RATING RATIONALE
11Aug2026
Jay Ushin Ltd.
Brickwork Ratings has reaffirmed the long-term and short-term ratings for the Bank Loan Facilities of Rs. 63.49 Crs. of Jay Ushin Ltd, under the Issuer not cooperating category, based on the best available information, as the issuer did not cooperate and simultaneously withdrawn the ratings.
Particulars| Facilities/Instruments | Amount (Rs.Crs.) | Tenure | Rating | Regulator | ||
|---|---|---|---|---|---|---|
| Previous | Present | Previous (09 Jun 2026) |
Present | |||
| Fund Based | 8.49 | 8.49 | Long Term |
BWR BB- /Stable
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
BWR BB -
/Stable Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn |
RBI |
| 55.00 | 55.00 | Short Term |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn |
RBI | |
| Non Fund Based | 0.00 | 0.00 | Short Term |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn |
RBI |
| (7.00) | (7.00) | |||||
| Grand Total | 63.49 | 63.49 | (Rupees Sixty Three Crores and Forty Nine lakhs Only) | |||
1. Please refer to BWR website www.brickworkratings.com for the definition of the ratings
2. Refer to Annexures I, II, and III for details of rated bank loan facilities, debt instruments, and the List of Entities Consolidated
*Issuer did not cooperate; based on best available information.
RATING ACTION / OUTLOOK / WITHDRAWAL
BWR has reaffirmed the long-term and short-term rating at "BWR BB-/Stable/A4" for the bank loan facilities of Rs. 63.49 crores, simultaneously withdrawn the ratings at the request of the company, with immediate effect and continued under the 'Issuer Not Cooperating' category of the bank loan facilities of Jay Ushin Ltd.. as the company has failed to provide the necessary documentation and remains irregular in submitting the monthly 'No Default Statement' (NDS), in deviation from extant regulatory guidelines.
The withdrawal request letter from the company as well as the No Objection Certificate from the banker are held on record.
The lenders/investors may note to exercise due caution while using the above rating, which mentions "Issuer Not Cooperating," since the rating lacks any projections or forward-looking component, as it is arrived at based on the best available information without any management/banker's interaction.
LIMITATIONS OF THE RATINGInformation availability risk is a key factor in the assessment of credit risk as generally, non-cooperation by the rated entities to provide required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit rating should therefore take into account possible deterioration in the credit quality of the rated entity arising from its non-transparency withholding of information required for a review of the rating
KEY COVENANTS OF THE INSTRUMENT / FACILITY RATEDThe terms of sanction of the rated facilities include standard covenants normally stipulated for such facilities.
KEY RATING DRIVERS
ANALYTICAL APPROACH AND APPLICABLE RATING CRITERIA - Standalone
For arriving at its ratings, BWR has applied its rating methodology on a standalone basis.Link to previous rationale
LIQUIDITY INDICATORS - Adequate
Inadequate information to access liquidity.
COMPANY's / FIRM's PROFILE| Macro Economic Indicator | Sector | Industry | Basic Industry |
|---|---|---|---|
| Consumer Discretionary | Automobile and Auto Components | Auto Components | Auto Components & Equipments |
Jay Ushin Ltd (JUL) was incorporated on 14 Aug 1986, in Delhi. JUL is a part of JPM Group. The JPM Group was established in 1959. JUL is a joint venture with Ushin Ltd, Japan, which has provided the technical collaboration. The product profile of the company includes automobile security systems, switches, body parts, etc. The company has five manufacturing units; two are located in Gurgaon (Haryana), and one each in Manesar, Chennai, and Kolar. Currently, the company has around 1600 employees. The major customers of the company are Maruti Suzuki India Ltd, and Honda Motorcycle & Scooter India Pvt. Ltd, and Hyundai Motors India Limited. The company has been carrying out in-house Research & Development activities in the areas of product development, process development, production process development, and cost reduction.
[As per the information available with BWR in the last review dated 15 December 2021]
ESG ProfileNA
| Standalone Financial Indicators (in ₹ crore) | Units | FY 24 - 25 (A) | FY 25 - 26 (A) | FY 26 - 27 (PROJ) |
|---|---|---|---|---|
| Operating Revenue | 855.20 | 969.07 | Not Available | |
| EBITDA | 37.17 | 35.42 | Not Available | |
| PAT | 12.26 | 17.77 | Not Available | |
| Tangible Net Worth | 77.98 | 96.53 | Not Available | |
| Total Debt / Tangible Net Worth | 1.61 | 1.32 | Not Available | |
| Current Ratio | 0.94 | 1.13 | Not Available | |
|
* A:Audited UA:Unaudited P:Provisional PROJ:Projected
|
||||
|
Note: These are latest available financial results. All ratios as per BWR's calculations; Amount in ₹ crore
|
||||
Not Applicable
ANY OTHER INFORMATIONNil
RATING HISTORY FOR THE PREVIOUS THREE YEARS(including withdrawal and suspended)| Name of Instrument (NCD/Bank Loan /Non- Fund Based facilitates/ Commercial Paper etc.) | Current Rating (2026) | 2026 (History) | 2025 | 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating | Date | Rating |
| Fund Based | LT | 8.49 |
BWR BB-/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn) |
09Jun2026 |
BWR BB- Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
04Jun2025 |
BWR BB- Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
11Apr2024 |
BWR BB-Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
20Feb2023 |
BWR BB Stable
(ISSUER NOT COOPERATING*/Downgrade) |
| Fund Based | ST | 55.00 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn) |
09Jun2026 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
04Jun2025 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
11Apr2024 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
20Feb2023 |
BWR A4
(ISSUER NOT COOPERATING*/Downgrade) |
| Non Fund Based | ST | 0.00 |
NA
|
09Jun2026 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
| NFB SubLimit | ST | (7.00) |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn) |
09Jun2026 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
04Jun2025 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
11Apr2024 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
20Feb2023 |
BWR A4
(ISSUER NOT COOPERATING*/Downgrade) |
| Grand Total | 63.49 | (Rupees Sixty Three Crores and Forty Nine lakhs Only) | |||||||||
- General Criteria
- Approach to Financial Ratios
- Policy On Issuer Non -Cooperation
- Short Term Debt
- BWR Withdrawal Policy
- Manufacturing Company
| Analytical Contacts | |
|---|---|
|
Meena N P Ratings Analyst meena.np@brickworkratings.com |
Jayanthi Yogeesh Senior Manager - Ratings jayanthi.y@brickworkratings.com |
| Media Contact | media@brickworkratings.com | Client Support | clientsupport@brickworkratings.com |
| SL.No. | Name of the Bank/Lender | Type Of Facilities | Long Term(Rs.Crs.) | Short Term(Rs.Crs.) | Total(Rs.Crs.) | Complexity of the Instrument |
|---|---|---|---|---|---|---|
| 1 | Kotak Mahindra Bank | Term LoanSanctioned | 8.49 | _ | 8.49 | Simple## |
| 2 | Kotak Mahindra Bank | Letter of CreditSanctioned | _ | _ | 0.00 | Simple## |
| Sub-Limit (Letter of Credit) Sanctioned | (7.00) | |||||
| 3 | Kotak Mahindra Bank | OverdraftSanctioned | _ | 2.00 | 2.00 | Simple## |
| 4 | Kotak Mahindra Bank | Sales Invoice FinancingSanctioned | _ | 53.00 | 53.00 | Simple## |
| Total | 8.49 | 55.00 | 63.49 | |||
| TOTAL (Rupees Sixty Three Crores and Forty Nine lakhs Only) | ||||||
## BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.
| Instrument | Issue Date | Amount (Rs.Crs) | Coupon Rate (%) | Maturity Date | ISIN Particulars | Complexity of the Instrument |
|---|---|---|---|---|---|---|
| Nil | Nil | Nil | Nil | Nil | Nil | Nil |
| Name of Entity | % Ownership | Extent of consolidation | Rationale for consolidation |
|---|---|---|---|
| Nil | Nil | Nil | Nil |
| Sr.No. | Instrument / Activity | Regulator |
|---|---|---|
| 1 | Listed/Proposed to be listed bonds/debentures/preference share (all securities) | SEBI |
| 2 | Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) | MCA |
| 3 | Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)* $ | RBI |
| 4 | Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)* | SEBI |
| 5 | Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)* | RBI |
| 6 | Listed Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| 7 | Unlisted Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| 8 | Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs^ | RBI |
| 9 | External Commercial Borrowings and other similar borrowings | RBI |
| 10 | Certificates of Deposit | RBI |
| 11 | Fixed Deposits raised by NBFCs,HFCs, FIs | RBI |
| 12 | Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs | MCA |
| 13 | Inter Corporate Deposits/Loans extended by Corporates | MCA |
| 14 | Borrowing programme ~ | - |
| 15 | Issuer Ratings # | - |
| 16 | Credit Ratings for Capital Protection Oriented Schemes (by Mutual Funds and AIFs) | SEBI |
| 17 | Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs | SEBI |
| 18 | Listed Security Receipts $ | RBI |
| 19 | Unlisted Security Receipts | RBI |
| 20 | Independent Credit Evaluation (ICE) | RBI |
| 21 | Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities)) | SEBI |
| 22 | Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)) | MCA |
| 23 | Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) * | Investor-side regulator such as IRDAI, PFRDA @ |
* Includes securitisation transactions involving assignee payout, acquirer's payout.
~ The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans,
commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be
determined upon issuance. In PRs subsequent to issuance(s), Brickwork Ratings India Private Limited (BWR) shall separately capture the rated quantum
details along with names of respective regulators.
^ Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
# There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are
being followed as stipulated in SEBI Master Circular for CRAs.
@ These ratings were assigned during regulatory regime prior to introduction of SEBI CRA Circular dated Feb 10, 2026 and the
investor side regulators have accordingly been included.
$ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.
Note: Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute
redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
For any grievances relating to rating of instruments regulated by other FSR (Financial Sector Regulators), please contact grievance@brickworkratings.com.
BWR Board of Directors have no influence over rating decisions, nor do they sit on the rating committee or review, discuss or evaluate any credit rating during the Board meetings.
About Brickwork Ratings
Brickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI]. BWR is the 5th agency to get a credit rating registration in India in 2009 and its corporate office in Bengaluru. It has a country-wide presence with representatives in 150+ locations. Canara Bank is Brickwork’s strategic partner and promoter.
Brickwork offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitisation Products, Municipal Bonds, etc. BWR has also rated NGOs, Educational Institutions, Hospitals, Urban Local Bodies and Municipal Corporations.
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