JBF Industries Ltd
Fibres & Plastics
FV – Rs 10; 52wks H/L –255/150.10; TTQ – 9 K; CMP – Rs 209 (As On August 23, 2016; 11.00);                                

  Market Cap – Rs 1710.3 Crs

Consolidated Financials and Valuations for FY16 (Amt in Rs Crs unless specified)

Consolidated Financials and Valuations for Q4 FY16

Valuation Parameters:

1. Long Term Debt to Equity – 2.88
2. ROE % – Nil
3. Market Cap/Sales – 0.19

Key Updates:

• During the year, the KKR Jupiter Investors Pte Ltd. (lnvestor) has invested USD 150 Million in the Group. Accordingly 16374370 Equity shares of Rs. 10 each at a premium of Rs. 29O/- per share on preferential basis aggregating to Rs. 49123 lacs have been allotted by the Company and 12210527 Compulsory Convertible Preference Shares aggregating to Rs. 50065 lacs have been allotted by the JBF Global Pte. Ltd Singapore, a wholly owned subsidiary of the Company’
• The company’s step down subsidiary JBF Petrochemicals has entered in to a long term agreement with ONGC Mangalore Petrochemicals (OMPL) for supply of Paraxylene, the main raw material for production of purefied terephthalic acid (PTA). (http://www.moneycontrol.com/news/buzzing-stocks/jbf-industries3-enters-into-agreementongc-mangalore_6292621.html)
• During the year Company has incorporated new step down subsidiary namely “JBF AMERICA lNC” through its step down subsidiary JBF RAK LLC.,UAE.
• lmplementation of the 1.25 Million Tonnes per annum green field PTA project at Mangalore, being execuled through Step down subsidiary JBF petrochemicals Ltd is proceeding satisfactorily. The project is now expected to be completed by the end of current financial year.
• The company is amongst the Top 5 Domestic market leaders in Textile grade chips, Bottle grade chips and Partially Oriented Yarn. Internationally also, JBF is amongst the Top 10 manufacturers of Bottle grade chips and Polyester Films.

Overview:

• JBF Group manufactures polyester value chain products that are used in the fast-moving consumer goods (FMCG), textile and packaging industries.
• JBF Industries Ltd manufactures polyester chips, polyester yarn and processed yarn from polyester chips.
• The Company’s segments include Polyester Film and Other Polyester Products. Its polyester chips of textile grade consists of semi dull, semi bright, super bright, H Bright, T Bright, full dull, cationic semi dull, cationic semi bright, cationic super bright, easy dyeable semi dull and easy dyeable super bright.
• Its polyester chips of film grade consist of super bright chips and silica chips. Its bottle grade polyethylene terephthalate (PET) includes ARYAPET, which consists of AP0076, AP0076 HF, AP0080, AP0084, AP0084 FRH and AP0089.
• Its partially oriented yarn (POY) consists of raw white semi dull round, dope dyed black round and cationic POY SD round or full dull POY SD round.
• It also offers fully draw yarn, polyester textured yarn and sewing thread.

Manufacturing facilities:

It has manufacturing facilities in India and the United Arab Emirates.

India:

1. Sarigam, Gujarat

Total Chips capacity – 608000 M.T p.a which includes

• Textile Grade Chips
• Speciality Grade Chips
• Bottle Grade Chips

2. Athola & Saily, Silvassa

• Polyester Yarn Capacity – 262000 MT p.a
• Texturized Yarn Capacity – 90000 MT p.a

           U.A.E:
Ras Al-Khaimah

• Bottle Grade Chips – 432000 MT p.a.
• BOPET Films – 102000 MT p.a.

 Management:

• Mr. Bhagirath C Arya – Chairman
• Mr. Rakesh Gothi – MD &CEO
• Mr. P. N. Thakore  – CFO

The Equity Capital is @ Rs  81.87 Crs consisting of 81871849 equity Shares of FV Rs 10 currently held 

  19.25% Of the Promoter’s Holding is pledged.

Major Non-Promoter Holdings:

Consolidated Financial Trends (In Rs. Crs) :

Kirloskar Ferrous Industries Ltd
Iron & Steel Products
FV – Rs 5; 52wks H/L – 89.70/39.75; TTQ – 44 K; CMP – Rs 79 (As On August 16th 2016; 11.00);                          

        Market Cap – Rs 1071 Crs

Consolidated Financials and Valuations for FY16 (Amt in Rs Crs unless specified)

Standalone Financials and Valuations for Q1 FY17

Valuation Parameters:

1. Long Term Debt to Equity – Nil
2. ROE % – 11.7
3. Market Cap/Sales – 0.96

Kirloskar Ferrous to acquire pig iron plant of VSL Steels for Rs. 155 Crs (http://economictimes.indiatimes.com/industry/indl-goods/svs/metals-mining/kirloskar-ferrous-to-acquire-pig-iron-plant-of-vsl-steels/articleshow/53430660.cms)

Demand for pig iron is expected to remain stable considering the growth projections by auto sector and tractor sector and infrastructure enhancement plans. Also some of the present pig iron manufacturers are diversifying to value addition products. This may give the opportunity to the Company to increase the market base.

Overview:

• Kirloskar Ferrous Industries Limited (KFIL) is engaged in producing iron castings.
• The Company is a manufacturer of pig iron and grey iron castings and supplies pig iron to foundries that cater to the auto, engines and compressors, textile, pumps, pipes and fittings and fans, among others. Its pig iron products include foundry grade pig iron, spherodized graphite (S.G.) grade pig iron and basic grade pig iron.
• It produces grey iron and S.G iron castings for various applications, such as cylinder blocks, cylinder heads and various housings for automobile, tractor and diesel engine industries. Its casting products include cylinder blocks, cylinder head and housings.
• It caters to various industry sectors, such as tractors, automotive and diesel engines. It has manufacturing facilities at Koppal (Karnataka) and Solapur (Maharashtra).

Management:

• Mr. Atul Kirloskar – Chairman
• Mr. R.V. Gumaste – MD
• Mr. R. S. Srivatsan – CFO

None Of the Promoter’s Holding is pledged.

Major Non-Promoter Holdings:

Consolidated Financial Trends (In Rs. Crs) :

The Company sold 289485 MT of pig iron valued at ~623 Crs during FY2015-16 as compared to 318023 MT of pig iron valued at ~844 Crs in the previous year.

Bombay Burmah Trading Corporation Ltd
Tea & Coffee
FV – Rs 2; 52wks H/L –611.95/311; TTQ – 1.54 Lacs; CMP – Rs 491 (As On August 9 2016; 11.00);                                  
Market Cap – Rs 3426 Crs

Consolidated Financials and Valuations for FY16 (Amt in Rs Crs unless specified)

Standalone Financials and Valuations for Q4 FY16

Valuation Parameters:

1. Long Term Debt to Equity – 0.16
2. ROE % – 20.21
3. Market Cap/Sales – 0.38

Bombay Burmah Trading Corp(BBTC) is a holding company for Britannia and other companies of Wadias. BBTC holds  50.75% in Britannia. (Market Cap of Britannia is Rs.37647 Crs.)

During FY2015 the company sold its Land and Building in Padi, Chennai resulting in a profit of Rs.159.92 Crs.

Overview:

• The Bombay Burmah Trading Corporation Ltd operates through the following segments: Plantation Products (produces/trades in Tea, Coffee, Timber, Cardamom and Pepper); Dental Products (manufactures/trades in Health Care/Dental products); Auto Ancillary Products (manufactures, solonoids, switches, valves, slip rings etc. for automobile and other industries); Investments (invests in various securities listed as well as unlisted mainly on a long term basis); Weighing Products (manufactures/trades in Analytical, Precision Balances and Weighing Scales), and Real Estate (represents property development).
• It operates through the following subsidiaries: Dowbiggin Enterprises Pte. Limited, Nacupa Enterprises Pte. Limited, Spargo Enterprises Pte. Limited, Valletort Enterprises Pte. Limited and Bannatyne Enterprises Pte. Limited.

 Management:

• Nusli Wadia – Chairman
• Ness Wadia – MD
• Amit Chhabra – CFO

The Equity Capital is @ Rs 13.96 Crs consisting of 69771900 equity Shares of FV Rs 2 currently held as under

2.85% Of the Promoter’s Holding is pledged.

Major Non-Promoter Holdings:

Consolidated Financial Trends (In Rs. Crs) :