Jindal Saw

YEAR                       EVENTS
 1984 - The Company was incorporated on 31st October at Mathura
 (U.P.)
        and obtained the Certificate of Commencement of Business on
 28th
        November.  It was promoted by Jindal Organisation in
 association
        with Dilip Bhargava, a Non-Resident Indian and Director of
        Sigmatech Inc., U.S.A.  The company is manufacturing
 Sub-merged
        Arc Welded steel pipes of large diameters.
 
      - The company undertook to set up a project for the manufacture
 of
        75,000 TPA of large submerged and welded steel pipes of 18 to
        36 diameter.
 
      - The Company has entered into a Technical collaboration
 agreement
        with USS Engineers and Consultants Inc (UEC), U.S.A., a
        subsidiary of United States steel corporation for transfer of
        know how & technical assistance.  The Collaborators agreed to
        provide services relating to engineering, installation and
        training of personnel.
 
      - In addition to advice regarding the latest technology from
 time
        to time, they also were to assist the Company for securing
        American Petroleum Institutes Monogram rights for the
 product.
 
      - The submerged arc welded pipes were to be manufactured by the
 UOE
        process confirming to American Petroleum Institute's (API)
        specifications.  These pipes were specially meant for cross
        country transportation of oil, natural gas, water and other
        slurries.
 
 1986 - 700 No. of Equity shares subscribed for by the signatories to
 the
        Memorandum of Association.  59,99,300 No. of Equity shares
 then
        issued at par out of which the following shares were reserved
 for
        firm allotment: 
 
      - (i) 20,08,000 shares without payment in cash against the
 supply
        of plant and machinery to Sigmatech Inc. USA on repatriation
        basis (to be allotted after requisite performance of the
 plant
        was established and products were accepted by and users); 
 
      - (ii) 9,99,300 shares to resident Indian promoters, directors,
        etc. and members of Jindal family and 
 
      - (iii) 10,00,000 shares to Jindal group of companies.
 
      - Out of the remaining 19,92,000 shares, the following shares
 were
        reserved for preferential allotment; 
 
      - (i) 3,00,000 shares to employees (including Indian working
        directors)/workers of the Company (none were taken up) and 
 
      - (ii) 2,92,000 shares to non-resident Indians on repatriation 
 
        basis (all were taken up).
 
      - The balance 14,00,000 shares, along with 3,00,000 shares not
        taken up by employees, were offered for public subscription
        during July 1986 (all were taken up).
 
 1989 - 20,08,000 No. of equity shares allotted.  19,70,936 No. of
 equity
        shares allotted to the shareholders of Swastik Foils Ltd. as
 per
        scheme of amalgamation.
 
 1993 - 49,98,568 bonus shares issued in prop. 1:2.  5,70,000 shares
        issued (prem. Rs 440) on preferential basis to group
 companies.
        11,91,750 bonus shares allotted to NRI shareholders.
 
 1994 - 15,138,554 bonus shares issued in prop. 1:1.  40,07,450 bonus
        shares kept in abeyance were issued.
 
 1995 - Necessary approval of High Court of Delhi was received to
        amalgamate Swastik Foils Ltd. with the Company.  As per the
        scheme of amalgamation, shareholders of Swastik Foils, Ltd.,
 were
        to be allotted 4 equity shares of the Company for each share
        held by them in their Company.  Accordingly 46,43,000 No. of
        Equity shares were allotted.
 
      - 2,500 bonus shares kept in abeyance were issued.  800 shares
        forfeited during the year.
 
 1996 - Pipes manufactured were of smaller diameter and lesser tonnage
 as
        compared to previous year which affected the turnover. 
 Nashik
        division changed the product mix from carbon steel to
 stainless
        steel which opened the export market and increased the value
        addition to the product.
 
      - The Company proposed to acquire a Plate Mill in Baytown
 (Texas)
        USA with a capacity of one million tonnes through subsidiary
        Jindal Enterprises L.L.C.
 
      - 4,58,200 No. of equity shares kept in abeyance were issued.
 
 1997 - Turnover further declined to Rs. 210.16 crores due to upheaval
 in
        the global scenario especially with respect of Far Eastern
 and
        South Eastern countries.
 
      - 9,000 bonus shares kept in abeyance.
 
      - Saw Pipes Ltd (SPL), a Delhi-based O.P. Jindal group company,
 is
        close to acquiring a second plant in the United States.  The
        company is also setting up a joint venture company to market
        its products in the US.
 
      - SPL is the only player outside Japan to produce longitudinal
        submerged arc welded pipes for use in the gas and oil
 sectors.
 
      - Saw Pipes, a part of the Rs.2,500-crore O P Jindal group, has
        another plant at Kosi Kalan in Uttar Pradesh to manufacture
 Saw
        Pipes using the U-O-E process.
 
      - The Saw Pipe manufacturing unit has a capacity of 0.5 million
        tonne per annum, which is owned by Saw Pipe US, in which
        Jindals hold 19 per cent stake.
 
      - The company is acquiring a one million tonne plate mill
 facility
        at Baytown, Texas from US Steel Corp, a part of the USX
        Corporation.
 
 1998 - The Company has privately placed 15,00,000 - 13.5% Redeemable
        Preference Shares of Rs.1000/- each with Industrial
 Development
        Bank of India.
 
      - The Company is implementing a composite pipe coating unit at
        kandla, in the state of Gujarat.  On completion of the
 project
        the company would become totally composite SAW PIPES
 supplying
        entity, the only one of its type in any part of the world.
   
      - Directors of the company look forward to the continuing
 support
        and confidence.
 
      - Information in accordance with the provisions of Section
        217(1)(e) of the Companies Act, 1956 read with the Companies
        (Disclosure of Particulars in the Report of Board of
 Directors)
        Rules, 1988 regarding conservation of energy, technology
        absorption and foreign exchange earnings and outgo is given
 in
        the statement annexed hereto (Annexure I)
 
      - The Annual accounts of the Subsidiary Company Hexa Securities
 &
        Finance Company Ltd., alongwith statement pursuant to Section
        212(1)(e) of the Companies Act, 1956 is attached with this
        report.  The Reports of Jindal Enterprises LLC, are not being
        attached as the entity is deemed partnership under US
 Corporate
        Laws.  We have sought legal opinion for reconfirmation,
 should
        there be a change in status of the Jindal Enterprises LLC
 under
        the US Laws the statements shall be circulated.
 
      - The company has given an undertaking to financial
 institutions
        for loan taken by Jindal Vijaynagar Steel Ltd., (JVSL) not to
 
        dispose off the invenstment in JVSL till the repayment of loan
 by
        JVSL or the project undertaken by JVSL is completed whichever
 is
        later.
 
 1999 - Saw Pipes has an existing capacity of 2.5 lakh tonnes, while
 the
        US-based Saw Pipes Inc has an existing capacity of 5 lakh
 tonne
        per annum.
 
      - Saw Pipes Ltd will seek shareholders' approval to pledge its
        holding in Jindal Vijayanagar Steel (JVSL), Jindal Iron &
 Steel
        (Jisco) and Jindal Strips (JSL) with financial institutions.
 
      - The Saw Pipes board proposes to pass the resolution at the
        annual general meeting on December 24 to pledge 10,001,400
        shares of JVSL, 377,528 shares of Jisco and 871,793 shares of
        JSL with institutions to avail of the Rs 5,000-crore loan
        sanctioned for JVSL.  The company shall guarantee for the
 debt
        worth Rs 200 crore.
 
      - Saw Pipes, one of the joint promoters of JVSL, also proposes
 to
        subscribe 2.5 crore shares of JVSL at par -- aggregating Rs
 25
        crore -- to part-finance JVSL's cost overrun.  The company,
        along with a subsidiary, holds Rs 60-crore worth shares in
        JVSL.  With the fresh investment of Rs 25 crore, the holding
        will increase to Rs 85 crore.
 
      - The company is in the process of setting up a 100 per cent
        export-oriented unit with state-of-the-art technology for the
        manufacture of longitudinal welded saw pipes using the JCO
        process.
 
      - Crisil has downgraded the FA rating assigned to the fixed
 deposit
        programme of Saw Pipes FB+.
 
 2001
 
 -Shri Ratan Jindal, Shri Sajjan Jindal and Shri Dilip Bhargava give 
 resignation from the office of the Director of the company. And
 also state that Shri Kuldip Bhargawa and Shri Moosa Raza are
 co-opted as Additional Directors of the company.
 
 
 2004
 
 -Saw Pipes Ltd (SPL) has informed that the company is entering into a
 Joint Venture Agreement with Imphy Ugine Precision, France, one of the
 divisions of Arcelor Group for manufacturing of High Precision Metal
 Equipments to be used in Electonic Industries and other applications
 
 2007
 
 - Jindal Saw Ltd has appointed co-opted Shri. Indresh Batra as
 Director of the Company and as Managing Director w.e.f. April 28,
 2007 for a period of 5 years.