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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 20.00 | Not Applicable | Withdrawn | - |
| Bank Loan Ratings | 30.00 | - | Not Applicable | Withdrawn |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 50.00 | - | - |
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Rating Rationale |
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Acuite has withdrawn its long-term and short-term rating on Rs.50 Cr. bank facilities without assigning any rating of Ashwin Corporation(AC). The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument. The rating is being withdrawn on account of request received from the Company and No Dues Certificate received from the banker. |
| About the Company |
| Ashwin Corporation (AC) is a partnership firm established in 1989. Mr. Vishnu Kumar Gupta and Mrs. Kusum Gupta are the partners of the firm. The firm has its registered office in Mumbai and is engaged in the business of ship breaking. AC has the 1,440 square metre Ship Breaking Yard located at Alang in Bhavnagar (Gujarat). |
| About the Group |
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GGSBY Industries Private Limited is a partnership firm established in 1984. Mr. Vishnu Kumar Gupta and Mrs. Priyanka Gupta are the partners of the firm. The firm has its registered office in Mumbai and is engaged in the business of ship breaking and factory dismantling. GGSBY has the 3,150 square metre Ship Breaking Yard located at Alang in Bhavnagar (Gujarat). |
| Unsupported Rating |
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Not Applicable |
| Analytical Approach |
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Not Applicable |
| Key Rating Drivers |
| Strengths |
| Not Applicable |
| Weaknesses |
| Not Applicable |
| Rating Sensitivities |
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Not Applicable |
| Liquidity Position |
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Not applicable |
| Outlook: Not Applicable |
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| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 19 (Actual) | FY 18 (Actual) |
| Operating Income | Rs. Cr. | 124.85 | 72.89 |
| PAT | Rs. Cr. | 3.80 | 4.11 |
| PAT Margin | (%) | 3.05 | 5.63 |
| Total Debt/Tangible Net Worth | Times | 0.32 | 2.01 |
| PBDIT/Interest | Times | 3.10 | 3.77 |
| Status of non-cooperation with previous CRA (if applicable) |
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Not Applicable |
| Any other information |
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None |
| Applicable Criteria |
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• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm |
| Note on complexity levels of the rated instrument |
| In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in |
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| *Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support) |
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1. GGSBY INDUSTRIES PRIVATE LIMITED 2. ASHWIN CORPORATION |
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Contacts |
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About Acuité Ratings & Research |
