RATING RATIONALE
16Apr2026
Ajay Knitwears & Fabrics Pvt. Ltd.
Brickwork Ratings downgrades the long-term rating and migrates the rating under Issuer Not Cooperating* category for the Bank Loan Facilities of Rs. 27.62 Crs. of Ajay Knitwears & Fabrics Pvt. Ltd. based on best available information, as the issuer did not cooperate.
Particulars| Facilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
|---|---|---|---|---|---|
| Previous | Present | Previous (31 Jan 2025) |
Present | ||
| Fund Based | 27.62 | 27.62 | Long Term |
BWR BB-/Stable
removal from ISSUER NOT COOPERATING* category/Upgraded |
BWR B +
/Stable ISSUER NOT COOPERATING* /Downgrade |
| Grand Total | 27.62 | 27.62 | (Rupees Twenty Seven Crores and Sixty Two lakhs Only) | ||
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure
*Issuer did not cooperate; based on best available information.
RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION
Brickwork Ratings (BWR) has last rated the bank loan facilities of “Ajay Knitwears & Fabrics Pvt. Ltd.” in Jan 2025 by upgrading the long-term rating to "BWR BB-/Stable" from "BWR B/Stable" and removed the ratings from ISSUER NOT COOPERATING* category. BWR has consistently taken up with the company through emails and telephone calls to provide the requisite information for the review of the ratings. Despite the best efforts of BWR to get at least the minimum required information for a review, the company has not been submitting the monthly “No Default Statement” (NDS) for the past 2 months as required by regulatory guidelines and remains to be non-cooperative. Due to the lack of management cooperation, BWR is unable to assess the company’s financial performance and its ability to service its debt and maintain a valid rating. Hence, owing to lack of management cooperation, Brickwork Ratings downgrades the long-term rating to "BWR B+/Stable" from "BWR BB-/Stable" and migrates the rating under ISSUER NOT COOPERATING* category, based on best available information.
The lenders/investors may note to exercise due caution while using the 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
ABOUT THE ENTITY| Macro Economic Indicator | Sector | Industry | Basic Industry |
|---|---|---|---|
| Consumer Discretionary | Textiles | Textiles & Apparels | Garments & Apparels |
Ajay Knitwears & Fabrics Private Limited was established in 1999, the company is engaged in Knitting and garment unit and has its manufacturing unit located at Rahon Road, Ludhiana. Ajay Knitwears & Fabrics Private Limited are manufacturers and exporters of knitted Fabrics and Garments. The company has different range of garments which include basic polo, round neck t-shirts, Striped Tshirts, Knitted Sportswear, Sweat Shirts etc. The company has installed capacity of 7 Tonnes per day for Knitted Fabric and 3500 pieces per day of Garments.
Please refer to the following link for the previous detailed rationale that captures the Key Financials Drivers and their Description, Liquidity Position. Rating Sensitivities, Key Financial Indicators. View Previous Document
Not Applicable
ANY OTHER INFORMATIONNone
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)| Facilities | Current Rating (2026) | 2025 | 2024 | 2023 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating |
| Fund Based | LT | 27.62 |
BWR B+/Stable
(ISSUER NOT COOPERATING* /Downgrade) |
31Jan2025 |
BWR BB-Stable
(removal from ISSUER NOT COOPERATING* category/Upgraded) |
20Sep2024 |
BWR BStable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
22Sep2023 |
BWR B+Stable
(ISSUER NOT COOPERATING* /Downgrade) |
| Grand Total | 27.62 | (Rupees Twenty Seven Crores and Sixty Two lakhs Only) | |||||||
- General Criteria
- Approach to Financial Ratios
- Policy On Issuer Non -Cooperation
- Manufacturing Company
| Analytical Contacts | |
|---|---|
|
Mohammed Farzan Rating Analyst mohammed.f@brickworkratings.com |
Suryanarayan N Associate Director - Ratings suryanarayan.n@brickworkratings.com |
| 1-860-425-2742 | media@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 | Indian Bank | Term LoanSanctioned | 1.00 | _ | 1.00 | Simple## |
| 2 | Indian Bank | Term LoanSanctioned | 1.00 | _ | 1.00 | Simple## |
| 3 | Indian Bank | GECLOut-standing | 0.62 | _ | 0.62 | Simple## |
| 4 | Indian Bank | OCC/ODBDSanctioned | 25.00 | _ | 25.00 | Simple## |
| Total | 27.62 | 0.00 | 27.62 | |||
| TOTAL (Rupees Twenty Seven Crores and Sixty Two 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 |
| Instrument / Activity | Regulator |
|---|---|
| Listed/Proposed to be listed bonds/debentures/preference share (all securities) | SEBI |
| Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) | MCA |
Listed PTCs / Securitisation Notes (originated by entities regulated by RBI) 1| SEBI | |
Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1| SEBI | |
Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI) 1| RBI | |
| Listed Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| Unlisted Commercial Paper and NCDs with original maturity less than 1 year | RBI |
Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs 2| RBI | |
| External Commercial Borrowings and other similar borrowings | RBI |
| Certificates of Deposit | RBI |
| Fixed Deposits raised by NBFC's, Banks, HFCs, Fis | RBI |
| Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, Fis | MCA |
| Inter Corporate Deposits/Loans extended by Corporates | MCA |
Borrowing programme 3| - | |
Issuer Ratings 4| - | |
| Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs) | SEBI |
| Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs | SEBI |
| Listed Security Receipts | SEBI |
| Unlisted Security Receipts | RBI |
| Independent Credit Evaluation (ICE) | RBI |
| Expected Loss Ratings (for Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/Fis) | RBI |
| Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities)) | SEBI |
| Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)) | MCA |
Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1| Investor-side Regulator | such as IRDAI, PFRDA 5 |
| Monitoring Agency | SEBI |
| Research activities, incidental to rating, such as research for Economy, Industries and Companies 6 | NA |
- Includes securitisation transactions involving assignee payout, acquirer's payout.
- Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
- 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), BWR shall separately capture the rated quantum details along with names of respective regulators.
- There is no instrument being rated and hence, Regulator of the Instrument is not applicable.
- These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026, and accordingly, investor side regulators have been included.
- Permitted by SEBI vide SEBI Master Circular for CRAs
For any grievances relating to rating of instruments regulated by other FSR (Financial Sector Regulators), please contact grievance@brickworkratings.com.
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.
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