Bhansali Engineering Polymers Ltd. — Interim / Quarterly Report 2020

Aug 3, 2019

bHANsAli ENGiNEERiNG polyMERs liMirEd

GIN : L271OOMH1984PLC032637

Registered Office : 401, 4th Floor, Peninsula Heights, C. D. Barfiwala Road, Andheri (West), Mumbai - 400 058. Tel.: (91-22) 2621 6060/61/62163/64 · Fax: (91-22) 2621 6077 ·E-mail: abstron@bhansaliabs.com ·Website: www.bhansaliabs.com

Ref: BEPL/SEC/2019/083

August 3, 2019

To,	To,
The Manager,	The Manager
The BSE Limited,	National Stock Exchange of India Limited,
Corporate Relationship Department,	Exchange Plaza, Bandra-Kurla Complex,
Phiroze Jeejeebhoy Towers,	Bandra (East),
400 001Dalal Street, Mumbai -	400 051Mumbai-
Security ID & Code : BEPL -500052	Symbol : BEPL

Sub: Outco me of Board Meeting - Saturday August 3 , 2019

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, considered and approved, inter alia, the following:

• 1. Un-audited Financial Results (Standalone & Consolidated) for the quarter ended June 30, 2019 after the Limited Review by the Statutory Auditors.
• 1. Convening of 35th Annual General Meeting (AGM) of the Company on Saturday, September 28, 2019.
• 1. The Register of Members and Share Transfer Books of the Company will remain closed from Saturday, September 21, 2019 to Saturday, September 28, 2019, (both days inclusive) for the purpose of payment of Dividend to Equity Shareholders and holding of AGM.
• 1. The Dividend, if approved by the shareholders at the ensuing AGM, will be paid on October 4, 2019.
• 1. Amendment of the Capital Clause of the Memorandum of Association of the Company due to increase in the Authorized Share Capital of the Company from existing Rs.20,00,00,000 / - (Rupees Twenty Crore only) divided into 20,00,00,000 (Twenty Crore) Equity Shares of Re.1/- (Rupee One only) each to Rs.40,00,00,000/ - (Rupees Forty Crore only) divided into 40,00,00,000 (Forty Crore) Equity Shares of Re . 1 /- (Rupee One only) each;

The business mentioned at Sr. no.5 is subject to the approval of the shareholder of the Company in the ensuing AGM.

b~ANsAli ENGiNEERiNq polyMERs liMiTEd

GIN: L27100MH1984PLC032637

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

The Board meeting commenced at 6.00 p.m. and concluded at 7 .20 p.m.

We hereby enclose the following:

• a. Copy of Un-audited Financial Results (Standalone & Consolidated) for the quarter ended 301hJune 2019 and
• b. Limited Review Report issued by the Statutory Auditors of the Company.

Kindly take the above information on record.

Thanking you,

Yours faithfully, For Bhansali Engineering Polymers Limited ~ M. Pate l

Ashwin Company Secretary & GM (Legal)

Encl: as above

INDEPENDENT AUDITOR'S REVIEW REPORT ON THE QUARTERLY UNAUDITED CONSOLIDATEDFINANCIAL RESULTS OF THE COMPANY PURSUANT TO THE REGULATION 33 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIRMENTS) REGULATIONS. 2015

Review Report to The Board of Directors, Bhansali Engineering Polymers Limited, Mumbai.

• 1. We have reviewed the accompanying Statement of unaudited Consolidated Financial Results of BHANSALI ENGINEERING POLYMERS LIMITED ('the Company'), comprising its joint venture (together, 'the Group') for the quarter ended ·30111 June ,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.ClR/CFD/CMDl/44/2019 dated 29111 March, 2019 ("the Circular").
• 1. This statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors in their meeting held on 3rd August, 2019 has been prepared in accordance with recognition and measurement principles laid down in Indian Accounting Standards 34, "Interim Financial Reporting", (Ind AS 34) prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant Rules issued thereunder and other accounting principles generally accepted in India, read with the Circular. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review in accordance with the Standard on Re·1iew Engagement (SRE) 2410,

"Reuiew of Interim Financial Information Performpl by the Independent Auditor of EntihJ "("the Standard"), issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards ..&r~~. on A,uditing and consequently does not enable us to obtain assurance that we would beco ~ '()

HO: E-1603, LAKE FLORENCE, LAKE HOMES, OFF ADI SANKARACHARYA MARG, POW/IJ, MUMBAI, (MAHARASHTRA)- 400076, MOB. 401-402, (4TH FLOOR), SHREEJI CHAMBERS, 32 -A, PANCHWATI, UDAIPUR • 313 001 TEL. :0294 • 2428460, 2425529

aware o all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

AZAD JAIN & CO. CHARTERED ACCOUNTANTS

We also preformed procedures in accordance with the Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended, to the extent applicable.

• 1. The Statement includes the results of the following entities: Bhansali Nippon A& L Private Limited Goint venture Entity).
• 1. The Statement includes the interim financial results and other financial information of 1 joint venture whose interim financial results/information reflects total assets of '.325.39 lacs, total revenues of '.78.13 lacs and total net profit after tax of Rs 24.06 lakhsfor the quarter ended 301 h June, 2019. These financial statements and other financial information have been reviewed 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 i~ based solely on the report of such auditors. Our conclusion is not modified in respect of this matter.

For Azad Jain & Co

Chartered Accowitauts

Place: Mumbai

Date :03rdAugust, 2019

HO: E-1603, LAKE FLORENCE, LAKE HOMES, OFF ADI SANKARACHARYA MARG, POWAJ, MUMBAI, (MAHARASHTRA)- 400076, MOB. 09414167048 401-402, (4TH FLOOR), SHREEJI CHAMBERS, 32 -A, PANCHWATI, UDAIPUR - 313 001 TEL. :0294 - 2428460, 2425529

INDEPENDENT AUDITOR'S REVIEW REPORT ON THEOUARTERLY UNAUDITED STANDALONE FINANCIAL RESULTS OF THE COMPANY PURSUANT TO REGULATION 33 OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULA TIONS,2015

Review Report to The Board of Directors, Bhansali Engineering Polymers Limited, Mumbai.

• 1. We have reviewed the accompanying statement of unaudited standalone financial resultsof Bhansali Engineering Polymers Limited("the Company") for the quarterended 30·h June 2019("the Statement"), being submitted by Company to the stock· ~xchange viz. The BSE Limited ("BSE") and The National Stock Exchange of India Lintited ("NSE'')pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligatior.s and Disclosure H.equirements) Regulations, 2015, as amended ("the Regulation"), read with SEBI Circular .No. CIR/CFD/CMD1/44/2019dated 291 h March, 2019 ("the Circular").
• 1. The preparation of the statementin accordance with the recognition and measUiement principles laid down in Indian Accounting Standards 34, "Interim Financial Reporting", (Ind AS 34) prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, read with the Circular is the responsibility of the Company's management and has been approved by the Board of Directors cf the Company.Our respon5ibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of EntihJ "("the Standard"), issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review.to obtain moderate assurance as to whether the Statementis free of material misstatement. A review is limited ptimarily to inquiTies of Company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. 8~--i ,

HO: E-1603, LAKE FLORENCE. LAKE HOMES. OFF ADI SANKARACHARYA MARG, POWAJ, MUMBAI, (MAHARASHTRA)- 400076, MOB. 09414167046 401-402, (4TH FLOOR), SHREEJI CHAMBERS, 32 -A, PANCHWATI, UDAIPUR - 313 001 TEL. :0294 - 2428460, 2425529

• 1. Based on our review conducted as above, nothlng has come to our attention that causes us to believe that the accompanying Statement ,prepared in accordance with applicable Indian Accounting Standards ("Ind AS" ) prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other recognized accounting practices and policies, has not disclosed the information required to be disclosed in terms of the Regulation,read with the circular, including the manner in which it is to be disclosed or that
• it contains any material misstatement.

Partner Membership No. : 400600

Place: Mumbai Date :3rd August, 2019

bHANsAli ENGiNEERiNG polyMERs liMiTEd

CIN : L271 OOMH1984PLC032637

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

I II Ill IV v VI VII VIII IX x XI XII XIII XIV (i) (ii) xv XVI XVII XVIII XIX (i) (ii) 1 2 3 STATEMENT OF STANDALONE AtlD CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED 30TH JUNE 2019 UNDER IND AS (t In lakhs) (Except Ea m ing per share) STANDALONE CONSOLIDATED PARTIC UL ARS Quarter ended Year ended Quarter ended Year ended 30-06-2019 31-03-2019 30-06-2018 31 -03-2019 30-06-2019 31-03-2019 Unaudited Audited Unaudited Audited Unaudited Audited INCOME Gross Revenue including GST 36,765.25 41, 147.93 23,800.34 1,44,391.19 36,765.25 1,44,391 .19 Less:GST Recovered 5,433.01 6,177.19 3,631.52 21,913.20 5,433.01 21,913.20 Revenue from operations (Net o f GST) (1-11) 31 332.24 34 970.74 20 168.82 1 22 477.99 31 332.24 1,22,477.99 Other Income 528.13 565.70 29.19 689.80 528.13 689.80 Total Income (lll+!Vl 31 ,860.37 35,536.44 20,198.01 1,23, 167. 79 31 ,860.37 1,23,167.79 EXPENSES (a) Cost or materials Consumed 13,697.64 16,253.11 16,042.53 69,881.96 13,697.64 69,881.96 (b) Purchase of stock-in-trade 11,976.14 11 ,352.44 6,116.86 32,609.92 11 ,976.14 32,609.92 (c) Changes in inventories of finished goods, (706.38) 3,915.29 (7,535.40) (903.18) (706.38) (903.1 8) work-in-progress and stock-in-trade (d) Employee benefits expense 1013.36 600.05 834.62 3243.94 1,013.36 3243.94 (e) Finance Costs 2.61 11.17 29.08 121.30 2.61 121.30 (f] Depreciation & amortisation expenses 219.58 200.32 170.75 734.00 21 9.58 734.00 lfal Other exnenses 2,441.50 2148.41 1958.19 9743.06 2,441 .50 9743.06 TOTAL EXPENSES (a tog) 28,644.45 34,480.79 17,616.63 1,15,431.00 28,644.45 1,15,431.00 Profit before exceptional and extraordinary Items and tax 3,215.92 1,055.65 2,581.38 7,736.79 3,215.92 7,736.79 llV - Vll Exceotional Items . . Profit before extraordinary items and tax (VII· VIII) 3,215.92 1,055.65 2 581 .38 7,736.79 3,215.92 7,736.79 Extraordinary items . . . . Profit before share of net profitl(loss) of investment 3,215.92 1,055.65 2,581 .38 7,736.79 3,215.92 7,736.79 accounted for uslna eauitv method and tax llX -XI Share of net profitl(loss) from Joint venture accounted for using . . . the eauitv method 12.03 68.43 Profit before tax fXl+Xlll 3 215.92 1 055.65 2 581.38 7 736.79 3 227.95 7 805.22 Tax Expenses Current tax 1,000.00 26.76 610.00 2,067.53 1000.00 2067.53 Deferred tax 23.29 739.15 94.25 1,016.50 23.29 1,01 6.50 Profit for the period ( XIII· XIV ) 2 192.63 289.72 1 677.13 4 652.76 2 204.66 4,721.19 --Other Comorehensive Income I Closs) I net of taxl 14.13 21 .73 118.97 24.38 14.131 24.38 1 ota1 ompren en cincome I (I OSSJ tor tne penoa (XV 2,188.50 311.45 1,658.16 4,677.14 2,200.53 4,745.57 +XVI ) Paid Up Equity Share Capal 1,659.06 1,659.06 1,659.06 1,659.06 1,659.06 1,659.06 Earnings per share (of .11· each) (not annualised) Basic 1.32 0.17 1.01 2.80 1.33 2.85 Diluted 1.32 0.17 1.01 2.80 1.33 2.85 Notes: The Unaudited Standalone and Consolidated Financial Results have been prepared in accordance with the recognition and measurement Principles provided in Indian Accounting Standards (lndAS 34), the provisions of the Companies Act, 2013 (the J'.ct),as applicable and guidelines issued by the Securities and Exchange Board of India (SEBI) under SEBI (listing Obligations and Disclosure Requirements) Regulations 2015,as amended. The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors In their meeting held on 3rd August, 2019. The Statutory Auditors of the Company have carried out a Li ed Review of the aforesaid results in terms of Regulation 33 of SEBI (listing Obligations and Disclosure Requirements) Regulations, 2015.

In accordance with Regulation 33 of the SEBI (LODR) Regulations, 2015, the above Unaudited Standalone & Consolidated Financial Results of the Company are posted on Company's website (www.hhansaliabs.com) on the website of BSE Limited (www.bseindia.com) and the National Stock Exchange of India Lim~ed (www.nseindia.com) where the Company's shares are listed.

4 The figures for the quarter ended 31st March, 2019 are the balancing figures between the audited figures in respect of the full financial year and the reviewed year-todate figures up to third quarter of the respective financial year.

5 The Company operates in a single segment namely "Highly Specialized Engineering Thermoplastics".

6 in terms of Regulation 33 of SEBI (listing Obligations and Disclosure Requirements) Regulations, 201 5,as amended, the Company has disclosed Consolidated Quarterly Results from the current quarter ended 30th June, 2019. ,, ,. , ... "•'""

7 Figures for the previous Period/ Year have been re-grouped/ reworked/ re-arranged wherever necessary, to make th m comi arable.

• A B.~ l3hans · .:/ ~ Place Dated : : Mu 3rd m August bai , 2019 DI

Man N:001 \ gl 02930

Direct R ~'- t:'

... ~