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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
Wednesday, March 4, 2026, Vol. 29, No. 45
Headlines
A U S T R A L I A
ARCHIX HOLDINGS: First Creditors' Meeting Set for March 6
CARCONNECT PTY: RSM Australia Appointed as Voluntary Administrators
HEAVY LOGISTICS: First Creditors' Meeting Set for March 5
MAQRO INVESTMENT: First Creditors' Meeting Set for March 6
NATIONAL RMBS 2026-1: Moody's Assigns (P)Ba2 Rating to Cl. E Notes
NAVINCI GROUP: First Creditors' Meeting Set for March 6
TRITON BOND 2026-1: S&P Assigns B (sf) Rating to Class F Notes
VELVET PUBLICATIONS: First Creditors' Meeting Set for March 11
VITRINITE PTY: Isaac Council Puts AUD2.2M Unpaid Bill on Hold
I N D I A
AJAY MODER: ICRA Lowers Rating on INR6.40cr LT Loan to C
ANTIQUE ART: ICRA Keeps B Debt Ratings in Not Cooperating Category
ARVIND WIND: Ind-Ra Assigns B+ Bank Loan Rating, Outlook Stable
ASHIRWAD SPONGE: Ind-Ra Moves BB Loan Rating to NonCooperating
BADRI KEDAR: Ind-Ra Cuts Bank Loan Rating to D
BALAVIGNA WEAVING: Ind-Ra Affirms BB+ Bank Loan Rating
BHILAI ENGINEERING: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
BUCHIYYAMMA RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating
CENTRIC STEEL: ICRA Keeps B+ Debt Rating in Not Cooperating
CROPBERRY FOODS: Insolvency Resolution Process Case Summary
DATTA POWER: Ind-Ra Cuts Bank Loan Rating to BB+, Outlook Stable
DERIK MOTORS: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
DIAN BIOFUEL: Ind-Ra Moves BB Loan Rating to NonCooperating
FENWAY BUILDTECH: Ind-Ra Assigns BB Loan Rating, Outlook Stable
FINOLEX J-POWER: Ind-Ra Assigns BB+ Loan Rating, Outlook Positive
FORCAS STUDIO: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
GLAZEBROOKE TRADING: ICRA Keeps C+ Debt Rating in Not Cooperating
GOLD STAR: ICRA Keeps D Debt Ratings in Not Cooperating Category
HEERA-IND: Insolvency Resolution Process Case Summary
HINDUSTAN CLEANENERGY: Ind-Ra Affirms D NonConvertible Debt Rating
HMR STEEL: Ind-Ra Cuts Bank Loan Rating to D
INDIAN TECHNOMETAL: Liquidation Process Case Summary
KARTYA TEXTILES: Ind-Ra Hikes Bank Loan Rating to BB-
KRUSHNA INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
KUKRU WIND: Ind-Ra Withdraws BB+ Bank Loan Rating
LIFEFIRST PHARMA: Ind-Ra Assigns BB- Loan Rating, Outlook Stable
M.R.C MILLS: Ind-Ra Moves B+ Loan Rating to NonCooperating
MARKS ENGINEERING: ICRA Keeps B+ Debt Ratings in Not Cooperating
MEDA PROJECTS: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
MOHAN RAIL: Insolvency Resolution Process Case Summary
MRC MILLS: Ind-Ra Keeps B+ Loan Rating in NonCooperating
MVS ACMEI: Ind-Ra Cuts Bank Loan Rating to BB
N A CONSTRUCTION: Ind-Ra Revises BB+ Bank Loan Rating
PARAMASIVAM PALANISAMY: ICRA Keeps D Rating in Not Cooperating
PARASAKTI CEMENT: Ind-Ra Affirms BB+ Bank Loan Rating
PRATHAMMALIK AUTO: Ind-Ra Moves B+ Loan Rating to NonCooperating
R.S. AJIT: ICRA Keeps D Debt Rating in Not Cooperating Category
RAGHAVA LIFE: ICRA Lowers Rating on INR63.16cr LT Loan to B+
REFLEKTION MEDIA: Voluntary Liquidation Process Case Summary
RICHA INDIA: Insolvency Resolution Process Case Summary
S.S. COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
SADBHAV RUDRAPUR: Ind-Ra Affirms B+ Bank Loan Rating
SAIRAM WHEELS: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable
SAMRAT SEA: ICRA Keeps D Debt Ratings in Not Cooperating Category
SANJAY RICE: ICRA Keeps D Ratings in Not Cooperating Category
SANT TUKARAM: Ind-Ra Cuts Bank Loan Rating to C
SARTHAK INDUSTRIES: Ind-Ra Affirms BB+ Loan Rating
SARVALOKA TEXTILES: Ind-Ra Moves BB+ Loan Rating to NonCooperating
SATYA MICROCAPITAL: Ind-Ra Cuts Bank Loan Rating to BB
SEAWARD EXPORTS: Ind-Ra Affirms BB- Bank Loan Rating
SGD CORNING: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
SHEEN AGRI: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
SHYAM SHAKTI: Ind-Ra Affirms B+ Bank Loan Rating
SIDDHI VINAYAK: Ind-Ra Withdraws B+ Bank Loan Rating
SIMOLA TILES: ICRA Keeps D Debt Ratings in Not Cooperating
SINGHANIA ENTERPRISES: ICRA Keeps B+ Ratings in Not Cooperating
SKM INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
SSIPL LIFESTYLE: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
STAR HOUSING: Ind-Ra Cuts Bank Loan Rating to D
STYLECLAY TECHNOLOGIES: Voluntary Liquidation Process Case Summary
SUNLITE INDUSTRIES: Ind-Ra Withdraws B- Bank Loan Rating
SUPREME INFRA: ICRA Keeps B Debt Ratings in Not Cooperating
TECHNO INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
TELEPHONE CABLES: Insolvency Resolution Process Case Summary
UGR SILOS: Ind-Ra Withdraws BB- Bank Loan Rating
UNITED COKE: Ind-Ra Affirms BB Bank Loan Rating
VAMSEE TEJA: Liquidation Process Case Summary
VANANCHAL CONCAST: Ind-Ra Moves BB+ Loan Rating to NonCooperating
VENAD FOOD: Ind-Ra Assigns BB- Bank Loan Rating, Outlook Positive
VERA INDIA: ICRA Keeps D Debt Rating in Not Cooperating Category
VIDEOCON INDUSTRIES: NCLAT Dismisses Dhoot Brothers' Plea
YENKEY ROLLER: ICRA Keeps B+ Debt Rating in Not Cooperating
ZEBION INFOTECH: Ind-Ra Affirms BB+ Bank Loan Rating
M A L A Y S I A
CAPITAL A: Turns to Positive Shareholders' Equity, Eyes PN17 Exit
M O N G O L I A
MONGOLIA: Moody's Rates New Senior Unsecured USD Bonds 'B1'
N E W Z E A L A N D
ADDISON LIMITED: Court to Hear Wind-Up Petition on March 12
CABINET PLACE: Court to Hear Wind-Up Petition on March 26
FOOD 4 LESS: Creditors' Proofs of Debt Due on March 30
GLOBAL MARKETPLACE: GrabOne to Return Under New Kiwi Ownership
GURUKIRPA CONTRACTING: In Liquidation; Owes NZD57MM in Unpaid Tax
KEILIN FARMS: Creditors' Proofs of Debt Due on March 23
KIA ORA: Placed in Receivership
LIFT HARVESTING: Only NZD1.79 Recovered From Firm Owing NZD1.7MM
S I N G A P O R E
ATLAS AQUACULTURE: Creditors' Meeting Set for March 17
CP INTERACTIVE: Creditors' Proofs of Debt Due on April 6
DELIVEROO SINGAPORE: Commences Wind-Up Proceedings
EFISHERY PTE: Creditors' Proofs of Debt Due on April 3
HYALROUTE COMMUNICATION: Chinese Insurer Seeks Cayman Liquidation
M LABEL: Court to Hear Wind-Up Petition on March 13
- - - - -
=================
A U S T R A L I A
=================
ARCHIX HOLDINGS: First Creditors' Meeting Set for March 6
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Archix
Holdings Ltd will be held on March 6, 2026, at 3:00 p.m. via
teleconference.
Edwin Narayan and Mitchell Ball of Mackay Goodwin were appointed as
administrators of the company on Feb. 24, 2026.
CARCONNECT PTY: RSM Australia Appointed as Voluntary Administrators
-------------------------------------------------------------------
Administrators on March 2 issued the first Creditors Report into
Sydney-based car buying platform Carconnect which entered Voluntary
Administration last week.
RSM Australia Partners Jonathon Colbran and Brett Lord were
appointed as Joint and Several Voluntary Administrators on Feb. 26,
2026.
Preliminary investigations have identified approximately 200
customers who have either paid deposits or paid in full for
vehicles which have not been delivered.
Founded in the early 2000s, Carconnect was one of the first online
platforms in the Australian market connecting consumers with
dealers. It sought to simplify and tailor the car buying
experience.
RSM Australia Partner Jonathon Colbran said, "We've today issued
the first Creditors Report and while it's early in our
investigation we know that there around 200 people who are
impacted, as well as automotive dealers and other stakeholders."
A total of 181 customers have paid deposits and a further 23 buyers
have paid in full and were awaiting delivery. There are other
customers identified who had placed an order but who had not yet
paid deposits.
Mr. Colbran encouraged Carconnect customers who had paid deposits
using credit cards to immediately discuss their situation with
their bank or financial institution to assess their options, as
they may be eligible for a chargeback.
Also, depending on the circumstances, customers may be eligible to
submit a claim through the motor dealers and repairers'
compensation fund. Details of the NSW Scheme which is administered
by the NSW Office of Fair Trading can be found here:
https://www.nsw.gov.au/driving-boating-and-transport/buying-and-selling-vehicles/motor-dealers-and-repairers-compensation-fund.
Mr. Colbran said, "We are endeavouring to connect customers who
have not received vehicles with the relevant dealers to discuss the
completion of orders.
"Where people have made payments and orders cannot be filled, these
orders will convert to creditor claims as the company is no longer
trading and is not in a position to pay refunds.
Mr. Colbran said the Administrator's focus was finding a buyer for
the business in the short term.
"There is inherent value in the business via its unique platform
delivery, customer database and dealer network. We believe these
will be attractive to the market and we intend to undertake a sale
of business process.
"In seeking a buyer, our priority is to facilitate the best outcome
for all stakeholders which involves realising the maximum return
for Carconnect's valuable intellectual property.
"Any interested parties are encouraged to contact our office to
register their interest in the sale process."
Mr. Colbran said administrators were currently in the process of
communicating with both customers and dealers.
"We fully appreciate that there will be impacts in the short term
for people who have not yet taken delivery of their vehicles and
for dealers who have not yet been paid.
"We will be working through these circumstances as a matter of
urgency and hope to achieve a positive resolution."
"We understand this will be very distressing news for customers in
particular."
The first creditor's meeting is scheduled to be held virtually on
March 10, 9:30 a.m. AEDT.
RSM Australia has established dedicated contact points for all
stakeholders. Interested parties who require further information
can contact administrators on (03) 9286 8202 or email:
* Creditors: Creditors.CarConnect@rsm.com.au
* Dealerships: Dealerships.CarConnect@rsm.com.au
* Employees: Employees.CarConnect@rsm.com.au
* Customers: Customers.CarConnect@rsm.com.au
HEAVY LOGISTICS: First Creditors' Meeting Set for March 5
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Heavy
Logistics & Mechanical Pty Ltd will be held on March 5, 2026, at
9:00 a.m. via Microsoft Teams.
Marcus Watters, Richard Albarran and Kathleen Vouris of Hall
Chadwick were appointed as administrators of the company on Feb.
25, 2026.
MAQRO INVESTMENT: First Creditors' Meeting Set for March 6
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Maqro
Investment Group Pty Ltd will be held on March 6, 2026, at 4:00
p.m. via teleconference.
Edwin Narayan and Mitchell Ball of Mackay Goodwin were appointed as
administrators of the company on Feb. 24, 2026.
NATIONAL RMBS 2026-1: Moody's Assigns (P)Ba2 Rating to Cl. E Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
the notes to be issued by Perpetual Trustee Company Limited as
trustee of National RMBS Trust 2026-1.
Issuer: National RMBS Trust 2026-1
AUD690.00 million Class A1 Notes, Assigned (P)Aaa (sf)
AUD25.50 million Class A2 Notes, Assigned (P)Aaa (sf)
AUD17.25 million Class B Notes, Assigned (P)Aa2 (sf)
AUD8.25 million Class C Notes, Assigned (P)A2 (sf)
AUD3.75 million Class D Notes, Assigned (P)Baa2 (sf)
AUD4.50 million Class E Notes, Assigned (P)Ba2 (sf)
The AUD0.75 million Class F Notes are not rated by Moody's.
The transaction is a securitisation of Australian prime residential
mortgage loans originated and serviced by National Australia Bank
Limited (NAB, Aa2/P-1/Aa1(cr)/P-1(cr)). As of September 30, 2025,
NAB's Australian mortgage assets totaled AUD380.4 billion.
A proportion of the portfolio (3.6%) benefits from Lenders Mortgage
Insurance policies covering losses up to 100% of the principal
amount, the accrued interest of each loan and reasonable expenses
involved in enforcing the mortgage.
RATINGS RATIONALE
The provisional ratings take into account, among other factors, the
evaluation of the underlying receivables and of the capital
structure and credit enhancement provided to the notes, the
availability of excess spread over the life of the transaction, the
liquidity facility in the amount of 1.00% of the note balance, the
legal structure, and the credit strength and experience of NAB as
servicer.
Moody's MILAN Stressed Loss — representing the loss that Moody's
expects the portfolio to suffer in the event of a severe recession
scenario — is 3.0%. Moody's expected loss for this transaction is
0.3%, which represents a stressed, through-the-cycle loss relative
to Australian historical data.
Initially, the notes will be repaid on a sequential basis. Once
serial paydown triggers are met, all classes of notes will receive
pro-rata share of the principal payments. The serial paydown
triggers include, among others, the payment date occurring on the
later of (1) the second anniversary from closing; or (2) the Class
A1 subordination reaching at least 16%.
The key pool features are as follows:
-- The pool has an average weighted-average scheduled
loan-to-value (LTV) ratio of 64.7% and 2.0% of the loans have a
scheduled LTV ratio above 80%.
-- The portfolio has a relatively low exposure to investment loans
(24.4%) and interest-only loans (9.4%).
-- The portfolio is geographically well diversified, due to NAB's
wide distribution network.
-- The portfolio has a high proportion of non-purchase loans
(37.6%).
-- The portfolio is well seasoned (29.6 months), with around 17.0%
of the mortgages with seasoning greater than 48 months.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.
Factors that would lead to an upgrade or downgrade of the ratings:
Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's expectations of loss could
improve from its original expectations because of fewer defaults by
underlying obligors or higher recoveries on defaulted loans.
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. The Australian jobs
market and housing market are major drivers of performance. Other
reasons for worse performance than Moody's expects include poor
servicing, error on the part of transaction parties, deterioration
in credit quality of transaction counterparties, fraud and lack of
transactional governance.
NAVINCI GROUP: First Creditors' Meeting Set for March 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of:
- Navinci Group Pty Ltd;
- Navigate IP Holdings Pty Ltd;
- Navihedge Pty Ltd;
- Nostro Assets Pty Ltd;
- Navinci Loan Co Pty Ltd;
- Navinci Services Pty Ltd;
- Navinci Global Markets Pty Ltd;
- Salus Sim Holdings Pty Ltd;
- Salus Sim Opco Pty Ltd; and
- Salus Simco Pty Ltd ATF The Salus Unit Trust
will be held on March 6, 2026, at 12:00 p.m. via Microsoft Teams.
Sule Arnautovic of Salea Advisory was appointed as administrator of
the company on Feb. 24, 2026.
TRITON BOND 2026-1: S&P Assigns B (sf) Rating to Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to 10 classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee for Triton Bond Trust 2026-1 Series
1.
The ratings reflect the following factors.
S&P has assessed the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.
The credit support is sufficient to withstand the stresses S&P
applies. This credit support comprises mortgage lenders insurance
covering 9.3% of the loans in the portfolio as well as note
subordination for all rated notes.
The various mechanisms to support liquidity within the transaction,
including an amortizing liquidity facility equal to 1.0% of the
invested amount of all rated and class G notes, subject to a floor
of 0.10% of the initial invested amount of all notes, principal
draws, and a loss reserve that builds from excess spread, are
sufficient under our stress assumptions to ensure timely payment of
interest.
An extraordinary expense reserve of A$150,000, funded from day one
by Columbus Capital Pty Ltd., is available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.
A fixed- to floating-rate interest-rate swap is provided by Westpac
Banking Corp. to hedge the mismatch between receipts from any
fixed-rate mortgage loans and the variable-rate RMBS, should any be
entered into after transaction close.
S&P's ratings also consider the legal structure of the trust, which
has been established as a special-purpose entity and meets our
criteria for insolvency remoteness.
Ratings Assigned
Triton Bond Trust 2026-1 Series 1
Class A1-MM, A$432.00 million: AAA (sf)
Class A1-AU, A$1,663.00 million: AAA (sf)
Class A1-5Y, A$200.00 million: AAA (sf)
Class A2, A$237.60 million: AAA (sf)
Class AB, A$49.95 million: AAA (sf)
Class B, A$45.90 million: AA (sf)
Class C, A$33.75 million: A (sf)
Class D, A$12.96 million: BBB (sf)
Class E, A$12.15 million: BB (sf)
Class F, A$4.32 million: B (sf)
Class G, A$8.37 million: Not rated
VELVET PUBLICATIONS: First Creditors' Meeting Set for March 11
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Velvet
Publications Pty Ltd (Elite Fitness Equipment Osborne Park and
Elite Fitness Equipment WA) will be held on March 11, 2026, at 2:00
p.m. at the offices of HM Advisory, at Suite 4, Level 3, 16
Victoria Avenue, in Perth, WA.
Stephen Dixon of HM Advisory was appointed as administrator of the
company on Feb. 26, 2026.
VITRINITE PTY: Isaac Council Puts AUD2.2M Unpaid Bill on Hold
-------------------------------------------------------------
ABC News reports that more than AUD2.2 million in unpaid council
road-access charges have been put on hold for a fledgling Central
Queensland miner facing financial collapse.
Vitrinite owns the Vulcan mine near Moranbah, but the company fell
into administration last month, and receivers KordaMentha are now
in control of the firm.
Vitrinite had planned to support 450 jobs next year as its
production of steel-making coal was forecast to ramp up.
According to the ABC, Isaac Regional Council Mayor Kelly Vea Vea
said the failure of Vitrinite had left community members feeling
uncertain.
The mine lacks access to the Central Queensland coal rail network
and is required to pay "coal-haulage charges" to Isaac council to
compensate them for the trucks carrying coal from the mine.
The ABC relates that Cr Vea Vea said she expected the unpaid
coal-haulage fees would instead go to the company paying its
outstanding bills to local suppliers.
"It's been a preference of our council for [Vitrinite] to hold off
on paying out the road haulage so that they can settle some of the
local businesses' outstanding debt," she said.
"Going into receivership has had a huge impact on a lot of
[suppliers]. There's discussions among local businesses about the
potential debt that people are carrying due to that company going
into receivership.
The receivers and administrators of Vitrinite will host their first
meeting with creditors today, March 4, the ABC notes.
KordaMentha said in a statement it would be "business as usual" for
Vitrinite in the meantime, and before "a sale and recapitalisation
process" for its assets, the ABC relays.
The ABC says Vitrinite contributed to a number of local community
groups and clubs, including the Barada Barna Aboriginal
Corporation, Moranbah State School and the Dysart Bulls Senior
Rugby League.
Bulls president Hayden Reid said the miner's sponsorship in 2023
and 2024 had made a difference to the club.
"We had guard-rail fencing and decking upgrades that [the money]
went to," he said.
But he said the club was left hanging after it was unable to field
a men's side in 2025, when Vitrinite's promised funding did not
come through, the ABC relates.
Mr. Reid said he was never given a reason why.
"We sent the invoice off after it was agreed to, and it was never
paid," the ABC quotes Mr. Reid as saying. "When they were chased
up, they never had a response."
Mr. Reid said the lack of home games and the loss of sponsorship
hurt the club last year but the Bulls were resilient.
He said it had since attracted several small local businesses as
sponsors.
"It looks like we're going to have two decent sides, and we're
pretty keen," he said.
Thomas Birch and Jeremy Nipps of Cor Cordis were appointed as
administrators of the companies on Feb. 22, 2026.
=========
I N D I A
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AJAY MODER: ICRA Lowers Rating on INR6.40cr LT Loan to C
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Ajay
Modern Rice Mill, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 6.40 [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- 0.50 [ICRA]C; ISSUER NOT COOPERATING;
Fund based Rating downgraded from
Term Loan [ICRA]B- (Stable); ISSUER NOT
COOPERATING and continues to remain
under 'Issuer Not Cooperating'
category
Unallocated- 0.10 [ICRA]C; ISSUER NOT COOPERATING;
Limits Rating downgraded from
[ICRA]B- (Stable); ISSUER NOT
COOPERATING and continues to remain
under 'Issuer Not Cooperating'
category
Rationale
The rating has been downgraded based on the information available
in the internal database and the publicly accessible data on the
CIBIL website regarding Ajay Modern Rice Mill 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 Ajay Modern Rice Mill, 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 2012 and became operational in July 2013, Ajay
Modern Rice Mill is involved in milling paddy and produces raw rice
and steamed rice. The company also sells the other by-products of
the process namely, bran, broken rice and husk as well. The rice
mill is located in Pudhur Village (near Thamirabarani river) in
Tirunelveli district, Tamil Nadu. The installed production capacity
of the rice mill is 32 tonnes per day. The company procures paddy
majorly from farmers in and around Tirunelveli. The carries out
paddy choking, boiling, milling, cleaning, destoning, polishing and
grading of the rice. The firm produces nonbasamato rice varieties
including ponni, ADT 45, Idli rice, Ambai 16 and double boiled
rice. The produced rice is sold under the brand name 'Ajay' to
various regions such as Tirunelveli, Tuticorin, Tenkasi, Vallioor,
Nagercoil and Kerala.
ANTIQUE ART: ICRA Keeps B Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Antique Art
Exports Private Limited 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
---------- ----------- -------
Fund based- 9.60 [ICRA]B (Stable); ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under the 'Issuer Not
Cooperating' category
Fund Based 6.00 [ICRA]A4; ISSUER NON-
COOPERATION; Rating continues
to remain under the 'Issuer Not
Cooperating' category
The rating is downgrade based on the information available
internally (CIC Database) regarding The Antique Art 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 The Antique Art, 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.
Antique Arts Exports is involved in manufacturing and exports of a
wide range of hand-tuffed hand knotted carpets, shaggy rugs,
durries and other floor coverings. The main product line of the
firm is hand-tuffed and hand knotted carpets which command a high
realization in the export market.
ARVIND WIND: Ind-Ra Assigns B+ Bank Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated ARVIND WIND ENERGY
PRIVATE LIMITED's (AWEPL) bank loan facilities as follows:
-- INR360 mil. Bank loan facilities assigned with IND B+/Stable
rating.
Detailed Rationale of the Rating Action
The rating reflects AWEPL's small scale of operations, modest
EBITDA margins, modest credit metrics, and poor liquidity. Ind-Ra
expects the scale of operations and credit metrics to remain at a
similar level and EBITDA margins to deteriorate in the medium
term. The rating also factors in the moderate regulatory risk in
the power generation business. The rating, however, is supported by
the promoters over 25 years of experience in the power industry.
Detailed Description of Key Rating Drivers
Small Scale of Operations: AWEPL reported revenue of INR22.76
million and EBITDA of INR20.76 million in FY25. The firm is in its
early stages of operations, started only in March 2024 with a
single 2.1MW windmill. The operations of this windmill were halted
for nine months after it was struck by lightning in December 2024,
and resumed in September 2025 after replacement and insurance
claims. A second windmill of 2.1MW was commissioned in March 2025.
Till 1HFY26, AWEPL booked revenue of INR25.06 million. Ind-Ra
expects an increase in the revenue over the medium term, as FY26
will be the first full year of operations for the first windmill
and FY27 will be the first full year of operations for the second
windmill. However, the scale will remain small.
Modest EBITDA Margins: AWEPL reported EBITDA margin of 91.21% with
a return on capital employed of 1.6% in FY25. Ind-Ra expects EBITDA
margins to decline in the medium term due to an increase in
expenses because of the full functioning of windmills, but remain
modest to the nature of business.
Modest Credit Metrics: AWEPL's gross interest coverage (operating
EBITDA/gross interest expenses) was 1.42x, net leverage (total
adjusted net debt/operating EBITDAR) was 17.13x, and debt service
coverage ratio was (DSCR) of 0.6x in FY25. Ind-Ra expects that the
firm's DSCR and overall credit metrics to be modest during the
initial years of commencement of operations, before improving, in
line with the increase in the scale of operations.
Moderate Regulatory Risk: Any adverse changes in the regulations
notified by the Tamil Nadu Electricity Regulatory Commission might
directly impact AWEPL's cash flows. Ind-Ra will continue to monitor
the regulatory risks faced by AWEPL.
Extensive Promoter Experience: The promoters have over 25 years of
experience in the independent power producers and energy trading
industry, providing an understanding of the market dynamics, and
leading to established relationships with suppliers and customers.
Liquidity
Poor: AWEPL had a DSCR of 0.6x in FY25. Its debt repayments, as and
when required, are supported by unsecured loans infused by the
promoters. The company's cash flow from operations stood at
INR31.24 million and free cash flow at negative INR156.8 million
in FY25, due to the capex incurred for the purchase of windmill.
AWEPL does not have any fund-based or non-fund-based working
capital limits. The company has debt obligations of INR35.3 million
each in FY26 and FY27. The cash and cash equivalents were meagre at
INR0.04 million at FYE25. Also, AWEPL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements.
Rating Sensitivities
Negative: Deterioration in the scale of operations, credit metrics,
or liquidity position or delay in support from the promoters, on a
sustained basis, could be negative for the rating.
Positive: An improvement in the scale of operations, credit
metrics, and liquidity along with the DSCR exceeding 1.02x would be
positive for the rating.
About the Company
Incorporated in 2023, AWEPL operates two windmills with a total
installed capacity of 4.2MW in Karur, Tamil Nadu. K.B. Arvind and
B. Reni are promoters and directors of AWEPL.
ASHIRWAD SPONGE: Ind-Ra Moves BB Loan Rating to NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Ashirwad Sponge Iron Private Limited's (ASIPL) bank loan facilities
to Negative from Stable and has simultaneously migrated the ratings
to the non-cooperating category. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency through phone calls and emails. Thus, the rating is
based on the best available information. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.
The instrument-wise rating action is:
-- INR350 mil. Bank loan facilities Outlook revised to Negative
and migrated to non-cooperating category with IND BB/Negative
(ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information.
Detailed Rationale of the Rating Action
The Negative Outlook reflects the likelihood of a downgrade of the
entity's ratings on continued non-cooperation. The migration of
ASIPL's rating to the non-cooperating category is in accordance
with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interactions with ASIPL while reviewing the
ratings. Ind-Ra had consistently followed up with ASIPL over emails
until December 5, 2025, apart from phone calls. The issuer has
submitted no default statement until December 2025.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of ASIPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
Incorporated in 2021, ASIPL manufactures sponge iron with
manufacturing facility located in Jamshedpur, Jharkhand. The plant
has an installed capacity of 45,000 metric tons per annum.
BADRI KEDAR: Ind-Ra Cuts Bank Loan Rating to D
----------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shree Badri
Kedar Udyog Private Limited's bank loan facilities' ratings to 'IND
D (ISSUER NOT COOPERATING)' from 'IND B/Negative (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating review
despite continuous requests and follow-ups by the agency. Thus, the
rating is based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using the rating.
The detailed rating action is:
-- INR150 mil. Bank loan facilities (Long-term) downgraded with
IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best-available information.
Detailed Rationale of the Rating Action
The downgrade reflects SBKUPL's delays in debt servicing, based on
the information available in the public domain as the Corporate
Insolvency and Resolution Process has been initiated against the
entity under the Insolvency and Bankruptcy Board of India
(Liquidation Process) Regulations, 2016 on the application from the
banker. Ind-Ra has not been able to ascertain the reason for the
delays, as the issuer has been non-cooperative.
The rating has been maintained in the non-cooperating category in
accordance with Ind-Ra's Guidelines on What Constitutes
Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with ATPL while reviewing the
rating. Ind-Ra had consistently followed up with SBKUPL over
emails, apart from phone calls since May 2018. The issuer has also
not been submitting their monthly no default statement.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SBKUPL, 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. SBKUPL has been
non-cooperative with the agency since 18 May 2018.
About the Company
SBKUPL was incorporated by Ranchi-based Sarwagi family in 2011. The
company was primarily engaged in the civil constructions business.
During FY14, the promoters decided to discontinue the construction
business and started the trading of textiles and fabrics in the
domestic market.
BALAVIGNA WEAVING: Ind-Ra Affirms BB+ Bank Loan Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Balavigna Weaving Mills Private Limited's (BWMPL) bank
loan facilities as follows:
-- INR60.25 mil. Bank loan facilities assigned with IND BB+/
Stable/IND A4+ rating; and
-- INR519.75 mil. Bank loan facilities affirmed with IND BB+/
Stable/IND A4+ rating.
Detailed Rationale of the Rating Action
The affirmation reflects BWMPL's continued medium scale of
operations, price volatility risk, stretched liquidity and modest
credit metrics with an improvement in the average EBITDA margin.
Ind-Ra expects the scale of operations and credit metrics to
improve in the medium term on the back of an increase in installed
capacity. However, the EBITDA margin is likely to remain at similar
levels in the medium term due to the similar nature of operations.
Further, the ratings remain supported by the promoters' experience
of 20 years in the textile industry.
Detailed Description of Key Rating Drivers
Continued Medium Scale of Operations: BWMPL's scale of operations
deteriorated marginally but remained small, with a revenue of
INR1,790.38 million in FY25 (FY24: INR1,807.78 million) and EBITDA
of INR156.09 million (negative INR133.87 million). The revenue
remained at almost similar levels in FY25 due to similar level of
demand but the EBITDA improved on the back of savings in raw
material prices due to cash discounts received for immediate
payments made to suppliers. The company booked revenue of
INR1,271.8 million in 9MFY26. In the medium term, Ind-Ra expects
the revenue to improve due to an increase in utilization of the
installed capacity backed by venturing into new product segments.
Price Volatility Risk: Any adverse changes in the price of cotton
might impact BWMPL's cash flows and its operations. It may also
affect its repayment schedule if adequate cash flows are not
generated.
Improvement in Credit Metrics : The interest coverage (operating
EBITDA/gross interest expenses) improved to 1.75x in FY25 (FY24:
1.65x) and net leverage (total adjusted net debt/operating EBITDAR)
to 3.78x (5.09x), majorly led by the increase in EBITDA. Ind-Ra
expects the credit metrics to improve in the medium term, although
remain modest, due to scheduled repayment of term loans and a
likely increase in the absolute EBITDA.
Improvement in EBITDA Margin: BWMPL's EBITDA margin remained
average at 8.76% in FY25 (FY24: 7.41%) with a return on capital
employed of 14.2% (negative 12.7%). The improvement in margin was
due to savings in raw material prices due to cash discounts
received for immediate payments made to suppliers. In medium term,
Ind-Ra expects the EBITDA margin to remain at similar levels due to
similar operations.
Experienced Promoters: The ratings are supported by the promoters'
experience of more than two decades in the textile industry,
leading to established relationships with its customers as well as
suppliers.
Liquidity
Stretched: The cash and cash equivalents stood at INR18.29 million
at FYE25 (FYE24: INR27.66 million). BWMPL's average maximum
utilization of the fund-based limits was 93.01% and non-fund based
limit was 26.32% during the 12 months ended December 2025. The
company has scheduled debt repayments of INR79.1 million and
INR63.9 million in FY26 and FY27, respectively. The net working
capital cycle elongated to 130 days in FY25 (FY24: 103 days), owing
to an increase in the inventory days to 128 (114) due to purchase
and stocking of high quality cotton yarn. The cash flow from
operations deteriorated to INR1.45 million in FY25 (FY24: INR49.55
million) due to unfavorable changes in working capital.
Consequently, the free cash flow also turned negative to INR39.25
million (INR9.32 million) with a capex of INR40.7 million (INR40.23
million). Furthermore, BWMPL 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, with the net leverage
remaining above 4.5x, and/or a further pressure on the liquidity
position, could lead to a negative rating action.
Positive: An increase in the scale of operations, along with an
improvement in the liquidity and overall credit metrics, with the
net leverage reducing below 3.5x, all on a sustained basis, could
lead to a positive rating action.
About the Company
Incorporated in 1995, BWMPL manufactures cotton, polyester, modal,
excel, slub, organic cotton, and Lycra cotton fabrics. It has a
manufacturing facility located in Dindigul, Tamil Nadu. S.
Krishnamoorthy, V. Ravikumar, M. Prabhu, S. Jeyaram and T.K.
Subramanian are the promoters.
BHILAI ENGINEERING: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Bhilai Engineering
Industries Limited's (BEIL) bank loan facilities as follows:
-- INR400 mil. Bank loan facilities assigned with IND BB+/Stable/
IND A4+ rating.
Detailed Rationale of the Rating Action
The ratings reflect BEIL's small scale of operations, modest credit
metrics, stretched liquidity and modest EBITDA margins, and the
likelihood of the margins remaining rangebound in FY26. Ind-Ra
expects the revenue to grow in FY26, and the credit metrics too are
likely to improve on account of the absence of any debt-led capex
plans. The ratings are supported by the promoters' experience of
more than 12 years in the trading business.
Detailed Description of Key Rating Drivers
Small Scale of Operations: The rating reflects BEIL's small scale
of operations, as indicated by revenue of INR1,678.35 million in
FY25 (FY24: INR1,499.02 million). The revenue increased in FY25 on
the back of growth in the order book. Furthermore, the absolute
EBITDA rose to INR79.92 million in FY25 (FY24: INR62.34 million),
led by revenue growth. BEIL trades in railway parts such as
crankcase cylinders, crossings, spider and bogie frames. In 9MFY26,
the company achieved a revenue of INR1,150 million. BEIL had an
order book worth INR800 million as of December 2025. In FY26,
Ind-Ra expects the revenue to increase on a yoy basis, driven by an
increase in the number of orders executed by the company.
Modest Credit Metrics: BEIL's credit metrics are modest and
witnessed a deterioration in FY25 due to an increase in debt levels
to INR538.39 million (FY24: INR295.48 million). The interest
coverage (operating EBITDA/gross interest expenses) was 2.29x in
FY25 (FY24: 2.91x) and the net leverage (total adjusted net
debt/operating EBITDAR) was 6.71x (4.73x). Ind-Ra expects the
credit metrics to improve in FY26 due to the absence of any
debt-led capex plans.
Modest EBITDA Margins: BEIL's EBITDA margins improved to a modest
4.76% in FY25 (FY24: 4.16%), mainly due to a slight decrease in
overall expenses. The return on capital employed stood at 4.6% in
FY25 (FY24: 9.4%). In FY26, Ind-Ra expects the EBITDA margin to
remain rangebound between 4%-5%.
Experienced Promoters: The rating is supported by the promoters'
experience of more than 12 years in the trading business.
Liquidity
Stretched: BEIL's cash flow from operations turned negative at
INR16.69 million in FY25 (FY24: INR209.35 million) due to
unfavorable changes in working capital. As a result, the free cash
flow also turned negative at INR180.25 million in FY25 (FY24:
INR101.78 million). The net working capital cycle stood at a
negative 147 days in FY25 (FY24: negative 163 days), mainly due to
an increase in the debtor days to 54 (42). BEIL's average monthly
peak utilization of the fund-based limits was 66.87% during the 12
months ended November 2025. BEIL's cash and cash equivalents stood
at INR2.31 million at FYE25 (FYE24: INR0.35 million). The company
does not have capital market exposure and relies on financial
institutions for its funding requirement. BEIL has scheduled
repayments of INR12.6 million and INR12.6 million in FY26 and FY27,
respectively.
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and further pressure on
the liquidity position, could lead to negative rating action.
Positive: An increase in scale of operations, greater customer
diversification and an improvement in the credit metrics, with the
interest coverage remaining above 2.5x, along with an improvement
in the liquidity profile, all on a sustained basis, could lead to a
positive rating action.
About the Company
BEIL was incorporated in 2014. The company trades in railway parts
such as crankcase cylinders, crossings, spider and bogie frames.
BEIL is based out of Bhilai, Chhattisgarh.
BUCHIYYAMMA RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Sri Buchiyyamma Rice Mill
(SBRM) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Unallocated 13.00 [ICRA]B+ (Stable) ISSUER NOT
Limits COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding (SBRM)'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 noncooperation 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 SBRM, 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.
Sri Buchiyyamma Rice Mill (SBRM), established in 1983 by Mr. K.
Papa Reddy and other partners, is involved in the milling of paddy,
and produces raw and boiled rice. The firm has a milling unit in
Tossipudi in East Godavari district of Andhra Pradesh. SBRM has a
paddy milling capacity of 43,200 MTPA.
CENTRIC STEEL: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Centric Steel Limited (CSL)
in the 'Issuer Not Cooperating' category. The rating is 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
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding CSL'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 CSL, 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.
Incorporated in 1986, Centric Steel Limited (CSL) is promoted by
Kochar family and is engaged in the manufacturing of precision
tubes which find application in automobile, structural steel and
heavy engineering industries. The firm's manufacturing facilityis
located at Taloja in Maharashtra and has an installed capacity of
~3 crore meters per annum.
CROPBERRY FOODS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Cropberry Foods Private Limited
Front of Indu Motors,
Govindpura, Jhotwara,
Jaipur, Rajasthan,
India - 302012
Insolvency Commencement Date: February 3, 2026
Court: National Company Law Tribunal, Jaipur Bench
Estimated date of closure of
insolvency resolution process: August 2, 2026
Insolvency professional: Kailash Shah
Interim Resolution
Professional: Kailash Shah
505, 21st Century Business Center,
Near World Trade Centre,
Ring Road, Surat,
Gujarat, 395002
Email: ipktshah@gmail.com
cirp.cropberry@gmail.com
Last date for
submission of claims: March 5, 2026
DATTA POWER: Ind-Ra Cuts Bank Loan Rating to BB+, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Datta Power
Infra Private Limited's (DPIPL) bank loan facilities to 'IND BB+'
from 'IND BBB-' with a Stable Outlook, as follows:
-- INR3.0 bil. Bank loan facilities downgraded with IND BB+/
Stable/IND A4+ rating.
Detailed Rationale of the Rating Action
The rating downgrade reflects DPIPL's delays in securing the
requisite funding—both equity and debt—for expanding its
independent power producer (IPP) portfolio. The company is
undertaking 182MW of renewable energy projects in the near term,
for which it has signed PPAs and a performance bank guarantee (PBG)
is in place. To Implement these projects, DPIPL needs to infuse
equity of INR3.9 billion and arrange debt of INR11.7 billion. Of
the total capacity, the company has already infused INR0.33 billion
of equity for around 70MW of projects and has obtained the
in-principal debt sanction, while the equity infusion and financial
closure for 112MW of the remaining projects remain uncertain.
Furthermore, DPIPL's ability to execute the full scope of
large-scale utility renewable IPP projects remains untested, which
heightens execution risk at this stage of scale-up. Furthermore,
key terms, investor commitments, and timelines for the required
funding remain under negotiation, and financial closure continues
to be a key monitorable despite ongoing discussions with lenders
and private equity investors.
However, the agency takes comfort from DPIPL's established track
record in land aggregation, particularly in Andhra Pradesh and
Rajasthan, which remains the company's core competency and a
strategic differentiator in the renewable energy ecosystem. The
company also continues to demonstrate growth in its land
aggregation and EPC businesses, which support its overall business
profile.
Detailed Description of Key Rating Drivers
Lack of Clear Funding Visibility and Insufficient NFB Limit:
DPIPL's IPP portfolio expanded to 972MW in FY26 from 609MW in FY25,
with a total project cost of INR73 billion, which was funded by
equity of INR18 billion and debt of INR55 billion. Within this,
232MW is backed by PPAs, for which PBGs of about INR0.7 billion
have already been furnished. This exposes the company to
near‑term invocation risk, if equity mobilization and debt
financial closure are delayed. Additionally, the company has
provided land and connectivity BG of INR0.66 billion to Central
Transmission Utility of India Ltd for 1GW of project capacity.
Within the 232MW backed by PPAs, 50MW is under arbitration, and no
steps can be taken toward financial closure or equity infusion
until the dispute is resolved. For the remaining 182MW, the equity
requirement stands at about INR3.9 billion, alongside a debt
requirement of INR11.7 billion. Against this, DPIPL has obtained an
in‑principle debt sanction of INR4.5 billion for the 70MW
project, which also permits INR 0.6 billion of sub‑debt, thereby
reducing the equity requirement to INR3.3 billion
The management plans to fund the equity requirement through (i)
available cash of about INR 0.44 billion as of December 31, 2025,
of which INR0.33 billion has already been infused in January 2026,
(ii) release of fixed deposits backing 100% FD‑secured BGs of
about INR1.42 billion, and (iii) internal accruals from the land
aggregation business. The fixed deposits are likely to be released
upon the sanction of enhanced NFB limits, potentially freeing up
funds worth INR0.8 billion-1 billion. However, the limit
enhancement is yet to be sanctioned, and therefore, funding
availability is not certain.
For the balance capacity of 740MW, for which the company has yet to
sign PPAs, the incremental PBG requirement is estimated at about
INR2.6 billion. DPIPL lacks unutilized NFB headroom to meet this
requirement, making sanction and timely enhancement of BG limits
critical factors. As per the management, discussions with lenders
for the required enhancements are at an advanced stage and are
likely to conclude once the commercial terms are finalized.
Given the sizeable equity requirement for the PPA‑backed capacity
and the substantial PBG requirement for the remaining pipeline, the
overall funding visibility remains uncertain, and progress on
equity infusion, debt tie‑ups, and NFB limit enhancement will
remain key rating monitorables.
Large Exposure on Short Maturity Debt: DPIPL typically avails
short‑term, project‑linked debt with maturities of one-to-two
years, which results in large repayment obligations and exposes it
to cash‑flow mismatches in the event of project execution delays
and/or collection delays. DPIPL has availed a short‑term loan of
INR2,980 million from Indian Renewable Energy Development Agency
(IREDA; 'IND AAA'/Stable) for NTPC Renewable Energy Limited
(NTPCREL; 'IND AAA'/Stable)‑linked projects, of which INR2,000
million had been drawn down as of December 31, 2025. As per the
repayment schedule aligned with the scheduled commercial operation
date (SCOD). 50% of the loan is due on or before 30 June 2026, and
the balance is due by September 30, 2026, assuming an SCOD of 30
September 2026. However, any extension to SCOD granted by NTPC will
automatically shift the repayment instalments
These repayments are intended to be met from collections from NTPC;
however, timely realization of project proceeds remains a key risk,
especially given the milestone‑based billing structure and
inherent execution uncertainties. Any delay in receipts could
affect liquidity and heighten refinancing risk. Nevertheless,
NTPC’s historically strong payment track record and DPIPL’s
past timely repayments offer some comfort. The company's dependence
on these inflows to meet substantial scheduled repayments increases
near‑term cash‑flow vulnerability. DPIPL's approach to adopting
more prudent working capital funding structures, rather than
relying on short‑term loans, will remain an important rating
monitorable.
Moderate Working Capital Cycle: DPIPL's operating cycle remains
moderate, due to the need to make upfront payments to landowners,
while reimbursements from counterparties are received only after
achieving specified land acquisition milestones. The reimbursement
does not form part of profit &loss. This results in receivables and
contract assets building up during the interim period, thereby
increasing working‑capital intensity. The company procures land
for renewable developers on a fixed‑commission model at a
pre‑agreed price per acre; any increase in procurement cost above
the committed rate is absorbed by DPIPL. However, this exposure is
partially mitigated by the company's strong local presence and
established sourcing capabilities, which enable competitive pricing
and timely closures. The inherent mismatch between early cash
outflows and deferred cash inflows structurally lengthens the
working capital cycle.
Scale Up and Execution Risks; Limited Track Record as End-to-end
IPP: DPIPL has established strengths in land aggregation and
pre‑development EPC activities; however, its experience in
full‑cycle development and execution of large‑scale utility IPP
projects remains limited. The transition to comprehensive IPP
development introduces new operational complexities—spanning OEM
contracting, EPC coordination, transmission connectivity, site
readiness, and COD compliance—which the company is managing at
scale for the first time. The execution of a smaller 48.7MW Pradhan
Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM)
project (with 38MW commissioned) provides only partial comfort.
Given the 972MW scale‑up, timely alignment of key project
dependencies and adherence to financing and PBG‑linked milestones
will be critical, and the company's ability to deliver on these
fronts remains an important monitorable.
Established Business Profile: DPIPL, which entered the renewable
energy (RE) sector in 2019, operates as a pre‑development EPC
company with a presence in states such as Andhra Pradesh,
Rajasthan, and Madhya Pradesh. Its core competencies include land
aggregation, site development, and internal/EHV transmission line
works, which are critical pre‑implementation requirements for
utility‑scale RE projects. The company has executed over 8GW of
such pre‑development EPC assignments across the country. DPIPL
works as a subcontractor to several large RE developers, including
Tata Power Renewable Energy Limited ('IND AA+'/Stable), Aditya
Birla Renewables Limited, and NTPCREL, strengthening both its
business visibility and payment profile. Given that solar projects
typically require four to five acres of land per MW, land
availability and acquisition remain key enablers of timely
execution. DPIPL's strong local networks and liaisoning
capabilities have therefore equipped it with a significant
competitive advantage.
The Company's extensive track record in land aggregation and site
development has also enabled it to independently bid for projects
as an IPP. Although financial and technical entry barriers in the
segment may appear modest, the reliance on deep local
relationships, on‑ground knowledge, and liaisoning strength
remains a critical differentiator—supporting DPIPL's business
profile despite competitive market conditions.
Healthy Revenue Visibility: DPIPL's orderbook expanded
significantly to INR17.5 billion as of September 2025 (from INR5.6
billion a year earlier), translating into a robust
orderbook‑to‑sales ratio of over 5x and providing medium‑term
revenue visibility. The company secured new orders worth over INR12
billion over the 12 months September 2025 , with Andhra Pradesh
contributing 48% of the outstanding orderbook and the remainder
diversified across Rajasthan, Madhya Pradesh, Gujarat, Tamil Nadu,
and Chhattisgarh. The top five orders—from NTPCREL—constitute
81% of the backlog and are considered competitive, given the strong
counterparty profile. Around 33% of the orderbook pertains to
yet‑to‑start projects, and timely conversion into execution
will remain a key monitorable.
Healthy Growth Momentum in Core Operations: Over FY22–FY25,
DPIPL's revenue grew at a robust CAGR of 50%, reflecting a rapid
scale‑up in its pre‑development EPC activities. In FY25, the
company's revenue grew to INR3,151 million (FY24: INR2,460
million). The EBITDA margin remained healthy to 29.5% in FY25
(FY24: 32.7%). The growth momentum has continued in FY26, with
DPIPL recording a revenue of INR1,578 million in 1HFY26. Ind-Ra
opines the company is on track to achieve over 50% year‑on‑year
revenue growth, supported by strong execution and healthy order
inflows.
Liquidity
Stretched: DPIPL's liquidity position remains stretched, driven by
high working-capital requirements. The company makes upfront
payments to landowners to expedite land aggregation, while
reimbursements from counterparties are received only upon achieving
minimum land acquisition milestones. This results in the build-up
of receivables and contract assets during the interim period.
Consequently, gross working capital to revenues increased to 56% in
FY25 (FY24: 32%; FY23: 10.8%), while net working capital to
revenues rose to 36% (FY24: 22%; FY23: 6.7%), reflecting larger
project sizes and milestone-linked invoicing cycles. Additionally,
the total outstanding receivables include reimbursement fees that
do not form part of the P&L, which further inflates the receivable
metrics when viewed as a percentage of revenue.
To support these requirements, DPIPL has availed fund-based limits
of INR150 million from the banking channel, along with a short-term
loan of INR2,980 million from IREDA for NTPC REL projects, of which
INR2,000 million had been drawn as on 31 December 2025. After the
balance drawdown, the company would have repayment obligations of
INR2,980 million in FY27 which can be rescheduled post extension of
SCOD. Repayments are likely to be met through the existing cash
balances and internal accruals, primarily from NTPCREL project
proceeds. As of December 31, 2025, DPIPL maintained an unencumbered
cash balance of INR440 million.
The company had outstanding bank guarantees and surety bonds of
INR3,770 million as of December 31, 2025. DPIPL plans to enhance
its working-capital limits by INR2,000 million, which would support
the release of existing FD-backed BGs and improve overall
liquidity. For executing the PPAs under its IPP portfolio, DPIPL
will be required to furnish additional PBGs of around INR2.6
billion, necessitating further BG sanctions and associated cash
margins. The management has indicated that the required margins
will be arranged through the current cash balance and incremental
accruals over FY26–FY27.
Rating Sensitivities
Positive: Timely infusion of equity and debt tie-up for IPP
projects based on the PPA timelines, scaling up of the core
business, and timely execution of the existing orderbook could lead
to a positive rating action.
Negative: Failure to arrange required equity funding by end FY26
for the signed PPAs, delays in the execution of the existing
orderbook, and/or stretch in the working capital cycle of the core
business, leading to a further stretch in the liquidity position,
could lead to a negative rating action.
About the Company
DPIPL ventured into the renewable power space in 2019 in view of
the sectoral tailwinds. It acts as a pre-development EPC company
with its presence in states like Rajasthan, which enabled it to
fulfil a key precursor to RE projects - land aggregation and site
development, internal and EHV transmission lines construction.
DERIK MOTORS: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Derik Motors Private
Limited's (DMPL) bank loan facilities as follows:
-- INR700 mil. Bank loan facilities assigned with IND BB+/Stable/
IND A4+ rating.
Detailed Rationale of the Rating Action
The rating reflects DMPL's modest EBITDA margins, moderate credit
metrics, and exposure to a competitive passenger vehicle (PV)
market.
However, the rating is supported by the improvement in DMPL's
revenue in FY25, its wide dealership and service network, exclusive
territorial dealership rights for major automakers and the
promoters' extensive experience in the automobile dealership
business.
Detailed Description of Key Rating Drivers
Intense Competition: The company operates in a highly competitive
PV market and faces competition from other established automobile
manufacturers, such as Maruti Suzuki India Limited, Kia India
Private Limited, Toyota Motor Corporation and other brands in its
operating regions. These competitors have strong brand recognition
and diversified product portfolios, which can influence customer
preference and limit pricing flexibility. Consequently, the
company's sales volumes and margins remain exposed to intense
competition and demand fluctuations in the PV segment.
Modest EBITDA Margins: DMPL's EBITDA margins marginally increased
to 2.37% in FY25 (FY24: 2.32%), driven by a reduction in cost of
goods sold and better absorption of fixed costs. Over FY22–FY25,
DMPL’s EBITDA margins stood at 1.63%-2.37%, primarily due to the
dealership model. The return on capital employed reduced to 9.9% in
FY25 (FY24: 11.6%). Ind-Ra expects the EBITDA margins to be 2%-2.5%
in FY26, given the nature of the dealership business.
Average Credit Metrics and Inventory Funding Exposure: DMPL's gross
interest coverage (operating EBITDAR/gross interest expense)
declined to 1.84x in FY25 (FY24: 2.06x) and its net leverage
(adjusted net debt/operating EBITDAR) increased to 6.50x (6.18x),
on account of a rise in its total debt to INR932.71 million
(INR825.6 million) and higher interest obligations. Of the total
debt, INR599.57 million was short-term debt, whose interest
expenses rose to INR73.86 million in FY25 (FY24: INR59.67 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
the industry, DMPL's business model is heavily dependent on
inventory funding, with a sanctioned working capital limit of
INR765 million, enabling the company to maintain a diverse vehicle
portfolio and capitalize on bulk purchase opportunities.
Wide Network with Exclusive dealership: DMPL operates a sales and
service network with 13 showrooms-cum-workshops and eight body
shops across Kanyakumari, Tirunelveli, Tenkasi, Thoothukudi and
Thiruvananthapuram. The company holds exclusive dealership rights
for Mahindra and Mahindra Limited (M&M; 'IND AAA'/Stable), Tata
Motors Limited (TML) and Hyundai Motor Company (HMC) in these
districts supporting steady sales. In FY25, the company
strengthened its presence by adding four new showrooms and one body
shop, improving accessibility and customer reach. This broad
network supports strong after-sales service, increases the number
of vehicles serviced and ensures stable revenue through recurring
income from service and spare parts.
Extensive Promoter and Group Experience: The Derik group has been
present in the automobile dealership business since 1987, offering
over three decades of operating experience. The management has
long-standing relationships with original equipment manufacturers
(OEMs) and a demonstrated ability to operate large-format
dealership networks across states.
Improvement in Revenue in FY25: DMPL's revenue improved to
INR5,717.7 million in FY25 (FY24: INR5,291.4 million), primarily
driven by stronger demand for Mahindra vehicles. The revenue mix
shifted during FY25, with M&M contributing 41% to its total revenue
(FY24: 34%), followed by TML (42%; 49%), and HMC (14%; 16%). The
fishnet trading segment contributed about 3% to revenue in FY25
(FY24: 1%). Its revenue stood at INR5,167.79 million in 9MFY26.
Ind-Ra expects the revenue to further improve in FY26, supported by
the scale-up of Mahindra's EV portfolio, continued traction in
Tata's EV models, and improved volumes from the company's recently
expanded showroom network, which is expected to enhance sales
momentum across its territories.
Liquidity
Stretched: DMPL's average month-end utilization of its fund-based
limits was around 68.34% of the sanctioned limits over the 12
months ended December 2025. The company availed ad-hoc limits
during August 2024 to December 2024 based on its operational
requirements. In FY25, DMPL's working capital cycle increased to 54
days (FY24: 45 days), with an increase in its inventory days to 72
days (68 days) due to the requirement to maintain a wider range of
vehicle models and spares for availability, demo cars being held
for over 12 months, and older models remaining in stock and an
increase in debtors days to 9 (6). In FY25, debtor days increased
to 9 (6). In FY25, the cash flow from operations remained negative
to INR127.9 million (FY24: negative INR200.97 million), due to the
unfavorable change in working capital cycle. At FYE25, the cash and
cash equivalent stood at INR94.77 million (FYE24: INR116.08
million). The company has repayment obligations of INR1.36 million
each in FY26 and FY27. 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
DMPL is an authorized automobile dealer for M&M, TML and HMC,
operating across Thiruvananthapuram, Kanyakumari, Tirunelveli,
Tenkasi and Thoothukudi districts. The company operates 13
integrated dealership facilities, comprising sales showrooms with
attached workshops and eight body shops as per OEM specifications.
Apart from that, the company undertakes trading of fishnets, which
contributes only a marginal portion of its revenue.
DIAN BIOFUEL: Ind-Ra Moves BB Loan Rating to NonCooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on Dian
Biofuels Private Limited's (DBPL) bank loan facilities to Negative
from Stable and has simultaneously migrated the ratings to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through phone calls and emails. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings.
The instrument-wise rating action is:
-- INR2.550 bil. Bank loan facilities Outlook Revised to Negative
and Migrated to non-cooperating category with IND BB/Negative
(ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information.
Detailed Rationale of the Rating Action
The migration of the rating to the non-cooperating category and
Outlook revision to Negative are in accordance with Ind-Ra's
policy, Guidelines on What Constitutes Non-Cooperation. The
Negative Outlook reflects the likelihood of a downgrade of the
entity's ratings on continued non-cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interactions with DBPL while reviewing the
ratings. Ind-Ra had consistently followed up with DBPL over emails
starting October 2025, apart from phone calls. The issuer has
submitted the no-default statement until December 2025.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of AOPL, as the agency does not have adequate
information to review the ratings. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
Incorporated in September 2016, DBPL is setting up a fuel grade
ethanol plant of 250 KLPD in Ahmedabad. DBPL is promoted by Saurin
Dilipbhai Shah and Sunny Dilip Pandya.
FENWAY BUILDTECH: Ind-Ra Assigns BB Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Fenway Buildtech LLP
(FBLLP) bank facilities as follows:
-- INR760 mil. Bank loan facilities assigned with IND BB/Stable
rating.
Detailed Rationale of the Rating Action
The rating reflects the time and cost overrun risks related to
FBLLP's ongoing residential projects. The company has, so far, not
achieved financial closure on an overall basis as the projects were
only 34% completed at end-October 2025. The rating is, however,
supported by the firm's successful completion and sale of more than
0.36 million square feet (msf) across Gwalior. Furthermore, the
ratings factor in FBLLP's stretched liquidity with the medium
offtake risk as around 14.02% of the total saleable area still
needs to be sold additionally to achieve financial closure, with a
debt service coverage ratio (DSCR) of around 1.35x.
Detailed Description of Key Rating Drivers
Medium Offtake Risk, Financial Closure Yet to be Achieved: The
rating factors in the medium offtake risk for FBLLP's three ongoing
projects named Signature City 2, Signature City 3 and Signature
City Vista, as only 297 units out of the total 786 units were
booked at end-October 2025. The projects are significantly
dependent on customer advances, which constitute 56% of the total
project cost. Based on the receivables from the already‑sold
units, the pending disbursement under the term loan, and the
requirement to achieve additional sales of about 14.02% to attain
financial closure, FBLLP is likely to complete the construction as
planned.
For the completed project, Signature City 1, 12 out of 113 units
remained unsold at end‑October 2025. As per the management,
arounds 100 additional units across the portfolio were booked up to
January 2026.
At end-October 2025, the firm had pending receivables of around
INR1,181.40 million, against the pending construction cost of
INR1,749 million. After factoring in the undisbursed debt and the
committed receivables, FBLLP has to make an additional sale of
around 14.02% of the total remaining cost to achieve a financial
closure for completing the projects. Also, the promoters are
required to bring in additional INR120 million for the funding of
projects. Ind-Ra expects the collection of receivables to increase
in the medium term as the project approaches completion.
Time and Cost Overrun Risk: Although the project construction is in
line with the execution schedule, time and cost overrun risks
exist. The total cost of the ongoing projects is estimated to be
INR2,648.76 million, which is to be funded by the promoter's
contribution of INR176.70 million (7%), customer advances of
INR1,471.46 million (56%), unsecured loan from promoters of
INR289.60 million (11%) and a term loan of INR710 million (27%). At
end-October 2025, FBLLP's total cost incurred was INR898.36 million
(promoter's contribution: INR126.70 million; unsecured loan form
the promoters: INR219.60 million; customer advances: INR290.06
million and term loan: INR262 million). Although the project's
progress is in line with the execution schedule, the ongoing
construction remains vulnerable to the time and cost overrun risks.
Industry Risks: The Indian real estate industry is highly cyclical
with volatile cash flows. The real estate sector is exposed to
several regulatory requirements that are subject to frequent and
unpredictable changes. This leads to confusion, non-compliance, and
delays in project execution. Also, given the aggressively improving
demand scenario, FBLLP has been facing significant competition.
Well-connected Locality: The ongoing projects are located in
Gwalior, which is nearly 350m from a medical institute around 13km
from the Gwalior airport and 16km from Gwalior junction railway
station and are in proximity to shopping complexes, educational
hubs and hospitals.
Established Track Record and Promoter's Experience: Ind-Ra draws
comfort from the promoters' experience of more than two decades in
real estate development. The group has, so far, successfully
completed and sold more than 18 projects in Gwalior measuring
approx. 0.36msf.
Liquidity
Stretched: The rating is constrained by a likely cash flow-mismatch
risk if the advances from customers are lower than Ind-Ra’s
expectations. The firm does not have any exposure to the capital
market and relies on bank loan and promoter funds to meet is
funding requirements. Furthermore, the promoters are required to
bring in additional INR120 million for the funding of projects.
FBLLP’s cash balance at end-March 2025 stood at INR6.97 million
(FYE24: INR28 million). The firm has scheduled debt repayments of
INR51 million each in FY26 and FY27. The minimum debt service
coverage ratio, as per the management, will be 1.35x during
FY26-FY29.
Rating Sensitivities
Negative: Time or cost overruns and lower-than-Ind-Ra-expected
sales volume or lower realization from bookings, leading to
stressed cash flows and liquidity, could lead to a negative rating
action.
Positive: Higher-than-expected sales and the timely receipt of
advances from customers and utilization of the same primarily for
construction purposes, leading to improved cash flows and an
improvement in the liquidity, could lead to a positive rating
action.
About the Company
FBLLP, established in 2022 as a partnership firm, undertakes the
construction of residential real estate projects in Gwalior, Madhya
Pradesh. The firm is developing residential township in Gwalior
including four projects out of which one project named Signature
City 1 is already completed and the rest named Signature City 2,
Signature City 3 and Signature City Vista are under construction.
FINOLEX J-POWER: Ind-Ra Assigns BB+ Loan Rating, Outlook Positive
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Finolex J-Power
Systems Ltd.'s (FJPSL) bank loan facilities as follows:
-- INR3.420 bil. Bank loan facilities assigned with IND BB+/
Positive/IND A4+ rating.
Detailed Rationale of the Rating Action
The rating reflects the EBITDA losses incurred by FJSPL since the
past five years and its stretched working capital cycle, which have
led to weak credit metrics. However, FJPSL achieved breakeven in
2QFY26, backed by improved execution during the quarter and receipt
of funds from the JV partners. Also, FJSPL's order book amounted to
INR6,130 million in October 2025, compared to INR3,400 million in
January 2023, led by new customer additions as the company
qualified for new geographies. The Positive Outlook reflects
Ind-Ra's expectation of a turnaround in the company's operations,
with positive operating margins from 2HFY26 onwards, led by growth
in the order book and diversification of the customer base, which
will also aid better working capital management.
The rating is also supported by FJSPL's strong owners, and the
support received in the form of equity infusion over the years,
guarantee towards majority of the bank facilities as well as
technical and managerial support. While the company's scale of
operations is small, FJSPL has helped expand the product portfolio
of the JV partners into the high-growth potential business of
extra-high voltage (EHV) cables. The entity also receives technical
support from JPS's parent, Sumitomo Electric Industries (SEI).
Detailed Description of Key Rating Drivers
History of Operating Losses; Sustained Profitability Contingent on
Pace of Execution: FJPSL generated losses at EBITDA level over
FY19-FY25 (except for FY24, when it generated positive EBITDA of
INR53 million due to higher supply-based operations) as the high
overhead costs could not be absorbed due to the limited revenue and
gross profit generation. However, the company achieved breakeven in
2QFY26 owing to improved execution during the quarter (revenue:
INR571 million) with receipt of funds from JV partners;
consequently, the losses reduced to INR42 million in 1HFY26
(1HFY25: loss of INR162 million). Ind-Ra expects FJPSL to generate
positive EBITDA over 2HFY26 and FY27, given the new orders received
in 1HFY26, but the pace of execution remains a monitorable.
Stretched Working Capital Cycle, Weak Credit Metrics: With the long
execution period and delay in payments from customers, the
company's overall debtor days, which includes retention money,
remained high at around 205 days at end-September 2025 (FYE25: 295
days, FYE24: 235 days). At end-September 2025, 53% of gross debtors
were outstanding for more than one year (FYE25: 46%, FYE24: 24%),
with provisions amounting to INR240 million (INR159 million, INR91
million), indicating delays in payments. The net working capital
cycle remained elongated and deteriorated to 355 days in FY25
(FY24: 294 days) due to the rise in debtor days. However, Ind-Ra
expects the working capital cycle to improve in the near term,
given the diversification in customer base.
The gross debt stood at INR2,019 million at end-March 2025, around
80% of which was in the form of working capital borrowings, given
the high working capital requirements, while the balance 21% was
long-term debt. The gross debt stood at INR674 million at
end-September 2025, out of which 50% was in the form of working
capital borrowings, which reduced during the period due to the fund
infusion by owners. Given the EBITDA losses, the credit metrics
have been weak over the past five years. While the company is
likely to generate positive EBITDA over the near term, the credit
metrics could remain stretched until profit margins pick up
meaningfully.
Inherent Industry Risks: The cable industry is susceptible to
volatility in copper and aluminum prices, thus impacting the
profitability and liquidity. The profitability of the company is
vulnerable to fluctuations in the prices of these commodities,
although the risk is partially mitigated by the presence of
escalation clauses in new orders. Growth in these industries is
linked to the economic environment; thus, any slowdown in economic
growth could lead to a moderation in demand for electrical cables.
Moreover, the cable industry is characterized by the presence of
several organized and unorganized players, leading to intense
competition and pressure on prices; however, FJPSL is partially
insulated from these risks as EHV is a niche segment product with
limited large-scale players.
Strong Owners: FJPSL is a joint-venture between Pune-based Finolex
Cables Limited and Japan-based J-Power Systems Corporation. FCL is
a leading electrical cable manufacturer in India, having a wide
product portfolio of electrical, communication, and power
distribution cables, with nearly 225,000 retailers and 5,000
channel partners. FCL's revenue stood at INR53.2 billion in FY25
(FY24: INR50.1 billion, FY23: INR44.8 billion), with operating
margin of 10.2% (15.2%, 14.0%). FCL has strong liquidity, with a
net cash position for over last five years and cash and equivalent
of INR26.5 billion at end-September 2025 (FYE25: INR25.5 billion),
including current investments.
JPS is a wholly owned subsidiary of SEI, specializing in
high-voltage power cables and systems. SEI is a Japan-based
conglomerate that operates in various sectors such as optical and
wireless communications, automotive electrical systems and power
and electronics equipment. SEI’s revenue stood at JPY4,680
billion in FY25 (FY24: JPY4,403 billion, FY23: JPY4,005 billion)
with operating margin of 6.9% (5.2%, 4.4%). Its net debt stood at
JPY391 billion (JPY466 billion; JPY616 billion), resulting in a net
leverage of 1.2x (2.1x, 3.5x). SEI keeps a check on manufacturing
and quality control at FJPSL.
Synergies and Tangible Support Demonstrated by Partners: Both FCL
and JPS have equal management control over FJPSL, with the latter's
board including four directors (including the chairman) each from
FCL and JPS. The managing director of FCL is the chairman of FJSPL.
While FJPSL's scale of operations remains small, it has strong
operational ties with FCL, as FCL produces EHV cables only through
FJPSL, and hence, the latter is integral to FCL's core business of
cable manufacturing. The moderate strategic linkages between the
entities are underpinned by the growth potential in the EHV cable
segment, which FCL estimates to range between INR35 billion -40
billion per year.
Both the partners have demonstrated a track record of financial
support in the form of equity infusion (in proportion of their
shareholding) as and when needed. While there was no equity
infusion in FY25, an infusion of INR1,800 million was done in
August 2025 to support the capital structure as well as the working
capital requirements of the company, resulting in total investment
of INR6,520 million at end-September 2025. FCL has publicly stated
that its investment in FJPSL is long term and strategic in nature.
Apart from this, the partners (along with SEI) have extended
guarantees for around 85% of FJPSL's bank facilities, supporting
the legal linkages. The total guarantees increased to INR3,450
million at end-December 2025 (FYE25: INR3,046 million, FYE24:
INR2,682 million). With the growth in order book, Ind-Ra believes
there remains an economic incentive for the partners to continue
supporting FJSPL in the near term.
Recent Order Inflow Provides Revenue Visibility: FJSPL booked new
orders worth INR4,500 million in two months alone
(September-October 2025) post the receipt of funds from the
partners in August 2025. Majority of the orders were from Aura
Engineering, Punjab State Power Corporation Limited (PSPCL) and
Maharashtra State Electricity Transmission Company Limited
(MSETCL). Over the past one year, the company has been taking
conscious efforts to diversify its customer base by adding new
customers such as Gujarat Energy Transmission Corporation Limited
(GETCO), Uttar Pradesh Power Transmission Corporation Limited
(UPPTCL; IND A-/Stable), MSETCL, PSPCL and private players, which
will aid in faster site clearance and license approvals as the
responsibility lies with these counterparties and not the company
itself. FJPSL's revenue grew at a CAGR of 10% over FY22-FY25, and
stood at INR1,127 million in FY25 (FY24: INR1,198 million, FY22:
INR857 million). While the company's order book is adequate, it's
the turnkey projects have witnessed delays in securing regulatory
approvals, site clearances, or getting sub-station ready. To
mitigate the risks, the company has been shifting its focus to
supply-based contracts for a quicker turnaround; these contracts
accounted for around 60% of the order book of INR6,130 million as
on 31 October 2025. The company recorded revenue of INR880
million in 1HFY26 (1HFY25: INR393 million, 1HFY24: INR634 million),
and given the strong order book, Ind-Ra expects the revenue to more
than double on a yoy basis in FY26, and see continued growth over
the next one year, although timely execution of projects will be a
key monitorable.
Liquidity
Stretched: FJSPL's cash flow from operations remained negative at
INR278 million in FY25 (FY24: negative INR353 million) because of
EBITDA losses and high debtors. The company has scheduled repayment
obligation of around INR350 million for FY26, which Ind-Ra expects
to be met by the available liquidity. FJSPL has repayment
obligation of around INR150 million for FY27; the need for owner
support for meeting the obligations would depends on the company's
ability to ramp up execution.
The liquidity is supported by FJSPL's financial flexibility due to
the presence of strong JV partners that have infused equity and
guaranteed loans. Post the equity infusion, the utilization of the
fund-based limits (including working capital demand loan) of
INR1,950 million reduced to 20% over August-October 2025 (78%
utilization during the 12 months ended July 2025), indicating the
availability of liquidity cushion. The company had cash and bank
balance (including liquid investments in mutual funds) of INR151
million at end-September 2025 (FYE25: INR67 million, FYE24: INR6
million). The management plans to double its manufacturing capacity
over the next two-to-three years by installing a new vertical
continuous vulcanizing technology line with total capex outlay of
INR700 million-750 million over FY27-FY28, depending on the ramp-up
of the business.
Rating Sensitivities
Positive: A sustained turnaround in the operating profitability,
leading to an improvement in the liquidity profile and credit
metrics, could lead to a positive rating action.
Negative: Weaker-than-expected EBITDA generation and/or liquidity
buffers could result in the Outlook being revised to Stable.
Additionally, weakening of synergies and support from JV partners
would be negative for the ratings.
About the Company
FJPSL, incorporated in January 2008, is a JV between JPS and FCL.
The company is engaged in the manufacture and marketing of
cross-linked polyethylene insulated EHV cables (with ratings
ranging from 66 Kilovolts (kV) to 500 kV) using the VCV technology
and other power accessories and provides turnkey solutions cables.
The manufacturing facility of the company is located at Shirwal
near Pune.
FORCAS STUDIO: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Forcas Studio
Limited's (FSL) bank loan facilities as follows:
-- INR400 mil. Bank loan facilities assigned with IND BB+/Stable/
IND A4+ rating.
Detailed Rationale of the Rating Action
The rating reflects FSL's medium sale of operations and elongated
working capital cycle, which has led to a stretched liquidity
position. The rating is also constrained by inherent industry
risks. The rating is supported by healthy EBITDA margins,
comfortable credit metrics, and promoter experience. Ind-Ra expects
the scale of operations to improve in FY26, while the EBITDA margin
is likely to remain at similar levels. The credit metrics would
remain comfortable in FY26 but might see some deterioration.
Detailed Description of Key Rating Drivers
Medium Scale of Operations: The rating reflects FSL's medium scale
of operations, as indicated by revenue of INR1422.45 million in
FY25 (FY24: INR1,123.7 million) and EBITDA of INR134.27 million
(INR102.10 million). The revenue increased in FY25 due to improved
brand awareness, the availability of FSL's products on more online
portals, and wider geographical reach. In FY25, the company
generated 46.21% of its revenue from distribution, 41.23% from
online channels, and 12.55% from the make-to-order (MTO) segment.
During 1HFY26, FSL booked a revenue of INR836.842 million. Ind-Ra
expects the revenue to improve on a yoy basis in FY26 on the back
of product diversification, with the company having forayed into
the kids and women's segment in 3QFY26.
Industry Risks: The apparel industry is highly competitive and
fragmented, with low entry barriers and strong price sensitivity,
which limits pricing power and exposes companies to constant margin
pressure from unorganized players and aggressive discounting by
established brands.
Healthy EBITDA Margin: FSL's EBITDA margin rose to a healthy 9.44%
in FY25 (FY24: 9.09%; FY23: 2.33%) due to higher operational
efficiency, resulting from growth in the scale of operations, and
improved market penetration. The ROCE was 20.2% in FY25 (FY24:
23.4%; FY23: 4.2%). In FY25, the company's operating costs
(comprising cost of goods sold, job charges, other manufacturing
expenses, and online B2C expenses) reduced to 83.2% of the revenue
(FY24: 84.67%). In FY24, the EBITDA margins had witnessed a sharp
improvement because of better absorption of fixed costs and
decrease in job charges as a percentage of revenue owing to
improved efficiency. In FY26, Ind-Ra expects the EBITDA margins to
remain largely stable on a yoy basis.
Comfortable Credit Metrics: FSL's credit metrics improved in FY25
as the company prepaid a major term loan from the proceeds of its
initial public offering. The interest coverage (operating
EBITDA/gross interest expenses) was 5.97x in FY25 (FY24: 2.69x) and
the net leverage (total adjusted net debt/operating EBITDA) was
0.37x (FY24: 3.18x). The company is planning to enter into new
segments and set up more stock keeping units; the required capex
will be funded through debt. This along with its elongated working
capital cycle is likely to cause a deterioration in the credit
metrics in FY26 and the medium term; however, the metrics would
remain comfortable.
Experienced Promoters: The ratings are supported by the promoters'
experience of nearly 14 years in the garment trade industry,
which has helped the company establish strong relationships with
customers as well as suppliers.
Liquidity
Stretched: The net working capital cycle remained elongated in FY25
and deteriorated to 184 days (FY24: 165 days), mainly because of
an increase in inventory days to 122 days (96 days). The company
provides an average credit period of 90-100 days to its customers
and receive a credit period of around 30 days from its suppliers.
The inventory holding period typically ranges between 90-130 days.
The cash flow from operations remained negative at INR117.17
million in FY25 (FY24: negative INR492.28 million) due to the
elongated working capital cycle. The free cash flow stood at a
negative INR126.44 million in FY25 (FY24: negative INR 419.38
million) due to the absence of capex. FSL's average maximum
utilization of the fund-based limits was 72.18 % during the 12
months ended December 2025. FSL has not taken any term loan, and
hence, it does not have any debt repayment obligations. The cash
and cash equivalent stood at INR84.36 million in FY25 (FY24: INR
3.35 million).
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics, with the interest
coverage falling below 2x and/or pressure on the liquidity
position, could lead to a negative rating action.
Positive: An increase in the scale of operations while maintaining
the overall credit metrics, with the interest coverage remaining
above 3x, along with an improvement in the liquidity profile, all
on a sustained basis, could lead to a positive rating action.
About the Company
FSL was established in 2010 as a partnership firm, and it was later
incorporated as a public limited company in 2024. FSL is engaged in
the designing, sourcing, and sales of ready-to-wear garments. The
company operates through its in-house brands - FTX, TRIBE, and
Conteno. It predominantly serves the mass and value-for-money
segment catering mainly to consumers in Tier-2, Tier-3, and Tier-4
markets across India. The company follows an asset-light business
model, outsourcing all manufacturing activities to third-party
contract manufacturers while retaining in-house control over
design, procurement, quality assurance, branding, and distribution.
Additionally, the company undertakes white-label and private-label
manufacturing for established apparel brands, which supports steady
order volumes and enhances the efficient utilization of its
sourcing and production network.
GLAZEBROOKE TRADING: ICRA Keeps C+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Glazebrooke Trading Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]C+; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 150.00 [ICRA]C+; ISSUER NOT
Non-convertible COOPERATING; Rating continues
Debentures (NCD) to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Glazebrooke
Trading'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 Glazebrooke Trading, 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.
Glazebrooke Trading was incorporated in 2017 to carry out import
and trading of spices in India. The core activity is to sell the
imported spices to super wholesalers and wholesalers spread across
the states by matching demand and supply gap. The company's vision
is to become a diversified conglomerate in the next ten years, and
this go triggered by the opportunity seen in the mining and mining
related logistics. They have also entered a memorandum of
understanding with their existing logistical operator with hands-on
business available to invest.
GOLD STAR: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Gold Star
Steels (P) Ltd. (GSSPL) 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- 5.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 3.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding GSSPL'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 GSSPL, 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.
GSSPL was incorporated in 1992 by the Raipur-based Agarwal family.
However, the company has been taken over by the Vaswani family in
the recent past. GSSPL has facilities for manufacturing high
tension steel (HTS) wire, inserts and insulated caps.
HEERA-IND: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Heera-Ind Trading Private Limited
Krida Bhavan Bldg.,
B/H Municipal Council,
Nandurbar - 425412
Maharashtra, India
Insolvency Commencement Date: February 16, 2026
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: August 15, 2026
Insolvency professional: Mahesh G. Bagla
Interim Resolution
Professional: Mahesh G. Bagla
404 and 405, Sahil
Kohinoor Gokul Nagar 2,
State Bank of India Lane,
Katraj Kondhwa Highway,
Kondhwa Budruk, Shikshak
Society Lane-1,
Pune - 411048,
Maharashtra, India
Email: maheshgbagla@gmail.com
Office No. 304, Gera
Junction, Lulla Nagar
Signal, Kondhwa Road,
Pune - 40
E-mail: heeraindcirp@gmail.com
Last date for
submission of claims: March 2, 2026
HINDUSTAN CLEANENERGY: Ind-Ra Affirms D NonConvertible Debt Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Hindustan
Cleanenergy Limited's (HCL) non-convertible debentures (NCDs) as
follows:
-- INR190.07 mil. (reduced from INR447 mil.) Non-convertible
debenture (Long-term) affirmed with IND D rating.
*Details in annexure
Detailed Rationale of the Rating Action
The rating reflects HCL's ongoing decision to restructure its NCDs
by extending the original redemption date. As the modification of
the terms was to avoid payment failure, it constitutes a distressed
debt exchange. This is consistent with Ind-Ra's Default Recognition
and Post-Default Curing Period Policy.
Detailed Description of Key Rating Drivers
Delays in Debt Servicing: The rating reflects HCL's ongoing failure
to service its NCD repayment obligation, as per the original terms.
The company received approval from bond holders and debenture
trustee for the ongoing extension of timelines. The company's
internal accruals and existing liquidity buffers were insufficient
to meet the lump-sum repayment. This is in line with Ind-Ra's
Default Recognition and Post-Default Curing Period Policy where any
material deviation from the original repayment schedule date due to
financial stress is classified as default.
Meanwhile, HCL is able to make interest payment through the support
of its parent.
Liquidity
Poor: The liquidity is poor, characterized by inadequate cash
balance and liquidity buffer as reflected by the decision to extend
its NCD redemption timeline. Currently, the company's cash flow
generation is falling short of its debt servicing requirements,
leaving it dependent on stakeholder concessions. Meanwhile, HCL is
able to make interest payment through the support of its parent.
Positive: Timely debt servicing for three consecutive months could
result in a positive rating action.
About the Company
Incorporated in October 2008, HCL is a 100% subsidiary of Hindustan
Powerprojects Private Limited, which is a multi-fuel-based power
project developer. The company was set up with an objective to
serve as the solar holding company of the group and to undertake
development of solar power projects worldwide.
HMR STEEL: Ind-Ra Cuts Bank Loan Rating to D
--------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded HMR Steels
Private Limited's (HSPL) bank loan facilities to 'IND D (ISSUER NOT
COOPERATING)' from 'IND B-/Negative (ISSUER NOT COOPERATING)'. The
issuer did not participate in the rating review despite continuous
requests and follow-ups by the agency. The rating is based on the
best available information. Therefore, investors and other users
are advised to take appropriate caution while using the rating.
The detailed rating action is:
-- INR380 mil. Bank loan facilities (Long term) downgraded with
IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on best available information
Detailed Rationale of the Rating Action
The downgrade reflects delays in debt servicing by HSPL. Ind-Ra has
relied on information available in the public domain. However,
Ind-Ra has not been able to ascertain the reason for the delays, as
the company has been non-cooperative.
The rating continues to be maintained in non-cooperating category
in accordance with Ind-Ra's Guidelines on What Constitutes
Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with HSPL while reviewing the
rating. Ind-Ra had consistently followed up with HSPL over emails,
apart from phone calls. The issuer has also not been submitting
their monthly no default statement.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of HSPL, 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. HSPL has been
non-cooperative with the agency since April 2019.
About the Company
HMR was incorporated as MR Steels, a proprietorship concern in
1992. It was converted into a private limited company in 2008. The
company is engaged in the trading of mild steel plates and heavy
plates.
INDIAN TECHNOMETAL: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Indian Technometal Company Limited
1107, Vikrant Tower 4,
Rajendra Place,
New Delhi, India - 110008
Liquidation Commencement Date: February 5, 2026
Court: National Company Law Tribunal, New Delhi Bench-II
Liquidator: Shamsher Bahadur Singh
48 Sidhartha Apartment,
Behind Inder Enclave
Rohtak Road, Opposite
Jwala Puri No. 5,
New Delhi - 110087
Email: shamser_cs@yahoo.co.in
D-54, 1st Floor, Defence Colony,
New Delhi - 110024
Email: ibc.indiantechnometal@gmail.com
Last date for
submission of claims: March 18, 2026
KARTYA TEXTILES: Ind-Ra Hikes Bank Loan Rating to BB-
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Kartya Textiles
Private Limited's (KTPL) bank loan facility's long-term rating to
'IND BB-' with a Stable Outlook from 'IND B+' and short-term rating
to 'IND A4+' from 'IND A4'.
The instrument-wise rating actions are:
-- INR540.33 mil. Bank loan facilities upgraded with IND BB-/
Stable/IND A4+ rating; and
-- INR32.63 mil. Bank loan facilities assigned with IND BB-/
Stable rating.
Detailed Rationale of the Rating Action
The upgrade reflects an improvement in KTPL's scale of operations
with EBITDA turning profitable in FY25. However, the ratings remain
constrained by the company's stretched liquidity position, and
modest EBITDA margins and credit metrics. The ratings, however,
continue to be supported by the promoters' around 20 years of
experience in the textile industry.
Detailed Description of Key Rating Drivers
EBITDA Margins Remain Modest: KCPL's EBITDA margins continue to be
modest but improved to 23.15% in FY25 (FY24: negative 12.95%)
backed by better absorption of fixed costs, led by an improvement
in the scale of operations. The return on capital employed also
turned positive to 5.4% in FY25 (FY24: negative 14.8%). However,
any adverse change in the price of cotton could impact KTPL's cash
flow from operations, thereby impacting debt repayments. Ind-Ra
expects the margins to deteriorate in the medium term due to a
likely increase in the cost of goods sold.
Sustained Modest Credit Metrics: The gross interest coverage
(operating EBITDAR/gross interest expense and rent) was 2.23x and
net leverage (adjusted net debt/operating EBITDAR) was 5.03x with
EBITDA turning positive in FY25. However, Ind-Ra expects the credit
metrics to deteriorate marginally over the medium term, due to a
likely decline in EBITDA, backed by an increase in the cost of
goods sold.
Improvement in Scale of Operations, yet Remains Small: KTPL's scale
of operations improved but remained small as FY25 was the first
full year of operations. The revenue was INR527.37 million in FY25
(FY24: INR201.52 million) and EBITDA was INR122.11 million
(negative INR26.09 million). The company booked revenue of
INR331.15 million in 8MFY26. Ind-Ra expects the revenue to remain
at similar levels in the medium term due to the similar nature of
operations.
Experienced Promoters: The ratings remain supported by the
promoters' nearly two decades of experience in the textile
industry. This has facilitated the company to establish strong
relationships with customers as well as suppliers.
Liquidity
Stretched: At FYE25, KTPL's cash and cash equivalent stood at
INR3.99 million (FYE24: INR13.34 million). The average monthly
utilization of its fund-based limits was around 97.9% over the 12
months ended November 2025. Presently, KTPL does not have any plans
to enhance its working capital limits. The company has scheduled
debt repayments of INR39 million and INR51.5 million in FY26 and
FY27, respectively. In FY25, the cash flow from operations improved
but remained negative at INR53.61 million (FY24: negative INR127.41
million) as the fund flow from operations turned positive to
INR73.13 million (negative INR35.1 million). Consequently, the free
cash flow also improved, although it remained negative at INR65.94
million (negative INR429.16 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: Any delays in achieving stable operating performance
and/or a weaker-than-expected credit metrics, could be negative for
the ratings.
Positive: Achieving stable operating profitability, along with an
improvement in the liquidity and credit metrics with the interest
coverage remaining above 2.0x will be positive for the ratings.
About the Company
Incorporated in October 2021, KTPL manufactures cotton yarn of 20,
30 and 40 count at its facility located in Madurai. The company has
an installed capacity of 12,758 spindles.
KRUSHNA INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Krushna Industries (KI) in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 9.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding KI'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 Krushna Industries, 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 1995 as a partnership firm, Krushna Industries (KI)
is involved in the ginning and pressing of raw cotton to produce
cotton bales and cottonseeds. KI's manufacturing facility at Rajkot
(Gujarat) is equipped with 20 ginning machines and a pressing
machine, with a production capacity of 14,206 cotton bales and
4,400 cottonseeds per annum. The firm is managed by its partners,
Mr. Bhavesh Makwana and Mr. Kala Makwana who have extensive
experience in the cotton industry.
KUKRU WIND: Ind-Ra Withdraws BB+ Bank Loan Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the rating on
Kukru Wind Power Private Limited's (KWPPL) bank loan facilities as
follows:
-- The 'IND BB+/Stable' rating on the INR1,837.6 bil. Bank loan
facilities is withdrawn.
Detailed Rationale of the Rating Action
Ind-Ra is no longer required to maintain the rating as the
instrument has been paid in full, and the agency has received no
dues certificates from the lenders and withdrawal request from the
issuer. This is consistent with Ind-Ra's Policy on Withdrawal of
Ratings.
About the Company
KWPPL developed and commissioned a 50MW wind power project at the
Betul district, Madhya Pradesh in April 2016. The project was
funded through INR484 million in equity, INR465.4 million in
compulsorily convertible debentures and INR402.21 million in
unsecured loans.
LIFEFIRST PHARMA: Ind-Ra Assigns BB- Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Lifefirst Pharma
Private Limited's (LPPL) bank loan facilities as follows:
-- INR480 mil. Bank loan facilities assigned with IND BB-/
Stable/IND A4+ rating.
Detailed Rationale of the Rating Action
The ratings reflect LPPL's small scale of operations, Ind-Ra's
expectation of modest EBITDA margins and credit metrics in the
medium term, and a stretched liquidity position. However, Ind-Ra
expects the scale of operations to improve in the medium term on
the back of improved capacity utilization and receipt of
contract-based orders. LPPL is a part of the BCM group, and the
ratings are supported by the unsecured loans it receives from the
BCM group.
Detailed Description of Key Rating Drivers
Small Scale of Operations: LPPL was incorporated in 2020 and
completed a capex of INR1,000 million in March 2025, which was
funded through term loans of INR425 million and the remaining
through equity infusion and unsecured loans. LPPL started its
manufacturing operations in January 2025 and reported revenue of
INR32 million with an EBITDA loss of INR31.3 million in FY25. FY26
will be the company's first full year of operations. Till 8MFY26,
LPPL booked revenue of INR65 million. LPPL has a total installed
capacity is 50 metric tons, of which 22.5 metric tons were utilized
in FY25. Ind-Ra expects the revenue to improve in the medium term
on account of a likely increase in capacity utilization and receipt
of contract-based orders.
EBITDA Margins Expected to be Modest in Medium Term: The company
incurred EBITDA losses in FY25, primarily due to its nascent stage
of operations and elevated expenses during the initial years of
operations. Ind-Ra expects LPPL's EBITDA margins to improve
gradually over the medium term with the stabilization of
operations.
Credit Metrics Expected to be Modest in Medium Term: Ind-Ra expects
LPPL's credit metrics to be modest in the medium term with a low
interest coverage and a high net leverage, due to a high debt on
its books (FYE25: INR1,028.99 million; FYE24: INR773.81 million) to
fund the capex, and the consequent interest obligations.
Support from Group Company: LPPL is a part of the BCM group, which
is involved in multiple businesses including real estate,
hospitality, education, healthcare, and pharmaceuticals. There are
no strategic, operational, or legal ties between LPPL and the
entities under BCM Group. However, LPPL has received support from
group companies such as Sunglow Realmart Pvt Ltd, Sunlife
Hospitalities Pvt Ltd, and Zest Infraways Pvt Ltd, among others, in
the form of unsecured loans and Ind-Ra expects this support to
continue, as and when required.
Liquidity
Stretched: LPPL's average maximum utilization of the fund-based
limits was 99.71% during the 12 months ended November 2025 with an
instance of overutilization of up to 1 day, due to interest
payments. The agency expects LPPL to have a weak debt service
coverage ratio in the medium term. Thus, the company's loan
repayments and interest expenses will be supported through
unsecured loans from group companies and promoters. The cash flow
from operations deteriorated to negative at INR163.9 million in
FY25 (FY24: negative INR20.8 million), due to unfavorable changes
in working capital. However, the free cash flow improved, but
remained negative at INR296.8 million in FY25 (FY24: negative
INR372.7 million), due to a lower capex of INR132.8 million
(INR351.9 million). LPPL has debt repayment obligations of INR58.3
million and INR55.4 million in FY26 and FY27, respectively. The
cash and cash equivalents stood at INR2.04 million at FYE25 (FYE24:
INR3.24 million). Furthermore, LPPL 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 and/or a further
pressure on the liquidity position, could lead to a negative rating
action.
Positive: Timely ramp-up of capacity resulting in an increase in
the scale of operations, along with an improvement in the overall
credit metrics, along with an improvement in the liquidity
position, all on a sustained basis, could lead to a positive rating
action.
About the Company
LPPL is a part of the BCM group and manufactures active
pharmaceutical ingredient and intermediates. Mr. Rajesh Kumar
Mehta, Mrs. Rekha Mehta, and Mr. Rishabh Mehta are the promoters.
The company's manufacturing unit is located in Indore.
M.R.C MILLS: Ind-Ra Moves B+ Loan Rating to NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
M.R.C Mills Private Limited to the non-cooperating category as per
Ind Ra's policy on Issuer Non-Cooperation, following non-submission
of No Default Statement continuously for 3 months despite
continuous requests and follow-ups by the agency and also IND-Ra's
inability to validate timely debt servicing through other sources
it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B+/Negative (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating action is:
-- INR480 mil. Bank Loan Facilities Outlook revised to Negative;
rating migrated to non-cooperating category with IND B+/
Negative (ISSUER NOT COOPERATING)/ IND A4 (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.
Detailed Rationale of the Rating Action
The migration of rating to the non-cooperating category is in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation. The Negative Outlook reflects the likelihood of a
downgrade of the entity's ratings on continued non-cooperation.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of M.R.C Mills Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect M.R.C Mills Private Limited's
credit strength. If an issuer does not provide timely No Default
Statement, it indicates weak governance, particularly in 'Timely
debt servicing'. The agency may also consider this as symptomatic
of a possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
MRC was established in 2004 and is into dyeing, bleaching and
printing of garments. MRC has two manufacturing units - one in
Karur and SIPCOT Cuddalore, Tamil Nadu.
MARKS ENGINEERING: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Marks
Engineering Works 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- 1.35 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 9.65 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Marks Engineering
Works'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 noncooperation 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 Marks Engineering Works, 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.
M/s. Marks Engineering Works, a partnership concern established in
1999, is engaged in manufacturing and export of precision machined
components. The Firm is managed by the partners namely Mr K.
Veluswami and Mr K. Chellamuthu.
MEDA PROJECTS: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Meda Projects' (MP)
bank loan facilities as follows:
-- INR1.50 bil. Proposed bank loan facilities assigned with IND
BB+/Stable rating.
Detailed Rationale of the Rating Action
The rating reflects the non-sanctioning of the construction finance
facility, which may weaken the company's liquidity profile in the
absence of timely capital infusion by the partners. Additionally,
the rating is constrained by the offtake risk as well as the time
and cost overrun risks associated with the under-construction stage
of MP's ongoing project, Meda East Winds. However, the rating
derives comfort from the 48% project completion, the promoters'
experience of over three decades in the real estate industry, and
the project's favorable location in Bengaluru, which collectively
support its long-term prospects.
Detailed Description of Key Rating Drivers
Moderate Construction Completion Risk: The firm launched its
project, Meda East Winds, in December 2024, with a total saleable
area of 0.835 million square feet (msf). The project is scheduled
to be completed by December 2028 as per Real Estate (Regulatory)
Authority (RERA). The total cost of the project is estimated to be
INR5,049.5 million, to be funded by promoter's contribution: debt:
customer advances in the ratio of 50:30:20. As on 31 October 2025,
the firm had incurred a cost of INR2,430 million (about 48% of the
total project cost), primarily funded by promoter contributions,
unsecured loans, and customer advances. Timely completion of the
project within the envisaged costs shall remain a key rating
monitorable.
Saleability Risk With Moderate Booking Status: The Meda East Winds
project is being developed as luxury residential flats, which
targets an exclusive customer base. It comprises a total of 542
residential units. As on 31 October 2025, according to the RERA
booking status, a significant portion of the inventory remained
unsold. However, according to the management, as of October 2025,
the firm had secured bookings for 130 units (approximately 24% of
the total inventory), and had received booking advances of around
INR698 million, with pending receivables of about INR1,076 million,
against remaining construction cost of INR2,620 million. Given the
current stage of execution, selling the remaining units at the
anticipated prices and realizing the sale proceeds would be crucial
from a credit perspective.
High Funding Risk: MP is yet to be sanctioned the term loan of
INR1,500 million, which is about 30% of the total project cost.
Committed receivables from the customers constitute about 41%
(about INR1,076 million) of the pending construction cost, and the
balance will be infused by the promoters. As per the lender, the
financial closure will be achieved in one month and the rate of
interest would be about 10%, with a moratorium period until
December 2028 i.e. the date of completion of the project, and only
interest will be charged during the period. However, the balloon
repayments of the term loan would be completed by end-FY30. Timely
infusion of promoters funds and sanction of term loan is critical
for the project development and shall remain a key monitorable.
Inherent Industry Risks: Residential real estate demand is
inherently cyclical and influenced by factors such as interest
rates and household income outlook. The affordable segment has been
the most impacted by the increase in interest rates in the past few
quarters; however, the mid and luxury segments have shown
resilience. Therefore, industry players have largely shifted focus
to the mid and premium markets.
Favorable Location: The project, which has a total saleable area of
0.835msf, is being executed in Varthur Hobli, Bangalore, where the
promoters already have reasonable presence. The promoter and
promoter group have developed several projects such as Meda
Heights, Meda Prestige, Meda Adobe in the same area and also in
nearby regions. The location is well connected to shopping malls,
hospitals, and educational institutions. Also, it provides direct
access to the NH-44, and the Belandur Road Railway Station is
located less than 1km away from the project.
Promoter Experience: The firm's promoters have experience of four
decades in the building construction segment. Also, the promoters
have a healthy track record of completion of many large projects,
both residential and commercial. The promoters have executed
projects with a total area of more than 1.838msf under other group
companies, and it has ongoing projects of 0.976msf, excluding the
Meda East Winds project.
Liquidity
Adequate: The firm had cash and cash equivalents of INR99.84
million at end-March 2025. As per the management, financial closure
is pending for the term loan of INR1,500 million, with the
disbursements expected at FYE26. The balloon repayment of the term
loan is scheduled to begin in April 2029, and the loan is scheduled
to be fully repaid by March 2030. At end-October 2025, the
project's receivables from sold units amounted to only INR1,774
million, with only 24% of 130 units booked out of a total of 542
units. Ind-Ra expects the project's free cash flow before debt
obligations over FY26-FY28 to exceed INR1,013 million, which it
believes will be more than sufficient to meet the interest
obligations of around INR300 million, excluding the partner's
capital repayment, as per Ind-Ra's disbursement assumption.
About the Company
MP was established as a partnership firm in 2015 to undertake the
construction of residential real estate projects in Bangalore,
Karnataka. The partners of the firm are M. Raghunadha Reddy, M Sai
Krishna Reddy and M Rohit Reddy. The firm has one ongoing project,
Meda East Winds, which has a total saleable area of about 0.835msf.
MOHAN RAIL: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Mohan Rail Components Private Limited
Opposite Rail Coach
Factory, Hussainpur,
Kapurthala, Punjab, 144602
Insolvency Commencement Date: February 20, 2026
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: August 19, 2026
Insolvency professional: Mohit Chawla
Interim Resolution
Professional: Mohit Chawla
SCO 26, Level-III,
Shri Balaji Complex,
Old-Ambala Road,
Dhakauli, Zirakpur - 140603
Email: camohitchawla@gmail.com
ip.mohanrail@gmail.com
Last date for
submission of claims: March 6, 2026
MRC MILLS: Ind-Ra Keeps B+ Loan Rating in NonCooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained M.R.C Mills
Private Limited's (MRC) bank loan ratings in the non-cooperating
category and has simultaneously withdrawn the same.
The detailed rating action is:
-- INR480 mil. Bank loan facilities maintained in non-cooperating
category and withdrawn; maintained at 'IND B+/Negative
(ISSUER NOT COOPERATING)'/'IND A4 (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 ratings were 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 withdrawal request from the issuer and no-objection
certificate from the bankers. This is consistent with Ind-Ra's
Policy on Withdrawal of Ratings.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interactions with MRC while reviewing the
ratings. Ind-Ra had consistently followed up with NPIPL over emails
since November 2025, apart from phone calls. The issuer has
submitted the no default statement only until November 2025.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of MRC, 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
MRC was established in 2004 and is into dyeing, bleaching and
printing of garments. MRC has two manufacturing units - one in
Karur and SIPCOT Cuddalore, Tamil Nadu.
MVS ACMEI: Ind-Ra Cuts Bank Loan Rating to BB
---------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded MVS ACMEI
Technologies Pvt Ltd.'s (MVSAPL) bank facility rating to 'IND
BB/Negative (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER NOT
COOPERATING)' from 'IND BBB+/Negative (ISSUER NOT COOPERATING)'/
'IND A2+ (ISSUER NOT COOPERATING)'. The issuer did not participate
in the rating exercise despite continuous requests and follow-ups
by the agency through phone calls and emails. Thus, the rating is
based on the best available information. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.
The instrument-wise rating action is:
-- INR3.0 bil. Bank loan facilities downgraded with IND BB/
Negative/ (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating.
NOTE: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
Ind-Ra has downgraded the rating and maintained the Negative
Outlook in accordance with the agency's Guidelines on What
Constitutes Non-Cooperation. As per the guidelines, if an issuer
has an investment grade rating outstanding while being
noncooperative for more than six months with Ind-Ra, then the
agency will necessarily downgrade such rating to the non-investment
grade, while maintaining the Issuer Not Cooperating status.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interactions with MVSAPL while reviewing the
ratings. Ind-Ra had consistently followed up with MVSAPL over
emails starting May 8, 2025, apart from phone calls. The issuer
submitted no default statements until June 2025.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of MVSAPL, 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. MVSAPL has been
non-cooperative with the agency since May 2025.
About the Company
Commenced operations in 2009, MVSAPL provides machine condition
monitoring services and industrial packaging services, and
manufactures industrial woven fabrics.
N A CONSTRUCTION: Ind-Ra Revises BB+ Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the rating watch on
N A Construction Private Limited's (NACPL) bank loan facilities to
Developing Implications from Negative Implications as follows:
-- INR3,006.50 bil. Bank loan facilities rating watch revised
with IND BB+/Rating Watch with Developing Implications/IND
A4+/Rating Watch with Developing Implications.
Detailed Rationale of the Rating Action
Ind-Ra has revised the rating watch to Developing Implications from
Negative Implications as the financial impact of Enforcement
Directorate's (ED) raid is limited to frozen bank fixed deposit
accounts amounting to around INR80 million, while other frozen
accounts have been reopened. However the rating watch is maintained
due to the incomplete removal of the ED’s attachment, creating a
lingering risk that the ED may further attach the company's assets.
The rating also factors in a likely decline in revenue in FY26,
due to a slower execution pace, triggered by the extended monsoon
season. However, the rating is supported by the healthy order
book-to-revenue ratio of around 4x, robust EBITDA margins, and
comfortable credit metrics, supported by the experience of its
promoter.
Detailed Description of Key Rating Drivers
Overhang of ED's Attachment Weakens Corporate Governance: In July
2025, the ED had frozen all the bank accounts and fixed deposits of
NACPL. This step was taken as part of the ED's investigation into
NACPL with respect to the Mithi River desilting case. However,
these frozen accounts were released after a period of two-to-three
months, except for some fixed deposit accounts amounting to about
INR80 million, which allegedly contain the proceeds of illegal
activities. The ED's investigation under the Prevention of Money
Laundering Act (PMLA) could lead to further legal action, including
financial penalties or criminal charges.
Revenue Likely to See Decline in FY26: NACPL's revenue declined to
INR2,817.5 million in 9MFY26 (9MFY25: INR3,353.6 million; FY25:
INR5,805.82 million) as the contract execution was disrupted due to
the long monsoon season in 2025 Furthermore, the work in progress
rose significantly to INR1,470 million as of December 31, 2025
(FYE25: INR581.42 million), which suggests a delay in revenue
recognition due to pending certification of completed work The
revenue booked in 9MFY26 is only 49% of the total revenue of FY25,
and historically, the entity books a maximum of 42% of its revenue
in the last quarter. Even if this percentage is achieved in 4QFY26,
the total revenue of FY26 is likely to be lower than that of FY25.
Additionally, NACPL's unexecuted order book includes projects in
Mumbai from government contracts, and recent changes within various
municipal corporations are likely to slow down the clearance
process for invoices related to completed work, potentially leading
to liquidity challenges.
Majorly Slow-moving Orders; Concentrated Order Book: NACPL had an
unexecuted order book of around INR22,642 million at end-December
2025, which is around 3.9x of its FY25 revenue. However, of these
orders, around 5% has been pending beyond the due date, and 77% are
slow-moving projects. Majority of NACPL's projects are concentrated
in Maharashtra and its revenue visibility is dependent on the state
government's approved budget for expenditure on infrastructure
projects.
Despite Overhang of ED Attachment, Order Book Continues to Grow: In
the previous review, Ind-Ra had considered the ED's attachment news
as a reputational risk, which could impact the bidding capacity of
the company. However, as informed by the management, the company
has received some orders from reputed customers such as Mumbai
Metropolitan Region Development Authority and others, showing the
limited impact of the development on the company's bidding
capacity. Furthermore, the attached all the bank accounts and fixed
deposits were unfrozen within one-to-two months of the attachment,
except for some fixed deposits amounting to about INR80 million;
the release of funds will help the company to continue to secure
orders in the future.
Healthy EBITDA Margins; Likely to Remain Range Bound in Near Term:
NACPL's EBITDA margins have been healthy between 8%-9%, and are
likely to remain range-bound in the near term. The company's
implementation of price escalation clauses in the majority of its
projects effectively transfers price fluctuation risks to
customers, ensuring EBITDA margins experience nominal fluctuations.
In FY25, NACPL achieved an EBITDA margin of 8.48%, slightly up from
8.22% in FY24. These minor fluctuations are primarily due to timing
differences in cost and revenue recognition. In 9MFY26, the company
reported an EBITDA margin of around 11%. However, Ind-Ra
anticipates the EBITDA margins to remain stable and range-bound
between 8%-9%, driven by the execution of similar types of orders.
Additionally, the company's robust return on capital employed of
20%, underscores its operational efficiency and financial
strength.
Comfortable Credit Metrics; Likely to Remain Range Bound in
FY26-FY27: In FY25, the gross interest coverage ratio (gross
interest expenses/EBITDA) was 20.75x (FY24: 34.48x) and the company
was net cash positive. The credit metrics are likely to remain
strong in the medium term, as the company does not have any
significant capex plans, apart from acquiring certain equipment,
which is estimated to cost INR40 million. This acquisition is
intended to be partially funded through a term loan, but it is not
anticipated to have a major impact on the credit metrics. Out of
the total working capital facilities of INR575 million, a facility
amounting to INR495 million is in the form of overdraft against
fixed deposits, and hence, the company's net interest coverage
ratio remains resilient.
Promoter's Experience: NACPL's key promoter, Nasirali A.
Madraswala, has nearly three decades of experience in the civil
construction industry, providing him with the expertise needed to
effectively manage work related to various government projects. His
extensive experience enables him to oversee the company's overall
operations with proficiency and strategic insight, positioning
NACPL for continued success in navigating complex project
environments and fostering growth opportunities.
Liquidity
Adequate: NACPL had unrestricted cash and cash equivalents of
INR63.08 million as of January 2026 (FYE25: INR891.46 million;
FYE24: 405.38 million). The cash flow from operations turned
positive at INR273.11 million in FY25 (FY24: negative INR172.95
million) due to favorable changes in working capital. Ind-Ra
expects the cash flow to remain positive in FY26. The working
capital cycle (receivable days plus inventory days, less payable
days) improved to 26 days in FY25 (FY24: 29 days) due to an
increase in creditors’ balance. NACPL has repayment obligations
of INR51.75 million and INR41.81 million in FY25 and FY26,
respectively. NACPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. NACPL has access to fund-based limits of INR575
million and non-fund based limits of INR2176 million. The average
maximum utilization of the fund-based limits was 70.7% and that of
the non-fund-based working capital limits was 82.1% during the 12
months ended December 2025. Furthermore, the company had fixed
deposits of INR255.19 million lien with the bank as margin money
against the bank guarantee in FYE25.
Rating Sensitivities
The Rating Watch with Developing Implications indicates that
ratings may be upgraded or affirmed or downgraded based on the
resolution of certain events. Ind-Ra plans to resolve the rating
watch once the financial impact of the ED's investigation in FY26
can be clearly determined through audited financial statements of
FY26.
About the Company
NACPL, incorporated in 2009, is a registered Class 1A contractor
with Municipal Corporation of Greater Mumbai, The company has
worked on a diverse range of projects that involve concretization,
asphalting and resurfacing of roads, construction of residential &
non-residential buildings, construction of bridges and tunnels for
government and semi government bodies.
PARAMASIVAM PALANISAMY: ICRA Keeps D Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Paramasivam Palanisamy
Charitable Trust (PPCT) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 23.80 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding PPCT'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 PPCT, 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.
Paramasivam Palanisamy Charitable Trust (PPCT) is a registered
trust, established on April 23, 1990. The trust, which initially
commenced operations with Maharaja Arts and Science College,
diversified into engineering sector and currently operates four
engineering institutions, two arts and science college, a teacher
training institute and Bachelor of Education under it. The colleges
are in two campuses - one near Perundurai and another in Avinashi.
PARASAKTI CEMENT: Ind-Ra Affirms BB+ Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Parasakti Cement Industries Limited’s (PCIL) long-term bank
facilities to Negative from Stable while affirming the rating on
them at 'IND BB+' as follows:
-- INR1,607.30 bil. (reduced from INR2,014.33 bil.) Bank loan
facilities rating affirmed; Outlook revised to Negative with
IND BB+/Negative/IND A4+ rating.
Detailed Rationale of the Rating Action
The Outlook revision to Negative reflects the likelihood of a
lower-than-expected performance for PCIL over the near term. Also,
the company's operating performance was materially weaker than
Ind-Ra's expectations for FY25, because of a subdued demand and a
significant drop in cement prices in Southern India. There was a
decline in sales volume, EBITDA losses, and consequent pressure on
the credit metrics and liquidity. While PCIL reported a modest
improvement in EBITDA in 10MFY26, primarily supported by a partial
price recovery and cost-efficiency measures, Ind-Ra believes that
the sustainability of profitability remains contingent on market
conditions. Given the region's structural oversupply and intense
competitive landscape, earnings visibility remains weak, and the
durability of EBITDA recovery continues to be a key rating
monitorable.
Detailed Description of Key Rating Drivers
EBITDA Losses in FY25; Recovery Anticipated in Near Term amid
Pricing Volatility: FY25 continued to be a challenging year for
south India-based cement plants. During FY25, the state assembly
and general elections in Telangana and Andhra Pradesh dampened real
estate and infrastructure activity. This led to a decline in cement
demand, and consequently, regional players engaged in competitive
selling to gain or maintain market share. Consequently, PCIL
reported EBITDA losses of INR52.48 million in FY25 (FY24: INR421.65
million), which was a significant deviation from the management's
earlier expectation of EBITDA of INR367 million. While the
operating performance improved in 10MFY26 compared to FY25,
supported by relatively better cement prices, PCIL's profitability
remains below historical levels. The severity of the decline in
profitability during the current cycle is evident from the fact
that the EBITDA had ranged between INR421 million–887 million
during FY22-FY24, with EBITDA per MT of INR783 in FY22 and
INR366-367 during FY23-FY24. Additionally, the EBITDA per MT
moderated to INR326/MT in 10MFY26 compared to INR373/MT in 1HFY26,
reflecting renewed price softness during November–December 2025.
Although PCIL reported an EBITDA of INR238 million in 10MFY26 and a
recovery is anticipated in the near term, earnings visibility
remains constrained by highly competitive intensity and volatile
realizations, which could limit the pace and sustainability of
margin improvement. The company's cost-efficiency measures,
including capex of INR150 million for the installation of a
German-made IKN Cooler (August 2025) with expected annual savings
of INR40 million–50 million, should provide some support;
however, Ind-Ra believes the profitability is likely to remain
materially lower than earlier expectations, constraining the
overall credit profile.
Deterioration in Credit Metrics Following Debt Refinancing;
Improvement Depends on EBITDA Growth: As of March 2025, PCIL's
total outstanding debt stood at INR2,241 million; a high proportion
of the same comprised unlisted non-convertible debentures (NCDs;
52%) and term debt from NBFCs (29.5%), largely contracted to prepay
restructured debt as well as to fund capex and balance debt to meet
working capital requirements. The refinancing of NCDs at a higher
interest cost in FY25, coupled with operating losses during the
year, led to a material deterioration in credit metrics in FY25.
Furthermore, while the company reported positive EBITDA of INR238
million in 10MFY26, Ind-Ra believes that any improvement in the
credit metrics would remain contingent on a sustained EBITDA
recovery and gradual deleveraging, both of which remain
monitorable. Additionally, the management has continuously been
injecting equity to support debt repayment and operations. However,
the ongoing volatility in the operating performance is likely to
limit the pace of deleveraging, and credit metrics are likely to
remain weak in the near term despite positive EBITDA.
Weaker-than-Expected Performance in FY25; Recovery in FY26 Remains
Monitorable: The southern India cement market has been facing
overcapacity, driven by significant limestone reserves, and
installed cement capacities surpassing demand. PCIL, which
manufactures ordinary Portland cement and Portland Pozzolana cement
in a 70:30 ratio, has a total capacity of 1.48 million MT. In FY25,
PCIL's revenue from operations dropped to INR3,003 million (FY24:
INR4,673 million) due to a decrease in sales volumes to 0.90
million MT (1.15 million MT) and a decline in the net sales
realization to INR3,359/MT (INR4,058/MT). This downturn was in line
with industry trends, influenced by factors such as general
elections, oversupply, erratic rainfall, subdued demand, and slowed
infrastructural activities. The capacity utilization decreased to
61% in FY25 (FY24: 78%), and the average selling price of a 50kg
cement bag was INR245 in FY25, down from INR295 in FY24. In
10MFY26, the company recorded a revenue of INR2,603 million (86% of
FY25 revenue) and net sales realizations improved modestly to
INR3,570/MT; however, the realizations remain below FY24 levels.
Ind-Ra expects the recovery to remain gradual amid moderate
government capex growth and intense regional competition; this
would be monitorable.
Prolonged Blockage Of Funds Impacting Returns: The company has
capital advances of INR630 million, comprising INR430 million
towards the proposed acquisition of land with a limestone reserve
and INR200 million paid to Penna Cement Industries Limited for a
share in the cement grinding plant at Krishnapatnam Port. These
advances were originally extended with the expectation of
supporting future capacity expansion and backward integration.
However, the projects have not progressed as envisaged, and the
advances have remained blocked for the past three-to-four years,
with no visibility on near-term realization. The prolonged
non-realization of these investments has resulted in funds
remaining unproductive, thereby limiting cash flow generation,
exerting pressure on the company's ROCE, and constraining its
financial flexibility.
Resourceful and Experienced Promoters: The promoters have
consistently demonstrated their commitment to PCIL through regular
capital infusions. The promoters infused total equity of INR635
million during FY22-1HFY26, including a recent infusion of INR 150
million in 1HFY26. An additional mandatory equity infusion of INR50
million, linked to debt refinancing, is anticipated by March 2026.
These fund infusions address cash flow deficits and ensure timely
repayment of bank obligations. Moreover, the promoters leverage
their extensive business network to source new business
opportunities and actively participate in credit and investment
decisions. This network has also facilitated PCIL in raising funds
through non-convertible debentures (NCDs). Muni Krishna, the
Executive Chairman, brings over four decades of industry
experience, having previously served on the board of Penna Cement
during 2005-2018. His son, Yashwanth Krishna, the managing director
and chief executive officer, holds a 25% stake in PCIL and is
involved in decision-making. The other shareholders are primarily
M/s Subhadhra Investment Pvt Limited, an investment group company
with a 53% stake in PCIL and no operations, and Turbovent
Industries Private Limited, which holds a 13% stake and
manufactures bulk material handling equipment; both the companies
will maintain a significant stake in PCIL for the medium term.
Liquidity
Stretched: PCIL's liquidity remains stretched, reflected in limited
headroom in cash-accrual in relation to debt-servicing requirements
along with continued high utilization of working capital limits.
This implies continued reliance on need-based promoter support in
the near term. Ind-Ra, however, opines improving visibility from
the volume recovery in 2HFY26 is likely to result in an absolute
EBITDA improvement in FY26. Ind-Ra also favorably factors into the
ratings a planned INR50 million equity infusion by March 2026 and
nil principal repayments in FY27.
In FY25, the unencumbered cash and equivalent balances stood at INR
30 million (FY24: INR62.73 million). The maximum utilization of the
fund-based and non-fund-based working capital limits was 94% and
67%, respectively, for the 12 months ending October 2025. The
utilization is likely to have remained at similar levels in the
subsequent period. PCIL's cash flow from operations turned negative
at INR 313.79 million in FY25 (FY24: INR67.34 million) due to
EBITDA losses and negative fund flow from operations. This along
with capex of INR37.41 million led to the free cash flow also
turning negative at INR351.20 million (FY24: INR29.96 million).
Although profitability is likely to improve in the near term to
medium term, Ind-Ra believes the company will primarily rely on
debt refinancing to meet the principal repayment obligations of
INR429 million and INR747 million for FY28 and FY29, respectively.
The management has undertaken measures such as monetization of
non-core assets and capital raises to enhance liquidity and improve
the credit metrics, and has assured Ind-Ra of its commitment to
inject liquidity to ensure timely servicing of obligations if
necessary.
Rating Sensitivities
Negative: A weaker-than-expected operating performance and/or
higher-than expected debt addition, leading to the net leverage
exceeding 5x on a sustained basis, and/or weakening of liquidity,
could lead to a negative rating action.
Positive: An improvement in the liquidity profile along with a
strong operating performance, and net leverage of less than 5x, all
on a sustained basis, could lead to the Outlook being revised back
to Stable.
About the Company
Established in 1998, PCIL manufactures cement at its 1.48mtpa
facility in Guntur, Andhra Pradesh. PCIL produces four grades of
cement—53/43 grades Ordinary Portland Cement, Pozzolana Portland
Cement, and Sulphate Resisting Portland cement (SRPC)—and sells
them under the brand name of Parasakti. The facility is located
close to tier A cities such as Hyderabad and Chennai and tier B
cities such as Guntur, Vijayawada, and Vishakhapatnam.
PRATHAMMALIK AUTO: Ind-Ra Moves B+ Loan Rating to NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Prathammalik Auto Matrix Pvt Ltd to the non-cooperating category as
per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 3 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B+/Negative (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating action is:
-- INR600 mil. Bank Loan Facilities Outlook revised to Negative;
rating migrated to non-cooperating category with IND B+/
Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.
Detailed Rationale of the Rating Action
The migration of rating to the non-cooperating category is in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation. The Negative Outlook reflects the likelihood of a
downgrade of the entity's ratings on continued non-cooperation.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Prathammalik Auto Matrix
Pvt Ltd on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Prathammalik Auto Matrix Pvt
Ltd.'s credit strength. If an issuer does not provide timely No
Default Statement, it indicates weak governance, particularly in
'Timely debt servicing'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.
About the Company
Incorporated in 2022 and operationally started from April 2023,
PAMPL is an automobile sales and service dealer for passenger
vehicles of Tata Motors Limited. Promoted by Neeraj Malik and
family, PAMPL is based in Hyderabad, Telangana. At end-February
2025, PAMPL had three showrooms and two workshops.
R.S. AJIT: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term rating of R.S. Ajit Singh & Co. Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 9.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding R.S. Ajit Singh'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 R.S. Ajit Singh, 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.
R. S. Ajit Singh & Co. (Automotives) Private Limited is an
authorized dealership of vehicles manufactured by Volvo Eicher
Commercial Vehicles Limited (VECV) in the Delhi region. The company
trades in Medium and Heavy Commercial Vehicles (M&HCV), Light
Commercial Vehicles (LCV) and buses for VECV. The head office for
the company is located in Wazirpur Industrial Area, Delhi, from
where all the sales activity is controlled. The day-to-day
operations for the company are looked after by Mr. Bhavinder Singh
Khurana with the support of other directors.
RAGHAVA LIFE: ICRA Lowers Rating on INR63.16cr LT Loan to B+
------------------------------------------------------------
ICRA has downgraded and moved the rating for the bank facilities of
Raghava Life Sciences Private Limited's (RLSPL) to the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable);
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 28.84 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating downgraded
Term Loan from [ICRA]BB (Stable) and moved
to "ISSUER NOT COOPERATING"
category
Long Term- 18.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating downgraded
Cash Credit from [ICRA]BB (Stable) and moved
to "ISSUER NOT COOPERATING"
category
Long Term 63.16 [ICRA]B+ (Stable); ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
The rating downgrade is because of lack of updated information on
RLSPL'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 does 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 RLSPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Despite repeated requests
by ICRA, the entity's management has remained noncooperative.
In the absence of requisite information and in line with the
aforesaid policy of ICRA, the rating has been moved to the "Issuer
Not Cooperating" category. The rating is based on the best
available information.
Raghava Life Sciences Private Limited (RLSPL) was incorporated in
January 2018 by Mr. Lohith Reddy and Ms. Sapni Reddy. RLSPL has two
business verticals —manufacturing API and providing CRAMS. The
API business is focused on developing and manufacturing APIs from
its Good Manufacturing Practices (GMP) compliant facilities at
Bhiknoor in the Kamareddy district of Telangana.
REFLEKTION MEDIA: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Reflektion Media Software (India) Private Limited
4th Floor, No. 79/1,
Aishwarya Sampurna,
Vani Vilas Road,
Basavanagudi, Bangalore 560004
Liquidation Commencement Date: February 16, 2026
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Vinod Sunder Raman
B-703, Arvind Skylands Apartments,
Shivanahalli, Jakkur Main Road,
Yelahanka, Bengaluru, 560064
Tel: +91 98458 84410
Email: vinod@vrconsulting.biz
Last date for
submission of claims: March 18, 2026
RICHA INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Richa India Infra Development Private Limited
101, Kshitij, Shiv Sena
Bhavan Path Dadar West, Mumbai
Maharashtra, India - 400028
Insolvency Commencement Date: February 16, 2026
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: August 18, 2026
Insolvency professional: Sandeep D. Maheshwari
Interim Resolution
Professional: Sandeep D. Maheshwari
1503, Bella Vista, Pokhran
Road Number 2, Majiwad,
Near Oswal Park, Thane,
Maharashtra, 400601
Email: ayunish@yahoo.com
Stress Credit Resolution
Private Limited, B-807,
East Point, Pant Nagar,
90 Feet Road, Ghatkopar (East),
Mumbai - 75
Email: richaindia.cirp@gmail.com
Last date for
submission of claims: March 5, 2026
S.S. COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-------------------------------------------------------------------
ICRA has kept the Long-Term ratings of S.S. Cotton Industries
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 18.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Unallocated 1.50 [ICRA]B+ (Stable); ISSUER NOT
Limits COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding S.S. Cotton
Industries Private Limited'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 S.S. Cotton Industries Private Limited, 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.
M/s S.S. Cotton Industries Pvt. Ltd. was incorporated in May 2011
with the object of carrying on the business of ginning and pressing
with a capacity of 48 gins along with delinting spread across an
area of 3 acres. The operations of the plant commenced from Dec
2011. It is located in Bhainsa, Adilabad dist of AP. The business
is promoted by Mr Rama Rao Pawar and his sons Mr Sandeep Pawar and
Mr Satish Pawar. The family has been involved in the business since
last three decades.
SADBHAV RUDRAPUR: Ind-Ra Affirms B+ Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sadbhav Rudrapur
Highway Private Limited's (SRHPL) bank loan facilities at 'IND B+'
while resolving the Rating Watch with Developing Implications. The
Outlook is Stable.
The instrument-wise rating action is:
-- INR2,038.79 bil. (reduced from INR2,153.60 bil.) Bank loan
facilities affirmed; off Rating Watch with Developing
Implications with IND B+/Stable rating.
Detailed Rationale of the Rating Action
The resolution of the Rating Watch with Developing Implications
follows the payment of the disputed higher interest charged by one
of the consortium lenders, thus moving the account to the standard
category from the non-performing category. Though the dispute of
higher interest charged has been contested, its payment has been
completed by the management to fulfil with compliances of
harmonious substitution process undertaken with National Highways
Authority of India (NHAI; 'IND AAA'/Stable). SRHPL's liquidity at
end-January 2026 was sufficient to meet the higher interest
obligation. Furthermore, the management has provided an undertaking
that SRHPL will pay higher intertest till the completion of
harmonious substitution takes place. The Stable Outlook reflects
the receipt of the 12th annuity without any major delay or
deductions unlike significant delays in the annuities observed
until the 10th annuity. This has reduced the uncertainties related
to the amount and timelines of the annuity receipts from NHAI,
thereby improving the cash flows for debt servicing which are being
done in timely manner.
The rating continues to reflect debt servicing in a timely manner
from November 2024, supported by the receipt of annuities from
NHAI.
All the consortium lenders have approved the harmonious
substitution and accordingly, each lender has signed the definitive
agreement executed on January 13, 2026. SRHPL is awaiting a final
approval for harmonious substitution from NHAI. The management
expects a substitution of new concessionaire to be concluded in
4QFY26. In the process of a harmonious substitution, SRHPL's
existing debt is likely to be refinanced, according to the
management.
Detailed Description of Key Rating Drivers
Limited Track Record of Timely Annuity Receipt: SRHPL received the
12th annuity (due in October 2025 and received on November 17,
2025) within a month of the annuity due date without any major
deductions. The 11th annuity was also received within a month of
due date. The project historically had significant delays and
deductions in annuities till the 10th annuity. The delays and
deductions have been attributed to a delay in the project
completion, the non-execution of part of the project and
deficiencies in operations and maintenance. In an NHAI letter dated
in December 2024, a clarification has been received by SRHPL
regarding the bid project cost, damages due to the delay in project
completion and consequent recoveries in construction grants and
annuity already received by SRHPL. Timely reception of annuities
with minimal deductions is monitorable.
Post a reduction in the project length to 37.332km from 43.446km,
the bid project cost was reduced to INR5,642 million from INR7,380
million. The annuities are being received on reduced length.
Weak Sponsor: Sadbhav Infrastructure Project Limited (SIPL; debt
rated 'IND C (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
COOPERATING)'), the sponsor of SRHPL, continues to have a weak
credit profile, leading to concerns on financial flexibility and
adequate operations and maintenance.
Interest Under Dispute Paid; Contention Continues: SRHPL requested
one of its lenders to reduce the higher interest levied by them. As
per the management, multiple formal requests have been made to the
lender to revise of the rate of interest with retrospective effect
aligning with the rest of the consortium lenders. In December 2025,
SRHL had paid the disputed interest and the account is now standard
as per the lender. Furthermore, the management has represented that
SRHPL will pay intertest at rate of interest henceforth till
completion of harmonious substitution takes place. Based on the
cash inflows from the NHAI and the liquidity details shared by
SRHPL, Ind-Ra believes the liquidity is sufficient to meet the
higher interest charges levied. Ind-Ra will monitor the outcome of
the contention.
Moderate Revenue Risk: For the completed stretch of 37.322km, the
concession agreement and the clarification from the NHAI have led
to high revenue visibility. However, the rating is constrained by
operations and maintenance risk, which could lead to deductions,
considering the weak sponsor profile and limited track record of
timely annuity receipts.
The rating reflects the pre-agreed semi-annual annuities (every
April and October) to be received from NHAI. SRHPL achieved
provisional commercial operations date on October 31, 2019. SRHPL
has been receiving three revenue streams, adjusted for the Price
Index Multiple, from NHAI post the date of commencement of
operations (COD) achievement, namely: i) 60% of the bid project
cost spread over a period of 15 years after COD, ii) interest on
balance annuity payments on a reducing balance basis at bank rate
plus 300bp, and iii) the first year's O&M plus inflation bid quote
of INR76 million per annum. The Price Index Multiple comprises 70%
of Wholesale Price Index and 30% of Consumer Price Index.
Reasonable Debt Structure: The principal repayments are due in July
and January, while the annuity due dates are in April and October,
thereby providing a buffer period for delays in annuities from the
NHAI. The debt structure features a waterfall mechanism and the
requirement for a debt service reserve (DSR) equivalent to nine
months of debt obligations.
Liquidity
Stretched: SRHPL has stated that the liquidity outstanding as on 2
January 2026 was INR216.1 million (equivalent to five months
operating expenses and debt obligation). SRHPL is yet to create a
DSR equivalent to nine months' principal and interest obligations.
Ind-Ra projections indicate yearly debt service coverage ratio of
slightly above 1.0x. Sustained timely annuity receipt with minimal
deduction critical is critical to meet the debt service.
Rating Sensitivities
Negative: Future developments that could, individually or
collectively, lead to a rating downgrade include:
-- any significant delay and/or deduction in annuity, leading to
an increase in leverage and a reduction in coverages
-- the non-maintenance of adequate liquidity
Positive: An improvement in the annual DSCR above 1.1x, timely
receipt of annuities without any performance-related deductions
while maintaining adequate liquidity buffers could lead to a
positive rating action
About the Company
SRHPL, a special purpose vehicle sponsored by SIPL, has been
granted a 17-year concession (including construction period of 730
days) by NHAI for the four-laning of 43.446km of the
Rampur-Kathgodam section package-1 of National Highway-87 (New
National Highway-9) in Uttar Pradesh under National Highways
Development Programme Phase III on a design, build, operate and
transfer hybrid annuity basis.
SAIRAM WHEELS: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sairam Wheels
Private Limited's (SWPL) bank loan facilities as follows:
-- INR650 mil. Bank loan facilities affirmed with IND BB+/Stable/
IND A4+ rating.
Analytical Approach
Ind-Ra has changed the rating approach from a standalone view to a
fully consolidated view of SWPL and its group companies - Sairam
Automobiles & Services Private Limited (SASPL) and Sairam
Automotive Private Limited (SAPL) - together referred to as the
Sairam Group, on account of the strong legal, operational, and
strategic linkages.
SWPL and SASPL have issued corporate guarantees towards the debt
facilities availed by SAPL. SASPL has issued a corporate guarantee
towards the debt facilities availed by SWPL, establishing strong
legal, operational, and strategic linkages between them.
Detailed Rationale of the Rating Action
The affirmation reflects Sairam Group's medium scale of operations,
average EBITDA margins and credit metrics, and poor liquidity
position in FY25. Ind-Ra expects the group's scale of operations to
improve in FY26 led by higher demand during Raipur Automobile
Dealers Association (RADA) auto expo in January-February 2026. The
agency also expects the EBITDA margins to improve in FY26 on
account of increased revenue contribution from the higher-margin
spare parts and services segment, leading to an improvement in the
credit metrics.
The ratings remain supported by the promoters' more than 15 years
of experience in the automobile industry. The group is an
authorized dealer of Kia Motors India Private Limited, Tata Motors
Passenger Vehicles Limited, Honda Motorcycle and Scooter India
Private Limited’s two-wheelers and Hyundai Motor India Limited.
Detailed Description of Key Rating Drivers
Medium Scale of Operations: In FY25, Sairam Group's revenue grew to
INR3,514.2 million (FY24: INR3,312 million), supported by growth in
demand and opening of three festive outlets in Rajnandgaon,
Khairagarh and Dhamtari (Chhattisgarh). The group is geographically
concentrated and has operations only in Chhattisgarh. The EBITDA
was almost stable at INR132.66 million (FY24: INR130.98 million).
During 9MFY26, the group booked revenue of around INR2,385 million.
Ind-Ra expects the scale of operations to improve in FY26 on
account of higher demand during RADA auto expo in Chhattisgarh
during January-February 2026.
Average EBITDA margins: In FY25, the group's EBITDA margins
decreased marginally to 3.77% (FY24: 3.95%) on account of an
increase in personnel expenses and rentals due to the commencement
of the new unit; and an increase in selling expenses due to
increased advertising spend by SWPL on account of emerging
competition from other dealers. The return on capital employed
stood at 10.0% in FY25 (FY24: 10.9%). In FY26, Ind-Ra expects a
slight improvement in the EBITDA margins on account of an increase
in revenue contribution from the sale of spare parts and services.
Average Credit Metrics: In FY25, the group's gross interest
coverage (operating EBITDA/gross interest expense) deteriorated to
2.13x (FY24 2.44x) and net leverage (adjusted net debt/operating
EBITDA) to 5.21x (4.71x), due to the decline in EBITDA and an
increase in debt and interest obligations. In FY26, Ind-Ra expects
marginal improvement in the credit metrics led by an increase in
the EBITDA.
Poor Liquidity: For details refer to the Liquidity section below.
Established Market Position; Experienced Promoters: The ratings are
supported by the promoters' more than 15 years of experience in the
automobiles industry. SWPL is an authorized dealer of Kia cars in
Chhattisgarh. The promoters are also dealers for Tata passenger
vehicles, Honda two-wheelers and Hyundai passenger vehicles.
Liquidity
Poor: On a standalone basis, SWPL's current ratio is less than
1.0x. In FY25, the cash flow from operations declined to INR5.43
million (FY24: INR18.31 million) on account of an increase in
working capital requirements, with free cash at negative INR31.76
million (FY24: negative INR30.06 million). At FYE25, the cash and
cash equivalents stood at INR5.97 million (FYE24: INR16.26
million). Furthermore, the company does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. SWPL's average monthly utilization of the
fund-based limits was around 52.19% and non-fund-based limits was
100% of the sanctioned limits over the 12 months ended October
2025. Both the limits were closed in October 2025. SWPL had debt
repayment obligations of INR20.4 million and INR20.8 million in
FY26 and FY27, respectively. SWPL's working capital cycle stood
increased to 53 days in FY25 (FY24: 49 days) owing to an increase
in the inventory holding period to 50 days (48 days).
On a consolidated basis, Sairam group's cash flow from operations
remained negative at INR70 million (FY24: negative INR27 million)
million due to increased working capital requirements. However, the
free cash flow improved but remained negative at INR169.65 million
in FY25 (FY24: negative INR197 million). At FYE25, the cash and
cash equivalent stood at INR23.12 million (FYE24: INR23.33
million). The group's average monthly use of the fund-based and
non-fund-based limits was around 59.26% and 100%, respectively,
over the 12 months ended November 2025 and is likely to have
remained around similar levels in December 2025-January 2026. The
group has debt repayment obligations of INR26.9 million and INR30
million, respectively, in FY26 and FY27. In FY25, the working
capital cycle elongated to 57 days (FY24: 49 days) due to an
increase in the inventory holding period to 53 days (48 days).
Rating Sensitivities
Negative: Further pressure on the liquidity position or a decline
in the scale of operations, leading to deterioration in the overall
credit metrics, all on a consolidated and sustained basis, could
lead to a negative rating action.
Positive: An improvement in the liquidity profile along with a
significant increase in the scale of operations, leading to an
improvement in the credit metrics with the net leverage reducing
below 3.5x, all on a consolidated and sustained basis, could lead
to a positive rating action.
Any Other Information
Standalone Performance: SWPL generated revenue of INR1,794.73
million in FY25 (FY24: INR1,880.84 million) with an EBITDA of
INR74.66 million (INR81.66 million). The EBITDA margins stood at
4.16% in FY25 (FY24: 4.34%), interest coverage at 2.09x (2.50x) and
net leverage at 4.2x (3.84x).
About the Company
Established in 2010, SWPL has a prominent presence in Chhattisgarh.
It is an authorized dealer of Kia cars and deals in sale of Kia
cars, spare parts, accessories and related after sales services. It
runs on a 3S model - sales, services and spare parts. Srichand
Batra, Jyoti Batra and Yash Batra are the promoters.
Incorporated in 2008, SASPL became an authorized dealer for Tata
Passenger vehicles in 2019 in Chhattisgarh.
SAPL was incorporated in May 2023. The company is an authorized
dealer of Hyundai passenger vehicles in Goa and commenced
operations in July 2025.
SAMRAT SEA: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Samrat Sea Brines Private
Limited (SSBPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 2.75 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 4.25 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding SSBPL'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 SSBPL, 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.
Incorporated on September 29, 2011, Samrat Sea Brines Private
Limited (SSBPL) is engaged in manufacturing of iodized salt and
refined iodized salt. The company's manufacturing unit is located
at Santalpur (District-Patan), Gujarat. The promoters and directors
have past experience in salt manufacturing/trading owing to their
association in other concerns engaged in similar operations.
SANJAY RICE: ICRA Keeps D Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the Long-Term and Short Term rating of Sanjay Rice
Mills Pvt. Ltd. (SRMPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 2.75 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 4.16 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 0.32 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long Term- 1.27 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding SRMPL'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 noncooperation 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 SRMPL, 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.
Incorporated in 2011, SRMPL is engaged in milling non-basmati rice
with a de-husking capacity of 6 metric tonne per hour (MTPA). The
manufacturing facility of the company is located at Cooch Behar,
West Bengal. The company commenced its commercial operation from
October 2014.
SANT TUKARAM: Ind-Ra Cuts Bank Loan Rating to C
-----------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shri Sant
Tukaram Sahakari Sakhar Karkhana Limited's (SSTSSKL) bank loan
facilities to IND C from IND BB+. The Outlook was Stable.
The detailed rating action is:
-- INR2.0 bil. Bank loan facilities downgraded with IND C/IND A4
rating.
Detailed Rationale of the Rating Action
The downgrade reflects a default in the repayment of the principal
amount and interest on loans availed from National Cooperative
Development Corporation (NCDC) which were due in December 2026 and
remain unpaid to date.
Detailed Description of Key Rating Drivers
Default in Repayment of SDF Loan: The company has defaulted in
timely repayment of principal and interest thereon which was due in
December 2026. The loan facility is not rated by the Ind-Ra. The
delay was caused by a slower-than-expected recoveries from the
distillery operations. As per the management, the company plans to
repay the outstanding amount by 28 February 2026.
Net Leverage Likely to Remain above 5x in Medium Term due to
Debt-funded Capex: The company's net leverage (net debt/EBITDA) is
likely to remain above 5x in FY26 (FY25: 9.18x; FY24: 6.89x), due
to the addition of long-term debt of INR780 million over FY24-FY25
that was availed to fund the recently completed 45 kilo liter per
day (KLPD) distillery project. Furthermore, the inherently high
working capital requirement of the sugar industry will contribute
to maintaining a high leverage position in FY26. However, Ind-Ra
expects deleveraging to start FY27 onwards supported by scheduled
repayments of the loans and operational synergies from the
distillery, leading to an improvement of the EBITDA. Furthermore,
the gross interest coverage (gross interest expense/EBITDA)
deteriorated to 1.98x in FY25 (FY24: 2.21x) on account of higher
interest cost on increased long-term debt and limited operational
synergies to the EBITDA as the distillery was operational for only
a month during FY25.
Likely Muted Revenue Growth in FY26; Ramp-up of Distillery
Operations Key Monitorable in Mid-term: The government has reduced
the quota allocation for FY26 as the ethanol diversion fell short
of projection in FY25, leading to higher domestic sugar stocks.
Additionally, domestic sugar demand remained softer than expected
during October-November 2025, prompting more conservative quota
allocations to maintain price stability. Due to lower quota
allocation, Ind-Ra expects the revenue from sugar to decline in
FY26; however, it would be offset by an increase in distillery
revenue given the segment's first full year of operations.
Therefore, the agency expects the overall revenue growth to remain
flat in FY26.
Regulatory Risks: The sugar industry is regulated and vulnerable to
government policies as it is classified as an essential commodity.
Besides setting quotas for the domestic sale of sugar and
restricting sugar exports, the government has implemented various
regulations such as fixing the raw material prices in the form of
fair and remunerative price (FRP) for sugarcane as well as
implementing restrictions on the diversion of sugar syrup and
B-heavy molasses in the previous season (2023-24), although the
restrictions have been lifted in August 2024 for the upcoming
season. All these factors impact the production and sales of sugar
and ethanol/ENA, posing significant uncertainty risks on SSTSSKL's
scale of operations.
Successful Completion of Capex in FY25; Ramp-up of Operation likely
FY26 Onwards: SSTSSKL has successfully completed capex for
installing 45 KLPD distillery which has been fully operational in
FY26. Till January 2026, the company reported a top line of INR290
million from the distillery operations. The distillery produces
ethanol from the in-house molasses produced as a by-product during
sugar production. It will complete the forward integration of the
entity's operations and align its revenue streams with most big
players in the sugar industry. The distillery will have a gross
margin significantly higher than unintegrated distilleries,
improving the overall profitability. Furthermore, the bagasse
required for steam generation in the co-generation plant is also
produced in-house as a byproduct during the crushing of sugarcane
enabling the entity to maximize its profitability in the
cogeneration and distillery segments.
Furthermore, the entity has an operational track record of more
than two decades in the sugar industry with established
relationships with farmers in the region. So far, it has never
experienced a shortage of cane for crushing due to lift irrigation
schemes in the region, which have augmented cane availability.
Profitability from Distillery Operations likely to Benefit in Long
Run: The management expects ethanol sales to generate incremental
revenue of around INR600 million, supported by the distillery
division's first full year of operations in FY26. As per the
management, the company has also been permitted to use sugar syrup
for production of ethanol, which commands higher realization
ethanol produced from B-heavy molasses, at INR65.61 per liter. As
the molasses required for production is available in-house as a
by-product of sugar production, the profitability in distillery
sales is likely to significantly higher absorbing any losses in the
sugar segment due to the higher cane costs relative to current
sugar output prices. Ind-Ra expects this incremental revenue to
boost SSTSSKL's EBITDA margin significantly in the medium term. The
agency considers the risk of ramp up of the distillery capacities
relatively low due to high demand for ethanol at present due to the
government advancing the 20% ethanol blending target in petrol to
ESY2025-26 (Ethanol Supply year; November-October).
Liquidity
Poor: SSTSSKL had unencumbered cash and cash equivalents of
INR227.2 million at FYE25 (FYE24: INR93.68 million) including fixed
deposits of INR117.38 million. The cash flow operation remained
negative INR80.84 million (FY24: negative INR392.65 million), due
to decrease in inventory. The entity has repayment obligations of
INR206.7 million and INR207.9 million in FY26 and FY27,
respectively. From the repayment liability, liability up to
INR14.57 million which was due in December 2025 has not been repaid
on due date.
Rating Sensitivities
Negative: Delays in servicing of debt facilities rated by Ind-Ra
will lead to a negative rating action.
Positive: An improvement in liquidity and/or regularization of the
repayments of the term loan availed from SDF while maintaining the
scale of operations and the credit metrics, will lead to a positive
rating action.
About the Company
Established in 1997, SSTSSKL produces sugar and related by products
from sugar processing. The company has a fully integrated unit
located near Pune, Maharashtra, for manufacturing sugar with a
crushing capacity of 3,500 ton cane per day (TCD), a 15MW
cogeneration facility, and is in the process of further integrating
its operations with 45 KLPD molasses-based Distillery estimated to
be operational by January 2025.
SARTHAK INDUSTRIES: Ind-Ra Affirms BB+ Loan Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Sarthak Industries Limited's (SIL) bank loan
facilities:
-- INR350 mil. Bank loan facilities assigned with IND BB+/Stable/
IND A4+ rating; and
-- INR250 mil. Bank loan facilities Short-term rating affirmed;
Reassigned with IND BB+/Stable/IND A4+ rating.
Detailed Rationale of the Rating Action
The ratings reflect the company's modest EBIDTA margin and
stretched liquidity in FY25. In FY26, the scale of operations is
likely to improve, leading to an improvement in the EBITDA margins
with a better absorption of fixed costs. However, the credit
metrics are likely to be at similar levels and the liquidity is
likely to remain stretched in FY26. The rating remains supported by
the promoters' experience of more than three decades in the
manufacturing of cylinders, and trading of agricultural and
non-agricultural commodities.
Detailed Description of Key Rating Drivers
Modest EBITDA Margins; Likely to Improve: In FY25, the EBITDA
margins turned positive but remained modest at 1.73% in FY25 (FY24:
negative 4.73%), with an increase in the revenue and a better
absorption of fixed costs. The return on capital employed stood at
7.1% in FY25. In 1HFY26, the EBITDA margin stood at 1.96%. In FY26,
Ind-Ra expects the EBITDA margin to improve due to an improved
absorption of fixed costs owing to a further increase in the
revenue.
Stretched Liquidity: Please refer to the Liquidity section.
Likely Improvement in Scale of Operations: In FY26, Ind-Ra expects
the revenue to improve, facilitated by a rise in the import of
vanaspati ghee from Sri Lanka, along with SIL's long-standing
distribution network. In 1HFY26, SIL generated a revenue of
INR1,418.37 million (1HFY25: INR397.8 million) with an EBITDA of
INR27.81 million (INR7.34 million). The vanaspati ghee segment
contributed 98.2% of the total revenue while the contribution from
the cylinder segment stood at 1.8%. In FY25, SIL's revenue
increased to INR2,043.86 million (FY24: INR304.32 million) owing to
stabilization of import of vanaspati ghee from Sri Lanka in 2QFY25,
with an EBITDA of INR35.28 million (FY24: negative INR14.39
million). The vanaspati ghee segment contributed 88.8% (FY24:
52.7%) of total FY25revenue while the contribution from the
cylinder segment stood at 11.2% (47.3%) of the total revenue.
Comfortable Credit Metrics: In FY25, SIL's credit metrics improved
with an interest coverage (operating EBITDA/gross interest
expenses) of 2.89x (FY24: negative 2.1x) and a negative net
leverage (adjusted net debt/operating EBITDAR) (FY24: 0.3x). In
FY25, the credit metrics improved owing to EBITDA improvement. In
FY26, Ind-Ra expects the credit metrics to stay at similar levels,
owing a similar increase in the EBITDA and the debt obligations
including interest costs.
Experienced Promoters: The rating remains supported by the
promoters' experience of more than three decades in the
manufacturing of cylinders, and trading of agricultural and
non-agricultural commodities. This has facilitated the company to
establish strong relationships with customers as well as
suppliers.
Liquidity
Stretched: The cash flow from operations turned negative at
INR148.48 million in FY25 (FY24: INR6 million) and the free cash
flow at negative INR148.48 million (INR6 million) in the absence of
capex. They both deteriorated due to an increase in the working
capital requirements with an increase in the scale of operations.
The average net working capital cycle improved to 34 days in FY25
(FY24: 54 days) on account of a decrease in the inventory days to
39 (58). The company provides 30 days of credit period to its
customers and receives up to 90 days credit period from its
suppliers. The inventory holding period varies from 30-60 days.
Furthermore, SIL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. SIL's average month-end utilization of fund-based
limits was 65% during the nine months ended November 2025
(fund-based limits availed from March 2025). The average month-end
utilization of the non-fund-based limits was 75.59 % during the 12
months ended November 2025. SIL has debt repayment obligations of
INR 0.73 million and INR3.43 million in FY26 and FY27 respectively.
The cash and cash equivalents stood at INR59.7 million at FYE25
(FYE24: INR22.4 million).
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics, with the interest
coverage declining below 2x and/or a further pressure on the
liquidity position, could lead to negative rating action.
Positive: An increase in the scale of operations, along with a
diversification of revenue streams, leading to an improvement in
the overall credit metrics, and an improvement in the liquidity
profile, all on a sustained basis, could lead to a positive rating
action.
About the Company
Incorporated in 1982, SIL manufactures liquefied petroleum gas
cylinders at its manufacturing unit in Pithampur, Madhya Pradesh
and supplies to Hindustan Petroleum Corporation Limited (NCDs rated
at 'IND AAA'/Stable), Bharat Petroleum Corporation Limited and
Indian Oil Corporation Ltd ('IND AAA'/Stable). The company is also
engaged in the trading of Vanaspati ghee. The company is listed on
the BSE Ltd.
SARVALOKA TEXTILES: Ind-Ra Moves BB+ Loan Rating to NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Shree Sarvaloka Textiles Private Limited's (SSTPL) bank loan
facilities Negative from Stable and has simultaneously migrated it
to the non-cooperating category. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency through phone calls and emails. Thus, the rating is
based on the best available information. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.
The instrument-wise rating action is:
-- INR544.90 mil. Bank loan facilities Outlook revised to
Negative and migrated to non-cooperating category with IND
BB+)/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information.
Detailed Rationale of the Rating Action
The Negative Outlook reflects the likelihood of a downgrade of the
entity's ratings on continued non-cooperation. The migration of
SSTPL's ratings to the non-cooperating category is in accordance
with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interactions with SSTPL while reviewing the
ratings. Ind-Ra had consistently followed up with SSTPL over emails
until January 5, 2025, apart from phone calls. The issuer has
submitted no default statement until November 2025.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SSTPL, 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
SSTPL was established in 2019 in Madurai. Initially, it functioned
as a commission agent and job worker for its sister concern,
Paramount Textile Mills Private Limited. In January 2023, SSTPL
expanded its operations by adding 25,536 spindles producing cotton
yarn in the counts of 50s and 60s. The company primarily supplies
yarn to PMTPL and has also began exporting yarn to European
countries.
SATYA MICROCAPITAL: Ind-Ra Cuts Bank Loan Rating to BB
------------------------------------------------------
India Ratings has downgraded Satya Microcapital Limited's (SML)
non-convertible debentures (NCDs) and bank loan facilities to
‘IND BB' with a Negative Outlook from 'IND BB+' as follows:
-- INR294.33 mil. (reduced from INR6.0 bil.) Bank loan facilities
downgraded with IND BB/Negative rating; and
-- INR2.150 bil. Non-convertible debentures# downgraded with IND
BB/Negative rating.
# Details in Annexure
Detailed Rationale of the Rating Action
The downgrade and Negative Outlook reflect the prolonged delay in
securing the planned equity infusion, which led to SML's leverage
remaining higher than Ind-Ra's expectations and its assets under
management contracting during 1HFY26. The company had intended to
raise INR2,030 million through a rights issue targeted for
completion by December 2025; however, this did not materialize.
Management has indicated that the existing investor, Gojo &
Company, Inc., will not be contributing further equity and is
prepared to dilute its stake. SML has begun discussions with
potential new investors and aims to mobilize the same amount of
capital before March 2026. The company is also in the advanced
stages of selling Satya Tower, although the transaction is yet to
be finalized.
The rating continues to reflect sustained stress in SML's asset
quality through FY25-2QFY26, which has significantly affected
profitability and capital buffers. Elevated credit costs and high
operating expenses remain key contributors to this pressure. As one
of the most severely impacted entities in the ongoing microfinance
crisis, Ind-Ra expects SML to experience continued operational and
financial challenges in the near term. A substantial equity
infusion is, therefore, critical to stabilizing the franchise and
restoring growth visibility.
Of the INR3,000 million rights issue originally scheduled for
completion by October 2025, only about INR1,000 million was
received in November 2025. The delay caused the company's capital
adequacy ratio (CAR) to drop below the regulatory minimum. After
the partial infusion of INR1,000 million, the CAR stood at 15.92%.
Although this level is now above the regulatory requirement, any
adverse development could increase the risk of regulatory
intervention.
The ratings also factor in a weakening of SML's asset quality and
the resultant profitability strain during 2QFY26, culminating in a
loss of INR1,998 million. The company's CAR plunged to 11.16%
(1QFY26: 15.18%; FY25: 22.68%) and Tier 1 capital declined to 7.15%
(8.15%; 16.27%), breaching the regulatory minimums. Given the steep
deterioration in asset quality and elevated credit costs, both the
timing and scale of additional equity injection remain pivotal.
The ratings further reflect the inherent vulnerability of the
microfinance sector to socio-political disruptions and
idiosyncratic shocks. These risks are amplified by the high
geographic concentration typical of non-banking financial
company-microfinance institution, resulting in a sharp performance
volatility. Consequently, institutions in this segment must
maintain above-average capital buffers to absorb such shocks.
Detailed Description of Key Rating Drivers
Weak Capitalization; Capital Raise Critical: SML's CAR was impacted
in 2QFY26 on account of higher losses with the total CAR reducing
to 11.16% in 2QFY26 (1QFY26: 15.18%; FY25: 22.68%) and tier 1 to
7.15% (8.15%; 16.27%), below the minimum regulatory requirements.
SML's leverage remained high and increased to 6.2x in 2QFY26
(1QFY26: 5.1x; FY25: 4.5x; FY24: 4.6x; FY23: 4.4x), due to delays
in capital infusion. Of the planned INR3,000 million rights issue
scheduled for completion by October 2025, only INR1,000 million was
infused in November 2025. Following the partial infusion of
INR1,000 million, the CAR improved to 15.92%, reverting above the
regulatory minimum. However, the CAR remains vulnerable,
underscoring the urgency of raising capital to provide a sufficient
buffer against further stress.
The company will not receive any capital infusion from Gojo &
Company, Inc (holds 65% stake in SML). SML also stopped
disbursements, which helped the company to conserve its capital
ratios. The tangible net worth stood at INR5,970 million at 1HFYE26
(1QFYE26: INR7,964 million; FYE25: INR10,454; FYE24: INR10,256
million; FYE23: INR8,372 million; FYE22: INR5,523 million). SML has
been able to raise equity at periodic intervals to expand and
diversify geographically, with its key investor, Gojo & Company,
infusing INR3,348 million in SML over FY21-FY22 and INR2,014
million in FY23, both in the form of compulsorily convertible
preference shares. The raising of capital to grow its franchise
will remain a key rating monitorable.
Profitability Under Pressure due to High Credit Cost: Despite
reporting lower losses of INR1,994 million in 2QFY26 (1QFY26: loss
of INR2,478 million; FY25: profit of INR254 million; FY24: profit
of INR1,309 million), SML's profitability was impacted by elevated
credit cost of INR915 million (INR1,832 million; INR1,601 million;
INR1,314 million), standing at 11% on an annualized basis (21%;
3.82%; 3.04%). The yield remained largely stable at 24% in 2QFY26
(FY25: 24.32%; FY24: 23.42%). The MFI industry witnessed headwinds
due to events such as heatwaves, elections, and field-level
attrition and overleveraging in certain geographies, for which the
MFI network issued guardrails in 2025. Ind-Ra expects the losses to
sustain for the entire FY26 and the profitability to remain under
pressure up to FY27. The profitability is also dependent on the
commencement of the disbursement cycle by SML. Furthermore, the
company's ability to reduce credit costs significantly will remain
a key rating monitorable in this challenging operating environment.
Weak Asset Quality: The early delinquencies (0+days past due; dpd)
remained elevated at 16.9% in 2QFY26 (1QFY26: 16%; FY25: 8%; FY24:
4%; FY23: 2%), with 90+dpd increasing to 12.1% (1QFY26: 5%). The
net non-performing assets stood at 6% with a moderate provision
coverage ratio of 51% in 2QFY26. Given the aggressive growth in the
last few years, the portfolio's performance in the key geographies
of Bihar and Uttar Pradesh (UP) would remain key monitorables over
the near to medium term. UP and Bihar contribute 30% and 20% to the
total assets under management, respectively, and both these states
have seen an increase in delinquencies in the softer bucket. The
1+dpd for UP increased substantially in September 2025 from March
2024, while that for Bihar also increased over the same period.
Karnataka (where collection is impacted for the industry); and
Tamil Nadu also have exposure in the portfolio. Moreover, SML sold
its asset reconstruction company in 1QFY26 and has a substantial
old book that could cause asset quality pressures. The company has
outstanding security receipts due to the sale to asset
reconstruction company, the performance of which needs to be
monitored. Also, SML's provision coverage ratio is relatively lower
than its peers' due to the unsecured nature of loans; this needs to
be ramped up as it could exert pressure on the credit cost. SML has
faced covenant breaches for 20% of the total borrowing and is in
discussion for waiver for most of the breaches. As confirmed by the
management, there has been no lender recall for any of the loans.
The collection efficiency also remained at subpar level of 85.70%
in September 2025. Thus, Ind-Ra anticipates credit costs to remain
elevated in FY26.
Experienced Promoter and Management Team: Established in 2017, SML
is headed by a managing director who has over two decades of
experience in the microfinance industry. Prior to SML, he had
worked with Satin Creditcare Network Limited for eight years.
Furthermore, SML has seen limited churn in its senior management
and most of them have seen the company navigate through major
credit events such as demonetization, during which, the company had
low gross non-performing assets of 1.3% and the COVID-19 outbreak.
Several members of SML's management team have experience of over 15
years in their functional domains. The company's overall operations
are overseen by its board, which underwent changes in 1HFY26 with
the addition of a new nominee director representing Gojo & Company.
The board now comprises eight members, including one promoter
director and his brother, four independent directors, and two
nominee directors, each bringing diverse and relevant experience.
Liquidity
Stretched: As per the structural liquidity statement, SML had a
cumulative surplus (as a percentage of its total assets) of 8.9% in
the less-than-one-year bucket at end-November 2025, largely because
the average asset tenure is 18-24 months, and the average liability
tenure is around 30 months. As on January 15, 2026, the company had
a cash and bank balance of and unutilized bank lines of INR1,440
million, against the subsequent three months of debt repayments of
INR4,933 million. The company's cumulative debt obligations of two
months are around INR2,577 million and it has achieved collection
of INR1,300 million in the first half of January 2026 and has
available liquidity of close to one month.
About the Company
Promoted by Vivek Tiwari, SML is a Delhi-based non-banking finance
company-microfinance institution registered with the Reserve Bank
of India. The company, which started its operations in 2017,
provides microcredit to the women borrowers via the joint liability
group model and caters to more than 1.7 million borrowers through a
network of 591 branches across 327 districts in 25 states while
managing a portfolio of around INR45,000 million.
SEAWARD EXPORTS: Ind-Ra Affirms BB- Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Seaward Exports
Private Limited's (SEPL) bank loan facilities' rating as follows:
-- INR285 mil. Bank loan facilities affirmed with IND BB-/Stable/
IND A4+ rating.
Detailed Rationale of the Rating Action
The affirmation reflects SEPL's continued small scale of
operations, modest EBITDA and stretched liquidity in FY25, and the
likelihood of the scale of operations and EBITDA margin remaining
at similar levels and the liquidity deteriorating further in FY26.
The ratings, however, is supported by SEPL's promoters' experience
of more than two decades in the natural stone, mining, and
manufacturing industry and the improvement in its credit metrics
in FY25.
Detailed Description of Key Rating Drivers
Continued Small Scale Of Operations: SEPL's scale of operations
remained small in FY25. Furthermore, its revenue declined to
INR287.15 million in FY25 (FY24: INR300.31 million) because of a
fall in demand. The company derives a major portion of its revenue
from exports to the UK, which has been impacted by an economic
crisis. During 9MFY25, SEPL booked a revenue of INR233.63 million,
indicating a stable operating run rate. Demand conditions in
SEPL's key export markets, particularly the UK, remain subdued in
FY26 due to weak consumer confidence and modest economic growth. In
the medium term, Ind-Ra expects revenues to remain range-bound due
to muted demand in the UK market, limiting the improvement in
scale.
Modest EBITDA Margins: SEPL turned profitable at the EBITDA level
in FY25, with an absolute EBITDA of INR34.95 million (FY24: EBITDA
loss of INR0.43 million) and EBITDA margin of a modest 12.17%,
backed by better cost rationalization and normalization of
operations following a one-time loss in FY24. The loss in FY24 had
been caused by the insolvency of a major debtor. The ROCE was 9.8%
in FY25 (FY24: negative ROCE). In the medium term, Ind-Ra expects
the EBITDA margin to remain at similar levels, constrained by
subdued demand and limited operating leverage.
Improved Credit Metrics: SEPL's credit metrics remained average
but witnessed an improvement in FY25 due to the improvement in
profitability. The interest coverage (operating EBITDA/gross
interest expenses) was 3.68x in FY25 (FY24: not meaningful) and the
net leverage (total adjusted net debt/operating EBITDAR) was 4.52x
(not meaningful). Ind-Ra expects the credit metrics to remain at
similar levels in FY26, due to stable EBITDA levels.
Promoter Experience: The ratings are supported by SEPL's
promoters’ experience of more than two decades in the natural
stone, mining, and manufacturing industry, which has helped the
company establish healthy relationships with customers and
suppliers.
Liquidity
Stretched: In FY25, SEPL's working capital cycle remained stretched
and deteriorated to 434 days (FY24: 404 days) because of an
increase in debtor days to 268 days (224 days), resulting from slow
payments from customers, and continued high inventory days of 196
days (203 days). As per the management, debtors that were
outstanding for more than one year atFYE25 will not be classified
as bad debt in FY26. In FY25, the cash flow from operations turned
positive at INR11.91 million (FY24: negative INR11.88 million) due
to the increase in operating EBITDA. The free cash flow turned
positive at INR11.37 million in FY25 (FY24: negative INR12.51
million). SEPL's average monthly maximum utilization of its
fund-based limits was around 66.07% over the 12 months ended
December 2025. SEPL does not have any debt repayment obligations,
given the absence of long-term debt. Furthermore, the company does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. At FYE25,
the cash and cash equivalent stood at INR0.21 million (FYE24:
INR0.44 million).
Rating Sensitivities
Negative: A decline in the scale of operations, leading to a
deterioration in the overall credit metrics, with interest coverage
falling below 1.5x and/or further pressure on the liquidity
position, on a sustained basis, could lead to negative rating
action.
Positive: An improvement in the liquidity profile along with an
improvement in the working capital cycle and overall credit metrics
while maintaining the scale of operations, all on a sustained
basis, could lead to a positive rating action.
About the Company
SEPL, incorporated in 2001, has its registered office and factories
in Kota, Rajasthan. It is engaged in the processing and selling of
sandstone, limestone, and other natural stones. The promoters of
the company are Banwari Lal Gupta and Gopal Lal Mittal.
SGD CORNING: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed SGD Corning
Technologies Private Limited's (SGDCTPL) bank loan facilities as
follows:
-- INR3.650 bil. Bank loan facilities affirmed with IND BB-/
Stable rating.
Analytical Approach
To arrive at the rating, Ind-Ra continues to factor in the ongoing
support from SGDCTPL's parents, SGD Group S.A.S and Corning
International Corporation (CIC) along with the group entity - SGD
Pharma India Pvt Ltd (SGDPIPL; debt rated at 'IND A-/Stable'). The
rating has been notched up to reflect Ind-Ra's assessment of the
strong strategic and operational ties between the company, parent
entities and the group company.
Detailed Rationale of the Rating Action
The rating reflects a significant delay in the commencement of
operations, resulting in lower-than-expected scale of operations in
2025 (the company follows January-December financial year). Its
capacity ramp-up remained slow as customers of SGDPIPL and CIC are
still completing quality approvals. Since the company's joint
venture (JV) partners will purchase its entire output, their
end-customers must certify products before commercial supply,
delaying the revenue ramp-up.
The rating is supported by a reduction in total cost of the project
and debt along with continued tangible support provided by the JV
partners, along with a likely improvement in the scale of
operations in the near term.
Detailed Description of Key Rating Drivers
Delay in Commencement of Operations: The delay in the completion of
Phase-2 of the capex was influenced by multiple project-execution
challenges. A considerable amount of time was required to finalize
the equipment design and technical specifications for the
tube-pulling machinery, particularly for cold-end operations, as
the project needs to comply with stringent quality and performance
standards. In parallel, the machinery supplier faced difficulties
in sourcing critical components, resulting in extended procurement
timelines. These issues were further compounded by prolonged lead
times for international shipments, especially for precious
metal-based and specialized imported components, which were subject
to global logistics constraints and regulatory clearances.
Collectively, these factors contributed to delays in the overall
project schedule, impacting the commencement and operational
timelines.
Implications of Commencement Delay on Customer Audits: Due to the
delay in the project commencement, the downstream process of
customer audits from SGDPIPL and CIC has also been impacted. In the
tubing industry, end-customers are required to review tube quality
before commencing commercial purchases. As this qualification
process can begin only once production trials are completed, the
delay in operational readiness has, in turn, deferred customer
validation and subsequent finalization of orders.
Nascent Stage of Operations: The rating reflects the nascent stage
of operations of SGDCTPL's tubing and Velocity vial units at
Vemula, Mahbubnagar, Telangana. The plant has an installed capacity
of 11,605 tons type 1 borosilicate tubes and 230 metric tons (mt)
of Velocity vials. The Velocity vials segment commenced operations
in March 2024. SGDCTPL's Velocity vials segment booked revenue of
INR17.55 million in 2025 (2024: INR5.44 million). The construction
of the tubing segment delayed to September 2025 from April 2025.
Ind-Ra expects the revenue to increase in 2026, as it will be its
first full year of operations.
Reduction in Project Cost led to Lower Total Debt Availed and
Moratorium Extension: The project costs have been reduced by INR433
million to INR 4,756 million from INR5,189 million. As a result,
the company will cancel INR400 million of the sanctioned debt,
bringing down the total borrowing to INR3,250 million from the
initially planned INR3,650 million, effectively reducing the
company's repayment commitments and interest burden. Furthermore,
on account of the delay in the commencement, lenders have extended
the moratorium period to August 2026 from June 2025 and the
repayments for the tubing segment will commence from September
2026.
Continued Support from JV Partners and Group Entity: SGDCTPL is a
JV between SGD Group (51%) and CIC (49%). SGD Pharma India will
support and provide technical assistance to SGDCTPL; the former has
also leased its land to the latter to set up operations.
Furthermore, CIC, a subsidiary of Corning Incorporated, is a
Fortune 500 company with expertise in glass science, ceramics, and
optical physics to develop products and processes. There is an
arrangement as per the JV agreement, where any shortfall in
commitment on output will have to be purchased by the JV partners.
They must also compensate SGDCTPL for unabsorbed fixed costs,
including energy, labor, maintenance, financing costs and overhead
costs (excluding depreciation). Additionally, there is no change in
the shared responsibilities of the JV partners.
Liquidity
Stretched: Since the tubing unit has commenced operations only in
September 2025, the stability in its capacity utilization and the
growth of its scale of operations are yet to be demonstrated. This,
along with the high interest on the loans incurred for the project,
is likely to pressurize the liquidity over the short run. Till
December 2025, equity shareholders have infused INR2,473 million
and a term loan of INR3,128.3 million has been drawn out of the
total sanction of INR3,650 million, towards civil work and other
expenses. SGDCTPL has scheduled debt repayment obligations of
INR107.7 million in 2026 and INR222.9 million in 2027, as per the
current sanction letter. The total debt will be reduced by INR400
million and the repayments also will be reduced accordingly for the
tubing segment. SGDCTPL plans to avail fund-based working capital
limits of INR150 million- 200 million by March 2026.
Rating Sensitivities
Positive: Achievement of sustainable operating performance and the
profitability with an improvement in liquidity, credit metrics and
the EBITDA margins exceeding 20%, all on a sustained basis, will be
positive for the rating.
Negative: Any delay in achievement of stable operating performance,
resulting in the lower-than-expected scale of operations, or
deterioration in the liquidity or the credit metrics and the EBITDA
margins falling below 20%, on a sustained basis, will be negative
for the rating.
About the Company
SGDCTPL is a JV between SGD Group SAS (51%) and CIC (49%). The
company has been formed to set up a tubing plant in India to
produce and sell type 1 borosilicate glass tubing and externally
coated borosilicate pharmaceutical vials at Vemula, Mahbubnagar,
Telangana. The plant will produce 13,500 tons type 1 borosilicate
tube and 241 MT of Velocity vials.
SHEEN AGRI: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
ICRA has kept the Long-Term ratings of Sheen Agri Fresh Private
Limited (SAFPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.29 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 29.71 [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 SAFPL'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 SAFPL, 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.
SAFPL was incorporated on May 13, 2022, by the four individuals
with a family background of apple orchards and it established a CA
store with a capacity of 5000 MT (20 chambers) at Industrial Growth
Centre- Lassipora (IGC-L), Pulwama, J&K. SAFPL's operations
commenced from September 25, 2023, against the project's original
commercial operation date scheduled in Q1 FY2025. It provides
controlled-atmospheric (CA) storage, grading and packing, loading
and unloading services to the apple farmers in and around the
apple-growing region. Also, a few chambers of the unit are likely
to be utilised for trading of apples by the company. The company
has the key benefit of its location being in close proximity to the
major growing belts of Kashmir and good road connectivity with the
markets located within the state and Delhi.
SHYAM SHAKTI: Ind-Ra Affirms B+ Bank Loan Rating
------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on Shri
Shyam Shakti Rice Mill's (SSSRM) bank loan facilities to Stable
from Negative while affirming the rating at 'IND B+'.
The detailed rating action is:
-- INR430 mil. Bank loan facilities affirmed; Outlook revised to
Stable with IND B+/Stable/IND A4 rating.
Detailed Rationale of the Rating Action
The Outlook revision reflects SSSRM's co-operation in providing the
required information for the rating review and the regular
submission of its no-default statement.
The rating reflects SSSRM's small scale of operations, modest
EBITDA margins and credit metrics as well as stretched liquidity.
Ind-Ra expects the revenue to improve in the medium term. However,
the rating is supported by the promoters' nearly a decade of
experience in the milling industry.
Detailed Description of Key Rating Drivers
Small Scale of Operations: SSSRM's scale of operations remained
small with its revenue increasing to INR201.64 million in FY25
(FY24: INR105.91 million), primarily driven by an enhanced bank
guarantee limit that enabled higher paddy procurement and
processing. The EBITDA also increased to INR9 million in FY25
(FY24: INR7.67 million). In FY26, Ind-Ra expects revenue to improve
further on the back of steady demand and better raw material
access. However, the agency will continue to monitor the company's
execution capabilities and inherent sectoral risks such as raw
material volatility and working capital intensity.
Modest EBITDA Margins: SSSRM's EBITDA margins moderated and
remained modest at 4.46% in FY25 (FY24: 6.38%), due to increased
overall expenses and a reduction of other operating income. The
return on capital employed also reduced to 8.4% in FY25 (FY24:
10.7%). In FY26, Ind-Ra expects the EBITDA margins to remain at
similar level, due to similar nature of operations.
Modest Credit Metrics: SSSRM had modest credit metrics with the
gross interest coverage (operating EBITDA/gross interest expenses)
reducing to 2.31x in FY25 (FY24: 3.12x), due to an increase in its
interest expenses to INR3.90 million (INR2.46 million) and the
decrease in the EBIDTA. The net leverage (total adjusted net
debt/operating EBITDAR) reduced slightly to 7.10x in FY25 (FY24:
7.13x), due to an increase in its total debt to INR64.57 million
(INR59.5 million). In the medium term, Ind-Ra expects the credit
metrics to deteriorate, due to a likely increase in interest
expenses.
Experienced Promoters: The rating is, however, supported by the
promoters' nearly a decade of experience in the milling industry,
leading to established relationship with its customers and
suppliers which provide business visibility and ensuring smoother
procurement and offtake dynamics.
Liquidity
Stretched: SSSRM's average monthly maximum utilization of the
fund-based limits was 73.03% and non-fund-based limits was 57.69%
during the 12 months ended December 2025. The cash flow from
operations stood at negative INR3.91 million in FY25 (FY24:
negative INR36.90 million), due to changes in working capital to
negative INR10.15 million (negative INR42.69 million). Furthermore,
the free cash flow stood at negative INR7.53 million (FY24:
negative INR37.23 million), due to changes in cash flow from
operations. The net working capital cycle reduced but remained
elongated at 98 days in FY25 (FY24: 126 days), owing to a decrease
in the inventory holding period to 59 days (90 days) and a decrease
in creditor days to 29 days (35 days) as payments were made early
to creditors. The company does not have any repayment obligations
for FY26 and FY27.
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics, and a further stress
in the liquidity position, will be negative for the rating.
Positive: An increase in the scale of operations, along with the
gross interest coverage and/or an improvement in the liquidity
position, all on a sustained basis, would lead to a positive rating
action.
About the Company
SSSRM was established as a proprietorship firm in 2006 by Shravan
Agrawal. It is engaged in the processing of paddy at Pikari
village, Bemetara, Chhattisgarh.
SIDDHI VINAYAK: Ind-Ra Withdraws B+ Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Siddhi Vinayak
Knots & Prints Pvt. Ltd.'s bank loan facilities' ratings in the
non-cooperating category and has simultaneously withdrawn the same.
The detailed rating action is:
-- INR1,194.70 bil. 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 B+'/Negative (ISSUER NOT COOPERATING)/'IND
A4(ISSUER NOT COOPERATING)' before being withdrawn
Detailed Rationale of the Rating Action
The rating has been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise despite repeated requests by the agency through
phone calls and emails, and has not provided information about
latest audited financial statement, sanctioned bank facilities and
utilization, business plans and projections for the next three
years, and management certificate. This is in accordance with
Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a request for withdrawal of ratings and no-objection
certificate issued by the bankers. This is consistent with Ind-Ra's
Policy on Withdrawal of Ratings.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction Siddhi Vinayak Knots & Prints'
while reviewing the ratings. The issuer has not submitted no
default statements for the last 12 months ended December 2025.
Limitations regarding Information Availability
Ind-Ra has reviewed the of the credit ratings of Siddhi Vinayak
Knots & Prints based on best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect the company's credit strength.
If an issuer does not provide timely business and financial updates
to the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.
The company has been non-cooperative with the agency since May 23,
2016.
About the Company
Surat-based Siddhi Vinayak Knots & Prints is managed by Mr Govind
Sarawagi and his three sons. It manufactures polyester sarees at
its facility in GIDC Pandesara, Surat.
SIMOLA TILES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short Term rating of Simola Tiles
LLP (STL) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 21.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 42.26 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term/ 7.74 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding STL'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 STL, 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.
STL was established as a limited liability partnership firm in July
2016 by Mr. Kamalshil Shirvian and eight other partners. The firm
has been manufacturing glazed vitrified tiles from December 2017.
The manufacturing unit is located at Morbi, Gujarat, with an
installed capacity to produce 8,000 boxes per day. It manufactures
large as well as medium-sized glazed vitrified tiles in dimensions
– 1200mm x 1200mm, 1200mm x 2400mm, 800mm x 1600mm, 800mm x
800mm, 800mm x 2400mm and 900mm x 1800mm. The firm is managed by
Mr. Kamlashil Shirvi, who has more than five years' experience,
while Mr. Rajesh Shirvi and Mr. Harish Shirvi have an experience of
more than a decade in the ceramic industry via their association
with other ceramic entities involved in similar business.
SINGHANIA ENTERPRISES: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Singhania
Enterprises 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- 7.00 [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 Singhania
Enterprises'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 Singhania Enterprises, 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.
Incorporated in 1979 as a partnership firm, Singhania Enterprises
is a civil constructor in Chhattisgarh. SE is a registered A5
contractor with the PWD, Chhattisgarh, which allows it to bid for
large contracts floated by the department.
SKM INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short Term rating of SKM Industries
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 1.25 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 0.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 9.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Short-term- 5.25 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding SKM Industries'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 SKM Industries, 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.
Incorporated in the year 2007 by Kikanifamily, SKM Industries is a
partnership firm engaged in manufacturing and export of steel cable
drums. The firm also manufactures various railway products like
break beam, straps, bracket, body side panel etc.which find their
end application in manufacturing of Railway boogies. The firm has a
manufacturing facility in 2 Umbergaon, Gujarat.
SSIPL LIFESTYLE: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed SSIPL Lifestyle
Private Limited's (SSIPL) bank loan facilities at 'IND BB+'/Stable,
while resolving the Rating Watch with Positive Implications as
follows:
-- INR750 mil. Bank loan facilities affirmed; off Rating Watch
with IND BB+/Stable/IND A4+ rating.
Detailed Rationale of the Rating Action
The resolution of the Rating Watch with Positive Implications
reflects a delay in the expected inflow of pre-initial public
offering (IPO) proceeds in January 2026.
The rating reflects the company's continued small scale of
operations, elongated net working capital cycle, and stretched
liquidity position. However, the rating is supported by an
improvement in the company's operating performance and credit
metrics in FY25, along with its long-standing track record,
experienced promoters, and established relationships with
suppliers. In addition, the company has availed an ad-hoc credit
limit, which is scheduled to be repaid by February 2026.
Detailed Description of Key Rating Drivers
Continued Small Scale of Operations: The consolidated revenue
declined to INR2,157 million in FY25 (FY24: INR2,419 million) as
SLPL had closed its loss-making business in FY24. During 1HFY26,
SLPL earned revenue of INR1,130 million. Ind-Ra expects the revenue
to improve in the medium term, supported by the addition of new
stores in FY26, for which the company has also availed a term loan
of INR100 million. Furthermore, the company plans to add 15 stores
in FY27. At end-November 2025, SLPL operated 56 stores under the
franchise model and under 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 substantial inventory levels
across its stores, following the opening of new stores. The company
provides 30-60 days of credit period to its customers and receives
45-90 days of credit from its suppliers. Notably, the receivables
and inventory holding period remains optically elevated, due to
sales skew towards the 3Q and 4Q 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 pose 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.
Healthy Operating Profitability: SLPL's consolidated operating
profitability increased to 9.99% in FY25 (FY24: 0.15%, FY23: 6.5%),
as the company had closed its loss-generating Lotto division in
FY24. The EBITDA margins are likely to improve in the near term,
supported by 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%).
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) dropped 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 plans to incur
capex of INR170 million–180 million, which would be funded
through a term loan of INR100 million, with the balance through
internal accruals and unsecured loans. In addition, the company is
likely to raise further funds to support its expanding working
capital requirements and ongoing capex plans.
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 a
licensed distributor for 'Nike' brand merchandise across India.
Liquidity
Stretched: At FYE25, SLPL had unencumbered cash and cash
equivalents of INR24.92 million (FYE24: INR21.06 million). The
average maximum utilization of the fund-based limits was 99.55%
during the 12 months ended December 2025. The cash flow from
operations declined to INR70.82 million in FY25 (FY24: INR124.50
million) and the free cash flow decreased to INR17.22 million
(INR70.02 million), due to an increase in the working capital. The
standalone net working capital cycle elongated to 151 days in FY25
(FY24: 100 days), mainly due to 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 had a sales tax liability
of INR96 million as on 31 March 2025 and its crystallization is
likely to have a negative impact on the rating.
Rating Sensitivities
Negative: A decline in the scale of operations or deterioration in
the liquidity position, leading to the interest coverage falling
below 2.5x on a sustained basis, could lead to a negative rating
action.
Positive: An improvement in the scale of operations as well as the
working capital cycle, along with an improvement in the credit
metrics and an improvement in the liquidity position, all on a
consolidated and sustained basis, would lead to a positive rating
action.
Any Other Information
Standalone Performance: SLPL's revenue decreased to INR1,710.97
million in FY25 (FY24: INR2,419.21 million) as 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 (EBO) for brands including Levis, United
Colors of Bentton and multi-brand outlets under its own branded
stores namely - Sports station. It is also a licensed distributor
for 'Nike' brand merchandise across India.
STAR HOUSING: Ind-Ra Cuts Bank Loan Rating to D
-----------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Star Housing
Finance Limited's (SHFL) debt instruments' rating to 'IND D' from
'IND BBB'. The Outlook was Stable.
The detailed rating actions are:
-- INR4.50 bil. Bank loan facilities (Long term rating)
downgraded with IND D rating; and
-- INR2.50 bil. Non-convertible debentures*^ (Long term rating)
downgraded with IND D rating.
*Details in annexure
^ unutilized
Detailed Rationale of the Rating Action
The downgrade reflects Star HFL's delay in the payment of term loan
instalments to at least four of its lenders in February 2026,
indicating severe liquidity stress. However, all the dues have been
paid, as confirmed by the respective lenders. SHFL's liquidity
position has come under significant strain, primarily because an
investor in one of its NCDs exercised their right to recall their
investment in December 2025, triggered by the exit of the chief
financial officer (CFO). Furthermore, the company has not been able
to recruit a new CFO for more than six months now.
Furthermore, in the provisional financials for 9MFY26, the auditor
has put an adverse comment with respect to liquidity, highlighting
the delays in the payment of salaries to employees due to poor
liquidity. Ind-Ra expects the company to face continued pressure in
meeting its debt obligations in the near term.
Detailed Description of Key Rating Drivers
Delay in Debt Servicing: SHFL delayed payments on its debt
instalments in at least four instances by two-to-eight days in
February 2026 due to a tight liquidity position, as the company had
to redeem the NCDs called back by one of the investors. However,
Ind-Ra notes that all the dues were subsequently paid to the said
lenders.
About the Company
Star HFL (erstwhile Akme Star Housing Finance Limited) is a housing
finance company registered with the National Housing Bank (debt
rated at 'IND AAA'/Stable) and was incorporated in 2005. It
commenced business operations in September 2009. The company
provides retail loans and mortgage loans to the affordable segment,
catering to both salaried and self-employed customers.
Self-employed customers account for 70% to the total assets under
management (AUM). The company operations are spread across 35
branches, mainly in the states of Madhya Pradesh, Gujarat,
Maharashtra, Rajasthan, Uttar Pradesh and Tamil Nadu. At
end-9MFY26, the company had an AUM of INR5,548 million.
STYLECLAY TECHNOLOGIES: Voluntary Liquidation Process Case Summary
------------------------------------------------------------------
Debtor: Style Technologies Private Limited
WeWork Prestige Atlanta
Software Industry, No. 10/12,
80 Feet Main Road, 1A Block
Koramangala, Bangalore,
Karnataka - 560034
Liquidation Commencement Date: February 18, 2026
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Naveen Narang
H-3/63, 1st Floor, Vikaspuri,
New Delhi - 110018
Tel: +91 98180 05476
Email: nnarang.associates@gmail.com
Last date for
submission of claims: March 20, 2026
SUNLITE INDUSTRIES: Ind-Ra Withdraws B- Bank Loan Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sunlite
Industries' bank loan facilities' ratings as follows:
-- The 'IND B-/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER
NOT COOPERATING)' rating on the INR53.07 mil. Bank loan
facilities is withdrawn.
Detailed Rationale of the Rating Action
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-dues certificate from the lender. 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
Started in 2012 by Prahladray Ramprasad Heda in Gujarat, Sunlite
Industries manufactures copper rods, wires, strips, flats and other
related products.
SUPREME INFRA: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Supreme Infra Products (SIP)
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable); 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 under 'Issuer Not
Cooperating' category
Long Term- 6.00 [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 SIP'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 noncooperation 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 Supreme Infra Products, 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.
Set up in March-2015, Supreme Infra Products (SIP) is engaged in
manufacturing of readymix concrete (RMC) and Fly-Ash bricks. The
manufacturing facility, spread over 4.31 hectares of land, is
located in Butibori, Nagpur district. The RMC facility has an
installed capacity of 432 meters per day while the brick
manufacturing facility has an installed capacity of 90,000 units
per day. Apart from fly-ash bricks, the unit can also be used for
manufacturing paver blocks, concrete doors and wood panel. The
manufacturing unit will also cater to in-house consumption for
other group concerns.
TECHNO INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Techno India in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 16.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 9.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Techno India'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 Techno India, 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 noncooperative. 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.
Techno India (TI) was established in 2001 as a trust in Kolkata,
West Bengal and manages three colleges offering under and post
graduate courses across engineering, management and computer
application. TI also manages eight primary and secondary level
schools. Techno India College is the flagship college of the trust
contributing significant proportion of the total fee income of the
trust.
TELEPHONE CABLES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Telephone Cables Limited
Registered Office:
SCO 68-70, Sector-17 C,
Chandigarh - 160017
Factory Premises:
Plot No. A-30, Industrial Focal Point,
Phase-8, S.A.S. Nagar, Mohali - 160070
Insolvency Commencement Date: February 19, 2026
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: August 18, 2026
Insolvency professional: Ms. Sunita
Interim Resolution
Professional: Ms. Sunita
Ducturus Resolution Professionals Pvt. Ltd.
(Through its Director, Ms. Sunita)
SCO-818, 1st Floor, NAC
Manimajra, Chandigarh - 160101
Email: ducturus.insolvency@gmail.com
cirp.telephonecables@gmail.com
Last date for
submission of claims: March 5, 2026
UGR SILOS: Ind-Ra Withdraws BB- Bank Loan Rating
------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained UGR Silos
Hamirpur Private Limited's (UGRSHPL) bank loan facilities rating in
the non-cooperating category and has simultaneously withdrawn the
same as follows:
-- INR360 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)
Detailed Rationale of the Rating Action
UGRSHPL's 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, Guidelines on What Constitutes
Non-Cooperation.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a request for withdrawal of ratings and no-objection
certificate issued by the bankers. This is consistent with Ind-Ra's
Policy on Withdrawal of Ratings.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interactions with UGRSHPL while reviewing the
ratings. Ind-Ra had consistently followed up with UGRSHPL over
emails until January 14, 2025, apart from phone calls. The issuer
has submitted no default statement till October 2025 with the
exception of July 2025.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of UGRSHPL, 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. UGRSHPL has been
non-cooperative with the agency since January 22, 2026.
About the Company
Incorporated in July 2020, UGRSHPL is setting up a silo for grain
storage in Hamirpur district. The company's registered office is in
New Delhi.
UNITED COKE: Ind-Ra Affirms BB Bank Loan Rating
-----------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on United Coke Private Limited's (UCPL) bank facilities:
-- INR200 mil. Bank loan facilities assigned with IND BB/Stable/
IND A4+ rating; and
-- INR511.04 mil. (reduced from INR550 mil.) Bank loan facilities
affirmed with IND BB/Stable/IND A4+ rating.
Detailed Rationale of the Rating Action
The affirmation reflects UCPL's continued small scale of
operations, and modest EBITDA margins as well as credit metrics. In
FY26, Ind-Ra expects the revenue, EBITDA margins and credit metrics
to improve marginally, owing to an addition of 20 new ovens for
coke manufacturing through the expansion of new coke plant at Vidi,
Gujarat which already started operating from May 2025 and increased
the total number of coke manufacturing ovens to 46.
The ratings are supported by the promoters' experience of nearly 25
years in manufacturing of coke and coke oven products.
Detailed Description of Key Rating Drivers
Continued Small Scale of Operations: The ratings reflect UCPL's
small scale of operations as indicated by a revenue of INR1,120.67
million in FY25 (FY24: INR1,307.1 million) and an EBITDA of
INR35.59 million (INR32.23 million). In FY25, the company generated
INR1,120.67 million in revenue from its core business (FY24: INR
833.02 million). The one‑time, non-core salt sales of INR474.08
million recorded in FY24 were discontinued in FY25. Till 8MFY26,
UCPL had booked a revenue of INR785.8 million and had an order book
of INR149.4 million at end-November 2025, to be executed by
February 2026. The total installed capacity remained at 36,000MT in
FY25 (FY24: 36,000MT). The capacity utilization increased to
26,034MT in FY25 (FY24: 20,800MT). In FY26, Ind-Ra expects the
revenue to improve marginally due to an addition of 20 new ovens
for coke manufacturing through the expansion of UCPL’s new coke
plant at Vidi, Gujarat which has started operating from May 2025.
Modest EBIDTA Margin: The ratings also factor in the UCPL's modest
EBITDA margin of 3.18% in FY25 (FY24: 2.47%) with a return on
capital employed of 9.4% (10.5%). In FY25, the EBITDA margin
improved due to an increase in the demand for metallurgical coke
and reduced raw material prices. In FY26, Ind-Ra expects the EBITDA
margins to improve because of growth in UCPL's core metallurgical
coke business supported by the commissioning of 20 additional ovens
at the new coke plant in Gujarat.
Modest Credit Metrics: UCPL's interest coverage (operating
EBITDA/gross interest expenses) was 1.72x in FY25 (FY24: 1.88x) and
its net leverage (adjusted net debt/operating EBITDAR) was 5.77x
(2.60x). In FY25, the credit metrics deteriorated mainly due to the
increased working capital requirements. In FY26, Ind-Ra expects the
credit metrics to improve, due to an improvement in the EBITDA
levels in the absence of any major capex requirements, apart from
routine maintenance.
Experienced Promoters: The rating is supported by the promoters'
experience of nearly 25 years in the coke manufacturing industry,
which has helped the firm establish strong relationships with
customers as well as suppliers.
Liquidity
Stretched: The net working capital cycle stretched to 74 days in
FY25 (FY24: 13 days), due to bulk coking-coal imports with 180-day
letter of credit-backed sourcing and higher inventory holding from
overseas procurement. The company provides, on average, a credit
period of around 45 days to its customers and receives around a
credit period of 120-180 days from import suppliers, while domestic
purchases are paid partly in advance and partly on delivery. The
inventory holding period is four-to-five months.
The cash flow from operations turned negative at INR55.63 million
in FY25 (FY24: INR76.81 million), due to increased working capital
requirements, driven by higher raw material procurement costs and
elevated coke inventory levels. The free cash flow declined to
negative INR80.26 million in FY25 (FY24: INR56.13 million) due to
the capex undertaken by the company.
UCPL has debt repayment obligations of INR11.8 million and INR2.1
million in FY26 and FY27, respectively. The average maximum
utilization of the fund-based limits was 37.26% during the 12
months ended November 2025. Ind-Ra expects the utilization to have
remained at similar levels during December 2025 and January 2026.
UCPL's cash and cash equivalents stood at INR0.42 million in FY25
(FY24: INR0.49 million).
The company does not have any capital market exposure and relies on
banks and financial institutions to meet its funding requirements.
Rating Sensitivities
Negative: Deterioration in the scale of operations or a weakening
of the credit metrics or liquidity position, will be negative for
the ratings.
Positive: A substantial increase in the scale of operations,
leading to an improvement in the credit metrics with the net
leverage reducing and staying below 4.0x and an improvement in the
liquidity position, will be positive for the ratings.
About the Company
Incorporated in 2004, UCPL manufactures low ash metallurgical coke
and is also engaged in the trading of coking coal. UCPL has an
installed capacity of 36,000MTPA in Kutch (Gujarat). Its production
facility, located in Vidi, Anjar (Kutch), operates with total 46
coke manufacturing ovens.
VAMSEE TEJA: Liquidation Process Case Summary
---------------------------------------------
Debtor: Vamsee Teja Modern Rice Mill Private Limited
D.No. 3-249, Koderu-Tadepalligudem
State Highway, Alamuru,
Penumantra Mandal,
Andhra Pradesh, India - 534126
Liquidation Commencement Date: February 11, 2026
Court: National Company Law Tribunal, Amaravati Bench
Liquidator: Kambhammettu Sri Vamsi
Plot No. A-85, Flat No. DX-4,
Sri Varasiddhi Nivas,
Road No. 11, Opposite Sai Baba Temple,
Jubilee Hills, Hyderabad,
Telangana, 500033
Email: casrivamsi@gmail.com
Plot No. 645, Unit #A3,
1st Floor, Vaishnavi@36,
Road No. 36, Jubilee Hills,
Hyderabad - 500033
Email: ip.vamseetejaricemill@gmail.com
Last date for
submission of claims: March 13, 2026
VANANCHAL CONCAST: Ind-Ra Moves BB+ Loan Rating to NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Vananchal Concast Private Limited's (VCPL) bank loan facilities to
Negative from Stable and has simultaneously migrated the rating to
the non-cooperating category and withdrawn the same. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency through emails. Thus, the rating is
based on the best available information. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.
The detailed rating action is:
-- INR960 mil. Bank Loan Facilities Outlook revised to Negative;
migrated to non-cooperating category and withdrawn.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information.
#Migrated to 'IND BB+/Negative (ISSUER NOT COOPERATING)/IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn
Detailed Rationale of the Rating Action
The Outlook revision to Negative indicates the non-cooperation
could be symptomatic of possible disruption/distress in the
issuer's business. The ratings have been migrated to the
non-cooperating category before being withdrawn as the issuer did
not participate in the surveillance exercise, despite continuous
requests and follow-ups by the agency through emails and phone
calls, and has not provided information about latest audited
financial statement, sanctioned bank facilities, business plans and
projections for the next three years. This is in accordance with
Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.
Ind-Ra is no longer required to maintain the rating, as the agency
has received no-objection certificate from the lenders and a
withdrawal request from the issuer. This is consistent with
Ind-Ra’s Policy on Withdrawal of Ratings.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interactions with VCPL while reviewing the
ratings. Ind-Ra had consistently followed up with VCPL over emails
as of December 5, 2025, apart from phone calls. The issuer has
submitted no default statement until December 2025 except for June,
October and November 2025.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of VCPL, 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 rating.
About the Company
Incorporated in 2019, VCPL manufactures MS billets and is being
managed by Ankit Poddar and Nitin Bhalotia. The plant has an
installed capacity of about 100,000 metric tons per annum.
VENAD FOOD: Ind-Ra Assigns BB- Bank Loan Rating, Outlook Positive
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Venad Food Industries
Private Limited's (VFIPL) bank loan facilities as follows:
-- INR500 mil. Bank loan facilities assigned with IND BB-/
Positive/ IND A4+ rating.
Detailed Rationale of the Rating Action
The Positive Outlook reflects Ind-Ra's expectation of sustained
revenue growth in FY26, resulting in higher EBITDA, improved credit
metrics, and further margin expansion, supported by healthy order
book in hand.
The rating reflects VFIPL small scale of operations, modest EBITDA
margins and credit metrics, along with stretched liquidity. In
FY26, Ind-Ra expects the revenue to grow, EBITDA margins to remain
range-bound and the credit metrics to improve on account of the
absence of any debt-funded capex plans.
However, the rating is supported by the promoters' more than a
decade of experience in the industry.
Detailed Description of Key Rating Drivers
Small Scale of Operations: VFIPL's scale of operations remained
small with its revenue increasing to INR1,010 million in FY25
(FY24: INR714.38 million), driven by an increase in the order book.
Its EBITDA also rose to INR39.27 million in FY25 (FY24: INR21.63
million), supported by changes in other expenses. VFIPL is engaged
in the processing and trading of frozen buffalo meat and frozen
vegetables. In 8MFY26, VFIPL achieved revenue of INR610 million and
had an order book of INR1,500 million as of December 2025. In FY26,
Ind-Ra expects the revenue to increase, due to orders in hand.
Modest Credit Metrics: VFIPL's credit metrics remained modest with
the gross interest coverage (operating EBITDA/gross interest
expenses) increasing to 2.2x in FY25 (FY24: 1.63x) and the net
leverage (total adjusted net debt/operating EBITDAR) falling to
5.26x (9.19x), supported by the increase in its EBITDA despite an
increase in its debt to INR232.91 million (INR209.14 million). In
FY26, Ind-Ra expects the credit metrics to improve, supported by
the absence of any debt-funded capex.
Modest EBITDA Margins: VFIPL's EBITDA margins stood at 3.89% in
FY25 (FY24: 3.03%), mainly due to a decrease in other expenses. The
return on capital employed stood at 12.3% in FY25 (FY24: 11.5%). In
FY26, Ind-Ra expects the EBITDA margin to remain range-bound at
3%-5%.
Experienced Promoters: However, the rating is supported by the
promoters’ over one decade of experience in the food product
industry.
Liquidity
Stretched: VFIPL's cash flow from operations turned positive at
INR6.44 million in FY25 (FY24: negative INR137.27 million),
supported by changes in working capital requirement. As a result,
the free cash flow also turned positive at INR1.85 million in FY25
(FY24: negative INR137.67 million) due to lower inflows. VFIPL's
net working capital cycle reduced to 78 days in FY25 (FY24: 91
days) mainly due to a sharp decrease in the debtor days to 59 (91).
The company's average monthly peak utilization of the fund-based
limits was 92.04% during the 12 months ended November 2025. VFIPL's
cash and cash equivalents stood at INR19.34 million at FYE25
(FYE24: INR6.15 million). VFIPL's does not have capital market
exposure and relies on financial institution for funding
requirement. VFIPL's has scheduled repayments of INR5.35 million in
FY26.
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics including interest
coverage falling below 2x along with additional pressure on the
liquidity position, may result in a negative rating action.
Positive: An increase in the scale of operations, supported by an
improvement in the credit metrics with the interest coverage
remaining above 2x and a strengthened liquidity profile on a
sustained basis, may lead to a positive rating action.
About the Company
Mumbai-based VFIPL was incorporated in 2020. The company is engaged
in the processing and trading of frozen buffalo meat and frozen
vegetables. Mahesh Kumar is the director of the business.
VERA INDIA: ICRA Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Vera India Limited (VIL) in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 25.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding VIL'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 VIL, 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.
Vera India Limited (VIL) was incorporated in July 2013 with Mrs.
Sita Rani, Mr. Vijay Kumar and Mr. Rakesh Kumar as its promoters.
The company began operations in August 2013 and is engaged in
trading of tea, cotton and mustard seeds, cakes and oil. The
company operates out of its office situated at Muktsar, Punjab, in
the same area as the group's other manufacturing companies-Vijay
Oil Mills and Vijay Agro Foods Pvt Ltd. The plant has a built-up
area of ~ 1 acre. The finished goods for trading are procured from
the group companies-Vijay Oil Mills (mustard oil and cakes) and
Vijay Agro Foods (tea). The products are sold through distributors
under the brand name of 'VERA' to customers across Punjab, HP, J&K,
Delhi, Haryana and other parts of North India.
VIDEOCON INDUSTRIES: NCLAT Dismisses Dhoot Brothers' Plea
---------------------------------------------------------
The Economic Times reports that the appellate tribunal NCLAT has
dismissed petitions filed by two Dhoot brothers - Rajkumar Nandlal
Dhoot and Pradeep Nandlal Dhoot, challenging the initiation of
personal insolvency against them over a default committed by
debt-ridden Videocon Industries.
According to ET, personal Insolvency against the Dhoot brothers was
initiated after SBI had issued a demand notice of INR5,353.78 crore
over defaults by Videocon Industries, the principal borrower, for
which they were the personal guarantors
A two-member bench of the National Company Law Appellate Tribunal
(NCLAT) has upheld the two orders passed by the Mumbai bench of
NCLT in June last year, in which it had directed the initiation of
insolvency against the duo, brothers of Videocon founder Venugopal
Dhoot.
ET relates that the appellate tribunal also rejected their plea
that petitions filed by leading public sector SBI, on which the
National Company Law Tribunal has directed to initiate insolvency
proceedings in their personal capacity, were barred under
limitations.
The NCLT had admitted the application under Section 95, in which
insolvency proceedings are initiated against a person, after being
"satisfied that Corporate Debtor (Videocon) has committed default
in repayment of loan amount granted by the Financial Creditor and
Personal Guarantors have committed default in repayment of the loan
facility".
"We, thus, do not find any good ground to interfere with the
impugned order dated June 4, 2024, and June 14, 2024, impugned in
the present appeals. Both the appeals are dismissed," said the
NCLAT bench, comprising Chairperson Justice Ashok Bhushan and
Member (Technical) Barun Mitra, ET relays.
The two brothers against whom insolvency proceedings have been
initiated in personal capacity were the personal guarantors of
Videocon Industries, which had defaulted on the loan given by SBI.
About Videocon Industries
Videocon Industries sells consumer products like color televisions,
washing machines, air conditioners, refrigerators, microwave ovens
and many other home appliances in India.
Videocon, owned by the Dhoot family, was taken to bankruptcy court
after it failed to repay INR230 crore to SBI in 2017. It was among
the first 12 companies pushed into bankruptcy after directions from
the Reserve Bank of India in 2017.
On June 6, 2018, National Company Law Tribunal (NCLT), Mumbai
bench, admitted a petition for initiating insolvency resolution
process against the company under the Insolvency and Bankruptcy
Code, 2016.
The company's total debt stood at over INR635 billion in 2019,
according to Business Standard, citing bankruptcy case-related
disclosures on the company's website.
YENKEY ROLLER: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Yenkey Roller Flour Mills 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
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Yenkey Roller'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 Yenkey Roller, 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 firm was established under the name of Kerala Wheat Roller
Flour Mills in 1991 and was taken over by the Parisons Group in
1992. Subsequently, it was renamed as Yenkey Roller Flour Mills
(YRFM). The firm manufactures wheat-based products such as
maida,sooji, atta and bran. Besides, the firm is also involved in
wheat trading. The manufacturing facility is located in Calicut,
Kerala, with a milling capacity of 90 tonne per day. YRFM's
products are marketed under the brand name Coconut Tree and the
firm primarily focuses on the northern parts of Kerala for
selling its products.
ZEBION INFOTECH: Ind-Ra Affirms BB+ Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Zebion Infotech Private Limited’s (ZIPL) bank loan facilities to
Stable from Negative while affirming the long-term rating at 'IND
BB+' and short-term rating at 'IND A4+' as follows:
-- INR180 mil. Bank loan facilities affirmed; Outlook revised to
Stable with IND BB+/Stable/IND A4+ rating.
Detailed Rationale of the Rating Action
The Outlook revision to Stable reflects the company's cooperation
in the regular submission of its no-default statement.
The affirmation reflects ZIPL's continued small scale of operations
and stretched liquidity position in FY25. However, the ratings
remain supported by the company's healthy EBITDA margins,
comfortable credit metrics, geographical diversity and established
brand name, and a decade-long experience of the promoters in the
information technology industry.
In the medium term, Ind-Ra expects the revenue to improve
marginally but the EBITDA margins and credit metrics to remain at
similar levels. However, the agency expects the liquidity to remain
stretched in the medium term owing an elongated working capital
cycle.
Detailed Description of Key Rating Drivers
Small Scale of Operations: ZIPL's scale of operations remained
small with revenue of INR849 million in FY25 (FY24: INR853.8
million) and EBITDA of INR148.4 million (INR85.3 million). The
revenue remained almost flat in FY25 due to muted demand. However,
the EBITDA improved in FY25 on account of a decrease in fixed
costs. During 9MFY26, ZIPL generated revenue of around INR703
million. Ind-Ra expects the revenue to improve marginally in FY26.
Healthy EBITDA Margins: In FY25, ZIPL's EBITDA margins improved to
17.48% (FY24: 9.99%) because the company transferred transportation
costs to distributors and lowered its personnel expenses by
downsizing and restructuring employee compensation to reduce fixed
salaries. Its return on capital employed increased to 25.6% in FY25
(FY24: 18%). In FY26, Ind-Ra expects the margin to remain at
similar levels owing to similar nature of business.
Comfortable Credit Metrics: In FY25, the gross interest coverage
(operating EBITDA/gross interest expense) increased to 3.9x (FY24:
2.8x) and the net leverage (adjusted net debt/operating EBITDAR)
reduced to 3.08x (4.44x), due to the increase in EBITDA, despite an
increase in finance costs to INR37.7 million (INR30 million) and
debt levels to INR456.7 million (INR378.9 million). In FY26, Ind-Ra
expects the credit metrics to remain at similar levels owing to
similar EBITDA and debt levels.
Geographical Diversification: ZIPL has around 400 distributors
across India, reflecting geographical diversity in revenue sources
and reducing its revenue concentration risk.
Experienced Promoters and Established Brand Name: The promoters
have more than a decade of experience in the computer peripherals
and accessories industry, leading to established relationships with
customers and suppliers. The company sells products under its brand
name, Zebion.
Liquidity
?Stretched: ZIPL's average monthly utilization of the fund-based
limits was 98.66% during the 12 months ended December 2025. The net
working capital cycle elongated to 338 days in FY25 (FY24: 262
days), mainly on account of an increase in the inventory holding
period to 244 days (203 days). The company provides around 60 days
of credit period to its customers and receives 4-5 days of credit
period from its suppliers. The cash flow from operations remained
negative and deteriorated further to INR88.5 million in FY25 (FY24:
negative INR6.5 million), due to increased working capital
requirements. Consequently, the free cash flow declined to negative
INR88.5 million in FY25 (FY24: negative INR6.5 million), despite
nil capex. ZIPL has debt repayment obligations of INR7.9 million
and INR7.84million in FY26 and FY27, respectively. The cash and
cash equivalents stood at INR0.1 million at FYE25 (FYE24: INR0.4
million). Furthermore, ZIPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.
Rating Sensitivities
Negative: Any decline in the scale of operations, leading to
deterioration in the credit metrics with the gross interest
coverage falling below 2.5x or a further pressure on the liquidity
position, will be negative for the ratings.
Positive: Significant growth in the scale of operations while
maintaining comfortable credit metrics and an improvement in the
liquidity position, all on a sustained basis, will be positive for
the ratings.
About the Company
Established in 2010, Pune-headquartered ZIPL is engaged in the
trading of information technology products, including closed
circuit televisions, computer peripherals and accessories. The
company imports products mainly from China and Taiwan on contract
manufacturing basis and sells it under the Zebion brand. Abhinandan
Dagale and Yogesh Dagale are the promoters.
===============
M A L A Y S I A
===============
CAPITAL A: Turns to Positive Shareholders' Equity, Eyes PN17 Exit
-----------------------------------------------------------------
The Edge Malaysia reports that Capital A Bhd is eyeing an exit from
Practice Note 17 (PN17) status after the hefty gain from the
disposal of its aviation business, part of its completed
regularisation plan, lifted the group to a positive shareholders'
equity position.
The disposal gain of MYR9.75 billion from the sale of its airline
business saw Capital A's net profit for the fourth quarter ended
Dec 31, 2025 (4QFY2025) swell to MYR10.2 billion, from a net loss
of MYR1.66 billion a year earlier, according to a bourse filing on
March 3, The Edge relays.
Quarterly revenue jumped 48.3% year-on-year to MYR769.08 million
from MYR518.51 million.
For the full year, net profit swung to MYR13.03 billion versus a
net loss of MYR501.25 million in FY2024, again mainly due to the
aviation business disposal gain, The Edge discloses. Cumulative
revenue was up 16.7% to MYR1.99 billion from MYR1.71 billion.
"The gain from the disposal has restored the group to positive
equity of MYR937 million, marking a clear financial reset. Now we
look forward to PN17 uplift and drawing a firm line under the past
few years," The Edge quotes Capital A chief executive officer Tan
Sri Tony Fernandes as saying in a statement.
According to The Edge, Capital A said its continuing operations -
excluding its now-disposed aviation operations - "largely met" its
internal targets.
Earnings before interest, taxes, depreciation and amortisation
(Ebitda) of MYR443 million came in below the MYR500 million to
MYR600 million range, while the MYR3.4 billion revenue was
marginally lower than the MYR3.5 billion to MYR4 billion guided
range.
Meanwhile, the net operating profit (NOP) margin of 7% came in at
the lower end of the target range of 7% to 10%, it noted.
No dividend was proposed for the financial year, The Edge notes.
Capital A's continuing operation comprises its five operating
units, namely maintenance, repair and operations unit Asia Digital
Engineering (ADE), Teleport (logistics), AirAsia Move (travel
platform), Santan (F&B) and AirAsia Next (brand licensing and
digital intellectual property).
Looking to the ongoing fiscal year, Capital A said it has set its
internal targets at MYR3.8 billion for revenue, MYR600 million for
Ebitda and MYR266 million for NOP margin, The Edge relays.
"The group's performance is contingent on each of the Capital A
companies delivering against its respective assumptions," the group
noted.
The Edge adds Mr. Fernandes said the group is now ready for its
next chapter of growth with renewed focus on the five tech-driven
businesses it has built.
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.
===============
M O N G O L I A
===============
MONGOLIA: Moody's Rates New Senior Unsecured USD Bonds 'B1'
-----------------------------------------------------------
Moody's Ratings has assigned a B1 rating to the proposed senior
unsecured, US dollar denominated bonds to be issued by the
Government of Mongolia ("Mongolia"). The notes will rank pari passu
with all of Mongolia's existing and future senior unsecured
obligations. The proceeds of the notes will be used to fund a
tender offer to repurchase a portion of its bonds and for
refinancing upcoming maturities.
The rating of the proposed notes mirrors Mongolia's long term
issuer rating of B1 with a stable outlook.
RATINGS RATIONALE
Mongolia's credit profile is supported by solid economic growth
prospects underpinned by strong demand for key mineral exports,
particularly copper, alongside an emerging track record of
effective debt and fiscal management. Structural demand for copper
related to electrification and digital infrastructure supports
medium term growth, while ongoing increases in output will further
strengthen export performance. These factors are complemented by
ongoing steps to diversify the commodity mix beyond coal and
copper.
Credit strengths are balanced by Mongolia's continued reliance on
commodities, which exposes fiscal and external metrics to price
fluctuations, particularly for coal. While coal remains a
significant export, its price sensitivity to developments in
China's property and steel sectors constrains revenue visibility.
In addition, Mongolia's external liquidity risks remain elevated
given sizeable market debt maturities in the second half of the
decade, although these risks are mitigated by continued access to
international capital markets and the government's track record of
refinancing upcoming obligations.
Fiscal metrics have strengthened over recent years, with the
government debt burden declining to around 43% of GDP at year end
2025 from about 74% of GDP in 2020, supported by strong nominal
growth and prudent debt management. Moody's expects fiscal deficits
to widen modestly over the next few years, reaching about 4.3% of
GDP in 2026, as revenue growth moderates and spending pressures
persist. As a result, Moody's forecasts a broadly stable debt ratio
of about 44% of GDP in 2026. Nevertheless, projected debt levels
remain broadly in line with similarly rated peers, while debt
affordability continues to benefit from a high share of
concessional financing and the government's active management of
refinancing risks.
ISSUER RATING OUTLOOK
The stable outlook incorporates both upward risks, arising from a
more material consolidation in the debt burden than Moody's
currently project if expenditures are pared beyond Moody's
baseline; or from more robust growth due to a stronger environment
for commodities. While key tax reforms will inform the fiscal and
debt trajectory, Moody's expects that the range of outcomes should
still leave key metrics in line with the B1 median.
The stable outlook also incorporates the view that external
liquidity risks will remain elevated but manageable. While
financing pressures may spike at various junctures given Mongolia's
sizeable market debt payment obligations in 2027-2028, Moody's
expects that the government will maintain market access at costs
that are not prohibitive, containing liquidity risks to levels
consistent with a B1 rating.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS
Mongolia's ESG credit impact score is CIS-4, driven by high
exposure to environmental and governance risks. The sovereign also
has moderate exposure to social risks. The CIS-4 score indicates
that the rating is lower than it would have been if ESG risk
exposures were not present.
Mongolia's exposure to environmental risks (E-4 issuer profile
score) reflects an economy that is highly dependent on the
production and export of hydrocarbons, particularly coal, which
leaves the sovereign susceptible to carbon transition risk. The
nature of the coal-based economy coupled with continued
urbanization has also resulted in waste and pollution levels,
particularly air pollution. Mongolia is also vulnerable to water
scarcity driven by mineral extraction, overgrazing, deforestation
and desertification. These risks are driven by mining and
urbanization, and have threatened the livestock sector.
Exposure to social risks at S-3 reflects uneven distribution of
incomes, balanced by a young population coupled with a strong
social safety net that has enhanced the provision of health and
education benefits. However, access to basic services, including
drinking water and sanitation, is very weak.
Mongolia's exposure to governance risks is G-4, reflecting still
weak executive institutions and policy effectiveness, despite
recent progress on structural reforms. Low fiscal prudence and a
tendency to procyclical policies curb the sovereign's financial
capacity to respond to environmental and social risks particularly
during economic downturns.
This credit rating and any associated review or outlook has been
assigned on an anticipated/subsequent basis.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The rating would likely be upgraded upon evidence of a sustained
build-up in the foreign exchange liquidity buffer supported by
non-debt creating inflows, that alleviate external liquidity risks
from sizeable debt obligations.
Further material consolidation of the debt burden accompanied by
steady improvements in debt affordability that balance the effects
of planned tax reforms would also alleviate fiscal constraints and
drive upward rating momentum. These indications would likely relate
to improvements in the management of domestic public finances,
containing the government's funding requirements and the economy's
external financing needs.
Further upward pressures may also arise if the government's plans
to increase domestic debt issuance as a more prominent source of
financing materialize in a sustained manner, and reduce exposure to
foreign currency fluctuation, driving improvements in the debt
profile.
A rating downgrade could be triggered by widening gross borrowing
requirements, and/or rising government liquidity risks that point
to difficulties in meeting these borrowing needs. Persistent
external financing gaps that threaten macroeconomic stability would
also exert downward rating pressures. A sustained shock to growth
would also be a trigger for downward rating action.
The principal methodology used in this rating was Sovereigns
published in November 2022.
=====================
N E W Z E A L A N D
=====================
ADDISON LIMITED: Court to Hear Wind-Up Petition on March 12
-----------------------------------------------------------
A petition to wind up the operations of Addison Limited will be
heard before the High Court at Auckland on March 12, 2026, at 10:45
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Jan. 12, 2026.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
CABINET PLACE: Court to Hear Wind-Up Petition on March 26
---------------------------------------------------------
A petition to wind up the operations of The Cabinet Place Limited
will be heard before the High Court at Auckland on March 26, 2026,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Jan. 12, 2026.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
FOOD 4 LESS: Creditors' Proofs of Debt Due on March 30
------------------------------------------------------
Creditors of Food 4 Less (New Lynn) Limited are required to file
their proofs of debt by March 30, 2026, to be included in the
company's dividend distribution.
Pritesh Patel was appointed as liquidator on Feb. 24, 2026 by the
High Court in Auckland.
The company's liquidator may be reached at:
Pritesh Patel
Patel & Co.
PO Box 23296
Manukau City
Auckland 2241
GLOBAL MARKETPLACE: GrabOne to Return Under New Kiwi Ownership
--------------------------------------------------------------
Stuff.co.nz reports that online marketplace platform GrabOne has
announced it is relaunching, five months after its operator went
into liquidation.
The company announced its relaunch on March 2, with 30 local
businesses already signed up, including Wellington's Dockside
Restaurant & Bar, Cordis Hotel, and Flamingo Scooters.
In a statement, a spokesperson told Stuff that Paradigm Group, a
Wellington-based holding company, had acquired the platform.
The announcement brings GrabOne back to local ownership following
its purchase by Australian company Global Retail Marketplace in
2021, Stuff notes.
GrabOne went into liquidation on October 16, citing "funding
constraints," and was forced to cease trading immediately.
At the time, liquidators said the company behind GrabOne, Global
Marketplace New Zealand Ltd, owed NZD16.5 million, Stuff relays.
The company had NZD800,000 in assets, of which NZD380,000 were from
unredeemed credit and gift cards.
Speaking about the relaunch, Paradigm Group CEO Jonty Hodge said
they couldn't just watch GrabOne disappear, given it was used by
hundreds of thousands of people, according to Stuff.
"When GrabOne went into liquidation, it wasn't just a platform
shutting down. Real merchants lost a channel that was genuinely
working for them, and over 350,000 Kiwis lost a way to discover
what's on their doorstep."
Stuff relates that Mr. Hodge said the new GrabOne is not just a
relaunch but a "rebuild", adding that it will come with fairer
terms and faster payments.
"Now back under Kiwi ownership, GrabOne is being rebuilt to better
serve Aotearoa through deep local insight and a focus on
sustainable growth," Mr. Hodge said.
GrabOne head, Paul Raeburn, said last year's liquidation marked the
end of one chapter for the company, but he always knew the platform
still had "so much to offer".
He said the relaunch is not an exercise in nostalgia but a reset
focused on "quality and long-term value".
"Speaking to merchants, it's clear that there were parts of GrabOne
that weren't working, but the platform still helped businesses
reach new customers and optimise inventory.
"Looking forward, we're moving away from the clutter of the past to
bring GrabOne back to its core roots, addressing and providing
solutions that allow businesses to nurture their customers," Stuff
quotes Mr. Raeburn as saying.
About GrabOne
GrabOne was launched in 2010 and offered discounts on goods and
services for local businesses.
It was sold to Global Marketplace New Zealand by former owner NZME
in 2021, for NZD17.5 million.
Global Marketplace operates as an investment Company, which
operated GrabOne in New Zealand.
GURUKIRPA CONTRACTING: In Liquidation; Owes NZD57MM in Unpaid Tax
-----------------------------------------------------------------
NZ Herald reports that two Bay of Plenty businesses that provided
labour to kiwifruit orchards have been shut down for allegedly
owing NZD57 million in unpaid taxes.
NZ Herald says the failure of both companies, owned and operated by
the same person, appears to be the single largest business collapse
of 2025.
Gurukirpa Contracting Ltd and Saran Contracting Ltd were placed
into liquidation by the High Court at Tauranga after separate
applications by Inland Revenue.
KEILIN FARMS: Creditors' Proofs of Debt Due on March 23
-------------------------------------------------------
Creditors of Keilin Farms Limited are required to file their proofs
of debt by March 23, 2026, to be included in the company's dividend
distribution.
Wendy Somerville and Malcolm Hollis were appointed joint and
several liquidators of the company by the High Court at Hamilton on
Feb. 23, 2026.
The company's liquidators may be reached at:
Wendy Somerville
Malcolm Hollis
c/o PwC, PwC Waikato
PO Box 191
Hamilton 3240
KIA ORA: Placed in Receivership
-------------------------------
Jared Waiata Booth and Tony Leonard Maginness of Baker Tilly
Staples Rodway Auckland Limited on Feb. 25, 2026, were appointed as
receivers and managers of Kia Ora Private Limited, Jayambe
Enterprises Limited, Jaygoga Enterprises Limited And Keralkumar
Rameshbhai Patel.
The receivers and managers may be reached at:
Jared Booth
Baker Tilly Staples Rodway Auckland Limited
PO Box 3899
Auckland 1140
LIFT HARVESTING: Only NZD1.79 Recovered From Firm Owing NZD1.7MM
----------------------------------------------------------------
NZ Herald reports that only NZD1.79 was recovered from an insolvent
Gisborne-based logging company that allegedly owed nearly NZD1.7
million to creditors.
The Inland Revenue Department successfully applied at the High
Court in Gisborne to place Lift Harvesting Ltd into liquidation on
July 11 last year, NZ Herald notes.
=================
S I N G A P O R E
=================
ATLAS AQUACULTURE: Creditors' Meeting Set for March 17
------------------------------------------------------
Atlas Aquaculture Pte. Ltd. will hold a meeting for its creditors
on March 17, 2026, at 2:30 p.m., via electronic means.
Agenda of the meeting includes:
a. to receive a full statement of the company's affairs
together with a list of creditors and the estimated amount
of their claims;
b. to appoint liquidators;
c. to form a committee of inspection of not more than
5 members, if thought fit; and
d. any other business.
CP INTERACTIVE: Creditors' Proofs of Debt Due on April 6
--------------------------------------------------------
Creditors of CP Interactive International Pte. Ltd. are required to
file their proofs of debt by April 6, 2026, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Feb. 25, 2026.
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
DELIVEROO SINGAPORE: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Deliveroo Singapore Pte. Ltd. on Feb. 25, 2026, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
James Alexio
Kroll Pte. Limited
1 Raffles Place, #29-01
One Raffles Place Tower 1
Singapore 048616
and
Cosimo Borrelli
Admiralty Asia Partners Limited
Suite 911 – Level 9
One Pacific Place
88 Queensway
Hong Kong
EFISHERY PTE: Creditors' Proofs of Debt Due on April 3
------------------------------------------------------
Creditors of Efishery Pte. Ltd. are required to file their proofs
of debt by April 3, 2026, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Feb. 23, 2026.
The company's liquidators are:
Matthew Stuart Becker
Lim Loo Khoon
Tan Wei Cheong
6 Shenton Way
OUE Downtown 2, #33-00
Singapore 068809
HYALROUTE COMMUNICATION: Chinese Insurer Seeks Cayman Liquidation
-----------------------------------------------------------------
OffshoreAlert reports that Chinese state-owned China Export &
Credit Insurance Corporation has asked a Cayman Islands court to
appoint liquidators for Cayman-domiciled, Singapore-based HyalRoute
Communication Group Ltd. regarding 'a US$26 million debt'.
HyalRoute Communication Group provides shared fiber optic network
infrastructure in emerging Asian markets, primarily operating out
of Singapore. Founded in 2013 by Xinglong Huang, the company builds
and maintains "neutral" fiber networks that are leased to various
telecommunications operators and internet service providers.
M LABEL: Court to Hear Wind-Up Petition on March 13
---------------------------------------------------
A petition to wind up the operations of M Label Pte. Ltd. will be
heard before the High Court of Singapore on March 13, 2026, at
10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Feb. 13, 2026.
The Petitioner's solicitors are:
Tito Isaac & Co LLP
1 North Bridge Road
#30-00 High Street Centre
Singapore 179094
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2026. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***