Jindal Saw Ltd. — Capital/Financing Update 2021

Jun 9, 2021

June 9, 2021

Corporate Relation Department Listing Department, Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street, Bandra (East) Mumbai - 400 001 Mumbai -— 400 051 Stock code: 500378 Stock code: JINDALSAW

BSE Limited National Stock Exchange of India Limited, 1st Floor, New Trading Ring Exchange Plaza, Rotunga Building

Sub.:- Disclosure of Credit Rating for Commercial Papers to be issued by 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 Ratings Limited. ("Care") vide its letter dated June 8, 2021 reaffirm its rating for the proposed issue of Commercial Papers (CP) amounting to Rs. 200 Crores by the Company. A copy of said letter is attached for your reference.

This is for your information and record.

Thanking you, Yours faithfully, For Jindal Saw uted, ; Le

'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 28, Shivaji Marg, Najafgarh Road, New Dethi-110015, INDIA + Phone : +91 (11) 6646 3544, 4502 1544 Regd. Office : A-1, UPSIDC, Indl. Area, Nandgaon Road, Kosi Kalan, Distt. Mathura (U.P.) - 281403 » Website: www,jindalsaw.com

No. CARE/DRO/RL/2021-22/1361

Shri Neeraj Kumar Chief Executive Officer Jindal Saw Limited Jindal Centre, 12, Bhikaji Cama Place, New Delhi Delhi 110066

Confidential

Credit rating for Commercial Paper (CP) issue aggregating Rs.200.00 crore

Professional Risk Opinion
No. CARE/DRO/RL/2021-22/1361
Shri Neeraj KumarChief Executive OfficerJindal Saw LimitedJindal Centre, 12, Bhikaji Cama Place,New DelhiDelhi 110066			June 08, 2021
	Confidential
Dear Sir,
Credit rating for Commercial Paper (CP) issue aggregating Rs.200.00 crore
Please refer to our letter no. CARE/DRO/RL/2021-22/3851 dated March 05, 2021 and your
request for revalidation of the rating assigned to the CP issue of your company, for a limit of
Rs.200.00 crore, with a maturity not exceeding one year.
The following rating(s) have been reviewed:2.
Instrument	A(Re crore)	Rating?	Rating Action
Commercial Paper (Carvedout)*	200.00.00	CARE A1+(A One Plus)	Reaffeaffirmed
Total Instruments	200.00(Rs. Two HundredCrore 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 two3.
months from the date of this letter i.e. by August 08, 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 than4.
7 days from the date of placing the instrument:
* This represents the aggregate of all CP issuances of the company outstanding at any point in time.*Complete definitions of the ratings assigned are available at www.careratings.com and in other CAREpublications.

• 1. 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 August 08, 2021. Once the CP is placed, the rating is valid for the tenure of such instrument till redemption.
• 1. Please inform us the below-mentioned details of issue immediately, but not later than 7 days from the date of placing the instrument:

CARE Ratings Ltd.

* This represents the aggregate of all CP issuances of the company outstanding at any point in time. *Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE publications.

Instrumen			ISI Issu Coupo Coupon		Terms of		Redemptio Nameand	Details
t type	N	e			n Rate Paymen Redemptio	n date	contact	of top
		Size(Rs		t Dates	n		details ofTrustee/IP investor	10
		cr.)					A	S

• 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 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 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.

Yours faithfully,

Bhavya Bansal Ajay Dhaka Analyst Associate Director bhavya.bansal@careratings.com ajay.dhaka@careratings.com

Encl.: As above

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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.

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.

CARE Ratings Ltd.