Bhansali Engineering Polymers Ltd. — Interim / Quarterly Report 2021

Aug 4, 2020

b~ANSAli ENqiNEERiNq polyMERS liMiTEd

CIN: 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

Ref: BEPL/SEC/2020/215

4th August, 2020

To,	To,
The BSE Limited	National Stock Exchange of India Limited
Corporate Relationship Department,	1, Bandra-Exchange Plaza, C -Kurla
Phiroze Jeejeebhoy Towers,	Complex, Bandra (East),
Dalal Street, Mumbai -400 001	Mumbai-400 051
Security Code : 500052	Security Code : BEPL

Sub: Outcome of Board Meeting - Tuesday, 4th August, 2020.

Dear Sir / Madam,

Pursuant to Regulation 30 read with Schedule III and other applicable Regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, please be informed that the Board of Directors of the Company at its meeting held today , inter alia, considered and approved Un-Audited Financial Results (Standalone and Consolidated) for the quarter ended 30th June, 2020 after the Limited Review by the Statutory Auditors.

The meeting of the Board of Directors commenced at 11:30 AM and concluded at PM.

We hereby enclose the following:

• a. Limited Review Report on Un-Audited Financial Results (Standalone and Consolidated) for the quarter ended 30th June, 2020, issued by the Statutory Auditors of the Company; and
• b. Copy of Un-Audited Financial Results (Standalone and Consolidated) for the quarter ended 30th June, 2020.

Request you to kindly take the same on record.

Thanking you,

Yours faithfully, For Bhansali Engineering Polymers Limited

~ M. Patel

Ashwin Company Secretary & GM (Legal)

Encl: as above

AZAD JAIN & CO. CHARTERED ACCOUNTANTS

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INDEPENDENT AUDITOR'S REVIEW REPORT ON THE QUARTERLY UNAUDITED STANDALONE FINANCIAL RESULTS OF THE COMPANY PU.RSUANT 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 Stateme~t. of Unaudited Standalone Financial Result of Bhansali Engineering Polymers Limited("the Company") for the quarterended 3Qth June, 2020("the Statement"), being suqinitted by Company to the Stock Exchange viz. BSE Limited (''BSE") and The National Stock Exchange of · India Limited ("NSE")pursuant to the requirements of Regulation 33 of the SEB_I (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Regulation"), read with SEBI Circular No. CIR/CFD/CMD1/44/2019dated 29th Marcl1, 2019 ("the Circular").
• 1. The preparation of the statementin accordance with the recognition and measurement · principles laid down in Indian Accounting Standards 34, "Interim Financial Reporting", (Ind AS 34) prescri~ed 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 of the Company.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 Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of Entity "("the Standard"), issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the reviw to obtain moderate assurance as to whether the Statementis free of material misstatement. A review is limited primarily to inquiries 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 accodingly, we do not .. express an audit opinion.

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aSed on our r review conducted as stated above, notl1ing has come to our attention tlrnt ':'.e::· COtises us to believe that the accompanying Statement,prepared in accordance with the , ~.f ia]>piicable Indian Accounting Standards ("Ind AS") prescribed under Section 133 of the ' !j Companies Act, 2013 read with relevant rules issued tl1ereunder and other recognized . . (>' accounting practices and policies, has not disclosed the information required to be disclosed ·','.;{;>.);/;' fo terins of the Regulation, read with the circular, including the manner in which it is to be ;! .• ·;:;r: disclosed or that it contains any material misstatement .

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Partner Membership No.: 400600

Place: Mumbai Date :4thAugust, 2020

UDIN No: 20400600AAAAAN8281 .

b~ANSAli ENqiNEERiNq 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

	(Rs in lakhs) (Except Earning per share)
		STANDALONE
	PARTICU L ARS		Quarter ended		Year ended
		30/06/2020	31/03/2020	30/06/2019	31/03/2020
		Unaudited	Audited	Unaudited	Audited
	INCOME
I	Gross Revenue including GST	11 ,729.66	29,661 .61	36,765.25	129,530.37
II	Less:GST Recovered	1,789.92	4,520.98	5,433.01	19,097.35
Ill	Revenue from operations (Net of GST) (1-11)	9,939.74	25,140.63	31,332.24	110,433.02
IV	Other Income	473.45	16.79	528.13	590.06
v	Total Income (lll+IV)	10,413.19	25,157.42	31 ,860.37	111,023.08
VI	EXPENSES
	(a) Cost of materials Consumed	8, 116.57	14, 188.32	13,697.64	59,264.98
	(b) Purchase of stock-in-trade	5,033.98	6,253.98	11,976.14	31 ,881.99
	(c) Changes in inventories of finished goods,	(4,741 .99)	847.98	(706.38)	(1,813.17)
	work-in-progress and stock-in-trade
	(d) Employee benefits expense	488.82	(1.26)	1013.36	2870.06
	(e) Finance Costs	1.28	3.28	2.61	11.23
	(f) Depreciation & amortisation expenses	255.42	253.09	219.58	951.77
	(g) Other expenses	1,374.89	2579.27	2441.50	9595.08
	TOTAL EXPENSES (a tog)	10,528.97	24,124.66	28,644.45	102,761 .94
VII	Profit /(Loss) before exceptional and extraordinary itemsand tax (V - VI)	(115.78)	1,032.76	3,215.92	8,261 .14
VIII	Exceptional Items	-	-	-	-
IX	Profit I (Loss) before extraordinary items and tax (VII- VIII)	(115.78)	1,032.76	3,215.92	8,261 .14
x	Extraordinary items	-	-	-	-
XI	Profit I (Loss) before share of net profit/(loss) of investmentaccounted for using equity method and tax (IX -X)	(115.78)	1,032.76	3,215.92	8,261 .14
XII	Share of net profit/(loss) from Joint venture accounted for usingthe equity method	-	-	-	-
XIII	Profit /(Loss) before tax (Xl+Xll)	(115.78)	1,032.76	3,215.92	8,261 .14
XIV	Tax Expenses
(i)	Current tax	-	242.32	1,000.00	2,050.63
(ii)	Deferred tax	8.89	16.81	23.29	(471.95)
xv	Profit I (Loss) for the period (XIII- XIV)	(124.67)	773.63	2,192.63	6,682.46
XVI	Other Comprehensive Income I (loss) (net of tax)	(26.46)	29.38	(4.13)	47.67
XVII	Total Comprehensive income I (loss) for the period (XV +XVI)	(151 .13)	803.01	2,188.50	6,730.13
XVIII	Paid Up Equity Share Capital	1,659.06	1,659.06	1,659.06	1,659.06
XIX	Earnings per share (o ~ 1/- each) (not annualised)
(i)	Basic	(0.08)	0.47	1.32	4.03
(ii)	DilutedNotes:	(0.08)	0.47	1.32	4.03

Indian Accounting Standards (lndAS 34), the provisions of the Companies Act, 201 3 (the Act), as applicable and guidelines issued by the Securities and Exchange Board of India (SEBI) under SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, (LODR) Regulations, 2015) as amended. (SEBI

bHANSAli ENqiNEERiNq polyMERS liMiTEd

CIN : L271OOMH1984PLC032637

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

	Dated : 4th Au gust, 2020DIN :00102930
	o('~\UllG_.a . 11Ut-1 8AI "gB. .BhahMa iaging Dire tor ~I * ~"Place : Mumbai
	~ r B ansali Engineering Polymers Limited
9	Figures for the previous Period/ Year have been re-grouped/ reworked/ re-arranged wherever necessary, to make them comparable.
8	The Company operates in a single segment namely "Highly Specialized Engineering Thermoplastics".
7	In view of losses no provision for Income tax had been made during the Quarter.
	during the quarter ended 30th June, 2020.
	Rs. 100 lakhs to the Rajasthan CM Relief Fund, Rs. 51 lakhs to the Madhya Pradesh CM Relief Fund, and Rs. 39 lakhs to various other Trusts
6	On outbreak of the Covid-19 pandemic the Company has contributed Rs. 100 lakhs towards the PM Cares Fund followed by contributions of
	continues to remain a debt-free Company and there is adequate liquidity to support the business operations.
	pandemic on its business operations, financial position and based on its review of the current indicators, there is no significant impact on theCompany's assets, including inventories and receivables and expects that the carrying amount of these assets are recoverable. The Company
	health and safety of its employees and adopting work from home policy, wherever possible. The Company has evaluated the impact of this
	have since resumed operations in a phased manner and is currently operating at 100% of its normal operations, taking all due care for the
	pandemic. The Turnover fell by 68% in terms of Value as compared to the corresponding quarter of the previous year. The Company's plant
5	The Company's operations were impacted due to the nationwide lockdown imposed by the Government of India in view of the COVID-19
	and the reviewed year-to-date figures up to third quarter of the respective financial year.
4	The figures for the quarter ended 31st March, 2020 are the balancing figures between the audited figures in respect of the full financial year
	Exchange of India Limited (www.nseindia.com), where the Company's shares are listed.
	are posted on Company's website (www.bhansaliabs.com) and on the website of BSE Limited (www.bseindia.com) and the National Stock
3	In accordance with Regulation 33 of the SEBI (LODR) Regulations, 2015, the above Unaudited Standalone Financial Results of the Company
	33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
	on 4th August ,2020.The Statutory Auditors of the Company have carried out a Limited Review of the aforesaid results in terms of Regulation

AZAD JAIN & CO• CHARTERED ACCOUNTANTS

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INDEPENDENT AUDITOR'S REVIEW REPORT ON THE QUARTERLY UNAUDITED . . . CONSOLIDATED FINANCIAL RESULTS OF THE COMPANY PURSUANT TO THE REGULATION 33 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE ' • ' • I REQUIREMENTS) REGULATIONS, 2015

Review Report to · The Board of Directors, · Bharisali Engineerii:ig Polymers Limited, Mumbai . .

• 1. We hav.e review,ed the accompanying Statement of Unaudited Consolidated Financial Results of BHAI',J-SALI .· ENGINEERING POLYMERS _ LIMITED ('the Company'), comprising its joint venture together, ('the Group') for the quarter ended 30th June,2020 ('the . Statement'), attached · here with, being · submitted by the Company pursuant to the require~ent of Regulation 33 .of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, as amended ('the Regulation') read with SEBI Circular No.CIR./CFD/CMDl/44/2019 dated 29th 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 on41 "August, 2020 has been prepared in accordance V'.it.h recognition and measurement principles laid down in Indian Accounting Standards 34, "Interim Fii;tancial Reporting", (Ind AS 34) prescribed under Section 133 of the . Companies Act, 2013, as amended, read with relevant Rules issued thereunder and other accounting prbciples generally accepted in India, read with the Circular. Our responsibility is to express a conclusion on the State!nent based on our review.

1. We conducted our ' review in accordance with the Standar~. on Review Engagement (SRE) . 2410, '

"Review of Inte,rim Financial Information Pe1formed by the Independent Auditor of Entity "("the Standard''.), isued by the Institute ' of Chartered Accountants of India. A review of interim financial infornatio~ cosisls , of making inquiries, primarily of persons responsible for financial and acc,oi..mting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit· conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would becom aware of all significant matters that might be identified in an· audit. Accordingly, we do not express an audit opinion.

HO: E-1603, LAKE FLORENCE, LAKE OMES, OFF ADI SANKARACHARYA MARG, POWAi, M,UMBAI, (MAHARASHT •··' ' ' , ·- C! r , ', , ' I ' ' • ' • ' •' ', ' ' ' ' ' ' , , ,., <( .• :, 01402, (4TH FLOOR), SHREEJI CHAMBERS, 32 -A, PANCHWATI, UDAIPUR- 3,13 001 TEL, :0294 - 2428460, 2425529;:; . ' ,• - ' ' ' .. ·.\

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• · 4) 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 entity whose interim financial results/information reflects Group's share of total assets ofRs.13692lakhsand total net loss after tax of Rs. 13.93 lakhsfor the three months I ended 3Qth June, 2020(Previous quarterProfit of Rs. 4.93lakhs). 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 is based solely on the report of such auditors. Our conclusio~ is not modified in respect of this matter.

For Azad Jain & Co

Chartered Accountants

. Place: Mumbai ·

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Date :41hAugust, 2020 -

· UDIN No: 20400600AAAAA05011 .

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b~ANsAli ENGiNEERiNq polyMERs liMirEd

CIN : 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

			(Rs. in lakhs) (Except Earning per share)
		CONSOLIDATED
PARTICULARS		Quarter ended		Year ended
	30/06/2020	31/03/2020	30/06/2019	31/03/2020
	Unaudited	Audited	Unaudited	Audited
INCOME
Gross Revenue including GST	11 ,729.66	29,661 .61	36,765.25	129,530.37
Less:GST Recovered	1,789.92	4,520.98	5,433.01	19,097.35
Revenue from operations (Net of GST) (1-11)	9,939.74	25,1 40.63	31,332.24	110,433.02
Other Income	473.45	16.79	528.1 3	590.06
Total Income (lll+IV)	10,413.19	25,1 57.42	31,860.37	111,023.08
EXPENSES
(a) Cost of materials Consumed	8,116.57	14,188.32	13,697.64	59,264.98
(b) Purchase of stock-in-trade	5,033.98	6,253.98	11,976.1 4	31 ,881.99
(c) Changes in inventories of finished goods,	(4,741 .99)	847.98	(706.38)	{1 ,813.17)
work-in-progress and stock-in-trade
(d) Employee benefits expense	488.82	(1.26)	1,013.36	2870.06
(e) Finance Costs	1.28	3.28	2.61	11 .23
(f) Depreciation & amortisation expenses	255.42	253.09	219.58	951.77
(g) Other expenses	1,374.89	2,579.27	2,441.50	9595.08
TOTAL EXPENSES (a tog)	10,528.97	24,124.66	28,644.45	102,761 .94
Profit /(Loss) before exceptional and extraordinary items and
t<>v IV -Vil	(115.78)	1,032.76	3,215.92	8,261.14
Exceptional Items	-	-	-
Profit I (Loss) before extraordinary items and tax (VII- VIII)	(115.78)	1,032.76	3,215.92	8,261 .14
Extraordinary items	-	-	-
Profit I (Loss) before share of net profiU(loss) of investmentaccounted for using equity method and tax (IX -X)	(115.78)	1,032.76	3,215.92	8,261 .14
Share of net profiU{loss) from Joint venture accounted for usingthe eauitv method	(13.93)	4.93	12.03	18.99
Profit /(Loss) before tax (Xl+Xll)	(129.71)	1,037.69	3,227.95	8,280.13
Tax Expenses
Current tax	-	242.32	1000.00	2050.63
Deferred tax	8.89	16.81	23.29	(471.95)
Profit /(Loss) for the period ( XIII- XIV )	(138.60)	778.56	2,204.66	6,701 .45
Other Comprehensive Income I (loss) (net of tax)	(26.46)	29.38	(4.13)	47.67
Total Comprehensive income I (loss) for the period (XV +XVII\	(165.06)	807.94	2,200.53	6,749.12
Paid Up Equity Share Capital	1,659.06	1,659.06	1,659.06	1,659.06
Earnings per share (of Re. 1/- each) (not annualised)
Basic	(0.08)	0.47	1.33
Diluted	(0.08)	0.47	1.33	4.044.04
Notes:
The Unaudited Consolidated Financial Results have been prepared in accordance with the recognition and measurement principles provided in

b~ANsAli ENGiNEERiNG polyMERs liMiTEd

CIN : L271OOMH1984PLC032637

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

2	The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors in their meeting held on4th August ,2020.The Statutory Auditors of the Company have carried out a Limited Review of the aforesaid results in terms of Regulation 33 ofSEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
3	In accordance with Regulation 33 of the SEBI (LODR) Regulations, 2015, the above Unaudited Consolidated Financial Results of the Company areposted on Company's website (www.bhansaliabs.com) and on the website of BSE Limited (www.bseindia.com) and the National Stock Exchange ofIndia Limited (www.nseindia.com), where the Company's shares are listed.
4	The figures for the quarter ended 31st March, 2020 are the balancing figures between the audited figures in respect of the full financial year andthe reviewed year-to-date figures up to third quarter of the respective financial year.
5	The Company's operations were impacted due to the nationwide lockdown imposed by the Government of India in view of the COVID-19 pandemic.The Turnover fell by 68% in terms of Value as compared to the corresponding quarter of the previous year. The Company's plant have sinceresumed operations in a phased manner and is currently operating at 100% of its normal operations, taking all due care for the health and safety ofits employees and adopting work from home policy, wherever possible. The Company has evaluated the impact of this pandemic on its businessoperations, financial position and based on its review of the current indicators, there is no significant impact on the Company's assets, includinginventories and receivables and expects that the carrying amount of these assets are recoverable. The Company continues to remain a debt-freeCompany and there is adequate liquidity to support the business operations.
6	On outbreak of the Covid-19 pandemic the Company has contributed Rs. 100 lakhs towards the PM Cares Fund followed by contributions of Rs.100 lakhs to the Rajasthan CM Relief Fund, Rs. 51 lakhs to the Madhya Pradesh CM Relief Fund, and Rs. 39 lakhs to various other Trusts duringthe quarter ended 30th June, 2020.
7	In view of losses no provision for Income tax had been made during the Quarter.
8	The Company operates in a single segment namely "Highly Specialized Engineering Thermoplastics''.
9	Figures for the previous Period/ Year have been re-grouped/ reworked/ re-arranged wherever necessary, to make them comparable.
	!< .ansali Enineeri g Polymers Limited<br>-,w,.,::Jt::..- llSHSAJ ~B. l.Bnsa8Place : MumbaiMc naging Dir ctor",. ·~V.t:Dated : 4th August, 2020DIN:00102930