MIRA INFORM REPORT

Report Date :

04.09.2014

IDENTIFICATION DETAILS

Name :	JBF INDUSTRIES LIMITED
Registered Office :	Survey No. 273, Village Athola, Silvasa – 396230, Dadra and Nagar Haveli (U.T)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.07.1982
Com. Reg. No.:	54-000128
Capital Investment / Paid-up Capital :	Rs.802.300 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 of Polyester Chips and Yarn.
No. of Employees :	2500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Rating reflect sound financial risk profile marked by growth in operation of the company and experience of promoters in textile industry. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for business dealings at usual trade terms and condition.

NOTES:

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

INDIAN ECONOMIC OVERVIEW

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities- Term Loan: BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	03.04.2014

Rating Agency Name	CARE
Rating	Short term bank facilities- Non Fund based: A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	03.04.2014

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Pravin Prajapati
Designation :	DGM Finance
Contact No.:	91-22-22885959

LOCATIONS

Registered Office/ Factory 1:	Survey No. 273, Village Athola, Silvasa – 396230, Dadra and Nagar Haveli (U.T), India
Tel. No.:	91-260-2642745/ 46/ 2643861/ 62
Fax No.:	91-260-2642297
E-Mail :	jbf@vsnl.com sec.shares@jbfmail.com pravin_prajapati@jbfmail.com amit_mallawat@jbfmail.com
Website :	http://www.jbfindia.com
Area :	44000 Sq. ft
Location :	Owned
Locality :	Commercial
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: 31.03.2013

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

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 30.06.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	37656617	57.54
Sub Total	37656617	57.54
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	37656617	57.54
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	868956	1.33
Financial Institutions / Banks	13718	0.02
Insurance Companies	3120487	4.77
Foreign Institutional Investors	7583600	11.59
Sub Total	11586761	17.71
(2) Non-Institutions
Bodies Corporate	5100602	7.79
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	6457472	9.87
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	3155263	4.82
Any Others (Specify)	1485437	2.27
Clearing Members	297598	0.45
Non Resident Indians	652753	1.00
Foreign Corporate Bodies	200	0.00
Trusts	554	0.00
Directors & their Relatives & Friends	262660	0.40
Office Bearer	4000	0.01
NRN	267672	0.41
Sub Total	16198774	24.75
Total Public shareholding (B)	27785535	42.46
Total (A)+(B)	65442152	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	65442152	100.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl.No.	Name of the Shareholder	No. of Shares held	As a % of grand total (A)+(B)+(C)	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Bhagirath Arya	2,75,61,175	42.12	42.12
2	Chinar Arya Mittal	43,00,000	6.57	6.57
3	Vaidic Resources Private Limited	39,06,304	5.97	5.97
4	Cheerag Bhagirath Arya	18,75,060	2.87	2.87
5	Veena B Arya	14,078	0.02	0.02
	Total	3,76,56,617	57.54	57.54

(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number 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	Life Insurance Corporation of India	3120487	4.77	4.77
2	Sunidhi Capital Private Limited	1718704	2.63	2.63
3	Lata Bhansali	1844632	2.82	2.82
4	National Westminister Bank PLC as Trustee of the Jupiter India Fund	1596574	2.44	2.44
5	Aadi Financial Advisor LLP	1069678	1.63	1.63
6	ICICI Prudential Dynamic Plan	850999	1.30	1.30
7	Cresta Fund Limited	3900000	5.96	5.96
	Total	14101074	21.55	21.55

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	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	Cresta Fund Limited	3900000	5.96	5.96
	Total	3900000	5.96	5.96

BUSINESS DETAILS

Line of Business :

Manufacturer of Polyester Chips and Yarn.

Products :

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

Exports :

Products :

Finished Goods

Countries :

Gulf Country

Imports :

Products :

Raw Material

Countries :

· Thailand

· South Korea

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

2500 (Approximately)

Bankers :

· Bank of Baroda

10/12, Bombay Samachar Marg, Fort, P O Box – 347, Mumbai – 400023, Maharashtra, India

· State Bank of India, Bank Street, Mumbai-400023, Maharashtra, India

· Andhra Bank

· Standard Chartered Bank

· IDBI Bank Limited

· Indian Overseas Bank

· ICICI Bank Limited

· Bank of India

Facilities :

Secured Loan	31.03.2014 [Rs. in Millions]	31.03.2013 [Rs. in Millions]
Long Term Borrowing
(a) Debentures
Non-Convertible Debentures	NA	200.000
(b) Term loans
from banks	NA	3233.400
from Financial Institution	NA	410.500
from Corporate Body	NA	250.000
(c) External Commercial Borrowings	NA	1886.700
(d) Vehicle Loans	NA	2.000
Short Term Borrowing
(a) Working Capital Loans
from banks	NA	1157.400
(b) Buyer's Credit	NA	1175.900
Total	NA	8315.900

Banking Relations :	--
Financial Institution :	Bank of Baroda Corporate Financial Service
Auditors :
Name :	Chaturvedi and Shah Chartered Accountants
Solicitors :	Malvi Ranchoddas and Company
Subsidiaries :	Ø JBF Global Pte. Limited, 138, Robinson Road, # 17-00, the Corporate Office, Singapore - 068900. Ø JBF Rak LLC, P. O. Box: 6574 Ras Al Khaimah, U.A.E. Ø JBF Petrochemicals Limited, SEZ Manglore, India.

CAPITAL STRUCTURE

(AS ON 31.03.2014)

Authorised Capital: Not Available

Issued, Subscribed and Paid-up Capital: Rs.802.300 Millions

(AS ON 31.03.2013)

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 and Paid-up Capital:

No. of Shares	Type	Value	Amount
77633236	Equity Shares	Rs.10/- each	Rs.726.300 Millions
11034987	2.5% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.1103.500 Millions
	Total		Rs. 1829.800 Millions

Terms/rights attached to equity shares

The 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.

Terms/rights attached to Cumulative Redeemable Preference Shares (CRPS)

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 and 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 shareholders will be entitled to receive out of the remaining assets of the company after

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

Particulars	31.03.2013
	Equity No. of Share	Preference No. of Shares
Shares outstanding at the beginning of the year	72019123	8839200
On exercise of option by ESOS holders	614113	--
On conversion of debt to a lender	--	2195787
Shares outstanding at the end of the year	72633236	11034987

The Company has allotted 21,95,787 2.5% Cumulative Redeemable Preference Shares (CRPS) of Rs. 100 each fully paid up aggregating to Rs. 219.600 millions to Bank of India in pursuant to line of credit approved by the bank to fund derivative losses.

Options outstanding as on 31st March, 2013:

a) To ESOS holders 3,80,201 (Previous year 9,98,887) Equity shares

b) To a bank in respect of optionally convertible loans (OCL) outstanding as on 31st March, 2013 are Rs. 687.300 millions. being a part of line of credit sanctioned to finance the derivative losses. Out of Rs. 687.300 millions, Rs. 651.200 millionswill be converted into Equity Shares and Rs. 36.100 millions is to be converted into Cumulative Redeemable Preference Shares

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.

The details of shareholder holding more than 5% shares:

Name of Equity Shareholders	31.03.2013
	No. of Shares	Percentage
Bhagirath Arya	24063607	33.13
Seetharam Narayana Shetty - Trustee - JBF Employees Welfare Foundation	NA*	NA*
Vaidic Resources Private Limited	3906304	5.38
Chinar Arya	4300000	5.92

* Reduced below 5%, hence not disclosed

Particulars	31.03.2013
Name of Preference Shareholder	No. of Shares	Percentage
Bank of India	11034987	100

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	802.300	1829.800	1604.100
(b) Reserves and Surplus	9153.200	8817.900	8346.300
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	9955.500	10647.700	9950.400
(3) Non-Current Liabilities
(a) long-term borrowings	6696.100	7122.200	7273.800
(b) Deferred tax liabilities (Net)	1704.700	1561.900	1206.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	235.600	161.300	33.300
Total Non-current Liabilities (3)	8636.400	8845.400	8513.100
(4) Current Liabilities
(a) Short term borrowings	5341.300	6907.600	7342.000
(b) Trade payables	6149.200	5066.300	4453.100
(c) Other current liabilities	3225.400	2947.100	2653.000
(d) Short-term provisions	510.900	454.400	876.500
Total Current Liabilities (4)	15226.800	15375.400	15324.600
TOTAL	33818.700	34868.500	33788.100
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15469.900	14728.400	12759.100
(ii) Intangible Assets	0.000	25.200	2.900
(iii) Capital work-in-progress	0.000	208.100	1158.400
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4237.600	4242.000	286.700
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1045.900	926.200	4973.700
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	20753.400	20129.900	19180.800
(2) Current assets
(a) Current investments	6.500	486.300	628.700
(b) Inventories	4405.300	3962.400	4589.400
(c) Trade receivables	6122.500	5544.500	4009.400
(d) Cash and cash equivalents	425.000	1538.800	1610.700
(e) Short-term loans and advances	1591.000	2787.000	3652.700
(f) Other current assets	515.000	419.600	116.400
Total Current Assets	13065.300	14738.600	14607.300
TOTAL	33818.700	34868.500	33788.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	47847.100	45040.900	43833.200
		Other Income	316.300	720.900	1292.400
		TOTAL (A)	48163.400	45761.800	45125.600
Less	EXPENSES
		Cost of Materials consumed	37985.700	35581.700	35444.600
		Purchase of Stock in Trade	69.800	1.400	0.700
		Changes in inventories of Finished Goods and Stock -in- process	307.700	160.300	(52.800)
		Employee Benefits Expenses	617.700	565.400	461.800
		Other Expenses	6023.900	6017.600	6913.100
		Exceptional Items	367.100
		TOTAL (B)	45371.900	42326.400	42767.400
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2791.500	3435.400	2358.200
Less	FINANCIAL EXPENSES (D)		1376.300	1557.900	1235.600
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1415.200	1877.500	1122.600
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1122.200	1006.600	839.400
	PROFIT BEFORE TAX (E-F) (G)		293.000	870.900	283.200
Less	TAX (H)		142.800	355.900	(204.600)
	PROFIT AFTER TAX (G-H) (I)		150.200	515.000	487.800
Less	PRIOR PERIOD ADJUSTMENTS		NA	0.200	1.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	3601.300	3775.600
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	52.000	50.000
		Transferred to debenture redemption reserve	NA	6.100	32.600
		Short Provision of Dividend in previous year	NA	1.700	0.400
		Tax paid on short provision of dividend	NA	0.300	0.100
		Dividend Distribution tax for earlier year written back	NA	0.000	0.000
		Proposed Dividend on Preference Shares	NA	22.200	7.200
		Proposed dividend on equity share	NA	72.600	576.200
		Tax on proposed dividend	NA	16.100	94.600
	BALANCE CARRIED TO THE B/S		NA	3945.100	3601.300
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	NA	NA	5494.700
		Interest	NA	NA	2.000
		Miscellaneous Income	NA	NA	12.500
	TOTAL EARNINGS		NA	NA	5509.200
	IMPORTS
		Raw Materials	NA	9077.100	8855.400
		Capital Equipment	NA	261.200	332.900
		Colours and Chemicals and Oil and Lubricants	NA	68.800	70.000
		Stores and Spares and Consumables	NA	13.300	16.200
	TOTAL IMPORTS		NA	9420.400	9274.500
	Earnings Per Share (Rs.)		1.70	6.76	6.68

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	0.31	1.13	1.08
Net Profit Margin (PBT/Sales)	(%)	0.61	1.93	0.65
Return on Total Assets (PBT/Total Assets}	(%)	0.99	2.86	0.88
Return on Investment (ROI) (PBT/Networth)		0.03	0.08	0.03
Debt Equity Ratio (Total Debt/Networth)		1.21	1.32	1.47
Current Ratio (Current Asset/Current Liability)		0.86	0.96	0.95

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	1604.100	1829.800	802.300
Reserves & Surplus	8346.300	8817.900	9153.200
Net worth	9950.400	10647.700	9955.500
long-term borrowings	7273.800	7122.200	6696.100
Short term borrowings	7342.000	6907.600	5341.300
Total borrowings	14615.800	14029.800	12037.400
Debt/Equity ratio	1.469	1.318	1.209

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Income	43,833.200	45,040.900	47,847.100
		2.755	6.230

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Income	43,833.200	45,040.900	47,847.100
Profit	487.800	515.000	150.200
	1.11%	1.14%	0.31%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

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	Yes
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

UNSECURED LOAN:

Particulars	31.03.2014 [Rs. in Millions]	31.03.2013 [Rs. in Millions]
Long Term Borrowing
(a) Term loans
from banks	NA	1139.600
(b) External Commercial Borrowings	NA	0.000
Short Term Borrowing
(c) Short Term Loans
from banks	NA	0.000
(d) Working Capital Loans
from banks	NA	1685.300
(e) Buyer's Credit	NA	2182.200
(f) Supplier's Credit (backed by letter of Credit)	NA	706.800
Total	NA	5713.900

INDEX CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10395734	01/01/2013	500,000,000.00	YES BANK LIMITED	9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli,, Mumbai, Maharashtra - 400018, India	B65417891
2	10316774	11/01/2013 *	15,890,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg, Ground Floor, 17, R Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B66903204
3	10212868	15/04/2010 *	500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, India	A84923960
4	10124531	31/05/2013 *	9,226,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg, Ground Floor, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B77115392
5	10124534	11/01/2013 *	15,890,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B66904293
6	80003960	10/05/2006 *	500,000,000.00	STATE BANK OF INDIA COMMERCIAL BRANCH	N.G.N Vaidya Marg, Post Bag No. 10141, MUMBAI, Maharashtra - 400023, India	-
7	80003961	10/05/2006 *	1,500,000,000.00	BANK OF BARODA CORPORATE FINANCIAL SERVICE BRANCH	First Floor, 3, Walchand Hirachand Marg, Balard Pier, MUMBAI, Maharashtra - 400038, India	-
8	90101160	27/06/2006 *	500,000,000.00	STATE BANK OF INDIA COMMERCIAL BRANCH	G. N. Vaidya Marg, Horniman Circle, MUMBAI, Maharashtra - 400023, India	-
9	90100093	31/05/2013 *	9,226,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg, Ground Floor, 17, R Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B77114494
10	80037424	14/09/2007 *	2,000,000,000.00	Bank of Baroda Corporate Financial Branch	1st Floor 3 Walchand Hirachand Marg, Ballard Pier, Mumbai, Maharashtra - 400038, INDIA	A24473894
11	80044441	30/05/2005	275,000,000.00	ANDHRA BANK	33, Atlanta, Nariman Point, MUMBAI, Maharashtra - 400021, India	-
12	90101093	28/11/2005 *	675,000,000.00	ANDHRA BANK	33; Aflanta, Nariman Point, MUMBAI, Maharashtra - 400021, INDIA	-
13	80044439	24/03/2005	210,000,000.00	STATE BANK OF INDORE	Commercial Branch, Mittal Court, B-Wing, Ground Floor, Nariman Point, MUMBAI, Maharashtra - 400021, India	-
14	90100012	07/10/2005 *	360,000,000.00	STATE BANK OF INDORE	Commercial Branch, Mittal Court; B. Wing; Ground Floor; Nariman Point, Mumbai, Maharashtra - 400021, India	-
15	80058046	18/01/1999	70,000,000.00	STATE BANK OF INDIA	Commercial Branch, Justice G. N. Vaidya Branch, Mumbai, Maharashtra - 400023, India	-
16	80058250	12/03/1998	108,000,000.00	BANK OF BARODA	Brussels Branch, 28, Rue De La Loi, Brusslels, - 1040, Belgium	-
17	90098725	30/07/2004 *	594,400,000.00	BANK OF BARODA	Corporate Financial Services Branch, 1st Floor; 3; Walchnad Hirachand Marg; Ballard Pie, MUMBAI, Maharashtra - 400001, India	-
18	80020072	01/12/1997	624,800,000.00	BOB SBI SBICIBL SAKURA BANK LIMITED BRITISH BANK OF MIDDLE EAST	Industrial Finance Branch, Cawasji Patel Street Fort, BOMBAY, Maharashtra - 400001, India	-

* Date of charge modification

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER 30.06.2014

(Rs. In Millions)

	Quarter Ended
	30.06.2014 (unaudited)
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	11648.900
b) Other operating income	10.600
Total income from Operations(net)	11659.500
2.Expenditure
a) Cost of material consumed	9081.900
b) Purchases of stock in trade	15.500
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	79.800
d) Employees benefit expenses	170.700
e) Depreciation and amortization expenses	229.300
f) Other expenditure	1209.500
Total expenses	10786.700
3. Profit from operations before other income and financial costs	872.800
4. Other income	63.600
5. Profit from ordinary activities before finance costs	936.400
6. a - Finance costs b – Exchange difference and derivative Loss / Gain	306.800 (22.100)
7. Profit before exceptional Items and Tax	651.700
6. Exceptional Items	0.00
9. Profit before tax	651.700
10.Tax expenses	212.000
11.Net Profit for the Period	439.700
14.Paid-up equity share capital (Nominal value Re. 5/- per share)	654.400
ii) Earnings per share (after extraordinary items)
(a) Basic	6.60
diluted	6.59

A. Particulars of shareholding
1. Public Shareholding	27785535
- Number of shares	42.46
- Percentage of shareholding
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	3200000
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	8.50
Percentage of shares (as a % of total share capital of the company)	4.89
b) Non Encumbered
Number of shares	34456617
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	91.50
Percentage of shares (as a % of total share capital of the company)	52.65
*Excludes shares represebted by Global Depository Receipts.

B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	1
Disposed of during the quarter	1
Remaining unreserved at the end of the quarter	Nil

NOTE:

The Board of Directors approved the above mentioned financial results, duly reviewed by audit committee at its meeting held on August 13, 2014 and its release.

The financial results are in accordance with the recognition and measurement principles laid down in Accounting Standard (AS-25) "Interim Financial Reporting".

The Statutory auditors of the Company have carried out a Limited Review of the results for the quarter ended June 30, 2014 in accordance with clause 41 of the Listing agreement.

During the quarter, 117,305 Equity shares of Rs. 10 each fully paid up have been allotted on exercise of option by the ESOS holders. The total ESOS outstanding as at June 30, 2014 were 56,371 with an option to apply for one fully paid up equity share of face value of Rs.10/- each at an exercise price of Rs. 60 per option.

Finance costs net consist of the flows.

Particulars	Quarter Ended
	30.06.2014 (unaudited)
Interest and other borrowing cost	342.000
Applicable net loss on foreign currency transaction	9.100
Finance cos (A+B)	351.100
Less: Interest Income	44.300
Finance Costs (Net)	306.800

During the quarter, the Company has revised depreciation rate on fixed assets based on the useful life specified in Schedule II of the Companies Act, 2013. Depreciation of Rs. 31.200 Millions on accounts of assets whose useful life is already exhausted on April 01, 2014 and deferred tax of Rs. 10.600 Millions thereon have been adjusted to General Reserve.

Status of various Green field projects undertaken by the step down subsidiaries is as under:

At Geel, Belgium, PET plant executed through JBF Global Europe BVBA, has commenced production and is getting stabilized. Commercial deliveries of PET have started with effect from first week of July 2014.

At Bahrain, two lines of polyester film plant executed through JBF Bahrain SPC are in operation. The third line will be commissioned by being September 2014.

At Mangalore, there has been satisfactory progress in the implementation of the 1.25 Million Tones per annum PTA project being executed through JBF Petrochemicals Ltd. The project is expected to be completed by mid 2015.

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.

The figures in respect of the results for preceding quarter ended March 31, 2014 are the balancing figures between audited figures in respect of the full financial year ended March 31, 2014 and published year to date figures upto the third quarter ended December 31, 2013, in the financial year ended March 31, 2014.

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

FIXED ASSETS:

Tangible Assets

œ Leasehold Land

œ Freehold Land

œ Building

œ Plant and Machinery

œ Furniture and Fixtures

œ Office Equipments

œ Vehicles

œ Data processing Equipment

Intangible Assets:

œ Software

CMT REPORT (Corruption, Money Laundering and 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 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.60.54
UK Pound	1	Rs.99.73
Euro	1	Rs.79.54

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	SUM
Report Prepared by :	KVT

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.