GROUP MEMBERS

NAMES

ROLL NO.

KUNAL BHAROCHA ANKIT DEDHIA VANDITA DOSHI CHETAN GHULE RITIKA JAGGI NEHA JAIN SHWETA KOLE HAFSA MOOSA

6 15 20 27 33 35 47 60

ACKNOWLEDGEMENT
We would like to thank Mr. Navin Rohatgi for providing us with this opportunity, to study the insights of how a Small Scale Industry is to be set up. We would also like to thank the following people for their guidance and cooperation and to provide us with all the possible information and support. With this project we have been able to realize that starting up of any business is not an easy task. We got to know the different formalities one has to fulfill, face fierce competition and have to look into minute details before taking any decision. We are certainly more grateful, to all those who have directly or indirectly helped us in our project.

TABLE OF CONTENTS
NO.
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

PARTICULARS
ABOUT THE COMPANY NAME OF THE SUBSIDIARIES LOCATION SHARE HOLDING PATTERN AND ITS

PAGE NO.

ANALYSES OF CONSOLIDATED BALANCE SHEET ANALYSES OF CONSOLIDATED PROFIT AND LOSS ACCOUNT IMPORTANT RATIOS AUDITORS REPORT DIRECTORS REPORT CORPORATE GOVERNANCE MANAGEMENT DISCUSSION VICE CHAIRMAINs SPEECH NAME OF DIRECTORSAND AUDITORSOF THE COMPANY NAMES OF COMMITTEES OF THE COMPANY FUTURE STRATEGIES CONCLUSION BIBLIOGRAPHY

ABOUT THE COMPANY:

Grit of steel. Value of gold. Indias third largest steelmaker, JSW Steel Ltd is today a fully integrated steel plant having units across Karnataka and Maharashtra producing from pellets to colour coated steel. JSW Steel Ltd is a company driven by the demands of its customers and it cares to meet their needs. A nation-wide marketing network and consignment agents ensure availability of JSW Steel Ltd products in every nook and corner of the country. JSW STEEL LTD. is also the only company to receive all three certificates:

ISO:9001 for quality management system ISO:14001 for environment management system OHSAS:18001 for occupational health and safety management system

HISTORY:
JSW's history can be traced back to 1982, when the Jindal Group acquired Piramal Steel Ltd which operated a mini steel mill at Tarapur in Maharashtra. The Jindals, who had wide experience in the steel industry, renamed it as Jindal Iron and Steel Co Ltd (JISCO) now known as JSW Steel Limited (Downstream) In 1994, to achieve the vision of moving up the value chain and building a strong, resilient company, JISCO promoted Jindal Vijayanagar Steel Ltd (JVSL) now known as JSW Steel Limited (Upstream) .Its plant is located at Toranagallu in the Bellary-Hospet area of Karnataka, the heart of the highgrade iron ore belt, and spread over 3,700 acres of land. It is just 340 kms from Bangalore, and well connected to Goa and Chennai ports. The steel industry then was on the threshold of adopting new technology, and the Jindal Group took a lead in adopting the latest technology of steel making, known as 'COREX,' developed by Voest Alpine of Austria. The then JVSL was the first Greenfield project to have 'COREX' as a mainstream facility.

THE SUBSIDIARIES:
$ 2 billion Jindal Organisation has expanded and diversified into core business areas ensuring synergy amongst its various business ventures, spreading over 13 plants at 10 pivotal locations in India and two plants in USA. The Jindal team embodies one of the most coveted talent pools of technological acumen available in the country today. With experience that has enabled the Organisation to put up large scale projects in record time.

GROUP COMPANIES:
JINDAL STAINLESS STEEL LIMITED:
India's largest integrated manufacturer of Stainless Steel catering to about 40% of Indian demand. Plant Location - Hisar, Harayana Capacity - 500,000 tpa High Carbon Ferro Chrome plant at Vishakhapatnam, Andhra Pradesh

JINDAL IRON AND STEEL COMPANY LIMITED:

India's largest integrated galvanising facilities in India accounting for 17% of total galvanising production in the country. It is engaged in hot Rolling, cold Rolling and galvanising business. Export of 75% of production to over 45 countries. Plant Locations - Vasind and Tarapur, Maharashtra Capacity - GP/GC 710,000 tpa, HR 280,000 tpa, CR 750,000 tpa

SAW PIPES LIMITED:

Manufacturer of large diameter U-O-E submerged arc welded pipes. Also has protective coating application facilities viz. Polyethylene, Polypropylene, Fusion Bond Epoxy, Coal Tar enamel / Bitumen and Concrete coating. Plant Location - Kosikalan, Uttar Pradesh, Gujarat Capacity - 485,000 tpa Manufactures Seamless pipes at Nashik. Swastik Foils, a division of SPL manufactures cold rolled steel coils in thin and ultra thin gauges.

JINDAL VIJAYANAGAR STEEL LIMITED:

An environment friendly integrated steel plant manufacturing HR coils using the revolutionary Corex technology for iron making. Supplies HR coils to group company JISCO for value addition and to South India. Only HR coil manufacturer in South India. Tie up with world steel leaders gives unique advantage in manufacturing and technology. Plant Location - Toranagallu, Karnataka Capacity - 1.6 million tpa

JINDAL STEEL AND POWER LIMITED:

Asia's largest and world's second largest coal based sponge iron plant. Plant Location - Raigarh, Madhya Pradesh Capacity - 500,000 tpa 95 MW Power plant also at Raigarh. Iron ore mining in Orissa and coal mining in Madhya Pradesh ensure quality raw material at a lower cost.

SAW PIPES USA INC.:

Manufacture large diameter DSAW pipes using the U-O-E process. Location - Bay Town, Texas, USA Capacity - 500,000 tonnes

JINDAL UNITED STEEL CORPORATION:

Manufacture steel plates for use in large diameter pipes, construction and fabrication industries. Plant Location - Bay Town, Texas, USA Capacity - 1.2 million tpa

VIJAYANAGAR MINERALS PRIVATE LIMITED:

It is a joint venture with State Government, Karnataka for mining of iron ore. Plant Location - 20 km from JVSL plant Capacity - 3 million tpa

JOINT VENTURES:
JINDAL THERMAL POWER COMPANY LIMITED:
A Company to produce power from both coal and Corex off gas of JVSL steel plant. Plant Location - Toranagallu, Karnataka Capacity - 2 x 130 MW

JINDAL PRAXAIR OXYGEN COMPANY LIMITED:

It has entered into joint venture with Praxair Inc. World's largest air separation plant. It Supplies necessary oxygen for JVSL plant for both iron and steel making. Location - Toranagallu, Karnataka Capacity - 2 x 2500 tpd

SHARE HOLDING PATTERN:

THE DISTRIBUTION OF SHAREHOLDING AS ON 31st MARCH, 2007

NO. NO.OF EQUITY SHARES
0 - 5000 5001 - 10000 10001 - 20000 20001 - 30000 30001 - 40000 40001 - 50000 50001 - 100000 > 100001

NO.OF % OF SHAREHOLDERS SHAREHOLDERS

558730 2138 865 283 116 87 143 274 99.3 0.38 0.15 0.05 0.02 0.02 0.03 0.05

NO. OF SHARES HELD

12097551 1524479 1206873 691799 409511 402639 980005 146665956

% OF SHAREHOLDING
7.38 0.93 0.74 0.42 0.25 0.25 0.6 89.43

1 2 3 4 5 6 7 8

TOTAL

562636

100%

163978813

100%

CATEGORIES OF SHAREHOLDERS AS ON 31st MARCH, 2007

CATEGORY
PROMOTER NRI FII OCB FBC IFI IMF BANKS EMPLOYEES BODIES CORPORATE PUBLIC TRUST

NO. OF HOLDERS
114 13009 80 8 2 9 75 21 2835 2847 543622 14

NO. OF SHARES
76300727 2759865 30722456 41674 8218685 7085958 10640908 326845 72860 11442408 16013432 352995

% OF HOLDING
46.53 1.68 18.74 0.03 5.01 4.32 6.49 0.2 0.04 6.98 9.77 0.22

TOTAL

562636

163978813

100%

ANALYSES OF CONSOLIDATED BALANCE SHEET:

If we see the Balance sheet of the company, particularly Debt Equity Ratio, we could find that it is 0.74 : 1 i.e.: 4173.03 = 0.74 : 1 5658.82 It means company is giving more importance to the debt fund, which is resulting in more interest payment at the time of liquidation. It would have more obligations to pay-off. Entire surplus and reserves will be wiped out. Therefore shareholder will have very little amount in their hand. If we see the current ratio of the company, it is 1.08 : 1. i.e.: 2485.81 = 1.08 : 1 2287.31 It means current assets are slightly higher than the current liabilities and in that also 50% of the current assets are formed by the inventory, which adverses the liquid ratio. It indicates that the company will not be able to meet its short term obligations. It could not be able to finance its day to day transaction because of shortage of cash balance which is hardly 14% of the total current assets. Companies 50% of the current assets is blocked up in inventory. Which may be due to inability of the company to sell its stock Low demand for companies product Slow moving items Dead stock etc

ANALYSES OF CONSOLIDATED PROFIT AND LOSS ACCOUNT:

If we see the Profit & Loss A/c we could see that almost 42% of the total turnover of the company is through exports. i.e.: 3593.64 * 100 8594.44 = 0.41813 * 100 = 41.81% Under the expenditure materials, manufacturing and other expenses are the major expenditure forming almost 83% of total expenditure. i.e.: 5601.12 * 100 6784.45 = 0.82558 * 100 = 82.55% Company is appropriate in profit towards transferred from Debenture Redemption Reserve. It is paying dividend on Preference Shares, Interim dividend on Equity Shares, Corporate Dividend Tax and transfer to General Reserve. Its earning per share is 8 times its face value.

IMPORTANT RATIOS:

RETURN ON CAPITAL EMPLOYEED:

EBIT / CAPITAL EMPLOYEED * 100

Current Year 2007: 1915.18 + 374.68 * 100 10779.74 = 21.24% Previous Year 2006: 1301.89 + 339.01 * 100 9194.3 = 17.85%

EARNING PER SHARE:

Current Year 2007: Basic = 80.11 Diluted = 78.88

Previous Year 2006: Basic = 55.57 Diluted = 55.57

DEBT EQUITY RATIO:

DEBT / EQUITY

Current Year 2007: 4173.03 5594.05 = 0.75 : 1 Previous Year 2006: 4096.05 4356.22 = 0.94 : 1

RETURN OF PROPRITORS FUNDS:

NET PROFIT AFTER TAX * 100 PROPRITORS FUNDS /SHAREHOLDERS FUNDS Current Year 2007: 1292 * 100 5594.05 = 23.1% Previous Year 2006: 856.53 * 100 4356.22 = 19.66%

AUDITORS REPORT
They have audited the attached consolidated Balance Sheet of JSW STEEL LTD and its subsidiaries as at March 31, 2007, the consolidated Profit and Loss Account for the year ended on that date annexed thereto and the consolidated Cash Flow Statement for the year ended on that date, which they have signed under reference to this report. These consolidated financial statements are the responsibility of the Companys management. JSW STEEL LTD responsibility is to express an opinion on these consolidated financial statements based on audit. They conducted their audit in accordance with auditing standards generally accepted in India. Those Standards require that they plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are prepared, in all material respects, in accordance with an identified financial reporting framework and are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. They believe that their audit provides a reasonable basis for their opinion. They report that the consolidated financial statements have been prepared by the Company in accordance with the requirements of Accounting Standard 21 Consolidated Financial Statements issued by the Institute of Chartered Accountants of India and on the basis of separate audit of financial statements of JSW STEEL LTD and its subsidiaries included in the consolidated financial statements.

 On the basis of the information and explanations given to them, and on consideration of the separate audit reports of individual audited financial statements of JSW STEEL LTD and its aforesaid subsidiaries, in their opinion, consolidated financial statements give a true and fair view in conformity with the accounting principles generally accepted in India: in the case of the consolidated Balance Sheet, of the consolidated state of affairs of JSW STEEL LTD and its subsidiaries as at March 31, 2007; in the case of the consolidated Profit and Loss Account, of the consolidated results of operations of JSW STEEL LTD and its subsidiaries for the year ended on that date; in the case of the consolidated Cash Flow Statement, of the consolidated cash flows of JSW STEEL LTD and its subsidiaries for the year ended on that date.

For Deloitte Haskins & Sells Chartered accountants P.B.Pardiwalla Partner Membership no. 40005 Place: Mumbai Date: April 30, 2007

DIRECTORS REPORT
The directors' report is an annual communication to the shareholders about the financial results, business operations and future outlook of the company. This report is prepared and circulated among the shareholders along with the financial statements before the annual general meeting. The following are the details about the companys directors report. 1. FINANCIAL RESULT: (a) The company has seen a growth in total revenue as well as in the net profit earned in the current year as compared to the previous year. The net profit has increase from 12.59% to 13.83%. Therefore the increase in net profit margin is 1.24%. (b) In the financial year, there has been increase in capacity of crude steel, hot strip mill and pellet plant production. (c) The company has also showed a production growth of 18%. 2. DIVIDEND: (a) On 13- 3- 2007 the directors declared an interim dividend of Rs 12.50 per equity share of Rs 10.00. (b) With Corporate tax on dividend, the total outflow was Rs 233.73 crore, that is, increase of 63% as compared to previous financial year. (c) The dividend pay out comes to be 18.09%. (Calculation: 233.73/1292.00*100). 3. PROJECTS AND EXPANSION PLANS: (a) 1 MTPA Cold Rolling Mill complex to be in operation from the financial year 07-08. (b) Also, the Phase II of Modernization of Hot Strip Mill that will increase the capacity from 2.5 to 3.2 MTPA and blast Furnace I to increase the capacity from 0.9 to 1.2 MTPA to be ready till 07-09. (c) Other such projects are under way and improvements in product mix are taking place. (d) Steel consumption in previous year grew at 12% and total steel consumption is expected to reach 70 MT by 2011. (e) Hot Strip Mill with initial capacity of 2 MTPA can be increased to 5 MTPA. The cost of this project is estimated to be Rs 7000 crore.

4. OTHER DEVELOPMENTS: (a) A Memorandum of Understanding (MOU) is signed with the state government of Jharkhand for setting up a 10 MTPA green field steel plant with an initial investment of Rs 35000 crore. (b) A Development Agreement has been signed with the Government of West Bengal on 11th January, 2007 for setting up 10 MTPA steel plant which cost Rs 35000 crore. This plant will be named JSW Bengal Steel Ltd. (c) As a part of Clean Development Mechanism (CDM) project, a 100 MW captive power plant is planned to be set up for using waste gases. It has been registered by the CDM Executive board on 12 th January, 2007. The Certified Emission Reductions (CER) will be issued after examination by the CDM Executive board. 5. PROSPECTS: (a) The global finished steel consumption is expected to touch 1.178 bn tones in 2007 with the growth of 5.8%. (b) The world economy is expected to grow at 3.7% in 07 and therefore, 2007 is expected to be a good year for steel industry. 6. FORMATION OF SUBSIDIARIES: (a) A wholly owned subsidiary overseas by the name of JSW Natural Resource Limited to pursue acquiring coal assets or other assets relating to steel industry. (b) A wholly owned subsidiary company in London (UK) by the name of JSW Steel (UK) Limited to strengthen and widen the companys presence in the international market to identify and speed up the acquisition in steel related business. (c) A wholly owned subsidiary company in India by the name of JSW Steel Processing Centers Limited to set up service centers to meet the demand of user industry.

7. ASSOCIATED COMPANIES FOR POWER, OXYGEN AND

MINING:
(a) JSW Energy (Vijaynagar) Limited (JEVL) is setting up a 600 MW power plant adjacent to steel plant of the company in the state of Karnataka. A long term Power Purchase Agreement has being signed by the company. (b) As per last Audited Financial Statement for the year ended 31st march, 2006 of Jindal Praxair Oxygen Company Private Limited (JPOCL), the reported turnover and net profit after tax were Rs 296.48 crores and Rs 54.00 crores respectively. (c) During the financial year 2006-07, Vijaynagar Minerals private Limited (VMPL) has supplied 1.20 mt of iron ore which is 10% higher than earlier years. VMPL has secured an approval for 2.5 MTPA for production from the Government of Karnataka. 8. CREDIT RATING: Credit Analysis & Research Ltd. (CARE) has assigned a rating of CARE AA- (Double A minus) to the secured Non- Convertible debentures.

9. FIXED DEPOSITS: The company has not accepted any Fixed Deposit s from the public.

10.

SHARE CAPITAL:
(a) 500000 equity share of Rs 10 each to Mr. Sajjan Jindal and 6500000 equity shares of Rs. 10 each to JSW Investments Private Limited were allotted at Rs 272 per share. (b) During the year under review the companys paid up equity share has increased from Rs 1,56,97,55,170 to Rs 1,63,97,88,130.

11.

DIRECTORS:
(a) Two directors have retired as per the rotation and are now eligible fro their reappointment. Their proposals are placed for approval. (b) Also, Mr. Sajjan Jindal has been reappointed by the Directors as the Chairman and Managing Director for the period of 5 years.

12.

AUDITORS:
M/s Deloitte Haskins & Sells, Chartered Accountants, has retired and has expressed their willingness of being the Auditor of the company.

13.

PARTICULARS REGARDING CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:

(a) The company has taken many steps so as to conserve natural resources and other form of energy. (b) Replacement of few machines and improvements in the existing machinery is included in their current and future prospects.

14.

PARTICULARS OF EMPLOYEES:
All the information regarding the designation, remuneration, experience etc of the employees along with their name has been provided.

15.

AWARDS AND RECOGNITION:

(a) The company has received various awards and recognition from different organizations. (b) The awards include that of National Sustainability Award and CII Award for Business Excellence among others.

16.

CORPORATE GOVERNANCE:
The company has complied with the requirements of clause 49 of the listing agreement regarding Corporate Governance.

17.

DIRECTORS RESPONSIBILITY STATEMENT:

(a) The directors of the company are responsible and trustworthy and have followed the required accounting standards along with the explanation. (b) They have provided to the shareholders with the fair information regarding the state of affair of the company.

CORPORATE GOVERNANCE
JSW steel ltd has complied with the requirements of clause 49 of the listing agreement with stock exchange regarding its corporate governance.

1. Companys philosophy
The board members consisting of experts make sure that the laws and rules regulations are strictly followed. They believe not merely on drafting a code of corporate governance but also in practicing it. 2. Board of Directors: I. Composition: The board of directors consists of 12 Directors out of which 9 are non executive including the chairman. There are 6 independent directors which are in compliance with the stipulated 1/3rd. None of the directors is a member on more than 10 committees and chairman of more than 5 committees. II. Meetings and attendance: 5 meetings of the board were held during the year 31st march 2007 and a proper record of their attendance is maintained. 3. Audit Committee: I. The audit committee met 4 times during the year. This meeting consisted of 2 independent directors and 1 non independent director having complete knowledge of accounts audit and finance. II. Terms for the audit committee: To review the financial statements before submission to the board. To review reports of management auditors and internal audit departments. To review the weakness in internal control 4. Remuneration Committee: I. It is not mandatory as per the clause 49. it was formed on 23/3/02. For the year 31/3/07 remuneration committee met once. II. Functions: The main function of remuneration committee is to determine the specific remuneration to be paid to the executive directors on behalf of the board and shareholders. Remuneration is paid on the basis of appraisal system and the remuneration policy followed by the companies of similar size and industry standards.

Present remuneration structure of executive directors comprises of salary, allowances, performance linked incentive and contributions to PF and gratuity. Non executive directors are paid Rs 20000 for each meeting of the board.

5. Shareholders/investors grievance committee:

I. Grievance committee met 2 during the year. II. Terms of this committee are as follows: To review the reports submitted by the registrars and share transfer agent at half yearly intervals. Follow up on implementations of suggestions for improvement. Periodically report to the board about the serious concerns if any. 6.

Disclosures:

I. JSW has always been disclosing information regarding the facts and working status of the company to its shareholders. II. There are no transactions taking place between with its promoters, directors or relatives which are against the companys interest. III. No penalties have been imposed by the stock exchange or SEBI or any other statutory authority on any matter related to capital market during the last 3 years. IV. The funds raised has been utilize towards the objects of the issue. V. JSW has been following the Whistle Blower Policy which specifies the procedure, reporting authority for reporting unethical behavior or fraud. It also provides safeguards against victimization or unfair treatment. 7. Means of Communication: I. The financial results of the company are sent to stock exchange immediately after they are approved by the board. They are also published in the leading newspapers, one in English and one in the vernacular language of the state where the registered office of the company is situated. II. As per the requirements of clause 51 of the listing agreement, all the data relating to quarterly financial results are being electronically filed on the EDIFAR website within the time frame. III. Management discussion and analysis report is a part of the annual report.

MANAGEMENT DISCUSSION AND ANALYSIS

Steel Scenario: Global Steel Scenario
Growth in Global Crude Steel production, 2007: 1 World +8 .4% China +17.8% Rest of World + 3.6% Visible Slow down in US Economy (Q-1, 2007 GDP: +0.7% v/s 5.6%) Decelerating construction / Rising housing inventory (May-07: +23.5%) Lower Auto production. (May-07: -1.6%) Rise in demand for Plates and Pipes driven by booming Oil and Gas industry

1
Depreciating US$ => Pressure on Domestic prices across all products Monsoon in Asia Slowdown in construction activities Increase in M & A activity It is Information revolution taking place in the World. Higher need of Fixed Asset Investment in the world as the World economy is expanding. 40 %of Global Steel demand ties up to capital spending and 40% to construction activity.

ANALYSIS:
Growing Steel Demand

Chinese Element:
Chinese exports higher in first six months at 35 Mn T. Net Exports at 25 Mn T. Production at 237.5 Mn (2007). Growth from 2006 by 18 % The Chinese government actions to restrain steel exports including introducing export taxes, licensing and withdrawal of rebates, are expected to slow down Chinese steel products exports. Robust growth of Chinese GDP at 11.5% in 2007. Chinese steel demand expected to rise by 13% in the second half of 2007(WSD Estimates).

ANALYSIS:
Positive to Steel demand

Steel: Domestic Scene:

Indian Steel Demand Growth is fuelled by the strong wave of Economic Development: Indian GDP growth rate in FY 2007 is 9.4%. Industrial production growth rate at 11.7 %( April 06May 07) from 10.8% (April 05-May 06) DEPB rates increased by 3% to ease the impact of Rupee Appreciation. Rupee appreciation coupled with correction in international prices has resulted in price adjustment of Rs. 600 to Rs. 800 per ton from 1st July 2007. Falling Inflation is expected to bring down interest rate which is positive in creating demand in Retail & Automobile Sector.

ANALYSIS:
Steel Demand in India is growing

Performance highlights:
Key Highlights:
Crude Steel production grew by 26% Saleable steel sold grew by 16% Net Sales grew by 37% EBIDTA grew by 68% Net Profit grew by 121% Diluted EPS grew by 112%

* Excluding non recurring Income

Financial Highlights:
Debt repayment of 234 crores The Weighted Avg.rate of Interest at 7.86% (8.06% without FCCB) Adjusted Debt Equity ratio at 0.69 Adjusted Long Term Debt to EBITDA at 1.14

MARKETING:
Growth in saleable steel by 26% Increased efforts in the marketing of galvanized products under the Jindal Vishwas brands Marketed colour-coated sheets in the International market Nearly 35% of the steel marketed was value-added The mix was spread across a number of products, varieties and grades The mix was influenced by the evolving demand in India and Abroad and Indian

RESEARCH AND DEVLOPMENT:

More than 20 process improvements were successfully implemented at various departments at Vijayanagar Works. Of the process improvements, international operational benchmarks four compared well with

Infrastructural support for R&D department, strengthening of R&D set-up and research facilities

including

VICE CHAIRMANS SPEECH

Mr. Sajjan Jindal is the principal promoter of the company. He is also the chairman of the other group companies and director in several other companies. He ha san experience of 25 years. With the global economy which is expected to have a boost in the year 2007, the production and sales of the steel sector is also expected to increase at a wider margin. The main aspects on which the vice chairman, Mr. Sajjan Jindal emphasized in his speech are as follows: The vice chairman stated that the wealth of the company has increased considerably as compared to that of last year. Also, the sales have increased and the company has able to capture a higher market share in this sector. The vice chairman states that India has a large hematite reserve which makes this country one of the best places in the world for production of crude steel The company has increased the capacity of crude steel production so as to capitalize the Indian advantage. India is one of the fastest growing economies in the world and the amount of infrastructure and other developments which are taking place makes India one of the highest consumers of steel in the years to come. Mr. Sajjan Jindal ha also said in his speech that the company is planning to increase its capacity to produce steel to 6 MTPA by the year 2008 and will continue to increase it. The company has extended its vision beyond India to ensure it has corporate sustainability through creation of subsidiary. The vice chairman is very optimistic about the companys future and he wants to provide the best of the service to its consumers and shareholders.

NAME OF THE DIRECTORS:

MRS. SAVITRI DEVI JINDAL CHAIRPERSON

MR. SAJJAN JINDAL VICE CHAIRMAN & MANAGING DIRECTOR

MR.Y SIVA SAGAR RAO JT. MANAGING DIRECTOR & CEO

MR. SESHAGIRI RAO M.V.S. DIRECTOR - FINANCE

DR. S.K. GUPTA - DIRECTOR

MR. ANTHONY PAUL PEDDER DIRECTOR

MR.UDAY M CHITALE DIRECTOR

MR.VIJAY KELKAR DIRECTOR

MR.SUDIPTO SARKAR DIRECTOR

MR.VINOD NOWAL DIRECTOR -COMMERCIAL

MS. ZARIN DARUWALA NOMINEE DIRECTOR - ICICI BANK LTD.

MRS. SHOBHA NAMBISAN, IAS NOMINEE DIRECTOR - KSIIDC

MR. JAMBUNATHAN, IAS RETD. NOMINEE DIRECTOR - UTI ASSETS MANAGEMENT CO. PVT. LTD.

MR.BISWADIP GUPTA DIRECTOR

NAME OF THE AUDITORS:

Deloitte Haskins & Sells Chartered accountants

NAME OF THE COMMITTEES:

AUDIT COMMITTEE REMUNERATION COMMITTEE SHAREHOLDERS/INVESTORS GRIEVIENCE

COMMITTEE

FUTURE STRATEGIES:
Their efforts to keep up the momentum of growth will see them setting up more facilities and adding to their operations. On the threshold of major expansion plan, they have now set their sights on a target of augmenting capacity at Vijaynagar works to 10 million tones per annum by 2010. SISCOL, Salem works is being expanded to one million ton capacity in 2007. The plant will make premium quality long products for construction and engineering applications.

10 million tonnes capacity integrated steel plants in West Bengal and Jharkhand are on the anvil. Securitization of raw materials through acquiring stakes in iron ore, coking and non coking coal mines in India and abroad. Targeting a turnover of Rs 20000 crores by March 2009, they are going all out to create value for all their stakeholders while retaining their consistent performance and even improve it year after year.

CONCLUSION:
Crude Steel Production 26.52 lacs tonnes: Up by

18%
Saleable Steel Sold 26.74 lacs tonnes: Up by 26 % Net Turnover Rs. 8594 Crores: Up by 38 % EBIDTA Rs. 2922 Crores: Up by 37 % PBT Rs. 1915 Crores: Up by 47 % PAT Rs. 1292 Crores: Up by 51 % Diluted EPS Rs. 78.88: Up by 42 %

Debt gearing 0.75 (0.96 as on 31.03.2006)

BIBLIOGRAPHY
Annual Report of JSW Steel Ltd. 2006-2007 Members of the company at its Bombay office Website of JSW Steel Ltd.