Bhansali Engineering Polymers Ltd. — Earnings Release 2019

Apr 28, 2019

Em bI-IANSAll ENqiNEERiNq polyMERs llMlTECl

ClN : L271 OOMH1984PLCO32637

Registered Office :401, 4th Floor, Peninsula Heights, C. D. Barfiwala Road, Andheri (West), Mumbai — 400 058. Tel. : (91 -22) 2621 6060/61 /62/63/64 - Fax : (91-22) 2621 6077 - E-mail : abstron@bhansaliabs.com - Website :www.bhansaliabs.com

Ref: BEPL/SEC/2019/057 April 28, 2019

IDSecurity8:, Code: BEPL500052: BEPLSymbol—	T0,TheManager,TheBSELimited,CorporateRelationshipDepartment,PhirozeJeejeebhoyTowers,Dalal-Mumbai400Street,001.	T0,TheManagerNationalStockofIndiaLtd.ExchangeSandraKurlaExchangePlaza,BandraComplex,(East),Mumbai— 400051

Sub: Outcome of Board Meeting — Sunday, April 28, 2019 — Approval of Audited Financial Results (Standalone and Consolidated) for the quarter and year ended March 31, 2019 and recommendation of dividend.

Dear Sir/Madam,

Pursuant to Regulation 33 read with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please be informed that the Board of Directors of the Company at its meeting held today, inter alia, has:

• 1. Approved the Audited Financial Statements (Standalone 82; Consolidated) for the year ended March 31, 2019 and the Audited Financial Results (Standalone 85 Consolidated) for the quarter / year ended March 3 1, 2019, as recommended by the Audit Committee. '
  • 1. Recommended dividend of Re.0.50 per equity share (face value of Rel each) for the financial year ended March 3 1, 2019.

The Board meeting commenced at' 1 1.30 a.m. and concluded at 02.15 p.m.

We hereby enclose the following:

• a. Copy of Audited Standalone and Consolidated Financial Results of the Company for the quarter and year ended March 31, 2019 along with Statement ofAssets and Liabilities as at March 31, 2019; and
• b. Copy of Auditors Report with unmodified opinions on the audited Standalone and Consolidated Financial Results;

m TRGDN'3 TM bl-IANSAll ENqiNEERiNq polyMERs llMlTEd

CIN : L27100MH1984PL0032637

Registered Office : 401, 4th Floor, Peninsula Heights, C. D. Barfiwala Road, Andheri (West), Mumbai - 400 058. Tel. : (91—22) 2621 6060/61/62/63/64 - Fax : (91-22) 2621 6077 - E—mail : abstron@bhansaliabs.com - Website :www.bhansaliabs.com

1. Declaration from the Executive Directors cum CFO with respect to unmodified opinion on financial results, received from the Statutory Auditors of the Company.

The necessary information with regard to the date of Annual General Meeting for the year ended March 31, 2019 and the date from which dividend, if approved by shareholders, will be paid or warrants thereof dispatched to the Shareholders, will be informed in due course.

Kindly take the above information on record and acknowledge receipt of the same.

Thanking you,

Yours faithfully, For Bhansali Engineering Polymers Limited

Ashwin M. Patel Company Secretary 85 GM (Legal)

bHANSALI ENGINEERING POLYMERS LIMITED

CIN: L27100MH1984PLC032637

Registered Office: 401, 4th Floor, Peninsula Heights, C. D. Barfiwala Road, Andheri (West), Mumbai - 400 058. : (91-22) 2621 6060/61/62/63/64 · Fax : (91-22) 2621 6077 · E-mail : abstron@bhansaliabs.com · Website : www.bhansaliabs.com

$Tel$ STATEMENT OF STANDALONE AND CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2019 UNDER IND AS

						( in lakhs) (Except Earning per share)
				STANDALONE				CONSOLIDATEDYear ended
	PARTICULARS		Quarter ended	31/03/2018	Year ended31/03/2019	31/03/2018	31/03/2019	31/03/2018
		31/03/2019	31/12/2018Unaudited	Audited	Audited	Audited	Audited	Audited
	INCOME	Audited
	Gross Revenue including GST & Excise	41.147.93	38,156.66	35,611.80	1,44,391.19	1,20,455.38	1,44,391.19	1,20,455.38
П	Less: GST Recovered	6,177.19	5,816.72	5.433.10	21.913.20	14,572.25	21,913.20	14,572.25
$\mathbf{III}$	Revenue from operations (Net of GST, including	34,970.74	32,339.94	30,178.70	1,22,477.99	1,05,883.13	1,22,477.99	1,05,883.13
	Excise) (I-II)		60.91	526.45	689.80	1,369.58	689.80	1,369.58
IV$\vee$	Other IncomeTotal Income (III+IV)	565.7035,536.44	32,400.85	30,705.15	1,23,167.79	1,07,252.71	1,23,167.79	1.07.252.71
VI	EXPENSES
	(a) Cost of materials Consumed	16,253.11	17,664.83	14,750.77	69,881.96	58,988.94	69,881.9632,609.92	58,988.9410,218.46
	(b) Purchase of stock-in-trade	11,352.44	8,923.21	4,835.081,868.07	32,609.92(903.18)	10,218.465,198.09	(903.18)	5,198.09
	(c) Changes in inventories of finished goods,	3,915.29	977.64
	work-in-progress and stock-in-trade(d) Excise Duty Recovered					2,713.99		2713.99
	(e) Employee benefits expense	600.05	931.18	988.83	3243.94	3,742.70	3,243.94	3742.70
	(f) Finance Costs	11.17	67.32	189.93	121.30	773.89	121.30734.00	773.89607.03
	(g) Depreciation & amortisation expenses	200.32	184.41	145.82	734.009743.06	607.039,578.13	9,743.06	9,578.13
	(h) Other expenses	2,148.4134,480.79	2148.2830,896.87	3358.6526, 137. 15	1,15,431.00	91,821.23	1,15,431.00	91,821.23
	TOTAL EXPENSES (a to h)Profit before exceptional and extraordinary items					15,431.48	7,736.79	15,431.48
VII	and $\text{tax}(V - VI)$	1.055.65	1,503.98	4,568.00	7,736.79
VIII	Exceptional Items	$\blacksquare$	$\frac{1}{2}$	$\bullet$	$\blacksquare$
IX	Profit before extraordinary items and tax (VII- VIII)	1,055.65	1.503.98	4,568.00	7,736.79	15,431.48	7,736.79	15,431.48
					$\overline{\phantom{a}}$
X	Extraordinary items
	Profit before share of net profit/(loss) of investment	1,055.65	1,503.98	4,568.00	7,736.79	15,431.48	7,736.79	15,431.48
X1	accounted for using equity method and tax (IX -X)
	Share of net profit/(loss) from Joint venture accounted						68.43	38.73
XIIXIII	for using the equity methodProfit before tax (XI+XII)	1,055.65	1,503.98	4,568.00	7,736.79	15,431.48	7,805.22	15,470.21
XIV	Tax Expenses
(i)	Current tax	26.78	427.00	1,507.48	2,067.53	4,793.82	2,067.53	4,793.82
(ii)	Deferred tax	739.15	79.90	200.72	1,016.50	673.73	1,016.50	673.73
XV	Profit for the period (XIII-XIV)	289.72	997.08	2,859.80	4,652.76	9,963.93	4,721.1924.38	10,002.66(22.40)
XVI	Other Comprehensive Income / (loss) (net of tax)Total Comprehensive income / (loss) for the period	21.73	34.63	(24.41)	24.38	(22.40)
XVII	$(XV+XVI)$	311.45	1,031.71	2,835.39	4,677.14	9,941.53	4,745.57	9,980.26
	XVIII Paid Up Equity Share Capital	1,659.06	1,659.06	1,659.06	1,659.06	1,659.06	1,659.06	1659.06
	XIX Earnings per share (of $\overline{\tau}$ .1/- each) (not annualised)
(i)	Basic	0.17	0.60	1.72	2.80	6.016.01	2.852.85	6.036.03
(ii)	Diluted	0.17	0.60	1.72	2.80
	Notes:
$\mathbf{1}$	The above Financial Results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at the meeting held on 28th April,
	2019.
$\overline{2}$	The Audited Standalone and Consolidated Financial Results have been prepared in accordance with the recognition and measurement Principles provided in Indian
	Accounting Standards (IND AS 34), the provisions of the Companies Act, 2013 (the Act), as applicable and guidelines issued by the Securities and Exchange Board of
	India (SEBI) under SEBI (LODR) Regulations 2015, as amended.
3	In accordance with Regulation 33 of the SEBI (LODR) Regulations, 2015, the above Audited Standalone Financial Results of the Company are posted on Company's
	website (www.bhansaliabs.com) on the website of BSE Limited (www.bseindia.com) and the National Stock Exchange of India Limited (www.nseindia.com) where the
	company's shares are listed.
4	The figures for the quarter ended 31st March, 2019 and 31st March, 2018 are the balancing figures between the audited figures in respect of the full financial year and
	the reviewed year-to-date figures up to third quarter of the respective financial year.
5	The Board of Directors have recommended dividend of 50% (viz Re 0.50 per share having face value of Re.1/- each) subject to approval of shareholders in the ensuing
	Annual General Meeting.
6	The Company operates in a single segment namely "Highly Specialized Engineering Thermoplastics".
7	The Research & Development facitlity located at Abu Road Unit has commenced operations and the company has applied for the recognistion of the facility on 12th
	March, 2019 thereby enabling the company to avail various benefits under the Income Tax, 1961 during the quarter.
8	Figures for the previous Period/Year have				ped/reworked/re-arranged wherever necessary, to make them comparable.
						For Bhansali Engineering Polymers Limited
	MUMBAI	$\boldsymbol{\Omega}$					ANELLINE
	Firm Reg. No.				B.M.Bhansali		MUMBAI
	006521CPlace : Mumbai	O			Managing Director	ē
	2019 (28th April, 201				DIN:00102930
	: Bhans in AsSatnoor Plant				Taluka - Sausar, Dist. Chhindwara, Madhya Pradesh - 480 108.
	Tel.: (07165) 226376-79 · Fax: (07165) 226380 / 81 · E-mail: beplchw@bhansaliabs.com
	: Plot No. SP-138-143, Ambaji Industrial Area, Abu Road, Dist. Sirohi (Rajasthan) - 307 026Abu Road Plant
	Tel.: (02974) 226781/82/83/84 · Fax: (02974) 226737 · E-mail: beplabr@bhansaliabs.com

,. bhANSAli ENqiNEERiNq polyMERs limited W

CIN : L27100MH1984PLC032637

Registered Office : 401, 4th Floor, Peninsula Heights, C. D. Bartiwala Road, Andheri (West), Mumbai - 400 058. Tel. : (91-22) 2621 6060/61/6263/64 - Fax : (91-22) 2621 6077 - E-mail : abstron@bhansaliabs.com - Website :www.bhansaliabs.com

		(T in Iakhs)
		R in lakhs)Standalone		Consolidated
Particulars	As at 31stMarch 2019	As at 31stMarch 2018	As at 31stMarch 2019	As at 3151March 2018
A Assets
1) Non—Current Assets
(a) Property, Plant and Equipment	14,343.99	10,723.96	14,343.99	10,723.96
(b) Capital work in progress	-	607.46	—	607.46
(c) Intangible assets	5.92	17.44	5.92	17.44'V
(d) Financial assets			131.86	63.42
(i) Non-current investments	150.00a	150.00-	-	-
(ii) Loans		197.66	228.83	197.66
(iii) Other financial assets	228.83	236.24	201.33	236.24
(e) Deferred tax Assets (Net)	201.33-	-	-	-
(f) Other non-current assets
Total Non-Current Assets (A)	14,930.07	11,932.76	14,911.93	11,846.18
2) Current Assets(a) Inventories	10,012.57	8,002.02	10,012.57	8,002.02
(b) Financial assets(i) Trade Receivables	22,379.96	18,541.75	22,379.96	18,541.75
(ii) Cash and cash equivalents	2,053.11	2,883.82	2,053.11	2,883.82
(iii) Bank balances other than (ii) above	345.19	357.08	345.19	357.08
(iv) Loans	2,146.04	3.12	2,146.04	3.12
(v) Other Financial assets	704.00	220.19	704.00	220.19
(c) Other current assets	503.30	684.59	503.30	684.59
Total Current Assets (B)	38,144.17	30,692.57	38,144.17	30,692.57
Total Assets (A)+ (B)	53,074.24	42,625.33	53,056.10	42,538.75
B Equity & Liabilities
1) Equity	1,659.06	1,659.06	1,659.06	1,659.06
(a) Equity share capital(b) Other Equity	28,231.20	24,154.09	28,213.05	24,067.51
Total Equity (A)	29,890.26	25,813.15	29,872.12	25,726.57
2) Liabilities'
Non-Current Liabilities
(a) Financial Liabilities
(i) Other Non Current Financial Liability	0.30	0.30	0.30	0.30
(b) Long term provisions	417.89	449.43	417.89	449.43
(c) Deferred tax liabilities (Net)	2,292.42	1,297.75	2,292.42	1,297.75
Total Non~Current Liabilities (B)	2,710.61	1,747.48	2,710.61	1,747.
Current Liabilities
(a) Financial Liabilities
(i) Trade payables	19,445.95	12,574.73	19,445.95	12,574.73
	308.11	295.21	308.11	295.21
	632.91	793.04	632.91	793.04
(ii) Other Current Financial liabilities		40.07	86.40	40.07
(b) Other current liabilities
(C)Short term provisions(d) Current tax liabilities (Net)	86.40-	1,361.65	-	1,361.65
Total Current Liabilities (C)	20,473.37	15,064.70	20,473.37	1 5,064.70

Satnoor Plant

: Bhansali Nagar, Taluka — Sausar, Dist. Chhindwara, Madhya Pradesh - 480 108.

Abu Road Plant

Tel. : (07165) 226376-79 - Fax : (07165) 226380 / 81 - E-mail : beplchw@bhansaliabs.com : Plot No. SP-138—143, Ambaji Industrial Area, Abu Road, Dist. Sirohi (Rajasthan) - 307 026 Tel. : (02974) 226781182/83l84 - Fax : (02974) 226737 - E—mail : beplabr@bhansaliabs.com

AZAD JAIN & CO. CHARTERED ACCOUNTANTS

AUDITOR'S REPORT ON QUARTERLY STANDALONE FINANCIAL RESULTS AND YEAR TO DATE RESULTS OF THE COMPANY PURSUANT TO REGULATION 33 OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015

To. The Board of Directors of Bhansali Engineering Polymers Limited

We have audited the accompanying Statement of standalone financial results of BHANSALI ENGINEERING POLYMERS LIMITED ('the Company') for the quarter and year ended 31a March, 2019 (' the Statement'), attached herewith, being submitted by the Company pursuant to the requirement of regulation 33 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, ('the Regulation'), read with SEBI Circular No. as amended CIR/CFD/FAC/62/2016 date July 5, 2016 ('the Circular').The standalone financial results for the quarter and year ended 31st March, 2019 have been prepared on the basis of the standalone financial results for the nine months period ended 31st December, 2018, the audited annual standalone Ind AS financial statements as at and for the year ended 31* March,2019, and the relevant requirements of the Regulation and Circular, which are the responsibility of the Company's management and have been approved by the Board of Directors of the Company. Our responsibility is to express an opinion on these standalone financial results based on our review of the standalone financial results for the nine-month period ended 31st December, 2018 which was prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting, specified under Section 133 of the Companies Act 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India; our audit of the annual standalone Ind AS financial statements as at and for the year ended 3188 March, 2019; and the relevant requirements of the Regulation and Circular.

1. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those standards require that we plun and perform the audit to obtain reasonable assurance about whether the Statement is free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts disclosed in the Statement. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the significant accounting estimates made by the Management, as well as evaluating the overall presentation of the Statement. We

HO : E-1603, LAKE FLORENCE, LAKE HOMES, OFF ADI SANKARACHARYA MARG, POWA-ALLMBAR, MAJIARASHTRA)-400076. MOB. 09414167046 401-402, (4TH FLOOR), SHREEJI CHAMBERS, 32-A, PANCHWATI, UDAIPUR - 313 001. TEL.: 0294 - 2428460, 2425529 believe that the audit evidence we have obtained is sufficient & appropriate to provide a basis for our opinion.

• 3 In our opinion and to the best of our information and according to the explanations given to us these quarterly standalone financial results as well as the year to date results:
  • a) are presented in accordance with the requirements of the Eegulation read with the Circular, in these regard; and
  • b) gives a true and fair view of the net profit, other comprehensive incomeand other financial information of the company for the quarter and year ended 31st March, 2019.
• 1. Further, read with paragraph I above, we report that the figures for the quarter ended 31s March, 2019 represent the derived figures between the audited figures in respect of the financial year ended 31° March, 2019 and the published year-todate figures up to 31st December, 2018, being the date of the end of the third quarter of the current financial year, which were subjected to a limited review as stated in paragraph 1 above, as required under the Regulation and the Circular.

For Azad Jain & Co

Chartered Accountants

Fign Registration Number 006251C CARishabh erdia Partner

Membership Number: 400600 Place: Mumbai Date: 28m April, 2019

AUDITOR'S REPORT ON THE CONSOLIDATED FINANCIAL RESULTS AND YEAR TO DATE RESULTS OF THE COMPANY PURSUANT TO THE REGULATION 33 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIRMENTS) REGULATIONS, 2015

To,

The Board of Directors of Bhansali Engineering Polymers Limited

• 1. We have audited the accompanying Statement of consolidated financial results of BHANSALI ENGINEERING POLYMERS LIMITED ('the Company'), comprising its joint venture (together, 'the Group') for the year ended 31st March,2019 (' the Statement'), attached here with, being submitted by the Company pursuant to the requirement of regulation 33 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, as amended (' the Regulation') read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016 (' the Circular'), The consolidated financial results for the year ended 31st March, 2019 have been prepared on the basis of the audited annual consolidated Ind AS financial statements as at and for the year ended 31* March, 2019, and the relevant requirements of the Regulation and the Circular which are the responsibility of the Company's management and have been approved by the Board of Directors of the Company. Our responsibility is to express an opinion on these consolidated financial results based on our audit of the annual consolidated Ind AS financial statements as at and for the year ended 31st March,2019 which was prepared in accordance with the applicable accounting standards and other accounting principles generally accepted in India and the and the relevant requirements of the Regulation and Circular.
• 1. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Charlered Accountants of India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Statement is free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts disclosed in the Statement. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the significant accounting estimates made by the Management, as well as evaluating the overall presentation of the Statement. We believe that the audit evidence we have obtained is sufficient & appropriate to provide a basis for our opinion.

• 1. In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the report of M/s B.L. Dashardo & Associates, Chartered Accountants, on separate financial statements and the other financial information of Joint Venture, these consolideted financial results for the year.
  • a) includes the year to date financial results of Joint Venture, M/s Bhansah Nippon A & L Private Limited;
  • b) are presented in accordance with the requirements of the Regulation and Circular in this regard; and
  • c) gives a true and fair view of the consolidated net profit, other comprehensive income and other financial information for the Group for the year ended 314 March, 2019.
• 1. Other Matters:

We did not audit the financial statements and other financial information, in respect of its Joint venture whose financial information reflects total assets of ₹.289.35 lacs as at 31* March, 2019, and total revenues of ₹.340.01 lacs for the year ended on that date. The consolidated financial statements are prepared at the end of the year only. These financial statements and other financial information have been audited by other auditor, whose reports have been furnished to us by the management. Our opinion, in so far as it relates to the affairs of such Joint venture is based solely on the report of such auditors. Our opinion is not qualified in respect of this matter.

For Azad Jain & Co Chartered Accountants Firm Registration Number, 006251C

CA Rishabh Verdia Partner Membership Number: 400600 Place: Mumbai Date: 28th April, 2019

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"V

bhANSAli ENqiNEERiNq polyMERs liMiTEd

CIN : L27100MH1984PL0032637

Registered Office : 401, 4th Floor, Peninsula Heights, C. D. Barfiwala Road, Andheri (West), Mumbai - 400 058. Tel. : (91—22) 2621 6060/61/62/63/64 - Fax : (91-22) 2621 6077 - E-mail : abstron@bhansaliabs.com 'Website :www.bhansaliabs.com

Declaration with respect to modified opinion

We declare that: the statutory auditors of the Company M/s Azad Jain 8:, Co., Chartered Accountants, have issued the audit report with an unmodified opinion in respect of the Audited Standalone and Consolidated Financial results of the Company for the year ended March 3 1, 2019.

Kindly take the above information on record.

Thanking you,

Yours fajthfillly, For Bhansali Engineering Polymers Limited

)9"

Jayesh B. Bhansali Executive Director cum CFO (DIN 01062853)

Date: April 28, 2019