Jindal Saw Ltd. - Capital/Financing Update 2021

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September 22, 2021

BSE Limited National Stock Exchange of India Limited, Corporate Relation Department Listing Department, 1st Floor, New Trading Ring Exchange Plaza, Rotunga Building Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street, Bandra (East) Mumbai - 400 001 Mumbai – 400 051 Stock code: 500378 Stock code: JINDALSAW

Sub.:- Disclosure of Credit Rating of the Company - Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir,

This is with reference to the captioned subject, we wish to inform you that the CARE Rating Limited (“CARE”) vide its letters dated September 22, 2021 issued the credit rating for various instruments/banking facilities of the Company. Copies of said letters are attached for your reference.

This is for your information and record.

Thanking you,

Yours faithfully, For Jindal Saw Limited,

SUNIL Digitally signed by SUNIL KUMAR KUMAR JAIN Date: 2021.09.22 JAIN 12:04:14 +05'30'

Sunil K Jain Company Secretary FCS- 3056

Corporate Office : Jindal Centre, 12 Bhikaiji Cama Place, New Delhi- 110066 • Phone: +91 (11) 26188360 - 74, 26188345 Fax: +91 (11) 26170691 Regd. Office : A-1, UPSIDC, Indl. Area, Nandgaon Road, Kosi Kalan, Distt. Mathura (U.P.) - 281403 • Website: www.jindalsaw.com CIN: L27104UP1984PLC023979

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No. CARE/DRO/RL/2021-22/2197

Shri Neeraj Kumar

Chief Executive Officer

Jindal Saw Limited

Jindal Centre, 12, Bhikaji Cama Place, New Delhi, Delhi 110066

September 21, 2021

Confidential

Dear Sir,

Credit rating for bank facilities

On the basis of recent developments including operational and financial performance of your Company for FY21 (Audited) and Q1FY22 (Unaudited), our Rating Committee has reviewed the following ratings:

Amount (Rs. crore)	Rating1	Rating Action
2,244.82 (Reduced from 2,606.21)	CARE AA; Negative (Double A; Outlook: Negative)	Reaffirmed
5,000.00	CARE A1+ (A One Plus)	Reaffirmed
7,244.82 (Rs. Seven Thousand Two Hundred Forty-Four Crore and Eighty-Two Lakhs Only)

2. Refer Annexure 1 for details of rated facilities.

1 Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE publications.

CARE Ratings Ltd.

CORPORATE OFFICE: 4[th] Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022. Tel.: +91-22- 6754 3456 ⚫ Fax: +91-22- 022 6754 3457 Email: [email protected] ⚫ www.careratings.com

13th Floor, E-1 Block, Videocon Tower Jhandewalan Extension, New Delhi - 110 055. Tel: +91-11-4533 3200 ⚫ Fax: +91-11-4533 3238

CIN-L67190MH1993PLC071691

The rationale for the rating will be communicated to you separately. A write-up (press release) on the above rating is proposed to be issued to the press shortly, a draft of which is enclosed for your perusal as Annexure 2 . We request you to peruse the annexed document and offer your comments if any. We are doing this as a matter of courtesy to our clients and with a view to ensure that no factual inaccuracies have inadvertently crept in. Kindly revert as early as possible. In any case, if we do not hear from you by September 21, 2021, we will proceed on the basis that you have no any comments to offer.

4.

CARE reserves the right to undertake a surveillance/review of the rating from time to time, based on circumstances warranting such review, subject to at least one such review/surveillance every year.

CARE reserves the right to revise/reaffirm/withdraw the rating assigned as also revise the outlook, as a result of periodic review/surveillance, based on any event or information which in the opinion of CARE warrants such an action. In the event of failure on the part of the entity to furnish such information, material or clarifications as may be required by CARE so as to enable it to carry out continuous monitoring of the rating of the bank facilities, CARE shall carry out the review on the basis of best available information throughout the life time of such bank facilities. In such cases the credit rating symbol shall be accompanied by “ISSUER NOT COOPERATING”. CARE shall also be entitled to publicize/disseminate all the afore-mentioned rating actions in any manner considered appropriate by it, without reference to you.

CARE ratings do not take into account the sovereign risk, if any, attached to the foreign currency loans, and the ratings are applicable only to the rupee equivalent of these loans.

Our ratings do not factor in any rating related trigger clauses as per the terms of the facility/instrument, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and if triggered, the ratings may see volatility and sharp downgrades.

Users of this rating may kindly refer our website www.careratings.com for latest update on the outstanding rating.
CARE ratings are not recommendations to sanction, renew, disburse or recall the concerned bank facilities.

CARE Ratings Ltd.

13th Floor, E-1 Block, Videocon Tower, Jhandewalan Extension, New Delhi - 110 055. Tel: +91-11-4533 3200 ⚫ Fax: +91-11-4533 3238

If you need any clarification, you are welcome to approach us in this regard.

Thanking you,

Yours faithfully,

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Bhavya Bansal Analyst [email protected]

Ajay Kumar Dhaka Associate Director [email protected]

Encl.: As above

Disclaimer

CARE’s ratings are opinions on the likelihood of timely payment of the obligations under the rated instrument and are not recommendations to sanction, renew, disburse or recall the concerned bank facilities or to buy, sell or hold any security. CARE’s ratings do not convey suitability or price for the investor. CARE’s ratings do not constitute an audit on the rated entity. CARE has based its ratings/outlooks on information obtained from sources believed by it to be accurate and reliable. CARE does not, however, guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Most entities whose bank facilities/instruments are rated by CARE have paid a credit rating fee, based on the amount and type of bank facilities/instruments. CARE or its subsidiaries/associates may also have other commercial transactions with the entity. In case of partnership/proprietary concerns, the rating /outlook assigned by CARE is, inter-alia, based on the capital deployed by the partners/proprietor and the financial strength of the firm at present. The rating/outlook may undergo change in case of withdrawal of capital or the unsecured loans brought in by the partners/proprietor in addition to the financial performance and other relevant factors. CARE is not responsible for any errors and states that it has no financial liability whatsoever to the users of CARE’s rating.

CARE Ratings Ltd.

13th Floor, E-1 Block, Videocon Tower, Jhandewalan Extension, New Delhi - 110 055. Tel: +91-11-4533 3200 ⚫ Fax: +91-11-4533 3238

Annexure 1

Details of Rated Facilities

1. Long Term Facilities

1.A. Term Loans

Sr. No.	Name of Bank / Lender	Rated Amount (Rs. crore)
1.	Axis Bank Ltd.	250.00
2.	State Bank of India	193.27
3.	HDFC Bank Ltd.	155.55
4.	Bank of Baroda	124.95
5.	South Indian Bank Ltd.	64.00
6.	Lakshmi Villas Bank	55.00
7.	Aditya Birla Finance Ltd.	46.47
8.	ICICI Bank Ltd.	45.85
9.	State Bank of Mauritius Ltd.	39.43
10.	Export Import Bank of India	35.15
11.	ICICI Bank Ltd.	35.15
	Total	1,044.82

1.B. Fund Based Limits

Sr. No.	Name of Bank / Lender	Rated Amount (Rs. crore)
1.	State Bank of India	400.00
2.	HDFC Bank Ltd.	200.00
3.	Punjab National Bank	195.00
4.	Axis Bank Ltd.	150.00
5.	Indian Bank	75.00
6.	IDFC First Bank Ltd.	70.00
7.	Standard Chartered Bank	60.00
8.	ICICI Bank Ltd.	35.00
9.	RBL Bank Limited	15.00
	Total	1,200.00

CARE Ratings Ltd.

13th Floor, E-1 Block, Videocon Tower, Jhandewalan Extension, New Delhi - 110 055. Tel: +91-11-4533 3200 ⚫ Fax: +91-11-4533 3238

Total Long Term Facilities : Rs.2,244.82 crore

2. Short Term Facilities

2.A. Non-Fund Based Limits

Sr. No.	Name of Bank / Lender	Rated Amount (Rs. crore)
1.	State Bank of India	1,350.00
2.	Punjab National Bank	705.00
3.	ICICI Bank Ltd.	615.00
4.	HDFC Bank Ltd.	430.00
5.	Indian Bank	385.00
6.	Union Bank of India	350.00
7.	Bank of India	350.00
8.	Standard Chartered Bank	305.00
9.	Axis Bank Ltd.	300.00
10.	RBL Bank Limited	150.00
11.	IDFC First Bank Ltd.	60.00
	Total	5,000.00

Total Short Term Facilities : Rs.5,000.00 crore

Total Facilities (1.A+1.B+2.A) : Rs.7,244.82 crore

CARE Ratings Ltd.

13th Floor, E-1 Block, Videocon Tower, Jhandewalan Extension, New Delhi - 110 055. Tel: +91-11-4533 3200 ⚫ Fax: +91-11-4533 3238

September 21, 2021

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No. CARE/DRO/RL/2021-22/2192

Shri Neeraj Kumar

Chief Executive Officer

Jindal Saw Limited

Jindal Centre, 12, Bhikaji Cama Place, New Delhi, Delhi 110066

Confidential

Dear Sir,

Credit rating for Commercial Paper (CP) issue aggregating Rs.400.00 crore[1]

On the basis of recent developments including operational and financial performance of your

company for FY21 (Audited) and Q1FY22 (Unaudited), our Rating Committee has reviewed the following rating(s):

Instrument	Amount (Rs. crore)	Rating2	Rating Action
Commercial Paper (Carved out)*	400.00 (Enhanced from 200.00)	CARE A1+ (A One Plus)	Reaffirmed
Total Instruments	400.00 (Rs. Four Hundred Crore Only)

*carved out of the sanctioned working capital limits of the company.

Please arrange to get the rating revalidated in case the issue is not made within two months from the date of this letter i.e. by November 21, 2021. Once the CP is placed, the rating is valid
for the tenure of such instrument till redemption.
Please inform us the below-mentioned details of issue immediately, but not later than 7 days from the date of placing the instrument:

1 This represents the aggregate of all CP issuances of the company outstanding at any point in time.

2 Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE publications.

CARE Ratings Ltd.

13th Floor, E-1 Block, Videocon Tower Jhandewalan Extension, New Delhi - 110 055. Tel: +91-11-4533 3200 ⚫ Fax: +91-11-4533 3238

CIN-L67190MH1993PLC071691

	Instrument type	ISIN	Issue Size (Rs cr.)	Coupon Rate	Coupon Payment Dates	Terms of Redemption	Redemption date	Name and contact details of Trustee/IPA	Details of top 10 investors

4.

5.

6.

7.

The rationale for the rating will be communicated to you separately. A write-up (press release) on the above rating is proposed to be issued to the press shortly/by end of the day, a draft of which is enclosed for your perusal as Annexure . We request you to peruse the annexed document and offer your comments if any. We are doing this as a matter of courtesy to our clients and with a view to ensure that no factual inaccuracies have inadvertently crept in. Kindly revert as early as possible. In any case, if we do not hear from you by <>/the end of the day, we will proceed on the basis that you have no any comments to offer.

CARE reserves the right to undertake a surveillance/review of the rating from time to time, based on circumstances warranting such review, subject to at least one such review/surveillance every year.

CARE reserves the right to revise/reaffirm/withdraw the rating assigned as a result of periodic review/surveillance, based on any event or information which in the opinion of CARE warrants such an action. In the event of failure on the part of the entity to furnish such information, material or clarifications as may be required by CARE so as to enable it to carry out continuous monitoring of the rating of the debt instruments, CARE shall carry out the review on the basis of best available information throughout the life time of such instruments. In such cases the credit rating symbol shall be accompanied by “ISSUER NOT COOPERATING”. CARE shall also be entitled to publicize/disseminate all the afore-mentioned rating actions in any manner considered appropriate by it, without reference to you.

Users of this rating may kindly refer our website www.careratings.com for latest update on the outstanding rating.
CARE ratings are not recommendations to buy, sell, or hold any securities.

CARE Ratings Ltd.

13th Floor, E-1 Block, Videocon Tower, Jhandewalan Extension, New Delhi - 110 055. Tel: +91-11-4533 3200 ⚫ Fax: +91-11-4533 3238

If you need any clarification, you are welcome to approach us in this regard.

Thanking you,

Yours faithfully,

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Bhavya Bansal Analyst [email protected]

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Ajay Kumar Dhaka Associate Director [email protected]

Encl.: As above

Disclaimer

CARE Ratings Ltd.

13th Floor, E-1 Block, Videocon Tower, Jhandewalan Extension, New Delhi - 110 055. Tel: +91-11-4533 3200 ⚫ Fax: +91-11-4533 3238

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No. CARE/DRO/RL/2021-22/2198

Shri Neeraj Kumar

Chief Executive Officer

Jindal Saw Limited

Jindal Centre, 12, Bhikaji Cama Place, New Delhi, Delhi 110066

September 21, 2021

Confidential

Dear Sir,

Issuer Rating

On the basis of recent developments including operational and financial performance of your Company for FY21 (Audited) and Q1FY22 (Unaudited), our Rating Committee has reviewed the following rating:

following rating:
Type of Rating Issuer rating	Rating1	Rating Action
	CARE AA (Is); Negative [Double A (Issuer Rating); Outlook: Negative ]	Reaffirmed

The rating is only an opinion on the general creditworthiness of the Company and not specific to any particular debt instrument.
The rationale for the rating will be communicated to you separately. A write-up (press release) on the above rating is proposed to be issued to the press shortly, a draft of which is enclosed for your perusal as Annexure 2 . We request you to peruse the annexed document and offer your comments if any. We are doing this as a matter of courtesy to our clients and with a view to ensure that no factual inaccuracies have inadvertently crept in. Kindly revert as early as possible. In any case, if we do not hear from you by September 21, 2021, we will proceed on the basis that you have no any comments to offer.

1 Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE publications.

CARE Ratings Ltd.

CORPORATE OFFICE: 4[th] Floor, Godrej Coliseum, Somaiya 13th Floor, E-1 Block, Videocon Tower Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - Jhandewalan Extension, New Delhi - 110 055. 400 022. Tel: +91-11-4533 3200 ⚫ Fax: +91-11-4533 3238 Tel.: +91-22- 6754 3456 ⚫ Fax: +91-22- 022 6754 3457 Email: [email protected] ⚫ www.careratings.com

CIN-L67190MH1993PLC071691

CARE reserves the right to undertake a surveillance/review of the rating from time to time, based on circumstances warranting such review, subject to at least one such review/surveillance every year.
CARE reserves the right to revise/reaffirm/withdraw the rating assigned as also revise the outlook, as a result of periodic review/surveillance, based on any event or information which in the opinion of CARE warrants such an action. In the event of failure on the part of the entity to furnish such information, material or clarifications as may be required by CARE so as to enable it to carry out continuous monitoring of the rating, CARE shall carry out the review on the basis of best available information. In such cases the credit rating symbol shall be accompanied by “ISSUER NOT COOPERATING”. CARE shall also be entitled to publicize/disseminate all the aforementioned rating actions in any manner considered appropriate by it, without reference to you.
Our ratings do not factor in any rating related trigger clauses as per the terms of the facility/instrument, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and if triggered, the ratings may see volatility and sharp downgrades.
Users of this rating may kindly refer our website www.careratings.com for latest update on the outstanding rating.
CARE’s Issuer Ratings are not recommendations to buy or sell any securities of the issuer. If you need any clarification, you are welcome to approach us in this regard.

Thanking you, Yours faithfully,

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Bhavya Bansal Ajay Kumar Dhaka Analyst Associate Director [email protected] [email protected]

Encl.: As above

CARE Ratings Ltd.

13th Floor, E-1 Block, Videocon Tower, Jhandewalan Extension, New Delhi - 110 055. Tel: +91-11-4533 3200 ⚫ Fax: +91-11-4533 3238

Disclaimer

CARE Ratings Ltd.

13th Floor, E-1 Block, Videocon Tower, Jhandewalan Extension, New Delhi - 110 055. Tel: +91-11-4533 3200 ⚫ Fax: +91-11-4533 3238

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No. CARE/DRO/RL/2021-22/2192

Shri Neeraj Kumar

Chief Executive Officer

Jindal Saw Limited

Jindal Centre, 12, Bhikaji Cama Place, New Delhi, Delhi 110066

September 21, 2021

Confidential

Dear Sir,

Credit rating for Non-convertible Debenture Issue[1]

On the basis of recent developments including operational and financial performance of your company for FY21 (Audited) and Q1FY22 (Unaudited), our Rating Committee has reviewed the following rating(s):

Instrument	Amount (Rs. crore)	Rating2	Rating Action
Non Convertible Debentures	500.00	CARE AA; Negative (Double A; Outlook: Negative)	Reaffirmed
Total Instruments	500.00 (Rs. Five Hundred Crore Only)

The NCD is repayable on March 26, 2031 with semi-annual interest payments.
The rationale for the rating will be communicated to you separately. A write-up (press release) on the above rating is proposed to be issued to the press shortly/by end of the day, a draft of which is enclosed for your perusal as Annexure . We request you to peruse the annexed

1 This represents the aggregate of all CP issuances of the company outstanding at any point in time.

1 Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE publications.

CARE Ratings Ltd.

13th Floor, E-1 Block, Videocon Tower Jhandewalan Extension, New Delhi - 110 055. Tel: +91-11-4533 3200 ⚫ Fax: +91-11-4533 3238

CIN-L67190MH1993PLC071691

document and offer your comments if any. We are doing this as a matter of courtesy to our clients and with a view to ensure that no factual inaccuracies have inadvertently crept in. Kindly revert as early as possible. In any case, if we do not hear from you by September 21, 2021 the end of the day, we will proceed on the basis that you have no any comments to offer.

4.

5.

6.

7.

CARE reserves the right to undertake a surveillance/review of the rating from time to time, based on circumstances warranting such review, subject to at least one such review/surveillance every year.

Users of this rating may kindly refer our website www.careratings.com for latest update on the outstanding rating.

CARE ratings are not recommendations to buy, sell, or hold any securities.

If you need any clarification, you are welcome to approach us in this regard.

Thanking you,

CARE Ratings Ltd.

13th Floor, E-1 Block, Videocon Tower, Jhandewalan Extension, New Delhi - 110 055. Tel: +91-11-4533 3200 ⚫ Fax: +91-11-4533 3238

Yours faithfully,

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Bhavya Bansal Analyst [email protected]

==> picture [170 x 120] intentionally omitted <==

Ajay Kumar Dhaka Associate Director [email protected]

Encl.: As above

Disclaimer

CARE Ratings Ltd.

13th Floor, E-1 Block, Videocon Tower, Jhandewalan Extension, New Delhi - 110 055. Tel: +91-11-4533 3200 ⚫ Fax: +91-11-4533 3238

AI assistant

Jindal Saw Ltd. — Capital/Financing Update 2021

61025_rns_2021-09-22_6f92a198-05f1-4be2-ad68-322d5cc4a056.pdf

No. CARE/DRO/RL/2021-22/2197

Shri Neeraj Kumar

Chief Executive Officer

Jindal Saw Limited

September 21, 2021

Confidential

Credit rating for bank facilities

2. Refer Annexure 1 for details of rated facilities.

CARE Ratings Ltd.

4.

Encl.: As above

Disclaimer

CARE Ratings Ltd.

Annexure 1

Details of Rated Facilities

1. Long Term Facilities

1.A. Term Loans

1.B. Fund Based Limits

Total Long Term Facilities : Rs.2,244.82 crore

2. Short Term Facilities

2.A. Non-Fund Based Limits

Total Short Term Facilities : Rs.5,000.00 crore

No. CARE/DRO/RL/2021-22/2192

Shri Neeraj Kumar

Chief Executive Officer

Jindal Saw Limited

Confidential

Credit rating for Commercial Paper (CP) issue aggregating Rs.400.00 crore[1]

CARE Ratings Ltd.

4.

5.

6.

7.

Encl.: As above

Disclaimer

No. CARE/DRO/RL/2021-22/2198

Shri Neeraj Kumar

Chief Executive Officer

Jindal Saw Limited

Confidential

Issuer Rating

CARE Ratings Ltd.

Encl.: As above

Disclaimer

No. CARE/DRO/RL/2021-22/2192

Shri Neeraj Kumar

Chief Executive Officer

Jindal Saw Limited

Confidential

Credit rating for Non-convertible Debenture Issue[1]

CARE Ratings Ltd.

4.

5.

6.

7.

Yours faithfully,

Encl.: As above

Disclaimer

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Jindal Saw Ltd. Capital/Financing Update 2021