Press Release

Press Release

March 24, 2026

DEWARS GARAGE LIMITED
Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	122.65	ACUITE C \| Reaffirmed \| Issuer not co-operating*	-
Bank Loan Ratings	2.35	-	ACUITE A4 \| Reaffirmed \| Issuer not co-operating*
Total Outstanding	125.00	-	-
Total Withdrawn	0.00	-	-
* The issuer did not co-operate; based on best available information.

Rating Rationale

Acuite has reaffirmed its long-term rating of 'ACUITE C' (read as ACUITE C) and short term rating of 'ACUITE A4' (read as ACUITE A Four) on Rs. 125.00 Cr. bank facilities of Dewars Garage Limited (DGL).

The rating is now flagged as “Issuer Not-Cooperating” and is based on the best information available.

About the Company

Dewars Garage Limited (DGL) was incorporated in 1998. Currently, the company is headed by Mr. Sudhir Jhujhunwala, Mr. Rohit Kedia and Mr. Bhavnesh Gujral. DGL is an authorized dealer of Maruti Suzuki India Limited and engaged in trading and servicing of passenger vehicles. The company is having 8 showrooms, out of which 5 showrooms are for ne w vehicles and 3 showrooms are for pre-owned vehicles, 2 workshops and 2 stockyards. All the 12 facilities are in Kolkata, West Bengal.

Unsupported Rating

Not Applicable

Non-cooperation by the issuer/borrower

Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date. Acuité believes that information risk is a critical component in such ratings, and noncooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is therefore being flagged as “Issuer not cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

Limitation regarding information availability

This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

No information provided by the issuer / available for Acuite to comment upon

Potential triggers (individual or collective) for a downward rating action:

No information provided by the issuer / available for Acuite to comment upon

Liquidity Position

No information provided by the issuer / available for Acuite to comment upon

Outlook: Not Applicable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	310.38	309.89
PAT	Rs. Cr.	(5.95)	0.90
PAT Margin	(%)	(1.92)	0.29
Total Debt/Tangible Net Worth	Times	8.01	4.60
PBDIT/Interest	Times	0.07	1.35

Status of non-cooperation with previous CRA

Not Applicable

Any other information

None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Trading Entitie: 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.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
02 Jan 2025	Bank Guarantee/Letter of Guarantee	Short Term	0.35	ACUITE A4 (Reaffirmed)
	Letter of Credit	Short Term	2.00	ACUITE A4 (Reaffirmed)
	Inventory Funding	Long Term	11.00	ACUITE C (Downgraded from ACUITE BB- \| Stable)
	Inventory Funding	Long Term	28.00	ACUITE C (Downgraded from ACUITE BB- \| Stable)
	Cash Credit	Long Term	2.00	ACUITE C (Downgraded from ACUITE BB- \| Stable)
	Secured Overdraft	Long Term	7.00	ACUITE C (Downgraded from ACUITE BB- \| Stable)
	Term Loan	Long Term	15.11	ACUITE C (Downgraded from ACUITE BB- \| Stable)
	Inventory Funding	Long Term	10.50	ACUITE C (Downgraded from ACUITE BB- \| Stable)
	Covid Emergency Line.	Long Term	0.56	ACUITE C (Downgraded from ACUITE BB- \| Stable)
	Covid Emergency Line.	Long Term	2.70	ACUITE C (Downgraded from ACUITE BB- \| Stable)
	Covid Emergency Line.	Long Term	4.79	ACUITE C (Downgraded from ACUITE BB- \| Stable)
	Covid Emergency Line.	Long Term	1.00	ACUITE C (Downgraded from ACUITE BB- \| Stable)
	Term Loan	Long Term	5.65	ACUITE C (Downgraded from ACUITE BB- \| Stable)
	Proposed Inventory Funding	Long Term	7.59	ACUITE C (Downgraded from ACUITE BB- \| Stable)
	Inventory Funding	Long Term	1.00	ACUITE C (Downgraded from ACUITE BB- \| Stable)
	Inventory Funding	Long Term	3.00	ACUITE C (Downgraded from ACUITE BB- \| Stable)
	Inventory Funding	Long Term	5.00	ACUITE C (Downgraded from ACUITE BB- \| Stable)
	Inventory Funding	Long Term	2.00	ACUITE C (Downgraded from ACUITE BB- \| Stable)
	Secured Overdraft	Long Term	1.00	ACUITE C (Downgraded from ACUITE BB- \| Stable)
	Inventory Funding	Long Term	10.00	ACUITE C (Downgraded from ACUITE BB- \| Stable)
	Proposed Inventory Funding	Long Term	1.75	ACUITE C (Downgraded from ACUITE BB- \| Stable)
	Inventory Funding	Long Term	3.00	ACUITE C (Downgraded from ACUITE BB- \| Stable)
30 May 2024	Bank Guarantee/Letter of Guarantee	Short Term	0.35	ACUITE A4 (Reaffirmed)
	Letter of Credit	Short Term	2.00	ACUITE A4 (Reaffirmed)
	Inventory Funding	Long Term	8.00	ACUITE BB- \| Stable (Upgraded from ACUITE B+ \| Stable)
	Inventory Funding	Long Term	10.50	ACUITE BB- \| Stable (Upgraded from ACUITE B+ \| Stable)
	Inventory Funding	Long Term	3.00	ACUITE BB- \| Stable (Assigned)
	Covid Emergency Line.	Long Term	0.56	ACUITE BB- \| Stable (Upgraded from ACUITE B+ \| Stable)
	Inventory Funding	Long Term	19.00	ACUITE BB- \| Stable (Upgraded from ACUITE B+ \| Stable)
	Covid Emergency Line.	Long Term	2.70	ACUITE BB- \| Stable (Upgraded from ACUITE B+ \| Stable)
	Inventory Funding	Long Term	9.00	ACUITE BB- \| Stable (Assigned)
	Covid Emergency Line.	Long Term	4.79	ACUITE BB- \| Stable (Upgraded from ACUITE B+ \| Stable)
	Cash Credit	Long Term	2.00	ACUITE BB- \| Stable (Upgraded from ACUITE B+ \| Stable)
	Covid Emergency Line.	Long Term	1.00	ACUITE BB- \| Stable (Upgraded from ACUITE B+ \| Stable)
	Secured Overdraft	Long Term	7.00	ACUITE BB- \| Stable (Upgraded from ACUITE B+ \| Stable)
	Term Loan	Long Term	5.65	ACUITE BB- \| Stable (Upgraded from ACUITE B+ \| Stable)
	Term Loan	Long Term	15.11	ACUITE BB- \| Stable (Upgraded from ACUITE B+ \| Stable)
	Proposed Inventory Funding	Long Term	7.59	ACUITE BB- \| Stable (Upgraded from ACUITE B+ \| Stable)
	Inventory Funding	Long Term	1.00	ACUITE BB- \| Stable (Upgraded from ACUITE B+ \| Stable)
	Inventory Funding	Long Term	3.00	ACUITE BB- \| Stable (Upgraded from ACUITE B+ \| Stable)
	Inventory Funding	Long Term	5.00	ACUITE BB- \| Stable (Upgraded from ACUITE B+ \| Stable)
	Inventory Funding	Long Term	2.00	ACUITE BB- \| Stable (Upgraded from ACUITE B+ \| Stable)
	Secured Overdraft	Long Term	1.00	ACUITE BB- \| Stable (Upgraded from ACUITE B+ \| Stable)
	Inventory Funding	Long Term	10.00	ACUITE BB- \| Stable (Assigned)
	Proposed Inventory Funding	Long Term	1.75	ACUITE BB- \| Stable (Assigned)
	Inventory Funding	Long Term	3.00	ACUITE BB- \| Stable (Upgraded from ACUITE B+ \| Stable)
02 Mar 2023	Bank Guarantee/Letter of Guarantee	Short Term	0.35	ACUITE A4 (Reaffirmed)
	Letter of Credit	Short Term	2.00	ACUITE A4 (Reaffirmed)
	Inventory Funding	Long Term	1.00	ACUITE B+ \| Stable (Assigned)
	Inventory Funding	Long Term	19.00	ACUITE B+ \| Stable (Reaffirmed)
	Inventory Funding	Long Term	3.00	ACUITE B+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	2.00	ACUITE B+ \| Stable (Reaffirmed)
	Inventory Funding	Long Term	2.00	ACUITE B+ \| Stable (Assigned)
	Secured Overdraft	Long Term	7.00	ACUITE B+ \| Stable (Reaffirmed)
	Inventory Funding	Long Term	5.00	ACUITE B+ \| Stable (Assigned)
	Term Loan	Long Term	15.11	ACUITE B+ \| Stable (Reaffirmed)
	Inventory Funding	Long Term	10.50	ACUITE B+ \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	0.56	ACUITE B+ \| Stable (Assigned)
	Covid Emergency Line.	Long Term	2.70	ACUITE B+ \| Stable (Assigned)
	Covid Emergency Line.	Long Term	4.79	ACUITE B+ \| Stable (Assigned)
	Covid Emergency Line.	Long Term	1.00	ACUITE B+ \| Stable (Assigned)
	Secured Overdraft	Long Term	1.00	ACUITE B+ \| Stable (Assigned)
	Term Loan	Long Term	5.65	ACUITE B+ \| Stable (Assigned)
	Proposed Inventory Funding	Long Term	4.29	ACUITE B+ \| Stable (Reaffirmed)
	Proposed Inventory Funding	Long Term	5.71	ACUITE B+ \| Stable (Assigned)
	Proposed Inventory Funding	Long Term	0.59	ACUITE B+ \| Stable (Assigned)
	Inventory Funding	Long Term	8.00	ACUITE B+ \| Stable (Reaffirmed)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
H D F C Bank Limited	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.35	Simple	ACUITE A4 \| Reaffirmed \| Issuer not co-operating*
UCO BANK	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.00	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
ICICI BANK LIMITED	Not avl. / Not appl.	Covid Emergency Line.	Not avl. / Not appl.	Not avl. / Not appl.	31 Jan 2026	0.56	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
State Bank of India	Not avl. / Not appl.	Covid Emergency Line.	Not avl. / Not appl.	Not avl. / Not appl.	31 Dec 2025	2.70	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
H D F C Bank Limited	Not avl. / Not appl.	Covid Emergency Line.	Not avl. / Not appl.	Not avl. / Not appl.	30 May 2026	4.79	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
AXIS BANK LIMITED	Not avl. / Not appl.	Covid Emergency Line.	Not avl. / Not appl.	Not avl. / Not appl.	28 Feb 2026	1.00	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
AXIS BANK LIMITED	Not avl. / Not appl.	Inventory Funding	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.00	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
ICICI BANK LIMITED	Not avl. / Not appl.	Inventory Funding	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	3.00	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
YES BANK LIMITED	Not avl. / Not appl.	Inventory Funding	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
ICICI BANK LIMITED	Not avl. / Not appl.	Inventory Funding	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.00	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
H D F C Bank Limited	Not avl. / Not appl.	Inventory Funding	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.50	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
AXIS BANK LIMITED	Not avl. / Not appl.	Inventory Funding	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	11.00	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
State Bank of India	Not avl. / Not appl.	Inventory Funding	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	28.00	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Indian Bank	Not avl. / Not appl.	Inventory Funding	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
YES BANK LIMITED	Not avl. / Not appl.	Inventory Funding	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	3.00	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
UCO BANK	Not avl. / Not appl.	Letter of Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.00	Simple	ACUITE A4 \| Reaffirmed \| Issuer not co-operating*
Not Applicable	Not avl. / Not appl.	Proposed Inventory Funding	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	7.59	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Not Applicable	Not avl. / Not appl.	Proposed Inventory Funding	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.75	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
H D F C Bank Limited	Not avl. / Not appl.	Secured Overdraft	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	7.00	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
H D F C Bank Limited	Not avl. / Not appl.	Secured Overdraft	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.00	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
ICICI BANK LIMITED	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	05 Feb 2043	5.65	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 Dec 2035	15.11	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*

* The issuer did not co-operate; based on best available information.

Disclosure of list of non-cooperative issuers

• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php
• Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Sahil Sawant
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.