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CORPORATE OFFICE : 8th FLOOR, EXPRESS TOWERS, NARTMAN pOlNT, MUMBAT - 4oo 02L (tNDtA)
TEL' : (91-22)22885959 FAX : (91-22)22886393 e-mail:jbf@vsnl.com Internet site: http://www.ibfindia.com
6th
July,2016
The Secretary
Bombay Stock Exchange Limited
Pheroz Jeejabhoy Towers,
Dalal Street,
Mumbai, Maharashtra 400 001.
Sir/Madam,
on 3 1't March, 2016, approved by the Board of Directors of the Company in their meeting held
on 6th J,a,ly,2016.
Thanking you,
Yours Faithfully,
FoT JBF INDUSTRIES
LIMITED
REGD. oFFlcE : SURVEY No. 273, VILLAGE ATHOLA, SILVASSA-396 230. (lNDtA)
IEL: +9142ffi-2042745146,264t1861/62 . FAX: +91-0260-2642297 E-mail: admin@jbfmail.com
(lso 9001, 14001, 18001 cERTtFtED) CtN' 199999DN1982p1C000128
t
CHATURVEDI ffiSHAH
Chortered Accounfonts
I
I
1.
of
2.
(i)
,;
14-7'f 5, Tulsiani Chambers, 212, Nariman Point, Mumbai - 400 021, India. Tel.:
Branches: Ahmedabad
Bengaluru
| Delhi I Jamnagar
+91 2230218500
il
CHATURVEDI
SHAH
Chortered Accountonts
(ii)
(iii)
4.
Subsidiaries, whose
consolidated financial statements reflect total assets of Rs. 1290907 lacs as
at 31st March 2016 and total revenue of Rs. 547399 lacs for the year then
ended on that date. These flnancial statements and other financial information
have been audited by other auditors whose reports have been furnished to us
and our opinion on the statement to the extent they have derived from such
financial statements is based solely on the reports of such other auditors.
Our Opinion on the Statement is not modified in respect of matters with regard
to our reliance on the reports of the other auditors
of3
Continuation sheet...
x
CHATURVEDI MSHAH
Chortered Accountonfs
x
x
Emphasis of Matter
(i) Trade receivables amounting to Rs. 5152 lacs due from parties in
respect of which Company has initiated legal proceedings and a
provision of Rs. 3125 lacs has been considered sufficient by the
management.
(ii) Inter-Corporate Deposits and interest accrued and due thereon
aggregating to Rs.9693 lacs due from certain parties in respect of
which the Company initiated legal proceedings (including winding up
petitions against few of them) have been considered good for recovery
in view of securities wherever available, personal guarantee of
promoters of borrowers Company etc and accordingly no provisions for
doubtful debts has been considered necessary.
The matters described in paragraph 5 (i) & 5 (ii) above have uncertainties
related to the outcome of the legal proceedings.
(iii)
6.
ln our opinion, except for the effects of the mafters described in paragraph 3
(ii) and (iii) and fhe possible effects of the matter described in paragraph 3 (i)
in the Basis for Qualified opinion paragraphs on Consolidated Financial
Resu/fs of the Group, and to the best of our information and according to the
explanations given to us, based on the consideration of the reports of the
other auditors referred to in paragraph 4 above, the statement:
(i)
List of Subsidiaries:
JBF Global Pte. Ltd.
JBF RAK LLC.
JBF Petrochemicals Limited
JBF Bahrain SPC
JBF Global Europe BVBA
JBF Bio Glicols Industia Quimica Ltda
JBF Trade lnvest PTE. LTD
JBF America INC
3
of
Continuation sheet...
I
CHATURVEDT rut SHAH
Chortered Accountonts
il
t
33 of
Disclosure Requirements)
(--42
lta^g*v
R. Koria
Partner
Membership No. : 035629
Place: Mumbai
Dated: 6th July 2016
4 of 3
Continuation sheet...
Continuation Sheet........
JBF INDUSTRIES LIMITED
Survey No. 273, Viltage: Athola, Silvassa, ( D & NH)
CIN : 199999DN1982P1C000128
STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER / YEAR ENDED 31ST MARCH, 2016
3 Months
ended 31.03.16
Preceding
Months
ended
31.12.15
Particulars
Accounting
Accounting
Year ended
31.03.16
Year ended
31.03.15
Audited
Audited
Unaudited
13)
Corresponding
3 Months
ended 31.03.15
13)
919,286
928.659
255.369
208,056
223,034
246,889
200,395
213,999
887,351
886,979
52
180
170
812
voo
246.941
200.575
2',t4,169
888,163
887.947
197,882
143,025
132,332
653,339
653,1
Total Income
:XPenSeS
of
40
157
23,122
(4,3571
(s93,
7,038
7,081
27,666
23,532
49
o n?o
7,962
ataaa
30,678
38,972
31,884
28,592
248.721
I 92,561
199,089
8s2,385
826.376
(1,780
8,014
15,080
3s,778
61.571
994
196
zIo
1.488
1.826
(786)
8,210
15,356
37,266
63,397
15,457
12,976
12,606
9,1
Other Expenses
Total ExDenditure
)rofit /(Loss) from Operations before Other Income, Finance
:ost, Exchange Difference & Exceptional ltems (1-2)
)lher Income
Profiu(Loss) from ordinary activities before finance cost,
Exchanqe Oifference & Exceptional ltems (3+4)
a) Finance Costs (Net) (Refer Note No 3)
39.980
19,489
42,367
(565)
(466)
6.522
1,108
12,089
1s.678
(4,3001
(3,772',,
(16.367
8,941
5,678
(4,300'
(3,772'
(16.367
8.941
3,214
891
1,634
5.468
5,832
(1
8,8921
(5.191
(5.406
(21,8351
3,109
( 1
8,8921
(5,191
5.406
(21,835t
3,109
2,981
(15.911
880
(4,311
(5,4061
(18,1 531
3.109
8,187
8,'t87
6,550
8,187
6,550
:xceptional ltems
9
(1
(9-1 0)
ilinoritv Interest
3,682
75,506
(1
(1
(6.64)'
(6.64)'
s.54).
e.s4).
,rlA
\nUlSB
A\')l\
,:]v'
.]"
(8.3e)'
18 3S).
(26.52
(26.52
4.22
ff3rB
+
Continuation Sheet........
As at 31st
March.2015
1,314,195
Non-current investments
Long-term loans and advances
Other non current assets
Current investments
lnventories
Trade receivables
Deffered tax Assets
(e) Cash and Bank Balances
Short-term loans and advances
Other current assets
TOTAL. ASSETS
Notes :
reviewed by audit committee at its meeting held on 6th
1 The Board of Directors approved the above mentioned financial results, duly
July,2016 and its release
(As) 21 on consolidated Financial statements as
2 The consolidated accounts have been prepareo as per Accounting standard
statements of subsidiaries have been prepared by following
accountingprincipIesprevaiIingintherespectiVecountryoftheirincorporati0n.
3 Finance Costs (Net) consist of the followings :
rarticulars
3 Months
ended 3'1.03.16
Rs
Preceding 3
Corresponding
Months
3 Months
ended
ended 31.03.15
Accounting
Accounting
Year ended
Year ended
31 .03.15
52.331
43.485
45.082
42,367
31.03.16
31.12.',15
6,200
12,803
13.113
'195
411
158
16.395
938
13.214
238
13.271
bbc
2.207
54.538
2.013
15,457
12.976
12.606
52,525
on foreign qq{el!L!Ign!ac!i9!
1.597
2.715
r!4uMBAr
.r
ji"ll
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-'':l_
lenders
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l9\*-/1
Continuation Sheet........
down subsidiary
5 During the year Company has incorporated new step down subsidiary namely "JBF AMERICA lNC" through its step
JBF RAK LLC.,UAE.
6 lmplementation of the 1.25 Million Tonnes per annum green field PTA project at Mangalore, being execuled through Step down
by the end of current
subsidiary JBF petrochemicals Ltd is proceeding satisfactorily.The project is now expected to be completed
financial year.
7 During the year, the KKR Jupiter Investors Pte Ltd. (lnvestor) has invested USD 150 Million in the Group. Accordingly 16'374'370
49123 lacs have been
Equity sharls of Rs. l0feacir at a premium of Rs. 29O/- per share on preferential basis aggregating to Rs.
lacs (Equivalent to
Rs.
50065
to
aggregating
Shares
Preference
Convertible
ailotted by the Company and 12,210,527 Compulsory
of the Company'
USD 7,56,49,902) have been allotted by the JBF Global Pte. Ltd Singapore, a wholly owned subsidiary
lacs
10 During the year, JBF Global pte Ltd has in its consolidated Financial statements capitalized finance costs amounting to Rs 7870
years, which was earlier charged to Statement of Profit and loss . Accordingly the equivalent amount has been
in respect of earlier
to publish consolidated Financial results. The standalone financial results for the quarter and year ended 31st
published
on 1st June,2016 in news paper. The standalone financial results of the Company are also available on
March, 2016 were
Company's Website www.jbflndia.com. Additional information on standalone basis are as follows.
in
Preceding 3
Corresponding
Months
3 Months
3 Months
ended
ended 31.03.16
ended 31.03.15
31.'t2.15
Particulars
3.593
Unaudited
89.639
2.633
2,258
1.734
Audited
99,1 78
Audited
Less:
Audited
361 .676
0.1 95
412.280
20.054
z.azo
6,549
13.944
Accounting
Year ended
31.03.16
362,1 95
99,3s7
52,819
252,176
4,241
89,750
117,082
206,832
6,061
81,327
34,834
216,',l61
1,716
247,935
200,771
214,445
548,066
910,261
20,610
889,651
7,990
't 5,356
12,606
6,522
26,823
10,443
37,266
52,525
1 .108
6,546
1,664
8,210
12,976
(466)
(4,300)
Audited
6,015
(6,801)
(786)
15,457
Accounting
Year ended
31 .03.15
81.092
4.487
Preceding 3
Months
ended
3't.12.15
Total
Accounting
Year ended
31.03.16
Segment Liabilities)
219,058
71,309
412,859
500,022
912,881
23,1 08
889,773
33,230
30,1 67
63,397
42,367
1t neo
8,941
13,772l.
144,997
38.550
144,997
38,550
geographical as primary
i) As per Accounting Standard (AS) -17 on " segment Reporting" the Company has identified and reported
reporting system.
segmenttaking into accountthe differing risks and returns, the organization structure and the internal
within India ll)
ii)These segment are organized into two main business segment based on geographic :l) Domestic : Operations
International : Operations outside India.
flgures in respect
13 The figures for the quarter ended 31st March, 2016 and 31st March, 2015 are the balancing figures between Audited
years.
of the full financial year and the year to date figures up to the third quarter of the respective financial
to make them
14 Figures in respect of the previous period/year have been regrouped or rearranged or reclassified wherever necessary
comoarable.
For & on Behalf of the Board of Directors
11
\':
ir
l. -: ri
Place : Mumbai
to4UtulBni
i"
;: .!
.
'i'1'q:,:'
-a
BHAGIRATH C. ARYA
Minoritv
Net Worth
Anv other financial item(s)
Audit Qualifications
a. Details of Audit Qualification:
The auditors of the subsidiary Company in their report on the Consolidated
tl
(i)
(ii)
,6/
1)
\I
,{
,';--:l::::=\.-
rli#P?$
it$i,
'i..
*.'.-i--l
)El)
--/
(iii)
b.
c.
d.
Qualified Opinion
(i)
In respect of Trade receivable of Rs. 58.82 Crore (as referred in ll (a) (ii)
above) - recovery has got slow down from the customer last year due to
sudden businesi interruption because of differences on negotiated
commercials terms. The Management is confident to recover the above
outstanding amount.
(ii)
In respect of Short - Terms Loans & Advance of Rs. 125.73 Crore (as
referred in ll (a) (ii) above) the Subsidiary Company has mgde. advance
payment to the suppliers under the contractual obligations for long term
Suipfy of Material. Due to financial difficulties, the supplier could not
the material within the stipulated time. The Management is
"ri"ni"
comriitted to recover the above amount after adjusting any pending
dues.
(iii)
e.
In respect of Short - Terms Loans & Advance (due from related parties)
of Rs.'24.19 Crore (as referred in 1l (a) (ii) above){he amount was paid to
related party to cover the start up expenses "Green Field Project" in
Brazil. Subslquently project has been cancelled and the Management is
in the process of disios-al of properties at Brazil and is of the view that
proceeds from above disposal will be sufficient to recover the above
amount
For Audit eualification where the impact is not quantified by the auditor:
(i)
,t";ff^:f+\
'lC
rxii
It
ii fr-
)r-
i,f-r*_-/{
lU
(ii)
ln respect of Audit Qualification as referred in (ll) (a) (i) above the above rebate receivables from suppliers have been
accounted for as per the consistent policy followed by the
Subsidiary Company. Due to substantial downward run in oil
prices last year, liquidity crunch encountered by most of the
suppliers, they were unable to settle the rebate timely in last year.
However the Management is of the view that above amounts are
recoverable
(iii)
Refer " Basis for Qualified Opinion " in the Independent Audit Report on
the Consolidated Financial Statements dated 6th Julv 2016
Siqnatories:
ilt.
nA
w{,t
h----.{
Bhagirath C. Arya
(Chief Financial Officer)
(Chairman)
B R Gupta
(Audit Committee Chairman)
Refer our Independent Auditor's Report dated 6h July 2016 on the Consolidated
Financial Statements of the Company.
R. Koria
Partner
Membership No
,i-irvi,j,ri :,
;
35629
Place: Mumbai
Date: 6th July, 2016
';
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