Kindly refer to our letter dated June 10, 2026, wherein we have been informed that the Company has already withdrawal credit rating from Brickwork Ratings India Private Limited vide our ....

JAY USHIN LIMITED Phone: 0124-4623400 Fax: 0124-4623403 (A Joint Venture With USHIN LTD. JAPAN) E-mail: info@jushinindia.com Website: www.jpmgroup.co.in G.P.14,HSIIDCINDL.ESTATE, CIN:L52110DL1986PLC025118 SECTOR-18,GURGAON-122 001 HARYANA(INDIA) August 12,2026 BSELimited PhirozeJeejeebhoy Towers DalalStreet Mumbai- 400001 S~riptCode:513252 Sub: Intimation of Credit Rating under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 DearSir, Kindly refer to our letter dated June 10, 2026, wherein we have been informed that the Company hasalready withdrawal credit rating from Brickwork Ratings India Private Limited vide our letter dated November 15,2022. We wish to inform you that at the request of the Company Brickwork Ratings India Private Limited haswithdrawn the rating assignedto total bank Loanfacilities The pressreleasedated August 11,2026 issuedby Brickwork Ratings India Private Limited is attached herewith for reference. Kindlytake the sameon record. Thanking you, Yoursfaithfully, ForJayUshin Limited Jyoti Kataria CompanySecretary REGD. OFFICE: GI-48, G.T.KARNAL ROAD, INDUSTRIAL AREA, DELHI-110033, TEL. :01143147700 RATING RATIONALE 11Aug2026 Jay Ushin Ltd. Brickwork Ratings has reaffirmed the long-term and short-term ratings for the Bank Loan Facilities of Rs. 63.49 Crs. of Jay Ushin Ltd, under the Issuer not cooperating category, based on the best available information, as the issuer did not cooperate and simultaneously withdrawn the ratings. Particulars Amount (Rs.Crs.) Rating Facilities/Instruments Tenure Regulator Previous Previous Present Present (09 Jun 2026) BWR BB- /Stable BWR BB - /Stable Long 8.49 8.49 Continues to be in ISSUER Continues to be in ISSUER NOT RBI Term NOT COOPERATING* COOPERATING* category/Reaffirmed category/Reaffirmed and withdrawn Fund Based BWR A4 BWR A4 Short 55.00 55.00 Continues to be in ISSUER Continues to be in ISSUER NOT RBI Term NOT COOPERATING* COOPERATING* category/Reaffirmed category/Reaffirmed and withdrawn 0.00 0.00 BWR A4 BWR A4 Short Non Fund Based Continues to be in ISSUER Continues to be in ISSUER NOT RBI Term (7.00) (7.00) NOT COOPERATING* COOPERATING* category/Reaffirmed category/Reaffirmed and withdrawn Grand Total 63.49 63.49 (Rupees Sixty Three Crores and Forty Nine lakhs Only) Note: 1. Please refer to BWR website www.brickworkratings.com for the definition of the ratings 2. Refer to Annexures I, II, and III for details of rated bank loan facilities, debt instruments, and the List of Entities Consolidated *Issuer did not cooperate; based on best available information. RATING ACTION / OUTLOOK / WITHDRAWAL BWR has reaffirmed the long-term and short-term rating at "BWR BB-/Stable/A4" for the bank loan facilities of Rs. 63.49 crores, simultaneously withdrawn the ratings at the request of the company, with immediate effect and continued under the 'Issuer Not Cooperating' category of the bank loan facilities of Jay Ushin Ltd.. as the company has failed to provide the necessary documentation and remains irregular in submitting the monthly 'No Default Statement' (NDS), in deviation from extant regulatory guidelines. The withdrawal request letter from the company as well as the No Objection Certificate from the banker are held on record. 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 KEY COVENANTS OF THE INSTRUMENT / FACILITY RATED The terms of sanction of the rated facilities include standard covenants normally stipulated for such facilities. KEY RATING DRIVERS ANALYTICAL APPROACH AND APPLICABLE RATING CRITERIA - Standalone For arriving at its ratings, BWR has applied its rating methodology on a standalone basis.Link to previous rationale LIQUIDITY INDICATORS - Adequate Inadequate information to access liquidity. COMPANY's / FIRM's PROFILE Macro Economic Indicator Sector Industry Basic Industry Consumer Discretionary Automobile and Auto Components Auto Components Auto Components & Equipments Jay Ushin Ltd (JUL) was incorporated on 14 Aug 1986, in Delhi. JUL is a part of JPM Group. The JPM Group was established in 1959. JUL is a joint venture with Ushin Ltd, Japan, which has provided the technical collaboration. The product profile of the company includes automobile security systems, switches, body parts, etc. The company has five manufacturing units; two are located in Gurgaon (Haryana), and one each in Manesar, Chennai, and Kolar. Currently, the company has around 1600 employees. The major customers of the company are Maruti Suzuki India Ltd, and Honda Motorcycle & Scooter India Pvt. Ltd, and Hyundai Motors India Limited. The company has been carrying out in-house Research & Development activities in the areas of product development, process development, production process development, and cost reduction. [As per the information available with BWR in the last review dated 15 December 2021] ESG Profile KEY FINANCIAL INDICATORS (Standalone) FY 24 - 25 FY 25 - 26 FY 26 - 27 Key Parameters Units (Audited) (Audited) (Projected) Operating Revenue 855.20 969.07 Not Available EBITDA 37.17 35.42 Not Available PAT 12.26 17.77 Not Available Tangible Net Worth 77.98 96.53 Not Available Total Debt / Tangible Net Worth 1.61 1.32 Not Available Current Ratio 0.94 1.13 Not Available NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY(IF ANY) Not Applicable ANY OTHER INFORMATION RATING HISTORY FOR THE PREVIOUS THREE YEARS(including withdrawal and suspended) Name of Instrument (NCD/Bank Loan /Non- Fund Based facilitates/ Commercial Paper etc.) Current Rating (2026) 2026 (History) 2025 2024 2023 Type Tenure Amount Rating Date Rating Date Rating Date Rating Date Rating (Rs.Crs.) Name of Instrument (NCD/Bank Loan /Non- Fund Based facilitates/ Commercial Paper etc.) Current Rating (2026) 2026 (History) 2025 2024 2023 Fund Based LT 8.49 BWR BB- 09Jun2026 BWR BB- 04Jun2025 BWR BB- 11Apr2024 BWR BB- 20Feb2023 BWR BB /Stable Stable Stable Stable Stable (Continues to (Continues to (Continues to (Continues to (ISSUER be in ISSUER be in ISSUER be in ISSUER be in ISSUER NOT NOT NOT NOT NOT COOPERATI COOPERATI COOPERATI COOPERATI COOPERATI NG*/Downgr NG* NG* NG* NG* ade) category/Reaf category/Reaf category/Reaf category/Dow firmed and firmed) firmed) ngraded) withdrawn) Fund Based ST 55.00 BWR A4 09Jun2026 BWR A4 04Jun2025 BWR A4 11Apr2024 BWR A4 20Feb2023 BWR A4 (Continues to (Continues to (Continues to (Continues to (ISSUER be in ISSUER be in ISSUER be in ISSUER be in ISSUER NOT NOT NOT NOT NOT COOPERATI COOPERATI COOPERATI COOPERATI COOPERATI NG*/Downgr NG* NG* NG* NG* ade) category/Reaf category/Reaf category/Reaf category/Reaf firmed and firmed) firmed) firmed) withdrawn) Non Fund ST 0.00 NA 09Jun2026 BWR A4 NA NA NA NA NA NA Based (Continues to be in ISSUER COOPERATI category/Reaf firmed) NFB ST (7.00) BWR A4 09Jun2026 BWR A4 04Jun2025 BWR A4 11Apr2024 BWR A4 20Feb2023 BWR A4 SubLimit (Continues to (Continues to (Continues to (Continues to (ISSUER be in ISSUER be in ISSUER be in ISSUER be in ISSUER NOT NOT NOT NOT NOT COOPERATI COOPERATI COOPERATI COOPERATI COOPERATI NG*/Downgr NG* NG* NG* NG* ade) category/Reaf category/Reaf category/Reaf category/Reaf firmed and firmed) firmed) firmed) withdrawn) Grand Total 63.49 (Rupees Sixty Three Crores and Forty Nine lakhs Only) [Showing first 8,000 characters — download PDF for full document]