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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, January 19, 2026, Vol. 29, No. 13
Headlines
A U S T R A L I A
BCS GREEN: Farm Workers Chase Unpaid Wages Worth AUD260,000
CALLOW SERVICES: Second Creditors' Meeting Set for Jan. 27
CRITICAL TURN: Second Creditors' Meeting Set for Jan. 27
FLETCHER JONES: To Close All Stores After 100 years in Business
KARMANIA AUSTRALIA: Commences Wind-Up Proceedings
NINE OCEAN: First Creditors' Meeting Set for Jan. 27
VEROGUARD SYSTEMS: First Creditors' Meeting Set for Jan. 29
C H I N A
CHINA PHARMA: Stockholders Back Reverse Split, LTIP Amendment
SENMIAO TECHNOLOGY: Disposes of Yicheng and Zecheng Subsidiaries
SENMIAO TECHNOLOGY: Names Yafeng Li as New Chief Financial Officer
I N D I A
AADHI CARS: Ind-Ra Gives BB+ Bank Loan Rating, Outlook Stable
ADINATH BUILDWELL: Ind-Ra Keeps BB- Loan Rating in NonCooperating
ARCHIT LIFE: Ind-Ra Withdraws B+ Bank Loan Rating
B.K. PRINT: ICRA Keeps B+ Debt Ratings in Not Cooperating
H.S. WEAVERS: ICRA Keeps B Debt Ratings in Not Cooperating
IDEAA-Z AUTOMATION: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
KAMINENI EDUCATIONAL: Ind-Ra Withdraws BB- Bank Loan Rating
KOHINOOR CARPETS: ICRA Keeps B+ Debt Ratings in Not Cooperating
KSR FOOTWEAR: Ind-Ra Assigns BB- Loan Rating, Outlook Stable
LAKSHMI SRINIVAS: ICRA Keeps B- Debt Ratings in Not Cooperating
LENORA VITRIFIED: ICRA Keeps B Debt Ratings in Not Cooperating
MAHESHWARI STRUCTURES: ICRA Keeps B Ratings in Not Cooperating
NIKET EXIM: ICRA Keeps D Debt Ratings in Not Cooperating Category
NOTTO GRANITO: ICRA Keeps B+ Debt Ratings in Not Cooperating
P. D. SHAH: ICRA Lowers Rating on INR14.80cr LT Loan to C
SEFL DA II: Ind-Ra Keeps D Loan Rating in NonCooperating
SEFL DA III: Ind-Ra Keeps D Loan Rating in NonCooperating
SHK CHEMTECH: Ind-Ra Affirms BB+ Bank Loan Rating
SHRI VASUPRADA: Ind-Ra Hikes NonConvertible Debt Rating to BB
SSIPL LIFESTYLE: Ind-Ra Places BB+ Bank Loan Rating Under Watch
TREESAS FOOD: Ind-Ra Affirms BB+ Bank Loan Rating
UNITED ELECTRICALS: ICRA Keeps B Debt Ratings in Not Cooperating
UTTARAYAN FOODS: ICRA Keeps C+ Debt Ratings in Not Cooperating
VASUNDHARA DEVELOPERS: ICRA Keeps B Rating in Not Cooperating
Y.V.S KUMKUMAM: ICRA Keeps B+ Debt Ratings in Not Cooperating
M A L A Y S I A
CAPITAL A: AirAsia X Says No Decision Yet on Name Change
CAPITAL A: Completes Disposal of Airasia Aviation Units
N E W Z E A L A N D
BUNNIN KONG: Creditors' Proofs of Debt Due on Feb. 20
CHANCE VOIGHT: Elderly Investors Put Millions Into Firm Under Probe
FNM LIMITED: Court to Hear Wind-Up Petition on Feb. 24
IMPRESSED QUEENSTOWN: Creditors' Proofs of Debt Due on Feb. 12
LEUVEN BELGIAN: Bar and Restaurant to Close After 25 Years
OKAHU LIMITED: Court to Hear Wind-Up Petition on Feb. 19
SLEEP TIGHT: Creditors' Proofs of Debt Due on Feb. 15
S I N G A P O R E
FOCUS DIGITECH: Commences Wind-Up Proceedings
GLOBAL MACHINERY: Court to Hear Wind-Up Petition on Jan. 23
SOUTHWATERS INVESTMENT: Creditors' Proofs of Debt Due on Feb. 18
WHACKLAH PTE: Court to Hear Wind-Up Petition on Jan. 23
WS CAR: Court Enters Wind-Up Order
S O U T H K O R E A
HOMEPLUS CO: Emergency Funding Could Revive Chain, Co-CEO Says
- - - - -
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A U S T R A L I A
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BCS GREEN: Farm Workers Chase Unpaid Wages Worth AUD260,000
-----------------------------------------------------------
ABC News reports that "heartbroken" workers on a farm that supplies
Coles and Woolworths said they have not been paid for 100 hours of
work they did two years ago.
The ABC relates that Tommy and Susilo are among a group of at least
20 workers who, according to documents filed by liquidators in
court proceedings, are owed a total of more than AUD260,000.
The wages are owed for the work they did on Corrigan's Farm in
south-east Melbourne, where lettuces, kale and other salad
vegetables are grown for customers, including supermarket giants
Coles and Woolworths, the report says.
According to the ABC, the workers were employed by a labour hire
group run by Cambodian-born Melbourne man Bunchhay San, who is at
the centre of an investigation into a network of labour hire
companies accused of tax fraud.
Investigators believe about AUD60 million from the nine companies
has been spirited into the black economy.
A court has heard - in corporate liquidation proceedings concerning
entities in the group - allegations of cash being handed over to a
mysterious but fear-inspiring figure in the Khmer community, as
well as an admission from Mr. San that he lied to the Victorian
labour hire regulator in order to get an operating license, the ABC
relays.
The labour hire group operated in an industry that experts said
still leaves migrant workers - especially those on visas that
restrict their work rights - vulnerable to exploitation, despite
efforts by governments and unions to clean it up.
The areas around Melbourne are especially bad, according to the
Fair Work Ombudsman (FWO), the ABC notes.
A report last June found that of 23 labour hire firms inspected
during a regulatory blitz, none complied with workplace law.
According the ABC, Tommy and Susilo said their efforts to get paid
- which included complaining to the FWO, the union and even the
police - had so far come to nothing.
Records of time worked filed with the Federal Court, as part of the
investigation into the labour hire group, show that - between
December 4 and December 20 - the team Tommy and Susilo were part of
worked up to 69 hours a week.
The ABC says the records were attached to an email from the FWO to
their employer, Mr. San's company BCS Green Corp.
In the email, FWO inspector Alison Read said the workers should
have been paid AUD28.26 an hour, before tax.
Tommy and Susilo have told the ABC that they were paid for up to 20
hours a week by bank transfer, with the rest handed over in cash.
But, in early December, they allege payment stopped, the ABC
relates. Susilo provided the ABC with an internet banking statement
showing his last wages transfer came from a different company in
the labour hire ring group on December 8.
The Federal Court documents confirm that the FWO investigated BCS
Green Corp, but the outcome of the probe is unknown. The FWO
declined to comment.
Susilo also complained to his union, the United Workers Union
(UWU), the ABC relays. He said the union referred him to a lawyer,
who told him he could not help and sent him back to the union.
The ABC adds that liquidator Innis Cull, of PKF, is investigating
BCS Green Crop and eight other labour hire companies.
In a report to creditors of another company in the group, 1998 KH
Crop, he said a total of AUD64 million in cash had been withdrawn
from bank accounts held in the names of the nine companies.
He said the director of 1998 KH Crop, a woman named Chanthy Khut,
"is unlikely to have been the real controlling mind of the
company," the ABC relays.
"The company is only one of a series of labour hire companies used
primarily by members of the Victorian Cambodian community in the
Victorian fruit-picking industry to defraud the Australian Taxation
Office.
"The fraud is systemic and organised and has resulted in the loss
of many tens of millions (and likely hundreds of millions) of
dollars of lost tax revenue.
He said labour hire licenses were fraudulently obtained from the
LHA, the ABC adds.
CALLOW SERVICES: Second Creditors' Meeting Set for Jan. 27
----------------------------------------------------------
A second meeting of creditors in the proceedings of Callow Services
Group Pty Ltd has been set for Jan. 27, 2026, at 11:00 a.m. at the
offices of Vincents, at Level 34, 32 Turbot Street, in Brisbane,
QLD.
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 Jan. 23, 2026 at 4:00 p.m.
Nick Combis of Vincents was appointed as administrator of the
company on Dec. 17, 2025.
CRITICAL TURN: Second Creditors' Meeting Set for Jan. 27
--------------------------------------------------------
A second meeting of creditors in the proceedings of Critical Turn
Pty Ltd, trading as Elaro, has been set for Jan. 27, 2026, at 11:00
a.m. at the offices of RSM Australia, at Equinox Building 4, Level
2, 70 Kent Street, in Deakin, ACT.
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 Jan. 23, 2026 at 4:00 p.m.
Frank Lo Pilato of RSM Australia Partners was appointed as
administrator of the company on Dec. 12, 2025.
FLETCHER JONES: To Close All Stores After 100 years in Business
---------------------------------------------------------------
Daily Mail Australia reports that Fletcher Jones, an iconic
Australian retailer that has operated since the 1920s, has
announced it will close its doors for good, marking the end of an
era.
Fletcher Jones will close all remaining stores by the end of
January, its current owner, Matthew Gowty, confirmed last week,
Daily Mail Australia relates.
The Victoria-based brand, which was known for selling casual and
formal wear for men, went into administration 15 years ago.
As a result, a number of Fletcher Jones stores were closed and
staff were let go.
Since then, the brand has struggled to regain momentum in
Australia's increasingly competitive retail sector.
According to Daily Mail Australia, Fletcher Jones first opened in
1924 when its founder David Fletcher Jones began selling textiles
in Warrnambool, on Victoria's south-west coast.
A handful of retail stores opened in the 1930s and the 1940s, with
the textiles manufactured by a team of in-house tailors.
In 1947, the company built a garment factory on a large plot of
land in Warrnambool, Daily Mail Australia relates citing 9News.
At its peak, the brand had a 3,000-strong workforce and had
manufacturing centres in both Warrnambool and Mount Gambier.
KARMANIA AUSTRALIA: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Karmania Australia Pty Ltd on Jan. 16, 2026, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Andrew MacNeill
SMB Advisory
Level 5
100 Collins St
Melbourne, VIC 3000
NINE OCEAN: First Creditors' Meeting Set for Jan. 27
----------------------------------------------------
A first meeting of the creditors in the proceedings of Nine Ocean
Fishery Pty Ltd, New Zealand Coastal Seafoods Limited and PXYY Pty
Ltd will be held on Jan. 27, 2026, at 10:30 a.m. at the offices of
Worrells, Suite 5B, 55 Kembla Street, in Wollongong, NSW and via
virtual meeting technology.
Stephen John Hundy and Daniel Ivan Cvitanovic of Worrells were
appointed as administrators of the company on Jan. 14, 2026.
VEROGUARD SYSTEMS: First Creditors' Meeting Set for Jan. 29
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of VeroGuard
Systems Pty Ltd will be held on Jan. 29, 2026, at 2:00 p.m. via
virtual meeting only.
Michael Fung and Andrew Knight of KordaMentha were appointed as
administrators of the company on Jan. 16, 2026.
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C H I N A
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CHINA PHARMA: Stockholders Back Reverse Split, LTIP Amendment
-------------------------------------------------------------
China Pharma Holdings, Inc. held its Annual Stockholders' Meeting
for the fiscal year ended December 31, 2024.
Holders of 3,501,046 shares of the Company's common stock were
present in person or by proxy at the Annual Meeting, representing
approximately 69.71% of the total outstanding shares of common
stock and therefore constituting a quorum of more than one-third of
the shares outstanding and entitled to vote at the Annual Meeting
as of the record date of November 3, 2025.
The final voting results for the matters submitted to a vote of
stockholders at the meeting are as follows.
1. A proposal to elect three independent director nominees to the
Board of Directors:
a. Gene Michael Bennett
* Votes For: 3,500,418
* Votes Withheld: 628
b. Yingwen Zhang
* Votes For: 3,500,418
* Votes Withheld: 628
c. Baowen Dong
* Votes For: 3,500,416
* Votes Withheld: 630
Pursuant to the votes, each of Gene Michael Bennett, Yingwen Zhang
and Baowen Dong was elected to serve as independent directors until
the next annual meeting and until their successors are elected and
qualified.
2. A proposal to amend the Company's Articles of Incorporation to
effect a reverse stock split, as needed, at a ratio up to 1:20,
such that every holder of common stock, par value $0.001 per share,
of the Company, shall receive one share of common stock for pro
rata twenty shares of common stock held:
* Votes For: 3,500,256
* Votes Against: 780
* Abstentions: 10
Pursuant to the votes, an amendment to the Company's Articles of
Incorporation to effect a reverse stock split, as needed at a ratio
up to 1:20, such that every holder of common stock, par value
$0.001 per share, of the Company, shall receive one share of common
stock for pro rata twenty shares of common stock held was approved
and adopted.
Despite the foregoing, the Board of the Directors has the
discretion to decide if and when to effect the reverse stock
split.
3. A proposal to adopt the Amendment No.3 to the Company's Amended
and Restated 2010 Long-Term Incentive Plan:
* Votes For: 3,500,258
* Votes Against: 774
* Abstentions: 14
Pursuant to the votes, the Amendment No.3 to the Company's Amended
and Restated 2010 Long-Term Incentive Plan was approved and
adopted.
About China Pharma
China Pharma Holdings, Inc. is a specialty pharmaceutical company
that develops, manufactures, and markets a diversified portfolio of
products, focusing on conditions with high incidence and high
mortality rates in China, including cardiovascular, CNS,
infectious, and digestive diseases. The Company's cost-effective
business model is driven by market demand and supported by new
GMP-certified product lines covering the major dosage forms. In
addition, the Company has a broad and expanding nationwide
distribution network across all major cities and provinces in
China. The Company's wholly-owned subsidiary, Hainan Helpson
Medical & Biotechnology Co., Ltd., is located in Haikou City,
Hainan Province.
Singapore-based Enrome LLP, the Company's auditor since 2024,
issued a "going concern" qualification in its report dated March
31, 2025, attached to the Company's Annual Report on Form 10-K for
the fiscal year ended December 31, 2024, citing as of December 31,
2024, the Company had a working capital deficit of $1.7 million and
had an accumulated deficit of $44 million. In addition, the Company
had incurred net losses of $4.7 million and had negative cash flows
from operating activities of $0.5 million for the year ended
December 31, 2024. This condition raises substantial doubt about
the Company's ability to continue as a going concern.
As of September 30, 2025, the Company had $15.8 million in total
assets, $7.5 million in total liabilities, and $8.3 million in
total stockholders' equity.
SENMIAO TECHNOLOGY: Disposes of Yicheng and Zecheng Subsidiaries
----------------------------------------------------------------
Senmiao Technology Limited disclosed in a regulatory filing that
the Company, entered into a certain Acquisition Agreement with Hu
Mao Sheng Tang Holdings Limited., a non-affiliated Hong Kong
company.
Pursuant to the Acquisition Agreement, the Company agreed to sell
100% of the equity interests in each of Yicheng and Zecheng to the
Purchaser for no additional consideration (the "Disposition").
The Company holds all the issued and outstanding capital stock of
Yicheng and Zecheng.
Upon closing of the Disposition, the Purchaser will become the sole
shareholder of each of Yicheng and Zecheng, and as a result, assume
all assets and obligations of each of Yicheng and Zecheng.
The Disposition was approved by the board of directors of the
Company which relied on a third-party valuation firm engaged by the
Board which rendered a valuation report in connection with the
Disposition, indicating that the sale of Yicheng and Zecheng for no
additional consideration is consistent with Yicheng and Zecheng's
fair market value.
Background of the Disposition:
Sichuan Senmiao Yicheng Asset Management Co., Ltd., and Sichuan
Senmiao Zecheng Business Consulting Co., Ltd. and its affiliates
are two wholly owned subsidiaries of Senmiao Technology Limited.
Yicheng and Zecheng had conducted automobile transaction related
services focusing on the online ride-hailing industry in Chengdu,
China. Due to the fierce competition of the online ride-hailing
industry in China, those entities suffered accumulated loss of
approximately $11 million as of September 30, 2025. Each of Yicheng
and Zecheng had no operations during the past fiscal year. As a
result of the foregoing, management has decided to dispose of 100%
of the equity interests in Yicheng and Zecheng.
The unofficial translation of the Acquisition Agreement is
available at https://tinyurl.com/2s448zpm
About Senmiao Technology Limited
Headquartered in Chengdu, Sichuan Province, Senmiao provides
automobile transaction and related services including sales of
automobiles, facilitation and services for automobile purchases and
financing, management, operating leases, guarantees and other
automobile transaction services in China.
In an audit report dated July 10, 2025, Marcum Asia CPAs LLP issued
a "going concern" qualification citing that the Company has a
significant working capital deficiency, has incurred significant
losses and needs to raise additional funds to meet its obligations
and sustain its operations. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
As of September 30, 2025, the Company had $4,682,368 in total
assets, $4,771,498 in total liabilities, and $132,073 in total
deficit.
SENMIAO TECHNOLOGY: Names Yafeng Li as New Chief Financial Officer
------------------------------------------------------------------
Senmiao Technology Limited disclosed in a regulatory filing that
Ms. Xiaoyuan Zhang, the Chief Financial Officer and Treasurer,
resigned from her positions effective December 31, 2025. Ms.
Zhang's resignation was not a result of any disagreement with the
Company on any matter relating to its accounting, operations,
policies or practices.
On January 2, 2026, the Board of Directors appointed Ms. Yafeng Li
as the Chief Financial Officer to fill the vacancy created by Ms.
Xiaoyuan Zhang's resignation.
In connection with the CFO Appointment, the Company entered into an
Employment Agreement with Ms. Yafeng Li dated January 2, 2026,
pursuant to which Ms. Li will receive an annual salary of $50,000
for her services as the Company's Chief Financial Officer.
Ms. Yafeng Li has served as the Financial Controller of World Trade
Technology LLC since May 2020. Ms. Li holds multiple professional
certifications, including Certified Internal Auditor, Certified
Management Accountant, and Certified Tax Agent (China). Ms. Li
earned her Bachelor's degree in accounting from Shanxi University
in July 1999.
There is no arrangement or understanding between Ms. Li and any
other person pursuant to which she was selected as the Chief
Financial Officer of the Company, and there is no family
relationship between Ms. Li and any of the Company's other
directors or executive officers.
Since the beginning of the Company's last fiscal year, there are no
transactions in which the Company was or is to be a participant and
in which Ms. Li or any member of her immediate family had or will
have any interest that are required to be reported under Item
404(a) of Regulation S-K.
A full text copy of the Employment Agreement is available at
https://tinyurl.com/bdz96v6c
About Senmiao Technology Limited
Headquartered in Chengdu, Sichuan Province, Senmiao provides
automobile transaction and related services including sales of
automobiles, facilitation and services for automobile purchases and
financing, management, operating leases, guarantees and other
automobile transaction services in China.
In an audit report dated July 10, 2025, Marcum Asia CPAs LLP issued
a "going concern" qualification citing that the Company has a
significant working capital deficiency, has incurred significant
losses and needs to raise additional funds to meet its obligations
and sustain its operations. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
As of September 30, 2025, the Company had $4,682,368 in total
assets, $4,771,498 in total liabilities, and $132,073 in total
deficit.
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I N D I A
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AADHI CARS: Ind-Ra Gives BB+ Bank Loan Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Aadhi Cars Private
Limited's (ACPL) bank loan facilities as follows:
-- INR1.20 bil. Bank loan facilities assigned with IND BB+/Stable
/IND A4+ rating.
Detailed Rationale of the Rating Action
The rating reflects ACPL's modest EBITDA margins and average credit
metrics in FY25 along with an exposure to a competitive industry.
However, the rating is supported by the company's improved revenue
in FY25, the prime locations of its showroom, the authorized
dealership of Maruti Suzuki India Limited (MSIL), and the
promoters' extensive experience in the automobile dealership
business.
Detailed Description of Key Rating Drivers
Modest EBITDA Margins: The company's EBITDA margins were volatile
in the range of 2%-4.5% during (FY21-FY25) due to rising
competition and increasing operating costs, mainly due to the
discounts it offered. With four dealers operating in Coimbatore,
competitive discounting determines the margins. ACPL's EBITDA
margin improved to 2.2% in FY25 (FY24: 2%; FY23: 3.60%), driven by
a reduction in the cost of goods sold and a better absorption of
fixed costs. The return on capital employed stood at 8.2% in FY25
(FY24: 8.5%; FY23: 18.7%). However, Ind-Ra expects the EBITDA
margins to be in the range of 2%-2.5% in FY26-FY27 on continued
discounting.
Average Credit Metrics and Inventory Funding Exposure: In FY25,
ACPL's net leverage (adjusted net debt including lease
debt/operating EBITDA) stood at 8.04x (FY24: 7.46x; FY23: 4.24x),
while its gross interest coverage (operating EBITDA/gross interest
expense) deteriorated to 1.42x (1.77x; 3.48x) due to an increase in
the total debt and higher interest obligations. The total debt was
INR1,235.85 million, of which INR1,135.88 million was short-term,
and the interest expenses rose to INR101.37 million (FY24: INR70.01
million). Ind-Ra expects the credit metrics to remain at similar
levels in FY26, driven by continued high working capital
requirements to support automobile inventory across existing and
new outlets. Like other players in the industry, ACPL's business
model is heavily dependent on inventory funding, with a sanctioned
working capital limit of INR1,045 million, enabling the company to
maintain a diverse vehicle portfolio and capitalize on bulk
purchase opportunities.
Competitive industry: The automotive industry is highly
competitive, with numerous players and low entry barriers.
Profitability remains thin due to limited value addition. ACPL
faces competition from both organized and unorganized secondary
passenger vehicle markets, as well as other established players.
Any competitively priced vehicle launch by other automobile
companies will reduce MSIL's market share and thus will affects its
dealers including ACPL.
Improvement in Revenue in FY25: In FY25, ACPL's revenue increased
to INR6,136.77 million (FY24: INR6,092.25 million), driven by
strong sales of MSIL models through its authorized dealership
network. This growth was supported by an improved demand for
existing models. 60%-80% of the revenue comes from the sale of
vehicles and the remaining is from service income. The company
earned a revenue of INR4,312.96 million during 8MFY26. Ind-Ra
expects further growth in the near term, supported by the planned
expansion of regular outlets and extension outlets and a sustained
demand for MSIL models.
Authorized Dealership with Strategic Presence: ACPL is MSIL's
exclusive authorized dealership, covering all major verticals -
ARENA, NEXA, True Value, and Commercial. MSIL is a well-established
brand with a diverse portfolio of models across segments. The
company continues to expand its offerings, including new launches
and electric vehicle initiatives, which are expected to support
ACPL in driving higher sales volumes and improving profitability.
The company operates 15 Arena showrooms, 6 NEXA showrooms, 4
TrueValue showrooms, 2 Commercial showrooms. ACPL operates across
six districts Coimbatore, Kanyakumari, Karur, Nilgiris, Tenkasi,
and Tirunelveli. To ensure comprehensive customer service, ACPL
also operates two Maruti driving schools, 29 service workshops, 12
body shops, and two stockyards, strategically located for high
visibility and accessibility across urban and semi-urban markets.
Extensive Promoter Experience: The company is led by S Srinivasan
and K Kalaivani, who bring over a decade of experience in the
automobile industry. Their active involvement has helped the
company stay focused on customer needs and run its daily operations
smoothly. Their experience continues to help ACPL grow its presence
and provide dependable service across the region.
Liquidity
Stretched: ACPL's average month-end utilization of its fund-based
limits was around 93.05% and non-fund-based limit is 100% of the
sanctioned limits over the 12 months ended October 2025. ACPL plans
to undertake a capital expenditure of INR174.6 million in FY26
towards electric vehicle infrastructure development across all
workshops and showrooms, and construction of three regular outlets
and two extension outlets and a showroom in Tirupur which will be
funded through internal accruals. In FY25, ACPL's working capital
cycle elongated to 64 days (FY24: 52 days), with an increase in its
inventory days to 82 (59). In FY25, the cash flow from operations
increased to INR155.9 million (FY24: INR84.87 million), due to
unfavorable changes in the working capital cycle. At FYE25, the
cash and cash equivalent stood at INR74.88 million (FYE24: INR72.95
million). Furthermore, the company does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
sustained deterioration in the credit metrics, with the interest
coverage remaining below 1.5x and further deterioration in the
liquidity position could lead to a negative rating action.
Positive: A substantial improvement in the scale of operations,
along with an improvement in the credit metrics, with the interest
coverage improving above 2.5x, all on a sustained basis, along with
an improvement in the liquidity position, could lead to a positive
rating action.
About the Company
ACPL, founded in 2012 by S. Srinivasan and K. Kalaivani, is an
authorized dealer of MSIL. The company offers a wide range of
services including the sale of new cars under ARENA and NEXA
brands, pre-owned cars through True Value outlets, spare parts and
accessories, vehicle servicing, and runs Maruti driving schools.
ADINATH BUILDWELL: Ind-Ra Keeps BB- Loan Rating in NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Adinath
Buildwell Private Limited's (ABPL) bank loan facilities' ratings in
the non-cooperating category and has simultaneously withdrawn the
same.
The detailed rating action is:
-- INR700 mil. Bank loan facilities maintained in non-cooperating
category and withdrawn.
Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on best available information
* Maintained at 'IND BB-/Negative (ISSUER NOT COOPERATING)' before
being withdrawn
Detailed Rationale of the Rating Action
The rating has been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise despite repeated requests by the agency through
phone calls and emails, and has not provided information about
latest audited financial statement, sanctioned bank facilities and
utilization, business plans and projections for the next three
years, and management certificate. This is in accordance with
Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a request for withdrawal of ratings and no-objection
certificate issued by the bankers. This is consistent with Ind-Ra's
Policy on Withdrawal of Ratings.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with ABPL while reviewing the
rating. Ind-Ra had consistently followed up with ABPL over emails,
apart from phone calls.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of ABPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
ABPL was incorporated in 2014 for residential construction with its
office located in Jodhpur, Rajasthan. The firm is currently
developing a residential project, Adinath Anantam (Premium 2&3 BHK
apartments) with a total saleable area of 1,072,901 sq ft in
Jodhpur.
ARCHIT LIFE: Ind-Ra Withdraws B+ Bank Loan Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Archit Life Science Limited's (ALSL) bank loan
facilities:
-- INR500 mil. Bank loan facilities affirmed and withdrawn.
*Affirmed at 'IND B+'/Stable/'IND A4' before being withdrawn
Detailed Rationale of the Rating Action
The rating reflects ALSL's nascent stage of operations, with the
company having commenced commercial operations only in FY26, weak
credit metrics, susceptibility to raw material price volatility and
poor liquidity profile. The company carried out a pilot project for
producing butyl acetate over FY24-FY25 and incurred losses. Ind-Ra
expects these losses to continue over FY26 and believes ALSL would
turn profitable from FY27. The rating, however, is supported by the
promoters' three decades of experience in the chemical
manufacturing industry.
Ind-Ra is no longer required to maintain the rating, as the agency
has received no-objection certificate from the lenders and a
withdrawal request from the issuer. This is consistent with
Ind-Ra's Policy on Withdrawal of Rating.
Detailed Description of Key Rating Drivers
Poor Liquidity: As the unit has recently commenced operations,
stability in its capacity utilization and growth in the scale of
operations are yet to be seen. This, along with the high interest
on the loans incurred for the project, is likely to exert pressure
on liquidity in the short term. ALSL has been sanctioned a cash
credit of INR250 million to support its working capital
requirements. The company has scheduled debt repayment obligations
of INR18.8 million in FY26 and INR21 million in FY27, which will be
met through unsecured loans from the promoters. ALSL does not have
any capital market exposure and relies on banks and financial
institutions to meet its funding requirements. Ind-Ra expects ALSL
to require additional funding to meet working capital requirements
in case it does not have sufficient drawing power in the initial
years to utilize the fund-based limits to their fullest extent.
However, the absence of visibility on the sources of additional
funding coupled with the poor liquidity position of its group
company, Archit Organosys Limited, would exert further pressure on
ALSL's liquidity profile and will remain a key rating monitorable.
Nascent Stages of Operations; Revenue To Grow Over Medium Term: The
rating reflects the nascent stage of operations of ALSL's
manufacturing unit at Naroda, Gujarat. The unit has an installed
production capacity of 36,500 metric tons per annum (MTPA). The
construction of the unit was completed in July 2025 and the
operations started in August 2025. ALSL booked revenue of INR50.90
million as of 15 September 2025. Ind-Ra expects the revenue to
increase in FY27 as it will be the first full year of operations
for the company. Furthermore, Ind-Ra expects the revenue to grow
steadily over the medium term. The timely stabilization of the unit
will remain a key monitorable to ensure successful ramp-up of the
operations, aiding revenue scale-up and healthy profitability
for the business.
Limited Bargaining Power; Susceptibility to Raw Material Price
Volatility: ALSL is exposed to fluctuations in the raw materials
(acetic acid and ethanol), as the price of acetic acid is linked to
crude oil prices. Similarly, the price of local ethanol, which is
derived from sugarcane molasses, tends to be volatile. Ethyl
acetate is a commodity product, and thus, is vulnerable to
volatility in raw material prices, which are governed by global
supply-demand dynamics. Furthermore, ALSL has limited bargaining
power, with one supplier controlling majority production of India's
requirement of acetic acid.
Credit Metrics to be Weak in FY26 due to Nascent Stage of
Operations: The gross interest coverage (operating EBITDA/gross
interest expense) and the net leverage (total adjusted
debt/operating EBITDA) are likely to be weak in FY26 as it would be
the first year of operations, and also because of high interest
rates of 11.40% on term loans and 10.90% on fund-based working
capital limits.
Experienced Promoters: The ratings are supported by the promoters'
experience of more than a decade in the chemicals manufacturing
industry, leading to established relationships with its customers
as well as suppliers.
Project Completed Within Stipulated Cost: The project entailed a
total investment of INR484.53 million, of which INR144.6 million
was funded through bank debt (30%), INR122.91 million via equity
capital (25%), and the remaining INR217.02 million through
unsecured loans (44.7%). There was no cost overrun, and the project
was completed within stipulated timelines.
About the Company
Incorporated in 2022, ALSL manufactures and trades chemicals such
as Ethyl Acetate, which is an organic solvent. The company has an
installed capacity of 36,500 MTPA in Naroda, Gujarat. The promoters
are Kandarp Amin, Archit Amin and Suchit Amin.
B.K. PRINT: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term ratings of B.K. Print and Pack in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 0.35 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 4.90 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding B.K. Print And
Pack's performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
Established in July 2010, B.K. Print and Pack is engaged in the
manufacturing of corrugated boxes and mono cartons for a range of
industries which includes FMCG, automobile, consumer durables,
liquor and engineering industries. The firm manufactures five
play-corrugated cartons and printed cartons. The firm's
manufacturing unit, located in Haridwar, is a fully automated plant
with an installed capacity of 1000 metric tons per day. The primary
raw material – kraft paper and duplex board are purchased from
various traders and paper mills located mainly in Uttarakhand. The
client profile of firm includes reputed customers present across
diverse industries such as beverage, FMCG, pharmaceutical, etc.
H.S. WEAVERS: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short Term rating of H.S. Weavers
Pvt. Ltd. in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]B (Stable); ISSUER NOT COOPERATING/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-Term- 4.00 [ICRA]B (Stable) ISSUER NOT
Fund based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long-Term- 4.05 [ICRA]B (Stable) ISSUER NOT
Fund based- COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term (0.90) [ICRA]A4 ISSUER NOT
Interchangeable COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long-Term/ 0.45 [ICRA]B(Stable)/[ICRA]A4;
Short-Term ISSUER NOT COOPERATING;
Unallocated Rating continues to remain
Limits under 'Issuer Not Cooperating'
category
As part of its process and in accordance with its rating agreement
with H.S.Weavers Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
H.S. Weavers Pvt. Ltd. was incorporated in July 2014, with the
objective of manufacturing grey fabrics. Mr. Shreshth Patodia, Mr.
Sagar Patodia, Mr. Vaibhav Kanodia and Mr. Hariprakash Kanodia are
the key directors and promoters of the company. The company has
taken a land parcel of ~4,426 sq. m. at Tantithya Village in
Palsana Taluka of Surat District (Gujarat) on a long-term lease of
30 years for its factory. This grey fabric manufacturing unit of
the company has been operational since August 2015.
IDEAA-Z AUTOMATION: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research has assigned Ideaa-z Automation Private
Limited (IAPL) a Long-Term Issuer Rating as follows:
-- INR0 mil. Issuer rating assigned with IND BB+/Stable rating.
Detailed Rationale of the Rating Action
The rating reflects IAPL's small scale of operations and the
likelihood of the same being sustained over the medium term. In
FY26, Ind-Ra expects the credit metrics to moderate on account of
the planed capex. Furthermore, the rating is supported by the
promoters' two decades of experience in the lighting automation
industry, and comfortable EBITDA margins as well as credit metrics
in FY25.
Detailed Description of Key Rating Drivers
Small Scale of Operation: The rating reflects IAPL's small scale of
operation as indicated by a revenue of INR1,030.40 million in FY25
(FY24: INR638.24 million) and an EBITDA of INR102.56 million
(INR60.20 million). In FY25, the revenue increased due to the
receipt of higher orders. In FY25, the firm had secured new
contracts, which are in progress currently. For 8MFY24, IAPL had
booked a revenue of around INR650 million and had work-in-progress
contracts worth of around INR383.50 million. In FY26, Ind-Ra
expects the revenue to remain stable, supported by the execution of
the pending orders and the company securing new orders.
Comfortable Credit Metrics, Moderation Likely: In FY25, IAPL's
credit metrics were comfortable with an interest coverage
(operating EBITDA/gross interest expenses) of 22.64x (FY24: 13.68x)
and a net leverage (adjusted net debt/operating EBITDAR) of 0.30x
(0.57x). The credit metrics improved in FY25 due to an increase in
the overall EBITDA to INR102.56 million (FY24: INR60.20 million).
In FY26, Ind-Ra expects the credit metrics to moderate due to a
planned capex of INR131.26 million, which will be funded through a
term loan of INR85 million and the rest INR46.26 million through
internal accruals. Till end-October 2025, IAPL had already incurred
INR115.76 million for capex, which was funded by a term loan of
INR85 million and the rest through internal accruals.
Comfortable EBITDA Margin: The ratings also factor in IAPL's
comfortable EBITDA margin of 9.95% in FY25 (FY24: 9.43%) with a
return on capital employed of 67.6% (65.3%). In FY25, the EBITDA
margin improved on account of a better absorption of overheads cost
as IAPL's fixed cost remained stable. In FY26, Ind-Ra expects the
EBITDA margins to remain stable on account of continued operating
leverage.
Promoters' Experience: The ratings are supported by the promoters'
experience of nearly two decades in the lighting automation
industry, leading to established relationships with customers and
suppliers.
Liquidity
Stretched: IAPL has debt repayment obligations of INR3.5 million
and INR5.0 million during FY26 and FY27, respectively. Furthermore,
the net working capital cycle shortened to 31 days in FY25 (FY24:
46 days) due to a decline in the inventory days to 23 (85). The
average month-end utilization of the fund-based limits was 37.20%
and that of the non-fund-based limit was 6.06% during the 12 months
ended October 2025. Furthermore, the free cash flow turned positive
at INR17.66 million (FY24: negative INR6.71 million), mainly as the
cashflow from operation improved to INR35.41 million in FY25 (FY24:
negative INR5.61 million) due to efficient working capital
utilization. The cash and cash equivalents stood at INR3.89 million
at FYE25 (FYE24: INR0.12 million). Furthermore, IAPL does not have
any capital market exposure and relies on banks and financial
institutions to meet its funding requirements.
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics along with the
liquidity profile, all on a sustained basis, will lead to a
negative rating action.
Positive: A significant and sustained increase in the scale of
operations, along with a sustained improvement in the overall
credit metrics as well as the liquidity profile, could lead to a
positive rating action.
About the Company
IAPL was incorporated in 2020, and provides advanced lighting
automation solutions, primarily catering to corporate clients. The
head office is located in Bengaluru, Karnataka.
KAMINENI EDUCATIONAL: Ind-Ra Withdraws BB- Bank Loan Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kamineni
Educational Society's (KES) bank loan facilities' rating as
follows:
-- The 'IND BB-/Negative (ISSUER NOT COOPERATING) rating on the
INR900 mil. Bank loan facilities is withdrawn.
Detailed Rationale of the Rating Action
Ind-Ra is no longer required to maintain the rating, as the agency
has received no dues certificates from the lender and a withdrawal
request from the issuer. This is consistent with Ind-Ra's Policy on
Withdrawal of Ratings. Ind-Ra will no longer provide analytical and
rating coverage for the company.
About the Company
Formed in 1989, Kamineni Educational Society is registered under
the Andhra Pradesh (Telangana) Public Societies Registration Act,
1350 Fasli. It runs nursing schools and colleges.
KOHINOOR CARPETS: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term ratings of Kohinoor Carpets in the
'Issuer Not Cooperating' category. The ratings are denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 4.18 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Kohinoor
Carpets's performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Kohinoor Carpets, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Kohinoor Carpets is a proprietorship firm owned by Mr. Ram Chander
Chuttani. The firm manufactures cotton rugs, bathmats, carpets,
cotton puffs, polar blankets, and various home furnishings. The
firm's manufacturing facilities are located at Panipat and Karnal
in Haryana and about 80% of its revenues come from exports, with
the US, the UK and Australia being the key markets.
KSR FOOTWEAR: Ind-Ra Assigns BB- Loan Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated KSR Footwear
Limited's (KFL) bank loan facilities as follows:
-- INR320 mil. Bank loan facilities assigned with IND BB-/Stable/
IND A4+ rating.
Analytical Approach
Ind-Ra has taken a standalone view of KFL to assign the rating. In
May 2025, Khadim India Limited's (KIL) distribution business was
demerged and transferred to KFL, which now operates as an
independent entity.
Detailed Rationale of the Rating Action
The rating reflects KFL's modest revenue, EBITDA margins, and
credit metrics along with stretched liquidity in FY25. The agency
expects the revenue, EBITDA margins and credit metrics to improve
in the medium term, while liquidity is likely to remain stretched.
The rating is, nevertheless, supported by the promoter's extensive
experience in the footwear industry.
Extensive promoter experience
Detailed Description of Key Rating Drivers
Modest Revenue: KFL's scale of operations remained modest with its
revenue increasing to INR2,057 million in FY25 (FY24: INR1,886
million), supported by an increase in the sales volume in the
distribution business to 22.25 million units (21.55 million units)
with an average realization of INR92.45 per unit (INR87.50). The
improvement in average realization was primarily driven by a higher
share of polyurethane (PU) soles, which command the highest
per-unit realization. The Hawai segment remained the largest
contributor, accounting for 56% of the total revenue (FY24: 65%),
followed by PU soles at 25% (14%) and injected ethylene-vinyl
acetate (EVA) and polyvinyl chloride (PVC) soles at 18% (18%). In
the medium term, the agency expects the revenue to improve as the
company has streamlined its product portfolio by shutting down its
underperforming stock keeping units (SKUs) and increasing
production of high-demand SKUs. In 1HFY26, KFL generated revenue of
INR944 million, and the agency expects the company to register
revenue of INR1,900 million-2,000 million in FY26.
Modest EBITDA Margins; likely to Improve: In the medium term, the
agency expects the EBITDAR margins to improve as the company has
liquidated underperforming SKUs and is maintaining only
higher-margin SKUs. In FY25, the EBITDAR margin turned positive at
0.73% (FY24: negative 0.67%), supported by better absorption of
fixed costs. The company's return on capital employed remained
negative 12% in FY25 (FY24: negative 27.8%). In 1HFY26, KFL's
EBITDAR margin stood at negative 11.61%, due to KFL liquidating its
old inventory at discounted levels.
Weak Credit Metrics; likely to Improve: In the medium term, Ind-Ra
expects the credit metrics to improve, owing to the improvement in
its EBITDAR. In FY25, the distribution business' gross interest
coverage (operating EBITDAR/gross interest expenses + rents)
increased to 0.29x (FY24: negative EBITDAR) and the net leverage
(total adjusted net debt/operating EBITDAR) shot up to 37.27x
(FY24: negative EBITDAR). In FY24, the credit metrics improved
owing to positive EBITDAR.
Stretched Liquidity: Please refer to the Liquidity section.
Extensive Promoter Experience: The Burman family has been engaged
in the footwear business since 1981 and has expanded their presence
across India in the past four decades, building brands such as
Khadim, British Walkers, and Lazard among others, leading to an
established brand perception and strong relationship with customers
and suppliers.
Liquidity
Stretched: The company's net working capital cycle reduced but
remained elongated at 183 days in FY25 (FY24: 256 days), due to a
decrease in its inventory days to 205 days (256 days). The company
provides around 90 days credit period to its customers and receives
around 100 days credit period from its suppliers. The inventory
holding period varies around 200 days. KFL's average maximum
utilization of the fund-based limits was 96.67% and the
non-fund-based limits was 8.7% during the two months ended
September 2025 as the limits were availed in August 2025 only. The
cash and cash equivalents stood at INR10 million at FYE25 (FYE24:
INR10 million). Furthermore, KFL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. KFL does not have any repayment obligations
in FY26 and FY27.
Rating Sensitivities
Negative: A decline in the scale of operations leading to further
deterioration of the credit metric or liquidity would lead to a
negative rating action.
Positive: An improvement in the scale of operations along with a
rise in the EBITDA margins, leading to an improvement in credit
metrics and liquidity, on a sustained basis, would lead to a
positive rating action.
About the Company
Incorporated in 2023, KFL is engaged in the wholesale and
distribution of footwear. Its registered office is in Parganas,
West Bengal. The company was formed through the demerger of Khadim
India Limited's footwear distribution business in May 2025.
LAKSHMI SRINIVAS: ICRA Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term ratings of Sri Lakshmi Srinivas
Parboiled (SLSP) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B- (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.91 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 3.72 [ICRA]B- (Stable) ISSUER NOT
Fund-based COOPERATING; Rating continues
Term Loan to remain in the 'Issuer Not
Cooperating' category
Long Term- 0.87 [ICRA]B-(Stable); ISSUER NOT
Non Fund Based- COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding SLSP's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Sri Lakshmi Srinivas Parboiled, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.
Sri Lakshmi Srinivas Parboiled (SLSP) was established as a
partnership firm in October 2018 by Mr. T Subramanyam and his
family members. The firm started its commercial production in June
2020 for manufacturing unit for the production and processing of
polished rice and rice products with the processing capacity of
5MT/Hr in Manchalapur district of Raichur, Karnataka. The firm's
major products will include boiled rice, raw rice, bran, broken
rice and husk. The firm will sell its products, mainly Sona Masoori
and Voda Kollam rice, under various brands.
LENORA VITRIFIED: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Lenora
Vitrified LLP in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.00 [ICRA]B (Stable) ISSUER NOT
Fund-Based COOPERATING; Rating continues
Cash Credit to remain in the 'Issuer Not
Cooperating' category
Long Term- 13.00 [ICRA]B (Stable) ISSUER NOT
Fund-based COOPERATING; Rating continues
Term Loan to remain in the 'Issuer Not
Cooperating' category
Long Term/ 1.25 [ICRA]B(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Short Term- 2.50 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Lenora Vitrified
LLP's performance and hence the uncertainty around its credit risk.
ICRA assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Lenora Vitrified LLP, ICRA has been trying to seek information
from the entity so as to monitor its performance Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Established in July 2016, Lenora Vitrified LLP is involved in
manufacturing glazed vitrified tiles. LVL commenced operations in
April 2017. Its manufacturing facility is located at Morbi (Rajkot,
Gujarat) with an installed capacity of manufacturing ~63,000 MTPA
(~25.4 lakh boxes per annum).
MAHESHWARI STRUCTURES: ICRA Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings of Maheshwari Structures in the
'Issuer Not Cooperating' category. The ratings are denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.10 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Maheshwari
Structures's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Maheshwari Structures, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Established in year 2008, Maheshwari Structures is Nashik
(Maharashtra) based closely held partnership firm is involved in
fabrication of transmission line towers, solar PV structures and W
beam Guard Rails. In year 2013, the firm forayed into manufacturing
of transmission towers and steel structures required for solar
photovoltaic projects followed by venture in manufacturing of W
Beam Guard Rails in 2014.
NIKET EXIM: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short Term rating of Niket Exim
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 110.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-Term (20.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
Limits Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with NIKET EXIM PRIVATE LIMITED, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Niket Exim Private Limited is an Indian private company,
incorporated in 2006, with a registered office in Mumbai, involved
in various activities including utility networks (water, sewage)
and potentially export/import (Exim), though public
financial/operational details are limited due to non-cooperation
and lack of recent filings, indicating a company with restricted
public data availability.
NOTTO GRANITO: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Notto Granito
LLP (NGL) in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund-Based COOPERATING; Rating continues
Cash Credit to remain in the 'Issuer Not
Cooperating' category
Long Term- 27.80 [ICRA]B+ (Stable) ISSUER NOT
Fund-based COOPERATING; Rating continues
Term Loan to remain in the 'Issuer Not
Cooperating' category
Long Term/ 0.20 [ICRA]B+(Stable); ISSUER NOT
Short Term- COOPERATING/[ICRA]A4; ISSUER
Unallocated NOT COOPERATING; Rating
continues to remain under
'Issuer Not Cooperating'
category
Short Term- 2.50 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Bank Guarantee to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding NGL's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.
As part of its process and in accordance with its rating agreement
with Notto Granito LLP, ICRA has been trying to seek information
from the entity so as to monitor its performance Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Established in July 2017 as a limited partnership firm, NGL
commenced commercial production in June 2018. Its product profile
comprises glazed charged vitrified tiles of 600X600 mm and 600X1200
mm. NGL's manufacturing unit is located at Morbi, the ceramic tile
manufacturing hub of Gujarat, and is equipped to manufacture
26,00,000 boxes of vitrified tiles per annum.
P. D. SHAH: ICRA Lowers Rating on INR14.80cr LT Loan to C
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of P. D.
Shah and Sons, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 14.80 [ICRA]C; ISSUER NOT COOPERATING;
Fund based Rating downgraded from
Cash Credit [ICRA]B+ (Stable); ISSUER NOT
COOPERATING and continues to
remain under 'Issuer Not
Cooperating' category
Long Term/ (10.20) [ICRA]C/[ICRA]A4; ISSUER NOT
Short Term- COOPERATING; Long term rating
Interchangeable downgraded from [ICRA]B+
(Stable); ISSUER NOT COOPERATING
and short-term rating continues
to remain under 'Issuer Not
Cooperating' category
Rationale
The rating is downgrade based on the information available
internally (CIC Database) regarding P. D. Shah and Sons performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with P. D. Shah and Sons, ICRA has been trying to seek information
from the entity so as to monitor its performance Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
The Group is entirely run by the close-knit Shah family based out
of Pune, Maharashtra. The Shah family Group trades in fast moving
consumer goods (FMCG) products like farchan, agarbatti (incense
sticks), Society Tea, khari, etc., distribution of dairy products
for the companies like Warana Dairy, Amul, Gowardhan, Nutralite,
Microlite, trading of frozen food products like green peas and
strawberry, distribution of FMCG products like cosmetics,
detergents and food products for Hindustan Unilever Ltd, cold
storage services ranging from automated blast freezing and
sortation, packaging, chilled and frozen storage, cross-dock order
picking, value-added logistic services, consolidation and
import/export management programmes and partner-dedicated tailored
facilities.
The proprietor of the Group, Mr. Ashok Popatlal Shah, started the
business of mix-farchan, agarbatti, Society Tea, khari, Vadilal
Ice-Cream one by one in Pimpri Chinchwad and Pune, and then started
the distribution of dairy products for companies Warana Dairy,
Amul, Gowardhan, Nutralite, Microlite for products such as ghee,
cheese, butter, cheese spread, shrikhand, milk powder, chocolate,
dahi, unsalted butter. The Group also has a trading business of
frozen green peas and strawberry. It also has distribution for
Hindustan Unilever Ltd. in cosmetics, detergent and food products.
Moreover, the Group offers skimmed milk powder, buffalo skimmed
milk powder and buffalo yellow butter.
SEFL DA II: Ind-Ra Keeps D Loan Rating in NonCooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained SEFL DA
September 2019 II' ratings in the non-cooperating category and has
simultaneously withdrawn the same.
The detailed rating actions are:
-- INR978.77 mil. Assignee payouts (Long-term)* issued on
September 30, 2019 coupon rate 10.01% due on September 30,
2023 maintained in non-cooperating category and withdrawn;
and
-- INR520.45 mil. Assignor retention (Long-term)* issued on
September 30, 2023 maintained in non-cooperating category and
withdrawn.
* Maintained at 'IND D (SO)(ISSUER NOT COOPERATING)' before being
withdrawn
Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on best available information
Detailed Rationale of the Rating Action
The construction equipment pool assigned to the trust has been
originated by SREI Equipment Finance Limited (SEFL, the assignor,
and collection and processing agent.
The rating has been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise, despite repeated requests and follow-ups by
the agency through phone calls and emails and has not provided
information about the latest audited financial statements,
sanctioned bank facilities and utilization, business plans and
projections for the next three years, and management certificate.
This is in accordance with Ind-Ra's policy of 'Guidelines on What
Constitutes Non-cooperation'.
Ind-Ra is no longer required to maintain the rating as no objection
certificate has been received. The withdrawal is based on the NOC
received from the investor. This is consistent with Ind-Ra's Policy
on Withdrawal of Ratings.
Non-Cooperation by the Issuer
The ratings have been maintained in non-cooperating category as
Ind-Ra has not received no-default statements continuously for more
than a year. Additionally, Ind-Ra has not received any update on
the pool from the issuer and the investor representative, and since
the issuer no longer acts as the servicer for the pool, they are
unlikely to be able to provide any further information on the
same.
Limitations regarding Information Availability
Ind-Ra is unable to provide a forward-looking view on the assignee
payouts and the assignor retention, as the agency does not have
adequate information on the underlying pool. If an issuer does not
provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Hence, investors and other users are advised to
take appropriate caution while using the ratings.
About the Originator
SEFL is engaged in the financing of construction and mining
equipment, information technology, medical and agriculture-based
farm equipment.
During 1HFY24, the company witnessed a loss of INR1 billion (FY23:
loss of INR112 billion).
SEFL DA III: Ind-Ra Keeps D Loan Rating in NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained SEFL DA
September 2019 III's ratings in the non-cooperating category and
has simultaneously withdrawn the same.
The detailed rating actions are:
-- INR828.60 mil. Assignee payouts (Long-term)* issued on
September 30, 2019 coupon rate 10.26% due on September 30,
2023 maintained in non-cooperating category and withdrawn.
-- INR156.77 mil. Assignor retention (Long-term)* due on
September 30, 2023 maintained in non-cooperating category and
withdrawn.
* Maintained at 'IND D(SO)(ISSUER NOT COOPERATING)' before being
withdrawn
Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on best available information
Detailed Rationale of the Rating Action
The construction equipment pool assigned to the trust has been
originated by SREI Equipment Finance Limited (SEFL, the assignor,
and collection and processing agent).
The rating has been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise, despite repeated requests and follow-ups by
the agency through phone calls and emails and has not provided
information about the latest audited financial statements,
sanctioned bank facilities and utilization, business plans and
projections for the next three years, and management certificate.
This is in accordance with Ind-Ra's policy of 'Guidelines on What
Constitutes Non-cooperation'.
Ind-Ra is no longer required to maintain the rating as it has
received a no-objection certificate (NOC) to withdraw the rating.
The withdrawal is based on the NOC received from the investor. This
is consistent with Ind-Ra's Policy on Withdrawal of Ratings.
Non-Cooperation by the Issuer
The ratings have been maintained in non-cooperating category as
Ind-Ra has not received no-default statements continuously for more
than a year. Additionally, Ind-Ra has not received any update on
the pool from the issuer and the investor representative, and since
the issuer no longer acts as the servicer for the pool, they are
unlikely to be able to provide any further information on the
same.
Limitations regarding Information Availability
Ind-Ra is unable to provide a forward-looking view on the assignee
payouts and the assignor retention, as the agency does not have
adequate information on the underlying pool. If an issuer does not
provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Hence, investors and other users are advised to
take appropriate caution while using the ratings.
About the Originator
SEFL is engaged in the financing of construction and mining
equipment, information technology, medical and agriculture-based
farm equipment.
During 1HFY24, the company witnessed a loss of INR1 billion (FY23:
loss of INR112 billion).
SHK CHEMTECH: Ind-Ra Affirms BB+ Bank Loan Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on SHK Chemtech Industries LLP's (SCIL) bank loan
facilities:
-- INR970 mil. Bank loan facilities assigned with IND BB+/Stable
rating; and
-- INR629.70 mil. Bank loan facilities affirmed with IND BB+/
Stable/IND A4+ rating.
Detailed Rationale of the Rating Action
The rating reflects SCIL's continued medium scale of operations,
modest EBITDA margins, and modest credit metrics in FY25. Ind-Ra
expects the scale of operations and EBITDA margins to improve in
FY26. However, the agency expects the credit metrics to sustain at
similar levels on account of a marginal decline in overall debt
levels. The rating, however, is supported by the company partners'
extensive operating experience of two and a half decades in the
chemicals and sugar-based ethanol industry and reputed clientele.
Detailed Description of Key Rating Drivers
Medium Scale of Operations: SCIL's scale of operations remained
medium in FY25, with its revenue marginally reducing to INR2,615.4
million (FY24: INR2,668 million), due to an unexpected fall in its
average realizations of ethyl alcohol to INR67.25 (INR77.04). To
sustain the revenue at a similar level, the company produced
maize-based ethanol in higher quantities. However, its EBITDA
increased to just INR124.7 million in FY25 (FY24: INR87.28
million), due to a sustained scale of operations. The total
installed capacity for ethyl acetate remained at 75 tons per day
and the capacity of ethanol increased to 160 kiloliters per day
(KLPD) in FY25 (FY24: 60KLPD), on the back of the commencement of a
new 100KLPD grain-based ethanol distillery in September 2025. The
capacity utilization of ethyl acetate increased to 19,275 metric
tons (MT) in FY25 (FY24: 17,523MT), on account of an increase in
demand and installed capacity. However, the ethanol capacity
utilization declined to 17,673MT in FY25 (FY24: 21,650MT), due to
fewer operational days during the installation work at the factory.
In FY26, Ind-Ra expects the revenue to improve, supported by a
likely increase in the scale of operations.
Modest EBITDA Margins: SCIL's EBITDA margins improved but remained
modest at 4.77% in FY25 (FY24: 3.27%), on account of a decline in
the cost of goods sold to 87.78% (90.63%) amid fluctuations in raw
material prices. The return on capital employed reduced to 7.3% in
FY25 (FY24: 10.6%). In FY26, Ind-Ra expects the EBITDA margin to
improve marginally, supported by the commissioning of the new
unit.
Modest Credit Metrics: The rating reflects SCIL's modest credit
metrics in FY25, with its gross interest coverage (operating
EBITDA/gross interest expenses) increasing to 3.05x (FY24: 2.02x),
mainly on account of capitalized interest against term loan along
with the improvement in operating profit. The net leverage (total
adjusted net debt/operating EBITDAR) increased to 9.92x in FY25
(FY24: 1.82x), due to an increase in its overall debt to INR1,257
million (INR399.24 million) in the form of term loan and unsecured
loans.
In FY26, Ind-Ra expects the credit metrics to sustain at a similar
level, supported by a marginal decline in its debt levels. SCIL
completed its capex of INR1,350.9 million in September 2025. The
capex has been scheduled to be funded through a term loan of INR970
million, equity of INR312 million, internal accruals of INR53.9
million, and the rest INR15 million through unsecured loans. As of
November 2025, SCIL incurred capex of INR1,329.1 million, which
was funded by a term loan of INR970 million, equity of INR312
million, and INR47.10 million through internal accruals and
unsecured loans.
Extensive Experience of Partners: The partners of the company have
more than two-and-a-half-decades of experience in the chemicals and
sugar-based ethanol industry, leading to their strong understanding
of market dynamics and established relationships with suppliers and
customers. A quick ramp-up in sales in FY26 will also be supported
by the experienced management team.
Reputed Clientele: The main clients of the company consist of
well-established brands such as Bharat Petroleum Corporation Ltd,
Hindustan Petroleum Corporation Limited (debt rated at 'IND
AAA'/Stable), Indian Oil Corporation Ltd ('IND BBB-/Stable'),
Nayara Energy Limited, and ACI Enterprise Private Limited, with
which it has more than five years of relationships.
Liquidity
Stretched: SCIL's average maximum utilization of the fund-based
limits was 66.59% and the non-fund-based limits was 90% during the
12 months ended October 2025. The cash flow from operations turned
negative INR203.74 million in FY25 (FY24: INR295.76 million), due
to an unfavorable change in the working capital requirement.
Furthermore, the free cash flow turned negative INR1,185.81 million
in FY25 (FY24: INR284.7 million) due to the capex of INR982.07
million. The net working capital cycle increased to 13 days in FY25
(FY24: 4 days), mainly on account of a fall in the inventory days
to 33 days (70 days) and a reduction in the creditor days to 57
days (92 days). The company provides 30-45 days of credit period to
its customers and receives 50-60 days credit period from its
suppliers. The inventory holding period varies from 30-40 days
(with raw material holding of 40 days, work-in-progress of 15-20
days and finished good stocking of 15-20 days). SCIL has debt
repayment obligations of INR52.5 million and INR135 million in FY26
and FY27, respectively. The cash and cash equivalents stood at
INR20.36 million at FYE25 (FYE24: INR240 million). Furthermore,
SCIL does not have any capital market exposure and relies on banks
and financial institutions to meet its funding requirements.
Rating Sensitivities
Negative: A decline in the scale of operations, or deterioration in
the overall credit metrics with the net financial leverage
remaining above 4.5x or any unplanned debt led capex, or a
weakening of the liquidity position, all on a sustained basis,
could lead to a negative rating action.
Positive: An improvement in the scale of operations, along with an
improvement in overall credit metrics while maintaining the
liquidity position with the net financial leverage reducing below
3.5x, all on a sustained basis, could lead to a positive rating
action.
About the Company
Established in 2018, SCIL manufactures ethanol and ethyl acetate in
Latur, Maharashtra. It has production capacities of 60KLPD of
sugar-based ethanol, 100KLPD of grain-based ethanol, and 100TPD
ethyl acetate. The plant commenced operations from November 2020.
The operations are managed by Prathmesh Kocheta, Ananda Kocheta,
and other partners.
SHRI VASUPRADA: Ind-Ra Hikes NonConvertible Debt Rating to BB
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded the rating on Shri
Vasuprada Plantations Limited's (SVPL) debt instruments to 'IND BB'
from 'IND B+'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR500 mil. Non-convertible debenture# upgraded with IND BB/
Stable rating; and
-- INR250 mil. Preference 6% shares for 20 years* upgraded with
IND BB/Stable rating.
#Details in Annexure
*From the date of allotment and subject to early repayment by the
company
Analytical Approach
Ind-Ra continues to take a fully consolidated view of SVPL, its
subsidiary Keshava Plantations Pvt Ltd (KPPL; 100% stake), and
associate company The Cochin Malabar Estates & Industries Ltd.
(24.68% stake), together referred to as the group, while reviewing
the ratings on account of the medium-to-strong operational and
strategic linkages among them. The entities have a same business
profile and a common management. Although Ind-Ra has not
consolidated SVPL with its group company, Gloster Limited (GL) due
to weak operational and financial linkages between the two
entities, but SVPL has been benefitting from consistent financial
support from GL. This support has primarily been in the form of
inter-corporate deposits, which have played a key role in
bolstering SVPL's liquidity position. Accordingly, the ratings have
been notched up factoring in the support available from GL.
Detailed Rationale of the Rating Action
The upgrade reflects an improvement in SVPL's scale of operations,
EBITDA margins and credit metrics in FY25.
The ratings, however, remain constrained by SVPL's small scale of
operations, modest EBITDA margin, modest credit metrics, stretched
liquidity and cyclicality and climatic risks.
In FY26, Ind-Ra expects revenue to grow further, leading to an
improvement in the EBITDA margins and credit metrics. The liquidity
is likely to improve in FY26 but remain stretched. The rating is
supported by the promoters' more than two decades of experience in
the tea and coffee industry.
Detailed Description of Key Rating Drivers
Scale of Operations Improved yet stayed Small in FY25: In FY25, the
group's revenue grew to INR1,324.02 million (FY24: INR1,076
million) with the EBITDA turning positive at INR58.75 million
(negative INR90.89 million). The revenue growth was majorly driven
by higher volume sales of rubber, along with a better pricing for
all three segments i.e, rubber, coffee and tea. In FY25, SVPL sold
1.52 million kg rubber (FY24: 1.16 million kg) at an average
realization of INR206 per kg (INR169 per kg) amounting for 25%
(19%) of the revenue. Tea sales stood 3.2 million kg (3.56 million
kg) with an average realization of INR216 per kg (INR181 per kg).
The realization per kg increased for tea as the company has
increased the production of orthodox tea which yields better
pricing than crush, tear, curl (CTC) tea. Coffee sales stood at
0.35 million kg in FY25 (FY24: 0.36 million kg) with an average
realization of INR444 per kg (INR295 kg) owing to an increase in
the demand for Arabica and Robusta Coffee. In 1HFY26, SVPL
generated a revenue of INR751 million (1HFY25: INR628 million).
Based on the 1HFY26 performance and trend of higher sale of coffee
and rubber in 3Q and 4Q, Ind-Ra expects the revenue to improve in
FY26.
EBITDA Margins Improved but Stayed Modest: In FY25, the EBITDA
margins turned positive at 4.44% (FY24: negative 6.59%). Tea,
coffee and rubber are labor-intensive businesses. Labor costs
account for around 60% of the total costs. The margins have
improved owing to a better absorption of these fixed costs with an
increase in scale of operations. The return on capital employed was
negative at 0.3% in FY25 (FY24: negative 9%). In FY26, Ind-Ra
expects the EBITDA margin to improve with a further increase in the
scale of operations, leading to a better operating leverage.
Credit Metrics Improved but Stayed Modest: In FY25, the group's
credit metrics improved as the EBITDA turned positive; however,
they stayed modest with an interest coverage (operating
EBITDA/gross interest expenses) of 1.03x in FY25 (FY24: negative
EBITDA) and a net financial leverage (adjusted net debt/operating
EBITDAR) of 9.84x (negative EBITDA). In FY26, Ind-Ra expects the
group's credit metrics to improve owing to growth in the EBITDA.
Stretched Liquidity: Please refer to the Liquidity section.
Cyclicality and Climatic Risks: The ratings are further constrained
by agro-climatic risks as tea and coffee production is dependent on
climatic conditions. Additionally, the inherent cyclicality of the
fixed-cost intensive tea industry, leads to variability in
profitability and cash flows of bulk tea blenders.
Experienced Promoters: However, the ratings continue to be
supported by the promoters' more than two decades of experience in
the tea and coffee business as well as timely funding support from
the promoters.
Liquidity
Stretched: The group's net working capital cycle improved but
remained elongated at 437 days in FY25 (FY24: 1,021 days) owing to
a shorter inventory holding period of 432 days (1,026 days). The
group's cash flow from operations improved but remained negative at
INR16 million in FY25 (FY24: negative INR139 million).
Consequently, the group's free cash flow remained negative at INR77
million in FY25 (FY24: negative INR198 million) owing to capex of
INR61 million (INR58 million). The group's cash & cash equivalents
stood at INR8 million in FY25 (FY24: INR7.41 million). During
FY25, SVPL liquidated its stake in M/s. Pranav Infradev Co. Pvt.
Ltd., leading to a cash inflow of INR69 million. SVPL has scheduled
repayments of INR0.27 and INR 0.3 million in FY26 and FY27. The
company's average utilization of the fund-based limits was 51.1%
during the 12 months ended October 2024.
Rating Sensitivities
Negative: A significant decline in the scale of operations or any
weakening/delay in the receipt of financial support from the group
companies, resulting in a decline in the liquidity or the interest
coverage, all on a sustained and consolidated basis, will be
negative for the ratings.
Positive: An improvement in the scale of operations, leading to an
overall improvement in the credit metrics with an interest coverage
above 1.5x, along with an improvement in the liquidity and a
continued support from group companies, all on a sustained and
consolidated basis, will be positive for the ratings.
About the Company
SVPL operates five tea estates, one coffee estate and one rubber
estate located in Northern and Southern Part of India. The
company's registered office is in Kolkata, West Bengal. SVPL is
managed and promoted by the Bangur group.
SSIPL LIFESTYLE: Ind-Ra Places BB+ Bank Loan Rating Under Watch
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has placed SSIPL Lifestyle
Private Limited's (SLPL) bank loan facilities on Rating Watch with
Positive Implications as follows:
-- INR750 mil. Bank Loan Facilities Placed on Rating Watch with
IND BB+/Rating Watch with Positive Implications/IND A4+/
Rating Watch with Positive Implications.
Analytical Approach
Ind-Ra has changed its rating approach to take a fully consolidated
view of SLPL and its group company Sports Station Boutique Private
Limited (SSBPL) from a standalone view earlier, owing to the strong
legal, operational and strategic linkages between them. SSBPL is a
newly established sister concern, formed through the demerger of
SLPL.
Detailed Rationale of the Rating Action
Ind-Ra has placed the ratings on Rating Watch with Positive
Implications, driven by the expected inflow of pre-initial public
offering (IPO) proceeds in January 2026. In addition, the company
has availed an ad-hoc credit limit, which is scheduled to be repaid
by January 2026.
The ratings reflect the company's continued small scale of
operations, elongated net working capital cycle, and stretched
liquidity position. However, the ratings are supported by an
improvement in the company's operating performance and credit
metrics in 1HFY26, along with its long-standing track record,
experienced promoters, and established relationships with
suppliers.
Detailed Description of Key Rating Drivers
Continued Small Scale of Operations: The consolidated revenue
declined slightly to INR2,157 million in FY25 (FY24: INR2,419
million) because SLPL had closed down its loss-generating business
in FY24. During 1HFY26, SLPL earned a revenue of INR1,130 million.
Ind-Ra expects the revenue to improve in the medium term on account
of the addition of new stores in FY26, for which the company has
also availed a term loan of INR100 million. Furthermore, the
company is planning to add 15 stores in FY27. At end-November
2025, SLPL operated 56 stores under the franchise model and in
SSBPL, there were 37 stores.
Elongated Net Working Capital Cycle: The consolidated net working
capital cycle elongated to 201 days in FY25 (FY24: 100 days),
largely on account of a long inventory holding period of 256 days
(121 days) as SLPL has to maintain a large stock of stock in its
stores and due to the opening of new stores. The company provides
30-60 days of credit period to its customers and receives 45-90
days of credit period from its suppliers. Notably, the receivables
and inventory holding periods remain optically long due to sale
skewness towards the third and fourth quarter of the financial
year. Ind-Ra expects the working capital cycle to remain at similar
levels owing to the nature of the business.
Intense Competition in Retail Sector: The organized retail sector
is characterized by intense competition. Deep-pocketed foreign
players as well as rapid expansion of the ecommerce industry have
been posing a threat to the traditional brick and mortar stores.
Furthermore, the sector is highly susceptible to economic cycles,
especially in discretionary categories, such as apparel.
Stretched Liquidity: Please refer to the Liquidity section below.
Healthy Operating Profitability: SLPL's consolidated operating
profitability increased to 9.99% in FY25 (FY24: 0.15%, FY23: 6.5%),
since company had closed its loss-generating Lotto division in
FY24. The EBITDA margin is likely to improve in the near term
because of the management's plans to add more stores and expand its
distribution business. The return on capital employed increased to
18.6% in FY25 (FY24: negative 10.9%, FY23: 13.8%). In FY24, the
EBITDA margins had declined due to the losses incurred in one of
the business divisions.
Improvement in Credit Metrics: The consolidated gross interest
coverage (operating EBITDA/gross interest expenses) improved to
2.97x in FY25 (FY24: 0.03x) and the net leverage (adjusted net
debt/operating EBITDA) to 2.93x (126.2x), due to a rise in the
EBITDA to INR215.53 million in FY25 (FY24: INR3.75 million) and a
decrease in the interest expenses. In FY26, SLPL has planned capex
of INR170 million-180 million, which will be funded through a term
loan of INR100 million and the balance through internal accruals
and unsecured loans.
Considerable Promoter Experience; Associations with Reputed Brands:
The promoters have over two decades of experience in the textile
and apparel industry. SLPL is associated with reputed companies
such as Levi Strauss (India) Private Limited, Benetton India
Private Limited among others. Furthermore, the company is also a
licensed distributor for 'Nike' brand merchandise across India.
Liquidity
Stretched: At FY25, SLPL had unencumbered cash and cash equivalents
of INR24.92 million (FY24: INR21.06 million). The average maximum
utilization of the fund-based limits was 99.55% during the 12
months ended September 2025 and the agency expects the utilization
to have remained at the similar level over October-November 2025.
The cash flow from operations declined to INR70.82 million in FY25
(FY24: INR124.50 million) and free cash flow decrease to INR17.22
million in FY25 (FY24: INR70.02 million), they both decreased due
to increase in working capital. The standalone net working capital
cycle elongated to 151 days in FY25 (FY24: 100 days), mainly on
account of an increase in the inventory days to 220 (121).
Furthermore, the company does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements. SLPL has debt repayment obligations of INR60.8
million and INR64.1 million in FY26 and FY27, respectively.
Additionally, the company also had a sales tax liability of INR96
million as of March 31, 2025 and its crystallization is likely to
have a negative impact on the ratings.
The company expects to receive a pre-IPO inflow of INR80
million-100 million in January 2026. In addition, it has availed an
ad-hoc credit facility of INR75 million, which is scheduled for
repayment by January 2026.
Rating Sensitivities
The Rating Watch with Positive Implications indicates that the
ratings may be either affirmed or upgraded. Ind-Ra will resolve the
Rating Watch on the timely receipt of pre-IPO proceeds.
Any Other Information
Standalone Performance: SLPL's revenue decreased to INR1,710.97
million in FY25 (FY24: INR2,419.21 million) since the company had
closed down its loss-generating business in FY24. The company
booked revenue of INR899.7 million in 1HFY26. The operating margin
increased to 11.8% in FY25 (FY24: 0.15%). The interest coverage
increased to 3.16x in FY25 (FY24: 0.03x) and the net leverage
improved to 2.24x (127.53x) on account of an increase in the
profitability to INR201.53 million (INR3.73 million).
About the Company
SLPL was incorporated in 2007. It is in retail business. It runs
exclusive brand outlets for brands including Levis, United Colors
of Bentton. It is also a licensed distributor for 'Nike' brand
merchandise across India.
TREESAS FOOD: Ind-Ra Affirms BB+ Bank Loan Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Treesa's Food
Crafts Private Limited's (TFCPL) bank loan facilities' rating as
follows:
-- INR650 mil. Bank loan facilities affirmed with IND BB+/Stable/
IND A4+ rating.
Detailed Rationale of the Rating Action
The ratings reflect TFCPL's stretched liquidity, modest EBITDA
margin, and medium scale of operations in FY25. In FY26, Ind-Ra
expects the liquidity to remain stretched and the EBITDA margins to
remain at similar levels. However, the agency expects the revenue
to grow and the credit metrics to improve in FY26 on the back of
further expansion of its distribution network.
The ratings remain supported by the company's comfortable credit
metrics, established brand name, strong distribution network and
the promoters' nearly two decades of experience in the ice-cream
industry.
Continued Modest EBITDA Margins: The EBITDA margins were modest at
8.80% in FY25 (FY24: 9.54%) with a return on capital employed of
6.6% (5.1%). In FY25, the EBITDA margins declined owing to an
increase in personnel expenses to INR140 million (FY24: INR99.34
million) and advertising expenses to INR86 million (INR66 million).
The increase in expenses was driven by the expansion into the
southern states of India including Tamil Nadu, Karnataka,
Telangana, and Andhra Pradesh. In FY26, Ind-Ra expects the EBITDA
margins to remain at similar levels because though these expansion
efforts would continue to increase expenses, an increase in the
scale of operations would facilitate an improvement in the
operating leverage.
Improvement in Medium Scale of Operations in FY25; Likely to Grow
Further in FY26: In FY25, TFCPL's revenue grew to INR1,746.2
million (FY24: INR1,461.5 million) and EBITDA to INR153.7 million
(INR139.38 million). The revenue improved due to increase in
demand, which has been facilitated by Mercelys brand's continued
strong position in Kerala, along with expansion of distribution
network in Tamil Nadu, Karnataka, Telangana, Andhra Pradesh, and
Goa; where, until now, it had a relatively smaller presence. The
company is further penetrating into the Middle Eastern countries
including Saudi Arabia, the UAE and Qatar; and plans to
significantly increase revenue generation from these countries in
the medium term. In 1HFY26, TFCPL booked revenue of INR851 million
(1HFY25: INR824 million). Based on 1HFY26 figures and TFCPL's
consistent expansion efforts, Ind-Ra expects the revenue to
continue improving in the medium term.
Continued Comfortable Credit Metrics: The interest coverage
(operating EBITDA/gross interest expense) was 2.75x in FY25 (FY24:
3.01x) and net leverage (adjusted net debt/operating EBITDAR) was
3.84x (3.8x). This was due to a similar increase in the EBITDA,
interest cost and the overall debt levels. In FY26, TFCPL has
planned a capex of INR62.44 million funded through a term loan of
INR62.44 million. The entire capex has been incurred, and
management expects the setup to be completed by end-December 2025.
However, in FY26, Ind-Ra expects the credit metrics to improve
despite the ongoing capex on account of a likely improvement in the
EBITDA.
Established Brand and Distribution Network: The Mercelys brand is
present in Kerala, Tamil Nadu, Karnataka, Telangana, Andhra
Pradesh, Goa and Maharashtra. At FYE25, the company had a network
of 288 distributors (FYE24: 268) which expanded the company's reach
to around 5,600 retailers (FYE24: around 5,100 retailers). As of
November 2025, the company's network expanded to 328 distributors
translating to 6,200 retailers.
Experienced Promoter: R. Joseph Marcely Kadambukattil, the key
promoter, has an experience of more than two decades in the
ice-cream industry, where the promoter successfully led popular
ice-cream brand Meriiboy for more than 20 years. This has
facilitated the company in establishing strong brand perception
among customers and strong relationship with suppliers.
Liquidity
Stretched: The average maximum utilization of the fund-based limits
was 100% during the 12 months ended August 2025 and is likely to
have remained at similar levels during September-November 2025. The
cash flow from operations turned positive to INR10.86 million in
FY25 (FY24: negative INR48 million) due to favorable changes in
working capital. The free cash flow improved but remained negative
at INR88 million in FY25 (FY24: negative INR125 million) due to the
capex of INR99 million (INR76 million). TFCPL has repayment
obligations of INR69 million and INR70 million in FY26 and FY27,
respectively. The net working capital cycle was stable at 77 days
in FY25 (FY24: 78 days). The company provides, on an average,
around 30 days credit period to its customers and receives around
40 days credit period from its suppliers. The inventory holding
period remains around 90 days. TFCPL's cash and cash equivalents
were INR6 million at FYE25 (FYE24: INR3.39 million).
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and/or deterioration in
the liquidity position, would be negative for the ratings.
Positive: An increase in the scale of operations, along with an
improvement in the credit metrics with the net leverage reducing
below 3.0x and an improvement in the liquidity position, all on a
sustained basis, would lead to a positive rating action.
About the Company
Incorporated in 1995, TFCPL began operations in 2022. The company
is engaged in the manufacturing and selling of ice-cream under the
brand Mercelys with a 100 kiloliters per day capacity setup in
Dharmapuri, Tamil Nadu. The brand is majorly present in Kerala
along with Tamil Nadu, Karnataka, Telangana, Andhra Pradesh, Goa
and Middle Eastern countries including Saudi Arabia, the UAE and
Qatar. The promoters were part of an already established ice-cream
brand Meriiboy, which was popular in southern India.
UNITED ELECTRICALS: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of United
Electricals & Engineering Pvt Ltd (UEEPL) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B(Stable);
ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 37.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding UEEPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with United Electricals & Engineering Pvt Ltd, ICRA has been trying
to seek information from the entity so as to monitor its
performance Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
United Electricals & Engineering Private Limited (UEEPL), located
in Odisha, is engaged in the manufacture of both power and
distribution transformers. The company also undertakes projects
pertaining to installation of electrical sub-station. The entity
was set up as a proprietorship firm in 1987 and later in 2004 it
was incorporated as a private limited company. As such, the
promoters of the company have been associated in the field of
transformer manufacturing for more than two decades now. UEEPL
primarily caters to the government sector with nominal presence in
the private sector.
UTTARAYAN FOODS: ICRA Keeps C+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Uttarayan
Foods Private Limited (UFPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]C+; ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 2.68 [ICRA]C+; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 3.39 [ICRA]C+; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 0.16 [ICRA]A4 ISSUER NOT
Non Fund based COOPERATING; Rating Moved to
Others the 'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding UFPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with UFPL, ICRA has been trying to seek information from the entity
so as to monitor its performance Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Uttarayan Foods Private Limited (UFPL) incorporated in 2008, is
involved in providing multipurpose cold storage facilities to
farmers and traders on rental basis. Its cold storage facility is
in Nadia, West Bengal with storage capacity of 5,000 MT.
VASUNDHARA DEVELOPERS: ICRA Keeps B Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Vasundhara Developers (VD) in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding VD's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.
As part of its process and in accordance with its rating agreement
with VD, ICRA has been trying to seek information from the entity
so as to monitor its performance Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Vasundhara Developers (VD) is a partnership firm founded in 2014
and is engaged in the business of construction of residential
apartments with its head office is located in Guntur District of
Andhra Pradesh. The firm has developed Vasundhara Orchids in
Vijayawada on a land area of 4360 sq Yards.
Y.V.S KUMKUMAM: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Y.V.S Kumkumam Company in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.12 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Y.V.S Kumkumam Company, ICRA has been trying to seek
information from the entity so as to monitor its performance
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
The Y.V.S Group was set up by Mr. Y. V. Seshachalam in 1945 under
the name of YV Seshachalam & Co and is involved in manufacturing
turmeric powder and kumkum powder, which is sold under the brand
name of Gopuram. Y.V.S Spices and Co. (YVSSC), established in 2004,
is involved in manufacturing turmeric powder with manufacturing
plant in Azhinjivayakkam village in Tamil Nadu.
Y.V.S Kumkumam Company (YVSKC), established in 1998, is involved in
manufacturing kumkum powder and has its manufacturing plant in
Bandikavanoor village in Tamil Nadu. The Group sells through
various wholesale and retail outlets. The Group manufactures
turmeric and kunkum powder for edible as well as for puja
purposes.
===============
M A L A Y S I A
===============
CAPITAL A: AirAsia X Says No Decision Yet on Name Change
--------------------------------------------------------
The Malaysian Reserve reports that AirAsia X Bhd has clarified
reports that it will be renamed "AirAsia" and listed as a newly
quoted stock on January 19, 2026.
According to the report, the company said it is exploring a
possible name change to reflect the consolidation of AirAsia
Group's aviation business following the ongoing acquisition of 100%
equity in AirAsia Bhd and AirAsia Aviation Group Ltd.
"At this juncture, no definitive decision has been made, and no
application has been submitted to the relevant authorities,"
AirAsia X said, adding that any proposal would require board
approval, regulatory clearance, and, where applicable,
shareholders' approval.
The Malaysian Reserve says the clarification follows a LinkedIn
post by Capital A Bhd CEO Tan Sri Tony Fernandes, who had announced
plans to consolidate AirAsia X and AirAsia into a single airline
group with global ambitions, including hubs in Bahrain and
potential operations in the UAE and Qatar.
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.
CAPITAL A: Completes Disposal of Airasia Aviation Units
-------------------------------------------------------
The Star reports that Capital A Bhd said it has completed the
disposal of AirAsia Aviation Group Ltd (AAAGL) and AirAsia Bhd
(AAB) as part of its previously announced restructuring proposals.
In a filing with Bursa Malaysia, Capital A said the AAAGL disposal
was completed on Jan. 16, 2026, following the settlement of the
disposal consideration through the allotment and issuance of 2.31
billion consideration shares by AirAsia X Bhd (AAX) to Capital A
and its entitled shareholders under the distribution, according to
The Star.
The Star relates that the disposal of AAB was also completed on the
same day, with the consideration settled via a debt assumption,
whereby AAX assumed RM3.8 billion owed by Capital A to AAB.
Capital A added that AAX has also allotted and issued 606.06
million placement shares under its private placement exercise on
Jan. 16.
"The AAX placement shares and the consideration shares (including
the distribution shares) will be listed and quoted on the Main
Market of Bursa Securities on Jan. 19," it said.
About Capital A
Capital A Bhd, formerly known as AirAsia Group Bhd, provides
low-cost air carrier service. The company provides services on
short-haul, point-to-point domestic and international routes.
Capital A, headquartered in Malaysia, operates from hubs in
Malaysia, Thailand, Indonesia, Philippines and India. The airline's
Malaysia and Thailand operations are undertaken via AirAsia Bhd and
Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines
operations are managed under PT Indonesia AirAsia and Philippines
AirAsia Inc.
Capital A triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.
Capital A also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.
Following relief measures introduced by Bursa and the Securities
Commission Malaysia, Capital A was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said. The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022. Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.
As reported in the Troubled Company Reporter-Asia Pacific in
mid-October 2024, shareholders have backed plans for budget carrier
AirAsia to be bought by its long-haul associate, AirAsia X paving
the way for the Malaysian-based airlines to finalise their
consolidation by the end of the year.
AirAsia X shareholders approved the proposed acquisition of Capital
A's equity interest in AirAsia units for MYR6.8 billion (US$1.6
billion) on Oct. 16, 2024, after Capital A shareholders gave the
nod on Oct. 14 to the deal, company statements said, according to
Reuters.
Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of
AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia
units in Thailand, Indonesia, Philippines, and Cambodia, will pave
the way for Capital A's restructuring and exit from PN17 status.
=====================
N E W Z E A L A N D
=====================
BUNNIN KONG: Creditors' Proofs of Debt Due on Feb. 20
-----------------------------------------------------
Creditors of Bunnin Kong Limited are required to file their proofs
of debt by Feb. 20, 2026, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Jan. 8, 2026.
The company's liquidator is:
Craig Young
Restructuring Services Limited
PO Box 87340
Auckland
CHANCE VOIGHT: Elderly Investors Put Millions Into Firm Under Probe
-------------------------------------------------------------------
Jake Kenny at Stuff.co.nz reports that an investment firm headed by
a controversial businessman with a chequered past received more
than NZD45 million from dozens of investors, some of them elderly,
before being placed into interim liquidation amid an investigation
by the financial markets watchdog.
Bernard Whimp is the man behind the Chance Voight group - 27
companies under the same umbrella that purport to earn returns on
investments from ordinary people, Stuff notes. Six of the companies
were placed into interim liquidation by the High Court late last
year.
According to Stuff, the Financial Market Authority (FMA) applied
for the liquidations as it investigated Chance Voight, Mr. Whimp
and associated entities. The probe is related to concerns around
poorly kept books and potential insolvent trading.
Chance Voight has received more than NZD45 million from investors
over the past four years, according to FMA records provided to the
High Court, Stuff relays. Approximately NZD29 million of that was
deposited in the past year, the records said.
Stuff understands that some of the more than 100 investors are
elderly.
Stuff relates that Mr. Whimp rejects the allegations against him
and Chance Voight, saying he's the victim of an "appalling
miscarriage of justice".
He has fought unsuccessfully to have the liquidations removed,
delayed, and not be publicly advertised.
Stuff says the High Court has temporarily barred him from moving
any assets overseas while the FMA investigation is ongoing.
The Chance Voight group of companies have used a single bank
account for all group transactions since November 2024, according
to court documents cited by Stuff. This, as well as other concerns
surrounding record keeping, poor disclosure of information and
non-compliance, led the FMA to say it believed that some invested
funds were being used outside agreed terms, and that five of the
six companies subject to interim liquidations were insolvent.
Outside of investments, there was little evidence of other sources
of income for the Chance Voight group, the FMA alleged. According
to court documents, the authority claimed the entities were likely
interdependent on one another's financial support, and it appeared
new investor funds were routinely being sought to meet outgoings,
including interest and capital repayment obligations to existing
investors, Stuff relays.
In its application for interim liquidation, lawyers for the FMA
said Chance Voight Investment Corporation Ltd - the lead company in
the group and first defendant in the liquidation proceedings - had
made a financial loss each financial year since the year ended
March 2022. Its liabilities had exceeded its assets for each of
those years, the authority's lawyers said.
There was nothing to indicate any of the companies' trading
positions had substantially improved since then, they said.
In his judgment placing the Chance Voight group companies into
interim liquidation, Associate Judge Dale Lester said: "The factor
that I consider most significant . . . is that the group appears to
be dependent on issuing new debt securities to raise cash to meet
redemption and interest payment obligations on existing debt
securities."
According to his judgment, a chartered accountant for the FMA
concluded that the only way the Chance Voight group could be
solvent was if there were significant unrecorded inwards cashflow
or assets not referred to in information provided by Mr. Whimp,
which was considered to be "most unlikely".
It said Mr. Whimp told the FMA that the group was solvent and said
any issues with record keeping were down to a staff issue, Stuff
relates.
"This amounts to an acceptance [that] the group's records have been
substandard, albeit with an excuse being raised," Associate Judge
Lester said. "There is no good reason for their failure to provide
the required disclosure over an extended period. Either accounting
records as required have not been kept or those records show the
company is insolvent."
About Chance Voight
Chance Voight provided financial services, investments (including
property investments), and other financial products.
As reported in the Troubled Company Reporter-Asia Pacific on Dec.
16, 2025, the Financial Markets Authority (FMA) said it is
investigating Chance Voight Investment Corporation Limited, its
subsidiaries and persons and entities associated with the Chance
Voight Group.
Following the FMA seeking appointment of interim liquidators over
six Chance Voight entities, the Court has appointed Malcolm Hollis,
John Fisk and Lara Bennett of PwC New Zealand as interim
liquidators over the 6 entities with effect from Dec. 10, 2025.
The interim liquidation comprises the following entities:
- Chance Voight Investment Corporation Limited
- Chance Voight Investment Partners Limited
- CVI Securities Limited
- CVI Financial Limited
- CVI Partners Mortgage Fund Limited
- CVI Partners Mortgage Income Fund Limited
FNM LIMITED: Court to Hear Wind-Up Petition on Feb. 24
------------------------------------------------------
A petition to wind up the operations of FNM Limited will be heard
before the High Court at Auckland on Feb. 24, 2026, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 20, 2025.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
IMPRESSED QUEENSTOWN: Creditors' Proofs of Debt Due on Feb. 12
--------------------------------------------------------------
Creditors of Impressed Queenstown Limited are required to file
their proofs of debt by Feb. 12, 2026, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Jan. 13, 2026.
The company's liquidators are:
Gareth Russel Hoole
Raymond Paul Cox
Ecovis KGA Limited
Level 2, 5–7 Kingdon Street
Newmarket
Auckland 1023
LEUVEN BELGIAN: Bar and Restaurant to Close After 25 Years
----------------------------------------------------------
Sam Smith at Stuff.co.nz reports that a new year and another
hospitality business has announced it will close its doors.
According to Stuff, Wellington's Leuven Belgian Beer Cafe said it
would cease trading on January 28 after 25 years, citing the end of
their lease.
The Featherston Street bar and restaurant announced the closure in
a post on Facebook, saying the decision was made with "heavy
hearts".
Owner Russell Scott told The Post he could no longer give the
restaurant the care it needed, Stuff relays.
"It is just time for me to let it go, live my life," Stuff quotes
Mr. Scott as saying. "I've been in this business for 49 years. Plus
I'm older. It needs a level of care that I just can't give it."
Leuven Belgian Beer Cafe first opened in 2000 and employed over
1,200 staff over the years.
In saying their goodbye, the bar thanked their "loyal customers"
for the "memories, the laughter and all the good times".
"We are so grateful for the support, memories, and community over
the years."
In response to the news, fans of the restaurant shared their
memories and expressed sadness over the imminent closure, Stuff
relays.
"End of an era. 26 years went by quickly. Leuven has been a
Wellington stalwart," one person said.
"So disappointed. Best bar with the best beer selection in town,"
said another, notes the report.
OKAHU LIMITED: Court to Hear Wind-Up Petition on Feb. 19
--------------------------------------------------------
A petition to wind up the operations of Okahu Limited will be heard
before the High Court at Auckland on Feb. 19, 2026, at 10:00 a.m.
William James Baker filed the petition against the company on Nov.
6, 2025.
The Petitioner's solicitor is:
Peter Hunt
c/o McElroys
Level 9
22 Fanshawe Street
Auckland 1010
SLEEP TIGHT: Creditors' Proofs of Debt Due on Feb. 15
-----------------------------------------------------
Creditors of Sleep Tight Beds NZ Limited are required to file their
proofs of debt by Feb. 15, 2026, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Jan. 9, 2026.
The company's liquidator is Kevyn Botes of i-Business Recovery
Limited.
=================
S I N G A P O R E
=================
FOCUS DIGITECH: Commences Wind-Up Proceedings
---------------------------------------------
Members of Focus Digitech Pte. Ltd. on Jan. 9, 2026, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Ellyn Tan Huixian
135 Cecil Street
#10-01 Philippine Airlines Building
Singapore 069536
GLOBAL MACHINERY: Court to Hear Wind-Up Petition on Jan. 23
-----------------------------------------------------------
A petition to wind up the operations of Global Machinery Supply
Pte. Ltd. will be heard before the High Court of Singapore on Jan.
23, 2026, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Jan. 2, 2026.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
SOUTHWATERS INVESTMENT: Creditors' Proofs of Debt Due on Feb. 18
----------------------------------------------------------------
Creditors of Southwaters Investment Pte. Ltd. are required to file
their proofs of debt by Feb. 18, 2026, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Jan. 8, 2026.
The company's liquidators are:
Don M Ho
David Ho Chjuen Meng
c/o DHA+ PAC
9 Raffles Place
#08-04 Republic Plaza
Singapore 048619
WHACKLAH PTE: Court to Hear Wind-Up Petition on Jan. 23
-------------------------------------------------------
A petition to wind up the operations of Whacklah Pte. Ltd. will be
heard before the High Court of Singapore on Jan. 23, 2026, at 10:00
a.m.
Maybank Singapore Limited filed the petition against the company on
Jan. 5, 2026.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
WS CAR: Court Enters Wind-Up Order
----------------------------------
The High Court of Singapore entered an order on Jan. 2, 2026, to
wind up the operations of WS Car Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt
Dev Kumar Harish Nandwani
c/o BDO Advisory Pte Ltd
No. 600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
=====================
S O U T H K O R E A
=====================
HOMEPLUS CO: Emergency Funding Could Revive Chain, Co-CEO Says
--------------------------------------------------------------
Yonhap News Agency reports that an injection of emergency operating
funds would help revive financially troubled discount store chain
Homeplus, a company executive has said, dismissing any chance of
liquidation.
Homeplus submitted its rehabilitation plan to the Seoul Bankruptcy
Court last month, with creditors raising no objections to the
proposal, Yonhap recalls.
Yonhap relates that the program focuses on business reorganization
and a merger and acquisition (M&A) process to find a new owner
after court approval of the plan.
It also includes measures to secure emergency operating funds worth
KRW300 billion ($205 million), shut down dozens of loss-making
outlets, offload non-core business units and relocate workers.
"There might be a crisis in one to two weeks from now as product
volumes at Homeplus outlets have nearly halved compared to normal
operating times. An urgent injection of emergency funds will help
normalize the company's operations," Homeplus co-Chief Executive
Officer (co-CEO) Joh Joo-yun told Yonhap News Agency in a recent
interview.
Yonhap relates that the court and creditors represented by Meritz
Securities view a cash injection as a positive approach, she said,
while urging the labor union to cooperate for Homeplus' survival.
Yonhap says Homeplus hopes private equity firm MBK Partners, its
largest shareholder, and Meritz Securities will each inject KRW100
billion, while seeking loans worth KRW100 billion from state-run
lenders, such as the Korea Development Bank (KDB).
"MBK has provided KRW300 billion in financial support to Homeplus
and has pledged to inject an additional 200 billion won if a new
owner is found," Yonhap quotes MBK Partners as saying in a press
release.
Citing an urgent need for capital to pay wages, MBK said it decided
to inject KRW100 billion ahead of the completion of a merger and
acquisition (M&A) process, according to Yonhap.
As part of its self-help efforts, Homeplus plans to shut down 51
outlets over the next six years to improve cash flow, Yonhap notes.
The company currently operates 117 Homeplus outlets nationwide.
Asked whether there is a company interested in acquiring Homeplus,
the co-CEO said, "There is no interested company for now. But
companies will show interest if Homeplus improves its financial
health through restructuring."
Joh is one of two court-designated managers, along with Kim
Kwang-il, vice chairman of MBK Partners, Yonhap states.
About Homeplus Co
Homeplus Co. operates discount store chain in South Korea. It
currently operates 126 stores nationwide.
Homeplus entered court-led rehabilitation process on March 4, 2025,
after a Seoul court approved the request by MBK Partners, the
private equity fund that owns the discount store chain.
The decision came after Korea Investors Service and Korea Ratings
Inc. downgraded the company's rating, citing the company's lack of
efforts to improve its financial health.
*********
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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.
Copyright 2026. All rights reserved. ISSN: 1520-9482.
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