Bhansali Engineering Polymers Ltd. — Interim / Quarterly Report 2020

Jan 27, 2020

•

bl-tANsAli ENGiNEERiNG 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/2020/145	January 27, 2020
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},
Dalal Street, Mumbai-400 001	Mumbai- 400 051
Security Code : 500052	Security Code : BEPL

Sub: Outcome of Board Meeting- Monday, January 27,2020.

Dear Sir /Madam,

Pursuant to Regulation 30 read with Schedule m 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, approved:

• 1. Un-audited Financial Results (Standalone and Consolidated) for the quarter and nine months ended December 31, 2019 after the Limited Review by the Statutory Auditors;
• 1. Re-appointment of Ms. Jasmine F. Batliwalla (00340273) as Non-Executive Independent Director of the Company for a second consecutive term of five years i.e. from March 30, 2020 to March 29, 2025, subject to approval of the shareholders of the Company; and
• 3 . Notice of postal ballot for seeking approval of the shareholders for the business mentioned at point no. 2 above.

The Board meeting commenced at 05:30 P.M. and concluded at 06:40 P.M

We hereby enclose the following:

• a. Limited Review Report issued by the Statutory Auditors of the Company;
• b. Copy of Un-audited Financial Results (Standalone and Consolidated) for the quarter and nine months ended December 31, 2019; and
• c. Brief profJ.le and other necessary details of Ms. Jasmine F. Batliwalla (DIN: 00340273}, required for her re-appointment for second consecutive term of five years i.e. from March 30,2020 to March 29,2025.

Kindly take the same on record.

Thanking you,

End: as above

~r 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

Details of Ms. Jasmine F. Batliwalla (DIN: 00340273) as per Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015.

Sr.	Details of events that need to be	Information of such event(s)
No.	provided
1	Reason for change viz.appointment, resignation, removal,death or otherwise.	Ms. Jasmine F. Batliwalla has been re-appointed asNon-Executive Independent Director on the Board ofthe Company
2	Date of appointment/ cessation (asapplicable) & term of appointment	The Board of Directors of the Company on therecommendation of Nomination and RemunerationCommittee have approved the re-appointment of Ms.Jasmine F. Batliwalla for a second consecutive term of5 years i.e. from March 30, 2020 to March 29, 2025.
3	Brief profile (in case ofappointment)	Ms. Jasmine F. Batliwalla is the member of theInstitute of Company Secretaries of India (membershipno. A3484). She has over 35 years' experience acrosslegal, compli:;mce and corporate secretarial functionsassetbanking,investmentbanking,coveringmanagement and insurance broking.
		Ms. Jasmine F. Batliwalla is the Chairperson of theBoard of Trustees of HSBC Mutual Fund. As GeneralIndia she had managedCounsel,HSBCorganicregulatorygrowth,acquisitions,divestments,challenges across the financial services spectrum. Shecontributed towards framing the code of the Bankingand was aCodes and Standards Board of Indiamember of FICCI's Corporate Laws Committee.
4	Disclosure of relationships betweendirectors (in case of appointment ofa director)	Ms. Jasmine F. Batliwalla is not related to any Directorof the Company

INDEPENDENT AUDITOR'S REVIEW REPORT ON THE QUARTERLY AND NINE MONTHS ENDEDUNAUDITED STANDALONE FINANCIAL RESULTS OF .THE COMPANY PURSUANT TO REGULATION 33 OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS,2015 .

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

• 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Resultof Bhansali Engineering Polymers Limited("the Company") for the quarterand nine monthsended 31st December, 2019("the Statement"), being submitted 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 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Regulation"), read with SEBI CirculatNo. CIR/CFD/CMD1/44/2019dated 29th March, 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) 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 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 review 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 accordingly, we do not express an audit opinion.

HO: E-1603, LAKE FLORENCE, LAKE HOMES, OFF ADI SANKARACHARYA MARG, POWAI, 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, nothing has come to our attention that causes us to believe that the accompanying Statement,prepared in accordance with the applicable Indian Accounting Standards ("Ind AS") prescribed under e~tion 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.

For Azad Jain & Co Chartered Accountants Fi Registration ;jo: : 6251C 4JA./;y":t· I' ~ r:g MUM!JAI 9 erdia ~ . j~ .,. cr.o Partne1· Membership No.: 400600

Place: Mumbai Date :27U• January, 2020

;") F'l 4 0 0 6-o 0 II Pr f\ A; A 1> ? 4 ~ b UDIN No: ~v rr

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

b~ANsAli ENGiNEERiNG polyMERs liMiTEd

CIN: L27100MH1984PLC032637

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

	STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 201S UNDER IND AS
		(Rs in lakhs) (Except Earning per share)
		STANDALONE
	PARTICU L ARS		Quarter ended			Nine Months ended on	Year ended
		31-12-2019	30-09-2019	31-12-2018	31-12-2019	31-12-2018	31-03-2019
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	INCOME
III	Gross Revenue including GSTLess:GST Recovered	30,567.444,560.80	32.536.074,582.56	38,156.66	99,868.76	1,03,243.26	1,44,391 .19
Ill	Revenue from operations (Net of GST) (1-11)	26,006.64	27 953.51	5,816.7232,339.94	14,576.3785,292.39	15,736.0187,507.25	21 ,91 3.201 22,477.99
IV	Other Income	89.17	(44.03	60.91	573.27	124.10	689.80
v	Total Income (lli+IV)	26,095.81	27,909.48	32 400.85	85,865.66	87,631.35	1 23,167.79
VI	EXPENSES
	(a) Cost of materials Consumed	15,1 82.69	16,196.33	17,664.83	45,076.66	53,628.85	69,881.96
	(b) Purchase of stock-in-trade	5,672.24	7,979.63	8,923.21	25,628.01 .	21,257.48	32,609.92
	(c) Changes in inventories of finished goods,	(627.11)	(1,327.66)	977.64	(2,661.15)	(4,818.47)	(903.1 8)
	work-in-progress and stock-in-trade
	(d) Employee benefits expense	959.33	898.63	931.1 8	2871.32	2643.89	3243.94
	(e) Finance Costs(f) Depreciation & amortisation expenses	2.46258.21	2.88220.89	67.32184.41	7.95	110.13	121.30
	Jg} Other e><2enses	2,362.25	2212.06	2148.28	698.687015.81	533.687594.65	734.00
	TOTAL EXPENSES (a to g)	23,810.07	26,182.76	30,896.87	78,637.28	80,950.21	9743.061,15,431.00
	Profit b efore exceptional and extraordinary items and tax (V
Vll	-VI)	2,285.74	1,726.72	1,503.98	7,228.38	6,681.14	7,736.79
Vlll	Exceptional Items		-	-	-	-
IX	Profit before extraordinary Items and tax (VII- V111)
		2,285.74	1,726.72	1,503.98	7,228.38	6,681 .14	7,736.79
X	Extraordinary_ items	-	-	-	-	-	-
	Profit before share of net profit/( loss) of investment	2,285.74	1,726.72	1,503.98	7,228.38	6,681.14	7,736.79
XI	accounted for using equity method and tax (IX -Xl
XII	Share of net profit/(Joss) from Joint venture accounted for usingthe equity method	-	-	-	-	-
Xlll	Profit before tax (XI+ Xlll	2,285.74	1 726.72	1,503.98	7,228.38	6,681.14	7,736.79
XIV	Tax Expenses
(i]	Current tax	587.31	221.00	427.00	1,808.31	2,040.75	2,067.53
(ii)	Deferred tax	7.66	(519.71	79.90	(488.76	277.35	1,016.50
XV	Profit for the period ( XIII- XIV )	1,690.77	2,025.43	997.08	5,908.83	4,363.04	4,652.76
XVI	Other Comprehensive Income I (loss) (net of tax)	13.40	9.02	34.63	18.29	2.65	24.38
XVII	1 ota1 ~,;omprehenslve oncome I (loss) for the penod (JW	1,704.17	2,034.45	1,031.71	5,927.12	4,365.69	4,677.14
	+XVI )
XVIII	Paid Up Equity S~are Capital	1,659.06	1,659.06	1,659.06	1,659.06	1,659.06	1,659.06
XIX	Earnings per share (of ~.1each) (notnu<,~lised)
(I)(ii)	Basic	1.02	1.221.22	0.600.60	3.563.56	2.632.63	2.802.80
	Diluted	1.02
	Notes:	I	I	I		I
1	The Unaudited Standalone 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 Act), 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.
2	The above results ave been reviewed and recommended by the Audit Committee and approved by the Board of Directors in teir meeting held on 27th January,2020. The
	Statutory Auditors of the Company have carried out a Limited Review of the aforesaid results, in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements)
	Regulations, 201 5 ["SEBI (LODR) Regulations, 2015"].
3	In accordance with Regulation 33 of the SEBI (LODR) Regulations, 2015, the above Unaudited Standalone Financial Resutts of the Company are posted on Company's website
	(www.bhansaliabs.com) and on the website of BSE Limited (www.bseindia.com) and the National Stock Exc~a ge of India Limited (www.nseindia.com), where the Company's
	shares are listed.
4	The Company operates in a single segment namely "Highly Specialized Engineering Thermoplastics".
							r·'
5	Figures for the previous Period/ Year have been re-grouped/ reworked/ re-arranged wherever necessary, to m( <e comparable.<="" td="" them="">
						, •• ,,.,~um'"'
				~ ansa!'		~	·s~MUMBAI "'-~
	/!Place : Mumbai~~ 01 c tor * \
	Dated : 27th J anuary, 2020			DIN:001 2930

.. So ; . ',.¢ _1("'>//

• j

INDEPENDENT AUDITOR'S REVIEW REPORT ON THE QUARTERLY AND NINE MONTHS ENDED UNAUDITED CONSOLIDATED FINANCIAL RESULTS OF THE COMPANY PURSUANT TO THE REGULATION 33 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) 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 and nine months ended 31st December,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/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 on 27thJanuary , 2020 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 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. 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 on Auditing and consequently does not enable us to obtain assurance that we woulg,_Q~_g>me aware of all significant matters that might be identified in an audit. Accordin~ &'~ ! express an audit opinion. . · /~~ \ !. I Jtl 'f;S'\ l"' \ . I ! ...._

., .. --, ,d ~r-"'ut3,... , HO: E-1603, LAKE FLORENCE, LAKE HOMES, OFF ADI SANKARACHARYA MARG, POWAI, MUMBAI, (MAHARASHTRA)- 4000'76;-:MdB: 09414167046

401-402, (4TH FLOOR}, SHREEJI CHAMBERS, 32 -A. PANCHWATI, UDAIPUR- 313 001 TEL. :0294 -2428460, 2425529

We also performed 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 Ooint 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 o£Rs.156.23lakhsand total net profit after tax of Rs. 24.38 lakhsfor the nine months ended 3151 December, 2019(Previous periodRs 6~.11lakhs) . 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 conclusion is not modified in respect of this matter.

Membership Number: 400600

Place: Mumbai

Date :271 hJanuary, 2020

UDIN No: )l_fJ Y.ODf>DD Pr ~ h A *1* tT .(; ~ l C

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

•

bliANsAli 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

	STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2019 UNDER IND AS
		J(Rs.in lakhs) (Except Earning per share)CONSOLIDATED
	PA R TI C UL A R S					Nine Months ended on
			Quarter ended				Year ended
		31 -12-2019	30-09-2019	31-12-2018	31-12-2019	31-12-201 8	31-03-2019
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	INCOME
I	Gross Revenue including GST	30,567.44	32,536.07	38,156.66	99,868.76	1,03,243.26	1,44,391.19
II	Less:GST Recovered	4,560.80	4,582.56	5,816.72	14.576.37	15,736.01	21 ,913.20
ill	Revenue from operations [Net of GST) [1-11)	26,006.64	27,953.51	32,339.94	85,292.39	87,507.25	1,22,477.99
IV	Other Income	89.17	(44.03	60.91	573.27	124.10	689.80
v	Total Income (Ill+ IV)	26,095.81	27,909.48	32,400.85	85,865.66	87,631.35	1,23,167.79
VI	EXPENSES
	(a) Cost of materials Consumed	15,182.69	16,196.33	17,664.83	45,076.66	53,628.85	69,881.96
	(b) Purchase of stock-in-trade	5,672.24	7,979.63	8,923.21	25,628.01	21,257.48	32,609.92
	(c) Changes in inventories of finished goods,	(627.11)	(1,327.66)	977.64	(2,661.15)	(4,818.47)	(903.18)
	work-in-progress and stock-in-trade
	(d) Employee benefits expense	959.33	898.63	931.18	2,871 .32	2,643.89	3243.94
	(e) Finance Costs	2.46	2.88	67.32	7.95	110.13	121.30
	(f) Depreciation & amortisation expenses	258.21	220.89	184.41	698.68	533.68	734.00
	l!g) Other expenses	2,362.25	2,212.06	2,148.28	7,015.81	7,594.65	9743.06
	TOTAL EXPENSES(atog)	23,810.07	26,182.76	30,896.87	78,637.28	80,950.21	1 '15,431.00
	Profit before exceptional and extraordinary items and tax (V
VII	-VIl	2,285.74	1,726.72	1,503.98	7,228.38	6,681 .14	7,736.79
VIII	Exceptional Items					-
IX	Profit before extraordinary items and tax (VII- VIII)	2,285.74	1 726.72	1,503.98	7,228.38	6,681.14	7,736.79
X	Extraordinary items
	Profit before share of net profit/(loss) of investment
		2,285.74	1,726.72	1,503.98	7,228.38	6,681.14	7,736.79
XI	accounted for using equity method and tax (IX -Xl
	Share of net profitl(ioss) from Joint venture accounted for using
XII	the equity method	1.04	11.32	19.21	24.38	62.1 1	68.43
XIII	Profit before tax (XI+ XII)	2,286.78	1 738.04	1,523.19	7,252.76	6,743.25	7,805.22
XIV	Tax Expenses
(i)	Current tax	587.31	221 .00	427.00	1808.31	2040.75	2067.53
(ii)	Deferred tax	7.66	(519.71)	79.90	(488.76)	277.35	1.016.50
XV	Profit for the period ( XIII- XIV )	1,691.81	2,036.75	1,016.29	5,933.21	4,425.15	4,721.19
XVI	Other Comprehensive Income / (loss} (net of tax)	13.40	9.02	34.63	18.29	2.65	24.38
	Total comprehensiVe mcome 1 (loss) tor the penoa [XV
XVII	+XVI )	1,705.21	2,045.77	1,050.92	5,951.50	4,427.80	4,745.57
XVIII	Paid Up Equity Share Capital	1,659.06	1,659.06	1,659.06	1,659.06	1,659.06	1,659.06
XIX	Earnings per share (of· .11- each) (not annualised)
(i)	Basic	1.02	1.23	0.61	3.58	2.67	2.85
(ii)	Diluted	1.02	1.23	0.61	3.58	2.67	2.85
	Notes:
1	The Unaudited 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 Act), 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.
2	The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors in their meeting held on 27th January,2020. The
	Statutory Auditors of the Company have carried out a Limited Review of the aforesaid results, in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements)
	Regulations, 2015 ["SEBI (LODR) Regulations, 20151.
3	In accordance with Regulation 33 of the SEBI (LODR) Regulations, 2015, the above Unaudited Consolidated Financial Results of the Company are posted on Company's website
	(www.bhansaliabs.com) and 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 Company operates in a single segment namely "Highly Specialized Engineering Thermoplastics".
5	Figures for the previous Period/ Year have been re-grouped/ reworked/ re-arranged wherever necessa~, ~ m{ ke them compa~ble .
					' PoOymoUmOd
				I			I}IIUMB.A
	Place : MumbaiDated : 27th January, 2020			Managing DirectorDIN:00102930			e., * ~~