Jindal Saw

Dear Shareholders,
 
 With diligent and meticulous planning Jindal SAW has been able to skirt
 the Global Meltdown to a large extent. Continued proactive approach and
 a vigilant eye on the global market trends have helped us retain our
 market leader position yet again. We have been calculatingly ambitious
 but determined to protect the interests of the stakeholders and
 promoters alike. Belt tightening saw a sharp streamlining of operations
 enhancing scope of achieving a better top line.
 
 Jindal SAW doesnt shy away from exploring the world of possibilities.
 Our infrastructure arm Jindal ITF is making forays into areas like
 water management, waterborne transportation, waste to energy and
 fabrication that have tremendous business opportunities. We are geared
 to enhance operational excellence that will keep the pipeline of
 infrastructure projects flowing and serve as a potential growth driver.
 
 Despite the testing financial environment we met every challenge
 head-on, and were able to provide distinguishing service to clients and
 allied communities. We are one big family which thrives on value
 creation. We believe our financial strength, product leadership and
 global reach uniquely positions Jindal SAW as a company not only built
 to last, but built to lead. Jindal SAW is proud to add yet another
 feather in its cap when it supplied approximately six hundred km long
 pipeline to Cairn Energy for their Barmer Salaya Pipeline Project
 (BSPL) which is the longest thermal insulated coated line pipe in the
 world.
 
 Upgradation and expansion have played an integral role in making the
 company reach where it is today and also have an edge in the market.
 It has helped in creating a differentiator in the market by ensuring
 cost- effectiveness. However, in todays highly competitive
 environment, what matters more is the relationship of a company with
 its customers and hence, we remain focused on this front. Together we
 are proud of creating an organization recognized as a benchmark of
 excellence.
 
 Employees are our strength. The blend of fresh and experienced pool of
 talent in our company has pushed it to greater heights, translating
 into newer ideas and approaches to business. I also appreciate the
 long-standing support lent by our able management, business associates
 and the clients. Our clientele base has grown many folds, making us
 spread our wings further.
 
 Jindal SAW proudly continues to support Svayam, an initiative of SJ
 Charitable Trust, which has been working insistently towards making
 public infrastructure accessible to all. On behalf of each one of us I
 laud the efforts and achievements which are for everyone to see at Qutb
 Minar a world heritage site that Svayam helped make accessible besides
 several other public places.
 
 I take this opportunity to reiterate our commitment to ever higher
 accountable performance and invest when the need arises. The
 responsiveness to shoulder exemplary responsibility towards our
 stakeholders and our investors remains as dedicated as ever.
 
 Jai Hind