) Term loan (Long- term) due on July 10, 2028 downgraded with IND D rating. Detailed Rationale of the Rating Action The downgrade reflects instances of delays in debt servicing of an inventory funding facility by AAWPL in November 2024, February 2025 and May 2025 and the account being classified as special mention account-1, as confirmed by the lender to Ind-Ra on 9 July 2025. This is consistent with Ind-Ra's Default Recognition and Post-Default Curing Period Policy. AAWPL has submitted no-default statement, stating timely debt servicing, until June 2025. Detailed Description of Key Rating Drivers Instances of Delays in Servicing of Debt Obligations: As per the feedback received from AAWPL's lender, there have been delays in debt servicing by AAWPL due to pending over dues in the inventory funding account and special mention account-1 classification of the account. The instances of over dues were largely on account of poor liquidity position of the company. About the Company AAWPL is one of the authorized dealers for Maruti Suzuki-NEXA passenger vehicles and spares. It has exclusive dealership in Karimnagar, Warangal and Mancherial district of Telangana, and authorized dealer in Kukatpally and Attapur districts of Hyderabad. The company is currently managed by Sri.B.Satyanarayana Goud and part of Adharsha group and is part of Adarsha group which has the authorized dealerships of various original equipment manufacturers including Maruti Suzuki India Limited, TVS Motors Limited, Mahindra & Mahindra Limited ('IND AAA'/Stable/'IND A1+'), among others. ADARSHA AUTOMOTIVES: Ind-Ra Cuts Bank Loan Rating to D ------------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded Adarsha Automotives Private Limited's (AAPL) bank facilities to 'IND D' from 'IND BB+'/Stable. The detailed rating action is as follows: -- INR216.93 mil. Term loan (long-term) due on December 31, 2028 downgraded with IND D rating; -- INR1.816 bil. Fund-based working capital limit (long- term/short-term) downgraded with IND D rating; and -- INR50 mil. Non-fund-based working capital limit (short-term) downgraded with IND D rating. Detailed Rationale of the Rating Action The downgrade reflects instance of delays in debt servicing of an inventory funding facility by AAPL in May 2025 and the account being classified as special mention account-1, as confirmed by the lender to Ind-Ra on July 211, 025. This is consistent with Ind-Ra's Default Recognition and Post-Default Curing Period Policy. AAPL has submitted no-default statement, stating timely debt servicing, until June 2025. Detailed Description of Key Rating Drivers Instances of Delays in Servicing of Debt Obligations: As per the feedback received from AAPL lender, there have been delay in debt servicing by AAPL due to pending over dues in the inventory funding account and special mention account-1 classification of the account. The instances of over dues were largely on account of poor liquidity position of the company. Liquidity Poor: AAPL has a poor liquidity position as marked by instance of delays in repayment due in the inventory funding account. Positive: Timely debt servicing for at least three consecutive months could result in a positive rating action. About the Company Incorporated in 2006, M/S Adarsha Automotives Pvt ltd is an authorized dealer of passenger cars and spares and services for Maruti Suzuki India Ltd.'s Arena. The company has 38 showrooms,19 workshops and 7 body shops in Telangana and Andhra Pradesh. B. Satyanarayana Goud, and Sujatha are promoter directors. AK PETROCHEMICALS: Ind-Ra Assigns BB Loan Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated AK Petrochemicals Private Limited's (AKPPL) as follows: -- INR160 mil. Fund-based working capital limits assigned with IND BB/Stable/IND A4+ rating; -- INR70 mil. Non-fund-based working capital limits assigned with IND A4+ rating; -- INR120 mil. Proposed fund-based working capital limits assigned with IND BB/Stable/IND A4+ rating; and -- INR50 mil. Term loan due on November 26, 2029 assigned with IND BB/Stable rating. Detailed Rationale of the Rating Action The ratings reflect AKPPL small scale of operations, modest credit metrics and stretched liquidity. In the medium term, Ind-Ra expects the revenue to grow, EBITDA margins to remain stable and the credit metrics to improve on account of its debt repayment. However, the ratings are supported by the company's comfortable EBITDA margins and the promoters more than two decades of experience in the petroleum industry. Detailed Description of Key Rating Drivers Small Scale of Operations: AKPPL's scale of operations remained small with its revenue increasing to INR1,000.72 million in FY25 (FY24: INR400.85 million), driven by an increase in the order of bitumen. However, its EBITDA reduced to INR32.40 million in FY25 (INR44.13 million), due to changes in raw material prices. AKPPL is engaged in the trading of bitumen-VG30 – 60/70 and VG10 - 80/100 form across India. In the medium to long term, Ind-Ra expects the revenue to increase as AKPPL has ventured into the manufacturing petroleum products. Modest Credit Metrics: The company's credit metrics remained modest with its gross interest coverage (operating EBITDA/gross interest expenses) reducing to 2.71x in FY25 (FY24: 4.80x) and the net financial leverage (total adjusted net debt/operating EBITDAR) increasing to 6.90x (0.08x), due to the increase in debt level to INR223.83 million (INR8.31 million). In the medium term, Ind-Ra expects the credit metrics to improve, supported by the repayment of its debt obligations and the absence of any capital expenditure in the near term. Stretched Liquidity: Please refer to the liquidity session below. Comfortable EBITDA Margins: AKPPL's EBITDA margins declined but remained comfortable at 3.24% in FY25 (FY24: 11.01%) due to an increase in other expenses. The return on capital employed reduced to 19% in FY25 (FY24: 37.3%). In the medium term, Ind-Ra expects the EBITDA margin to remain at similar level. Experienced Promoters: However, the ratings are supported by the promoters more than two decades of experience in the petroleum industry. Liquidity Stretched: AKPPL's cash flow from operations turned negative INR199.82 million in FY25 (FY24: INR122.65 million). As a result, the free cash flow remained negative INR202.62 million in FY25 (FY24: negative INR122.65 million) due to lower inflows. AKPPL's net working capital cycle stood at 50 days in FY25 (FY24: negative 84 days) mainly due to a sharp decrease in the creditor day to 9 (186). The company's average monthly peak utilization of the fund-based limits was 56.05% during the 12 months ended May 2025. AKPPL's cash and cash equivalents stood at INR0.27 million at FYE25 (FYE24: INR4.71 million). AKPPL does not have capital market exposure and relies on financial institution for funding requirement. AKPPL has scheduled repayments of INR3.97 million and INR3.04 million in FY26 and FY27, respectively. Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics with the interest coverage falling below 2x and further pressure on the liquidity position, could lead to negative rating action. Positive: An increase in the scale of operations, and an improvement in the credit metrics along with an improvement in the liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company Ghaziabad, Uttar Pradesh-based AKPPL was established in 2022. It is engaged in the trading of bitumen. Arjun Kumar and Mrs. Renu Choudhary are the promoters of the business. ARAVINDA INFRA: Ind-Ra Cuts Bank Loan Rating to BB -------------------------------------------------- India Rating and Research (Ind-Ra) has downgraded Aravinda Infra Private Limited's (AIPL) bank facility rating to 'IND BB' from 'IND BBB-/Negative (ISSUER NOT COOPERATING)'. The Outlook is Stable. The instrument-wise rating actions are: -- INR50 mil. Fund-based working capital limits assigned with IND BB/Stable/IND A4+ rating; -- INR400 mil. Non-fund-based working capital limits assigned with IND A4+ rating; -- INR250 mil. Fund-based working capital limits downgraded with IND BB/Stable/IND A4+ rating; and -- INR1.60 bil. Non-fund-based working capital limits downgraded with IND A4+ rating. Detailed Rationale of the Rating Action The downgrade reflects the near-full utilization of the fund-based limits with several instances of overutilization of cash credit account for 2-3 days, despite the granting of a temporary overdraft by the bank and few instances of devolvement of letter of credit (LC), which remains for 10 days. This is compounded by a poor liquidity, stretched receivable cycle and accumulation from engineering, procurement and construction (EPC) contract, along with a competitive and cyclical nature of industry. However, the company benefits from the experienced management, healthy profitability margin, comfortable credit metrics and slow albeit adequate order book. Detailed Description of Key Rating Drivers High Working Capital Requirement due to Elongated Receivable Period: The company's operations are working capital intensive because of the milestone-based payment mechanism and build-up of retention money. The debtor days reduced marginally to 160 days in FY25 (FY24: 223 days) but remained elongated. The company has a poor liquidity position on account of delayed receivables in the current year resulting in a high dependency on working capital borrowings. The company usually receives the payment from its customers in 30-45 days from the day of invoice raised. However, the delayed payments from one of its key customers and inadequate working capital limits led to poor liquidity, resulting in LC devolvement and over utilization of CC limits in June 2025; however, these were regularized within 10 days. The timely execution of orders and realization of receivables will remain a key monitorable. Geographical-concentrated Order Book: AIPL has 11 orders in hand as on 1 April 2025, with the top five orders constituting around 96.6% of the total unexecuted orderbook. Geographically, the company's order book is mainly concentrated in Goa (31.6%), Jharkhand (34.8%), Uttarakhand (25.5%) and Karnataka (8.0%), thus exposing the company to geographical concentration risk. Any adverse change in government policy, and rules and regulations related to construction activities in these areas may impact the company's performance. However, these risks are mitigated to some extent by the healthy track record of execution and the promoters' experience of over three decades in the similar lines of business. Business Risk Associated with Tender-based Orders: The company majorly undertakes government projects, which are awarded through the tender-based system. The company is exposed to risks associated with the tender-based business, which is characterized by intense competition. The growth of business depends on its ability to successfully bid for the tenders and emerge as the lowest bidder. Furthermore, changes in government policy or government spending on projects are likely to affect the company's revenue. Hence, the timely receipt of bills raised with the government works departments for work completed remains crucial. Delays in Project Execution: AIPL has faced delays in the completion of projects in the past due to delays at the state government's end, leading to delays in project completion. Sustained Comfortable Credit Metrics: Ind-Ra expects AIPL's credit metrics to remain comfortable over FY26-FY27, with the gross interest coverage (operating EBITDA/finance cost) of above 4.5x, owing to a likely higher EBITDA generation and the non-availment of any long-term debt, along with the presence of orders providing non-interest-bearing mobilization advances. The total outside liabilities (TOL)/EBITDA was low at 2.02x in FY25 (FY24: 2.93x) and is likely to sustain around 2.0x over FY26-FY27. The net leverage (net debt/EBIDTA) and interest coverage (EBITDA/interest expense) improved to 1.20x in FY25 (FY24: 1.61x) and 4.45x (2.90x), respectively, due to an improvement in the absolute EBITDA to INR334.70 million (INR194.57 million). FY25 numbers are provisional. Healthy and Stable EBITDA Margin: AIPL's EBITDA margins remained healthy over FY21-FY25. The EBITDA margin improved to 13.38% in FY25 (FY24: 11.15%; FY23: 12.57%) owing to higher revenue. The company has a price escalation clause in all its contracts, which protects the margins from fluctuations in input costs. Ind-Ra expects the EBITDA margin to remain healthy in the near-to-medium term, given the similar nature of operations. The return on capital employed was 36.3% in FY25 (FY24: 28.5%). Adequate Order Book; Improved Revenue Visibility: In FY25, AIPL's revenue grew to INR2,502 million (FY24: INR1,745 million; FY23: INR2,100 million), owing to improved project execution and a healthy orderbook. Ind-Ra expects AIPL's revenue to increase 35%-38% yoy in FY26, backed by the adequate order inflows during FY24-FY25. AIPL had an unexecuted orderbook of INR6,791.6 million as on 1 April 2025, translating into 2.71x of FY25 revenue. Ind-Ra believes the successful execution of these orders will enable AIPL to achieve sustainable growth in the near-to-medium term. Any delay in the implementation of the projects shall impact the overall revenue visibility of the company, and hence, remains a key monitorable. Experienced Promoters: AEIPL's promoters have a 30 years of experience in the electrical contracting business, which has led to established relationships with its suppliers and customers. Liquidity Poor: AIPL's working capital limit remained almost fully utilized in the 12 months ended May 2025 with few instances of overutilization which were regularized within 2 days. The company does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The working capital cycle was elongated marked by funds blocked primarily in debtors. Furthermore, AIPL offers a higher credit period of 160-220 days on account of major concentration of projects executed for government departments. The company had cash and cash equivalents of INR9.88 million at FYE25 (FYE24: INR3.29 million). AIPL has debt repayment obligations of INR56 million and INR18 million in FY26 and FY27, respectively. In FY25, the cash flow from operations declined to INR20 million (FY24: INR112 million) due to unfavorable changes in working capital. Consequently, the free cash flow declined to negative INR0.71 million in FY25 (FY24: INR92.79 million). Rating Sensitivities Negative: Deterioration in the orderbook or a decline in the scale of operations, leading to deterioration in the overall credit metrics with the net leverage exceeding 4.0x and/or a pressure on the liquidity position or an elongation of the working capital cycle, all on a sustained basis, could lead to a negative rating action. Positive: An improvement in the liquidity position while maintaining the scale of operations, profitability and credit metrics, on a sustained basis, will be positive for the ratings. About the Company AIPL was incorporated as a partnership firm in 1985 but was subsequently converted to a private company on 1 April 2022. Its registered office is in Bengaluru. AIPL carries out the civil and electrical contract works of various government departments and local bodies in Karnataka, Goa, Jharkhand and Uttarakhand. The works include design, engineering, supply, installation, testing & commissioning for transmission lines, power & distribution transformer centers, electrification work and substation works. BRIJ ENGINEERING: CARE Keeps C/A4 Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Brij Engineering Works-Kanpur (BEW) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 7.00 CARE C; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain Under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd (CareEdge Ratings) had, vide its press release dated July 17, 2024, placed the rating(s) of BEW under the 'issuer non-cooperating' category as BEW had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BEW continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 2, 2025, June 12, 2025 and June 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Kanpur (Uttar Pradesh) based Brij Engineering Work (BEW) was formed as partnership concern by Mr. Brij Kishore Gupta, Mar. Swapnil Gupta, Mrs. Sheela Gupta and Mrs. Shweta Gupta in September 01, 1978. The firm is engaged in the construction of overhead tank, sewage pipelines and sewage treatment plants, installation and commissioning of water supply lines. The firm takes the contracts from government departments through participating in tenders. DAGAR FARM: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dagar Farm (DF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.29 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 2, 2024, placed the rating(s) of DF under the 'issuer non-cooperating' category as DF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 18, 2025, June 28, 2025 and July 8, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Haryana-based Dagar Farm (DF) was established in 2015 as a proprietorship concern by Mr. Sandeep Dagar. DF is engaged in poultry farming business. The processing facility of the firm is located at Jhajjar, Haryana. EXQUISITE PRINT: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Exquisite Print and Pack Private Limited (EPPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.63 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 17, 2024, placed the rating(s) of EPPPL under the 'issuer non-cooperating' category as EPPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EPPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 2, 2025, June 12, 2025, June 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Exquisite Print And Pack Private Limited (EPPPL) was incorporated in 2004 to set up a cold storage facility in Hooghly district of West Bengal. Since its inception, the company has been engaged in the business of providing cold storage services primarily for potatoes to farmers and traders. Besides providing cold storage facility, the company also provides interest bearing advances to farmers for their agricultural activities against the receipts of potato stored. The promoters of the company are having more than two decades of experience in the cold storage business and they look after the overall management of the company and they are further supported by a team of experienced professionals. FAIRDEAL OVERSEAS: CARE Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Fairdeal Overseas (FO) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 16, 2024, placed the rating(s) of FO under the 'issuer non-cooperating' category as FO had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FO continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 1, 2025, June 11, 2025, June 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Fairdeal Overseas (FO) was set up as a proprietorship firm in April 1995 by Mr. Pawan Kumar Sethia and later in the year 2016 it was converted into partnership firm. Currently, the firm is managed by Pawan Kumar Sethia and Mr. Paras Sethia. Since its inception, the firm has been engaged in wholesale distribution of lead acid batteries, lubricants, tyre, tube & flap etc. GEELON INDUSTRIES: Ind-Ra Withdraws B+ Bank Loan Rating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Geelon Industries Private Limited's bank loan ratings as follows: -- The 'IND B+/Negative (ISSUER NOT COOPERATING)' rating on the INR160 mil. Fund-based limit is withdrawn; and -- The 'IND A4 (ISSUER NOT COOPERATING)' rating on the INR7.5 mil. Non-fund-based limit is withdrawn. Detailed Rationale of the Rating Action Ind-Ra is no longer required to maintain the ratings as the agency has received the no dues certificate issued by the bankers and a withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. About the Company Incorporated in 1994, Geelon Industries manufactures and trades polyester pre-oriented yarns and monofilament yarns at its facility in Dadra Nagar Haveli. GEHLOT ENTERPRISE: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gehlot Enterprise (GE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 19, 2024, placed the rating(s) of GE under the 'issuer non-cooperating' category as GE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GE continues to be noncooperative despite repeated requests for submission of information through e-mails dated June 4, 2025, June 14, 2025, June 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Surat (Gujarat) based, GE was established as a proprietorship firm on August, 2015. GE is currently executing a residential project named 'Shree Umang Laxmi Residency (The firm has applied for RERA Registration) with 287 units (72 flats and 215 row houses) at Ankleshwar consisting total area under development of 24,382 square meters. The implementation of Shree Umang Laxmi Residency commenced since August 2015 and till December 01,2017, GE has incurred the total cost of INR12.29 crore (65% of total project cost) out of the total cost of INR18.73 crore and rest will be incurred by end of June 2018. Till December 20, 2017, out of total units 15 Row houses have been booked and 1 row house has been sold and 14 flats have been booked and 8 flats have been sold. GINNI INTERNATIONAL: Ind-Ra Affirms BB+ Loan Rating --------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on Ginni International Limited's (GIL) bank facilities: -- INR287.11 mil. (reduced from INR396.61 mil.) Term loan due on March 31, 2028 affirmed with IND BB+/Stable rating; -- INR1,496.50 bil. Fund-based working capital limit affirmed with IND BB+/Stable/IND A4+ rating; -- INR150 mil. Non-fund-based working capital limit affirmed with IND A4+ rating; and -- INR26.89 mil. Proposed fund-based working capital limit* is withdrawn. *Ind-Ra has withdrawn the rating as the issuer is no longer expected to proceed with the debt as envisaged. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Detailed Rationale of the Rating Action The ratings reflect GIL's continued modest EBITDA margins, stretched operational liquidity and modest credit metrics over FY24-FY25. The ratings are, however, supported by GIL's moderate scale of operations, its experienced promoters, along with its longstanding track record of operations and an established distribution network. Detailed Description of Key Rating Drivers Modest Credit Metrics: The company's gross interest coverage (operating EBITDA/gross interest expenses) remained modest at 0.87x in FY25 (FY24: 0.86x) with an increased interest expenses of INR151 million (INR137 million) because of higher working capital borrowings. The net leverage (net debt/operating EBITDA) improved marginally, but remained high at 13.02x in FY25 (FY24: 13.75x). The net leverage improved marginally due to an improvement in the absolute EBITDA to INR132 million (INR119 million); however, its benefit was offset by an increase in the total debt to INR1,715 million (INR1,636 million). At FYE25, the total debt comprised term loans of INR293.7 million (FYE24: INR418.4 million), unsecured loans of INR111.70 million (INR51.7 million), working capital borrowings of INR1,203.2 million (INR1060 million) and preferred stock of INR106.5 million (INR106.50 million; redeemable from FY27). The preference stock has been treated as 100% debt for the rating review, considering its redemption period within five years based on the agency's criteria of Treatment of Hybrid Instruments. However, Ind-Ra expects the credit metrics to improve over the near-to-medium term on account of a likely improvement in the overall EBITDA. FY25 financials are provisional in nature. Modest Operating Profitability: The operating profitability improved to INR131.64 million with a margin of 2.8% in FY25 (FY24: INR119.6 million; 2.6%), owing to a better absorption of fixed overheads due to an increase in the revenue. The return on capital employed stood at around 0.8% in FY25 (FY24: 0.5%). However, Ind-Ra expects the margins to improve as the company has new products to the product mix which will fetch better margins and will improve the capacity utilization, resulting in a better absorption of fixed costs. Nevertheless, the operations and margins will remain affected by the volatility in cotton prices. Elongated Working Capital Cycle: The net working capital cycle remained elongated at 229 days in FY25 (FY24: 224 days), with a higher inventory stocking of 179 days (164 days) as against improved debtor of 69 (73) and creditor days of 18 (13). The seasonal nature of cotton results in elevated levels of inventory, as cotton is available from October to March and an inventory for 90-100 days is maintained at the end of a financial year. Furthermore, fabric inventory levels are maintained for 45-50 days and finished goods inventory for 20 days, resulting in an overall inventory levels of 140-160 days. The management expects the working capital to improve in the medium term, backed by a reduction in the inventory holding period and improved debtor collection. Cotton is procured on a cash discount basis and average credit period ranges 10-15 days. Susceptibility to Raw Material Price Volatility: Cotton and cotton yarn, the key raw materials used for manufacturing denim fabric, typically account for around 60% of the net sales, thereby influencing the operating margins of fabric producers. GIL procures cotton during the cotton season and usually builds an inventory of four-to-five months as of cotton year end (January). The seasonality of cotton production and the risks related to agricultural yields and production expose the company's operations to volatility in cotton prices. Inherent Industry Risks: The textile industry in India is highly fragmented due to low entry barriers, along with overcapacity, mainly in the spinning sector. The denim and fabric industry faced a supply glut in the past, leading to suboptimal capacity utilization, which, coupled with raw material price volatility, has impacted the segment historically. Furthermore, the domestic industry's price dynamics depend significantly on the developments in China, the largest manufacturer and exporter in the global textile industry. Experienced Promoter: GIL's promoter, Sharad Jaipuria, has over three decades of experience in the textile industry, resulting in established relationships with its customers and suppliers across India, and repeated orders along with a regular supply of raw materials. The company is a part of the Jaipuria group and has an integrated nature of operations from suppling of cotton yarn to denim manufacturing. The company has an established distribution network spread across India. Continued Medium Scale of Operations: GIL's revenue improved to INR4,687 million in FY25 (FY24: INR4,611.3 million), mainly on account of improved production and sale quantities; however, the revenue growth was restricted by lower realizations. Exports remained low and accounted around 5% of the total sales, in line with the lower overseas demand and route disruptions. Ind-Ra expects the revenue to improve over the medium term, led by growth in the sale volumes in the domestic market, backed by an addition of new products. Liquidity Stretched: The company has sizeable debt repayment obligations as against the muted operating profitability seen during FY25. However, the shortfall has been compensated by moderate buffers available in the liquidity lines and the infusion of unsecured loans of INR60 million during FY25. Furthermore, the company has debt repayment obligations of INR123.7 million in FY26 and INR122.2 million in FY27. The cash flow from operations improved but remained negative at INR63.5 million in FY25 (FY24: negative INR201.1 million) on account of the improved operating profitability, although muted by unfavorable working capital changes. The unencumbered cash balance stood around INR0.75 million in FY25 (FY24: INR0.39 million). GIL's average month-end utilization of the fund-based limits stood around 80% and that of the non-fund-based limits stood at around 30% for the 12 months ended April 2025. The company does not plan to undertake any major debt-driven capital expenditure. The company is also planning to sale surplus land during FY26; the proceeds of same will be utilized for repayment of long-term debt and the balance will be used to fund working capital requirements, which will provide some liquidity cushion. Ind-Ra expects the cash flow from operations to turn positive, on account of likely higher absolute EBITDA and minimal maintenance capex requirements. Rating Sensitivities Negative: A substantial decline in the scale of operations or operating profitability or the net leverage remaining above 5x or a decline in the liquidity position, all on a sustained basis, could lead to a negative rating action. Positive: A substantial improvement in the scale of operations and operating profitability, and the net leverage falling below 4x, while maintaining the liquidity position, all on a sustained basis, could lead to a positive rating action. About the Company GIL, a closely held public limited company, was set up in 1984 by the Jaipuria family. The company manufactures denim fabric at its unit in Neemrana, Rajasthan which commenced commercial production in 1996. The company has an annual installed capacity of 14,500 metric ton for yarn, 12 million meters for greige fabric and 27 million meters for denim fabric. GOKILA POULTRY: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gokila Poultry Farm (GPF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.90 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 14, 2024, placed the rating(s) of GPF under the 'issuer non-cooperating' category as GPF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GPF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 30, 2025, May 10, 2025, May 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Tamil Nadu based Gokila Poultry Farm (GPF) was established as a proprietorship firm by Mr. Senthil Kumar in April 2017 and started its commercial operations on October 2018. The firm is engaged in poultry services Farming of egg laying poultry birds and trading of eggs and cull birds. As of February 2019, the firm has an installed capacity of keeping 1, 25,000 birds with egg laying capacity of 1, and 50,000 eggs per day. GREEN WOOD: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Green Wood Poultries (GWP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.47 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 2, 2024, placed the rating(s) of GWP under the 'issuer non-cooperating' category as GWP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GWP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 18, 2025, June 28, 2025 and July 8, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Green Wood Poultries (GWP) was established in January, 2015 as a partnership firm and is currently being managed by Mr. Rajendra Prasad Aggarwal, Mr. Akshay Aggarwal and Mr. Tarsem Kumar Sharma. The firm is engaged in poultry farming business at its poultry farm located in Sangrur, Punjab. HARI CONSTRUCTIONS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Hari Constructions (SHC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 12, 2024, placed the rating(s) of SHC under the 'issuer non-cooperating' category as SHC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SHC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 28, 2025, May 8, 2025, May 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sri Hari Constructions (SHC) is a Tirupathi, Andhra Pradesh based firm and was established in 1998 as a proprietorship concern by Mr. Giridhar Reddy. Mr Reddy is an 'A' grade licensed holder from Government of Andhra Pradesh, enabling it to bid for high voltage transmission network projects within the state. SHC is engaged in executing procurement and construction projects on turnkey basis, for installation (supply, erection, testing and commissioning) of sub-station transmission network and distribution substations with single and double circuit lines, based on the requirement by the transmission companies. The orders undertaken by the firm are secured through the competitive bidding process. The firm has installed various substation transmission networks between 100 to 400 KV, majorly for Transmission Corporation of Andhra Pradesh (APTRANSCO) and Transmission Corporation of Telangana (TSTRANSCO). Apart from that, the firm also undertakes work contracts from private companies for executing substation transmission network for construction companies. HARIMAN SEEDS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hariman Seeds (HS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd (CareEdge Ratings) had, vide its press release dated June 21, 2024, placed the rating(s) of HS under the 'issuer non-cooperating' category as HS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 7, 2025, May 17, 2025, May 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sitarganj (Uttarakhand) based Hariman Seeds (HS) is a partnership firm and was established in October, 2017. The commercial operation was expected to start from February, 2019, and is currently being managed by Mr Amit Kumar Agarwal, Mr Rahul Agarwal and Mr Harish Agarwal. HMS procures paddy from local grain markets through open market situated locally. HMS is primarily targeting sells its product through brokers and commission agents in Northern India viz. Uttarakhand, export to Africa, UAE to wholesalers, traders. The procurement of paddy normally depends on moisture content and portion of rice in paddy, after which it is dried and polished. HINDUSTHAN LOHA: Ind-Ra Withdraws B+ Term Loan Rating ----------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Hindusthan Loha Limited's (HLL) bank facility rating as follows: -- The 'IND B+/Negative (ISSUER NOT COOPERATING)' rating on the INR230 mil. Fund-based working capital limit is withdrawn. Detailed Rationale of the Rating Action Ind-Ra is no longer required to maintain the ratings, as the agency has received no dues certificates from the lenders and a withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. About the Company Incorporated in July 2013, HLL is engaged in the trading of iron and steel products in Raipur, Chhattisgarh. The company is managed by three promoters namely Vipin Kumar Aggarwal, Ganga Dhar Aggarwal and Ritu Agrawal. HOTEL SWOSTI: Ind-Ra Moves BB+ Rating to NonCooperating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on Hotel Swosti Pvt. Ltd.'s (HSPL) 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: -- INR7.50 mil. Fund-based working capital limit Outlook revised to Negative and migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING) rating; and -- INR12.10 mil. Term loan due on August 31, 2028 Outlook revised to Negative and 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 HSPL while reviewing the ratings. Ind-Ra had consistently followed up with HSPL over emails since April 17, 2025, apart from phone calls. The issuer has submitted no default statement until April 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of HSPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. HSPL has been non-cooperative with the agency since April 2025. About the Company Incorporated in 1981, HSPL operates Swosti Grand, a luxury business four-star hotel in Bhubaneswar, Odisha. The hotel has 56 rooms, four banquet halls and boardrooms, and restaurants. Jitendra Kumar Mohanty, Bijendra Kumar Mohanty, Chiranjiv Mohanty, Bipasa Mohanty and Sasmita Mohanty are the promoters. INDUSTRIAL HANDLING: CARE Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Industrial Handling (IH) continues to remain in the 'Issuer Not Cooperating ' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 17, 2024, placed the rating(s) of IH under the 'issuer non-cooperating' category as IH had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IH continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 2, 2025, June 12, 2025, June 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Haldia (West Bengal) based, Industrial Handling (IH) was established as a proprietorship firm in April 1995 by Mrs. Champa Nandi. The firm has been engaged in providing equipment like crane, locomotive engine, man lift, forklift, oil suction unit (Mosru), hydra; trailer etc. on hire basis to various manufacturing companies along with experts technical services and skilled manpower. Currently, the firm has a fleet size of 60 nos. of cranes with small to large sized heavy duty hydraulic & crawler cranes with capacity ranging from 20 metric tons to 400 metric tons. The firm procures orders mostly through tender and executes orders floated by the various Govt. and large private entities. JAYSHRI GAYATRI: Ind-Ra Cuts Bank Loan Rating to D -------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Jayshri Gayatri Food Products Private Limited (JGFPPL) and its bank facility rating to 'IND D' from 'IND BB+'. The Outlook was Stable. The detailed rating actions are: -- Issuer Rating (Long-term) downgraded with IND D rating; and -- INR1.60 bil. Bank loan (Long-term and Short-term) downgraded with IND D rating. Detailed Rationale of the Rating Action The downgrade reflects a delay in debt servicing from May 1 to July 21, 2025. The rating action is consistent with Ind-Ra's Default Recognition and Post-Default Curing Period Policy. Detailed Description of Key Rating Drivers Delay in Debt Servicing: JGFPPL has delayed interest payments on the term loan and overutilized the cash credit limit from May 1, to July 21, 2025, due to liquidity constraints. This is consistent with Ind-Ra's Default Recognition and Post-Default Curing Period Policy. Liquidity Poor: JGFPPL's liquidity position is poor, as reflected by the inability to service debt obligation on a timely basis. About the Company Established in 2013, JGFPPL is a dairy product manufacturer based out of Madhya Pradesh, India. The entity caters to the B2B, B2C and export markets. The manufacturing facility is located in Sehore, Madhya Pradesh, which manufactures various value-added dairy products such as cottage cheese, butter, clarified butter, cheese, and skimmed milk powder. JOGINDRA CASTINGS: Ind-Ra Withdraws BB- Loan Rating --------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn the ratings of Jogindra Castings Private Limited's (JCPL) bank facilities as follows: -- The 'IND BB-/Negative (ISSUER NOT COOPERATING)/ IND A4+(ISSUER NOT COOPERATING)' rating on the INR70 mil. Fund-based working capital limits is withdrawn; and -- The 'IND A4+ (ISSUER NOT COOPERATING)' rating on the INR30 mil. Non-fund-based limits is withdrawn. Detailed Rationale of the Rating Action Ind-Ra is no longer required to maintain the rating, as the agency has received no-dues certificate from the lenders and a withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. About the Company Incorporated in 1992, JCPL manufactures hot-rolled coils at its plant in Gobindgarh, Punjab. The facility has a total capacity of 45,000 metric tons per annum. JOSAN FOODS: Liquidation Process Case Summary --------------------------------------------- Debtor: Josan Foods Private Limited Gumani Wala Road, Jalalabad, Distt Fazlika, Punjab, India - 152024 Liquidation Commencement Date: July 18, 2025 Court: National Company Law Tribunal, Chandigarh Bench Court II Liquidator: Amarjeet Singh House No. 1449, First Floor, Sector 40-B Chandigarh - 160036 Email: amarjeetsingh5400@gmail.com -- and -- Plot No. D-190, 3rd Floor, Industrial Area, Phase - 8B, Sector - 74, S.A.S Nagar Mohali 160071, Punjab Email: ip.josanfoods@gmail.com Last date for submission of claims: August 17, 2025 KANHA EXIM: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kanha Exim (KE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 19, 2024, placed the rating(s) of KE under the 'issuer non-cooperating' category as KE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 4, 2025, June 14, 2025, June 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in 2010, KE is a proprietorship concern managed by Mr. Kunal Agrawal. He alongwith his father Mr. Balmukund Agrawal manages the day to day operations. KE is engaged in processing of fabric (mostly cotton and linen fabrics) including designing, printing and processing of grey cloth which finds application in men's clothing like shirts, women's clothing like night wears, kurti and children's clothing. KE's manufacturing facility is located at Ahmedabad with an input capacity of processing 25 MMPA as on March 31, 2017. KR HEALTH: Ind-Ra Affirms & Withdraws BB+ Bank Loan Rating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed KR Health Care Private Limited's (KRHPL) bank facility's rating at 'IND BB+' with a Stable Outlook and has simultaneously withdrawn the same. The detailed rating actions are: -- INR25 mil. Fund-based working capital limits* affirmed and withdrawn; and -- INR175 mil. Term loan** due on November 30, 2034 affirmed and Withdrawn. *Affirmed at 'IND BB+'/Stable/'IND A4+' before being withdrawn **Affirmed at 'IND BB+'/Stable before being withdrawn Detailed Rationale of the Rating Action The affirmation reflects KRHPL's declining EBITDA margins and modest credit metrics in FY25, although, these are likely to improve in the medium term. However, the ratings are supported by KRHPL's long track record of operations, strong promoter group (Salzer group) and adequate liquidity. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from KRHPL's lenders and a request of withdrawal of ratings from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. Detailed Description of Key Rating Drivers Declining EBITDA Margins: As per FY25 provisional financials, KRHPL's EBITDA margins continued to decline to 12.27% (FY24: 19.44%; FY23: 30.78%) due to an increase in the 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 (FY24: 41.1%), followed by hospital maintenance cost of around 8.0% (7.5%). 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 a high depreciation. Ind-Ra expects the EBITDA margins to marginally improve in the near-to-medium term following the stabilization of operations at its 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 improve marginally in the medium term due to the absence of any major debt-led capex plans 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, if required. Sustained Growth in Revenue in FY25; Although Scale of Operations Remains Small: 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 (FY24: INR139.1 million) on account of an increase in the 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-FY25. Despite the revenue growth, 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 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 in the absolute EBITDA and unfavorable changes in working capital. The company incurred capex of INR2.52 million in FY25 (FY24: INR25.35 million), leading to free cash flow of negative INR170.94 million (negative INR14,656 million). Furthermore, KRHPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. 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. KRISHAN KRIPA: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Krishan Kripa Rice Mill (SKKRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 26, 2024, placed the rating(s) of SKKRM under the 'issuer non-cooperating' category as SKKRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SKKRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 11, 2025, June 23, 2025, July 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Kurukshetra-based (Haryana) Shree Krishan Kripa Rice Mills (SKKRM) established in 2007 as partnership concern by Mr Sat Pal, Mr Ved Prakash, Ms Sunita Rani and Ms Sushama Rani sharing profit and losses equally. SKKRM is engaged in milling, processing of both basmati and non-basmati rice. The firm is also engaged in trading of rice. KRISHNA SUN: Ind-Ra Assigns BB Loan Rating, Outlook Stable ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Sri Krishna Sun Power Private Limited's (SKSPPL) rupee term loan as follows: -- INR400.31 mil. Rupee term loan due on September 5, 2033 assigned with IND BB/Stable rating. Analytical Approach Ind-Ra has analyzed SKSPPL's standalone business and financial profile while assigning the rating. The agency continues to exclude any debt other than the rated debt for the rating purpose. Therefore, any sponsor-injected funds, other than plain vanilla equity, in the future or currently, will be considered equity-like instruments. Any deviation in the treatment of these instruments will affect the rating. Detailed Rationale of the Rating Action The rating reflects the absence of long-term power purchase agreements (PPAs) since the loan tenor is higher than the PPA tenor, a weak debt structure, stretched liquidity, under construction risk of additional planned capacity and inherent risks associated with solar projects, including resource variations. However, the rating is supported by the successful commissioning of the project of 11MWAC/14.30MWDC, healthy generation during the first year of operations, and the timely receipts of payments from captive consumers and undertaking by the group company. Detailed Description of Key Rating Drivers Medium-term PPAs; Lower than Loan Tenor: The company has signed PPAs with Daebu Automotive Seat India Private Limited, Leewon Precision Pvt Ltd and Tulsyan NEC Limited for 0.85MWAC, 3.10MWAC and 6.77MWAC, for five, five and three years, respectively. The PPAs have a lock-in period of one-to-two years, post which either of the parties can terminate the PPA by serving six months of notice. Furthermore, there is no termination payment as per the PPA clause. The tariff is linked with the prevailing base tariff of Tamil Nadu Generation and Distribution Corporation Limited (debt rated at 'IND BBB'/Rating Watch with Developing Implications) excluding demand charges. Any upward or downward revision in the base tariff will have to be shared by the developer and off-taker in 50:50 ratio. Weak Debt Structure: The project has two term loan facilities of INR134 million and INR321.30 million for 4MWAC and 7MWAC, respectively. The outstanding term loan of INR88.85 million and INR311.46 million as on 10 June 2025 will amortize in 80 and 108 structured monthly instalments ending October 2029 and October 2033, respectively. The debt-to-equity ratio is 90:10 for the operational project and is secured by personal guarantee by the directors in addition to the project assets and collateral security. The project cash flows are not ring-fenced on account of the absence of a trust and retention account (TRA). As per Ind-Ra's base case, the project has an annual debt service coverage ratio (DSCR) of about 1.0x in the next three-to-four years. The loan tenor is higher than that of the PPAs. The company does not maintain any debt service reserve account as per the sanction terms. Planned Under Construction Project: The group has total operational solar power projects of 18MWAC/23.40MWp in Tamil Nadu, of which 11WMAC is with SKSPPL and 7MWAC with SDS Sunpower Private Limited (rated 'IND BB'/Stable). The company plans to implement a new solar project of 17MWAC/22.10MWp in Tamil Nadu. Furthermore, the group is planning to implement another project of a similar capacity in SDS Sunpower. The Tamil Nadu-based group is headed by Mr. Muthusamy who is the chief executive officer and managing director since 20 years. The group is engaged in multiple business such as poultry, textiles and transport. The group plans to fund the aforementioned under construction solar projects in a debt/equity ratio of 90:10. Any incremental leverage in the company and its impact on the credit metrics shall be a key rating monitorable. The group company Sri Krishna Poultry Farm has provided a promoter undertaking for the under construction projects. Inherent Risks Associated with Solar Projects: Revenue is solely dependent on power generation from the solar projects for generating cash surplus for its debt servicing. Any decline in power generation due to variability in solar irradiance remains a key rating sensitivity. Successful Commissioning and Healthy Operating Performance during First Year of Operations: SKSPPL has an entire capacity of 11MWAC/14.5MWDC, of which 4MWAC was fully commissioned and became operational in March 2023 and 7MWAC was fully commissioned and became operational in April 2024. The project has an operational history of two years. It achieved a plant load factor of 21.99% in FY25, which improved to 23.06% during the trailing 12 months ended April 2025. The entire project capacity has been connected to Ammachathiram, Pudukkottai district grid. SKSPPL achieved plant availability and grid availability of 100% since commissioning. Ind-Ra has factored in the existing generation levels as part of its base case; any significant underperformance in the project could lead to a negative rating action. Timely Receipts from Group Captive Consumers: The company has signed three-to-five-year PPAs with group captive consumers, the average receivable period of which are below 30 days. The timely receipt of payments from the group captive consumers assures cash flows to the project and largely mitigates revenue risk. However, the sustenance of timely receipt of payments from the counterparties will remain a key monitorable. Minimum Technology Risk: The project utilizes solar photovoltaic modules (585Wp-mono perc bifacial) and inverters of 2,000-3,000kW. The solar photovoltaic technology has a long operational track record, and in the rated portfolio, Ind-Ra has not observed any unusually high degradation, indicating low technology risk. The annual degradation for the modules assumed by Ind-Ra is 0.50%. The stable operating performance will be a key rating monitorable. Liquidity Stretched: The company makes monthly repayments to the lender from its cash flow and is not required to maintain a debt service reserve account as per the sanctioned terms. The monthly repayments pose risk emanating from varying cash flows due to variation in generations on account of seasonality and varying resources. The company had a cash balance of INR0.15 million as of June 5, 2025. Rating Sensitivities Negative: Developments that could, individually or collectively, lead to a negative rating action are: - operating and financial performance weaker-than-Ind-Ra's base case estimates; - any delay in the receipt of payments from the off-takers beyond 60 days from the due date; - any incremental leverage for under construction project in the company resulting in deterioration in the credit metrics. Positive: Maintaining adequate liquidity, along with the financial and operational performance of the projects better than Ind-Ra's estimates will lead to a positive rating action. About the Company SKSPPL, is currently operating 11MWAC/14.30MWDC solar power project capacity in Tamil Nadu. It is a group captive project with medium-to-long-term PPAs. The company is also developing another solar power project of 17MWAC /22.10MWDC at Keeranur, Pudukkottai, Tamil Nadu. KRUSHNARAJ BIO: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Krushnaraj Bio Fuel Private Limited (KBFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 29, 2024, placed the rating(s) of KBFPL under the 'issuer non-cooperating' category as KBFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KBFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 14, 2025, June 24, 2025 and July 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Krushnaraj Bio Fuel Private Limited (KBFPL) was incorporated by Mr. Sourabh Dahiwal and Mr. Sunil Mangwani on August 31, 2018. The company's manufacturing facility for production of bioethanol is located at near Borwand, Nanded. L N CONSTRUCTIONS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of L N Constructions (LNC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 14, 2024, placed the rating(s) of LNC under the 'issuer non-cooperating' category as LNC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LNC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 30, 2025, May 10, 2025, May 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable L N Constructions (LNC) is a partnership firm based in Hyderabad. It was established in the year 2006 by Mr Sudarshan Reddy. The partners of the firm are Mr K. R. Sudershan Reddy, Mr S. Vinay Kumar Reddy, Mr. P. Satyajith Reddy and Mr Surender Rao. Currently, Mr Vinay Kumar manages the day to day operations of the firm. LNC undertakes various civil construction projects for Public Works Department (PWD) Telangana and operates in the capacity of a sub-contractor for principal contractor's viz. BVSR Constructions Private Limited, Manikanta Construction, BRR Infra Pvt Ltd and Hotcrete Infrastructure Pvt Ltd. The firm has worked on various projects including construction of high-level bridges, road works, construction of railway crossing and broad-gauge line work etc. LEITWIND SHRIRAM: Ind-Ra Keeps D Loan Rating in NonCooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Leitwind Shriram Manufacturing Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR1.90 bil. Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; -- INR1,620.1 bil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR2,465.9 bil. Term loan due on March 31, 2024 maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Leitwind Shriram Manufacturing Limited while reviewing the rating. Ind-Ra had consistently followed up with Leitwind Shriram Manufacturing Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Leitwind Shriram Manufacturing 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 Leitwind Shriram Manufacturing Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Leitwind Shriram Manufacturing, a joint venture between Chennai-based Shriram Industrial Holdings Limited and Italy-based WindFin BV, manufactures wind turbine generators. M S INFRAENGINEERS: Ind-Ra Keeps B+ Rating in NonCooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained M S Infraengineers Private Limited's (MSIPL) bank loan ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating actions are: -- INR187.5 mil. Fund-based working capital limits* maintained in non-cooperating category and withdrawn; and -- INR50 mil. Non-Fund based working capital limits# maintained in non-cooperating category and withdrawn. *Maintained at 'IND B+/Negative (ISSUER NOT COOPERATING) / IND A4(Issuer Not Cooperating)' before being withdrawn # Maintained at 'IND A4 (ISSUER NOT COOPE RATING)' before being withdrawn Detailed Rationale of the Rating Action The ratings have been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a withdrawal request from the issuer and no-objection certificate from the bankers. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with MSIPL while reviewing the ratings. Ind-Ra had consistently followed up with MSIPL over emails since April 30, 2025, apart from phone calls. The issuer has submitted the no default statement until June 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of MSIPL, 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. MSIPL has been non-cooperative with the agency since April 2025. About the Company MSIPL undertakes civil construction and was incorporated in 1976 as a proprietorship firm and converted into a private limited firm in June 2011. MAHA ARVIND: Ind-Ra Moves BB- Loan Rating to NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) migrated the rating of Maha Arvind Roadways Private Limited's (MARPL) bank facilities to Non-Cooperating Category and has simultaneously withdrawn the same. The detailed rating action is: -- INR 440.57 mil. Rupee term loan due on December 30, 2030 migrated to non-cooperating category; withdrawn. *Migrated to 'IND BB-/Negative (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The rating has 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 interactions with MARPL while reviewing the rating. Ind-Ra had consistently followed up with MARPL over emails, apart from phone calls. The issuer has also not been submitting the monthly no default statement. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of MARPL, 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 the rating. About the Company The government of Maharashtra, through the Public Works Department, has entrusted MARPL with the improvement, maintenance and management of State Highway151 PN-43- improvements to top Wadgaon, Shigaon, Aashta, Tasgaon, Bhivghat, Atpadi, Dighanchi Road. The project was awarded under hybrid annuity model by the Public Works Department on September 15, 2018 for a concession period (operational years) of 10 years. The concession agreement for the project was signed on February 22, 2019. MARPL achieved commercial operations date on March 30, 2023. MATILAL AND GOURI: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Matilal and Gouri Food and Storage Private Limited (MGFSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 17, 2024, placed the rating(s) of MGFSPL under the 'issuer non-cooperating' category as MGFSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MGFSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 2, 2025, June 12, 2025, June 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in 2002, Matilal & Gouri Foods & Storage Pvt. Ltd. (MGFSPL) is engaged in flour milling activities in Kathaltali, Agartala. The company manufactures atta, husk, sooji etc. Mr. Gautam Paul (aged 54 years), having around two decades of experience in the same line of industry, looks after the overall management of the company with adequate support from other directors and a team of experienced personnel. MAYFAIR RESORTS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mayfair Resorts (MFR) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.15 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd (CareEdge Ratings) had, vide its press release dated June 24, 2024, placed the rating(s) of MFR under the 'issuer non-cooperating' category as MFR had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MFR continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 10, 2025, May 20, 2025 and May 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Jalandhar-based (Punjab) MFR was constituted in August 2003. The entity is currently operating as a banquet hall spread on a land of 17 acres and building area of 30,000 square feet. The facility is equipped with 8 rooms, a specialty restaurant, a big hall, meeting room, etc. MIRAJ METALS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Miraj Metals (MM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 42.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 22, 2024, placed the rating(s) of MM under the 'issuer non-cooperating' category as MM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 7, 2025, June 17, 2025, June 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Established in 2010 by Mr. Hiten Mehta, Miraj Metals is a supplier of non-ferrous metals scrap in India, which it imports entirely from the Middle East countries. MN AUTOMOBILE: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of MN Automobile Private Limited (MAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 22.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 12, 2024, placed the rating(s) of MAPL under the 'issuer non-cooperating' category as MAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 28, 2025, June 7, 2025, June 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Delhi based MN Automobile Private Limited (formerly known as Sikka Automobile Private Limited) is a private limited company, incorporated on September 10, 1997 by Mr. Harvinder Singh Sikka and Mr. Gurinder Singh Sikka. During June 2017, the company was taken over by Mr. Sumit Malik, Ms. Richa Malik and Mr. Aditya Nanchal. MN operates as an authorized distributor of Hyundai Motor India Limited (HMIL) in Mayapuri Industrial Area, Delhi. MUTHUKUMARAN SILKS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Muthukumaran Silks (SMS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 14, 2024, placed the rating(s) of SMS under the 'issuer non-cooperating' category as SMS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 30, 2025, May 10, 2025, May 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Tamil Nadu based, Shree Muthukumaran Silks (SMS) was established in the year 2004 as a partnership firm. The firm has its registered office located at Kakapalayam Road, Elampillai, and Salem District with the area covering ten thousand square feet. The firm is engaged in manufacturing of different varieties of sarees like silk and semi silk among others and the firm sells the sarees in the states of Tamil Nadu, Kerala, Karnataka, Maharashtra, Madhya Pradesh and Andhra Pradesh. N G EXPORTS: Ind-Ra Gives B+ Bank Loan Rating, Outlook Stable ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated N G Exports International's (NGEI) bank facilities as follows: -- INR140 mil. Fund-based working capital limits assigned with IND B+/Stable/IND A4 rating; -- INR206.15 mil. Proposed fund-based working capital limits assigned with IND B+/Stable/IND A4 rating; and -- INR173.85 mil. Term loan due on April 18, 2030 assigned with IND B+/Stable rating. Detailed Rationale of the Rating Action The ratings reflect NGEI's small scale of operations, modest EBITDA margins, modest credit metrics and poor liquidity. Ind-Ra expects the scale of operations, EBITDA margins and net working capital cycle to improve in FY26, supported by the commissioning of the company's own processing unit in FY25 and improved fixed cost absorption. The ratings, however, are supported by its promoters' nearly 20 years of experience in the seafood industry. Detailed Description of Key Rating Drivers Small Scale of Operations: NGEI's revenue fell to INR105.62 million in FY25 (FY24: INR460.29 million), due to the company concentrating on the construction of its new processing plant along with non-availability of raw material. Its EBITDA also declined to INR10.37 million in FY25 (FY24: INR19.44 million). Ind-Ra expects the revenue to improve substantially in FY26 on account of better overall exports and the utilization of its own processing unit. Modest EBITDA Margins: NGEI's EBITDA margins increased but remained modest at 9.82% in FY25 (FY24: 4.22%) following the commissioning of its own processing unit and reduced dependence on outsourcing of work. The return on capital employed stood negative 3% in FY25 (FY24: 4.3%). The agency expects the margins to improve in FY26 on account of better fixed cost absorption. Modest Credit Metrics: NGEI's gross interest coverage (operating EBITDA/gross interest expenses) fell to 0.68x in FY25 (FY24: 1.07x), due to the decrease in its EBITDA. The net leverage (total adjusted net debt/operating EBITDAR) increased to 35.15x in FY25 (FY24: 18.70x), due to an increase in its overall debt levels. Ind-Ra expects the net financial leverage to improve in FY26, on account of a likely increase in its EBITDA along with scheduled debt repayments. Until March 31, 2025, NGEI has incurred capex of INR249.53 million, using a term loan. Poor Liquidity: Refer to the Liquidity section below. Experienced Promoters: NGEI's promoters, Nicholas and George Fernandes, have nearly two decades of experience in the seafood industry. Liquidity Poor: NGEI's average maximum utilization of the fund-based limits was 96.79% during the 12 months ended April 2025. The net working capital cycle increased to 699 days in FY25 (FY24: 121 days), mainly on account of higher inventory days of 798 days (124 days) following a delay in receiving export permission for new processing plant. As a result, the company was unable to move its inventory. The company provides a credit period of 30-60 days to its customers and receives 30 days of credit period from its suppliers. The cash flow from operations deteriorated to negative INR16.45 million in FY25 (FY24: INR8.15 million), due to the decrease in the EBITDA. Furthermore, the free cash flow remained negative INR63.60 million in FY25 (FY24: negative INR194.23 million) due to the capex. The cash and cash equivalents increased to INR5 million at FYE25 (FYE24: INR1.69 million). Furthermore, NGEI does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. NGEI has debt repayment obligations of INR31.8 million each in FY26 and FY27. Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics /or further pressure on the liquidity position, on a sustained basis, could lead to negative rating action. Positive: An increase in the scale of operations along with an improvement in the overall credit metrics with the interest coverage increasing above 1.7x along with an improvement in the liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company Incorporated in 2015, NGEI was set up as a partnership firm by Nicholas Holten and George Fernandez, for processing and exporting marine products. The company set up its own operations unit in Bengaluru to package and process seafood. It exports primarily to Europe and Vietnam and Thailand in Southeast Asia. NACHIAPPAN. K: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nachiappan. K (NK) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.75 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 13, 2024, placed the rating(s) of NK under the 'issuer non-cooperating' category as NK had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NK continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2025, May 9, 2025, May 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable K Nachiappan is a proprietor of M/s. E.K.N. Poultry Farm. He established this firm in the year 1984, in Namakkal District which is popular for poultry activities in south India. The firm engaged in farming egg, cull birds and manure. Currently the firm has 60000 chicks, 60000 grower and 280000-layer birds. The firm has the capacity to produce 224000 eggs per day. NAVBHARAT NIRMAN: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Navbharat Nirman Company (NNC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 2.58 CARE C; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 7.00 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 8, 2024, placed the rating(s) of NNC under the 'issuer non-cooperating' category as NNC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NNC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 24, 2025, June 3, 2025 and June 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable NNC was formed as a proprietorship concern in 1989 by Mr. Ajay Bakliwal. NNC is engaged in executing civil and structural works largely for construction of buildings and housing projects for government department as well as private players. PAAPPAI EXPORTS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Paappai Exports (PE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.69 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 12, 2024, placed the rating(s) of PE under the 'issuer non-cooperating' category as PE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PE continues to be non-cooperative despite repeated requests for submission of information through emails dated April 28, 2025, May 8, 2025, May 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Paappai Exports (PE) was established on, 2008 and promoted by Mr V Suryanarayanan, as Managing Partner and C Leela Krishnan, D Vijaya Kumar, D Sivakumar, L Sumathi and L Pradeep Kannan as partners. The firm is mainly engaged in manufacturing and exports of knitted and woven garments since inception. The firm purchase yarn and converting into fabric by giving job work. The manufacturing process contains knitting, bleaching, and dyeing are executed by job work basis. Cutting and stitching and printing of garments done by PE. The main products of the firm are hosiery garments from which the firm is generating more than 95% of the total operating income derived through exports to countries like France, UK, and Dubai. PCDEY AND SON: Ind-Ra Cuts Bank Loan Rating to D ------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded P.C.Dey and Son Distributors Private Limited's (PCDSDPL) bank facilities to 'IND D (ISSUER NOT COOPERATING)' from 'IND BB-/Stable (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating review despite continuous requests and follow-ups by the agency. The rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating action is: -- INR210 mil. Fund-based limit (long term) downgraded with IND D (ISSUER NOT COOPERATING) rating. Note: Issuer did not cooperate; based on the best-available information. Detailed Rationale of the Rating Action The downgrade reflects delays in debt servicing by PCDDPL. According to information available from sources, a corporate insolvency and resolution process has been initiated against the entity under the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, following an application filed by one of its bankers. Ind-Ra has not been able to ascertain the reason for the delays, as the issuer has been non-cooperative. The ratings continue to be maintained in non-cooperating category in accordance with Ind-Ra's Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with PCDSDPL while reviewing the rating. Ind-Ra had consistently followed up with PCDSDPL over emails, apart from phone calls. The issuer has also not been submitting its monthly no default statement. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of PCDSDPL, 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. PCDSDPL has been non-cooperative with the agency since May 31, 2019. About the Company Incorporated in 1992 as a partnership firm, PCDSDPL is engaged in the distribution of fast-moving consumer goods of various companies in West Bengal. PENTECH METALS: CARE Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pentech Metals Limited (PML) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/Short 2.00 CARE B-; Stable/CARE A4; Term Bank ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 11, 2024, placed the rating(s) of PML under the 'issuer non-cooperating' category as PML had failed to provide information for monitoring of the rating exercise as agreed to in its Rating Agreement. PML continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 27, 2025, June 6, 2025, June 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Incorporated in the year 2014, Pentech Metals Limited (formerly Pentech Metals Private Limited) is involved in trading of iron and steel products. The trading operations of the company began in March 2015. The promoters of the company are Mr. Kunal Gandhi and Ms. Tina Kunal Gandhi. The company undertakes trading of products like Hot Rolled Coils and Plates, Mild Steel Coils and Plates, Mild Steel Scrap and other allied products. PRAJAPATI DEVELOPERS: CARE Keeps B- Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Prajapati Developers (PD) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 60.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 29, 2024, placed the rating(s) of PD under the 'issuer non-cooperating' category as PD had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PD continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 14, 2025, June 24, 2025 and July 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Prajapati Developers was established in 2006 as a partnership firm which is engaged in buying of land, developing and selling of the property (residence and commercial). PREM KUMAR: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Prem Kumar Pradeep Kumar (PKPK) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.90 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 29, 2024, placed the rating(s) of PKPK under the 'issuer non-cooperating' category as PKPK had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PKPK continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 14, 2025, June 24, 2025, July 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sri Ganganagar based PKPK was incorporated in November 2011 by Mr. Pradeep Kumar who is the proprietor of the firm. The firm acts as commission agent, trader and grain merchant for agricultural commodities like Masoor, Moong, Math, Castor, Dhania, Mustard, Barley, Chana, Guar, etc. PREMIUM MEDICAL: Ind-Ra Gives BB+ Bank Loan Rating -------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Premium Medical and Healthcare Provider Pvt Ltd.'s (PMHPPL) bank facilities as follows: -- INR2,743.33 bil. Term loan due on January 6, 2033 assigned with IND BB+/Stable rating; -- INR180 mil. Fund-based working capital limits assigned with IND BB+/Stable/IND A4+ rating; and -- INR200 mil. Non-fund-based working capital limits assigned with IND A4+ rating. Detailed Rationale of the Rating Action The ratings reflect PMHPPL's moderate and improved operational performance during FY25, led by healthy occupancies and an improving average revenue per occupied bed (ARBOP). PMHPPL has worked on efficiency improvement initiatives leading to a healthy EBITDA margin performance in FY25, which is likely to sustain over the near-to-medium term. The ratings are, however, constrained by the company's limited track record of sustained EBITDA generation (FY25: EBITDA grew 189% yoy) and stretched liquidity (utilization of over 98% in overdraft facility in non-working capital-intensive business). The ratings are further constrained by PMHPPL's high net leverage, led by a high term debt and a stretched debt service coverage ratio (DSCR) especially for FY26 (interest + repayment of over INR480 million vs EBITDA of INR420 million in FY25). PMHPPL has sustainably started improving EBITDA generation January 2025 onwards and expects FY26's EBITDA and EBITDA margin performance to be better than that in FY25, which will facilitate the timely servicing of its external liabilities. Ind-Ra will monitor the scale up in financial performance and liquidity/leverage profile during FY26-FY27. Detailed Description of Key Rating Drivers Improvement in Operational Metrics: PMHPPL is a Joint Commission International-accredited hospital. The moderate revenue increased to INR2,560.55 million in FY25 (FY24: INR1,996.50 million; FY23: INR2,197.73 million), supported by an improvement in the key operational metrics across the hospital. The overall occupancy levels for PMHPPL improved to 68.9% in FY25 (FY24: 55.7%). Furthermore, PMHPPL's ARBOP improved to INR45,839 in FY25 (FY24: INR41,909; FY23: INR38,065) and the average length of stay (ALOS) stabilized at 2.8 days on account of efficient operations (2.8 days; 3.4 days). Moreover, PMHPPL's management continues to undertake measures such as enhancing operating efficiencies, cost optimization, reduction in corporate overheads, removal of duplication headcounts, improvement in processes, and improvements in medical equipment to bolster the profitability. PMHPPL has also introduced new departments of obstetrician-gynecology and pediatrics in FY26. Ind-Ra believes the company is likely to witness healthy revenue growth over the near-to-medium term, supported by an introduction of the new departments, stable occupancy and an improvement in its ARPOB. Improvement in EBITDA Margins – led by Efficiency Improvement; Likely to Continue in Medium Term: The EBITDA margins improved to 16.64% in FY25 (FY24: 5.76%; FY23: 5.16%) due to a reduction in fixed and operational expenses during the year. The return on capital employed was 5.7% in FY25 (FY24: negative 2%; FY23: negative 1.3%). Ind-Ra expects the EBITDA margins to continue to improve in FY26 and near term due to no major change in the cost structure. Credit Profile Improved during FY25; Likely to Remain Comfortable in Near-to-medium Term: PMHPPL's credit metrics improved in FY25 due to a reduction in the overall debt to INR2,2918.62 million (FY24: INR4,760.64 million; FY23: INR4,460.94 million), led by the conversion of external commercial borrowings (ECBs) to equity, the consequent fall in the interest expenses to INR333.38 million (INR405.46 million; INR440.38 million), and the increase in the absolute EBITDA. The gross interest coverage (operating EBITDA/gross interest expense) improved to 1.28x in FY25 (FY24: 0.28x; FY23: 0.26x) and the net adjusted leverage (adjusted net debt/operating EBITDA) to 6.81x (41.32x; 39.20x). Ind-Ra expects the net leverage to reduce below 5x from FY26, supported by an improved profitability. Well-established Promoters: PMHPPL is jointly promoted by KEF Healthcare Services Pte. Limited and the Peekay Group. KEF Healthcare Services, a wholly owned subsidiary of KEF Holdings, is engaged in the management of a network of hospitals and provides consultancy and healthcare management services. KEF Holdings, incorporated in Singapore and headquartered in Dubai, operates across infrastructure, healthcare, and investment sectors in India and the UAE. The group is involved in offsite manufacturing technologies across various industries, including healthcare, education, sports, and agriculture. KEF Holdings was founded by Faizal E. Kottikollon, an industrialist with over a decade of diversified experience. He established Emirates Techno Casting in Sharjah in 1997, which was later acquired by Tyco International in 2012 for over USD400 million. The proceeds from this transaction laid the foundation for the creation of KEF Holdings. Intense Competition and Regulatory Risk: PMHPPL is exposed to increased competition from several large hospitals in Kerala, 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. The agency believes PMHPPL's strong presence in niche therapies, brand recall amongst patients in Calicut region and history of consistent surgical/treatment outcomes will aid its growth. Stretched Liquidity: Please refer to the Liquidity section below. Liquidity Stretched: PMHPPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The cash and cash equivalents stood at INR16.93 million at FYE25 (FYE24: INR10.76 million; FYE23: INR12.07 million). The average maximum utilization of the fund-based limits was 98.92% during the 12 months ended March 2025. The company has scheduled repayments of INR485.5 million and INR392.8 million in FY26 and FY27, respectively, which can be met from internal accruals, according to Ind-Ra, the same has been confirmed by the management. The management has guided that it will provide unconditional fund infusion from the directors or related parties to fund any exigencies. The net working capital cycle stood healthy at three days in FY25 (FY24: four days; FY23: six days). The cash flow from operations improved to INR53.49 million in FY25 (FY24: INR12.53 million; FY23: negative INR131.57 million) due to favorable changes in the working capital, coupled with the increase in the absolute EBITDA to INR426.07 million (INR114.67 million; INR113.50 million). Rating Sensitivities Positive: An improvement in the operating performance, led by an increased occupancy, resulting in a sustained improvement EBITDA margin, with the net adjusted leverage reducing below 4.5x, and an improvement in the liquidity, all on a sustained basis, could result in a positive rating action. Negative: Any deterioration in the operating performance, resulting in a substantial decline in the revenue or EBITDA or the net adjusted leverage increasing above 5.5x, or deterioration in the liquidity, all on a sustained basis, could result in a negative rating action. About the Company PMHPPL, headquartered in Coimbatore, Tamil Nadu, was incorporated in September 2013 and began its commercial operations in September 2017. The company operates a multi-specialty hospital named Meitra, located in Calicut, Kerala. The hospital spans around 400,000 square feet and has a total capacity of 270 beds, with 220 beds operational for in-patient care at end-June 2025. PMPL is promoted by KEF Healthcare Services, which is backed by Faizal Kotikollon having a net worth to the tune of INR2,741.99 million, according to the net worth certificate provided by the company. RAMSWAROOP MEMORIAL: Ind-Ra Keeps D Loan Rating in NonCooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Shri Ramswaroop Memorial Institute of Management and Computer Application's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR50 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR190 mil. Term loan due on September 30, 2019 maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Shri Ramswaroop Memorial Institute of Management and Computer Application while reviewing the rating. Ind-Ra had consistently followed up with Shri Ramswaroop Memorial Institute of Management and Computer Application over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Shri Ramswaroop Memorial Institute of Management and Computer Application on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Shri Ramswaroop Memorial Institute of Management and Computer Application's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Shri Ramswaroop Memorial Institute of Management and Computer Application manages the Shri Ramswaroop Memorial Group of Professional Colleges and Shri Ramswaroop Memorial Public School. RELIANCE INFRASTRUCTURE: Ind-Ra Hikes Bank Loan Rating to B ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has upgraded Reliance Infrastructure Limited's (Reliance Infra) bank loan ratings to 'IND B' from 'IND D'. The Outlook is Stable. The detailed rating actions are: -- INR18,602.3 bil. (reduced from INR23,460.0 bil.) Non-fund- based working capital limits* upgraded with IND B/Stable/IND A4 rating; and -- INR11,540.0 bil. Proposed fund/non-fund-based limit # is withdrawn. * The earlier rated fund-/non-fund-based limit has now been termed as non-fund-based working capital limits. # Ind-Ra has withdrawn the rating as the issuer is no longer expected to proceed with the instrument as previously envisaged. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Analytical Approach Ind-Ra has revised its analytical approach to take a standalone view of Reliance Infra from a consolidated approach it took earlier, while also factoring in the potential cash support Reliance Infra may need to extend to its guaranteed subsidiaries and emerging business segments. This change reflects the limited financial integration and restricted cash fungibility between Reliance Infra and its subsidiaries. Detailed Rationale of the Rating Action The upgrade reflects Reliance Infra's timely servicing of standalone debt obligations for three consecutive months ended June 30, 2025. Regarding the guaranteed debt, the company has executed one-time settlement agreements with the lenders of its subsidiaries, including the final payment to lender by JR Toll Road Private Limited on June 23, 2025. These repayments were facilitated by a significant long-term capital infusion through the issuance of warrants amounting to INR30.1 billion, of which INR7.5 billion was received in FY25 and INR2.25 billion in 1QFY26, which have eased liquidity pressures, boosting Reliance Infra's credit profile. However, the ratings continue to be constrained by the company's weak financial risk profile and its exposure to risks arising from the ongoing arbitration proceedings, and large payables and contingent liabilities involving both standalone and financially stressed subsidiaries, which remain key monitorable. Nevertheless, the ratings are supported by the substantial deleveraging of the standalone balance sheet, improved revenue visibility from the engineering and construction (E&C) segment, and the company's long-standing presence and experience in the infrastructure sector. The company's E&C business is likely to turnaround in FY26, driven by management's expected order flows in new age business. Moreover, the company issued INR30.1 billion of warrants in October 2024 and has board-approved plans to raise INR30 billion through long-tenured foreign currency convertible bonds (FCCBs) and another INR30 billion through qualified institutional placement (QIP) of equity. Detailed Description of Key Rating Drivers Weak Financial Risk Profile: Reliance Infra's financial risk profile remained under pressure in FY25, despite a marginal year-on-year improvement. The company reported a negative EBITDA (including other income) of INR1.01 billion in FY25, (FY24: negative INR0.7 billion), reflecting continued operational stress and weak debt coverage metrics. The consistent net losses for five consecutive years have eroded Reliance Infra's net worth to INR53.15 billion (FY24: INR56.67 billion, FY23: INR67.06 billion). Additionally, the current ratio remains below unity, primarily due to high trade payables of INR12.9 billion and customer advances of INR5.1 billion. While the management has indicated that a significant portion of these payables are under dispute and not immediately payable, they continue to weigh on liquidity. During FY25, the company issued warrants worth INR30.1 billion, of which INR7.5 billion was received within the year. This infusion has provided some relief by supporting debt reduction efforts, though the overall financial flexibility remains constrained. An improvement in the financial risk profile will remain a key monitorable. Continued Group-level Stress from Defaulting Subsidiaries: Reliance Infra continues to face elevated group-level risk due to the financial distress in several subsidiaries, excluding major subsidiaries BSES Yamuna Power Limited (BYPL; debt rated at 'IND BBB+'/Stable) and BSES Rajdhani Power Limited (BRPL; debt rated at 'IND A-'/Stable). While Reliance Infra is assessed on a standalone basis and legal ring-fencing limits direct financial contagion, the presence of multiple defaulting subsidiaries under the group, exposes the company to contingent liabilities. This risk is further compounded by the limited financial flexibility available from stronger subsidiaries. Despite BYPL and BRPL being financially sound and net debt free at FYE25, structural constraints restrict their ability to extend financial support to Reliance Infra. Ind-Ra believes any dividend distribution from these entities could support Reliance Infra's standalone credit profile. Contingent Liabilities and Residual Guarantee Exposure: During FY25 and 1QFY26, Reliance Infra made a significant progress in resolving legacy financial obligations arising from corporate guarantees and other liabilities. Key settlements were achieved with Cosmea Business Acquisition Private Limited and the lender of JR Toll Road Private Limited totaling to INR6980 million. In addition, Reliance Infra made payment of INR927 million to Dhursar Solar Power Private Limited in 1QFY26. As per the management, only three corporate guarantees remain outstanding. The most significant one is of INR6 billion to a wholly owned subsidiary, which is currently meeting its debt obligations through toll collection. However, any adverse deviation in traffic volume could impair the subsidiary ability to meet its debt obligation, potentially requiring financial support from Reliance Infra. The remaining two guarantees are related to debt service reserve account (DSRA) requirement. These pose minimal risk, considering the cash position in the respective subsidiaries against the underline outstanding debt position. Nevertheless, any material financial outflow or support requirement arising from the remaining contingent liabilities and guaranteed debt will remain a key rating monitorable. Ongoing Legal Disputes and Arbitration Claims: Reliance Infra remains exposed to event risks arising from the ongoing legal disputes and arbitration proceedings. In its dispute with Damodar Valley Corporation (bonds rated at IND AAA(CE)), the company secured a favorable arbitration award of INR8.98 billion in FY20, from which it withdrew INR6 billion against the submission of a bank guarantee. In a separate case involving the Delhi Airport Metro project (DAMEPL), the Supreme Court's order dated 10 April 2024 directed DAMEPL to return INR26 billion to Delhi Metro Rail Corporation (DMRC). As per the management, the aforesaid order does not impose any liability on Reliance Infra as it has not received any money from DMRC/DAMEPL under the arbitral award. Furthermore, there is a dispute of about INR12.5 billion arising under an award in December 2022 in favor of Shanghai Electric Group (SEC). The matter is before the Delhi High Court and the company is contesting proceedings initiated by SEC in furtherance of the award. Additionally, Ind-Ra believes the outstanding bank guarantees (BG) of INR1.7 billion related to Talcher II, North Karanpura transmission line and thermal power projects, remain at the risk of invocation. Any adverse arbitration outcome, BG invocation or a reversal of favorable awards will be key rating monitorable. Deleveraging of Standalone Balance Sheet: Reliance Infra undertook significant deleveraging measures during FY25. The company issued warrants worth INR30.1 billion, of which INR7.5 billion was received in FY25. Additionally, it realized around INR28 billion through the enforcement of securities and settlement of legacy debts. These inflows were utilized to reduce the standalone debt, which declined sharply to INR4.7 billion at FYE25 (FYE24: INR30.6 billion). Of this, only INR0.85 billion is secured, while the remaining comprises unsecured inter-corporate borrowings of INR2.3 billion from group entities and INR1.5 billion from unrelated parties. The company had no fund-based working capital borrowings outstanding at end-June 2025. During 1QFY26, Reliance Infra received the second tranche of INR2.25 billion under the warrant issuance. The board has also approved the plans to raise INR30 billion through long-tenured FCCBs and another INR30 billion through QIP of equity. Ind-Ra expects some of the funds to be used for the standalone E&C business and a significant amount of balance surplus to be deployed as growth capital for its defense and new-age businesses. Near-term Order Book Visibility: As of March 31, 2025, Reliance Infra had a legacy order backlog of around INR9 billion, primarily comprising construction contracts for the Mumbai metro. In addition, the company is likely to undertake a few large E&C orders within the group, which would improve the revenue visibility in the near-to-medium term. Liquidity Stretched: During FY25, Reliance Infra's liquidity position improved with the warrant receipt of INR7.5 billion, which helped the company to reduce its debt obligations and enabled timely debt servicing for three consecutive months ended June 2025. The company held INR0.98 billion in unencumbered cash at year-end and had no fund-based working capital limits, with an average utilization of non-fund-based limits at 48% during the 12 months ended May 2025. In 1QFY26, it received an additional INR2.25 billion from a warrant issue. There are no scheduled debt obligations in the next 9MFY26 and FY27, though INR8.5 billion repayment is due in FY28. Despite these improvements, the liquidity remains classified as stretched due to the ongoing arbitration and settlement-related event risks. However, considering the board approved plans for capital raises of INR 60 billion through FCCBs and QIP and the balance warrants receipt in the near to medium term are likely to strengthen the company's liquidity. Reliance Infra also benefits from financial flexibility through its 24.9% stake in Reliance Power Limited at end-June 2025. Rating Sensitivities Negative: Any reduction or material delay in the planned fund infusion, or crystallization of significant claims or arbitration outcomes that adversely impact the liquidity, will be negative from the ratings. Positive: A sustained improvement in the liquidity, along with the material resolution of ongoing arbitrations and a visible recovery in revenue and profitability, with a significant improvement in credit metrics on sustained basis, will be positive from the ratings. About the Company Reliance Infra, a part of the Reliance Group, stands as one of India's foremost infrastructure conglomerates. Incorporated in October 1929 under the Companies Act, 1913, Reliance Infra operates through a diversified network of special purpose vehicles (SPVs) across critical growth sectors such as power, roads, metro rail, airports, and defense. Reliance Infra also provides E&C services and delivers turnkey solutions across power, transportation, and infrastructure projects. It is a public limited company and its equity are listed on both recognized stock exchanges in India i.e. the Bombay Stock Exchange and National Stock Exchange of India. RSKS AUTOMOTIVES: Ind-Ra Affirms BB+ Bank Loan Rating ----------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on RSKS Automotives Private Limited's (RAPL) bank loans: -- INR4 mil. Fund-based working capital limits assigned with IND BB+/Stable/IND A4+ rating; -- INR610.8 mil. Fund-based working capital limit affirmed with IND BB+/Stable/IND A4+ rating; and -- INR25 mil. (reduced from INR29 mil.) Term loan due on January 31, 2029 affirmed with IND BB+/Stable rating. Detailed Rationale of the Rating Action The ratings remain constrained by RAPL's medium scale of operations and stretched liquidity in FY25. In FY26, Ind-Ra expects the revenue to grow, and EBITDA margins and credit metrics to stay at similar levels. The ratings are supported by RAPL's healthy EBITDA margin, comfortable credit metrics and the promoters' extensive experience in different industries. Detailed Description of Key Rating Drivers Continued Medium Scale of Operation: The ratings reflect RAPL's continued medium scale of operation as indicated by a revenue of INR3,009 million in FY25 (FY24: INR2,845 million) with an EBITDA of INR158.49 million (INR140.58 million). Vehicle sales contributed 90.9% to the total revenue (FY24: 92.3%) of the total revenue while sale of services contributed 9.1% (FY24: 7.7%). The revenue improved due to RAPL's geographical expansion by opening two new retail showrooms in FY25. In 2MFY26, the company booked a revenue of INR355 million. In FY26, Ind-Ra expects the revenue to increase, backed by the opening of one new service outlet. Stretched Liquidity: Please refer to the Liquidity section. Healthy EBITDA Margin: The ratings reflects RSKS's healthy EBITDA margins, which improved to 5.27% in FY25 (FY24: 4.94%) with a return on capital employed of 18.9% (21.3%). The margins improved due to an increase in the revenue from the high-margin services segment. In FY26, Ind-Ra expects the margins to remain at similar levels due to the similar nature of operations. Continued Comfortable Credit Metrics: The net leverage (adjusted net debt/operating EBITDAR) stood at 2.95x in FY25 (FY24: 3.36x) and the gross interest coverage (operating EBITDA/gross interest expense) at 3.86x (3.28x). The credit metrics improved in FY25 owing to an improvement in the EBITDA and a decrease in the overall debt, leading to lower finance cost. In FY26, RAPL has planned a capex of INR21.2 million which will be funded through internal accruals. Therefore, Ind-Ra expects the credit metrics to remain at similar comfortable levels in FY26. Experienced Promoters: The ratings remain supported by the extensive experience of the promoters in various industries such as hospitality, education, oil & gas and fast-moving consumer goods. Liquidity Stretched: Although RAPL's average maximum utilization of the fund-based limits was 73% during the 12 months ended April 2025, the company's utilization of funds for March 2025 was higher than the drawing power, as per the terms of sanction letter. The net working capital cycle elongated to 43 days in FY25 (FY24: 25 days), mainly on account of an increase in the inventory days to 39 (15). The company provides a 20-30 days of credit period to its customers and receives around 10 days of credit period from its suppliers. The inventory holding period varies from 15-30 days. RAPL has debt repayment obligations of INR10.9 million and INR12.1 million in FY26 and FY27, respectively. The cash flow from operations turned positive at INR24 million in FY25 (FY24: negative INR124 million) and it improved due to a relatively lower increase in working capital requirements. Furthermore, the free cash flow improved to INR5.6 million (FY24: negative INR147 million) due to a lower capex of INR18 million (INR23 million). The cash and cash equivalents stood at INR61 million at FYE25 (FYE24: INR73 million). Furthermore, RAPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the liquidity and the credit metrics, on a sustained basis, could lead to a negative rating action. Positive: An improvement in the scale of operations, leading to an improvement in the credit metrics while maintaining an adequate drawing power, on a sustained basis, with the interest coverage remaining above 2.5x, could lead to a positive rating action. About the Company Incorporated in 2018, RAPL has a dealership for Maruti Suzuki Arena cars and owns three '3S' (sales, service and spare parts) showrooms in Gwalior, Madhya Pradesh. It commenced operations in January 2021. RAPL is a part of the Malwa Group, Indore which has its presence in the education, fast-moving consumer goods, hospitality and oil & gas segments. RUKMANI MOTORS: Ind-Ra Cuts Bank Loan Rating to D ------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Rukmani Motors Private Limited's (RMPL) bank facility rating to 'IND D' from 'IND BB'. The Outlook was Stable. The instrument-wise rating action is: -- INR1.090 bil. Bank loan facilities (Long-term/Short-term) downgraded with IND D rating. Analytical Approach Ind-Ra has taken a standalone view of RMPL to arrive at the ratings. Detailed Rationale of the Rating Action The downgrade reflects an overutilization in RMPL's fund-based limits during July 2025. This is consistent with Ind-Ra's Default Recognition and Post-Default Curing Period Policy. Detailed Description of Key Rating Drivers Delay in Debt Servicing: The downgrade reflects RMPL's overutilization of more than 30 days in fund-based limits during July 2025 due to liquidity constraints. This is consistent with Ind-Ra's Default Recognition and Post-Default Curing Period Policy. About the Company Incorporated in 2004, RMPL is an authorized dealer of Maruti Suzuki India Limited, Thirukkurungudi Vengaram Sundram and Tractors and Farm Equipment Limited. The company's head office is located in Indore, Madhya Pradesh. RMPL is owned and managed by Kailash Baheti and Vipin Baheti. SAI KRIPA: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sai Kripa agro Processor (SKAP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 26, 2024, placed the rating(s) of SKAP under the 'issuer non-cooperating' category as SKAP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SKAP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 11, 2025, June 23, 2025 and July 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Udaipur (Rajasthan) based Sai Kripa Agro Processor (SKAP) was formed as a proprietorship concern in 2018 by Ms Anjali Dadheech (Proprietor) with an objective to set up a unit for extraction of soyabean oil from soya seeds with an installed capacity of 30000 MT per annum. SANKET ENTERPRISE: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sanket Enterprise (SE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 39.20 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 18, 2024, placed the rating(s) of SE under the 'issuer non-cooperating' category as SE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 3, 2025, June 13, 2025, June 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Formed in 2014, M/s. Sanket Enterprise (SE) is a partnership firm led by Mr Dineshchandra Patel. The firm is into retailing of Electronics like TV, home appliances, Audios devices, fridges, kitchen appliances, personal appliances and other white goods. The firm has 9 retail electronic chains across Gujarat including a large sized Electronic Mall at Anand (the only owned premise). All the retail chain stores operate under the name of 'Sanket India'. The firm also retails its home electronic brand 'Teknas' under which it currently sells LEDs TVs and is planning to venture into home appliances under the said brand. SE also sells its products via online e-commerce platforms such as Amazon, Flipkart and Snapdeal and also has its own e-commerce website for selling of electronic products. Recently, the firm has built a 1.00 lakh sq. ft. mall at Anand which commenced operations from September 2017. SARASWATI EDUCATIONAL: Ind-Ra Keeps D Rating in NonCooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Saraswati Educational Charitable Trust's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR50 mil. Fund/Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR299 mil. Term loan due on June 30, 2022 maintained in non- cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Saraswati Educational Charitable Trust while reviewing the rating. Ind-Ra had consistently followed up with Saraswati Educational Charitable Trust over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Saraswati Educational Charitable Trust 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 Saraswati Educational Charitable Trust's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Saraswati Educational Charitable Trust has colleges situated near Lucknow. It also runs an aviation academy, a medical college and a 410-bed hospital. SDS SUNPOWER: Ind-Ra Assigns BB Term Loan Rating ------------------------------------------------ India Ratings and Research (Ind-Ra) has rated SDS Sunpower Private Limited's (SSPPL) rupee term loan as follows: -- INR311.49 mil. Rupee term loan due on October 5, 2033 assigned with IND BB/Stable rating. Analytical Approach Ind-Ra has analyzed SSPPL's standalone business and financial profile while assigning the rating. The agency continues to exclude any debt other than the rated debt for the rating purpose. Therefore, any sponsor-injected funds, other than plain vanilla equity, in the future or currently, will be considered equity-like instruments. Any deviation in the treatment of these instruments will affect the rating. Detailed Rationale of the Rating Action The rating reflects the absence of long-term power purchase agreements (PPAs) since the loan tenor is higher than the PPA tenor, a weak debt structure, stretched liquidity, under construction risk of additional planned capacity and inherent risks associated with solar projects, including resource variations. However, the rating is supported by the successful commissioning of the project of 7MWAC/9.10MWDC, healthy generation during the first year of operations, and the timely receipts of payments from captive consumers and undertaking by the group company. Detailed Description of Key Rating Drivers Medium-term PPAs Lower than Loan Tenor: The company has signed PPAs with Tulsyan NEC Limited and Myunghwa Automotive India Pvt Ltd for 3.50MWAC, each, for three and five years, respectively. The PPAs have a lock-in period of one-to-two years, post which either of the parties can terminate the PPA by serving six months of notice. Furthermore, there is no termination payment as per the PPA clause. The tariff is linked with the prevailing base tariff of Tamil Nadu Generation and Distribution Corporation Limited (debt rated at 'IND BBB'/Rating Watch with Developing Implications) excluding demand charges. Any upward or downward revision in base tariff will have to be shared by the developer and off-taker in 50:50 ratio. Weak Debt Structure: The outstanding term loan of INR311.49 million as of June 10, 2025 will amortize in 106 structured monthly instalments starting February 2025 and ending November 2033. The debt-to-equity ratio is 90:10 for the operational project and is secured by personal guarantee by the directors in addition to the project assets and collateral security. The project cash flows are not ring-fenced on account of the absence of a trust and retention account (TRA). As per Ind-Ra's base case, the project has an annual debt service coverage ratio (DSCR) of about 1.0x in the next three-to-four years. The loan tenor is higher than that of the PPAs. The company does not maintain any debt service reserve account as per the sanction terms. Planned Under Construction Project: The group has total operational solar power projects of 18MWAC/23.40MWp in Tamil Nadu, of which 7WMAC is with SSPPL and 11MWAC is with Sri Krishna Sun Power Private Limited (rated 'IND BB'/Stable). The company has planned to implement a new solar project of 17MWAC/22.10MWp in Tamil Nadu. Furthermore, the group is planning to implement another project of similar capacity in Sri Krishna Sun Power. Tamil Nadu-based group is headed by Mr. Muthusamy who is the chief executive officer and managing director since 20 years. The group is engaged in multiple business such as poultry, textiles and transport. The group plans to fund the aforementioned under construction solar projects in debt/equity ratio of 90:10. Any incremental leverage in the company and its impact on the credit metrics shall be a key rating monitorable. The group company Sri Krishna Poultry Farm has provided a promoter undertaking for the under construction projects. Inherent Risks Associated with Solar Projects: Revenue is solely dependent on power generation from the solar projects for generating cash surplus for its debt servicing. Any decline in power generation due to variability in solar irradiance remains a key rating sensitivity. Successful Commissioning and Healthy Operating Performance during First Year of Operations: SSPPL's entire capacity of 7MWAC/9.10MWDC has been fully commissioned and operational since April 2024. It achieved a plant load factor of 20.94% in FY25. The entire project capacity has been connected to Ammachathiram, Pudukkottai district grid for 7MW and Palayam grid substation for 4MW. SSPPL achieved plant availability and grid availability of 100% since project commissioning. Ind-Ra has factored in the existing generation levels as part of its base case; any significant underperformance in the project could lead to a negative rating action. Timely Receipts from Group Captive Consumers: The company has signed three-to-five-year PPAs with group captive consumers, the average receivable period of which are below 30 days. The timely receipt of payments from the group captive consumers assures cash flows to the project and largely mitigates revenue risk. However, the sustenance of timely receipt of payments from the counterparties will remain a key monitorable. Minimum Technology Risk: The project utilizes solar photovoltaic modules (585 Wp-mono perc bifacial) and inverters of 2,000-3,000kW. The solar photovoltaic technology has a long operational track record, and in the rated portfolio, Ind-Ra has not observed any unusually high degradation, indicating low technology risk. The annual degradation for the modules assumed by Ind-Ra is 0.50%. The stable operating performance will be a key rating monitorable. Liquidity Stretched: The company makes monthly repayments to the lender from its cash flow and is not required to maintain a DSRA as per the sanctioned terms. The monthly repayments pose risk emanating from varying cash flows due to variation in generations on account of seasonality and varying resources. The company had a cash balance of INR0.14 million as of June 5, 2025. Rating Sensitivities Negative: Developments that could, individually or collectively, lead to a negative rating action are: - operating and financial performance weaker-than-Ind-Ra's base case estimates - any delay in the receipt of payments from the off-takers beyond 60 days from the due date - any incremental leverage for under construction project in the company resulting in deterioration in the credit metrics Positive: Maintaining adequate liquidity, along with the financial and operational performance of the projects better than Ind-Ra's estimates will lead to a positive rating action. About the Company SSPPL, is currently operating 7MWAC/9.10MWDC solar power project capacity in Tamil Nadu. It is a group captive project with medium-to-long-term PPAs. The company is also developing another solar power project of 17MWAC/22.10MWDC at Keeranur, Pudukkottai, Tamil Nadu. SHIV SHAKTI: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shiv Shakti Monolithics Private Limited (SSMPL) continues to remain in the 'Issuer Not Cooperating ' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 8, 2024, placed the rating(s) of SSMPL under the 'issuer non-cooperating' category as SSMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 24, 2025, June 3, 2025, June 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Shiv Shakti Monolithics Private Limited (SSMPL) was incorporated in July, 2004 by Mr. Sunil Kumar Seth, Mr. Radha Krishan Purbey and their family members. Since its inception, the company has been engaged in manufacturing of refractory materials like calcined MAG carbon, refractory grog, castable, bed material, fire clay, refractory bricks etc. which mainly find applications in iron and steel industry. The manufacturing facility of the company is located at Adityapur Industrial Area, Jamshedpur. SHOES EXPORTS: Ind-Ra Assigns BB+ Bank Loan Rating -------------------------------------------------- India Ratings and Research (Ind-Ra) has rated India Shoes Exports Private Limited's (ISEPL) bank facilities as follows: -- INR840 mil. Fund-based working capital limits assigned with IND BB+/Stable/IND A4+ rating; and -- INR40 mil. Derivative limits assigned with IND A4+ rating. Detailed Rationale of the Rating Action The ratings are constrained by ISEPL's modest EBITDA margins, modest credit metrics, the working capital-intensive nature of operations and exposure to currency fluctuation risk on account of only partial hedging practices. The ratings however are supported by ISEPL's experienced management along with a long track record of operations, reputed clientele and an improvement in ISEPL's revenue in FY25, backed by a stable demand for leather footwear. Detailed Description of Key Rating Drivers Modest EBITDA Margin, Likely to Continue in Near to Medium Term: The ratings factor in ISEPL's modest EBITDA margin of 2.74% in FY25 (FY24: 2.73%) with a return on capital employed of 5.9% (5.4%). The company passes on increases in raw material prices to its customers, as the suppliers of finished leather are typically nominated by customers themselves. However, overhead costs remain fixed, and any increase in these expenses must be absorbed by ISEPL. Therefore, the EBITDA margins are low. In FY25, personnel expenses rose 2% yoy, but this was offset by a combined 2% yoy reduction in manufacturing, selling and administration expenses. Ind-Ra and management expect the EBITDA margin to remain at a similar level in the near to medium term due to the nature of operations. FY25 numbers are provisional. Modest Credit Metrics, Expected to Continue in Near to Medium Term: The ratings reflect ISEPL's modest credit metrics, as reflected by the interest coverage (operating EBITDA/gross interest expenses) of 1.79x in FY25 (FY24: 1.95x) and the net leverage (total adjusted net debt/operating EBITDAR) of 6.08x (7.12x). The interest coverage declined in FY25, due to an increase in finance cost to INR57.53 million (FY24: INR46.37 million) on account of the higher utilization of fund-based limits. The net leverage improved due to an increase in EBITDAR to INR123.90 million in FY25 (FY24: INR109.35 million), coupled with an increase in the cash and cash equivalents to INR41.75 million (INR19.58 million). Ind-Ra expects the credit metrics to remain at similar levels in the near to medium term due to no major debt-funded capex planned. Working Capital Intensive Nature of Operations: ISEPL's operations are inherently working capital intensive due to its business model of private labelling. The company caters to reputed branded customers, receiving orders in two main seasons spaced six months apart. Order execution is typically carried out on a piecemeal basis and spans 90 to 120 days, with production planned in export viable quantities. As the leather used in production is primarily nominated by customers and often needs to be imported, the company is required to maintain adequate raw material inventory levels, typically covering at least 90 days to ensure timely fulfillment of any immediate demand. Additionally, the business cycle involves an average collection period of 60 to 90 days, while creditor days range from 45 to 120 days. ISEPL's working capital cycle improved to 134 days in FY25 (FY24: 144 days), primarily due to a decrease in debtor days to 82 (98). The creditor days decreased to 85 in FY25 (FY24: 92). Forex Risk Could Impact Profitability: ISEPL is engaged in the export-oriented business of private labelling leather footwear. As the company also imports raw materials, it has a natural hedge up to 30% of the exposure. As per the management, another 30% would be hedged through forward contracts. However, the company does not have any hedging practices in place for the balance 40%, and remains exposed to currency fluctuations. This may impact profitability in case of any steep movement in the exchange rates in the short term hence, this risk is only mitigated to an extent. Experienced Management with Long Track Record of Operations; Reputed Clientele: ISEPL is a subsidiary of Farida Holdings Private Limited, the ultimate holding company of the Farida Group, a family-run business with a legacy spanning six decades. The group has grown into a diversified conglomerate comprising 14 companies engaged in leather tanning, footwear manufacturing and production of shoe components. Rafeeque Ahmed, the main promoter, and his four sons are involved in the day-to-day operations of the group. The customer concentration risk is moderate with revenue from the top five customers accounting for 65% of the FY25 revenue (FY24: 55%). However, this risk is mitigated by Farida group's longstanding presence in the leather industry and this has enabled its companies to consistently secure orders from reputed multinational brands such as CJ Clarks International Ltd and Clarks America, INC, Calares Inc, Allen Edmonds LLC, Muller and Meirer Lederwaren fabric GMBH and others. Improvement in Revenue in FY25, Expected to Continue in Near to Medium Term: ISEPL's revenue expanded at a CAGR of 8% over FY23-FY25. Its revenue increased to INR3,760.42 million in FY25 (FY24: INR3,301.74 million), on account of an improvement in the number of pairs sold to 2.09 million (FY24: 1.79million). The capacity utilization improved to 96% in FY25 (FY24: 88%). However, the scale of operations remained medium. ISEPL had an order book of INR1,210 million as of 30 April 2025 which is expected by management to be executed by August 2025. In FY25, the exports accounted for 98% of the total revenue (FY24: 96%), with domestic sales forming the balance. During April- May 2025, the company has generated revenue of INR638.90 million. Ind-Ra expects the revenue to improve in the near to medium term on account of a stable order book and demand for leather products. Liquidity Stretched: The average month-end utilization of the company's fund-based limits was 91.56% over the 12 months ended March 2025. Ind-Ra expects the utilization to have continued at similar levels since then. ISEPL's cash flow from operations increased to INR47.38 million in FY25 (FY24: negative INR194.05 million) and free cash flow increased to INR36.71 million (negative INR206.17 million) due to favorable changes in the working capital. The company had cash and bank balances of INR41.75 million at FYE25 (FYE24: INR19.58 million). ISEPL does not have any term loans as of date and as per the management, no debt-led capex is planned in the near to medium term. Rating Sensitivities Negative: Any significant deterioration in scale of operations or any substantial cash outflow to group entities, or deterioration in the liquidity position or credit metrics, with the interest coverage falling below 1.5x, on a sustained basis, could be negative for the ratings. Positive: A substantial improvement in the scale of operations, liquidity position and the credit metrics, with the interest coverage exceeding 2.25x, all on a sustained basis, could be positive for the ratings. About the Company ISEPL is engaged in the export-oriented business of private labelling leather footwear for established branded customers. It is a subsidiary of Farida Holdings Private Limited, the ultimate company of the Farida Group, a family-run business with a legacy spanning over six decades. The group has grown into a diversified conglomerate comprising 14 companies engaged in leather tanning, footwear manufacturing and production of shoe components. ISEPL has a capacity to manufacture 2.20 million pairs of footwear per annum. ISEPL is managed by Israr Ahmed and Ashfaque Ahmed. SHRIRAM EPC: Ind-Ra Keeps D Loan Rating in NonCooperating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Shriram EPC Ltd.'s instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR4.240 bil. Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; -- INR6.706 bil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR18,231.7 bil. Term loan maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Shriram EPC Ltd while reviewing the rating. Ind-Ra had consistently followed up with Shriram EPC Ltd over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Shriram EPC Ltd on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Shriram EPC Ltd.'s credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption / distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Set up in 2000, Shriram EPC is an engineering, procurement and construction company that operates in the renewable energy, process and metallurgy, and municipal service segments. SIDDHIVINAYAK GREENTECH: Ind-Ra Withdraws BB Loan Rating -------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Shree Siddhivinayak Greentech Industries Private Limited's (SSGIPL) bank facilities' ratings as follows: -- The 'IND BB/Stable Term loan rating on the INR460 mil. due on July 31, 2029 is withdrawn; and -- The 'IND BB/Stable/IND A4+' rating on the INR40 mil. Proposed fund-based working capital limit is withdrawn. Detailed Rationale of the Rating Action Ind-Ra is no longer required to maintain the ratings as the agency has received the no-dues certificate issued by the bankers and a withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. About the Company Incorporated on June 24, 2022, SSGIPL is engaged in manufactures jaggery and has cane crushing capacity of 1,300 tons per day. Its registered office is in Osmanabad, Maharashtra. Dattatray Kashinath Kulkarni and Dipali Dattatraya Kulkarni are the promoters. The unit commenced commercial operations in October 2023. SUNSHINE PAPTECH: Ind-Ra Withdraws BB Bank Loan Rating ------------------------------------------------------ India Ratings and Research (Ind-Ra) has withdrawn Sunshine Paptech Pvt. Ltd.'s bank facilities' ratings as follows: -- The 'IND BB/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)' rating on the INR150 mil. Fund-based working capital limit is withdrawn; and -- The 'IND A4+ (ISSUER NOT COOPERATING)' rating on the INR150 mil. Non-fund-based working capital limit 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 due certificate from the lender. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. About the Company Incorporated in 2007, Sunshine Paptech manufactures kraft paper. It has a plant at Taluka Wada (district Thane, Maharashtra), with a 72,000 ton-per-annum capacity for producing high burst factor, high grammage per square meter paper. The plant has been operating since April 2013. SUPREME POLYTUBES: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Supreme Polytubes Limited (SPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 17, 2024, placed the rating(s) of SPL under the 'issuer non-cooperating' category as SPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 2, 2025, June 12, 2025, June 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable The entity was initially incorporated as a private limited company in 2002. However, the constitution was changed to a closely held public limited company, in 2009. The company is currently being managed by Mr. Sanjeev Kumar, Mr. Rajeev Kumar, Mrs. Shelly Goyal and Mr. Sham Lal. The company is engaged in trading of PVC resin and manufacturing of PVC pipes and tubes at its manufacturing facility located in Dhuri, Punjab. SUPREME VASAI: Liquidation Process Case Summary ----------------------------------------------- Debtor: Supreme Vasai Bhiwandi Tollways Private Limited 510, 5th Floor, ABW Tower, IFFCO Chock, M G Road, Gurgaon, Haryana, India - 122002 Liquidation Commencement Date: July 17, 2025 Court: National Company Law Tribunal, Chandigarh Bench - Court 2 Liquidator: Sanjay Kumar Aggarwal # C-20, Block-C, Wave Estate, Sector 85 SAS Nagar Mohali - 160055 (Punjab) Email: sanjayaggarwal.fcs@gmail.com Email: Liquidator.supremevasai@gmail.com Email: cirp.supremev@gmail.com Last date for submission of claims: August 16, 2025 UI FABRICATORS: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of UI Fabricators Private Limited (UFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 15, 2024, placed the rating(s) of UFPL under the 'issuer non-cooperating' category as UFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 31, 2025, June 10, 2025, June 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Incorporated in the July 2016, UI Fabricators Private Limited (UIFPL) is engaged into business of manufacturing of LPG cylinders (domestic as well as industrial cylinder). The company has undertaken to manufacture LPG cylinders in September 2016 at its plant located at Sitarganj district, Uttarakhand. The key raw material i.e., steel is sourced from local suppliers (namely from Tata Steel Limited) and orders are procured through tender-bidding process (namely from Indian Oil, Hindustan Petroleum and Bharat Petroleum). USHDEV ENGITECH: Ind-Ra Keeps C Rating in NonCooperating -------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Ushdev Engitech Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND C (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is as follows: -- INR895.2 mil. Term Loan due on June 30, 2022 maintained in non-cooperating category with IND C(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Ushdev Engitech Limited while reviewing the rating. Ind-Ra had consistently followed up with Ushdev Engitech Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Ushdev Engitech 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 Ushdev Engitech Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company UEL operates wind power plants across Karnataka, Maharashtra, Tamil Nadu, Gujarat and Rajasthan with an aggregate capacity of 58.2MW. Ushdev Power Holdings Private Limited is UEL's holding company and is a part of the Ushdev Group with a presence in power, mining, trading and industrial sectors. VASUPRADA PLANTATIONS: Ind-Ra Corrects 12/27/2024 Rating Release ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) rectifies Shri Vasuprada Plantations Limited's (SVPL) rating published on December 27, 2024 to correctly state the complexity level of preference shares, include coupon rate and maturity date of preference shares under Details of Instruments and provide clarity on support from group companies. The amended version is as follows: India Ratings and Research (Ind-Ra) has affirmed Shri Vasuprada Plantations Limited's (SVPL) debt instruments' ratings as follows: -- INR500 mil. Non-convertible debentures (NCDs)# affirmed with IND B+/Stable rating; and -- INR250 mil. Preference shares coupon rate 6% for 20 years* affirmed with IND B+/Stable rating. #Details in Annexure *From the date of allotment and subject to early repayment by the company Analytical Approach Ind-Ra continues to take a fully consolidated view of SVPL, its subsidiary: Keshava Plantations Pvt Ltd (KPPL; 100% stake), and associate company, The Cochin Malabar Estates & Industries Ltd. (24.68% stake), together referred to as the group, while assigning the ratings on account of the medium- to strong operational and strategic linkages among them. The entities have a same business profile and a common management. Although Ind-Ra has not consolidated Gloster Limited (GL) due to weak operational and financial linkages between the two entities, but SVPL has been benefitting from consistent financial support from GL. This support has primarily been in the form of inter-corporate deposits, which have played a key role in bolstering SVPL's liquidity position. Accordingly, the ratings have been notched up factoring in the support available from GL. Detailed Rationale of the Rating Action The ratings reflect SVPL's small scale of operations, modest EBITDA margins and credit metrics, poor liquidity, and cyclicality and climatic risks. In FY25, Ind-Ra expects the revenue to grow, EBITDA margins to improve and credit metrics to stay at similar levels. The ratings are supported by the promoters' more than two decade of experience in the tea and coffee industry. Key Rating Drivers Small Scale of Operations: The group has a small scale of operations with its consolidated revenue declining to INR1,076 million in FY24 (FY23: INR1,140 million) and the EBITDA falling to negative INR90 million (negative INR74 million) due to a decrease in the sale of bought leaf tea and a decrease in the realization per kg. During 1HFY25, the group achieved revenue of INR628 million and EBITDA of INR4.87 million. On a standalone basis, SVPL reported revenue of INR576 million in 1HFY25 (FY24: INR566.05 million). Ind-Ra expects the revenue to increase in 2HFY25, owing to growth in sales of its product Orthodox Tea. Modest EBITDA Margins: On a consolidated basis, the group's EBITDA margins remained modest at negative 8.45% in FY24 (FY23: negative 6.57%) due to an increase in wages. The return on capital employed was negative 9% in FY24 (FY23: negative 8.1%). In FY25, Ind-Ra expects the EBITDA margin to improve marginally after the introduction of high margin product, Orthodox Tea. On a standalone basis, SVPL's EBITDA margins remained modest at negative 8.56% in FY24 (FY23: negative 6.57%) with a return on capital employed of negative 8.1% (negative 2.9%). Modest Credit Metrics: The ratings reflect the group's modest consolidated credit metrics with its gross interest coverage (operating EBITDA/gross interest expenses) remaining negative 1.49x in FY24 (FY23: negative 0.91x) and the net financial leverage (total adjusted net debt/operating EBITDAR) at negative 6.36x (negative 6.79x), due to the decrease in the EBITDA. Ind-Ra expects the group's credit metrics to remain at similar level in FY25. On a standalone basis, the credit metrics were modest with the interest coverage of negative 1.49x in FY24 (FY23: negative 1.17x) and net financial leverage of negative 6.41x (negative 5.41x). Poor Liquidity: Please refer to the liquidity session below. Cyclicality and Climatic Risks: The ratings are further constrained by agro-climatic risks as tea and coffee production is dependent on climatic conditions. Additionally, the inherent cyclicality of the fixed-cost intensive tea industry, leads to variability in profitability and cash flows of bulk tea blenders. Experienced Promoters: However, the ratings are supported by the promoters' more than two decades of experience in the tea and coffee business as well as timely funding support from the promoters and group companies. Liquidity Poor: The group's net working capital cycle remained elongated at 1,021 days in FY24 (FY23: 360 days) because of a sharp increase in the inventory holding period to 1,026 days (366 days). On standalone basis, net working capital cycle was 1,027 days in FY24 (FY23: 339 days). The company's average monthly peak utilization of the fund-based limits was 69% during the 12 months ended October 2024. The group's cash flow from operations stood at negative INR139 million in FY24 (FY23: negative INR126 million). Consequently, the group's free cash flow remained negative at INR198 million in FY24 (FY23: negative INR180 million) on the back of lower inflows. The group's cash and cash equivalents stood at INR7.41 million at FYE24 (FYE23: INR36 million). During FY24, SVPL liquidated its 33.92% stake in its partially owned subsidiary M/s. Pranav Infradev Co. Pvt. Ltd. for INR122 million. SVPL has scheduled repayments of INR18.88 million and INR0.5 million in FY25 and FY26, respectively, which will be met through the infusion of funds through the group companies. Rating Sensitivities Negative: A significant decline in the scale of operations or any weakening/ delay in receipt of financial support from the group companies resulting in a decline in the liquidity or the interest coverage, all on a sustained and consolidated basis will be negative for the ratings. Positive: An improvement in the scale of operations, leading to an overall improvement in the credit metrics and liquidity, all on a sustained and consolidated basis, will be positive for the ratings. About the Company SVPL operates five tea estates, one coffee estate and one rubber estate located in Northern and Southern Part of India. The company's registered office is in Kolkata, West Bengal. SVPL is managed and promoted by the Bangur group. VETHAA DAIRY: Ind-Ra Keeps B+ Loan Rating in NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Sri Vethaa Dairy Private Limited's (SVDPL) bank facilities' ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating actions are: -- INR380 mil. Term loan* due on July 31, 2034 maintained in non- cooperating category and withdrawn; and -- INR140 mil. Fund-based** working capital limit maintained in non-cooperating category and withdrawn. *Maintained at 'IND B+/Negative (ISSUER NOT COOPERATING)' before being withdrawn. **Maintained at 'IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)' before being withdrawn. Detailed Rationale of the Rating Action The ratings have been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails, and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no objection certificate from the lender. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with SVDPL while reviewing the ratings. Ind-Ra had consistently followed up with SVDPL over emails, apart from phone calls. The issuer has submitted the no default statement for the past 12 months except March and June 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of SVDPL, 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. SVDPL has been non-cooperative with the agency since July 8, 2024. About the Company SVDPL was incorporated as a partnership firm in 2015 under the name of Vedam Milk Products. The entity was converted into a private limited company in October 2023 under the existing name. The company manufactures dairy products such as clarified butter, skimmed milk powder and pasteurized milk, and curd. Its existing plant, with a capacity of 150,000 is located at Peramangalam village, Musiri Taluk, Trichy and the new plant, with a capacity of 500,000 is located at Ulundurpet. WELLNESS FOREVER: Ind-Ra Cuts Term Loan Rating to B+ ---------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Wellness Forever Medicare Private Limited rating to IND B+/Negative (ISSUER NOT COOPERATING). The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating actions are: -- INR480 mil. Fund Based Working Capital Limit downgraded with IND B+/Negative (ISSUER NOT COOPERATING) rating; -- INR28.50 mil. Non-Fund Based Working Capital Limit downgraded with IND A4 (ISSUER NOT COOPERATING) rating; and -- INR96.9 mil. Term loan due on March 31, 2021 downgraded with IND B+/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The downgrade is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. As per the policy, ratings of non-cooperative issuers may get downgraded during subsequent reviews, if the issuer continues to remain non-cooperative. With passage of time and absence of updated information, the risk of sustaining the rating at current levels by relying on dated information increases, which may be reflected through a downgrade rating action. The Negative Outlook reflects the likelihood of further downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Wellness Forever Medicare Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Wellness Forever Medicare Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Wellness Forever Medicare 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 Wellness Forever Medicare Private Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in 2008, Wellness Forever Medicare runs a retail pharmacy business and has 99 stores in total. YADAV TRACTOR: Ind-Ra Cuts Loan Rating to B- -------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Yadav Tractor Company rating to 'IND B-/Negative (ISSUER NOT COOPERATING)'. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating actions are: -- INR24.30 mil. Cash Credit LT Downgraded; ST Maintained in non- cooperating category with IND B-/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and -- INR30 mil. maintained in non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The downgrade is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. As per the policy, ratings of non-cooperative issuers may get downgraded during subsequent reviews, if the issuer continues to remain non-cooperative. With passage of time and absence of updated information, the risk of sustaining the rating at current levels by relying on dated information increases, which may be reflected through a downgrade rating action. The Negative Outlook reflects heightened risk of default. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Yadav Tractor Company while reviewing the rating. Ind-Ra had consistently followed up with Yadav Tractor Company over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Yadav Tractor Company 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 Yadav Tractor Company's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Yadav Tractor Company is engaged in the sales, services and spares of Mahindra tractors. YASH PAPERS: Ind-Ra Cuts Bank Loan Rating to B+ ----------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Yash Papers Limited rating to 'IND B+/Negative (ISSUER NOT COOPERATING)'. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating actions are: -- INR500 mil. Fund Based Working Capital Limit downgraded with IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; -- INR139.30 mil. Non-Fund Based Working Capital Limit downgraded with IND A4 (ISSUER NOT COOPERATING) rating; and -- INR701.70 mil. Term loan downgraded with IND B+/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The downgrade is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. As per the policy, ratings of non-cooperative issuers may get downgraded during subsequent reviews, if the issuer continues to remain non-cooperative. With passage of time and absence of updated information, the risk of sustaining the rating at current levels by relying on dated information increases, which may be reflected through a downgrade rating action. The Negative Outlook reflects the likelihood of further downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Yash Papers Limited while reviewing the rating. Ind-Ra had consistently followed up with Yash Papers Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Yash Papers 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 Yash Papers Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption / distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Founded in 1981, Yash Papers manufactures low grammage magnesium industrial bleached and unbleached grades of paper. YAZDANI STEEL: Ind-Ra Keeps D Loan Rating in NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Yazdani Steel & Power Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR180 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; -- INR75.1 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR434.9 mil. Term loan due on March 31, 2022 maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Yazdani Steel & Power Limited while reviewing the rating. Ind-Ra had consistently followed up with Yazdani Steel & Power Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Yazdani Steel & Power 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 Yazdani Steel & Power Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in 2003, Yazdani Steel & Power has set up an integrated steel project with captive power generation facilities at Kalinga Nagar Growth Centre near Jajpur Road in Odisha. YOGESH AND YOGESH: Ind-Ra Cuts Loan Rating to B ----------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Yogesh and Yogesh Developers rating to 'IND B/Negative (ISSUER NOT COOPERATING)'. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating action is: -- INR99 mil. Fund Based Working Capital Limit downgraded with IND B/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The downgrade is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. As per the policy, ratings of non-cooperative issuers may get downgraded during subsequent reviews, if the issuer continues to remain non-cooperative. With passage of time and absence of updated information, the risk of sustaining the rating at current levels by relying on dated information increases, which may be reflected through a downgrade rating action. The Negative Outlook reflects the likelihood of further downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Yogesh and Yogesh Developers while reviewing the rating. Ind-Ra had consistently followed up with Yogesh and Yogesh Developers over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Yogesh and Yogesh Developers 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 Yogesh and Yogesh Developers' credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Yogesh and Yogesh Developers is a family business enterprise engaged in residential real estate development. YOGESH TRADING: Ind-Ra Cuts Bank Loan Rating to B- -------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Yogesh Trading Company rating to 'IND B-/Negative (ISSUER NOT COOPERATING)'. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating action is: -- INR180 mil. Fund Based Working Capital Limit LT Downgraded; ST Maintained in non-cooperating category with IND B-/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The downgrade is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. As per the policy, ratings of non-cooperative issuers may get downgraded during subsequent reviews, if the issuer continues to remain non-cooperative. With passage of time and absence of updated information, the risk of sustaining the rating at current levels by relying on dated information increases, which may be reflected through a downgrade rating action. The Negative Outlook reflects heightened risk of default. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Yogesh Trading Company while reviewing the rating. Ind-Ra had consistently followed up with Yogesh Trading Company over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Yogesh Trading Company 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 Yogesh Trading Company's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Established in 2010 in Punjab, Yogesh Trading Company is a proprietorship unit engaged in the business of rice milling. YOGIRAJ SPINNING: Ind-Ra Cuts Bank Loan Rating to B+ ---------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Yogiraj Spinning Private Limited rating to 'IND B+/Negative (ISSUER NOT COOPERATING)'. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating actions are: -- INR100 mil. Fund Based Working Capital Limit downgraded with IND B+/Negative (ISSUER NOT COOPERATING) rating; -- INR263.01 mil. Term loan due on March 31, 2022 downgraded with IND B+/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The downgrade is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. As per the policy, ratings of non-cooperative issuers may get downgraded during subsequent reviews, if the issuer continues to remain non-cooperative. With passage of time and absence of updated information, the risk of sustaining the rating at current levels by relying on dated information increases, which may be reflected through a downgrade rating action. The Negative Outlook reflects the likelihood of further downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Yogiraj Spinning Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Yogiraj Spinning Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Yogiraj Spinning 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 Yogiraj Spinning Private Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in September 2012, YSPL is engaged in ginning and pressing of raw cotton and spinning of cotton yarn. The plant has a ginning unit at Gondal, Rajkot with 24 ginning machines and a spinning unit with 17,280 spindles. The company is promoted and managed by Mr. Pusparajasingh Chudasama, Mr. Kuldeepsingh Chudasama and Mr. Jignesh Harjibhai Ghanva. ZAACI DIAMONDS: Ind-Ra Keeps D Loan Rating in NonCooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained Zaaci Diamonds India Pvt Ltd.'s instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR60 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR9 mil. Term loan due on December 31, 2018 maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Zaaci Diamonds India Pvt Ltd while reviewing the rating. Ind-Ra had consistently followed up with Zaaci Diamonds India Pvt Ltd over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Zaaci Diamonds India Pvt Ltd on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Zaaci Diamonds India Pvt Ltd.'s credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Zaaci Diamonds India is engaged in the production and trading of gold and diamond jewelry. Its workshop is located in Mohali, Punjab. [] INDIA: Recovery in Realty Cases via IBC Hits 44.7% ----------------------------------------------------- The Economic Times reports that finance and corporate affairs minister Nirmala Sitharaman on July 29 said that 204 insolvency cases in the real estate and construction sector were resolved under the bankruptcy law until March 2025, yielding an average recovery of 44.7% against the lenders' admitted claims. The realisation was, however, as much as 111.6% of the fair value and 172.15% of the liquidation value of the rescued firms, Sitharaman said in a statement in the Rajya Sabha. She added that a total of 1,522 insolvency cases in the realty and construction sector were admitted until March, and in most cases the bankruptcy proceedings are in progress. =============== M A L A Y S I A =============== RENEUCO BHD: Auditor Flags Going Concern Uncertainty ---------------------------------------------------- The Malaysian Reserve reports that Reneuco Bhd's external auditor has once again raised significant doubt over the group's ability to continue as a going concern, after issuing a disclaimer of opinion on the company's audited financial statements for the 18-month financial period ended March 31, 2025. In its independent audit report, Messrs Jamal, Amin & Partners said it was unable to obtain sufficient appropriate audit evidence to form an opinion on the financial statements, The Malaysian Reserve relates. The audit was hampered by multiple scope limitations, unresolved balances, and the lack of supporting documentation across various accounts. According to The Malaysian Reserve, the audit flagged that the group incurred a net loss of MYR80.4 million during the financial period, while the company alone recorded a larger loss of MYR256.4 million. Both entities were in a negative working capital position, having current liabilities that exceeded current assets, and had defaulted on several loan repayments, The Malaysian Reserve relays. These financial conditions, compounded by the group's classification as a PN17 company, raised material uncertainties about Reneuco's ability to meet its obligations and continue as a going concern. The auditors were unable to verify unaudited opening balances of several subsidiaries, which meant they could not confirm whether these balances were fairly stated. They also highlighted a carrying value of MYR482.1 million in construction work-in-progress, for which the management had not performed any impairment assessment. In addition, trade and other receivables amounting to MYR40.5 million could not be confirmed for existence or recoverability, while expected credit loss allowances totalling MYR108.5 million were not supported by adequate documentation, according to The Malaysian Reserve. The audit report further noted that bank confirmations and loan documents for MYR293.9 million in balances and borrowings were not provided. No alternative procedures could be performed. Similarly, contract cost assets totalling MYR41.4 million and payables of MYR156.1 million could not be substantiated due to lack of audit evidence. Due to the pervasive scope limitations, the auditors said they were unable to determine whether adjustments might be required to the financial statements. They concluded that the accounting and other records relating to the matters raised had not been properly kept by the group or the company. In a filing with Bursa Malaysia, Reneuco acknowledged the disclaimer of opinion and said it has discussed with the auditors to perform necessary audit procedures in advance for the next financial year, The Malaysian Reserve says. The group is currently formulating a regularisation plan, which it is required to submit to Bursa by Aug. 7, 2025, in order to maintain its listing status. Reneuco, formerly known as KPower Bhd, has faced mounting financial pressure following loan defaults and project-related challenges over the past two years, The Malaysian Reserve adds. About Reneuco Berhad Reneuco Berhad is a Malaysia-based company involved in sustainable energy and utilities activities. As reported in the Troubled Company Reporter-Asia Pacific on Feb. 13, 2024, Reneuco Bhd has fallen under the Practice Note 17 (PN17) classification after its auditors expressed a disclaimer opinion on its unaudited financial statements for the period ended Sept. 30, 2023. ===================== N E W Z E A L A N D ===================== NAIKER ENTERPRISES: Court to Hear Wind-Up Petition on Aug. 11 ------------------------------------------------------------- A petition to wind up the operations of Naiker Enterprises NZ Limited will be heard before the High Court at Timaru/Te Tihi-o-Maru on Aug. 11, 2025, at 10:00 a.m. Harman Impex (NZ) Limited filed the petition against the company on June 12, 2025. The Petitioner's solicitor is: Peter James Broad Level 1, 1/208 Great South Road Papatoetoe Auckland VKS ENTERPRISES: Creditors' Proofs of Debt Due on Aug. 29 --------------------------------------------------------- Creditors of VKS Enterprises Limited are required to file their proofs of debt by Aug. 29, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 29, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 ================= S I N G A P O R E ================= DISNEY FTC: Creditors' Proofs of Debt Due on Aug. 30 ---------------------------------------------------- Creditors of Disney FTC Services (Singapore) Pte. Ltd. are required to file their proofs of debt by Aug. 30, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 22, 2025. The company's liquidators are: Lim Loo Khoon Tan Wei Cheong 6 Shenton Way OUE Downtown 2, #33-00 Singapore 068809 IMPERIUM CROWN: Argile Partners Appointed as Liquidator ------------------------------------------------------- Mr. Lam Zi Yang of Argile Partners on July 17, 2025, was appointed as liquidator of Imperium Crown Limited. The liquidator may be reached at: Lam Zi Yang 138 Cecil Street #10-01 Cecil Court Singapore 069538 LPS CONSTRUCTION: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on July 18, 2025, to wind up the operations of LPS Construction Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidator ise: Gary Loh Weng Fatt c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 MAXIMUM SINGAPORE: Placed in Creditors’ Voluntary Liquidation --------------------------------------------------------------- Mr. Abuthahir Abdul Gafoor and Ms. Yessica Budiman care of AAG Corporate Advisory on July 22, 2025, were appointed as liquidators of Maximum Singapore Pte. Ltd. The liquidators may be reached at: Mr. Abuthahir Abdul Gafoor Ms. Yessica Budiman AAG Corporate Advisory 11 Collyer Quay #07-02 The Arcade Singapore 049317 SANO V: Placed in Creditors' Voluntary Liquidation -------------------------------------------------- Lim Soh Yen and Tan Suah Pin of Acutus Advisory on July 21, 2025, were appointed as liquidators of Sano V Pte Ltd. The liquidators may be reached at: Lim Soh Yen Tan Suah Pin Acutus Advisory 133 New Bridge Road #24-01/02 Chinatown Point Singapore 059413 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***