/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/250418.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, April 18, 2025, Vol. 28, No. 78 Headlines A U S T R A L I A ALLIED CREDIT 2023-1: Moody's Hikes Rating on Class F Notes to Ba1 AUTOWD PTY: First Creditors' Meeting Set for April 24 CORONADO GLOBAL: Moody's Lowers CFR to B2, On Review for Downgrade GENETIC TECHNOLOGIES: Shareholders' General Meeting Set for May 14 HUMANLY AGILE: First Creditors' Meeting Set for April 24 PRESTIGE SLABS: Second Creditors' Meeting Set for April 23 RIKKADONN PTY: First Creditors' Meeting Set for April 22 STOKES WHEELER: Goes Into Liquidation Owing AUD20 Million UNICORN PTY: First Creditors' Meeting Set for April 28 WITTNER: Deloitte Appointed as Administrators C H I N A L'OREAL: Plans Major Layoffs in China Amid Sales Slump PLANET GREEN: Narrows 2024 Loss by 65% to $7.3M, Revenue Drops 62% I N D I A ACCUWEATHER INDIA: Voluntary Liquidation Process Case Summary ALAKNANDA HYDRO: CARE Reaffirms D Rating on INR255cr LT Loan ALPHA MICRO: Voluntary Liquidation Process Case Summary AMODA IRON: CARE Keeps D Debt Ratings in Not Cooperating Category ANAND RICE: CARE Keeps C Debt Rating in Not Cooperating Category BHARATH INFRA: Liquidation Process Case Summary CLEARSCORE TECHNOLOGY: Voluntary Liquidation Process Case Summary CUBATICS PRROCESSORS: Insolvency Resolution Process Case Summary EXTOL INDUSTRIES: Insolvency Resolution Process Case Summary GEETHA AUTO: CARE Lowers Rating on INR4cr LT Loan to B GOLDSOUK INFRASTRUCTURE: Insolvency Resolution Case Summary HUNGERRUSH (INDIA): Voluntary Liquidation Process Case Summary IND BARATH: CARE Keeps D Debt Rating in Not Cooperating Category JAYPEE CEMENT: CARE Moves D Debt Ratings to Not Cooperating MEHERAA DAIRY: Voluntary Liquidation Process Case Summary NIKKI STEELS: CARE Keeps B- Debt Rating in Not Cooperating PK GLOBAL POWER: Insolvency Resolution Process Case Summary S. OLIVER FASHION: Voluntary Liquidation Process Case Summary SAHA INFRATECH: CARE Keeps D Debt Rating in Not Cooperating SAHEB FIBRE CARE Lowers Rating on INR65cr LT Loan to B SALAS PHARMACEUTICALS: CARE Keeps B- Rating in Not Cooperating SANTLAL INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating SAYA HOMES: CARE Keeps D Debt Rating in Not Cooperating Category SKYDAC AUTO: CARE Lowers Rating on INR49.19cr LT Loan to B+ VANCHINAD FINANCE: CARE Keeps B- Debt Rating in Not Cooperating VEERA VAHANA: Insolvency Resolution Process Case Summary VRINDAA CRAFTS: CARE Keeps D Debt Rating in Not Cooperating M A L A Y S I A CAPITAL A: Shareholder Circular Issued and EGM set for May 7 N E W Z E A L A N D AVT PAINTING: Court to Hear Wind-Up Petition on May 8 BLUE SPUR: Creditors' Proofs of Debt Due on May 14 EXECUTIVE CLEANING: Creditors' Proofs of Debt Due on May 14 R & C TRADING: Court to Hear Wind-Up Petition on May 8 ZAB LIMITED: Creditors' Proofs of Debt Due on May 14 S I N G A P O R E AVPIV SHALLONTEC: Creditors' Proofs of Debt Due on May 13 CSR INSURANCE: Creditors' Proofs of Debt Due on May 13 FABULOUS TAN: Creditors' Meetings Set for April 29 LMO CONSULTING: Court to Hear Wind-Up Petition on April 25 MAXEON SOLAR: Amends SPA on 'Rest-of-the-World" Generation Biz TOP HANCE: Court to Hear Wind-Up Petition on April 25 - - - - - ================= A U S T R A L I A ================= ALLIED CREDIT 2023-1: Moody's Hikes Rating on Class F Notes to Ba1 ------------------------------------------------------------------ Moody's Ratings has upgraded ratings on five classes of notes issued by Allied Credit ABS Trust 2023-1 (P). The affected ratings are as follows: Issuer: Allied Credit ABS Trust 2023-1 (P) Class B Notes, Upgraded to Aaa (sf); previously on Dec 15, 2023 Upgraded to Aa1 (sf) Class C Notes, Upgraded to Aa1 (sf); previously on Jul 11, 2024 Upgraded to Aa2 (sf) Class D Notes, Upgraded to Aa3 (sf); previously on Jul 11, 2024 Upgraded to A1 (sf) Class E Notes, Upgraded to Baa1 (sf); previously on Jul 11, 2024 Upgraded to Baa2 (sf) Class F Notes, Upgraded to Ba1 (sf); previously on Jul 11, 2024 Upgraded to Ba2 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in note subordination (applicable for the Class B Notes), the good collateral performance to date and revised collateral assumptions. No actions were taken on the remaining rated classes in the deal as credit enhancement remains commensurate with the current rating for the respective notes. Principal collections have been distributed on a pro-rata basis among all notes (Class A2 Notes allocation is used to pay Class A1 Notes) since the June 2024 payment rate. As a result, the note subordination for the Class C, Class D, Class E and Class F Notes has remained unchanged at 16.1%, 12.8%, 8.6% and 5.7% respectively, since the last rating action for these notes in July 2024. Note subordination for the Class B Notes has increased to 20.9% from 17.4% at the time of the last rating action for these notes in December 2023. Outstanding notes (excluding Class A-X Notes) as a percentage of the closing notes balance is 47.7% following the March 2025 payment date. As of end-February 2025, 1.6% of the outstanding pool was 30-plus days delinquent and 0.2% was 90-plus days delinquent. The portfolio has incurred 0.7% (as a percentage of original pool balance) of net losses to date, all of which have been covered by excess spreads. Based on the observed performance to date and loan attributes, Moody's have lowered Moody's expected default assumption to 4.1% of the current pool balance (equivalent to 2.9% of the original pool balance) compared to 4.5% (equivalent to 3.6% of the original pool balance) at the time of the last rating action in July 2024. Moody's have also lowered the Aaa portfolio credit enhancement assumption to 18% from 20% at the time of the last rating action. The transaction is a securitisation of loans backed primarily by motor vehicle assets originated by Allied Credit Pty Ltd. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in August 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in credit enhancement available for the notes, and (3) a deterioration in the credit quality of the transaction counterparties. AUTOWD PTY: First Creditors' Meeting Set for April 24 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Autowd Pty. Ltd. will be held on April 24, 2025 at 10:00 a.m. at the offices of Mackay Goodwin at Level 2, 68 St Georges Terrace in Perth and via Teams. Mathieu Tribut of Mackay Goodwin was appointed as administrator of the company on April 10, 2025. CORONADO GLOBAL: Moody's Lowers CFR to B2, On Review for Downgrade ------------------------------------------------------------------ Moody's Ratings has downgraded Coronado Global Resources Inc.'s (Coronado) corporate family rating to B2 from B1. At the same time, Moody's have downgraded the backed senior secured note rating of Coronado Finance Pty Ltd to B2 from B1. Both ratings have also been placed on review for further downgrade. Previously, the outlook was stable. RATINGS RATIONALE The ratings downgrade of Coronado reflects a weak credit profile with financial metrics that will remain outside Moody's tolerance level for its previous B1 rating. The review for further downgrade reflects Coronado's sharply deteriorating profitability due to higher rebates amid sharply declining coal prices as well as its elevated capital expenditure (capex), which will keep free cash flows negative and further strain liquidity. Coronado's ratings are notably constrained by the Stanwell agreement, which requires the company to supply three million tonnes per annum of (mtpa) thermal coal to Queensland's Stanwell Corporation at a contract price substantially below the cost of production. Additionally, the agreement mandates that Coronado pay a rebate on met coal exported from the Curragh mine (9.7 mt in fiscal 2024), in addition to the Queensland royalty regime. This structure poses considerable downside risks, especially during periods of sharp price corrections, as Stanwell rebates are based on prices over the past 12 months. In the absence of price recovery, the company's profitability will remain under pressure until the rebate obligations under the current supply agreement expires in early 2027. Met coal prices have dropped to $186/mt in April 2025 from an average of $240/mt for the 12 months ending March 2025. Should met coal prices remain weak through the year, higher rebates based off higher historical prices could result in EBITDA losses and a breach of financial covenants restricting access to their $150 million asset-based loan (ABL) facility. In 2025, Coronado's ability to reduce capex is constrained by its reliance on increased production from the Mammoth and Buchanan mines to improve costs. If low prices persist, capex reductions beyond 2025 may be necessary, posing operational risks that strain free cash flows, which are likely to remain negative over the next 12-18 months. Additionally, while incremental volume increases from growth projects may improve costs, preserving liquidity is more important if prices do not recover. Coronado's liquidity is weak. Liquidity pressure will further mount if the company cannot secure extended waivers for its $150 million ABL facility. Moody's notes that the company is exploring alternative financing options to shore up its liquidity, as it could breach its incurrence covenant under the notes if prices remain at current levels. While the company is likely to seek options that won't be treated as debt under the incurrence test, Moody's could still consider these alternative financing options as debt depending on the associated terms and conditions. Dividend payouts are unlikely over the next 12-18 months due to restrictions from the secured bond and ABL facility. Moody's expects to conclude the review within 30-60 days. The review will focus on Coronado's ability to (1) obtain extended waivers for the $150 million ABL facility and (2) the ability to put in place alternate liquidity facilities to improve its liquidity amid continued pressure from weaker-than-expected met coal prices. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Coronado's ratings could be downgraded unless the company addresses its liquidity needs in a timely manner. The ratings could also be downgraded further if there is further weakening in met coal prices. Moody's could confirm Coronado's ratings at B2 if the company swiftly addresses its liquidity needs and strengthens its liquidity buffers over the next 12-18 months. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATION Coronado Global Resources Inc.'s ESG Credit Impact Score is CIS-4 indicating that the credit rating is lower than it would have been if ESG risk exposures did not exist. Coronado's credit impact score reflects the company's exposure to environmental and social risks related to its coal mining operations. Further, governance risks stem from Coronado's majority private equity ownership which can result in the prioritization of shareholder interests through more aggressive growth plans and strategies, including a tolerance for higher debt and leverage. METHODOLOGY The principal methodology used in these ratings was Mining published in April 2025. PROFILE Coronado Global Resources Inc. (ASX:CRN) was founded in 2011 with the intention to acquire and develop existing met coal operations. Coronado owns a portfolio of eight active operating mines across 3 mining complexes located in Queensland, Australia, and in the states of Virginia and West Virginia in the US. Coronado is majority owned by the Energy & Minerals Group (EMG), a private investment firm, and has been listed on the Australian Stock Exchange (ASX) since 2018. The company generated around $2.5 billion in revenue and $170 million of Moodys-adjusted EBITDA in 2024. GENETIC TECHNOLOGIES: Shareholders' General Meeting Set for May 14 ------------------------------------------------------------------ TipRanks reports that Genetic Technologies Limited, currently under a Deed of Company Arrangement, has announced a General Meeting of Shareholders scheduled for May 14, 2025. This meeting will be held in Sydney, Australia, and shareholders are encouraged to attend. TipRanks relates that the company has opted to provide meeting materials electronically, accessible via their website or the ASX market announcements page, reflecting a shift towards digital communication with stakeholders. In March 2025, Genetic Technologies executed a Deed of Company Arrangement (DOCA) with Benelong Capital Partners Pty Ltd. This development followed a resolution by creditors and involves the company's recapitalization, subject to shareholder approval. Victoria, Australia-based Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) -- https://genetype.com/ -- is a molecular diagnostics company. A global leader in genomics-based tests in health, wellness, and serious disease through its geneType and EasyDNA brands. GTG offers cancer predictive testing and assessment tools to help physicians to improve health outcomes for people around the world. The company has a proprietary risk stratification platform that has been developed over the past decade and integrates clinical and genetic risk to deliver actionable outcomes to physicians and individuals. Andrew Michael Smith and Robert Allan Jacobs of Auxuilium Partners were appointed as administrators of the company on Nov. 20, 2024. HUMANLY AGILE: First Creditors' Meeting Set for April 24 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Humanly Agile Pty Ltd will be held on April 24, 2025 at 11:00 a.m. virtually via Microsoft Teams. Sule Arnautovic of Salea Advisory was appointed as administrator of the company on April 10, 2025. PRESTIGE SLABS: Second Creditors' Meeting Set for April 23 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Prestige Slabs Pty Ltd has been set for April 23, 2025 at 10:00 a.m. via teleconference only. 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 4:00 p.m. Stephen Dixon of Hamilton Murphy Advisory was appointed as administrator of the company on March 17, 2025. RIKKADONN PTY: First Creditors' Meeting Set for April 22 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Rikkadonn Pty Ltd will be held on April 22, 2025 at 2:00 p.m. via virtual means. Steven John Priest and Andrew Bowcher of RSM Australia Partners were appointed as administrators of the company on April 9, 2025. STOKES WHEELER: Goes Into Liquidation Owing AUD20 Million --------------------------------------------------------- News.com.au reports that a Queensland building company has gone into liquidation owing about AUD20 million to creditors, many of which are unlikely to recover the full extent of their losses. Veteran construction company Stokes Wheeler had four projects under construction on the Gold Coast whose contracts have now been cancelled, news.com.au relays. The largest project, a block of 40 apartments at Palm Beach, is being developed by Evoke Property who is seeking to recover AUD6.49 million in debt according to the Courier Mail. Stokes Wheeler was also building an aged care facility in Sunnybank, a Hostel in Surfers Paradise and a medical centre in Pimpama. News.com.au notes that a number of loss-making projects put financial strain on the commercial construction company, and in February, it went into voluntary administration. According to news.com.au, a report lodged with ASIC last month by administrators Bill Cotter and Roland Robson, said that the company owed employees up to AUD1.66 million. Debts of more than AUD13.5 million were thought to be owed to unsecured creditors, and an additional AUD3.2 million owed to secured creditors, including Westpac bank, news.com.au discloses. The company's six project trust accounts were all without funds and its retention account had a shortfall of AUD2.7 million, according to the administrator's report. Unsecured creditors were warned at the time that they were unlikely to recover their debts if the company were to go into liquidation, which it now has. Stokes Wheeler was established in 1928 and its portfolio included hospitality, tourism, education, aged care and multistorey residential construction. William Roland Robson and William Paul Cotter of Robson Cotter Insolvency Group were appointed as administrators of the company on Feb. 3, 2025. UNICORN PTY: First Creditors' Meeting Set for April 28 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Sunicorn Pty Ltd, K.S.J.D. Investments Pty Ltd and H.S.SU Pty Ltd will be held on April 28, 2025 at 9:30 a.m., 10:30 a.m., and 11:30 a.m. respectively, via virtual meeting only. Manuel Hanna of Romanis Cant was appointed as administrator of the company on April 11, 2025. WITTNER: Deloitte Appointed as Administrators --------------------------------------------- The Australian Financial Review reports that Wittner, the women's boot retailer founded over a century ago, has collapsed and appointed a restructuring adviser after sales slumped and costs rose. Wittner is owned by British special situations investor Hilco Capital and was founded in 1912 as Australia's first mail-order footwear business. Hilco is the firm that purchased Cue Clothing from the Levis family this month. Deloitte restructuring partners Sal Algeri and David Orr have been appointed as the company's administrators, the Financial Review discloses. The retailer has more than 20 stores in Australia and New Zealand, and 25 concessions inside David Jones and Myer. It also sells online, including through The Iconic. According to the report, Wittner's failure comes just weeks after Jeanswest, the denim and casual wear retailer, said it would close more than 90 shops after collapsing into administration, leaving hundreds of staff without work. In January, the receivers of failed apparel group Mosaic Brands said they would close down its remaining two labels, Millers and Noni B, with 900 jobs cut. The Financial Review relates that a Hilco spokesman said the firm has been the only funder since it acquired Wittner's loans in 2020 to allow it to continue to trade, with "hopes of turning this much-loved Australian business around." Two years later Hilco exercised an option to hold a majority equity stake in the business. "Hilco will work closely with the administrator to seek to ensure the best outcome possible for staff and creditors," the spokesman said. Mr. Algeri said trading would continue as normal as the administrators work towards a successful sale or recapitalisation of the business, the Financial Review relays. "We understand the appointment of administrators will be particularly concerning to Wittner's employees, as well as the very loyal customer base it has built over decades," he said. "Please be assured that trade will continue on a business-as-usual basis as we conduct an urgent review of the group's finances and seek expressions of interest from parties interested in the sale or recapitalisation of this iconic Australian brand." In a statement, Wittner management said that while online sales had grown over the last year, and it had opened more concessions at Myer, this had not been enough to overcome a soaring wage and rent bill. "We have invested in our range and teams over the last 12 months and remain committed to the Wittner business. We will work closely with the administrators to achieve the best outcome for the business," it said. Wittner is an Australian fashion footwear brand offering a wide range of leather boots, heels, wedges, and flats for women. ========= C H I N A ========= L'OREAL: Plans Major Layoffs in China Amid Sales Slump ------------------------------------------------------ Caixin reports that L'Oréal is planning to lay off up to half its travel retail workforce in China, as the French cosmetics giant grapples with prolonged weakness in duty-free sales, multiple sources told Caixin. Although the layoffs have not been officially announced, they are expected to affect up to half the team, Caixin relates. Some departing employees are reportedly set to receive "n+5" compensation packages - a payout equal to their years of service plus five months' salary, according to a source close to L'Oréal's headquarter. PLANET GREEN: Narrows 2024 Loss by 65% to $7.3M, Revenue Drops 62% ------------------------------------------------------------------ Planet Green Holdings Corp. reduced its annual net loss by 65% to $7.33 million for the year ended Dec. 31, 2024, compared with $20.84 million a year earlier, according to its latest 10-K filing with the U.S. Securities and Exchange Commission. The Company's overall net loss shrank mainly due to the decrease in loss on the disposal of certain subsidiaries. The Company's net revenue plunged 62% to $6.73 million from $17.66 million in 2023, driven by a steep decline in food product sales to restaurants, as the Company continued to feel the adverse effects of COVID-19 on the restaurant industry, which had previously contributed half of its total revenue. As of Dec. 31, 2024, Planet Green reported total assets of $25.42 million, total liabilities of $13.72 million, and shareholders' equity of $11.69 million. As of Dec. 31, 2024, cash and restricted cash stood at $195,153, down from $237,214 as of Dec. 31, 2023. The Company's debt-to-assets ratio remained relatively steady at 54.0%, compared to 54.4% at the end of 2023. Net cash provided by operating activities totaled $0.93 million in 2024, compared to $5.28 million used in operating activities during the year ended Dec. 31, 2023. The swing was largely due to a smaller net loss excluding non-cash expenses, gains and losses of $1.41 million, changes in net operating assets and liabilities of $5.23 million, and partially offset by a decrease in net cash provided by operating activities from discontinued operations of $0.43 million. Net cash used in investing activities was $5,421, a sharp decline from $2.47 million provided by investing activities in 2023, primarily due to lower proceeds from the disposal of equity method investments. In 2024, financing activities used $0.97 million in cash, compared to $2.89 million net cash provided by financing activities in 2023, mainly due to increased loans to related parties, partially offset by a rise in bank loans. Planet Green plans to finance its operations and working capital needs in 2024 through internally generated cash and, if needed, private financing. If liquidity becomes insufficient to meet obligations, the Company may pursue alternative financing or cut expenditures. However, there is no assurance that it can raise additional capital or reduce spending effectively. In an April 11, 2025 report, auditor YCM CPA Inc. issued a "going concern" qualification, citing Planet Green's accumulated deficit, working capital deficit, continued net losses, and negative operating cash flows. These conditions raise substantial doubt about the company's ability to continue as a going concern. The complete text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1117057/000121390025031064/ea0234755-10k_planet.htm About Planet Green Planet Green Holdings Corp., headquartered in Flushing, NY, functions as a Nevada-incorporated holding company rather than an operating entity in mainland China. Its business operations are conducted through subsidiaries based in the PRC, Hong Kong, and Canada. The Company engages in diverse sectors, including consumer goods, chemical products, and online advertising. ========= I N D I A ========= ACCUWEATHER INDIA: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: AccuWeather India Private Limited Level 13, R-Tech Park Building, Nirlon Compound Off Western Express Highway, Goregaon- East, Mumbai 400063, Maharashtra, India Liquidation Commencement Date: March 27, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Nayana Premji Savala 1/101-A, Vishal Susheel CHS, Nariman Road, Vile Parle East, Mumbai 400057, Maharashtra, India. Email: nalinisavala@gmail.com Tel.: 9082605500 Last date for submission of claims: April 25, 2025 ALAKNANDA HYDRO: CARE Reaffirms D Rating on INR255cr LT Loan ------------------------------------------------------------ CARE Ratings has reaffirmed ratings on certain bank facilities of Alaknanda Hydro Power Company Limited (AHPCL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank Facilities 2,527.07 CARE C; Stable Reaffirmed Long Term Bank Facilities 255.00 CARE D Reaffirmed Non Convertible Debentures 139.00 CARE D Reaffirmed Rationale and key rating drivers Reaffirmation of ratings of AHPCL continues to factor in pending settlement of dues to Phoenix ARC Private Limited (Phoenix ARC), to which the debt was assigned from the Edelweiss group of lenders ('the lender group') in October 2024. Ratings also take note of the invocation of pledge of 40% shares of AHPCL by the lender group whose value, as estimated by the management, is more than the outstanding debt. Ratings also factor in the management citation that the entire liabilities towards this lender group have been assumed by the parent entity, GVK Energy Limited (GVKEL). Ratings continue to be constrained by weak credit profile of the off-taker and hydrological risks associated with run-of-the-river power generation and the absence of AHPCL's fund-based working capital limit to manage any cash flow mismatch. However, ratings favourably factor in the ongoing settlement process between AHPCL, its promoter group and Phoenix ARC, presence and adherence of waterfall mechanism by the project lenders, sustained healthy operational performance in FY24 and 9MFY25, and improved debt coverage indicators. CARE Ratings Limited (CARE Ratings) notes that the promoter group has considerable experience in infrastructure space apart from which there is revenue visibility provided by AHPCL's long-term power purchase agreement (PPA) backed by a cost-plus tariff structure, thereby ensuring recovery of return on equity. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Amicable resolution of the dues with Phoenix ARC * Material improvement in the credit profile of UPPCL and substantial reduction in outstanding receivables * Significant reduction in borrowing cost, leading to material improvement in debt coverage metrics Negative factors * Not applicable Analytical approach: Standalone Outlook: Stable Stable outlook reflects the company's ability to sustain satisfactory generation levels and maintain a comfortable collection period in the medium term. Detailed description of the key rating drivers: Key weaknesses * Pending dues transferred to Phoenix ARC remain unresolved: AHPCL had availed non-convertible debenture (NCD) and term loan from the Edelweiss group of lenders which had repayment due on March 31, 2022. Upon the delay in repayment, the lender group had invoked the pledge of 40% share of AHPCL and corporate guarantee given jointly by GVKEL and GVK Power & Infrastructure Ltd (GVKPIL). The management has cited that the market value of these shares stood higher than the outstanding debt. The management, based on a legal opinion, has claimed to transfer all the liabilities towards this lender group to GVKEL. Furthermore, the said exposure has been transferred to Phoenix ARC due to ongoing resolution delays. * Hydrological risks associated with run-of-the-river power generation: Run-of-the-river power is considered an unstable source of power, as a run-of-the-river project has little or no capacity for water storage and therefore is dependent on river water flow for power generation. It thus generates more power during times when seasonal river flows are high and less during lean period. However, AHPCL has demonstrated healthy operational performance since the commissioning of the project in June 2015 with generation remaining above design energy levels on a sustained basis. Key strengths * Settlement agreement with Edelweiss group of lenders: In October 2023, the company entered into a one-time settlement agreement with Edelweiss Asset Reconstruction Company Limited (Edelweiss ARC) and Asset Reconstruction Company (India) Limited (ARCIL), which was ratified by the lead bank. The agreement involved a contribution from the promoter and a portion to be paid through the TRA account, subject to approval from all lenders. While the promoter contribution had been paid out by June 2024, approvals had been obtained from the majority of lenders, but a few were still pending. Due to the delay in receiving full lender consent, the company was unable to access funds from the TRA account, despite having sufficient balance for the settlement. As a result, in October 2024, Edelweiss ARC and ARCIL transferred the loan to Phoenix ARC, with an interest component accruing since the original settlement date. The company has since secured an extension from Phoenix ARC until February 28, 2025, for settling the dues. Additionally, the management is in active discussions with a new lender to refinance the entire existing project debt currently under consortium. A further extension has been requested from Phoenix ARC until April 30, 2025, to align with the expected refinancing timeline. The company plans to repay its outstanding obligations to Phoenix ARC using internal funds, once refinancing is completed and access to its TRA and free cash balances is restored. These discussions are being led by the parent company, GVKEL. * Revenue visibility backed by a long-term PPA with UPPCL: AHCPL has entered long-term PPA with UPPCL for sale of 88% of the power generated and to provide the balance 12% of power generated as free energy to Uttarakhand. The initial term of PPA is 30 years, extendable by another 20 years on mutually agreeable terms and conditions between AHCPL and UPPCL. The tariff is a two-part pass-through structure comprising capacity charge and primary and secondary energy charge. * Sustained healthy operating performance of the power plant in FY24 and 9MFY25: AHPCL's generation performance remained above design energy levels in FY24 with plant load factor (PLF) of ~45%, although lower than ~53% reported for FY23. This has led to booking of incentive income. In 9MFY25, the company generated total energy of 1,324 MUs and exported free energy of 157 MUs to GoUK, with the PLF improving to 61%. * Leveraged capital structure and moderate debt coverage indicators: Overall gearing improved to 1.96x as on March 31, 2024 (PY: 2.75x). Moreover, interest coverage has been marginal over the years due to higher average cost of borrowing. Interest coverage improved marginally in FY24 and stood at 2.38x due to improved profitability. * Presence of waterfall mechanism for project loan: According to the trust and retention agreement (TRA), there is a waterfall mechanism to be adhered for permitting withdrawal from the TRA account maintained by the company. All the project cash flows and receivables are ring fenced for the project lenders. Per the management, the project lenders continue to have exclusive charge on the project cash flows thus establishing their seniority. * Experienced promoter in infrastructure space: AHPCL belongs to the Hyderabad-based GVK group which has presence in various segments of infrastructure space, viz., power, roads, airports, etc. Liquidity: Adequate As of March 25, 2025, the company maintains a free cash balance of approximately INR673 crores, following a recent premature repayment of INR~200 crores in March 2025 (aggregating to INR~335 crore during FY25). During the current financial year, the company has generated operational cash flows of around INR325 crores, reinforcing its strong cash-generating capability. The DSRA currently holds INR295 crores, exceeding the actual requirement as per the financing documents i.e., two-quarter DSRA requirement of INR235 crores. However, despite maintaining sufficient fixed deposits, lender-imposed restrictions on TRA access and freely held FDs have constrained fund utilization, thus limiting financial flexibility and delaying additional prepayments. Moreover, the company does not have any sanctioned working capital limit. AHPCL is a special purpose vehicle (SPV) promoted by the GVK group. The company has set up a 330 MW (4 × 82.5) run-of-theriver hydroelectric power project on Alaknanda River at Shrinagar, Uttarakhand. The company commenced commercial operations from June 21, 2015 (as against original scheduled commercial operations date [COD] of the project of July 31, 2011). AHPCL has signed PPA with UPPCL for selling 88% of the power generated and the balance is provided as free energy to State of Uttarakhand. ALPHA MICRO: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: Alpha Micro Finance Consultants Private Limited 601, 6th Floor, Phase I, Spencer Plaza 769, Anna Salai, Mount Road, Chennai 600002 Liquidation Commencement Date: March 27, 2025 Court: National Company Law Tribunal, Chennai Bench Liquidator: Jayashree S Iyer 13/6, Corporate Colony, Rangarajapuram 2nd Street, Kodambakkam, Chennai 600024 Email: vl.alphamicro@gmail.com Tel: +919840908393 Last date for submission of claims: April 26, 2025 AMODA IRON: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Amoda Iron And Steel Limited (AISL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 8, 2024, placed the rating(s) of AISL under the 'issuer non-cooperating' category as AISL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AISL continues to be non-cooperative despite repeated requests for submission of information through emails dated January 22, 2025, February 01, 2025, February 11, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Amoda Iron & Steel Limited (AISL), was incorporated in the year 2003 as a public limited company (unlisted). The company is promoted by Mr. Upputhulla Kondala Rao, Mr. T. Satish Kumar, Mr. T. Satish Kumar and others. The company is engaged in manufacturing of sponge iron, which is used in manufacturing of steel bars. The company has a total installed capacity of around 200 tons per hour, and the plant is located at Jaggayyapet, Andhra Pradesh. The company procures basic raw material, viz. Iron Ore, Coal and Limestone from in and around Jaggayyapet. The company sells its products to the steel plants in the adjoining areas. ANAND RICE: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Anand Rice Mill (ARM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.14 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 8, 2024, placed the rating(s) of ARM under the 'issuer non-cooperating' category as ARM had failed to provide information for monitoring of the rating exercise as agreed to in its Rating Agreement. ARM continues to be non-cooperative despite repeated requests for submission of information through emails dated February 22, 2025, March 4, 2025 and March 14, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Nagpur (Maharashtra) based, ARM was established as a partnership firm on June 11, 2015 by Mr. Ravindranath Yadlapati and Ms. Sridevi Srinivasrao Yarlavarthi. The entity took over the operations of a proprietorship entity led by Mr. Srinivasrao Yarlavarthi which was established in the year 1992 and was engaged in rice milling. ARM is engaged in processing of rice at its processing facility located at Nagpur, Maharashtra, having an installed capacity to process 4 metric tonnes per day (MTPD) of paddy. BHARATH INFRA: Liquidation Process Case Summary ----------------------------------------------- Debtor: Bharath Infra Exports and Imports Limited No. 186, 1st Floor, 1st Cross Wilson Garden Bengaluru 560027 Principal Office: Sy No. 48, Hebbagodi Huskur Gate, Hosur Main Road Electronic City Post Attibele Hobli Anekal Taluk, Bengaluru 560100 Liquidation Commencement Date: March 26, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Ravindra Beleyur 'Shreevathsa', no. 428, 19th B Cross Road, 3rd Block, Jayanagar, Bengaluru 560011 Tel: +91 80 26540193 Email: bharathinfra_cirp@beleyur.com Last date for submission of claims: April 26, 2025 CLEARSCORE TECHNOLOGY: Voluntary Liquidation Process Case Summary ----------------------------------------------------------------- Debtor: Clearscore Technology Services India Private Limited 103-104, B-Wing, Fulcrum Hiranandani Business Park, Sahar Airport Road, Andheri (East), Mumbai 400099 Liquidation Commencement Date: March 28, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Jigarkumar Gandhi 05, 1st Floor, Harismruti, SVP Road, Opposite HDFC Bank, Chamunda Circle, Borivali West, Mumbai 400091 Email: jigar.gandhi@jngandco.in Phone: +91-9702002189/022-48257344 Last date for submission of claims: April 27, 2025 CUBATICS PRROCESSORS: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Cubatics Prrocessors India Private Limited B-25, Gujarat Eco Textile Park, N.H. no. 8, At & Po. Palsana Tal - Palsana, Surat, Gujarat, India 394315 Insolvency Commencement Date: March 25, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: September 1, 2025 Insolvency professional: Neeraj Kumar Bajaj Interim Resolution Professional: Neeraj Kumar Bajaj A-502, Vastugram Building Near Green Signature Shopping Center Vesu, Surat, Gujarat 395007 Email: nkbajajca@gmail.com -- and -- 609, 21st Century Buidling, Ring Road Near Udhna Darwaja Surat, Gujarat 395002 Email: resolution.cubatics@gmail.com Last date for submission of claims: April 8, 2025 EXTOL INDUSTRIES: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Extol Industries Limited Extol Tower, Jahangirabad Bhopal, Madhya Pradesh India 462008 Insolvency Commencement Date: March 24, 2025 Court: National Company Law Tribunal, Indore Bench Estimated date of closure of insolvency resolution process: September 20, 2025 Insolvency professional: Teena Saraswat Pandey Interim Resolution Professional: Teena Saraswat Pandey 387F, 114 Scheme Part 1 Behind Deisha Boys Hostel Sant Nagar, Indore Madhya Pradesh 452010 Email: teensaraswat@yahoo.co.in Email: cirp.extolind@gmail.com Last date for submission of claims: April 7, 2025 GEETHA AUTO: CARE Lowers Rating on INR4cr LT Loan to B ------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Geetha Auto Commercials (GAC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 CARE B; ISSUER NOT Facilities COOPERATING; Downgraded from CARE B+; Stable and moved to ISSUER NOT COOPERATING category Short Term Bank Facilities 11.00 CARE A4; ISSUER NOT COOPERATING; Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. has been seeking information from GAC to monitor the rating(s) vide e-mail communications dated October 3, 2024, to March 18, 2025, and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. The rating on Geetha Auto Commercials bank facilities will now be denoted as CARE B; Stable/CARE A4; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while using the above rating(s). The last rating assigned to Geetha Auto Commercials were constrained by its small scale of operations, thin profitability margins associated with dealership business, constitution of entity being a partnership firm, leveraged capital structure and moderate debt coverage indicators, pricing constraints and margin pressure arising due to intense competition and dependency on fortunes of principal [i.e., Tata Motors Limited (TML)] with low bargaining power. However, the aforesaid constraints were partially offset by experienced promoters and management, low counterparty credit risk and long-standing association with TML. Analytical approach: Standalone Outlook: Stable CARE Ratings believes that the firm will continue to benefit from the extensive experience of the promoters in the industry. Detailed description of key rating drivers: At the time of last rating on March 26, 2024, the following were the rating strengths and weaknesses: Key weaknesses * Small scale of operations and thin profitability margins: The total operating income has increased from INR17.88 crore in FY22 to INR55.50 crore in FY23 due to an increase in demand resulting in higher sales of commercial vehicles. However, the scale of the company was the highest during FY19 at INR98.20 crore. Post which the sales saw a declining trend due to the COVID pandemic. The small scale of operations limits the company's financial flexibility in times of stress. The PBILDT margin in FY23 was reported at 2.21% (FY22: 7.33%), the margins did not improve despite the growth in scale due to the rise in the cost of trade and employee costs. Also, the PAT margin stood at 0.17% in FY23 as compared to 0.11% in FY22. * Leveraged capital structure with low net worth base: The capital structure of the company has remained leveraged and marked by an overall gearing ratio of 5.20x in FY23 as against 4.57x in FY22 majorly on account of an increase in working capital utilisation and GECL loan. Also, higher leverage is on account of the company utilizing mainly in channel financing facility wherein they receive 100% funding coupled with a low net worth base of INR2.70 crore as of Mar 31, 2023. The debt coverage indicators have deteriorated due to an increase in overall debt which is marked by total debt to GCA of 28.90x (23.53x as of Mar 31, 2022) as of Mar 31, 2023. * Constitution of the entity being a partnership firm: GAC's constitution as a partnership firm has the inherent risk of the possibility of withdrawal of the partner's capital at the time of personal contingency and the firm being dissolved upon the death/retirement/insolvency of partners. Moreover, partnership firms have restricted access to external borrowings as credit creditworthiness of partners would be the key factor affecting the credit decision of the lenders. * Pricing restrictions and margin pressure arising out of intense competition: The margin on products is set at a particular level by Tata Motors Limited (Rated CARE AA; Stable/CARE A1+ as per PR dated June 15, 2023) (TML), thus restricting the firm to earn any incremental income. TML has a large dealership network which limits the bargaining power of the dealer with customers. Further, the original equipment manufacturers (OEMs) are encouraging dealerships to improve penetration and sales, thereby increasing competition amongst the dealers. The entry of the global OEMs into the Indian market has further intensified the competition. To capture the market share, auto dealers have to offer better buying terms like providing credit periods or allowing discounts on purchases which create pressure on the margins and negatively impact their earning capacity. * Dependency on fortunes of principal with low bargaining power: The business model of GAC is like trading with thin margins. Dealers lack bargaining power due to their dependence on such large principals that set policies, and targets, and link incentive-based income to satisfactory compliance with such policies. The company is exposed to the risk of a change in policy by the principal about the dealership. Key strengths * Experienced promoters & established track record of operations in the Automobile dealership business: GAC, established in 2016, is an authorized dealer of Tata Motors Ltd for the sale of Medium (MCV) & Heavy Commercial vehicles (HCV). The company commenced its operations in 2016 with its owned showroom in Warangal providing 3s (sales, service, spare parts) facilities. The company is an exclusive dealer of Heavy & Medium CVs (Cargo & construction vehicles) in Warangal district of Telangana. The partners, Mr Arun Kumar Muppasani and Mr Danikula Rambabu, have experience in automobile dealership business with TATA (Tata Motors Ltd) based in Telangana. * Benefit from a long-standing relationship with TML: GAC has been engaged in automobile dealership for over 8 years and has a long-standing association with its principal i.e., TML. Over the years, the firm has established its presence in the city of Warangal in the state of Telangana for the sale of Commercial vehicles. Liquidity: Stretched The liquidity position of GAC is stretched marked by high utilization of working capital limits of 90% for the past 12 months ending January 31, 2024. The company has reported gross cash accruals of INR0.49 crore in FY23 and free cash and bank balance of INR0.35 crore as of March 31, 2023, as against the repayment obligations of INR0.35 crore in FY24. Assumptions/Covenants: Not Applicable Geetha Auto Commercials (GAC) is a Warangal-based auto dealership company incorporated as a partnership entity in 2016, by Mr. Muppasani Arun Kumar, Dhanikula Rambabu, Dhanekula Venu, Gangavarapu Nagarjuna and Nagendla Subramanyam. The company is an authorised dealer for the sale of commercial vehicles of Tata Motors Limited in Warangal district of Telangana. The company has set up a showroom and service centre with international standards. It provides 3s facility i.e., sales, spares, and service. GOLDSOUK INFRASTRUCTURE: Insolvency Resolution Case Summary ----------------------------------------------------------- Debtor: Goldsouk Infrastructure Private Limited 103/104, 1st Floor, Orbit Plaza, New Prabhadevi Marg, Mubai City, Mumbai, Maharashtra 400025 Insolvency Commencement Date: March 24, 2025 Court: National Company Law Tribunal, Mumbai Bench, Court-V Estimated date of closure of insolvency resolution process: September 20, 2025 Insolvency professional: Sanjay Gupta Interim Resolution Professional: Sanjay Gupta Primus Insolvency Resolution & Valuation Pvt. Ltd. D-58 Defence Colony, New Delhi, Delhi 110024 Email: sanjay@sgaindia.in Email: cirp.goldsoukinfra@gmail.com Last date for submission of claims: April 7, 2025 HUNGERRUSH (INDIA): Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: Hungerrush (India) Private Limited Block-10 Flat No. 2A Jains Sunderbans Apartments Gurusamy Road, Nolambur Thiruvallur, Mauravoyal, Tiruvallur, Poonamalee Tamil Nadu, India 600095 Liquidation Commencement Date: March 25, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Akhila Bolla Flat No: B001, Opus Apartment no. 20, Second Cross, Vivenkanada Nagar, Maruthi, Sevanagar, Bengaluru, Karnataka 560033 Opposite to Sunshine Kids Play School Bangalore, Karnataka 560033 Email: Ip.akhilabolla@gmail.com Tel: 7386788418 Last date for submission of claims: April 4, 2025 IND BARATH: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ind Barath Thermotek Private Limited (IBTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 779.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 26, 2018, placed the rating of IBTPL under the 'issuer non-cooperating' category as IBTPL had failed to provide information for monitoring of the rating. IBTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 2, 2025, March 12, 2025 and March 22, 2025. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings takes into account stretched liquidity position with continued delays in debt servicing. Rating sensitivities: Factors likely to lead to rating actions: Not applicable Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: At the time of last rating on April 12, 2024, the following were the rating strengths and weaknesses Key strengths * Long track record of group in the power segment: The group has experience in successfully commissioning power projects with varied fuels like coal, gas, biomass, hydro and wind. Mr. K Raghu Ramakrishna Raju, the promoter of the Ind-Barath group, has more than 15 years of experience in the power sector. Key weaknesses * Stretched liquidity position: The cashflows of IBTPL is majorly dependent on the commencement of business operation and performance of the company; Ind Barath Energy (Utkal) Limited (IBEUL) as IBTPL was floated to provide O&M to the said company. On account of delayed project implementation of IBEUL and non-commencement of business operation, there has been no cashflow generation for IBTPL also resulting in stretched liquidity and delays in debt servicing obligation. IBTPL belongs to Ind Barath Group and is a subsidiary (99.9%) of Ind-Barath Power Infra Limited (IBPIL), the flagship company of the group. Incorporated on December 15, 2014, IBTPL was set-up to carry out Operation and Maintenance (O&M) activity of the subsidiary Ind-Barath Energy Utkal Limited which is setting up a 700 MW (2*350MW) coal based power plant in Orissa. JAYPEE CEMENT: CARE Moves D Debt Ratings to Not Cooperating ----------------------------------------------------------- CARE Ratings has migrated the ratings on certain bank facilities of Jaypee Cement Corporation Limited (JCCL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2,312.94 CARE D ISSUER NOT Facilities COOPERATING; Rating moved to ISSUER NOT COOPERATING category Short Term Bank Facilities 50.00 CARE D ISSUER NOT COOPERATING; Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) has been seeking information from JCCL to monitor the rating(s) vide e-mail communications dated March 17, 2025, March 19, 2025, March 21, 2025 and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring of ratings. Aligned with the extant Securities and Exchange Board of India (SEBI) guidelines, CARE Ratings has reviewed the rating based on the best available information, which however, in CARE Ratings' opinion is not sufficient to arrive at a fair rating. Further, JCCL has not paid the surveillance fees for the rating exercise agreed to in its Rating Agreement. In line with the extant SEBI guidelines, CARE Ratings Limited's (CARE Ratings') rating on JCCL's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and public at large) are hence requested to exercise caution while using above rating(s) Ratings assigned to bank facilities of JCCL have been revised considering non-availability of requisite information due to noncooperation by JCCL with CARE Ratings efforts to undertake a review of the rating outstanding. CARE Ratings views information availability risk as a key factor in its assessment of credit risk. The ratings of the bank facilities and instruments of Jaypee Cement Corporation Limited (JCCL) continue to factor in delays in debt servicing by the company. Rating sensitivities: Not Applicable Analytical approach: Standalone Detailed description of key rating drivers: At the time of last rating on March 26, 2024, the following were the rating weaknesses. Key weaknesses * Weak financial profile in FY24: During FY24, the company's net loss stood at INR287.08 crore on the total operating income of INR20.5 crore against net loss of INR345.52 crore on total operating income of INR53.81 crore in FY24. Low operating income and high interest cost have been the key reasons for weak financial performance. Due to weak financial risk profile of the group, coupled with JCCL's weak operating performance, the liquidity position continued to remain constrained, leading to delays in debt servicing by the company. Liquidity: Poor The liquidity of the company is poor, owing to delays in debt servicing. The company had cash and bank balance of INR5.49 crore as on March 31, 2024. JCCL, a wholly owned subsidiary of Jaiprakash Associates Ltd (JAL, rated CARE D), is engaged in cement manufacturing. It has a 1.20 MTPA cement grinding unit at Shahabad District Gulbarga, Karnataka along with a 60 MW captive power plant. Another 1.20 MTPA cement capacity at Jaypee Shahabad Cement Project has been kept suspended temporarily. MEHERAA DAIRY: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Meheraa Dairy Foods and Products Private Limited Registered Address: S. No.49, lndustry House Opp. KalyaniSteels Ltd. Mundhwa, Pune Maharashtra, India 411036 Factory Address Pune: Gat No. 150, Bopgaon, Tal - Purandar, Dist. - Pune - 412301 Liquidation Commencement Date: March 24, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Sujit Balakrishnan Manazhy 1-2, Aishwarya Sankul 17 G.A. Kulkarni Path Opposite Joshi's Railway Museum Kothrud, Pune - 411038 Email: rp.sujit@kanjcs.com Tel: 020-25466265/25461561 Last date for submission of claims: April 23, 2025 NIKKI STEELS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nikki Steels Private Limited (NSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B-; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 8, 2024, placed the rating(s) of NSPL under the 'issuer non-cooperating' category as NSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 22, 2025, March 04, 2025, March 14, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Nikki Steels Private Limited (NSPL), based in Ghaziabad, Uttar Pradesh was incorporated in June, 2006 by Mr. Neeraj Gupta and Mr. Sharad Gupta. NSPL is primarily engaged in trading of iron and steel products such as coil, bars, wire rods and plates and procures the traded product directly from suppliers such as Steel Authority of India Limited (SAIL), National Steel Supplier, K. S Steels etc. The company caters to various construction and private infrastructure companies such as JCL Infra Limited, J Kumar Infra projects Limited, Dadu Pipes Pvt Ltd etc. PK GLOBAL POWER: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: PK Global Power Private Limited Plot No. 7/5, H Sector Govindpura Industrial Area, Bhopal, Madhya Pradesh, India, 462023 Insolvency Commencement Date: March 27, 2025 Court: National Company Law Tribunal, Indore Bench Estimated date of closure of insolvency resolution process: September 23, 2025 Insolvency professional: Teena Saraswat Pandey Interim Resolution Professional: Teena Saraswat Pandey 387F, 114 Scheme Part 1 Behind Diksha Boys hostel Sant Nagar, Indore, Madhya Pradesh, 452010 Email: teenasaraswat@yahoo.co.in Email: cirppkg@outlook.com Last date for submission of claims: April 10, 2025 S. OLIVER FASHION: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: S. Oliver Fashion India Private Limited Plot No. 222, Phase I, 7th Floor, Udyog Vihar, Gurgaon, Gurugram 122001, Haryana, India Liquidation Commencement Date: March 29, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Mohd Nazim Khan MNK House 9A/9-10, Basement, East Patel Nagar, New Delhi 110008, India Email: nazim#mnkassociates.com Email: volliq.soliverfashion@gmail.com Tel No.: +91-11-45095230 Last date for submission of claims: April 28, 2025 SAHA INFRATECH: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Saha Infratech Private Limited (SIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 160.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under issuer not cooperating Rationale and key rating drivers CARE had, vide its press release dated March 29, 2019; placed the rating of SIPL under the 'issuer non-cooperating' category as SIPL had failed to provide information for monitoring of the rating. SIPL continues to be noncooperative despite repeated requests for submission of information through e-mails dated March 22, 2025, March 12, 2025, and March 02, 2025. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders, and the public at large are hence requested to exercise caution while using the above rating. Analytical approach: Standalone Detailed description of key rating drivers: At the time of last rating on April 16, 2024, the following were the rating strengths and weaknesses: Key weaknesses * Ongoing Delays in Debt Servicing: The company has defaulted in debt servicing of the interest payments due on December 30, 2018, due to tight liquidity position. * Subdued industry scenario: The real estate sector has been grappling with issues such as unsold inventory, delayed delivery, and financial stress on the developers for quite some years now and post demonetisation; due to higher liquidity the buyers have deferred their purchases as they are expecting the borrowing rates to come down. However, with the introduction of Real Estate regulation and Development Act (RERA) and GST (Goods and Services Tax), the residential real estate sector is on the path of transformation with modified rules and mandatory approvals which will enhance the transparency and customers' trust in the sector but also add additional burden on the developers which might hamper the sentiments of the market. Saha Infratech Private Limited (SIPL) was incorporated in 2011 and is promoted by Mr. Aniel Kumar Saha (Chairman & Managing Director) who is a professional architect and holds a degree of Master of Architecture. He has over 30 years of experience in real estate development. Mr. Ashok Kumar Sirohi (Joint Managing Director) has experience of over a decade in real estate sector and is responsible for making strategic decisions for the company. SIPL was engaged in real estate development and construction of residential group housing projects working to deliver its two maiden real estate projects; both of them located in Noida (Uttar Pradesh). SAHEB FIBRE CARE Lowers Rating on INR65cr LT Loan to B ------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Saheb Fibre Private limited (SFPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 65.00 CARE B; ISSUER NOT Facilities COOPERATING; Downgraded from CARE B+; Stable and moved to ISSUER NOT COOPERATING category Short Term Bank Facilities 2.00 CARE A4; ISSUER NOT COOPERATING; Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CARE Ratings) has been seeking information from SFPL to monitor the ratings vide e-mail communications dated December 7, 2024, January 8, 2025, January 10,2025, January 13, 2025, January 16, 2025 and February 12, 2025 , March 16, 2025 , March 18, 2025 and March 20, 2025 and March 27, 2025 amongst others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings has reviewed the rating on the basis of the best available information which however, in CARE Ratings' opinion is not sufficient to arrive at a fair rating. Further, SFPL has not paid the surveillance fees for the rating exercise agreed to in its rating agreement. In line with the extant SEBI guidelines, CARE Rating Limited's rating on SFPL's bank facilities will now be denoted as 'CARE B; Stable CARE A4; ISSUER NOT COOPERATING'. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Ratings have been revised on account of non-availability of the requisite information to conduct the review. The ratings assigned to the bank facilities of Saheb Fibre Private Limited (SFPL) continues to remain constrained on account of project implementation and stabilization risk associated with on-going debt-funded capex, presence in highly competitive and fragmented polyester staple fibre (PSF) industry with raw material price fluctuation risk along with exposure to volatility in finished goods prices. The ratings, however, continue to derive strength from its experience of promoters through group entities along with benefits from technological advancement and expected government incentives. Analytical approach: Standalone Outlook: Stable Stable outlook reflects that SFPL is likely to complete its debt funded capex within time and cost parameters and achieve envisaged total operating income (TOI) and profitability. Detailed description of key rating drivers: At the time of last rating on March 5, 2024, the following were the rating strengths and weaknesses considered. Key weaknesses * Project implementation and stabilization risk associated with on-going debt-funded capex: SFPL is establishing PSF manufacturing unit in Morbi (Gujarat). Operations were expected to commence from July 2024 with installed capacity of 20338 MTPA. The total cost of project is envisaged to INR89.50 crore with project gearing of 1.98 times. Till February 23, 2024, SFPL has incurred cost of INR68.85 crore as against costs of INR18.09 crore incurred till May 17, 2023. CARE Ratings Limited (CARE Ratings) expects project to be completed within time and costs parameter. With steady progress and ~23% of pending costs to be incurred, project implementation risk is moderated to a certain extent, however, stabilization risk persists. Completion of project within envisaged time and cost parameter along with stabilization of operations are key rating monitorable. * Highly competitive and fragmented nature of industry with raw material price fluctuation risk: The company operates in the PSF industry which is highly competitive industry with presence of numerous independent smallscale enterprises owing to low entry barriers leading to high level of competition in the processing segment. Furthermore, PSF industry also faces competition from the low-cost countries like China and Bangladesh. The intense competition in the industry also restricts ability to completely pass on volatility in input cost to its customers, leading to lower profit margins. Further, the basic raw material of the company is Polyethylene terephthalate (PET) bottles which is the downstream petroleum product and hence the prices of which are linked to international crude prices. * Exposure to volatility in finished goods prices: The price of PSF is benchmarked against the prices of virgin PSF, which in turn, is linked to the prices of Poly Terephthalic acid (PTA) and mono ethylene glycol (MEG) (i.e., derivatives of crude oil). PSF's prices are at a discount (approximately 15-20%) to virgin PSF prices. Any downward movement in crude oil prices makes PSF less attractive vis-à-vis virgin PSF, as the spread between the two gets narrowed. However, the risk is mitigated to an extent as PET waste does not have any other significant usage apart from that in PSF manufacturing. Hence, PSF manufacturers have ability to negotiate input raw material prices in times of declining PSF prices. Key Strengths * Experienced Promoters: SFPL is promoted by 5 promoters viz. Mr. Jigar Sitapara, Mr. Harsh Saradava, Mr. Parth Bhatasana, Mr. Sandip Haraniya and Mr. Arjan Haraniya. Mr. Jigar Sitapara has 9 years of experience in ceramic industry, Mr. Harsh Saradava has decade of experience in textile industry, Mr. Parth Bhatasana has 5 years of experience in ceramic industry, Mr. Sandip Haraniya has 12 years of experience in marketing segment of various industries and Mr. Arjan Haraniya has 29 years of experience in diamond industry. All the promoters are involved in various functions of either of the group company or associate company of SFPL and thus possess the knowledge of setting up the manufacturing plant and carrying out its operations. Also, the overall, operations of the company will be supported by another qualified individual namely Mr. Omprakash Tiwari. Mr. Omprakash Tiwari has over 3 decades of industry experience in planning, procurements, marketing and plant management in the field of PSF. Also, the connections build by Mr. Omprakash Tiwari in the textile industry will be helpful for SFPL. * Latest technology benefit along with expected benefits from government incentives: SFPL has purchased PSF production line from Shanghai Pacific Erfanji Fibre Complete Equipment Co. Ltd., which will provide latest technological benefits to production process of SFPL. Also, under the 'PET Bottle Recycling using Indigenous Waste' SFPL will be eligible for financial assistance up to 40% of fixed capital investment in the project and maximum up to INR50 crore. Liquidity: Stretched Project implementation and stabilization along with generation of envisaged cash accruals to meet the debt obligation shall remain crucial from credit perspective. Operations are expected to commence from July 2024 onwards while debt repayment will commence from November 2024. Debt repayment obligation for FY25 remains at INR2.40 crore. Assumptions/Covenants: Not applicable Rajkot, Gujarat based Saheb Fibre Private Limited (SFPL) was incorporated on September 29, 2022, by 5 promoters viz. Mr. Jigar Sitapara, Mr. Harsh Saradava, Mr. Parth Bhatasana, Mr. Sandip Haraniya and Mr. Arjan Haraniya. SFPL is implementing greenfield project to manufacture PSF from post consumed PET bottles with expected project costs of INR89.50 crore. SFPL will operate from its sole manufacturing facility at Morbi, Gujarat and expects to commence operations from July 2024 with installed capacity of 20338 MTPA. PSF finds its application in pillows, soft toys, cushions, clothing and home furnishing items like curtains, carpets, wall coverings, sheets, etc. SALAS PHARMACEUTICALS: CARE Keeps B- Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Salas Pharmaceuticals Private Limited (SPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.44 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 15, 2024, placed the rating(s) of SPPL under the 'issuer non-cooperating' category as SPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 29, 2025, February 08, 2025 and February 18, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable SPPL was incorporated on November 13, 2009 and promoted by Mr. Prem Sagar, Mr. Suman Chaudhary, Mr. Vindhya Prakash and Mr. Viresh Kumar Verma, having more than 10 years of experience in formulations and active pharmaceutical ingredients (API). Earlier, the main business of SPPL was marketing of products of other pharmaceutical companies. Subsequently, it developed and began manufacturing of its own formulation products (medicines) on its own brand name, i.e. Salas since March 22, 2017. The manufacturing plant of the company is located at Kharpani, Mamring, South Sikkim, Sikkim with an installed capacity of 1.00 crore tablets and 0.25 crore capsules annually. SANTLAL INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Santlal Industries Limited (SIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 60.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 37.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 8, 2024, placed the rating(s) of SIL under the 'issuer non-cooperating' category as SIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIL continues to be non-cooperative despite repeated requests for submission of information through emails dated February 22, 2025, March 4, 2025, March 14, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Santlal Industries Ltd (SIL), incorporated in the year 1999 is engaged in milling, processing and manufacture of Basmati rice at Mainpuri, Uttar Pradesh. The company commenced its operations in 2000. The company is a part of Santlal Group, which started its business with fertilizers & cloth trading in 1935 as Santlal Agarwal & Sons. SAYA HOMES: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Saya Homes Private Limited (SHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 344.64 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 1, 2024, placed the rating(s) of SHPL under the 'issuer non-cooperating' category as SHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 15, 2025, February 25, 2025 and March 7, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SHPL was incorporated on Dec. 3, 2010 for the development of residential/group housing project. SHPL is a part of Saya Group which has been engaged in real estate developments since 2006. The group has delivered 2 projects (total saleable area of 9.74 lsf) in the past in North India. The promoter of the company, Mr Vikas Bhasin has more than two decades of experience in the field of construction and marketing. Apart from the promoter, the management team consists of Mr Manoj Jain, who has more than 20 years of experience in finance and Mr Shivendra Nath, who has more than 15 years of expertise in architecture. SKYDAC AUTO: CARE Lowers Rating on INR49.19cr LT Loan to B+ ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of SKYDAC Auto and Infra Private Limited (SAIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 49.19 CARE B+; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 29, 2024, placed the rating(s) of SAIPL under the 'issuer non-cooperating' category as SAIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 12, 2025, February 22, 2025 and March 4, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of SAIPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable SKYDAC Auto and Infra Private Limited was incorporated in November 2019 by Mr Manjeet Singh Talwar and Mr Sanjeet Singh Talwar. The company has automobile dealership of Kia Motors, situated in Lucknow. The company commenced its operations from Feb 2020 with the dealership of Kia with 2 showrooms located in Krishna Nagar and Jankipuram, Lucknow. They also have 2 service centres in Lucknow located in Sarojni Nagar and Bhitoli Khurd. VANCHINAD FINANCE: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Vanchinad Finance Private Limited (VFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) vide its press release dated March 26, 2019, placed the rating(s) of VFPL under the 'issuer non-cooperating' category as VFPL had failed to provide information for monitoring of the rating. VFPL continues to be non-cooperative despite repeated requests for submission of information through phone calls and emails dated January 4, 2025, January 14, 2025, and January 24, 2025. Aligned with the extant SEBI guidelines, CARE Ratings has reviewed the rating based on the best available information which however, in CARE Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and public at large) are hence requested to exercise caution while using above rating(s). The rating assigned to bank facilities of Vanchinad Finance Private Limited is constrained by Small scale of operations with limited track record in MFI business and concentrated resource profile. Ratings consider the experienced management team and longstanding presence of promoter in lending operations, Adequate loan appraisal and monitoring systems given the size of operations, adequate capitalisation, Improvement in profitability and healthy asset quality. Analytical approach: Standalone Outlook: Stable Detailed description of key rating drivers: At the time of last rating on February 19, 2024, the following were the rating strengths and weaknesses (updated for the information available from company website (FY24 (refers to April 1 to March 31) financials) and other public information. Key weaknesses * Small scale and geographically concentrated operations with limited track record in MFI business: VFPL commenced its MFI operations in December 2016 and the Loan portfolio stood at INR209 crore as on March 31, 2024 (INR183 crore as on March 31, 2023). The company's scale of operations is at modest level. VFPL's business is geographically concentrated, operating in two states including Tamil Nadu and Kerala. As on March 31, 2024, Kerala accounted for 87% of the total assets under management (AUM), followed by Tamil Nadu having ~13% of the total AUM. * Concentrated resource profile: VFPL has promoter funding in the form of capital which stood at INR25.00 crore and net worth stood at INR42.10 crore as on March 31, 2024. VFPL predominantly has long term borrowings in the form of NCDs and sub-debt issued on private placement basis. The total long-term borrowings as on March 31, 2024, stood at INR125 crore against INR104.38 crore as on March 31, 2023. VFPL also has cash credit limit from State Bank of India. Key strengths * Experienced management team and long-standing presence of promoter in lending operations: Vanchinad Finance Private Limited is promoted by SML Finance Limited (SMLFL, rated CARE B-; Stable; ISSUER NOT COOPERATING). SMLFL acquired Vanchinad Finance Private Limited (VFPL) in the form of a wholly owned subsidiary company in May 2016, holding 99.95% of equity shares to expand its presence in micro finance sector. VFPL has an experienced senior management team in the lending space and the company's day to day operations are managed by this team which has been associated with the SML group for long time. * Adequate loan appraisal and monitoring systems given the size of operations: VFPL is engaged in offering micro finance products under Joint Liability Group (JLG) model and has defined credit appraisal, collection and monitoring systems. The credit appraisal system is centralised where the loan documents and other eligibility documents are prepared at the branch level and recommendations are forwarded to head office (HO). The HO performs the credit bureau check and approves the loan depending on the credit bureau report. The company adopts cashless disbursements where the disbursement amount is directly credited to the borrower's account, whereas the collections happen in centre meetings through cash. VFPL follows fortnightly collection model and the daily demand collection information could be accessed by the FO and the collection details could also be uploaded in MIS by the branches which is accessible by HO enabling efficient monitoring system. At present, the company uses MIS built by external vendor for the day-to-day operations. The system would be able to generate reports such as PAR report, disbursement report, cash, status and audit report among others. * Adequate capitalisation profile: With the internal accruals, VFPL's net worth stood at INR42 crore as on March 31, 2024, against INR37 crore as on March 31, 2023. Capital adequacy ratio as on March 31, 2024, stood at 23.73% against 21.43% as on March 31, 2023. Overall gearing increased to 4.03x as on March 31, 2024, against 3.77x as on March 31, 2023. * Improvement in profitability in FY24: In FY24, VFPL reported profit after tax (PAT) of INR8.80 crore on total income of INRINR67.52 crore against INR6.09 crore on a total income of INR52.69 crore in FY23. Net income margin (NIM) moderated to 13.85% in FY24 from 14.86% in FY23. Opex increased from 10.63% in FY23 to 10.89% in FY24. As a result of higher other income, despite lower NIM, ROTA increased from 3.30% in FY23 to 4.19% in FY24. * Asset quality profile: VFPL have maintained healthy asset quality since inception. Gross non-performing assets (GNPA) and net non-performing assets (NNPA) stood at 0.00% and 0.00%, respectively, as on March 31, 2024, against 0.27% and 0.00%, respectively, as on March 31, 2023. Vanchinad Finance Private Limited (VFPL), incorporated in 1987 is a non-deposit taking NBFC having its registered office at Thrissur, Kerala. VFPL is a wholly owned subsidiary of SML Finance Limited (Rated: CARE B-; Stable; ISSUER NOT COOPERATING) which is based out of Kerala. SML Finance Limited, the flag ship company of SML group is a deposit taking NBFC offering vehicle loans, medium enterprise loans, gold loans, and property loans. SML finance acquired VFPL in May 2016 with the aim to expand its microfinance business across rural sector. The company has started operations with five new branches in south of Kerala in FY17. VFPL offers microfinance loans under the Self-help group (SHG) model. VFPL has operations across Kerala and Tamil Nadu, with a network of 61 branches and Loan Portfolio of INR209 crore as on March 31, 2024. VEERA VAHANA: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Veera Vahana Udyog Private Limited Plot No. 16-19, Bommasandra-Jigani link Road Industrial Area Hennagara Post, Anekal Taluk Bangalore, Karnataka 560105 India Insolvency Commencement Date: March 26, 2025 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: September 22, 2025 Insolvency professional: Madhugiri Venkatarayappa Sudarshan Interim Resolution Professional: Madhugiri Venkatarayappa Sudarshan No. 984/13, 8th Main, Girinagar Phase, Bangalore 560085 KA IN Email: veeravahan.cirp@gmail.com Email: sudarshan.mv@outlook.com Last date for submission of claims: April 11, 2025 VRINDAA CRAFTS: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Vrindaa Crafts Private Limited (VCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 3, 2024, placed the rating(s) of VCPL under the 'issuer non-cooperating' category as VCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 17, 2025, February 27, 2025 and March 9, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Established in 2013, Vrindaa Crafts Private Limited (VCPL) is promoted by Mr Sanjeev Gupta, Mr Rajeev Gupta, Ms Anju Gupta and Ms Neeru Gupta. VCPL is engaged in the designing and wholesale trading of gold and diamond jewellery and started its commercial operations in August 2013. The company mainly caters to the Delhi-based wholesale traders and retailers. The gold jewellery supplied by the company is hallmarked by BIS (Bureau of Indian Standards). The company operates through its office located in Karol Bagh, New Delhi and gets its jewellery manufactured on job work basis as per the designs and specifications given by the company. The company has another branch office in C.R. Park, Delhi. =============== M A L A Y S I A =============== CAPITAL A: Shareholder Circular Issued and EGM set for May 7 ------------------------------------------------------------ Capital A Berhad has issued its Circular to Shareholders on the Proposed Regularisation Plan, marking a major step forward in its plan to exit Practice Note 17 (PN17) status. This follows the earlier approval by Bursa Malaysia, clearing the way for the Company to proceed with the next phase of its corporate transformation. Under the plan, Capital A will undertake a capital reduction of up to MYR6 billion under Section 116 of the Companies Act 2016, which will allow the Company to offset its accumulated losses and rationalise the balance sheet of the Group to reflect more accurately the value of its underlying assets and thus the financial position of the Group. Based on the pro forma consolidated Net Assets of Capital A as at December 31, 2023 , upon completion of the Proposed Regularisation Plan, Capital A's shareholders' equity on a consolidated basis shall be approximately MYR742.1 million. As part of the broader regularisation exercise, shareholders have already approved the disposal of Capital A's aviation business to AirAsia X Berhad (AAX), a move that enables the Group to focus entirely on its non-aviation portfolio of high-growth businesses that reflect the Group's future direction. The upcoming Extraordinary General Meeting (EGM) will be held on May 7, 2025 to seek shareholder approval for the capital reduction. The completion of this exercise targeted in June 2025 will position Capital A for sustainable growth and renewed investor confidence. Following the aviation divestment, Capital A's business portfolio will center on six dynamic entities, each contributing to the Group's long-term value creation: Asia Digital Engineering (ADE): Leading aircraft maintenance, repair and overhaul (MRO) service provider operating brand new 14-line state-of-the-art hangar. ADE optimises fleet performance for AirAsia and third-party businesses across the region with a comprehensive range of tailored aircraft services. Teleport: Largest air logistics network operator in Southeast Asia providing integrated logistics solutions cheaper, faster and better than anyone else in Asean. AirAsia MOVE: AI-powered online travel agent (OTA) platform with 700+ airlines and over a million hotels - transforming budget travel across Asean and beyond. BigPay: Asean fintech company democratising financial literacy, accessibility and wellbeing across the region. Santan: As an F&B business redefining culinary experiences both in flight and on the ground, Santan aims to grow from inflight caterer to B2B food distributor to retail chains and hypermarkets. Abc. International (formerly known as Brand AA Sdn Bhd): Asean's hottest brand management company leveraging Capital A's assets and experience to forge a diverse global portfolio of IPs. Tony Fernandes, CEO of Capital A, commented: "This is a significant turning point for Capital A. Exiting PN17 isn't just about restoring our financial health—it's about unlocking the full potential of the incredible six businesses we've built over the past few years. These companies are not only growing, but they also reflect the core of who we are: disruptive, digital-first and deeply connected to Asean. I'm confident this regularisation plan puts us on a stronger path to long-term value creation. We look forward to securing shareholder support on 7 May. "The combined income statements for the Remaining Businesses of Capital A Group (excluding the Aviation Segment) recorded an unaudited Profit After Taxation of MYR 162.1 million for the Financial Year Ended 31 December 2024." Upon securing shareholder approval at the EGM, the proposed capital reduction will be submitted to the High Court for confirmation. With the completion of the Proposed Regularisation Plan, Capital A will be well-positioned to pursue future opportunities including strategic partnerships, capital market exercises, and regional expansion. This milestone marks a major step in a transformation journey that began at the height of the Covid-19 pandemic and affirms the Company's renewed strength, focus, and direction. About Capital A Capital A Bhd, formerly known as AirAsia Group Bhd, provides low-cost air carrier service. The company provides services on short-haul, point-to-point domestic and international routes. Capital A, headquartered in Malaysia, operates from hubs in Malaysia, Thailand, Indonesia, Philippines and India. The airline's Malaysia and Thailand operations are undertaken via AirAsia Bhd and Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines operations are managed under PT Indonesia AirAsia and Philippines AirAsia Inc. Capital A triggered the PN17 suspended criteria in July 2020 after its external auditors, Ernst & Young PLT, issued an unqualified audit opinion with material uncertainty relating to going concern in respect of its audited financial statements for the financial year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a consolidated basis was 50% or less of its share capital. Capital A also triggered the prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market Listing Requirements (Main LR), where AirAsia's shareholders' equity on a consolidated basis was 25% or less of its share capital and the shareholders' equity is less than MYR40 million based on the audited financial statements for FY20. Following relief measures introduced by Bursa and the Securities Commission Malaysia, Capital A was not classified as a PN17 listed issuer and was not required to comply with the obligations under Paragraph 8.04 and PN17 of the Main LR for a period of 18 months from the date of the first relief announcement, theedgemarkets.com said. The date of the first relief announcement was July 8, 2020, and the 18-month period ended on Jan. 7, 2022. Under the relief measures, companies that triggered any of the suspended criteria between April 17, 2020 and June 30, 2021, would not be classified as a PN17 and Guidance Note 3 (GN3) company for 12 months. As reported in the Troubled Company Reporter-Asia Pacific in mid-October 2024, shareholders have backed plans for budget carrier AirAsia to be bought by its long-haul associate, AirAsia X paving the way for the Malaysian-based airlines to finalise their consolidation by the end of the year. AirAsia X shareholders approved the proposed acquisition of Capital A's equity interest in AirAsia units for MYR6.8 billion (US$1.6 billion) on Oct. 16, 2024, after Capital A shareholders gave the nod on Oct. 14 to the deal, company statements said, according to Reuters. Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia units in Thailand, Indonesia, Philippines, and Cambodia, will pave the way for Capital A's restructuring and exit from PN17 status. The TCR-AP reported on March 17, 2025, that Capital A Berhad has reached a major milestone in its financial transformation journey with the approval of its Proposed Regularisation Plan by Bursa Malaysia Securities Berhad. ===================== N E W Z E A L A N D ===================== AVT PAINTING: Court to Hear Wind-Up Petition on May 8 ----------------------------------------------------- A petition to wind up the operations of AVT Painting Specialists 2020 Limited will be heard before the High Court at Auckland on May 8, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Feb. 11, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 BLUE SPUR: Creditors' Proofs of Debt Due on May 14 -------------------------------------------------- Creditors of Blue Spur Estates Limited and Armitage & Co Limited are required to file their proofs of debt by May 14, 2025, to be included in the company's dividend distribution. Blue Spur Estates Limited commenced wind-up proceedings on April 10, 2025. Armitage & Co Limited commenced wind-up proceedings on April 11, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 EXECUTIVE CLEANING: Creditors' Proofs of Debt Due on May 14 ----------------------------------------------------------- Creditors of Executive Cleaning Services NZ Limited are required to file their proofs of debt by May 7, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 7, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 R & C TRADING: Court to Hear Wind-Up Petition on May 8 ------------------------------------------------------ A petition to wind up the operations of R & C Trading Limited will be heard before the High Court at Auckland on May 8, 2025, at 10:00 a.m. Pakuranga Plaza Limited filed the petition against the company on Feb. 10, 2025. The Petitioner's solicitor is: Michael Tinkler Burton Partners Level 3, 10 Viaduct Harbour Avenue Auckland 1010 ZAB LIMITED: Creditors' Proofs of Debt Due on May 14 ---------------------------------------------------- Creditors of Zab Limited are required to file their proofs of debt by May 14 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 13, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 ================= S I N G A P O R E ================= AVPIV SHALLONTEC: Creditors' Proofs of Debt Due on May 13 --------------------------------------------------------- Creditors of AVPIV Shallontec SG Holding Pte. Ltd. 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 2, 2025. The company's liquidator is: Chek Khai Juat c/o Tricor Singapore Pte. Ltd. 9 Raffles Place #26-01 Republic Plaza Singapore 048619 CSR INSURANCE: Creditors' Proofs of Debt Due on May 13 ------------------------------------------------------ Creditors of CSR Insurance Pte. Ltd. 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 1, 2025. The company's liquidator is: Chek Khai Juat c/o Tricor Singapore Pte. Ltd. 9 Raffles Place #26-01 Republic Plaza Singapore 048619 FABULOUS TAN: Creditors' Meetings Set for April 29 -------------------------------------------------- Fabulous Tan Pte. Ltd., Fabulous Health Pte. Ltd., and Fabulous Aesthetics Pte. Ltd. will hold a meeting for its creditors on April 29, 2025, at 2:30 p.m., 3:00 p.m., 3:30 p.m., respectively, via video conferencing. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to confirm appointment of liquidators; c. to form a committee of inspection, if thought fit; and d. any other business. Chee Fung Mei of Chee FM & Associates was appointed as Provisional Liquidator of the Companies on April 1, 2025. LMO CONSULTING: Court to Hear Wind-Up Petition on April 25 ---------------------------------------------------------- A petition to wind up the operations of LMO Consulting Pte. Ltd. will be heard before the High Court of Singapore on April 25, 2025, at 10:00 a.m. Gan Yuan Hong filed the petition against the company on March 21, 2025. The Petitioner's solicitors are: WongPartnership LLP 12 Marina Boulevard Level 28 Marina Bay Financial Centre Tower 3 Singapore 018982 MAXEON SOLAR: Amends SPA on 'Rest-of-the-World" Generation Biz -------------------------------------------------------------- Maxeon Solar Technologies, Ltd. disclosed in a Form 6-K Report filed with the U.S. Securities and Exchange Commission that the Company and the Purchasers entered into a Supplemental Agreement to the Sale and Purchase Agreement (SPA) related to the sale of the Company's "Rest-of-the-World" Distributed Generation Business. Pursuant to the Supplemental Agreement, the parties to the SPA agreed to amend the following provisions of the SPA with effect as of the date of execution of the Supplemental SPA: * The definition of "Transitional Services Agreement;" * Insertion of a newly defined term "Non-Equity Consideration" which includes the consideration of the Target Assets (as defined in the Asset Transfer Agreement), consideration for the trademarks covered under the Trademark Assignment Agreement and the consideration for services to be provided by certain employees of a Company affiliate during a transitional term pursuant to the terms described in the Transition Services Agreement; * Clause 3.1(a) of the SPA (Purchase Consideration), pursuant to which the Total Consideration of approximately USD$29 million for the Sale Shares shall be inclusive of the Non-Equity Consideration; * Paragraph (d) of Schedule 2 of the SPA (Closing Precedent), pursuant to which an accounting or appraisal firm of nationally recognized standing will render a final valuation report of certain assets being transferred pursuant to the SPA, as supplemented, and the Ancillary Agreements, instead of a fairness opinion covering the fairness from a financial perspective of the terms of the transactions contemplated under the Transaction Documents, which opinion is not required as a condition precedent to the completion of the transactions contemplated under the SPA, and was not obtained by the Company; * The form of Transitional Services Agreement, attached as Schedule 11 to the SPA which has been amended and restated in its entirety; and * Schedule 15 of the SPA (Consideration Breakdown), amended and restated in its entirety to reflect the Total Consideration payable under the SPA, both on an aggregated basis, and broken down per each Target Entity, as well as two separate presentations inclusive and exclusive of the Non-Equity Consideration. Transitional Services Agreement (as amended and restated) The SPA contemplates the execution of a Transitional Services Agreement as of the Closing Date. As described in the Supplemental SPA, the parties agreed to amend and restate in its entirety the form of Transitional Services Agreement attached as Schedule 11 to the SPA, which amends the prior form of this agreement only with respect to the following terms: * In addition to Lumetech and Maxeon Solar Pte. Ltd., a Maxeon affiliate, SunPower Systems SARL, an affiliate of MSPL, will join as a party to the TSA; * Certain employees of SPSW will perform certain services for the benefit of Lumetech, during a four-week transitional term, starting from the Closing Date; and * Following the expiration of the transitional term, SPSW will take the necessary actions to transfer the employment of the Subject Employees to a new Swiss company indirectly affiliated with the Purchasers' group of companies. About Maxeon Solar Maxeon Solar Technologies, Ltd. is a Singapore-based company that designs and manufactures photovoltaic panels. The company was previously a division of the American SunPower company before it was spun off in August 2020. Maxeon is still the primary provider of solar panels for SunPower. Singapore-based Ernst & Young LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated May 30, 2024, citing that the Company has suffered recurring losses from operations and negative free cash flows and has stated that substantial doubt exists about the Company's ability to continue as a going concern. TOP HANCE: Court to Hear Wind-Up Petition on April 25 ----------------------------------------------------- A petition to wind up the operations of Top Hance Pte. Ltd. will be heard before the High Court of Singapore on April 25, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on March 28, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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