/raid1/www/Hosts/bankrupt/TCRAP_Public/250321.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, March 21, 2025, Vol. 28, No. 58
Headlines
A U S T R A L I A
BAYPIN HOLDINGS: First Creditors' Meeting Set for March 26
BLUECHIIP LIMITED: First Creditors' Meeting Set for March 27
BSSPV PTY: Creditors Vote for Proposal to Sell Southbank Site
ELEMENT FIVE: First Creditors' Meeting Set for March 25
MONEY AUSTRALIAN: First Creditors' Meeting Set for March 27
NOW TRUST 2022-1: Moody's Raises Rating on Class F Notes from Ba1
ONELIFE LABS: Creditors Likely to Get a Fraction Under Plan
OZ NONWOVEN: Second Creditors' Meeting Set for March 25
WALKABOUT RESOURCES: Extends DOCA Deadline to April 17
[] VICTORIA: Construction Insolvencies Overtake Qld in December
C H I N A
CHINA GEZHOUBA: Moody's Assigns 'Ba1' Corporate Family Rating
COUNTRY GARDEN: Seeks to Extend Two Onshore Bonds
FINGERMOTION INC: Announces Results of Annual Meeting
I N D I A
A.K. DAS: Ind-Ra Assigns BB+ Term Loan Rating
AAA TEXTILES: Ind-Ra Assigns BB Term Loan Rating
ABDUL JALEEL: CRISIL Moves D Debt Ratings to Not Cooperating
ASHIANA DWELLINGS: CARE Keeps D Debt Rating in Not Cooperating
AYKA PHARMA: Ind-Ra Hikes Loan Rating to BB+, Outlook Stable
BALAJI OIL: Ind-Ra Cuts Loan Rating to B-
BANSAL SEEDS: CARE Keeps B- Debt Rating in Not Cooperating
BC SEN: Ind-Ra Cuts Loan Rating to B+
BLUEBERRY INDUSTRY: CARE Lowers Rating on INR12.89cr LT Loan to B-
BRAMAPUTRA BIOCHEM: Ind-Ra Keeps B- Loan Rating in Non-Cooperating
BYJU'S: BCCI, Riju Ravindran Challenge NCLT Order on Insolvency
DESIGNER EXPORTS: CRISIL Keeps B- Debt Ratings in Not Cooperating
DHROOV RESORTS: CRISIL Keeps D Debt Rating in Not Cooperating
DIGI EXPORT: CRISIL Keeps D Debt Ratings in Not Cooperating
DINESH OILS: Ind-Ra Keeps D Loan Rating in NonCooperating
ENMAX ENGINEERING: Ind-Ra Hikes Rating to BB+, Outlook Stable
EUROLIFE HEALTHCARE: Ind-Ra Keeps D Loan Rating in NonCooperating
GOLDEN SEAMS: Ind-Ra Moves BB+ Loan Rating to NonCooperating
GOURAV POULTRIES: CRISIL Keeps C Debt Ratings in Not Cooperating
GRT HOTELS: Ind-Ra Cuts Term Loan Rating to B+
HARMAN COTTEX: Ind-Ra Assigns BB+ Bank Loan Rating
HILLWOOD IMPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
IL&FS SECURITIES: CARE Reaffirms D Rating on INR525cr ST Loan
ISKRUPA MALL: CARE Keeps D Debt Rating in Not Cooperating Category
J.P. SINGHAL: CRISIL Keeps D Debt Rating in Not Cooperating
J.R. AGROTECH: Ind-Ra Keeps D Loan Rating in NonCooperating
JAG VIDHYA: CRISIL Keeps D Debt Ratings in Not Cooperating
JAI BHAWANI: Ind-Ra Assigns B Bank Loan Rating, Outlook Stable
KSK ENERGY: CARE Keeps D Debt Rating in Not Cooperating Category
KSK WATER: CARE Keeps D Debt Rating in Not Cooperating Category
LIFELINE MULTI: Ind-Ra Withdraws BB+ Term Loan Rating
LMJ INTERNATIONAL: Ind-Ra Keeps D Loan Rating in NonCooperating
LODHI RAJPOOT: CARE Lowers Rating on INR6.05cr LT Loan to B-
LORDS TRAVELS: CARE Lowers Rating on INR5cr LT Loan to B
MADHYA BHARAT: Ind-Ra Cuts Loan Rating to D
MARS THERAPEUTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
MISHRA POLYPACKS: CRISIL Keeps B Debt Rating in Not Cooperating
ORIENT SPUN: CARE Keeps C Debt Rating in Not Cooperating Category
PANSURIYA IMPEX: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
PARMESHWARI SILK: Ind-Ra Assigns BB+ Bank Loan Rating
PAS TRADING: Ind-Ra Withdraws B- Bank Loan Rating
PATIL CONSTRUCTION: Ind-Ra Keeps D Loan Rating in NonCooperating
PILOT 2 WHEELERS: Ind-Ra Keeps D Loan Rating in NonCooperating
PRAKASH PARCEL: Ind-Ra Keeps BB- Loan Rating in NonCooperating
PRASSANNA SPINNING: Ind-Ra Moves BB Loan Rating to Non-Cooperating
PRATHAMMALIK AUTO: Ind-Ra Assigns B+ Bank Loan Rating
RARE SS: Ind-Ra Cuts Term Loan Rating to B+
ROLTA INDIA: Ind-Ra Keeps D Loan Rating in NonCooperating
SARDAR JEWELLERS: CRISIL Keeps B- Debt Rating in Not Cooperating
SHIVA INDUSTRIAL: CARE Keeps D Debt Ratings in Not Cooperating
SHRUTHI MILK: Ind-Ra Cuts Short/LongTerm Rating to D
SIDHANT MINES: CARE Keeps D Debt Rating in Not Cooperating
SITA MASALA: Ind-Ra Affirms B+ Loan Rating, Outlook Stable
SUMMA REAL: Ind-Ra Hikes Term Loan Rating to BB+
SURESH JAIN: CARE Lowers Rating on INR14.20cr LT Loan to B+
SVE DRILLING: CARE Keeps B- Debt Rating in Not Cooperating
SYNERGIES CASTINGS: Ind-Ra Cuts Term Loan Rating to BB+
USHDEV INTERNATIONAL: Ind-Ra Keeps D Loan Rating in NonCooperating
WAVE BEVERAGES: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
WINSOME INTERNATIONAL: Ind-Ra Withdraws BB- Bank Loan Rating
M A L A Y S I A
CAPITAL A: Eyes Exit from PN17 Status by May This Year
N E W Z E A L A N D
BIBLE BAPTIST: Court to Hear Wind-Up Petition on March 27
BREMWORTH: Proposes Laying Off 47 Staff Amidst Major Restructure
BRIGHT BUILDERS: Creditors' Proofs of Debt Due on April 12
G C CONSTRUCTION: Court to Hear Wind-Up Petition on May 1
HARMONEY NZ 2023-1: Moody's Hikes Rating on Class F Notes from Ba3
TMC CARPENTRY: Creditors' Proofs of Debt Due on May 4
WEKE SCAFFOLDING: Placed in Receivership
S I N G A P O R E
APPLUS RTD: Creditors' Proofs of Debt Due on April 19
CITY ZONE: Court to Hear Wind-Up Petition on April 4
FRIENDSHIP STEEL: Court to Hear Wind-Up Petition on April 4
PIONEER OVERSEAS: Creditors' Proofs of Debt Due on April 18
STAR BUGS: Court to Hear Wind-Up Petition on April 4
T A I W A N
SEMILEDS CORP: Simplot Taiwan Holds 57.7% Equity Stake
- - - - -
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A U S T R A L I A
=================
BAYPIN HOLDINGS: First Creditors' Meeting Set for March 26
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Baypin
Holdings Pty Ltd will be held on March 26, 2025 at 12:00 p.m. by
virtual conference via Zoom meeting.
Danny Vrkic and Daniel O'Brien of DV Recovery Management were
appointed as administrators of the company on March 14, 2025.
BLUECHIIP LIMITED: First Creditors' Meeting Set for March 27
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Bluechiip
Limited will be held on March 27, 2025 at 11:00 a.m. via virtual
meeting only.
Manuel Hanna of Romanis Cant was appointed as administrator of the
company on March 17, 2025.
BSSPV PTY: Creditors Vote for Proposal to Sell Southbank Site
-------------------------------------------------------------
The Australian Financial Review reports that Australia's biggest
residential development took a step closer to sale after creditors
of the entity managing the AUD2.7 billion Sth Bnk project voted for
a proposal by directors to sell the site in central Melbourne to
repay unpaid bills.
But the proposal - which one person voting called "a shit sandwich"
- was uncertain for creditors including AECOM, Arup, Cox
Architecture and UN Studio, as administrators had little certainty
over the value to be realised from a sale of the Southbank,
Melbourne property.
According to the Financial Review, creditors could receive between
25 cents and 94 cents per dollar under the deed of company
arrangement proposal, while liquidation would only give them
between 2 cents and 7 cents, the person said.
The Financial Review relates that the DOCA vote by creditors of
BSSPV – the managing entity of the skyline-changing twin-tower
project – backs a process under which Pitcher Partners'
administrators David Vasudevan and Lindsay Bainbridge would pay
them funds from a sale of the land by its separate land-holding
entity or from a capital injection made into the project by a new
funder.
"Beulah is grateful for the unanimous approval received at today's
meeting of creditors of BSSPV to enter into a DOCA," the report
quotes Beulah managing director Jiaheng Chan as saying.
"This important step will support Beulah's continued efforts to
achieve the best commercial outcome for all stakeholders in the STH
BNK project, whether through a joint venture partnership or a
sale."
The Financial Review says execution of the DOCA, which has to take
place within 15 business days, will return control of the BSSPV
entity to director Jiaheng Chan, also a director of the
land-holding entities.
But Mr. Chan is also pursuing a separate outcome that could mean he
does not lose control of the project.
He is also a director of separate entities owning the property.
Separately to the DOCA process, he is seeking a capital partner to
buy into the project, allowing him and partner Adelene Teh to
remain involved with the development they conceived and see it to
completion, the Financial Review adds.
David Raj Vasudevan and Lindsay Stephen Bainbridge of Pitcher
Partners were appointed as administrators of BSSPV Pty Ltd
(formerly Beulah SB SPV Pty Ltd) on Feb. 11, 2025.
Developer Beulah International put the project manager of its
high-profile Sth Bank project into voluntary administration after
architecture firms Cox Architecture and UN Studio – designers of
the AUD2.7 billion twin-tower project in Melbourne – lodged
wind-up orders against it, according to The Australian Financial
Review.
ELEMENT FIVE: First Creditors' Meeting Set for March 25
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Element Five
(Aust) Pty Ltd will be held on March 25, 2025 at 10:30 a.m. via
Microsoft Teams.
Andrew Hewitt of Grant Thornton Australia was appointed as
administrator of the company on March 13, 2025.
MONEY AUSTRALIAN: First Creditors' Meeting Set for March 27
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Money
Australian Transport Pty Ltd will be held on March 27, 2025 at
10:00 a.m. at the offices of Mackay Goodwin at Level 2, 68 St
Georges Terrace in Perth.
Mathieu Tribut of Mackay Goodwin was appointed as administrator of
the company on March 17, 2025.
NOW TRUST 2022-1: Moody's Raises Rating on Class F Notes from Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on four classes of notes
issued by NOW Trust 2022-1.
The affected ratings are as follow:
Issuer: NOW Trust 2022-1
Class C Notes, Upgraded to Aa2 (sf); previously on Jul 2, 2024
Upgraded to Aa3 (sf)
Class D Notes, Upgraded to Aa3 (sf); previously on Jul 2, 2024
Upgraded to A2 (sf)
Class E Notes, Upgraded to A3 (sf); previously on Jul 2, 2024
Upgraded to Baa2 (sf)
Class F Notes, Upgraded to Baa2 (sf); previously on Jul 2, 2024
Upgraded to Ba1 (sf)
A comprehensive review of all credit ratings for the transaction
has been conducted during a rating committee.
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
available to the affected notes and the collateral performance to
date.
No action was taken on the remaining rated classes in the deal as
credit enhancement for these classes remain commensurate with the
current ratings.
Following the February 2025 payment date, the note subordination
available for the Class C, D, E and F Notes has increased to 22.4%,
19.3%, 13.2% and 11.0% respectively from 18.7%, 15.7%, 9.7% and
7.5% at the time of the last rating action for these notes in July
2024.
Principal collections have been distributed on a pro-rata basis
among the rated notes since the February 2023 payment date. Current
total outstanding notes as a percentage of the total closing
balance is 28.3%.
As of end-January 2025, 2.5% of the outstanding pool was 30-plus
day delinquent and 0.5% was 90-plus day delinquent. The portfolio
has incurred 4.0% of cumulative defaults (as a percentage of the
closing pool balance) to date, all of which have been covered by
excess spread.
Based on the observed performance to date and loan attributes,
Moody's have maintained the expected default assumption at 6.5% as
a percentage of the current pool balance (equivalent to 5.9% of the
original balance). Moody's have also maintained the portfolio
credit enhancement assumption at 29%.
The transaction is a cash securitisation of a portfolio of
Australian unsecured and secured personal loans originated by Now
Finance Group Pty Ltd.
The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2024.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.
ONELIFE LABS: Creditors Likely to Get a Fraction Under Plan
-----------------------------------------------------------
Cannabiz reports that creditors of OneLife Labs and OneLife
Cultivation, which have been in administration for more than three
months, are likely to receive only a fraction of the money they are
owed as they prepare to decide on the future of the companies.
At a meeting scheduled for March 31, creditors will be advised not
wind up the businesses but to enter Deed of Company Arrangement
(DOCA) with OneLife director Andrew Grant, Cannabiz relates.
Gideon Isaac Rathner of Lowe Lippmann was appointed as
administrator of the companies on Dec. 3, 2024.
OZ NONWOVEN: Second Creditors' Meeting Set for March 25
-------------------------------------------------------
A second meeting of creditors in the proceedings of Oz NonWoven
Fabrics Pty Ltd has been set for March 25, 2025 at 3:00 p.m. via
virtual meeting technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 24, 2025 at 4:00 p.m.
Henry Kwok and Antony Resnick of dVT Group were appointed as
administrators of the company on Feb. 18, 2025.
WALKABOUT RESOURCES: Extends DOCA Deadline to April 17
------------------------------------------------------
TipRanks reports that Walkabout Resources Ltd, currently under
external administration, has announced amendments to its Deed of
Company Arrangement (DOCA).
TipRanks relates that the deadline for satisfying the Final
Conditions Precedent of the DOCA has been extended to April 17,
2025, allowing more time for the Deed Administrators to issue their
report to creditors. This extension reflects ongoing efforts to
manage the company's financial restructuring and provides
stakeholders with a revised timeline for the company's
administrative processes.
Based in West Perth, Australia, Walkabout Resources Ltd (ASX:WKT)
explores for and develops resources and energy assets in Tanzania,
Namibia, Scotland, and Northern Ireland. The company explores for
graphite, gold, zinc, lead, silver, nickel, copper, and other base
metals. Its flagship property is the Lindi Jumbo project located in
south-eastern Tanzania. The company was formerly known as Nimrodel
Resources Limited and changed its name to Walkabout Resources
Limited in April 2013.
Thomas Birch and Jeremy Nipps of Cor Cordis were appointed as
administrators of Walkabout Resources Ltd, Walkabout Australia Pty
Ltd and Reveal Resources Pty Ltd on Nov. 12, 2024.
Richard Tucker and Paul Pracilio of KordaMentha were also appointed
as Joint and Several Receivers of Walkabout Resources and the WKT
Subsidiaries on Nov. 12, 2024.
[] VICTORIA: Construction Insolvencies Overtake Qld in December
---------------------------------------------------------------
The Australian Financial Review reports that Victoria has overtaken
Queensland as the big state with the fastest-growing total of
construction industry wrecks, highlighting the precariousness of a
sector in which contractor Roberts Co shut its Victorian doors and
John Holland swung to a AUD55.5 million loss from two
infrastructure projects.
According to the Financial Review, new figures this week from the
Australian Securities and Investments Commission show the pace of
construction insolvency growth in the southern state overtook
Queensland in December. In the months since, it has kept up the
fastest pace of growth of the three largest states.
Although the Northern Territory, ACT and Tasmania showed bigger
percentage gains based on small numbers of companies, Victoria led
the large states, clocking a 46 per cent year-on-year gain in new
insolvency appointments to 693 between July and the start of March
– nearly double the national growth rate, the Financial Review
relays.
Construction in every state and territory was struggling with cost
blowouts, delays, shortages and higher interest rates that had
pushed the final cost of projects well above their originally
quoted prices, but these would not hit all states at the same time,
AMP chief economist Shane Oliver said.
"Victoria was doing better 18 months ago, but lately it's flipped
to the bottom half," the report quotes Mr. Oliver as saying.
"Its deteriorating performance could be consistent with that.
Conditions have got tougher in Victoria relative to the rest of the
country and that's made it harder for construction companies."
Nationally, the figure of 2,307 construction insolvency
appointments - making no distinction between commercial and
residential companies - is up 25 per cent year on year from 1,839
over the same period a year earlier, the Financial Review
discloses.
Queensland is up 39 per cent at 382 and NSW is up 10 per cent at
988.
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C H I N A
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CHINA GEZHOUBA: Moody's Assigns 'Ba1' Corporate Family Rating
-------------------------------------------------------------
Moody's Ratings has taken the following rating actions on China
Gezhouba Group Company Limited (CGGC) and China Gezhouba Group
Corporation (CGGC Group):
1. Withdrawn CGGC's Baa3 issuer rating and assigned the company a
Ba1 corporate family rating; and downgrade its Baseline Credit
Assessment (BCA) to b1 from ba3.
2. Withdrawn CGGC Group's Baa3 issuer rating and assigned the
company a Ba1 CFR; downgrade its BCA to b1 from ba3.
3. Downgraded the rating on the subordinated perpetual securities
issued by China Gezhouba Grp (HK) Overseas Invt Co Ltd and
guaranteed by CGGC to Ba2 from Ba1
All the rating outlooks have been revised to stable from negative.
"The rating downgrades reflect CGGC Group's and CGGC's weakened
financial profile, as indicated by the companies' elevated
leverage. Despite efforts in asset monetization, increased
receivables collection, and restrained investment, Moody's expects
their leverage to remain elevated due to the slower-than-expected
pace of debt reduction." says Yuting Liu, a Moody's Ratings Vice
President and Senior Analyst.
"The stable outlook considers that the companies' new order will
continue to increase, benefiting from the growth in water
conservancy projects. They will reduce new public-private
partnership (PPP) project investments and focus on the
engineering-procurement-construction (EPC) business, leading to
gradual deleveraging. The stable outlook also incorporates Moody's
expectations that government support will remain intact," adds
Liu.
CGGC contributes the majority of assets and earnings of CGGC Group.
As a result, the credit profiles of both entities are closely
linked.
RATINGS RATIONALE
The Ba1 CFRs incorporate CGGC's and CGGC Group's BCAs of b1 and a
three-notch uplift to reflect Moody's expectations of high
likelihood of extraordinary support from, and the companies' high
level of dependence on, the Chinese government (A1 negative).
The support assessment reflects (1) the strategic importance of
CGGC and CGGC Group to China's water conservancy and clean energy
construction; (2) the important role that the companies play in
China Energy Engineering Corporation Limited's (CEEC) business; and
(3) the track record of government support for CGGC and CGGC Group
through CEEC.
Moody's assessments of the companies' high level of dependence on
the government reflects the fact that both companies and the
central government are exposed to common political and economic
event risks.
CGGC's and CGGC Group's BCAs of b1 reflect their (1) solid market
positions in China's water conservancy and energy construction
industry; (2) strong construction backlogs, which provide good
revenue visibility; and (3) diversified business portfolios.
These strengths are offset by the companies' high leverage, which
is due to their substantial investments in build-operate-transfer
(BOT) and PPP projects. The companies' BCAs are also constrained by
their exposure to the prolonged weakness in China's property
market.
Moody's expects CGGC and CGGC Group's leverage, as measured by
Moody's-adjusted debt/EBITDA, will remain elevated at around 12x by
the end of 2024, despite their deleveraging initiatives, such as
the monetization of real estate inventory and PPP assets. In 2024,
they also reduced ownership in overseas investment subsidiary and
monetized assets in both the real estate and infrastructure
sectors.
Moody's expects that the growth in new orders and the focus on EPC
businesses will support the issuers' deleveraging over the next
12-18 months. During this period, leverage is expected to trend
towards 11x. Revenue and EBITDA are projected to improve, driven by
growth in water conservancy projects. In 2024, China's total
investment in water conservancy increased by 12.8% year-over-year,
reaching RMB1.35 trillion.
Both CGGC and CGGC group have weak liquidity. The companies' cash
balance as of the end of September 2024 and projected operating
cash flow over the next 18 months are insufficient to cover their
short-term debt and expected capital spending for the same period.
Nevertheless, as key subsidiaries of their state-owned parent CEEC,
the companies have maintained strong access to domestic bank
facilities and funding from capital markets, indicated by their
sizable unutilized bank facilities and frequent issuances of
domestic bonds with low coupons.
Environmental, social and governance considerations (ESG)
ESG attributes have limited credit impact currently but have the
potential to strain CGGC and CGGC Group's ratings over time. CGGC
and CGGC Group have moderately negative exposure to environmental
and governance risks, and highly negative exposure to social risk
due to a large labor force that includes specialized talent and
subcontractors. However, Moody's expectations that the Chinese
government will provide support to them through their ultimate
parent — China Energy Engineering Group Co., Ltd — tempers
partially those risks.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade the ratings of CGGC and CGGC Group if their
BCAs improve, without any significant change in the support
assessment.
An improvement of CGGC and CGGC Group's BCAs is likely if the
companies (1) maintain their market positions and sales visibility;
(2) prudently manage the risk profile of their investment programs;
and (3) improve their debt leverage and cash flow generation, with
their adjusted debt/EBITDA trending below 8.5x.
Moody's could also upgrade CGGC and CGGC Group's ratings, without
upgrading their BCAs, if Moody's assess that the companies'
importance to the Chinese government increase.
Moody's could downgrade the companies' ratings if their BCAs remain
weak without meaningful deleveraging.
Credit metrics indicative of a downgrade include adjusted
debt/EBITDA failing to trend below 11.5x within the next 12 months.
This could be driven by aggressive investments in their PPP
projects and real estate development, resulting in weakening cash
flow; a substantial decline in new contracts, with order backlog
falling below 2x of their revenue; and large cost overruns and
project delays.
A downgrade, without a lowering of their BCAs, is also likely if
the companies' importance to the Chinese government declines.
The methodologies used in these ratings were Construction published
in September 2021.
China Gezhouba Group Company Limited (CGGC) and China Gezhouba
Group Corporation (CGGC Group) are two of China's largest
hydropower construction companies. Their main businesses are
construction; industrial manufacturing, including environmental
protection, cement, civil explosive and equipment; investments,
including in real estate development, highway operations and water
utilities; financing; and trading.
CGGC reported RMB129 billion in revenue and RMB426 billion in total
reported assets at the end of 2023. The company is CGGC Group's key
subsidiary and accounted for over 97% of CGGC Group's adjusted
EBITDA and reported assets in 2023.
As of the end of September 2024, CGGC was 57.2% owned by China
Energy Engineering Corporation Limited (CEEC) and 42.8% owned by
CGGC Group, CEEC's wholly-owned subsidiary. CEEC was 45.1% directly
and indirectly owned by China Energy Engineering Group Co., Ltd
(CEEG), which in turn was 90% owned by the State-owned Assets
Supervision and Administration Commission (SASAC) and 10% owned by
the National Council for Social Security Fund as of the same date.
CEEG has full control of CGGC and CGGC Group.
COUNTRY GARDEN: Seeks to Extend Two Onshore Bonds
-------------------------------------------------
The Standard reports that Country Garden is seeking to extend the
payment of two onshore bond installments due in March to September,
The Paper said, citing a non-public filing.
The Standard relates that the developer said it is under pressure
on both its operations and financing, facing tight cash resources
and is unable to raise sufficient funds for public bond payments.
The company said it has yet to finalize a restructuring plan or
reach an agreement with creditors due to the complexity of its debt
reorganization and the large number of bonds and investors
involved.
Country Garden is seeking a six-month negotiation period to work
with creditors on a comprehensive restructuring plan, The Standard
notes.
The company has also suspended trading of eight onshore bonds,
including the two mentioned, from March 17. The suspended bonds
have a total outstanding balance of about CNY9.86 billion, The
Standard adds.
About Country Garden Holdings
Country Garden Holdings Company Limited (HKEX:2007), an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.
As reported in the Troubled Company Reporter-Asia Pacific in late
February 2024, Kingboard Holdings-backed money lender Ever Credit
on Feb. 27, 2024, filed a winding-up petition against Country
Garden to the Hong Kong High Court for non-payment of a US$205
million loan.
The TCR-AP reported in late March 2024 that Country Garden has
hired Kroll to carry out a liquidation analysis. Kroll, the New
York-headquartered financial advisory firm, is expected to conduct
an independent business review of Country Garden before projecting
a recovery rate for the developer's creditors under a liquidation
scenario, according to Reuters.
The developer defaulted on US$11 billion of offshore bonds last
year and is in the process of an offshore debt restructuring.
FINGERMOTION INC: Announces Results of Annual Meeting
-----------------------------------------------------
FingerMotion, Inc. announced that in conjunction with the holding
of the Company's recent annual meeting of stockholders, the
following were the outcome of the matters voted on at the annual
meeting:
* Martin J. Shen, Hsien Loong Wong, Yew Poh Leong, Eng Ho Ng
and Tuck Seng Low were elected to the Board of Directors of the
Company;
* CT International LLP was appointed as the Company's
independent registered public accounting firm;
* the Company's executive compensation was approved; and
* the following executive officers of the Company were
re-appointed by the Board of Directors of the Company following the
annual meeting:
* Martin J. Shen: President and Chief Executive Officer;
and
* Yew Hon Lee: Chief Financial Officer, Secretary and
Treasurer.
About FingerMotion Inc.
FingerMotion Inc. is an evolving technology Company with a core
competency in mobile payment and recharge platform solutions in
China.
Hong Kong-based Centurion ZD CPA & Co., the Company's former
auditor, issued a "going concern" qualification in its report dated
May 29, 2024, citing that the Company has suffered recurring losses
from operations that raise substantial doubt about its ability to
continue as a going concern.
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I N D I A
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A.K. DAS: Ind-Ra Assigns BB+ Term Loan Rating
---------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on A.K. Das Associates Limited's (AKDAL) bank facilities:
-- INR900 mil. Term Loan due on March 31, 2034 assigned with IND
BB+/Positive rating;
-- INR85 mil. Fund-based working capital limit affirmed with IND
BB+/Positive/IND A4+ rating; and
-- INR515 mil. Non-fund-based working capital limit affirmed with
IND A4+ rating.
Detailed Rationale of the Rating Action
The ratings reflect AKDAL's average credit metrics with a high net
leverage ratio in FY24, on account of the loan taken to construct a
four-star hotel in Bhubaneshwar. However, the ratings draw comfort
from the funding tie-up and the project nearing completion date
with the hotel likely commencing operations in July 2025 as well as
the promoters' long experience in the engineering, procurement, and
construction (EPC) business.
The Positive Outlook reflects Ind-Ra's expectation of an
improvement in the scale of operations and credit metrics in FY26
with the commencement of hotel operations.
Detailed Description of Key Rating Drivers
Average Credit Metrics with High Net Leverage in FY24: AKDAL's
credit metrics were average in FY24, with its gross interest
coverage (operating EBITDA/gross interest expenses) at 5.64x (FY23:
5.94x) and the net leverage (total adjusted net debt/operating
EBITDAR) at 3.33x (4.30x). In FY24, the interest coverage declined
on account of an increase in the gross interest expenses to
INR25.86 million (FY23: INR18.59 million), despite an improvement
in the EBITDA to INR145.93 million (INR110.47 million). However,
the net leverage improved, but remained high, on account of the
improved EBITDA. Ind-Ra expects the credit metrics to deteriorate
in the medium term, considering the term loans availed for its
ongoing debt-funded capex. AKDAL's capex of INR1,360 million, which
is to be completed by June 2025, is being funded through a term
loan of INR900 million, equity and internal accruals, and unsecured
loans of INR460 million. Until September 2024, AKDAL incurred
INR732.77 million of capex, which was funded through a term loan of
INR361.69 million, and equity, internal accruals and unsecured
loans of INR371.08 million.
Tender-based Business: Given the intense competition, the revenue
and profitability of companies in the EPC business entirely depend
on the ability to win tenders. Thus, it has to bid aggressively to
obtain contracts, which restricts the operating margin to moderate
levels.
Likely Improvement in Scale of Operations: AKDAL has a medium scale
of operations with its revenue increasing to INR1,038.86 million in
FY24 (FY23: INR733.83 million) on account of execution of a larger
number of EPC works. Till 7MFY25, AKDAL booked revenue of INR543.3
million. As of November 2024, it had an order book of INR3,000
million, to be executed by March 2026.
Diversification into Hospitality Segment: AKDAL is diversifying
into the hospitality segment with its hotel likely commencing
operations from July 2025. The hotel has proximity to airport,
expressway and bus terminals. Ind-Ra expects the hotel to start
generating revenue from July 2025; however, the timely commencement
of the operations without any major delay is a key rating
sensitivity as the term loan repayment will commence from June
2025.
Experienced Promoters: The ratings are supported by the promoters'
nearly four decades of experience in the EPC industry and around
one decade of experience in the hospitality industry, leading to
established relationships with customers as well as suppliers.
Liquidity
Stretched: AKDAL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. The company's average maximum utilization of the
fund-based limits was 98.54% and non-fund-based limits was 76.54%
during the 12 months ended January 2025. The cash flow from
operations increased to INR115.80 million in FY24 (FY23: INR47.08
million) owing to favorable changes in working capital and the
improved EBITDA. The free cash flow also improved but remained
negative at INR16.14 million in FY24 (FY23: negative INR116.36
million) due to the capex of INR131.94 million (INR163.44 million.
The net working capital cycle reduced but remained elongated at 104
days in FY24 (FY23: 194 days), mainly because of a decline in the
receivables period to 177 days (256 days) and an increase in the
payable period to 181 days (145 days). The cash and cash
equivalents stood at INR7.24 million at FYE24 (FYE23: INR2.36
million). AKDAL has debt repayment obligations of INR10.6 million
and INR45.6 million in FY25 and FY26, respectively.
Rating Sensitivities
Negative: A delay in the completion of the hotel project and/or a
decline in the scale of operations, leading to deterioration in the
overall credit metrics, with the net leverage exceeding 4.5x and
further pressure on the liquidity position, all on a sustained
basis, could lead to a negative rating action.
Positive: Timely completion of the hotel project and/or a
substantial increase in the scale of operations while maintaining
the overall credit metrics, with the net leverage remaining below
4.5x and an improvement in the liquidity profile, all on a
sustained basis, could lead to a positive rating action.
About the Company
Incorporated in 1996, Odisha-based AKDAL undertakes construction,
designing, engineering, testing and commissioning of overhead
transmission lines, substations and emergency restoration work. The
company is promoted by Amiya Kanta Das, Sovarani Das and Pranati
Das. AKDAL is constructing a four-star hotel under the Novotel
brand, which is likely to commence operations from July 2025.
AAA TEXTILES: Ind-Ra Assigns BB Term Loan Rating
------------------------------------------------
India Ratings and Research (Ind-Ra) has rated AAA Textiles Private
Limited's (AAATPL) bank facilities as follows:
-- INR120 mil. Fund-based working capital limits assigned with
IND BB/Stable/IND A4+ rating;
-- INR53.65 mil. Proposed fund/non-fund-based working capital
limit assigned with IND BB/Stable/IND A4+ rating; and
-- INR206.35 mil. Term loan due on May 3, 2031 assigned with IND
BB/Stable rating.
Detailed Rationale of the Rating Action
The ratings reflect AAATPL's small scale of operations, modest
EBITDA margins, modest credit metrics and working capital intensive
nature of operations. The ratings are supported by AAATPL's
promoter's over two decades of experience in the textile
industry.
Detailed Description of Key Rating Drivers
Small Scale of Operations: AAATPL's scale is small with revenue of
INR756 million in FY24 (FY23: INR660 million). The entity
manufactures yarn and garments and sells them under the brand
Playing Colors. Yarn sales contribute around 70% to the turnover,
while the balance is derived from garment sales. Yarn is sold to a
group entity and garments are sold to reputed online platforms
namely Flipkart, Amazon, Myntra, and Life Style. The company
started its garment manufacturing in 2017 and is focusing to
increase the production volume by 20% -30% every year. It achieved
a turnover of INR547 million during 9MFY25. Ind-Ra expects AAATPL
to achieve revenue of INR800 million-850 million by end-FY25.
Modest Profitability: AAATPL's profitability is modest with EBITDA
of around INR66 million in FY24 (FY23: INR70.52 million). The
margins declined to 8.77% in FY24 (FY23: 10.69%), due to an
increase in the employee cost and administrative expenses. Ind-Ra
expects the margins to increase to around 10% in FY25, on account
of savings on power cost from the installation of a solar power
plant in FY24.
Modest Credit Metrics: AAATPL's interest coverage (operating
EBITDA/gross interest expenses) declined to 2.34x in FY24 (FY23:
3.30 x) and net leverage (adjusted net debt/operating EBITDAR)
increased to 5.71x (4.31x). The credit metrics deteriorated due to
an increase in debt levels to INR380.97 million in FY24 (FY23:
INR304.77 million), a rise in the interest expenses to INR28.43
million (INR21.35 million) and the dip in EBITDA. Ind-Ra expects
the credit metrics to improve in FY25 with a marginal improvement
in EBITDA without any major rise in the debt levels.
Working Capital Intensive Nature of Operations: AAATPL's operations
are inherently working capital intensive on account of the long
manufacturing process involved, leading to a large inventory
requirement. The net working capital cycle stood at 88 days for
FY24 (FY23: 36 days). The inventory days stood at 101 in FY24
(FY23: 116). AAATPL produces yarn as well as garments entirely
in-house right from weaving, dyeing, printing, and finishing, to
packaging. Also, the company needs to maintain a stock of cotton
waste for the yarn segment. Furthermore, PSML offers credit to its
customers which ranges from 20-50 days, however since major yarn
sales are to a group entity, the payments are realized faster
depending on requirements. The company majorly procures 30%-40% of
its raw materials from group entities for which it avails a credit
period of 75-90 days on an average.
Experienced Promoters: AAATPL is part of the ATK group. AAATPL is
managed by T. K Ramasamy, T. K. Srinivasan, T. K. Ponraj and S.
Rajasekar . The promoters have a longstanding experience of over
seven decades in the textiles and allied sectors. The entity has
healthy relationships with its suppliers.
Liquidity
Stretched: The cash flow from operations stood negative at INR22.14
million in FY24 (FY23: positive INR150.67 million) on account of
unfavorable changes in the working capital requirements. Moreover,
the free cash flow stood negative at INR34.88 million (FY23:
positive INR28.13 million), despite lower capex of INR12.74 million
(INR122.54 million). The net working capital cycle increased to 88
days in FY24 (FY23: 38 days) on account of a decrease in debtors
days to 25 (67 days) and an increase in suppliers days to 38 (147).
The average maximum utilization of the fund-based working capital
limits remained nil and that for the non-fund-based limit was 97%
over the 12 months ended January 2025. The cash and cash
equivalents at end-FY24 stood at INR1.97 million (FY23: INR1.12
million). Furthermore, the company does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. AAATPL has debt repayment obligations of
INR51.88 million and INR40.28 million for FY25 and FY26,
respectively.
Rating Sensitivities
Negative: A decline in the scale of operations leading to
deterioration in the credit metrics and/or deterioration in the
liquidity position, all on a sustained basis, could lead to a
negative rating action.
Positive: An improvement in the scale of operations while net
leverage reducing below 4.5x, and/or an improvement in the
liquidity position, all on a sustained basis, will be positive for
the ratings.
About the Company
AAATPL is part of the ATK group of companies engaged in the textile
business. AAATPL was taken over by the current management in 2015
and is engaged in manufacturing of yarn and garments. It has two
manufacturing units located in Tamil Nadu. The company is managed
by S.Rajasekar, T.K.Ramasamy, T.K.Srinivasan and T.K.Ponraj.
ABDUL JALEEL: CRISIL Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of Abdul
Jaleel MM (AJMM) to 'CRISIL D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 5.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 1.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 1 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with AJMM for
obtaining information through letter and email dated February 18,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AJMM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AJMM
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the ratings on
bank facilities of AJMM to 'CRISIL D/CRISIL D Issuer not
cooperating'.
AJMM is a proprietorship firm involved in civil construction works
such as construction of roads, bridges and construction and
maintenance for irrigation facilities in Kerala. The firm is
managed by Mr. Abdul Jaleel MM.
ASHIANA DWELLINGS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ashiana
Dwellings Private Limited (ADPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non Convertible 64.81 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE had, vide its press release dated April 4, 2019; placed the
rating of ADPL under the ‘issuer non-cooperating’ category as
ADPL had failed to provide information for monitoring of the
rating. ADPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
06,2025, March 4, 2025, and February 28,2025. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE’s
opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders, and the public
at large are hence requested to exercise caution while using the
above rating.
Analytical approach: Standalone
Detailed description of key rating drivers:
At the time of last rating on August 12, 2021, the following were
the rating strengths and weaknesses:
Key Rating Weakness
* Ongoing Delays in Debt Servicing: There are ongoing delays in
servicing of interest obligations of the OCD. The interest payment
due on February 16, 2018, has not been made. This is due to the
tight liquidity position owning to slowdown in real estate market
leading to slow sales and collection from customers.
* Project Execution Risk: ADPL is developing a residential project
by the name of “Asiana Mulberry” with a total saleable area of
8.70 lsf. Out of the total project cost of Rs. 385.42 crore, ADPL
had incurred around 36% till 30th September 2017. Thus, the company
is at nascent stage of project execution and is exposed to
significant amount of project implementation risk.
* Project saleability risk coupled with high dependence on customer
advances for debt repayments: Till 30th September 2017, the company
had booked only 16% of total saleable area. Furthermore, out of the
total project cost 65% is to be funded through customer advances.
Thus, debt repayments and construction of the project are highly
dependent on fresh sales and timely receipt of remaining customer
advances. Industry Risk: The real estate sector is moving towards a
more rational regime with developers now focusing on project
execution and delivery. Further, with the introduction of RERA Act,
the sector will move ahead to transparent and credible measures
with sustenance for organized players. Moreover, the expected
renewed interest by the banks in funding the developers is likely
to result in the timely completion of the projects. As per market
sentiments the India Real Estate Market may not witness a sharp
reversal in FY17 but its long term the growth prospects remain
strong as the sector continues to remain troubled with issues of
high unsold inventory.
Key Rating Strengths
* Experienced promoters with demonstrated track record of project
execution: The company derives strength from experience of the
promoters –Ashiana Homes Pvt ltd in the real estate sector. The
company has a track record of about 30 years of successful
completion of several real estate projects, including development
of township, group housing, commercial complexes, etc. Till October
2017, AHPL has developed more than 55 lsf of area with 11 completed
projects in the NCR region.
Incorporated in 2014, Ashiana Dwellings Pvt Ltd (ADPL) is an SPV
(Special Purpose Vehicle) of Ashiana Homes Pvt Ltd (AHPL), formed
solely for the purpose of development of ‘Ashiana Mulberry’
project. AHPL hold ~80% stake in the company while remaining 20% by
Indiareit; the real estate private equity arm of Piramal Group.
Ashiana Mulberry is a residential and commercial project located in
Sohna with total saleable area of 8.70 lsf (lac square feet).
AYKA PHARMA: Ind-Ra Hikes Loan Rating to BB+, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Ayka Pharma's (AP)
bank facilities to 'IND BB+' from IND BB-/Negative (ISSUER NOT
COOPERATING). The Outlook is Stable.
The detailed rating actions are:
-- INR196.20 mil. Term loan due on September 30, 2030 upgraded
with IND BB+/Stable rating; and
-- INR125 mil. Fund-based working capital limit Long-term rating
upgraded; short-term rating affirmed with IND BB+/Stable/IND
A4+ rating.
Detailed Rationale of the Rating Action
The upgrade in ratings factors in AP's current credit profile,
following its co-operation while reviewing the rating. The upgrade
also reflects the expectation of an increase in the company's scale
of operations in FY25, on account of an increase in its orders from
Cipla Limited ('IND AAA'/Stable) along with an improvement in the
credit metrics. The ratings take into account AP's modest EBITDA
margins and stretched liquidity. The ratings, however, are
supported by the promoters' 15 years of experience in the
pharmaceutical industry.
Detailed Description of Key Rating Drivers
Small Scale of Operations: AP's scale operations remained small
with its revenue improving to INR295.70 million in FY24 (FY23:
INR228.53 million), on account of increased demand and orders from
its customers. Its EBITDA improved to INR44.16 million in FY24
(FY23: INR32.34 million). Until 10MFY25, AP booked revenue of
INR431.47 million and had an order book of INR126 million as of
December 2024, to be executed by March 2025. In FY25, Ind-Ra
expects the revenue to improve considering its year-to-date (YTD)
revenue along with an increased utilization of the manufacturing
capacity.
Modest EBITDA Margins: AP's EBITDA margins improved but remained
modest at 14.93% in FY24 (FY23: 14.15%), on account lower cost of
good s sold. The return on capital employed reduced to 7.6% in FY24
(FY23: 9.6%). In 10MFY25, the company reported EBITDA of INR68.67
million with a margin of 15.92%. The agency expects the return on
capital employed to remain above 12% over the medium term. However,
in FY25, Ind-Ra expects the EBITDA margin to remain in line with
FY24 levels because of no major change in the cost structure of the
business and similar line of operations.
Likely Improvement in Credit Metrics: In FY25, Ind-Ra expects the
credit metrics to improve considering the improvement in the EBITDA
based on YTD numbers along with a likely decrease in its total debt
due to planned repayment. AP's gross interest coverage (operating
EBITDA/gross interest expenses) declined to 2.17x in FY24 (FY23:
2.34x), due to an increase in the gross interest expenses to
INR16.9 million (INR11.23 million) while the net leverage (total
adjusted net debt/operating EBITDAR) increased to 5.93x (4.11x), on
account of the increased debt due to planned capex towards
increasing its manufacturing capacity.
Promoter's Extensive Experience: The ratings are supported by the
promoters' more than a decade experience in the pharmaceutical
industry, leading to established relationships with customers and
suppliers.
Liquidity
Stretched: AP's average monthly maximum utilization of the
fund-based limits was 78.22% during the 12 months ended December
2024. The cash flow from operations reduced to negative INR33.93
million in FY24 (FY23: negative INR14 million), on account of a
change in the working capital to negative INR60.58 million
(negative INR35.16 million). Furthermore, the free cash flow
remained at negative INR164.85 million in FY24 (FY23: negative
INR62.18 million), due to the capex of INR129.92 million.
The net working capital cycle increased to 75 days in FY24 (FY23:
30 days), due to higher inventory days of 95 days (77) and debtor
days of 27 (17) along with lower creditor days of 46 days (64
days). AP has debt repayment obligations of INR38.5 million and
INR31.20 million in FY25 and FY26, respectively. The cash and cash
equivalents stood at INR2.22 million at FYE24 (FYE23: INR0.45
million). AP does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements.
Rating Sensitivities
Negative: A substantial decline in the scale of operations or the
net leverage and deterioration in the liquidity profile could lead
to a negative rating action.
Positive: A substantial increase in the scale of operations, along
with an improvement in the overall credit metrics with the net
leverage falling below 2.5x and an improvement in liquidity
profile, on a sustained basis, could lead to a positive rating
action.
About the Company
Established in 2020, AP produces flavored oral rehydration solution
in tetra pack pouches at its factory located at Indore, Madhya
Pradesh, with a capacity of 156 million pouches per annum. Its
proprietor, Ayush Kabra, has more than a decade of experience in
the pharma industry. The company is also having a sister concern,
Ayka Pharma Private Limited, which has yet to commence operations.
BALAJI OIL: Ind-Ra Cuts Loan Rating to B-
-----------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Balaji Oil
Industries 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 actions are:
-- INR100 mil. Fund Based Working Capital Limit downgraded with
IND B-/Negative (ISSUER NOT COOPERATING) rating; and
-- INR223.9 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 and
Outlook revised to Negative in accordance with Ind-Ra's policy,
Guidelines on What Constitutes Non-Cooperation. The Negative
Outlook reflects the likelihood of a downgrade of the entity's
ratings on continued non-cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Balaji Oil Industries Pvt
Ltd while reviewing the rating. Ind-Ra had consistently followed up
with Balaji Oil Industries Pvt Ltd over emails, apart from phone
calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Balaji Oil Industries 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 Balaji Oil Industries 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
Established in 1985, Balaji Oils manufactures refined palm oil,
refined oil and crude palm oil, hydrogenated vegetable cooking oil,
and bakery shortening.
BANSAL SEEDS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bansal
Seeds Private Limited (BSPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 26.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 1, 2024,
placed the rating(s) of BSPL under the 'issuer non-cooperating'
category as BSPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. BSPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated January 15, 2025, January 25,
2025 and February 4, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Kashipur-based (Uttarakhand) BSPL was incorporated inl November
1999 by the Agarwal family headed by Mr. Mukesh Kumar Agarwal,
Managing Director. The company is engaged in processing and trading
of wheat and paddy seeds. BSPL sells certified seeds in the brand
name of 'Bansal Seeds' through distributors in Bihar & Uttar
Pradesh.
BC SEN: Ind-Ra Cuts Loan Rating to B+
-------------------------------------
India Ratings and Research (Ind-Ra) has downgraded BC Sen & Company
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:
-- INR295 mil. Fund Based Working Capital Limit downgraded with
IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
COOPERATING) rating; and
-- INR100 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 ratings are maintained in the non-cooperating category and
Outlook revised to Negative in accordance with Ind-Ra's policy,
Guidelines on What Constitutes Non-Cooperation. The Negative
Outlook reflects the likelihood of a downgrade of the entity's
ratings on continued non-cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with BC Sen & Company Limited
while reviewing the rating. Ind-Ra had consistently followed up
with BC Sen & Company Limited over emails, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of BC Sen & Company 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 BC Sen & Company 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
BC Sen has been trading gold jewelry since 1888. It has six
showrooms in Kolkata and one in Gurugram.
BLUEBERRY INDUSTRY: CARE Lowers Rating on INR12.89cr LT Loan to B-
------------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Blueberry Industry (BI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.89 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 4, 2024,
placed the rating(s) of BI under the 'issuer non-cooperating'
category as BI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. BI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated January 18, 2025, January 28,
2025 and February 7, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of BI have been revised
on account of non-availability of requisite information. The
revision also factored in continuous erosion of net worth due to
high withdrawal of capital from partners led to weak capital
structure.
Analytical approach: Standalone
Outlook: Stable
Blueberry was established as a proprietorship entity by Mr. Kamal
Deka of Guwahati, Assam for setting up a liquid milk processing
plant in 2017. The entity has entered into a tripartite agreement
with Kaira District Milk Producers Co-operative Union Limited
(KDMPCUL) and Gujarat Co-operative Milk Marketing Federation
Limited (GCMMFL). As per agreement raw milk is procured by KDMPCUL
and the same is processed into packaged milk and curd by Blueberry.
The finished products i.e., processed milk in pouches and curd in
cups is marketed by GCMMFL. Blueberry activities will be limited to
processing of the raw milk and its packaging for which is be paid
processing charges. Blueberry has setup a liquid milk processing
plant with an aggregate project cost of Rs.15.40 crore.
BRAMAPUTRA BIOCHEM: Ind-Ra Keeps B- Loan Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Brahmaputra
Biochem Private Limited's (BBPL) bank facilities' ratings in the
non-cooperating category and has simultaneously withdrawn the same.
The detailed rating actions are:
-- INR612.70 mil. Term loan** due on March 31, 2023 maintained in
non-cooperating category and withdrawn;
-- INR179.40 mil. Fund-based facilities# maintained in non-
cooperating category and withdrawn; and
-- INR37.50 mil. Non-fund-based facilities* maintained in non-
cooperating category and withdrawn.
*Maintained at 'IND A4 (ISSUER NOT COOPERATING)' before being
withdrawn
**Maintained at 'IND B-/Negative (ISSUER NOT COOPERATING)' before
being withdrawn
#Maintained at 'IND B-/Negative (ISSUER NOT COOPERATING)/'IND A4
(ISSUER NOT COOPERATING)' before being withdrawn
Detailed Rationale of the Rating Action
The ratings have been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise despite repeated requests by the agency through
phone calls and emails, and has not provided information about
latest audited financial statement, sanctioned bank facilities and
utilization, business plans and projections for the next three
years, and management certificate. This is in accordance with
Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a request for withdrawal of ratings and no-objection
certificate issued by 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 BBPL while reviewing the
rating. Ind-Ra had consistently followed up with BBPL over emails,
apart from phone calls since December 2018. The issuer has also not
been submitting the monthly no default statement since December
2018.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of BBPL 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. BBPL has been
non-cooperative with the agency since December 2018.
About the Company
BBPL was incorporated in August 2010 by Jagmohan Singh Arora,
Kuljeet Singh Arora, Harishankar Bilwal and Avinash Diwan. The
present directors of the company are Jagmohan Singh Arora, Kuljeet
Singh Arora and Arjun Arora.
BBPL has a distillery in Guwahati that produces grain-based extra
neutral alcohol (60,000 liters per day) as the main finished
product, and distillers dried grains with soluble (40-50 tons per
day) and liquid carbon dioxide (about 30 tons per day) as major
by-products. In addition, it has a 2MW captive power plant.
BYJU'S: BCCI, Riju Ravindran Challenge NCLT Order on Insolvency
---------------------------------------------------------------
The Economic Times reports that the Board of Control for Cricket in
India (BCCI) and edtech firm Byju's suspended director Riju
Ravindran have challenged a bankruptcy court order to send BCCI's
insolvency withdrawal application to Byju's committee of creditors
(CoC) for its nod.
ET relates that the INR158-crore settlement between the cricket
board and Byju's parent Think & Learn was reached before the CoC
was formed, senior advocate CK Nandakumar, representing the cricket
board, told the National Company Law Appellate Tribunal (NCLAT).
Hence, he argued, the National Company Law Tribunal (NCLT) should
have made the decision on the settlement rather than passing it on
to the creditors for consideration, ET says.
On February 10, the NCLT had directed the insolvency resolution
professional (RP) of Think & Learn to submit the BCCI's application
before the CoC.
This came after the reconstitution of the CoC was set aside. The
CoC now constitutes Glas Trust, Aditya Birla Finance, Incred
Financial Services and ICICI Bank as financial creditors.
"What has happened is that, due to multiple orders from different
courts and tribunals, a settlement reached at a time when there was
no controversy has now taken a completely different ramification,"
Kumar told the appellate tribunal. "Ultimately, their (Glas Trust)
rights were protected at their request."
According to ET, Kumar reiterated that the withdrawal application
was submitted to interim RP Pankaj Srivastava prior to the
formation of the CoC. However, Srivastava had filed the application
with the NCLT after the CoC was constituted.
Senior advocate Arun Kathpalia, representing Ravindran, argued that
the IRP was at fault for failing to submit the application to the
NCLT, as it was his responsibility to do so. He also expressed
concerns that the suspended directors had not been given a chance
to be heard, and that the tribunal had issued orders that would
affect them, ET relates.
Glas Trust, representing the US lenders of Think & Learn, argued
that by the time the application was presented to the NCLT, the CoC
had already been formed, and it was BCCI's intention not to submit
the application to the tribunal.
ET notes that Kapil Sibal, representing Glas Trust, also opposed
the impleadment application filed by Byju's promoters. "CoC stands
constituted. All decisions will be taken by the CoC. Any
application has to be decided by the CoC . . . Promoters have no
role at that stage," he said.
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 July
2024, the National Company Law Tribunal on July 16 ordered
insolvency proceedings against the company after a complaint by the
Board of Control for Cricket in India (BCCI) for not paying US$19
million in dues. Pankaj Srivastava was appointed as the interim
resolution professional.
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.
The TCR-AP relayed that the National Company Law Appellate Tribunal
(NCLAT) on Aug. 2, 2024, accepted the settlement between Byju
Raveendran and the BCCI, thus removing Byju's parent Think and
Learn from the insolvency resolution process.
However, in October 2024, the Supreme Court quashed an earlier
NCLAT ruling approving the settlement, according to The Economic
Times.
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.
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.
DESIGNER EXPORTS: CRISIL Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Designer
Exports (DE) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B-/Stable (Issuer Not
Cooperating)
Cash Credit 1 CRISIL B-/Stable (Issuer Not
Cooperating)
Proposed Long Term 4 CRISIL B-/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with DE for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of DE
continues to be 'CRISIL B-/Stable Issuer not cooperating'.
Kolkata-based DE was set up as a partnership concern in 1999 by Mr
Raj Kumar Dugar and his family. The firm manufactures ready-made
garments and also trades in fabric.
DHROOV RESORTS: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dhroov Resorts
(DR) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DR for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DR is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of DR
continues to be 'CRISIL D Issuer not cooperating'.
DR operates a single hotel located at Lakkar Bazaar, Shimla
Himachal Pradesh. The hotel began its commercial operations from
June 10, 2017. DR is owned & managed by Mr. Balbir Singh Verma.
DIGI EXPORT: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Digi Export
Venture Private Limited (DEVPL; a part of the Five Core group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 8 CRISIL D (Issuer Not
Cooperating)
Bill Discounting 2 CRISIL D (Issuer Not
Cooperating)
Packing Credit in 6 CRISIL D (Issuer Not
Foreign Currency Cooperating)
Proposed Fund- 5 CRISIL D (Issuer Not
Based Bank Limits Cooperating)
CRISIL Ratings has been consistently following up with DEVPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DEVPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DEVPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DEVPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
DEVPL is a part of the Five Core group that manufactures electronic
equipment, including public address systems, speakers, amplifiers,
microphones, woofers; and electrical accessories under the 5 Core
brand. The group exports products to 56 countries. Mr Amarjit Kalra
and his family manage the operations. Incorporated in 2002, FCEL is
listed on the National Stock Exchange Emerge platform since May
2018 and has manufacturing units in Delhi and Bhiwadi (Rajasthan).
Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are
private-limited companies with units in Noida, Bhiwadi, and Delhi,
respectively. 5Core was set up in 2012 and has a unit in Bhiwadi.
DINESH OILS: Ind-Ra Keeps D Loan Rating in NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Dinesh Oils
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:
-- INR600 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating;
-- INR1.082 bil. Non-Fund Based Working Capital Limit maintained
in non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating; and
-- INR10 mil. Term loan maintained in non-cooperating category
with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation. The Negative Outlook reflects the likelihood of a
downgrade of the entity's ratings on continued non-cooperation
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Dinesh Oils Limited while
reviewing the rating. Ind-Ra had consistently followed up with
Dinesh Oils Limited over emails, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Dinesh Oils 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 Dinesh Oils 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 1986, Dinesh Oils primarily manufactures refined
edible oils, mainly refined palm olein oil and refined palm oil,
and vanaspati.
ENMAX ENGINEERING: Ind-Ra Hikes Rating to BB+, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Enmax Engineering
(India) Private Limited's (EEPL) long-term bank facilities to 'IND
BB+' from 'IND BB-/Negative (ISSUER NOT COOPEARTING)' with a Stable
Outlook, and affirmed the short-term debt at 'IND A4+', as
follows:
-- INR15.8 mil. Fund-based working capital limit assigned with
IND BB+/Stable rating;
-- INR70 mil. Fund-based working capital limit upgraded with IND
BB+/Stable rating;
-- INR24.20 mil. (reduced from INR40 mil.) Term loan due on June
30, 2027 upgraded with IND BB+/Stable rating; and
-- INR90 mil. Non-fund-based working capital limit affirmed with
IND A4+ rating.
Detailed Rationale of the Rating Action
The upgrade reflects the company's cooperation in providing the
required information for the rating review and the regular
submission of its no-default statement.
The ratings continue to be constrained by EEPL's small scale of
operations and stretched liquidity in FY24. In FY25, Ind-Ra expects
the revenue to grow and credit metrics to improve while EBITDA
margins might stay at similar levels. The ratings remain supported
by the company's healthy EBITDA margins, comfortable credit metrics
and promoters' more than a decade of experience in the waste heat
recovery engineering industry.
Detailed Description of Key Rating Drivers
Continued Small Scale of Operations: The ratings reflect EEPL's
continued small scale of operations. There was a slight increase in
the revenue to INR547 million in FY24 (FY23: INR518 million) as
well as in the EBITDA to INR71.6 million in (INR62.2 million). In
FY24, the revenue improved due to its healthy order execution.
Until February 19, 2025, EEPL had booked revenue of INR660 million
and had an order book of INR900 million, to be executed in the
short term. Ind-Ra expects the revenue to improve in FY25, due to
higher receipt of orders and continued healthy order execution.
Continued Healthy EBITDA Margin: The ratings also factor in EEPL's
continued healthy EBITDA margin of 13.09% in FY24 (FY23: 12.02%)
with a return on capital employed of 16.2% (18.2%). In FY24, the
EBITDA margin improved due to a decrease in labor expenses. Ind-Ra
expects the EBITDA margin to remain at a similar level in FY25, due
to the similar nature of operations.
Continued Comfortable Credit Metrics: The ratings also reflect
EEPL's comfortable credit metrics, as reflected by an interest
coverage (operating EBITDA/gross interest expenses) ratio of 3.8x
in FY24 (FY23: 3.7x) and a net leverage (total adjusted net
debt/operating EBITDAR) ratio of 2.2x (2.6x). The credit metrics
improved in FY24, due to increase in the EBITDA and a decrease in
total debt. Ind-Ra expects the credit metrics to remain comfortable
in FY25 due to an increase in EBITDA and in the absence of capex
plans for FY25 and FY26.
Experienced Promoters: The ratings are supported by the company's
director's more than a decade of experience in the waste heat
recovery engineering industry.
Liquidity
Stretched: The net working capital cycle remained elongated at 244
days in FY24 (FY23: 212 days) due to high inventory days of 402
(314). EEPL's average maximum utilization of the fund-based limits
was 90.7% and that of the non-fund-based limits was 34 % during the
12 months ended January 2025. The company provides a credit period
of 30-60 days to its customers and receives a 30-45-day credit
period from its suppliers. EEPL has debt repayment obligations of
INR8.42 million and INR8.55 million in FY25 and FY26, respectively.
The cash and cash equivalents stood at INR0.27 million at FYE24
(FYE23: INR0.1 million). Furthermore, EEPL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. The cash flow from
operations stood at INR48 million in FY24 (FY23: negative INR43
million). Moreover, the free cash flow stood at INR13 million
(FY23: negative INR76 million) due to capex.
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and/or further pressure
on the liquidity position, on a sustained basis, could lead to a
negative rating action.
Positive: A substantial improvement in the scale of operations and
liquidity while maintaining the credit metrics with interest
coverage remaining above 2.5x, on a sustained basis, will be
positive for the ratings.
About the Company
Incorporated in 2007, EEIPL supplies waste heat recovery systems
and its components. The company, which is managed by VVS Narayana
Reddy and the family, has its registered office in Hyderabad.
EUROLIFE HEALTHCARE: Ind-Ra Keeps D Loan Rating in NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Eurolife
Healthcare Pvt. Ltd.'s instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.
The detailed rating actions are:
-- INR620 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating;
-- INR100 mil. Non-Fund Based Working Capital Limit maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR287.7 mil. Term loan issued on June 30, 2022 maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation. The Negative Outlook reflects the likelihood of a
downgrade of the entity's ratings on continued non-cooperation
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Eurolife Healthcare Pvt.
Ltd. while reviewing the rating. Ind-Ra had consistently followed
up with Eurolife Healthcare Pvt. Ltd. over emails, apart from phone
calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Eurolife Healthcare 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 Eurolife Healthcare 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
Eurolife Healthcare was established in 2001 by Sandeep Toshniwal.
The Mumbai-based specialty pharmaceutical company manufactures and
distributes a portfolio of healthcare formulations, intravenous
infusions, ophthalmics, sterilized water for injections, nebules,
tablets, capsules, ointment and creams.
GOLDEN SEAMS: Ind-Ra Moves BB+ Loan Rating to NonCooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Golden Seams Industries Private Limited's (GSIPL) bank facilities
to Negative from Stable and has simultaneously migrated the ratings
to the non-cooperating category. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency through phone calls and emails. Thus, the rating is
based on the best available information. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The ratings will now appear as 'IND BB+/Negative
(ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating action is:
-- INR400 mil. Fund-based working capital limit Outlook revised
to Negative and migrated to non-cooperating category with IND
BB+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information
Detailed Rationale of the Rating Action
The migration of the rating to the non-cooperating category and
Outlook revision to Negative are in accordance with Ind-Ra's
policy, Guidelines on What Constitutes Non-Cooperation. The
Negative Outlook reflects the likelihood of a downgrade of the
entity's ratings on continued non-cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interactions with GSIPL while reviewing the
ratings. Ind-Ra had consistently followed up with Usha over emails
from December 20, 2024, apart from phone calls. The issuer has
submitted a no-default statement until January 2025.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of GSIPL, 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. GSIPL has been
non-cooperative with the agency since December 2024.
About the Company
Incorporated in 2004, GSIPL manufactures and exports knitted
ready-made garments. The company's manufacturing facility is
located in Dasanapura Hobli, Bengaluru and has an installed
manufacturing capacity of 5 million pieces per annum.
GOURAV POULTRIES: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gourav
Poultries India Private Limited (GPPL; part of the Rathi group)
continue to be 'CRISIL C Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL C (Issuer Not
Cooperating)
Proposed Long Term 1.33 CRISIL C (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 12.12 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GPPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
GPPL continues to be 'CRISIL C Issuer not cooperating'.
RHPL and GPPL are engaged in poultry breeding, hatching and
broiling, and RFPL in feed processing.
RHPL was set up in 2003 by the Haryana-based Mr. Krishan Rathi and
his family members as a hatchery-cum-broiler unit. It has day-old
chick breeder farms with capacity of 220,000 parent birds in Jind
Haryana).
GPPL, set up in 2012, also owns a hatchery-cum-broiler unit. It has
day-old chick breeder farms with capacity of 150,000 parent birds
in Jind.
RFPL was set up in 2008 and is a feed processing unit and meets the
group's feed requirements. The group internally consumes around 60
per cent of feed processed by RFPL and sells the balance in the
open market. Its feed processing capacity is 200 tonne per day.
GRT HOTELS: Ind-Ra Cuts Term Loan Rating to B+
----------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded GRT Hotels and
Resorts 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:
-- INR250 mil. Fund Based Working Capital Limit downgraded with
IND B+/Negative (ISSUER NOT COOPERATING) rating; and
-- INR70.83 mil Term Loan due on May 2, 2029 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 ratings are maintained in the non-cooperating category and
Outlook revised to Negative in accordance with Ind-Ra's policy,
Guidelines on What Constitutes Non-Cooperation. The Negative
Outlook reflects the likelihood of a downgrade of the entity's
ratings on continued non-cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with GRT Hotels and Resorts
Private Limited while reviewing the rating. Ind-Ra had consistently
followed up with GRT Hotels and Resorts Private Limited over
emails, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of GRT Hotels and Resorts
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 GRT Hotels and Resorts 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 on November 23, 1990, GRT Hotels operates 16 hotels
across Tamil Nadu, Karnataka, Andhra Pradesh and Telangana; of
which seven are owned properties, seven are on a long-term license
and two under operating arrangements.
HARMAN COTTEX: Ind-Ra Assigns BB+ Bank Loan Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has resolved the Rating Watch
with Developing Implications on Harman Cottex & Seeds Private
Limited's (HCSPL) bank facilities and assigned it a Negative
Outlook while simultaneously migrating the ratings to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through phone calls and emails. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings.
The instrument-wise rating action is:
-- INR725 mil. Fund-based working capital limit Off Rating Watch
with Developing Implications; migrated to non-cooperating
category with IND BB+/Negative (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information
Detailed Rationale of the Rating Action
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with HCSPL while reviewing the
ratings. Ind-Ra had consistently followed up with HCSPL over emails
starting from December 2024, apart from phone calls. However, the
issuer has been submitting its monthly no default statement.
Furthermore, as per the policy, the ratings of non-cooperative
ratings issuers may get downgraded during the subsequent reviews,
if the issuer remains non-cooperative. With the passage of time and
absence of updated information, the risk of sustaining the rating
at the current levels by relying on dated information increases,
which may be reflected through a downgrade rating action.
The migration of rating to the non-cooperating category is in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation. The Negative Outlook and the resolution of the
watch reflect the likelihood of a downgrade of the entity's ratings
on continued non-cooperation. Ind-Ra had placed the ratings on
Rating Watch with Developing Implications on January 17, 2024.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interactions with HCSPL while reviewing the
ratings. Ind-Ra had consistently followed up with HCSPL over emails
starting December 2024, apart from phone calls. The issuer has
submitted no default statement till January 2025.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of HCSPL, 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. HCSPL has been
non-cooperative with the agency since December 31, 2024.
About the Company
Incorporated in 2009 and based in Madhya Pradesh, HCSPL is engaged
in ginning and pressing of cotton, oil extraction from cotton seeds
and trading of cotton. The company also manufactures and sells
garments under the brand Threads of Harman and has five retail
stores across Indore, Ujjain, Mau and Bhopal. Beside this, the
company has acquired a spinning unit during FY24, for which the
operations are expected to commence October 2024 onwards.
HILLWOOD IMPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hillwood
Imports and Exports Private Limited (HIEPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 20 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HIEPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HIEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HIEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HIEPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
HFPL based in Kerala, were incorporated in 2001-02 and process
timber logs. HFPL also manufactures building materials such as
window, door, and kitchen frames. HFPL primarily deals in teakwood,
while HIEPL deals mostly in hardwood.
IL&FS SECURITIES: CARE Reaffirms D Rating on INR525cr ST Loan
-------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
IL&FS Securities Services Limited (ISSL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term 525.00 CARE D Reaffirmed
bank facilities
Rationale and key rating drivers:
Reaffirmation of the rating of bank facilities of ISSL is due to
continued instances of irregularities in debt servicing by the
company. In August 2019, CARE Ratings Limited (CARE Ratings) had
revised ratings of ISSL to 'CARE D (Single D)' due to the company
defaulting on its payment obligations towards its trading members
following inability to find resolution related to certain disputed
trades. ISSL's inability to make payments led to disabling the
trading terminal by the stock exchange and invocation of guarantee
by the exchange clearing house. The non-fund-based facilities have
now converted into fund-based and continue to be out of order. The
company's operations have been impacted and depend on the outcome
of the ongoing litigation in the court of law and its resolution
plan.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors: Factors that could individually or collectively
lead to positive rating action/upgrade:
* Timely servicing of debt for three consecutive months
Negative factors: Factors that could individually or collectively
lead to negative rating action/downgrades:
* Not applicable
Analytical approach: Standalone
CARE Ratings has taken a view based on the standalone financial
profile of ISSL, factoring in the parentage and operational
linkages with Infrastructure Leasing & Financial Services Limited
(IL&FS).
Outlook: Not applicable
Detailed description of key rating drivers: Not applicable
Liquidity: Poor
The company's liquidity profile is severely constrained leading to
continuing default on its debt obligations.
Incorporated in July 2006, ISSL is a subsidiary of IL&FS (rated
'CARE D' [pronounced as 'Single D']), which currently holds a stake
of 81.24% in the company. It was a Strategic Business Unit of IL&FS
offering Securities & Transaction advisory services before it was
hived off as a separate company in FY07. Other shareholders are
IL&FS Employee Welfare Trust (9.01%), and a private equity fund,
Croupier Prive Mauritius (5.00%). ISSL is a professional clearing
member (PCM) for equity derivatives and currency derivatives
segment on exchanges including BSE, NSE and MSX. It also offers
capital market services such as custodial services, depository
services, and transaction processing, among others.
ISKRUPA MALL: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Iskrupa
Mall Management Company Private Limited (IMMCPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 80.85 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CARE Ratings), vide its press release dated
March 18, 2024 had reviewed the rating of IMMCPL under the 'issuer
not-cooperating' category as the company failed to provide
information for monitoring of the ratings and had not paid the
surveillance fees for the rating exercise as agreed to in its
rating agreement. The company continues to be noncooperative,
despite repeated requests for submission of information through
e-mails dated February 1, 2025, February 11, 2025, February 21,
2025, and March 4, 2025, among others. In line with the extant SEBI
guidelines, CARE Ratings has reviewed the rating based on best
available information.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Detailed description of key rating drivers:
At the time of last rating on March 18, 2024, the following was the
rating weakness (updated for the information available from stock
exchange/Lender/Latest available financials/Debenture Trustee):
* Delays in servicing of debt obligation: There are delays in debt
servicing as reported in the audited financial statement for year
ended March 31, 2023. The Mumbai bench of the National Company Law
Tribunal (NCLT) has on September 24, 2024, directed initiating CIRP
against Iskrupa Mall Management Company Private Limited, admitting
a plea filed by a lender and a resolution professional has been
appointed to carry out the functions of the company during the CIRP
period.
M/s. Iskrupa Mall Management Company Private Limited (IMMCPL) is a
wholly owned subsidiary of Bansi Mall Management Company Private
Limited, a company fully owned by the promoters of Future Group led
by Kishore Biyani. The company is engaged in mall management
advisory services, space hire, consultancy, and fabric trading
business. The company has also emerged as an Innovation and
Incubation Center for Future group. The company owns a property
(1.08 lsf) at Vadodara, which has been entirely given on a leave
and license basis to Future Lifestyle Fashions Limited (CARE D;
ISSUER NOT COOPERATIONG).
J.P. SINGHAL: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of J.P. Singhal
and Company (JPSC) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JPSC for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JPSC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JPSC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JPSC continues to be 'CRISIL D Issuer not cooperating'.
Set up in 1987 as a proprietorship firm and reconstituted as a
partnership in 2013, JPSC is owned by Mr Jai Prakash Singhal, Mr
Dinesh Singhal, Mr Narendra Kumar Singhal and Mr Madan Lal Singhal.
The firm provides services such as conducting seismic surveys,
providing bunk accommodation, catering, equipment and manpower
supply, and housekeeping. It also wholesales and retails
stationery, hardware, electronic products, gaming equipment, and
sports and gym items from its retail store in Barmer, Rajasthan.
J.R. AGROTECH: Ind-Ra Keeps D Loan Rating in NonCooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained J.R. Agrotech
Pvt. Ltd.'s instrument(s) rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)'
on the agency's website.
The detailed rating actions are:
-- INR2.80 bil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR150 mil. Term loan maintained in non-cooperating category
with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation. The Negative Outlook reflects the likelihood of a
downgrade of the entity's ratings on continued non-cooperation
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with J.R. Agrotech Pvt. Ltd.
while reviewing the rating. Ind-Ra had consistently followed up
with J.R. Agrotech Pvt. Ltd. over emails, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of J.R. Agrotech 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 J.R. Agrotech 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
Formed in 1998, J.R. Agrotech is a rice milling company. The
company has plants in Dinanagar, Gurdaspur, for the purpose of
drying, parboiling, sorting, milling and grading paddy.
JAG VIDHYA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jag Vidhya
and Sons Resorts and Hotels Llp (JVS) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 12.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JVS for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JVS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JVS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JVS continues to be 'CRISIL D Issuer not cooperating'.
JVS, established in January 2014, is promoted and managed by Mr
Babjyot Singh Khanduja and his brother Mr Gurpreet Singh Khanduja.
In February 2014, the firm acquired a hotel property in Nagpur,
Maharashtra, rebranded it as Heritage Embassy, and commenced
operations in August 14. A three-star property, the hotel provides
boarding and lodging facilities, and has a restaurant-cum-bar, a
banquet hall, and an open air lawn.
JAI BHAWANI: Ind-Ra Assigns B Bank Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Jai Bhawani Sahakari
Sakhar Karkhana Limited's (JBSSKL) bank facilities as follows:
-- INR1.50 bil. Term loan due on September 30, 2031 assigned with
IND B/Stable rating; and
-- INR1.0 bil. Proposed fund-based working capital limits
assigned with IND B/Stable/IND A4 rating.
Detailed Rationale of the Rating Action
The ratings reflect JBSSKL's medium scale of operations and modest
profitability, which deteriorated in FY24 due to a decline in sugar
sales volumes in the domestic market and increased competition in
the Beed region of Maharashtra. The ratings are supported by the
entity's experience of more than three decades in the sugar
industry, mitigating the risks associated with agro-climactic and
regulatory challenges inherent to the sector.
Detailed Description of Key Rating Drivers
Medium Scale of Operations; Decline in Revenue and Profitability in
FY24 : JBSSKL's revenue declined to INR2,352.40 million in FY24
(FY23: INR2,751.74 million) because of a decline in sales volumes.
The total sugar sales declined to 43,024 metric tons (MT) in FY24
(FY23: 50,754MT) as the facility was operational for 114 days
during the year compared to 134 days in FY23. The EBITDA declined
to INR85.23 million in FY24 (FY23: INR308.83 million). JBSSKL
received higher quota allocation of 42,099MT in 11MFY25 (FY23;
26,986MT), with export quota for FY25 of 1,584MT. However, Ind-Ra
expects the revenue to decline further in FY25 as the volumes of
total sugarcane crushed have reduced during the year due to lower
availability of sugarcane.
The average realization of sugar improved to INR33,451 per MT in
FY24 (FY23: INR32,398 per MT), given the steady rise in sugar
prices since April 2023. However, JBSSKL's EBITDA margin declined
to 3.62% in FY24 (FY23: 11.22%), as the sugar division incurred
losses during the year (8.17%) owing to the procurement prices of
cane being higher than the fair and remunerative price (FRP).
Ind-Ra expects the scale of operations and profitability to be
impacted by reduced crushing in FY25 and the procurement prices of
sugarcane remaining higher than the FRP.
Credit Metrics Deteriorated in FY24, Likely to Remain Modest in
Medium Term: JBSSKL's credit metrics deteriorated sharply in FY24
because of the decline in the operating profitability and an
increase in debt levels. The short-term debt levels rose to
INR299.19 million (FY23: INR252 million), resulting from a 9% yoy
rise in inventory levels due to low overall sales, and the term
debt increased to INR1,291.06 million (INR756.52 million). In FY24,
JBSSKL's interest coverage (operating EBITDA/gross interest
expense) was 0.99x (FY23: 5.23x) and the net leverage (Ind-Ra
adjusted net debt/operating EBITDAR) was 17.83x (2.99x). During
FY23-FY24, the entity had undertaken capex of about INR1,500
million for enhancing the sugarcane crushed per day capacity to
5,000 tons crushed per day (TCD) from 2,500TCD. The expanded
capacity has been operational since FY23. The net leverage and
interest coverage are likely to remain modest in the near term
because of modest profitability and increased total debt.
Regulatory Risks: The sugar industry is price-sensitive. Given the
government's intervention through regulations such as fixing the
raw material prices in the form of state advised prices and fair &
remunerative prices, the company does not have much control over
cost management. The government policies, particularly with respect
to cane pricing, imports-exports, and the use of ethanol for
blending, will have a bearing on the performance of the industry
and the company. Any policy decision that is unfavorable for the
sugar industry could have an impact on the profitability of the
company.
Cyclical Nature of Sugar Industry; Exposure to Agro Climatic Risk:
Sugar, being an Agro-based industry, is susceptible to the vagaries
of monsoons. Sugarcane is a water-intensive crop, and poor rainfall
and droughts would impact the production, yields and recovery from
sugarcane. Regulatory mechanisms and dependence on monsoons have
rendered the sugar industry cyclical.
Poor Liquidity: Please refer to the liquidity section
Synergies from Integrated Nature of Operations; Long Operational
Track Record: JBSSKL benefits from the synergies arising from the
integrated nature of its operations. B-heavy molasses (BHM), which
is used as raw material for manufacturing specially denatured
spirits, is produced in-house by the sugar mill as a by-product
during sugar production. Furthermore, the entity produces
electricity from bagasse that is left over after the crushing of
sugarcane for own consumption, resulting in significant savings in
electricity costs, though it does not sell electricity externally.
This enables the entity to maximize its profitability from all
products and byproducts. Furthermore, JBSSKL has an operational
track record of around four decades in the sugar industry, which
has led to established relationships with farmers in the Beed
region in Maharashtra.
Liquidity
Poor: JBSSKL had unencumbered cash and cash equivalents of INR70.87
million at FYE24 (FYE23: INR87.11 million). The current ratio
improved but continued to weak at 1.09x in FY24 (FY23: 0.91x) and
it is likely to remain weak in the medium term, in Ind-Ra's
opinion. The free cash flow remained negative in FY24 but improved
to a negative INR394.23 million during the year (FY23: negative
INR990.85 million) because of lower capital expenditure of
INR184.44 million (INR1,443.61 million). The agency expects the
free cash flow to improve in FY25 favorable changes in the working
capital, led by a fall in the inventory holding days. As of
December 2024, JBSSKL did not have a pledge cash credit funding in
place and it had a total debt outstanding of about INR1,620
million, of which INR120 million was scheduled to be repaid in FY25
itself. For the balance amount, the repayment would start in FY26.
The entity has repayment obligations of INR125 million and INR250
million in FY26 and FY27, respectively, which is likely be met out
of the internal accruals. The working capital cycle remained
stretched and deteriorated to 135 days in FY24 (FY23: 93) on
account of an increase in the inventory days to 314 days (271).
Rating Sensitivities
Negative: Any decline in the scale of operations or profitability,
or further deterioration in the credit metrics or liquidity
position, all on a sustained basis, will be Negative for the
ratings.
Positive: A significant growth in the scale of operations, increase
in profitability, improvement in the liquidity position, or the
interest coverage exceeding 1.5x, all on a sustained basis, will be
positive for the ratings.
About the Company
Established in 1973, JBSSKL produces sugar and related by-products
from sugar processing. The company has a fully integrated unit
located in Beed district, Maharashtra, for manufacturing sugar,
with a crushing capacity of 5,000TCD and specially denatured
spirits capacity of 30KLPD.
KSK ENERGY: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of KSK Energy
Limited (KEL) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 195.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 22,
2024, placed the rating(s) of KEL under the 'issuer
non-cooperating' category as KEL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
KEL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated January 7, 2025,
January 17, 2025, January 27, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
The KSK group has been promoted by Mr. Sethuraman Kishore and Mr.
K. A. Sastry and it is involved in consulting and developing power
projects since 1998. KSK Power Venture Plc (KSKPV), incorporated in
Isle of Man, is the holding company of KSK Group and is listed in
the London Stock Exchange (LSE). KEL, Mauritius, incorporated in
2005, is a wholly-owned subsidiary of KSKPV. KEL, through its two
subsidiaries KSK Energy Company Private Limited (KECPL) and KSK
Energy Ventures Limited (KEVL), is engaged in development of
various infrastructure (power and non-power) projects. KECPL via
its separate Special Purpose Vehicles (SPVs) provides services like
coal transportation, water supply and other infrastructure
activities to the power plants, while KEVL's core business is power
generation. KEL also undertook development of 250 MW solar project
under different SPVs of KSK group (125 MW in Tamil Nadu and 125 MW
in Rajasthan).
KSK WATER: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of KSK Water
Infrastructures Private Limited (KWIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 636.73 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 22,
2024, placed the rating(s) of KWIPL under the 'issuer
non-cooperating' category as KWIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. KWIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 7, 2025, January 17, 2025, January 27, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
KSK Water Infrastructures Private Limited (KWIPL) is a Special
Purpose Vehicle (SPV) promoted by KSK group to supply water to its
3600 MW (600 MW X 6 units) under construction thermal power plant;
KSK Mahanadi Power Company Limited (KMPCL) at District Janjgir
Champa in the State of Chhattisgarh. KWIPL is setting up 3600 MW (6
x 600 MW) domestic coal-based power project at Nariyara village,
Janjgir-Champa District of Chhattisgarh. There are three separate
SPV companies for water transportation (under KWIPL), mining of
coal and rail transportation infrastructure to support the
operations of KMPCL. There is proposal to merge the three SPVs with
KMPCL and the same is under process.
LIFELINE MULTI: Ind-Ra Withdraws BB+ Term Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Lifeline Multi
Ventures Private Limited's (LMVPL) term loan rating as follows:
-- The 'IND BB+ (ISSUER NOT COOPERATING)' rating on the INR350
mil. Term loan due on December 31, 2025 is withdrawn.
Detailed Rationale of the Rating Action
Ind-Ra is no longer required to maintain the ratings, as the agency
has received no dues certificates from the lenders and withdrawal
request from the issuer. This is consistent with Ind-Ra's Policy on
Withdrawal of Ratings. Ind-Ra will no longer provide analytical and
rating coverage for the company.
About the Company
Incorporated in 1989, Bhubaneswar-based Lifeline Multi Ventures is
engaged in the construction of a commercial project on a leasehold
2.71-acre land. It is managed by Jagadish Prasad Naik, Ratnamala
Swainand and Shyam Sundar Padhy.
LMJ INTERNATIONAL: Ind-Ra Keeps D Loan Rating in NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained LMJ
International Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.
The detailed rating actions are:
-- INR1.840 bil. Fund Based Working Capital Limit Maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR3.60 bil. 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, Guidelines on What Constitutes
Non-Cooperation. The Negative Outlook reflects the likelihood of a
downgrade of the entity's ratings on continued non-cooperation
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with LMJ International Limited
while reviewing the rating. Ind-Ra had consistently followed up
with LMJ International Limited over emails, apart from phone
calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of LMJ International 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 LMJ International 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
LMJ International trades agricultural and non-agricultural
commodities in domestic and international markets.
LODHI RAJPOOT: CARE Lowers Rating on INR6.05cr LT Loan to B-
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Lodhi Rajpoot Ice and Cold Storage Private Limited (LRICS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.05 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 12,
2024, placed the rating(s) of LRICS under the 'issuer
non-cooperating' category as LRICS had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. LRICS continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 28, 2024, January 7, 2025 and January 17, 2025 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings for LRICS have been revised on account of
non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Uttar Pradesh based Lodhi Rajpoot Ice and Cold Storage Private
Limited (LRICS) was incorporated in June, 1996 as a private limited
company. The company is currently managed by Mr. Mohan Datt & Mr.
Ram Gopal. The company is engaged in renting of its cold storage
facility for potatoes to the local farmers in Shikohabad, Uttar
Pradesh with multi chambers.
LORDS TRAVELS: CARE Lowers Rating on INR5cr LT Loan to B
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Lords Travels Private Limited (LTPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B+; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 13,
2024, placed the rating(s) of LTPL under the 'issuer
non-cooperating' category as LTPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
LTPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 29, 2024,
January 8, 2025 and January 18, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information.
Analytical approach: Standalone
Outlook: Stable
Delhi based, LTPL was incorporated in 1994, and is currently
promoted by Mr. Bhagwant Singh Arora and Ms. Mohinder Kaur Arora.
The company is engaged in providing one stop travel solutions
including Air tickets, Visa assistance, travel insurance, Forex,
Multi currency cards, Hotels, Cruises, International & Domestic
Packages, Car rentals and other allied services. LTPL is an IATA
(International Air Transport Association) approved travel agent.
The company derives its revenue from commission on air ticketing
and hotel booking. LTPL currently operates in the B2B business and
has around 250 sub dealers across India.
MADHYA BHARAT: Ind-Ra Cuts Loan Rating to D
-------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Madhya Bharat
Telecom Infrastructures' (MBTI) bank facility rating to 'IND
D(ISSUER NOT COOPERATING)' from 'IND B/Negative (ISSUER NOT
COOPERATING)'/'IND A4 (ISSUER NOT COOPERATING)'. The issuer did not
participate in the rating review, despite continuous requests and
follow-ups by the agency. The rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating.
The detailed rating actions are:
-- INR2.18 mil. Non-fund-based working capital limit (Short-term)
downgraded with IND D (ISSUER NOT COOPERATING) rating; and
-- INR34 mil. Fund-based working capital limit (Long-term)
downgraded with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information.
Detailed Rationale of the Rating Action
The downgrade reflects delays in debt servicing by MBTI. Ind-Ra has
relied on the information available in the public domain. However,
the agency has not been able to ascertain the reason for the
delays, as the company has been non-cooperative.
The ratings continue to be maintained in non-cooperating category
in accordance with Ind-Ra's Guidelines on What Constitutes
Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with MBTI while reviewing the
rating. Ind-Ra had consistently followed up with MBTI over emails,
apart from phone calls. The issuer has also not been submitting
their monthly no default statement.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of MBTI, 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. MBTI has been
non-cooperative with the agency since October 25, 2017.
About the Company
MBTI was formed in 2005 as an infrastructure company in the telecom
infrastructure industry. The company undertook turnkey projects for
setting up telecom infrastructure in Madhya Pradesh and
Chhattisgarh for almost all telecom and telecom infrastructure
companies.
MARS THERAPEUTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mars
Therapeutics and Chemicals Limited (MTCL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.50 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5.75 CRISIL D (Issuer Not
Cooperating)
Funded Interest 0.55 CRISIL D (Issuer Not
Term Loan Cooperating)
Proposed Long Term 0.20 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 5.00 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with MTCL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MTCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MTCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MTCL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
MTCL was originally set up as a private limited company by Mr P
Appa Rao and family in 1993. It manufactures pharmaceutical
formulations for the domestic market at its facility in
Secunderabad, Telangana.
MISHRA POLYPACKS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mishra
Polypacks Private Limited (MPPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 21 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MPPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MPPL continues to be 'CRISIL B/Stable Issuer not cooperating'.
MPPL was set up in 1994, by the promoter, Mr Sushil Kumar Mishra.
The company manufactures polypropylene (PP) bags at its facility in
Hyderabad. It also trades in various steel products, through
warehouses across Hyderabad, Bhagalpur and Kurnool.
ORIENT SPUN: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Orient Spun
Silk and Processing Mills LLP (OSSPML) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 2,
2024, placed the rating(s) of OSSPML under the 'issuer
non-cooperating' category as OSSPML had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. OSSPML continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 18, 2024, December 28, 2024, January 7, 2025 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Orient Spun Silk and Processing Mills LLP was established in June
2017 with an objective of manufacturing and processing of Mulberry
silk, Muga silk, Eri silk, Art silk and other Cellulosic yarn. The
Mulberry, Muga, Eri, Art yarn will be used in making of Saree,
Mekhala Chaddar, Punjabi Kurta. The major raw materials are
Mulberry silk, Eri spun silk, Muga silk, Art silk and Cellulosic
silk which are available from adjacent states. Mr. Pabitra
Buragohain (Partner) and Mr. Lakhi Kanta Gohain (Partner), both of
whom has 20 years of experience in similar line of business. The
firm is further be supported by a team of experienced
professionals.
PANSURIYA IMPEX: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Pansuriya Impex
LLP's (PSI) bank facilities as follows:
-- INR215 mil. Term loan due on March 31, 2027 affirmed with IND
BB+/Stable rating; and
-- INR1,276.6 bil. Fund-based working capital limits affirmed
with IND BB+/Stable/IND A4+ rating.
Detailed Rationale of the Rating Action
The ratings reflect PSI's continued modest credit metrics as well
as EBITDA margins, with a continued medium scale of operations with
a decline in revenue for FY24. However, the ratings are supported
by the promoters' long track record in the industry.
Detailed Description of Key Rating Drivers
Modest Margins and Credit Metrics: PSI's EBITDA margin improved
slightly but remained modest at 3.21% in FY24 (FY23: 3.07%), owing
to a decrease in the cost of goods sold. The return on capital
employed stood at 6.3% in FY24 (FY23: 6.1%). The margin remained
largely stable at 2.5%-3.5% during FY22-FY24. PSI imports most of
its requirements and exports more than 50% of its production,
thereby providing a natural hedge to a greater extent. However,
since the company does not have any hedging policy, it is exposed
to forex risk to the extent of the domestic sales. Ind-Ra expects
the EBITDA margins to remain at same levels for FY25.
PSI's gross interest coverage (operating EBITDAR/gross interest
expense + rents) deteriorated to 1.5x in FY24 (FY23: 2.01x) on
account of an increase in interest costs to INR125.04 million
(INR93.08 million) due to the revised interest rates being linked
to alternative reference rate. Ind-Ra expects the gross interest
coverage to improve in FY25, on account of a likely improvement in
its EBITDA (FY24: INR187.06 million; FY23: INR186.7 million).
PSI's net leverage (adjusted net debt/operating EBITDAR) too
deteriorated slightly to 7.51x in FY24 (FY23: 7.40x, FY22: 10.26x),
even as its total debt remained almost stable at INR1,454 million
(FY23: INR1,486.53 million), due to a decrease in its cash balance
to INR48.29 million (INR104.14 million). Ind-Ra expects the net
leverage to improve in FY25 on an improvement in the EBITDA.
Continued Medium Scale of Operations with Revenue Decline in FY24:
PSI's revenue declined 4.14% yoy to INR5,828.95 million in FY24
(FY23: INR6,081 million; FY22: INR5,439 million), primarily due to
a fall in the price of polished diamonds, following the
macro-economic recessionary trends reducing the spending on
diamonds. The company's exports contributed INR2,676 million to the
revenue in FY24 (FY23: INR2,262 million). PSI earned a revenue of
INR4,013 million in 9MFY25. Ind-Ra expects the revenue to decline
further in FY25 with a continued fall in the prices as well as the
export demand for polished diamonds.
Intensive Working Capital Requirements: The net working capital
cycle elongated to 151 days in FY24 (FY23: 140 days; FY22: 167
days), majorly due to a moderate increase in the inventory days to
168 (162, 144) stemming from the built-up of inventory to fulfil
the customers' immediate needs. PSI deals in a mixed composition
catering to various markets with a majority of value in the natural
diamond compared to lab-grown diamond.
High Geographical Concentration: PSI's sales to the US and Hong
Kong accounted for more than 46% of its total revenue in FY24
(FY23: 33%). This is line with industry standards, as Hong Kong and
the US are the largest importers of cut and polished diamonds in
the world. Hence, any country-specific issue would have a
significant impact on PSI's top line from the sales to these
countries. Demand growth in these two countries has been very slow
since FY23. When the demand from these countries picks up, it will
increase the demand for polished diamonds to a sizable extent.
Partnership Nature of Business: PSI is a partnership firm, which
restricts its overall financial flexibility in terms of limited
access to external fund for any future expansion plans unless
otherwise provided in the partnership deed. Furthermore, there is
inherent risk of a possible withdrawal of capital and the
dissolution of the firm in case of death/insolvency/separation of
its partners. For FY24, the amount withdrawn from the partners'
current account was more than the profit earned for the period.
According to the management, the firm decided to withdraw the
accumulated profit which had been accrued over the period of years
and is planning to invest in some other businesses.
Negative Growth in Indian CPD Industry for FY24: The diamond
industry has been witnessing a steep decline in exports and job
losses. Cut and polished diamonds (CPD) exports from India
contracted 27% yoy in FY24, on account of a
lower-than-Ind-Ra-expected recovery in the US festive season owing
to the worsened macro-economic conditions and competition from
lab-grown diamonds. The demand from the US and China (key consuming
markets) remained subdued amid inflationary pressures. The downturn
in exports continued in 9MFY25, with the industry witnessing a 19%
yoy contraction in CPD exports during this period.
Promoters' Experience: the ratings remain supported by PSI's long
track record of operations with the partners having nearly four
decades of experience in the diamond manufacturing and export
business.
Liquidity
Stretched: PSI had unencumbered cash and cash equivalents of
INR48.29 million at FYE24 (FYE23: INR104.14 million). The average
maximum utilization of the fund-based working capital limits was
more than 95% for the 12 months ended December 2024. The cash flow
from operations remained positive at INR161.27 million in FY24
(FY23: INR250.7 million) owing to favorable changes in working
capital. Consequently, the free cash flow remained positive to INR
114.63 million (FY23: INR238.1 million), due to a maintenance capex
of INR46.64 million (INR12.60 million). Since PSI deals in both
natural and lab-grown diamonds, it was able to manage its working
capital by catering to various market demands compared to other
players who dealt only in natural diamonds leading to higher
inventory days and negative free cash flow. The receivable days
increased to 78 in FY24 (FY23: 72) while the creditor days remained
unchanged year-on-year at 94. The firm has debt repayment
obligations of INR62.94 million and INR65.44 million in FY25 and
FY26, respectively.
Rating Sensitivities
Negative: Any decrease in the scale of operations, deterioration in
the credit metrics and liquidity will be negative for the ratings.
Positive: An increase in the scale of operations, along with an
improvement in the credit metrics with the interest coverage
increasing above 3.0x, leading to an overall improvement in the
liquidity position will be positive for the ratings.
About the Company
PSI was established in 1972 as a proprietorship concern by
Ravjibhai V. Pansuriya and was converted to a partnership firm in
May 2001 with the Pansuriya family members inducted as partners.
The firm is engaged in the manufacturing and export of cut and
polished diamonds as well as lab grown diamonds. The firm was
reconstituted as a limited liability partnership in April 2018. Its
manufacturing facility is in Surat, Gujarat.
PARMESHWARI SILK: Ind-Ra Assigns BB+ Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Parmeshwari Silk
Mills Limited's (PSML) bank facilities as follows:
-- INR300 mil. Fund-based working capital limits assigned with
IND BB+/Stable/IND A4+ rating.
The rating is constrained by PSML's working capital intensive
nature of operations, as reflected in an elongated working capital
cycle, moderate credit metrics with a high net leverage ratio,
along with its presence in a fragmented and cyclical textile
industry. However, the rating is supported by PSML's experienced
promoters, long track record of operations, locational advantages
and a growing scale of operations.
Detailed Description of Key Rating Drivers
Working Capital Intensive Nature of Operations: PSML's operations
are working capital intensive in nature, on account of the long
manufacturing process involved. The net working capital cycle stood
at 228 days for FY24 (FY23: 204 days). The company needs to
maintain a large inventory which is inherent to textile
manufacturing. The inventory days stood at 176 in FY24 (FY23: 152;
FY22: 182). PSML produces various types of fabrics (different
colors, embroidery designs, etc.), necessitating a high volume of
raw materials. Buying yarn to producing unstitched materials takes
five to six months on an average. Furthermore, PSML offers three to
four months of credit to its customers, leading to an average
collection period of 112 days for FY24 (FY23: 106 days, FY22: 110
days). OSML receives nearly 60 days of credit from its suppliers.
Moderate Credit Metrics: The elongated working capital cycle
necessitates PSML to depend on bank lines and regular investments
of funds in the form of unsecured loans to support the operations,
resulting in moderate credit metrics. The interest coverage
(operating EBITDA/gross interest expense) and adjusted net leverage
(adjusted net debt/operating EBITDAR) stood at 2.40x and 4.71x,
respectively, in FY24 (FY23: 2.51x, 4.47x). The adjusted net debt
has been arrived by considering the unsecured loans as part of
equity as the same is kept in the business and has not been
withdrawn during the past four years. Management expects majority
of loans to be converted into equity in the next one to two years.
The credit metrics are likely to remain in a similar range during
FY25 and 26.
Presence in Fragmented and Cyclical Textile Industry; Modest
Margins: Textile players face high competition, due to the
fragmented nature of the industry and raw material price
volatility. PSML is exposed to industry risks arising on account of
volatility in raw material prices along with cyclical demand
weakness. Furthermore, the domestic textile industry is
characterized by intense competition from the unorganized segment,
which poses risk to the margins and supply chain. The profitability
margins remained stable-but-modest at 9.5% during FY22-FY24 with
EBITDA of INR189.60 million in FY24 (FY23: INR1,725.51 million,
FY22: INR1,451.66 million) and ROCE of around 10% on an average.
Experienced Promoters and Long Track Record: PSML is led by
Jatinder Pal Singh who has nearly three decades of experience in
the textile industry through his association with this entity. His
family has been associated with this business for over 100 years.
Additionally, the directors are assisted by a team of qualified
managerial personnel and technical experts with relevant experience
in their respective fields.
Growing Scale of Operations: PSML's scale of operations is growing
year on year, on account of the improving brand image. The company
sells its products under the brand name Ramtex. Though the revenue
of the company stood moderate at INR2,030 million in FY24 (FY23:
INR1,725 million, FY22: INR1,451 million), it has grown nearly 20%
during the past two years. PSML achieved revenue of INR1,040
million in 1HFY25 and Ind-Ra expects PSML to close FY25 with
revenue of INR2,250 million-INR2,300 million. The company has a
network of 25 distributors with whom they have longstanding
relationships.
Liquidity
Stretched: PSML's average maximum utilization of the fund-based
limits was 95% during the 12 months ended January 2025. The cash
flow from operations turned negative to INR49.69 million in FY24
(FY23: INR18.22 million) due to unfavorable changes in working
capital. Furthermore the on account of capex undertaken, the free
cash flow was negative to INR 160.22 million in FY24 (FY23:
negative INR41.80 million). The working capital cycle elongated to
228 days in FY24 (FY23: 204 days), primarily due to an increase in
the receivable and inventory period to 176 days and 112 days,
respectively (152 days and 106 days). The cash and cash equivalents
stood low at INR38.79 million at FYE24 (FYE23: INR0.62 million).
The company has repayment obligations of INR98 million and INR78
million in FY 25 and FY26, respectively.
Rating Sensitivities
Negative: A decline in the scale of operations leading to
deterioration in the credit metrics and/or deterioration in the
liquidity profile, sustained basis, could lead to a negative rating
action.
Positive: Sustenance of the scale of operations along with
improvement in the credit metrics with net leverage below 4.5x and
an improvement in the liquidity position, all on a sustained basis,
would lead to a positive rating action.
About the Company
PSML is a Ludhiana-based entity engaged in manufacturing unstitched
suit fabrics and plain fabrics for women under its own brand name
Ramtex. PSML distributes its products through a network of
distributors and dealers based in Punjab, Haryana, Delhi,
Rajasthan, and West Bengal, serving over 200 retailers across
India. PSML is a listed entity.
PAS TRADING: Ind-Ra Withdraws B- Bank Loan Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn PAS Trading
House's (PAS) bank facility ratings.
The detailed rating actions are:
-- The 'IND B- (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
COOPERATING)' rating on the INR224 mil. Fund-based working
capital limit is withdrawn;
-- The 'IND A4 (ISSUER NOT COOPERATING)' rating on the INR10 mil.
Non-fund-based working capital limit is withdrawn; and
-- The 'IND B- (ISSUER NOT COOPERATING)' rating on the INR80.40
mil. Term loan due on January 31, 2033 is withdrawn.
Detailed Rationale of the Rating Action
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a request for withdrawal of ratings and no-due
certificate issued by the bankers. This is consistent with Ind-Ra's
Policy on Withdrawal of Ratings.
About the Company
PAS was established in 2015 as a partnership firm by Sunil Khanna,
Alka Khanna and Puranjay Khanna, in Mumbai, Maharashtra, and
engages in the trading of papers such as coated wood free paper,
printing paper, label paper, specialty paper, packaging paper,
among others that are 100% domestically supplied.
PATIL CONSTRUCTION: Ind-Ra Keeps D Loan Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Patil
Construction and Infrastructure Limited's instrument(s) rating in
the non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.
The detailed rating actions are:
-- INR1.225 bil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating;
-- INR500 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating;
-- INR4.975 bil. Non-Fund Based Working Capital Limit maintained
in non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating; and
-- INR581.5 mil. Term loan due on March 31, 2022 maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation. The Negative Outlook reflects the likelihood of a
downgrade of the entity's ratings on continued non-cooperation
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Patil Construction and
Infrastructure Limited while reviewing the rating. Ind-Ra had
consistently followed up with Patil Construction and Infrastructure
Limited over emails, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Patil Construction and
Infrastructure 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 Patil Construction and
Infrastructure 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
Patil Construction and Infrastructure is engaged in the
construction of bitumen and concrete roads/highways, buildings,
storm water drainage, primarily for government agencies. The
company has a presence in western parts of Maharashtra, Jharkhand,
Chhattisgarh, Odisha, Telangana and Karnataka.
PILOT 2 WHEELERS: Ind-Ra Keeps D Loan Rating in NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Pilot 2 Wheelers
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 action is:
-- INR200 mil. 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, Guidelines on What Constitutes
Non-Cooperation. The Negative Outlook reflects the likelihood of a
downgrade of the entity's ratings on continued non-cooperation
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Pilot 2 Wheelers Private
Limited while reviewing the rating. Ind-Ra had consistently
followed up with Pilot 2 Wheelers Private Limited over emails,
apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Pilot 2 Wheelers 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 Pilot 2 Wheelers 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
Established in 2001, Pilot 2 Wheelers is an authorized dealer of
vehicles manufactured by Honda Motorcycle and Scooter India Pvt.
Ltd. The company is engaged in the sale of new vehicles and spare
parts, as well as servicing of vehicles. It has three showrooms and
service centers in and around Mumbai.
PRAKASH PARCEL: Ind-Ra Keeps BB- Loan Rating in NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Prakash Parcel
Services 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:
-- INR290 mil. Fund Based Working Capital Limit LT downgraded; ST
maintained in non-cooperating category with IND BB-/Negative
(ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)
rating;
-- INR30 mil. Non-Fund Based Working Capital Limit maintained in
non-cooperating category with IND A4+ (ISSUER NOT
COOPERATING) rating; and
-- INR30 mil. Term loan issued on October 31, 2024 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, Guidelines on What Constitutes
Non-Cooperation. The Negative Outlook reflects the likelihood of a
downgrade of the entity's ratings on continued non-cooperation
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Prakash Parcel Services
Limited while reviewing the rating. Ind-Ra had consistently
followed up with Prakash Parcel Services Limited over emails, apart
from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Prakash Parcel Services
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 Prakash Parcel Services
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
Prakash Parcel Services commenced its operations in 1992 as a
partnership firm. In 2008, the company was reconstituted as a
limited liability company. The company, which provides freight and
allied services to customers across India, has 115 branches and
over 100 franchises across the country. It uses nearly 68 own
commercial vehicles and sources 125 vehicles daily to carry out its
operations and also offers customized solutions to its customers.
PRASSANNA SPINNING: Ind-Ra Moves BB Loan Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Prassanna Spinning
Mills Private Limited's (PSMPL) bank facilities rating to the
non-cooperating category and has simultaneously withdrawn the same.
The detailed rating actions are:
-- INR650 mil. Fund-based working capital limit* migrated to non-
cooperating category and withdrawn; and
-- INR222.70 mil. Term loan# due on February 29, 2028 migrated to
non-cooperating category and withdrawn.
Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on best available information
*Migrated to 'IND BB/Stable (ISSUER NOT COOPERATING)/IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn
#Migrated to 'IND BB/Stable (ISSUER NOT COOPERATING)' before being
withdrawn
Detailed Rationale of the Rating Action
The rating has been migrated to the non-cooperating category before
being withdrawn as the issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups by
the agency through emails and phone calls, and has not provided
information about the latest audited financial statements,
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 a 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 PSMPL while reviewing the
ratings. Ind-Ra had consistently followed up with PSMPL over
emails, apart from phone calls. The issuer has submitted the
no-default statement until February 2025.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of PSMPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using the rating.
About the Company
Incorporated in 2006, Dindigul-based PSMPL manufactures compact
cotton yarn, primarily the count range of 30s. R. Geetha, S. D.
Rathinasabapathy and P. S. Veluswamy are the promoters.
PRATHAMMALIK AUTO: Ind-Ra Assigns B+ Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Prathammalik Auto
Matrix Pvt Ltd.'s (PAMPL) bank facilities as follows:
-- INR465 mil. Fund-based working capital limits assigned with
IND B+/Stable/IND A4 rating;
-- INR70.45 mil. Proposed fund-based working capital limits
assigned with IND B+/Stable/IND A4 rating; and
-- INR64.55 mil. Term loan due on January 1, 2032 assigned with
IND B+/Stable rating.
Detailed Rationale of the Rating Action
The ratings reflect PAMPL's small scale of operations and modest
EBITDA margins as well as credit metrics in FY24, its first full
year of operations. However, the ratings are supported by the
company's experienced promoters.
Detailed Description of Key Rating Drivers
Small Scale of Operations: In FY24, PAMPL's revenue was INR1,782.80
million and EBITDA was INR45.55 million. During 9MFY25, PAMPL
booked a revenue of INR1,408.21 million. In FY25, Ind-Ra expects
the revenue to remain at similar levels considering the 9MFY25
revenue.
Modest EBITDA Margins: PAMPL's EBITDA margins were modest at 2.55%
in FY24 with a return on capital employed of 12%. In FY25, Ind-Ra
expects the EBITDA margin to decline slightly year-on-year
considering the 9MFY25 EBITDA margin of 2.48% and the likely
increase in the fixed cost, led by a new workshop opened in FY25.
Modest Credit Metrics: The interest coverage (operating
EBITDA/gross interest expenses) was 1.65x in FY24 and the net
leverage (adjusted net debt/operating EBITDAR) was 9.67x. In FY25,
Ind-Ra expects the credit metrics to deteriorate slightly
considering the likely drop in the EBITDA.
Experienced Promoters: The ratings are further supported by the
promoters' more than two decades of experience in the automobile
industry. This has facilitated the company to establish strong
relationships with customers as well as suppliers.
Liquidity
Stretched: PAMPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. PAMPL's average maximum utilization of the fund-based
limits was 81.28% during the 12 months ended January 2025. The cash
flow from operations stood at negative INR264.86 million in FY24.
Furthermore, the free cash flow stood at negative INR369.42
million. The elongated net working capital cycle stood at 70 days
in FY24. PAMPL has debt repayment obligations of INR16.50 million
and INR11.90 million in FY25 and FY26, respectively. The cash and
cash equivalents stood at INR4.87 million at FYE24.
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and/or a further
pressure on the liquidity position, all on a sustained basis, could
lead to a negative rating action.
Positive: A substantial increase in the scale of operations with an
improvement in the overall credit metrics as well as the liquidity
profile, all on a sustained basis, could lead to a positive rating
action.
About the Company
Incorporated in 2022 and operationally started from April 2023,
PAMPL is an automobile sales and service dealer for passenger
vehicles of Tata Motors Limited. Promoted by Neeraj Malik and
family, PAMPL is based in Hyderabad, Telangana. At end-February
2025, PAMPL had three showrooms and two workshops.
RARE SS: Ind-Ra Cuts Term Loan Rating to B+
-------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Rare SS
Properties India 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:
-- INR2.20 bil. Term loan due on March 31, 2032 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 ratings are maintained in the non-cooperating category and
Outlook revised to Negative in accordance with Ind-Ra's policy,
Guidelines on What Constitutes Non-Cooperation. The Negative
Outlook reflects the likelihood of a downgrade of the entity's
ratings on continued non-cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Rare SS Properties India
Private Limited while reviewing the rating. Ind-Ra had consistently
followed up with Rare SS Properties India Private Limited over
emails, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Rare SS Properties 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 Rare SS Properties 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
RSSPIPL is a real estate holding company that owns and operates
about 7,50,000 square feet of retail space in Tamil Nadu. The
promoters of the company are Sabapathy Rajaratnam (owns 59.58%
stake) and Revathy Rajaratnam (39.7%). The Chennai property houses
both Saravana Stores Jewels and the Madurai property houses both
Saravana Stores Jewels and Saravana Stores Tex. Both Saravana
Stores Jewels and Saravana Stores Tex are owned by the same
promoters.
ROLTA INDIA: Ind-Ra Keeps D Loan Rating in NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Rolta India
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:
-- INR12.539 bil. External Commercial Borrowing due on March 31,
2020 maintained in non-cooperating category with IND D
(ISSUER NOT COOPERATING) rating;
-- INR4.0 bil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating;
-- INR8.293 bil. Letter of Credit maintained in non-cooperating
category with IND D (ISSUER NOT COOPERATING) rating; and
-- INR3.0 bil. 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, Guidelines on What Constitutes
Non-Cooperation. The Negative Outlook reflects the likelihood of a
downgrade of the entity's ratings on continued non-cooperation
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Rolta India Limited while
reviewing the rating. Ind-Ra had consistently followed up with
Rolta India Limited over emails, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Rolta India 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 Rolta India 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
Mumbai-based RIL is a technology company with operations in 40
locations across India, North America, Europe, the Middle East and
Australia. It provides information technology solutions to various
federal, state and local governments; defense and security
agencies; utilities; financial services, manufacturing, retail and
healthcare companies; and others.
SARDAR JEWELLERS: CRISIL Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sardar
Jewellers (SJ) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL B-/Stable/Issuer Not
Cooperating
CRISIL Ratings has been consistently following up with SJ for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SJ, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SJ is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of SJ
continues to be 'CRISIL B-/Stable Issuer not cooperating'.
SJ was set up in fiscal 2011, as a partnership firm, by Mr Surinder
Singh and his family. The firm sells gold and diamond-studded
jewellery at its showroom in Ludhiana (Punjab).
SHIVA INDUSTRIAL: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shiva
Industrial Security Agency (Gujarat) Limited (SISAL) continue to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 14.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; continues to
Bank Facilities remain under ISSUER NOT
COOPERATING category
Short Term Bank 8.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 8, 2024,
placed the rating(s) of SISAL under the 'issuer non-cooperating'
category as SISAL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SISAL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated January 22, 2025, February 1,
2025 and February 11, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
SISA was incorporated as a private limited company in July 1997 by
Mr. Major S Sharma and is now converted into a closely held public
limited company. The company is primarily engaged in providing
security services like manned guarding, cash handling, emergency
response services and electronic security. Currently, the company
is being managed by Mr. Major S Sharma's sons - Mr. Sushil Sharma
and Mr. Sameer Sharma. SISA is an ISO 9001:2008 certified company.
SHRUTHI MILK: Ind-Ra Cuts Short/LongTerm Rating to D
----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shruthi Milk
Products Private Limited's (SMPPL) bank facility rating to 'IND D
(ISSUER NOT COOPERATING)' from 'IND BB-/Negative (ISSUER NOT
COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)' while maintaining
the ratings in the non-cooperating category. The issuer did not
participate in the rating review, despite continuous requests and
follow-ups by the agency. The rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating.
The detailed rating actions are:
-- INR60 mil. Cash Credit (Long -term/Short-term) downgraded with
IND D (ISSUER NOT COOPERATING) rating; and
-- INR24.8 mil. Term loan (Long -term) downgraded with IND D
(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information.
Detailed Rationale of the Rating Action
The downgrade reflects delays in debt servicing by SMPPL. Ind-Ra
has relied on the information available in the public domain.
However, the agency has not been able to ascertain the reason for
the delays, as the company has been non-cooperative.
The ratings continue to be maintained in non-cooperating category
in accordance with Ind-Ra's Guidelines on What Constitutes
Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with SMPPL while reviewing the
rating. Ind-Ra had consistently followed up with SMPPL over emails,
apart from phone calls. The issuer has also not been submitting
their monthly no default statement.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SMPPL, 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. SEIPL has been
non-cooperative with the agency since September 5, 2017.
About the Company
SMPPL processes and supplies milk and related products such as
ghee, ice cream and flavored milk.
SIDHANT MINES: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sidhant
Mines and Minerals Private Limited (SMMPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 04,
2024, placed the rating(s) of SMMPL under the 'issuer
non-cooperating' category as SMMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SMMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 19, 2024, November 29, 2024 and December 9, 2024 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Sidhant Mines And Minerals Pvt. Ltd. (SMMPL) was incorporated in
the year 2000 and is based in Bhuvneshwar, Odisha. SMMPL is mainly
into trading of iron ores and transportation of stone quarry. SMMPL
also have a trading licence issued by Govt. of Odisha and Jharkhand
for domestic trading of iron ore extracted from the mines located
in Odisha and Jharkhand. The company has inhouse transportation
division facilitating end to end logistical services to its
customers.
SITA MASALA: Ind-Ra Affirms B+ Loan Rating, Outlook Stable
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sita Masalas' (SM)
bank loans' ratings as follows:
-- INR20 mil. Fund-based working capital limits affirmed with IND
B+/Stable/IND A4 rating; and
-- INR60 mil. Pledge loan affirmed with IND A4 rating.
Detailed Rationale of the Rating Action
The affirmation reflects SM's small scale of operations in FY24 and
inherent customer concentration risk. In FY25, Ind-Ra expects the
scale of operation to decline substantially; however, the EBITDA
margin and credit metrics are likely to remain comfortable. The
ratings are supported by healthy EBITDA margin, comfortable credit
metrics and promoters' experience of nearly three decades.
Detailed Description of Key Rating Drivers
Small Scale of Operations; Revenue Improved in FY24 but Likely to
Decline in FY25: SM's revenue rose to INR346.6 million in FY24
(FY23: INR175.59 million), and EBITDA increased to INR24.86 million
(INR15.14 million), led by higher demand and a slight increase in
the realization of red chilies to INR131 per kg (INR125 per kg).
During 11MFY25, SM booked revenue of INR179.5 million. In FY25,
Ind-Ra and the management expect the revenue to decline due to a
fall in the average per kg realization (FY25: INR90, FY24:
INR131).
Customer Concentration Risk: In FY24, SM derived its entire revenue
from only two customers (FY23: 98%). Furthermore, the company
derives about up to 90% of its total revenue from a single client.
Healthy EBITDA Margin: SM's EBITDA margin remained healthy but
declined to 7.17% in FY24 (FY23: 8.32%) due to an increase in the
cost of goods sold to 88.9% (86.46%). Furthermore, the operating
margin remains exposed to fluctuations in raw material prices,
which accounted for around 88% of the overall revenue in FY24
(FY23: 86%). The return on capital employed was 32.5% in FY24
(FY23: 15.7%). In FY25, Ind-Ra expects the EBITDA margin to
decline slightly because of lower absorption of fixed costs due to
the likely fall in revenue.
Comfortable Credit Metrics: Despite the rise in EBITDA levels, SM's
interest coverage (operating EBITDA/gross interest expenses)
remained largely stable at 5.18x in FY24 (FY23: 5.10x) due to a
rise in interest expenses to INR4.8 million (INR2.97 million). The
net leverage (total adjusted net debt/operating EBITDAR) improved
to 0.61x in FY24 (FY23: 2.56x) because of a fall in overall debt
levels (FY24: INR15.76 million; FY23: INR63.84 million). In FY25,
Ind-Ra expects the credit metrics to remain at similar levels in
the absence of any major debt-led capex.
Experienced Promoter: The ratings are supported by the promoters'
experience of nearly three decades in the trading of red chilies,
which has helped the company establish strong relationships with
customers as well as suppliers.
Liquidity
Stretched: The cash flow from operations declined to INR19.78
million in FY24 (FY23: INR22.64 million) due to higher working
capital requirement. The free cash flow increased to INR23.75
million (FY23: INR21.78 million) because of the sale of an asset
worth INR3.9 million. The average net working capital cycle
improved to 63 days in FY24 (FY23: 145 days), mainly because of a
decline in inventory days to 35 (184). The company provides
creditor period of seven days to its customers and receives credit
period of seven-to-14 days from its suppliers. The inventory
holding period ranges between 180-240 days. SM's average maximum
utilization of the fund-based limits was 26.73% during the 12
months ended November 2024, and it is likely to have remained at
similar levels in the subsequent period. The cash and cash
equivalents stood at INR0.67 million at FYE24 (FYE23: INR25.12
million). Furthermore, SM does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements.
Rating Sensitivities
Negative: A decline in the scale of operations, leading to a
deterioration in the overall credit metrics and the liquidity
profile, all on a sustained basis, could lead to a negative rating
action.
Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics and the liquidity
profile, all on a sustained basis, could lead to a positive rating
action.
About the Company
Sita Masalas is a Telangana-based partnership firm. The firm was
established in 1976 as a proprietorship and promoted by Vijay Kumar
Shah and is a part of the Swastik Group. Vijay Kumar Shah is also
the managing partner in Swastik Mirchi Stores. SM is engaged in the
wholesale trading of chilies, mainly to its group companies. The
company was converted into a partnership firm from January 2023.
SUMMA REAL: Ind-Ra Hikes Term Loan Rating to BB+
------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Summa Real Media Private Limited's (SRMPL) bank
facilities:
-- INR70.96 mil. Term loan due on March 30, 2032 upgraded with
IND BB+/Stable rating;
-- INR30 mil. (reduced from INR40 mil.) Fund-based working
capital limit upgraded with IND BB+/Stable rating;
-- INR20 mil. Non-fund-based working capital limit upgraded with
IND A4+ rating; and
-- INR429.04 mil. Term loan due on March 30, 2032 assigned with
IND BB+/Stable rating.
Detailed Rationale of the Rating Action
The upgrade in ratings factors in the current credit profile of
SRMPL's following co-operation by the issuer while reviewing the
rating. The upgrade also reflects the improvement in SRMPL's
revenue in FY24. The ratings reflect the expectation of a
moderation in the company's EBITDA, credit metrics and stretched
liquidity in the near to medium term. However, the ratings are
supported by its experienced promoters and the established presence
of print and electronic media in Odisha.
Detailed Description of Key Rating Drivers
Likely Moderation in EBDITA Margins: SRMPL's EBITDA increased to
INR97.43 million in FY24 (FY23: INR63.91 million), with margins of
5.71% (4.60%), due to the company venturing into trading of
medicine through retail outlets. The return on capital employed was
comfortable at 18.6% in FY24 (FY23: 12.1%). Ind-Ra expects the
margin to moderate in FY25, on account a normalcy of its business
operations due to a likely moderation in demand from the government
following the elections.
Credit Metrics likely to Deteriorate: SRMPL's credit metrics
remained modest with its adjusted net leverage (total adjusted net
debt/operating EBITDA) reducing to 1.64x in FY24 (FY23: 2.35x),
while the gross interest coverage ratio (operating EBITDA/ gross
interest expenses) rising to 6.72x (4.69x), led by the increase in
its EBITDA despite of an increase in its gross debt levels to
INR251.21 million (INR95.27 million). Ind-Ra expects the credit
metrics to deteriorate FY25 onwards due to its capex towards
setting up a manufacturing unit for medicines at a total cost of
INR750 million. The capex would be funded INR500 million through
the external borrowings and INR250 million through the company's
own sources. The company has already infused INR100 million in the
form of unsecured loans as on date. The company needs to infuse
INR150 million shortly, which will negatively affect its liquidity
position. Furthermore, any cost or time overrun will be negative
for the rating.
Improvement in revenue: SRMPL's revenue improved to INR1,706.95
million in FY24 (FY23: INR1,389.64 million; FY22: INR888.56
million), led by an increase income from advertisements from the
state and central government due to the elections. The company
booked INR1,025.47 million of revenue till 9MFY25. The agency
expects the revenue to moderate in FY25 due to the normalcy of its
operations following the elections.
However, Ind-Ra expects the revenue to improve FY26 onwards, given
the company likely starting contract manufacturing of trade marked
branded generic medicines and sell directly through its own brand.
Established Track Record and Experienced Management: The promoters
Manojranjan Nayak and Saswati Das has over 15 years of experience
in news and media industry, leading to established relationship and
on-boarding government and non-government clients on a regular
basis for advertisement. Moreover, the promoters have experience in
the healthcare industry though running five multi-super specialty
hospitals in Odisha since 2007 along with medical retail outlets.
The promoters have also run a deemed university since 1995 in
Odisha.
Established Market Position: SRMPL has a news channel named 'News
7' and one newspaper named 'Prameya', a leading Odisha news channel
and newspaper in terms of viewership and circulation. The news
channel is among the top three news channels in Odisha, in terms of
rating point. The newspaper had a daily circulation of 472,000 in
Odisha, as per the management. SRMPL derives revenue from
advertisement and content sales, with advertisement contributing
almost 50% to the total revenue in FY24, followed by circulation
revenue of around 40%. SRMPL leverages its top market position to
generate higher advertisement revenue.
Liquidity
Stretched: The average monthly maximum utilization of SRMPL's
fund-based working capital limits was 100% over the 12 months ended
January 2025. The cash flow from operations improved to INR238.57
million in FY24 (FY23: INR84.90 million), owing to the increase in
its EBITDA. The receivable period reduced to 23 days in FY24
(FY23: 27 days) while creditor period elongated to 44 days (16
days), and the net cash conversion cycle turned negative 3 days (51
days). Considering the nature of business, the company maintains no
inventory in its books. At FYE24, the company had a cash balance of
INR91.45 million (FYE23: negative INR54.86 million). SRMPL has
repayment obligations of INR20 million each for FY25 and FY26 which
is likely to be repaid out of internal accruals. Its liquidity is
likely to be stretched going forward on account of ongoing debt
funded capex plan, which is likely investment of another INR150
million through the own sources of the company, which may lead to
the negative impact on overall liquidity position.
Rating Sensitivities
Negative: Any delays in ongoing project leading to cost or time
overrun or substantial deterioration in the scale of operations or
substantial deterioration in liquidity position or the financial
flexibility or the net leverage exceeds over 4.5x, all on a
sustained basis, would be negative for the ratings.
Positive: A successful completion of the ongoing project without
having any cost or time overrun and substantial improvement in the
scale of operations and an improvement in the liquidity position
while maintaining the net leverage below 3.5x, all on a sustained
basis, will be positive for the ratings.
About the Company
Incorporated in 2010 in Bhubaneswar, Odisha, SRMPL is a media house
that owns the leading newspaper of Odisha, Prameya and a 24x7 news
channel named 'NEWS 7'. The company also have four retail medical
shop in the name of Sum Pharmacy. The company is managed by
Manojranjan Nayak, Saswati Das and his son Suman Saswat Nayak.
SURESH JAIN: CARE Lowers Rating on INR14.20cr LT Loan to B+
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CARE Ratings has revised the ratings on certain bank facilities of
Suresh Jain Industries (SJI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 14.02 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Downgraded from
CARE BB-; Stable and moved to
ISSUER NOT COOPERATING category
Short term Bank 0.20 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating moved to
ISSUER NOT COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. has been seeking information from SJI to monitor
the rating vide e-mail communications/letters dated February 28,
2025, February 18, 2025, February 5, 2025, etc and numerous phone
calls. However, despite repeated requests, it has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating
on the basis of the best available information which however, in
CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating. The rating on SJI's bank facilities will now be denoted as
CARE B+; Stable; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The ratings have been downgraded on account of insufficient
information to arrive at the rating. The ratings take into account
small scale of operations with moderate profit margin, leveraged
capital structure with moderate debt coverage indicators and
stretched liquidity, fragmented nature of industry, susceptibility
of profit margins to cotton price fluctuation along with
seasonality associated with the cotton industry, proprietorship
nature of constitution, experience of the proprietor, integrated
business model and locational advantage emanating from proximity to
raw material.
Analytical approach: Standalone
Outlook: Stable
Detailed description of key rating drivers:
At the time of last rating on March 18, 2024, the following were
the rating strengths and weaknesses:
Key weaknesses
* Small scale of operation with moderate profit margin: SJI 's
scale of operation marked by total operating income (TOI) decreased
over previous year mainly on account of decrease in total demand of
its products as a result of farmers' protest as well as slump in
the market and remained small at INR33.12 crore in FY23 as against
INR42.83 crores in FY22. Further, during 11MFY24 (Prov.), the firm
has booked a turnover of around INR42 crores and expected to remain
small for FY24. However, PBILDT margin improved to 11.27% in FY23
from 5.02% in FY22 on account of higher per unit realisation from
cotton division. Consequently, PAT margin has marginally improved
but remained low at 0.53% in FY23 as against 0.46% in FY22 due to
higher depreciation charges which was due to purchase of land for
solar power project coupled with higher interest and finance
charges.
* Leveraged capital structure with moderate debt coverage
indicator: Capital structure remained leveraged marked by Overall
gearing of 5.17x as on March 31, 2023 as against 4.18x in as on
March 31, 2022 owing to increase in total debt level which was due
to availment of new term loans to fund the solar power plant and
higher working capital limit utilization. Debt coverage indicators
improved owing to increase in profitability in absolute terms and
remained moderate as marked by TDGCA at 10.28 years as on March 31,
2023 as against 15.91 years as on March 31, 2022 and Interest
coverage of 2.26x during FY23 as against 1.91x during FY22.
* Risk associated with seasonality and fragmented nature of
industry: Operation of cotton business is highly seasonal in
nature, as the sowing season is from March to July and the
harvesting season is spread from November to February. Hence,
generally the working capital limit were fully utilized in the peak
season i.e. November to May, while in rest of the months it
remained below 75%. This resulted in moderately low financial
flexibility to shield against any adverse situation during peak
period (November–May). Further, the cotton industry is highly
fragmented with large number of players operating in the
unorganized sector. As SJI faces stiff competition from other
players operating in the same industry in the Amravati area, it
results in low bargaining power of SJI against its customers.
* Susceptibility of profit margins to cotton price fluctuation
along with seasonality associated with the cotton industry: HRI's
profitability is exposed to fluctuation in price of its key raw
material, cotton. Cotton being an agricultural commodity, its price
is volatile in nature and depends upon factors like area under
production, yield, and vagaries of monsoon, demand supply scenario
and minimum support price decided by the government. Further, agro
based industries have seasonality associated with them depending on
availability of raw material during a particular harvesting
period.
* Proprietorship nature of constitution: Being proprietorship
nature of constitution, the firm is exposed to the risk of
withdrawal of capital by proprietor due to personal exigencies,
dissolution of firm due to retirement or death and restricted
financial flexibility due to inability to explore cheaper sources
of finance leading to limited growth potential. During FY23,
proprietor has infused capital of INR0.07 crore as against
withdrawal of INR0.05 crore during FY22.
Key strengths
* Experienced Proprietor: SJI is promoted by Mr. Suresh Champalal
Jain having an experience of more than three decade in Cotton
Industry and Construction Industry. Prior to this entity, Mr. Jain
had gained experience through "Bharat General Group" (a cotton seed
oil extraction unit). He looks after the finance function of the
firm and is also a key decision maker. He is assisted by his nephew
Mr. Mayur Jain having an experience of more than 11 years in this
industry, who is responsible for managing the day to day activity
at the factory site and also managing the production and marketing
division of the firm with adequate support from a team of
experienced professionals. Furthermore, SJI has a track record of
more than one and a half decade in cotton business and has
established a good relationship with its customers and suppliers.
* Locational advantage emanating from proximity to raw material:
The manufacturing facility of SJI is located in the Vidarbha region
of Maharashtra. Maharashtra produces around 21% of total cotton
production of India. Out of the total production of Maharashtra,
60% is contributed by Vidarbha region. Hence, raw material is
available in adequate quantity. Furthermore, the presence of SJI in
cotton producing region also fetches a location advantage of lower
logistics expenditure. Moreover, there is robust demand of cotton
bales and cotton seeds in the region due to presence of spinning
mills (more than 35 cotton textiles) in Yavatmal. SJI purchase raw
cotton and process in its ginning and pressing unit to produce
cotton bales and cotton seeds. Cotton seeds also used for captive
consumption by SJI to extract oil, which was sold to oil refineries
and produce finished goods i.e. oil cake, which is used to
manufacture cattle cakes. Agriculture and soya waste is used as a
raw material to manufacture biomass briquette and pellet, which is
sold to boilers.
* Integrated business model: Apart from ginning and pressing of
cotton, cotton seed oil, SJI is also engaged in biomass briquette
and pellet business. During FY23, 44.99% of TOI is generated from
cotton division, 43.26% from biomass division and rest from trading
of various agro products. The cotton seeds available after the
ginning and pressing process are processed in oil mill to procure
cotton oil and the cotton oil cake is recovered as by product,
which is also sold by the firm. And waste from this process
including rice husk, saw dust, bagasse, groundnut shells, other
agricultural waste or forest waste is used to manufacture biomass
briquette and pellets. The firm has diversified its business
towards biomass briquette and pellets to reduce risk associated
with seasonality and fragmented nature of business. Also, the
briquette business helps the SJI to absorb its fixed cost and
improve the profitability. Thus, the integrated model of the firm
will help in better operational efficiency by making maximum
utilization of available resources.
Liquidity: Stretched
Liquidity was stretched marked by low cash and bank balances,
higher working capital utilization, tightly matched cash accruals
as against its repayment and elongated working capital cycle. As on
March 31, 2023, cash and bank balance remained low at INR0.14 crore
as against INR0.13 crore as on March 31, 2022. Further, SJI's cash
accruals are expected to remained tightly matched to meet its debt
repayment of INR1.30 crore for FY24. Net CFO has turned positive
and remained at INR3.03 crore during FY23
as against negative CFO during FY22 due to realisation of funds
from other loans and advances coupled with receivables. Due to
elongated inventory period, the working capital cycle has elongated
at 142 days during FY23 as against 85 days during FY22. Further as
the raw material is seasonal in nature the firm keeps raw materials
and finished goods for around 150-160 days to sell in high margins
in off season. The working capital requirements of the entity are
met by the cash credit facility availed by the entity, the average
utilization of the CC limit remained at 75% for past twelve months
ended January 2024.
SJI was established as a proprietorship concern by Mr. Suresh
Champalal Jain. The entity commenced its operation in April 2010.
The entity is engaged in diverse business viz. cotton ginning and
pressing, extraction of cotton oil, processing of agricultural
waste into biomass briquette and pellet (which is used to heat
industrial boilers) and processing of groundnut with the help of
decorticator. The firm is also into trading of soyabean, grains,
toor and chana dal after cleaning process. The entity has set up
the biomass briquette and pellet unit in FY17. Further, the firm
has an installed capacity to process 800 quintal in a day of
agriculture waste into biomass briquette. Also, the firm has an
installed capacity to process 550 quintal per day of agriculture
waste into biomass pellet. The manufacturing unit of the firm is
located at Nandgaon Khandeshwar, Amravati. The unit has an
installed capacity to gin and press 50,000 quintals of cotton per
annum and to extract 44 lakh liter of oil per. SJI procures raw
material i.e. raw cotton from the local farmers and sell its final
product i.e. cotton bales and cotton oil through brokers/agents
across Maharashtra, Punjab and Southern Part of India.
SVE DRILLING: CARE Keeps B- Debt Rating in Not Cooperating
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CARE Ratings said the rating for the bank facilities of SVE
Drilling Tools Private Limited (SDTPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 1,
2024, placed the rating(s) of SDTPL under the 'issuer
non-cooperating' category as SDTPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SDTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 17, 2024, December 27, 2024, January 6, 2025 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Hyderabad based, SVE Drilling Tools Private Limited (SDTPL) was
incorporated in 2011 but started its commercial operations from
April 2016 due to the construction of plant and installation of
machinery. SDTPL is promoted by Mr. S.V. Mohan Reddy and family
members. SDTPL is engaged in the manufacturing of earth boring
tools and mining tools. The company purchases raw materials like
Steel, Alloy, Billets from the suppliers located all over the India
and the material Carbide is imported from China.
SYNERGIES CASTINGS: Ind-Ra Cuts Term Loan Rating to BB+
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Synergies
Castings Limited's (SCL) proposed bank loans to 'IND BB+'/Stable/
'IND A4+' from 'IND BBB-'/Stable/'IND A3', as follows:
-- INR1.0 bil. Proposed term loan/working capital limits*
downgraded with IND BB+/Stable/IND A4+ rating.
*Banks have sanctioned the limits and the issuer is awaiting for
loan disbursement.
Detailed Rationale of the Rating Action
The downgrade reflects SCL's stretched liquidity position and
elevated credit metrics FY24-9MFY25, owing to lower EBITDA levels,
along with a consistently elongated working capital cycle due to
the absence of a working capital facility sanction. Ind-Ra expects
the credit metrics to improve once the company is sanctioned a
working capital facility. However, the liquidity position is likely
to remain constrained as the cash outflows relating to optionally
convertible preference shares might fall due during FY26 in case
the company does not come out with an initial public offering
(IPO).
Detailed Description of Key Rating Drivers
Modest Credit Metrics; Likely to Remain Elevated in FY25-26: The
adjusted gross debt (including bill discounting limits with
recourse) reduced to INR712 million in 9MFYE25 (FYE24: INR878
million, FYE23: INR1,033 million). However, the adjusted net
leverage (adjusted net debt/EBITDA) elevated slightly to 1.6x in
9MFYE25 (FYE24: 1.4x, FYE23: 1.7x) due to lower EBITDA of INR334
million (INR522 million; INR587 million). During 9MFYE25, the
company had payables (including long-term payables) of INR1,227
million (FY24: INR1,381 million, FY23: INR1,317 million), leading
to the total outside liabilities (TOL)/EBITDA of 4.4x (4.3x, 4.0x).
The interest coverage (EBITDA/interest expense) improved to 3.8x in
9MFY25 (FY24: 3.0x, FY23: 3.7x) as a result of a decline in the net
debt.
The agency expects SCL's credit metrics to remain elevated in
FY25-FY26, owing to lower EBITDA levels along with a stretched
overall working capital position, partially offset by gradual
improvement in the revenue and EBITDA.
Decline in Operational Performance in FY24-YTDFY25; Likely to
Improve from FY26: SCL's revenue declined 14% yoy to INR4,472
million in FY24, driven by a decrease in the domestic revenue
partially offset by an increase in the exports revenue The decrease
in domestic volumes was primarily due to reduced orders from Fiat
India Automobiles and Tata Motors.
During 11MFY25, the company booked revenue of INR3,110 million. The
management expects revenue to remain INR3,400 million-INR3,600 in
FY25. However, the agency expects revenue to grow by 10%-15% yoy
during FY26, owing to revenue generation from new as well as
existing orders once the working capital stabilizes.
Continued Elongated Working Capital Cycle: The gross working
capital cycle remained long and elongated to 121 days in 9MFY25
(FY24: 83 days, FY23: 86 days), due to a longer receivable period
of 176 days (124 days, 115 days). Ind-Ra had earlier expected the
payable period to reduce as the company was planning to avail a
fund-based working capital limit. However, a delay in availing of
those limits caused the payable period to remained stretched at 137
days in 9MFY25 (FY24: 128 days, FY23: 104 days). Although the
company receives credit on its purchases of consumables, molds
among others, its purchases of key raw materials are on advance
basis. Also, while a new working capital limit has been sanctioned
to the company, the collateral is yet to be finalized.
Ind-Ra expects the gross working capital cycle to remain elongated
in FY25, on the back of stretched debtors and payable days. An
improvement in SCL's gross working capital cycle as well as a
reduction in the payable period along with the final disbursement
of the working capital limit remains a key monitorable.
Stable EBITDA Margins: The EBITDA margins remained range bound
between 11%-12% over FY22-9MFY25 (9MFY25: 11.9%, FY24: 11.7%, FY23:
11.2%, FY22: 11.5%) because of stable key raw material (aluminum)
prices, which accounted for 40%-45% of SCL's total purchases. SCL
has a pass-on arrangement with its original equipment manufacturers
and aftermarket customers, albeit with a lag of up to three months.
Ind-Ra expects the EBITDA margins to remain stable at 11.5%-12.0%
during FY25-FY26, owing to stabilized commodity prices, fuel costs,
electricity charges and other operational expenses.
Healthy Share of Business: SCL has a healthy share of business of
50%-100% for the models it caters to domestic original equipment
manufacturers such as Tata Motors Limited and FCA India Automobiles
Private Limited.
Likely Reduction in Customer Concentration: The company derives
60%-65% of its revenue from exports. The top three and top five
customers contributed over 84% and 97%, respectively, to its total
revenue during 1HFY25. However, with the induction of export
aftermarket suppliers and the addition of a few domestic and export
customers, Ind-Ra expects the customer concentration from the top
three and the top five to decline in FY25 and FY26. Furthermore,
its domestic revenue contribution decreased to 35% in 1HFY25 (FY24:
51%, FY23: 66%), on account of increased export orders as well as a
decline in the orders from FCA India Automobiles and Tata Motors
Liquidity
Stretched: SCL's cash flow from operations (CFO) improved to
INR174 million in FY24 (FY23: INR34 million) as a result of a
working capital release during the year. The free cash flow (FCF)
also turned positive to INR172 million in FY24 (FY23: negative
INR47 million), owing to the increase in CFO and a minimal capex
outlay of INR1.5 million (INR80.6 million). Its unencumbered cash
balance remained modest at about INR6.5 million at 9MFYE25 (FYE24:
INR170 million; FYE23: INR37 million). SCL discounts majority of
its domestic receivables, with the company having bill discounting
limits of INR603 million, whose average month-end utilization was
26% for the 12 months ended February 2025. It also had purchase
order financing limits of INR95 million, out of which one limit
worth INR50 million was closed during October 2024. The average
limit utilization for the 12 months ended February 2025 was 66%.
The company incurred capex of INR15.3 million during April to
December 2024. The full-year capex guidance for FY25 is INR20
million-25 million primarily on maintenance and debottlenecking.
The company plans to spend around INR400 million and INR800 million
in FY26 and FY27, respectively, towards a capacity expansion, which
would increase the existing capacity to 1.5 million wheels per
annum. Ind-Ra expects the FCF to remain positive during FY25;
however, it could turn negative in FY26-FY27 due to the higher
capex. The capex plans, comprising the expansion of its
manufacturing capacity, would be funded through a mix of internal
accruals and debt. The management does not see any significant
investments in its Oman joint venture, Synergies Castings LLC, over
the near-to-medium term.
The company had issued 0.01% optionally convertible non-cumulative
redeemable preference shares worth INR270 million during March 2024
as a private placement. The management expects the same to be
converted during the IPO planned in June 2025. However, if the
company is unable to execute the IPO as planned, it will have to
discharge the whole amount along with an interest payment of 18%
from the trigger date until the date of payment. SCL has scheduled
term loan repayments of INR250 million and INR7 million for FY25
and FY26, respectively, and Ind-Ra expects the debt service
coverage ratio to be 1.1x-1.3x for FY25 and FY26. Ind-Ra expects
SCL's liquidity to remain stretched over the near term as a result
of the scheduled repayments during FY25-FY26.
Rating Sensitivities
Negative: A decline in the revenue and profitability or a further
elongation of the gross working capital cycle, leading to a stretch
in the liquidity position or the TOL/EBITDA exceeding 5.5x on a
sustained basis, could result in a negative rating action.
Positive: A significant increase in the revenue and sustained
profitability, along with a material reduction in the gross working
capital cycle as well as an improvement in the liquidity position,
resulting in the TOL/EBITDA remaining below 5.0x on a sustained
basis, could result in a positive rating action.
About the Company
SCL manufactures aluminum alloy wheel rims for passenger vehicles.
It is among the few Indian alloy wheel manufacturers in the
passenger vehicle segment with a capability to manufacture large
wheel rims of sizes up to 22 inches with all types of finishes such
as chrome, premium painted, and ultra-bright finishes. Its
manufacturing facility with a capacity of 1.2-million-wheel rims
per annum is located in Visakhapatnam (Andhra Pradesh).
USHDEV INTERNATIONAL: Ind-Ra Keeps D Loan Rating in NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ushdev
International Ltd.'s instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.
The detailed rating actions are:
-- INR5.0 bil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating;
-- INR2.0 bil. Non-Fund Based Working Capital Limit maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR500 mil. Term loan due on March 31, 2021 maintained in non-
cooperating category with IND D (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation. The Negative Outlook reflects the likelihood of a
downgrade of the entity's ratings on continued non-cooperation
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Ushdev International Ltd.
while reviewing the rating. Ind-Ra had consistently followed up
with Ushdev International Ltd. over emails, apart from phone
calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Ushdev International 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 Ushdev International 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
Founded in 1994, Ushdev International is a metal trading company
that mainly trades nickel, ferrous flat products and long products.
WAVE BEVERAGES: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Wave Beverages
Private Limited's (WBPL) bank facilities as follows:
-- INR1.975 bil. Term loan due on March 31, 2033 assigned with
IND BB+/Stable rating; and
-- INR375 mil. Cash credit assigned with IND BB+/Stable/IND A4+
rating.
Detailed Rationale of the Rating Action
The ratings reflect WBPL's modest credit metrics,
lower-than-average operating profitability and stretched liquidity
in FY24 as well as its susceptibility to changes in customer
preferences and business regulations. However, the ratings are
supported by its growing scale of operations and the promoters'
extensive experience in the beverage industry.
Detailed Description of Key Rating Drivers
Lower-than-average Operating Profitability: WBPL's EBITDA margins
reduced to 6.85% in FY24 (FY23: 7.4%), due to an increasing share
of trading in the total sales. Its return on capital employed also
reduced to 6.8% in FY24 (FY23: 8.3%), which is lower than the
industry average. The operating margins highly depends on sales as
its low-margin trading business accounts for a major part of its
revenue. Till November 2024, the company reported an absolute
EBITDA of around INR414 million with an EBITDA margin of around 9%.
Ind-Ra expects the margins to remain at similar levels in the near
term, due to no major change in its sales composition, realizations
and raw material prices, which are subject to volatility in crude
oil prices, and shall remain a key rating monitorable. However, the
commencement of its new facility at Dinanagar, Gurdaspur in Punjab,
will result in higher share of manufacturing income and would
improve its operating margins, which will remain a key monitorable
in the medium term.
Modest Credit Metrics: The adjusted gross interest coverage
(operating EBITDA/gross interest expenses) stood low at 1.57x in
FY24 (FY23: 2.01x), due to the high total debt of INR2,593.88
million (INR2,599.89 million). The company aims at expanding its
current polyethylene terephthalate (PET) bottles carbonated soft
drinks (CSD) plant capacity by 500 bottles per minute (BPM) from
7.2 million CSD crates per annum of various packs with the
commencement of its Dinanagar, Gurdaspur facility. Additionally,
this facility will include new production lines for a PET bottle
water plant with a capacity of 200 BPM and tetra pack juices with a
capacity of 125 BPM. The company incurred a capex of around
INR4,000 million over FY22 to June 2024 which was funded majorly
through a bank loan of INR1,970 million and INR608.76 million in
the form of unsecured loans. The promoters further infused INR250
million in the form of unsecured loans in FY25. The net leverage
(net debt/operating EBITDA) increased to 6.72x in FY24 (FY23:
6.63x) due to high debt levels, without any significant increase in
the in absolute EBITDA. Ind-Ra expects the credit metrics to
improve slightly but remain at almost similar levels over the near-
to medium term, owing to high debt levels and modest operating
margins.
Intense Competition; Regulatory Risks: The packaging as well as
beverage industry remains vulnerable to changes in consumer
preferences as well as regulatory changes in the related products.
In addition, the domestic beverage industry remains exposed to
regulatory guidelines and medically acceptable standards with
respect to content in soft drinks. Evolving environmental concerns
such as the disposal of plastic bottles and single use of plastic
straws in ready-to-drink beverages may have a continuing impact on
the packaging industry
Growing Scale of Operations: WBPL's scale of operations increased
7% yoy to INR5,626.20 million in FY24 (FY23: INR5,278.03 million),
backed by around 3% increase in the sales volume and a marginal
increase in the realization. As the company is engaged in bottling
of non-alcoholic beverages such as Coca-Cola, Fanta, Limca, Sprite,
and Thums-Up, in glass bottles, PET bottles and cans, and the
bottling of Kinley soda in glass and PET bottles along with
packaged drinking water and juices. As a result, its peak demand
typically comes during February to July, contributing approximately
50% to the annual sales. The company recorded a turnover of around
INR4,876 million till December 2024 and the agency expects the
company to record further increase in the same in the medium term,
backed by increased capacity with the commencement of its new plant
in Dinanagar, Gurdaspur.
Experienced Promoters: WBPL is a part of the Wave group, which is
involved in multiple line of businesses such as construction and
operation of multiplexes, shopping malls, schools, housing society,
residential township and land development, commercial real estate,
and infrastructure projects, apart from manufacturing of sugar, and
production of power, steel and soft drinks (Coca-Cola Company).
WBPL is an authorized bottler of M/s Coca Cola India Private
Limited since 2005 having distribution rights in 12 districts of
Punjab and two districts of Himachal Pradesh dealing Coca Cola
branded products such as Coca-Cola, Fanta, Sprite, Limca, Thumps
Up, MM juice, Maaza, Schweppes water, Tonic water, soda, and
Monster/Predator energy drinks among others. The company is
involved in bottling, manufacturing, and the trading of Coca-Cola
products, with manufacturing facilities across Punjab.
Liquidity
Stretched: At FYE24, TPPL had unencumbered cash and cash
equivalents of INR4.12 million (FYE23: INR4.80 million). The
average monthly utilization of the fund-based working capital
limits was around 17% for the 12 months ended December 2024. The
cash flow from operations improved to INR740.34 million in FY24
(FY23: INR359.57 million), due to favorable working capital
changes. The company has scheduled debt repayments of around INR46
million in FY25 and INR225 millon-270 million FY26 onwards.
At FYE24, the company's debt was dominated by term loans of
INR1,945.25 million from banks (FYE23: INR1.962.51 million),
followed by unsecured loans from promoters and their friends and
family and intercorporate deposits of INR608.76 million (INR548.76
million). Although the working capital limits of INR375 million is
sanctioned to the company; however, the utilization remained low at
INR39.87 million (INR88.62 million) due to low drawing power. The
company's promoters have already infused INR250 million in the form
of unsecured loan in FY25, as per the management and will continue
to provide need-based financial support, if required. The current
ratio of the company remained less than 1x in FY24 (FY23: 1.1x),
due to a mismatch in the current assets and current liabilities.
Rating Sensitivities
Negative: Deterioration in the scale of operations/ operating
profitability or the liquidity position or the net leverage
remaining above 4.5x, on a sustained basis, could result in a
negative rating action.
Positive: A substantial increase in the liquidity position and
credit metrics as indicated by an improvement in the current ratio
and the net leverage ratio reducing below 3.5x, all on a sustained
basis, will be positive for the ratings.
About the Company
Incorporated in 2004, WBPL has a franchisee of Coca- Cola India for
manufacturing and distribution of different products of Coca- Cola
in 11 districts of Punjab and two districts of Himachal Pradesh.
WINSOME INTERNATIONAL: Ind-Ra Withdraws BB- Bank Loan Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Winsome
International Limited's (WIL) bank facility ratings to the
non-cooperating category and has simultaneously withdrawn the same.
The detailed rating actions are:
-- INR242.5 mil. Fund-based working capital limits* migrated to
non-cooperating category and withdrawn; and
-- INR47.50 mil. Term loan# due on March 31, 2032 migrated to
non-cooperating category and withdrawn.
ISSUER NOT COOPERATING: Issuer did not co-operate; based on best
available information
* Migrated to 'IND BB-/Stable (ISSUER NOT COOPERATING)/IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn
#Migrated to 'IND BB-/Stable (ISSUER NOT COOPERATING)' before
being withdrawn
Detailed Rationale of the Rating Action
The ratings have been migrated to the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise despite repeated requests by the agency through
phone calls and emails, and has not provided information about
latest audited financial statement, sanctioned bank facilities and
utilization, business plans and projections for the next three
years, and management certificate. This is in accordance with
Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a withdrawal request from the issuer and no-objection
certificate from the bankers. This is consistent with Ind-Ra's
Policy on Withdrawal of Ratings.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interactions with WIL while reviewing the
ratings. Ind-Ra had consistently followed up with WIL over emails,
apart from phone calls since December 2024.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of WIL, 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
WIL, a public limited company, manufactures jute products at its
unit in Muktapur, Bihar, which has 400 narrow looms with 5,420
spindles.
===============
M A L A Y S I A
===============
CAPITAL A: Eyes Exit from PN17 Status by May This Year
------------------------------------------------------
Free Malaysia Today reports that Capital A Bhd is eyeing to exit
its Practice Note 17 (PN17) status by May after receiving approval
from shareholders and the High Court on its regularisation plan.
On March 7, Bursa Malaysia Securities Bhd approved the company's
regularisation plan, paving the crucial step towards its exit from
PN17 status.
According to Free Malaysia Today, Capital A's CEO, Tony Fernandes,
said the company will call for an extraordinary general meeting for
shareholders and redeemable convertible unsecured Islamic debt
securities holders, likely next month.
"We will issue the circular to the shareholders of the plan that we
put to Bursa for approval. Then, we will call an EGM for
shareholders to approve the plan, which I hope will take place in
mid-April.
"Once that is approved by the shareholders, we will go to the High
Court to approve our capital reduction plan," the report quotes Mr.
Fernandes as saying at a press conference on the Capital A – Next
Chapter event on March 10.
Free Malaysia Today relates that the High Court's approval for the
capital reduction plan is required as legal confirmation for the
company's next restructuring step.
The court's approval will also confirm Capital A's capital
reduction exercise, which is key to its plan to distribute AirAsia
Aviation Group Ltd's shares to its shareholders.
Moving forward, Mr. Fernandes said Capital A will focus on its
non-aviation businesses while retaining an 18% stake in aviation,
Free Malaysia Today relays.
He said once Capital A exits its PN17 status, it will unlock new
growth opportunities and provide the company with greater access to
capital markets.
This milestone will set the stage for potential individual listings
of its six key portfolio companies - Asia Digital Engineering,
Teleport, AirAsia MOVE, Santan, BigPay, and Abc International –
as part of its long-term strategy to enhance shareholder value and
drive sustainable expansion.
About Capital A
Capital A Bhd, formerly known as AirAsia Group Bhd, provides
low-cost air carrier service. The company provides services on
short-haul, point-to-point domestic and international routes.
Capital A, headquartered in Malaysia, operates from hubs in
Malaysia, Thailand, Indonesia, Philippines and India. The airline's
Malaysia and Thailand operations are undertaken via AirAsia Bhd and
Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines
operations are managed under PT Indonesia AirAsia and Philippines
AirAsia Inc.
Capital A triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.
Capital A also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.
Following relief measures introduced by Bursa and the Securities
Commission Malaysia, Capital A was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said. The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022. Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.
As reported in the Troubled Company Reporter-Asia Pacific in
mid-October 2024, shareholders have backed plans for budget carrier
AirAsia to be bought by its long-haul associate, AirAsia X paving
the way for the Malaysian-based airlines to finalise their
consolidation by the end of the year.
AirAsia X shareholders approved the proposed acquisition of Capital
A's equity interest in AirAsia units for MYR6.8 billion (US$1.6
billion) on Oct. 16, 2024, after Capital A shareholders gave the
nod on Oct. 14 to the deal, company statements said, according to
Reuters.
Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of
AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia
units in Thailand, Indonesia, Philippines, and Cambodia, will pave
the way for Capital A's restructuring and exit from PN17 status.
=====================
N E W Z E A L A N D
=====================
BIBLE BAPTIST: Court to Hear Wind-Up Petition on March 27
---------------------------------------------------------
A petition to wind up the operations of Bible Baptist Church of
Auckland Trust Board will be heard before the High Court at
Auckland on March 27, 2025, at 10:45 a.m.
Auckland Council filed the petition against the company on Dec. 18,
2024.
The Petitioner's solicitor is:
Kirstin Margaret Wakelin
135 Albert Street
Auckland
BREMWORTH: Proposes Laying Off 47 Staff Amidst Major Restructure
----------------------------------------------------------------
Eva de Jong at Whanganui Chronicle reports that workers at
Bremworth could be facing cuts to 47 staff - including 20 in
Whanganui - under a new proposal being considered by the wool
carpet business.
A proposal seen by the Whanganui Chronicle that was presented to
staff on March 13 aims to reduce the overall headcount of
Bremworth's workers by 47 staff - from 285 to 238 staff.
Of the 47 cuts being proposed at Bremworth, 13 are salaried
positions in New Zealand and Australia, and 34 are waged positions
based in the manufacturing and warehouse facilities.
At the Whanganui plant, 20 staff would be cut under the new
proposal, with the entire night shift - 17 staff - being removed,
the Chronicle relays.
Anyone at any level of the company was invited to seek voluntary
redundancy under the new proposal.
According to the Chronicle, Bremworth CEO Greg Smith said it had
entered a consultation process with staff on a series of measures
"designed to align their cost base with the current scale of
operations".
"In response to the challenging economic climate and the current
recessionary environment, Bremworth initiated a proposal to
safeguard near-term results and reinforce the company's long-term
future."
A Whanganui Bremworth worker, who wished to remain anonymous, said
staff were delivered the news at a meeting on March 13, with the
job cuts coming as a shock.
"It was very quiet . . . a lot of people were crying, some [staff]
have been there for years and years."
In documents seen by the Chronicle, a decision about the proposal
was set to be made by March 25.
However, a change in the board of directors at Bremworth has now
meant this will be extended to April 1.
The Chronicle says the business faced an attempted board coup in
early March by shareholders.
But a smooth transition resulted in a new board being instated this
week with former Silver Fern Farms chairman Rob Hewitt at the
helm.
Mr. Smith said it made sense to extend the consultation period to
ensure the new board was fully across the proposed changes, and
that it was able to consider feedback from the team and advisers
before any significant changes were made.
"We realise this is an unsettling time for everyone and
unfortunately prolongs the period of uncertainty and for this
reason have been actively communicating with those potentially
impacted," he said.
Bremworth Limited (NZX:BRW) -- https://bremworth.co.nz/ -- together
with its subsidiaries, engages in the manufacture and sale of
carpets and rugs in New Zealand, Australia, the United States,
Canada, and internationally. It operates through Carpet and Wool
segments. The company is also involved in the acquisition and sale
of wool, as well as sale of carpet yarns. It offers its products
under the Bremworth brand.
BRIGHT BUILDERS: Creditors' Proofs of Debt Due on April 12
----------------------------------------------------------
Creditors of Bright Builders Limited are required to file their
proofs of debt by April 12, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 10, 2025.
The company's liquidator is Kevyn Botes of i-Business Recovery
Limited.
G C CONSTRUCTION: Court to Hear Wind-Up Petition on May 1
---------------------------------------------------------
A petition to wind up the operations of G C Construction Limited
will be heard before the High Court at Christchurch on May 1, 2025,
at 10:00 a.m.
Ultimate Design & Renovation Limited filed the petition against the
company on Feb. 25, 2025.
The Petitioner's solicitor is:
Hugh Clifford Matthews
Level 3, 70 Gloucester Street
Christchurch 8013
HARMONEY NZ 2023-1: Moody's Hikes Rating on Class F Notes from Ba3
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on four classes of notes
issued from Harmoney NZ ABS 2023-1 Trust.
The affected ratings are as follow:
Issuer: Harmoney NZ ABS 2023-1 Trust
Class C Notes, Upgraded to Aa2 (sf); previously on Jun 25, 2024
Upgraded to A1 (sf)
Class D Notes, Upgraded to A1 (sf); previously on Jun 25, 2024
Upgraded to Baa1 (sf)
Class E Notes, Upgraded to A3 (sf); previously on Jun 25, 2024
Upgraded to Baa3 (sf)
Class F Notes, Upgraded to Baa3 (sf); previously on Jun 25, 2024
Upgraded to Ba3 (sf)
A comprehensive review of all credit ratings for the transaction
has been conducted during a rating committee.
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
available for the affected notes and the collateral performance to
date.
No action was taken on the remaining rated classes in the
transaction as credit enhancement for these classes remain
commensurate with the current ratings.
Following the February 2025 payment date, the note subordination
available for the Class C, D, E and F Notes has increased to 30.6%,
23.5%, 18% and 12.5% respectively from 27.4%, 20%, 14.3% and 8.5%
at the time of the last rating action in June 2024.
Principal collections have been distributed on a pro-rata basis
among the rated notes since the May 2024 payment date. Current
total outstanding notes as a percentage of the total closing
balance is 49.5%.
As of end-January 2025, 3.7% of the outstanding pool was 30-plus
day delinquent and 0.8% was 90-plus day delinquent. The portfolio
has incurred 2.2% of cumulative gross losses to date, all of which
have been covered by excess spread.
Based on the observed performance to date and loan attributes,
Moody's have updated Moody's expected default assumption to 8% as a
percentage of the current pool balance (equivalent to 6.1% of the
original balance) from 9% of the pool balance at the time of the
last rating action in June 2024 (equivalent to 7.5% of the original
balance). Moody's have maintained Moody's portfolio credit
enhancement assumption at 38%.
The transaction includes an interest rate swap agreement to
mitigate the fixed-floating mismatch between underlying asset and
the notes. Following the February 2025 payment date, the swap's
notional balance is 15% above the balance of the notes and the swap
is out-of-the-money for the issuer. In Moody's analysis, Moody's
have considered the extra costs the deal may incur due to
over-hedging and assuming different interest rates.
The transaction is a securitisation of New Zealand unsecured
personal loans originated by Harmoney Services Limited.
The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2024.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.
TMC CARPENTRY: Creditors' Proofs of Debt Due on May 4
-----------------------------------------------------
Creditors of TMC Carpentry Limited are required to file their
proofs of debt by May 4, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Feb. 28, 2025.
The company's liquidator is:
Kevin John Davies
Principle Insolvency LP
PO Box 1566
Hamilton 3240
WEKE SCAFFOLDING: Placed in Receivership
----------------------------------------
Tony Leonard Maginness and Jared Waiata Booth of Baker Tilly
Staples Rodway Auckland on March 18, 2025, were appointed as
receivers and managers of Weke Scaffolding Limited.
The receivers and managers may be reached at:
Baker Tilly Staples Rodway Auckland Limited
PO Box 3899
Auckland 1140
=================
S I N G A P O R E
=================
APPLUS RTD: Creditors' Proofs of Debt Due on April 19
-----------------------------------------------------
Creditors of Applus RTD Pte. Ltd. are required to file their proofs
of debt by April 19, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 12, 2025.
The company's liquidator is:
Lee Chong Xiang
26 Eng Hoon Street
Singapore 169776
CITY ZONE: Court to Hear Wind-Up Petition on April 4
----------------------------------------------------
A petition to wind up the operations of City Zone Pte. Ltd. will be
heard before the High Court of Singapore on April 4, 2025, at 10:00
a.m.
Maybank Singapore Limited filed the petition against the company on
March 11, 2025.
The Petitioner's solicitors are:
The Petitioner's solicitors are:
Tito Isaac & Co LLP
1 North Bridge Road
#30-00 High Street Centre
Singapore 179094
FRIENDSHIP STEEL: Court to Hear Wind-Up Petition on April 4
-----------------------------------------------------------
A petition to wind up the operations of Friendship Steel
Engineering Pte. Ltd. will be heard before the High Court of
Singapore on April 4, 2025, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
March 12, 2025.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
PIONEER OVERSEAS: Creditors' Proofs of Debt Due on April 18
-----------------------------------------------------------
Creditors of Pioneer Overseas Corporation (Singapore) Pte. Ltd. are
required to file their proofs of debt by April 18, 2025, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on March 14, 2025.
The company's liquidators are:
Mr. Aaron Loh Cheng Lee
Ernst and & Young Solutions LLP
Ms. Ee Meng Yen Angela
EY Corporate Advisors Pte Ltd
c/o One Raffles
Quay North Tower 18th Floor
Singapore 048583
STAR BUGS: Court to Hear Wind-Up Petition on April 4
----------------------------------------------------
A petition to wind up the operations of Star Bugs Pte. Ltd. will be
heard before the High Court of Singapore on April 4, 2025, at 10:00
a.m.
Maybank Singapore Limited filed the petition against the company on
March 11, 2025.
The Petitioner's solicitors are:
Adsan Law LLC
300 Beach Road
#26-00 The Concourse
Singapore 199555
===========
T A I W A N
===========
SEMILEDS CORP: Simplot Taiwan Holds 57.7% Equity Stake
------------------------------------------------------
Simplot Taiwan Inc. disclosed in a Schedule 13D Amendment No. 4
filed with the U.S. Securities and Exchange Commission that as of
February 28, 2025, it beneficially owned 4,716,188 shares of
SemiLEDs Corporation's Common Stock, representing 57.7% of the
8,175,592 shares outstanding as of that date. These shares consist
of 3,168,190 shares held directly by Simplot Taiwan, 31,036 shares
held by JRS Properties III LLLP, 1,389,821 shares held by Trung Tri
Doan, and 127,141 shares held by the Trung Tri Doan 2010 GRAT, all
of which are subject to a Voting Agreement.
Simplot Taiwan Inc. may be reached through:
James B. Alderman
1099 West Front Street
Boise, ID, 83702
Tel: (208) 780-7316
A full-text copy of Simplot Taiwan's SEC Report is available at:
https://tinyurl.com/bdfe75xr
About SemiLEDs
Headquartered in Miao-Li County, Taiwan, R.O.C., SemiLEDs --
http://www.semileds.com-- develops, manufactures and sells light
emitting diode (LED) chips, LED components, LED modules and
systems. The Company's products are used for general specialty
industrial applications, including ultraviolet, or UV, curing of
polymers, LED light therapy in medical/cosmetic applications,
counterfeit detection, LED lighting for horticulture applications,
architectural lighting and entertainment lighting.
The Company suffered losses from operations of $2.9 million and
$3.4 million and used net cash in operating activities of $365
thousand and $984 thousand for the years ended August 31, 2024 and
2023, respectively. These facts and conditions raise substantial
doubt about the Company's ability to continue as a going concern.
SemiLEDs disclosed $10,400,000 in total assets, $8,820,000 in total
liabilities, and $1,580,000 in total equity at November 30, 2024.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2025. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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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 ***