1

OBJECTIVE OF THE STUDY

To have the brief knowledge about the Jindal Saw Ltd. Company.
To know the Financial Position of the company.
To analyze the past five years performance of the Company
To know the market position of the Company.
To do the comparison with other competitors.
To know the turnover of the company.
To know the product details and export of the Company.
To have the Jindal Industries overview.
To know the Growth Plans of the Company.

RESEARCH METHODOLOGY
The research report is done through the Secondary data only which includes, Annual Reports
of the Company, Companys websites, journals and other research papers.
Research type is a Descriptive type of Research.


LIMITATIONS OF THE STUDY

Time constraints.

Lack of knowledge.

Limited availability of material.






2


INDUSTRY OVERVIEW
JSPL is an industrial powerhouse with a dominant presence in steel, power, mining and
infrastructure sectors. Part of the US $ 18 billion OP Jindal Group this young, agile and
responsive company is constantly expanding its capabilities to fuel its fairy tale journey that
has seen it grow to a US $ 3.6 billion business conglomerate. The company has committed
investments exceeding US $ 30 billion in the future and has several business initiatives
running simultaneously across continents.
Led by Mr Naveen Jindal, the youngest son of the legendary Shri O.P. Jindal, the company
produces economical and efficient steel and power through backward and forward
integration.
From the widest flat products to a whole range of long products, JSPL today sports a product
portfolio that caters to markets across the steel value chain. The company produces the
world's longest (121-meter) rails and it is the first in the country to manufacture large-size
parallel flange beams.
JSPL operates the largest coal-based sponge iron plant in the world and has an installed
capacity of 3 MTPA (million tonnes per annum) of steel at Raigarh in Chhattisgarh. Also, it
has set up a 0.6 MTPA wire rod mill and a 1 MTPA capacity bar mill at Patratu, Jharkhand, a
medium and light structural mill at Raigarh, Chhattisgarh and a 2.5 MTPA steel melting shop
and a plate mill to produce up to 5.00-meter-wide plates at Angul, Odisha.
An enterprising spirit and the ability to discern future trends have been the driving force
behind the company's remarkable growth story. The organisation is wedded to ideals like
innovation and technological leadership and is backed by a highly driven and dedicated
workforce of 15000 people.
JSPL has been rated as the second highest value creator in the world by the Boston
Consulting Group, the 11th fastest growing company in India by Business World and has
figured in the Forbes Asia list of Fab 50 companies. It has also been named among the Best
Blue Chip companies and rated as the Highest Wealth Creator by the Dalal Street Journal.
Dun & Bradstreet has ranked it 4th in its list of companies that generated the highest total
income in the iron and steel sector.
Alongside contributing to India's growth story the company is driving an ambitious global
expansion plan with its sights set on emerging as a leading transnational business group. The
company continues to capitalise on opportunities in high growth markets, expanding its core
areas and diversifying into new businesses. In Oman (Middle East), the company has set up a



3

US $ 500 million, 1.5 MTPA gas-based Hot Briquetted Iron (HBI) plant. It has now added a
2 MTPA integrated steel plant.
In Africa, the company has large mining interests in South Africa, Mozambique, Namibia,
Botswana and Mauritania and is expanding into steel, energy and cement. In Australia, the
company is investing in Greenfield and Brownfield resource sector companies and projects to
supplement its planned steel and power projects in India and abroad.
In Indonesia, the company has invested on the development of two Greenfield exploration
assets. It is also exploring investment opportunities in the power and infrastructure sector in
Indonesia.
The company endeavours to strengthen India's industrial base by aiding infrastructural
development, through sustainable development approaches and inclusive growth. It deploys
its resources to improve infrastructure, education, health, water, sanitation, environment and
so on in the areas it operates in. It has won several awards for its innovative business and
social practices.
Key Executives
Chairman Emeritus Savitri Devi Jindal
Chairman P R Jindal
Managing Director Sminu Jindal
Director Devi Dayal
Board of Directors
Chairman Emeritus Savitri Devi Jindal
Chairman P R Jindal
Managing Director Sminu Jindal
Director
DeviDayal
Kuldip Bhargava
Whole-time Director H S Chaudhary

Director
SKGupta
RAJ KAMAL AGARWAL



4

Company Secretary Sunil Jain
Director
RavinderNathLeekha
Girish Sharma
Whole Time Director & CEO Neeraj Kumar
Additional Director
TriptiArya
Sanjeev Shankar


JINDAL SAW LTD.
CORPORATE OVERVIEW
SAW Pipes (SPL), a member of the Jindal Group, is the only company in India that
manufactures UOE pipes in technical collaboration with UEC Pittsburgh of USA. It
manufactures UOE submerged arc welded steel tubes and cold rolled strips of various grades.
The products manufactured by the company find use in critical high pressure applications like
oil and gas distribution.
Jindal SAW Ltd. is a part of the USD 18 billion O.P. Jindal Group, one of the country's
top most industry houses and the foremost indigenous steel producers and exporters. It
started operation in the year 1984, when it became the first company in India to
manufacture Submerged Arc Welded (SAW) Pipes using the internationally acclaimed U-
O-E technology.
Jindal SAW Ltd. is in a commanding position in Indias tubular market, being the
undisputed leader.
With integrated facilities at multiple locations and an ever expanding market opportunity,
Jindal SAW Ltd. has diversified from a single product company to a multi -product
company, manufacturing large diameter submerged arc pipes and spiral pipes for the
energy transportation sector; carbon, alloy and stainless steel seamless pipes and tubes
manufactured by conical piercing process used for industrial applications; and Ductile
iron (DI) pipes for water and wastewater transportation. Besides these, the company also
provides various value added products like pipe coatings, bends and connector castings to
its clients.
Over the years Jindal SAW has continued to gain the confidence and trust of its
stakeholders - from employees, associates, shareholders and people whose lives have
benefitted by the company's endeavours.
With its vision of sustainable development firmly in place, Jindal SAW has played a
leading role in developing livable cities across the world - that in turn has helped



5

transform the lives of people staying in them.

Ensuring timely transportation of oil, gas and water, Jindal SAW helps residents and
organizations in numerous cities function efficiently. The pipes produced by the company
are energy efficient; reduce dependence on fossil fuels, and help conserve natural
resources like water.

At the very core of Jindal SAW is imprinted the conviction of never being content with
the success attained and it is constantly striving for newer horizons. New boundaries, new
challenges and new opportunities keep the company driven to surge ahead. Venturing
forward into different areas of businesses with Jindal ITF, a subsidiary of Jindal SAW,
the company is making rapid progress in urban services sectors with:
Water, Wastewater and Solid Waste Management
Domestic Transport and Logistics
Transportation Equipment Fabrication
Having identified the immense potential offered by these sectors for the future, JITF has
diversified into five business verticals in these areas: JITF Ecopolis, JITF Aquasource,
JITF Vector, JITF Shipyards, and Jindal Rail Infrastructure.


















6

MILESTONES

1984 Founded in 1984
1986 Commissioning of first and only UOE Pipe Mill manufacturing LSAW
Pipes in KosiKalan, India with a capacity of 250,000 M.T P.A, located
about 1200 Kms from nearest west coast port of India
1988 API Line Pipe production commences
1989 First order for ONGC casing Pipe completed
1992/93 Three major offshore projects awarded by ONGC under international
competitive bidding - Italian and Japanese being L2 and L3 bidders
1994 Seamless Pipes and Tubes Division commissioned at Nashik.
First Coating plant commissioned at KosiKalan
1995 Received first export order
1998 First Induction bending plant commissioned at KosiKalan
2000 Commissioning of second LSAW pipe manufacturing facility as 100%
export oriented unit using JCO forming process at Nanakapaya, Mundra to
meet the export market with a capacity of 300,000 MT per annum close to
Port Mundra The first major private port on west coast of India.
Internal coating plant commissioned at KosiKalan Commissioning of
second Coating plant at Nanakapaya Port Mundra
2002 Concrete weight coating plant commissioned at Nanakapaya Port Mundra
2003 Commissioning of third Coating plant at Samaghogha, Mundra
2004 Commissioning of third Pipe mill manufacturing LSAW Pipe using JCO
forming process in Samaghogha, Mundra with a capacity of 250,000 MT
per annum.



7

2005 Commissioning of fourth Pipe mill manufacturing HSAW (Spiral) Pipe at
Samaghogha, Mundra with capacity of 150,000 MT per annum
2005 Start up of Integrated Pipe Unit Ductile Iron Pipe manufacturing plant of
200,000 capacity along with Blast Furnace of 250,000 MT per annum
capacity and a Coke Oven plant
2008 Commissioning of fifth & sixth Pipe mill manufacturing HSAW (Spiral)
pipe at Bellary - Karnataka and Samaghogha-Mundra with a combined
capacity of 390,000 MT per annum.
Second Induction bending plant commissioned at Samaghogha, Mundra
2009 Commissioning of seventh Pipe mill manufacturing LSAW using JCO
forming in Nanakapaya - Port Mundra with capacity of 300,000 MT per
annum
2011 Commissioning of 8th Pipe mill manufacturing HSAW (Spiral) pipe at
KosiKalan, Mathura, U.P. with capacity of 150,000 MT per annum This
mill is commissioned to cater to the water sector
















8



PRODUCTS

Product
Outside Diameter
(D) (mm)
Wall Thickness(t)
(mm)
Annual
Capacity
Hot Finished Carbon/ Alloy Steel
Seamless Tubes and Pipes.
33.40 to 177.80 3.38 to 25.00 80000 MT
Seamless Casing and Tubing
conforming to API 5CT.
60.30 to 177.80 4.00 to 19.05
120000 MT
Seamless Drill Pipes & Greens
conforming to API 5D.
60.30 to 168.30 6.45 to 12.70
Cold Finished Carbon/ Alloy Steel
Seamless Tubes and Pipes.
19.05 to 140.00 1.50 to 19.05 20000 MT
Anti Corrosion 3 LPE / FBE
Coating.
2 to 14 as per DIN 30670
1million
SQM












9


LOCATIONS

Mundra I & II
Country: India
State: Gujarat
By Rail Nearest railway station at Ghandhidham, Gujarat - 50 Kms.
By Road 15 Kms from the Gujarat State Highway.
By Sea 6 Kms from Mundra Port (Gujarat)
Products LSAW Pipes (J-C-O Process)
Kosi-Kalan
Country: India
State: Uttar Pradesh
By Rail Through Mathura 40 Kms
By Road On the National Highway No.2
Products LSAW Pipes (J-C-O Process) Large Radius Bends & related Anti-corrosion
coatings
Nashik
Country: India
State: Maharashtra
By Rail 50Kms.From Rail Head.
By Road 25 Kms. From the National Highway (NH 8)
By Sea 200 Kms. From Mumbai Port (Maharashtra)
Products SEAMLESS Pipes and Tubes












10


LOCATIONAL ADVANTAGE

The plants are spread over strategic geographical locations in India. Being close to the
ports gives them an additional locational advantage.





CLIENTS



11

DOMESTIC
Aban Constructions Limited Assam Gas Co. Limited
Bharat Petroleum Corporation LimitedBridge & Roof Co. (India) Ltd.
Cairn Energy Engineers India Limited
Essar Constructions LimitedGAIL (India) Limited
Gujarat Gas Co. Limited Hindustan Petroleum Corporation Limited
IBP LimitedIndian Oil Tanking Limited
Indian Oil CorporationIVRCL Infrastructure & Projects Limited
Oil and Natural Gas Corporation LimitedPetronet India Limited
Petronet MHB LimitedPetronet VK Limited
Raunaq International LimitedReliance Industries Limited
Raunaq International LimitedRamky Infrastructure Ltd.
SHELL Hazira LNG Pvt. Ltd.Subhash Project & Marketing Limited
Gannon Dunkerley&Co.Ltd.Delhi Jal Board
Gujarat Water Supply And Sewerage BoardMaharashtra JeevanPradhikaran
Public HealthEngineering Department, RajasthanKirloskar Brothers Limited
Larsen & ToubroUttar Pradesh Jal Nigam, Lucknow
Directorate Of Supplies & Disposal, HaryanaUttaranchalPeyJal Nigam, Dehradun
Madhya Pradesh LaghuUdyog Nigam LimitedPublic Health Engineering Department, Bihar
Drinking Water Supply And Sewerage Board, Ranchi.Punjab Water Supply & Sewerage Board
Karnataka Urban Water Supply & Sewerage Board, Bangalore.




INTERNANTIONAL CLIENTS



12


AGIP, NigeriaAbu Dhabi Gas Industries Limited (GASCO), UAE
Anglo American, ChileBurullus Gas Co., Egypt
China National Petroleum Company, ChinaCenter Point Energy Gas Transmission, USA
DODSAL, UAE East Gas Co. Ltd., Egypt
Egyptian natural Gas Company(GASCO), EgyptHyundai Heavy Industries, Korea
International Petroleum Investment Comp. Abu DhabiJoannouAndParaskevaidesLimited, Greece
Kuwait Oil Company, KuwaitMan GHH Oil And Gas, Germany
National Iranian Oil Co., IranOil Tools PTE Ltd, Singapore
Oman Gas Company OmanPEDEC, Iran
PEDCO IranPETRONAS - Malaysia
PETROJET, Egypt petroleum Development Oman LLC, Oman
Petroleum Development Oman LLC, OmanPETROCHINA, China
Petroleum Development Oman LLC, OmanQatar Petroleum, Qatar
Questar Gas Management Co., USARashid Petroleum Company (RASHPETCO), Egypt
Saipem, ItalySamsung Heavy Industries, South Korea-Cheveron Project
Saudi Aramco, Saudi ArabiaSaudi Arabian Texaco, Kuwait
Shell, The NetherlandsSichuan Petroleum Administration, China
South Oil Company, ItaqSnamprogetti, Italy
Syrian Gas Company, SyriaSyrian Petroleum Company, Syria
State Company for Oil Projects ,IraqSummit Daging Joint Venture, Bangladesh
TECHNIP Germany Gmbh, GermanyTOTAL E & P, Indonesie, Indonesia
Greenray International Ltd, AlgeriaNishizawa Ltd.-Japan
Allied Trading International (Pvt) Ltd, Sri LankaBoom Construction, Qatar
Derwent Sand, AlgeriaBoru Spain, Spain
Qatar Arab Contractor,QatarSNI, France
Hydropro SARL, Lebanon






13

FIVE YEARS ANALYSIS

Results Consolidated
No. of
Months
Year
Ending
12
Dec-08*
15
Mar-10*
12
Mar-11*
12
Mar-12*
12
Mar-13*
EQUITY SHARE DATA
High Rs 1,225 225 234 211 174

Low Rs 217 36 170 109 78

Sales per share (Unadj.) Rs 1,027.6 259.9 166.0 218.5 244.9

Earnings per share (Unadj.) Rs 64.0 24.6 16.1 6.8 -0.7

Diluted earnings per share Rs 12.1 24.3 16.1 6.8 -0.7

Cash flow per share (Unadj.) Rs 80.1 30.4 22.0 13.4 7.2

Dividends per share (Unadj.) Rs 5.00 1.25 1.00 1.00 1.00

Adj. dividends per share Rs 0.94 1.24 1.00 1.00 1.00

Dividend yield (eoy) % 0.7 1.0 0.5 0.6 0.8

Book value per share
(Unadj.)
Rs 523.6 131.1 147.3 133.8 132.8

Adj. book value per share Rs 98.8 129.9 147.3 133.8 132.8

Shares outstanding (eoy) m 52.12 273.61 276.23 276.23 276.23

Bonus/Rights/Conversions BC FV2BC BC - -

Price / Sales ratio x 0.7 0.5 1.2 0.7 0.5

Avg P/E ratio x 11.3 5.3 12.5 23.4 -184.7

P/CF ratio (eoy) x 9.0 4.3 9.2 11.9 17.4

Price / Book Value ratio x 1.4 1.0 1.4 1.2 0.9

Dividend payout % 7.8 5.1 6.2 14.6 -146.5

AvgMkt Cap Rs m 37,579 35,706 55,798 44,197 34,833

No. of employees `000 NA NA NA NA NA

Total wages/salary Rs m 1,599 2,803 2,867 3,524 4,327

Avg. sales/employee RsTh NM NM NM NM NM

Avg. wages/employee RsTh NM NM NM NM NM

Avg. net profit/employee RsTh NM NM NM NM NM




14


INCOME DATA
Net Sales Rs m 53,558 71,103 45,863 60,364 67,647

Other income Rs m 298 574 608 1,014 828

Total revenues Rs m 53,856 71,676 46,471 61,378 68,475

Gross profit Rs m 7,070 12,534 8,619 6,684 6,037

Depreciation Rs m 840 1,586 1,638 1,818 2,190

Interest Rs m 2,154 2,579 1,820 1,655 2,356

Profit before tax Rs m 4,374 8,943 5,769 4,226 2,319

Minority Interest Rs m -28 -7 2 7 11

Prior Period Items Rs m 102 -60 0 0 0

Extraordinary Inc (Exp) Rs m 0 0 0 -1,408 -2,005

Tax Rs m 1,113 2,154 1,324 933 513

Profit after tax Rs m 3,334 6,723 4,447 1,891 -189

Gross profit margin % 13.2 17.6 18.8 11.1 8.9

Effective tax rate % 25.5 24.1 23.0 22.1 22.1

Net profit margin % 6.2 9.5 9.7 3.1 -0.3


BALANCE SHEET DATA
Current assets Rs m 38,514 28,188 39,300 47,990 48,321

Current liabilities Rs m 23,372 10,104 26,294 35,074 38,025

Net working cap to sales % 28.3 25.4 28.4 21.4 15.2

Current ratio x 1.6 2.8 1.5 1.4 1.3

Inventory Days Days 113 41 136 130 96

Debtors Days Days 86 43 103 94 91

Net fixed assets Rs m 22,733 27,433 31,154 41,489 55,031

Share capital Rs m 521 547 553 553 553

"Free" reserves Rs m 21,550 34,665 39,325 35,181 34,320

Net worth Rs m 27,288 35,871 40,694 36,960 36,675

Long term debt Rs m 9,442 10,807 7,266 18,935 28,438

Total assets Rs m 62,039 59,120 76,466 93,255 107,129

Interest coverage x 3.0 4.5 4.2 3.6 2.0

Debt to equity ratio x 0.3 0.3 0.2 0.5 0.8




15

Sales to assets ratio x 0.9 1.2 0.6 0.6 0.6

Return on assets % 8.8 15.7 8.2 3.8 2.0

Return on equity % 12.2 18.7 10.9 5.1 -0.5

Return on capital % 18.0 24.5 15.8 8.0 4.1

Exports to sales % 43.8 36.4 34.4 44.5 47.3

Imports to sales % 51.2 35.2 48.6 38.2 35.6

Exports (fob) Rs m 23,456 25,916 15,793 26,887 31,987

Imports (cif) Rs m 27,422 25,013 22,284 23,061 24,092

Fx inflow Rs m 26,320 25,989 15,878 26,978 32,101

Fx outflow Rs m 31,874 27,190 23,766 25,145 27,188

Net fx Rs m -5,554 -1,201 -7,887 1,833 4,913


CASH FLOW
From Operations Rs m 3,178 16,948 -7,988 -2,958 2,220

From Investments Rs m -5,463 -10,489 -5,932 -6,012 -14,821

From Financial Activity Rs m 1,531 -6,045 10,045 9,793 12,548
Net Cashflow Rs m -753 414 -3,875 822 -53












16

8 QUATERS ANALYSIS
Interim Results

No. of Months
Qtr. Ending
3
Jun-12
3
Sep-12
3
Dec-12
3
Mar-13
3
Jun-13
3
Sep-13
3
Dec-13
3
Mar-14
Net Sales Rs m 12,904 16,369 17,227 9,801 12,070 12,294 17,096 13,636

Other income Rs m 184 225 225 190 188 208 145 306

Turnover Rs m 13,088 16,594 17,452 9,991 12,258 12,502 17,241 13,942

Expenses Rs m 11,302 14,390 15,642 8,771 10,646 10,812 15,439 12,009

Gross profit Rs m 1,602 1,980 1,586 1,030 1,424 1,482 1,657 1,627

Depreciation Rs m 387 416 386 361 454 513 539 622

Interest Rs m 323 377 418 383 430 547 692 594

Profit before tax Rs m 1,076 1,412 1,007 476 728 630 572 717

Tax Rs m 157 223 248 97 54 80 100 231

Profit after tax Rs m 919 1,189 759 379 674 550 472 486

Gross profit margin % 12.4 12.1 9.2 10.5 11.8 12.1 9.7 11.9

Effective tax rate % 14.6 15.8 24.6 20.4 7.4 12.7 17.5 32.3

Net profit margin % 7.1 7.3 4.4 3.9 5.6 4.5 2.8 3.6

Diluted EPS Rs 3.3 4.3 2.7 1.4 2.4 2.0 1.7 1.8

Diluted EPS (TTM) Rs 13.5 14.2 14.4 11.8 10.9 8.6 7.5 7.9

* Results Consolidated
Interim results
Source: Company Annual Reports, Regulatory Filings, Equitymaster


Key Ratios
Annual Ratios (%)
1-Year 3-Years 5-Years
Growth
Revenue 12.07 -1.53 -
Net Profit -110.58 -130.85 -



17

EPS -109.93 -130.29 -
Book Value -0.77 0.43 -
Average
Operating Margin 10.15 14.34 15.07
Net Margin -0.29 4.11 5.57
Return on Networth -0.54 5.32 10.15
Return on Investment 3.31 7.84 12.77










18

Interim Growth Ratios (%)
QoQ YoY YTD
Quarterly
Revenue -20.24 39.13 39.13
Operating Profit 5.62 58.57 58.57
Net Profit 14.03 53.88 53.88
EPS 14.03 - -
TTM
Revenue 7.48 -2.14 -2.14
Operating Profit 11.24 0.63 0.63
Net Profit 16.08 -25.41 -25.41
EPS 65.43 -7.71 -7.71

Peer Comparison
Market
Cap
(R Cr)
Revenue
(R Cr)
Net
Profit
(R Cr)
Net
Margin
(%)
RoE
(%)
Price to
Book
Price to
Earnings
Jindal Saw 2,309.23 5,509.59 144.27 2.58 5.32 0.65 -
Maharashtra
Seamless
1,914.51 1,205.17 97.12 7.66 7.13 0.86 18.86
Welspun Corp 2,210.08 4,867.61 -1.08 -0.02 1.33 0.78 30.11



19


COMPETITORS (Macro View)

Name
Last Price Market Cap.
(Rs. cr.)
Sales
Turnover
Net Profit Total Assets
Jindal Saw 84.85 2,343.76 5,509.59 144.27 6,971.88
Welspun Corp 87.35 2,296.85 4,867.61 -17.54 6,960.31
Mah Seamless 291.50 1,953.04 1,205.17 97.12 2,827.34
Ratnamani Metal 382.05 1,783.54 1,326.10 142.81 765.99
APL Apollo 283.20 663.78 2,057.32 26.18 598.91
Man Industries 76.70 437.98 1,005.29 8.90 1,248.56
Surya Roshni 98.35 431.08 3,030.97 53.36 1,501.69
Oil Country 65.25 288.99 358.64 10.42 434.48
Gandhi Spl Tube 163.25 239.95 83.53 17.31 150.63
Prakash Steelag 122.50 214.38 944.22 16.55 366.54
PSL 28.10 149.76 208.66 -142.14 4,146.88
Innoventive Ind 23.80 141.95 389.79 -434.66 844.68
Zenith Birla 1.70 22.32 280.22 -44.62 464.85








20


Comparison with other Competitors (Micro View)
Balance Sheet ------------------- in Rs. Cr. -------------------

Jindal
Saw
Welspun
Corp
Mah
Seamless
Ratnamani
Metal
APL
Apollo


Mar '13 Mar '12 Mar '13 Mar '13 Mar '13


Sources Of Funds

Total Share Capital 55.25 113.89 35.27 9.28 22.32

Equity Share Capital 55.25 113.89 35.27 9.28 22.32

Share Application Money 0.00 0.00 0.00 0.00 4.04

Preference Share Capital 0.00 0.00 0.00 0.00 0.00

Reserves 3,673.38 3,481.33 2,787.46 637.43 274.46

Revaluation Reserves 0.00 0.00 0.00 0.00 0.00

Networth 3,728.63 3,595.22 2,822.73 646.71 300.82

Secured Loans 2,295.25 2,598.61 3.06 57.45 47.39

Unsecured Loans 948.00 766.46 1.56 61.83 250.68

Total Debt 3,243.25 3,365.07 4.62 119.28 298.07

Total Liabilities 6,971.88 6,960.29 2,827.35 765.99 598.89


Jindal
Saw
Welspun
Corp
Mah
Seamless
Ratnamani
Metal
APL
Apollo


Mar '13 Mar '12 Mar '13 Mar '13 Mar '13


Application Of Funds

Gross Block 3,502.19 3,885.88 849.84 651.85 209.93

Less: Accum. Depreciation 945.95 832.48 215.17 261.36 24.46

Net Block 2,556.24 3,053.40 634.67 390.49 185.47

Capital Work in Progress 1,011.20 197.95 672.04 22.86 2.68

Investments 826.53 3,403.94 697.16 29.11 77.97

Inventories 1,471.11 1,649.85 513.29 232.73 177.55

Sundry Debtors 1,238.57 1,092.76 321.55 251.19 165.44

Cash and Bank Balance 62.93 640.94 7.83 60.04 9.86

Total Current Assets 2,772.61 3,383.55 842.67 543.96 352.85

Loans and Advances 1,003.63 1,018.64 258.66 42.27 114.27

Fixed Deposits 0.00 0.00 0.00 0.00 0.00

Total CA, Loans & Advances 3,776.24 4,402.19 1,101.33 586.23 467.12

Deffered Credit 0.00 0.00 0.00 0.00 0.00




21

Current Liabilities 1,128.56 3,933.23 268.35 229.63 115.38

Provisions 69.77 163.94 9.51 33.07 18.95

Total CL & Provisions 1,198.33 4,097.17 277.86 262.70 134.33

Net Current Assets 2,577.91 305.02 823.47 323.53 332.79

Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00

Total Assets 6,971.88 6,960.31 2,827.34 765.99 598.91


Contingent Liabilities 2,419.19 4,635.08 755.26 164.97 13.36

Book Value (Rs) 134.98 157.84 400.20 139.33 132.95



Source : Dion Global Solutions Limited




OPERATIONAL & FINANCIAL HIGHLIGHTS
The sales break up for 2nd Quarter ended 30th Sep 2013 is given hereunder:

PRODUCT
Quantity Sold
(MT)- app.
PIPES

- Large Dia Pipes

- L Saw
36,500
- H Saw
35,000
- Ductile Iron
55,900
Pipes

- Pig Iron
34,500
- Seamless Tubes
33,600
TOTAL PIPES SOLD
195,500


IRON ORE Etc

- Pellets
134,000




22

Geographical Break up

- Sale in India - 76 %
- Sale outside India (exports) - 24 %



The Production for Q1 and Q2 in FY 13-14 are given hereunder:
Product Production- Q2
MT
Production- Q1
MT
Pipes 207,000 204,000
Pellets 137,000 37,000
Iron Ore Concentrate 102,000 90,000

Operational performance:
During 2nd Quarter ended 30th September 2013:

Saw Pipe Strategic Business Unit: The segment witnessed lower production and sales
due to customer delivery schedules, lower order book and heavy rains. The Company
executed more of domestic orders and export constitutes 25% of LSaw Pipes sales. Company
expects additional orders and improvement in business and operations in subsequent quarters.

DI and Pig Iron Strategic Business Unit:Company produced app. 61,000 MT of DI
pipes and 26000 MT of Pig Iron. The production and sales of DI pipes is ramping up with
stabilization of second DI plant. DI exports in this quarter were app. 15%.

Seamless Strategic Business Unit: The activities in seamless pipes & tubes segment
improved in second quarter. During this quarter, the company also catered to some drill pipe
orders and as a result the EBITDA in this segment has improved. Company expect the
situation to improve gradually. The production of seamless pipes in 2nd quarter was
app.34,000 MT and exports sale was app. 57%.

Iron Ore Mines and Pellet Strategic Business Unit:Production and sales of Pellet
have increased in 2nd quarter. The same could have been higher but got impacted to some
extent due to extended monsoons. Company expect the operations to improve quarter by
quarter.




23






24

Order Book Position
The current order book is app. 475 million (app. Rs 3,000 Crores), the break up is as
under:
Large Diameter Pipes US$ 230 Mio
Ductile Iron Pipes US$ 215 Mio
Seamless Pipes US$ 30 Mio

The orders for Large Diameter Pipes are slated to be executed by March 2014 and in case of
Ductile Iron Pipes the same are slated to be executed over next 12-18 months or more.
Company has participated in various bids and likely to get orders in phases. The current order
book includes export of app 25%. The major exports orders are from Middle East, Gulf
region and South East Asia and Far East.

Financing and Liquidity

a) As at 30th Sep 2013, net debt in the Company (standalone) was app. Rs 36,400 mio (app.
USD 588 mio.) including ECB/ long term loans and fund based working capital and other
unsecured loans. The loan includes buyers credit of app. Rs 9,100 mio (app. USD 146 Mio).
The loans have increased marginally in this quarter as compared to 1st Quarter ended 30th
June 2013 due to
(i) rupee depreciation and
(ii) Capital expenditures and some increase in working capital.
b) To meet the long term funds requirements, the Company intends to raise additional long
term funds.













25


STATUS OF NEW PROJECTS/ CAPITAL
EXPENDITURES

a)Small Dia DI Pipe Plant: Ductile Iron Plant (small dia DI pipe plant) with blast
furnace capacity of app. 200,000 MTPA was put to commercial operation in the quarter
ended 31st March 2013. Production has started and the capacity is being gradually ramped up
as the production process gets stabilized. The Coke Oven facility and the incremental captive
power generation facility related to the Ductile Iron Plant has now been commissioned. These
facilities are expected to stabilize fully in the coming months.

b)Greenfield Ductile Iron pipe facility in United Arab
Emirates:The Greenfield Ductile Iron Pipe facility in UAE is now commercially
operational. The facility has received necessary product and quality approvals. With the
concerted efforts its product has been approved in four countries in the region and the efforts
to get pre approval in other countries are on way. The current book stands at app. 60,000 MT
and company expects the same to improve gradually. The facility has reached to breakeven
level.

c) Iron Ore Concentrate and Pellets:The Pellet plant in Bhilwara has
stabilized and its products are being well accepted in the market. The production of
concentrate and Pellet will ramp up gradually in the coming months.

d) Additional Projects/ new capital expenditures: To meet the
requirements of the Lease agreement as well as for maximum utilization of iron ore
concentrate, Company is adding a Sponge iron and Steel Ingot plant with capacity of app.
250,000 in Rajasthan. These plants should be in place in FY 14-15.




26




















27

FINDINGS
The Company is Indias most diversified manufacturer and supplier of pipe products
for the energy, water industry and other industrial applications.
Their customers include most of the worlds leading oil and gas companies, municipal
corporations as well as engineering companies engaged in constructing oil and gas
gathering, water transportation system, power and automobiles facilities.
Their principal products include (a) large diameter SAW pipes (Longitudinal
Submerged Arc Welded (LSAW) and Helically Submerged Arc Welded (Spiral/
HSAW), (b) Seamless Tubes, and (c) Ductile Iron (DI) pipes.
Companys manufacturing facilities are located in various parts in western, northern
and southern part of India.
They are one of the largest global producers of Ductile Iron pipes with manufacturing
facilities in India, UAE and Europe.
As at 30th Sep 2013, Net debt of the Company (standalone) was app. Rs 36,400 mio
(app. USD 588 mio.) including ECB/ long term loans and fund based working capital
and other unsecured loans.
The current order book includes export of app 25%. The major exports orders are
from Middle East, Gulf region and South East Asia and Far East.
They have got major share in theMarket.
Company have location advantage as their competitive advantage.
Companys major competitors are Welspun Corp, Mah Seamless, Ratnamani Metal &
APL Apollo.












28

Bankers
Axis Bank Ltd
Canara Bank
Credit Agricole Cor & Inv
HDFC Bank Ltd
ICICI Bank Ltd
ING Vysya Bank Ltd
Karnataka Bank Ltd
Punjab National Bank
Standard Chartered Bank
State Bank of India
State Bank of Mysore
State Bank of Patiala
State Bank of Travancore
Syndicate Bank
United Bank of India
Auditor
N C Aggarwal & Co





29

BIBLOGRAPGY
www.jindalsaw.com
www.iilf.com
References of Annual Report