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JBF INDUSTRIES LTD

Corporate Presentation
November2011

Executive Summary
Overview Products & Business Mix JBF Industries is a global company engaged in the production of the polyester value chain Current polymerisation capacity of 1.04 MMT p.a. and downstream capacity of 325 KT p.a. Operates out of 3 domestic facilities, 1 in Gujarat and 2 in Silvassa, and 1 overseas facility in Ras AlKhaimah, UAE Promoted by Mr. Bhagirath C. Arya, a technocrat entrepreneur Listed on the BSE and NSE with a market cap of INR 8,940 mn (as on Sep 30, 2011) Product Mix can be divided into three broad categories:I. Polyethylene Terephthalate (PET) Chips: Textile Grade and Bottle Grade II. Polyester Yarn: Partially Oriented Yarn, Full Drawn Yarn etc. III. Biaxially-Oriented Polyethylene Terephthalate (BOPET) Films: Thin film, Thick film, Metallised film FY 11 Sales Mix (By Value) :- PET Chips 56%, Polyester Yarn 26%, BOPET Films 18% Indian facilities (Textile grade chips, bottle grade chips, and polyester yarn) caters to the Indian market 2nd largest domestic supplier of textile grade chips with a capacity share of ~26% 3rd largest domestic supplier of bottle grade chips with a capacity share of ~20% 3rd largest domestic supplier of Polyester Yarn with a capacity share of ~11% RAK facility (Bottle grade chips and Films) caters to European, MEAF and North American markets Market share of 66 % in the UAE and 50% in GCC region in the Bottle grade chips segment Income has multiplied ~9 times from INR 7,219 mn in FY 06 to INR 64,870 mn in FY 11 - CAGR of 55% EPS has multiplied ~ 9 times from INR 8.5 in FY 06 to INR 76.2 in FY 11 CAGR of 55% FY 11 Performance :- Income INR 64870 mn (up 31% YoY), EBITDA INR 9,743 mn (up 98% YoY), Net Profit INR 5,461 mn (up 157% YoY) Efficiency Ratios (FY 11) :- ROE 47%, ROCE 26% JBF is amongst the Top 10 producers of PET chips globally and will become amongst the Top 5 BOPET Film producers globally by December 2011. Company plans to be an integrated petrochemical player by setting up 1.12 MMT Purified Terephthalic Acid (PTA) plant at Mangalore SEZ thereby enhancing cost efficiencies and reduced logistics cost Company plans to set up a 390 KT p.a. PET plant in Belgium adjacent to British Petroleums PTA facility, that will ensure continuous supply of PTA
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Markets
Integrated Polyester Player of a Global scale

Financial Performance Highlights

Company Overview

Industry Overview
Financial Performance

Company Background
Company Overview

Established in 1982, JBF Industries was founded by Mr. Bhagirath Arya as a Yarn Texturising company, the company has since
backward integrated into the polyester value chain

Company is currently engaged in the production of products in the Polyester value chain such as: Polyethylene Terephthalate
(PET) chips which are of Bottle grade, Textile grade and Film grade; Polyester Yarn, such as Partially Oriented Yarn (POY), Polyester Filament Yarn (PFY), Full Drawn Yarn (FDY) and Other Specialized Yarn; and BOPET Films, which are of Thin grade, Thick grade and Metallised grade

It commenced its international operations in 2006 by foraying into the PET chips and BOPET Film business by setting up plant
at Ras-Al-Khaimah (RAK) UAE

Global petro-chemicals company achieving ~USD 1.4 bn revenues (> 45% overseas) in FY11. FY11 Dividend of INR 8/share. Backed by marquee investors like LIC, HDFC MF, ICICI Prudential, Sundaram, Jupiter India Fund, Reliance Capital (Sep 30, 2011)
Financial Highlights
Figures in INR Mn

Production Highlights (000 tons)


900 750 600 450
712
794 823

FY 09 Total Income EBIDTA EBIDTA Margin Net Profit Net Profit Margin EPS (INR) 43,376 5,377 12.4% 2,442 5.6% 38.4

FY 10 49,965 4,850 9.7% 2,128 4.3% 33.2

FY 11 64,870 9,743 15.0 5,461 8.4% 76.2


4

300
157 156

219 15 54 75

150 0 Chips Yarn

Films

FY 09

FY 10

FY 11

Management Profile

BC Arya Chairman

Qualified with a Bachelors Degree in Electrical Engineering Equipped with over 30 years experience in the Polyester industry particularly in the field of synthetic yarn Presently acting as Executive Chairman and handles all management and operating affairs of the Company

Rakesh Gothi Managing Director

B. Tech, MS & MBA degree holder; associated with the Company since January 1997 Equipped with over 30 years of experience; worked as Vice President (Marketing) at J.K. Synthetics Ltd and Nirlon Ltd Presently acting as Managing Director with a particular focus on production and marketing functions

P.N Thakore Director- Finance

Qualified Chartered Accountant and Cost Accountant ; associated with the Company since August 1990 25 years of experience, previous positions include Deputy General Manager (Finance) at Armour Chemicals Ltd., Manager (Finance) at Wockhardt Ltd Presently acting as Director (Finance) and responsible for managing Finance, Treasury and Banking functions

Nilesh K. Shah Director Commercial

Qualified science graduate; associated with the Company since 1992 Over 22 years of experience; previously Manager in the Production Department of Armour Chemicals Presently acting as Commercial Director and responsible for managing material procurement, inventories management, excise and other commercial tax related matters etc.
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Group and Shareholding Structure


Shareholding Pattern (As on Sept 30, 2011) Public
30.4%

Promoters
41.2%

Institutions
28.4%

Public & Others 24% Corporates 7% Promoters 42%

JBF Industries Ltd

SILVASSA Plants

`
100%^^

SARIGAM Plant

Institutions 27%
Corporates includes all domestic and foreign Corporate Bodies

JBF Global Pte. (Singapore)

Sr. TOP 10 Institutional Holders No. 1 2 LIC Of India HDFC AMC

% Holding* 4.4 % 3.2 %

100%

3
4 5 6 7 8 9

ICICI Prudential AMC


Sundaram AMC Jupiter India Fund Acadian Asset Management Reliance Capital MousseGanesh Ltd Deutsche AMC

2.8 %
2.8 % 2.6 % 2.1 % 1.9 % 1.2 % 0.9 %

JBF Ras Al-Khaimah

Indian Operations

UAE Operations

^^ JBF bought back 33% stake held by CVCI between MayDecember 2010 * As on 30th September, 2011 Source BSE India
6

10

UTI AMC
T OTAL

0.6 %
22.5 %

Market Data (Bloomberg JBF IN, Reuters JBFI.BO)


Price Data (As on September 30, 2011) Face Value (INR) 10 Key Indicators (For FY11 ) Book Value Per Share (INR) EPS (INR) ROE (%) ROCE (%) Debt to Equity (x) Dividend (%) Asset Turnover (x) 203 76.2 47% 26% 1.2x 80% 2.2x

Market Price (INR)


52 week H/L (INR) Market Cap (INR Mn) Equity Shares Outstanding (Mn) Free Float (Mn) 3 Month Avg. Trading Volume (INR Mn) Dividend Yield (%) Share Price Movement
25000 20000 Sensex 15000 10000 5000 0 Oct-10

125
224/119 8,940 71.7 41.7 15.3 6.4%

250 200 JBF Ind 150 100 50 0 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 JBF Ind
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Jun-11

Jul-11

Aug-11

Sep-11

Sensex Source Bloomberg, Capitaline, BSE India

Key Milestones
Ability to grow continuously through integration and scale..
Incorporated in 1982 / established itself as one of Indias Leading Polyester Texturisers Backward integration into chips production with 36,000 MT in Mar 01/ Expanded to 72,000 in Nov. 01 Commissioned Ras Al Khaima UAE plant; Capacity: 216 KTA grade chips and BOPET Film capacity of 48 KTA Backward integration by setting up a 1.12 MMT p.a . PTA plant in Mangalore.

Entered yarn manufacturing in 1996, capacity 18,000 MT/ Expanded to 36,000 in 1999

Expansion: Chips 108 KTA Yarns 144 KTA Setup Sarigam facility; 216 KTA textile grade chips

Acquired Microsynth Fabrics, Saily; Increased India Textile chips capacity to 460 KTA, RAK Bottle grade chips capacity to 390 KTA and BOPET Film capacity of 66 KTA at RAK

Texturising 1982 94

Yarn Manufacturing 1995 - 99

Textile Chips Manufacturing 2000 - 02

Scale up 2003 - 05

Geographical Diversification 2006 - 07

Expansion 2008 - 11

Backward Integration 2012- 15

Successful Commissioning of the RAK (UAE) Plant in record time ..........

April - 2006

April 2007

August 2007

History of starting and scaling up through backward/forward integration successfully Track record of successfully executing complex and large scale projects
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Business Value Chain


Basic Petrochemicals Polyester Value Chain
Partially Oriented yarn (POY)

Applications

PTA 0.86 MT 1 MT of Polyester melt

Specialized yarn (FDY/Micro POY) Yarn manufacturers

Bottle Grade chips

0.34 MT
MEG Film Grade chips Application/s in FMCG industry

PET Films

Solar Industry, FMCG & Other Applications

Value addition across the Polyester chain Value Chain segments covered by JBF Integrating backward by setting up a PTA plant by 2014/15
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Industry application

JBF RAK

JBF India

Textile Grade Chips

Weaving-Fabric, Garment

Polymerisation & Downstream capacity


(KTPA) Domestic (Gujarat & Silvassa) PET Chips (Textile + Bottle) Polyester Yarn Specialty Yarn International (RAK, UAE) Bottle Grade Chips BOPET Films Total 179 395 485 324 835 324 60 1,111 360 66 1,191 390 66 1,307 432 102 1,418 432 66 1,364 119 60 335 60 335 150 335 163 13 551 163 13 551 201 13 608 230 13 626 245 13 608 245 13 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12E FY12 YTD

FY05-11 Polymerisation capacity* growth - 7.8 x

JBF has witnessed significant capacity growth over FY 05-11 through a series of brown-field as well green-filed expansion
programmes

Commenced commercial operations at the RAK facility in FY 08 thereby diversifying its product portfolio JBF is currently undergoing de-bottle necking exercises in its domestic textile grade chips facility which would take the existing
total chips capacity from 608 KT p.a to 626 KT p.a., and is also in the process of adding another thick grade film line in RAK,

which would take the total films capacity from 66 KT p.a to 102 KT p.a.

Based on capacity expansion programme currently underway, it is expected to have a polymerisation (chips production)
capacity of 1,058 KT p.a. along with downstream capacity of 360 KT p.a. by end of FY12.
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Operational Overview - Domestic


Facilities Location

Sarigam, Gujarat

Textile Grade Chips 260,000 MT p.a. Specialty Grade Chips 200,000 MT p.a. Bottle Grade Chips 155,000 MT p.a. Total 608,000 MT
POY /Specialty Yarn/FDY: 108,000 MT p.a.

Saily, Silvassa

Athola, Silvassa

POY /Specialty Yarn/FDY: 150,000 MT p.a.

Facilities are located in close proximity to each other, the raw material suppliers and also to the major textile hub of Surat Facility locations ensure flexibility in operations, working capital requirement optimization and low logistical costs JBF is amongst the largest domestic manufacturers of Textile & Bottle grade chips as well as Polyester Yarn
Performance Highlights FY 10 FY 11 484,389 219,136 276,376 207,069 35,579 H1FY12
INR/Kg

Average Product Realization*


120 100
80 67 57 88 92

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Production (MTPA)
Chips POY & Specialty Yarn Sales (MTPA) Chips POY Sales (INR Mn) 276,411 150,132 26,913 128,065 113,142 20,988
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431,342 159,283

236,036 113,303

80 60 40 20 0

Chips

POY & Specialty Yarn

FY 10

FY 11

H1FY12

Operational Overview International


Facilities Location Ras Al-Khaimah, UAE

Bottle Grade Chips 432,000 MT p.a. BOPET Films 66,240 MT p.a.

Strategic Advantage of production facility in RAK, UAE: Tax free and no export duty zone Easy availability of raw material Major Port, giving easy access for exporting to USA and Europe Tap growth potential of the MEAF and GCC markets, which are the fastest growing PET markets in the world with more than 10% growth YoY First mover advantage in the Middle East region has helped secure preferred supplier contracts for bottle grade chips Expansion into higher value added products like Thick films and Metallised films
Performance Highlights Average Product Realization*

FY 10
Production (MTPA) Bottle Grade Chips Films Sales (MTPA) Bottle Grade Chips Films 331,014 53,940 360,283 54,638

FY 11
339,010 75,462

H1FY12
144,779
Rs/Kg

200 150 100 150

129
66

33,550

77

90

54
50

278,356 76,374

124,812 32,051
0 Bottle Grade Chips Films

Sales (INR Mn)

22,496

29,076

13,551
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FY 10

FY 11

H1FY12

Revenue Mix
Well Diversified Business Model. Product Mix (By Sales)

..Ensures acceleration into higher value added products


Product Deltas Product Delta * 6-11

POY 34%

Films 18% Textile grade Chips 66%

Total Chips India 28%

Chips India (INR/Kg)

POY (INR/Kg)
Chips RAK (USD/MT)

14-25
133-300 556-2,223

PET Chips RAK 28%

POY^ 26%

PET Film (USD/MT)


*Delta is calculated as Revenue (Less) Raw Material

FY 06-07 Product Mix (By Geography)

FY 11 Key Customers
CIS 2%

India 100%

USA 3%

EU 17%

India 54%

Domestic Textile grade chips: Welspun India, Jiwarajka Industries Bottle grade chips: Coca-Cola Co. Global Bottle grade chips: Coca-Cola Co, Nestle Waters,
Danone, Schweppes, Al Ain, Masafi, AFIA

ME/ Africa 24%

FY 06-07
^ Includes Speciality Yarn

FY 11
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Expansion Plans PTA Project


Facilities Location Mangalore, Karnataka Purified Terephthalic Acid (PTA) 1,120,000 MT p.a. JBF will develop a 1.12 MMT p.a capacity PTA plant, which will be amongst the largest in India The plant will be located in the Mangalore SEZ, for which land has been allotted to JBF The company will source Paraxylene (Px) from the OMPL Aromatics Refinery that is expected to be commissioned by February 2013, and is only 1km away from the SEZ Company currently undergoing environmental clearance activities and finalizing on Technological and Engineering, Procurement and Construction (EPC) partners The plant is expected to be commissioned by end of 2014 Expected Project Cost - ~$600mn Expected Debt:Equity - 70:30 Project Cost

Logistics Savings

Working Capital Advantage JBF expects to save ~ $40-$50 per ton in freight for its RAK facility, due to reduction in logistical costs that it incurs currently by procuring Px in UAE and sending it to South East Asia to convert it into PTA JBF Indias operation is expected to save ~ $15-$20 per ton on logistical costs of PTA imports
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JBF Group currently consumes around 800-900 KT p.a of PTA PTA is a scarce commodity in India, due to which JBF imports around 20-30% of PTA p.a Stability and sustainability of margins only possible in an integrated setup

JBF RAK has a 3-4 week PTA delivery time which would reduce to 3-5 days Imports to JBF India take 3-4 weeks currently, which would reduce to 1-2 days

Expansion Plans PET Project


Facilities Location Geel, Belgium

Bottle Grade Chips 390,000 MT p.a.

JBF will develop a 390 KT p.a. capacity PET plant to manufacture bottle grade chips The plant will be located in the Geel province of Belgium, and will be a co-location plant next to British Petroleums (BP) PTA facility Company currently undergoing stringent environmental clearance activities The plant is expected to be commissioned by end of 2014 Expected Project Cost - ~$200mn Expected Debt:Equity - 70:30

New Market Penetration JBF Currently does not supply any bottle grade chips to the European Union market Demand strong for bottle grade chips in EU and it is still a net importer of bottle grade chips

Logistic Advantage Being a co-location plant with BPs PTA facility will ensure continuous supply of PTA with logistcal cost savings being passed to JBF Industries

Prestigious Tie Up British Petroleum had short listed JBF after reviewing other global PET manufacturers to setup this plant

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Company Overview

Industry Overview
Financial Performance

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Global Polyester Industry


Polyester Market Overview
Mn Tonnes 100 90 80 70 60 50 40 30 20 10 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Capacity Production Oper. Rate Operating Rate 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

Global Polyester capacity is estimated at ~ 70 MMT


whereas overall production is estimated at ~49 MMT at the end of 2010 Global Polyester Industry is one of the few that witnessed demand growth even during the 2008 downturn Operating rates have been stable averaging ~75% and are expected to increase further backed by higher demand and stable capacity additions Polyester Production AAGR (%)** 2005-10 4.4% 2010-15E 6.0%

Polyester Segmental Break-up


2010 World Fiber Production (Mn Tonnes)
Acryclic/Nylon etc, 6 Cellulosics, 3

Global Demand AAGR** Polyester Film Polyester Filament Yarn (PFY) Polyester Staple Fiber (PSF) PET Resin (For Bottles)
**AAGR Average Annual Growth Rate Source CMAI Global

2005-10 3.7% 10.7% 2.5% 4.9%

2010-15E 7.9% 10.4% 2.7% 5.5%

Cotton, 25

2010 World Polyester Production (Mn Tonnes) Film, 3 PFY, 23

Polyester Yarns and Fibers, 37

PSF, 14 PET, 15

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Indian Polyester Industry


Polyester Market Overview
Operating Mn Tonnes Rate 100% 10 9 90% 8 80% 7 70% 6 60% 5 50% 4 40% 3 30% 2 20% 1 10% 0 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Capacity Production Oper. Rate

Indian Polyester capacity is estimated at ~ 5.5 MMT


whereas overall production is estimated at ~4.2 MMT at the end of 2010 Growth in capacity addition in 2010-15E to moderate compared to 2005-10 levels and Operating rates expected to remain stable at 75-80% levels. Polyester Production AAGR (%)** 2005-10 12.7% 2010-15E 8.9%

Polyester Segmental Break-up


5000 Indian Polyester Production (Mn Tonnes)

India Demand AAGR** Polyester Film Polyester Filament Yarn (PFY) Polyester Staple Fiber (PSF) PET Resin (For Bottles)
**AAGR Average Annual Growth Rate Source CMAI Global

2005-10 7.2% 14.8% 8.6% 7.1%

2010-15E 11.2% 16.3% 10.7% 9.4%


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4000 3000 2000 1000 0 2005 2006 2007 2008 PSF 2009 2010 FILM 2011 POY/PFY PET Resin2

Raw Material Scenario


Purified Terephthalic Acid Supply-Demand
Million Tons 70 60 50 40

30
20 10 0

Operating Rate 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Total Capacity World PTA Demand World Oper. Rate

Annual global capacity for PTA is estimated to be ~49.7

MMT at the end of 2010; whereas the global demand is estimated at ~40.7 MMT. Domestic Capacity of PTA is at ~3.5 MMT, while demand is at ~4 MMT and operating rates are at Major Suppliers Global - Samsung Petrochemicals, Total Petrochemicals, BP Aromatics, Acetyls Domestic Reliance Industries, Mitsubishi Chemical, Indian Oil Corporation Operating rates expected to moderate due to relatively higher growth in capacity additions Demand to remain firm and is expected to grow at a CAGR of 6.4% from 2010-14

Monoethylene Glycol Supply-Demand

Annual global capacity for Monoethylene Glycol (MEG) is


estimated to be 25.3 MMT at the end of 2010; whereas the global demand is estimated at 18.5 MMT Domestic Capacity of PTA is expected at 1.2 MMT, while demand and operating rates are at Major Suppliers Global - SABIC, Sinopec Group, Formosa Petrochemical, Shell, ME Global Domestic Reliance Industries, Indian Oil Corp Operating rates for the 2010-14 period are expected to be higher on back of slower growth in capacity addition
Source CMAI Global
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Million Tons 30 25 20 15 10 5 0

Operating Rate 95 90 85 80 75 70 65

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Total Capacity MEG Demand Operating Rate

Major Polyester Companies


India - Polyester Yarn
Others 20% Gardensilk 8% Alok 9%

India - PET Chips (Bottle Grade)


Futura Poly 7% Pearl 4% JBF Ind. 20% Dhunseri (SAP) 26% Reliance Ind 43%

India PET Chips (Textile Grade)


Others Sumeet 9% 5% Reliance Ind. 7% Bhilosa 8% JBF Ind. 26%

Reliance Ind. 37%

Garden Silk 45%

Indo JBF Ind. Rama Syn 11% 15%


rd

JBF ranked 3 in domestic POY capacity share..

JBF ranked 3 in domestic bottle grade chips capacity share..

rd

JBF ranked 2 in domestic textile grade chips capacity share..

nd

Global PET Chips (Bottle Grade)


Company M&G Group IVL Jiangsu Sanfanxiang DAK Americas LLC Artenius Nan Ya Plastics Corp INVISTA Eastman JBF Industries Region NA / SA / EU NA / EU / Asia China NA / SA Europe NA / Asia NA / Europe NA Asia / ME Capacity Capacity (KTA) Share (%) 1760 1498 1148 910 855 845 800 776 725 521 9% 8% 6% 5% 4% 4% 4% 4% 4% 3%
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Global BOPET Films


Company DuPont JBF ranked th 10 in global bottle grade chips and BOPET Films capacity share.. Zhejiang Toray Mitsubishi Flex SKC Kodak Kolon Jindal Poly Region NA/ EU / Asia China NA / EU / Asia NA / EU / Asia SA / ME / Asia NA/ Asia NA/ Europe Asia India

Capacity Capacity (KTA) Share (%)


455 351 303 216 195 105 105 95 95 14% 11% 9% 7% 4% 3% 3% 3% 3%

Far Eastern Textiles Ltd Asia

JBF Industries

ME

66*

2%

Source 2011 WTPA CMAI report

* - By Dec 2011 capacity to reach 102 KTA

Company Overview

Industry Overview
Financial Performance

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Financial Summary
Total Income
70,000 60,000 50,000
49,965 43,376 28,790 15,148

EBITDA
65,461

PAT
9,584

10,000 8,000 6,000 4,000 2,000 0


1,754 5,377 4,850

6,000 4,500 3,000 1,500 0


1,302 785

5,461

40,000
30,000 20,000 10,000 0

2,442

2,748

2,128

FY 07

FY 08

FY 09

FY 10

FY 11

FY 07

FY 08

FY 09

FY 10

FY 11

FY 07

FY 08

FY 09

FY 10

FY 11

FY 07-11 CAGR 44%


All Figures in INR Million

FY 07-11 CAGR 53%

FY 07-11 CAGR 62%

Margin Analysis (%)


16.0%

Efficiency Ratios (%)


50.0% 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0%

14.0% 12.0% 10.0%


8.0% 6.0% 4.0% 2.0% 0.0% FY 07 FY 08 FY 09 EBITDA Margin FY 10 PAT Margin FY 11

FY 07

FY 08 ROE

FY 09

FY 10 ROCE

FY 11

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Income Statement Consolidated


Figures in INR Mn

Income Statement Income Total Expenses EBITDA EBITDA Margin Exchange Difference & Derivative Loss Depreciation

FY 08 28,948 26,122 2,826 9.8% NA 596

FY 09 43,537 38,882 4,655 10.7% NA 779

FY 10 49,689 44,740 4,949 9.9% (149) 1,173

FY 11 64,870 55,127 9,743 15.0% 945 1,314

H1FY12 34,539 30,782 3,757 10.9% 1,084 713

Interest *
PBT Tax Profit After Tax PAT Margin Minority Interest Profit After Minority Interest

633
1,597 295 1,302 4.50% (35.3) 1,337

975
2,901 459 2,442 5.61% 553 1,889

1,258
2,668 540 2,128 4.3% 224 1,904

1,421
6,063 602 5,461 8.4% 5,461

594
1,366 83 1,283 3.7% 1,283

EPS

21.49

30.36

30.61

76.21

17.84

*Interest amount for FY08 and FY09 includes amount by way of Forex (Gain)/Loss
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Balance Sheet and Cash Flow


Figures in INR Mn

Balance Sheet - Consolidated (INR Mn) Share Capital Cumulative Redeemable Preference Shares (CRPS)

FY 08 622 -

FY 09 622 -

FY 10 622 -

FY 11 717 266

Reserves
Net worth Minority Interest Loan Funds TOTAL LIABITILITES Net Fixed Assets (Incl Capital WIP) Investments Net Current Assets (Excluding Cash) Cash & Bank Deferred Tax Liability (Net) TOTAL ASSETS Cash Flow- Consolidated (INR Mn) Cash and Cash Equivalents at Beginning of the year Net Cash from Operating Activities Net Cash Used in Investing Activities Net Cash Used in Financing Activities Net Inc/(Dec) in Cash and Cash Equivalent Cash and Cash Equivalents at End of the year

5,211
5,933 3,161 8,366 17,459 13,361 594 1,133 3,353 -982 17,459 FY 08 171 2,942 -4,125 4,365 3,182 3,353
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6,709
7,331 3,997 12,414 23,743 20,837 361 2,873 899 -1,226 23,743 FY 09 3,353 2,988 -7,435 2,325 -2,122 899

8,117
8,740 3,633 13,644 26,016 21,165 1,310 3,880 999 -1,337 26,016 FY 10 899 1,951 -2,199 352 103 999

13,555
14,538 17,836 32,374 24,705 1,280 5,469 2,350 -1,430 32,374
Figures in INR Mn

FY 11 999 7,963 -5,644 1,388 932 2,350

Peer Comparison
EBITDA Margins (%) FY11 ROE (%) FY11

IVL (TB), 11.0% Century Enka, 12.2% Garden Silk, 8.1% Indorama Syn., 14.3% JBF Ind., 15.0% Century Enka, 13.2% Garden Silk, 16.6% Indorama Syn., 28.2%

IVL (TB), 42.9%

JBF Ind., 47.0%

JBF recorded the highest EBITDA Margins amongst peers in 2011 Dividend Yield (%) As on Sep 30, 2011

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

JBF maintains the highest ROE levels amongst peers Asset Turnover (x) FY11

IVL (TB), 2.2%


Century Enka, 4.4% Garden Silk, 2.5% Indorama Syn., 6.1% JBF Ind., 6.4%

IVL (TB), 1.3


Century Enka, 1.5 Garden Silk, 2.0 Indorama Syn., 2.1 JBF Ind., 2.6

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%
25

0.0

0.5

1.0

1.5

2.0

2.5

3.0

JBF has one of the highest Dividend Yield ratios in India

JBF has the highest Asset Turnover Ratios amongst peers

For further details please contact :


Mukul Mahendru Partner Aarnine Financial Markets Advisory LLP 81, 8th Floor, Express Towers, Nariman Point, Mumbai - 400 021 Landline : 91(22) 2204 07 63 65 Headphone : +91 9967801177 Email :mmahendru@aarnine.com

Thank You

JBF Industries Ltd. Express Towers, 8th Floor, Nariman Point, Mumbai 400 021.

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