MIRA
INFORM REPORT
|
Report Date : |
20.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
BHANSALI ENGINEERING POLYMERS LIMITED |
|
|
|
|
Registered Office : |
Bhansali House, 5-A, Off. Veera Desai Road, Andheri (West), Mumbai –
400053, Maharashtra |
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Country : |
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|
Financials (as on) : |
31.03.2013 |
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|
Date of Incorporation : |
09.04.1984 |
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Com. Reg. No.: |
11-032637 |
|
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Capital
Investment / Paid-up Capital : |
Rs. 165.906
Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L27100MH1984PLC032637 |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business : |
Subject is engaged in manufacturing of ABS and SAN resins. |
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|
No. of Employees : |
490 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 8028000 |
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|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having a moderate track record.
Profitability of the company is low. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of 4.9
%, Fitch Rating said. The global rating agency expects the economy to pick up
in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
BB (Long Term Rating) |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
03, July 2012 |
|
Rating Agency Name |
FITCH |
|
Rating |
A4+ (Short Term Rating) |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
03, July 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Mukund |
|
Designation : |
Finance Manager |
|
Date : |
07.04.2014 |
LOCATIONS
|
Registered Office : |
Bhansali House, 5-A, Off. Veera Desai Road, Andheri (West), Mumbai –
400053, Maharashtra, India |
|
Tel. No.: |
91-22-26731779-85 |
|
Fax No.: |
91-22-26731796 |
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E-Mail : |
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|
Website : |
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Factory 1 : |
Bhansali Nagar, Taluka Sausar, District Chhindwara-480108, Madhya
Pradesh, India |
|
Tel No.: |
91-7165-226376/79 |
|
Fax No.: |
91-7165-226381 |
|
Email : |
|
|
|
|
|
Factory 2 : |
Plot No. SP-138-143, Ambaji Industrial Area, Abu Road-307026,
Rajasthan, India |
|
Tel No.: |
91-2974-226781/82/83/84/84 / 226862 / 226213 |
|
Fax No.: |
91-2974-226737 |
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|
Marketing Offices: |
Located At :
|
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Munish C Gupta |
|
Designation : |
Chairman |
|
Address : |
House No-771, Sector -15, Part-11, Gurgaon-122001, |
|
Date of Birth/Age : |
23.07.1938 |
|
Date of Appointment : |
30.09.2002 |
|
|
|
|
Name : |
Mr. Babulal M Bhansali |
|
Designation : |
Managing Director |
|
Address : |
Plot No.22, Bhansali House JVPD Scheme, |
|
Date of Birth/Age : |
05.03.1954 |
|
Date of Appointment : |
08.09.1984 |
|
|
|
|
Name : |
Mr. Jayesh B Bhansali |
|
Designation : |
Executive Director |
|
Address : |
Plot No.22, Bhansali House JVPD Scheme, |
|
Date of Birth/Age : |
25.07.1983 |
|
Date of Appointment : |
24.06.2006 |
|
|
|
|
Name : |
Mr. Pukhraj R Bhansali |
|
Designation : |
Director |
|
Address : |
Bhansali House, A-5, |
|
Date of Birth/Age : |
12.11.1946 |
|
Date of Appointment : |
07.02.1986 |
|
|
|
|
Name : |
Mr. Bakhtiar S Bhesania |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
03.11.1933 |
|
Date of Appointment : |
26.07.2003 |
KEY EXECUTIVES
|
Name : |
Mr. Hitarth Vasavada |
|
Designation : |
Vice President (Marketing) |
|
|
|
|
Name : |
Mr. D.N. Mishra |
|
Designation : |
Company Secretary and AVP (Legal) |
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|
|
|
Name : |
Mr. Kenji Asakawa |
|
Designation : |
Executive Director (Technical) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
28435427 |
17.14 |
|
|
50566552 |
30.48 |
|
|
3803612 |
2.29 |
|
|
3803612 |
2.29 |
|
|
82805591 |
49.91 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
82805591 |
49.91 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
6500 |
0.00 |
|
|
38500 |
0.02 |
|
|
45000 |
0.03 |
|
|
|
|
|
|
58250422 |
35.11 |
|
|
|
|
|
|
13506683 |
8.14 |
|
|
8775755 |
5.29 |
|
|
2522189 |
1.52 |
|
|
68748 |
0.04 |
|
|
33802 |
0.02 |
|
|
17599 |
0.01 |
|
|
711866 |
0.43 |
|
|
1688674 |
1.02 |
|
|
1500 |
0.00 |
|
|
83055049 |
50.06 |
|
Total Public
shareholding (B) |
83100049 |
50.09 |
|
Total (A)+(B) |
165905640 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
165905640 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the Shareholder |
Details of Shares held |
Encumbered shares (*) |
|||
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
||
|
1 |
Babulal M Bhansali |
1,58,34,197 |
9.54 |
4500000 |
28.42 |
2.71 |
|
2 |
Bhansali International Private Limited |
1,33,33,500 |
8.04 |
13323000 |
99.92 |
8.03 |
|
3 |
Sheraton Properties and Finance Limited |
1,17,09,000 |
7.06 |
0 |
0.00 |
0.00 |
|
4 |
Bentley Commercial Enterprises Limited |
87,08,043 |
5.25 |
8667000 |
99.53 |
5.22 |
|
5 |
Speedage Commercials Limited |
82,64,009 |
4.98 |
8200000 |
99.23 |
4.94 |
|
6 |
Bhansali Industrial Invstment and Finance Private Limited |
43,13,000 |
2.60 |
4313000 |
100.00 |
2.60 |
|
7 |
Babulal M Bhansali HUF |
41,99,000 |
2.53 |
2758000 |
65.68 |
1.66 |
|
8 |
Meenakshi Bhansali |
28,37,677 |
1.71 |
0 |
0.00 |
0.00 |
|
9 |
Bhansali Innovative Finance Private Limited |
23,41,000 |
1.41 |
2341000 |
100.00 |
1.41 |
|
10 |
Jayesh B Bhansali |
22,47,311 |
1.35 |
2000000 |
89.00 |
1.21 |
|
11 |
Dhudidevi B Bhansali |
21,54,919 |
1.30 |
2000000 |
92.81 |
1.21 |
|
12 |
Bhavna B Bhansali |
20,00,000 |
1.21 |
0 |
0.00 |
0.00 |
|
13 |
Neetu B Bhansali |
20,00,000 |
1.21 |
0 |
0.00 |
0.00 |
|
14 |
Bhansali Engineering Industries Private Limited |
18,98,000 |
1.14 |
1898000 |
100.00 |
1.14 |
|
15 |
Lalitkumar Bhansali HUF |
3,56,600 |
0.21 |
0 |
0.00 |
0.00 |
|
16 |
Pankhidevi L Bhansali |
3,03,696 |
0.18 |
0 |
0.00 |
0.00 |
|
17 |
Lalitkumar M Bhansali |
2,01,251 |
0.12 |
0 |
0.00 |
0.00 |
|
18 |
Sawantmal Mishrimal Bhansali |
72,000 |
0.04 |
0 |
0.00 |
0.00 |
|
19 |
Sanghavi Bhamridevi Babulal |
31,921 |
0.02 |
0 |
0.00 |
0.00 |
|
20 |
Babulal Sagarmal Sanghvi |
467 |
0.00 |
0 |
0.00 |
0.00 |
|
|
Total |
8,28,05,591 |
49.91 |
50000000 |
60.38 |
30.14 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
MKJ Enterprises Limited |
8883152 |
5.35 |
|
|
2 |
Jagruti Resins Private Limited |
8291909 |
5.00 |
|
|
3 |
Mantu Housing Projects Limited |
8158858 |
4.92 |
|
|
4 |
Sarvesh Housing Projects Private Limited |
6626217 |
3.99 |
|
|
5 |
Twenty First Century Securities Limited |
5217748 |
3.15 |
|
|
6 |
Madanlal Limited |
5006516 |
3.02 |
|
|
7 |
The Right Address Limited |
3684701 |
2.22 |
|
|
8 |
Rajendra Rameshchandra Chaturvedi |
2400075 |
1.45 |
|
|
|
Total |
48269176 |
29.09 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons Acting in
Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
|
|
1 |
MKJ Enterprises Limited |
8883152 |
5.35 |
|
|
|
Total |
8883152 |
5.35 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of ABS and SAN resins. |
||||||||
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|
||||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2013]
INSTALLED CAPACITY:
|
Financial Year /
Period |
Installed Capacity (12 months Basis) |
|
|
(TPA) |
|
2003-04 (15 Months) |
48000 |
|
2004-05 (9 Months) |
48000 |
|
2005-06 (12 Months) |
48000 |
|
2006-7 (12 Months) |
48000 |
|
2007-08(12 Months) |
48000 |
|
2008-09(12 Months) |
48000 |
|
2009-10 (12 Months) |
48000 |
|
2010-11 (12 Months) |
51000 |
|
2011-12(12 Months) |
51000 |
|
2012-13(12 Months) |
51000 |
GENERAL INFORMATION
|
No. of Employees : |
490 (Approximately) |
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Bankers : |
·
Axis Bank Limited |
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|
Facilities : |
NOTE : The above Cash Credit
Limit is secured by a first charge on all the immovable assets of the Company
and hypothecation of all movable properties, both present and future and
guaranteed by Managing director. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B. L. Dasharda and Associates Chartered Accountant |
|
Address : |
2, Shreyas, Ground Floor, |
|
PAN No.: |
AAAFB2781M |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.1/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
165905640 |
Equity Shares |
Rs.1/- each |
Rs.165.906
Millions |
|
|
|
|
|
Terms / rights
attached to Equity Shares
The company has
only one class of equity shares having a par value of Rs 1/- per share. Each equity
shareholder is entitled to one vote per share. The company declares and pays
dividend in Indian rupees. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting. During the year ended 31st March, 2013 the amount of dividend, per
share, recognised as distribution to equity shareholders is Re 0.10/- per share
(year ended 31st March, 2012 Rs 0.10/- per share)
Details of
shareholders holding more than 5% shares in the Company.
Equity Shares of
Rs. 1/- each fully paid up.
|
Name |
31st March, 2013 |
|
|
Nos. |
% Holding |
|
|
B.M. Bhansali |
15722848 |
9.48% |
|
Bhansali
International Private Limited |
13333500 |
8.04% |
|
Sheraton
Properties and Finance Limited |
11709000 |
7.06% |
|
Bentley
Commercial Enterprises Limited |
8708043 |
5.25% |
|
MKJ Enterprises
Limited |
8883152 |
5.35% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
165.906 |
165.906 |
165.906 |
|
(b) Reserves & Surplus |
1841.323 |
1944.791 |
2050.614 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2007.229 |
2110.697 |
2216.520 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
41.791 |
58.430 |
8.100 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
24.795 |
22.129 |
19.175 |
|
Total Non-current Liabilities (3) |
66.586 |
80.559 |
27.275 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
255.858 |
501.533 |
550.535 |
|
(b) Trade payables |
1340.535 |
1132.715 |
1352.813 |
|
(c) Other current
liabilities |
47.210 |
49.137 |
81.893 |
|
(d) Short-term provisions |
23.574 |
24.741 |
21.985 |
|
Total Current Liabilities (4) |
1667.177 |
1708.126 |
2007.226 |
|
|
|
|
|
|
TOTAL |
3740.992 |
3899.382 |
4251.021 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1425.795 |
1554.115 |
1655.282 |
|
(ii) Intangible Assets |
1.043 |
1.485 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
17.041 |
2.771 |
5.471 |
|
(d) Long-term Loan and Advances |
16.955 |
18.535 |
14.157 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1460.834 |
1576.906 |
1674.910 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
|
|
(b) Inventories |
606.140 |
387.663 |
419.022 |
|
(c) Trade receivables |
1287.391 |
1561.703 |
1860.632 |
|
(d) Cash and cash
equivalents |
104.133 |
77.512 |
135.668 |
|
(e) Short-term loans and
advances |
281.890 |
252.941 |
155.430 |
|
(f) Other current assets |
0.604 |
42.657 |
5.359 |
|
Total Current Assets |
2280.158 |
2322.476 |
2576.111 |
|
|
|
|
|
|
TOTAL |
3740.992 |
3899.382 |
4251.021 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4189.184 |
4144.005 |
4639.162 |
|
|
|
Other Income |
9.177 |
7.009 |
36.660 |
|
|
|
TOTAL (A) |
4198.361 |
4151.014 |
4675.822 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
3540.404 |
3438.613 |
3537.356 |
|
|
|
Purchase of Stock In Trade |
0.000 |
0.000 |
23.998 |
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
(74.575) |
(45.976) |
96.518 |
|
|
|
Employee benefits expenses |
159.159 |
130.216 |
130.549 |
|
|
|
Other Expenses |
414.991 |
418.851 |
292.802 |
|
|
|
TOTAL (B) |
4039.979 |
3941.704 |
4081.223 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
158.382 |
209.310 |
594.599 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
112.573 |
134.280 |
140.327 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
45.809 |
75.030 |
454.272 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
43.642 |
57.029 |
60.510 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
2.167 |
18.001 |
393.762 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(9.687) |
7.118 |
59.665 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
11.854 |
10.883 |
334.097 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
181.183 |
69.688 |
89.017 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3540.404 |
3438.613 |
3561.354 |
|
|
|
Stores & Spares |
20.548 |
18.722 |
20.890 |
|
|
TOTAL IMPORTS |
3560.952 |
3457.335 |
3582.244 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.07 |
0.07 |
2.01 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.28
|
0.26 |
7.14 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.05
|
0.43 |
8.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.05
|
0.46 |
9.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.01 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.14
|
0.26 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36
|
1.35 |
1.75 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
165.906 |
165.906 |
165.906 |
|
Reserves & Surplus |
2050.614 |
1944.791 |
1841.323 |
|
Net
worth |
2216.520 |
2110.697 |
2007.229 |
|
|
|
|
|
|
long-term borrowings |
8.100 |
58.430 |
41.791 |
|
Short term borrowings |
550.535 |
501.533 |
255.858 |
|
Total
borrowings |
558.635 |
559.963 |
297.649 |
|
Debt/Equity
ratio |
0.252 |
0.265 |
0.148 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
4639.162 |
4144.005 |
4189.184 |
|
|
|
(10.673) |
1.090 |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
4639.162 |
4144.005 |
4189.184 |
|
Profit |
334.097 |
10.883 |
11.854 |
|
|
7.20% |
0.26% |
0.28% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG-TERM DEBT DETAILS – NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
CASE DETAILS
|
Presentation Date:- 25/09/2013 |
||||
|
Lodging No.:- |
APPL/388/2013 |
Filing Date:- |
25/09/2013 |
|
|
Main Matter |
||||
|
Lodging No.:- |
CAL/386/2013 |
|||
|
Petitioner:- |
M/S. Sundeep Polymers (Private) Limited |
Respondent:- |
M/S. BHANSALI ENGINEERING POLYMERS LIMITED |
|
Petn.Adv.:- |
Sundeep Polymers (Private) Limited |
Resp.Adv.:- |
Messers B N Shukla and Company |
|
District:- |
MUMBAI |
|
|
|
Bench:- |
DIVISION |
|
|
|||||
|
Status:- |
Pre-Admission |
Category:- |
APPEALS. |
|||||
|
Next Date:- |
15/04/2014 |
Stage:- |
APPEALS FOR ADMISSION - FRESH [ORIGINAL SIDE MATTERS] |
|||||
|
Coram:- |
HON'BLE SHRI JUSTICE S.J. VAZIFDAR HON'BLE SHRI JUSTICE B.P. COLABAWALLA |
|||||||
|
Last Date:- |
26/02/2014 |
Stage:- |
APPEALS FOR ADMISSION - FRESH [ORIGINAL SIDE MATTERS] |
|||||
|
Last Coram:- |
HON'BLE SHRI JUSTICE S.J. VAZIFDAR HON'BLE SHRI JUSTICE B.P. COLABAWALLA |
|||||||
|
Act :- |
Companies Act & Rules 1956 |
Under Section:- |
443,434,439 |
|||||
CORPORATE
INFORMATION
Bhansali Engineering
Polymers Limited is a Public Listed company registered in India, incorporated
under the
provisions of the
Companies Act,1956 and its shares are listed with NSE and BSE.
The company is
engaged in manufacturing of ABS and SAN resins which is classified under the
category of Highly Specialized Engineering Thermoplastics. The manufacturing
facility of the company is located at Abu Road, Rajasthan and Satnoor in Madhya
Pradesh.
OPERATIONS AND FUTURE PLAN:
OPERATIONS:
During the year,
the performance of the company was severely affected by two major factors viz.
High Input Cost of Raw Material and upsurge in the Dollar exchange rates
against rupee. Moreover Styrene Monomer which is a major raw material continues
to be imported as there is no indigenous manufacturer so far. Price of Styrene
monomer wildly fluctuated in the year. Despite prudent procurement policy
pursued by the management, the cost could not be controlled nor the sales price
increase could fully absorb the same. Foreign Exchange loss during the year was
lower at Rs. 125.200 Millions against Rs. 130.600 Millions in the previous
year. This was despite the fact that foreign exchange out - flow per unit
volume increased by around 14% but due to relatively lower volume of import,
loss could be pegged at the aforesaid level. In the wake of such formidable
challenge, due to pragmatic business policy, it was possible to arrest the
substantial erosion of contribution which declined marginally by Rs. 1.06 per
Kg. Furthermore, due to prudent financial planning and stringent cost control
measures adopted by your company, decrease in overall financial cost by around
16.00 % when compared to previous year, was possible.
FUTURE PLAN:
Although the company
had already formulated three years back the expansion plan for augmenting its
production capacity from existing 51 KTPA to 125KTPA, this could not be
implemented due to uncertain business environment. To survive in competition
against the competitor, a MNC Company, engaged in domestic market, for
manufacturing and marketing of ABS with large resource base and enjoying high
brand equity for their products, is no less an achievement for the company.
Last two years financial results vindicate this phenomenal, hence earnings in
the Financial Years 2011-2012 and 2012-2013 was relatively lower in comparison
to F.Y. 2010-2011. The company is relentlessly endeavoring to formulate
appropriate business strategy to combat this adverse situation. Hopefully, it will
succeed in finding appropriate solution in the F.Y. 2013-2014 so as to embark
upon the capacity expansion plan and optimize earning level.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT:
ECONOMIC OUTLOOK :
The macro economic
scenario though did not dampen the ABS consumption in India in a significant
way, nevertheless weakening of rupee against dollar had a major impact in
company’s performance. This is due to the fact that 60% of the main raw
material being Styrene Polymer is imported and its cost of procurement severely
affected the fortunes of the company during F.Y. 2012-2013. Despite prudent
procurement policy, the raw material cost registered an increase of around 21%
and such increase could not be passed on fully to the customers by increasing
sales price.
IDUSTRY STRUCTURE
AND DEVELOPENT :
ABS consumption in
India has grown from 12362 TPA during 1992-93 to about 140000 TPA during F. Y.
2012-2013 depicting compounded annual growth rate (CAGR) of about 12.25%. The
current year scenario is somewhat sluggish due to decline in sales of
automobile and consumer durables. Notwithstanding this, the consumption of ABS
is likely to hover around 150000 TPA (7.14%). However, on medium to long term
basis with better fiscal consolidation and reduction in Current Account Deficit
(CAD) through effective policy prescription by Union Government and Reserve
Bank of India (RBI), Indian economy is likely to return to the path of GDP
growth rate of around 8%. This will significantly boost consumption of consumer
durables and lifestyle goods viz. Home Appliances, Telecommunication,
Automobiles, Electrical goods and Luggage etc., consequent whereupon ABS
consumption is likely to grow at around 15% CAGR during 12th Plan period.
Demand Supply
disbalance presents growth opportunity to the ABS manufacturers in India. There
being only two
companies engaged
in ABS manufacturing, both should reap benefits due to surge in demand and also
on account of import substitution. Moreover, India with strong macro economic
fundamentals has been able to maintain high GDP growth rate during 10th and
11th plan period barring last two years when fiscal and current account deficit
(CAD) have been presenting a sluggish picture. Due to several initiatives taken
by Union Government and Reserve Bank of India, Indian economy will rebounce to
return to the trajectory of high GDP growth rate in due course. BEPL can deeply
penetrate into automobile market for supply of various ABS, AES and ASA
components as it has entered into a Joint Venture Agreement on 11th May, 2013
with Nippon A&L, INC, Japan (jointly owned by the globally renowned giants
M/s Sumitomo Chemicals Company Limited. and Mitsui Chemicals Inc). This will
enable BEPL to obtain technology, brands and licenses of numerous specialized
grades of ABS, AES and ASA resins and their respective alloys with other
polymers. Nippon A&L, INC, Japan mainly focuses on polymerization of
styrenics and enjoys high reputation in the field of manufacturing and
marketing of specialized grades of ABS, AES and ASA resins and their respective
alloys to the automotive and electrical appliances industries.
Considering the
growth trajectory of automotive industry in India which in time to come, will
become a global hub and the revolution taking place in telecommunication
Industry, exponential growth in demand of aforesaid specialized products is
expected in 12th Plan period.
The product
development and marketing strategy of Nippon A and L, Inc focuses on automotive
sector. The JV company between BEPL and Nippon A and L will be concentrating on
deepening market penetration in this segment by effectively positioning the
License Products of Nippon A and L, Inc viz. Kralastic, Techniace and Unibrite.
Due to the
aforesaid phenomenon Bhansali Engineering Polymers Limited will be in a
position to sell its products at price parity with its sole domestic competitor
which will result in optimizing profit and contribute towards import
substitution significantly.
SESMENT WISE
PERFORMANCE :
The company
operates into only one business segment of products comprised of ABS and SAN
Polymers. During the Fiscal 2012-13, the total sales of ABS resins amounted to
Rs.3989.500 Millions are as against Rs. 4014.200 Millions during last fiscal
and the sale of SAN Resins amounted to Rs. 567.400 Millions as against Rs.
550.900 Millions in last fiscal.
UNSECURED LOANS
|
Particulars |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
From Corporate Bodies |
40.000 |
50.000 |
|
|
|
|
|
TOTAL |
40.000 |
50.000 |
VIEW INDEX OF
CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90243687 |
31/07/2013 * |
2,100,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 2ND FLOOR,
ALLAHABAD, BANK BUILDING, 37 MUMBAI
SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B82769738 |
* Date of charge modification
STANDALONE UNAUDITED FINANCIAL
RESULTS (REVIEWED) FOR THE QUARTER AND NINE MONTH ENDED 31ST
DECEMBER 2013
(Rs. In Millions)
|
Sr. No. |
Particular |
Quarter
Ended |
Nine Months Ended |
|
|
1. |
Income from Operation |
|
|
|
|
|
Gross Sales |
1506.046 |
1310.244 |
4125.296 |
|
|
Less: Excise duty
|
164.248 |
142.283 |
449.493 |
|
|
Net Sales/Income from Operations |
1341.798 |
1167.961 |
3675.803 |
|
2. |
Expenditure |
|
|
|
|
|
Increase
/ decrease in stock in trade |
(140.168) |
29.309 |
(97.754) |
|
|
Consumption
of raw materials |
1272.634 |
974.634 |
3248.568 |
|
|
Employee
benefits expenses |
44.215 |
39.529 |
125.387 |
|
|
Power
and fuel |
50.028 |
47.127 |
144.519 |
|
|
Depreciation
and amortization expenses |
11.057 |
10.703 |
32.383 |
|
|
Other
expenses |
58.327 |
33.323 |
116.568 |
|
|
Total Expenses |
1296.093 |
1134.625 |
3569.671 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other
Income, Interest and Exceptional Items (1-2) |
45.705 |
33.336 |
106.132 |
|
4. |
Other
Income |
4.269 |
1.770 |
7.767 |
|
5. |
Profit Before Interest and
Exceptional Items (3+4) |
49.974 |
35.106 |
113.899 |
|
6. |
Financial
Costs |
41.936 |
24.670 |
83.287 |
|
7. |
Profit After Interest but
before Exceptional Items (5-6) |
8.038 |
10.436 |
30.612 |
|
8. |
Exceptional
Items |
- |
- |
- |
|
9. |
Profit from Ordinary
Activities before Tax (7+8) |
8.038 |
10.436 |
30.612 |
|
10. |
Provision
for taxation |
- |
0.626 |
0.626 |
|
11. |
Net Profit from Ordinary
Activities after Tax (9-10) |
8.038 |
9.810 |
29.986 |
|
12. |
Paid-up
Equity Share Capital (Face Value of Re.1/- Each) |
165.906 |
165.906 |
165.906 |
|
13. |
Reserves
Excluding Revaluation Reserve |
- |
- |
- |
|
|
|
|
|
|
|
14. |
Basic and Diluted Earning Per
Share (EPS) (Rs. 1)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
0.05 |
0.06 |
0.18 |
|
|
b)
Basic and diluted EPS after extraordinary items |
0.05 |
0.06 |
0.18 |
|
|
|
|
|
|
|
15. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
83047121 |
83047121 |
83047121 |
|
|
-
Percentage of Shareholding |
50.56% |
50.56% |
50.56% |
|
|
|
|
|
|
|
19. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
50000000 |
50000000 |
50000000 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
60.34% |
60.34% |
60.34% |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
30.14% |
30.14% |
30.14% |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
32858519 |
32858519 |
32858519 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
39.66% |
39.66% |
39.66% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
19.81% |
19.81% |
19.81% |
|
Particulars |
3 Months Ended 31.12.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
8 |
|
Disposed of during the quarter |
8 |
|
Remaining unresolved at the end of the
quarter |
Nil |
NOTES:
1. The company operates in single segment only.
2. Figures for the previous year / quarter have been re-grouped and/or
re-arranged wherever necessary.
3. Provision for current tax and deferred tax, will be made at the year end.
4. The auditors of the company have carried out a “Limited Review” of the
financial results for the quarter ended 31st December 2013 in terms
of Clause 41 of the listing agreement with stock exchanges.
5. The above results were reviewed by the Audit Committee and approved by
the Board of Directors at their meeting hold on 14th February 2014.
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Vehicles
·
Computer Software and
licenses
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.43 |
|
|
1 |
Rs.98.28 |
|
Euro |
1 |
Rs.80.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VAR |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working
capital. No caution needed for credit transaction. It has above average
(strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not cause
fatal effect. Satisfactory capability for payment of interest and principal
sums |
Fairly
Large |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial
difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited
with full security |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit
not recommended |
|
-- |
NB |
New
Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.