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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, May 13, 2026, Vol. 29, No. 95
Headlines
A U S T R A L I A
GFG ALLIANCE: Efforts to Secure Buyer for Liberty Bell Bay Ongoing
GRANDEUR WINES: First Creditors' Meeting Set for May 18
MELBOURNE GUARDRAIL: First Creditors' Meeting Set for May 15
MICROBIO LTD: First Creditors' Meeting Set for May 18
MILLIGAN GROUP: Creditors Rebel vs. Halo Timber Tower Rescue Deal
PABLAZ GROUP: Second Creditors' Meeting Set for May 15
RIVERSIDE HOMES: First Creditors' Meeting Set for May 15
SCOTPAC GEARS 2026-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
H O N G K O N G
STUDIO CITY: Moody's Rates New USD Senior Secured Bonds 'Ba3'
I N D I A
AAKASH AGROTECH: CRISIL Reaffirms B+ Rating on INR34cr Cash Loan
AKANKSHA AUTOMOBILES: CARE Cuts Rating on INR69cr LT Loan to B
AMISH DAIRY: CARE Keeps B- Debt Rating in Not Cooperating Category
ANJANI POLYTEC: CARE Keeps B- Debt Rating in Not Cooperating
BAZAAR KONNECTIONS: ICRA Keeps B Debt Ratings in Not Cooperating
DASHMESH RICE: ICRA Keeps B Debt Rating in Not Cooperating
DHARANII COTTON: CARE Keeps B- Debt Rating in Not Cooperating
EBIX TRAVEL: CARE Keeps B- Debt Rating in Not Cooperating Category
GOOD MORNING: CRISIL Lowers Rating on INR5.0cr New Loan to D
INDIAN HAIR: CRISIL Lowers Rating on INR15cr Proposed Loan to B
J S V MOTORS: CARE Lowers Rating on INR139.24cr LT Loan to B-
MAINI GROUP: ICRA Keeps B+ Debt Ratings in Not Cooperating
MOTWANE MANUFACTURING: CARE Cuts Rating on INR10.25cr Loan to B+
P.G. SETTY: CARE Keeps D Debt Ratings in Not Cooperating Category
PALAK FERRO: CARE Keeps D Debt Rating in Not Cooperating Category
PRIME FOCUS: NCLT Admits Insolvency Plea Against Company
RAJESH RAYON: CARE Keeps C Debt Rating in Not Cooperating Category
RAJLAXMI AGRO: CARE Keeps B- Debt Rating in Not Cooperating
RELIABLE POLYESTER: CARE Keeps D Debt Rating in Not Cooperating
RK HAIR: CRISIL Lowers Rating on INR10cr Cash Loan to B
SHAKSHI COIR: CARE Keeps B+ Debt Rating in Not Cooperating
SIDHARTH OILS: CARE Lowers Rating on INR6cr LT Loan to B-
SS INNOVATIONS: Dr. Sudhir Srivastava Discloses 55.8% Stake
TAJSHREE MOTORS: CARE Keeps C Debt Rating in Not Cooperating
TEZALPATTY TEA: CARE Keeps D Debt Rating in Not Cooperating
I N D O N E S I A
VALE INDONESIA: Gets US$750MM ESG-Linked Syndicated Loan Facility
M A L A Y S I A
INDUSTRONICS BHD: Revises Announcement on Obligations as PN17 Co.
N E W Z E A L A N D
ACTION SECURITY: Creditors' Proofs of Debt Due on June 4
AVTAR INVESTMENT: Creditors' Proofs of Debt Due on June 3
GOLDEN SKYLINE: Creditors' Proofs of Debt Due on May 28
GOOD HOSPITALITY: Commences Wind-Up Proceedings
KEN SMITH: Creditors' Proofs of Debt Due on June 12
OLIVE PRESS: Owes Creditors NZD2.9MM, Liquidators Report Shows
RED SQUARE: Shuts Doors After More Than 20 Years in Wellington
S I N G A P O R E
38 DEGREES: Commences Wind-Up Proceedings
LUNA SG: Court to Hear Wind-Up Petition on May 22
SOCIAL SUMMER: Commences Wind-Up Proceedings
SPH BUILDERS: Court to Hear Wind-Up Petition on May 22
SUNBIRD BIO: Creditors' Meetings Set for June 2
S O U T H K O R E A
[] KTFC, Busan Bankruptcy Court Partners to Boost IP Utilization
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A U S T R A L I A
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GFG ALLIANCE: Efforts to Secure Buyer for Liberty Bell Bay Ongoing
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ABC News reports that non-binding indicative offers closed last
week for the Liberty Bell Bay manganese smelter in northern
Tasmania, as a union delegation went to Canberra to seek further
funding to sustain hundreds of workers, whose pay runs out next
week.
The visit follows the announcement by the state and federal
governments of a jointly funded AUD3 million loan package to keep
workers paid until May 19.
According to the ABC, Australian Workers' Union Assistant National
Secretary Chris Donovan said the future of Australia's only
manganese smelter was too important to be handled one pay cycle at
a time.
"Workers should not have to spend every day wondering whether their
jobs will still exist by the next payday," the ABC quotes Mr.
Donovan as saying.
Last week, Tasmania's Resources Minister Felix Ellis said the state
government would be closely monitoring potential buyers for the
smelter after non-binding indicative offers were due by the close
of business on May 8.
"The best hope for the workforce at Liberty Bell Bay is that there
is a buyer willing to invest in the future of that site and the
future of the community," Mr. Ellis said.
Liberty Bell Bay was placed into caretaker mode last May after its
parent entity, Sanjeev Gupta's GFG Alliance, collapsed last year.
Secured lender White Oak, a US-based private equity firm, took over
GFG's holding in Liberty Bell Bay and appointed EY as
administrators in late March, the ABC recalls.
Late last month, EY issued an ultimatum that roughly 175 out of 216
workers would face the choice of taking leave without pay or
redundancy.
Within days, the state and federal governments announced an
emergency, AUD3 million loan to the administrators, to allow them
to continue to pay workers for another three weeks until a buyer
for the smelter was found.
According to documents obtained by the ABC under Tasmania's
right-to-information laws, White Oak's chairman Tom Otte, based in
North Carolina, wrote to Mr. Ellis on August 8 last year, copying
in Treasurer Eric Abetz, via an email to a senior adviser at the
Premier's Department.
Mr. Otte wrote that White Oak had been engaging with Tasmanian
government officials on Liberty Bell Bay "over the last few months"
and had proposed a number of scenarios in which White Oak could
"assist the Tasmanian government to support the ongoing operations
of the smelter and return the smelter to viability".
On August 19, Mr. Otte wrote again to arrange a meeting, this time
facilitated by EY.
An in-person meeting time was arranged for August 25th. The next
day, Mr. Ellis announced that GFG Alliance would be given a AUD20
million loan so it could purchase a load of ore to restart the
smelter.
The following day, the minister requested an urgent briefing ahead
of his meeting with Mr. Otte four days later, to discuss "finding a
mutually agreeable solution to the current business and financial
position of Liberty Bell Bay."
The ABC has written to Mr. Ellis, seeking details of the scenarios
which White Oak and EY proposed to the government, including
whether the appointment of administrators and sale of the smelter
were discussed.
In a written response to questions from the ABC, Mr. Ellis said the
state government had been actively engaged with Liberty Bell Bay
and various stakeholders, including White Oak, "for an extended
period".
"A range of scenarios and proposals have been put to the government
during that period and given the commercial and confidential nature
of these matters, it would not be appropriate to comment further on
the detail of individual proposals," he said.
University of Sydney professor Jason Harris, an expert in corporate
and insolvency law, told the ABC that it was not necessarily a
concern to find that the state government had met with a secured
lender to Liberty Bell Bay's parent company back in August.
"I would expect these types of meetings to be going on," the ABC
quotes Professor Harris as saying. "This is a very significant
business in Tasmania and obviously has implications for the state's
economy and the workers in the local community."
About GFG Alliance
GFG Alliance is a global group of businesses in industries
including steel, aluminium, and energy. GFG Alliance has had
significant operations in Australia, including the Whyalla
Steelworks in South Australia run by OneSteel Manufacturing Pty
Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in
Tasmania.
On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams,
Michael Korda and Lara Wiggins were appointed voluntary
administrators of OneSteel Manufacturing. The appointment was made
by the South Australian Government. The state government took the
decision to place OneSteel in administration, after losing
confidence in the financial capability of GFG Alliance to pay its
bills as and when they fall due, and in GFG's ability to secure
funding needed for the ongoing operation of the steelworks,
according to Department for Energy and Mining.
Liberty Primary Metals Australia (LPMA) is the holding entity for
GFG's Australian steel and mining businesses, including Tahmoor.
On Nov. 3, 2025, Michael Brereton, Rashnyl Prasad and Sean Wengel
of William Buck were appointed as administrators of LPMA.
On Feb. 9, 2026, Joseph Hayes and Christopher Johnson of Wexted
Advisors were appointed as administrators of Tahmoor Coal Pty Ltd
(trading as Tahmoor Colliery). The company entered liquidation on
March 6, 2026, resulting in 238 job losses.
On March 23, 2026, Morgan John Kelly, Robyn Louise Duggan and
Samuel John Freeman of Ernst & Young were appointed as
administrators of Liberty Bell Bay Pty Ltd.
GRANDEUR WINES: First Creditors' Meeting Set for May 18
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A first meeting of the creditors in the proceedings of Grandeur
Wines Pty Ltd and Grandeur Wines Property Pty Ltd will be held on
May 18, 2026, at 10:30 a.m. and 11:30 a.m. via virtual meeting.
Jeremy Robert Abeyratne of APL Insolvency was appointed as
administrator of the company on May 7, 2026.
MELBOURNE GUARDRAIL: First Creditors' Meeting Set for May 15
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Melbourne
Guardrail Pty Ltd will be held on May 15, 2026, at 10:30 a.m. via
Zoom.
Scott Andersen and Nathan Deppeler of Worrells were appointed as
administrators of the company on May 5, 2026.
MICROBIO LTD: First Creditors' Meeting Set for May 18
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A first meeting of the creditors in the proceedings of Microbio Ltd
will be held on May 18, 2026, at 2:00 p.m. at Gadens, at Level 11,
111 Eagle Street, in Brisbane, QLD, and via virtual meeting
technology.
Tracy Lee Knight of WCT Insolvency & Restructuring was appointed as
administrator of the company on May 7, 2026.
MILLIGAN GROUP: Creditors Rebel vs. Halo Timber Tower Rescue Deal
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The Australian Financial Review's Street Talk reports that
investors in Sydney's AUD1.8 billion Halo timber office tower,
including the chairman of the South Sydney Rabbitohs, Nick Pappas,
are up in arms as a proposal to buy them out for fractions of a
cent on the dollar looms.
A group of unsecured creditors including Pappas and M&A adviser and
Employment Hero director Adrian Bunter will vote against a deed of
company arrangement proposed by property developer James Milligan
on May 12.
As reported in the Troubled Company Reporter-Asia Pacific on April
6, 2026, The Australian Financial Review said the private developer
behind Sydney's Halo timber office tower has put his part of the
ambitious AUD1.8 billion project into voluntary administration in a
move he said will ensure the unique 55-storey building will
ultimately get built.
The Financial Review related that the surprise announcement that
KPMG has been appointed to Milligan Group entities is the latest
twist in the long-running saga to build one of the city's most
high-profile but long-challenged developments.
According to the Financial Review, the project had been struggling
to come out of the ground as Milligan Group juggled a heavy debt
burden after buying over 70 individual titles on the corner of
Hunter and Pitt Streets and bringing in senior lenders, including
Merricks Capital.
Prospects for the project appeared to have finally turned the
corner last September 2025 when super developer Cbus Property
emerged as a white knight, signing up for a 50 per cent stake in
the site alongside Milligan Group as the project's originator.
On April 2, James Milligan, a former soldier-turned-property
developer, was adamant that the appointment of KPMG to his share of
the project would "provide a runway for the delivery and completion
of the landmark Halo," the Financial Review relayed.
Mr. Milligan said he would put forward a deed of company
arrangement (DOCA) to his creditors as a path forward to get the
tower built. He had consulted "critical stakeholders" - the
Merricks-led lending syndicate, Cbus Property, and the builder
appointed to early works, Multiplex - who all supported the
proposed restructure of Milligan Group.
PABLAZ GROUP: Second Creditors' Meeting Set for May 15
------------------------------------------------------
A second meeting of creditors in the proceedings of Pablaz Group
Pty Ltd has been set for May 15, 2026, at 11:00 a.m. at the offices
of O'Brien Palmer, at Level 9, 66 Clarence Street, in Sydney, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 14, 2026 at 12:00 p.m.
Liam Thomas Bailey and Christopher John Palmer of O'Brien Palmer
were appointed as administrators of the company on March 31, 2026.
RIVERSIDE HOMES: First Creditors' Meeting Set for May 15
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A first meeting of the creditors in the proceedings of Riverside
Homes Pty Ltd and Steel Frames Direct Pty Ltd will be held on May
15, 2026, at 10:30 a.m. at the offices of Magnetic Insolvency at
50/41-49 Norcal Road, in Nunwading, Victoria and via virtual
meeting technology.
Peter Goodin of Magnetic Insolvency was appointed as administrator
of the company on Jan. 29, 2026.
SCOTPAC GEARS 2026-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
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Moody's Ratings has assigned the following provisional ratings to
notes to be issued by Equity Trustees Limited as trustee of ScotPac
Gears ABS Trust 2026-1.
Issuer: Equity Trustees Limited as trustee of ScotPac Gears ABS
Trust 2026-1
AUD220.76 million Class A Notes, Assigned (P)Aaa (sf)
AUD28.62 million Class B Notes, Assigned (P)Aa2 (sf)
AUD15.23 million Class C Notes, Assigned (P)A2 (sf)
AUD8.52 million Class D Notes, Assigned (P)Baa2 (sf)
AUD15.84 million Class E Notes, Assigned (P)Ba2 (sf)
AUD3.65 million Class F Notes, Assigned (P)B2 (sf)
The AUD11.88 million of Class G1 Notes and Class G2 Notes are not
rated by us. The transaction is a securitisation of a portfolio of
commercial auto and equipment loans originated by Scottish Pacific
Business Finance Pty. Limited ("ScotPac"). ScotPac will act as
servicer of the transaction. The transaction includes the pro-rata
note issuance for the liquidity reserve, that is 1.5% of the
aggregate outstanding balance of all receivables.
ScotPac, established in 1988, is a non-bank lender for SMEs
providing debtor and asset finance in Australia and New Zealand. As
of March 2026, its total loan book was approximately AUD3 billion.
RATINGS RATIONALE
The provisional ratings take into account, among other factors,
Moody's evaluations of the underlying receivables and their
expected performance, an evaluation of the capital structure and
credit enhancement provided to the notes, the availability of
excess spread over the life of the transaction, the liquidity
reserve in the amount of 1.5% of outstanding balance of all
receivables, the legal structure, the experience of ScotPac as
servicer; and the presence of Equity Trustees Limited as back-up
servicer.
According to Moody's analysis, the transaction benefits from the
high level of excess spread available to cover losses arising from
the portfolio. The key challenge in the transaction is the limited
historical data available for the portfolio. As ScotPac's
historical default data for its auto and equipment loan book is
only from 2019, the pool's performance could be subject to greater
variability than the observed data indicates.
The transaction's key features are as follows:
--Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes benefit from 27.50%, 18.10%, 13.10%, 10.30%, 5.10%
and 3.90% of note subordination, respectively.
--Once stepdown conditions are satisfied, all notes, excluding the
Class G1 and Class G2 Notes, will receive their pro-rata share of
principal. Step-down conditions include, among others, the payment
date that is at least 12 months after the settlement date and no
unreimbursed charge-offs.
--A swap provided by Citigroup Global Markets Limited
(A1/P-1/Aa3(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow a
schedule based on the amortisation of the assets assuming a certain
prepayment rate.
--Equity Trustees Limited (EQT) is the back-up servicer. If
ScotPac is terminated as servicer, EQT will take over the servicing
role in accordance with the standby servicing deed and its back-up
servicing plan.
Key portfolio features are as follows:
-- Heavy commercial vehicle loans, including trucks and trailers,
are the largest component making up 51.1% of the portfolio. Cars
make up 9.4% of the portfolio.
-- The portfolio has a high weighted average yield of 10.81% which
provides excess spread to cure portfolio losses.
-- The pool has a weighted average seasoning of 13.2 months.
-- The portfolio benefits from 89.4% of loans assessed under a
full-documentation verification process.
Key model assumptions:
Moody's base case assumptions are a stressed portfolio expected
default rate of 6.70%, and a portfolio credit enhancement ("PCE")
— representing the loss that Moody's expects the portfolio to
suffer in the event of a severe recessionary scenario — of 30.0%.
The assumed recovery rate is 25%. Expected defaults, recoveries and
PCE are parameters used by us to calibrate its lognormal portfolio
loss distribution curve and to associate a probability with each
potential future loss scenario in Moody's cash flow model to rate
consumer ABS.
To address the limited historical loss data on ScotPac's portfolio,
Moody's have benchmarked the performance to data from comparable
Australian commercial auto and equipment ABS originators. Moody's
have also overlaid additional stresses into Moody's default,
recovery and PCE assumptions.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations" published in June 2025.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance and
fraud.
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H O N G K O N G
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STUDIO CITY: Moody's Rates New USD Senior Secured Bonds 'Ba3'
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Moody's Ratings has assigned a Ba3 rating to the USD senior secured
bonds to be issued by Studio City Company Limited, which is wholly
owned by Studio City Finance Limited (Studio City) (B1 stable)
through Studio City Investments Limited.
The bonds will be guaranteed by Studio City Investments Limited and
all of its existing subsidiaries (other than Studio City Company
Limited).
The rating outlook is stable.
The proceeds from the proposed bond issuance will be used for
refinancing its outstanding secured notes maturing in 2027,
together with drawdown from revolving credit facilities and cash in
hand if needed.
RATINGS RATIONALE
The Ba3 rating on the proposed secured USD bonds is one notch
higher than Studio City's B1 corporate family rating (CFR), because
the bonds benefit from the first lien on the company's major
assets, including the property on which the Studio City project is
based, and shares in subsidiaries. This structure means that the
bonds rank ahead of unsecured claims and indebtedness.
Studio City's B1 corporate family rating reflects the company's
standalone credit quality and a one-notch uplift stemming from the
likelihood of extraordinary support from its parent, Melco Resorts
& Entertainment Limited (MRE).
Studio City's standalone credit profile reflects its established
market position and mass market-focused operations. These strengths
are counterbalanced by the company's geographic concentration in
Macao SAR, China (Aa3 stable), where gross gaming revenue (GGR) is
subject to policy changes in Macao and China (A1 stable), and its
high financial leverage.
Moody's expects Studio City's adjusted debt/EBITDA will decrease to
about 6.3x in 2026 from 7.2x in 2025, and further improve to 5.7x
in 2027. This improvement is driven by the continued growth of
Macao's gaming market, as well as Studio City's maintenance of a
solid market share and debt reductions. The projected leverage for
2026-27 supports Studio City's B1 CFR.
The one-notch uplift reflects Studio City's strategic importance to
MRE and MRE's solid ability to provide financial assistance, as
reflected in the Ba3 ratings for MRE's largest subsidiary, Melco
Resorts Finance Limited.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The stable rating outlook reflects Moody's expectations that the
company's financial leverage will improve further over the next
12-18 months, driven by continued earnings growth and a reduction
in debt.
Studio City's ratings could be upgraded if the company improves its
earnings, reduces debt and maintains a balanced financial policy,
such that its debt/EBITDA remains below 5.0x-5.5x and
EBITDA/interest exceeds 3.0x on a sustained basis.
Studio City's ratings could be downgraded if the company's earnings
recovery stalls, it fails to reduce debt or its liquidity weakens.
Specifically, the ratings are likely to come under pressure if its
debt/EBITDA exceeds 7.5x-8.0x and EBITDA/interest remains below
1.8x on a sustained basis.
A decline in the ability or willingness of its parent, MRE, to
provide support would also lead to downward rating pressure.
The principal methodology used in this rating was Gaming published
in September 2025.
Studio City's B1 CFR is two notches above the B3
scorecard-indicated outcome. This is reflective of the company's
improved earnings expected in the forward years based on the
current market recovery, as well as one-notch of parental uplift.
Studio City Finance Limited, through its subsidiaries, develops and
operates the Studio City property, an integrated gaming and
entertainment resort in Macao. The company's holding company,
Studio City International Holdings Limited, is listed on the New
York Stock Exchange and is around 55% owned by Melco Resorts &
Entertainment Limited (MRE).
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I N D I A
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AAKASH AGROTECH: CRISIL Reaffirms B+ Rating on INR34cr Cash Loan
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CRISIL Ratings has reaffirmed its 'Crisil B+/Stable' rating on the
long-term bank facilities of Aakash Agrotech Private Limited
(AAPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 34 Crisil B+/Stable (Reaffirmed)
Proposed Fund-
Based Bank Limits 2.28 Crisil B+/Stable (Reaffirmed)
Term Loan 1.05 Crisil B+/Stable (Reaffirmed)
Warehouse Receipts 25 Crisil B+/Stable (Reaffirmed)
The rating continues to reflect vulnerability to volatility in raw
material prices and regulatory changes, and modest financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoters in the rice industry and the
geographically diversified revenue profile of the company.
Analytical Approach
Crisil Ratings has evaluated the standalone business and financial
risk profiles of AAPL.
Key Rating Drivers - Strengths
* Extensive experience of the promoters: The two-decade-long
experience of the promoters in the basmati rice industry, their
strong understanding of market dynamics and established
relationships with suppliers and customers will continue to support
the business risk profile.
* Geographical diversification in revenue: AAPL caters to a wide
number of clients, in India and overseas. The top 10 customers
contributed 25-30% of the revenues. The company consistently
derives 10-20% of its revenue from exports. Diversity in geographic
reach and clientele will continue to support the business risk
profile.
Key Rating Drivers - Weaknesses
* Vulnerability to volatility in raw material prices and regulatory
changes: Uncertainty in monsoon or inadequate rainfall can lead to
fluctuations in availability and prices of paddy and weaken the
business risk profile of players in the rice industry, such as
AAPL. The company also remains vulnerable to changes in government
regulations with regard to prices of agro commodities, and export
and import restrictions, among others.
* Modest financial risk profile: The financial risk profile is
constrained by high gearing and total outside liabilities to
adjusted networth ratio estimated around 3.2 times and 4.8 times,
respectively, as on March 31, 2026. Debt protection metrics were
subdued, as indicated by interest coverage and net cash accrual to
total debt ratios estimated around 1.4 times and 0.05 time,
respectively, in fiscal 2026. Sizeable debt will continue to
constrain the debt protection metrics over the medium term.
Liquidity Stretched
Bank limit utilisation is high at around 99.2 percent for the past
six months ended march 2026. Cash accruals are expected to be over
INR1.5-2.3 crore which are sufficient against term debt obligation
of INR1-1.1 crore over the medium term. In addition, it will act as
a cushion to the liquidity of the company.
Outlook Stable
Crisil Ratings believes AAPL will continue to benefit from the
extensive experience of its promoters and their established
relationships with clients.
Rating sensitivity factors
Upward factors
* Sustained growth in revenue and operating margin of more than 3%,
leading to higher cash accruals
* Improvement in the liquidity with higher cushion in bank lines
and financial risk profile
Downward factors
* Decline in revenue by over 20% or dip in operating margin,
leading to lower cash accruals
* Any large debt-funded capital expenditure or substantial increase
in working capital requirement, weakening the liquidity and
financial risk profile
Incorporated in 2012, AAPL processes different types of rice, such
as basmati rice, non-basmati rice, broken rice and rice bran. Also,
it exports basmati rice. Its milling unit is in Karnal, Haryana.
The promoters, Mr Anil Kumar Goel, Mr Anand Kumar Goel and Mr
Mukesh Goel, oversee the daily operations.
AKANKSHA AUTOMOBILES: CARE Cuts Rating on INR69cr LT Loan to B
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CARE Ratings has revised the ratings on certain bank facilities of
Akanksha Automobiles (Rudrapur) Private Limited (AAPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 69.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B+; Stable
Long Term/ 11.00 CARE B; Stable/CARE A4;
Short Term ISSUER NOT COOPERATING;
Bank Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and LT rating
downgraded from CARE B+; Stable
and ST rating reaffirmed
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated April 9, 2025, placed the rating(s) of AAPL under the 'issuer
non-cooperating' category as AAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated February 23, 2026,
March 5, 2026, March 15, 2026, 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 of AAPL have been revised on account of
non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Rudrapur, Uttarakhand based Akanksha Automobiles (Rudrapur) Private
Limited (AAPL) was incorporated in 2007. The company is managed by
Mr. Omprakash Mittal along with two other directors namely Mr.
Puneet Agarwal and Mr. Ankit Mittal. Both the directors are
relative of Mr. Omprakash Mittal and look after the overall
management of the company. The company is an authorized dealer of
Maruti Suzuki India Limited in Uttarakhand catering in the states
of Uttarakhand. The company is engaged in the sale of passenger
vehicles (PV), servicing of vehicles and sale of spare parts. The
revenue share sales of vehicles is approximately of 81.90%, 8.32%
is from sale of parts, accessories, oil and lubricant, 1.27% is
from used cars and remaining 8.51% from sales and service promotion
of vehicles. Further, as on date the company operates 3S facility
(Sales, spares and Services) and has 12 showrooms and 13 workshops
located in district of Champawat and Udham Singh Nagar. Four
showrooms and workshops are owned, and rest are rented. Further,
the company has 11 workshops and showrooms of Arena and 1 workshop
and showroom is for Nexa.
AMISH DAIRY: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amish Dairy
& Foods Private Limited (ADFPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.77 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated April 9, 2025, placed the rating(s) of ADFPL under the
'issuer non-cooperating' category as ADFPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ADFPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
February 23, 2026, March 5, 2026, March 15, 2026 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. Amish Dairy & Foods Private Limited (ADFPL) was incorporated
in March 2015 however, the operations started in April 2017. The
company is engaged in production of pasteurized milk, dahi, butter,
ghee, paneer, lassi, peda, khoya etc. The business unit is situated
at village Guthani, in Siwan district of Bihar. The brand name of
their product is Gopad (Gopad milk, Gopad Dahi etc).
ANJANI POLYTEC: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anjani
Polytec Private Limited (APPL) 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 Ltd. (CareEdge Ratings) had, vide its press release
dated March 5, 2025, placed the rating(s) of APPL under the 'issuer
non-cooperating' category as APPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
APPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated January 19, 2026,
January 29, 2026, February 8, 2026 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
Anjani Polytec Private Limited (APPL) was incorporated in May 2016
for setting up a manufacturing plant of Polypropylene (PP) woven
bags at Pansura, East Mednipur in West Bengal by Mr. Kamal Pande,
Mr. Debraj Pande, Mr. Anil Kumar Agarwal and Mrs. Sunita Agarwal.
The aggregate project cost for the setting up the manufacturing
plant is estimated at INR12.07 crore (including margin money for
working capital of INR1.78 crore) which is being financed at a debt
equity of 1.64x. The financial closure for the debt portion of the
project has already been tied up and APPL has spent INR9.54 crore
(79.04% of total project cost) till June 15, 2018 funded through
promoters fund of INR3.67 crore and balance from bank term loans.
The company has placed order for machinery which is yet to be
received; however, the company has its partial operation from
February 16, 2018 and the full-fledged operation is estimated to
commence from August 2018.
BAZAAR KONNECTIONS: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Bazaar Konnections in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.29 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 9.35 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Bazaar
Konnections's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Bazaar Konnections, 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.
Bazaar Konnections (BK), established in 1994, is a partnership firm
under Mr. Manpreet Singh and his wife Mrs. Neetu Kaur. The firm is
involved in manufacturing leather and duck-fabric ladies' bags and
exporting the products to the UK, the US, Sweden and other European
countries. The firm has a diversified client base with significant
brands under it. It has a manufacturing facility in Udyog Vihar,
Gurgaon (owned) covering an area of 18,000 square feet. The firm
had also constructed another manufacturing facility in Bahadurgarh.
BK manufactures leather bags of different colours, designs, shapes
and sizes as per customers' specifications. The firm has an
in-house designing unit.
DASHMESH RICE: ICRA Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Dashmesh Rice Mills in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 30.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Dashmesh Rice
Mills's performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Dashmesh Rice Mills, ICRA has been trying to seek information
from the entity so as to monitor its performance further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Dashmesh Rice Mills is a partnership firm promoted by Mr. Raman
Sidana and his family members, primarily involved in milling of
basmati rice. The firm also converts semi-processed rice into
parboiled basmati rice. DRM's milling unit is based out of
Jalalabad, District in Punjab's Ferozpur, in close proximity to the
local grain market.
DHARANII COTTON: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dharanii
Cotton Mills Private Limited (DCMPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.37 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated March 18, 2025, placed the rating(s) of DCMPL under the
'issuer non-cooperating' category as DCMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. DCMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
February 1, 2026, February 11, 2026, February 21, 2026 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
Dharanii Cotton Mills Private Limited (DCMPL) was incorporated in
2004 by Mr. Arthanareswaran, Mr. V. Saravanan, Mr. A. P.
Visvanathan, Mr. P. Ponmudi, Mr. Venkateshwaran and Mr.
Venkatachalam in Erode, Tamil Nadu. The company is engaged in
manufacturing of viscose yarn with count range of 30-40 which are
used for garments and industrial uses.
EBIX TRAVEL: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ebix Travel
& Holidays Limited (ETHL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 21.25 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated February 25, 2025, placed the rating(s) of ETHL under the
'issuer non-cooperating' category as ETHL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ETHL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 11, 2026, January 21, 2026, January 31, 2026 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 1948, Mercury Travels Limited later name was
changed to Ebix Travel & Holidays Limited on June 16, 2020, as a
subsidiary of East India Hotels (EIH) (which owns the Oberoi Hotels
& Resorts and Trident Hotels) is engaged in providing travel
related services. The company has a comprehensive portfolio of
travel related services that include outbound & inbound holidays,
corporate travel management, foreign exchange and travel insurance.
The company is an International Air Transport Association (IATA)
registered ticketing agency.
GOOD MORNING: CRISIL Lowers Rating on INR5.0cr New Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Good Morning India Media Private Limited (GMIMPL) to 'Crisil D
Issuer Not Cooperating' from 'Crisil B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 4.85 Crisil D (ISSUER NOT
COOPERATING; Downgraded from
Crisil B/Stable ISSUER NOT
COOPERATING)
Proposed Overdraft 5.00 Crisil D (ISSUER NOT
Facility COOPERATING; Downgraded from
Crisil B/Stable ISSUER NOT
COOPERATING)
Term Loan 0.15 Crisil D (ISSUER NOT
COOPERATING; Downgraded from
Crisil B/Stable ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with GMIMPL for
obtaining information through letter and email dated July 14, 2025
among others, apart from telephonic communication. However, the
issuer has remained non-cooperative.
'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 has been
arrived at without any interaction with the management and is based
on best-available, limited or dated information regarding the firm.
Such non-cooperation by a rated entity may be a result of weakening
of its credit risk profile. Rating with the 'issuer not
cooperating' suffix lacks 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 GMIMPL, which restricts Crisil
Ratings' ability to take a forward-looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
GMIMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last-available information, Crisil Ratings has
downgraded its rating on the bank facilities of GMIMPL to 'Crisil D
Issuer Not Cooperating' from 'Crisil B/Stable Issuer Not
Cooperating'. As per information available in the public domain,
there remains delinquency and derogatory in the entity's accounts
and clarity about the same from the management is awaited.
Incorporated in 2006 and promoted by Mr Rakesh Sharma and Mr Intzar
Ali, GMIMPL undertakes printing, publishing and circulation of
daily and weekly newspapers, magazines, periodicals, journals and
other publications. It has printing presses in Ambala (Haryana) and
Noida (Uttar Pradesh).
INDIAN HAIR: CRISIL Lowers Rating on INR15cr Proposed Loan to B
---------------------------------------------------------------
CRISIL Ratings has migrated the ratings on long term bank
facilities of Indian Hair Industries Private Limited (IHPL) to
'Crisil B/Stable Issuer not cooperating' from 'Crisil
BBB-/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 15 Crisil B /Stable (ISSUER NOT
Credit COOPERATING; Migrated from
'Crisil BBB-/Stable')
Proposed Working 10 Crisil B /Stable (ISSUER NOT
Capital Facility COOPERATING; Migrated from
'Crisil BBB-/Stable')
Crisil Ratings has been consistently following up with IHPL for
obtaining information through letter and email dated March 9, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of IHPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on IHPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, Crisil Ratings has migrated the ratings on
long term bank facilities of IHPL to 'Crisil B/Stable Issuer not
cooperating' from 'Crisil BBB-/Stable'.
Indian Hair, established in 1987 by Mr. Ravindra Nath Vanka at
Tanuku (Andhra Pradesh), processes and conditions human hair, which
it exports to countries across the globe. It is part of R K Hair
group of companies, where RK Hair holds 27% of ownership in Indian
Hair Industries.
J S V MOTORS: CARE Lowers Rating on INR139.24cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
J S V Motors and Constructions Private Limited (JSVMCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 139.24 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 Ltd. (CareEdge Ratings) had, vide its press release
dated March 20, 2025, placed the rating(s) of JSVMCPL under the
'issuer non-cooperating' category as JSVMCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JSVMCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
February 3, 2026, February 13, 2026, February 23, 2026 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 JSVMCPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
JSVMCPL, incorporated in 2007 is an authorized dealer of Hyundai
Motor India Limited and Jaguar Land Rover, catering to Uttar
Pradesh for its sales channel. At present company has 3 showrooms
for Hyundai, one for Jaguar Land Rover (JLR) and 5 workshops The
company manages its operations through its 3S (Sales, spare and
service) facility located in Lucknow and Barabanki, Uttar Pradesh.
The showroom has attached workshop facility for the post sales
services of cars. Mr. Jatin Verma, who has more than 15 years of
experience in the dealership business, is the Chairman and MD of
JSVMCPL and is ably assisted by a qualified management team in the
day-to-day operations of the company.
MAINI GROUP: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term ratings of Maini Group of Educational
Society in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 0.50 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Maini Group of
Educational Society's performance and hence the uncertainty around
its credit risk. ICRA assesses whether the information available
about the entity is commensurate with its rating and reviews the
same as per its "Policy in respect of non-cooperation by a rated
entity" available at www.icra.in. The lenders, investors and other
market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Maini Group of Educational Society, ICRA has been trying to
seek information from the entity so as to monitor its performance
further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Established in 2011, MGES operates the Cambridge International
School in Nawashahr, Punjab. The school commenced operations in
April 2013 and had ~1100 students in Academic Year 2016-17. The
society is promoted by Mr Sukhdev Prasad Maini and Mr Rajan Maini
who have other business interests, including filling stations and
brick kilns.
MOTWANE MANUFACTURING: CARE Cuts Rating on INR10.25cr Loan to B+
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
The Motwane Manufacturing Company Private Limited (MMCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.25 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE BB-;
Stable
Short Term Bank 7.41 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated February 25, 2025, placed the rating(s) of MMCPL under the
'issuer non-cooperating' category as MMCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MMCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 11, 2026, January 21, 2026, January 31, 2026 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 MMCPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Incorporated in 1960 by Mr. Pratishwar Motwane, The Motwane
Manufacturing Company Private Limited (MMCPL) is a subsidiary of
Nagpur Power & Industries Limited. MMCPL is engaged in
manufacturing and distribution of high-performance electrical
testing, measuring equipment and recording instruments in India.
MMCPL's product profile includes electronic and electrical products
such as transformer testing, contact resistance meter, circuit
breaker timer, earth tester, LA current monitoring, battery ground
fault locator, high voltage detector, protection, multi meter,
clamp meter, HV probe and others. MMCPL has a diversified range of
products which covers the low voltage segment for general
industrial applications as well as specialized products for high
voltage applications. These products find its application in power,
railways, defence, Oil & Gas, Cement, Steel and OEMs and others.
Apart from electrical test & measurement, MMCPL has a presence in
two more verticals smart street lighting solutions and security
systems. All products are manufactured by the company at its plant
located at Nashik Maharashtra, which also houses an integrated
research and development (R&D) department, recognized by Department
of Scientific and Industrial Research, Government of India.
Telemetrics Equipment Pvt Ltd.(TEPL) (wholly owned subsidy ) is
merged with MMCPL w.e.f. Apr 01, 2022. TEPL, the manufacturer and
exporter of Electrical Underground Cable Fault Location Equipment
based in Pune.
P.G. SETTY: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of P.G. Setty
Construction Technology Private Limited (PSCTPL) continue to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.57 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated March 4, 2025, placed the rating(s) of PSCTPL under the
'issuer non-cooperating' category as PSCTPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PSCTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 18, 2026, January 28, 2026, February 7, 2026
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
P G Setty Construction Technology Private Limited (PSCTPL) was
established by Mr. P Gopala Setty as a proprietorship concern under
the name M/s. P G Setty in 1964. During 1970s, the family business
was converted to a partnership firm in the name of M/s. P
Gopalasetty, registered as class I contractor for the Government of
Karnataka. Subsequently in 1999, the firm was incorporated as a
private limited company with its current nomenclature. PSCTPL is
engaged in the business of civil contractor for execution of
low-cost houses and layout construction services.
PALAK FERRO: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Palak Ferro
Alloys (PFA) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.10 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated April 22, 2025, placed the rating(s) of PFA under the 'issuer
non-cooperating' category as PFA had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PFA continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated March 8, 2026,
March 18, 2026, March 28, 2026 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 2008, Palak Ferro Alloys (PFA) is promoted by Rahul
Parwani and is currently engaged in manufacturing of ferro alloys
and manganese oxides. PFA products include ferro magnesium,
manganese oxide and di-oxide, silico magnesium, ferro manganese low
carbon.
PRIME FOCUS: NCLT Admits Insolvency Plea Against Company
--------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT), Mumbai Bench, has orally pronounced admission of an
insolvency petition against Prime Focus Ltd filed by Reliance Alpha
Services Pvt Ltd under Section 7 of the Insolvency and Bankruptcy
Code (IBC). The petition relates to an alleged financial debt of
INR353.79 crore, including interest.
In a regulatory filing on May 7, Prime Focus said it was informed
about the oral pronouncement around 8:18 p.m. on May 6 and that the
written order is awaited, ET relates. The company said it has
already approached the National Company Law Appellate Tribunal
(NCLAT) seeking urgent relief, including a stay on the operation of
the order.
Prime Focus disputed the claim, saying no amount was ever disbursed
under the 2019 loan agreement cited in the petition and argued that
the petitioner therefore does not qualify as a "financial creditor"
under the IBC.
According to ET, the company said the dispute is linked to a 2014
Business Transfer Agreement and is already the subject of a
commercial suit before the Bombay High Court.
Prime Focus said its business operations, including global VFX and
post-production services, continue without disruption.
Founded by Namit Malhotra, Prime Focus is an Indian media and
entertainment services company with operations spanning visual
effects, animation, post-production and cloud-based media
technology services. Its subsidiaries include Oscar-winning VFX
studio DNEG, which has worked on films such as Dune and
Oppenheimer.
The group is also producing Ramayana, a two-part adaptation
directed by Nitesh Tiwari and backed by Namit Malhotra. The film,
starring Ranbir Kapoor, Yash and Sai Pallavi, is being positioned
as one of the most ambitious and expensive Indian film projects to
date.
Prime Focus Limited, together with its subsidiaries, provides
integrated media services primarily in India, the United Kingdom,
the United States, Canada, Australia, and internationally. The
company engages in the motion picture, video, and television
programme production activities; and business support activities.
RAJESH RAYON: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajesh
Rayon Silk Mills Limited (RRSML) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.50 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.20 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated February 25, 2025, placed the rating(s) of RRSML under the
'issuer non-cooperating' category as RRSML had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RRSML continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 11, 2026, January 21, 2026, January 31, 2026 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
Rajesh Rayon Silk Mills Limited (RRSML) is a public limited
company, incorporated in 1982 by Mr. Shikharchand Jain, Mr.
Narendra Kumar, and Mr. Shantilal Singhvi and commenced operations
in July 17, 1982. It is engaged in manufacturing and sell of
fabrics which includes shirting, suiting & dress material fabric
made from Polyester Viscose, Polyester Cotton and different blends
of polyester.
RAJLAXMI AGRO: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajlaxmi
Agro Processor Private Limited (RAPPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated March 4, 2025, placed the rating(s) of RAPPL under the
'issuer non-cooperating' category as RAPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RAPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 18, 2026, January 28, 2026, February 7, 2026 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
Rajlaxmi Agro Processor Pvt Ltd (RAPPL) was incorporated during
March 2014 to initiate a rice milling unit at Murshidabad in West
Bengal. The area and the surrounding districts are important
agricultural and commercial areas in West Bengal where availability
of paddy and demand of rice and related products are increasing.
The day-to-day affairs of the company are looked after by Mr Mrinal
Kanti Das along with other director Mrs Sujata Das (wife of Mr.
Mrinal Kanti Das) and a team of experienced personnel.
RELIABLE POLYESTER: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Reliable
Polyester Private Limited (RPPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated March 13, 2025, placed the rating(s) of RPPL under the
'issuer non-cooperating' category as RPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 27, 2026, February 6, 2026, February 16, 2026 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Surat-based (Gujarat) RPPL, a family run business was incorporated
in May 1988, by Mr. Radha Mohan Mittal which is now managed by Mr.
Ruchir Radha Mohan Mittal and Mrs. Esha Ruchir Mittal. The company
is engaged into the manufacturing of greige (unprocessed) polyester
fabrics from polyester yarn (primarily Air Textured Yarn (ATY)),
prior to which it discontinued the operations of manufacturing
polyester yarn. RPPL operates from its sole manufacturing facility
located in Surat (Gujarat) with 135 shuttle-less water jet looms.
RK HAIR: CRISIL Lowers Rating on INR10cr Cash Loan to B
-------------------------------------------------------
CRISIL Ratings has migrated the rating on long term bank facilities
of RK Hair Products Private Limited (RKPL; part of the RK Hair
group) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil
BBB/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 Crisil B/Stable (ISSUER NOT
COOPERATING; Migrated from
'Crisil BBB/Stable')
Crisil Ratings has been consistently following up with RKPL for
obtaining information through letter and email dated March 9, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of RKPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RKPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, Crisil Ratings has migrated the rating on
long term bank facilities of RKPL to 'Crisil B/Stable Issuer not
cooperating' from 'Crisil BBB/Stable'.
About the Group
RKPL was established in 2001, as a 100 per cent export-oriented
unit of the group. It is engaged in the manufacture of high-quality
hair products like Wigs.
Indian Hair, established in 1987 by Mr. Ravindra Nath Vanka at
Tanuku (Andhra Pradesh), processes and conditions human hair, which
it exports to countries across the globe.
Set up in 2010 by Dr. Sugnam Bharathi and her family members and
acquired by RKPL in 2015, SVR manufactures cotton yarn at its unit
in West Godavari district, Andhra Pradesh.
SHAKSHI COIR: CARE Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shakshi
Coir Products Private Limited (SCPPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.90 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated March 21, 2025, placed the rating(s) of SCPPL under the
'issuer non-cooperating' category as SCPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SCPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
February 4, 2026, February 14, 2026, February 24, 2026 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
Lucknow, Uttar Pradesh based Shakshi Coir Products Private Limited
(SCPPL) was incorporated in 2001. The company was promoted by Mrs.
Pooja Gupta and Mrs. Seema Gupta. The company is being managed by
Mr. Ramsharan Gupta (Chairman), Mr. Anil Tiwari (CEO), Mr. Rajeev
Kumar Gupta (Finance) and Mr. Anand Kumar Gupta (Marketing). SCPPL
is engaged in the manufacturing of Rubberized Coir products like
multi layered mattresses, cushions, pillows, carpet under lays, bus
Seats, backrest, auto seats, furniture cushioning block etc. SCPPL
has its manufacturing facilities located at Raibareilly, Uttar
Pradesh.
SIDHARTH OILS: CARE Lowers Rating on INR6cr LT Loan to B-
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sidharth
Oils (SO) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 6.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated April 11, 2025, placed the rating(s) of SO under the 'issuer
non-cooperating' category as SO had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SO continues to be non-cooperative despite repeated requests for
submission of information through emails dated February 25, 2026,
March 7, 2026, March 17, 2026 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
Siddharth Oils (SO), a proprietorship firm, was established in
2003, and is being managed by Mr. Munish Gulati. The firm is
engaged in the trading of edible oil and non-edible oil. The
non-edible oil sold to various wholesalers in industries such as
cosmetics, soaps, plastic additives and rubber. SO, has one group
concern under the name of Lyallpur Soap Factory, which was
established in 1957 and is also engaged in the trading of edible
oil and non-edible oil.
SS INNOVATIONS: Dr. Sudhir Srivastava Discloses 55.8% Stake
-----------------------------------------------------------
Sudhir Srivastava, M.D. and Sushruta PVT LTD disclosed in a
Schedule 13G (Amendment No. 3) filed with the U.S. Securities and
Exchange Commission that as of March 31, 2026, they beneficially
own the following shares of SS Innovations International, Inc.'s
Common Stock, based on 200,231,535 shares of common stock
outstanding as of March 9, 2026, as reported in the Issuer's
Amended Annual Report on Form 10-K/A for the year ended December
31, 2025:
(i) Sudhir Srivastava, M.D.: 114,490,054 shares, representing
55.8%, consisting of 109,585,767 shares of Common Stock held by
Sushruta PVT LTD, 32,000 shares held directly by Dr. Srivastava,
and options to purchase 4,872,287 shares of Common Stock; and
(ii) Sushruta PVT LTD: 109,585,767 shares, representing 54.7%,
consisting of 109,585,767 shares of Common Stock directly held. Dr.
Srivastava has a 100% beneficial interest in Sushruta PVT LTD.
Sushruta PVT LTD may be reached through:
Sudhir Srivastava, M.D., Authorized Signatory
1600 SE 15th Street, #512
Fort Lauderdale, FL 33316
A full-text copy of Sudhir Srivastava's SEC report is available at
https://tinyurl.com/2aaex8mx
About SS Innovations International
SS Innovations International, Inc. (OTC: SSII) is a developer of
innovative surgical robotic technologies headquartered in Gurugram,
Haryana, India. The company's vision is to make robotic surgery
benefits more affordable and accessible globally. SSII's product
range includes its proprietary "SSi Mantra" surgical robotic system
and "SSi Mudra," a broad array of surgical instruments for various
procedures, including robotic cardiac surgery. The company plans to
expand its presence with technologically advanced, user friendly,
and cost-effective surgical robotic solutions.
BDO India Services Private Limited (predecessor Firm BDO India
LLP), the Company's independent registered public accounting firm
since 2024, included an explanatory paragraph in its audit report
dated March 10, 2026, expressing substantial doubt about the
Company's ability to continue as a going concern. The auditor cited
that the Company has suffered recurring losses from operations and
has negative cash flows from operating activities during the year
ended December 31, 2025. The Company is dependent on further
funding to meet its obligations to sustain its operations. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
As of December 3, 2025, the Company had $74,226,217 in total
assets, $36,007,966 in total liabilities, and $38,218,251 in total
stockholders' equity.
TAJSHREE MOTORS: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tajshree
Motors Private Limited (TMPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated April 22, 2025, placed the rating(s) of TMPL under the
'issuer non-cooperating' category as TMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. TMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
8, 2026, March 18, 2026, March 28, 2026 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
TMPL was incorporated in the year 2006. The company is an
authorized dealer for the two wheelers of Yamaha Motors Private
Limited (Yamaha) and Chevrolet Sales India Private Limited).
TEZALPATTY TEA: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tezalpatty
Tea Private Limited (TTPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.35 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated March 10, 2025, placed the rating(s) of TTPL under the
'issuer non-cooperating' category as TTPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. TTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 24, 2026, February 3, 2026, February 13, 2026 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
Tezalpatty Tea Private Limited (TTPL) was established in 1994 by
Mrs. Rumena Rehman, Mr. Nilufar Rehman and Mr. Atikur Rehman. The
company is engaged in the processing of black tea and has an
installed capacity of 10 lakh kg per annum. The manufacturing
facility is located at Guwahati, Assam.
=================
I N D O N E S I A
=================
VALE INDONESIA: Gets US$750MM ESG-Linked Syndicated Loan Facility
-----------------------------------------------------------------
The Jakarta Post reports that amid growing global demand for
critical minerals to support the energy transition, PT Vale
Indonesia Tbk has reaffirmed its commitment to integrating
sustainability into its financing strategy through securing a
US$750 million sustainability-linked loan (SLL) facility.
According to The Jakarta Post, the syndicated loan facility, which
includes an additional $250 million greenshoe option, marks PT
Vale's inaugural entry into the syndicated loan market and
represents a significant milestone in strengthening the company's
financial resilience, supporting the development of strategic
projects and advancing responsible mining practices in line with
evolving global market expectations.
The facility was supported by a syndicate of 14 international banks
and was 1.7 times oversubscribed, reflecting strong market
confidence in PT Vale's business fundamentals and
sustainability-driven strategy.
As global investment in electrification and renewable energy
accelerates, demand for nickel, an essential component in electric
vehicle batteries and energy storage systems, continues to rise.
According to projections by the International Energy Agency, global
battery storage capacity is expected to increase fourteenfold to
meet 2030 climate targets, while EV battery demand is projected to
grow sevenfold over the same period.
In this context, PT Vale is strategically positioned as a
relatively low-carbon nickel producer, supported by its integrated
operations powered by three hydropower plants, The Jakarta Post
relays. The company is also undertaking enhancements to the
capacity and reliability of its hydropower infrastructure to
progressively support greater electrification across its
operations.
The Jakarta Post says the SLL facility has been structured in
accordance with the company's Sustainability-Linked Financing
Framework, aligned with international best practices in sustainable
finance. The facility incorporates two key performance indicators
(KPIs): a measurable reduction in carbon emissions intensity and an
increase in renewable energy consumption.
Both KPIs have received a "strong" rating from an independent
Second Party Opinion provider, reflecting their alignment with the
Paris Agreement's 1.5 degrees Celsius pathway, as referenced in
independent assessments, as well as their contribution to
Indonesia's Nationally Determined Contribution targets. The
assessment also confirms that the targets represent a meaningful
improvement beyond business-as-usual performance. The
sustainability-linked syndicated loan represents a significant
milestone for PT Vale and marks its formal entry into the
syndicated loan market. The transaction aligns with the company's
robust growth trajectory, underpinned by disciplined and
strategically managed project expansion across Indonesia.
According to The Jakarta Post, President director and CEO of PT
Vale, Bernardus Irmanto, said the facility marks an important step
in the company's journey in aligning its financing strategy with
its decarbonization agenda and long-term growth ambitions. "We
remain committed to delivering high-quality nickel with a lower
carbon footprint, while supporting Indonesia's downstreaming agenda
and contributing meaningfully to the global energy transition," he
said. In terms of proceeds utilization, the facility will support
the development of the company's strategic projects. In 2026,
approximately 50 percent of the funds will be allocated to the IGP
Pomalaa project, around 30 percent to the IGP Morowali project, and
approximately 20 percent to the IGP Sorowako Limonite project. In
2027, the facility will continue to support the advancement of
these projects, as well as the company's participation rights in
joint venture developments.
As part of its commitment to creating shared value, PT Vale will
also channel financial benefits arising from sustainability-linked
margin adjustments into community development programs, The Jakarta
Post relays. This approach ensures that the benefits of achieving
ESG targets extend beyond operational performance, contributing
directly to improved community welfare in the company's areas of
operation.
This approach is further supported by the company's banking
partners, who recognize the importance of integrating
sustainability into financing structures, adds The Jakarta Post.
About Vale Indonesia
PT Vale Indonesia Tbk, together with its subsidiaries, engages in
the mining and processing of nickel in Indonesia.
S&P Global Ratings raised its long-term issuer credit rating on
Vale Indonesia to 'BB+' from 'BB' on Nov. 29, 2024. The stable
rating outlook reflects S&P's expectation that Vale Indonesia will
remain moderately strategic to MIND ID and maintain low leverage
through 2026.
===============
M A L A Y S I A
===============
INDUSTRONICS BHD: Revises Announcement on Obligations as PN17 Co.
-----------------------------------------------------------------
The Edge Malaysia reports that Industronics Bhd, which on May 4
announced its classification as a Practice Note 17 (PN17) company,
has issued an amended announcement on its obligations pursuant to
the PN17 status.
According to The Edge, the loss-making group said it is required to
submit a regularisation plan to either the Securities Commission
Malaysia (SC) or Bursa Malaysia Securities within 12 months.
The regularisation plan is to be submitted to the SC for approval
if the plan will result in a significant change in the company's
business direction or policy, or the plan is to be submitted to
Bursa Securities, it said in the latest filing with the exchange,
The Edge relays.
Industronics must complete the implementation of the regularisation
plan within the time frame stipulated by the SC or Bursa
Securities, as the case may be, it added.
In the earlier announcement, Industronics said it must submit the
plan to Bursa Securities for approval, appoint a sponsor and
implement the plan within six months from the date of approval or
within 12 months if the regularisation plan involves court
proceedings, The Edge relates.
Industronics triggered the PN17 criteria as its external auditors
have expressed a disclaimer of opinion in its latest audited
financial statements for the 15-month period ended Dec 31, 2025.
In the filing on May 11, the group said the auditors, among others,
could not verify revenue and cost of sales of MYR40 million and
MYR38 million from the period of July 1, 2024, to Dec. 31, 2025.
According to The Edge, the auditors' report said the group's
ability to continue as a going concern is dependent on the
successful execution of new business ventures and financial support
from related parties, as the group has ceased its principal
business operations subsequent to the financial period end.
"However, we were unable to obtain sufficient appropriate audit
evidence regarding the feasibility, commercial substance, financial
capacity, and enforceability of such plans and support," it added.
Industronics Berhad designs, manufactures, and installs electronics
and microprocessor controlled products, telecommunication equipment
supply, AV multimedia systems, intelligent transportation systems,
and major system integration projects. The Company, through its
subsidiaries, provides security and fire alarm systems installation
and engineering services.
=====================
N E W Z E A L A N D
=====================
ACTION SECURITY: Creditors' Proofs of Debt Due on June 4
--------------------------------------------------------
Creditors of Action Security NZ Limited are required to file their
proofs of debt by June 4, 2026, to be included in the company's
dividend distribution.
The Commissioner of Inland Revenue filed the petition against the
company on Dec. 11, 2025.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
AVTAR INVESTMENT: Creditors' Proofs of Debt Due on June 3
---------------------------------------------------------
Creditors of Avtar Investment Limited are required to file their
proofs of debt by June 3, 2026, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 4, 2026.
The company's liquidator is:
Mohammed Tazleen Nasib Jan
Liquidation Management Limited
PO Box 50683
Porirua 5240
GOLDEN SKYLINE: Creditors' Proofs of Debt Due on May 28
-------------------------------------------------------
Creditors of Golden Skyline Limited are required to file their
proofs of debt by May 28, 2026, to be included in the company's
dividend distribution.
The Commissioner of Inland Revenue filed the petition against the
company on March 11, 2026.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
GOOD HOSPITALITY: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Good Hospitality Limited on May 6, 2026, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Grant Reynolds
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
KEN SMITH: Creditors' Proofs of Debt Due on June 12
---------------------------------------------------
Creditors of Ken Smith Construction Limited, Crux International
Limited and Andifice Group Limited are required to file their
proofs of debt by June 12 2026, to be included in the company's
dividend distribution.
Ken Smith Construction Limited and Crux International Limited
commenced wind-up proceedings on April 23, 2026.
Andifice Group commenced wind-up proceedings on May 1, 2026.
The company's liquidators are:
Benjamin Francis
Garry Whimp
C/- Blacklock Rose Limited
PO Box 6709
Auckland 1142
OLIVE PRESS: Owes Creditors NZD2.9MM, Liquidators Report Shows
--------------------------------------------------------------
NZ Herald reports that leading producer of premium olive oils, The
Olive Press, owes creditors around NZD2.9 million, according to
liquidators.
The majority, around NZD2.7 million, comprises of related party
loans and shareholder advances, NZ Herald relates.
The Olive Press Ltd and IL Falcone Investments Ltd, which owns
99.92% of The Olive Press, were placed into liquidation on May 4,
2026, with Jessica Jane Kellow and Iain Bruce Shephard of BDO
Wellington appointed as liquidators.
RED SQUARE: Shuts Doors After More Than 20 Years in Wellington
--------------------------------------------------------------
Stuff.co.nz reports that Red Square Bar, a stalwart in the
Wellington hospitality scene for over two decades, has announced it
is closing its doors.
According to Stuff, the bar announced the closure on its social
media pages on Sunday night [May 10], saying "all good things must
come to an end".
Located just off Courtenay Place on Blair Street, the nightclub
said its last night of business will be May 30, adding that they
were "ready to make these final three weekends our biggest and best
yet," Stuff relates.
In the post, the bar said Red Square "has been a huge part of
Wellington's nightlife" for an "incredible" 23 years.
"To every person who has ever walked through our doors, thank you,"
the bar said. "To our loyal regulars who have become a second
family, thank you - this place would never have been what it was
without you."
They went on to thank their staff for the "countless late nights,
hard work, energy, and passion" they brought, adding that Red
Square was "only as ever as special as the people behind it".
=================
S I N G A P O R E
=================
38 DEGREES: Commences Wind-Up Proceedings
-----------------------------------------
Members of 38 Degrees Investments Pte. Ltd. on May 4, 2026, passed
a resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Yiong Kok Kong
Avic DKKY Pte. Ltd.
180 Cecil Street, #12-04
Singapore 069546
LUNA SG: Court to Hear Wind-Up Petition on May 22
-------------------------------------------------
A petition to wind up the operations of Luna SG Pte. Ltd. will be
heard before the High Court of Singapore on May 22, 2026, at 10:00
a.m.
Maybank Singapore Limited filed the petition against the company on
April 29, 2026.
The Petitioner's solicitors are:
Adsan Law LLC
300 Beach Road
#26-00 The Concourse
Singapore 199555
SOCIAL SUMMER: Commences Wind-Up Proceedings
--------------------------------------------
Members of Social Summer Kitchen Pte. Ltd. on May 6, 2026, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Yiong Kok Kong
Avic DKKY Pte. Ltd.
180 Cecil Street, #12-04
Singapore 069546
SPH BUILDERS: Court to Hear Wind-Up Petition on May 22
------------------------------------------------------
A petition to wind up the operations of S P H Builders Pte. Ltd.
will be heard before the High Court of Singapore on May 22, 2026,
at 10:00 a.m.
Kian Hock Piling Pte. Ltd. filed the petition against the company
on April 15, 2026.
The Petitioner's solicitors are:
Legis Point LLC
16 Collyer Quay
#20-01 Collyer Quay Centre
Singapore 049318
SUNBIRD BIO: Creditors' Meetings Set for June 2
-----------------------------------------------
Sunbird Bio Pte. Ltd. will hold a meeting for its creditors on June
2, 2026, at 11:00 a.m. via audio visual communication.
Agenda of the meeting includes:
a. to receive a full statement of the company's affairs
together with a list of creditors and the estimated amount
of their claims;
b. to appoint liquidators;
c. to form a committee of inspection of not more than
5 members, if thought fit; and
d. any other business.
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S O U T H K O R E A
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[] KTFC, Busan Bankruptcy Court Partners to Boost IP Utilization
----------------------------------------------------------------
The Asia Business Daily reports that Korea Technology Finance Corp.
announced on May 11 that it had signed a business agreement with
the Busan Bankruptcy Court to support the utilization of
intellectual property (IP) held by bankrupt companies and to
promote technology transactions among small and medium-sized
enterprises.
This agreement was established in response to the increasing number
of corporate bankruptcies due to prolonged high interest rates and
inflation, The Asia Business Daily relates. Its purpose is to
prevent valuable technologies owned by bankrupt companies from
being wasted and to promote technology transactions, thereby
strengthening the technological competitiveness and
innovation-driven growth of small and venture businesses.
Under the agreement, Korea Technology Finance Corporation will be
responsible for the overall planning and operation of support
programs for technology transactions involving intellectual
property held by bankrupt companies, according to The Asia Business
Daily. The corporation will also use the technology transaction
platform "Smart Tech Bridge" to identify potential buyers and
facilitate technology transfer brokerage. The Busan Bankruptcy
Court will cooperate by sharing information on bankrupt companies'
intellectual property, improving sales procedures, and supporting
speedy transactions to ensure smooth technology transfers.
Last year, in cooperation with the Seoul Bankruptcy Court, Korea
Technology Finance Corporation succeeded in transferring the rights
to 64 patents out of a total of 123 patents at risk of expiration
through its "Sale of Patents Owned by Bankrupt Companies" program,
The Asia Business Daily recalls. Building on this new agreement,
the corporation plans to expand the program from the Seoul
metropolitan area to the Busan-Ulsan-Gyeongnam region in order to
further increase the utilization of valuable technologies and to
support open innovation among small and venture businesses.
The Asia Business Daily adds that Kim Joungho, Chairman of Korea
Technology Finance Corporation, stated, "This agreement is
meaningful in that it establishes a virtuous cycle by ensuring that
the superior technologies of bankrupt companies in the region are
not wasted but instead become new growth engines for small
businesses. Korea Technology Finance Corporation will continue to
actively promote the trading of intellectual property held by
bankrupt companies by expanding cooperation with bankruptcy courts
centered around Smart Tech Bridge."
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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 2026. 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
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Information contained herein is obtained from sources believed
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thereof are US$25 each. For subscription information, contact
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