MIRA INFORM REPORT
|
Report No. : |
351105 |
|
Report Date : |
01.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
BHANSALI ENGINEERING POLYMERS LIMITED |
|
|
|
|
Registered
Office : |
Bhansali House, A-5, Off. Veera Desai Road, Andheri (West), Mumbai –
400053, Maharashtra |
|
Tel. No.: |
91-22-26731779-84 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
09.04.1984 |
|
|
|
|
Com. Reg. No.: |
11-032637 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.165.906 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27100MH1984PLC032637 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The Company is engaged in manufacturing of ABS and SAN resins. (Registered
Activity |
|
|
|
|
No. of Employees
: |
455 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
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|
Comments : |
Subject was established in the year 1984 and it is a petrochemical
company. it is engaged in manufacturing of (Acrylonitrile Butadiene Styrene)
ABS and SAN Resins used in
automobiles, home appliances, telecommunications and luggage industries. For the financial year ended 2015, company has reported 18.65% sales
turnover growth as compared to previous sales turnover but it has failed to
maintained profit margins and reported low margins at 0.90% during the year
under review. Rating takes into consideration company’s established track record of
business operations marked by its satisfactory financial profile along with
adequate net worth base and sound debt protection indicators. Trade relations are reported as fair. Payment terms are reported to be
usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2015.
INFORMATION DENIED
Management non co –operative (91-22-26731779/ 84)
LOCATIONS
|
Registered Office/ Marketing Office : |
Bhansali House, 5-A, Off. Veera Desai Road, Andheri (West), Mumbai –
400053, Maharashtra, India |
|
Tel. No.: |
91-22-26731779-84 |
|
Fax No.: |
91-22-26731796 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Bhansali Nagar, Taluka Sausar, District Chhindwara-480108, Madhya
Pradesh, India |
|
Tel. No.: |
91-7165-226376/79 |
|
Fax No.: |
91-7165-226381/ 81 |
|
Website : |
|
|
|
|
|
Factory 2 : |
Plot No. SP-138-143, Ambaji Industrial Area, Abu Road-307026,
Rajasthan, India |
|
Tel. No.: |
91-2974-226781-84 |
|
Fax No.: |
91-2974-226737 |
|
Website : |
|
|
|
|
|
Marketing Branches |
|
|
Branch 1 : |
Meera Classics, Shop No.B-7, Opp. Santosh Mandal Karyalaya, Bethika
Nagar, Thergaon, Chinchwad, Pune-400033, India |
|
Mobile No.: |
91-9773333521 |
|
E-Mail : |
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|
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|
Branch 2 : |
10-F, Aditya Complex, Mahivir Hall, Char Rasta, Ajwa Road,
Baroda-390019 India |
|
Mobile No.: |
91-9904199917 |
|
E-Mail : |
|
|
|
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|
Branch 3 : |
137/3, R.B.C. Road, Near Dum Dum Main Post Office, Kolkata-700028,
India |
|
Mobile No.: |
91-9831021245 |
|
E-Mail : |
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|
|
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|
Branch 4 : |
29, Upstairs, Balasundaran Road, (R.T.O Office Road), Coimbatore, 641018 India. |
|
Tel. No.: |
91-422-2214119 |
|
E-Mail : |
|
|
|
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|
Branch 5 : |
No. 3113/A, 18th cross, 2nd Main Road,
Bhanashankari, 2nd stage, off K.R. road Banglore-560078, India |
|
Tel. No.: |
91-080-2679002/03/05 |
|
|
|
|
Branch 6 : |
#810, 8th Floor, Pearl Best Heights-1, Plot No.A-5, Netaji Subhash Place, Behind Max Hospital, Pitampura, Delhi, India |
|
Tel. No.: |
91-11-45137369 |
|
E-Mail : |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. M.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 |
|
DIN No.: |
01362556 |
|
|
|
|
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 : |
03.01.1989 |
|
DIN No.: |
00102930 |
|
|
|
|
Name : |
Mr. Jayesh B Bhansali |
|
Designation : |
Executive Director and Chief Executive Officer |
|
Address : |
Plot No.22, Bhansali House JVPD Scheme, |
|
Date of Birth/Age : |
25.07.1983 |
|
PAN: |
AAAPB8921F |
|
Qualifications |
M.Com and have experience of around 11 years |
|
Date of Appointment : |
24.06.2006 |
|
DIN No.: |
01062853 |
|
|
|
|
Name : |
Mr. Bakhtiar S Bhesania |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
03.11.1933 |
|
Date of Appointment : |
26.07.2003 |
|
DIN No.: |
00026222 |
|
|
|
|
Name : |
Mr. Dilip Kumar |
|
Designation : |
Director |
|
Address : |
Flat No. 1 , Patel Terrace, 92 Walkeshwar Road, Mumbai-400006, Maharashtra, India |
|
Date of Appointment : |
29.05.2014 |
|
DIN No.: |
06882358 |
|
|
|
|
Name : |
Mrs. Jasmine Firoze Batliwalla |
|
Designation : |
Director |
|
Address : |
15 Bhaweshwar Darshan, 31-D Peddar Road, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
07.10.1954 |
|
Date of Appointment : |
30.3.2015 |
|
DIN No.: |
00340273 |
|
Qualifications |
Senior Member of the Institute of Company Secretaries of India, LLB and degree in Microbiology and have experience of around 34 years |
KEY EXECUTIVES
|
Name : |
Mr. B.M. Bhansali |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Jayesh B. Bhansali |
|
Designation : |
Executive Direcot and Chief Finance Officer |
|
|
|
|
Name : |
Mr. Kenji Asakawa |
|
Designation : |
Executive Director (Technical) |
|
|
|
|
Name : |
Mr. Satendra Pal |
|
Designation : |
Senior V.P. (Marketing) |
|
|
|
|
Name : |
Mr. Deoki Nandan Mishra |
|
Designation : |
VP (Legal) and Company Secretary |
|
Address : |
Flat No. 301 & 304, Panchvati - One, Wing - C, Raheja Township, Malad (East), Mumbai-400097, Maharashtra, India |
|
Date of Appointment : |
07.05.2011 |
|
Pan: |
AFUPM1126N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
30628130 |
18.46 |
|
|
51724883 |
31.18 |
|
|
3243612 |
1.96 |
|
|
3243612 |
1.96 |
|
|
85596625 |
51.59 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
85596625 |
51.59 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
6500 |
0.00 |
|
|
20000 |
0.02 |
|
|
26500 |
0.03 |
|
|
|
|
|
|
57548959 |
34.74 |
|
|
|
|
|
|
6893945 |
8.55 |
|
|
5427193 |
3.27 |
|
|
3019948 |
1.82 |
|
|
187078 |
0.12 |
|
|
163610 |
0.10 |
|
|
12323 |
0.01 |
|
|
2606197 |
1.57 |
|
|
1000 |
0.00 |
|
|
49740 |
0.03 |
|
|
72890045 |
48.38 |
|
Total Public shareholding
(B) |
72916545 |
48.41 |
|
Total (A)+(B) |
158513170 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in manufacturing of ABS and SAN resins. (Registered
Activity |
|
|
|
|
Products : |
ABS and SAN resins |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
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|
Exports : |
Not Divulged |
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|
|
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Imports : |
Not Divulged |
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|
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|
Terms : |
Not Divulged |
PRODUCTION STATUS: (Date: 31.03.02015)
INSTALLED CAPACITY:
|
Financial Year / Period |
Installed Capacity (12 months Basis) |
|
|
(MT) |
|
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 |
|
2013-14 (12 Months) |
51000 |
|
2014-15 (12 Months) |
51000 |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
455 (Approximately) |
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Bankers : |
Allahabad Bank, Industrial Finance Branch, Apeejay House No:3, Dinsha
Wachha Road, Mumbai, Maharashtra, India |
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Facilities : |
Note:
|
|
|
|
|
Name : |
B. L. Dasharda and Associates Chartered Accountant |
|
Address : |
2, Shreyas, Ground Floor, |
|
Tel No.: |
91-22-26776220 |
|
Email: |
|
|
PAN No.: |
AAAFB2781M |
|
|
|
|
Solicitors |
|
|
Name: |
Mulla and Mulls and Craigie Blunt and Caroe. |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
|
Joint Venture
Company |
Bhansali Nippon A and L Private Limited |
|
|
|
|
Enterprise over
which Key Managerial Personnel are able to
exercise significant Control: |
Bhansali International Private Limited |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.1/- each |
Rs.200.000 Million |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
165905640 |
Equity Shares |
Rs.1/- each |
Rs.165.906
Million |
|
|
|
|
|
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, 2015 the amount of dividend, per share, recognized as
distribution to equity shareholders is Re 0.10/- per share (year ended 31st
March, 2014 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, 2015 |
|
|
Nos. |
% Holding |
|
|
B.M. Bhansali |
15834197 |
9.54% |
|
Bhansali
International Private Limited |
13333500 |
8.04% |
|
Sheraton
Properties and Finance Limited |
11734000 |
7.07% |
|
Bentley
Commercial Enterprises Limited |
8883152 |
5.35% |
|
MKJ Enterprises
Limited |
8708043 |
5.31% |
|
Speedage Commercials Limited |
8359009 |
5.04% |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
165.906 |
165.906 |
165.906 |
|
(b) Reserves & Surplus |
1690.603 |
1741.988 |
1841.323 |
|
(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) |
1856.509 |
1907.894 |
2007.229 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
52.648 |
44.230 |
41.791 |
|
(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 |
27.825 |
27.031 |
24.795 |
|
Total Non-current
Liabilities (3) |
80.473 |
71.261 |
66.586 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
360.786 |
539.351 |
255.858 |
|
(b) Trade
payables |
1609.628 |
1207.732 |
1340.535 |
|
(c) Other
current liabilities |
13.508 |
33.766 |
47.210 |
|
(d) Short-term
provisions |
43.021 |
28.200 |
23.574 |
|
Total Current
Liabilities (4) |
2026.943 |
1809.049 |
1667.177 |
|
|
|
|
|
|
TOTAL |
3963.925 |
3788.204 |
3740.992 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1221.656 |
1315.313 |
1425.795 |
|
(ii)
Intangible Assets |
0.000 |
12.478 |
1.043 |
|
(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 |
10.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
13.010 |
15.607 |
17.041 |
|
(d) Long-term Loan and Advances |
27.142 |
31.490 |
16.955 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1271.808 |
1374.888 |
1460.834 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
750.332 |
906.793 |
606.140 |
|
(c) Trade
receivables |
1465.584 |
1076.591 |
1287.391 |
|
(d) Cash
and cash equivalents |
144.273 |
135.190 |
104.133 |
|
(e)
Short-term loans and advances |
330.099 |
293.264 |
281.890 |
|
(f) Other
current assets |
1.829 |
1.478 |
0.604 |
|
Total
Current Assets |
2692.117 |
2413.316 |
2280.158 |
|
|
|
|
|
|
TOTAL |
3963.925 |
3788.204 |
3740.992 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6010.600 |
5069.212 |
4189.184 |
|
|
|
Other Income |
18.813 |
11.840 |
9.177 |
|
|
|
TOTAL (A) |
6029.413 |
5081.052 |
4198.361 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5033.184 |
4372.353 |
3540.404 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
99.481 |
(76.816) |
(74.575) |
|
|
|
Employees benefits expense |
210.103 |
171.696 |
159.159 |
|
|
|
Other expenses |
460.054 |
443.883 |
414.991 |
|
|
|
TOTAL (B) |
5802.822 |
4911.116 |
4039.979 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
226.591 |
169.936 |
158.382 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
89.647 |
98.175 |
112.573 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
136.944 |
71.761 |
45.809 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
50.132 |
43.893 |
43.642 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
86.812 |
27.868 |
2.167 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
32.820 |
13.060 |
(9.687) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
53.992 |
14.808 |
11.854 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD |
604.753 |
609.356 |
616.784 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Proposed Dividend on Equity
Shares |
16.591 |
16.591 |
16.591 |
|
|
|
Corporate Dividend Tax |
3.317 |
2.820 |
2.691 |
|
|
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
638.837 |
604.753 |
609.356 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
6.427 |
11.514 |
181.183 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.33 |
0.09 |
0.07 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
2.236 |
2.199 |
3.775 |
|
Cash generated from operations |
326.488 |
(104.571) |
431.912 |
|
Net Cash flows from operating activities |
310.370 |
(108.061) |
424.315 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
1 Quarter |
2 Quarter |
|
Unaudited |
|
30.06.2015 |
30.09.2015 |
|
Revenue |
|
1,369.660 |
1,219.820 |
|
Other Income |
|
7.540 |
7.710 |
|
Total Income |
|
1,377.200 |
1,227.530 |
|
Expenditure |
|
(1,266.410) |
(1,129.930) |
|
Interest |
|
(14.930) |
(30.720) |
|
PBDT |
|
95.860 |
66.880 |
|
Depreciation |
|
(11.010) |
(11.210) |
|
PBT |
|
84.850 |
55.670 |
|
Tax |
|
0.000 |
(3.480) |
|
Net Profit |
|
84.850 |
52.190 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.90 |
0.29 |
0.28 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
3.77 |
3.35 |
3.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.20 |
0.74 |
0.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.01 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.22 |
0.31 |
0.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.33 |
1.37 |
STOCK
PRICES
|
Face Value |
Rs. 1.00/- |
|
Market Value |
Rs.24.10/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
165.906 |
165.906 |
165.906 |
|
Reserves & Surplus |
1841.323 |
1741.988 |
1690.603 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
2007.229 |
1907.894 |
1856.509 |
|
|
|
|
|
|
long-term borrowings |
41.791 |
44.230 |
52.648 |
|
Short term borrowings |
255.858 |
539.351 |
360.786 |
|
Current Maturities Of
Long-Term Debts |
3.775 |
2.199 |
2.236 |
|
Total borrowings |
301.424 |
585.780 |
415.670 |
|
Debt/Equity ratio |
0.150 |
0.307 |
0.224 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
4189.184 |
5069.212 |
6010.600 |
|
|
|
21.007 |
18.571 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
4189.184 |
5069.212 |
6010.600 |
|
Profit |
11.854 |
14.808 |
53.992 |
|
|
0.28% |
0.29% |
0.90% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONS AND FUTURE
PLAN:
As was brought out in the text of Board Report for the fiscal 2013-14, the momentum of growth continued with accelerated pace. This is well reflected from the growth of sales revenue which jumped to Rs. 6714.800 Million from previous Rs. 5688.400 Million witnessing a growth of 18.04%. Notwithstanding the ABS market buoyancy and better per KG contribution (sales-cost of input materials) company’s focus on cost reduction with respect to energy consumption, manpower productivity and finance cost control remained undiluted. This is well evinced in the quantum jump of 264.61 % in profit after tax achieved by the company in current fiscal when compared with the previous fiscal i.e. Rs. 54.000 Million in F.Y. 2014-15 as against Rs. 14.800 Million in F.Y. 2013-14. Company’s ongoing efforts to deeply penetrate into automotive ABS market segment and capture fair share of this highest growing segment has started paying dividend. This is well crystallized in terms of acceptance of company’s products by MNC automotive companies who have started changing their procurement programme from overseas market to outsourcing from India. This is noteworthy that company’s endeavor is contributing towards import substitution programme and also strengthening “Make in India”- an initiative launched by their Hon’ble Prime Minister. ABS consumption is well pronounced in two wheelers automotive industry which is in high growth trajectory as like domestic entrepreneurs, MNCs are also setting up shops to make India as their Global Hub for two wheeler manufacturing. This is creating a spurt in ABS market in India and the demand has outgrown the indigenous supply. Therefore it is deemed most expedient for the company to expand its capacity as quickly as feasible. Expansion of capacity without revamping technology is not prudent and therefore the ongoing capacity expansion programme to 67 KTPA from the existing 51 KTPA is being implemented by modernizing the manufacturing facility. In this context bold decisions were taken to replace old compounding equipments by ultramodern High-Tech equipments. Moreover the degree of automation which was confined to basic polymer manufacturing i.e. HRG and SAN has now been extended to compounding section as well which will have the benefit of fully automated pneumatic conveying system, ultra-modern extruders and PLC operated high speed mixers. In this connection, globally lead equipment manufacturer’s viz. Coperion- Germany and JSW-Japan are involved. Furthermore the company is establishing state of the art research and development center at its Abu Road Plant situated at Plot No. SP-138-143, Ambaji Industrial Area, Abu Road, Dist. Sirohi (Rajasthan) – 307 026 replicating the R&D Center of Nippon A&L, INC, Japanwith whom the company has established its Joint Venture- a separate entity under the name and style of ‘Bhansali Nippon A&L Private Limited’. In the ambit of the expansion programme, the warehousing facility for the finished goods is being not only expanded but also getting modernized by deploying select pellet tracking system and appropriate material handling equipments being procured from Godrej and Boyce. This will contribute towards improving inventory management and control system and equip the company to serve its customers in a more efficient way. While by December 2015, the aforesaid expansion programme will be completed, concurrently company will commence activities pertaining to next two level of expansions viz. second phase of expansion from 67 KTPA to 85 KTPA and third phase of expansion from 85 KTPA to 150 KTPA, which is likely to be completed by 2017 and 2019 respectively.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
The following Management Discussion and Analysis Report has been prepared in accordance with the provisions of Clause 49 of Listing Agreement with a view to provide an analysis of the business and financial statement of Company for the F.Y. 2014-15, hence it should be read in conjunction with the respective financial statements and notes thereon.
Economic Outlook:
With the advent of a new political Government, all round growth and improvement of macro – economic fundamentals are visible. The GDP growth which was sluggish during previous two -three fiscals, got energized as it grew to 7.4% in F.Y. 2014-15. The forecast of GDP Growth rate for F.Y. 2015-16 is likely to exceed 8.0%, as has been hinted by Hon’ble Union Finance Minister. Further IMF forecast, which is generally conservative, is projected at 7.5% GDP Growth rate for the fiscal 2015-16. In other words, the overall gloomy picture of Indian economy is turning bright though its pace is somewhat lower than expected. This is because of a clear majority of the present government in the Lok Sabha which raised the expectation at such a high level that it contrasts with the ground political reality. At one hand, rapid reforms in the economic policy for attracting overseas investment required substantive legislative changes which the present government is unable to keep pace due to political constraints. Nevertheless key legislative changes have been brought about and that resulted in all time high foreign exchange reserves at 350 Billion USD with the RBI. This is why the Current Account Deficit which was 1.7 % during previous fiscal could be brought down to 1.3% as a percentage of GDP growth in the fiscal 2014-15. Moreover the inflation which has been a perennial problem for last about a decade could be brought under tight leash viz. at WPI level, it showed negative trend in the year 2014-15 against 5.7% in the previous fiscal. Even at the Consumer Price Index level, the inflation fell to 5.2% in the year 2014-15 from 6.8% in the previous fiscal. With all these positive trends, the potential of the Indian economy is poised for double digit growth in next three to five years which will present phenomenal opportunity for the Company to grow its business as ABS market, like in China, in years to come, will turn into a million ton plus market against 0.25 million market currently estimated at. The only battle which the Indian economy requires to win is arresting the falling value of Rupee which is attributable to sluggish growth in export. This too will change as the causative factor is gloomy European economy and huge trade imbalance between India and China. “Make in India” campaign will contribute towards maintaining trade balance between India and China and similarly augmenting exports to USA, will result in the reversal of negative foreign trade balance. Since the present Government and US Government have forged strong relationship, the advantage can be reaped by India to increase its export to USA in a substantive way and USA’s investment in India in its nuclear energy development programme and defense sector is likely to rise substantially in the next three to five years. All these ongoing efforts will strengthen the Indian Rupee (INR) as India is becoming the most attractive investment destination for FIIs and FDIs.
As has been brought out in the text of Board Report that domestic producers of ABS are unable to cope-up with the continually rising demand, there is little scope for delay in implementing capacity expansion programme of the next phase viz. 85 KTPA in second phase and 150 KTPA in third phase and especially when the current ongoing expansion programme with plant modernization to 67 KTPA capacity is getting completed by December-2015. Company’s focus on manufacturing high value added products will continue as it is likely to get big boost in market penetration in automotive segment due to establishment of Joint Venture (JV) with Nippon A&L INC, apan. The JV Company is enabling BEPL to manufacture specialty grades viz. ABS Resins, AES Resins and ASA Resins to cater to the automotive segments and earn impressive economic gain. JV Company is parallely working to position a few special grades of ABS in consumer durables and electronic market segments which has resulted in significant increase in production of high value added ABS extrusion grades by BEPL. The typical picture which emerges is that consumer durables company like Samsung and LG have started outsourcing from BEPL extrusion grade ABS to manufacture refrigerator liners which hitherto was made from HIPS resins and now it has been shifted to special extrusion grade ABS and the company has no difficulty in manufacturing and delivering these grades. This is the most emerging ABS market segment from consumer durable industry.
Corporate
Information:
The Company 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 facilities of the company is located at Abu
Road, Rajasthan and Satnoor in Madhya Pradesh.
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, |
B82769738 |
* Date of charge modification
FIXED ASSETS
- Plant and
machinery
- Computer
software and licenses
- Office
equipment
- Vehicles
- Furniture and
fixture
- Land and
building
CONTINGENT
LIABILITIES:
(Rs. in Million)
|
PARTICULARS |
31.03.2015 |
|
Bills Discounted |
26.935 |
|
Estimated amount of contracts remaining to be executed on capital accounts and not provided for (net of advances). |
0.000 |
|
Service tax and Customs demands under appeal |
41.578 |
|
Income tax demands under appeal |
29.176 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND SIX MONTHS
ON 30.09.2015
[RS.
IN MILLION]
|
PARTICULARS |
3 Months Ended |
6 Months Ended |
|
|
30.09.2015 [Unaudited] |
30.06.2015 [Unaudited] |
30.09.2015 [Unaudited] |
|
|
(a) Net sates/income from operations (Net of excise duty) |
1219.816 |
1369.655 |
2589.471 |
|
(b) Other Operating Income |
0.000 |
0.000 |
0.000 |
|
Total income from operations (net) |
1219.816 |
1369.655 |
2589.471 |
|
Expenses |
|
|
|
|
(a) Cost of materials consumed |
1082.660 |
1144.687 |
2227.347 |
|
(b) Purchases of stock-in trade |
0.000 |
0.000 |
0.000 |
|
(c) Changes in inventories of finished goods.
work-in-progress and stock in trade |
(136.669) |
(54.874) |
(191.543) |
|
(d) Employee benefits expense |
62.436 |
49.727 |
112.163 |
|
(e) Depreciation and Amortization Expenses |
11.207 |
11.005 |
22.212 |
|
(f) Other Expenses |
121.501 |
115.446 |
236.948 |
|
(g)Foreign Exchange |
0.000 |
0.000 |
0.000 |
|
Total expenses |
1141.135 |
1265.991 |
2407.127 |
|
Profit/ (Loss) from operations before other Income, finance
costs and exceptional Items (1-2) |
78.681 |
103.664 |
182.344 |
|
Other Income |
7.711 |
7.540 |
15.251 |
|
Profit/ (Loss) from operations before other income,
finance costs and exceptional items (3+4) |
86.392 |
111.204 |
197.595 |
|
Finance Costs |
30.723 |
26.357 |
57.080 |
|
Profit/ (Loss) from ordinary activities after finance cost
but before exceptional items (5-6) |
55.669 |
84.847 |
140.515 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax (7+8) |
55.669 |
84.847 |
140.515 |
|
Tax expenses |
3.483 |
0.000 |
3.483 |
|
Net Profit / (Loss) from ordinary activities after tax
(9-10) |
52.186 |
84.847 |
137.032 |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period (11-12) |
52.186 |
84.847 |
137.032 |
|
Share of profit' (loss) of associates |
|
|
|
|
Minority Interest |
|
|
|
|
Net Profit/ (Loss) after taxes, minority interest and share
of profit/(loss) of associates (13+14+15) |
|
|
|
|
Paid up equity share capital (Face Value of Rs 10/-each) |
165.906 |
165.906 |
165.906 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet
of previous accounting year |
|
|
|
|
Earnings per share (before extraordinary items) of Rs.10/-
each (not annualized): |
|
|
|
|
(a) Basic |
0.31 |
0.51 |
0.83 |
|
(b) Diluted |
0.31 |
0.51 |
0.83 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
A. Public Shareholding |
|
|
|
|
- Number of shares |
80309015 |
80469705 |
83060049 |
|
- Percentage of shareholding |
48.40 |
48.50 |
48.40 |
|
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 & Promoter group) |
58.41 |
58.52 |
58.41 |
|
- 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 |
35596625 |
35435935 |
35596625 |
|
- Percentage of shares (as a % of the total shareholding
of Promoter & Promoter group) |
41.59 |
41.48 |
41.59 |
|
- Percentage of shares (as a % of the total Share Capital
of the Company) |
21.46 |
21.36 |
21.46 |
|
|
PARTICULARS |
3
Months Ended 30.09.2015 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the Quarter |
2 |
|
|
Disposed of during the quarter |
2 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
(RS. IN MILLION)
|
SOURCES OF FUNDS |
30.09.2015 [Unaudited] |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)
Shareholders' Funds |
|
|
(a) Share Capital |
165.906 |
|
(b) Reserves & Surplus |
1786.652 |
|
Total
Shareholders’ Funds |
1952.558 |
|
|
|
|
(2) Share
Application Money Pending Allotment |
0.000 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
205.438 |
|
(b) Deferred tax liabilities (Net) |
37.084 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term
provisions |
0.000 |
|
Total Non-current
Liabilities (3) |
242.522 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short
term borrowings |
115.823 |
|
(b) Trade
payables |
2025.564 |
|
(c) Other current
liabilities |
33.224 |
|
(d) Short-term
provisions |
0.000 |
|
Total Current
Liabilities (4) |
2183.299 |
|
|
|
|
TOTAL |
4378.379 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed
Assets |
1166.628 |
|
(b) Non-current Investments |
230.733 |
|
(c) Deferred tax assets (net) |
10.000 |
|
(d) Long-term Loan and Advances |
13.010 |
|
(e) Other
Non-current assets |
16.307 |
|
Total Non-Current
Assets |
1436.678 |
|
|
|
|
(2) Current assets |
|
|
(a)
Current investments |
0.000 |
|
(b)
Inventories |
1036.392 |
|
(c) Trade
receivables |
1445.136 |
|
(d) Cash
and cash equivalents |
134.040 |
|
(e)
Short-term loans and advances |
326.230 |
|
(f) Other
current assets |
0.000 |
|
Total
Current Assets |
2941.701 |
|
|
|
|
TOTAL |
4378.379 |
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.66.81 |
|
|
1 |
Rs.100.37 |
|
Euro |
1 |
Rs.70.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPY |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.