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250822.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, August 22, 2025, Vol. 28, No. 168 Headlines A U S T R A L I A CLAYRUST HOLDINGS: First Creditors' Meeting Set for Aug. 25 CSL LTD: To Spin Off Vaccine Unit Seqirus, Cut 15% of Workforce GFP ELANORA: First Creditors' Meeting Set for Aug. 27 QUIRKY WARS: Second Creditors' Meeting Set for Aug. 26 ROMECITI INVESTMENT: First Creditors' Meeting Set for Aug. 25 TURQUOISE III 2025-2: S&P Assigns B(sf) Rating on Class F Notes WORM HIT: First Creditors' Meeting Set for Aug. 26 C H I N A COUNTRY GARDEN: Wins Creditors' Support for Offshore Debt Overhaul KONKA GROUP: Profitability Remains in Doubt Despite SOE Support ROAD KING: Sees Up to HK$2.1 Billion Loss for H1 Ended June 30 I N D I A ADDICA INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating AJEET AND COMPANY: CARE Keeps D Debt Ratings in Not Cooperating ALIVELU RICE: ICRA Keeps D Debt Rating in Not Cooperating AMBICA COATSPIN: Ind-Ra Moves BB+ Loan Rating to NonCooperating AMBIKA TIMBER: CARE Keeps B- Debt Rating in Not Cooperating ANGARAJ VANIJYA: Liquidation Process Case Summary ASIA HOME: CARE Keeps B- Debt Rating in Not Cooperating Category B. P. FOOD: ICRA Keeps D Debt Ratings in Not Cooperating Category BABA BAIDYANATH: Ind-Ra Moves D Loan Rating to NonCooperating BIL INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating CHANDANA RICE: CARE Keeps B- Debt Rating in Not Cooperating CHOLA SPINNING: Ind-Ra Gives BB Bank Loan Rating CP ARORA: Ind-Ra Moves B+ Loan Rating to NonCooperating CROWN PROMOTERS: ICRA Keeps D Debt Ratings in Not Cooperating CYGNUS SPLENDID: ICRA Keeps D Debt Ratings in Not Cooperating DHANALAKSHMI SRINIVASAN: ICRA Keeps D Rating in Not Cooperating DORMANN DOORS: CARE Keeps D Debt Rating in Not Cooperating FAIRDEAL MULTIFILAMENT: ICRA Keeps D Ratings in Not Cooperating FINSIGHT BUSINESS: Voluntary Liquidation Process Case Summary G.K.M.S COTTON: CARE Keeps D Debt Rating in Not Cooperating GLASS BUILD: CARE Keeps B- Debt Rating in Not Cooperating Category GOVINDBHAWAN KARYALAYA: ICRA Keeps B+ Ratings in Not Cooperating GREEN EXPRESS: CARE Keeps C Debt Rating in Not Cooperating HIL (INDIA) LIMITED: Insolvency Resolution Process Case Summary HINDUSTAN NATIONAL: NCLT Approves INSCO's INR2,250cr Resolution HOTEL RAJMAHAL: CARE Keeps B- Debt Rating in Not Cooperating HUTAIB INTERIORS: CARE Keeps B- Debt Rating in Not Cooperating IBEX ENGINEERING: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable INDERA ETHNICS: CARE Keeps C Debt Rating in Not Cooperating INDERPAL SINGH: CARE Keeps B- Debt Rating in Not Cooperating J.M.L. MARKETINGS: CARE Keeps D Debt Ratings in Not Cooperating JONAS WOODHEAD: CARE Keeps C Debt Rating in Not Cooperating JUMBO FINVEST: CARE Keeps D Debt Rating in Not Cooperating KAKADE LASER: CARE Keeps B- Debt Rating in Not Cooperating KAMAKHYA TRADERS: CARE Keeps B- Debt Rating in Not Cooperating KD LIQUOR: Ind-Ra Withdraws B+ Rating on INR190MM Loans KINARA CAPITAL: Ind-Ra Cuts Bank Loan Rating to D KSHEER SAGAR: CARE Lowers Rating on INR38.99cr LT Loan to B- M M BARELS: CARE Keeps B- Debt Rating in Not Cooperating Category MADHUNIL ENGINEERING: Voluntary Liquidation Process Case Summary MAHALAKSHMI CCR: Ind-Ra Moves BB Loan Rating to Non-Cooperating MAX LIFE PENSION: Voluntary Liquidation Process Case Summary MEHER CHAITANYA: CARE Keeps B- Debt Rating in Not Cooperating MIRAJ RECYCLERS: CARE Keeps D Debt Ratings in Not Cooperating NAC ADVERTISING: Insolvency Resolution Process Case Summary NATURAL COTTON: CARE Keeps D Debt Rating in Not Cooperating NRV YARNS: Ind-Ra Affirms BB+ Loan Rating, Outlook Positive OVERSEAS LEATHER: CARE Lowers Rating on INR11.16cr LT Loan to D P.K. METAL: CARE Keeps D Rating in Not Cooperating Category PALA DIOCESAN: Ind-Ra Affirms BB Bank Loan Rating PALANI MURUGAN: CARE Keeps B- Debt Rating in Not Cooperating PIPEFIELD INDIA: Insolvency Resolution Process Case Summary PREMIER ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating R R DISTRIBUTORS: CARE Keeps D Debt Ratings in Not Cooperating RAM AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category RASBIHARI COTTON: CARE Keeps B- Debt Rating in Not Cooperating RATNA ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating RDS & SONS: CARE Lowers Rating on INR14.90cr LT Loan to B- RUPAMATA POWER: Ind-Ra Moves BB- Loan Rating to NonCooperating SAI MAATARINI: CARE Keeps D Debt Rating in Not Cooperating SATNAM RICE: CARE Keeps B- Debt Rating in Not Cooperating Category SHIVANSHU SINTERED: CARE Keeps B- Debt Rating in Not Cooperating SOLUTREAN BUILDING: CARE Keeps B- Debt Rating in Not Cooperating SPINE ARTHROSCOPIC: CARE Lowers Rating on INR11.78cr LT Loan to B SUNCITY URJA: Ind-Ra Moves BB+ Loan Rating to NonCooperating T. R. POLY PET: CARE Keeps D Debt Rating in Not Cooperating Categor TDI INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating TECPRO SYSTEMS: CRISIL Keeps D Debt Ratings in Not Cooperating TIRUPATI STRUCTURES: Ind-Ra Moves B+ Rating to NonCooperating UDIT TOLLHIGHWAYS: Ind-Ra Moves BB Loan Rating to NonCooperating UNITRANS INFOTECH: Voluntary Liquidation Process Case Summary VARSHINI INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating WESTIN RESINS: CARE Keeps D Debt Ratings in Not Cooperating YO DIGITALS: CARE Assigns D Rating to INR35cr LT Loan ZURI HOTELS: Ind-Ra Affirms BB- Bank Loan Rating M A L A Y S I A PESTEC INTERNATIONAL: Triggers PN17 Criteria, Seeks Waiver N E W Z E A L A N D CASTRO LIMITED: Cafe Cuba Closes Doors After Nearly 30 Years CVJ CONTRACTING: Creditors' Proofs of Debt Due on Sept. 15 DRM HOSPITALITY: Creditors' Proofs of Debt Due on Sept. 9 EVEREDGE GLOBAL: VC Fund Seeks to Liquidate Intangible Assets Firm FIRST WORD: Court to Hear Wind-Up Petition on Aug. 22 LINMAR DEVELOPMENTS: Creditors' Proofs of Debt Due on Sept. 9 - - - - - ================= A U S T R A L I A ================= CLAYRUST HOLDINGS: First Creditors' Meeting Set for Aug. 25 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Clayrust Holdings Pty Ltd will be held on Aug. 25, 2025 at 10:00 a.m. via Microsoft Teams videoconferencing facility. Shaun Fernando of Mackay Goodwin was appointed as administrator of the company on Aug. 14, 2025. CSL LTD: To Spin Off Vaccine Unit Seqirus, Cut 15% of Workforce --------------------------------------------------------------- Bloomberg News reports that CSL Ltd. said that it will spin off its Seqirus vaccine business into a separately listed company as part of a restructure that will see it reduce its workforce by as much as 15 per cent and cut costs by around US$500 million a year. CSL Seqirus, which makes seasonal influenza vaccines, contributed US$2.2 billion of the firm's total revenue of US$15.6 billion in the 12 months ended June 30, the Melbourne-based company said on Aug. 19, Bloomberg relays. Net profit rose 17 per cent to US$3 billion, just above analyst estimates of US$2.97 billion. Bloomberg relates that Seqirus will list on the Australian securities exchange by the end of this fiscal year. The spinoff will give Seqirus, which will be chaired by Gordon Naylor, "autonomy to set an independent strategic direction, including capitalising on potential opportunities that may arise in a highly dynamic vaccines market, as well as reducing complexity, making the business more agile and efficient to manage", CSL said. CSL also closed 22 underperforming US plasma centres this month, and will consolidate its research and development from 11 sites into six, Bloomberg relays. The restructure will unlock US$500 million in annual savings by the end of fiscal 2028, though CSL will incur one-off restructuring costs of US$700 million to US$770 million. While CSL employs around 32,000 people, no firm number was put on the job cuts. Further details on the Seqirus spinoff will be given at CSL's capital markets day on Nov. 4 to 6 in the US, Bloomberg says. CSL also plans to buy back AUD750 million of shares this financial year, the first step in a multi-year buyback, adds Bloomberg. CSL Limited (ASX:CSL) -- https://www.csl.com/ -- researches, develops, manufactures, markets, and distributes biopharmaceutical and vaccines in Australia, the United States, Germany, the United Kingdom, Switzerland, China, Hong Kong, and internationally. The company operates through CSL Behring, CSL Seqirus, and CSL Vifor segments. The CSL Behring segment offers plasma products, gene therapies, and recombinants. The CSL Seqirus segment provides influenza related products and pandemic services to governments. The CSL Vifor segment offers products in the therapeutic areas of iron deficiency and nephrology. The company also licenses CSL intellectual property. GFP ELANORA: First Creditors' Meeting Set for Aug. 27 ----------------------------------------------------- A first meeting of the creditors in the proceedings of GFP Elanora Pty Ltd will be held on Aug. 27, 2025 at 11:00 a.m. at the offices of Vincents, at Level 34, 32 Turbot Street, in Brisbane, QLD, and via virtual meeting technology. Nick Combis of Vincents was appointed as administrator of the company on Aug. 15, 2025. QUIRKY WARS: Second Creditors' Meeting Set for Aug. 26 ------------------------------------------------------ A second meeting of creditors in the proceedings of Quirky Wars Pty Ltd has been set for Aug. 26, 2025, at 2:00 p.m. at the offices of SV Partners, at 22 Market Street, in Brisbane, QLD. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 25, 2025 at 4:00 p.m. David Michael Stimpson of SV Partners was appointed as administrator of the company on July 21, 2025. ROMECITI INVESTMENT: First Creditors' Meeting Set for Aug. 25 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Romeciti Investment Group Pty Ltd will be held on Aug. 25, 2025 at 11:00 a.m. via Microsoft Teams Meeting. Desmond Teng of Byrons Recovery was appointed as administrator of the company on Aug. 13, 2025. TURQUOISE III 2025-2: S&P Assigns B(sf) Rating on Class F Notes --------------------------------------------------------------- S&P Global Ratings assigned its ratings to six classes of nonconforming and prime residential mortgage-backed securities (RMBS) issued by Permanent Custodians Ltd. as trustee of Turquoise III Series 2025-2 Trust. Turquoise III Series 2025-2 Trust is a securitization of nonconforming and prime residential mortgages originated by Bluestone Mortgages Pty Ltd. (Bluestone). The ratings S&P has assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Note subordination and excess spread provide credit support. S&P's assessment of credit risk considers Bluestone's underwriting standards and approval process, and Bluestone's strong servicing quality. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the provision of a liquidity facility, the principal draw function, the yield reserve, retention amount built from excess spread, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and it assumes the notes are not called at or beyond the call-option date. S&P's ratings also consider the counterparty exposure to Commonwealth Bank of Australia as bank account provider and to Westpac Banking Corp. as liquidity facility provider. The transaction documents for the facilities include downgrade language consistent with S&P Global Ratings' counterparty criteria. S&P has also factored into its ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness. Ratings Assigned Turquoise III Series 2025-2 Trust Class A, A$667.50 million: AAA (sf) Class B, A$28.87 million: AA (sf) Class C, A$27.38 million: A (sf) Class D, A$13.35 million: BBB (sf) Class E, A$5.92 million: BB (sf) Class F, A$3.98 million: B (sf) Class G1, A$1.50 million: Not rated Class G2, A$1.50 million: Not rated WORM HIT: First Creditors' Meeting Set for Aug. 26 -------------------------------------------------- A first meeting of the creditors in the proceedings of Worm Hit Pty Ltd will be held on Aug. 26, 2025 at 11:00 a.m. via Microsoft Teams. Claudio Trimboli and Nedin Talic of Charles and Co were appointed as administrators of the company on Aug. 14, 2025. ========= C H I N A ========= COUNTRY GARDEN: Wins Creditors' Support for Offshore Debt Overhaul ------------------------------------------------------------------ Reuters reports that Country Garden said on Aug. 18 it had reached an agreement with a core group of bank creditors that holds 49% of its offshore debt, marking another step in its $14.1 billion restructuring plan. Once China's largest developer, the company defaulted on $11 billion in offshore bonds in late 2023, adding to a sector-wide crisis that had already seen high-profile failures, including of China Evergrande Group. According to Reuters, Country Garden, seeking to slash its offshore debt burden by 78%, said holders representing 77% of its bond value had accepted its restructuring proposal. A restructuring proposal normally requires support from more than 75% in creditor value to pass. The deal follows the backing it won from a key bondholder group in April, Reuters notes. Reuters says Country Garden remains the subject to a liquidation petition, with a court hearing scheduled for January 2026. The developer said it was working with both bondholders and bank creditors to complete the documentation for the restructuring, which it expects to finalise by the end of 2025. About Country Garden Holdings Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds last year and is in the process of an offshore debt restructuring. KONKA GROUP: Profitability Remains in Doubt Despite SOE Support --------------------------------------------------------------- Yicai Global reports that central state-owned enterprise China Resources has taken over Konka Group, a Chinese consumer electronics firm that is also expanding in the semiconductor industry. However, industry insiders believe that despite China Resources' financial support, Konka still faces difficulties in turning profitable. China Resources' takeover will alleviate some of Konka's financial pressure and help it integrate resources, but the television giant's new management team will still face challenges, as the difficulty of turning its main business profitable remains substantial, Dong Min, secretary-general of the China Video Industry Association, told Yicai. Yicai relates that Konka expects to have logged a net loss of between CNY360 million and CNY500 million (USD50.1 million and USD69.6 million) in the first half of the year, mainly because of the intensifying competition in the consumer electronics market and the fact that the company's semiconductor business failed to achieve profitability, as it is still in the early stage. TV makers can only enhance their profitability by promoting high-value-added products, such as ultra-large and mini light-emitting diode-backlit models, Peng Xiandong, general manager of the large home appliances division at Chinese market research firm Growth From Knowledge, told Yicai. With the application of artificial intelligence technology, the integration of TVs, large home appliances, and smart homes is also deepening, he added. After China Resources' takeover, the top priorities will be to enhance Konka's technological and product innovation capabilities and accelerate its internationalization process, according to Peng, Yicai relays. In April, Overseas Chinese Town Group, another central SOE under the State-Owned Assets Supervision and Administration Commission, agreed to transfer its controlling stake in Konka to China Resources to advance the specialized integration among SOEs and optimize the allocation of resources, recalls Yicai. The transaction, which was completed in July, resulted in a change in actual controller to China Resources from OCT Group. However, Konka's ultimate controlling body remained the SASAC. On Aug. 14, Konka announced the election of a new board of directors, with China Resources Pharmaceutical's former Chairman Wu Jianjun appointed as new chairman and legal representative of the Shenzhen-based firm, Yicai discloses. Among Konka's five senior executives, two have worked for China Resources. This new staff arrangement is conducive to maintaining operational continuity at Konka while also facilitating the integration of China Resources' resources, Dong noted. Headquartered in Shenzhen, Guangdong, China, Konka Group Co Ltd is a developer, manufacturer, and marketer of a consumer electronics and home appliances. ROAD KING: Sees Up to HK$2.1 Billion Loss for H1 Ended June 30 -------------------------------------------------------------- The Standard reports that Road King Infrastructure warned of a loss of up to HK$2.1 billion for the six months ended June, more than double from a year ago. According to The Standard, the Hong Kong-based developer expects it to book a net loss of between HK$1.9 billion and HK$2.1 billion, representing a rise of 85 percent to 104 percent from the same period of last year. The Standard relates that the loss was mainly attributable to the continuous sluggish property market and severe operating environment in the industry, which resulted in the deterioration in profit margin of the property projects in China and Hong Kong, and the increase in impairment provision for properties and related assets, it said in a filing on Aug. 18. A high comparison base also played a role in the loss, Road King said, citing a HK$1.12 billion gain in the first half of 2024 for the sale of the toll road business in China, thereby offsetting partial operating losses 12 months ago. Excluding the net gain on disposal, the net loss for the first half of this year would be similar to that for 12 months earlier, it said, The Standard relays. Road King last week suspended payment of all principal and interest falling due on all of its offshore bank debt, the notes, and perpetual securities, becoming the first local developer to default since 2021, according to The Standard. Road King Infrastructure Limited, an investment holding company, invests in, develops, operates, and manages property projects and toll roads in the People's Republic of China. It operates through Property Development and Investment, Toll Road, and Investment and Asset Management segments. The company engages in the development, rental, and sale of residential and commercial properties. It also engages in the property funds, cultural, tourist, and commercial businesses. In addition, it provides financial and management services. Further, the company invests in and operates a toll road portfolio of four expressways in Mainland China and four expressways in Indonesia spanning approximately 610 kilometers. As reported in the Troubled Company Reporter-Asia Pacific in early April 2024, Moody's Ratings has downgraded Road King Infrastructure Limited's corporate family rating to Caa2 from B3. At the same time, Moody's has downgraded to Caa3 from Caa1 the backed senior unsecured ratings on the notes issued by the company's financing vehicles: RKI Overseas Finance 2017 (A) Limited, RKP Overseas Finance 2016 (A) Limited, RKPF Overseas 2019 (A) Limited, RKPF Overseas 2019 (E) Limited and RKPF Overseas 2020 (A) Limited. Moody's has also maintained the negative outlook on all entities. ========= I N D I A ========= ADDICA INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Addica Industries Llp in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 10.20 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 0.55 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Addica Industries Llp, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in January 2018, Addica Industries LLP is a limited liability partnership firm, promoted by Mr. Pareshbhai P. Moradiya, Mr. Mehulbhai M. Bhoraniya, Mr. Dushyantbhai B. Aghara and Mr. Jitendra R. Kavar along with 47 other partners. The firm plans to manufacture flex banner which is used for advertisement purposes for product endorsement or to display any other messages using billboards and other display banners. AJEET AND COMPANY: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ajeet and Company (AC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 14.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 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 August 14, 2024, placed the rating(s) of AC under the 'issuer non-cooperating' category as AC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 30, 2025, July 10, 2025, July 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 Established in 1950 as proprietary concern & later converted into partnership concern, Ajeet & Company (AC) is engaged in trading of whey protein products and timber (teakwood/hardwood) products. Further since FY15 the entity has started more concentrating towards trading of whey protein products only which are imported directly from USA and timber trading wherein it imports (teakwood/hardwood) from Myanmar, Southeast Asian countries, African countries & Central & South American countries. ALIVELU RICE: ICRA Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term rating of Alivelu Rice Products in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Alivelu Rice Products, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Alivelu Rice Products was established as a partnership firm in 1997 by Mr. A. Ramakrishna and other family members, who have more than 5 years of experience in trading of agricultural commodities. The firm is located in Tanuku Mandal situated in west Godavari district of Andhra Pradesh. The firm has started as a rice mill to produce raw and boiled rice. However, in 2012, the firm shifted its line of business to trading of agricultural commodities. The firm derives its revenue primarily from trading in maize and other agricultural commodities. AMBICA COATSPIN: Ind-Ra Moves BB+ Loan Rating to NonCooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Shri Ambica Coatspin Private Limited (Formerly Shri Ambica Coatspin) to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as ‘IND BB+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR314.86 mil. Bank Loan Facilities Outlook revised to Negative; rating migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action The migration of rating to the non-cooperating category is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Shri ambica Coatspin Private Limited (Formerly Shri Ambica Coatspin) 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 ambica Coatspin Private Limited (Formerly Shri Ambica Coatspin)'s credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. AMBIKA TIMBER: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ambika Timber Depot (ATD) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 8, 2024, placed the rating(s) of ATD under the 'issuer non-cooperating' category as ATD had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ATD 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, 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 Coimbatore (Tamil Nadu) based, Ambika Timber Depot (ATD) was established in the year 1982 as a partnership firm by Mr. P Ramesh Kumar. The partners have experience of over three decades in timber trading business. The firm is engaged in trading of timber logs. ANGARAJ VANIJYA: Liquidation Process Case Summary ------------------------------------------------- Debtor: Angaraj Vanijya Pvt. Ltd. 12 Park Lane, Kolkata - 700016 West Bengal Liquidation Commencement Date: July 27, 2025 Court: National Company Law Tribunal Kolkata Bench Liquidator: Santanu Brahma AH-276, Salt Lake, Sector II, Kolkata 700091 Email: ip.santanubrahma@gmail.com Email: ld.avplibc@gmail.com Last date for submission of claims: August 23, 2025 ASIA HOME: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Asia Home Furnishing (AHF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.32 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 9, 2024, placed the rating(s) of AHF under the 'issuer non-cooperating' category as AHF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AHF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 25, 2025, July 5, 2025, July 15, 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 Asia Home Furnishing (AHF) was established in February, 2015 as a partnership firm, however, commenced its business operations in October, 2016. The firm is currently being managed by Mr. Brij Bhushan Garg, Mr. Rishab Gupta, Mr. Varun Goel and Mrs. Chanchal Mittal as its partners sharing profit and losses equally. AHF is engaged in manufacturing of mink blankets at its manufacturing facility located in Karnal, Haryana. B. P. FOOD: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of B. P. Food Products Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING /[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term 45.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term/ 18.71 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category Long-term- 75.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 61.29 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with B. P. Food Products Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. B. P. Food Products Private Limited, incorporated in December 1994, was engaged in the milling of wheat and manufacturing of food products like whole wheat flour, refined flour, semolina, bran for cattle feed and broken wheat. The company's promoters include Mr. Ravi Prakash Bansal and Ms. Rekha Bansal, who also serve as directors. BPFP had followed an inorganic growth strategy by acquiring unsuccessful plants and turning them around into profitable units, while expanding capacity. As per last information, the company had five plants, one each at Sanchi, Gotegaon, Jabalpur, Pithampur and Malanpur (all in Madhya Pradesh). As per feedback received from lenders, all the plants have been inoperative since July-September 2017. BABA BAIDYANATH: Ind-Ra Moves D Loan Rating to NonCooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Baba Baidyanath Medical Trust to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR985 mil. Bank Loan Facilities migrated to non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Baba Baidyanath Medical 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 Baba Baidyanath Medical Trust's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. BIL INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of BIL Infratech Limited (BIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 84.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 2, 2024, placed the rating(s) of BIL under the 'issuer non-cooperating' category as BIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 18, 2025, June 28, 2025, 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 BIL was promoted by the Braj Binani Group in July, 2010. The company is a wholly owned subsidiary of BIL, the holding company of the group. BIL commenced commercial operation from October, 2010 and is engaged in executing construction contracts for infrastructure development projects (both civil & structural) and also has expertise for turnkey execution of cement plants, power plants, bulk & powder material handling systems and mineral beneficiation. CHANDANA RICE: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Chandana Rice Industries (CRI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.64 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 5, 2024, placed the rating(s) of CRI under the 'issuer non-cooperating' category as CRI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CRI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 21, 2025, May 31, 2025, June 10, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Chandana Rice Industries was established in the year 2017 as a partnership firm by Mr. Srinivas (Managing Partner) and his family members having its registered office at Yadgarpally Village, Miryalguda, Nalgonda Dist. The partners of the firm have experience of more than two decades in rice mill industry. The firm's main activity is processing of conversion of paddy into rice. The firm has started its operations from April 2019. CHOLA SPINNING: Ind-Ra Gives BB Bank Loan Rating ------------------------------------------------ India Ratings and Research (Ind-Ra) has rated Chola Spinning Mills Private Limited (CSM) bank facilities as follows: -- INR1.20 bil. Bank loan facilities assigned with IND BB/Stable/ IND A4+ rating. Detailed Rationale of the Rating Action The ratings reflect CSM's declining revenue in FY24-FY25, modest EBITDA margins and credit metrics, moderate customer concentration and poor liquidity. However, the ratings are supported by the company's established presence and the promoters' experience is the spinning sector of more than four decades. Furthermore, the company also has dedicated renewable power plants for captive use. Detailed Description of Key Rating Drivers Decline in Revenue in FY24 and FY25; Although Likely to Improve in the Near-to-medium Term: CSM's revenue declined to INR3,972.80 million in FY25 (FY24: INR4,342.60 million, FY23: INR4,814 million), primarily due to a reduction in sales volume to 19.51 million kg (22.77 million kg, 23.14 million kg), despite an increase in the average realization to INR202.70 per kg (INR189.92 per kg, INR207 per kg). The revenue contraction in FY24 and FY25 is attributable to normalization in domestic demand post COVID-19 and increased availability of cheaper viscose yarn imports from China. CSM generated revenue of INR925.90 million in 1QFY26. Ind-Ra expects the revenue to improve in the near-to-medium term supported by early signs of demand recovery in the viscose yarn sector, observed in 1QFY26. FY25 numbers are provisional. Modest EBITDA Margins: The ratings factor in CSM's modest EBITDA margins of 11.18% in FY25 (FY24: 8.48%; FY23: 7.04%) with a return on capital employed of 10.20% (FY24: 8.9%; FY23: 8.3%). The company's EBITDA margins are primarily driven by raw material cost fluctuations, with viscose fiber being the key input. In FY25, the cost of the goods sold as a percentage of revenue declined to 75.94% (FY24: 77.44%, FY23: 79.47%). Any adverse movement in raw material prices may impact profitability. Therefore, the company's ability to pass on input cost increases to customers remains critical. Ind-Ra expects the EBITDA margins to remain at 8%-11% depending on raw material prices and the company's pricing power. Modest Credit Metrics: The interest coverage (operating EBITDA/gross interest expenses) improved to 1.90x in FY25 (FY24: 1.73x) and net leverage (total adjusted net debt/operating EBITDAR) to 4.65x (5.69x) due to an increase in the EBITDA to INR444.30 million (INR368 million) coupled with a decrease in the total debt to INR2,064.60 million (INR2,094.50 million). . As of March 2025, CSM has unsecured loans of INR563.72 million (FY24: INR525.89 million), of which INR262.12 million is from directors and related parties and the same is subordinated to the bank loans; the remaining unsecured loans are from other corporates. Of the total debt at FYE25, 12.70% was subordinated debt (FYE24: 13.20%). Excluding the subordinated debt, unsecured loans from directors and related parties, the net leverage stood at 4.06x in FY25 (FY24: 4.94x). Ind-Ra expects the credit metrics to marginally improve in the near-to-medium term on account of scheduled debt repayments and no major debt-led capex planned. Moderate Customer Concentration Risk: The top five customers accounted for 42% of the revenue in FY25 (FY24: 73%). However, this risk is partially mitigated by the company's long-term relationship with these customers. Established Presence in Textile Industry; Significant Promoter Experience: The company's promoters have over four decades of experience in the viscose spinning industry, which has led to strong relationships with customers and suppliers. Dedicated Renewable Power Plants for Captive Use: The company has installed wind and solar power plants for captive consumption, with capacities of 4.5MW and 6.15 MW, respectively. The windmill has been operational since 2006, while the newly commissioned solar power plant, for which capex was undertaken in FY25, began operations in October 2024. Together, these plants account for approximately 21% of CSM's gross power cost (FY24: 13% only from windmill). The total cost of this solar power plant was INR203.40 million, of which INR172.50 million funded through debt and the balance through unsecured loans. Additionally, in FY24, the company had undertaken a capex of around INR400 million for expanding its capacity by adding eight vortex machines, of which INR280 million was funded through debt, INR25 million through equity and the balance through internal accruals. Liquidity Poor: The average monthly utilization of the fund-based limits was 98.61% for the 12 months ended April 2025 and is likely to have remained at similar levels over May-July 2025. The cash flow from operations increased to INR217.90 million in FY25 (FY24: INR59.30 million) due to favorable changes in working capital and the increase in EBITDA. Consequently, the free cash flow turned positive to INR14.50 million in FY25 (FY24: negative INR362 million) despite the company incurring capex of INR203.40 million (INR421.30 million). The net working capital cycle elongated to 104 days in FY25 (FY24: 96 days) due to an increase in the inventory holding period to 76 days (67 days). The receivable and payable period remained stable at 29 days in FY25 (FY24: 30 days) and 2 days (1 day), respectively. The company has repayment obligations of INR286.70 million, each, in FY26 and FY27, which is likely to be met through internal accruals and unsecured loans. Rating Sensitivities Negative: Any significant deterioration in the scale of operations or deterioration in the liquidity position or credit metrics, with the interest coverage falling below 1.50x, on a sustained basis, could be negative for the ratings. Positive: Maintaining the scale of operations, along with improving the liquidity position and credit metrics, all on a sustained basis, could be positive for the ratings. About the Company Incorporated in 1992, CSM is primarily engaged in the manufacturing of viscose yarn with product counts ranging from 10s to 40s. The company has a ring frame capacity of 80,352 spindles and 17 vortex machines. The company has also set up renewable energy facilities, including windmills and a solar power plant with a capacity of approximately 4.5MW and 6.15MW, respectively. Its manufacturing facilities are located in Namakkal, Tamil Nadu. The promotors are Mr. P. Sengodan and Mr. S. Venkatachalam. CP ARORA: Ind-Ra Moves B+ Loan Rating to NonCooperating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on C.P. Arora Engineers-Contractors Private Limited's (CPA) 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 B+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR280 mil. Bank loan facilities Outlook revised to Negative and migrated to non-cooperating category with IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (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 the 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 CPA while reviewing the ratings. Ind-Ra had consistently followed up with CPA over emails since June 2, 2025, apart from phone calls. The issuer has submitted no default statement till June 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of CPA, 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. CPA has been non-cooperative with the agency since June 2025. About the Company Incorporated in 2003, CPA undertakes tender-based road projects on a sub-contract basis. The company is also involved in various ancillary works, required for the completion of a road project, including the construction of footpaths, walkways, cross drainage works, culverts, sewer lines, water supply lines, and landscaping jobs. The company is managed under the leadership of Karun Arora by four directors: Vansh Arora, Manan Arora, Shamim Alam and Aditya Munjal. CROWN PROMOTERS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Crown Promoters and Developers in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 6.30 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 4.70 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Crown Promoters and Developers, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Crown Promoters and Developers is a partnership firm and part of Delhi based Crown group. The firm is developing an integrated township project,'Crown City' in Village Gharaunda district in Karnal, Haryana. The township is spread over area of 50 acres and primarily consists of residential plots. Apart from residential plots, there are also areas marked for commercial development, primary school and nursing home. CYGNUS SPLENDID: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Cygnus Splendid Limited (CSL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 9.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term- 3.64 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with CSL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Cygnus Splendid Limited (CSL) initially started its business as a partnership firm under the name of Cygnus Splendid in the year 2011. It was later incorporated into CSL in August 2012 and is a part of the Cygnus Group. The company is promoted by Singhania family (Krishna Kumar Singhania, Vijay Kumar Singhania, etc.) and is engaged in manufacturing of non-woven fabric and trading of fabric. The manufacturing facility is located at KIE industrial area, New Delhi with an installed capacity of 7200 MTPA. The plant started operations in April 2013. DHANALAKSHMI SRINIVASAN: ICRA Keeps D Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term rating of Dhanalakshmi Srinivasan Charitable and Educational Trust in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 28.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Dhanalakshmi Srinivasan Charitable and Educational Trust, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. DS Group was established in 1994 by Mr. Srinivasan, with an objective to run charitable institutions, educational institutions and hospitals. DS group of trusts (including a private limited company) operate engineering colleges, medical college, hospital, polytechnic college and hotel in which location. The group runs three trusts and a private limited company which encompasses 23 colleges (6 – Engineering, 1 – Agricultural, 2 – Pharmacy, 3 – Arts & Science, 2 – Polytechnic, 3 – Nursing, 4 – Educational, 2 - Medical), 2 hospitals, 3 schools and 1 hotel. The institutes are present in 3 locations in Tamil Nadu (Perambalur, Chennai & Trichy). DORMANN DOORS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dormann Doors Private Limited (DDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 9, 2024, placed the rating(s) of DDPL under the 'issuer non-cooperating' category as DDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 25, 2025, July 5, 2025, July 15, 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 Delhi based, Dormann Doors Private Limited (DDPL) was incorporated in July 2013 as a private limited company. Currently the company is managed by Mr. Kuldeep Mann, Mr. Sudhir Kumar Mann and Ms. Madhu Mann who hold an experience for more than a decade in this industry. The company is engaged in trading of PVC products, plywoods and laminates, doors skins (i.e. furniture related products used for manufacturing of furniture). FAIRDEAL MULTIFILAMENT: ICRA Keeps D Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Fairdeal Multifilament Private Limited (FMPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 12.24 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term- 4.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 1.26 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with FMPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2014, Fairdeal Multifilament Private Limited (FMPL) is promoted by Mr. Manoj Sanklecha, Mr. Sneh Shah and Ms. Khushboo Modi. It manufactures high tenacity polyester yarn, which finds application in various industries such as automobile, pipe, construction, FIBC and medical. The company's manufacturing facility is located at the Chacharwadi village of Ahmedabad (Gujarat) and has an installed capacity of 3600 MTPA. The company is a part of the Fairdeal Group, which is involved in a similar industry. In FY2020, the company reported a net loss of INR0.7 crore on an OI of INR27.5 crore, as compared to a net profit of INR0.1 crore on an OI of INR39.2 crore in FY2019. FINSIGHT BUSINESS: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Finsight Business Solutions Private Limited Kalyan, No. 4, Hayes Road Richmond Town, Shanthala Nagar, Bangalore North, Karnataka, India - 560025 Liquidation Commencement Date: July 25, 2025 Court: National Company Law Tribunal New Delhi Bench Liquidator: Anil Kohli 409, Ansal Bhawan, 16 K. G. Marg (Connaught Place) New Delhi - 110001 Email: insolvency@arck.in Tel: 011-45101111/ 40078344 Last date for submission of claims: August 24, 2025 G.K.M.S COTTON: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of G.K.M.S Cotton Pressing Private Limited (GCPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.67 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 1, 2024, placed the rating(s) of GCPPL under the 'issuer non-cooperating' category as GCPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GCPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 17, 2025, May 27, 2025, June 6, 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 Andhra Pradesh based, GKMS Pressing Private Limited (GCPPL) was incorporated in the year 2005 and is promoted by Mr. Koteshwara Rao and by his family members. The company is engaged in ginning and pressing of cotton with an installed capacity of 7500 bales per annum. GCPPL purchases raw cotton from local farmers and traders located in and around of Guntur. The company sells the cotton yarn and lint to the customers located in Telangana, Andhra Pradesh, Tamil Nadu and Maharashtra. GLASS BUILD: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Glass Build Industry (GBI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 12, 2024, placed the rating(s) of GBI under the 'issuer non-cooperating' category as GBI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GBI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 28, 2025, July 8, 2025 and July 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 GBI is a Nagpur based firm promoted by Mr. Sachin J Pachisia and was established in September 2017. The entity is expected to be engaged in the business of manufacturing of laminated and toughened glass to be used in Auto and Construction Industry at its manufacturing facility located at Kamtee, Nagpur (Maharashtra). GOVINDBHAWAN KARYALAYA: ICRA Keeps B+ Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Govindbhawan Karyalaya (GBK) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.50 [ICRA]B+(Stable)ISSUER NOT Fund Based COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 7.50 [ICRA]B+(Stable)ISSUER NOT Fund Based COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with GBK, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. GBK was registered in 1923 under Societies Registration Act, 1860 (presently governed by the West Bengal Societies Act, 1960), Gobind Bhawan Karyalaya (GBK) is a Gorakhpur based society. The institution's main objective is to promote and spread the principles of Sanatana Dharma, the Hindu religion among the public by publishing Gita, Ramayana, Upanishads, Puranas, Discourses of eminent Saints and other character-building books and maga-zines. The Governing Council (Trust Board) manages the institution. GREEN EXPRESS: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Green Express Carriers Private Limited (GECPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 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 August 13, 2024, placed the rating(s) of Green Express Carriers Private Limited (GECPL) under the 'issuer non-cooperating' category as GECPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GECPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 29, 2025, July 9, 2025, July 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 New Delhi-based Green Express Carriers Private Limited (GECPL) was incorporated in February 2015 by Mr Tejinderjit Singh Dang and Mr Kamal Deep Singh Dang and started its commercial operations in December 2015. The company is in the business of providing logistics services. HIL (INDIA) LIMITED: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Hil Limited 2nd Floor, Core 6 Scope Complex 7, Loadi Road, New Delhi Delhi India 110003 Insolvency Commencement Date: July 30, 2025 Estimated date of closure of insolvency resolution process: January 26, 2026 Court: National Company Law Tribunal, Principal Bench Insolvency Professional: Mr. Rohit Sehgal A-604, Sujjan Vihar, Sector-43, Gurgaon 122002 Email: iamrs@gmail.com Email: hil.india@truproinsolvency.com Last date for submission of claims: August 13, 2025 HINDUSTAN NATIONAL: NCLT Approves INSCO's INR2,250cr Resolution --------------------------------------------------------------- The Economic Times reports that the National Company Law Tribunal (NCLT) on Aug. 15 approved the revised resolution plan of INR2,250 crore submitted by Uganda-based Independent Sugar Corporation Ltd (INSCO) for the acquisition of debt-ridden Hindustan National Glass & Industries Ltd. With this order, the insolvency battle over the leading glass bottle manufacturer moves into its implementation phase, with INSCO set to take charge of operations and begin the revival process, ET relates. "We welcome the order. It reinforces the principle that commercial wisdom of CoC is paramount, with judicial review confined to legality and compliance. The NCLT order clears the way for the Madhvani Group's strategic entry into Indian manufacturing via HNGIL," ET quotes an INSCO spokesperson as saying in a statement. The INR2,250 crore resolution plan - comprising INR1,900 crore in upfront cash and equity valued at around INR350 crore - was submitted on June 8, 2025, in compliance with the Supreme Court directive to match an earlier bid by AGI Greenpac, ET recalls. According to ET, the Committee of Creditors (CoC) cleared the proposal with 96.16 per cent voting share, issuing a Letter of Intent on June 14 that was unconditionally accepted by INSCO. Under the plan, the cash component will be paid within 30 days of NCLT approval, alongside infusion of working capital and equity issuance to CoC members within 90 days, ET relays. INSCO has also budgeted around INR1,000 crore for capital expenditure to rebuild furnaces and equipment over the coming years. ET relates that the Kolkata-bench of the tribunal, upholding the CoC's 'commercial wisdom', declared INSCO the successful resolution applicant and made the plan binding on all stakeholders under Section 31 of the Insolvency and Bankruptcy Code. The moratorium under Section 14 has been lifted with immediate effect, and the Resolution Professional directed to hand over control to INSCO. Last month, the Competition Commission of India (CCI) dismissed the objections raised by AGI Greenpac Ltd regarding the green channel approval granted to INSCO for the proposed acquisition of HNG, ET recalls. According to the CCI's order dated July 15, 2025, the notice filed by INSCO on September 30, 2022, under Section 6(2) of the Competition Act, 2002, was found to be in compliance with relevant provisions, ET relays. Initially, AGI Greenpac was the front runner for HGIL, with a bid of INR2,752 crore, according to ET. However, the Supreme Court in January 2025 rejected the bid on the ground that the company did not have a CCI approval for the acquisition. INSCO had moved the court seeking the cancellation of AGI Greepac's bid since the company had not received CCI approval. While rejecting a review petition filed by AGI Greenpac, the Supreme Court directed INSCO, the second-highest bidder, to match the offer given by AGI Greenpac, ET notes. About Hindusthan National Hindusthan National Glass & Industries Ltd is engaged in the manufacturing and selling of Container Glass Bottles. Geographically, it derives a majority of its revenue from India. The company primarily serves the pharmaceuticals, liquor, beer, beverages, cosmetics, and processed food industries. It also serves the overseas market. Hindusthan National Glass & Industries commenced corporate insolvency resolution process October 10, 2021 and Girish Siriram Juneja was appointed the RP. HOTEL RAJMAHAL: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Hotel Rajmahal (HR) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 15.00 CARE B-; Stable; 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 August 7, 2024, placed the rating(s) of HR under the 'issuer non-cooperating' category as HR had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HR continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 23, 2025, July 3, 2025, July 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 Mr. Debi Prasad Mondal is setting up a luxury hotel cum restaurant under the name 'Hotel Raj Mahal' in Birbhum, West Bengal. The hotel has proposed to provide services like multi-cusine restaurant and swimming pool and banquet cum conference room among others. The hotel is expected to comprise of 109 rooms consisting of 93 double room (deluxe), 8 four bedded room and 6 suits. The total cost of the project is INR25.23 crore and the same is funded by promoters contribution of INR10.23 crore and term loan of INR15.00 crore. The hotel is expected to start in two phases. The Phase -I is expected to be completed by March 2019 and the commercial operations expected to start from April 2019. The phase-II and Phase-II is expected to start from January 2020. The financial closure of the aforesaid term loan from the bank is yet to be achieved. Mr. Debi Prasad Mondal (aged 44 years) having almost two decades of experience in hotel and restaurant business. He is proposed to look after the overall management of the firm, with adequate support from a team of experienced personnel. HUTAIB INTERIORS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hutaib Interiors (HI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 14, 2024, placed the rating(s) of HI under the 'issuer non-cooperating' category as HI had failed to provide information for monitoring of the rating exercise as agreed to in its Rating Agreement. HI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 30, 2025, July 10, 2025, July 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 Established in 2012 by Mrs. Rizwana Yusuf Mithailwala as a proprietorship concern, M/s. Hutaib Interiors (HI) is engaged in interior contracting & also in printing of self-adhesive labels. The entity is engaged in providing various services in interior designing viz. interior fit-outs, sanitary works, plumbing works, etc. IBEX ENGINEERING: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated IBEX Engineering Private Limited's (IBEX) bank loan facilities as follows: -- INR1.250 bil. Bank loan facilities assigned with IND BB+/ Stable/IND A4+ rating. Detailed Rationale of the Rating Action The rating reflects working capital-intensive nature of operations and average credit metrics. The rating is also constrained by the company's exposure to volatility in raw material prices and forex risk. Furthermore, the company has long outstanding dues from related parties; the timely receipt of which is a key rating monitorable. However, the rating is supported by the company's medium scale of operations, sustained operating profitability and the promoters' more than three decades of experience in the die casting industry. Detailed Description of Key Rating Drivers Working Capital Intensive Nature of Operations: In FY25, the net working capital cycle elongated to 258 days (FY24: 222 days) on account of a stretch in receivable period to 165 days (141 days) and inventory holding period to 135 days (115 days). Ind-Ra expects the working capital cycle to elongate further in FY26 on account of increased exports to the US, which has a long transit period and the long credit period allowed to its customers. As on 31 March 2025, of the total receivables outstanding, 63% were pertaining to a subsidiary entity. Thus, the timely receipt of payments from the subsidiary entity is a key monitorable. Furthermore, the company makes advance payments to suppliers while procuring raw materials. However, the company covers debtors and inventory for up to 180 days for calculating drawing power. It also has sufficient operating profits and fund-based working capital limits of INR600 million to meet its working capital requirements. Average Credit Metrics: In FY25, the gross interest coverage (operating EBITDA/gross interest expenses) improved to 2.56x (FY24: 2.36x) and net leverage (adjusted net debt/operating EBITDA) to 4.2x (5.2x) on account of the increase in absolute EBITDA, despite an increase in the short-term debt to INR571.09 million (INR367.41 million) to fund the increase in working capital requirements. The company is planning to undertake a capex of about INR500 million in FY26-FY27, which will be partially debt funded. However, it is contingent upon the receipt of new orders from its customer. Although Ind-Ra expects an improvement in the operating profit in FY26, but an improvement in the credit metrics is a key rating monitorable. Medium Scale of Operations; Although Likely to Improve in FY26: As per FY25 provisional financials, IBEX's revenue was INR1,197.12 million (FY24: INR1194.98 million) and absolute EBITDA was INR264.19 million (INR194.74 million). The improvement in the EBITDA in FY25 was on account of a decline in power cost on account of the installation of a solar plant and a marginal decrease in magnesium raw material price. IBEX derives revenue mainly from three segments: aluminum die casting, magnesium die casting, and secondary magnesium alloy. In FY25, the magnesium die casting segment contributed 42.86% to the total revenue (FY24: 43.6%), followed by aluminum die casting at 25.76% (32.6%) and secondary magnesium alloy at 20.48% (12.65%). The agency expects the magnesium die casting and allied products to be growth drivers in the near term on account of increase in demand for magnesium alloy in the automotive segment due to light weight and vibration absorption characteristic as compared to aluminum. The majority of IBEX's customers are from the automotive sector; although, the company is looking to enter into the aerospace and defense sector in the near term. Domestic sales accounted for around 68.61% of the revenue in FY25 (FY24: 71.74%), while exports, majorly to the US, accounted for the remaining. In FY26, the agency expects significant improvement in the scale of operations led by increased revenue contribution from exports of recycled magnesium. The company received a large export order from a US-based customer of about INR680 million in FY26, which will be executed during FY26-FY27. The agency also expects moderate revenue growth in the other two segments. It booked revenue of INR252.83 million in 1QFY26. Sustainable Operating Profitability: In FY25, the EBITDA margins were modest and expanded to 22.07% (FY24: 16.3%) on account of a decline in power cost on account of the installation of a solar plant and a marginal decrease in magnesium raw material price. In FY25, the return on capital employed stood at 6.9% (FY24: 7.8%). The major raw material for aluminum die casting is aluminum ingots, which is sourced from the local market; for magnesium die casting is magnesium ingots, which is majorly imported from China; and for secondary magnesium alloy is magnesium scrap, which is obtained inhouse as well as sourced from the domestic and international markets. Thus, the EBITDA margins are exposed to volatility in raw material prices. However, the risk is partially mitigated by the price revision in contracts on a monthly basis. Ind-Ra expects the EBITDA margins to slightly increase further in FY26 on account of increase in revenue contribution from secondary magnesium alloy, where the margins are relatively better and better absorption of fixed costs. Experienced Promoters: The promoters have more than three decades of experience in the die casting industry, leading to healthy relationships with suppliers and customers. Liquidity Stretched: IBEX's average monthly utilization of its fund-based working capital limits was 81.65% for the 12 months ended May 2025. The company has debt repayment obligations of INR114.2 million and INR98.11 million in FY26 and FY27, respectively. In FY25, the cash flow from operations turned positive to INR111.56 million (FY24: negative INR90.32 million) due the increase in EBITDA. However, the free cash flow remained negative at INR101.7 million (FY24: negative INR413.53 million) due to the capex of INR213 million (INR413.53 million). The company does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. At FYE25, the cash and cash equivalents stood at INR3.76 million (FYE24: INR6.75 million). Rating Sensitivities Negative: Deterioration in the scale of operations or liquidity or credit metrics with the interest coverage reducing below 2.5x would be negative for the ratings. Positive: Maintaining the scale of operations and profitability, and an improvement in the credit metrics and liquidity, and the timely receipt of payments from the subsidiary entity, all on a sustained basis, will be positive for the ratings. About the Company IBEX was incorporated as a partnership firm in 1998 and was converted to a private limited company in 2001. The company's aluminium and magnesium die casting facility is in Bengaluru. Mr. Srikanth G.P. and Mr. Krishnaswamy A.G are the promoters. INDERA ETHNICS: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Indera Ethnics and Designs Private Limited (IEDPL) continue 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 Short Term Bank 0.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 9, 2024, placed the rating(s) of IEDPL under the 'issuer non-cooperating' category as IEDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IEDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 25, 2025, July 5, 2025, July 15, 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 Incorporated in April 2005, Indera Ethnics and Designs Private Limited (IEDPL) was promoted by the Singh family of Rourkela, Odisha. The company is into retailing of sarees (mill made & handloom cloth), readymade garments (men, women & kids), hosiery goods, optical jewellery, artificial jewellery, plastic items, linens & accessories for door mats, table covers and cushion covers along with tailoring services through its showrooms. The company presently operates through 2 owned showrooms under the name 'Indera Textiles' located at Rourkela, Odisha. The company deals in both branded and non-branded readymade apparels. INDERPAL SINGH: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Inderpal Singh Bhatia (ISB) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 8, 2024, placed the rating(s) of ISB under the 'issuer non-cooperating' category as ISB had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ISB continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 24, 2025, July 4, 2025, July 14, 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 M/s Inderpal Singh Bhatia was set up as a proprietorship firm by Mr. Inderpal Singh Bhatia in the year 2007. Since its inception, the firm has been engaged in trading of petrol, diesels, coals and sarees. The firm is also engaged in road transportation services from where it derives around 20% of total revenue in FY18 Provisional. The firm procures petrol and diesel from Indian Oil Corporation Limited. J.M.L. MARKETINGS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of J.M.L. Marketings Private Limited (JMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 34.90 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 2, 2024, placed the rating(s) of JMPL under the 'issuer non-cooperating' category as JMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 18, 2025, June 28, 2025, 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 Incorporated in 2004 as a partnership entity, JMPL is promoted by Mr. Anil Arora and Mr. Kimti Lal Arora. The entity was reconstituted as a private limited company in the year 2007. JMPL is the sole distributor for 'Fortune' edible oil brand belonging to the Adani Wilmar Limited across nine zones (i.e. Allahabad, Varanasi, Ghaziabad, Jabalpur, Amritsar, Mumbai, Bhiwandi, Navi Mumbai and Thane). This apart, the company also sells edible oil (procured from the market) under its own brand name (7 brands) through its blending and packaging unit at Naini, Allahabad. JONAS WOODHEAD: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jonas Woodhead And Sons India Limited (JWSIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.05 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 2, 2024, placed the rating(s) of JWSIL under the 'issuer non-cooperating' category as JWSIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JWSIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 18, 2025, May 28, 2025, June 7, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Jonas Woodhead and Sons India Limited (JWSIL) was established in 1963, engaged in manufacture parabolic & leaf spring and spring assemblies. The manufactured components are being supplied to OEM's (Heavy and light commercial vehicles) dealers and distributions. The company has its registered office and plant location in Chennai and has four sales office in Madurai, Bangalore, Calicut and Vijayawada. JUMBO FINVEST: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Jumbo Finvest (India) Limited (JFIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 525.03 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 November 8, 2019, placed the rating of JFIL under the 'issuer non-cooperating' category, as JFIL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its rating agreement. JFIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 17, 2025, May 7, 2025, and April 27, 2025, and had also not paid annual surveillance fees for rating exercise as agreed in its Rating Agreement. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information, which however, in CareEdge Ratings' opinion, is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating reaffirmation of the facilities/instruments of JFIL at CARE D; ISSUER NOT COOPERATING* factors in ongoing delays in servicing of the company's scheduled debt obligations. Analytical approach: Standalone Detailed description of key rating drivers: At the time of the last rating on June 11, 2024, following were the key rating weakness (updated from information available from registrar of company): Key weakness * Ongoing delays: Per FY24 annual report, there are ongoing delays in debt servicing of principal and interest on term loan due to poor liquidity. JFIL was promoted by Ajay Singh and his family in 1998 for carrying on a tractor dealership in the name of Ajay Tractors Pvt. Ltd. In 2003, its tractor dealership business was discontinued, and the company was registered as a non-deposit taking nonbanking finance company (NBFC) with Reserve Bank of India (RBI). JFIL is engaged in secured and unsecured lending mainly for loan against property, personal loans, and vehicle financing through its 150 operational branches (as on June 30, 2018) in Rajasthan, Maharashtra, and Madhya Pradesh. KAKADE LASER: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kakade Laser (KL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.68 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 12, 2024, placed the rating(s) of KL under the 'issuer non-cooperating' category as KL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 28, 2025, July 8, 2025 and July 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 Pune (Maharashtra) based KL was established in 2008 by Mr. Vinoba Kakade and is engaged in providing metal cutting and fabrication works, which are used in engineering and architectural process. KAMAKHYA TRADERS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kamakhya Traders (KT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 23, 2024, placed the rating(s) of KT under the 'issuer non-cooperating' category as KT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 9, 2025, July 19, 2025, July 29, 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 Gorakhpur (Uttar Pradesh) based Kamakhya Traders (KT) was formed in 2001 as a partnership concern by Mr. Rajesh Kumar Singh, Ms Arti Chand, Mr Arun Chand and Mr. C.P. Chand. KT is mainly engaged in the business of trading of coking coal, however, it is also involved in trading of steel and cement. KD LIQUOR: Ind-Ra Withdraws B+ Rating on INR190MM Loans ------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn K.D. Liquor and Fertilizer Private Limited (KDLFPL) bank loan facilities' ratings as follows: -- The 'IND B+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)' rating on the INR190 mil. Bank loan Facilities is withdrawn. Detailed Rationale of the Rating Action Ind-Ra is no longer required to maintain the ratings, as the agency has received no dues certificates from the lenders and withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. About the Company Incorporated in 1995 by Pradyut Sinha, Kamal Pandey and Kedarnath Banshal, KDLFPL is engaged in the production and packaging of country liquor in West Bengal. KINARA CAPITAL: Ind-Ra Cuts Bank Loan Rating to D ------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Kinara Capital Private Limited's (Kinara) debt instruments to 'IND D' from 'IND C'. The detailed rating actions are: -- INR4.350 bil. Bank loan facility (Long-term) downgraded with IND D rating; -- INR2.555 bil. Non-convertible debentures*(Long-Term) downgraded with IND D rating; and -- INR750 mil. Subordinated debt#(Long-Term) downgraded with IND D rating. *Details in Annexure # Unutilized Detailed Rationale of the Rating Action The downgrade reflects Kinara's recent delays in meeting debt obligations owing to its poor liquidity position. Kinara's liquidity position has come under significant strain in recent days, primarily due to certain lenders exercising their rights to offset outstanding loans against the company's available bank balances and lien-marked fixed deposits. These actions were prompted by ongoing breaches of financial covenants for a substantial portion of the company's borrowings over the past few quarters. Following these developments, additional lenders have issued recall notices, citing events of default linked to continued non-compliance with covenants. The cumulative impact of these actions has led to a sharp erosion in Kinara's liquidity buffer, and Ind-Ra expects the company to face continued pressure in managing its debt servicing requirements in the near term. The agency takes note of the proposed sale of Kinara's loan assets to another non-bank finance company, and the subsequent takeover of its debt as a resolution plan for debt servicing. The proposed resolution plan is in the early phase and will be executed subject to the receipt of necessary approvals from the entity's lenders and other stakeholders. Detailed Description of Key Rating Drivers Delay in Debt Servicing: As communicated by the debenture trustee, Kinara has delayed its scheduled payments on the non-convertible debentures. Subsequently, it defaulted on its term loan obligations as well due to liquidity constraints. This is consistent with Ind-Ra's Default Recognition and Post-Default Curing Period Policy. Liquidity Poor: The liquidity position has weakened significantly on account of some of the lenders recalling term loans and some others off-setting the lien-marked funds that they held. A further depletion in liquidity cannot be ruled out as other lenders could accelerate repayment of their loans, citing the event of default clause as Kinara has been in breach of the covenants on these exposures. If there are further recalls by lenders or the inflows estimated by the entity fall short of their expectations, the agency estimates that the liquidity position of INR700 million as on July 31, 2025 is unlikely to be sufficient to meet the debt obligations in August 2025. Rating Sensitivities Positive: Timely debt servicing for at least three consecutive months could result in a positive rating action. About the Company Incorporated in 1996, Kinara is a non-deposit taking NBFC that was acquired by the current promoters in September 2011. It is recognized as a non-deposit taking systemically important NBFC by the Reserve Bank of India. It started lending operations in November 2011 under the brand name of Kinara Capital. As of March 31, 2025, Kinara had an AUM of INR28.41 billion. It offers a multitude of loan products with a tenure of three-to-60 months (average tenure: 36-37 months) and a loan amount of INR0.1 million-3 million (average ticket size: INR0.6 million). At end-April 2025, it operated through 80 branches across six states and one union territory. KSHEER SAGAR: CARE Lowers Rating on INR38.99cr LT Loan to B- ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Ksheer Sagar Developers Private Limited (KSDPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 38.99 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 1, 2024, placed the rating(s) of KSDPL under the 'issuer non-cooperating' category as KSDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KSDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 17, 2025, May 27, 2025, June 6, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of KSDPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Ksheer Sagar Developers Private Limited operates a 5-star hotel under Hotel Royal Orchid, Jaipur established in April 2011. The hotel having 139 keys is a 50:50 JV between Royal Orchid Hotels Limited (ROHL) and Tambi family based out of Jaipur. M M BARELS: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of M M Barels Industry (MMBI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 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 3, 2024, placed the rating(s) of MMBI under the 'issuer non-cooperating' category as MMBI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MMBI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 19, 2025, May 29, 2025, June 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 Andhra Pradesh Based, M M Barels Industry (MMBI) was established in October 29, 2014 by Mr. Doraswamy Naidu (Managing partner), Mr. Rajaram Partner, Mr. Purushotaman (partner) along with family members. The firm and commercial operation started in December 17, 2015. MMBI is engaged in manufacturing of mild steel drums and barrels of 200 Ltrs and 20 Ltrs capacity which are mainly used by food processing companies, oil companies, Paint and Ink industries etc. The current installed capacity for manufacturing of Mild Steel Drums and Barrels is 10200 numbers per month. MADHUNIL ENGINEERING: Voluntary Liquidation Process Case Summary ---------------------------------------------------------------- Debtor: Madhunil Engineering Services Private Limited G-21, 6 Sector No.6, Vashi, Thane, Navi Mumbai, Maharashtra, India 400703 Liquidation Commencement Date: August 5, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Mandar Shrikant Wagh Flat no. C-1302, Grandstand Trinity, Service Road from Vedbhavan to Warje, Pune Bangalore Highway, Near Chandani Chowk, Pune 411038 -- and -- c/o Anand Chaitanya Corporate Legal Advisors LLP 603, 5th Floor, Venture, Above McDonald's Paud Road, Bhusari Colony, Kothrud, Pune 411 038 Mobile: 9822844488 Email: madhunil.vl@gmail.com Last date for submission of claims: September 4, 2025 MAHALAKSHMI CCR: Ind-Ra Moves BB Loan Rating to Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of SHREE MAHALAKSHMI CCR LIMITED to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR300 mil. Bank Loan Facilities Outlook revised to Negative; rating migrated to non-cooperating category with IND BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of SHREE MAHALAKSHMI CCR 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 SHREE MAHALAKSHMI CCR LIMITED's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. MAX LIFE PENSION: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Max Life Pension Fund Management Limited Registered Office: 3rd Floor, Plot No. 90 C, Sector 18, Urban Estate, Gurgaon, Gurugram, Haryana, India 122001 2nd floor, Baba House, Plot Bearing CTS, No 268 M V Road, Chakala, Andheri East Chakala, Mumbai, Maharashtra India - 400093 Liquidation Commencement Date: July 29, 2025 Court: National Company Law Tribunal New Delhi Bench Liquidator: Hardev Singh 101, Plot No. 6, LSC Vardhman Rajdhani Enclave Delhi - 110092 Email: singh_hardev@rediffmail.com Last date for submission of claims: August 28, 2025 MEHER CHAITANYA: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Meher Chaitanya Modern Rice Mill (SMCMRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.03 CARE B-; Stable; ISSUER NOT Facilities COOPERATING Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 2, 2024, placed the rating(s) of SMCMRM under the 'issuer non-cooperating' category as SMCMRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMCMRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 18, 2025, May 28, 2025, June 7, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sri Meher Chaitanya Modern Rice Mill (SMCMRM) was established in October, 2005 as a partnership firm by Mr. V Meher Chaitnaya (Managing Partner), Mr. Gunnam Ravindra (Managing Partner), Mr. Gunnam Meher Charan (partner) and their family members as partners. SMCMRM is engaged in milling and processing of rice and sells its products under unregistered brand name of “Vanitha.” The owned rice milling unit of the firm is located at Mandapeta village, East Godavari District, Andhra Pradesh. Apart from rice processing, the firm is also engaged in selling off by-products such as broken rice, husk and bran. The main raw material, paddy, is directly procured from local farmers located in and around East Godavari District, West Godavari District and Krishna District (80%) and the balance 20% is from Bihar, West Bengal. The firm sells rice and other by-products in the states of Kerala and Andhra Pradesh. The company also does job work for Andhra Pradesh Government, for which it receives paddy form the state government. MIRAJ RECYCLERS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Miraj Recyclers Private Limited (MRPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 12.00 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 August 16, 2024, placed the rating(s) of MRPL under the 'issuer non-cooperating' category as MRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 2, 2025, July 12, 2025, July 22, 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 April 2013 by Mr. Hiten Mehta and Mrs. Harita Mehta, Miraj Recyclers Private Limited (MRPL) is a supplier of non-ferrous metals scrap of copper, aluminium and iron, and is also engaged in the manufacturing of aluminium ingots & copper wire rods. The company has its recycling facility located in Bhavnagar, Gujarat. NAC ADVERTISING: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: NAC Advertising India Private Limited 101, A Wing, Rizvi Mahal Waterfield Road, Bandra (west), Mumbai, Maharashtra – 400050 Insolvency Commencement Date: August 5, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: February 1, 2026 Insolvency professional: Brijendra Kumar Mishra Interim Resolution Professional: Brijendra Kumar Mishra Flat No. 202, 2nd Floor, Bhoj Bhavan, Plot No. 18-D, Chembur, Mumbai - 400071 Email: mishrabk1959@gmail.com -- and -- I-21/22, Paragon Centre, Pandurang Budhkar Marg, Worli, Mumbai - 400013 Email: Nacadvertising.cirp@gmail.com Last date for submission of claims: August 19, 2025 NATURAL COTTON: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Natural Cotton Spinners Private Limited (NCSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.20 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 3, 2024, placed the rating(s) of NCSPL under the 'issuer non-cooperating' category as NCSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NCSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 19, 2025, May 29, 2025, June 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 Coimbatore based, Natural Cotton Spinners Private limited (NCSPL) was incorporated on October 03, 2005 and promoted by Mr. R Palaniswamy, Mrs. Indhumathi, Mr. Rathinasapabathy and Mrs. R Revathi. The company is mainly engaged in manufacturing of grey fabric. NRV YARNS: Ind-Ra Affirms BB+ Loan Rating, Outlook Positive ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed NRV Yarns Private Limited (NRVYPL) bank loan facilities as follows: -- INR700 mil. Bank loan facilities affirmed with IND BB+/ Positive/IND A4+ rating. Detailed Rationale of the Rating Action The ratings reflect NRVYPL's continued modest EBITDA margin and industry risks. However, the ratings are supported by an improvement in its scale of operations and credit metrics in FY25, along with the promoter's more than two decades of experience in the textile industry. Ind-Ra expects the revenue to remain at similar levels in the medium term. Detailed Description of Key Rating Drivers Continued Modest EBITDA Margin: As per FY25 provisional financials, NRVYPL's EBITDA margin was modest at 7.01% (FY24: 7.93%) with a return on capital employed of 2.00% (2.26%). In FY25, the EBITDA margin declined due to increased fixed cost resulting from the installation of additional capacity in FY25. In FY26, Ind-Ra expects the EBITDA margin to remain at similar levels, considering the likely higher fixed cost. Continued Industry Risks: The ratings are constrained by demand cyclicality and raw material price volatility. India's yarn processing industry is highly fragmented and dominated by several independent and small-sized unorganized players, leading to high competition. Moderate-sized companies such as NRVYPL have limited pricing flexibility, which constrains their profitability compared to large-sized companies, which have better operational efficiencies and pricing power. Medium Scale of Operations: The revenue grew to INR2,369.53 million in FY25 (FY24: INR1,974.61 million) and EBITDA to INR166.16 million (INR156.60 million) on account of an increase in the total installed manufacturing capacity to 12,410 metric tons (MT; 11,110 MT). In FY26, Ind-Ra expects the revenue to remain at similar levels considering the similar levels of capacity utilization. Improvement in Credit Metrics: NRVYPL's gross interest coverage (operating EBITDA/gross interest expense) declined to 2.78x in FY25 (FY24: 2.91x) due to an increase in gross interest expenses to INR59.67 million (INR53.83 million) and net financial leverage (adjusted net debt/operating EBITDA) improved to 3.93x (5.08x), due to the decrease in total debt to INR669.45 million (INR795.85 million). Ind-Ra expects the credit metrics to improve in the medium term, on account of scheduled repayment of loans, a likely improvement in the absolute EBITDA, and the absence of any significant debt-led capex plans. Experienced Promoters: NRVYPL's promoters have experience of more than two decades in the textile industry. This has helped the company establish strong relationships with customers as well as suppliers. Liquidity Stretched: NRVYPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. NRVYPL's average maximum utilization of the fund-based limits was 82.45% and non-fund-based limits was 95.82% during the 12 months ended June 2025, with no instances of overutilization. The cash flow from operations improved to INR157.13 million in FY25 (FY24: INR45.91 million) due to favorable changes in working capital and the increase in EBITDA to INR166.16 million (INR156.60 million). The free cash flow also improved to INR142.74 million in FY25 (FY24: negative INR663.19 million) due to the capex of INR47.39 million (INR709.10 million). The average net working capital cycle improved to 36 days in FY25 (FY24: 53 days), mainly due to a decrease in the inventory holding period to 47 days (62 days). NRVYPL has repayment obligations of INR86.40 million and INR75.10 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR16.78 million at FYE25 (FYE24: INR0.44 million). NRVYPL 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 credit metrics, with the net leverage remaining above 3.5x, and deterioration in the liquidity position, all on a sustained basis, will be negative for the ratings. Positive: An improvement in the scale of operations, leading to an improvement in the credit metrics, with the net leverage reducing below 3.5x, and an improvement in the liquidity position, all on a sustained basis, will be positive for the ratings. About the Company Incorporated in 2016, NRVYPL manufactures 100% cotton yarn at its plant in Rajkot, Gujarat. The company's product portfolio includes cotton yarn of different counts, ranging between 6s and 20s. It has a total manufacturing capacity of 12,700MT. The company is promoted by the Vekariya family. OVERSEAS LEATHER: CARE Lowers Rating on INR11.16cr LT Loan to D --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Overseas Leather Goods Company Private Limited (OLGCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 11.16 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B-; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 5, 2024, placed the rating(s) of OLGCPL under the 'issuer non-cooperating' category as OLGCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OLGCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 23, 2025, July 1, 2025, July 11, 2025, August 14, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of OLGCPL have been revised on account of delays in debt servicing recognised from publicly available information. i. e. CIBIL check. Analytical approach: Standalone Outlook: Not Applicable West Bengal based Overseas Leather Goods Company Private Limited (OLGCPL) incorporated in July 1993, was promoted by Mr. Anup Kumar Chattopadhyay, Mr. Shreemoyee Chattopadhyay, Mr. Ranjan Banerjee and Ms. Puspa Chatterjee. Since its inception, OLGCPL has been engaged in processing of leather and manufacturing of leather products like Men's wallet, lady's wallet, handbag, purses, etc. and industrial gloves, industrial safety products and small leather goods. The major raw materials used are raw hide of animals which are mainly procured from domestic market. The manufacturing facility of the company is located at Kolkata, West Bengal with an installed capacity of 50,000 pieces per month of Fine leather items (i.e. Men's wallet, lady's wallet, handbag and small leather goods and 1,00,000 pairs per month of industrial gloves, industrial safety products. The company sells its entire products in the international market. The major export destinations of the company are European countries like Germany, Belgium, Spain etc. P.K. METAL: CARE Keeps D Rating in Not Cooperating Category ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of P.K. Metal Industries (PMI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.45 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 7, 2024, placed the rating(s) of PMI under the 'issuer non-cooperating' category as PMI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PMI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 23, 2025, July 3, 2025, July 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Uttarakhand based PKMI was established in year 2016 and was promoted by Mr. Vishal Gaur. Currently, the firm is engaged in manufacturing of aluminum sections for aluminium doors, windows etc. The manufacturing facility of the firm is located at Bhagwanpur, Rurki. PALA DIOCESAN: Ind-Ra Affirms BB Bank Loan Rating ------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on Pala Diocesan Medical Education Trust's (PDMET) bank loan facilities: -- INR560 mil. Bank loan facilities assigned with IND BB/Stable rating; and -- INR1,992.58 bil. Bank loan facilities affirmed with IND BB/ Stable rating. Detailed Rationale of the Rating Action The ratings reflect PDMET's modest credit metrics, moderate EBITDA margins, and stretched liquidity in FY25. However, the ratings are supported by the improvement in PDMET's revenue and hospital statistics in FY25 apart from Ind-Ra's expectation that the trust will sustain its enhanced operating performance over the near to medium term, owing to the increased tariff for the services provided at its hospital. The ratings are further supported by the management's extensive experience and continued financial support provided by the trustees and the Pala Diocese. Detailed Description of Key Rating Drivers High Leverage and Low Coverage: Ind-Ra expects the trust's debt burden to remain high and coverage ratio to remain low in the near term and the trust would continue to depend on corpus donation and unsecured loans extended by the trustees and the Pala Diocese. PDMET's net leverage (net debt/EBITDA) is likely to increase and remain high during FY26 due to its debt-funded capex. The trust will be incurring about INR1,180 million capex to set up an oncology hospital. It has availed term loans worth INR880 million for the same and the rest is likely to be infused by the trustees. PDMET's net leverage reduced to 3.81x in FY25 (FY24: 8.56x). The DSCR (EBITDA/debt service) increased but remained low at 0.87x in FY25 (FY24: 0.57x). The interest coverage (EBITDA/interest expenses) improved to 2.11x in FY25 (FY24: 1.25x), due to an increase in the EBITDA to INR384.91 million (INR220.59 million). During FY21-FY25, the trustees of PDMET and the Pala Diocese continuously supported the trust by providing funds in the form of corpus donations and unsecured loans, which were used by the trust for debt servicing and funding capex requirement. Moderate EBITDA Margins: Ind-Ra expects the trust's EBITDA margins to improve gradually in the near to medium term. PDMET's EBITDA margins which showed an increasing trend over FY21-FY25, improved to 13.14% in FY25 (FY24: 9.83%), supported by higher yoy growth in the operating income than in the operating expenditure. The trust reported surplus of INR22.81 million in FY25 after reporting a deficit during FY21-FY24. The trust cash accrual (surplus/(deficit) + depreciation) increased to INR202.62 million in FY25 (FY24: INR43.93 million). Stretched Liquidity: Despite the improvement in the operating performance, Ind-Ra expects the trust's liquidity to remain stretched in the near- to medium term. The average monthly utilization of its fund-based working capital limit of INR170 million stood at 83% for the 12 months ended June 2025. The trust has also availed a temporary overdraft facility in the past 12 months. PDMET will continue to rely on the unsecured loans and donations provided by the trustees to meet its scheduled debt service commitments of INR476 million in FY26 and INR481 million in FY27. Growing Revenue: Ind-Ra expects the trust's revenue to grow, albeit moderately, in the near- to medium term. PDMET’s total revenue increased 30.61% yoy to INR2,929.89 million in FY25, driven by hospital revenue. The hospital revenue increased 30.13% yoy to INR2,834.57 million in FY25, led by an increase in the number of patient visits and occupancy rates. The hospital remained the main source of revenue with an average contribution of 97% during FY21-FY25. Improvement in Hospital Statistics: Ind-Ra expects a gradual improvement in the trust's operating performance in the near- to medium-term. PDMET's operational performance improved but remained moderate in FY25. Patient visits in PDMET's hospital increased to in 4,80,237 in FY25 (FY24: 4,29,389), with the occupancy rate rising to 52% (45%). The average inpatient stay remained four days during FY23-FY25. Furthermore, the student strength at the nursing college run by the trust increased to 286 in FY25 (FY24: 267) and the capacity utilization increased to 89% (82%). Experienced Management and Financial Support: The ratings continue to benefit from PDMET's operational track record of nearly two decades and adequate financial support from the trustees. Ind-Ra expects the trustees to continue to offer support to PDMET as and when required. Liquidity Stretched: PDMET's unencumbered cash and bank balance increased to INR237.75 million at FYE25 (FYE24: INR79.20 million). The receivable days remained low at 15 days during FY24-FY25. The cash flow from operation increased to INR495.04 million in FY25 (FY24: INR203.44 million) due to favorable changes in the working capital. PDMET will continue to rely on unsecured loans and donations provided by the trustees to meet its scheduled debt service commitments of INR476 million in FY26 and INR481 million in FY27. Rating Sensitivities Negative: Events that may, individually or collectively, lead to a negative rating action or Negative Outlook are: deterioration in the hospital's operational performance the lack of financial support from the trustees in the form of unsecured loans and donations. Positive: Growth in the operating performance with the EBITDA margins exceeding 15% along with an improvement in the interest coverage and liquidity, all on sustained basis, could be positive for the ratings. About the Company PDMET was established as a public charitable trust in 2005 in Kottayam, Kerala. It runs a nursing college named Mar Sleeva College of Nursing, which offers Bachelor of Nursing, Post Basic Bachelor of Nursing and Master of Nursing courses. It also manages a quaternary care hospital (Mar Sleeva Medicity) with a capacity of 700 beds (648 beds are operational) which is accredited by National Accreditation Board for Hospitals & Healthcare Providers. PALANI MURUGAN: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sri Palani Murugan Modern Rice Mill (SPMMRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.73 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 2, 2024, placed the rating(s) of SPMMRM under the 'issuer non-cooperating' category as SPMMRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPMMRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 18, 2025, May 28, 2025, June 07, 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 Palani Murugan Modern Rice Mill was initially established as proprietorship concern by Mr. A. Ponnambalam in the name of Sri Palani Murugan Stores, which was later on reconstituted as a partnership firm with Mr. A. Ponnambalam's family members in the year 2009, with the name and style Sri Palani Murugan Modern Rice Mill (SPMMRM). Mrs. C. Vennila and Mr. P. Raja are the partners of the firm apart from Mr. A. Ponnambalam. The firm engaged in purchasing and processing of paddy to produce rice types such as Biriyani Rice, Ponni Rice, Red Rice and doubled boiled rice. The firm selling the products in their own brand names viz Sornam, rajarani, Sakthi gold ranging from 5kg to 50 kg. PIPEFIELD INDIA: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor Pipefield India Private Limited 5/762, Pipe Field, North Janatha Road, Palarivattom P.O Ernakulam, Kerala, 682025, India Insolvency Commencement Date: July 3, 2025 Estimated date of closure of insolvency resolution process: January 26, 2026 Court: National Company Law Tribunal, Kochi Bench Insolvency Professional: Mr. K P. Dileep Veluthedath House, Ponnurunni, Vytilla P.O. Kochi 682019 Kerala Email: kpdileep57@gmail.com Mobile: 9947357200 Flat No. 8A, Paradiso Apartments Paradise Road, Vytilla P.O. Kochi - 682019 Email: pipefieldrp@gmail.com Mobile: 9947357200 Last date for submission of claims: August 13, 2025 PREMIER ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Premier Enterprises (PE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 11.00 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 August 8, 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 e-mails dated June 24, 2025, July 4, 2025, July 14, 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 Premier Enterprises was initially established in 2004 as a partnership firm by Mr.Hironya Kumar Saikia and Mr.Jibeswar Saikia (Relative of Mr.Hironya Kumar Saikia). But, later on April 01, 2013, the firm was converted into a proprietorship entity upon retirement of Mr.Jibeswar Saikia. Since inception; the entity has been engaged in supply, erection, commissioning of transmission lines for Assam Power Distribution Company Ltd. (APDCL). The entity procures its orders through participating in tender in the state of Assam. Apart from execution of contracts it is also involved in manufacturing of PSC Poles. The manufacturing facility of the unit is located at Kothiatoli, Dist: Nagaon, Assam. R R DISTRIBUTORS: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of R R Distributors Private Limited (RRDPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.50 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 9, 2024, placed the rating(s) of RRDPL under the 'issuer non-cooperating' category as RRDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RRDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 25, 2025, July 5, 2025 and July 15, 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 Delhi based, R.R. Distributors Private Limited was incorporated in August 1998 as a private limited company with the purpose of trading of writing, printing paper and paperboards. The company is managed by Mr. R.K. Gupta and his son Mr. Aman Gupta. RAM AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Ram Agro Industries (SRAI) 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 16, 2024, placed the rating(s) of SRAI under the 'issuer non-cooperating' category as SRAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRAI 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 Khandawa (Madhya Pradesh) based Shree Ram Agro Industries (SRAI) was formed in 1997 as a partnership firm by Mrs. Kiran Agarwal, Mr. Pramod Kumar, Mrs. Priti, Mr Abhishek and Mr. Amol Kumar Agarwal to share profit or loss in ratio of 15%, 30%, 25%, 15% and 15%. The firm is engaged in the business of cotton ginning, pressing along with the production of cotton seed and cake and trading of agro commodities viz. soyabeen, gram. The manufacturing unit of the firm has installed capacity of 16000 quintal in ginning and 200,000 quintals in oil mill as on March 31, 2017. SRAI procures raw cotton directly from farmers and local mandis and sells its finished products mainly in Maharashtra, Madhya Pradesh, Rajasthan, Gujarat and South India. RASBIHARI COTTON: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Rasbihari Cotton Industries (SRCI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.60 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 9, 2024, placed the rating(s) of SRCI under the 'issuer non-cooperating' category as SRCI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRCI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 25, 2025, July 5, 2025 and July 15, 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 SRCI is a Chandrapur based firm promoted by Mrs. Anandi Ramkishor Sarda and Mrs. Premlata Vivek Gonpalliwar and was established in February 2018. The firm is in the business of cotton ginning and pressing at its manufacturing facility locate d at Gondpipari (Dist.-Chandrapur, Maharashtra). RATNA ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ratna Engineering Work (REW) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.50 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 3, 2024, placed the rating(s) of REW under the 'issuer non-cooperating' category as REW had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. REW continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 19, 2025, May 29, 2025, June 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 Established in 2007, Ratna Engineering Work (REW) was promoted by Mr. A.N. Reddy and Mr. Sanjay Kumar based out of Raipur, Chhattisgarh. Since its inception, the firm has been engaged in structural fabrication and rural electrification works on turnkey basis. RDS & SONS: CARE Lowers Rating on INR14.90cr LT Loan to B- ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of RDS & Sons Private Limited (RSPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.90 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 12, 2024, placed the rating(s) of RSPL under the 'issuer non-cooperating' category as RSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 28, 2025, July 8, 2025, July 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). The ratings assigned to the bank facilities of RSPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Incorporated in May 2013, RDS & Sons Private Limited (RSPL) is engaged in the rice milling activities at its plant located at Daltonganj, Jharkhand. The company has started commercial operations from January, 2015 onwards. The company procures its raw material from local market and sells its finished products across India. RDSS is engaged in setting up additional rice milling unit with a proposed installed capacity of 28,800 tonne per annum. The project is estimated to be set up at a cost of INR14.58 crore, to be financed by way of promoter's contribution of INR2.00 crore, unsecured loan from promoter of INR3.58 crore and term loan of INR8.00 crore with working capital borrowing of INR1.00 crore. The bank financing has already been tied up, however, the commencement of the project yet to be started. The project is expected to be operational from April 2019. Mr Ram das Sahu (aged, 56 years), having around three decades of experience in the rice milling industry, looks after the day to day operations of the company. He is supported by other directors Mr Arun Kumar Gupta (aged, 38 years) and Mrs Kulwanti Devi (aged, 56 years) and a team of experienced professionals. RUPAMATA POWER: Ind-Ra Moves BB- Loan Rating to NonCooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Rupamata Power Ltd to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB-/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR375 mil. Bank Loan Facilities issued on April 13, 2022 Outlook revised to Negative; rating migrated to non- cooperating category due on January 13, 2030 with IND BB-/ Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Rupamata Power 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 Rupamata Power Ltd.'s credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. SAI MAATARINI: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sai Maatarini Tollways Limited (SMTL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1,397.35 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 5, 2024, placed the rating(s) of SMTL under the 'issuer non-cooperating' category as SMTL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMTL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 21, 2025, May 1, 2025, May 11, 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 Sai Maatarini Tollways Limited (SMTL), an SPV entered into Concession Agreement (CA) on September 28, 2011 with National Highways Authority of India (NHAI)/Authority for developing 4 laning of Panikoili-Remuli section of NH-215 (from 0.00 Km to 163.00 Km; Design Length: 166.17 km.) in the state of Orissa under DBFOT (toll) basis for a period of 24 years including construction period of 910 days. SATNAM RICE: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of of Satnam Rice Mills (SRM) 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 August 12, 2024, placed the rating(s) of SRM under the 'issuer non-cooperating' category as SRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 28, 2025, July 8, 2025, July 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 Kaithal-based (Haryana) SRM was established in 2002 as a proprietorship firm by Mr Sachin Mittal. The firm is engaged in milling, processing and trading of basmati and non-basmati rice. SHIVANSHU SINTERED: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shivanshu Sintered Products Private Limited (SSPPL) 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 & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 27, 2024, placed the rating(s) of SSPPL under the 'issuer non-cooperating' category as SSPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 13, 2025, July 23, 2025, August 2, 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 Delhi-based SSPPL is a private limited company incorporated in 2001. The company is engaged in manufacturing of neembased pesticide, oil and fertilizers. The company has its manufacturing facility located in Faridabad, Haryana. SOLUTREAN BUILDING: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Solutrean Building Technologies Limited (SBTL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.18 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 4, 2024, placed the rating(s) of SBTL under the 'issuer non-cooperating' category as SBTL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBTL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 20, 2025, April 30, 2025 and May 10, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in 2009, Solutrean Buildings Technologies Limited (SBTL) has been primarily engaged in the designing and construction of residential/group housing project. The company has been promoted by Mr. Sandeep Sahni and his family members, all having vast experience in this line of activity. In the past, the promoter group has been involved in designing, engineering and construction of more than 10 projects, mainly located in and around Delhi/NCR. SPINE ARTHROSCOPIC: CARE Lowers Rating on INR11.78cr LT Loan to B ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Spine Arthroscopic and Joint Replacement Centre Private Limited (SAJRCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.78 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 1, 2024, placed the rating(s) of SAJRCPL under the 'issuer non-cooperating' category as SAJRCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAJRCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 17, 2025, May 27, 2025, June 6, 2025, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SAJRCPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Spine Arthroscopic and Joint Replacement Centre Private Limited (SAJRCPL) was initially promoted by Dr. David V Rajan and Dr. K Vinod in the year 1997. However, Dr. K Vinod resigned from his duties w.e.f. January 01, 2016 and current directors of the hospital are Dr. David V Rajan and his wife Mrs. SuneethaRajan. SAJRCPL commenced operations as a clinic only for outpatients. Subsequently in 2004, the company started dealing with inpatients (arthroscopic surgeries) by utilizing the facilities of a nearby hospital on rental basis. Till 2007, the hospital continued to operate out of a rented building and subsequently started the super specialty orthopaedic hospital in Coimbatore under the brand name of “Ortho One'. The hospital is a 23 bedded hospital which offers the specialized services in orthopedic services like arthroscopic and sports medicine, joint replacement, pediatric orthopaedics and spine care treatments, foot and ankle surgery, pain management and orthopedic trauma surgery. SUNCITY URJA: Ind-Ra Moves BB+ Loan Rating to NonCooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has revised the Outlook on Suncity Urja Private Limited's (SUPL) bank loan facilities to Stable from Positive and migrated the ratings to the non-cooperating category. The rating has been simultaneously withdrawn on the issuer's request. The detailed rating action is: -- INR1.50 bil. Bank loan facilities* Outlook revised to Stable; migrated to non-cooperating category and withdrawn. *Migrated to 'IND BB+/Stable (ISSUER NOT COOPERATING)/INDA4+ (ISSUER NOT COOPERATING)' before being withdrawn. Detailed Rationale of the Rating Action The Outlook revision to Stable indicates the non-cooperation from issuer's end and hence, Ind-Ra's inability to continue with a Positive Outlook. The ratings have been migrated to 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 a 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 interaction with SUPL while reviewing the rating. Ind-Ra had consistently followed up with SUPL over emails, apart from phone calls since June 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of SUPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in 2007 as proprietorship concern by Shailesh Garg, SUPL was converted into private limited in October 2021. The company is engaged in consultancy and civil construction of electrical works. It provides services across Rajasthan, Goa, Jammu and Kashmir, Uttarakhand and Odisha. Its major players include JVVNL (Jaipur), JDVVNL (Jodhpur), AVVNL (Ajmer). T. R. POLY PET: CARE Keeps D Debt Rating in Not Cooperating Categor ------------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of T. R. Poly Pet Industries (TRPPI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.86 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.40 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 August 9, 2024, placed the rating(s) of TRPPI under the 'issuer non-cooperating' category as TRPPI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TRPPI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 25, 2025, July 5, 2025, July 15, 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 Lucknow (Uttar Pradesh) based TRPPI was established in 2009 by Mr Chandra Shekhar Verma as a proprietorship concern. The firm is engaged in manufacturing of pet preform and jar at its manufacturing facility located in Barabanki (Uttar Pradesh). TDI INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of TDI International India Private Limited (TIIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 169.07 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 16, 2024, placed the rating(s) of TIIPL under the 'issuer non-cooperating' category as TIIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TIIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 2, 2025, July 12, 2025 and July 22, 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 1986, TDI International India Private Limited (TDI) was established by Mr. Prem Bajaj to provide OutofHome (OOH) advertising solutions. TECPRO SYSTEMS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tecpro Systems Limited (TSL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 285 Crisil D (Issuer Not Cooperating) Bank Guarantee 215 Crisil D (Issuer Not Cooperating) Bank Guarantee 205 Crisil D (Issuer Not Cooperating) Bank Guarantee 200 Crisil D (Issuer Not Cooperating) Bank Guarantee 560 Crisil D (Issuer Not Cooperating) Bank Guarantee 75 Crisil D (Issuer Not Cooperating) Bank Guarantee 110 Crisil D (Issuer Not Cooperating) Cash Credit 130 Crisil D (Issuer Not Cooperating) Cash Credit 475 Crisil D (Issuer Not Cooperating) Cash Credit 30 Crisil D (Issuer Not Cooperating) Cash Credit 75 Crisil D (Issuer Not Cooperating) Cash Credit 240 Crisil D (Issuer Not Cooperating) Letter of credit 1,650 Crisil D (Issuer Not & Bank Guarantee Cooperating) Crisil Ratings has been consistently following up with TSL for obtaining information through letters and emails dated, June 19, 2025, apart from telephonic communication. However, the issuer has remained non-cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TSL, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on TSL is consistent with 'Assessing Information Adequacy Risk'. Furthermore, the company is under liquidation as per NCLT (National Company Law Tribunal) order dated January 16, 2020. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has continues its ratings on the bank facilities and commercial paper of TSL at 'Crisil D/Crisil D Issuer Not Cooperating'. TSL, incorporated in 1990, provides material handling (MH) solutions on a turnkey basis for power, cement, coal storage, steel and other metallurgical plants. Its projects involve designing, engineering, manufacturing, supplying, erection and commissioning of MH systems. TIRUPATI STRUCTURES: Ind-Ra Moves B+ Rating to NonCooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Tirupati Structures (India) Private Limited to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND B+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR560 mil. Bank Loan Facilities Outlook revised to Negative; rating migrated to non-cooperating category with IND B+/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action The migration of rating to the non-cooperating category is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Tirupati Structures (India) 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 Tirupati Structures (India) Private Limited's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. UDIT TOLLHIGHWAYS: Ind-Ra Moves BB Loan Rating to NonCooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on Udit Tollhighways Private Limited's (UTPL) bank loan 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 action is: -- INR421 mil. Bank loan facilities 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 the 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 UTPL while reviewing the ratings. Ind-Ra had consistently followed up with the company over emails since May 29, 2025, apart from phone calls. The issuer has submitted no default statement for the month of May and June 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of UTPL, 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. UTPL has been non-cooperative with the agency since May 2025. About the Company UTPL is a special purpose vehicle set up by UIPL to acquire the concession rights and plant and machinery for four lane alignment connecting State Highway -31 at Lebad (ch. 1+282) to NH – 3 near Manpur (ch 38.178) on a build, operate and transfer basis through the National Company Law Tribunal process. UNITRANS INFOTECH: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Unitrans Infotech Services Private Limited No. 25, Corniche Al Latheef, Cunningham Road, Bangalore, Karnataka – 560052 Liquidation Commencement Date: July 30, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Ratnakar Shetty RPAR & Co LLP #16, Level 3, Skyline Towers, 7th Cross, Sampige Road, Malleswaram, Bangalore - 560003 Email: rcshetty.co@gmail.com Contact No: 9986404040 Last date for submission of claims: August 29, 2025 VARSHINI INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Varshini Industries (VI) 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 June 26, 2024, placed the rating(s) of VI under the 'issuer non-cooperating' category as VI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 12, 2025, May 22, 2025, June 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Varshini Industries (VI) is a proprietorship concern established in 2021 and is promoted by Mrs. Koutha Padmavathi. The firm is engaged into trading of gunny bags transportation business. The firm is now planning to start a food processing firm having presence in bakery items, biscuits and millets and other food processes and is expected to commence its operations of the same from May 2023 onwards. WESTIN RESINS: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Westin Resins & Polymers Private Limited (WRPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.96 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 13, 2024, placed the rating(s) of WRPPL under the 'issuer non-cooperating' category as WRPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. WRPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 29, 2025, July 9, 2025, July 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: Not applicable Incorporated in 2010 by the Sawant family, Westin Resins and Polymers Private Limited (WRPPL) is engaged into manufacturing of saturated and unsaturated polyester resins from its manufacturing facility located in the Thane, Maharashtra. YO DIGITALS: CARE Assigns D Rating to INR35cr LT Loan ----------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Yo Digitals Private Limited (YDPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank Facilities 35.00 CARE D Assigned Short Term Bank Facilities 10.00 CARE D Assigned Rationale and key rating drivers The rating assigned to the bank facilities of YDPL factors delays in servicing term loan obligation on due date. The rating action is in line with CARE's policy on default recognition. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Timely servicing of debt obligations (i.e., principal and interest) for minimum 90 days. Negative factors: Not Applicable Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: Key weaknesses * Delays in debt servicing: As per the term loan statement submitted by YDPL, there have been several instances of delays in EMI servicing, with the most recent being a delay of three days in June 2025. Furthermore, on the EMI due date in June 2025, the cash credit account utilized for debt servicing reflected an overdrawn opening balance. * Leveraged capital structure: YDPL capital structure stood leveraged, as marked by an overall gearing of 5.22x as on March 31, 2025 (2.87x as on March 31, 2024) owing to increased reliance on working capital limit against low net worth base of INR13.56 crore in FY25 (FY24: INR11.86 crore). Liquidity: Poor YDPL's liquidity remains poor as reflected by the delay in the debt servicing. Incorporated in 2011, Mumbai-based, Yo Digitals Private Limited (YDPL) is engaged in distribution of consumer electronics. The company is the distributor of Apple's full product range including iPhones, iPads, MacBooks, Apple Watches, accessories, etc. YDPL also deals in other products of major brands like Sony, Canon, and Panasonic. ZURI HOTELS: Ind-Ra Affirms BB- Bank Loan Rating ------------------------------------------------ India Ratings and Research (Ind-Ra) has affirmed Zuri Hotels & Resorts Pvt Ltd.'s (ZHRPL) bank loan facilities as follows: -- INR188 mil. Bank loan facilities affirmed with IND BB-/ Stable/IND A4+ rating. Detailed Rationale of the Rating Action The rating reflects ZHRPL's continued small scale of operations, and modest EBITDA margins and credit metrics. Although, Ind-Ra expects the revenue and EBITDA to improve in the medium term with a likely increase in occupancy levels, leading to an improvement in the credit metrics. The ratings, however, are supported by the promoters' more than four decades of experience in the hotel industry. Detailed Description of Key Rating Drivers Continued Small Scale of Operations: As per FY25 provisional financials, ZHRPL's revenue was INR215.79 million(FY24: INR206.07 million) while the EBITDA was INR37.94 million (INR20.79 million). In FY25, the revenue increased marginally due to an increase in the average room rate to INR13,068 (INR12,975) and an improvement in the average occupancy to 41% (40%). ZHRPL has a healthy revenue mix and generates around 65% of the revenue from room rentals, 28% from food and beverages, and the remaining from other services such as spa and recreational activities. Despite the revenue growth, the company's scale of operations remains small. However, Ind-Ra expects the revenue to improve in the medium term due to a likely increase in occupancy levels. Modest EBITDA Margins: The EBITDA margin was modest at 17.58% in FY25 (FY24: 10.09%) with a return on capital employed of 2.7% (1.0%). In FY25, the EBITDA margin improved mainly on account of a reduction in repair and fuel expenses. The hotel industry is highly seasonal as well as cyclical in nature, and thus, exhibits high volatility in its revenue and profitability, depending on the economic cycle. Furthermore, the industry has high fixed costs, and hence, the cash flows of players remain highly volatile to changes in occupancy levels and/or room rates. In the medium term, Ind-Ra expects the EBITDA margin to improve due to a likely increase in the occupancy levels and the average room rent. Modest Credit Metrics: The interest coverage (operating EBITDA/gross interest expenses) improved to 1.27x in FY25 (FY24: 0.67x) and the net leverage (total adjusted net debt/operating EBITDAR) to 8.26x (15.88x) on account of an improvement in the EBITDA. In the medium term, Ind-Ra expects the credit metrics to improve further with a likely increase in the EBITDA. Experienced Promoters: ZHRPL's promoters have over four decades of experience in managing hotel operations. This has facilitated the company in establishing a strong standing in the market and relationships with customers as well as suppliers. Liquidity Stretched: ZRRPL's average maximum utilization of the overdraft limit was 96.80% and non-fund-based limits was 20.22% during the 12 months ended May 2025. ZHRPL's current ratio was 0.2x in FY25 (FY24: 0.2x). The cash and cash equivalents stood at INR0.49 million at FYE25 (FYE24: INR0.59 million). Furthermore, ZHRPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The company has debt repayment obligations of INR8.0 million and INR3.6 million in FY26 and FY27, respectively. The net working capital cycle reduced to 22 days in FY25 (FY24: 62 days), mainly on account of a reduction in the inventory holding period to 68 days (112 days). Furthermore, the cash flow from operations turned positive to INR17.68 million in FY25 (FY24: negative INR18.99 million) due to favorable changes in working capital. The free cash flow also turned positive to INR16.94 million in FY25 (FY24: negative INR26.84 million) in the absence of capex. Rating Sensitivities Negative: A decline in the scale of operations, leading to further deterioration in the overall credit metrics and/or pressure on the liquidity position, could lead to a negative rating action. Positive: An increase in the scale of operations, along with an improvement in the overall credit metrics with the interest coverage exceeding 2.0x and an improvement in the liquidity on a sustained basis could lead to a positive rating action. About the Company Incorporated in 2012, ZHRPL operates a five-star hotel with 72 keys in Kerala under the name The Zuri Kumarakom Resort & Spa. The company was demerged in 2012 from the group entity Zuri Hospitality Pvt Ltd. =============== M A L A Y S I A =============== PESTEC INTERNATIONAL: Triggers PN17 Criteria, Seeks Waiver ---------------------------------------------------------- The Edge Malaysia reports that Pestec International Bhd on Aug. 19 announced that its shareholders' equity is 50% or less of its issued share capital based on its audited March 31, 2025 results, triggering Bursa Malaysia's Practice Note 17 (PN17) rules for financial trouble. In a filing with the bourse, the company said it would apply for a waiver from being classified as a PN17-affected issuer, as it has already taken steps to strengthen its financial position, The Edge relates. According to The Edge, trading in the company's shares was halted for an hour, starting from 3:01 p.m., with the announcement. The stock last traded at 13 sen a share, giving it a market capitalisation of MYR332.45 million. Pestech International Berhad -- https://pestech-international.com/ -- is a Malaysia-based electrical power technology company. The Company is principally engaged in the business of investment holding, general trading and provision of management service. The Company operates in two business segments: Investment and Engineering, Procurement and Construction and Commissioning (EPMCC). The Investment segment includes investment and property holding. ===================== N E W Z E A L A N D ===================== CASTRO LIMITED: Cafe Cuba Closes Doors After Nearly 30 Years ------------------------------------------------------------ Sam Smith at Stuff.co.nz reports that Cafe Cuba in Palmerston North has closed "for good", much to the sadness of its patrons. It's been labelled an "institution" of Palmerston North, but the end has come for Cafe Cuba, a popular eatery in the heart of the city since 1996. In a Facebook post on Aug. 19, the eatery announced its closure "for good", after "many wonderful years," Stuff relays. In the post, they said they were saddened to share the news and were "grateful for everything", including the "countless memories and wonderful customers". "Though this chapter has come to an end, the memories and friendships will always stay with us, from our family to yours, thank you for everything," they continued. According to Stuff, the cafe was owned by Darlene and Paul "Woody" Woodhead, with the former described as the "brains, face and heart behind the whole operation". "Cafe Cuba would not have been where it is without all your blood, sweat and tears," the Facebook post read. In 2017, Darlene Woodhead told Stuff that Cafe Cuba had lasted because of how it was run and a "little bit of luck". "In my opinion it's all about the service. Even if the food's average, when the service is amazing people will keep coming back," she said. Although no reason was given for the closure, documents posted on the Companies Office website show the company Castro Limited, which lists Darleene and Paul Woodhead as directors, went into liquidation on August 19, Stuff discloses. CVJ CONTRACTING: Creditors' Proofs of Debt Due on Sept. 15 ---------------------------------------------------------- Creditors of C V J Contracting Limited are required to file their proofs of debt by Sept. 15, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 8, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 DRM HOSPITALITY: Creditors' Proofs of Debt Due on Sept. 9 --------------------------------------------------------- Creditors of DRM Hospitality Limited are required to file their proofs of debt by Sept. 9, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 12, 2025. The company's liquidators are: Raymond Paul Cox Gareth Russel Hoole Ecovis KGA Limited, Chartered Accountants Level 2, 5–7 Kingdon Street Newmarket Auckland 1023 EVEREDGE GLOBAL: VC Fund Seeks to Liquidate Intangible Assets Firm ------------------------------------------------------------------ NBR reports that venture capital company Punakaiki Fund has filed a notice of proceeding to place intangible assets specialist EverEdge Global into liquidation over an unpaid debt. The move follows Punakaiki last month serving a statutory demand on the company for payment under the Companies Act, NBR says. According to NBR, Punakaiki is trying to liquidate EverEdge Global over money it says is owed for shares in the intangible assets company. NBR relates that Punakaiki Fund sold its shares in the company for a loss in 2020, involving an upfront cash payment and a series of future payments. That included a trigger payment if control of EverEdge changed, which it did last year. FIRST WORD: Court to Hear Wind-Up Petition on Aug. 22 ----------------------------------------------------- A petition to wind up the operations of The First Word Limited will be heard before the High Court at Nelson on Aug. 22, 2025, at 11:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 17, 2025. The Petitioner's solicitor is: Tara Nicola Carr Legal Services 55 Featherston Street (PO Box 895) Wellington 6011 LINMAR DEVELOPMENTS: Creditors' Proofs of Debt Due on Sept. 9 ------------------------------------------------------------- Creditors of Linmar Developments Limited are required to file their proofs of debt by Sept. 9, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 12, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 ********* 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. 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