-1. Summary Information
|
|
|
Country |
|
|
Company Name |
JBF INDUSTRIES
LIMITED |
Principal Name 1 |
Mr. Bhagirath
Arya |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Rakesh Gothi |
|
|
|
Registration # |
000128 |
|
Street Address |
Survey No. 273, Village Athola, Silvassa,
Dadra and Nagar Haveli-396230 |
||
|
Established Date |
12.07.1982 |
SIC Code |
-- |
|
Telephone# |
91-260-2642745/46/2643861/62 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-260-2642297 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Yarn, Bulk Drugs |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs.982,600,000/- |
Product Name 3 |
-- |
|
Shareholders |
Shareholding of
Promoter and Promoter – 42.70% Public
shareholding – 57.30% |
Banking |
Bank of Baroda |
|
Public Limited Corp. |
YES |
Business Period |
30 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
Ba (50) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary |
-- |
JBF Global Pte. Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
7,157,800,000 |
Current Liabilities |
6,134,000,000 |
|
Inventories |
5,201,100,000 |
Long-term Liabilities |
11,219,600,000 |
|
Fixed Assets |
11,412,700,000 |
Other Liabilities |
2,792,700,000 |
|
Deferred Assets |
28,500,000 |
Total Liabilities |
20,146,300,000 |
|
Invest& other Assets |
5,889,500,000 |
Retained Earnings |
8,560,700,000 |
|
|
|
Net Worth |
9,543,300,000 |
|
Total Assets |
29,689,600,000 |
Total Liab. & Equity |
29,689,600,000 |
|
Total Assets (Previous Year) |
22,894,700,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
35,579,900,000 |
Net Profit |
1314200000 |
|
Sales(Previous yr) |
26,913,100,000 |
Net Profit(Prev.yr) |
1,290,000,000 |
MIRA
INFORM REPORT
|
Report Date : |
25.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
JBF INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 273,
Village Athola, Silvassa, Dadra and Nagar Haveli-396230 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
12.07.1982 |
|
|
|
|
Com. Reg. No.: |
54-000128 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.982.600 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999DN1982PLC000128 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ08465C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACJ2575J |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer and Seller
of Yarn, Bulk Drugs and Drug Intermediates, P.O.Y., etc. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 38000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. The
company has recorded a better increase in its sales turnover. Financial
position of the company of the company appears to be good. Trade relations are reported as decent. Business is active. Payments
are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Agency Name |
Rating |
|
CRISIL |
“3/5” (Good) |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory 1 : |
Survey No. 273,
Village Athola, Silvassa, Dadra and Nagar Haveli-396230, |
|
Tel. No.: |
91-260-2642745/46/2643861/62 |
|
Fax No.: |
91-260-2642297 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate
Office : |
8th Floor,
|
|
Tel No.: |
91-22-22885959 |
|
Fax No.: |
91-22-22886393 |
|
Email: |
|
|
|
|
|
Factory 2 : |
156/2, Village Saily, Saily-Rakholi Road, Dadra and Nagar Haveli,
Silvassa |
|
|
|
|
Factory 3 : |
Plot No. 53 and
43, Piparia Industrial Estate, Silvassa, Dadra Nagar Haveli, |
|
|
|
|
Factory 4 : |
Plot No, 65-B,
Piparia Industrial Estate, Silvassa, Dadra Nagar Haveli, |
|
|
|
|
Factory 5 : |
Plot No. 6301,
6312 and 6313, GIDC, Vapi, District Valsad, |
|
|
|
|
Factory 6 : |
Plot No. 408,
GIDC, Vapi, District Valsad, |
|
|
|
|
Factory 7 : |
Plot No. C-6,
MIDC, Mahad, District Raigad, |
|
|
|
|
Factory 8 : |
Plot No. 11 and 215 to 321, GIDC Industrial Estate, Sarigram-396155, |
|
|
|
|
Factory 9 : |
Plot Nos.130, 133, and 138, Village Athal Silavassa, Dadra Nagar Haveli |
|
|
|
|
Factory 10: |
Survey No. 273, Village Athola, Dadra and Nagar Haveli, Silvassa |
|
|
|
|
Factory 11: |
156/2, Village Saily, Saily-Rakholi Road, Dadra and Nagar Haveli, Silvassa. |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Bhagirath
Arya |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Rakesh Gothi |
|
Designation : |
Managing Director and Chief Executive Officer |
|
|
|
|
Name : |
Ms. P. N. Thakore |
|
Designation : |
Executive Director and Chief
Executive Officer |
|
|
|
|
Name : |
Mr. N. K. Shah |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mrs. Veena Arya |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Krishen Dev |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Prakash Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B R Gupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rahul Yadav |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sunil Diwakar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vinay Shah
(Nominee LIC) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ravishankar
Shinde (Nominee LIC) |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Ujjwala G. Apte |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
Category of Shareholders
|
No. of shares
|
Percentage (%)
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
30,754,695 |
42.70 |
|
|
30,754,695 |
42.70 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
30,754,695 |
42.70 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
9,289,607 |
12.90 |
|
|
30,232 |
0.04 |
|
|
3,120,487 |
4.33 |
|
|
6,896,932 |
9.58 |
|
|
19,337,258 |
26.85 |
|
|
|
|
|
|
4,582,221 |
6.36 |
|
|
|
|
|
|
7,751,997 |
10.76 |
|
|
8,750,975 |
12.15 |
|
|
841,977 |
1.17 |
|
|
154,738 |
0.21 |
|
|
547,125 |
0.76 |
|
|
200 |
- |
|
|
2,594 |
- |
|
|
137,320 |
0.19 |
|
|
21,927,170 |
30.45 |
|
Total Public shareholding (B) |
41,264,428 |
57.30 |
|
Total (A)+(B) |
72,019,123 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
72,019,123 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Seller of Yarn, Bulk Drugs and Drug Intermediates, P.O.Y., etc. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Polyester chips* |
MT |
608800 |
484389 |
|
Polyester filament yarn (POY) $ |
MT |
245000 |
211017 |
|
Polyester processed yarn |
MT |
13420 |
8119 |
Note:
* Includes 212929
MT (Previous Year 151567 MT) for captive consumption.
$ Includes 8176 MT (Previous Year 7015 MT) for captive consumption.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Bankers : |
|
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Facilities : |
(Rs. in Millions)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chaturvedi
and Shah Chartered Accountants |
|
|
|
|
Solicitors : |
Malvi Ranchoddas and Company |
|
|
|
|
Enterprises over which the Key Managerial
personnel and their relatives have significant influence : |
·
Arya Texturisers and Twisters ·
Arya Industries ·
Vaidic Resources
Private Limited |
|
|
|
|
Subsidiaries : |
|
CAPITAL STRUCTURE
As on 26.09.2011
Authorised Capital : Rs.2250.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.1605.113
Millions
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
71647956 |
Equity Shares |
Rs.10/- each |
Rs.716.500
Millions |
|
2661363 |
2.5% Cumulative Redeemable Preference Shares |
Rs.100/-each |
Rs.266.100
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.982.600 Millions |
Note:
1 Of the above
Equity Shares 182,450 Equity Shares of ` 10/- each were issued pursuant to the
scheme of Amalgamation of Microsynth Fabrics (India) Limited with the Company as
sanctioned by Hon’ble High Court of Judicature at Mumbai vide its order dated
23rd October,2008.
2 During the year
the Company has alloted:
(i) 3,558,333
(Previous year Nil) Equity Shares of ` 10 each fully paid up to Foreign
Currency Convertible Bond (FCCB) holders on exercise of option at a premium of
` 80/-per Share.
(ii) 5,290,471
(Previous year Nil) Equity Shares of ` 10 /-each fully paid up to Qualified
Institutional Buyers at a premium of ` 147.15/-per Share.
(iii) 556,704
(Previous Year Nil) equity shares of ` 10/-each fully paid up on exercise of
option by ESOS holders.
3 The ESOS holders
have the option to apply for one Equity Shares of ` 10 each fully paid up.
(Refer Note No. 26 of Schedule “P”)
4 As approved by
the Shareholders’ in their meeting held on 24th March, 2011, the Company has
allotted 2,661,363 2.5% Cumulative Redeemable Preference Shares (CRPS) of ` 100
each fully paid up aggregating to Rs.266.100 Millions in first tranche to Bank of India in pursuant to
line of credit approved by the bank to fund derivative losses. These CRPS are
redeemable at par on 30th September, 2018.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
982.600 |
622.400 |
622.400 |
|
|
2] Equity Share Suspense |
0.000 |
0.000 |
0.000 |
|
|
3] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
4] Reserves & Surplus |
8560.700 |
6726.700 |
5773.900 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9543.300 |
7349.100 |
6396.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5151.600 |
4185.400 |
3291.100 |
|
|
2] Unsecured Loans |
6068.000 |
4064.700 |
4051.300 |
|
|
TOTAL BORROWING |
11219.600 |
8250.100 |
7342.400 |
|
|
DEFERRED TAX LIABILITIES |
1414.800 |
1321.700 |
1209.000 |
|
|
|
|
|
|
|
|
TOTAL |
22177.700 |
16920.900 |
14947.700 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
11412.700 |
10494.000 |
9189.300 |
|
|
Capital work-in-progress |
1458.800 |
916.200 |
383.100 |
|
|
|
|
|
|
|
|
INVESTMENT |
4430.700 |
2545.900 |
1596.900 |
|
|
FOREIGN CURRENCY MONETARY ITEMS TRANSLATION DIFFERENCE
ACCOUNT |
28.500 |
36.200 |
162.800 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5201.100
|
3461.700
|
2383.900
|
|
|
Sundry Debtors |
2802.300
|
2549.500
|
2678.800
|
|
|
Cash & Bank Balances |
832.600
|
340.300
|
374.700
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
3522.900
|
2550.900
|
2138.500
|
|
Total
Current Assets |
12358.900
|
8902.400
|
7575.900
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1773.600
|
1511.400
|
1778.700 |
|
|
Other Current Liabilities |
4360.400
|
3456.500
|
1549.900
|
|
|
Provisions |
1377.900
|
1005.900
|
631.700
|
|
Total
Current Liabilities |
7511.900
|
5973.800
|
3960.300
|
|
|
Net Current Assets |
4847.000
|
2928.600
|
3615.600
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
22177.700 |
16920.900 |
14947.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
35579.900 |
26913.100 |
23944.100 |
|
|
|
Other Income |
232.800 |
373.800 |
131.700 |
|
|
|
TOTAL (A) |
35812.700 |
27286.900 |
24075.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase |
141.400 |
603.100 |
46.200 |
|
|
|
Manufacturing and other expenses |
30370.200 |
23141.000 |
20669.600 |
|
|
|
Personnel |
443.800 |
315.800 |
252.200 |
|
|
|
Selling and distribution |
989.700 |
705.300 |
520.400 |
|
|
|
Administrative and general |
299.800 |
115.200 |
852.700 |
|
|
|
Variation in stocks |
(713.100) |
(664.600) |
(588.000) |
|
|
|
TOTAL (B) |
31531.800 |
24215.800 |
21753.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4280.900 |
3071.100 |
2322.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1631.200 |
618.900 |
594.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2649.700 |
2452.200 |
1728.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
733.700 |
622.100 |
523.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1916.000 |
1830.100 |
1205.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
601.800 |
540.100 |
442.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1314.200 |
1290.000 |
762.700 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ADJUSTMENTS |
1.100 |
2.200 |
27.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3291.300 |
2575.200 |
2284.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
131.500 |
129.000 |
80.000 |
|
|
|
Transferred to debenture redemption
reserve |
32.500 |
5.700 |
0.000 |
|
|
|
Dividend Distribution tax for earlier year
written back |
(1.400) |
-- |
-- |
|
|
|
Proposed dividend on equity share |
573.200 |
373.500 |
311.200 |
|
|
|
Tax on proposed dividend |
93.000 |
63.500 |
52.900 |
|
|
BALANCE CARRIED
TO THE B/S |
3775.600 |
3291.300 |
2575.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
6459.100 |
6136.000 |
2125.700 |
|
|
|
Interest |
28.600 |
24.600 |
1.300 |
|
|
TOTAL EARNINGS |
6487.700 |
6160.600 |
2127.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
11233.400 |
6611.400 |
8057.800 |
|
|
|
Capital Equipment |
645.200 |
581.500 |
877.700 |
|
|
|
Colours and Chemicals and Oil and Lubricants |
37.200 |
61.500 |
80.300 |
|
|
|
Stores and Spares and Consumables |
20.700 |
20.300 |
51.600 |
|
|
TOTAL IMPORTS |
11936.500 |
7274.700 |
9067.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.53 |
20.69 |
11.81 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
9203.500 |
11753.300 |
11124.500 |
111764.400 |
|
Total Expenditure |
8767.500 |
11255.100 |
11305.000 |
11496.400 |
|
PBIDT (Excl OI) |
436.000 |
498.200 |
(180.500) |
268.000 |
|
Other Income |
115.3000 |
111.300 |
824.300 |
229.100 |
|
Operating Profit |
551.300 |
609.500 |
643.800 |
497.100 |
|
Interest |
229.400 |
264.100 |
325.000 |
360.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
321.900 |
345.400 |
318.800 |
136.500 |
|
Depreciation |
191.000 |
210.600 |
216.400 |
221.400 |
|
Profit Before Tax |
130.900 |
134.800 |
102.400 |
(84.900) |
|
Tax |
31.000 |
51.600 |
(179.200) |
(108.000) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
99.900 |
83.200 |
281.600 |
23.100 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
99.900 |
83.200 |
281.600 |
23.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.67
|
4.73
|
3.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.39
|
6.80
|
5.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.50
|
9.44
|
7.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.25
|
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.96
|
1.94
|
1.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.65
|
1.49
|
1.91 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
32] |
Passport No of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
Performance
The overall
production of Polyester Chips during the year has increased from 4,31,342 MT in
2009-10 to 4,84,389 MT in 2010-11, reflecting an increase of 12%. The overall production
of POY during the year has increased from 1,51,551 MT in 2009-10 to 2,11,017 MT
in 2010-11, reflecting an increase of 39%.Net sale of the Company also
increased from Rs.26913.100 Millions in 2009-10 to Rs.35579.900 Millions in
2010-11, reflecting an increase of 32%. The net profit of the Company has
increased from Rs.1290.000 Millions in 2009-10 to Rs.1314.200 Millions in
2010-11.
Expansion
The Company has
decided to set up a green field PTA project through JBF Petrochemicals Limited
at Mangalore, India. The Company has initiated acquisition of land activities
in SEZ at Mangalore and is finalising technology suppliers for setting up this
project and will be completed in 3 years.
SUBSIDIARY COMPANY
In accordance with
the general circular issued by the Ministry of Corporate Affairs, Government of
India, the Balance Sheet, Profit and Loss Account and other documents of the
subsidiary companies are not being attached with the Balance Sheet of the
Company. In accordance with the Accounting Standard AS-21, the audited
Consolidated Financial Statements including the Financial Information of
Subsidiary Companies are provided in the Annual Report. The Company will make
available the Annual Accounts of the subsidiary companies and the related
detailed information to any member of the Company who may be interested in
obtaining the same. The annual accounts of the Subsidiary Companies will also
be kept open for inspection at the Registered and Corporate Offices of the
Company and that of the respective Subsidiary Companies.
MANAGEMENT DISCUSSION AND ANALYSIS
Statement in this
Management Discussion and Analysis describing the Company’s objectives,
projections, estimates, expectations or predictions may be “forward looking
statements” within the meaning of applicable securities laws and regulations.
Actual results could differ materially from those expressed or implied.
Important factors that could make a difference to the Company’s operations
include raw material availability and prices, cyclical demand, foreign exchange
fluctuations and pricing in the Company’s principal markets, changes in
Government regulations, tax regimes, economic developments within India and the
countries in which the Company conducts business and other incidental factors.
WORLD SCENARIO:
The world economy
endured its most severe correction since the 1930s over the last 2 years.
Governments world
over have become more sensitive and proactive to enforce fiscal corrections to
mitigate financial bottlenecks. Monetary and fiscal policies have become more
effective and are far better coordinated worldwide. Governments have better
tools at their command and are using them relatively effectively as compared to
the past.
It is estimated
that the world GDP which was doomed to be abysmally low around 2%, may recover
by another 2% to say around 4%. Ensuring
fiscal discipline will be the prime focus with most governments. On the other
hand, governments will have to cope up with huge debts and the requirement to
meet the needs of ever demanding population groups. Vast improvements and
innovations in communications and computing technology over the past decade
have facilitated the establishment of a global market place for increasing
volumes of commodities, capital, and labor. Economies are now extremely choosy
in ensuring benefits through capital and technology transfers and hence making
goods and services available to the masses at best possible affordable rates.
However, unfortunate turn of events, natural or political do tend to scuttle
the entire development process, and governments have to build in a risk
management system to mitigate such unfortunate turn of events.
The world fibre
production for all various fibres i.e. cotton and non cotton, was estimated at
72 million Tonnes during the year 2010, 64% of which amounting to nearly 46 Mn.
Tonnes being in Synthetics category and balance 36 % amounting to 26 Mn. Tonnes
being in the Natural fibres category. Polyesters account for almost 37 Mn.
Tonnes of the Synthetics category – a single highest number of 80%. However,
apart from the fibre applications,
there are other
non fiber applications in Polyester, totaling to almost 17 Mn. Tonnes in 2010.
Consequently Polyester Production world over tantamounted to 55 Mn. Tonnes in
2010. The graph portrays the overall phenomenon for the current period:
WORLD AND INDIAN
POLYESTER SCENARIO
The world
production for Polyester has reached a total of 55 Million Tonnes by 2010. The
growth of Polyester Filament Yarn has been the highest amongst all the other
polyester based products of Staple Fibre, PET Resin for Bottle and PET Resin
for Film, clocking a number of almost 17%. Polyester Filament Yarn accounts for
nearly 45% of the overall polyester production. Going forward, it is expected
that in the next decade i.e. between 2010 and 2020 the composite growth rate
for all Polyesters should be slightly over 5 % though the highest growth rate
may emerge from Polyester Film in the region of around 7%.
Amongst the new
applications it is envisaged that there will be a growthin various applications
for both PET Resins, that is, for bottle end use as well as for PET resin for
film. It is anticipated that new applications in PET Resin such as for A PET
sheets, usage for PET in beer bottles etc will be increasing. At the same time
newer applications for Polyester Film in items such as Solar Photo Voltaic
Cells, lamination of TV screens and other high
end applications
are likely to emerge.
In India, overall
growth for polyester has been in the range of around 14% largely driven by
growth of Polyester Filament Yarn. Total polyester production in India stands
at around 4.3 Million Tonnes by end of 2010 with the Filament yarn accounting
for almost 52% of the total production. The graph below outlines the demand
trend in India for various types of Polyesters:
Last year has seen
a major changes in pricing of Raw Material PTA and MEG. This was attributed
largely to reasons of demand and supply, though prices of oil did contribute to
pricing of these petrochemical based raw materials. There was a stage when
prices kept galloping fuelled by rising demand and shortage in supply of PTA.
The graph below depicts this phenomenon. Over the last few months shortage and
high prices of cotton had led to the increased demand in Polyester. As of
today, polyester is the cheapest item, cheaper than cotton and way below prices
of nylon 6 or nylon 66 amongst the competing fibres. Research has also now
shown that a major proportion of polyester has now penetrated the lower income
group of the society. Further, there appears to be a vast potential for
polyester towards technical textiles where India has a very small penetration
as compared to other countries world over
EXPANSION PLANS AT
JBF
During the year 2010-11
the company has completed, by way of debottlenecking and expansion, increase in
capacity for both Polyester Chips as well as Polyester POY. The company’s
current capacity of chips stands at around 608,800 Tonnes per annum and for POY
at around 245,000 Tonnes per annum. During the year 2010-11 the company has
completed debottlenecking activities at JBF RAK, U.A.E. plant, thereby taking
the capacity up to 450,000 Tonnes per annum for Chips. In the year 2011-12, at
JBF RAK, U.A.E., the company would be adding on one more line for production of
Polyester Film, so as to increase the Film capacity from the current level of
66,000 Tonnes per annum to 100,000 Tonnes per annum.
NEW PROJECTS
a. Looking at the
size of operation at both India and U.A.E. and realizing that over a period of
next 2 / 3 years the company could be producing more than 1.2 Million Tonnes
per annum of Polyester and implying thereby the requirement of PTA to the
extent of nearly 1 million Tonnes per annum, the company has embarked on setting
up a green field PTA Project at Mangalore, India. The company has initiated
acquisition of land activities in SEZ at Mangalore and is finalizing technology
suppliers for setting up this project through a subsidiary JBF Petrochemicals
Limited. It is expected that the project would be completing by around 1st
quarter of 2014 and once completed the company would be self sufficient and
self reliant in its procurement of its vital raw-material PTA.
b. BP has entered
into agreements with JBF RAK LLC under which JBF RAK LLC is to build a new
390,000 tonnes per year Polyethylene Terephthalate (PET) production unit at
Geel, Belgium, subject to required approvals.
The agreements
provide JBF rights to build and operate this PET unit as a co. location on BP’s
existing Petrochemicals complex in Geel, adjacent to BP’s world-class Purified
Terephthalic Acid (PTA) facility. BP will in return supply PTA directly to this
new PET manufacturing unit.
Contingent liabilities in respect of –
(Rs.In Millions)
|
PRATICULAR |
31.03.2011 |
|
a) Estimated
amount of Contract remaining to be executed on Capital Account and not
provided for (net of advances) (Cash outflow is expected on execution of such
capital contracts, on progressive basis) |
1837.400 |
|
b) Contingent Liabilities : |
|
|
Bills discounted |
0.000 |
|
Guarantees
issued by the Bankers (Bank Guarantees are provided under contractual / legal obligation. No
cash outflow is expected) |
1901.800 |
|
Letter of Credit (These are established
in favour of vendors but cargo/ material under the aforesaid letter of credit
are yet to be received as on end of the year. Cash outflow expected on the
basis of payment terms mentioned in Letter of Credit) |
1476.000 |
|
Demands not
acknowledged as debts |
|
|
a) Income Tax ( No cash flow is expected) |
74.100 |
|
b) Excise Duty ( No cash outflow is expected ) |
12.600 |
|
c) Service Tax ( No cash outflow is expected ) |
14.900 |
|
d) Others |
0.900 |
Fixed Assets:
·
Leasehold Land
·
Freehold Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
·
Data processing Equipment
·
Software
PRESS RELEASES
First for BP as it Licenses Latest Generation PTA Technology to JBF
Petrochemicals
06 July 2012
BP and JBF Petrochemicals
(a wholly owned subsidiary of JBF Industries Limited.) have signed an agreement
for licensing BP’s latest generation purified terephthalic acid (PTA)
technology. JBF intends to build a 1.25 million tonnes per annum (tpa) unit at
the Special Economic Zone in Mangalore, India, to produce PTA, the primary
feedstock for polyesters used in textiles and packaging. JBF expects the
Mangalore plant to come on stream at the end of 2014.
“This first third party, non-affiliate, licence recognises the
quality of BP’s technology and builds on the excellent relationship between our
companies. JBF is a world-class polyester producer and I’m proud that they’ve
chosen BP’s leading technology,” said Nick Elmslie, chief executive of BP’s
Global Petrochemicals Business.
“Our PTA technology has
significantly lower capital and operating costs compared with conventional PTA
plants and is more energy efficient, uses less water, and produces less solid waste
than its competitors. We have invested significantly in our proprietary
technology and there are two routes to monetize this; one is through investment
and one is through licensing. We have decided that the maximum value to BP will
come both from investing in projects such as our Zhuhai 3 project in Guangdong,
China and through licensing.”
Over the years the PTA market has continued to grow at a high
rate, over 80% of the demand is now in Asia, with around 50% in China alone.
“The market is now of such a scale - greater than 50 million tonnes a year and
continuing to grow at close to 7% - that three or four new world-scale plants
per year will be needed. This creates a material opportunity for us to add
value by way of our technology,” said Elmslie.
Mr. B.C.Arya, Chairman JBF Industries Limited., and Director
of JBF Petrochemicals said: “This investment is highly strategic for us,
fulfilling our captive requirements for PTA at the lowest possible cost. This
will make our integrated operations in India and the UAE highly competitive for
the long term and underpin our position as one of the world’s leading polyester
producers.”
BP
BP’s Global Petrochemicals Business has total (net to BP)
capacity at 18 locations in nine countries of 18.5 million tpa including 7.5
million tpa of PTA. BP is one of the world's largest oil and gas companies,
serving millions of customers every day in more than 90 countries, and
employing 83,400 people. BP’s business segments are oil and gas exploration and
production, and refining and marketing. In alternative energies, BP has low-
and no-carbon wind and bio fuels businesses, and a carbon capture technology
team. Through these activities, BP provides fuel for transportation; energy for
heat and light; services for motorists; and petrochemicals products for
plastics, textiles and food packaging. It has strong positions in many of the
world's hydrocarbons basins and strong market positions in key economies.
BP’s PTA technology was originally developed in the USA during
the 1950s and through successive iterations has continued to improve in terms
of its capital and operating costs. This current generation of technology
relies on proprietary energy recovery and water re-use technologies to deliver;
75% lower water discharge, 65% lower GHG emissions and 95% lower solid waste
generation than conventional PTA technologies.
JBF Industries Limited. is a global polyester producer with
annual capacity of 1.1 mtpa, with three manufacturing sites in India (Sarigam
and Silvassa) and one in the UAE (Ras Al Khaimah). They are listed on both the
Mumbai Stock Exchange and the National Stock Exchange of India Limited (NSE),
and the major shareholders are the Arya family with 42.7 % (as of 31st March 2012)
ownership.
In October 2011, BP and JBF reached agreement on the
construction of JBF’s 390,000 tpa PET (polyester resin) plant at Geel, Belgium,
alongside BP’s 1.4 million tpa asset, Europe’s largest PTA facility.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.01 |
|
|
1 |
Rs.86.89 |
|
Euro |
1 |
Rs.67.83 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.