MAHARASHTRA SEAMLESS LTDNovember 2009

“Explore the true potential”

Corporate PresentationCorporate Presentation

FORWARD LOOKING & DISCLAIMER STATEMENT

This presentation contains “forward-looking statements” about our business, financial performance, skills and prospects. Statements about our plans, intentions, expectations, beliefs, estimates, prediction or similar expression for the future are forward-looking statements.

Forward looking statement should be viewed in the context of many risk issues, and events that could cause our actual performance to be different from that contemplated in this presentation, including but not limited to, the impact of changes in Oil, Steel Prices worldwide & domestic, economic & political conditions. We can not assure that outcome of this forward-looking statements will be realized.

The Company disclaims any duty to update the information presented here. The material presented can not be used for any other purpose in any form without our express written consent.

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Group & Company Overview

Market & Industry Overview

Financial Overview

Awards

SWOT Analysis & Future Outlook

Conclusions & Contacts

Pg: 4 to 9

Pg: 10 to 15

Pg: 16 to 18

Pg: 19 to 20

Pg: 21 to 24

Pg: 25 to 27

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GROUP STRUCTUREGROUP STRUCTURE

MSL – Maharashtra Seamless Ltd., JPL – Jindal Pipes Ltd., JDIL – Jindal Drilling & Industries Ltd.,

D P Jindal Group

Pipes

MSL JPL JDIL

Jindals embarked into business activity longback in 1952

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JINDAL is a brand synonymous with“Steel Pipes & Tubes”within & outside India.

Today D. P. Jindal Group is one of the leading industrial House in India, Having turnover of Over USD 825 Millions or INR 4000 Crores and having Market Cap in excess of USD 525 Million or INR 2500 Crores.

One of the largest producer ofSteel Pipes & Tubes

(in both Seamless & ERW)Jindals are pioneer & major contributory in Growth of Seamless & ERWPipes & Tubes Industry.

Drilling

A BRIEF ABOUT MSLA BRIEF ABOUT MSL

Leading manufacturer of Seamless & ERW Carbon & Alloy Steel Pipes & Tubes in India.

A unique track record of putting up the plant at the lowest CAPEX levels.

Is an ISO 9001 : 2000 Company and having API (5CT & 5L) and IBR Licenses.

Plant is strategically located at Nagothane, about 100 Kms. from Mumbai Port.

Both Seamless & ERW Plants are first of its kind in India and are having Technical Tie-up with SMS MEER (earlier known as MANNESMANN DEMAG) of Germany.

“CPE Technology”, used for Seamless Pipes & Tubes production (upto 7” OD), is the world renowned technology.

“Plug Mill Technology”, used for Higher Dia Seamless Pipes & Tubes production(from 7” to 14” OD), is the most reliable technology, in higher dia segment.

High Frequency Induction Welding Technology, is used for ERW Pipes & Tubes (upto 21” OD).

Having made a strategic business decision of foraying into Wind Power Generation business for captive consumption leading to low cost of Power Generation & substantial saving thereby.

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MAJOR MILESTONES OF MSL1988 Incorporated

1991 IPO Launched

1992 7” Seamless Plant Commissioned

1993 API Certification and Production of Casing & Line Pipes

1995 IBR Certification by Central Boiler Board

1996 ISO Certification by BVQI

2000 21” ERW Plant Commissioned

2001 7 MW Wind Power Plant Commissioned

2004 14” Seamless Plant Commissioned

2005 JV facility with Hydril USA for premium Connections Commissioned

2005 FCCB issue of USD 75 Million (entirely converted in Indian Equity Shares)

2006 Coating facility Commissioned

2007 6” Seamless Plant having 2,00,000 TPA acquired from Romania

2008 JV Arrangement with Tenaris reconstituted (post Hydril acquisition)

2008 Allocation of Non Coking Coal Block near Nagpur (Maharashtra) in consortium.

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INSTALLED CAPACITIESINSTALLED CAPACITIES

At Raigad (Maharashtra)

3,50,000 MT p.a. of Seamless Pipes (from 1/2 ” to 14” OD)

2,00,000 MT p.a. of ERW Pipes (from 6” to 20” OD)+ External / Internal Coating Facility (from 1” to 48” OD)

At Satara (Maharashtra)

20 Wind Turbine Generators (WTG) of 350 KW each, aggregating to 7 MW

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(2,00,000 MT p.a. of Seamless Pipe Plant is under erection)

PRODUCT ACCREDITIONPRODUCT ACCREDITION

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BOARD OF DIRECTORSBOARD OF DIRECTORS

Mr. D. P. Jindal Chairman

Mr. Saket Jindal Managing Director

Mr. U. C. Agarwal Director

Mr. D. K. Parikh Director

Mr. S. D. Sharma Director

Mr. S. P. Raj Whole-Time Director

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Mr. Anil Jain - CFO

Types of Pipes

Size Major Raw Material

Domestic Players Main Application

SEAMLESS 1/2” –

14” Round Steel Billets Maharashtra Seamless Indian Seamless TubesJindal SawBHEL, Remi Metals

Wide Application in High Pressure Oil & Gas Exploration & Drilling, Boiler, Automobiles, Process, Pipelines, Refineries

SPIRAL- H SAW

18” –

100” HR Coils Jindal SawPSLWelspun Gujarat Man Industries

Low Pressure Application Cross Country Line Pipes for Oil & Gas and Water Transport

- L SAW 16” –

50” Steel Plates Jindal SawWelspun Gujarat Man Industries

High Pressure Application Cross Country Line Pipes for Oil & Gas Transport

ERW 1/2 ” –

20” HR Coils Maharashtra SeamlessJindal PipesSurya RoshniWelspun Gujarat

Low Pressure Application Cross Country Line Pipes for Oil & Gas and Water Transport

DUCTILE IRON / CAST IRON

3” –

39” Pig Iron & Scrap Electrosteel CastingsJindal Saw Lanco KalahastiKesoram Industries

Water & Sewage Transport.

AN OVERVIEW OF INDIAN PIPES & TUBES INDUSTRYAN OVERVIEW OF INDIAN PIPES & TUBES INDUSTRY

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DEMAND DRIVERS FOR INDIAN PIPES & TUBES INDUSTRYDEMAND DRIVERS FOR INDIAN PIPES & TUBES INDUSTRY

Pipe Sector

Seamless HSAW LSAW ERW DI / CI HSAW ERW

Oil & Gas

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Non-Oil

Water & Sewage Transport

General Engg., Auto & Boiler

Seamless

TransportE & P

Boiler, Heat Exchanger & Condenser

VALUED CUSTOMERS

IOCL, HPCL, BPCL, EIL, RPL, MRPL, BRPL, CPCL

Oil & Gas Sector

Hydrocarbon & Process Industry

Automotive Industry

Bajaj Auto, LML, Mahindra & Mahindra, Telco,Scooter India

FAG (India) National Engineering Industries

Bearing Industry

Hydraulic Cylinder

UT Ltd., Salzgitter Hydraulic Pvt Ltd., AMCO Mining & Drilling

ABB, BHEL, ISGEC, Thermax, CetharVessels, NTPC, Alstom, Parharpur Cooling

Mechanical & General Engineering

Hindalco, NALCO, SAIL, Rashtriya Ispat Nigam, Greaves Ltd, L&T, Mecon, IISCO, Indian Railways, DLW, ICF

ExportsEnergy Tubular, Chevron, Texaco, AL-Furat Petroleum Corpn., SyriaKuwait National Petroleum Co., KOC

ONGC, OIL, GAIL, RIL, Indraprasta Gas, Cairn Energy, Mahanagar Gas Ltd,British Gas (India)

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MSL 50%

ISMT 25%

JINDAL SAW 10%

DOMESTIC MARKET SHARE OF SEAMLESS PIPES

The present Indian Market is approx. 0.5 Million MT p.a.

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IMPORT 15%

50%

10% 15%

25%

VENDOR REGISTRATION FOR MSL BY MAJOR CUSTOMER

Domestic International

Oil & Natural Gas Corpn.Ltd.

Engineers India Ltd.

Oil India Ltd.

Gas Authority of India Ltd.

Indian Oil Corpn.Ltd.

Bharat Petroleum Corpn.Ltd.

Steel Authority of India Ltd.

Bharat Heavy Electrical Ltd.

National Thermal Power Corpn.

Indian Railway

AL-Furat Petroleum Corporation,Syria (JV Company of Shell)Sat Joint Operation, Saudi Arabia& Kuwait (JV Company of Chevron, Texaco & KOC)Kuwait Oil Company (KOC), KuwaitMobile Producing Nigeria,

(JV Company of Mobile & NNPC)NIOC, IranMinistry of Oil & Gas, OmanArabian Gulf Oil Company, LibyaEnergy Tubular, USAMalaysian International Trading Corpn. (subsidiary of Petronas, Malaysia)Saudi Aramco, Saudi ArabiaOccidental of Oman (OXY), Oman

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MAJOR GLOBAL SEAMLESS PLAYERS

Domestic International

Maharashtra Seamless Ltd.

Indian Seamless Metals Tubes

Jindal Saw Ltd.

Remi Metals

BHEL (Captive Consumption)

Tenaris Group, Mexico(Siderca, Tamsa, Dalmine, Tavsa,NKK Tubes & Algoma Tubes)Vallourec, FranceVolski Tube Mill, RussiaPetrotub, RomaniaTianjin Pipe Corpn., ChinaSumitomo, JapanKawasaki Steel Corpn., Japan

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Description FY06 FY07 FY08 FY09 H1 FY10Audited Audited Audited Audited Unaudited

Sales 10769 15196 16404 21835 8775Other Income 182 315 437 721 116Total Income 10951 15511 16841 22556 8891PBIDT 2262 3725 3230 4145 2176Operating Profit(EBIDTA) 2080 3410 2793 3424 2060Intrest 48 35 37 116 19Depreciation 146 163 174 179 92Tax 627 1166 1058 1243 702Deferred Tax 46 23 8 8 (1)Profit After Tax (PAT) 1395 2338 1953 2599 1364Cash Profit 1587 2524 2135 2786 1455Equity Share Capital 288 350 353 253 353Net Worth 4139 9241 10934 13100 14464RatiosEBIDTA as % of Sales 19.3 22.4 17.0 15.7 23.5PAT as % of Sales 13.0 15.4 11.9 11.9 15.5ROCE 14.8 21.8 15.8 18.1 8.7RONW 33.7 25.3 17.9 19.8 9.4Basic EPS (Annualised) 24.23 38.38 27.70 36.56 19.33Dividend Per Share 7.00 5.5 5.0 5.0Gross Block of FA (Rs. Mn.) 3530 3742 4432 5144Adj. Book Value Per share 72 132 155 186 205

(Rs. Million)PROFIT & LOSS ACCOUNT EXTRACT

FINANCIAL POSITIONFINANCIAL POSITION

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IPO 1991

FCCB Issue 2005

Stock Split 2006

Market Cap Approx USD 482 Million

Free Float 48%

BSE Code 500265

NSE Code MAHSEAMLES

NSDL/CDSL–ISIN INE271BO1025

Bloomberg Code MHS.IN

Reuters Code MHSM.BO

MARKET SUMMARYMARKET SUMMARY

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The Equity Share Capital of Rs. 353 Million

Shares listed in NSE, BSE,& MSE.

52 Weeks High/Low at NSE INR 346 / 112.

Book Value per equity share(FV Rs. 5) INR 205.

Highlights

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SHAREHOLDING & CAPITAL STRUCTURESHAREHOLDING & CAPITAL STRUCTURE

Share Holding Pattern as on 30/09/2009

PromotersPublic / Others

NRIs

MFs / Institutional Investors

1.31%

22.45%

51.54%24.70%

MSL Awards…

We are proud and honoured to bring home various Awards. “Winning is

acknowledgement of our sincere efforts and the best practices that we follow”

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“Steel Pipe Manufacturer Of The Year”- Business Sphere Awards (2007-08)

“Asia’s Top 200 Small & Mid size Companies, Best Under a Billion” - Forbes Asia

“India’s Top 500 Companies, 2006 & 2007”- Dun & Bradstreet American Express Corporate Awards

Awards

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“Udyog Rattan Award”- Institute of Economic Studies

“IMM Award for Excellence, 2007”- Asian Economic Community, IMM

Globally competitive due to lower manufacturing cost and ability to meet stringent International Quality Standards.Strong Presence in Oil and Boiler Sector for Seamless Pipes.50-50 JV with Tenaris for Upstream Premium Threading Connections.Major Domestic Customers includes Cash Rich Public Sector Undertakings of Oil & Gas Sector.Only Indian manufacturer of Seamless Pipes for Tubing & Casing beyond 9-5/8” to 14” OD. Only Indian manufacturer of ERW Pipes beyond 16” to 21” OD Pipe, a competitive product over SAW Pipes in that range (for Cross Country Line Pipe Application).

Cash Rich & Debt Free Company.MSL casings are well accepted in USA market as “MAHA” Brand and is also having a Global presence in various countries of the world ranging across Middle East and Far East.Limited number of Manufacturers Internationally for higher OD Seamless Pipes.

Presently enjoying “AA” Rating from CRISIL & ICRA.

SWOTSWOTStrength

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SWOT CONTD….SWOT CONTD….

WeaknessLimited capacity to cater for Bearing / Auto industries.

Opportunities

Falling Steel Prices would lead to increase in Margins.

International Tie-up for enhancement and penetration of new export avenues.

Bearing /Auto industry.

Higher dia Seamless, Welded & Coated Pipes.

ThreatDelay in backward integration project.

Imports & Dumping of pipes & tubes from China.

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MARKET BACKGROUND & CURRENT OUTLOOKMARKET BACKGROUND & CURRENT OUTLOOK

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In the Current Year, exports have declined substantially, owing to the global recessionary pressure, particularly in USA.

Global Economy has been still going through recessionary pressures. However the signs of recovery are seen on the horizon and to happen soon. It is expected that we may see a formidable recovery shortly.

Global Market Demand for Seamless Pipes from Oil & Gas Industry is likely to go up in the forthcoming quarters. Domestic market conditions have also improved. Domestic Oil companies are moving on with their ongoing projects including Exploration & Production activities.

Anti dumping on Seamless Pipe has been effected in USA & Europe against China which will help Indian Manufacturers to export in these markets.

The company is now putting up intensive and aggressive marketing approach by expanding customer base both within domestic as well as international market to face the competition.

Focusing on Niche products within Pipe business viz. Higher Dia ERW, Seamless, Coated Line Pipes & 13 Chrome Pipe.

To fully exploit the export potential of SEAMLESS & ERW Pipes.

To double the existing Capacity for Seamless Pipe in next 4-5 years.

To set up Captive Power Plant for securing Energy requirements.

To set up / to acquire a Backward Integrated Plant for making Steel Round Billets.

FUTURE PLANS OF MSLFUTURE PLANS OF MSL

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1. Innovation

4. Right move at an early stage of cycle

3. Cost competitive manufacturer

6. Valued Customer Base / Relationships

7. Ability to contain both Capital and Operating Cost

5. Constant Creation/Addition of Value

2. Strong Financial Discipline

Sustaining Success: Key Points

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Questions

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CONTACTSCONTACTSAnil JainGroup CFO, D.P. Jindal GroupTel. No.: 91-124-2574724 (Dir.)E-Mail : aj@mahaseam.com

Sanjiv GuptaSenior ManagerTel. No.: 91-124-4624321 (Dir.)E-Mail : sanjiv@mahaseam.com

Corporate Office : Jindal Corporate CentrePlot No.30, Institutional Sector-44, Gurgaon – 122002 (Haryana)Tele. No.91-124-2574325, 4624000Fax No.91-124-2574327

Regd. Office & Works : Pipe Nagar, Village Sukeli, N.H. 17, B.K.G. Road, Taluka RohaDist. Raigad - 402126 (Maharashtra)

Website

: www.jindal.com/msl.htm

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Rahul BajajTel. No.: 91-124-4624326 (Dir.)E-Mail : rahul@mahaseam.com

Thanks!

We are striving hard to capture the respectable position in the global market. We are happy of having satisfied associates across the globe by maintaining our stringent systems. Let’s grow together and take our relationship further…