/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/250417.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 Thursday, April 17, 2025, Vol. 28, No. 77 Headlines A U S T R A L I A EAST CRETE: Second Creditors' Meeting Set for April 23 EXOTIC ATHLETICA: First Creditors' Meeting Set for April 23 FOX FRIDAY: Placed in Voluntary Administration IK HOLDINGS: First Creditors' Meeting Set for April 24 INTERCHANGE HEALTH: To Resume Services Under Licence Agreement LB TENERIFFE: First Creditors' Meeting Set for April 24 TEN FOUR: Second Creditors' Meeting Set for April 22 C H I N A XINYUAN REAL ESTATE: Creditors File Involuntary Bankruptcy XINYUAN REAL ESTATE: Involuntary Chapter 11 Case Summary I N D I A AMARPRAKASH DEVELOPERS: Ind-Ra Keeps D Rating in Non-Cooperating APRA ENTERPRISES: Ind-Ra Cuts Loan Rating to BB- AVINASH DODA: CRISIL Keeps D Rating in Not Cooperating Category AWADE INDUSTRIES: CRISIL Keeps B+ Debt Ratings in Not Cooperating AXLEO INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating BABA BAIDYANATH: Ind-Ra Cuts Bank Loan Rating to D BABBOO RICE: CRISIL Keeps B Debt Ratings in Not Cooperating BALAJEE LOHA: Ind-Ra Keeps BB Loan Rating in NonCooperating BALAJEE PLY-PRODUCT: CRISIL Keeps D Ratings in Not Cooperating BALAJEE STRUCTURAL: Ind-Ra Keeps BB Loan Rating in NonCooperating BAPASITARAM CERAMIC: CRISIL Keeps B Ratings in Not Cooperating BELGIUM ALUMINIUM: CRISIL Keeps D Debt Ratings in Not Cooperating BHAGYASHREE MOTORS: CRISIL Keeps B Ratings in Not Cooperating BHORUKA POWER: Ind-Ra Moves BB+ Loan Rating to Non-Cooperating BLS INSTITUTE: CRISIL Keeps B Debt Rating in Not Cooperating BLUE AUTOWORLD: CRISIL Keeps B+ Ratings in Not Cooperating BOMBAY CRIMPERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ELYSIUM PHARMACEUTICALS: Ind-Ra Moves BB+ Rating to NonCooperating ENMAX ENGINEERING: Ind-Ra Affirms BB+ Rating, Outlook Stable FATEH CHAND: Ind-Ra Moves BB+ Rating to Non-Cooperating FIBERWEB LIMITED: Ind-Ra Moves BB+ Rating to Non-Cooperating GANGAMAI INDUSTRIES: Ind-Ra Keeps BB Rating in Non-Cooperating HANSA METALLICS: Ind-Ra Hikes Bank Loan Rating to BB+ HINDUSTAN DISTRIBUTORS: Ind-Ra Moves BB Rating to Non-Cooperating HINDUSTAN HARDWARES: Ind-Ra Affirms BB Bank Loan Rating JBF INDUSTRIES: Ind-Ra Keeps D Loan Rating in NonCooperating MAA EKADASHI: CRISIL Moves B+ Debt Ratings to Not Cooperating NURAY CHEMICALS: Ind-Ra Moves BB+ Rating to Non-Cooperating PP PANDEY: Ind-Ra Cuts Bank Loan Rating to D R.R OVERSEAS: CRISIL Lowers Rating on INR6.2cr Proposed Loan to D RAJARAMBAPU PATIL: Ind-Ra Moves BB- Rating to Non-Cooperating SAIMIRRA INNOPHARM: Ind-Ra Moves BB+ Rating to Non-Cooperating SANDHYA HYDRO: CRISIL Withdraws D Rating on INR75cr Term Loan SHALIVAHANA WIND: Ind-Ra Moves B+ Rating to Non-Cooperating SOORAJ AGRO: Ind-Ra Affirms BB- Loan Rating, Outlook Stable TEXACO SYNTHETICS: Ind-Ra Cuts Loan Rating to B+ VAISHNODEVI REFOILS: Ind-Ra Cuts Loan Rating to BB- VED CELLULOSE: Ind-Ra Keeps C Loan Rating in NonCooperating VINAYAKA EXPO: Ind-Ra Cuts Bank Loan Rating to D WAYNE-BURT: CRISIL Keeps B+ Debt Rating in Not Cooperating YADU SUGAR: Ind-Ra Keeps D Loan Rating in NonCooperating YAMUNA CABLE: Ind-Ra Keeps BB- Loan Rating in NonCooperating ZBLOG MANAGEMENT: CRISIL Keeps B+ Debt Ratings in Not Cooperating J A P A N NISSAN MOTOR: To Cut Japanese Production of Top-Selling US Model M A C A U MACAU: Could Face a Budget Deficit, Chief Executive Warns N E W Z E A L A N D BOXMAN STORAGE: Ryan Eathorne Appointed as Interim Liquidator CROWN AUTO: Court to Hear Wind-Up Petition on May 15 MACECO CONSTRUCTION: Creditors' Proofs of Debt Due on May 13 TOTAL DEVELOPMENTS: Court to Hear Wind-Up Petition on May 9 TRUE PARADISE: Creditors' Proofs of Debt Due on May 23 S I N G A P O R E 1 ATLAS: Court to Hear Wind-Up Petition on April 25 BIKERS AVENUE: Court Enters Wind-Up Order MAINZ EMPIRE: Court to Hear Wind-Up Petition on May 2 SECRET AUTO: Court to Hear Wind-Up Petition on April 25 SPECTRUMECH ENGINEERING: Commences Wind-Up Proceedings T H A I L A N D THAILAND: May Now Be in 'Technical Recession' - - - - - ================= A U S T R A L I A ================= EAST CRETE: Second Creditors' Meeting Set for April 23 ------------------------------------------------------ A second meeting of creditors in the proceedings of East Crete Concreting Pty Ltd has been set for April 23, 2025 at 10:30 a.m. at the offices of Wild Apricot, Corporate Insolvency & Advisory Services at Level 1, 5 Everage Street in Moonee Ponds and 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 April 22, 2025 at 5:00 p.m. Altan Djenab of Wild Apricot Corporate Insolvency & Advisory Services was appointed as administrators of the company on March 17, 2025. EXOTIC ATHLETICA: First Creditors' Meeting Set for April 23 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Exotic Athletica Pty Ltd will be held on April 23, 2025 at 10:00 a.m. at the offices of SV Partners at Level 6/ La Balsa, 45 Brisbane Road in Mooloolaba and via virtual meeting technology. Matthew Charles Hudson and Terry van der Velde of SV Partners were appointed as administrators of the company on April 9, 2025. FOX FRIDAY: Placed in Voluntary Administration ---------------------------------------------- Robert Smith and Keith Crawford of McGrathNicol were appointed as voluntary administrators of Fox Friday Group on April 16, 2025. Fox Friday Group consists of: - Fox Friday Brewing Pty Ltd - Fox Friday Bridge Road Pty Ltd - Fox Friday Burswood Pty Ltd - Fox Friday Moonah Pty Ltd - Fox Friday Richmond Pty Ltd - Fox Friday Services Pty Ltd - Carwyn Cellars Pty Ltd "As Administrators, we have assumed control of Fox Friday's affairs and have entered into possession of its assets," Mr. Smith said in a statement. "All instructions related to the management of Fox Friday will now be used by us or our authorized representatives. The Administrators are undertaking an urgent assessment of Fox Friday's business while options for the sale or recapitalization of Fox Friday are explored. "The Administrators will work closely with Fox Friday's management team, employees, suppliers, customers, financiers and other stakeholders over the coming days to stabilize operations and determine the appropriate strategy for Fox Friday and to preserve the value of its assets." Fox Friday Brewing is an independent craft brewery based in Hobart, Tasmania. IK HOLDINGS: First Creditors' Meeting Set for April 24 ------------------------------------------------------ A first meeting of the creditors in the proceedings of IK Holdings Ltd will be held on April 24, 2025 at 10:30 a.m. at the offices of WA Insolvency Solutions, a division of Jirsch Sutherland at Suite 6.02, Level 6/109 St Georges Terrace in Perth and via virtual meeting. Clifford Rocke and Jimmy Trpcevski of WA Insolvency Solutions were appointed as administrators of the company on April 10, 2025. INTERCHANGE HEALTH: To Resume Services Under Licence Agreement -------------------------------------------------------------- Interchange Health Cooperative Ltd (IHCO) will resume patient services under a licence agreement Administrators have negotiated with a private operator. The agreement will see trading and clinical operations of the IHCO resume shortly at a date to be communicated to patients by the new operators. If patients wish to have their patient records returned before operations recommence, they can email a request to IHCOPatients@rsm.com.au. The recommencement of services will be welcome news for the approximately 4,900 patients under the care of IHCO at the time administrators were appointed. IHCO operations ceased at approximately 5pm on April 7, with RSM Australia Partner Jonathon Colbran and Director Adam Cormack appointed Joint and Several Voluntary Administrators of the IHCO at a board meeting shortly thereafter. "We understand the significant impact the sudden closure of the IHCO has had on the community - among undertaking other urgent work with the support of former volunteer Board members and our skeleton staff of former employees, we have prioritised finding an immediate solution to resume IHCO services," Mr. Colbran said. "The return of services, while temporary, is an important step forward in providing IHCO patients with continuity of care while we seek a permanent buyer for the clinic. "We've been working closely with the new operator since Friday afternoon, when the licence agreement was signed, to complete a handover of the practice. Existing patients will be contacted directly by the operator regarding the return of services, including further details regarding booking appointments, in due course. "In the meantime patients can send enquiries to our dedicated hotline and email and we'll ensure these are provided to the new operator." Administrators have been advised that the new operators will focus on prioritising patients, including those with complex health needs, including alcohol and drug dependencies, mental health concerns and chronic conditions. Importantly, Mr. Colbran said the agreement would also likely result in flow-on benefits to all IHCO creditors and jobs saved, with the private operator already engaging with the majority of former IHCO staff about possible re-employment. Administrators will now seek a permanent buyer for the clinic - an option now available to administrators as the clinic has been licenced and recommenced operations. About IHCO Based in Canberra, The Interchange Health Co-operative (IHCO) -- https://www.ihco.net.au/top-quality-health-care -- is a 100% bulk-billed general practice and allied health clinic. Interchange Health Cooperative Ltd (IHCO), a Canberra-based bulk-billing allied health and general medical practice was placed into voluntary administration on April 7, 20225. The organisation, which provides 100 per cent bulk-billing services to some of Canberra's most vulnerable community members, appointed RSM Australia Partner Jonathon Colbran and Director Adam Cormack as Joint and Several Voluntary Administrators of the IHCO at a board meeting on April 7. LB TENERIFFE: First Creditors' Meeting Set for April 24 ------------------------------------------------------- A first meeting of the creditors in the proceedings of LB Teneriffe Pty Ltd will be held on April 24, 2025 at 11:00 a.m. at the offices of Rodgers Reidy at Level 2A, 181 Elizabeth Street in Brisbane and via virtual meeting technology. Nicholas David Lancaster and David James Hambleton of Rodgers Reidy were appointed as administrators of the company on April 11, 2025. TEN FOUR: Second Creditors' Meeting Set for April 22 ---------------------------------------------------- A second meeting of creditors in the proceedings of Ten Four Ads Agency Pty Ltd has been set for April 22, 2025 at 11:00 a.m. online via Microsoft Teams. 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 April 21, 2025 at 5:00 p.m. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on March 24, 2025. ========= C H I N A ========= XINYUAN REAL ESTATE: Creditors File Involuntary Bankruptcy ---------------------------------------------------------- Steven Church at Bloomberg News reports that creditors of Chinese developer Xinyuan Real Estate Co Ltd. are seeking to force the company into bankruptcy protection in New York in order to collect on bonds that were due last year, according to a court filing. Bloomberg relates that the bondholders - Cithara Global Multi-Strategy, Mars Partner Limited and Star Freight & Trading Co. - are owed $65.8 million, the creditors said in an involuntary Chapter 11 petition filed on April 14. Xinyuan is among the many Chinese developers rocked by financial turmoil in recent years, Bloomberg notes. In 2022, the company missed an interest payment and later failed to pay off $170 million in bonds that came due in January, 2024, according to the bankruptcy filing. It did a dollar debt exchange in June 2023 and hired Alvarez and Marsal as its restructuring adviser. The company has assets in the US that could be used to help repay the bonds, creditors said in their filings, Bloomberg relays. Last year, Xinyuan put a real estate subsidiary named Hudson 888 Owner into bankruptcy, saying it owed creditors between $100 million and $500 million. Under the US Bankruptcy Code, creditors can ask a judge to put a company under court supervision should the firm fail to pay its debts on time. The company can then either fight the petition, or accept the bankruptcy and attempt to restructure. The bankruptcy case is Xinyuan Real Estate Co. Ltd, 25-10745, US Bankruptcy Court, Southern District of New York. About Xinyuan Real Estate Xinyuan Real Estate Co., Ltd. is a Chinese real estate company. Xinyuan has traditionally engaged principally in residential real estate development and the provision of property management services, focusing on Tier II cities in China. Singapore-based Assentsure PAC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated May 15, 2024, citing that the Company's ability to generate funds to meet short term operating cash requirements and loan repayments is reliant on the Company's ability to sell the real estate properties it holds, or to obtain alternative financing. The timing of these sales is uncertain and as a result the Company is currently reliant on long term investor loans being renewed when they come up for repayment. These conditions raise substantial doubt about its ability to continue as a going concern. As of December 31, 2023, the Company had $5,333,393,231 in total assets, $5,225,980,849 in total liabilities, and $107,412,382 in total equity. XINYUAN REAL ESTATE: Involuntary Chapter 11 Case Summary -------------------------------------------------------- Alleged Debtor: Xinyuan Real Estate Co., Ltd. 27/F, China Central Place, Tower II 79 Jianguo Road, Chaoyang District Beijing 100025 People's Republic of China Business Description: Xinyuan Real Estate Co., Ltd., headquartered in Beijing, is a residential real estate developer primarily focused on China's tier-one and tier-two cities. Founded in 1997, the Company targets middle-income homebuyers with large-scale, high- quality housing projects and has extended its operations to the U.S., U.K., and Malaysia. Xinyuan also offers property management and ancillary services, and its shares trade on the New York Stock Exchange under the ticker symbol XIN. Involuntary Chapter 11 Petition Date: April 14, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-10745 Petitioners' Counsel: Paul R. DeFilippo, Esq. WOLLMUTH MAHER & DEUTSCH LLP 500 Fifth Avenue New York, NY 10110 Tel: 212-382-3300 Email: pdefilippo@wmd-law.com A full-text copy of the Involuntary Petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZZ4V3HA/Xinyuan_Real_Estate_Co_Ltd__nysbke-25-10745__0001.0.pdf?mcid=tGE4TAMA Alleged creditors who signed the petition: Petitioner Nature of Claim Claim Amount Cithara Global Multi-Strategy 14.0% Senior $58,500,000 SPC-Bosideng Industry Investment Notes Due 2024 Fund SP Room 3607-3608, 36/F ICBC Tower, 3 Garden Road, Central Hong Kong, Hong Kong Star Freight & Trading Co., Limited 14.0% Senior $300,000 Flat 1109, 11/F, 118 Connaught Road Notes Due 2024 West Hong Kong, Hong Kong Mars Partner Limited 14.0% Senior $7,000,000 Vistra Corporate Services Centre Notes Due 2024 Wickhams Cay II, Road Town Tortora, British Virgin Islands ========= I N D I A ========= AMARPRAKASH DEVELOPERS: Ind-Ra Keeps D Rating in Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Amarprakash Developers 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: -- INR2,886.7 bil. Term loan maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. 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 Amarprakash Developers Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Amarprakash Developers Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Amarprakash Developers 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 Amarprakash Developers Private Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in 2008, Amarprakash is a Chennai-based residential and commercial real estate developer. APRA ENTERPRISES: Ind-Ra Cuts Loan Rating to BB- ------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded Apra Enterprises rating to 'IND BB-/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 are: -- INR450 mil. Non-Fund Based Working Capital Limit 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 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 Apra Enterprises while reviewing the rating. Ind-Ra had consistently followed up with Apra Enterprises over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Apra Enterprises 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 Apra Enterprises' credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Set up in 1984 as a proprietorship by Anil Bajaria, AE trades in numerous petrochemicals such as methanol, acetone, toluene, xylene, acetic acid, N Heptane, Styrene Monomer, alpha picoline, acetonitrile, among others. The Mumbai-based firm is managed by Anil Bajaria and his son, Viraj Bajaria. The firm caters majorly to industries such as pharmaceutical where the end use of these chemicals is for the production of active pharmaceutical ingredients, followed by paint, ink, wood and laminates, specialty chemical, among others. AVINASH DODA: CRISIL Keeps D Rating in Not Cooperating Category --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Avinash Doda (AD) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AD for obtaining information through letter and email dated March 12, 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 AD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AD continues to be 'Crisil D Issuer not cooperating'. Set-up in 2009, AD is a proprietorship concern of Mr Avinash Doda. The firm trades in, both wholesale and retail, Indian-made foreign liquor and beer, in Punjab. It has 'L2' license for 47 retail liquor shops and the requisite 'L1' license for wholesale vending liquor in the state. AWADE INDUSTRIES: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Awade Industries Private Limited (AIPL) continue to be CRISIL B+/Stable Issuer Not Cooperating. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term 10 CRISIL B+/Stable (Issuer Not Loan Cooperating) Proposed Working 7 CRISIL B+/Stable (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with AIPL for obtaining information through letter and email dated March 12, 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 AIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AIPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 1995 as a private limited company, AIPL manufactures kraft paper from waste papers. The Kolhapur-based company has been promoted by members of the Awade family. AXLEO INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Axleo Industries (Axleo) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3.27 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 2.9 CRISIL D (Issuer Not Cooperating) Working Capital 0.9 CRISIL D (Issuer Not Demand Loan Cooperating) Working Capital 3.43 CRISIL D (Issuer Not Demand Loan Cooperating) Crisil Ratings has been consistently following up with Axleo for obtaining information through letter and email dated March 12, 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 Axleo, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Axleo is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Axleo continues to be 'Crisil D Issuer not cooperating'. Axleo manufactures tractor components, primary for Mahindra & Mahindra Ltd ('Crisil AAA/Stable/Crisil A1+'). The firm was established by Mr R S Kamble in Mumbai. BABA BAIDYANATH: Ind-Ra Cuts Bank Loan Rating to D -------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Baba Baidyanath Medical Trust's (BBMT) bank loan rating to 'IND D' from 'IND B'. The Outlook was Stable. The instrument-wise rating actions are: -- INR880 mil. Bank loan (Long-term) downgraded with IND D rating; and -- INR105 mil. Non-fund based working capital limit (bank guarantee)(Long-term/Short-term downgraded with IND D rating. Detailed Rationale of the Rating Action The downgrade reflects a delay in debt servicing of the term loan during March 2025. This is consistent with Ind-Ra's Default Recognition and Post-Default Curing Period Policy. Detailed Description of Key Rating Drivers Delay in Debt Servicing: The downgrade reflects BBMT's delay in the payment of the interest on term loan by five days due to liquidity constraints. The interest for the month of March 2025 was charged by the bank on March 31, 2025, which was regularized on April 5, 2025. Liquidity Poor: BBMT's liquidity position is poor, as reflected by its inability to service debt obligation on a timely basis. Positive: Timely debt servicing for at least three consecutive months could result in a positive rating action. About the Company BBMT was established as a trust in November 2023. BBMT will manage a college - Baidyanath Medical College and Research Centre in Deoghar, Jharkhand, which is likely to commence operations from FY26. The trust will also have a 605-bed multi-specialty hospital, which will become fully operational from April 2026. BABBOO RICE: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Babboo Rice and General Mills (BRGM) continue to be CRISIL B/Stable Issuer Not Cooperating. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B/Stable (Issuer Not Cooperating) Export Packing 2.5 CRISIL B/Stable (Issuer Not Credit & Export Cooperating) Bills Negotiation/ Foreign Bill discounting Warehouse 2.5 CRISIL B/Stable (Issuer Not Financing Cooperating) Crisil Ratings has been consistently following up with BRGM for obtaining information through letter and email dated March 12, 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 BRGM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BRGM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BRGM continues to be 'Crisil B/Stable Issuer not cooperating'. BRGM was set up in 1978 as a partnership between two brothers, Mr Vijay Kumar Sethi and Mr Surinder Sethi. The firm processes and sells basmati rice, mainly the PUSA 1121 variety; it also deals in non-basmati rice. Its plant at Amritsar (Punjab) has sorting and milling capacities, each of 3 tonne per hour. BALAJEE LOHA: Ind-Ra Keeps BB Loan Rating in NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Balajee Loha Ltd.'s (BLL) bank facilities' rating in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR88 mil. Fund-based working capital limits maintained in non-cooperating category and withdrawn. *Maintained at 'IND BB/Stable (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The rating has 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 rating 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 BLL while reviewing the rating. Ind-Ra had consistently followed up with BLL over emails, apart from phone calls since May 2018. The issuer have submitted the monthly no default statement until March 2024. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of BLL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial update 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 rating. BLL has been non-cooperative with the agency since May 10, 2018. About the Company Incorporated in 2000, BLL manufactures various steel products such as billets, ingots, angles, flats and joists at its facility in Raipur, Chhattisgarh. BALAJEE PLY-PRODUCT: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Balajee Ply-Product Private Limited (BPPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 Crisil D (Issuer Not Cooperating) Cash Credit 3 Crisil D (Issuer Not Cooperating) Proposed Term Loan 2 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BPPL for obtaining information through letter and email dated March 12, 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 BPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1997 and based in Jaipur, BPPL manufactures plywood and block boards, and trades in timber. Manufacturing accounts for most of its turnover. BALAJEE STRUCTURAL: Ind-Ra Keeps BB Loan Rating in NonCooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Balajee Structural (India) Ltd.'s (BSL) bank facilities' ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating actions are: -- INR200 mil. Fund-based facilities maintained in non- cooperating category and withdrawn. *Maintained at 'IND BB/Stable (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The rating has 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 rating, 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 BSL while reviewing the rating. Ind-Ra had consistently followed up with BSL over emails, apart from phone calls since May 2018. The issuer has submitted the monthly no default statement till March 2024. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of BSL, 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. BSL has been non-cooperative with the agency since May 10, 2018. About the Company Incorporated in 2000, BSL manufactures various steel products such as billets, ingots, angles, flats and joists. Its manufacturing facility is located in Raipur, Chhattisgarh. BAPASITARAM CERAMIC: CRISIL Keeps B Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Bapasitaram Ceramic (BSC) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term 1.0 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 2.0 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with BSC for obtaining information through letter and email dated March 12, 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 BSC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BSC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BSC continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2014, BSC is a partnership firm, engaged in manufacturing of red ceramic body clay with total production capacity of 120,000 MT per annum. The firm has its manufacturing unit in Morbi-Gujarat. BELGIUM ALUMINIUM: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Belgium Aluminium and Glass Industries Private Limited (BAGIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 8 CRISIL D (Issuer Not Cooperating) Bank Guarantee 9 CRISIL D (Issuer Not Cooperating) Bank Guarantee 45 CRISIL D (Issuer Not Cooperating) Cash Credit 12.7 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 13 CRISIL D (Issuer Not Cooperating) Letter of Credit 6 CRISIL D (Issuer Not Cooperating) Letter of Credit 18.97 CRISIL D (Issuer Not Cooperating) Letter of Credit 20 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BAGIPL for obtaining information through letter and email dated March 12, 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 BAGIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BAGIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BAGIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. BAGIPL, established in 2007, is engaged in facade engineering - it designs, fabricates, and installs aluminium and glazed structures. The company started operations in February 2012. It is promoted by Dr. J R Gangaramani, who co-founded UAE-based Al Fara'a group, which has an established position in the infrastructure industry. BAGIPL's registered office is in Mumbai and manufacturing units are at Rabale in Maharashtra, and in Gurgaon. BHAGYASHREE MOTORS: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Bhagyashree Motors Private Limited (BMPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 Crisil B/Stable (Issuer Not Cooperating) Working Capital 1 Crisil B/Stable (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with BMPL for obtaining information through letter and email dated March 12, 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 BMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BMPL continues to be 'Crisil B/Stable Issuer not cooperating'. BMPL is the sole authorised dealer of TML's (CRISIL AA-/Stable/CRISIL A1+) passenger vehicles in lower Assam. It is promoted by Mr Dilip Kumar Das. BHORUKA POWER: Ind-Ra Moves BB+ Loan Rating to Non-Cooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Bhoruka Power Corporation Ltd. to the non-cooperating category as per Ind-Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are given below: -- INR10, 128.2 bil. Term Loan due on March 31, 2033 migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action 1. For Investment Grade: The migration of rating to the non-cooperating category and Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Outlook revision to Negative from Stable reflects the likelihood of downgrade of ratings to sub-investment grade on continued non-cooperation for six months. In line with the regulatory requirement, if an issuer has an investment grade rating outstanding while being non-cooperative for more than six months with Ind-Ra, then the agency will necessarily downgrade such rating to the non-investment grade while maintaining the Issuer Not Cooperating status. 2. For Sub Investment Grade: The migration of rating to the non-cooperating category and Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency. Ind-Ra had consistently followed up with Bhoruka Power Corporation Ltd over emails starting from January 31, 2025, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Bhoruka Power Corporation 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 Bhoruka Power Corporation Ltd.'s credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company BPCL, owned by the Bhoruka Group of companies, owns and operates 321.15MW of wind, hydro and solar projects, mainly in Karnataka. BLS INSTITUTE: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the rating on bank facilities of BLS Institute of Management (BLS) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 7.4 CRISIL B/Stable (ISSUER NOT Overdraft facility COOPERATING) Crisil Ratings has been consistently following up with BLS for obtaining information through letter and email dated March 12, 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 BLS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BLS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BLS continues to be 'Crisil B/Stable Issuer not cooperating'. BLS was founded in 1996, by Mr Somdev Sharma, based in Mohan Nagar, Uttar Pradesh. BLS operates two schools, both affiliated to CBSE i.e. Mount Litera Zee School, Ghaziabad and Yaduvanshi Shiksha Niketan, Jind, Haryana. Mr Kapil Garg, Mrs Novita Chopra and Mr Somdev Sharma oversee the daily operations of the society. BLUE AUTOWORLD: CRISIL Keeps B+ Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Blue Autoworld Private Limited (BAPL) continue to be CRISIL B+/Stable Issuer Not Cooperating. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.9 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 3.1 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with BAPL for obtaining information through letter and email dated March 12, 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 BAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BAPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2010 and promoted by Mr Subhas Rail and Mr Panchanan Mishra, BAPL is an authorised dealer and service centre for all two-wheelers of TVS in Malda, West Bengal. BOMBAY CRIMPERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bombay Crimpers Private Limited (BCPL) continue to be CRISIL B+/Stable Issuer Not Cooperating. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B+/Stable (Issuer Not Cooperating) Long Term Loan 4.62 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 1.88 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with BCPL for obtaining information through letter and email dated March 12, 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 BCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BCPL continues to be 'Crisil B+/Stable Issuer not cooperating'. BCPL, incorporated in 1967, is promoted by Mr Vinod Khetarpal and his son Mr Abhirup Khetarpal. The company processes polyester and polyester cotton fabric on jobwork basis. Its facility is at Bhiwandi in Maharashtra, and has capacity of 0.16 million metre per day. BCPL is setting up a plant with capacity 0.1 million metre per day. ELYSIUM PHARMACEUTICALS: Ind-Ra Moves BB+ Rating to NonCooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Elysium Pharmaceuticals Limited's (EPL) bank facilities to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through phone calls and emails. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The ratings will now appear as 'IND BB+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR700 mil. Fund-based working capital limits migrated to non- cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING) rating; -- INR23.21 mil. Non-fund-based working capital limits migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR103.33 mil. Term loan due on October 1, 2027 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 The migration of EPL's rating to the non-cooperating category is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with EPL while reviewing the ratings. Ind-Ra had consistently followed up with EPL over emails dated January 9, 2025, until March 26, 2025, apart from phone calls. The issuer has submitted no default statement until March 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of EPL, 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. EPL has been non-cooperative with the agency since January 2025. About the Company Incorporated in 1995 by Yashwant Patel, EPL manufactures sterile formulations such as liquid and dry parenteral and non-sterile formulations such as tablets, capsules, liquid orals, ointment and dry syrups under third-party and contract manufacturing agreements for established pharmaceutical firms. The company is based in Vadodara, Gujarat and commenced commercial operations in 1997. ENMAX ENGINEERING: Ind-Ra Affirms BB+ Rating, Outlook Stable ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has taken the following rating actions on Enmax Engineering (India) Private Limited's (EEPL)'s bank facilities: -- INR64.2 mil. Fund-based working capital limit assigned with IND BB+/Stable rating; -- INR85.8 mil. Fund-based working capital limit affirmed with IND BB+/Stable rating; -- INR24.20 mil. (reduced from INR40 mil.) Term loan due on June 30, 2027 affirmed with IND BB+/Stable rating; -- INR90 mil. Non-fund-based working capital limit affirmed with IND A4+ rating; -- INR90 mil. Non-fund-based working capital limit assigned with IND A4+ rating; and -- INR5.8 mil. Proposed bank loan assigned with IND BB+/Stable rating. Detailed Rationale of the Rating Action 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. Stretched Liquidity: Please refer to the Liquidity section. 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 EBITDA 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. FATEH CHAND: Ind-Ra Moves BB+ Rating to Non-Cooperating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Fateh Chand Charitable Trust to the non-cooperating category as per Ind-Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+/Negative (ISSUER NOT COOPERATING))/A4+ (ISSUER NOT COOPERATING' on the agency's website. The instrument-wise rating actions are: -- INR295 mil. Fund Based Working Capital Limit Outlook revised to Negative; rating migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; -- INR100 mil. Non-Fund Based Working Capital Limit Outlook revised to Negative; rating migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING) rating; and -- INR49.3 mil. Term Loan due on December 31, 2027 Outlook revised to Negative; rating migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action The migration of rating to the non-cooperating category 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 No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency. Ind-Ra had consistently followed up with Fateh Chand Charitable Trust over emails starting from 31 Jan 2025, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Fateh Chand Charitable Trust on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Fateh Chand Charitable Trust 's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Established in 2005, FCCT is chaired by Nitin Agrawal. Approved by National Medical Commission, Muzaffarnagar Medical College and Hospital, under FCCT's aegis, started its operation in 2006. The courses offered are MBBS, PG along with para-medical courses to impart nursing education and training. The hospital with a capacity of 950 beds, was established primarily to support the college as a teaching hospital. FIBERWEB LIMITED: Ind-Ra Moves BB+ Rating to Non-Cooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has Migrated Fiberweb (India) Limited's (FIL) bank facilities to non-cooperating category and has simultaneously withdrawn the same. The detailed rating actions are: -- INR190 mil. Fund-based working capital limit* migrated to non- cooperating category and withdrawn; -- INR698 mil. Proposed term loan# migrated to non-cooperating category and withdrawn; and -- INR10 mil. Non-fund-based working capital limit** 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)' before being withdrawn ** Migrated to '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 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 FIL while reviewing the ratings. The issuer 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 FIL, 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 Established in 1985, FIL manufactures and exports spun-bond and melt-blown non-woven fabrics from polypropylene. The company serves hygiene, agriculture crop cover, and medical and industrial clothing industries. The company is a 100% export-oriented unit. GANGAMAI INDUSTRIES: Ind-Ra Keeps BB Rating in Non-Cooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Gangamai Industries and Constructions Limited's (GICL) bank facilities' ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating actions are: -- INR126.60 mil. Term loan due on December 31, 2025 maintained in non-cooperating category and withdrawn; -- INR2.240 bil. Fund-based working capital maintained in non- cooperating category and withdrawn; and -- INR250 mil. Non-fund-based facilities maintained in non- cooperating category and withdrawn. Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based on the available information *Maintained at 'IND BB/Stable (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn **Maintained at 'IND BB/Stable (ISSUER NOT COOPERATING)' before being withdrawn *Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The rating has 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 GICL while reviewing the rating. Ind-Ra had consistently followed up with GICL over emails, apart from phone calls since September 2019. The issuer has submitted the monthly no default statement until March 2024. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of GICL, 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. GICL has been non-cooperative with the agency since September 25, 2019. About the Company Incorporated in 1999, GICL has a 5,500-tonne crushing per day sugarcane crushing capacity, a 32-MW co-generation plant, a 60,000-litre per day distillery and a 150,000-litre per day ethanol facility in Jangra, Maharashtra. HANSA METALLICS: Ind-Ra Hikes Bank Loan Rating to BB+ ----------------------------------------------------- India Ratings and Research (Ind-Ra) has upgraded Hansa Metallics Ltd.'s (HML) bank facilities to 'IND BB+' from 'IND BB' with a Stable Outlook and has simultaneously withdrawn the ratings. The detailed rating actions are: -- INR209.90 mil. Term loans* due on March 31, 2027 upgraded and withdrawn; -- INR510 mil. Fund-based working capital limits** Long-term rating upgraded; short-term rating affirmed and withdrawn; and -- INR175 mil. Non-fund-based working capital limits# reassigned and withdrawn. * Upgraded to 'IND BB+'/Stable before being withdrawn ** Upgraded to 'IND BB+'/Stable and affirmed at 'IND A4+' before being withdrawn #Reassigned at 'IND A4+' before being withdrawn Detailed Rationale of the Rating Action The upgrade reflects the company's cooperation in providing the required information for the rating review. The ratings factor in the company's working capital intensive business, modest credit metrics and stretched liquidity. However, the ratings are supported by the company's medium scale of operations, average operating margins in FY24 and its experienced promoters. Ind-Ra is no longer required to maintain the ratings, as the agency has received no-objection certificate/no dues certificated from existing lenders. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Detailed Description of Key Rating Drivers Working Capital Intensive Business Resulting in Increased Reliance on External Source of Funding: HML had high working capital requirement as it maintained inventory of 86 days in FY24 (FY23: 90 days) and debtor of 41 days (36 days). The company was partially supported by creditors of 50 days in FY24 (FY23: 49 days). Generally, all the purchases are being made on an advance basis or backed by letter of credit (LC), leading to increased bank limit utilization and the company availing temporary adhoc limits. HML's average maximum utilization of the fund-based limits was 92.50% during the 12 months ended February 2025 and that of the non-fund-based limit was 89.7%. The company had sanctioned enhancement in its non-fund-based limits and has unavailed fund-based limits of INR50 million with one of the banks but the same can be availed subject to timely security perfection. Hence, the sustained moderation in the bank limit utilization will remain a key monitorable in the medium term. Ind-Ra expects the working capital cycle to remain in the similar range in the medium term, on account of the requirement of inventory to be maintained all time and the requirement of LC/advance payments to creditors and no change in debtor days. Modest Credit Metrics: During FY24, the gross interest coverage (operating EBITDA/gross interest expense) declined to 2.62x (FY23: 2.83x), due to an increase in total debt to INR1,610.19 million (INR1,447.37 million), following an increase in its working capital requirement and debt-funded capex. The net leverage (total adjusted net debt/operating EBITDA) reduced to 3.12x in FY24 (FY23: 3.32x). Ind-Ra expects the credit metrics to remain modest in the medium term due to the company's capex of about INR520 million. The lenders have sanctioned term loans for the capex and HML is planning a further expansion of about INR620 million in FY26 to double its capacity to six tube mills from 12 tube mills and nine furnaces from six. Commodity Nature of Business: HML's operations are exposed to volatility in raw material prices. Although this risk is mitigated to a large extent as it is largely passed on to the customers. However, the risk is limited to the time lag in which the movement in prices can be passed on. The raw material prices are revised once a month in the cycle industry. Medium Scale of Operations: HML's revenue grew 8.95% to INR5,731.91 million in FY24 (FY23: INR5,261.24 million), driven by increased demand for electric resistance welding (ERW) precision tubes. Given the increasing demand, the management undertakes regular capacity expansion and has increased its capacity to 1,44,000 metric tons from 120,000 metric tons per annum in FY25, thereby further boosting its sales volume. It achieved revenue of around INR4,900 million until December 2024. The company's scale of operations will continue to remain medium in the medium term. Average EBITDA Margins: HML's EBITDA margins slightly increased to 8.97% in FY24 (FY23: 8.08%) with a return of capital employed of 14.7% in FY24 (FY23: 14.3%). Ind-Ra expects the margins to remain at 9%-10% over the near-to-medium term. The margins are largely secured because the selling price in the market is directly linked to hot-rolled coil prices which are circulated on a monthly basis by large players. The company earns roughly around INR14 per kg, except in FY22, which was an exceptional year. Experienced promoters: HML was incorporated in 1997 and has longstanding relationships with most of its customers. The promoter, Surender Garg, has more than three decades of experience in the ERW tubes industry. Liquidity Stretched: HML's cash flow from operations declined to INR175.67 million in FY24 (FY23: INR309.32 million), on account of unfavorable changes in the working capital. With the company incurring the capex of INR332.57, the free cash flow also turned negative at INR 156.90 million FY24 (FY23: INR 31.82 million). Cash and cash equivalents stood at INR37.93 million as of March 31, 2024 (FYE23: INR35.32 million). HML has scheduled repayment obligations of INR120 million to INR160 million on yearly basis in the medium term. About the Company Established in 1997, HML manufactures electric resistance welding cold rolled precision tubes, and has an installed capacity of 1,44,000MT in Punjab. It is a closely held public limited company and promoted by Surender Garg. HINDUSTAN DISTRIBUTORS: Ind-Ra Moves BB Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Hindustan Distributors to the non-cooperating category as per Ind-Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR250 mil. Fund Based Working Capital Limit Outlook revised to Negative; rating migrated to non-cooperating category with IND BB/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action 1. For Investment Grade: The migration of rating to the non-cooperating category and Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Outlook revision to Negative from Stable reflects the likelihood of downgrade of ratings to sub-investment grade on continued non-cooperation for six months. In line with the regulatory requirement, if an issuer has an investment grade rating outstanding while being non-cooperative for more than six months with Ind-Ra, then the agency will necessarily downgrade such rating to the non-investment grade while maintaining the Issuer Not Cooperating status. 2. For Sub Investment Grade: The migration of rating to the non-cooperating category and Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency. Ind-Ra had consistently followed up with Hindustan Distributors over emails starting from January 31, 2025, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Hindustan Distributors 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 Hindustan Distributors' credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company HD is engaged in the distribution business in the modern trade segment for companies such as Hindustan Unilever Limited, Colgate-Palmolive (India) Limited and distributorship business of Samsung Limited's (mobiles, laptops, tablets), LG and Llyod products. The firm has been associated with brands such as Samsung, Dabur, and Hindustan Unilever for 25-30 years. HINDUSTAN HARDWARES: Ind-Ra Affirms BB Bank Loan Rating ------------------------------------------------------- India Ratings and Research has taken the following rating actions on Hindustan Hardwares' (HH) bank facilities: -- INR70.35 mil. Fund-based working capital limits assigned with IND BB/Stable/IND A4+ rating; -- INR405 mil. Fund-based working capital limits affirmed with IND BB/Stable/IND A4+ rating; and -- INR24.65 mil. Term loan affirmed with IND BB/Stable rating. Detailed Rationale of the Rating Action The ratings reflect HH's continued medium scale of operations, modest EBITDA margins and modest credit metrics in FY24. In FY25, Ind-Ra expects the scale of operations to further decline, but its EBITDA margin and credit metrics would improve. The ratings are, however, supported by the promoters' five decades of experience in the steel trading business. Detailed Description of Key Rating Drivers Modest EBITDA Margins: HH's EBITDA margins declined and remained modest at 1.80% in FY24 (FY23: 2.77%), due to an increase in the cost of the goods sold. The return on capital employed reduced to 7% in FY24 (FY23: 10.5%). In FY25, Ind-Ra expects the EBITDA margins to improve but remain modest, due to the stability in its operating income through solar and wind energy. Modest Credit Metrics: HH's credit metrics deteriorated and remained modest, due to a decline in its EBITDA to INR72.95 million in FY24 (FY23: INR127.46 million) along with an increase in its interest expense for additional borrowings. The gross interest coverage (operating EBITDA/gross interest expenses) reduced to 1.35x in FY24 (FY23: 2.51x), due to the increase in its interest expense to INR54.14 million (INR50.71 million) following higher utilization of limits. The net leverage (total adjusted net debt/operating EBITDAR) increased to 9.10x in FY24 (FY23: 5.49x), due to the addition of a new term loan for purchasing of lorries. Till December 2024, HH's EBITDA stood at INR90 million. In FY25, Ind-Ra expects the credit metrics to have improved supported by a likely improvement in its EBITDA and the absence of any capex plan. Medium Scale of Operations: HH's scale of operations remained medium with its revenue reducing to INR4,059.22 million in FY24 (FY23: INR4,607.15 million), due to a decline in the supply from Steel Authority of India (SAIL; 'IND AA'/Stable) and its Salem unit on account of a reduction in the production following the non-availability of steel ingots. Until end-February 2025, HH booked revenue of INR3,160 million. In FY25, Ind-Ra expects the revenue to have declined on account of the reduction in supply from SAIL. Experienced Promoters: The promoters have nearly five decades of experience in steel trading industry, leading to established relationships with customers as well as suppliers. Liquidity Stretched: The net working capital reduced to 46 days in FY24 (FY23: 50 days), mainly on account of a decrease in the receivable period to 5 days (6 days) and inventory holding period to 46 days (47 days) and increase in payable days to 4 days (2 days). HH's average maximum month-end utilization of the fund-based limit was 82.11% during the 12 months ended February 2025. Furthermore, HH 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 INR45.92 million in FY24 (FY23: INR4.09 million) on the back of favorable changes in working capital. Consequently, the free cash flow turned negative to INR1.09 million (FY23: INR2 million) due to the capex. HH has debt repayment obligations of INR28.4 million and INR11.4 million in FY26 and FY27, respectively. The cash and cash equivalent stood at INR40.48 million at FYE24 (FYE23: INR0.92 million). Rating Sensitivities Negative: Substantial deterioration in the scale of operations or the profitability, further deterioration in liquidity, or weakening of the credit metrics with the gross interest coverage declining below 1.8x, all on a sustained basis, will lead to a negative rating action. Positive: A substantial increase in the scale of operations with an increase in the profitability, and a substantial improvement in the liquidity profile and in the credit metrics, with the gross interest coverage increasing above 2.5x; all on a sustained basis, will be positive for the rating. About the Company HH is a partnership firm based in Tamil Nadu. The firm was established in 1979 and has been into business of trading of TMT bars and structural steel products since then. The firm has established operational ties with leading steel manufacturers such as SAIL and Rastriya Ispat Nigam Limited (RINL). The firm also has four windmills and three solar plants with a combined installed capacity of 4.2MW and 4MW, respectively. JBF INDUSTRIES: Ind-Ra Keeps D Loan Rating in NonCooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained JBF Industries 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: -- INR4.0 bil. Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; -- INR16.0 bil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR2.80 bil. Term loan due on March 31, 2020 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 JBF Industries Limited while reviewing the rating. Ind-Ra had consistently followed up with JBF Industries Limited over emails, apart from phone calls.. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of JBF Industries 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 JBF Industries 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 JBF group is a leading producer of polyester and other related products in the polyester value chain. Its production capacity is about 1.9mtpa, which would increase to 3.2mtpa once the purified terephthalic acid plant commences operations. The group operates out of three domestic facilities, one in Gujarat and two in Silvassa, and three international facilities, one each in the UAE, Belgium and Bahrain. MAA EKADASHI: CRISIL Moves B+ Debt Ratings to Not Cooperating ------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Maa Ekadashi Mini Modern Rice Mill (MEMMRM) to 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 Crisil B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Fund- 0.26 Crisil B+/Stable (ISSUER NOT Based Bank Limits COOPERATING; Rating Migrated) Term Loan 0.74 Crisil B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with MEMMRM for obtaining information through letter and email dated March 21, 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 MEMMRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MEMMRM is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of MEMMRM to 'Crisil B+/Stable Issuer not cooperating'. MEMMRM, established in 1998 and located near Kolkata, is owned and managed by Mr Jitendra Mondal, Ms Chameli Mondal and Mr Deebas Mondal. The firm processes rice, which it sells mainly to wholesalers and brokers. NURAY CHEMICALS: Ind-Ra Moves BB+ Rating to Non-Cooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of NURAY CHEMICALS PRIVATE LIMITED to the non-cooperating category as per Ind-Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- Issuer Rating Outlook revised to Negative; rating migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action 1.For Investment Grade: The migration of rating to the non-cooperating category and Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Outlook revision to Negative from Stable reflects the likelihood of downgrade of ratings to sub-investment grade on continued non-cooperation for six months. In line with the regulatory requirement, if an issuer has an investment grade rating outstanding while being non-cooperative for more than six months with Ind-Ra, then the agency will necessarily downgrade such rating to the non-investment grade while maintaining the Issuer Not Cooperating status. 2. For Sub Investment Grade: The migration of rating to the non-cooperating category and Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency. Ind-Ra had consistently followed up with NURAY CHEMICALS PRIVATE LIMITED over emails starting from January 31, 2025, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of NURAY CHEMICALS 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 NURAY CHEMICALS PRIVATE LIMITED's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company NCPL is an API manufacturing facility with its R& D facility at Kakkalur village in Thiruvallur district of Tamil Nadu. NCPL's engages in developing pharmaceutical industry's chemistry requirements from the synthesis of impurities, metabolites, method development, advanced intermediates and API's for commercial launch. PP PANDEY: Ind-Ra Cuts Bank Loan Rating to D -------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded PP Pandey Infrastructure Private Limited's (PPPIPL) bank facilities' ratings to 'IND D (ISSUER NOT COOPERATING)' from 'IND BB-/Negative (ISSUER NOT COOPERATING)'/INDA4+ (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: -- INR80 mil. Fund-based limits (Long-term/Short-term) downgraded with IND D (ISSUER NOT COOPERATING) rating; -- INR100 mil. Non-fund-based limits (Short-term) downgraded with IND D (ISSUER NOT COOPERATING) rating; and -- INR46 mil. Term loan (Long -term) due on March 31, 2022 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 PPPIPL. Ind-Ra has relied on information available in the public domain. However, Ind-Ra 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 PPPIPL while reviewing the rating. Ind-Ra had consistently followed up with PPPIPL over emails since 2018, 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 PPPIPL, 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. PPPIPL has been non-cooperative with the agency since December 7, 2018. About the Company Established in July 2008, PPPIPL is engaged in the construction of roads and other allied works. R.R OVERSEAS: CRISIL Lowers Rating on INR6.2cr Proposed Loan to D ----------------------------------------------------------------- Crisil Ratings has downgraded the rating on the long-term bank facilities of R.R Overseas (RR) to 'Crisil D Issuer Not Cooperating' from 'Crisil B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Long Term Loan 1.3 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Working 6.2 Crisil D (ISSUER NOT Capital Facility COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with RR for obtaining information through letter and email dated April 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. 'Investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'issuer not cooperating' as the rating has been arrived at without any interaction with the management and is based on best available, limited or dated information regarding the company. Such non-cooperation by a rated entity may be a result of weakening of its credit risk profile. Ratings with the 'issuer not cooperating' suffix lack a forward-looking component'. Detailed Rationale Despite repeated attempts to engage with the management of RR, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the company. The rating action on RR is consistent with the criteria detailed in 'Assessing information adequacy risk'. Therefore, on account of inadequate information and lack of management cooperation coupled with instances of delays in servicing of debt obligations as confirmed by the banker, Crisil Ratings has downgraded the rating on the long-term bank facilities of RR to 'Crisil D Issuer Not Cooperating' from 'Crisil B+/Stable Issuer Not Cooperating'. RR was formed as a partnership firm by members of Ohri and Davesar families, in 2013. The firm mills and processes basmati rice at its unit in Tarn Taran Sahib, Punjab, and commenced operations in November 2015. RAJARAMBAPU PATIL: Ind-Ra Moves BB- Rating to Non-Cooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Rajarambapu Patil Sahakari Sakhar Karkhana Limited's (RPSSKL) bank facilities to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through phone calls and emails. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The ratings will now appear as 'IND BB-/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR4.50 bil. Fund-based working capital limits migrated to non-cooperating category with IND BB-/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR500 mil. Term loan due on March 31, 2027 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 The migration of the ratings to the non-cooperating category is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with RPSSKL while reviewing the ratings. Ind-Ra had consistently followed up with RPSSKL over emails since November 2024, apart from phone calls. The issuer has submitted 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 RPSSKL, 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. RPSSKL has been non-cooperative with the agency since January 2025. About the Company RPSSKL was incorporated by the Late Rajarambapu Patil in 1968 under 'The Maharashtra Co-operative Societies Act 1960' as Walwa Taluka Sahakari Sakhar Karkhana Limited to produce sugar in Sangli, Maharashtra. The company changed its name to Rajarambapu Patil Sahakari Sakhar Karkhana Limited. RPSSKL is a part of the Sangli-based Rajarambapu Group whose diversified business profile comprises operations in sugar production, distillery, power generation, co-operative bank (Rajarambapu Sahakari Bank Limited), co-operative spinning mills, milk federation, soya bean extraction plant, educational institutes, and petrol pumps. RPSSKL has sugar mills at Sakhrale, Wategaon, Karandwadi, and Jath in Sangli with a total sugarcane crushing capacity of 17,000 tons of cane per day along with a 40 megawatt cogeneration unit and a 150 kiloliters per day distillery plant. SAIMIRRA INNOPHARM: Ind-Ra Moves BB+ Rating to Non-Cooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of SAIMIRRA INNOPHARM PRIVATE LIMITED to the non-cooperating category as per Ind-Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time., Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- Issuer Rating Outlook revised to Negative; rating migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action 1. For Investment Grade: The migration of rating to the non-cooperating category and Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Outlook revision to Negative from Stable reflects the likelihood of downgrade of ratings to sub-investment grade on continued non-cooperation for six months. In line with the regulatory requirement, if an issuer has an investment grade rating outstanding while being non-cooperative for more than six months with Ind-Ra, then the agency will necessarily downgrade such rating to the non-investment grade while maintaining the Issuer Not Cooperating status. 2. For Sub Investment Grade: The migration of rating to the non-cooperating category and Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency. Ind-Ra had consistently followed up with SAIMIRRA INNOPHARM PRIVATE LIMITED over emails starting from January 31, 2025, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of SAIMIRRA INNOPHARM 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 SAIMIRRA INNOPHARM PRIVATE LIMITED's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in 2001, SMIPL is into formulation of drugs for semi regulated markets, with a presence in over 40 countries. The Chennai-based company is promoted by J. Jayaseelan. SANDHYA HYDRO: CRISIL Withdraws D Rating on INR75cr Term Loan ------------------------------------------------------------- Crisil Ratings has removed its rating on the bank facilities of Sandhya Hydro Power Projects Balargha Pvt Ltd (SHPPBPL) from 'Rating Watch with Negative Implications' and has downgraded the rating to 'Crisil D' from 'Crisil BB+'. and subsequently withdrawn the rating as requested by the company and on receipt of a no-dues certificate from the banker. The action is in line with the withdrawal policy of Crisil Ratings. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 8.09 Crisil D (Downgraded from Bank Loan Facility 'Crisil BB+'; Removed from 'Rating Watch with Negative Implications'; Rating Withdrawn) Rupee Term Loan 75 Crisil D (Downgraded from 'Crisil BB+'; Removed from 'Rating Watch with Negative Implications'; Rating Withdrawn) The downgrade in the rating reflects delays in interest servicing by the company on its term loan facility. SHPPBPL's plant has remained non-operational since July 30, 2024, due to water logging in the powerhouse of the unit, which significantly impacted its cashflows and debt-servicing ability. Since August 2024, the company's interest and principal obligations were being met through promoter infusions. Crisil Ratings understands that the promotors were in the process of prepaying the entire outstanding term loan, however there were delays in processing of the same, which resulted in a delay in partial interest servicing for the month of March 2025. The loan was subsequently repaid in full, including interest thereon, on April 8, 2025, and SHPPBPL received the no-due certificate from the lender on April 11, 2025. Analytical Approach SHPPBPL has been assessed as a standalone entity. Key Rating Drivers & Detailed Description Weakness: * Delays in debt servicing: Post the exhaustion of the debt servicing reserve account (DSRA) of SHPPBPL in December 2023, followed by the plant shut down in July 2024, the company relied on promoter infusions for debt servicing. While the term loan was fully repaid, including interest thereon, on April 8, 2025, there was a delay in partial interest servicing for the month of March 2025. Strengths: * Strong promoter support: The company has benefitted from strong promoter support, as reflected in the regular fund infusion for debt servicing and funding restoration cost through the life of the asset. Liquidity: Poor Liquidity has remained constrained for the past two years due to multiple incidences of flooding of the plant. Since August 2024, the interest and principal obligations were being met through infusion from the promoter. While the debt was fully repaid on April 8, 2025, there was delay in partial interest servicing for the month of March 2025. Rating sensitivity factors Upward factors * Resumption of plant operations and sustained PLF generation at more than 85% * Healthy operational cash generation against debt servicing SHPPBPL was incorporated as a special-purpose vehicle to implement a run-of-the-river 9-MW (with 10% continuous overload capability) small hydropower project in Kullu. The project is situated on the perennial Parbati River, one of the main tributaries of Beas River. The project was commissioned in January 2018 and commenced sales to GC customers in April that year. It has PPAs of 12-15 years with Airtel and hospitals and hotels based in Delhi under the GC structure. SHPPBPL is a 100% subsidiary of Skyzen Infrabuild Pvt Ltd, which is a subsidiary of Continuum Energy Pte Ltd (Singapore). SHALIVAHANA WIND: Ind-Ra Moves B+ Rating to Non-Cooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of SHALIVAHANA WIND ENERGY LIMITED to the non-cooperating category as per Ind-Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND B+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR70.64 mil. Term Loan issued on July 3, 2024 coupon rate 10.1% due on March 31, 2029 with IND B+/Negative (ISSUER NOT COOPERATING) Outlook revised to Negative; rating migrated to non-cooperating category. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action 1. For Investment Grade: The migration of rating to the non-cooperating category and Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Outlook revision to Negative from Stable reflects the likelihood of downgrade of ratings to sub-investment grade on continued non-cooperation for six months. In line with the regulatory requirement, if an issuer has an investment grade rating outstanding while being non-cooperative for more than six months with Ind-Ra, then the agency will necessarily downgrade such rating to the non-investment grade while maintaining the Issuer Not Cooperating status. 2. For Sub Investment Grade: The migration of rating to the non-cooperating category and Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency. Ind-Ra had consistently followed up with SHALIVAHANA WIND ENERGY LIMITED over emails starting from January 31, 2025, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of SHALIVAHANA WIND ENERGY 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 SHALIVAHANA WIND ENERGY LIMITED's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company SWEL is a special purpose vehicle that operates a 6.8MW grid connected wind power project in Mulanoor village, Tirupur district, Tamil Nadu. SWEL is a group captive project commissioned in 2011, with majorly owned same promoter entities: Aaditya Aswin Paper Mills and Bluemont Paper and Boards. SOORAJ AGRO: Ind-Ra Affirms BB- Loan Rating, Outlook Stable ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on Sooraj Agro Distilleries Limited's (SADL) bank facilities: -- INR450 mil. Fund-based working capital limits assigned with IND BB-/Stable/IND A4+ rating; and -- INR1.320 mil. Term loan due on December 31, 2032 affirmed with IND BB-/Stable rating. Detailed Rationale of the Rating Action The ratings reflect SADL's nascent stage of operations, with its newly constructed grain-based ethanol manufacturing unit likely to commence operations in April 2025. Ind-Ra expects the scale of operations to remain small over the medium term, with modest EBITDA margin and credit metrics. The rating is supported by high demand and growing market for ethanol to be used in fuels produced by oil marketing companies. The ratings also benefit from the promoters' experience of nearly three decades in the agriculture sector. Detailed Description of Key Rating Drivers Nascent Stage of Operation; Delay in Commencement of Operations: SADL's newly constructed grain-based ethanol manufacturing unit has a capacity of 39,600 kilo liters per annum. The company had initially planned to complete the construction of the project and commence its operations by August 2024. However, the completion of work has been delayed by seven months due to an execution lag from the engineering, procurement and construction contractor. The plant has completed trial runs and commercial operations are scheduled to commence from April 2025. Ind-Ra expects the scale of operations to remain small over the medium term owing to the initial risks associated with capacity utilization. EBITDA Margin Likely to be Modest: Ind-Ra expects SADL's to report an EBITDA margin of 16.6% in FY26, with a return on capital employed of 2.66%. The management expects an EBITDA margin of 22.2% in FY26 and believes it would remain at similar levels thereafter. Modest Credit Metrics: SADL's is likely to report an interest coverage (operating EBITDA/gross interest expenses) of 2.53x in FY26 and net leverage (total adjusted net debt/operating EBITDAR) of 4.34x. As of February 28, 2025, SADL had already incurred capex of INR2,113 million for acquiring the land for the project, building construction, advance for civil works, machinery and for other preliminary expenses. The capex was funded by equity of INR580.60 million, unsecured loans of INR269.4 million, and term loans of INR1,320 million. The management has been granted an extension of the repayment schedule from the banker. Stretched Liquidity: Please refer to the liquidity section. High Demand and Growing Market for Ethanol: The rating benefits from the high demand and growing market for ethanol to be used in fuels produced by oil marketing companies such as Hindustan Petroleum Corporation Limited ('IND AAA'/Stable) and Bharat Petroleum Corporation Limited, thereby aiding revenue visibility for SADL over the medium term. The project also has locational advantages due to its proximity to areas that have ample raw material sources. Promoter Experience: The rating is also supported by the promoter's experience of nearly three decades in the agriculture sector, which would help the company establish strong relationships with customers as well as suppliers. Furthermore, the promoters are involved in the trading of maize, which will be used as raw material for ethanol production. Liquidity Stretched: SADL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. SADL has repayment obligations of INR188.60 million each in FY26 and FY27. The company plans to meet its working capital requirements through fund-based working capital limits of INR450 million, with disbursements commencing in January 2025. SADL's average maximum utilization of the fund-based limits was 95% during the two months ended February 2025. As per the management, the net working capital cycle is likely to be at 58 days in FY26. The company had faced a delay in capex completion, but the expenses were funded by promoters. The company provides a credit period of five days to its customers and receives credit period of around seven days from its suppliers. The inventory holding period ranges between 40-60 days, with raw material holding of 60 days, work-in-progress of 14 days and finished good stocking of around three days. Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics, and further pressure on the liquidity position, could lead to a negative rating action. Positive: An increase in the scale of operations with revenue visibility, and 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 March 2022, SADL is setting up a 120 kilo liter per day capacity distillery project for the production of fuel ethanol at Havnoor village, Haveri District, Karnataka. The registered office is in Bellary, Karnataka. The unit is likely to commence operations from the first week of April 2025. TEXACO SYNTHETICS: Ind-Ra Cuts Loan Rating to B+ ------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded Texaco Synthetics 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: -- INR93 mil. Fund Based Working Capital Limit downgraded with 'IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)' rating; -- INR15.5 mil. Non-Fund Based Working Capital Limit downgraded with IND A4 (ISSUER NOT COOPERATING) rating; and -- INR72.96 mil. Term loan due on May 31, 2023 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 Texaco Synthetics Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Texaco Synthetics Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Texaco Synthetics 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 Texaco Synthetics 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 Ahmedabad-based Texaco was formed in 1988 by Mr. Krishan Agarwal and Mr. Pradeep Agarwal. It is a leading manufacturer and exporter of polyester viscose, polycotton, cotton fabrics, synthetic-blended fabrics, suiting and shirting fabrics. The company caters to both domestic and international markets. It primarily exports to Dubai. In addition, it exports to Sri Lanka and Iran. VAISHNODEVI REFOILS: Ind-Ra Cuts Loan Rating to BB- --------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Vaishnodevi Refoils & Solvex rating to 'IND BB-/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: -- INR300 mil. Fund Based Working Capital Limit downgraded with IND BB-/Negative (ISSUER NOT COOPERATING) rating; and -- INR8.8 mil. Term loan due on December 31, 2020 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 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 Vaishnodevi Refoils & Solvex while reviewing the rating. Ind-Ra had consistently followed up with Vaishnodevi Refoils & Solvex over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Vaishnodevi Refoils & Solvex 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 Vaishnodevi Refoils & Solvex'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 2008, Vaishnodevi Refoils is a partnership firm engaged in the extraction of mustard oil and de-oiled cake and the refining of crude oil into soya bean oil, rapeseed oil and others. VED CELLULOSE: Ind-Ra Keeps C Loan Rating in NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Ved Cellulose Limited’s instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND C (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR147.5 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND C (ISSUER NOT COOPERATING) rating; -- INR60 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating; and -- INR34.85 mil. Term loan due on March 31, 2018 maintained in non-cooperating category with IND C(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. 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 Ved Cellulose Limited while reviewing the rating. Ind-Ra had consistently followed up with Ved Cellulose Limited over emails, apart from phone calls.. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Ved Cellulose 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 Ved Cellulose 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 VCL manufactures hard tissue paper, kraft paper, wrapping paper and poster paper at its plant in Hapur Road, Uttar Pradesh. VINAYAKA EXPO: Ind-Ra Cuts Bank Loan Rating to D ------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded Vinayaka Expo Plaza Private Limited's (VEPPL) term loan rating to 'IND D' from 'IND BB+'. The Outlook was Stable. The detailed rating action is: -- INR300 mil. Term loan (Long-term) due on June 30, 2031 downgraded with IND D rating. Detailed Rationale of the Rating Action The downgrade reflects a delay in debt servicing of the term loan during March 2025. This is consistent with Ind-Ra's Default Recognition and Post-Default Curing Period Policy. Detailed Description of Key Rating Drivers Delay in Debt Servicing: The downgrade reflects VEPPL's delay in the payment of interest on the term loan in March 2025. The delay was caused by liquidity constraints. This is consistent with Ind-Ra's Default Recognition and Post-Default Curing Period Policy. Liquidity Poor: VEPPL's liquidity position is poor, as reflected by the inability to service debt obligation on a timely basis. Positive: Timely debt servicing for at least three consecutive months could result in a positive rating action. About the Company Incorporated in 2021, VEPPL was established as a special purpose vehicle to develop a commercial project with retail shops, office space, multiplex and business suites called India Expo Plaza in Greater Noida, Uttar Pradesh. A portion of the building will be used for lease rental purposes and the rest will be saleable. The mall has a total built up area of 0.35 million sf. WAYNE-BURT: CRISIL Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Wayne-Burt Petrochemicals Private Limited (WBPPL) continues to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 19 Crisil B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with WBPPL for obtaining information through letter and email dated March 12, 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 WBPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on WBPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of WBPPL continues to be 'Crisil B+/Stable Issuer not cooperating'. WBPPL, established in 1999, operates a leased property in Chennai. The company is owned and managed by Mr.T G S Mahesh. YADU SUGAR: Ind-Ra Keeps D Loan Rating in NonCooperating -------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Yadu Sugar 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: -- INR1.020 bil. 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 Yadu Sugar Limited while reviewing the rating. Ind-Ra had consistently followed up with Yadu Sugar Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Yadu Sugar 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 Yadu Sugar 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 1998, Yadu Sugar has a 500 tons of cane per day sugar mill and a 32MW co-generation plant in Sujanpur, Uttar Pradesh. YAMUNA CABLE: Ind-Ra Keeps BB- Loan Rating in NonCooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained Yamuna Cable Accessories Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB-/ Negative (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR100 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; -- INR53.7 mil. Non-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; and -- INR14.5 mil. Term loan 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 Yamuna Cable Accessories Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Yamuna Cable Accessories Private Limited over emails, apart from phone calls.. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Yamuna Cable Accessories 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 Yamuna Cable Accessories 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 Formed in 1996 by Shyam Sunder Sardana, Yamuna Cable Accessories manufactures cable jointing kits and accessories at its facilities in Yamuna Nagar, Haryana. It sells its products under the brand DENSONS. ZBLOG MANAGEMENT: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Zblog Management Solutions Private Limited (BMPPL; previously known as Best Milk Products Private Limited) continue to be CRISIL B+/Stable Issuer Not Cooperating. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 28 CRISIL B+/Stable (Issuer Not Cooperating) Standby Line 2 CRISIL B+/Stable (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with Zblog Management Solutions for obtaining information through letter and email dated March 12, 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 BMPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BMPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BMPPL continues to be 'Crisil B+/Stable Issuer not cooperating'. BMPPL, set up in 2005, processes milk to produce ghee, skimmed milk powder, dairy creamer, and dairy whiteners. The company is promoted by Mr. Raj Karan Singh Bhullar, Mr. Hakam Singh, Mr. Harinder Singh, Mr. Sham Lal Goyal, and Mr. Ashok Kumar Goyal. It has capacity to process about 700,000 litres of milk per day. The company sells its products under its own brand 'Punjab King'. ========= J A P A N ========= NISSAN MOTOR: To Cut Japanese Production of Top-Selling US Model ---------------------------------------------------------------- Reuters reports that Nissan Motor will cut Japanese production of its top-selling U.S. model, the Rogue SUV, over May-July, said a person familiar with the matter, becoming the latest global automaker to alter manufacturing plans in response to new U.S. import tariffs. U.S. President Donald Trump's decision to slap a 25% levy on cars built overseas has upended the global automotive supply chain. Nissan, Japan's third-largest carmaker, is more exposed than some rivals, Reuters relates. The United States is its top market, accounting for more than a quarter of the vehicles it sold last year, with many of those made in Japan or Mexico. According to Reuters, Nissan plans to reduce output of the Rogue by 13,000 vehicles at its plant in Kyushu, southwest Japan, during the three-month period, said the person, declining to be identified because the information is not public. The planned cut is equal to more than a fifth of the 62,000 Rogues sold in the United States in the first three months of this year. Workers at the Kyushu plant, Nissan's largest, will work fewer hours from May through July, with production halted on some days, the person said, Reuters relays. The plant will continue to operate on two shifts a day, the person added. The automaker will reassess the production situation at a later date depending on the outlook for tariffs, the person said. On April 14, Trump said he was considering modifying the auto levy because automakers "need a little bit of time". Reuters relates that Nissan said in a statement it was reviewing its production and supply chain operations to identify optimal solutions for efficiency and sustainability. It said it was committed to adapting to market changes while prioritising workforce and production capabilities. "Our approach will be thoughtful and deliberate as we navigate both immediate and long-term effects," it said. About Nissan Motor Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. As reported in the Troubled Company Reporter-Asia Pacific on March 11, 2025, S&P Global Ratings lowered its long-term issuer credit ratings on Nissan Motor and its overseas subsidiaries to 'BB' and affirmed its short-term issuer credit ratings on each company at 'B'. The negative outlook reflects S&P's view that the company's creditworthiness may continue to deteriorate as a challenging operating environment hampers profitability improvement and free cash flow losses continue. The TCR-AP reported on March 4, 2025, that Fitch Ratings has downgraded Nissan Motor Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured rating to 'BB+', from 'BBB-'. The Outlook is Negative. Fitch has also downgraded the Short-Term Foreign- and Local-Currency IDRs to 'B', from 'F3'. Moody's Ratings, in February 2025, downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. (Nissan). At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. ========= M A C A U ========= MACAU: Could Face a Budget Deficit, Chief Executive Warns --------------------------------------------------------- Reuters reports that the leader of Macau said the enclave risks slipping into a budget deficit if gambling revenues in the world's biggest gambling hub drop below 15 billion patacas ($1.88 billion) a month after they fell short of government forecasts in the first quarter. Chief Executive Sam Hou Fai made the comments on April 15 to local legislators, according to a government statement. "If subsequent gaming revenues still do not meet the target, the Government will face a budget deficit," he said, according to the statement. Macau is a special administrative region of China and is the only place where Chinese citizens are legally allowed to gamble in casinos. A Portuguese colony until 1999, its economy is heavily reliant on its casino industry which contributes about 80% of the government's tax revenues. "The imbalance in our fiscal structure is serious and we must maintain a strong sense of crisis awareness. Macau is a small city, yet our regular expenditure is substantial and it will continue to grow unless we face up to extreme circumstances," he said, according to public broadcaster TDM, Reuters relays. A slow down in economic growth both in China and globally are key concerns for Macau's casinos, especially given a flurry of U.S. announcements to impose import tariffs globally, including on China, analysts said. According to Reuters, DS Kim, an analyst at JP Morgan in Hong Kong, said Macau faces "second-order impacts" from the expected slowdown in orders for nearby Guangdong, China's largest export hub, and a weaker yuan. He now anticipates a potential worst case 10% decline in gaming revenues for Macau versus a low single-digit growth forecast. Macau's first-quarter gaming revenue rose 0.6% year-on-year to MOP57.7 billion, or MOP19.2 billion per month, versus the government's full-year forecast of MOP240 billion, or MOP20 billion per month. Authorities in Beijing and Macau have mandated that the six licensed casino operators Sands China, Wynn Macau, SJM Holdings, MGM China, Galaxy Entertainment and Melco Resorts diversify their revenue base away from the casino industry. ===================== N E W Z E A L A N D ===================== BOXMAN STORAGE: Ryan Eathorne Appointed as Interim Liquidator ------------------------------------------------------------- Ryan Eathorne of InSolve Partners on April 9, 2025, was appointed as interim liquidator of Boxman Storage Limited and Boxman Alpha Limited. The liquidator may be reached at: Ryan Eathorne InSolve Partners PO Box 24366 Wellington CROWN AUTO: Court to Hear Wind-Up Petition on May 15 ---------------------------------------------------- A petition to wind up the operations of Crown Auto Limited will be heard before the High Court at Christchurch on May 15, 2025, at 10:00 a.m. Neeraj Arora filed the petition against the company on March 24, 2025. The Petitioner's solicitor is: Gautam Jindal Ormiston Legal 28 Helianthus Avenue Flatbush Auckland MACECO CONSTRUCTION: Creditors' Proofs of Debt Due on May 13 ------------------------------------------------------------ Creditors of Maceco Construction Limited are required to file their proofs of debt by May 13, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 10, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 TOTAL DEVELOPMENTS: Court to Hear Wind-Up Petition on May 9 ----------------------------------------------------------- A petition to wind up the operations of Total Developments Limited will be heard before the High Court at Auckland on May 9, 2025, at 10:45 a.m. Plumbing World Limited filed the petition against the company on Feb. 25, 2025. The Petitioner's solicitor is: Catherine Louise Waugh c/- Credit Consultants Group NZ Limited Level 6, 15 Willeston Street Wellington Central Wellington 6011 TRUE PARADISE: Creditors' Proofs of Debt Due on May 23 ------------------------------------------------------ Creditors of True Paradise Investment NZ Limited, Para Restaurant Limited and A and W NZ Limited are required to file their proofs of debt by May 23, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 9, 2025. The company's liquidator is: Craig Young PO Box 87340 Auckland ================= S I N G A P O R E ================= 1 ATLAS: Court to Hear Wind-Up Petition on April 25 --------------------------------------------------- A petition to wind up the operations of 1 Atlas Motors Pte. Ltd. (formerly known as Secret Garage Private Limited) will be heard before the High Court of Singapore on April 25, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on April 3, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 BIKERS AVENUE: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on March 28, 2025, to wind up the operations of Bikers Avenue Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidator is: Gary Loh Weng Fatt BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 MAINZ EMPIRE: Court to Hear Wind-Up Petition on May 2 ----------------------------------------------------- A petition to wind up the operations of Mainz Empire Pte. Ltd. will be heard before the High Court of Singapore on May 2, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on April 3, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 SECRET AUTO: Court to Hear Wind-Up Petition on April 25 ------------------------------------------------------- A petition to wind up the operations of Secret Auto Trading Pte. Ltd. will be heard before the High Court of Singapore on April 25, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on April 3, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 SPECTRUMECH ENGINEERING: Commences Wind-Up Proceedings ------------------------------------------------------ Members of Spectrumech Engineering Services Pte. Ltd. on April 2, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Mr. Lee Yin Chen 164 Bukit Merah Central #03-3655 Singapore 150164 =============== T H A I L A N D =============== THAILAND: May Now Be in 'Technical Recession' --------------------------------------------- Bangkok Post reports that Thailand's economy may have slipped into a technical recession with gross domestic product (GDP) estimated to have contracted in two consecutive quarters, according to Pongnakorn Pochakorn, a macroeconomics expert at the Fiscal Policy Office (FPO). A new official revision of the FPO's previous economic projection was expected to be released on April 28, he said on April 13. According to Bangkok Post, Mr. Pongnakorn said US President Donald Trump's reciprocal tariff policy was a "powerful earthquake" and could see the global economy shrinking from a previously projected 3.2% to 2.8%. Consequently, a country which relies heavily on exports like Thailand would be severely affected, leading to an economic contraction for two quarters in a row, or a technical recession, Bangkok Post relays. Thailand will see compounded effects from both the 36% US tariff imposed on its goods, as well as the economic impact of Myanmar's earthquake on March 28, Mr. Pongnakorn said. The FPO had, as of Jan 30, projected 3% growth for the Thai economy this year, citing four major positive factors, namely public consumption, exports, tourism and investments, he said. But Thailand's economy remains highly volatile, pending the results of the negotiations on tariffs with the US, said, Mr. Pongnakorn, Bangkok Post relates. The Ministry of Finance has now prepared various loan schemes through state-run financial institutions including EXIM Bank, Government Housing Bank and Bank for Agriculture and Agricultural Cooperatives, he said. The revision of the FPO's economic projection may lead to the government revising its medium-term fiscal plan for 2026 until 2029 due to economic growth being less than expected, the macroeconomics expert said, adds Bangkok Post. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***