Credit Rating

ICRA has reviewed the credit rating of Jamna Industries
Limited and the outlook remains negative.

The ICRA Limited (“ICRA”) has reviewed the credit rating assigned to the Company and reaffirmed the long-term rating as [ICRA] AA- (pronounced ICRA double A minus) and the short-term rating as [ICRA] A1+ (pronounced ICRA A one plus).

Credit rating assigned to commercial paper is reaffirmed as [ICRA] A1+ (pronounced as ICRA A one plus). Outlook on the long-term rating has been reaffirmed as Stable.