Jindal Saw Ltd. — Capital/Financing Update 2021

Mar 16, 2021

March 16, 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 ofindia Limited, 1st Floor, New Trading Ring ExchangePlaza, Rotunga Building

Sub.:- Disclosure of Credit Rating for proposed Non-convertible Debentures (NCDs) to be issued b 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 Ratings Limited. ("Care") vide its letter dated March 15, 2021 reaffirm revalidated its rating for the proposed issue of Non-convertible Debentures (NCDs) amounting to Rs. 500 Crores by the Company.A copyofsaid letter is attached for your reference.

This is for your information and record.

Thanking you, Yoursfaithfully, For Jindal Saw Limited,

Sunil K Jain FCS- 3056

CompanySecretary

28, Shivaji Marg, Najafgarh Road, New Delhi-110015, INDIA » Phone: +91 (11) 6646 3544, 4502 1544 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: wwwJjindalsaw.com

No. CARE/DRO/RL/2020-21/3972

Confidential

Credit rating for proposed Non-Convertible Debentures

Please refer to our letter no. CARE/DRO/RL/2020-21/3849 dated March 05, 2021 and your requestfor revalidation of the rating assigned to the Non-convertible debentureissue, for a limit of Rs.500.00 crore. Sr. No. Instrument (Rs. Amount crore) Rating* Rating Action |

ARE	RatingsProfessional Risk Opinion
No.	CARE/DRO/RL/2020-21/3972
Shri NeerajChiefSawJindalJindal Centre,	kumarExecutiveOfficerLimited12, Bhikaji CamaPlace,
NewDelhi110066Delhi
				2021March15,
		Confidential
Dear Sir,
Pleaserefer	Creditratingforourtoletter no.	proposedNon-ConvertibleCARE/DRO/RL/2020-21/3849	DebenturesMarchdated05,	2021andyour
requestfor	therevalidationof	rating assignedtheto	Non-convertible	debentureissue,fora
limit of	Rs.500.00crore.
The2.	beenrating(s) havefollowing	reviewed:
	:		CAREAA;Negative
1.	NonConvertible	500.00	(DoubleA;Outlook:Negative)	Reaffirmed
	InstrumentsTotal	500.00(Rs. FiveHundredCroreOnly)
The3.	NCDsarebyrepayable2031.
Please4.	arrangetogetthe	in caserating revalidated,	proposedissuethe	madeis notwithin
	six monthsof thisfromdatethe	letter.
		availableat	www.careratings.com	otherCAREandin
'Completepublications.	oftheratingsassigneddefinitions	areCARERatingsLtd.

• 1. The NCDsare repayable by 2031.
• 1. Please arrangeto getthe rating revalidated, in case the proposedissue is not made within six months from the date of this letter.

CARE RatingsLtd.

CORPORATEOFFICE:Somaiya4'" Floor, Godrej Coliseum,	Tower13th Floor, E-1 Block, Videocon
Hospital Road, Off Eastern Express Highway,Sion (E},	Extension, NewDelhi - 110Jhandewalan055.
-Mumbai400022.	3200Tel: +91-11-4533Fax: +91-11-4533@
Tel.: +91-22- 6754345667543457Fax: +91-22- 022e	3238
Email: care@careratings.comwww.careratings.com@	a
WetPeay Bbbe yePye SP LIDMNT SORPLCOAL	OSa]GS

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

1. Please inform us the below-mentioned details of issue immediately, but not later than 7 days from the date of placing the instrument:

csInstrumenvp	ISIN	Issu:Size(Rs	CoupoRaten	Coupon},Payment Dates	aTermsRedemption	Redemptiondate	Nameandcontactdetails ofTrustee/IP	Detailsfof top10investor
		cr.)					A	s

• 1. 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 eventor information which in the opinion of CARE warrants such an action. In the eventof failure on the part of the entity to furnish such information, material or clarifications as may be required by CAREso as to enableit 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 throughoutthelife 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 aforementionedrating 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.
• 1. CARE ratings are not recommendationsto buy,sell, or hold any securities.

If you need any clarification, you are welcometo approachusin 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 e@ Fax: +91-11-4533 3238

Yoursfaithfully,

Analyst Associate Director ankur.singh@careratings.com ajay.dhaka@careratings.com

Encl.: As above

AKG . Wu ail EWS fF 1 g /

Ankur Singh Ajay Dhaka

Disclaimer

CARE's ratings are opinions on the likelihood of timely paymentofthe obligations under the rated instrument and are not recommendationsto 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 doesnot, however, guarantee the accuracy, adequacy or completenessof 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 CAREis, 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 changein case of withdrawal ofcapital or the unsecured loans brought in by the partners/proprietor in addition to the financial performance and other relevant factors. CAREis not responsible for any errors and states that it has no financial liability whatsoever to the users of CARE'srating.

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 clausesare introducedandif triggered, the ratings may see volatility and sharp downgrades.

CARE Ratings Ltd.

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