Jindal Saw Ltd. — Capital/Financing Update 2022

May 19, 2022

JIND L

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May 19, 2022

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National Stock Exchange of India Limited, Listing Department, Exchange Plaza, Rotunga Building Bandra Kurla Complex Bandra (East) Mumbai - 400 051 Stock code: JINDALSAW

BSE Limited

Corporate Relation Department 1st Floor, New Trading Ring Phiroze Jeejeebhoy Towers Dalal Street, Mumbai - 400 001 Stock code: 500378

Sub.:- Disclosure of Credit Rating of the Company - Regulation 30 read with Regulation 55 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 letter dated May 19, 2022 reaffirmed the credit rating as CARE Al+ (A One Plus) for issuance of Commercial Papers by the Company. The copy of said letter is attached for your reference.

This is for your information and record.

Thanking you,

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Yours faithfully, For Jindal Saw Ltd., - Company Secretar FCS-3056

Corporate Office: Jindal Ce�trn,_ 12 Bhikaij_i Cama Place, New Delhi-110066 • Phone: +91 (11) 26188360- 74, 26188345 Fax: +91 (11) 26170691 28, Sh1vaJ1 Marg, NaJafgarh Road, New Delhi-110015, INDIA• Phone: +91 (11) 6646 3544, 45021544 Regd. Office: A-1, UPSIDC, lndl. Area, Nandgaon Road, Kosi Kalan, Dist!. Mathura (U.P.) - 281403, Website: www.jindalsaw.com

CIN: L27104UP1984PLC023979

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No. CARE/DRO/RL/2022-23/1166

Shri Neeraj kumar Chief Executive Officer Jindal Saw Limited

Jindal Centre, 12, Bhikaji Cama Place,

New Delhi Delhi 110066

May 19, 2022

Confidential

Dear Sir,

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

Please refer to our letter no CARE/DRO/RL/2021-22/2732 dated December 20, 2021 and your request for revalidation of the rating assigned to the CP issue of your company, for a limit of Rs.400.00 crore, with a maturity not exceeding one year.

1. The following rating(s) have been reviewed:

Instrument	Amount (Rs. crore)	Rating2	Rating Action
Commercial Paper (Carved out)*	400.00	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.

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 July 19, 2022. Once the CP is placed, the rating is valid for the tenure of such instrument till redemption.

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

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

1. CARE Ratings Ltd. 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.

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1 This represents the aggregate of all CP issuances of the company outstanding at any point in time. 2Complete definitions of the ratings assigned are available at www.careedge.in and in other CARE Ratings Ltd.’s publications. CARE Ratings Limited

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in

13th Floor, E-1 Block, Videocon Tower Jhandewalan Extension, New Delhi - 110 055. Phone: +91-11-4533 3200 CIN-L67190MH1993PLC071691

Care Edge R A T I N G S

1. CARE Ratings Ltd. 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 Ratings Ltd. 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 Ratings Ltd. so as to enable it to carry out continuous monitoring of the rating of the debt instruments, CARE Ratings Ltd. 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 Ratings Ltd. shall also be entitled to publicize/disseminate all the afore-mentioned rating actions in any manner considered appropriate by it, without reference to you.

2. 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.

3. Users of this rating may kindly refer our website www.careedge.in for latest update on the outstanding rating.

4. CARE Ratings Ltd. 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,

Yours faithfully,

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Prateek Koolwal Analyst Prateek.Koolwal@careedge.in

Ajay Kumar Dhaka Associate Director ajay.dhaka@careedge.in

Encl.: As above

CARE Ratings Limited

13th Floor, E-1 Block, Videocon Tower Jhandewalan Extension, New Delhi - 110 055. Phone: +91-11-4533 3200 CIN-L67190MH1993PLC071691

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in

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Disclaimer

The ratings issued by CARE Ratings Limited 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. These ratings do not convey suitability or price for the investor. The agency does not constitute an audit on the rated entity. CARE Ratings Limited has based its ratings/outlooks based on information obtained from reliable and credible sources. CARE Ratings Limited does not, however, guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions and the results obtained from the use of such information. Most entities whose bank facilities/instruments are rated by CARE Ratings Limited have paid a credit rating fee, based on the amount and type of bank facilities/instruments. CARE Ratings Limited or its subsidiaries/associates may also be involved with other commercial transactions with the entity. In case of partnership/proprietary concerns, the rating /outlook assigned by CARE Ratings Limited is, inter-alia, based on the capital deployed by the partners/proprietor and the current financial strength of the firm. The rating/outlook may undergo a 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 Ratings Limited is not responsible for any errors and states that it has no financial liability whatsoever to the users of CARE Ratings Limited’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 Limited

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4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in

13th Floor, E-1 Block, Videocon Tower Jhandewalan Extension, New Delhi - 110 055. Phone: +91-11-4533 3200 CIN-L67190MH1993PLC071691