MIRA INFORM REPORT

Report Date :

12.04.2013

IDENTIFICATION DETAILS

Name :	JBF INDUSTRIES LIMITED
Registered Office :	Survey No. 273, Village Athola, Silvassa, Dadra and Nagar Haveli - 396230, Union Territory
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.07.1982
Com. Reg. No.:	54-000128
Capital Investment / Paid-up Capital :	Rs.1604.100 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 Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer, Exporter and Importer of Yarn, Bulk Drugs and Drug Intermediates, Partially Oriented Yarn (POY).
No. of Employees :	Above 500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 40000000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a well established company having moderate track record. The company has recorded a better increase in its sales turnover during 2012. There appears sharp dip in the profitability of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	2/5 (REVISED GRADING FROM 3/5 TO 2/5)
Rating Explanation	Moderate fundamental
Date	23.03.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ 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.

INFORMATION PARTED BY

Name :	Mr. Shetty
Designation :	Administrative Department
Contact No.:	91-22-22885959
Date :	10.04.2013

LOCATIONS

Registered Office/ Factory 1:	Survey No. 273, Village Athola, Silvassa, Dadra and Nagar Haveli-396230, Union Territory, India
Tel. No.:	91-260-2642745/ 46/ 2643861/ 62
Fax No.:	91-260-2642297
E-Mail :	jbf@vsnl.com sec.shares@jbfmail.com
Website :	http://www.jbfindia.com
Location :	Owned
Corporate Office :	8th Floor, Express Towers, Nariman Point, Mumbai - 400021, Maharashtra, India
Tel No.:	91-22-22885959
Fax No.:	91-22-22886393
Email:	jbf@vsnl.com
Factory 2 :	156/2, Village Saily, Saily-Rakholi Road, Dadra and Nagar Haveli, Silvassa, Dadra and Nagar Haveli, Union Territory, India
Factory 3 :	Plot No. 11 and 215 to 321, Sarigam GIDC Industrial Area, Sarigram, Vapi -396155, Gujarat, India

DIRECTORS

As on 31.03.2012

Name :	Mr. Bhagirath C. 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. Sunil Diwakar
Designation :	Director
Name :	Mr. Ravishankar Shinde (Nominee LIC)
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Ujjwala G. Apte
Designation :	Company Secretary
Name :	Mr. Shetty
Designation :	Administrative Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.12.2012

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	32265695	44.45
Sub Total	32265695	44.45
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	32265695	44.45
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	8788616	12.11
Financial Institutions / Banks	47311	0.07
Central Government / State Government(s)	35000	0.05
Insurance Companies	3120487	4.30
Foreign Institutional Investors	5636348	7.76
Sub Total	17627762	24.29
(2) Non-Institutions
Bodies Corporate	5121624	7.06
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	7294500	10.05
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	9434856	13.00
Any Others (Specify)	842399	1.16
Clearing Members	114482	0.16
Non Resident Indians	493504	0.68
Foreign Corporate Bodies	200	0.00
Trusts	2594	0.00
Directors & their Relatives & Friends	231619	0.32
Sub Total	22693379	31.26
Total Public shareholding (B)	40321141	55.55
Total (A)+(B)	72586836	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	72586836	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

Sl. No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Bhagirath Arya	2,21,70,253	30.54	30.54
2	Chinar Arya	43,00,000	5.92	5.92
3	Vaidic Resources Private Limited	39,06,304	5.38	5.38
4	Cheerag Bhagirath Arya	18,75,060	2.58	2.58
5	Veena B Arya	14,078	0.02	0.02
	Total	3,22,65,695	44.45	44.45

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Seetharam Narayana Shetty Trustee JBF Employees Welfare Foundation	3547350	4.89	4.89
2	Life Insurance Corporation of India	3120487	4.30	4.30
3	ICICI Prudential Tax Plan	3510771	4.84	4.84
4	HDFC Trustee Company Limited A/c HDFC Multiple Yield Fund Plan 2005	2355587	3.25	3.25
5	Sundaram Mutual Fund A/c Sundaram Select Midcap	1588511	2.19	2.19
6	Lata Bhansali	1937214	2.67	2.67
7	National Westminister Bank PLC as Trustee of the Jupiter India Fund	1600000	2.20	2.20
8	Aadi Financial Advisor LLP	1069678	1.47	1.47
9	Finquest Financial Solutions Private Limited	1221279	1.68	1.68
10	Mousseganesh Limited	799999	1.10	1.10
11	Ruchi Bharat Patel	1555426	2.14	2.14
	Total	22306302	30.73	30.73

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Yarn, Bulk Drugs and Drug Intermediates, Partially Oriented Yarn (POY).

Products :

Product Description	ITC Code
POY	54024200
Polyester Chips	39076090
Polyester Fully Drawn Yarn	54024300

Exports :

Products :

Finished Goods

Countries :

• Turkey
• Europe

Imports :

Products :

Raw Material

Countries :

Germany

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

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 :

Above 500 (Approximately)

Bankers :

• Bank of Baroda, 10/12, Bombay Samachar Marg, Fort, P O Box – 347, Mumbai – 400023, Maharashtra, India.
• Tel No.: 91-22-22871725
• State Bank of India, Bank Street, Mumbai-400023, Maharashtra, India
• Andhra Bank
• Standard Chartered Bank
• IDBI Bank Limited
• Indian Overseas Bank
• ICICI Bank Limited
• DBS Bank Limited
• Bank of India
• Barclays Bank PLC

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Debentures
Non Convertible Debentures	400.000	500.000
Term Loans
From Banks	2574.500	1909.500
From Financial Institutions	214.300	294.000
External Commercial Borrowing	2187.400	532.800
Vehicle Loans	3.700	5.500
Working Capital Loans
From Banks	1652.600	679.000
Total	7032.500	3920.800

1 Debentures referred to in (a) above are secured by way of first mortgage and charge on pari passu basis on all the immovable and movable properties except current assets, present and future, situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad, Gujarat.

2 Term Loans from Banks and Financial Institutions referred to in ( b ) above are secured by way of first mortgage and charge on pari passu basis on all the immovable and movable properties except current assets , present and future, situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad, Gujarat and are further secured by Second charge on current assets of the Company situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad, Gujarat.

3 External Commercial Borrowings referred to in (c) above are secured by way of first mortgage and charge on pari passu basis on all the immovable and movable properties except current assets , present and future, situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad,

Gujarat.

4 The Loans for vehicle have been secured by specific charge on the vehicles covered under the said loans.

5 Terms of Repayment

i) Debentures

Debentures are redeemable at par in one or more installments on various dates with the farthest redemption being on 27.10.2014 and the earliest being 27.01.2013.The debentures are redeemable as follows Rs. 100.000 Millions as on 27.10.2014, Rs. 100.000 Millions as on 27.07.2014, Rs. 100.000 Millions 27.01.2014 and Rs. 100.000 Millions 27.07.2013.

ii) Secured Term Loans from Banks

Loan of Rs. 62.900 Millions is repayable in 4 equal quarterly installments of Rs. 15.700 Millions starting from April 2013 and ending on January 2014 and loan of Rs. 2511.600 Millions is repayable in 6 equal quarterly installments of Rs. 32.2000 Millions starting from June 2013 and ending on September 2014 and there after 16 equal quarterly installments of Rs. 144.900 Millions starting from December 2014 and ending on September 2018.

iii) Secured Term Loans from Financial Institutions

Loan of Rs. 214.300 Millions is repayable in 3 equal annual installments of Rs. 71.400 Millions starting from July 2013 and ending on July 2015.

iv) Secured External Commercial Borrowings

Loan of Rs. 457.800 Millions is repayable in 12 equal quarterly installments of Rs. 38.200 Millions (USD7,50,000) starting from June 2013 and ending on March 2016, loan of Rs. 101.74 Millions is repayable in 16 equal quarterly installments of Rs. 63.600 Millions (USD 1250000) starting from March 2014 and ending on December 2017 and loan of Rs. 712.200 Millions is repayable in 14 equal quarterly installments of Rs. 50.900 Millions (USD 10,00,000) starting from May 2013 and ending on August 2016.

v) Secured Vehicle Loans

Vehicle Loans are repayable as under : Rs. 1.700 Millions in financial year 2013 -14, Rs. 1.700 Millions in financial year 2014-15 and balance of Rs.0.300 Million in financial year 2015-16.

Banking Relations :	--
Auditors :
Name :	Chaturvedi and Shah Chartered Accountants
Internal Auditors :	Bhuwania and Agrawal Associates 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 :	JBF Global Pte. Limited JBF Rak LLC. JBF Petrochemicals Limited (w.e.f. 4th August, 2011)

CAPITAL STRUCTURE

After 28.09.2012

Authorised Capital : Rs.2250.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.1829.831 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions
12500000	2.5% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.1250.000 Millions
	Total		Rs.2250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72019123	Equity Shares	Rs.10/- each	Rs.720.200 Millions
8839200	2.5% Cumulative Redeemable Preference Shares	Rs.100/-each	Rs.883.900 Millions
	Total		Rs.1604.100 Millions

1 Terms/rights attached to equity shares

Holders of equity shares of Rs.10 each are entitled to one vote per share. The equity shareholders are entitled to dividend only if dividend in a particular financial year is recommended by the Board of Directors and approved by the member at the annual general meeting of the year. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive out of the remaining assets of the company, after distribution of Preferential amounts. The distribution will be in proportion to the number of equity shares held by share holders.

2 Terms/rights attached to Cumulative Redeemable Preference Shares

The holder of Preference Share of the Company have a right to vote at a General Meeting of the Company only in accordance with limitations an provisions laid down in Section 87 (2 ) of the Companies Act, 1956 . The Preference Shares shall carry dividend at the rate of 2.5 % per annum payable annually. The preference share holders will be entitled to receive out of the remaining assets of the company after distribution to all the secured and unsecured creditors. These CRPS are redeemable at par Rs.617.800 Millions on 30.09.2019 and Rs.266.100 Millions on 30.09.2018

3 Reconciliation of number of Shares outstanding at beginning and at the end of year:

	31.03.2012
Particulars	Equity No. of Share	Preference No. of Shares
Shares outstanding at the beginning of the year	71647956	2661363
On exercise of option by ESOS holders	371167	--
On conversion of debt to a lender	--	6177837
Shares outstanding at the end of the year	72019123	8839200

4 The Company has allotted 6177837 (Previous Year 2661363) 2.5% Cumulative Redeemable Preference Shares (CRPS) of Rs. 100 each fully paid up aggregating to Rs.617.800 Million (Previous Year Rs.266.100 Millions) to Bank of India in pursuant to line of credit approved by a bank to fund derivative losses.

5 Equity options outstanding as on 31st March, 2012:

i. To ESOS holders 998887 (Previous year 1389712)

ii. To a bank in respect of optionally convertible loan (OPCL) being a part of line of credit sanctioned to finance derivative losses. The OPCL outstanding as on 31st March, 2012 is Rs.505.100 Millions (Previous year Rs.152.100 Millions)

6 Of the above Equity Shares 1,82,450 Equity Shares of Rs.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.

7 The details of shareholder holding more than 5% shares:

	31.03.2012
Name of Equity Shareholders	No. of Shares	Percentage
Bhagirath Arya	20669253	28.70%
Seetharam Narayana Shetty - Trustee - JBF Employees Welfare Foundation	4897350	6.80%
Vaidic Resources Private Limited	3906304	5.42%
Chinar Arya	4290000	5.96%

	31.03.2012
Name of Preference Shareholder	No. of Shares	Percentage
Bank of India	8839200	100%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1604.100	982.600	622.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8401.400	8560.700	6726.700
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10005.500	9543.300	7349.100
LOAN FUNDS
1] Secured Loans		7032.500	3920.800	4185.400
2] Unsecured Loans		6611.300	5368.600	4064.700
TOTAL BORROWING		13643.800	9289.400	8250.100
DEFERRED TAX LIABILITIES		1206.000	1414.800	1321.700
TOTAL		24855.300	20247.500	16920.900
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12762.000	11410.700	10494.000
Capital work-in-progress		1158.400	1164.100	916.200
INVESTMENT		915.400	4430.700	2545.900
FOREIGN CURRENCY MONETARY ITEMS TRANSLATION DIFFERENCE ACCOUNT		0.000	0.000	36.200
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4589.400	5201.100	3461.700
	Sundry Debtors	4009.400	2799.900	2549.500
	Cash & Bank Balances	1610.700	832.500	340.300
	Other Current Assets	171.500	82.100	0.000
	Loans & Advances	8626.400	3258.900	2550.900
Total Current Assets		19007.400	12174.500	8902.400
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5425.100	5658.000	1511.400
	Other Current Liabilities	2653.000	2406.100	3456.500
	Provisions	909.800	868.400	1005.900
Total Current Liabilities		8987.900	8932.500	5973.800
Net Current Assets		10019.500	3242.000	2928.600
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		24855.300	20247.500	16920.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	43833.200	35604.600	26913.100
		Other Income	1292.400	223.700	373.800
		TOTAL (A)	45125.600	35828.300	27286.900
Less	EXPENSES
		Cost of Materials consumed	35444.600	28426.100	24215.800
		Purchase of Stock-in-Trade	0.700	141.400
		Changes in inventories of Finished Goods and Stock -in- process	(52.800)	(713.100)
		Employee benefits expenses	461.800	443.800
		Other expenses	6913.100	4008.400
		TOTAL (B)	42767.400	32306.600	24215.800
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2358.200	3521.700	3071.100
Less	FINANCIAL EXPENSES (D)		1235.600	872.200	618.900
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1122.600	2649.500	2452.200
Less/ Add	DEPRECIATION/ AMORTISATION (F)		839.400	733.700	622.100
	PROFIT BEFORE TAX (E-F) (G)		283.200	1915.800	1830.100
Less	TAX (H)		(204.600)	601.600	540.100
	PROFIT AFTER TAX (G-H) (I)		487.800	1314.200	1290.000
Less	PRIOR PERIOD ADJUSTMENTS		1.000	1.100	2.200
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3775.600	3291.300	2575.200
Less	APPROPRIATIONS
		Transfer to General Reserve	50.000	131.500	129.000
		Transferred to debenture redemption reserve	32.600	32.500	5.700
		Short Provision of Dividend in previous year	0.400	--	--
		Tax paid on short provision of dividend	0.100	--	--
		Dividend Distribution tax for earlier year written back	0.000	(1.400)	--
		Proposed Dividend on Preference Shares	7.200	--	--
		Proposed dividend on equity share	576.200	573.200	373.500
		Tax on proposed dividend	94.600	93.000	63.500
	BALANCE CARRIED TO THE B/S		3501.300	3775.600	3291.300
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	5494.700	6459.100	6136.000
		Interest	2.000	28.600	24.600
		Miscellaneous Income	12.500	0.000	0.000
	TOTAL EARNINGS		5509.200	6487.700	6160.600
	IMPORTS
		Raw Materials	8855.400	11233.400	6611.400
		Capital Equipment	332.900	645.200	581.500
		Colours and Chemicals and Oil and Lubricants	70.000	37.200	61.500
		Stores and Spares and Consumables	16.200	20.700	20.300
	TOTAL IMPORTS		9274.500	11936.500	7274.700
	Earnings Per Share (Rs.)		6.68	19.53	20.69

QUARTERLY RESULTS

PARTICULARS	30.06.2012 1^st Quarter	30.09.2012 2^nd Quarter	31.12.2012 3^rd Quarter
	UnAudited	UnAudited	UnAudited
Net Sales	12083.400	10637.200	10188.600
Total Expenditure	11534.400	9806.100	9540.900
PBIDT (Excl OI)	549.000	831.100	647.700
Other Income	8.100	141.100	133.400
Operating Profit	557.100	972.200	781.100
Interest	240.500	342.500	421.900
Exceptional Items	0.000	0.000	0.000
PBDT	316.600	629.700	359.200
Depreciation	227.600	246.400	261.900
Profit Before Tax	89.000	383.300	97.300
Tax	49.400	103.800	39.000
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	39.600	279.500	58.300
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	39.600	279.500	58.300

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.08	3.67	4.73
Net Profit Margin (PBT/Sales)	(%)	0.65	5.38	6.80
Return on Total Assets (PBT/Total Assets}	(%)	0.89	8.12	9.44
Return on Investment (ROI) (PBT/Networth)		0.03	0.20	0.25
Debt Equity Ratio (Total Debt/Networth)		1.36	0.97	1.12
Current Ratio (Current Asset/Current Liability)		2.11	1.36	1.49

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Trade Payables
Micro, Small and Medium Enterprises	19.300	11.100	1511.400
Others	5405.800	5646.900
Total	5425.100	5658.000	1511.400

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	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

DETAILS OF UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Term Loans
From Banks	1389.000	418.200
External Commercial Borrowings	504.900	1763.500
Short Term Loans		0
From Banks	1213.100	716.400
Working Capital Loans		0
From Banks	844.400	872.600
Buyers Credit	2659.900	1597.900
Total	6611.300	5368.600
Notes: Unsecured Term Loans from a Bank Loan of Rs. 883.900 Millions is repayable in 8 equal half yearly installments of Rs. 110.400 Millions starting from April 2014 and ending on October 2017 and loan of Rs. 505.100 Millions will be converted in to Equity by 30.09.2013 at a price to be determine according to SEBI rules and guidelines prevailing at that time. Unsecured External Commercial Borrowings Loan of Rs. 504.900 Millions is repayable in July 2013. Term loans from banks aggregating to Rs. Nil (Previous year Rs. 157.200 Millions) are guaranteed by two of the Directors of the Company and Rs. 139.74 Millions (Previous year Rs. 654.300 Millions) are guaranteed by one of the Directors of the company in their personal capacity. Working Capital Loans as referred to in (a) above are secured by hypothecation of inventory of Raw Materials,Work in process, Finished goods, Stores and spares, Packing materials and Book Debts and are also secured by way of Second charge on the immovable properties of the company situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad, Gujarat

PERFORMANCE

The overall production of Polyester Chips during the year has increased from 484389 MT in 2010-11 to 504332 MT in 2011-12, reflecting an increase of 4.12%.

The overall production of POY during the year has increased from 211017 MT in 2010-11 to 228251 MT in 2011-12, reflecting an increase of 8.17%.

Net revenue from Operations of the Company also increased from Rs. 35604.600 Millions in 2010-11 to Rs. 43833.200 Millions in 2011-12, reflecting an increase of 23.11%.

ISSUE OF EQUITY SHARES

During the year 371167 equity shares were issued to Directors and employees, who have exercised their options under ESOS.

As the result of the above, the issued equity share capital has gone up to Rs. 720.191 Millions

ISSUE OF CUMULATIVE REDEEMABLE PREFERENCE SHARES

During the year ended 31st March, 2012, Company has issued 6177837 - 2.5% Cumulative Redeemable Preference Shares of Rs. 100 each to Bank of India.

As a result of the above the issued preference share capital has gone up to Rs. 883.920 Millions

SUBSIDIARIES

Company has 100% Indian Subsidiary namely JBF Petrochemicals Limited and also overseas subsidirary company JBF Global Pte Limited at Singapore, which has JBF RAK LLC, UAE, has its subsidiary.

Company's project for setting up of 1.2 million tonne PTA Project at SEZ at Mangalore through the wholly owned subsidiary i.e. JBF Petrochemicals Limited, is progressing as per schedule. Necessary government approvals relating to environment has been obtained and application for other approvals are under process. The Project is expected to be commissioned by end of 2014.

MANAGEMENT DISCUSSION AND ANALYSIS

WORLD ECONOMIC SCENARIO

With visible signs of recovery in the United States during the second half of 2011 and proactive views being adopted in the euro area in response to its deepening economic crisis, the threats of major economic crisis have slackened. It is expected therefore that some recovery will likely resume in the major advanced economies, whereas there could be a faster pace in most emerging and developing economies. However, political issues in various countries tend sometime to override the immediate concerns and fundamental changes required to achieve healthy growth over the medium term.

According to International Monetary Fund (IMF), Global growth can drop by a half percent point from 4% in 2011 to 3.5% in 2012 due to weak activity during the second half of 2011 and the first half of 2012. There have been adverse banking sector developments in the euro area. The cascading effect of problems in Europe could impact the other advanced economies during 2012.

As is being seen, many advanced economies have made substantial improvements by way of strong medium term fiscal consolidation programs. At the same time, emerging and developing economies continue to benefit from past policy improvements. Continuous proactive decision will be required further by these advanced economies to avoid flare up again in the euro area. Similar actions will compulsorily have to emerge in United States for making improvements on economic parameters.

There has been a general pessimism due to a feeling of loss of demand and slowdown in growth in all regions relative to the current period. Providing of stimulus for higher demand growth in surplus economies toward higher consumption, and supported by more market-determined exchange rates, would help strengthen prospects for such economies as well as those of the rest of the world.

WORLD POLYESTER SCENARIO

The Total World Fiber production for all various fibers i.e. cotton and non cotton is estimated to have increased by about 8% over the previous year to an all-time high of around 77 million tonnes in 2011. 64% of this total production amounting to around 45 million tonnes is in the Synthetic category, which grew by around 8% over the previous year. The balance 36%, amounting to around 28 million tonnes, is in the Natural Fibers category, which grew by around 7% over the previous year.

As regard to natural fibers, global cotton production grew for the second straight year in 2011, up 7.7% to around 27mn tonnes, as its acreage increased due to a sharp increase in cotton prices. Leading the group was China and India, and production also sharply increased in Pakistan, Australia, Africa and Turkey, but decreased in the U.S. due to droughts. Global cotton fiber production declined by almost 20% from 2004 to 2009, equivalent to a drop of almost 5m tonnes, before a partial recovery during 2010-2011. Meanwhile, polyester fiber continued to gain its share in global fiber supply, passing 50% in 2011. Although the market for polyester fiber is now substantially larger than that of cotton, the condition of the polyester market will remain subject to variations in cotton supply. Cotton production and inventory increased during 2011 and its prices have approximately halved since their peak in March 2011, but remain significantly higher than historical averages, which has resulted in increased demand for Polyester fiber market globally.

Polyesters account for around 40 million tonnes of the Synthetic category in 2011, a single highest share of about 82%. However, apart from the fiber applications there are other non fiber applications in Polyester, like Polyester

Film and Polyester PET for bottles, totaling to around 21 million tonnes in 2011, having grown by around 25% over the previous year. Consequently, the world Polyester production amounted to around 61 million tonnes in 2011 resembling 10% growth from the previous year. Going forward, it is expected that the global polyester production will surpass 100 million tonnes by 2020, with around 70% production coming from the polyester fiber category and around 25% production coming from polyester PET for bottles.

In India, the Polyester industry has grown by around 9% over the previous year and stands at around 4.6 million tonnes by the end of 2011. The growth has been driven by a healthy growth in Polyester Filament Yarn, which accounts to around half of the total production, as well as a robust growth of over 15% in Polyester PET for bottles. Going forward India’s polyester production is expected to reach around 6.5 million tonnes by 2015 with around 60% of the production coming from the polyester fiber category and around 20% production coming from the polyester PET for bottles.

Last year began with tight raw material availability and prices, especially for PTA. This was attributed largely due to the boom in the polyester film demand in FY 2011 due to shutdown of certain polyester film global capacities, resulting in global mismatches in the supply and demand scenario of the raw materials. Although, the year ended with raw material prices coming to normalized levels, but supply constraints continued in India due to certain PTA plants not running at optimum levels.

EXPANSION PLANS AT JBF

The company’s current capacity of chips stands at around 680000 Tonnes per annum and for POY at around 262000 Tonnes per annum. In the year 2011-12, at JBF RAK, U.A.E., the company has added one more line for production of Polyester Film, so as to increase the Film capacity from the current level of 66000 Tonnes per annum to 100000 Tonnes per annum.

PTA PROJECT AT MANGALORE, STATE OF KARNATAKA, INDIA:

While recognizing the fact that the size of operation at both India and U.A.E. over the period of next 2 / 3 years the company would be 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 SEZ, India. The company has been allotted land for this purpose at SEZ in Mangalore. The company has also received Environmental Clearance and Consent to Establish for this project. The financial closure for this purpose has also been completed and technology for this project has also been finalized. It is expected that the project would be completed by around end of 2014.

DEBOTTLENECKING ACTIVITY TO INCREASE BOTTLE GRADE (PET) CHIPS CAPACITY

In view of the higher profitability of Bottle Grade Chips, by way of debottlenecking activities, company has decided to convert part of the chips capacity to produce higher quantity of Bottle Grade Chips. This activity is likely to be completed by around September 2012.

BOARD OF DIRECTORS

Mr. Prakash Mehta, is graduated in law from Bombay University and became an advocate. In the year 1966, qualified as a Solicitor and since then he has been practising as an Advocate and Solicitor, has considerable experience in the field of corporate law and he was appointed as a Notary in 1996.

Mr. Mehta is on the Boards of Advani Hotels and Resorts Limited, Bharat Bijlee Limited, Camphor and Allied Products Limited, Hikal Limited, India Safety Vaults Limited, Mukand Limited, Mukand Engineers Limited, PCS Technologies Limited, W. H. Brady and Company Limited, and member of the Managing Committee of “The Bombay Incorporated Law Society”.

Mr. Mehta holds 30,000 shares of the Company as on 31st March, 2012.

Mrs. Veena Arya, holds Masters Degree in Arts and has been a Promoter of the Company. She is a Director of the Company since 1989.

Mrs. Arya holds 14078 shares of the Company as on 31st March, 2012.

Mr. Krishen Dev, a Chemical Engineer by training, has over 41 years of experience, specialising in polyester filaments. Previously, Mr. Dev has also been associated with Reliance Industries Limited, Century Enka Limited, and DCM Limited

Mr. Dev is on the Board of Everest Kanto Cylinder Limited, and Powerica Limited He is member of Audit and Investment Committees and Chairman of Remuneration Committee of Everest Kanto Cylinder Limited, and also member of Audit Committee of Powerica Limited

Mr. Dev holds 30,000 shares of the Company as on 31st March, 2012.

Mr. B. R. Gupta, is M.A. (English), LL.B. and Fellow of Insurance Institute of India. Mr. Gupta is the former Executive Director of the Life Insurance Corporation of India and was working as Consultant (Investment) to GIC

India till December, 2000. Mr. Gupta has worked with LIC for over 36 years in various capacities and has had extensive experience in the operations of the life insurance industry, specifically in the areas of investment, marketing, underwriting and administration. Mr. Gupta has also worked in the investment department of the LIC for 10 years and headed the department as Executive Director. He was responsible for Managing LIC’s portfolio comprising a variety of investments. Subsequent to his retirement, till May 1999, he functioned as the Investment Advisor to LIC. He had also been a Member of “The Administrative Committee of Insurance Institute of India”, “The debt Committee of the NSE” and “The Secondary Market Advisory Committee of SEBI”.

Mr. Gupta is on the Boards of Aditya Birla Nuvo Limited, HOV Services Limited, JBF Petrochemicals Limited, and JBF RAK LLC. Mr. Gupta has been an Advisor to IL and FS Academy for Insurance and Finance Limited, an initiative of IL and FS group for several years and at present he is advisor to Trinity Global Educations Private Limited He is also member of Audit Committee of Aditya Birla Nuvo Limited, and Chairman of Audit Committee of HOV Services Limited He is also Chairman of Investor Grievance Committee of HOV Services Limited

Mr. Gupta holds 10,500 shares of the Company as on 31st March, 2012.

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particular	31.03.2012	31.03.2011
(a) Demands not acknowledged as debt
i) Income Tax	2.500	74.100
ii) Excise Duty (Rs11.300 Millions deposited under protest)	12.900	12.600
iii) Service tax	14.400	14.900
iv) Others	0.900	0.900
(b) Guarantees issued by the Bankers (Bank guarantees are provided under contractual/legal obligation. No cash outflow is expected.)	2517.400	1900.600
(c) Corporate Guarantee to banks against the Letter of credit facility to Subsidiary Company. (No Cash outflow is expected)	0.000	5317.300
(d) Letter of Credit includes Rs.1526.100 Millions (Previous year Rs.1576.200 Millions) extended for Subsidiary Company (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 is expected on the basis of payment terms as mentioned in Letter of Credit.)	3059.100	1758.200
(e) Export Bill Discounting (No Cash outflow is expected)	1009.000	0.000

FIXED ASSETS:

Tangible Assets

• Leasehold Land
• Freehold Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Office Equipments
• Vehicles
• Data processing Equipment

Intangible Assets:

• Software

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2012

(Rs. In Millions)

	Particulars	3 Months Ended 31.12.2012	Preceding 3 Months Ended 30.09.2012	Year to date figures for the previous period ended 31.12.2012
		Unaudited	Unaudited	Unaudited
	Gross Sales from operations	11348.100	11855.600	36536.100
1	Income from Operations a) Net Sales from operations (net of excise duty)	10181.200	10629.800	32886.500
	b) Other Operating Income	7.400	7.400	22.700
	Total Income from operations (net)	10188.600	10637.200	32909.200
2	Expenses
	a) Cost of materials consumed	8639.600	7831.800	25774.600
	b) Purchases of Stock- in- trade	0.400	-	0.400
	c) Changes in Inventories of Finished goods and Stock -in- process	(771.900)	487.600	132.700
	d) Employee benefits expenses	141.600	151.200	414.000
	e) Depreciation and amortisation expenses	261.900	246.400	735.900
	f) Other Expenses	1167.300	1104.200	3392.400
	Total Expenses	9438.900	9821.200	30450.000
3	Profit from Operations before Other Income, Finance costs, Exchange Difference & Exceptional Items (1-2)	749.700	816.000	2459.200
4	Other Income	7.200	10.400	25.700
5	Profit from ordinary activities before finance costs, Exchange Difference & Exceptional Items (3+4)	756.900	826.400	2484.900
6	a) Finance Costs ( Net ) (Refer Note No 4)	295.700	265.300	801.500
	b) Exchange Difference & Derivative Loss ( Net ) (Refer Note No 5)	363.900	177.800	1113.800
7	Profit from ordinary activities after Finance costs & Exchange Difference but before Exceptional Items (5-6)	97.300	383.300	569.600
8	Exceptional Items	--	-	--
9	Profit from Ordinary Activities before Tax (7+8)	97.300	383.300	569.600
10	Tax Expenses ( Including Deferred Tax )	39.000	103.800	192.200
11	Net Profit from Ordinary Activities after Tax (9-10)	58.300	279.500	377.400
12	Extraordinary Item (net of expense Rs. Nil)	--	-	--
13	Net Profit for the period	58.300	279.500	377.400
14	Paid Up Equity Share Capital (Face Value of Share Rs. 10/- each)	725.900	722.800	725.900
15	Reserves Excluding Revaluation Reserve (As per Balance Sheet of previous accounting year)	--	---	--
16	Earning Per Share - Basic (Rs.) - (*Not Annualised)	0.73*	3.79*	4.99*
	- Diluted (Rs.) - (*Not Annualised) (refer to Note No.6)	0.72*	3.76*	4.96*
1	Public Shareholding
	-Number of Shares	40321141	41265156	40321141
	-Percentage of Shareholding	55.55	57.09	55.55
2	Promoters and Promoter group Share holding a)Pledged / Encumbered
	Number of Shares	--	--	--
	Percentage of Shares ( as a % of the total Shareholding of Promoter and Promoter Group)	--	--	--
	Percentage of Shares ( as a % of the total Share capital of the company )	--	--	--
	b) Non-encumbered
	Number of Shares	32265695	31015695	32265695
	Percentage of Shares ( as a % of the total Shareholding of Promoter and Promoter Group)	100	100	100
	Percentage of Shares ( as a % of the total Share capital of the company )	44.45	42.91	44.45

B.	INVESTOR COMPLAINTS
	Particulars	3 Months Ended 31.12.2012
	Pending at the beginning of the quarter Received during the quarter Disposed of during the quarter Remaining unresolved at the end of the quarter	Nil 5 5 Nil

NOTES :

1. The Board of Directors approved the above mentioned financial results, duly reviewed by audit committee at its meeting held on 12th February, 2013 and its release. The Statutory auditors of the Company have carried out a Limited Review of these results in accordance with clause 41 of the Listing Agreement.

2. The financial results are in accordance with the recognition and measurement principles laid down in Accounting Standard (AS-25) -" Interim Financial Reporting" as notified in Companies (Accounting Standard ) Rules, 2006.

3. During the quarter the Company has further allotted 3,05,985 Equity shares of Rs.10 each fully paid up on exercise of option by the ESOS holders. The total ESOS outstanding as at 31st December, 2012 were 4,26,701 with an option to apply for one fully paid up equity share of face value of Rs. 10/- each at a exercise price of Rs.60 per option

4. Finance Costs (Net) consist of the followings:

(Rs. In Millions)

Particulars	3 Months Ended 31.12.2012	Preceding 3 Months Ended 30.09.2012	Year to date figures for the previous period ended 31.12.2012
A) Interest & Other Borrowing cost	333.200	342.500	1032.700
B) Applicable Net loss on foreign currency transaction	88.700	53.500	162.900
Finance Cost (A+B)	421.900	396.000	1195.600
Less : Interest Income	126.200	130.700	394.100
Finance Costs (Net)	295.700	265.300	801.500

5. In order to hedge the Company's exposure to foreign exchange and to reduce interest cost, the Company has entered into derivative contracts. All realized derivative losses/(Gain) aggregating to Rs.98.900 Millions and Rs.368.800 Millions for the quarter and nine months ended 31st December, 2012 respectively have been charged to Statement of Profit and Loss. The mark to market losses in respect of the above derivative contracts as on 31st December, 2012 aggregating to Rs.344.900 Millions has not been provided in the books of account, since the Company is of the view that, loss may be payable only if loss conditions are triggered on observation / settlement dates, which, is contrary to the requirements of announcement by the Institute of Chartered Accountants of India. The losses in respect of above derivative contracts will be accounted for on actual settlements. Further, one of the bankers with whom, derivative transaction is outstanding had approved a line of credit to fund derivative losses partly as debt, convertible debt and preference shares.

Auditors have qualified the non provision of mark to market losses of Rs.344.900 Millions as at 31st December, 2012 in respect of above derivative contracts in their report with the consequential effect of Rs.233.000 Millions on the profit after tax. Non provision of mark to market losses of derivative contract was also qualified by the Auditors in their reports on the financial statements for the year ended 31st March, 2012 and earlier years.

6. Long term optionally convertible loan of Rs.630.400 Millions as on 31st December, 2012 may be converted into such number of equity shares of Rs.10/- each at a price to be determined according to SEBI Rules and Guidelines prevailing at that time. Number of equity shares to be issued on exercise of conversion option is not certain and hence the same has not been considered for the computation of Diluted Earning Per Share.

7. The Company's plan for setting up 500,000 M.T. per annum capacity Bio-Glycol manufacturing plant at Araraquara, Sao Paulo, Brazil through step down subsidiary JBF Bio Glicols Industia Quimica Ltda ( Formely known as JBF Bio Glicols Holdings LTDA ) is progressing as per schedule. Environmental clearance has been received, land has been acquired, license for construction has been received and Engineering design has been completed.

8. At Mangalore, satisfactory progress has been made in setting up of 1.25 Million M.T. PTA project using BP's latest proprietary technology. M/s. Technip have been awarded contract for execution of the project. Project is being implemented by JBF Petrochemicals Limited, a wholly owned subsidiary of the company, and is expected to be commissioned by first quarter of 2015.

9. At Bahrain, the Polyester Film project being executed through JBF Bahrain SPC, step down subsidiary of the company is progressing as per schedule. Machinery / equipments have started arriving in January 2013. One Flim Line is expected to be commissioned by June 2013.

10. The 390,000 M.T. per annum PET project in Belgium, co-located with BP's plant, being executed through its step down subsidiary JBF Global Europe BVBA, is likely to be commissioned by March 2014. Construction phase is in advanced stage and first lot of equipments has arrived.

11. In the opinion of the management, the company is engaged only in the business of producing polyester based products. As such, there are no separate reportable segments.

12. Figures in respect of the previous period/Year have been regrouped or rearranged or reclassified wherever necessary to make them comparable.

AS PER WEBSITE DETAILS:

PROFILE

Subject stands on a gleaming pinnacle of success as an industry leader in the Polyester Industry value chain today.

Established in 1982, Subject Industries was founded by Mr. Bhagirath Arya as a Yarn Texturising company, and since then has backward integrated into manufacturing Partially Oriented Yarn (POY), Polyester (BOPET) Film and also various types of Bottle grade, Film grade and Textile grade Polyester chips.

Subject became a public limited company in the year 1986. The company has attained phenomenal growth since it became a public limited company, which is substantiated by a 250 times increase in its turnover since.

Today, Subject is one of the leading Polyester value chain company`s not only in India and abroad. Despite company`s focus on Indian market, it never lost the opportunity to cater to the growing polyester markets globally. The company is amongst the Top 5 Domestic market leaders in Textile grade chips, Bottle grade chips and Partially Oriented Yarn. Internationally also, Subject is amongst the Top 10 manufacturers of Bottle grade chips and Polyester Films. Subject's brand value has made its products well accepted with a majority of domestic customers as well as many multinational corporations.

Subject has always maintained its commitment to quality and its customers. The company has been accredited with ISO 9001 system of quality standards and also ISO 14001 certificate for environmental management.

With a commitment to constantly grow, the company has also never lost focus of managing its operations most efficiently and always keeping in mind the interest of its shareholders.

PRESS RELEASES

JBF INDUSTRIES TO FACE PRESSURE IN SHORT TERM: CRISIL

23 MARCH 2013

CRISIL Research has come out with its report on JBF Industries (JBF). The research firm expects the company's revenues to grow at a CAGR of 10 percent to Rs 96.6 bn by FY15 and EBITDA margin is expected to be lower than the five-year average of 11.3 percent.

JBF's fundamental grade has been revised from 3/5 to 2/5 by CRISIL Research to factor in the challenges the company is likely to face during the execution of its current expansion plans. The company is setting up a new plant to manufacture PTA (a major raw material) and expanding its PET and film businesses. As all the three projects are being executed simultaneously and funded largely through debt, JBF's debt level is expected to double to Rs 65 bn and increase its gearing to 3.0x in FY15 from 1.8x in FY12 without any equity infusion. Also, over the next few years, profitability is likely to be under pressure as polyester and PET industries are expected to face oversupply situation globally. Lower-than expected profitability or cost overruns may lead to financial stress. Any fund raising activity will be a key monitorable.

Backward integration and expansion - positive steps over the long term

JBF is setting up a 1.25 mn tpa PTA plant in Mangalore SEZ, which is expected to start operations by mid CY15. Financial closure has been achieved and the technology supplier has been finalised. JBF will benefit from an assured raw material supply, lower working capital requirement and reduced logistic costs. The company is also setting up a 0.39 mn tpa PET plant in Belgium and doubling its film capacity to 0.2 mn tpa by setting up a facility in Bahrain. All these projects, once successfully commissioned, will increase its operational efficiency.

Execution remains a key; delay can impact financial flexibility

JBF is doubling its asset base by undertaking a largely debt-funded capex of Rs 50 bn; this will lead to high gearing of 3.0x in FY15. Though work on the projects have started and necessary contracts awarded, financial flexibility is likely to be reduced over the intermediate term. Any delay in execution may accentuate the challenges. Timely execution of the projects and fund raising are very critical for the company.

Domestic market to witness margin pressure due to oversupply situation

Capacity addition in the domestic POY segment over the past two years has exerted pressure on JBF's domestic operating rates and margin. Capacity addition in the PET segment is expected to lead to pressure on PET spreads. Despite growth in polyester and PET volumes, price competition cannot be ignored as the industry continues to operate at ~70 percent utilisation levels and it will take two-three years to absorb the new capacity.

Margins to be lower than historical average; PAT to increase significantly

We expect JBF's revenues to grow at a CAGR of 10 percent to Rs 96.6 bn by FY15. EBITDA margin is expected to be lower than the five-year average of 11.3 percent; for 9MFY13, JBF reported margin of 10 percent. We expect margins to remain at similar levels in FY14 due to the oversupply situation in the domestic market. As many of the loss-making derivative contracts have already expired in FY13, PAT is expected to improve substantially in FY14.

Valuation: Current market price has strong upside

We continue to use the discounted cash flow method to value JBF and revise our fair value to Rs 168. Our fair price has been lowered to factor in the challenges JBF is likely to face over the next two years. At the current market price of Rs 102, the valuation grade is 5/5.

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.”

Notes to editors

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

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.

JBF IND, COCA COLA TO SET UP PRODUCTION UNIT IN BRAZIL

Friday, September 28, 2012 at 09:18

JBF Industries and Coca Cola are in pact to set up bio-glycol production unit in Brazil, reports CNBC-TV18. At 09:16 hrs JBF Industries was quoting at Rs 147.95, up Rs 6.90, or 4.89%.

JBF Industries and Coca Cola are in pact to set up bio-glycol production unit in Brazil, reports CNBC-TV18.

At 09:16 hrs JBF Industries was quoting at Rs 147.95, up Rs 6.90, or 4.89%. It has touched an intraday high of Rs 147.95 and an intraday low of Rs 144.75.

It was trading with volumes of 1,226 shares. In the previous trading session, the share closed down 0.49% or Rs 0.70 at Rs 141.05.

The company's trailing 12-month (TTM) EPS was at Rs 18.34 per share. (Jun, 2012). The stock's price-to-earnings (P/E) ratio was 8.07. The latest book value of the company is Rs 126.31 per share. At current value, the price-to-book value of the company was 1.17. The dividend yield of the company was 5.41%.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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 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.54.53
UK Pound	1	Rs.83.60
Euro	1	Rs.71.33

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.