November2011

JBF INDUSTRIES LTD Corporate Presentation

2

Executive Summary

Overview

JBF Industries is a global company engaged in the production of the polyester value chain Current polymerisation capacity of 1.04 MMT p.a. and downstream capacity of 325 KT p.a. Operates out of 3 domestic facilities, 1 in Gujarat and 2 in Silvassa, and 1 overseas facility in Ras Al-

Khaimah, UAE Promoted by Mr. Bhagirath C. Arya, a technocrat entrepreneur Listed on the BSE and NSE with a market cap of INR 8,940 mn (as on Sep 30, 2011)

Products & Business Mix

Product Mix can be divided into three broad categories:- I. Polyethylene Terephthalate (PET) Chips: Textile Grade and Bottle Grade II. Polyester Yarn: Partially Oriented Yarn, Full Drawn Yarn etc. III. Biaxially-Oriented Polyethylene Terephthalate (BOPET) Films: Thin film, Thick film, Metallised film

FY 11 Sales Mix (By Value) :- PET Chips – 56%, Polyester Yarn – 26%, BOPET Films – 18%

Markets

Indian facilities (Textile grade chips, bottle grade chips, and polyester yarn) caters to the Indian market 2nd largest domestic supplier of textile grade chips with a capacity share of ~26% 3rd largest domestic supplier of bottle grade chips with a capacity share of ~20% 3rd largest domestic supplier of Polyester Yarn with a capacity share of ~11%

RAK facility (Bottle grade chips and Films) caters to European, MEAF and North American markets Market share of 66 % in the UAE and 50% in GCC region in the Bottle grade chips segment

Financial Performance Highlights

Income has multiplied ~9 times from INR 7,219 mn in FY 06 to INR 64,870 mn in FY 11 - CAGR of 55% EPS has multiplied ~ 9 times from INR 8.5 in FY 06 to INR 76.2 in FY 11 – CAGR of 55% FY 11 Performance :- Income – INR 64870 mn (up 31% YoY), EBITDA – INR 9,743 mn (up 98% YoY), Net

Profit – INR 5,461 mn (up 157% YoY) Efficiency Ratios (FY 11) :- ROE– 47%, ROCE – 26%

Integrated Polyester Player of a Global scale

JBF is amongst the Top 10 producers of PET chips globally and will become amongst the Top 5 BOPET Film producers globally by December 2011.

Company plans to be an integrated petrochemical player by setting up 1.12 MMT Purified Terephthalic Acid (PTA) plant at Mangalore SEZ thereby enhancing cost efficiencies and reduced logistics cost

Company plans to set up a 390 KT p.a. PET plant in Belgium adjacent to British Petroleum’s PTA facility, that will ensure continuous supply of PTA

3

Company Overview

Industry Overview

Financial Performance

4

Company Background

Established in 1982, JBF Industries was founded by Mr. Bhagirath Arya as a Yarn Texturising company, the company has since

backward integrated into the polyester value chain

Company is currently engaged in the production of products in the Polyester value chain such as: Polyethylene Terephthalate

(PET) chips which are of Bottle grade, Textile grade and Film grade; Polyester Yarn, such as Partially Oriented Yarn (POY),

Polyester Filament Yarn (PFY), Full Drawn Yarn (FDY) and Other Specialized Yarn; and BOPET Films, which are of Thin grade,

Thick grade and Metallised grade

It commenced its international operations in 2006 by foraying into the PET chips and BOPET Film business by setting up plant

at Ras-Al-Khaimah (RAK) UAE

Global petro-chemicals company achieving ~USD 1.4 bn revenues (> 45% overseas) in FY11. FY11 Dividend of INR 8/share.

Backed by marquee investors like LIC, HDFC MF, ICICI Prudential, Sundaram, Jupiter India Fund, Reliance Capital (Sep 30, 2011)

FY 09 FY 10 FY 11

Total Income 43,376 49,965 64,870

EBIDTA 5,377 4,850 9,743

EBIDTA Margin 12.4% 9.7% 15.0

Net Profit 2,442 2,128 5,461

Net Profit Margin 5.6% 4.3% 8.4%

EPS (INR) 38.4 33.2 76.2

Company Overview

Financial Highlights Production Highlights (‘000 tons)

712

157

15

794

156

54

823

219

75

0

150

300

450

600

750

900

Chips Yarn Films

FY 09 FY 10 FY 11

Figures in INR Mn

5

Management Profile

BC Arya

Chairman

Qualified with a Bachelor’s Degree in Electrical Engineering Equipped with over 30 years experience in the Polyester industry particularly in the field of

synthetic yarn Presently acting as Executive Chairman and handles all management and operating affairs of

the Company

Rakesh Gothi

Managing Director

P.N Thakore

Director- Finance

Nilesh K. Shah

Director -

Commercial

B. Tech, MS & MBA degree holder; associated with the Company since January 1997 Equipped with over 30 years of experience; worked as Vice President (Marketing) at J.K.

Synthetics Ltd and Nirlon Ltd Presently acting as Managing Director with a particular focus on production and marketing

functions

Qualified Chartered Accountant and Cost Accountant ; associated with the Company since August 1990

25 years of experience, previous positions include Deputy General Manager (Finance) at Armour Chemicals Ltd., Manager (Finance) at Wockhardt Ltd

Presently acting as Director (Finance) and responsible for managing Finance, Treasury and Banking functions

Qualified science graduate; associated with the Company since 1992 Over 22 years of experience; previously Manager in the Production Department of Armour

Chemicals Presently acting as Commercial Director and responsible for managing material procurement,

inventories management, excise and other commercial tax related matters etc.

6

JBF Industries Ltd

Promoters

SILVASSA Plants SARIGAM Plant

JBF Global Pte. (Singapore)

JBF Ras Al-Khaimah

100%

100%^^

41.2%

Group and Shareholding Structure

^^ JBF bought back 33% stake held by CVCI between May–December 2010

Public Institutions

30.4% 28.4%

Sr. No.

TOP 10 Institutional Holders %

Holding*

1 LIC Of India 4.4 %

2 HDFC AMC 3.2 %

3 ICICI Prudential AMC 2.8 %

4 Sundaram AMC 2.8 %

5 Jupiter India Fund 2.6 %

6 Acadian Asset Management 2.1 %

7 Reliance Capital 1.9 %

8 MousseGanesh Ltd 1.2 %

9 Deutsche AMC 0.9 %

10 UTI AMC 0.6 %

T OTAL 22.5 %

`

UAE Operations Indian Operations

* As on 30th September, 2011 Source – BSE India

Promoters 42%

Institutions 27%

Corporates 7%

Public & Others

24%

Shareholding Pattern (As on Sept 30, 2011)

Corporates includes all domestic and foreign Corporate Bodies

7

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

Price Data (As on September 30, 2011)

Share Price Movement

Key Indicators (For FY11 )

Source – Bloomberg, Capitaline, BSE India

0

50

100

150

200

250

0

5000

10000

15000

20000

25000

Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11

JBF

Ind

Sen

sex

Sensex JBF Ind

Face Value (INR) 10

Market Price (INR) 125

52 week H/L (INR) 224/119

Market Cap (INR Mn) 8,940

Equity Shares Outstanding (Mn) 71.7

Free Float (Mn) 41.7

3 Month Avg. Trading Volume (INR Mn) 15.3

Dividend Yield (%) 6.4%

Book Value Per Share (INR) 203

EPS (INR) 76.2

ROE (%) 47%

ROCE (%) 26%

Debt to Equity (x) 1.2x

Dividend (%) 80%

Asset Turnover (x) 2.2x

8

Key Milestones

Yarn Manufacturing

Texturising

Incorporated in 1982 / established itself as

one of India’s Leading Polyester

Texturisers

1982 – 94

Ability to grow continuously through integration and scale……..

Entered yarn manufacturing in

1996, capacity 18,000 MT/

Expanded to 36,000 in 1999

1995 - 99

Backward integration into chips production

with 36,000 MT in Mar 01/ Expanded to 72,000

in Nov. 01

2000 - 02

Expansion: Chips – 108 KTA Yarns – 144 KTA

Setup Sarigam facility; 216 KTA

textile grade chips

2003 - 05

Commissioned Ras Al Khaima UAE plant;

Capacity: 216 KTA grade chips and BOPET Film

capacity of 48 KTA

2006 - 07

Acquired Microsynth Fabrics, Saily; Increased India Textile

chips capacity to 460 KTA, RAK Bottle grade chips capacity to

390 KTA and BOPET Film capacity of 66 KTA at RAK

2008 - 11

Backward Integration

Backward integration by setting up a 1.12

MMT p.a . PTA plant in Mangalore.

2012- 15

April - 2006 April 2007 August 2007

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

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

Textile Chips Manufacturing

Scale up Geographical

Diversification Expansion

9

Business Value Chain

PTA

MEG

Textile Grade Chips

Partially Oriented yarn (POY)

Specialized yarn (FDY/Micro POY)

Film Grade chips

PET Films

Yarn manufacturers

Weaving-Fabric, Garment

Application/s in FMCG industry

JBF

Ind

ia

Value Chain segments covered by JBF

Value addition across the Polyester chain

Integrating backward by setting up a

PTA plant by 2014/15

Industry application

Basic Petrochemicals Polyester Value Chain Applications

Solar Industry, FMCG

& Other Applications

Bottle Grade chips

1 MT of Polyester melt

0.86 MT

0.34 MT

JBF

RA

K

10

Polymerisation & Downstream capacity

(KTPA) FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12E FY12 YTD

Domestic (Gujarat & Silvassa)

PET Chips (Textile + Bottle) 119 335 335 335 551 551 608 626 608

Polyester Yarn 60 60 150 163 163 201 230 245 245

Specialty Yarn - - - 13 13 13 13 13 13

International (RAK, UAE)

Bottle Grade Chips - - - 324 324 360 390 432 432

BOPET Films - - - - 60 66 66 102 66

Total 179 395 485 835 1,111 1,191 1,307 1,418 1,364

FY05-11 Polymerisation capacity* growth - 7.8 x

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

programmes

Commenced commercial operations at the RAK facility in FY 08 thereby diversifying its product portfolio

JBF is currently undergoing de-bottle necking exercises in its domestic textile grade chips facility which would take the existing

total chips capacity from 608 KT p.a to 626 KT p.a., and is also in the process of adding another thick grade film line in RAK,

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

Based on capacity expansion programme currently underway, it is expected to have a polymerisation (chips production)

capacity of 1,058 KT p.a. along with downstream capacity of 360 KT p.a. by end of FY12.

11

Operational Overview - Domestic

Sarigam, Gujarat

Textile Grade Chips 260,000 MT p.a.

Specialty Grade Chips 200,000 MT p.a.

Bottle Grade Chips 155,000 MT p.a.

Total 608,000 MT

Saily, Silvassa POY /Specialty Yarn/FDY: 108,000 MT p.a.

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

Facilities are located in close proximity to each other, the raw material suppliers and also to the major textile hub of Surat Facility locations ensure flexibility in operations, working capital requirement optimization and low logistical costs JBF is amongst the largest domestic manufacturers of Textile & Bottle grade chips as well as Polyester Yarn

FY 10 FY 11 H1FY12

Production (MTPA)

Chips 431,342 484,389 236,036

POY & Specialty Yarn 159,283 219,136 113,303

Sales (MTPA)

Chips 276,411 276,376 128,065

POY 150,132 207,069 113,142

Sales (INR Mn) 26,913 35,579 20,988

INR

/Kg

Facilities Location

Performance Highlights Average Product Realization*

57

88

67

92

80

110

0

20

40

60

80

100

120

Chips POY & Specialty Yarn

FY 10 FY 11 H1FY12

12

Operational Overview – International

Facilities Location

Ras Al-Khaimah, UAE

Bottle Grade Chips – 432,000 MT p.a.

BOPET Films – 66,240 MT p.a.

Strategic Advantage of production facility in RAK, UAE: Tax free and no export duty zone Easy availability of raw material Major Port, giving easy access for exporting to USA and

Europe Tap growth potential of the MEAF and GCC markets, which

are the fastest growing PET markets in the world with more than 10% growth YoY

First mover advantage in the Middle East region has helped secure preferred supplier contracts for bottle grade chips

Expansion into higher value added products like Thick films and Metallised films

Performance Highlights

FY 10 FY 11 H1FY12

Production (MTPA)

Bottle Grade Chips 360,283 339,010 144,779

Films 54,638 75,462 33,550

Sales (MTPA)

Bottle Grade Chips 331,014 278,356 124,812

Films 53,940 76,374 32,051

Sales (INR Mn) 22,496 29,076 13,551

54

90

66

150

77

129

0

50

100

150

200

Bottle Grade Chips Films

FY 10 FY 11 H1FY12

Rs/

Kg

Average Product Realization*

13

Revenue Mix Well Diversified Business Model….

Total Chips - India 28%

POY^ 26%

PET Chips RAK 28%

Films 18%

Textile grade Chips 66%

POY 34%

FY 06-07 FY 11

India 54%

ME/ Africa 24%

USA 3%

EU 17%

CIS 2%

…..Ensures acceleration into higher value added products

Product Delta *

Chips – India (INR/Kg) 6-11

POY (INR/Kg) 14-25

Chips – RAK (USD/MT) 133-300

PET Film (USD/MT) 556-2,223

*Delta is calculated as Revenue (Less) Raw Material

FY 11

^ Includes Speciality Yarn

Product Mix (By Sales)

Product Mix (By Geography)

India 100%

FY 06-07

Product Deltas

Key Customers

Domestic

Textile grade chips: Welspun India, Jiwarajka Industries

Bottle grade chips: Coca-Cola Co.

Global

Bottle grade chips: Coca-Cola Co, Nestle Waters,

Danone, Schweppes, Al Ain, Masafi, AFIA

14

Expansion Plans – PTA Project

Facilities Location

Mangalore, Karnataka

Purified Terephthalic Acid (PTA) –

1,120,000 MT p.a.

JBF will develop a 1.12 MMT p.a capacity PTA plant, which will be amongst the largest in India

The plant will be located in the Mangalore SEZ, for which land has been allotted to JBF

The company will source Paraxylene (Px) from the OMPL Aromatics Refinery that is expected to be commissioned by February 2013, and is only 1km away from the SEZ

Company currently undergoing environmental clearance activities and finalizing on Technological and Engineering, Procurement and Construction (EPC) partners

The plant is expected to be commissioned by end of 2014

Expected Project Cost - ~$600mn

Expected Debt:Equity - 70:30

JBF Group currently consumes around 800-900 KT p.a of PTA

PTA is a scarce commodity in India, due to which JBF imports around 20-30% of PTA p.a

Stability and sustainability of margins only possible in an integrated setup

JBF expects to save ~ $40-$50 per ton in freight for its RAK facility, due to reduction in logistical costs that it incurs currently by procuring Px in UAE and sending it to South East Asia to convert it into PTA

JBF India’s operation is expected to save ~ $15-$20 per ton on logistical costs of PTA imports

JBF RAK has a 3-4 week PTA delivery time which would reduce to 3-5 days

Imports to JBF India take 3-4 weeks currently, which would reduce to 1-2 days

Logistics Savings Working Capital Advantage Project Cost

15

Expansion Plans – PET Project

Facilities Location

Geel, Belgium Bottle Grade Chips – 390,000 MT p.a.

JBF will develop a 390 KT p.a. capacity PET plant to manufacture bottle grade chips

The plant will be located in the Geel province of Belgium, and will be a co-location plant next to British Petroleum’s (BP) PTA facility

Company currently undergoing stringent environmental clearance activities

The plant is expected to be commissioned by end of 2014

Expected Project Cost - ~$200mn

Expected Debt:Equity - 70:30

JBF Currently does not supply any bottle grade chips to the European Union market

Demand strong for bottle grade chips in EU and it is still a net importer of bottle grade chips

Being a co-location plant with BP’s PTA facility will ensure continuous supply of PTA with logistcal cost savings being passed to JBF Industries

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

New Market Penetration Logistic Advantage Prestigious Tie Up

16

Company Overview

Industry Overview

Financial Performance

17

Global Polyester Industry

Global Polyester capacity is estimated at ~ 70 MMT

whereas overall production is estimated at ~49 MMT

at the end of 2010

Global Polyester Industry is one of the few that

witnessed demand growth even during the 2008

downturn

Operating rates have been stable averaging ~75%

and are expected to increase further backed by

higher demand and stable capacity additions

Polyester Production AAGR (%)**

2005-10 – 4.4% 2010-15E – 6.0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

10

20

30

40

50

60

70

80

90

100

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Operating Rate Mn Tonnes

Capacity Production Oper. Rate

Source – CMAI Global **AAGR – Average Annual Growth Rate

Polyester Market Overview

Polyester Segmental Break-up

Polyester Yarns and Fibers, 37

Cotton, 25

Cellulosics, 3

Acryclic/Nylon etc, 6

PET, 15

PSF, 14

PFY, 23

Film, 3

2010 World Fiber Production (Mn Tonnes)

2010 World Polyester Production (Mn Tonnes)

Global Demand AAGR** 2005-10 2010-15E

Polyester Film 3.7% 7.9%

Polyester Filament Yarn (PFY) 10.7% 10.4%

Polyester Staple Fiber (PSF) 2.5% 2.7%

PET Resin (For Bottles) 4.9% 5.5%

18

Indian Polyester Industry

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

1

2

3

4

5

6

7

8

9

10

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Operating Rate

Mn Tonnes

Capacity Production Oper. Rate

Indian Polyester capacity is estimated at ~ 5.5 MMT

whereas overall production is estimated at ~4.2 MMT

at the end of 2010

Growth in capacity addition in 2010-15E to moderate

compared to 2005-10 levels and Operating rates

expected to remain stable at 75-80% levels.

Polyester Production AAGR (%)**

2005-10 – 12.7% 2010-15E – 8.9%

Source – CMAI Global

Polyester Market Overview

Polyester Segmental Break-up

India Demand AAGR** 2005-10 2010-15E

Polyester Film 7.2% 11.2%

Polyester Filament Yarn (PFY) 14.8% 16.3%

Polyester Staple Fiber (PSF) 8.6% 10.7%

PET Resin (For Bottles) 7.1% 9.4% 0

1000

2000

3000

4000

5000

2005 2006 2007 2008 2009 2010 2011

POY/PFY PSF PET Resin2 FILM

Indian Polyester Production (Mn Tonnes)

**AAGR – Average Annual Growth Rate

19

Raw Material Scenario

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

10

20

30

40

50

60

70

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Operating Rate

Million Tons

Total Capacity World PTA Demand World Oper. Rate

Annual global capacity for PTA is estimated to be ~49.7

MMT at the end of 2010; whereas the global demand is

estimated at ~40.7 MMT.

Domestic Capacity of PTA is at ~3.5 MMT, while demand

is at ~4 MMT and operating rates are at

Major Suppliers

Global - Samsung Petrochemicals, Total

Petrochemicals, BP Aromatics, Acetyls

Domestic – Reliance Industries, Mitsubishi

Chemical, Indian Oil Corporation

Operating rates expected to moderate due to relatively

higher growth in capacity additions

Demand to remain firm and is expected to grow at a

CAGR of 6.4% from 2010-14

Annual global capacity for Monoethylene Glycol (MEG) is

estimated to be 25.3 MMT at the end of 2010; whereas

the global demand is estimated at 18.5 MMT

Domestic Capacity of PTA is expected at 1.2 MMT, while

demand and operating rates are at

Major Suppliers

Global - SABIC, Sinopec Group, Formosa

Petrochemical, Shell, ME Global

Domestic – Reliance Industries, Indian Oil Corp

Operating rates for the 2010-14 period are expected to

be higher on back of slower growth in capacity addition

65

70

75

80

85

90

95

0

5

10

15

20

25

30

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Operating Rate

Million Tons

Total Capacity MEG Demand Operating Rate

Purified Terephthalic Acid Supply-Demand

Monoethylene Glycol Supply-Demand

Source – CMAI Global

20

Major Polyester Companies

Source – 2011 WTPA CMAI report

India - Polyester Yarn India - PET Chips (Bottle Grade) India – PET Chips (Textile Grade)

Global – PET Chips (Bottle Grade)

Company Region Capacity

(KTA) Capacity

Share (%)

M&G Group NA / SA / EU 1760 9%

IVL NA / EU / Asia 1498 8%

Jiangsu Sanfanxiang China 1148 6%

Far Eastern Textiles Ltd Asia 910 5%

DAK Americas LLC NA / SA 855 4%

Artenius Europe 845 4%

Nan Ya Plastics Corp NA / Asia 800 4%

INVISTA NA / Europe 776 4%

Eastman NA 725 4%

JBF Industries Asia / ME 521 3%

Company Region Capacity

(KTA) Capacity

Share (%)

DuPont NA/ EU / Asia 455 14%

Zhejiang China 351 11%

Toray NA / EU / Asia 303 9%

Mitsubishi NA / EU / Asia 216 7%

Flex SA / ME / Asia 195 4%

SKC NA/ Asia 105 3%

Kodak NA/ Europe 105 3%

Kolon Asia 95 3%

Jindal Poly India 95 3%

JBF Industries ME 66* 2%

* - By Dec 2011 capacity to reach 102 KTA

Reliance Ind 43%

Dhunseri (SAP) 26%

JBF Ind. 20%

Futura Poly 7% Pearl

4% Reliance

Ind. 37%

Indo Rama Syn

15%

JBF Ind. 11%

Alok 9%

Gardensilk 8%

Others 20%

Garden Silk 45%

JBF Ind. 26%

Bhilosa 8%

Reliance Ind. 7%

Sumeet 5%

Others 9%

JBF ranked 3rd

in domestic POY capacity share..

JBF ranked 3rd

in domestic bottle grade chips capacity share..

JBF ranked 2nd

in domestic textile grade chips capacity share..

Global – BOPET Films

JBF ranked 10

th in

global bottle grade chips and BOPET Films capacity share..

21

Company Overview

Industry Overview

Financial Performance

22

Financial Summary

15,148

28,790

43,376 49,965

65,461

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

FY 07 FY 08 FY 09 FY 10 FY 11

1,754

2,748

5,377 4,850

9,584

0

2,000

4,000

6,000

8,000

10,000

FY 07 FY 08 FY 09 FY 10 FY 11

785 1,302

2,442 2,128

5,461

0

1,500

3,000

4,500

6,000

FY 07 FY 08 FY 09 FY 10 FY 11

Total Income EBITDA PAT

All Figures in INR Million

FY 07-11 CAGR – 62% FY 07-11 CAGR – 53% FY 07-11 CAGR – 44%

Margin Analysis (%) Efficiency Ratios (%)

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

FY 07 FY 08 FY 09 FY 10 FY 11

EBITDA Margin PAT Margin

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

FY 07 FY 08 FY 09 FY 10 FY 11

ROE ROCE

23

Income Statement Consolidated

Figures in INR Mn

Income Statement FY 08 FY 09 FY 10 FY 11 H1FY12

Income 28,948 43,537 49,689 64,870 34,539

Total Expenses 26,122 38,882 44,740 55,127 30,782

EBITDA 2,826 4,655 4,949 9,743 3,757

EBITDA Margin 9.8% 10.7% 9.9% 15.0% 10.9%

Exchange Difference & Derivative Loss NA NA (149) 945 1,084

Depreciation 596 779 1,173 1,314 713

Interest * 633 975 1,258 1,421 594

PBT 1,597 2,901 2,668 6,063 1,366

Tax 295 459 540 602 83

Profit After Tax 1,302 2,442 2,128 5,461 1,283

PAT Margin 4.50% 5.61% 4.3% 8.4% 3.7%

Minority Interest (35.3) 553 224 - -

Profit After Minority Interest 1,337 1,889 1,904 5,461 1,283

EPS 21.49 30.36 30.61 76.21 17.84

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

24

Balance Sheet and Cash Flow

Balance Sheet - Consolidated (INR Mn) FY 08 FY 09 FY 10 FY 11

Share Capital 622 622 622 717

Cumulative Redeemable Preference Shares (CRPS) - - - 266

Reserves 5,211 6,709 8,117 13,555

Net worth 5,933 7,331 8,740 14,538

Minority Interest 3,161 3,997 3,633 -

Loan Funds 8,366 12,414 13,644 17,836

TOTAL LIABITILITES 17,459 23,743 26,016 32,374

Net Fixed Assets (Incl Capital WIP) 13,361 20,837 21,165 24,705

Investments 594 361 1,310 1,280

Net Current Assets (Excluding Cash) 1,133 2,873 3,880 5,469

Cash & Bank 3,353 899 999 2,350

Deferred Tax Liability (Net) -982 -1,226 -1,337 -1,430

TOTAL ASSETS 17,459 23,743 26,016 32,374

Cash Flow- Consolidated (INR Mn) FY 08 FY 09 FY 10 FY 11

Cash and Cash Equivalents at Beginning of the year 171 3,353 899 999

Net Cash from Operating Activities 2,942 2,988 1,951 7,963

Net Cash Used in Investing Activities -4,125 -7,435 -2,199 -5,644

Net Cash Used in Financing Activities 4,365 2,325 352 1,388

Net Inc/(Dec) in Cash and Cash Equivalent 3,182 -2,122 103 932

Cash and Cash Equivalents at End of the year 3,353 899 999 2,350

Figures in INR Mn

Figures in INR Mn

25

EBITDA Margins (%) – FY11

Peer Comparison

JBF Ind., 15.0%

Indorama Syn., 14.3%

Garden Silk, 8.1%

Century Enka, 12.2%

IVL (TB), 11.0%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%

ROE (%) – FY11

JBF Ind., 47.0%

Indorama Syn., 28.2%

Garden Silk, 16.6%

Century Enka, 13.2%

IVL (TB), 42.9%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0%

Dividend Yield (%) – As on Sep 30, 2011 Asset Turnover (x) – FY11

JBF Ind., 6.4%

Indorama Syn., 6.1%

Garden Silk, 2.5%

Century Enka, 4.4%

IVL (TB), 2.2%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0%

JBF Ind., 2.6

Indorama Syn., 2.1

Garden Silk, 2.0

Century Enka, 1.5

IVL (TB), 1.3

0.0 0.5 1.0 1.5 2.0 2.5 3.0

JBF recorded the highest EBITDA Margins amongst peers in 2011… JBF maintains the highest ROE levels amongst peers …

JBF has one of the highest Dividend Yield ratios in India… JBF has the highest Asset Turnover Ratios amongst peers…

26

Thank You

For further details please contact :

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

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