Ashwin Shipbreaking LLP (Formerly Known as A.G. Enterprise)

Brickwork Ratings downgrades the long-term ratings and reaffirms the short-term ratings for the Bank Loan Facilities of Rs. 116.28 Crs. of Ashwin Shipbreaking LLP (Formerly Known as A.G. Enterprise) based on the best available information, as the issuer did not cooperate.

Particulars

Facilities**	Amount (Rs.Crs.)		Tenure	Rating#
Facilities**	Previous	Present	Tenure	Previous (06 May 2025)	Present
Fund Based	0.00	0.00	Long Term	BWR B- /Stable Continues to be in ISSUER NOT COOPERATING* category/Downgraded	BWR C Continues to be in ISSUER NOT COOPERATING* category/Downgraded
Fund Based	(17.10)	(17.10)	Long Term
Non Fund Based	116.28	116.28	Short Term	BWR A4 Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed	BWR A4 Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
Non Fund Based	(114.00)	(114.00)	Short Term
Grand Total	116.28	116.28	(Rupees One Hundred Sixteen Crores and Twenty Eight lakhs Only)

#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**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 has downgraded the ratings of the long-term loan facilities of " Ashwin Shipbreaking LLP (Formerly Known as A.G. Enterprise) " for Rs. 116.28 Crs at " BWR C " and reaffirmed the short-term ratings at " BWR A4 " and retaining the same in the Issuer Not Cooperating category, based on best available information, as the Issuer did not cooperate.
The ratings are due for review in May 2026. BWR has been consistently reaching out to the company to provide the required information via emails apart from telephonic communication, but no response has been received from the client. Further, BWR is unable to reach the banker. The banker's feedback regarding the conduct of the account is not available. Despite the best efforts of BWR to get at least the minimum required information for the review, the entity has not provided the same. In the absence of adequate information from the firm, BWR is unable to assess the firm's financial performance and its ability to service its debt and maintain a valid rating.
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 RATING

Information 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
Industrials	Capital Goods	Industrial Manufacturing	Ship Building & Allied Services

Ashwin Shipbreaking LLP (‘AS’ or ‘the Company’) was started as A. G. Enterprise by Mr. Ashwin Kukadia as a proprietorship firm with its registered office in Bhavnagar, Gujarat. During FY17, the firm was reconstituted as a partnership firm and Mr. Jayant Patel was admitted to the partnership. The firm has changed its constitution as Limited Liability Partnership (LLP) and changed its name to Ashwin Shipbreaking LLP on 6th May 2019. The firm is engaged in the business of ship-breaking activity through allotted plot at Alang Shipyard by Gujarat Maritime Board (GMB). Mr. Ashwinbhai Govindbhai Kukadia and Mr. Jayantkumar Nandlal Vanani are the partners of the firm. Day to days operations of the firm are managed by Mr. Jayant Kumar. He is involved in the shipbreaking business for more than 2 decades and has the required experience to manage the business.

Note: As per information available with BWR in March 2022.

KEY FINANCIAL INDICATORS

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

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

ANY OTHER INFORMATION

Nil

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
FB SubLimit	LT	(17.10)	BWR C (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	06May2025	BWR B- Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	24Apr2024	BWR B Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	06Mar2023	BWR B+Stable (ISSUER NOT COOPERATING*/Downgraded)
Non Fund Based	ST	116.28	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	06May2025	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	24Apr2024	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	06Mar2023	BWR A4 (ISSUER NOT COOPERATING*/Reaffirmed)
NFB SubLimit	ST	(114.00)	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	NA	NA	NA	NA	NA	NA
Grand Total		116.28	(Rupees One Hundred Sixteen Crores and Twenty Eight lakhs Only)

Hyperlink/Reference to applicable Criteria

Analytical Contacts
Murugu Bhanu Sankar Naidu Ratings Analyst bhanusankar.n@brickworkratings.com	Raghavendra Senior Manager - Ratings raghavendra.n@brickworkratings.com
Media Contact \| media@brickworkratings.com	Client Support \| clientsupport@brickworkratings.com

Ashwin Shipbreaking LLP (Formerly Known as A.G. Enterprise)

ANNEXURE-I

Details of Bank Facilities rated by BWR

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	State Bank Of India (SBI)	Cash Credit - Sanctioned	_	_	0.00	Simple##
	Sub-Limit (sublimit of CC) - Sanctioned	(17.10)
2	State Bank Of India (SBI)	Letter of Credit - Sanctioned	_	114.00	114.00	Simple##
	Sub-Limit (stand by LC)		(114.00)
3	State Bank Of India (SBI)	Credit Exposure Limit (CEL) - Sanctioned	_	2.28	2.28	Simple##
Total			0.00	116.28	116.28
TOTAL (Rupees One Hundred Sixteen Crores and Twenty Eight 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.

ANNEXURE-II

INSTRUMENT DETAILS

Instrument	Issue Date	Amount (Rs.Crs)	Coupon Rate (%)	Maturity Date	ISIN Particulars	Complexity of the Instrument
Nil	Nil	Nil	Nil	Nil	Nil	Nil

ANNEXURE-III

List of entities consolidated

Name of Entity	% Ownership	Extent of consolidation	Rationale for consolidation
Nil	Nil	Nil	Nil

List of Instruments and Regulators

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

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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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