Dwarikesh Sugar Industries Ltd. — Capital/Financing Update 2020

Apr 1, 2020

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DWARIKESH SUGAR INDUSTRIES LIMITED

Corp. off.; 511, Maker Chambers V, 221, Nariman Point, Mumbai – 400021. Tel.: 2283 2486, 2204 2945, Fax : 2204 7288 E Mail : dsilbom@dwarikesh.com Website : www.dwarikesh.com, CIN : L15421UP1993PLC018642

REF: DSIL/ 2020‐21/002 April 1, 2020

Corporate Relationship Department National Stock Exchange of India Limited BSE Limited “Exchange Plaza” Phiroze Jeejeebhoy Towers Bandra – Kurla Complex, Dalal Street, Fort, Mumbai ‐ 400 001 Bandra [E], Mumbai ‐ 400 051 Fax: 22723 2082 /3132 Scrip Code – 532610 Scrip Code – DWARKESH

Sub: Regulation 30 SEBI (LODR) Regulations, 2015 – Revalidation of Credit rating ‐Commercial paper

Dear Sir,

Pursuant to regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, we wish to inform you that ICRA Limited ‐ the credit rating agency has vide its letter dated March 31, 2020 (enclosed) has reaffirmed the rating of “ICRA A1+” (pronounced as ICRA A One Plus), indicating very strong degree of safety for the commercial papers amounting to Rs 300 crores.

Kindly take the same on your records and bring this information to the notice of all the concerned.

Thanking you,

Yours Sincerely

Sd/‐ B J Maheshwari Managing Director & CS Cum CCO (DIN: 00002075)

Regd. Office & factory : Dwarikesh Nagar – 246 762, Dist. Bijnor, (U.P.) * Tel.: 01343 – 267057-64 *Fax : 01343 - 267065

ICRA Limited

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Confidential

Ref: 2019-20/MUM/2857

March 31, 2020

Mr. Vijay S Banka Managing Director Dwarikesh Sugar Industries Limited 511, Maker Chambers V, 221, Nariman Point, Mumbai – 400 021

Dear Sir,

Re: Surveillance of ICRA rating for Rs. 300.00 crore Commercial Paper of Dwarikesh Sugar Industries Limited

Please refer the Rating Agreement dated July 31, 2017 between ICRA Limited (“ICRA”) and your company, whereby, ICRA is required to review the ratings assigned to your company on an annual basis or as and when circumstances so warrant.

Please note that the Rating Committee of ICRA, after due consideration of the latest developments in your company, has reaffirmed the rating assigned to the aforementioned instrument at [ICRA]A1+ (pronounced as ICRA A one plus). This rating indicates that the instrument has very strong degree of safety regarding timely payment of financial obligations. Such instrument carries lowest credit risk.

In any of your publicity material or other document wherever you are using our above rating, it should be stated as [ICRA]A1+ (pronounced as ICRA A one plus).

Additionally, we wish to highlight the following with respect to the rating:

(a) If the instrument rated, as above, is not issued by you within a period of 3 months from the date of this letter, the rating would need to be revalidated before issuance;

(b) Subject to Clause (c) below, our rating is valid from the date of this letter till March, 2021. The rating will generally be due for review at the end of the Validity Period. The maturity date of the Commercial Paper shall not be after the end of the Validity Period. The Commercial Paper will have a maximum maturity of twelve months.

(c) ICRA reserves the right to review and/or, revise the above rating at any time on the basis of new information or unavailability of information or such circumstances, which ICRA believes, may have an impact on the aforesaid rating assigned to you.

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The rating, as aforesaid, however, should not be treated as a recommendation to buy, sell or hold the Commercial Paper issued by you. The rating is restricted to your Commercial Paper Programme size of Rs. 300 crore only. In case, you propose to enhance the size of the Commercial Paper, the same would be required to be rated afresh. ICRA does not assume any responsibility on its part, for any liability, that may arise consequent to your not complying with any eligibility criteria, applicable from time to time, for issuance of Commercial Paper.

You are requested to furnish a monthly ‘No Default Statement (NDS)’ (in the format enclosed) on the first working day of every month, confirming the timeliness of payment of all obligations against the rated debt programme. This is in line with requirements as prescribed by the Securities and Exchange Board of India (SEBI) vide SEBI circular dated June 30, 2017.

You are also requested to forthwith inform us about any default or delay in repayment of interest or principal amount of the instrument rated, as above, or any other debt instruments/ borrowing and keep us informed of any other developments which may have a direct or indirect impact on the debt servicing capability of the company including any proposal for reschedulement or postponement of the repayment programmes of the dues/ debts of the company with any lender(s) / investor(s). Further, you are requested to inform us immediately as and when the borrowing limit for the instrument rated, as above, or as prescribed by the regulatory authority(ies) is exceeded.

We thank you for your kind cooperation extended during the course of the rating exercise. Should you require any clarification, please do not hesitate to get in touch with us.

We look forward to further strengthening our existing relationship and assure you of our best services.

With kind regards,

Yours sincerely, for ICRA Limited

RAJESHWAR BURLA

Digitally signed by RAJESHWAR BURLA DN: c=IN, st=Andhra Pradesh, 2.5.4.20=2dccbf03720d9c471f72ee4dcb9e5fe6cebbb2c230f73be4608d7e33c3e3525e, postalCode=500081, street=FLAT NO-3A,JAIN PCH ROCK GARDEN,GAFOOR NAGAR,NEAR IMAGE HOSPITAL,MADHAPUR,SHAIKPET,HYDERABAD,ANDHRA PRADESH 500081, serialNumber=7aa9724446d0ce089f1948482ea310d136784f42633bd7498a7a7df42e4c7b98, o=Personal, cn=RAJESHWAR BURLA, pseudonym=bd38d5bd941b9e63c5c749453c9a4785 Date: 2020.03.31 18:28:10 +05'30'

Rajeshwar Burla Vice President rajeshwar.burla@icraindia.com