/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/241023.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, October 23, 2024, Vol. 27, No. 213 Headlines A U S T R A L I A BIBERE AUSTRALIAN: First Creditors' Meeting Set for Oct. 30 DESALN8 PTY: First Creditors' Meeting Set for Oct. 28 DSB PARTNERS: First Creditors' Meeting Set for Oct. 28 ELANOR INVESTORS: Sells NSW Mall to Centuria at Steep Discount PGP GROUP: First Creditors' Meeting Set for Oct. 28 SANTA VENERA: First Creditors' Meeting Set for Oct. 28 C H I N A SINO-OCEAN GROUP: Creditors' Meeting in UK Set for Nov. 22 SUNAC CHINA: To Raise HK$1.2 Billion in Top-Up Placement I N D I A AASHIRWAD INDUSTRIES: CRISIL Keeps C Ratings in Not Cooperating ABERDEEN FOODS: Liquidation Process Case Summary AHIL GREEN: Ind-Ra Moves BB Loan Rating to NonCooperating ANUBHAV TRADING: Ind-Ra Cuts Term Loan Rating to B- APNATECH CONSULTANCY: Ind-Ra Keeps D Rating in NonCooperating ARCH INFRA: Ind-Ra Cuts Bank Loan Rating to B+ ARTEMIS AUTO: Ind-Ra Keeps D Rating in NonCooperating ARUNA ENTERPRISE: Ind-Ra Cuts Bank Loan Rating to B ARUNODAY CONSTRUCTION: Ind-Ra Cuts Bank Loan Rating to B ARYA CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating ASHOK TIMBER: Ind-Ra Cuts Bank Loan Rating to B- ASHRULY ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating ASIAN HANDICRAFTS: Ind-Ra Keeps B- Rating in NonCooperating ASSOCIATED APPLIANCES: CRISIL Keeps D Ratings in Not Cooperating AVVAS INFOTECH: CRISIL Keeps D Debt Ratings in Not Cooperating BALAJI PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating BAWA APPLIANCES: CRISIL Keeps D Debt Ratings in Not Cooperating BHAGABATI STORE: CRISIL Keeps D Debt Ratings in Not Cooperating BHAGAT RAM: CRISIL Keeps D Debt Ratings in Not Cooperating BHUMYA TEA: CRISIL Keeps D Debt Ratings in Not Cooperating BIRAMANE HOSTEL: CRISIL Keeps D Debt Ratings in Not Cooperating BYJU'S: Founder Says Ed-Tech Startup is Now 'Worth Zero' CHOUDHARY FASHIONS: Ind-Ra Affirms BB+ Rating, Outlook Positive CIAN HEALTHCARE: CRISIL Reaffirms D Rating on INR12.4cr Loan CONVEYOR AND ROPEWAY: CRISIL Keeps D Ratings in Not Cooperating JMP INDUSTRY: Ind-Ra Withdraws BB Bank Loan Rating KONEKT MARKETING: Voluntary Liquidation Process Case Summary L.S. SPINNING: Ind-Ra Cuts Bank Loan Rating to BB+ LINGAYA'S SOCIETY: CRISIL Keeps D Debt Ratings in Not Cooperating M. P. K. ISPAT: CRISIL D Debt Ratings in Not Cooperating Category MAHALAXMI INVESTMENT: CRISIL Keeps D Ratings in Not Cooperating MAITHRI DRUGS: Ind-Ra Corrects October 11, 2024 Rating Release MANAPPURAM FINANCE: S&P Affirms 'BB-' LT ICR, Outlook Stable NCL HOLDINGS: Ind-Ra Assigns BB- Term Loan Rating NEHA INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating NUI PULP: CRISIL Keeps D Debt Ratings in Not Cooperating Category OM SHAKTHI: CRISIL Keeps D Debt Rating in Not Cooperating PARCOS TILES: Ind-Ra Hikes Bank Loan Rating to BB+ RAJIB CASHEW: CRISIL Keeps Debt D Ratings in Not Cooperating RAVI CRANES: Liquidation Process Case Summary RITISHA OILS: CRISIL Keeps D Debt Ratings in Not Cooperating S.B. INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating S.K. EXPORTS: Ind-Ra Affirms BB- Bank Loan Rating SABITRI RICE: CRISIL Keeps C Debt Ratings in Not Cooperating SARAVANA ENGINEERING: Ind-Ra Assigns BB+ Bank Loan Rating SHREERAKSHYAN INFRACON: Ind-Ra Affirms BB Bank Loan Rating SIGUE SUPPORT: Voluntary Liquidation Process Case Summary SONALI EXIM: CRISIL Lowers Rating on INR9.54cr New Loan to D SUNSHINE VEGETABLES: Ind-Ra Cuts Loan Rating to B+ SUPER DRILLING: Ind-Ra Cuts Loan Rating to B SURAKSHA AVENUES: Ind-Ra Cuts Loan Rating to B SURIYA GARMENTS: Ind-Ra Keeps B- Rating in NonCooperating TAN SINGH: Ind-Ra Moves BB+ Loan Rating to NonCooperating TARUN OILS: Ind-Ra Cuts Loan Rating to B- TEJINDER KAUR: Ind-Ra Cuts Bank Loan Rating to B THARUN CONSTRUCTION: Ind-Ra Cuts Loan Rating to B TREESAS FOOD: Ind-Ra Assigns BB+ Term Loan Rating TRIDENT AUTO: Ind-Ra Keeps BB- Loan Rating in NonCooperating TRINITY INDIA: Ind-Ra Keeps BB- Loan Rating in NonCooperating TUBE TURN: CRISIL Keeps Debt D Ratings in Not Cooperating TULIP ATTIRE: Ind-Ra Cuts Loan Rating to B+ VISHNU COTTON: Ind-Ra Keeps BB Loan Rating in NonCooperating YATRA: NCLAT Stays Insolvency Proceedings Against Subsidiary N E W Z E A L A N D DPR COATINGS: Creditors' Proofs of Debt Due on Nov. 20 EXCEL BUILDING: Owes Creditors NZD360K, Liquidator's Report Shows JK & CM CLARKE: PwC Appointed as Receivers and Managers MMS GROUP: Court to Hear Wind-Up Petition on Nov. 12 NEHEMIAH CIVIL: Court to Hear Wind-Up Petition on Nov. 29 ON CALL RENOVATION: Creditors' Proofs of Debt Due on Nov. 8 SHANORA LTD: Shareholders Opt to Liquidate Contract Milking Firm SYNLAIT MILK: CEO Grant Watson Steps Down S I N G A P O R E BOTANIQUE INVESTMENT: Commences Wind-Up Proceedings GOLDEN GOURMET: Court to Hear Wind-Up Petition on Nov. 1 INTERASIA TRAVEL: Commences Wind-Up Proceedings MAXEON SOLAR: Executes 1-for-100 Reverse Stock Split for Compliance OSTARA INVESTMENTS: Creditors' Proofs of Debt Due on Nov. 18 SGPAPERRECYCLE PTE: Court to Hear Wind-Up Petition on Nov. 1 - - - - - ================= A U S T R A L I A ================= BIBERE AUSTRALIAN: First Creditors' Meeting Set for Oct. 30 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Bibere Australian Beverages Pty Ltd, Crescere Australian Vineyards Pty Ltd, and Opportuna Investments Pty Ltd will be held on Oct. 30, 2024 at 3:00 p.m. via Microsoft Teams. Tim Mableson and David Kidman of KPMG were appointed as administrators of the company on Oct. 18, 2024. DESALN8 PTY: First Creditors' Meeting Set for Oct. 28 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Desaln8 Pty. Ltd. will be held on Oct. 28, 2024 at 10:00 a.m. at 165 Camberwell Road in Hawthorn East. Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. were appointed as administrators of the company on Oct. 17, 2024. DSB PARTNERS: First Creditors' Meeting Set for Oct. 28 ------------------------------------------------------ A first meeting of the creditors in the proceedings of DSB Partners Pty. Ltd. will be held on Oct. 28, 2024 at 10:30 a.m. at Suite 5B, 55 Kembla Street in Wollongong and via virtual meeting technology. Stephen John Hundy of Worrells was appointed as administrator of the company on Oct. 16, 2024. ELANOR INVESTORS: Sells NSW Mall to Centuria at Steep Discount -------------------------------------------------------------- The Australian reports that property funds group Centuria Capital has snapped up Manning Mall on NSW's central coast from an unlisted Elanor Investors Group-run fund for AUD34.85 million - a steep discount compared to the last time it changed hands. Elanor has been suspended from trade on the Australian Securities Exchange since August after difficulties in managing its debt position. It sold off its stake in the Elanor Commercial Property Fund to billionaire Paul Lederer and he also backed an equity raising by that trust. Based in Sydney, Australia, Elanor Investors Group (ASX:ENN) -- https://www.elanorinvestors.com/ -- is a real estate investment firm. The firm seeks to invest in the hospitality and accommodation sector with a focus on hotels and tourism in Australia. PGP GROUP: First Creditors' Meeting Set for Oct. 28 --------------------------------------------------- A first meeting of the creditors in the proceedings of PGP Group (AUST) Pty Ltd will be held on Oct. 28, 2024 at 11:00 a.m. via virtual meeting technology from the offices of KPT Restructuring, Suite 1, Level 20, 20 Bond Street in Sydney. Jason Tang of KPT Restructuring was appointed as administrator of the company on Oct. 16, 2024. SANTA VENERA: First Creditors' Meeting Set for Oct. 28 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Santa Venera Pty Ltd and Zion Electrical Pty Ltd will be held on Oct. 28, 2024 at 12:00 p.m. and 1:00 p.m. respectfully, via virtual meeting only. Ernie Chou and Trent McMillen of MaC Insolvency were appointed as administrators of the company on Oct. 16, 2024. ========= C H I N A ========= SINO-OCEAN GROUP: Creditors' Meeting in UK Set for Nov. 22 ---------------------------------------------------------- TipRanks.com reports that Sino-Ocean Group Holding Limited has announced that the High Court in England has approved the convening of creditor meetings to discuss the proposed restructuring of its offshore debt. The meetings are set for Nov. 22, 2024, and stakeholders are urged to rely solely on official communications from the company for accurate information. Investors are advised to exercise caution in dealing with the company's securities. According to Bloomberg Law News, Sino-Ocean Group and its creditors squared off in a London court on Oct. 18, where a judge considered whether the defaulted Chinese builder can pursue a restructuring process under UK law. Sino-Ocean Group Holding Limited, formerly Sino-Ocean Land Holdings Limited, is an investment holding company principally engaged in property development and property investment in the People's Republic of China (the PRC). The Company is engaged in property development in Beijing-Tianjin-Hebei, Northeast, Central and Southern. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 19, 2023, Moody's Investors Service has downgraded Sino-Ocean Group Holding Limited's corporate family rating to Ca from Caa2. At the same time, Moody's has downgraded to C from Caa3, the backed senior unsecured ratings on the bonds issued by Sino-Ocean Land Treasure Finance I Limited, Sino-Ocean Land Treasure Finance II Limited, and Sino-Ocean Land Treasure IV Limited and guaranteed by Sino-Ocean. The outlook remains negative. SUNAC CHINA: To Raise HK$1.2 Billion in Top-Up Placement -------------------------------------------------------- Bloomberg News reports that Sunac China Holdings Ltd. will raise about HK$1.2 billion ($155 million) through placements, the first time in a year that the developer is doing an equity fundraising. Bloomberg relates that the Tianjin-based company will offer as many as 489 million shares at HK$2.465 per share in a top-up placement, according to a filing to the Hong Kong stock exchange on Oct. 17. The price represents a 20 per cent discount to its closing price on Oct. 16 and shares fell 15 per cent on Oct. 17. The placement is a rare move among Chinese developers following the meltdown in the country's property sector. Sunac is one of the few large real estate companies to pull off a debt restructuring. Once China's fourth-largest developer by sales, Sunac overhauled some US$10 billion of offshore debt last year, while its bigger competitors including China Evergrande Group remain mired in negotiations. According to Bloomberg, Sunac plans to use the proceeds to support "long-term solutions" for its onshore bonds. The company has extended the principal and interest payments on its onshore corporate bonds from the first half and the third quarter to the end of this year. "Resolving such debt risk will benefit home delivery and recovery in operation," Sunac said. The company continues to face headwinds as it reported a net loss of CNY15 billion for the first half as revenue fell 41 per cent, Bloomberg discloses. The developer risks missing its 2024 target to hand over more than 170,000 homes to buyers, Bloomberg Intelligence analyst Kristy Hung said in September. Struggles with housing completion could weaken confidence in its pre-sales and further extend its sales slump after a 52 per cent plunge in the first seven months, she said. About Sunac China Sunac China Holdings Limited (SEHK:1918) -- http://www.sunac.com.cn/-- engages in the sales of properties in the People's Republic of China. The Company operates its business through two segments: Property Development and Property Management and Others. The Company's subsidiaries include Sunac Real Estate Investment Holdings Ltd., Qiwei Real Estate Investment Holdings Ltd. and Yingzi Real Estate Investment Holdings Ltd. Sunac is among a string of Chinese property developers that have defaulted on their offshore debt payment obligations since the sector was hit by a liquidity crisis in 2021, roiling global markets, according to Reuters. Creditors of Sunac China Ltd have approved its $9 billion offshore debt restructuring plan, the company said on Sept. 18, marking the first approval of such debt overhaul by a major Chinese property developer. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 21, 2023, Sunac China Holdings Limited sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-11505) on Sept. 19. U.S. Bankruptcy Judge Philip Bentley presides over the Chapter 15 proceedings. Sidley Austin is the Legal Counsel to China Sunac. ========= I N D I A ========= AASHIRWAD INDUSTRIES: CRISIL Keeps C Ratings in Not Cooperating --------------------------------------------------------------- CRISIL said the ratings for the bank facilities of Aashirwad Industries Private Limited (AIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL C (ISSUER NOT COOPERATING) Funded Interest 0.54 CRISIL C (ISSUER NOT Term Loan COOPERATING) Mortgage Loan 1.21 CRISIL C (ISSUER NOT Facility COOPERATING) Proposed Long Term 3.8 CRISIL C (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 1.06 CRISIL C (ISSUER NOT COOPERATING) Working Capital 5.39 CRISIL C (ISSUER NOT Term Loan COOPERATING) CRISIL Ratings has been consistently following up with AIPL for obtaining information through letter and email dated September 9, 2024 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 AIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AIPL continues to be 'CRISIL C Issuer Not Cooperating'. AIPL (formerly known as R R Tupe Builders Pvt Ltd) was incorporated on July 29, 2004. The company manufactures asbestos sheet at its unit in Butibori Industrial area of Nagpur (Maharashtra) and has installed capacity of 30,000 tonne per annum. It is also engaged in real estate and construction activities. Mr Rahul Tupe and Mr Karan Tupe are the promoters. ABERDEEN FOODS: Liquidation Process Case Summary ------------------------------------------------ Debtor: Aberdeen Foods Private Limited Office No. 11, Plot No, 285, CTS No. 177/2 Tara Bag Co-Op Hsg Society, Koregaon Park Pune, Maharashtra 411001 Liquidation Commencement Date: October 3, 2024 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Anurag Jain 1401 Oriental Heights, Sector-44, Plot 158, Seawoods West, Navi Mumbai, Maharashtra 400706 Email: ipanuragjain@gmail.com -- and -- c/o Resolve-IPE Private Limited Office No. V-3073, Akshar Business Park Sector-25, Vashi, Navi Mumbai 400705 Email: aberdeen@resolvegroup.co.in Last date for submission of claims: November 8, 2024 AHIL GREEN: Ind-Ra Moves BB Loan Rating to NonCooperating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on Ahil Green Energie Private Limited's (AGEPL) bank facilities to Negative from Stable and has migrated the rating to the non-cooperating category. The rating has been simultaneously withdrawn on the issuer's request. The detailed rating action is: -- INR256.11 mil. Term loan due on November 2028 Outlook revised to Negative; rating migrated to non-co-operating category and withdrawn. Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on best available information *Migrated to 'IND BB'/Negative (ISSUER NOT COOPERATING) before being withdrawn Detailed Rationale of the Rating Action The Outlook revision to Negative indicates the non-cooperation could be symptomatic of possible disruption/distress in the issuer's business. The ratings have been migrated to the non-cooperating category before being withdrawn as the issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls and has not provided information about latest audited financial statement, sanctioned bank facilities, business plans and projections for the next three years. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the rating, as the agency has received no-objection certificate from the lenders and a withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with AGEPL while reviewing the rating. Ind-Ra had consistently followed up with over emails, apart from phone calls, from July 2024, However, the company has been submitting the no default statement. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of AGEPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in 2019, AGEPL operates a solar power plant with a capacity of 8MW at Aruppukkottai, Tamil Nadu. The promoters are D Elango and E Deepa. ANUBHAV TRADING: Ind-Ra Cuts Term Loan Rating to B- --------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Anubhav Trading rating to IND B-/Negative (ISSUER NOT COOPERATING). The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating action is: -- INR80 mil. Fund Based Working Capital Limit downgraded with IND B-/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The downgrade is in accordance with Ind-Ra's policy of Guidelines on What Constitutes Non-Cooperation. As per the policy, ratings of non-cooperative ratings issuers may get downgraded during subsequent reviews, if the issuer continues to remain non-cooperative. With passage of time and absence of updated information, the risk of sustaining the rating at current levels by relying on dated information increases, which may be reflected through a downgrade rating action Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Anubhav Trading while reviewing the rating. Ind-Ra had consistently followed up with Anubhav Trading over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Anubhav Trading on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Anubhav Trading's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in 2008, Anubhav Trading is a distributor of electronic appliances of various companies in Bhagalpur, Bihar. It is managed by Mr. Dilip Jaiswal. APNATECH CONSULTANCY: Ind-Ra Keeps D Rating in NonCooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Apnatech Consultancy Services Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR18.40 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR94.75 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy of Issuer Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Apnatech Consultancy Services Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Apnatech Consultancy Services Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Apnatech Consultancy Services Private Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Apnatech Consultancy Services Private Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption / distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in 2003, Lucknow-based ACSPL was engaged in the supply of manpower and the operation and maintenance of telecom towers. In 2015, the company ventured into electrical line and substation installation. ARCH INFRA: Ind-Ra Cuts Bank Loan Rating to B+ ---------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Arch Infra Properties Private Limited rating to IND B+/Negative (ISSUER NOT COOPERATING). The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating action is: -- INR250 mil. Term loan due on December 31, 2018 downgraded with IND B+/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The downgrade is in accordance with Ind-Ra's policy of Guidelines on What Constitutes Non-Cooperation. As per the policy, ratings of non-cooperative ratings issuers may get downgraded during subsequent reviews, if the issuer continues to remain non-cooperative. With passage of time and absence of updated information, the risk of sustaining the rating at current levels by relying on dated information increases, which may be reflected through a downgrade rating action. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Arch Infra Properties Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Arch Infra Properties Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Arch Infra Properties Private Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Arch Infra Properties Private Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Arch Infra Properties was incorporated in 2008 for the development of a residential project Starwood in Chinar Park, Kolkata. Mr. Jugraj Kothari, Prashant Vashistha and Harish Kumar Giria are the directors of the company. ARTEMIS AUTO: Ind-Ra Keeps D Rating in NonCooperating ----------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Artemis Auto India Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR112.5 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR30 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy of Issuer Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Artemis Auto India Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Artemis Auto India Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Artemis Auto India Private Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Artemis Auto India Private Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in 2010, AAIPL is an authorized dealer of Volvo Auto India. ARUNA ENTERPRISE: Ind-Ra Cuts Bank Loan Rating to B --------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Aruna Enterprise rating to IND B/Negative (ISSUER NOT COOPERATING). The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating action is: -- INR93.7 mil. Term loan due on December 31, 2021 downgraded with IND B/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The downgrade is in accordance with Ind-Ra's policy of Guidelines on What Constitutes Non-Cooperation. As per the policy, ratings of non-cooperative ratings issuers may get downgraded during subsequent reviews, if the issuer continues to remain non-cooperative. With passage of time and absence of updated information, the risk of sustaining the rating at current levels by relying on dated information increases, which may be reflected through a downgrade rating action Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Aruna Enterprise while reviewing the rating. Ind-Ra had consistently followed up with Aruna Enterprise over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Aruna Enterprise on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Aruna Enterprise's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Formed in 2014, Aruna Enterprise is a partnership firm that manufactures patterns for industrial valve casting. In addition, it provides logistics and warehousing services. ARUNODAY CONSTRUCTION: Ind-Ra Cuts Bank Loan Rating to B -------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Arunoday Construction Company Private Limited rating to IND B/Negative (ISSUER NOT COOPERATING). The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating actions are: -- INR118.5 mil. Fund Based Working Capital Limit downgraded with IND B/Negative (ISSUER NOT COOPERATING) rating; and -- INR130 mil. Non-Fund Based Working Capital Limit downgraded with IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The downgrade is in accordance with Ind-Ra's policy of Guidelines on What Constitutes Non-Cooperation. As per the policy, ratings of non-cooperative ratings issuers may get downgraded during subsequent reviews, if the issuer continues to remain non-cooperative. With passage of time and absence of updated information, the risk of sustaining the rating at current levels by relying on dated information increases, which may be reflected through a downgrade rating action Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Arunoday Construction Company Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Arunoday Construction Company Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Arunoday Construction Company Private Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Arunoday Construction Company Private Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption / distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Arunoday Construction Company, incorporated in 1980 by Mr. Om Prakash Lahoty, constructs government buildings, hostels, hospitals, etc. in Assam. Additionally, the company manufactures concrete sleepers for railway tracks. ARYA CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Arya Construction (AC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Overdraft Facility 5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with AC for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of AC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. AC, based in Wardha, Maharashtra, was set up in 1986 by Mr. Vijaykumar Raju. The firm undertakes construction activities for state and central governments. ASHOK TIMBER: Ind-Ra Cuts Bank Loan Rating to B- ------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded Ashok Timber Trading Co. rating to IND B-/Negative (ISSUER NOT COOPERATING). The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating actions are: -- INR75 mil. Fund Based Working Capital Limit downgraded with IND B-/Negative (ISSUER NOT COOPERATING) rating; and -- INR300 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The downgrade is in accordance with Ind-Ra's policy of Guidelines on What Constitutes Non-Cooperation. As per the policy, ratings of non-cooperative ratings issuers may get downgraded during subsequent reviews, if the issuer continues to remain non-cooperative. With passage of time and absence of updated information, the risk of sustaining the rating at current levels by relying on dated information increases, which may be reflected through a downgrade rating action Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Ashok Timber Trading Co. while reviewing the rating. Ind-Ra had consistently followed up with Ashok Timber Trading Co. over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Ashok Timber Trading Co. on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Ashok Timber Trading Co.'s credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company ATTCO is engaged in the trading of timber. The company procures timber from Malaysia, Burma and Africa and sells it in Maharashtra, Andhra Pradesh, Karnataka, Kerala and Tamil Nadu. It was set up as a partnership firm in 1958. ASHRULY ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ashruly Engineering Private Limited (AEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL D (Issuer Not Cooperating) Cash Credit 3.75 CRISIL D (Issuer Not Cooperating) Letter of Credit 2.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 2.8 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.45 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with AEPL for obtaining information through letter and email dated September 9, 2024 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 AEPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Incorporated in 2007, AEPL manufactures fabricated items that find application in the mining and power industries and in construction equipment. The company has two plants in Pune with a combined capacity of 4000 tonne per annum. ASIAN HANDICRAFTS: Ind-Ra Keeps B- Rating in NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Asian Handicrafts Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND B-/ Negative (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR135.74 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND B-/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and -- INR4.26 mil. Term loans due on June 30, 2033 downgraded with IND B-/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Asian Handicrafts Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Asian Handicrafts Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Asian Handicrafts Private Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Asian Handicrafts Private Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in 2003, Asian Handicrafts manufactures handicrafts such as picture frames, decorative items, jewelry boxes and fashion jewelry and exports to Australia, Japan, the UK, other European countries, the UAE, the US and others. ASSOCIATED APPLIANCES: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Associated Appliances Limited (AAL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Inland/Import 11 CRISIL D (Issuer Not Letter of Credit Cooperating) Term Loan 3 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with AAL for obtaining information through letter and email dated September 9, 2024 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 AAL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AAL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AAL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. AAL was founded in New Delhi in 1994, by Mr Dev Dutta Sharma and his family members. The company manufactures and trades in home and kitchen appliances, including liquefied petroleum gas stoves and kitchen ventilation hoods. AVVAS INFOTECH: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Avvas Infotech Private Limited (AIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.02 CRISIL D (Issuer Not Cooperating) Cash Credit 2.79 CRISIL D (Issuer Not Cooperating) Cash Credit 1.28 CRISIL D (Issuer Not Cooperating) Funded Interest 1.91 CRISIL D (Issuer Not Term Loan Cooperating) Funded Interest 1.2 CRISIL D (Issuer Not Term Loan Cooperating) Proposed Long Term 3.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 10 CRISIL D (Issuer Not Term Loan Cooperating) Working Capital 11.8 CRISIL D (Issuer Not Term Loan Cooperating) CRISIL Ratings has been consistently following up with AIPL for obtaining information through letter and email dated September 9, 2024 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 AIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Incorporated in 2007 and based at Bengaluru, AIPL provides IT, ITES and HR services. The company is managed by its managing director, Mr. AVS Sarma. BALAJI PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Balaji Paper and Newsprint Private Limited (BPN) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 15 CRISIL D (Issuer Not Cooperating) Letter of Credit 2.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 6.25 CRISIL D (Issuer Not Cooperating) Long Term Loan 5.15 CRISIL D (Issuer Not Cooperating) Long Term Loan 13.98 CRISIL D (Issuer Not Cooperating) Proposed Short Term 5.53 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 2.01 CRISIL D (Issuer Not Term Loan Cooperating) Working Capital 1.58 CRISIL D (Issuer Not Term Loan Cooperating) CRISIL Ratings has been consistently following up with BPN for obtaining information through letter and email dated September 9, 2024 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 BPN, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BPN is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BPN continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Incorporated in 1998 and promoted by Kolkata-based Mr Ram Avtar Agarwal, BPN initially traded paper. In 2004, the company purchased the assets of Neptune Paper Mills Ltd, a company referred to the Board for Industrial and Financial Reconstruction. The acquired factory was refurbished and BPN commenced manufacturing of writing and printing paper in 2005 with an installed capacity of 10 tonne per day (tpd) capacity has expanded gradually to 130 tpd. BAWA APPLIANCES: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bawa Appliances Private Limited (BAPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 3.59 CRISIL D (Issuer Not Cooperating) Term Loan 1.41 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with BAPL for obtaining information through letter and email dated September 9, 2024 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 BAPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BAPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Incorporated in 2012, and promoted by the New Delhi-based Mr. Sanjeev Kapoor, BAPL manufactures Liquefied petroleum gas (LPG) stoves and related components, and other kitchen utensils and also trades in steel sheets. BHAGABATI STORE: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bhagabati Store (BGS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.5 CRISIL D (Issuer Not Cooperating) Cash Credit 12.5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with BGS for obtaining information through letter and email dated September 09, 2024 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 BGS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BGS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BGS continues to be 'CRISIL D Issuer Not Cooperating'. BGS was set up as a proprietorship firm of Mr Ramesh Chandra Sahoo in 1986. The firm is an authorized distributor-cum-stockist of HUL in Puri (Odisha), and obtained the distributorship of Dabur for the same region in 2014. BHAGAT RAM: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bhagat Ram Motor Ways Private Limited (BRMPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.0 CRISIL D (Issuer Not Cooperating) Term Loan 4.5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with BRMPL for obtaining information through letter and email dated September 9, 2024 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 BRMPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BRMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BRMPL continues to be 'CRISIL D Issuer Not Cooperating'. BRMPL, incorporated in 2011, is an authorised dealer of GM's cars, spares, and accessories, and services GM's vehicles. BRMPL has three showrooms in Himachal Pradesh, at Una, Kangra, and Hamirpur. Its operations are managed by promoter Mr. Tushar Sharma. BHUMYA TEA: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bhumya Tea Company Private Limited (BTCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 28.92 CRISIL D (Issuer Not Cooperating) Term Loan 14.29 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with BTCPL for obtaining information through letter and email dated September 9, 2024 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 BTCPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BTCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BTCPL continues to be 'CRISIL D Issuer Not Cooperating'. BTCPL was set up as a proprietorship concern and was reconstituted as a private limited company after it was taken over by Mr Sanjay Prakash Bansal in 2003. The company plants and processes organic Assam tea. Its tea estate, Jamguri Tea Estates, is in Golaghat, Assam. It also manufactures conventional tea by purchasing leaves from other tea estates. BIRAMANE HOSTEL: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Biramane Hostel (BH) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term Loan 3.49 CRISIL D (Issuer Not Cooperating) Term Loan 6.51 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with BH for obtaining information through letter and email dated September 9, 2024 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 BH, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BH is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BH continues to be 'CRISIL D Issuer Not Cooperating'. BH is an AOP of the Biramane family based in Maharashtra. The AOP provides hostel services to boarding students of Vidya Niketan High School & Junior College and Vidya Niketan High School at Panchgani (Maharashtra), which is run by Biramane Education Foundation (a group trust). BYJU'S: Founder Says Ed-Tech Startup is Now 'Worth Zero' -------------------------------------------------------- Reuters reports that Byju Raveendran, the founder of what was once India's biggest start-up, Byju's, said he overestimated the growth potential of his education-technology company which is now "worth zero" as it faces insolvency, but remains hopeful of rescuing it. Byju's, which operates in more than 21 countries, became popular during the COVID-19 pandemic by offering online education courses. Its valuation shot up to $22 billion in 2022, but Byju's has for months faced demands for unpaid dues and allegations of mismanagement, which it denies, Reuters says. "The company is worth zero. What valuation are you talking about? It is zero," Reuters quotes Raveendran as saying during an interaction with reporters via video conferencing from Dubai late on Oct. 17. "We overestimated potential growth, entered (a) lot of markets together. It was little too much, too soon," he said in his first media briefing in 18 months. Byju's was entered into insolvency after U.S. lenders complained to the Indian Supreme Court in August about misuse of $1 billion borrowed by the company. Raveendran denied all allegations of wrongdoing on Oct. 17, Reuters relates. Glas Trust, which represents the protesting lenders, did not respond to a request for comment. The Supreme Court is yet to rule on Glas's grievances in dispute with Byju's, Reuters notes. The company was once a darling of global investors, backed by likes of General Atlantic. It has suffered numerous setbacks in recent months, from boardroom exits and criticism over delayed financial disclosures to the public spat with foreign investors over mismanagement. Raveendran is an Indian mathematics whiz who went from being a teacher to a startup billionaire before Byju's imploded this year. "Whatever is coming, I will find a way out," he said on Oct. 17, notes the report. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific in mid-July 2024, Byju's will face insolvency proceedings for failure to pay $19 million in dues to the country's cricket board. Reuters said Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses, job cuts and a collapse in its valuation to less than $3 billion. Byju's has denied any wrongdoing. According to Reuters, a ruling by India's companies tribunal on July 16, following a complaint by the Board of Control for Cricket in India (BCCI), initiated insolvency proceedings. These will include the appointment of an interim resolution professional, Pankaj Srivastava, who will oversee the management of Byju's as The company's board of directors is suspended as per law. CEO Raveendran will report to the resolution professional and the company's assets will remain frozen while the proceedings continue. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's $1.2 billion term loan, have filed an insolvency petition against the online tutor in India. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. The TCR-AP relayed that the National Company Law Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement between Byju Raveendran and the Board of Control for Cricket in India (BCCI), thus removing Byju's parent Think and Learn from the insolvency resolution process. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Alleged creditors of Epic! Creations, also a U.S. unit, sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. CHOUDHARY FASHIONS: Ind-Ra Affirms BB+ Rating, Outlook Positive --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on Choudhary Fashions' (CF) bank facilities: -- INR12.50 mil. Derivative instruments assigned with IND A4+ rating; -- INR197.50 mil. Fund-based limits Outlook revised to Positive; Rating affirmed with IND BB+/Positive/IND A4+ rating; -- INR8.60 mil. (reduced from INR33 mil.) Term loan due on February 15, 2025 Outlook revised to Positive; Rating affirmed with IND BB+/Positive rating; -- INR20 mil. Non-fund-based working capital limit affirmed with IND A4+ rating; and -- INR30 mil. Non-fund-based working capital limit assigned with IND A4+ rating. Detailed Rationale of the Rating Action The Outlook revision reflects CF's comfortable credit metrics and healthy EBITDA in FY24 and Ind-Ra's expectation of this being sustained in FY25. However, the ratings are constrained by the company's medium scale of operations, its vulnerability to volatility in raw material prices and high customer concentration risk. Detailed Description of Key Rating Drivers Medium Scale of Operations: CF's revenue declined slightly to INR1,349.25 million in FY24 (FY23: INR1,389.22 million), owing to a reduced demand of its product. The EBITDA increased to INR132.56 million in FY24 (FY23: INR98.93 million), mainly due to the rupee depreciation coupled with a reduction in the raw material prices. Till 5MFY24, CF booked a revenue of INR480.88 million. In FY24, Ind-Ra expects the firm's scale of operations to remain at the similar level in view of the continued demand recovery. FY24 numbers are provisional in nature. High Customer Concentration: The ratings continue to be constrained by CF's high customer concentration as the top five customers accounted for 91% of the company's export revenue in FY24. However, the company has a long-standing relationships with customers and suppliers. The company caters to customers in the European and the US markets. Comfortable Credit Metrics: CF's gross interest coverage (operating EBITDA/gross interest expense) improved to 14.10x in FY24 (FY23: 6.31x) and its net financial leverage (adjusted net debt/operating EBITDA) to 0.75x (1.66x) due to a reduction in the external borrowings to INR96.58 million (INR165.52 million) coupled with the EBITDA increase. In FY25, Ind-Ra expects the credit metrics to deteriorate slightly but remain comfortable, owing to the scheduled debt repayments and the absence of any major debt-led capex plans. Healthy EBITDA Margin: CF's EBITDA margins increased to 9.82% in FY24 (FY23: 7.12%), due to a reduction in the prices of raw materials, coupled with the depreciation of the Indian rupee against the US dollar. The return on capital employed improved to 50.20% in FY24 (FY23: 27.5%). Until 5MFY25, CF booked an EBITDA of INR48.80 million (10%). In FY25, Ind-Ra expects the margins to normalize but remain healthy, on account of the stabilization of raw material prices. Experienced Promoters: The ratings continue to be supported by the partners' more than four decades' experience in the textile industry, leading to established relationships with customers and suppliers. Liquidity Stretched: CF's average maximum utilization of the fund-based working capital limits was 51.16% during the 12 months ended August 2024. The cash flow from operations decreased to INR142.08 million in FY24 (FY23: INR172.84 million), mainly on account unfavorable changes in working capital. Consequently, the free cash flows decreased to INR131.93 million in FY24 (FY23: INR157.02 million). The firm does not have any capital market exposure and relies on a single bank to meet its funding requirements. The cash and cash equivalents stood at INR1.21 million at FYE24 (FYE23: INR1.46 million). The company has scheduled repayment obligations of INR13.6 million in FY24. Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics with the interest coverage and/or a further pressure on the liquidity position, could lead to negative rating action. Positive: Sustainability of the scale of operations, along with an improvement in the overall credit metrics with the interest coverage sustaining above 3x, along with the liquidity profile improving, all on a sustained basis, could lead to a positive rating action. About the Company CF was started in 1974 in Mumbai and is a privately owned and family-run enterprise. It manufactures and exports woven garments across casual and fashion wear for ladies and girls. Its head office is in Mumbai and manufacturing units are located in Jaipur. CIAN HEALTHCARE: CRISIL Reaffirms D Rating on INR12.4cr Loan ------------------------------------------------------------ CRISIL Ratings has reaffirmed its 'CRISIL D' rating on the long-term bank facilities of Cian Healthcare Ltd (CHL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.4 CRISIL D (Reaffirmed) Cash Credit 5.7 CRISIL D (Reaffirmed) Cash Credit 12.4 CRISIL D (Reaffirmed) Proposed Fund- Based Bank Limits 4.52 CRISIL D (Reaffirmed) Term Loan 2.31 CRISIL D (Reaffirmed) Term Loan 4.22 CRISIL D (Reaffirmed) Term Loan 1.47 CRISIL D (Reaffirmed) Term Loan 9.98 CRISIL D (Reaffirmed) The rating is driven by delays in servicing term loans and working capital lines. The rating reflects CHL's below-average financial risk profile, driven by weak debt protection metrics, large working requirement with average scale, and exposure to regulatory risks and volatility in the prices of raw materials. These weaknesses are partially offset by the extensive experience of the promoters in the pharmaceutical industry and CHL's product and geographical diversification in revenue. CRISIL Ratings also notes that the corporate insolvency resolution process (CIRP) against CHL is undergoing. Analytical approach Unsecured loan of INR6.59 crore, as on March 31, 2024, provided by the promoters and their friends and relatives has been treated as neither debt nor equity as the loan is expected to be retained in the business over the medium term. Key rating drivers and detailed description Weaknesses: * Below-average financial risk profile: Suppressed profitability and large debt levels have constrained the company's financial risk profile. CHL's interest coverage and net cash accrual to total debt (NCATD) ratios were weak at 1.79 times and 0.15 time, respectively, in fiscal 2024. As the company's profitability continues to remain under pressure, these metrics are expected to remain subdued in the near to medium term. Its capital structure remains moderate, driven by below average networth. * Average scale and large working capital requirement: Intense competition restricts scalability of operations, as reflected in topline of around INR59 crore in fiscal 2024. Also, revenue has remained average at INR59-67 crore in the three fiscals through 2024. Gross current assets were 349-391 days over the three fiscals ended March 31, 2024. Large working capital requirement arises from high debtor and inventory levels. It is required to extend long credit period. The working capital requirement may remain high over the medium term, given the business model. * Exposure to regulatory risks and volatility in prices of raw materials: The pharmaceutical industry is a closely monitored and regulated industry, and hence, inherent risks and liabilities associated with products and their manufacturing persist. Furthermore, prices of key raw materials, active pharmaceuticals ingredients, are volatile. Hence, profitability is susceptible to fluctuations in raw material prices. Strengths: * Extensive industry experience of the promoters: The promoters have more than 15 years' experience in the pharmaceuticals formulation industry. This has given them a strong understanding of the market dynamics and enabled them to establish healthy relationships with suppliers and customers. * Product and geographical diversification in revenue: CHL has a diversified product portfolio including tablets, capsules, ointments, sachet, liquid, syrups, dry powder, injectables, protein powders, nutraceutical supplements, lotions, creams, medicated soaps, medicated shampoos, among others, which are marketed through 600 different brands. The company has registered over 200 molecules under its own name. It caters to diverse segments including gynecology, hematinic, cardio-diabetic, orthopedic, pediatric, derma-cosmetic, antibiotic, central nervous system, and vitamins and nutrient products. Furthermore, the company sells its products across India and exports to overseas countries, thus geographically diversifying its revenue profile. Liquidity: Poor Bank limit utilisation was high with almost full utilisation. The company had instances of delays in servicing of term loan and working capital lines. Rating sensitivity factors Upward factors * Track record of timely debt servicing for at least more than 90 days. * Improvement in the financial and liquidity risk profiles. CHL was incorporated in January 2003 and was listed on the Bombay Stock Exchange (BSE: SME) in May 2019. The company manufactures pharmaceutical formulations in the form of tablets, capsules, liquid orals, ointments, creams, lotions, gels and sachets. CHL markets its products under the brand name, CIAN. It has two manufacturing facilities in Roorkee, Uttarakhand. CHL is promoted by Mr Suraj Zanwar and his family members. CHL has a subsidiary, Dr Smith Biotic Pvt Ltd, which manufactures cosmetics and toiletries that includes pre-shave, shaving or after-shave preparations, personal deodorants and antiperspirants, perfumed bath salts and other bath preparations, beauty or make-up preparations. The subsidiary is ramping up its operations and is not expected to require any funding support from CHL going forward. CONVEYOR AND ROPEWAY: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Conveyor and Ropeway Services Private Limited (CRSPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 CRISIL D (Issuer Not Cooperating) Cash Credit 1 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.4 CRISIL D (Issuer Not Cooperating) Long Term Loan 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.94 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Standby Line 0.15 CRISIL D (Issuer Not of Credit Cooperating) CRISIL Ratings has been consistently following up with CRSPL for obtaining information through letter and email dated September 9, 2024 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 CRSPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on CRSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CRSPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. CRSPL, established in 1975, is engaged in the designing, manufacturing, erection and commissioning of aerial ropeway systems, material handling plants and coal washing plants apart from providing techno feasibility studies for ropeway systems. JMP INDUSTRY: Ind-Ra Withdraws BB Bank Loan Rating -------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn JMP Industry Private Limited's (JIPL) bank facilities' ratings as follows: -- The IND BB/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating on the INR403 mil. Fund-based working capital limits is withdrawn; -- The IND A4+ (ISSUER NOT COOPERATING) rating on the INR9 mil. Non-fund-based limits is withdrawn; and -- The IND BB/Stable( ISSUER NOT COOPERATING) rating on the INR127 mil. Term loan is withdrawn. Detailed Rationale of the Rating Action Ind-Ra is no longer required to maintain the ratings as the agency has received the no dues certificate issued by the banker and a withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. About the Company Incorporated in 1994, JMP Industry is primarily engaged in the processing and selling of wheat and rice products. Its registered office is at Malviya Marg, Lucknow. KONEKT MARKETING: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Konekt Marketing Systems Private Limited 204 Sapphire Chambers, First Floor, Baner Road, Baner, Pune, N.I.A., Pune Pune City, Maharashtra, India 411045 Liquidation Commencement Date: October 8, 2024 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Sandeep Jayant Kulkarni 27/2, Gujarat Colony, Near Hotel Samarth Paud Road, Vanaz Corner, Kothrud, Pune, Maharashtra 411038 Email: kulkarni.sandeep@rediffmail.com Telephone: 9673000045/9922688378 Last date for submission of claims: November 7, 2024 L.S. SPINNING: Ind-Ra Cuts Bank Loan Rating to BB+ -------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on L.S. Spinning Mills Private Limited's (LSSMPL) bank facilities: -- INR1.0 bil. (reduced from INR1.030 bil.) Fund-based working capital limit downgraded with IND BB+/Stable/IND A4+ rating; -- INR1,201.71 bil. (reduced from INR1.408 bil.) Term loan due on June 30, 2031 downgraded with IND BB+/Stable rating; -- INR100 mil. Non-fund-based working capital limit downgraded with IND A4+ rating; -- INR100 mil. Non-fund-based working capital limit assigned with IND A4+ rating; and -- INR148.29 mil. Term loan due on June 30, 2032 assigned with IND BB+/Stable rating. Detailed Rationale of the Rating Action The downgrade reflects the continued deterioration in LSSMPL's credit metrics in FY24. Ind-Ra expects the credit metrics to decline further in the near term due to an increase in its gross interest costs and additional debt. Detailed Description of Key Rating Drivers Deterioration in Credit Metrics: LSSMPL's credit metrics deteriorated in FY24, mainly on account of higher debt. At FYE24, the total debt increased to INR2,392.43 million (FYE23: INR2,054.75 million) as the company availed term loans for capacity expansions and installation of solar power plant. In FY24, the gross interest coverage (operating EBITDA/gross interest expense) declined to 2.55x (FY23: 5.94x) and the net leverage (total adjusted net debt/operating EBITDAR) increased to 6x (5.93x) due to the increase in debt and the consequent rise in the gross interest cost to INR158 million (INR58 million). Ind-Ra expects the credit metrics to decline further in the near term due to the increase in the gross interest costs and additional debt. Its FY24 financials are provisional in nature. Highly Fragmented and Competitive Industry; Margins Susceptible to Volatility in Input Prices: LSSMPL operates in a highly competitive and fragmented industry that is characterized by a large number of organized and unorganized players. The company's ability to compete, and constantly innovate and evolve with precise marketing strategies would remain crucial to tackle stiff competition. LSSMPL's margins are susceptible to the fluctuations in the same. LSSMPL is a medium-sized player in the textile industry and does not have integrated operations. However, the company's established relationships with its suppliers ensures smooth, uninterrupted supply of raw material, which reduces this risk to a certain extent. Improvement in Revenue: LSSML's turnover increased to INR3,823.09 million in FY24 (FY23: INR2,169.14 million), led by a recovery in demand, an increase in production capacity and the commencement of the operations of an open-ended yarn plant. The company set up a spinning mill that started production in May 2023 with a capacity utilization of around 96.05% in FY24 (FY23:95.83%), leading to the increase in its production capacity to 1,06,480 spindles from 70,000 spindles. The company's scale of operations remained medium on account of intense competition in the textile industry. It generates majority of its revenue from the domestic market with minimal contribution from exports. During 4MFY25, LSSMPL generated revenue of around INR1,760.40 million. Ind-Ra expects the revenue to be remain stable in the near to medium term in the absence of any capacity expansion. Investment in Solar Power to Boost EBITDA Margins in Medium Term: LSSMPL has been saving 40%-50% yoy of the total power costs (FY24: INR362.05 million; FY23: INR263.03 million) supported by its two solar power plants and a windmill with a total capacity of 14.524MW. Furthermore, the company installed an additional 10MW solar power plant at Khayatar in September 2024 for INR703 million which was funded through INR562.6 million of term loan from bank, INR100 million of unsecured loans from the promoters and the remaining through internal accruals. With the solar power plant starting operations, the company expects to save a significant portion of power costs October 2024 onwards. Ind-Ra expects a cost savings about INR60 million in FY25 and about INR120 million FY26 onwards. The EBITDA margin contracted and remained modest at 10.5% in FY24 (FY23: 15.93%) due to high priced inventory held in stock with the company along with fluctuations in cotton yarn prices. The return on capital employed decreased to 6.4% in FY24 (FY23: 7.7%). Ind-Ra expects the EBITDA margins to improve in the medium term owing to the significant savings in power costs. Experienced Promoters: LSSMPL's promoter, L S Prabhakaran, has more than two decades of experience in the textile industry, leading to established relationships with reputed customers such as Indo Count Industries Limited, R B Wovens Private Limited, among others. Liquidity Stretched: The average maximum utilization of the working capital limit was 87.5% over the 12 months ended July 2024. The company has only recently started utilizing the non-fund based working capital limits. The cash flow from operations stood positive at INR143.40 million in FY24 (FY23: INR330.54 million) due to favorable changes in the working capital. The free cash flow remained negative at INR6.93 million in FY24 (FY23: negative INR34.4 million) on account of its capex. LSSMPL has repayment obligations of INR235.20 million and INR265.31 million in FY25 and FY26, respectively. At FYE24, LSSMPL's free cash and bank balance stood at INR94.7 million (FYE23: INR9.36 million). Ind-Ra expects LSSMPL's liquidity would remain stretched given its high utilization of the working capital limits, along with high term loan obligations and a high net leverage. However, the agency expects the promoters to support the company by infusing money in the form of unsecured loans to fund the liquidity gap, if any. Rating Sensitivities Negative: Substantial deterioration in the scale of operations and profitability along with the net leverage remaining above 5.0x on a sustained basis will be negative for the ratings. Positive: Maintaining the scale of operations along with the net leverage reducing below 4.0x, while improving the liquidity position on a sustained basis, could lead to a positive rating action. About the Company LSSMPL, incorporated in October 2019, manufactures cotton yarn in the average counts of 80s. It is located in Theni, Tamil Nadu. LINGAYA'S SOCIETY: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Lingaya's Society (LIS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 17.53 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 8.70 CRISIL D (Issuer Not Cooperating) Term Loan 13.77 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with LIS for obtaining information through letter and email dated September 9, 2024 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 LIS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on LIS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of LIS continues to be 'CRISIL D Issuer Not Cooperating'. LIS was set up in 2010 as Lingaya Jankalyan Shikshan Sansthan (LJSS); the name was changed in 1998. The society conducts courses through various educational institutes set up in the National Capital Region. It is promoted by Mr. V K Sinha. M. P. K. ISPAT: CRISIL D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of M. P. K. Ispat India Private Limited (MPKM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Standby Line 1.5 CRISIL D (Issuer Not of Credit Cooperating) Term Loan 6.5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MPKM for obtaining information through letter and email dated September 9, 2024 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 MPKM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MPKM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MPKM continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. For arriving at the ratings, CRISIL Ratings has combined the business and financial risk profiles of MPKI, MPK Metals Pvt Ltd (MPKM), and MPK Steels India Pvt Ltd (MPKS). This is because the three companies, together referred to as the MPK group, have common ownership and management, and MPKM and MPKM have the same product profile and sell under a common brand. MPKI has been set up in order to backward integrate into billet manufacturing for supporting the operations of the other two companies and has also received corporate guarantees from them for its bank funding. MPKS was set up as a private limited concern in 2005. It manufactures structural products, including thermo-mechanically treated (TMT) bars, channels, angles, and joints, at its manufacturing facility in Jaipur. The company markets the products under its own brand, MPK. The operations of the company are managed by Mr. Santosh Kumar Upadhyay and his son, Mr. Manoj Upadhyay. MPKM was set up as a private limited concern in 2009 and manufactures structural products including TMT bars, channels, angles, and joints at its manufacturing facility in Jaipur and markets the same under its MPK brand. The operations of the company are managed by Mr. Santosh Kumar Upadhyay and Mr. Manoj Upadhyay. MPKI was set up as a private limited concern in 2010 and started operations in 2012-13 (refers to financial year, April 1 to March 31) with 2013-14 being its first full year of operations. The company has been set up as a backward integration unit of the group to manufacture steel billets and ingots for captive consumption in MPKS and MPKM. The company has its plant in Bagru (Jaipur) and is managed by Mr. Santosh Kumar Upadhyay and Mr. Manoj Upadhyay. MAHALAXMI INVESTMENT: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mahalaxmi Investment and Trading Private Limited (MITPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 8 CRISIL D (Issuer Not Cooperating) Cash Credit 8 CRISIL D (Issuer Not Cooperating) Letter of Credit 8 CRISIL D (Issuer Not Cooperating) Overdraft Facility 2 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MITPL for obtaining information through letter and email dated September 9, 2024 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 MITPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MITPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MITPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Incorporated in 1986, MITPL is promoted by Mr Umesh Jhalani and family. The company is based out at Ratlam in Madhya Pradesh. The company manufactures components used in electrical items such as distribution transformers, switchgears, meter boxes, feeder pillars, distribution boxes, and junction boxes used in the distribution of power. MAITHRI DRUGS: Ind-Ra Corrects October 11, 2024 Rating Release -------------------------------------------------------------- India Ratings and Research (Ind-Ra) rectifies Maithri Drugs Private Limited's (MDPL) rating published on October 11, 2024 to revise the Short-term rating to 'IND A4+ (ISSUER NOT COOPERATING)' in both the tables – Details of Instruments and Rating History. The amended version is as follows: India Ratings and Research (Ind-Ra) has downgraded Maithri Drugs Private Limited's (MDPL) bank facilities' ratings to 'IND BB/Negative (ISSUER NOT COOPERATING)' from 'IND BBB-/Negative (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating actions are: -- INR280 mil. Fund-based limits downgraded with IND BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; -- INR20 mil. Non-fund-based limits downgraded with IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR300 mil. Term loans due on December 2029 downgraded with IND BB/Negative (ISSUER NOT COOPERATING) rating. NOTE: ISSUER NOT COOPERATING: Issuer did not cooperate; based on best available information The downgrade is in accordance with Ind-Ra's Guidelines on What Constitutes Non-Cooperation. As per the guidelines, if an issuer has an investment grade rating outstanding while being noncooperative for more than six months with Ind-Ra, then Ind-Ra will necessarily downgrade such rating to the non-investment grade, while maintaining the Issuer Not Cooperating status. Ind-Ra has not received adequate information and has not been able to conduct management interaction with MDPL while reviewing the ratings. Ind-Ra had consistently followed up with the company over emails since October 3, 2024, apart from phone calls. The issuer has also not been submitting its monthly no default statements. Ind-Ra is unable to provide an updated forward-looking view on the credit ratings of MDPL, as the agency does not have adequate information to review the ratings. Hence, the current outstanding ratings might not reflect the company's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The company has been non-cooperative with the agency since April 22, 2024. About the Company Established in 2013 in Hyderabad, MDPL manufactures bulk drugs catering to a broad range of therapeutic categories including anti-anemics, anti-bacterial, anti-diabetic, anti-fungal, anti-hyperthyroidism, anti-inflammatory, anti-viral, antihypertensive, and cardiovascular, among others. It has a manufacturing facility in Hyderabad, with an installed capacity of 108 kilo liters per annum that was to increase to 350 kilo liter per annum by FY24 with its ongoing capex. MANAPPURAM FINANCE: S&P Affirms 'BB-' LT ICR, Outlook Stable ------------------------------------------------------------ S&P Global Ratings affirmed its 'BB-' long-term and 'B' short-term issuer credit ratings on Manappuram Finance Ltd. The outlook on the long-term rating is stable. S&P also affirmed the 'BB-' long-term issue rating on Manappuram's senior secured notes issued under its MTN program. S&P affirmed the rating because it expects Manappuram to be able to largely withstand any likely fallout of the regulatory actions on Asirvad Microfinance Ltd., a wholly owned subsidiary. S&P's ratings on Manappuram benefit from the company's very strong capitalization and earnings, and position as a leaders in gold-backed lending in India. Manappuram has well-matched assets and liabilities. As of end June 2024, microfinance loans accounted for about 25% of the company's consolidated total loan book, while gold-backed loans accounted for 53%. The Reserve Bank of India's (RBI) order restraining some nonbank finance companies (NBFCs), including Manappuram Finance Ltd.'s subsidiary, from providing new loans elevates reputational risk for the parent. The order could also disrupt Manappuram's access to funding. Manappuram's very strong capitalization, low leverage, and high profitability should help it to manage the financial impact of this restriction, in S&P's view. Manappuram's year-on-year loan growth could decline to about 15% over the next six months, from 21.2% at end June 2024. This is assuming the restriction on loan disbursals stays over the period. The restriction could also lower the company's return on average assets by 60-65 basis points (bps) to about 3.85% by end March 2025, compared with an annualized 4.5% at end-June 2024. In addition, Manappuram operates in a confidence sensitive market, and any perceived governance issues can render the company prone to reputational risks. S&P has highlighted the reputational issues at the company and outlined steps it had taken to address them. S&P said, "We will continue to assess the impact of the RBI's order on Manappuram's access to funding. Although that is not our base case, the rating could come under pressure if we foresee challenges in the company's access to funding. This may happen for example if the restrictions prolong." Manappuram has close to 75% of its total borrowings from banks (mostly public sector) in the form of working capital and term loans. Working capital loans can be recalled at short notice, though banks would typically do that only in extreme stress scenarios. Manappuram's exposure to commercial paper is also minimal, at about 2% of the total consolidated borrowings as of end June 2024. The company also benefits from a low leverage ratio of about 3x. The microfinance sector in India has come under significant asset quality stress in recent quarters. S&P understands Asirvad is in breach of some financial covenants for about 3% of its borrowings. However, the company has taken necessary approvals from the lenders or repaid such loans. These factors, coupled with the regulatory moves against Asirvad, will constrain the company's loan growth and profitability, and also of the consolidated group. Asirvad's capital-raising plans in the form of an IPO could also be affected. S&P understands from Mannapuram that Asirwad's asset liability management is well matched for the next six months. Mannapuram can also provide contingent liquidity support to its subsidiary, if needed. As of end-June, 2024, Manappuram had about INR79 billion in working capital loans and liquid assets of about INR62 billion. The company also has an asset base of largely shorter tenor and self-liquidating loans, tempering refinancing risk. The RBI has asked Asirvad and three other NBFCs to cease or desist from making new loan sanctions and disbursements. The RBI's action reflects its concerns around extremely high interest rates charged by the NBFCs, and risk management processes, customer service and grievance redressal. The order does not preclude collections and recovery of existing loans. The RBI has also pointed out concerns around evergreening of loans and conduct of gold loan portfolios. It has mandated disclosures on interest rates and fees, and outsourcing of core financial services for these four NBFCs. The RBI's restrictions typically last for about six to 12 months. For example, the central bank lifted its ban on IIFL Finance Ltd. in relation to its gold-backed lending business in September 2024, six months after the restrictions were imposed. The central bank's latest actions come on the back of a series of observations in the past 12 months. The RBI has expressed concerns around irregular practices in the gold-backed lending sector. It has taken stringent actions on financial institutions that it sees as failing to comply with regulatory guidelines. The stable outlook on Manappuram reflects S&P's view that the company's very strong capitalization will help it to largely absorb the financial impact of the RBI's restraining order. S&P said, "Our base case expects the company to be able to remedy the central bank's concern in about six months and exit the embargo. We also believe this action will not significantly elevate reputational risks for Manappuram and significantly disrupt its access to broader funding sources. We do not assume new challenges that raise concerns on the company's perceived governance. "We could downgrade Manappuram if we see a significant deterioration in the company's funding profile beyond our base case expectations. This could happen, for example, in situations of heightened reputation risk, where the company's access to competitive funding sources gets curtailed or banks limit refinancing and extension of maturing credit facilities or committed lines. "We could also lower the rating if Manappuram's credit costs increase substantially more than we expect, particularly in microfinance loans. "We see no upside to our ratings on Manappuram over the next 12 months, given the ongoing challenges. "That said, we could raise the ratings if Manappuram can diversify and maintain its funding profile to more long-term and stable sources. The share of short-term debt (including current maturity of long-term debt) falling sustainably below one-third of its total funding base including equity would indicate such improvement." NCL HOLDINGS: Ind-Ra Assigns BB- Term Loan Rating ------------------------------------------------- India Ratings and Research (Ind-Ra) has rated NCL Holdings (A&S) Ltd.'s non-convertible debentures (NCDs) and bank facilities as follows: -- INR782.17 mil. Non-convertible debentures* assigned with IND BB-/Stable rating; and -- INR150 mil. Term loan due on September 20, 2026 assigned with IND BB-/Stable rating. Analytical Approach Ind-Ra has taken a standalone view of NCL for assigning the ratings. However, Ind-Ra has factored into the ratings the corporate guarantee of INR650 million NCL has provided to its subsidiary Kakatiya Industries Private Limited. Detailed Rationale of the Rating Action The rating is constrained by NCL's small scale of operations and weakened credit metrics, marked by a higher leverage ratio, during FY24. Also, the company's projects are in the preliminary stages. However, the rating is supported by the revenue visibility stemming from the new projects which the company would undertake in FY25 and its comfortable profitability margin in FY24. Detailed Description of Key Rating Drivers Small Scale of Operations with Weak Credit Metrics: NCL is engaged in the purchase and sale of lands. The provisional operating revenue declined to INR170.4 million in FY24 ( FY23: INR648.26 million) due to a drop in the sale of land. The company has 150 acres of land bank held as inventory in its books (other than those associated with development projects), market value being INR564.61 million. The management expects the same to be sold during FY25 - FY28. Ind-Ra however expects the scale of operations to remain small in FY25, since it will be the year of commencement of real estate projects. The interest coverage (operating EBITDA/gross interest expenses) marginally improved to 1.12x in FY24 (FY23: 0.95x) due to an increase in absolute EBITDA. However, the net leverage (total adjusted net debt/operating EBITDAR) fell to 10.3x in FY24 (FY23: 1.75x) on account of increased debt and the same stretches to 17.33x after considering the corporate guarantee of INR650 million provided to its subsidiary. Ind-Ra expects the overall credit metrics to remain weak during the initial years of the commencement of real estate operations, before an improvement could be seen in the ratios, in line with the improvement in the scale of operations. Stretched liquidity: Please refer to the liquidity section in RAC Early Stage Projects - Short Track Record: NCL has entered into a new residential project which the management expects to commence from September 2025, wherein the company plans to build 40 flats with a buildup area of 50,000 sq feet . The costs will be incurred till September 2027 and the company will realize revenue from sale of flats during FY27-FY28. Existing Project - Moderate Certainty of Cash Flows: NCL has entered a joint venture agreement with M/s Privilege Constructions to build luxury flats in Quthbullapur, Hyderabad. Management of the company expects the project to be completed by PRIVILEGE CONSTRUCTIONS by December 2024, post which NCL will be handed over 15 flats equivalent to an area of 25,540 sq ft, as per joint venture agreement. The market price per sq feet is estimated to be in the range of INR6000 - 6,500. Ind-Ra expects NCL to realize revenue from the sale of flats during FY25-FY26. Liquidity Stretched: The company has opted for term loan against shares of INR150 million and has issued two unlisted, secured redeemable non-convertible debentures on a private placement. As on 30 March 2024, 78,217 debentures with each INR10,000 were outstanding, at a coupon rate of 11% per annum (quarterly interest) with a maturity of eight years, 11.46% per annum (annual interest) with a maturity of nine years. The company will use the monies for meeting working capital needs. As per the management, the redemption of the debentures would be at the end of debenture duration and also will be based on project cash flows. The cash and cash equivalents stood at INR15.14 million at FYE24 (FYE23: INR414.48 million). NCL has debt repayments of INR45 million in FY25. The company does not have any capital market exposure and relies on internal accruals and banking facilities to meet its funding requirements. The cash flow from operations fell to negative INR80 million in FY24 (FY23: INR44.5 million) on account of negative changes in working capital. Ind-Ra expects the debt service coverage ratio to be weak in the range of 0.9x – 1.4x during the initial years of operations and the liquidity to remain under pressure if the finished inventory is not liquidated, given the sizeable, committed construction cost for under construction & new projects, along with sizeable scheduled debt repayments. Rating Sensitivities Negative: Any increase in the saleability risk, resulting in a high unsold inventory and further stress on the liquidity position would be negative for the ratings. Positive: Successful project completion with envisaged cash inflows from the sale resulting in an improvement in the liquidity position would be positive for the ratings. About the Company NCL was incorporated in 2018 and has its registered office in Hyderabad, Telangana. It is engaged in the business of purchase and sale of land and real estate. The company is developing a project along with Privilege Constructions in Petbasheerabad, Hyderabad which is expected to be finished by December 2024. NEHA INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Neha Infrastructures (NI) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.00 CRISIL D (Issuer Not Cooperating) Cash Credit 3.60 CRISIL D (Issuer Not Cooperating) Proposed Fund- 0.83 CRISIL D (Issuer Not Based Bank Limits Cooperating) CRISIL Ratings has been consistently following up with NI for obtaining information through letter and email dated September 9, 2024 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 NI, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on NI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NI continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. NI is a Bengaluru-based proprietorship firm. It was set up in 2004 by Mr. Sundar Raju. The firm undertakes civil construction work mainly for overhead tanks in and around Bangalore, Karnataka. NUI PULP: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Nui Pulp and Paper Industries Private Limited (NPPIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 5 CRISIL D (Issuer Not under Letter Cooperating) of Credit Packing Credit 4 CRISIL D (Issuer Not in Foreign Currency Cooperating) Proposed Short Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with NPPIPL for obtaining information through letter and email dated September 9, 2024 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 NPPIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on NPPIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NPPIPL continues to be 'CRISIL D Issuer Not Cooperating'. NPPIPL, incorporated in September 2009, manufactures and exports polyethylene-coated cups, and stock paper rolls and cups. It started commercial operations in May 2012. NPPIPL is based in Chittoor (Andhra Pradesh) and is promoted by Mr Shameel E P. OM SHAKTHI: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of OM Shakthi Exports (OM) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with OM for obtaining information through letter and email dated September 9, 2024 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 OM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on OM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of OM continues to be 'CRISIL D Issuer Not Cooperating'. Set up in 2013, OM is a partnership firm of Mr. Gulhatty Shekhar and Mr.Raghunath Babu. The firm is engaged in mining, processing and exports of granite blocks, slabs and tiles. PARCOS TILES: Ind-Ra Hikes Bank Loan Rating to BB+ -------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on Parcos Tiles LLP's (PTLLP) bank facilities: -- INR80 mil. Fund-based working capital limit upgraded with IND BB+/Stable rating; -- INR176.38 mil. (reduced from INR200 mil.) Term loan due on August 2028 upgraded with IND BB+/Stable rating; -- INR23.62 mil. Proposed fund-based working capital limit assigned with IND BB+/Stable rating; and -- INR70 mil. Non-fund-based working capital limit affirmed with IND A4+ rating. Detailed Rationale of the Rating Action The upgrade reflects an improvement in PTLLP's scale of operations and the credit metrics in FY24. In FY25, Ind-Ra expects a marginal improvement in the scale of operations, EBITDA margins and credit metrics. The ratings factor in the company's continued modest EBITDA margins and stretched liquidity. The ratings are, however, supported by the promoters' nearly 10 years of experience in the ceramic industry. Detailed Description of Key Rating Drivers Modest EBITDA Margins: In FY24, PTLLP's EBITDA margins declined and remained modest at 6.66% (FY23: 7.95%) on account of an increase in its raw material and power costs. In FY24, PTLLP's return on capital employed reduced to 6% ion FY24 (FY23: 6.9%). Raw materials, power and fuel are the major costs incurred for manufacturing tiles; hence its EBITDA margins are susceptible to fluctuations in fuel expenses and power rates. In FY25, Ind-Ra expects a slight improvement in the EBITDA margins on account of better absorption of fixed costs. Stretched Liquidity: In FY24, the cash flow from operations declined to INR4.93 million (FY23: INR11.89 million) due to an increase in the working capital requirements on account of an increase in the scale of operations. Furthermore, its free cash flow remained negative INR26.55 million (FY23: negative INR188.32 million). PTLLP had repayment obligations of INR47.73 million each in FY25 and FY26. The company does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Improvement in Scale of Operations: In FY24, PTLLP's revenue increased to INR1,272.45 million (FY23: INR849.2 million), on account of an increase in its orders executed, supported by increased capacity utilization to 28,000 boxes per day (November 2022: 14,000 boxes per month) on a full year basis. Its EBITDA also increased to INR84.71 million in FY24 (FY23: INR67.55 million). PTLLP's domestic sales accounted for 88.38% of its revenue in FY24 (FY23: 81.91%), while merchant exports constituted 7.57% (16.87%) followed by direct exports 4.05% (1.22%). For 5MFY25, PTLLP booked revenue of INR514.94 million. In FY25, Ind-Ra expects a marginal improvement in the revenue, supported by stable demand and introduction of new tiles, namely 12 mm thickness 2x2 parking tiles. Improvement in Credit Metrics: In FY24, PTLLP's gross interest coverage (operating EBITDA/gross interest expense) improved to 3.53x (FY23: 2.17x) and the net leverage (adjusted net debt/operating EBITDA) reduced to 4.02x (5.17x), due to the increase in its EBITDA coupled with the repayment of debt worth INR43.7 million (INR47.73million). In FY25, Ind-Ra expects an improvement in the credit metrics, supported by the likely increase in the EBITDA and scheduled debt repayments. PTLLP does not have any major capex plan for FY25. Promoter's Experience: The ratings are supported by the promoters' nearly 10 years of experience in the ceramic industry, leading to established relationships with customers as well as suppliers. Liquidity Stretched: PTLLP's average maximum utilization of the fund-based limits was 94.35% and non-fund-based limits was 87.42% during the 12 months ended August 2024. In FY24, PTLLP's working capital cycle reduced to 87 days (FY23: 107 days), due to a reduction in the debtor days to 83 days (95 days) on account of better follow-up and a reduction in the inventory days to 28 days (42 days). At FYE24, its cash and cash equivalent stood at INR16.06 million (FYE23: INR9.26 million). Rating Sensitivities Negative: A decline in the scale of operations or profitability, leading to deterioration in the overall credit metrics or further pressure on the liquidity position, all on a sustained basis, could lead to a negative rating action. Positive: An increase in the scale of operations, leading to an improvement in the credit metrics with the net leverage reducing below 3.5x along with an improvement in the liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company PTLLP was incorporated in 2016 and manufactures coastline tiles and vitrified tiles at its facility in Morbi, Gujarat. RAJIB CASHEW: CRISIL Keeps Debt D Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Rajib Cashew Processing Private Limited (RCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.9 CRISIL D (Issuer Not Cooperating) Cash Credit 9.0 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with RCPL for obtaining information through letter and email dated September 9, 2024 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 RCPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RCPL continues to be 'CRISIL D Issuer Not Cooperating'. Incorporated on April 18, 2012, RCPL is promoted by Mr S K Nuruddin, Ms Anar Bibi and Mr S K Rajib Uddin. The company processes cashew-nut at its plant located at Purba Medinipur, West Bengal. Operations commenced in April 2013. RAVI CRANES: Liquidation Process Case Summary --------------------------------------------- Debtor: Ravi Cranes and Movers Limited Plot No. 9 Model Colony, Hyderabad TG 500033 IN Liquidation Commencement Date: September 27, 2024 Court: National Company Law Tribunal, Hyderabad Bench Liquidator: Mummaneni Vazra Laxmi Flat No. 107, V.V. Vintage Residency, Somajiguda, Hyderabad 500082 -- and -- Flat No. 503, Sri Aditya Landmark Somajiguda, Hyderabad 500082 Email: emailtolak@gmail.com Email: rcmlirp2022@gmail.com Last date for submission of claims: November 2, 2024 RITISHA OILS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Ritisha Oils Private Limited (ROPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with ROPL for obtaining information through letter and email dated September 9, 2024 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 ROPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ROPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ROPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. In 2012, Mr. Ramit Jain set up Manidhari Oils Private Limited, which trades in edible oils and has the same set of customers and suppliers as Ritisha Oils Private Limited. Ritisha Oils Private Limited was set up in 2009 by Mr. Ramit Jain. The company is based in Delhi and trades in edible oils. S.B. INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of S.B. Industries (SB) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 CRISIL D (Issuer Not Cooperating) Cash Credit 5.5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SB for obtaining information through letter and email dated September 9, 2024 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 SB, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SB continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. SB was established in Delhi by Mr. Bhutani in 1984. The firm manufactures and markets electrical wires and cables. S.K. EXPORTS: Ind-Ra Affirms BB- Bank Loan Rating ------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on S.K. Exports' (SKE) bank facilities: -- INR40 mil. Non-fund-based capital limits affirmed with IND A4+ rating; -- INR50 mil. Term loan due on November 10, 2028 affirmed; Outlook revised to Negative with IND BB-/Negative rating; and -- INR210 mil. Fund-based limits affirmed; Outlook revised to Negative with IND BB-/Negative rating. Detailed Rationale of the Rating Action The affirmation reflects SKE's continued small scale of operations, modest credit metrics, stretched liquidity and modest EBITDA margin. In FY25, Ind-Ra expects the revenue and credit metrics to improve but the EBITDA margin to remain modest. The ratings are, however, supported by the promoters' more than three decades of experience in the construction industry. The Negative Outlook reflects a lower-than-anticipated recovery in the company's financial performance in FY25 due to the fire accident at one of its unit. Detailed Description of Key Rating Drivers Continued Small Scale of Operations: SKE's revenue declined to INR481.9 million in FY24 (FY23: INR737 million) owing to the weakness in global exports market and a fire accident at one of its unit in June 2023, leading to a halt in production. The unit resumed operations in August 2023. Consequent to the decline in revenue, the EBITDA decreased to INR36.61 million in FY24 (FY23: INR43.43 million). During 5MFY24, SKE clocked revenue of about INR200 million and had an order book of INR250 million as of August 2024, to be executed by December 2024. In FY25, Ind-Ra expects the revenue to increase on account of increased demand from the exports markets. FY24 figures are provisional in nature. EBITDA Margin Remains Modest: The EBITDA margin improved to 7.6% in FY24 (FY23: 5.89%), due to cost-cutting measures adopted by management. The return on capital employed was 9.6% in FY24 (FY23: 11.2%). However, Ind-Ra expects the EBITDA margin to decline in FY25 due to stabilization of raw material prices and similar nature of operations. Sustained Modest Credit Metrics: The net financial leverage (adjusted net debt/operating EBITDAR) deteriorated to 6.30x in FY24 (FY23: 5.56x) and the gross interest coverage (operating EBITDA/gross interest expense) to 1.43x (1.89x), due to the decrease in EBITDA and an increase in interest expenses to INR25.61 million (INR22.96 million). However, Ind-Ra expects the credit metrics to improve in FY25 on the back of scheduled debt repayments and a likely increase in the EBITDA. Stretched Liquidity: The net working capital cycle remained elongated and increased to 284 days in FY24 (FY23: 169 days) due to a long inventory holding period of 310 days (177 days) and an increase in the receivable period to 85 days (61 days), partially offset by a rise in creditor period to 111 days (69 days). The cash flow from operations turned negative to INR12.76 million in FY24 (FY23: INR37.03 million) due to unfavorable changes in working capital. Consequently, the free cash flow turned negative to INR4.67 million in FY24 (FY23: INR27.92 million). SRIPL has debt repayment obligations of INR27.3 million and INR22.6 million for FY25 and FY26, respectively. Experienced Promoters: SKE's partners have more than three decades of experience in the manufacturing of horse-riding accessories. Liquidity Stretched: SKE's average maximum utilization of the fund-based limits was 79.81% during the 12 months ended August 2024. The cash and cash equivalents stood low at INR3.77 million at FYE24 (FYE23: INR4.17 million). SKE does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A further decline in the scale of operations, leading to deterioration in the credit metrics with the interest coverage sustaining below 2.0x and/or deterioration in the liquidity on a sustained basis, will be negative for the ratings. Positive: Substantial growth in the scale of operations leading to an improvement in the credit metrics, on a sustained basis, and liquidity will be positive for the ratings. About the Company Established in 2000, SKE was founded by Sidharth Kapoor along with his family members. The firm manufactures horse-riding accessories such as saddle, strappings, ridding breeches, and work wear at its manufacturing facilities in Kanpur, Unnao, and Rooma. The firm commenced commercial operations in 2002. SABITRI RICE: CRISIL Keeps C Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Sabitri Rice Mills Private Limited (SRMPL) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.1 CRISIL A4 (Issuer Not Cooperating) Cash Credit 9 CRISIL C (Issuer Not Cooperating) Proposed Long Term 0.7 CRISIL C (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with SRMPL for obtaining information through letter and email dated September 9, 2024 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 SRMPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SRMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SRMPL continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. SRMPL, promoted by Mr. Dilip Kumar Agarwalla in 2007 and based in Karanjia, Odisha, processes paddy into raw and parboiled rice. It also sells broken rice and rice bran, which are by-products of the milling process. SARAVANA ENGINEERING: Ind-Ra Assigns BB+ Bank Loan Rating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Saravana Engineering and Infratech Private Limited's (SEIPL) bank facilities as follows: -- INR150 mil. Fund-based working capital limit assigned with IND BB+/Stable/IND A4+ rating; -- INR50 mil. Non-fund-based working capital limit assigned with IND A4+ rating; -- INR333.22 mil. Proposed non-fund-based working capital limit assigned with IND A4+ rating; and -- INR46.78 mil. Term loan due on March 31, 2032 assigned with IND BB+/Stable rating. Detailed Rationale of the Rating Action The ratings reflect SEIPL's small scale of operations and intense competition in the industry. Ind-Ra expects the scale of operations to improve in the medium term, on the back of an improvement in its order book, leading to an improvement in its EBITDA. However, the ratings are supported by healthy EBITDA margins, comfortable credit metrics and promoters experience. Detailed Description of Key Rating Drivers Small Scale of Operations: SEIPL's scale of operations remained small with its revenue surging to INR611.63 million in FY24 (FY23: INR293.76 million) led by an improvement in its order book and revenue from works contract. Its EBITDA increased to INR46.59 million in FY24 (FY23: INR16.19 million). The revenue from trading, manufacturing and consultancy accounted for 30% of the total revenue in FY24 while works contract formed the rest. Until 4MFY25, SEIPL booked revenue of INR32.43 million and had an order book of INR8,893.8 million as of July 2024. In the medium term, Ind-Ra expects the revenue to improve, due to an increase in the project execution backed by its order book size. Tender-based Operations; Intense Competition: Given intense competition, the revenue and profitability of entities in the business entirely depend on the ability to win tenders. Thus, they have to bid aggressively to obtain contracts, which restricts the operating margin to moderate levels. Stretched Liquidity: The cash flow from operations turned negative INR32.53 million in FY24 (FY23: INR 125.89 million), due to adverse working capital changes. Furthermore, the free cash flow stood at INR41.55 million (FY23: INR100.47 million) due to the absence of higher capex. SEIPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Healthy EBITDA Margins: SEIPL's EBITDA margins increased to 7.62% in FY24 (FY23: 5.51%), on account of an increase in the revenue from works contract which generates higher margin than that of trading activities. The return on capital employed increased to 18.2% in FY24 (FY23: 6%). In the short term, Ind-Ra expects the EBITDA margin to improve due to an increase in the works contract revenue. Comfortable Credit Metrics: SEIPL's gross interest coverage (operating EBITDA/gross interest expense) deteriorated to 5.62x in FY24 (FY23: 29.98x; FY22: 7.36x), due to an increase in interest expense following the company's increased utilization of fund-based or non-fund based in FY24 compared to that in FY23. The net leverage (adjusted net debt/operating EBITDA) reduced to 3.03x in FY24 (FY23: 6.07x; FY22: 4.74x), owing to an increase in the EBITDA to INR46.59 million (INR16.19 million; INR23.85 million). Ind-Ra expects the interest coverage and leverage ratio to improve due to a likely increase in the absolute EBITDA following a likely increase in the revenue. Extensive Promoters Experience: The company's promoters have more than three decades experience in the construction and infrastructure industry. The promoter's strong understanding of market dynamics and healthy relationships with suppliers and customers should continue to support business risk profile. Liquidity Stretched: SEIPL's average maximum utilization of the fund-based limits was 82.74% and non-fund-based limits was 100% during the 12 months ended July 2024. The average net working capital cycle increased to 17 days in FY24 (FY23: 6 days), mainly on account of reduction in working capital days. The company provides 73 days credit period to its customers and receives around 77 days credit period from its suppliers. The inventory holding period stood at 20-60 days. SEIPL has debt repayment obligations of INR4.08 million and INR6.12 million in FY25 and FY26, respectively. The cash and cash equivalents stood at INR1.9 million at FYE24 (FYE23: INR28.97 million). Rating Sensitivities Negative: Deterioration in the scale of operations leading to deterioration in credit metrics, or a deterioration in the liquidity position, on a sustained basis, would be negative for the ratings. Positive: An improvement in scale of operations, while maintaining the credit metrics with the interest coverage remaining above 3x and an improvement in liquidity, on a sustained basis, would be positive for the rating About the Company Saravana Engineering Works was established in 2009 at Dindigul, Tamil Nadu. It was a proprietary business run by S. Lakshmanan. The company engages in trading, manufacturing and works contracts. In April 2024, SEW was taken over by SEIPL along with its assets and liabilities. SHREERAKSHYAN INFRACON: Ind-Ra Affirms BB Bank Loan Rating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on Shreerakshyan Infracon Private Limited 's (SIPL) bank loans: -- INR20 mil. Fund-based working capital limit assigned with IND BB/Stable/IND A4+ rating; -- INR60 mil. Non-fund-based working capital limit assigned with IND A4+ rating; -- INR40 mil. Fund-based working capital limit affirmed with IND BB/Stable/IND A4+ rating; and -- INR190 mil. Non-fund-based working capital limit affirmed with IND A4+ rating. Detailed Rationale of the Rating Action The ratings reflect SRIPL's stretched liquidity, continued small scale of operations, and average EBIDTA margins. In the medium term, Ind-Ra expects the revenue and EBITDA margins to remain at similar level. However, the ratings are supported by the company's comfortable credit metrices and the promoters' more than two decades of experience in the construction industry. Detailed Description of Key Rating Drivers Stretched Liquidity: SRIPL's average maximum utilization of the fund-based and non-fund-based limits was 99.33% and 100%, respectively, during the 12 months ended August 2024. SRIPL has repayment obligations of INR41.2 million in FY25 and INR27.3 million for FY26. SRIPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Continued Small Scale of Operations: SRIPL's scale of operations remained small, with its revenue marginally declining to INR512.51 million in FY24 (FY23: INR517.63 million), due to similar nature of orders received for construction of canals and bridges in Odisha and the timely execution of the same. The EBIDTA also declined to INR45.54 million FY24 (FY23: INR50.02 million. SRIPL has an unexecuted orderbook of INR628.51 million in hand as of March 31, 2024 to be executed until FY26, giving it a medium-term revenue visibility. As of August 2024, SRIPL booked revenue of INR112 million. Historically, the company bills more work in the second half of the year and the management expects to book revenue of INR550 million in FY25. Ind-Ra expects the revenue to remain at similar level in FY25, given the company's existing orderbook and demand. Average EBIDTA Margins: SRIPL's EBITDA margins declined and remained average at 8.89% in FY24 (FY23: 9.67%), due to an increase in the costs of materials consumed following a delay in execution of some projects. The return on capital employed stood at 14.6% in FY24 (FY23: 16.15%). Ind-Ra expects the EBITDA margin to remain at similar level in FY25, due to no major change in cost structure of the company as similar orders are being executed. Comfortable Credit Metrics: The ratings reflect SRIPL's average credit metrics with the gross interest coverage (operating EBITDA/gross interest expenses) at 3.18x in FY24 (FY23: 3.21x) and the net leverage (adjusted net debt/operating EBITDAR) at 2.35x (2.37x), due to the stable EBITDA. In FY25, Ind-Ra expects the credit metrics to remain stable due to the lack of a major capex plan and its scheduled repayments of term loans. Experienced Promoters: The ratings are also supported by the promoters' more than two decades of experience in the civil construction for government, semi-government, private and co-operative sectors in Odisha. Liquidity Stretched: SRIPL's cash flow from operations turned positive at INR66.72 million in FY24 (FY23: negative INR18.32million) due to favorable changes in the working capital. Furthermore, the free cash flow also turned positive to INR66.72million in FY24 (FY23: negative INR38.22 million). The company's net working capital reduced to 47 days in FY24 (FY23: 82 days), due to lower debtor days of 27 (50), following faster realization of payment received from debtors. The cash and cash equivalents stood at INR51.86 million at FYE24 (FYE23: INR10.59 million). Rating Sensitivities Negative: A substantial decline in the scale of operations, leading to deterioration in the credit metrics and liquidity position, all on a sustained basis, will lead to a negative rating action. Positive: A substantial increase in the scale of operations while maintaining the credit metrics and an improvement in the liquidity position, all on a sustained basis, will lead to a positive rating action. About the Company Incorporated in 2014, Odisha-based SRIPL constructs canals and roads for various government departments. Hara Gopal Patro and Sonika Patro are the promoters. SIGUE SUPPORT: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Sigue Support Services Private Limited Unit 4A, AWFIS, Vaman Techno Center, 6th Floor Marol Naka, Makwana Road, Andheri-East, Mumbai City, Mumbai, Maharashtra, India 400059 Liquidation Commencement Date: October 10, 2024 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Vallabh Narayandas Sawana Building No. 11, Flat No, 505, Regency Sarvam, Ganesh Mandir Road Titwala (East), Kalyan, District - Thane 421605 Maharashtra Email: ipvallabhsawana@gmail.com Last date for submission of claims: November 9, 2024 SONALI EXIM: CRISIL Lowers Rating on INR9.54cr New Loan to D ------------------------------------------------------------ CRISIL Ratings has downgraded its rating on the long-term bank facilities of Sonali Exim Private Limited (SEPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.25 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') Proposed Cash 9.54 CRISIL D (ISSUER NOT Credit Limit COOPERATING; Downgraded from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') Working Capital 0.71 CRISIL D (ISSUER NOT Term Loan COOPERATING; Downgraded from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with SEPL through letters and emails dated December 28, 2023 and October 12, 2024, among others, apart from telephonic communication, for obtaining information. 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 company's management, CRISIL Ratings did not receive any information on the financial performance or strategic intent of SEPL, which restricts the ability of CRISIL Ratings to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes the rating action on SEPL is consistent with 'Assessing Information Adequacy Risk'. Based on last available information and banker feedback that the account has turned into a non-performing asset (NPA), CRISIL Ratings has downgraded its rating on the long-term bank facilities of SEPL to 'CRISIL D Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'. The rating downgrade factors in the banker feedback mentioning the account has turned NPA, which reflects the delay and inability of the company to repay its term debt obligation. Incorporated in 2010, SEPL exports (One star export house) and trades in or wholesales dress materials and other fabrics. The company is owned and managed by Deepak Agarwal. SUNSHINE VEGETABLES: Ind-Ra Cuts Loan Rating to B+ -------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Sunshine Vegetables Private Limited rating to IND B+/Negative (ISSUER NOT COOPERATING). The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating actions are: -- INR22.50 mil. Fund Based Working Capital Limit downgraded with IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and -- INR43.40 mil. Term loan due on October 31, 2022 downgraded with IND B+/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The downgrade is in accordance with Ind-Ra's policy of Guidelines on What Constitutes Non-Cooperation. As per the policy, ratings of non-cooperative ratings issuers may get downgraded during subsequent reviews, if the issuer continues to remain non-cooperative. With passage of time and absence of updated information, the risk of sustaining the rating at current levels by relying on dated information increases, which may be reflected through a downgrade rating action Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Sunshine Vegetables Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Sunshine Vegetables Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Sunshine Vegetables Private Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Sunshine Vegetables Private Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in 2009, SVPL is engaged in carrot farming and has a cold storage capacity of 5,000MT. SUPER DRILLING: Ind-Ra Cuts Loan Rating to B -------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Super Drilling Private Limited rating to IND B/Negative (ISSUER NOT COOPERATING). The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating actions are: -- INR20 mil. Fund Based Working Capital Limit downgraded with IND B/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and -- INR60 mil. Non-Fund Based Working Capital Limit downgraded with IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The downgrade is in accordance with Ind-Ra's policy of Guidelines on What Constitutes Non-Cooperation. As per the policy, ratings of non-cooperative ratings issuers may get downgraded during subsequent reviews, if the issuer continues to remain non-cooperative. With passage of time and absence of updated information, the risk of sustaining the rating at current levels by relying on dated information increases, which may be reflected through a downgrade rating action Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Super Drilling Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Super Drilling Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Super Drilling Private Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Super Drilling Private Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in 1987, SDPL is undertakes drilling activities such as destructive drilling, tube well or water well drilling, micro tunneling and pipe jacking. SURAKSHA AVENUES: Ind-Ra Cuts Loan Rating to B ---------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Suraksha Avenues Pvt Ltd rating to IND B/Negative (ISSUER NOT COOPERATING). The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating action is: -- INR50 mil. Term loan downgraded with IND B/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The downgrade is in accordance with Ind-Ra's policy of Guidelines on What Constitutes Non-Cooperation. As per the policy, ratings of non-cooperative ratings issuers may get downgraded during subsequent reviews, if the issuer continues to remain non-cooperative. With passage of time and absence of updated information, the risk of sustaining the rating at current levels by relying on dated information increases, which may be reflected through a downgrade rating action Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Suraksha Avenues Pvt Ltd while reviewing the rating. Ind-Ra had consistently followed up with Suraksha Avenues Pvt Ltd over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Suraksha Avenues Pvt Ltd on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Suraksha Avenues Pvt Ltd.'s credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in 2010, SAPL is engaged in the construction of residential building, Akruthi Township in Bodduppal, Hyderabad. The company is managed by directors V.Aravinder Reddy, T. Sashikanth Reddy and A. Vivekananda Reddy. SURIYA GARMENTS: Ind-Ra Keeps B- Rating in NonCooperating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Suriya Garments' instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND B-/Negative (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR66.5 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND B-/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and -- INR1 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy of Issuer Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Suriya Garments while reviewing the rating. Ind-Ra had consistently followed up with Suriya Garments over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Suriya Garments on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Suriya Garments' credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated as a partnership firm in 2002, Suriya Garments manufactures knitted readymade garments and exports them to France and Brazil. TAN SINGH: Ind-Ra Moves BB+ Loan Rating to NonCooperating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on Tan Singh Chouhan's (TSC) bank facilities to Negative from Stable and has migrated the rating to the non-cooperating category. The ratings have been simultaneously withdrawn on the issuer's request. The detailed rating actions are: -- INR150 mil. Fund-based working capital limit* Outlook revised to Negative; rating migrated to non-cooperating category and withdrawn; -- INR500 mil. Non-fund-based working capital limit** migrated to non-cooperating category and withdrawn; and -- INR13.8 mil. Term loan*** due on January 23, 2027 Outlook revised to Negative; rating migrated to non-cooperating category and withdrawn. Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on best available information *Migrated to 'IND BB+/Negative (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn **Migrated to 'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn ***Migrated to 'IND BB+/Negative (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The Outlook revision to Negative indicates the non-cooperation could be symptomatic of possible disruption/distress in the issuer's business. The ratings have been migrated to the non-cooperating category before being withdrawn as the issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls, and has not provided information about latest audited financial statement, sanctioned bank facilities, business plans and projections for the next three years. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the rating, as the agency has received no-objection certificate from the lenders and a withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Tan Singh Chouhan while reviewing the ratings. Ind-Ra had consistently followed up with TSC over emails, apart from phone calls, from September 26, 2024 However, the company has submitted the no default statement until August 2024. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of TSC, as the agency does not have adequate information to review the ratings. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company TSC is a Rajasthan-based partnership firm established in 2003. The firm undertakes diversified projects which includes construction of roads, highways, bridges, buildings, flyovers and civil construction work from Public Works Department Rajasthan and private companies, which are secured on tender basis. The firm is a 'AA' class Public Works Department contractor and 'S' class Border Roads Organization contractor. Rajendra Singh Chouhan, Jogendra Singh Chouhan and Kamala Devi Chouhan as the partners. TARUN OILS: Ind-Ra Cuts Loan Rating to B- ----------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Tarun Oils Private Limited rating to IND B-/Negative (ISSUER NOT COOPERATING). The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating action is: -- INR81.5 mil. Fund Based Working Capital Limit downgraded with IND B-/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The downgrade is in accordance with Ind-Ra's policy of Guidelines on What Constitutes Non-Cooperation. As per the policy, ratings of non-cooperative ratings issuers may get downgraded during subsequent reviews, if the issuer continues to remain non-cooperative. With passage of time and absence of updated information, the risk of sustaining the rating at current levels by relying on dated information increases, which may be reflected through a downgrade rating action Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Tarun Oils Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Tarun Oils Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Tarun Oils Private Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Tarun Oils Private Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Tarun Oils was incorporated in 2003 by Mr. Rajendra Mittal. It manufactures mustard oils and mustard cake at its 17,820mtpa facility in Morena, Madhya Pradesh. TEJINDER KAUR: Ind-Ra Cuts Bank Loan Rating to B ------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded Tejinder Kaur rating to IND B/Negative (ISSUER NOT COOPERATING). The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating actions are: -- INR13.9 mil. Fund Based Working Capital Limit downgraded with IND B/Negative (ISSUER NOT COOPERATING) rating; -- INR1 mil. Non-Fund Based Working Capital Limit downgraded with IND A4 (ISSUER NOT COOPERATING) rating; and -- INR40.38 mil. Term loan downgraded with IND B/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The downgrade is in accordance with Ind-Ra's policy of Guidelines on What Constitutes Non-Cooperation. As per the policy, ratings of non-cooperative ratings issuers may get downgraded during subsequent reviews, if the issuer continues to remain non-cooperative. With passage of time and absence of updated information, the risk of sustaining the rating at current levels by relying on dated information increases, which may be reflected through a downgrade rating action Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Tejinder Kaur while reviewing the rating. Ind-Ra had consistently followed up with Tejinder Kaur over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Tejinder Kaur on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Tejinder Kaur's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Tejinder Kaur is a partnership firm that provides LPG transportation services to major oil companies. THARUN CONSTRUCTION: Ind-Ra Cuts Loan Rating to B ------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Tharun Construction and Co rating to IND B/Negative (ISSUER NOT COOPERATING). The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating actions are: -- INR50 mil. Fund Based Working Capital Limit downgraded with IND B/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; -- INR250 mil. Fund-based working capital limits downgraded with IND B/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; -- INR150 mil. Non-Fund Based Working Capital Limit downgraded with IND A4 (ISSUER NOT COOPERATING) rating; and -- INR250 mil. Non-fund-based working capital limits downgraded with IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The downgrade is in accordance with Ind-Ra's policy of Guidelines on What Constitutes Non-Cooperation. As per the policy, ratings of non-cooperative ratings issuers may get downgraded during subsequent reviews, if the issuer continues to remain non-cooperative. With passage of time and absence of updated information, the risk of sustaining the rating at current levels by relying on dated information increases, which may be reflected through a downgrade rating action Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Tharun Construction and Co while reviewing the rating. Ind-Ra had consistently followed up with Tharun Construction and Co over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Tharun Construction and Co on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Tharun Construction and Co's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Established in 2016, TCC is a Class 1 civil contractor for Public Works Department Tamil Nadu. The company constructs buildings for hostels, government quarters, educational institutions, among others. TREESAS FOOD: Ind-Ra Assigns BB+ Term Loan Rating ------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned the following ratings to Treesa's Food Crafts Private Limited's (TFCPL) bank facilities: -- INR295.47 mil. Term loan due on September 6, 2031 assigned with IND BB+/Stable rating; -- INR200 mil. Fund-based working capital Limit assigned with IND BB+/Stable/IND A4+ rating; and -- INR154.53 mil. Proposed term loan assigned with IND BB+/Stable rating. Detailed Rationale of the Rating Action The ratings reflect TFCPL's stretched liquidity, modest EBITDA margin and medium scale of operations in FY24. However, the ratings are supported by the company's comfortable credit metrics, established brand, distribution network and the promoters' nearly two decade of experience in the ice-cream industry. Ind-Ra expects the revenue, EBITDA margins and credit metrics to improve in FY25. Detailed Description of Key Rating Drivers Stretched Liquidity: The average maximum utilization of the fund-based limits was 99.3% during the 12 months ended September 2024 with three instances of overutilization by one day for three consecutive months ended January 2024. The cash flow from operations turned positive at INR52 million in FY24 (FY23: negative INR87 million) and the free cash flow improved to negative INR24 million (negative INR140 million). The cash flow from operations and free cash flow improved due to an increase in the EBITDA to INR139 million in FY24 (FY23: INR72 million). The company does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. TFCPL has debt repayment obligations of INR56 million and INR54 million in FY25 and FY26, respectively. Modest EBITDA Margin: The rating reflects TFCPL's modest EBITDA margins of 9.54% in FY24 (FY23: 7.12%) with a return on capital employed of 5.1% (negative 6.7%). In FY24, TFCPL's EBITDA margins improved due to lower raw material cost owing to better purchase management. For 1QFY25, TFCPL witnessed an EBITDA margin of 13.3%, owing to seasonality. The company experiences peak during summer months followed by a decline in sales during the rainy season. In FY25, Ind-Ra expects the EBITDA margins to improve further on account of an improvement in the operating leverage due to the automation of processes and economies of scale. Medium Scale of Operations: The ratings reflect an improvement in TFCPL's revenue to INR1,461 million in FY24 (FY23: INR1,014.25 million) and EBITDA to INR139 million (INR72 million). In FY24, the revenue improved due to an increase in the demand for Mercelys brand ice-cream, the capitalization of the company's established distribution network and brand awareness of its former brand Meriiboy, which was led by the same promoter i.e., R. Joseph Marcely Kadambukattil. About 90% of TFCPL's revenue is generated from Kerala while the rest comes from Tamil Nadu, Karnataka, Telangana and Andhra Pradesh. The company is penetrating further into Tamil Nadu, Karnataka, Telangana, Andhra Pradesh, Goa and Middle Eastern countries including Qatar where TFCPL has a small presence. During 1QFY25, TFCPL had already booked a revenue of INR459.9 million. In FY25, Ind-Ra expects the revenue to improve, based on a sustained demand and the company's geographical expansion plans. Comfortable Credit Metrics: TFCPL's interest coverage (operating EBITDA/gross interest expense) improved to 3.01x in FY24 (FY23: 1.86x) and its net leverage (adjusted net debt/operating EBITDAR) to 3.83x (6.84x). In FY24, the credit metrics improved due to the increase in the EBITDA. TFCPL has planned a capex of INR150 million to be completed by June 2025, which will be funded through a term loan of INR110 million and the rest through internal accruals and unsecured loans. Till August 2024, TFCPL had already incurred INR40 million through own funds. Previously, TFCPL had incurred INR697 million for capex, which was funded by a term loan of INR240 million, equity of INR308 million and INR149 million through internal accruals and unsecured loans. In FY25, Ind-Ra expects the credit metrics to improve further despite the ongoing capex on account of a further improvement in the EBITDA. Established Brand and Distribution Network: The Mercelys brand is present in Kerala, Tamil Nadu, Karnataka, Telangana, Andhra Pradesh, Goa and Maharashtra. Previously, the promoter successfully led the popular ice-cream brand Meriiboy for more than 20 years. The company had a network of more than 300 distributors across southern India at end-August 2024. Experienced Promoter: R. Joseph Marcely Kadambukattil, the key promoter has an experience of more than two decades in the ice-cream industry. This has facilitated the company to establish strong relationships with customers as well as suppliers. Liquidity Stretched: The net working capital cycle elongated to 82 days in FY24 (FY23: 41 days) mainly on account of an increase in debtor days to 23 (8) and inventory days to 98 (75). The company provides 23 days of credit period to its customers and receives around 38 days credit period from its suppliers. The inventory holding period varies from 75-100 days (with an average raw material holding period of 150 days, work-in-progress of 10 days and finished good stocking of around 10 days). TFCPL's cash and cash equivalents were INR3.39 million at FYE24 (FYE23: INR3.17 million). Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics and/or deterioration in the liquidity position, will be negative for the ratings. Positive: An increase in the scale of operations, along with the maintenance of credit metrics with the net leverage below 3x and an improvement in the liquidity position, all on a sustained basis, will lead to a positive rating action. About the Company TFCPL was incorporated in 1995 but had no operations till 2018. In 2018, the company started setting up an ice-cream manufacturing unit in Dharmapuri, Tamil Nadu, which was completed in December 2021. The operations started in February 2022. The company sells ice-cream under the brand name Mercelys. The brand is present in Kerala, Tamil Nadu, Karnataka, Telangana, Andhra Pradesh, Goa and a few Middle Eastern countries including Qatar. One of the promoters i.e., R. Joseph Marcely Kadambukattil were a part of an already established ice-cream brand Meriiboy, which was popular in southern India. TRIDENT AUTO: Ind-Ra Keeps BB- Loan Rating in NonCooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained Trident Auto Components Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB-/ Negative (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR200 mil. Fund based limits maintained in non-cooperating Category with IND BB-/ Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR20 mil. Term Loan due on April 30, 2023 downgraded with IND BB-/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy of Issuer Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Trident Auto Components Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Trident Auto Components Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Trident Auto Components Private Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Trident Auto Components Private Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption / distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in 1997, Trident Auto Components is engaged in fabrication of steel and assembly of steel structure, material handling equipment, industrial process equipment, and heavy and precise machine components and assemblies. The company caters mainly to railways. TRINITY INDIA: Ind-Ra Keeps BB- Loan Rating in NonCooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Trinity India Forgetech Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB-/ Negative (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR145 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND BB-/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR55 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy of Issuer Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Trinity India Forgetech Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Trinity India Forgetech Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Trinity India Forgetech Private Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Trinity India Forgetech Private Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Pune-based Trinity India Forgetech manufactures forged and machined components. TUBE TURN: CRISIL Keeps Debt D Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tube Turn India Private Limited (TTIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with TTIPL for obtaining information through letter and email dated September 9, 2024 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 TTIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on TTIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TTIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Incorporated in 1996, TTIPL manufactures pipe fittings, seamless and welded construction items such as elbows, T-fittings, flanges and caps, butt-weld and socket-weld fittings, branched outlet fittings, and screwed forged fittings that are used in oil and gas, power, steel, textiles, and consumer industries. The company is promoted by Mr Ashit Kadakia and his family. TULIP ATTIRE: Ind-Ra Cuts Loan Rating to B+ ------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Tulip Attire Private Limited rating to IND B+/Negative (ISSUER NOT COOPERATING). The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating action is: -- INR340 mil. Fund Based Working Capital Limit downgraded with IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The downgrade is in accordance with Ind-Ra's policy of Guidelines on What Constitutes Non-Cooperation. As per the policy, ratings of non-cooperative ratings issuers may get downgraded during subsequent reviews, if the issuer continues to remain non-cooperative. With passage of time and absence of updated information, the risk of sustaining the rating at current levels by relying on dated information increases, which may be reflected through a downgrade rating action Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Tulip Attire Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Tulip Attire Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Tulip Attire Private Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Tulip Attire Private Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in August 2011 by Anjan Ray and his family, Tulip Attire is engaged in garment manufacturing, where it procures fabrics and outsources processing. In addition, it trades fabrics both in the domestic and overseas markets. It commenced operations in August 2012. VISHNU COTTON: Ind-Ra Keeps BB Loan Rating in NonCooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained Vishnu Cotton Mills Limited's (VCML) bank facilities' ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating actions are as follows: -- INR24.50 mil. Non-fund-based working capital limit** maintained in non-cooperating category and withdrawn; and -- INR125.50 mil. Fund-based working capital limit* maintained in non-cooperating category and withdrawn. Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based on best available information *Maintained at 'IND BB/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn **Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The ratings have been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails, and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a request for withdrawal of ratings and a no-objection certificate from the bankers. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with VCML while reviewing the ratings. Ind-Ra had consistently followed up with VCML over emails, apart from phone calls since July 2024. The issuer has also not been submitting the monthly no default statement since June 2024. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of VCML, as the agency does not have adequate information to review the ratings. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. VCML has been non-cooperative with the agency since July 2024. About the Company Incorporated in 1994 and taken over by Four star group in 2013, VCML operates a cotton yarn spinning mill in Parganas, Kolkata with an installed capacity of 32,000 spindles. The company is also involved in the spinning of blended yarn and viscose yarn, and bleaching and dyeing of fabrics. YATRA: NCLAT Stays Insolvency Proceedings Against Subsidiary ------------------------------------------------------------ Inc42 reports that the National Company Law Appellate Tribunal (NCLAT) has stayed the National Company Law Tribunal (NCLT) order to initiate a corporate insolvency resolution process against TSI Yatra, a subsidiary of online travel aggregator (OTA) Yatra. This comes days after the travel tech major said that Ezeego Travels & Tours Ltd, which is currently under liquidation, filed a petition with the NCLT for initiating corporate insolvency resolution against TSI Yatra, according to Inc42. In an exchange filing on Oct. 18, Yatra said that the erstwhile Director of TSI Yatra filed an appeal before the NCLAT on Oct. 17, challenging the NCLT's order. Inc42 relates that the NCLAT, in an order dated Oct. 18, stayed the operation of the NCLT's order. This development follows the NCLT's decision on October 15 to admit a petition filed by Ezeego for initiating the Corporate Insolvency Resolution Process (CIRP) against TSI Yatra under the Insolvency and Bankruptcy Code, 2016. Ezeego claimed unpaid dues of INR21.97cr from TSI Yatra, including INR14.86cr as principal outstanding and INR7.1cr in interest, Inc42 discloses. According to Inc42, TSI Yatra had sought dismissal of the claim, arguing that it was subject to reconciliation and that the date of default fell within the period covered by Section 10A of the IBC. The stay order from the NCLAT provides temporary relief for Yatra and its subsidiary as they continue to navigate this legal challenge. Inc42 says the impact of these proceedings on Yatra's overall operations remains to be seen, given that TSI Yatra is a material wholly-owned subsidiary that is consolidated into Yatra's financials. This legal battle comes at a time when Yatra has been actively expanding its business through strategic acquisitions. In September 2024, the company acquired Globe Travels for INR128cr to strengthen its position in the corporate travel sector, adding 350 new corporate clients to its existing base of 850 corporate customers. In its most recent financial results for Q1 FY25, Yatra reported a consolidated net profit of INR4.04cr, marking a 32.5% decline from INR5.99cr in the year-ago quarter, Inc42 discloses. The company's operating revenue also saw a decrease, falling to INR100.80cr, down 8.5% year-on-year. Yatra Online Ltd. provides information, pricing, availability, and booking facility for domestic and international air travel, domestic and international hotel bookings, holiday packages, buses, trains, in city activities, inter-city and point-to-point cabs, homestays and cruises. ===================== N E W Z E A L A N D ===================== DPR COATINGS: Creditors' Proofs of Debt Due on Nov. 20 ------------------------------------------------------ Creditors of DPR Coatings Limited are required to file their proofs of debt by Nov. 20, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 16, 2024. The company's liquidators are: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington, Business Restructuring Level 1, 50 Customhouse Quay Wellington 6011 EXCEL BUILDING: Owes Creditors NZD360K, Liquidator's Report Shows ----------------------------------------------------------------- Otago Daily Times reports that creditors of a Queenstown-based building firm placed into liquidation last month are owed just over NZD360,000, the first liquidator's report shows. Excel Building Ltd was put into liquidation in the High Court at Invercargill last month on the application of Daeweld Engineering Ltd, ODT discloses. The company was incorporated in October 2020 and its sole director and shareholder is Ashley John King. According to ODT, liquidator Iain Nellies, of Insolvency Management Ltd, said the director attributed the company's insolvency position to difficulty in collecting amounts owed following the completion of a building contract. Net assets totalled NZD114,000 and the total estimated deficit, subject to costs of liquidation, was nearly NZD247,000. It was not possible to determine whether a dividend would become payable to creditors until all the records had been examined, Mr. Nellies said. JK & CM CLARKE: PwC Appointed as Receivers and Managers ------------------------------------------------------- John Howard Ross Fisk, Stephen Robert White, and Lara Maree Bennett of Pwc on Oct. 7, 2024, were appointed as receivers and managers of The JK & CM Clarke Trust. The receivers and managers may be reached at: PricewaterhouseCoopers PwC Auckland Private Bag 92162 Victoria Street West Auckland 1142 MMS GROUP: Court to Hear Wind-Up Petition on Nov. 12 ---------------------------------------------------- A petition to wind up the operations of MMS Group Limited will be heard before the High Court at Wellington on Nov. 12, 2024, at 10:00 a.m. Rentokil Initial Limited filed the petition against the company on Sept. 17, 2024. The Petitioner's solicitor is: Catherine Louise Waugh c/- Credit Consultants Group NZ Limited Level 6, 15 Willeston Street Wellington Central Wellington 6011 NEHEMIAH CIVIL: Court to Hear Wind-Up Petition on Nov. 29 --------------------------------------------------------- A petition to wind up the operations of Nehemiah Civil Construction Limited will be heard before the High Court at Auckland on Nov. 29, 2024, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Sept. 27, 2024. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ON CALL RENOVATION: Creditors' Proofs of Debt Due on Nov. 8 ----------------------------------------------------------- Creditors of On Call Renovation and Maintenance Services Limited are required to file their proofs of debt by Nov. 8, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 8, 2024. The company's liquidators are: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 SHANORA LTD: Shareholders Opt to Liquidate Contract Milking Firm ---------------------------------------------------------------- Otago Daily Times reports that Shanora Ltd, a Wyndham-based contract milking business, which was incorporated in October 2022 and effectively ceased trading in June the following year, was placed in liquidation this month by shareholders resolution. In their first report, liquidators Trevor and Emma Laing, of Laing Insolvency Specialists, said both directors of Shanora Ltd - Ora Lee Hitchcock and Shane Alexander Hitchcock - worked in the business, ODT relays. One director suffered an injury and was unable to continue working. The flow-on effect caused financial issues for the company and the milking contract was then cancelled. The company had very few assets while liabilities were estimated at just over $63,000. ODT says the liquidators had been advised the company had Inland Revenue Department liabilities, and the exact amount of the preferential debt was being confirmed. There was also an ERA determination for an ex-employee. Earlier this year, the Otago Daily Times reported the ERA had ordered Shanora Ltd to pay dairy assistant Sharna Andrews nearly $20,000 to compensate for lost wages and distress she suffered after she was unjustifiably fired and "unfairly targeted". At this stage, the liquidators were aware of only seven unsecured creditors, ODT says. It was too early in the liquidation process to estimate if a dividend would be available to creditors. SYNLAIT MILK: CEO Grant Watson Steps Down ----------------------------------------- Radio New Zealand reports that the head of embattled dairy company Synlait Milk has resigned just weeks after the company secured its near term survival. According to RNZ, chief executive Grant Watson has resigned after just under three years with the company, during which it has gone to the brink of collapse and been saved by a rescue package from by its major shareholders. RNZ relates that Synlait chair George Adams said Watson has led the company through a tumultuous time. "Recent months have seen a long list of urgent challenges for Synlait, and Grant's ably led the team through them. His achievements are extensive and notably include our balance sheet's recent, successful reset." Mr. Watson called Synlait an "amazing and agile company". "Working with our passionate employees and farmers who care deeply about Synlait's success has been a privilege. Our team's determination and dedication to deliver has also been a real highlight." RNZ adds that Mr. Adams said Watson had helped to drive the company's strategy reset to reduce risk, commercialising plant-based production at its Pokeno plant, and looking for new markets in Asia and securing its China market access. The head of subsidiary Dairyworks, Tim Carter, has been appointed acting chief executive. Headquartered in Rakaia, New Zealand, Synlait Milk Limited (NZX:SML) -- https://www.synlait.com/ -- together with its subsidiaries, manufactures and sells dairy products in China, rest of Asia, the Middle East, Africa, New Zealand, Australia, and internationally. It operates through Synlait and Dairyworks segments. The company is also involved in the processing, packaging, and marketing of dairy products, including cheese, butter, and milk powder. It offers liquid milk; milk powder related products; nutritional products, such as infant and adult nutritional powders; ingredients comprising whole milk powders, skim milk powders, butter milk powders, and anhydrous milk fat; and specialized nutritional ingredients, such as lactoferrin. ================= S I N G A P O R E ================= BOTANIQUE INVESTMENT: Commences Wind-Up Proceedings --------------------------------------------------- Members of Botanique Investment Pte. Ltd. on Oct. 9, 2024, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Ng Kian Kiat Goh Wee Teck 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 GOLDEN GOURMET: Court to Hear Wind-Up Petition on Nov. 1 -------------------------------------------------------- A petition to wind up the operations of Golden Gourmet Bak Kwa Pte. Ltd. will be heard before the High Court of Singapore on Nov. 1, 2024, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Oct. 11, 2024. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 INTERASIA TRAVEL: Commences Wind-Up Proceedings ----------------------------------------------- Members of Interasia Travel Goods Pte. Ltd. on Oct. 8, 2024, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Mr. Chian Yeow Hang c/o Guardian Advisory 531A Upper Cross Street #03-118 Singapore 051531 MAXEON SOLAR: Executes 1-for-100 Reverse Stock Split for Compliance ------------------------------------------------------------------- Maxeon Solar Technologies, Ltd. disclosed in a Form 6-K Report filed with the U.S. Securities and Exchange Commission that its board of directors has approved a reverse stock split of the Company's ordinary shares, no par value, at a ratio of 1-for-100. The Reverse Stock Split was approved by the Company's shareholders at the annual general meeting held on August 29, 2024. The Company is undertaking the Reverse Stock Split with the objective of meeting the minimum $1.00 per Ordinary Share bid requirement for maintaining the listing of the Ordinary Shares on The Nasdaq Global Select Market. The Reverse Stock Split became effective at 04:01 p.m. (ET) on Tuesday, October 8, 2024 and the Ordinary Shares began trading on a split-adjusted basis when the Nasdaq Stock Market LLC opened for trading on Wednesday, October 9, 2024. The Ordinary Shares will continue to trade on The Nasdaq Global Select Market under the trading symbol "MAXN" but will trade under the following new CUSIP number: Y58473128. As a result of the Reverse Stock Split, every 100 Ordinary Shares held as of the Record Date will be automatically combined into one Ordinary Share. The number of outstanding Ordinary Shares will be reduced from approximately 1,529 million Ordinary Shares to approximately 15 million Ordinary Shares, to be adjusted for the round-down of fractional shares. No fractional shares will be created or issued in connection with the reverse stock split, and the Board has approved the aggregation and sale of all fractional shares to which holders of the existing outstanding shares would otherwise be entitled to, and the distribution of the proceeds on a pro rata basis to such holders. The Reverse Stock Split will affect all holders of Ordinary Shares uniformly and will not affect any shareholder's percentage ownership interest in the Company, except as a result of the treatment of fractional shares. Neither will the Reverse Stock Split have any direct impact on the market capitalization of the Company, nor modify any voting rights or other terms of the Ordinary Shares. The Company's outstanding warrants, convertible notes, and equity-based awards will be proportionately adjusted. About Maxeon Solar Maxeon Solar Technologies, Ltd. is a Singapore-based company that designs and manufactures photovoltaic panels. The company was previously a division of the American SunPower company before it was spun off in August 2020. Maxeon is still the primary provider of solar panels for SunPower. Singapore-based Ernst & Young LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated May 30, 2024, citing that the Company has suffered recurring losses from operations and negative free cash flows and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of December 31, 2023, the Company had $1 billion in total assets, $997.4 million in total liabilities, and $4.6 million in total equity. OSTARA INVESTMENTS: Creditors' Proofs of Debt Due on Nov. 18 ------------------------------------------------------------ Creditors of Ostara Investments (Singapore) 2 Pte. Ltd. are required to file their proofs of debt by Nov. 18, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 11, 2024. The company's liquidator is: Chek Khai Juat c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 SGPAPERRECYCLE PTE: Court to Hear Wind-Up Petition on Nov. 1 ------------------------------------------------------------ A petition to wind up the operations of SGPaperRecycle Pte. Ltd. will be heard before the High Court of Singapore on Nov. 1, 2024, at 10:00 a.m. CBH Resources Pte. Ltd. filed the petition against the company on Oct. 10, 2024. The Petitioner's solicitors are: FC Legal Asia LLC 6 Armenian Street #03-03 Singapore 179934 ********* 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 2024. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***