Jay Ushin Ltd

Rating Action

• Crisil withdrew long-term BBB-/Stable and short-term A3 ratings on Jay Ushin Limited's bank facilities at company request.
• Total bank loan facilities rated: Rs 125 crore.
• Material change: ratings withdrawn at issuer's request with no-objection certificate from banker.

Rationale and Financials

• Strengths: reputed clientele and established market position in auto components.
• Weaknesses: low profitability and modest financial risk profile.
• Liquidity remains adequate with annual cash accruals around Rs 31 crore.
• Debt obligations estimated around Rs 16.8 crore annually.
• Revenue rose to Rs 969 crore in FY2026; projected Rs 1,018 crore in FY2027.
• Gearing 0.97x; TOL/ANW 2.1x as of Mar-2026; interest coverage about 2.5x.

Outlook and Sensitivities

• Outlook: Stable (as prior rating).
• Since ratings withdrawn, sensitivities are not applicable; future actions depend on new assessment.

Unaudited results and auditor review

• Board approved unaudited quarterly results for quarter ended 30 June 2026; Limited Review report enclosed.
• Independent auditor NSBP & Co issued an unmodified review report on the results.
• Results are prepared in accordance with Ind AS 34 and SEBI LODR Regulation 33.
• Company has a single operating segment for manufacturing automobile components, mainly in India.
• Audit Committee reviewed and approved the results prior to Board approval.

Action summary

• Reaffirmed long-term and short-term ratings for Rs 63.49 crore bank facilities; withdrawn due to non-cooperation.
• Issuer Not Cooperating status retained; rating withdrawn with immediate effect.

Instruments and ratings

• Long-term: BWR BB-; Short-term: BWR A4; both under Issuer Not Cooperating.

Facility totals

• Total facilities Rs 63.49 crore; LT 8.49, ST 55.00.

Rationale & liquidity

• Non-cooperation limits availability of information; rating based on best available data.
• Liquidity indicators described as adequate; information access remains limited.

Outlook & changes since last

• Outlook: Stable.
• Withdrawal is a material change from prior June 2026 reaffirmation.

Financial highlights

• FY24-25 revenue Rs 855.20 crore; PAT Rs 12.26 crore.
• FY25-26 revenue Rs 969.07 crore; PAT Rs 17.77 crore.
• Current ratio improved from 0.94 to 1.13.

Shareholder and certificate details

• Folio HOO0404; Haridas M Nayak; 100 shares; Dist 1941301-1941400; transmission and duplicate to Pushpa Haridas Nayak; action initiated.

GST Show Cause Notice

• Notice received: Show Cause Notice dated 24 July 2026 from GST Assistant Commissioner, Sriperumbudur.
• GST dues alleged: Rs 1,21,68,632, plus interest and penalties, for FY 2023-24.
• Basis: alleged discrepancies in Input Tax Credit reconciliation in GST returns.
• Period affected: FY 2023-24.
• Financial impact: Company does not expect material impact; liability subject to adjudication outcome.
• Action planned: Reply will be filed within prescribed timeline.
• Company maintains GST returns were correctly filed and previously audited without dispute.
• Authority: Assistant Commissioner, GST, Sriperumbudur, Tamil Nadu.

Dematerialisation status

• Securities for dematerialisation were confirmed to depositories as accepted/rejected and listed on exchanges.
• Security certificates received for dematerialisation were mutilated and cancelled after due verification.
• Depository's name has been substituted as registered owner in the records within the prescribed timeline.

AGM and book closure

• 40th AGM scheduled for September 30, 2026 at 11:00 A.M. via VC/OAVM.
• Book closure for AGM: September 19, 2026 to September 30, 2026, both days inclusive.
• Security affected: equity shares of Rs. 10 each.

Dividend

• Board recommended dividend of Rs. 4.00 per equity share for FY2025-26.
• Dividend is subject to shareholder and joint venture partner approval.
• Record date for dividend: September 18, 2026; entitlement determined by records on that date.
• Dividend payment to be made within 30 days from declaration.

Financial results

• Approved audited financial results for quarter and year ended March 31, 2026.
• Results were standalone; auditor issued an unmodified opinion.
• Revenue from operations rose to Rs. 96,907.32 lakh for FY2025-26.
• Net profit was Rs. 1,777.26 lakh for FY2025-26.

Other statements

• Approved cash flow statement and statement of assets and liabilities.
• Approved management discussion and analysis, directors' report, AGM notice, and corporate governance report.

Dividend

• Recommended final dividend of Rs. 4.00 per equity share of Rs. 10 each.
• Dividend is subject to shareholder and joint venture partner approval.

Auditors

• Re-appointed Tattvam & Co. as internal auditor for FY2026-27.
• Re-appointed Ahuja Sunny & Co. as cost auditor for FY2026-27.

AGM and record date

• 40th AGM scheduled for September 30, 2026, through VC/OAVM.
• Book closure fixed from September 19, 2026 to September 30, 2026.
• Record date for dividend fixed as September 18, 2026.