We wish to inform you that at the request of the Company Crisil Ratings Limited has withdrawn the rating assigned to total bank loan facilities. The press release dated August 13, 2026 ....

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 14,2026. BSELimited PhirozeJeejeebhoy Towers DalalStreet Mumbai- 400001 ScriptCode: 513252 Sub: Intimation of Credit Rating under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 DearSir, We wish to inform you that at the request of the Company Crisil Ratings Limited has withdrawn the rating assignedto total bank Loanfacilities Thepressreleasedated August 13,2026 issuedbyCrisil RatingsLimited isattached herewith for reference. Kindlytake the same on record. Thanking you, Yoursfaithfully, ForJayUshin limited Jyoti Kataria CompanySecretary REGD. OFFICE: GI-48, G.T KARNAL ROAD, INDUSTRIAL AREA, DELHI-110033, TEL. :01143147700 8/14/26, 8:48 AM Rating Rationale Rating Rationale August 13, 2026 | Mumbai Jay Ushin Limited Ratings Reaffirmed and Withdrawn Rating Action Regulator Of Total Bank Loan Facilities Rated Rs.125 Crore Instrument Crisil BBB-/Stable (Rating Reaffirmed and Long Term Rating RBI Withdrawn) Short Term Rating Crisil A3 (Rating Reaffirmed and Withdrawn) RBI Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore = 10 million Refer to Annexure for Details of Instruments & Bank Facilities Detailed rationale Crisil Ratings has reaffirmed its ratings on the bank facilities of Jay Ushin Limited (JUL) and has simultaneously withdrawn the ratings at the request of the company and on receipt of a no-objection certificate from its banker. This is in line with the Crisil Ratings policy on withdrawal of bank loan ratings. The ratings continue to reflect the company’s reputed clientele and established market position in the automotive (auto) components industry. These strengths are partially offset by low profitability and modest financial risk profile. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of JUL. Key rating drivers - Strengths Reputed clientele The company's customer base includes some of India's largest original equipment manufacturers (OEMs). Nearly half of its revenue is generated from the top three customers. JUL has established strong relationship with Tier-1 suppliers catering to major four-wheeler (4W) and two-wheeler (2W) OEMs. Its strong market presence in India and association with the JPM group provides regular repeat orders and healthy revenue visibility over the medium term. Established market position in the auto components industry Backed by over three decades of promoter experience, longstanding relationships with customers and suppliers and a diversified product portfolio, JUL has maintained a strong position in the auto components industry. The company caters to both 4W (comprising 70% of sales) and 2W OEMs (30%). Revenue grew to Rs 969 crore in fiscal 2026, from Rs 855 crore in fiscal 2025, driven by increased demand from existing customers. Revenue is projected to reach Rs 1,018 crore in fiscal 2027, reflecting continued business momentum. Key rating drivers - Weaknesses Low profitability The operating margin remained modest at 3–4% over the three fiscals through 2026. Profitability continues to be constrained by higher sales to OEMs and lack of presence in the higher-margin aftermarket segment. Further, key products such as lock and key sets operate in a highly competitive market and are characterised by long product lifecycles, limiting pricing flexibility. Although JUL undertakes periodic price revisions with major customers, typically on a quarterly basis, it remains exposed to fluctuations in raw material costs. Nevertheless, improved capacity utilisation and cost absorption have helped keep margins stable in recent fiscals. The company also remains exposed to the cyclical nature of the auto industry. Modest financial risk profile Gearing of 0.97 time and total outside liabilities to adjusted networth (TOL/ANW) ratio of 2.1 times as on March 31, 2026, reflect the impact of a sizeable, debt-funded capital expenditure undertaken in the previous fiscals. However, the capital structure has shown improvement, supported by profit accretion to networth and continued repayment of term debt. Debt protection metrics are marked by interest coverage ratio of 2.53 times and net cash accrual to total debt ratio of 0.25 time in https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/JayUshinLimited_August 13_ 2026_RR_400533.html 1/8 8/14/26, 8:48 AM Rating Rationale fiscal 2026. The financial risk profile is expected to improve gradually over the medium term, in the absence of any large, debt-funded capex. Liquidity Adequate Liquidity should remain supported by the ample surplus available in cash accrual and bank lines. Cash accrual is projected at Rs 30–35 crore per annum (Rs 31 crore in fiscal 2026), against yearly debt obligation of Rs 13–17 crore over the medium term (Rs 16.8 crore). Bank limit utilisation was around 59% during the 12 months through March 2026. Further, current ratio stood at 1.03 times as on March 31, 2026, indicating adequate support for working capital requirement. Outlook Stable JUL will continue to benefit from its established market position in the auto components industry. Rating sensitivity factors Upward factors Sustained improvement in revenue and profitability, with sufficient cushion in net cash accrual against repayment obligation Improvement in financial risk profile, with gearing sustaining below 1 time and interest coverage ratio over 2 times Downward factors Decline in revenue or operating margin falling below 2.5%, leading to lower-than-expected cash accrual Deterioration in the TOL/ANW ratio, further weakening financial risk profile Large, debt-funded capex, adversely affecting capital structure About the company Incorporated in 1986, JUL is a joint venture between the JPM group (owned by J P Minda and his son, Ashwani Minda) and U-Shin Ltd, Japan. It manufactures auto components such as lock and key sets, combination switches, heater control panels and door latches for leading auto OEMs. It is headquartered in Gurugram (Haryana) and has manufacturing units in Gujarat, Chennai, Bengaluru, Manesar (Haryana), Jharsa (Haryana) and Bhiwadi (Rajasthan). The company is listed on the Bombay Stock Exchange. Key financials As on/for the period ended March 31 2026 2025 2024 Operating income Rs crore 969 855.20 726.25 Reported profit after tax (PAT) Rs crore 18 12.26 14.29 PAT margin % 1.86% 1.43 1.97 Adjusted debt/adjusted networth Times 0.97 1.13 1.34 Interest coverage Times 2.23 2.25 1.83 Any other information: Not applicable Note on complexity levels of the rated instrument: Crisil Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale. Crisil Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available. For more details on the Crisil Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments. Please note: More details including a list of activities or instruments, along with the names of respective financial sector regulators (FSRs) whose purview they fall under, is available in 'Annexure – List of Instruments and Names of Regulators' below. Annexure - Details of Instrument(s) Issue Ra [Showing first 8,000 characters — download PDF for full document]