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 Petroleum’s 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 3 .

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) 43.2 4 300 157 156 219 15 54 75 150 0 Chips Yarn Films FY 09 FY 10 FY 11 .377 12.376 5.870 9. JBF Industries was founded by Mr. Textile grade and Film grade. Jupiter India Fund.4% 76. Reliance Capital (Sep 30.2 FY 11 64.4 FY 10 49.442 5. such as Partially Oriented Yarn (POY).128 4.7% 2.0 5. 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. 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.850 9. Polyester Filament Yarn (PFY). HDFC MF. Bhagirath Arya as a Yarn Texturising company.  Backed by marquee investors like LIC.4% 2.6% 38. Full Drawn Yarn (FDY) and Other Specialized Yarn. Polyester Yarn. which are of Thin grade. FY11 Dividend of INR 8/share.Company Background Company Overview  Established in 1982. Sundaram.743 15. ICICI Prudential.3% 33.965 4.4 bn revenues (> 45% overseas) in FY11.461 8. and BOPET Films.

5 . excise and other commercial tax related matters etc. Tech. Treasury and Banking functions   Nilesh K..N Thakore Director. associated with the Company since August 1990  25 years of experience.Finance Qualified Chartered Accountant and Cost Accountant .Management Profile   BC Arya Chairman Qualified with a Bachelor’s 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. MS & MBA degree holder. Synthetics Ltd and Nirlon Ltd  Presently acting as Managing Director with a particular focus on production and marketing functions  P. previous positions include Deputy General Manager (Finance) at Armour Chemicals Ltd.K. inventories management. Shah Director Commercial Qualified science graduate. worked as Vice President (Marketing) at J. previously Manager in the Production Department of Armour Chemicals  Presently acting as Commercial Director and responsible for managing material procurement. associated with the Company since January 1997 Equipped with over 30 years of experience. Manager (Finance) at Wockhardt Ltd  Presently acting as Director (Finance) and responsible for managing Finance. associated with the Company since 1992 Over 22 years of experience.

Group and Shareholding Structure Shareholding Pattern (As on Sept 30.5 % .6 % 22. (Singapore) Sr. 1 2 LIC Of India HDFC AMC % Holding* 4. 2011 Source – BSE India 6 10 UTI AMC T OTAL 0.1 % 1.4% Promoters 41.9 % JBF Ras Al-Khaimah Indian Operations UAE Operations ^^ JBF bought back 33% stake held by CVCI between May–December 2010 * As on 30th September.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 % 2.2 % 0. 2011) Public 30.4% 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.6 % 2.8 % 2.9 % 1. TOP 10 Institutional Holders No.2% Institutions 28.4 % 3.

7 41.4% 250 200 JBF Ind 150 100 50 0 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 JBF Ind 7 Jun-11 Jul-11 Aug-11 Sep-11 Sensex Source – Bloomberg. BSE India .BO) Price Data (As on September 30. Trading Volume (INR Mn) Dividend Yield (%) Share Price Movement 25000 20000 Sensex 15000 10000 5000 0 Oct-10 125 224/119 8.7 15.Market Data (Bloomberg – JBF IN. 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 76.3 6.2x 80% 2. Capitaline.2 47% 26% 1.940 71.2x Market Price (INR) 52 week H/L (INR) Market Cap (INR Mn) Equity Shares Outstanding (Mn) Free Float (Mn) 3 Month Avg. Reuters – JBFI.

. Entered yarn manufacturing in 1996.12 MMT p.. Capacity: 216 KTA grade chips and BOPET Film capacity of 48 KTA Backward integration by setting up a 1.05 Geographical Diversification 2006 . 01 Commissioned Ras Al Khaima UAE plant.15 Successful Commissioning of the RAK (UAE) Plant in record time . Increased India Textile chips capacity to 460 KTA.. Incorporated in 1982 / established itself as one of India’s Leading Polyester Texturisers Backward integration into chips production with 36.. 216 KTA textile grade chips Acquired Microsynth Fabrics.. April . RAK Bottle grade chips capacity to 390 KTA and BOPET Film capacity of 66 KTA at RAK Texturising 1982 – 94 Yarn Manufacturing 1995 .07 Expansion 2008 .99 Textile Chips Manufacturing 2000 .a ..11 Backward Integration 2012.2006 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 8 .000 in Nov... PTA plant in Mangalore..02 Scale up 2003 . Saily.000 in 1999 Expansion: Chips – 108 KTA Yarns – 144 KTA Setup Sarigam facility. capacity 18.000 MT/ Expanded to 36..Key Milestones Ability to grow continuously through integration and scale…….000 MT in Mar 01/ Expanded to 72.

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 9 Industry application JBF RAK JBF India Textile Grade Chips Weaving-Fabric.86 MT 1 MT of Polyester melt Specialized yarn (FDY/Micro POY) Yarn manufacturers Bottle Grade chips 0.Business Value Chain Basic Petrochemicals Polyester Value Chain Partially Oriented yarn (POY) Applications PTA 0. Garment .34 MT MEG Film Grade chips Application/s in FMCG industry PET Films Solar Industry.

which would take the total films capacity from 66 KT p.418 432 66 1. and is also in the process of adding another thick grade film line in RAK.a to 626 KT p.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.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 . by end of FY12..a. along with downstream capacity of 360 KT p.a.111 360 66 1.a.307 432 102 1. it is expected to have a polymerisation (chips production) capacity of 1. 10 .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 1.7.  Based on capacity expansion programme currently underway.058 KT p.a.a to 102 KT p.191 390 66 1.

136 276.411 150. Saily. Silvassa Athola.036 113.065 113.303 80 60 40 20 0 Chips POY & Specialty Yarn FY 10 FY 11 H1FY12 .376 207.000 MT p.Operational Overview .000 MT p.913 128.  Bottle Grade Chips 155.283 236. the raw material suppliers and also to the major textile hub of Surat  Facility locations ensure flexibility in operations.579 H1FY12 INR/Kg Average Product Realization* 120 100 80 67 57 88 92 110 Production (MTPA) Chips POY & Specialty Yarn Sales (MTPA) Chips POY Sales (INR Mn) 276.132 26.142 20.000 MT p.a.988 11 431. Total 608.Domestic Facilities Location  Sarigam. Gujarat Textile Grade Chips 260.342 159.389 219.a.000 MT p.a.069 35. Silvassa  POY /Specialty Yarn/FDY: 150.  Specialty Grade Chips 200.  Facilities are located in close proximity to each other.000 MT  POY /Specialty Yarn/FDY: 108.000 MT p. 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.a.a.

076 13.496 29. UAE  Bottle Grade Chips – 432.051 0 Bottle Grade Chips Films Sales (INR Mn) 22. 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 331.462 H1FY12 144.812 32.Operational Overview – International Facilities Location Ras Al-Khaimah.940 360. giving easy access for exporting to USA and Europe  Tap growth potential of the MEAF and GCC markets.374 124. UAE:  Tax free and no export duty zone  Easy availability of raw material  Major Port.638 FY 11 339.  BOPET Films – 66.a.550 77 90 54 50 278.283 54.014 53. Strategic Advantage of production facility in RAK.000 MT p.356 76.779 Rs/Kg 200 150 100 150 129 66 33.240 MT p.551 12 FY 10 FY 11 H1FY12 .010 75.a.

Al Ain.. AFIA ME/ Africa 24% FY 06-07 ^ Includes Speciality Yarn FY 11 13 .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.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. Masafi.Revenue Mix Well Diversified Business Model…. Nestle Waters. Schweppes. Danone. Product Mix (By Sales) ….

Karnataka    Purified Terephthalic Acid (PTA) – 1.~$600mn Expected Debt:Equity . which will be amongst the largest in India The plant will be located in the Mangalore SEZ.70:30 Project Cost      Logistics Savings Working Capital Advantage  JBF expects to save ~ $40-$50 per ton in freight for its RAK facility.a capacity PTA plant.000 MT p. and is only 1km away from the SEZ Company currently undergoing environmental clearance activities and finalizing on Technological and Engineering. 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 India’s operation is expected to save ~ $15-$20 per ton on logistical costs of PTA imports 14    JBF Group currently consumes around 800-900 KT p.Expansion Plans – PTA Project Facilities Location Mangalore. which would reduce to 1-2 days  .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. Procurement and Construction (EPC) partners The plant is expected to be commissioned by end of 2014 Expected Project Cost .12 MMT p.a. due to which JBF imports around 20-30% of PTA p.a of PTA PTA is a scarce commodity in India. 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 2013.120. JBF will develop a 1.

a.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 BP’s 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  15 .     JBF will develop a 390 KT p.~$200mn Expected Debt:Equity .000 MT p. and will be a co-location plant next to British Petroleum’s (BP) PTA facility Company currently undergoing stringent environmental clearance activities The plant is expected to be commissioned by end of 2014 Expected Project Cost . capacity PET plant to manufacture bottle grade chips The plant will be located in the Geel province of Belgium.Expansion Plans – PET Project Facilities Location Geel.a. Belgium    Bottle Grade Chips – 390.

Company Overview Industry Overview Financial Performance 16 .

6 Cellulosics. 14 PET. 25 2010 World Polyester Production (Mn Tonnes) Film.7% 2. 23 Polyester Yarns and Fibers.7% 10. 37 PSF.9% 2010-15E 7.7% 5. 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. 15 17 .9% 10.0% Polyester Segmental Break-up 2010 World Fiber Production (Mn Tonnes) Acryclic/Nylon etc. 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 – 4.5% Cotton.5% 4.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. 3 PFY.4% 2.4% 2010-15E – 6.

3% 10.8% 8.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.4% 18 4000 3000 2000 1000 0 2005 2006 2007 2008 PSF 2009 2010 FILM 2011 POY/PFY PET Resin2 .  Polyester Production AAGR (%)**  2005-10 – 12.2 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. Rate  Indian Polyester capacity is estimated at ~ 5.7% 2010-15E – 8.7% 9.9% 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 7.6% 7.1% 2010-15E 11.2% 14.5 MMT whereas overall production is estimated at ~4.2% 16.

7     MMT at the end of 2010.SABIC.3 MMT at the end of 2010. Acetyls  Domestic – Reliance Industries.4% from 2010-14 Monoethylene Glycol Supply-Demand  Annual global capacity for Monoethylene Glycol (MEG) is estimated to be 25.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. whereas the global demand is estimated at 18. while demand is at ~4 MMT and operating rates are at Major Suppliers  Global . while demand and operating rates are at  Major Suppliers  Global . 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. Shell. Formosa Petrochemical.5 MMT  Domestic Capacity of PTA is expected at 1. Sinopec Group. ME Global  Domestic – Reliance Industries. Domestic Capacity of PTA is at ~3. Mitsubishi Chemical.Samsung Petrochemicals.5 MMT. BP Aromatics. 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 19 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 .7 MMT. Total Petrochemicals.2 MMT. whereas the global demand is estimated at ~40.

Major Polyester Companies India .. Rama Syn 11% 15% rd JBF ranked 3 in domestic POY capacity share.By Dec 2011 capacity to reach 102 KTA . JBF ranked 3 in domestic bottle grade chips capacity share. 7% Bhilosa 8% JBF Ind. 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% 20 Global – BOPET Films Company DuPont JBF ranked th 10 in global bottle grade chips and BOPET Films capacity share. 37% Garden Silk 45% Indo JBF Ind. 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 * .. rd JBF ranked 2 in domestic textile grade chips capacity share.Polyester Yarn Others 20% Gardensilk 8% Alok 9% India .PET Chips (Bottle Grade) Futura Poly 7% Pearl 4% JBF Ind.. 26% Reliance Ind. 20% Dhunseri (SAP) 26% Reliance Ind 43% India – PET Chips (Textile Grade) Others Sumeet 9% 5% Reliance Ind..

Company Overview Industry Overview Financial Performance 21 .

000 4.000 60.0% 2.0% 15.377 4.000 2.0% 10.000 30.790 15.0% 4.376 28.000 0 1.500 3.748 2.0% 40.584 10.0% 5.0% 35.0% 10.0% 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 22 .0% 30.Financial Summary Total Income 70.500 0 1.148 EBITDA 65.000 49.0% 8.000 0 2.302 785 5.754 5.0% 20.000 50.0% 0.442 2.000 4.0% 6.0% 12.000 6.0% 45.461 PAT 9.000 1.0% 25.0% Efficiency Ratios (%) 50.000 8.000 10.965 43.000 20.0% 0.0% 14.461 40.128 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 (%) 16.850 6.

8% NA 596 FY 09 43.904 1.3% 224 1.7% NA 779 FY 10 49.283 3.537 38.122 2.539 30.901 459 2.689 44.9% (149) 1.314 H1FY12 34.889 1.597 295 1.302 4.757 10.882 4.128 4.442 5.283 EPS 21.61 76.461 8.49 30.948 26.949 9.50% (35.0% 945 1.668 540 2.7% 1.9% 1.Income Statement Consolidated Figures in INR Mn Income Statement Income Total Expenses EBITDA EBITDA Margin Exchange Difference & Derivative Loss Depreciation FY 08 28.740 4.826 9.366 83 1.173 FY 11 64.36 30.063 602 5.421 6.870 55.21 17.127 9.084 713 Interest * PBT Tax Profit After Tax PAT Margin Minority Interest Profit After Minority Interest 633 1.337 975 2.655 10.258 2.84 *Interest amount for FY08 and FY09 includes amount by way of Forex (Gain)/Loss 23 .461 594 1.782 3.3) 1.4% 5.743 15.61% 553 1.

644 1.538 17.837 361 2.365 3.988 -7.122 899 8.873 899 -1.644 26.310 3.353 2.337 26.836 32.350 -1.374 Figures in INR Mn FY 11 999 7.016 FY 10 899 1.740 3.633 13.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.555 14.414 23.997 12.459 FY 08 171 2.942 -4.951 -2.331 3.469 2.182 3.280 5.361 594 1.211 5.388 932 2.161 8.366 17.Balance Sheet and Cash Flow Figures in INR Mn Balance Sheet .435 2.963 -5.133 3.199 352 103 999 13.459 13.016 21.430 32.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 5.880 999 -1.226 23.374 24.117 8.709 7.743 20.743 FY 09 3.705 1.933 3.165 1.350 .125 4.353 -982 17.353 24 6.325 -2.

0% 12. 8.0% 4.1% JBF Ind..0% 20.0% 1. 47.Peer Comparison EBITDA Margins (%) – FY11 ROE (%) – FY11 IVL (TB).5 Garden Silk.0% JBF recorded the highest EBITDA Margins amongst peers in 2011… Dividend Yield (%) – As on Sep 30..0 Indorama Syn. 11.0% 14.0% 6.0% 16.5 1.2% Century Enka. 13.0% Century Enka. 15..0 JBF has one of the highest Dividend Yield ratios in India… JBF has the highest Asset Turnover Ratios amongst peers… .0% 6.5 2.5% Indorama Syn.4% IVL (TB).0% 10.3% JBF Ind.0 2.. 2011 0.6% Indorama Syn.. 6. 4.2% IVL (TB).0% 2. 28.0% 4. 14. 2..5 3.0% JBF maintains the highest ROE levels amongst peers … Asset Turnover (x) – FY11 IVL (TB).0 0. 1. 2.0% 3. 42.0% 40.0 1.2% Garden Silk.0% 25 0.2% Garden Silk. 2.9% JBF Ind.0% 2..1% Indorama Syn. 16. 6.0% 30.0% 10..0% 50.6 0.0% 5.3 Century Enka.0% 8.0% 0. 2.4% Garden Silk. 2.1 JBF Ind. 12.0% 7. 1.0% Century Enka.

26 .400 021 Landline : 91(22) 2204 07 63 – 65 Headphone : +91 9967801177 Email :mmahendru@aarnine.com Thank You JBF Industries Ltd. Express Towers. Express Towers. Mumbai – 400 021. Nariman Point. 8th Floor.For further details please contact : Mukul Mahendru Partner Aarnine Financial Markets Advisory LLP 81. Nariman Point. Mumbai . 8th Floor.