MIRA INFORM REPORT
|
Report No. : |
329183 |
|
Report Date : |
25.06.2015 |
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.169.906 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27100MH1984PLC032637 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
Not Available |
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|
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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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|
|
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Line of Business
: |
The Company is engaged in manufacturing of ABS and SAN resins. |
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|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
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 |
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|
|
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. The rating takes into consideration company’s established track record
of business operations marked by sound financial base and above average
operational profile of the company. Trade relations are fair. Business is active. Payment terms are reported
to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
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
31-03-2014.
INFORMATION DECLINED
Management non co-operative (91-22-6731779)
LOCATIONS
|
Registered 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 : |
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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 |
|
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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Branch 2 : |
10-F, Aditya Complex, Mahivir Hall, Char Rasta, Ajwa Road,
Baroda-390019 India |
|
Mobile No.: |
91-9904199917 |
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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 : |
Unit No.302, 3rd Floor, Plam Court Buiding, 20/4, Sukhrali
Chowk, Opp. Huda Park, Sector-14, Gurgaon-122001, Haryana, India |
|
Tel. No.: |
91-0124-4805880-84 |
|
E-Mail : |
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|
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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 |
|
Fax No.: |
91-080-26769903 |
|
E-Mail : |
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|
|
|
DIRECTORS
As on 31.03.2014
|
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 |
|
Address : |
Plot No.22, Bhansali House JVPD Scheme, |
|
Date of Birth/Age : |
25.07.1983 |
|
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 |
KEY EXECUTIVES
|
Name : |
Mr. B.V. Kapadia |
|
Designation : |
Senior V.P (Operations) |
|
|
|
|
Name : |
Mr. D.N. Mishra |
|
Designation : |
VP (Legal) and Company Secretary |
|
|
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|
Name : |
Mr. Kenji Asakawa |
|
Designation : |
Executive Director (Technical) |
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|
|
|
Name : |
Mr. Satendra Pal |
|
Designation : |
Senior V.P. (Marketing) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
28965687 |
17.46 |
|
|
50786552 |
30.61 |
|
|
3633612 |
2.19 |
|
|
3633612 |
2.19 |
|
|
83385851 |
50.26 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
83385851 |
50.26 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
6500 |
0.00 |
|
|
38500 |
0.02 |
|
|
45000 |
0.03 |
|
|
|
|
|
|
57778062 |
34.83 |
|
|
|
|
|
|
13350792 |
8.05 |
|
|
8813626 |
5.31 |
|
|
2532309 |
1.53 |
|
|
62902 |
0.04 |
|
|
184808 |
0.11 |
|
|
1452 |
0.00 |
|
|
600430 |
0.36 |
|
|
1681717 |
1.01 |
|
|
1000 |
0.00 |
|
|
82474789 |
49.71 |
|
Total Public shareholding (B) |
82519789 |
49.74 |
|
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 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in manufacturing of ABS and SAN resins. |
|
|
|
|
Products : |
ABS and SAN resins |
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|
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Brand Names : |
Not Available |
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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: 31.03.02014)
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 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by management |
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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:
|
|
Auditors : |
|
|
Name : |
B. L. Dasharda and Associates Chartered Accountant |
|
Address : |
2, Shreyas, Ground Floor, |
|
PAN No.: |
AAAFB2781M |
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|
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Memberships : |
Not Available |
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|
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Collaborators : |
Not Available |
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|
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|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.165.906 Million
As on 31.03.2014
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, 2014 the amount of dividend, per share, recognised as
distribution to equity shareholders is Re 0.10/- per share (year ended 31st
March, 2013 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, 2014 |
|
|
Nos. |
% Holding |
|
|
B.M. Bhansali |
15834197 |
9.54% |
|
Bhansali
International Private Limited |
13333500 |
8.04% |
|
Sheraton
Properties and Finance Limited |
11709000 |
7.06% |
|
Bentley
Commercial Enterprises Limited |
8883152 |
5.35% |
|
MKJ Enterprises
Limited |
8708043 |
5.25% |
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 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
11.514 |
181.183 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
4372.353 |
3540.404 |
|
|
|
Stores & Spares |
|
19.248 |
20.548 |
|
|
TOTAL IMPORTS |
NA |
4391.601 |
3560.952 |
|
|
|
|
|
|
|
|
|
|
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 |
NA |
2.199 |
3.775 |
|
Cash generated from operations |
NA |
(108.061) |
424.315 |
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 (PBDIT/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 Liability/Networth) |
|
0.22 |
0.31 |
0.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.33 |
1.37 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(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 |
|
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 |
|
Total
borrowings |
297.649 |
583.581 |
413.434 |
|
Debt/Equity
ratio |
0.148 |
0.306 |
0.223 |
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 |
Yes |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
COAPPL/96/2013 |
Failing Date:- |
18/11/2013 |
Reg. No. |
COAPP/6/2014 |
Reg. Date. |
04/02/2014 |
|
Petitioner:- |
MKJ ENTERPRISES LTD- |
Respondent:- |
BHANSALI ENGINEERING POLYMERS LTD- |
||||
|
Petn.Adv:- |
KHAITAN AND CO (I955) |
Resp. Adv.: |
HOOSEINI DOCTOR AND ADVOCATE FOR |
||||
|
District:- |
OUTSIDE MAHARASHTRA |
||||||
|
Bench:- |
SINGLE |
Category:- |
COMPANY APPEAL U/SEC 10F COMPANIES ACT |
||||
|
Status:- |
Admitted (Unready) |
Stage:- |
COMPANY APPEALS FOR FINAL HEARING |
||||
|
Next Date:- |
13/03/2015 |
||||||
|
Coram:- |
HON’BLE SHRI JUSTICE S.J. KATHAWALLA |
||||||
|
Last Date :- |
29/04/2014 |
Stage:- |
COMPANY APPEALS FOR ADMISSION |
||||
|
Last Coram :- |
HON’BLE SHRI JUSTICE G.S. PATEL |
||||||
|
Act. :- |
Companies Act & Rules 1956 |
Under Section :- |
10F |
||||
CORPORATE
INFORMATION: (As on 31.03.2014)
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
facilities of the company is located at Abu Road, Rajasthan and Satnoor in
Madhya Pradesh.
OPERATIONS AND FUTURE PLAN:
During the fiscal
2013-14, the overall performance of the company depicted considerable
improvement in terms of
growth in sales
revenue which was all time high at Rs 5688.400 Million an increase by 21% over
the sales revenue of previous fiscal. Notwithstanding the gain in revenue, it’s
getting translated into surplus got adversely affected due to spurt in
international price of monomers. However, what was within the realm of
management control, every factor thereof showed impressive improvement. This is
evident from the fact that the key cost elements viz. energy, manpower and
finance could be reduced in terms of percentage of sales turnover, to 0.35%,
0.42% and 0.74% respectively. This definitely is commendable due to high degree
of inflation prevailing in the Indian economy. Had the company resorted to
frequent price increase of its products, the strategy to penetrate deeper into
the price sensitive automotive market segment would have been defeated. The
Company is building strong base in this high growth oriented automotive ABS
market segment which accounts for highest consumption when compared to other
ABS market segments. Moreover, in consumer durable ABS market segment the
Company is also getting empanelled as OEM supplier like in automotive sector.
Esteemed customers in both these segments have carried out due diligence audit
towards their respective TQM programme. The company has also been directing
concerted efforts to implement TPM/TQM Programme at all levels of management
and employees through structured programme under advisory/ consultancy wing of
Confederation of Indian Industries (CII). The transformational effects of these
programmes are distinctly visible.
It is fairly
indicative that the weakening of rupee which occurred in the course of last two
years is no longer a threat. On the contrary, rupee has started gaining
strength and may recoup to mid-50 level, which may further improve the
profitability of Company in the current financial year.
The future plan of
the company which was highlighted in the Annual Report of the last fiscal is
very much on track. Its first phase of establishing 67 KTPA of ABS and SAN will
be a reality in the current financial year.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT:
ECONOMIC OUTLOOK :
After almost two
years of GDP growth rate slowing down to 5% level, now they see a silver lining
in the cloud because of change in the political scenario of the country which
is likely to accelerate the pace of reform leading to stimulating the growth of
GDP to 7%-8 % level. Policy paralysis and unabated inflation caused gloomy
picture,
Despite
macro-economic fundamentals, on long term basis, remained strong. Short term
redressal to control Current Account Deficit could be successfully carried out
by change of Guard in the Reserve Bank of India. The new Governor could contain
CAD at around 2% level, consequent where upon rupee is getting revitalized.
Furthermore, inflation has been causing deep concern, specially at the consumer
price level. This too has started showing sign of recovery. The new government
will have to devise policy to work on the supply side to bring Consumer Price
Index (CPI) down and give comfort to the consumers who otherwise have to face
difficult times to meet their necessary expenditures. The company’s good time
relates to higher disposable income; in other words, they can progress only
when the country is in the high growth trajectory. It may take a year or two
for the economy to return to 7%-8% GDP growth level but with better political
management of the economy, this period could as well be shorter. In any case
during the slow economic progress time, the two wheeler automotive sector
showed buoyance and the four wheeler sector was sluggish. ABS consumed in two
wheeler sector is relatively higher, therefore marketwise, the company did not
face a difficult situation.
The unpalatable
truth is that against the demand, ABS supply from two domestic manufacturers,
is inadequate. And therefore, the capacity addition by the company needs
attention. Presently the strategic direction of the company is to focus on high
value added products and thereby carry out selective and niche marketing
programme. Thereafter, the company will gradually expand its capacity,
commensurate with growth in consumption by these remunerative market segments
as almost 80% output of the company caters to these specialty segments from
automotive, electronics and appliances sectors. Selective marketing is an
imperative requirement because two locations manufacturing facility adversely
affects the cost of logistics. Cost advantage enjoyed by the sole domestic
competitor can be largely negated, by such selective marketing strategy.
IDUSTRY STRUCTURE
AND DEVELOPENT:
In the text of
previous Annual Report, they have elaborately presented the strategic direction
which the company has adopted, in the wake of the growth of Indian ABS Market,
which has been well maintained on an average basis in a span of last 15 years.
However during past two/three years, when GDP growth rate fell below 7%, it
affected adversely the ABS Market demand. The relationship between GDP growing
at or over 7% per annum and consumption of ABS supporting manufacture of
lifestyle goods is quite visible because it relates to disposable
Income available
in the hands of middle income group consumers. Therefore, it is quite obvious
that higher GDP
Growth rate by
attracting foreign investments in infrastructure sector will accentuate this
phenomenon and thereby push the consumption of lifestyle goods; consequently
the demand for ABS will substantially increase. In a nutshell, there is no
change in the picture that was presented to you in the text of previous Annual
Report and they continue with our approach to position JV products viz.
Kralastic, Techniace and Unibrite in the emerging automotive and appliances
sectors which is expected to improve financial performance substantially in the
fiscal
SEGMENT WISE
PERFORMANCE:
The company deals
into one business segment consisted of ABS & SAN Polymers. During Fiscal
year 2013-14,
the total sales of
ABS resins amounted to 5015.300 Million
as against 3989.500 Million during last fiscal registering a growth of 25% and
sale of SAN resins amounted Rs. 673.000 Million as against Rs.567.400 Million in the last fiscal registering a growth of
18%.
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
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 records 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.63.66 |
|
|
1 |
Rs.100.50 |
|
Euro |
1 |
Rs.71.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
RKI |
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 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
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 |
|
43 |
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.