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|
MIRA INFORM REPORT
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Report No. : |
492081 |
|
Report Date : |
14.02.2018 |
IDENTIFICATION DETAILS
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Name : |
BHANSALI ENGINEERING POLYMERS LIMITED |
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Registered
Office : |
Unit No. 401, 4th Floor, Peninsula Heights, C.D. Barfiwala Road, Andheri (West), Mumbai – 400058, Maharashtra |
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Tel. No.: |
91-22-26216060 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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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 : |
INR 165.906 Million |
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CIN No.: [Company Identification
No.] |
L27100MH1984PLC032637 |
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IEC No.: |
Not Divulged |
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GSTIN: |
27AAACB3368H2ZP |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACB3368H |
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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
: |
The Company is engaged in manufacturing of ABS and SAN resins. (Registered
Activity |
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No. of Employees
: |
477 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1984. It is engaged in
manufacturing and importing of (Acrylinotrile Butadience Styrene) ABS and SAN
resins. For the financial year 2017, the company has achieved 32.63% growth in
its revenue as compared to previous year revenue and has maintained average
profitability margin of 4.94% during the year under review. The company possesses healthy financial position marked by above
average net worth base, zero debt balance sheet profile and satisfactory
liquidity position. The company has its share price trading at around INR 183.15 against
the face value (FV) of INR 01 on BSE as on February 13, 2018. However, rating strength is partially offset by vulnerability of its
operating margins to volatility in raw material prices and working capital
intensive operations. Business is active. Payments seems to be usually correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. Note: subject has been found under RBI defaulter’s list, the name of
credit grantor is specified undertaking of IDBI Bank Limited of and the amount
charged is INR 95.600 million dated 31.12.2002 and the same updated
information about the same is not available. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term (BBB) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
22.01.2018 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term (A3+) |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
22.01.2018 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a defaulter
in the publicly available RBI Defaulters’ list and the details of the same are
as under:
|
Borrowers’ Name : |
Bhansali Engineering Polymers Limited |
|
Address : |
Bhansali House, A-5, Veera Desai Road, Andheri (West), Mumbai-400053, Maharashtra |
|
Name of Individual : |
A.S. Gupta – Director, B.M. Bhansali, B.S. Bhesania C.S. Sastry P.P. Shah P.R. Bhansali W.R. Correa |
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Name of Credit Grantors / Bank & Branch: |
IDBI Bank Limited, MUMBAI BO |
|
Amount (INR In Million) : |
INR 95.600 million |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 13.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Ms. Swapnali Salvi |
|
Designation : |
Finance Manager |
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Contact No.: |
91-22-26731779 |
LOCATIONS
|
Registered Office / Marketing Corporate : |
Unit No. 401, 4th Floor, Peninsula Heights, C.D. Barfiwala Road, Andheri (West), Mumbai – 400058, Maharashtra |
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Tel. No.: |
91-22-26216060 / 61/ 62/ 63/ 64/ 26731779-84 |
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Fax No.: |
91-22-26731796 / 26216077 |
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E-Mail : |
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Website : |
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Location : |
Residential |
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Locality : |
Owned |
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Factory 1 : |
Bhansali Nagar, Taluka Sausar, District Chhindwara-480108, Madhya
Pradesh, India |
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Tel. No.: |
91-7165-226376/79 |
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Fax No.: |
91-7165-226380/ 81 |
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Website : |
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Factory 2 : |
Plot No. SP-138-143, Ambaji Industrial Area, Abu Road, District
Sirhoi-307026, Rajasthan, India |
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Tel. No.: |
91-2974-226781-84 / 82 / 83 |
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Fax No.: |
91-2974-226737 |
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E-Mail : |
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Website : |
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Marketing Branches / Western Region: |
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Branch 1 : |
Meera Classics, Shop No.B-7, Opposite Santosh Mandal Karyalaya,
Bethika Nagar, Thergaon, Chinchwad, Pune-400033, India |
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Mobile No.: |
91-9773333521 |
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E-Mail : |
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Branch 2 : |
10-F, Aditya Complex, Mahivir Hall, Char Rasta, Ajwa Road,
Vadodara-390019 India |
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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 |
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Mobile No.: |
91-9831021245 |
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E-Mail : |
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Branch 4 : |
29, Upstairs, Balasundaran Road, (R.T.O Office Road), Coimbatore, 641018 India. |
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Tel. No.: |
91-422-2214119 |
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E-Mail : |
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Branch 5 : |
No.3113/A1, 2nd Main Road,18th Cross, Off K.R. Road, Banashankari, 2nd Stage, Banglore-560078, India |
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Tel. No.: |
91-080-2679002/03/05 |
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Fax. No: |
91-80- 26769903 |
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Email: |
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Branch 6 : |
#810, 8th Floor, Pearl Best Heights-1, Plot No.A-5, Netaji Subhash Place, Behind Max Hospital, Pitampura, Delhi, India |
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Tel. No.: |
91-11-45137369 |
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E-Mail : |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Babulal Mishrimal Bhansali |
|
Designation : |
Managing Director |
|
Address : |
Plot No.22, Bhansali House JVPD Scheme, |
|
Date of Birth/Age : |
05.03.1954 |
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Date of Appointment : |
03.01.1989 |
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DIN No.: |
00102930 |
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Name : |
Mr. Bakhtiar Shapurji Bhesania |
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Designation : |
Director |
|
Address : |
Nazir House, 139 August Kranti Marg Cumballa Hill, Mumbai
– 400036, Maharashtra, India |
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Date of Birth/Age : |
03.11.1933 |
|
Date of Appointment : |
26.07.2003 |
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DIN No.: |
00026222 |
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Name : |
Mr. Jayesh Babulal Bhansali |
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Designation : |
Whole time Director |
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Address : |
Plot No.22, Bhansali House JVPD Scheme, |
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Date of Birth/Age : |
25.07.1983 |
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Qualifications |
M.Com and have experience of around 11 years |
|
Date of Appointment : |
24.06.2006 |
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PAN: |
AAAPB8921F |
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DIN No.: |
01062853 |
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|
Name : |
Mr. Munish Chandra Gupta |
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Designation : |
Chairman |
|
Address : |
House No-771, Sector -15, Part-11, Gurgaon-122001, |
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Date of Birth/Age : |
23.07.1938 |
|
Date of Appointment : |
30.09.2002 |
|
DIN No.: |
01362556 |
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|
Name : |
Mr. Dilip Kumar |
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Designation : |
Director |
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Address : |
Flat No. 1 , Patel Terrace, 92 Walkeshwar Road, Mumbai-400006, Maharashtra, India |
|
Date of Appointment : |
29.05.2014 |
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DIN No.: |
06882358 |
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|
Name : |
Jasmine Firoze Batliwalla |
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Designation : |
Director |
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Address : |
15, Bhaweshwar Darshan, 31-D, Peddar Road, Mumbai-400026, Maharashtra, India |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
00340273 |
KEY EXECUTIVES
|
Name : |
Mr. Deoki Nandan Mishra |
|
Designation : |
G.M. (Legal) and Company Secretary |
|
Address : |
Flat No 1201, Orchid Building, Film City Road, Mantri Park, Dindhoshi, Goregaon (East), Mumbai – 400065, Maharashtra, India |
|
Date of Appointment : |
07.05.2011 |
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PAN: |
AFUPM1126N |
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|
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Name : |
Mr. Jayesh Babulal Bhansali |
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Designation : |
Chief Finance Officer |
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Address : |
Plot No.22, Bhansali House JVPD Scheme, |
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Date of Birth/Age : |
25.07.1983 |
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Qualifications |
M.Com and have experience of around 11 years |
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Date of Appointment : |
24.06.2006 |
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PAN: |
AAAPB8921F |
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|
|
Name : |
Ms. Swapnali Salvi |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS
As on DECEMBER 2017
|
Category of
shareholder |
No. of fully paid
up equity shares held |
Shareholding as a %
of total no. of shares |
|
|
(A) Promoter and Promoter Group |
90740000 |
54.69 |
|
|
(B) Public |
75165640 |
45.31 |
|
|
Grand Total |
165905640 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category
of shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares (calculated as per SCRR, 1957)As a % of
(A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
37081765 |
22.35 |
|
|
Babulal M. Bhansali |
16384887 |
9.88 |
|
|
Jayesh B. Bhansali |
11051945 |
6.66 |
|
|
Babulal M. Bhansali (HUF) |
4199000 |
2.53 |
|
|
Meenakshi Bhansali |
2977677 |
1.79 |
|
|
Dhudidevi B. Bhansali |
2468256 |
1.49 |
|
|
Any Other (specify) |
53658235 |
32.34 |
|
|
Bhansali International Pvt Ltd |
16105183 |
9.71 |
|
|
Sheraton Properties and Finance Ltd. |
11734000 |
7.07 |
|
|
Bentley Commercial Enterprises Ltd |
8883043 |
5.35 |
|
|
Speedage Commercials Ltd |
8384009 |
5.05 |
|
|
Bhansali Industrial Investment &
Finance Pvt Ltd |
4313000 |
2.60 |
|
|
Bhansali Innovative Finance Pvt Ltd |
2341000 |
1.41 |
|
|
Bhansali Engineering Industries Pvt Ltd |
1898000 |
1.14 |
|
|
Sub Total A1 |
90740000 |
54.69 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
90740000 |
54.69 |
Statement showing shareholding pattern of the Public shareholder
|
Category
& Name of the Shareholders |
No.
of fully paid up equity shares held |
Shareholding
% calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
706397 |
0.43 |
|
|
Foreign Portfolio Investors |
2599332 |
1.57 |
|
|
Financial Institutions/ Banks |
416766 |
0.25 |
|
|
Sub Total B1 |
3722495 |
2.24 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto INR 0.200 million |
44695833 |
26.94 |
|
|
Individual share capital in excess of INR 0.200 million |
10927340 |
6.59 |
|
|
Bhavna B
Bhansali |
2000000 |
1.21 |
|
|
Neetu B
Bhansali |
2000000 |
1.21 |
|
|
Any Other (specify) |
15819972 |
9.54 |
|
|
Trusts |
1434 |
0.00 |
|
|
HUF |
3882168 |
2.34 |
|
|
NRI – Non-
Repat |
359662 |
0.22 |
|
|
Director or
Director's Relatives |
25500 |
0.02 |
|
|
NRI – Repat |
1763802 |
1.06 |
|
|
Clearing
Members |
2870802 |
1.73 |
|
|
Market Maker |
11802 |
0.01 |
|
|
Bodies Corporate |
6904802 |
4.16 |
|
|
Sub Total B3 |
71443145 |
43.06 |
|
|
B=B1+B2+B3 |
75165640 |
45.31 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in manufacturing of ABS and SAN resins. (Registered
Activity |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
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Products : |
Raw material |
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Countries : |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
Advance Payment |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Manufacturer
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No. of Employees : |
477 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Azad Jain and Company Chartered Accountants |
|
Address 1: |
E-1603, lake Florence, Lake Homes, Off Adi Sankaracharya Marg, Powai,
Mumbai – 400076, Maharashtra, India |
|
Mobile No.: |
91-9414167046 |
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|
|
|
Address 2 : |
401-402, 4th Floor, Shreeji Chambers, 32-A, Panchawati,
Udaipur – 313001, Rajasthan, India |
|
Tel No.: |
91-294-2428460/ 2425529 |
|
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|
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Statutory Auditors : |
|
|
Name : |
B. L. Dasharda and Associates Chartered Accountant |
|
Address 1 : |
2, Shreyas, Ground Floor, |
|
Tel No.: |
91-22-26776220 |
|
Email: |
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PAN No.: |
AAAFB2781M |
|
|
|
|
Address 2 : |
301, Vastubh Apartments, Near Hanuman Temple, Datta Pada Cross Road No.
1, Borivali (East), Mumbai – 400066, Maharashtra, India |
|
Tel No.: |
91-22-28547579 / 28546775 |
|
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Statutory Auditors : |
|
|
Name : |
Rathi and Associates Practicing Company Secretary |
|
Address : |
Mumbai, Maharashtra, India |
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Cost Auditors : |
|
|
Name : |
Joshi Apte and Associates Cost Accountants |
|
Address : |
Pune, Maharashtra, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Joint Venture
Company: |
Bhansali Nippon A and L Private Limited |
|
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|
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Enterprise over
which Key Managerial Personnel are able to exercise significant Control: |
Bhansali International Private Limited |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
INR 1/- each |
INR 200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
165905640 |
Equity Shares |
INR 1/- each |
INR 165.906
Million |
|
|
|
|
|
b) Reconciliation of the number of shares outstanding at the beginning
and the end of the reporting period:
|
|
31.03.2017 |
|
|
|
No. of Shares
held |
INR in Million |
|
Equity Shares of INR 10 At the beginning of the period |
165905640 |
165.906 |
|
Issued during the period |
- |
|
|
Outstanding at
the end of the period |
16,59,05,640 |
165.906 |
Terms / rights
attached to Equity Shares
The company has only one class of equity shares having a par value of INR 1/- per share. Each equity shareholder is entitled to one vote per share. The company declares and pays dividend in Indian INR. The Dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuring Annual General meeting.
During the year ended 31st March, 2017 the amount of dividend, per share, recognized as distribution to equity shareholders is INR 0.20/- per share (year ended 31st March, 2016 INR 0.10/- per share)
Details of
shareholders holding more than 5% shares in the Company.
Equity Shares of
INR 1/- each fully paid up.
|
Name |
31st March, 2017 |
|
|
Nos. |
% Holding |
|
|
B.M. Bhansali |
16384887 |
9.88% |
|
Bhansali International Private Limited |
16105183 |
9.74% |
|
Sheraton Properties and Finance Limited |
11734000 |
7.07% |
|
Mr. Jayesh B. Bhansali |
9311945 |
5.61% |
|
Bentley Commercial Enterprises Limited |
8883043 |
5.35% |
|
Speedage Commercials Limited |
8384009 |
5.05% |
FINANCIAL DATA
[all figures are in
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
165.906 |
165.906 |
165.906 |
|
(b) Reserves & Surplus |
1418.284 |
1110.497 |
1690.603 |
|
(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) |
1584.190 |
1276.403 |
1856.509 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
5.461 |
52.648 |
|
(b) Deferred tax liabilities (Net) |
42.932 |
0.379 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
40.126 |
34.266 |
27.825 |
|
Total Non-current
Liabilities (3) |
83.058 |
40.106 |
80.473 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
309.824 |
360.786 |
|
(b) Trade
payables |
2358.282 |
1779.725 |
1609.628 |
|
(c) Other
current liabilities |
61.492 |
27.954 |
13.508 |
|
(d) Short-term
provisions |
128.938 |
67.280 |
43.021 |
|
Total Current
Liabilities (4) |
2548.712 |
2184.783 |
2026.943 |
|
|
|
|
|
|
TOTAL |
4215.960 |
3501.292 |
3963.925 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
928.123 |
811.776 |
1212.098 |
|
(ii)
Intangible Assets |
1.871 |
6.769 |
9.558 |
|
(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 |
15.000 |
15.000 |
10.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
13.010 |
|
(d) Long-term Loan and Advances |
17.641 |
13.194 |
27.142 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
962.635 |
846.739 |
1271.808 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1392.510 |
830.406 |
750.332 |
|
(c) Trade
receivables |
1367.101 |
1319.011 |
1465.584 |
|
(d) Cash
and cash equivalents |
171.553 |
147.531 |
144.273 |
|
(e)
Short-term loans and advances |
319.535 |
355.744 |
330.099 |
|
(f) Other
current assets |
2.626 |
1.861 |
1.829 |
|
Total
Current Assets |
3253.325 |
2654.553 |
2692.117 |
|
|
|
|
|
|
TOTAL |
4215.960 |
3501.292 |
3963.925 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7040.867 |
5308.600 |
6010.600 |
|
|
|
Other Income |
84.411 |
25.398 |
18.813 |
|
|
|
TOTAL |
7125.278 |
5333.998 |
6029.413 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5109.932 |
4090.024 |
5033.184 |
|
|
|
Purchases of Stock-in-Trade |
52.340 |
167.109 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(435.852) |
(71.040) |
99.481 |
|
|
|
Excise Duty Recovered |
779.417 |
0.000 |
0.000 |
|
|
|
Employees benefits expense |
261.028 |
227.512 |
210.103 |
|
|
|
Other expenses |
647.488 |
520.330 |
460.054 |
|
|
|
TOTAL |
6414.353 |
4933.935 |
5802.822 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
710.925 |
400.063 |
226.591 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
97.956 |
110.753 |
89.647 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
612.969 |
289.310 |
136.944 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
54.193 |
55.448 |
50.132 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
558.776 |
233.862 |
86.812 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
211.053 |
66.984 |
32.820 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
347.723 |
166.878 |
53.992 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD |
785.807 |
638.837 |
604.753 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Proposed Dividend on Equity
Shares |
33.181 |
16.591 |
16.591 |
|
|
|
Corporate Dividend Tax |
6.755 |
3.317 |
3.317 |
|
|
|
Total |
39.936 |
19.908 |
19.908 |
|
|
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
1093.594 |
785.807 |
638.837 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.173 |
4.749 |
6.427 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (INR ) |
2.10 |
1.01 |
0.33 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
2.960 |
2.236 |
|
Cash generated from operations |
697.417 |
599.730 |
372.594 |
|
Net cash flow from operating activity |
573.193 |
564.934 |
356.476 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2511.670 |
2928.720 |
2579.320 |
|
Total Expenditure |
2216.330 |
2550.570 |
2146.250 |
|
PBIDT (Excl OI) |
295.340 |
378.150 |
433.070 |
|
Other Income |
8.270 |
20.440 |
55.600 |
|
Operating Profit |
303.610 |
398.590 |
488.670 |
|
Interest |
11.130 |
24.820 |
22.450 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
292.480 |
373.770 |
466.220 |
|
Depreciation |
15.230 |
15.420 |
15.470 |
|
Profit Before Tax |
277.250 |
358.350 |
450.750 |
|
Tax |
108.410 |
107.350 |
160.160 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
168.840 |
251.000 |
290.570 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
168.840 |
251.000 |
290.570 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
70.87 |
90.69 |
89.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.15 |
4.02 |
4.10 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
166.74 |
152.59 |
116.73 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.51 |
0.48 |
0.30 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.76 |
0.49 |
0.19 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.60 |
0.63 |
0.53 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.25 |
0.22 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.61 |
1.71 |
1.09 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.59 |
0.64 |
0.66 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
7.26 |
3.61 |
2.53 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
4.94 |
3.14 |
0.90 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
8.25 |
4.77 |
1.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
21.95 |
13.07 |
2.91 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.28 |
1.22 |
1.33 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.73 |
0.83 |
0.96 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.38 |
0.36 |
0.47 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.00 |
1.92 |
2.51 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.28 |
1.22 |
1.33 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 1.00/- |
|
Market Value |
INR 183.15/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In
Million |
INR
In Million |
INR
In Million |
|
Share Capital |
165.906 |
165.906 |
165.906 |
|
Reserves & Surplus |
1690.603 |
1110.497 |
1418.284 |
|
Net
worth |
1856.509 |
1276.403 |
1584.190 |
|
|
|
|
|
|
long-term borrowings |
52.648 |
5.461 |
0.000 |
|
Short term borrowings |
360.786 |
309.824 |
0.000 |
|
Current Maturities of Long term debt |
2.236 |
2.960 |
0.000 |
|
Total
borrowings |
415.670 |
318.245 |
0.000 |
|
Debt/Equity ratio |
0.224 |
0.249 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
6010.600 |
5308.600 |
7040.867 |
|
|
|
(11.679) |
32.631 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
6010.600 |
5308.600 |
7040.867 |
|
Profit |
53.992 |
166.878 |
347.723 |
|
|
0.90% |
3.14% |
4.94% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
165.906 |
165.906 |
|
(b) Reserves & Surplus |
1405.750 |
1099.737 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1571.656 |
1265.643 |
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
(a) long-term borrowings |
0.000 |
5.461 |
|
(b) Deferred tax liabilities (Net) |
42.932 |
0.379 |
|
(c) Other long term
liabilities |
40.126 |
34.266 |
|
(d) long-term
provisions |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
83.058 |
40.106 |
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
(a) Short
term borrowings |
0.000 |
309.824 |
|
(b) Trade
payables |
2357.426 |
1779.725 |
|
(c) Other
current liabilities |
62.307 |
28.681 |
|
(d) Short-term
provisions |
128.938 |
67.280 |
|
Total Current
Liabilities (4) |
2548.671 |
2185.510 |
|
|
|
|
|
TOTAL |
4203.385 |
3491.259 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1)
Non-current assets |
|
|
|
(a) Fixed
Assets |
|
|
|
(i)
Tangible assets |
928.138 |
811.835 |
|
(ii)
Intangible Assets |
1.871 |
6.769 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
17.641 |
13.194 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
|
Total Non-Current
Assets |
947.650 |
831.798 |
|
|
|
|
|
(2)
Current assets |
|
|
|
(a)
Current investments |
0.000 |
0.000 |
|
(b) Inventories |
1392.510 |
830.406 |
|
(c) Trade
receivables |
1367.101 |
1319.011 |
|
(d) Cash
and cash equivalents |
172.481 |
151.997 |
|
(e)
Short-term loans and advances |
320.023 |
356.187 |
|
(f) Other
current assets |
3.620 |
1.860 |
|
Total Current
Assets |
3255.735 |
2659.461 |
|
|
|
|
|
TOTAL |
4203.385 |
3491.259 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
Income |
7040.867 |
5308.600 |
|
|
Other Income |
84.423 |
25.405 |
|
|
TOTAL |
7125.290 |
5334.005 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Cost of Materials
Consumed |
5109.932 |
4011.390 |
|
|
Purchases of
Stock-in-Trade |
52.340 |
167.109 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(435.852) |
(71.040) |
|
|
Employees benefits
expense |
264.699 |
231.012 |
|
|
Other expenses |
645.575 |
600.363 |
|
|
TOTAL |
6116.111 |
4938.834 |
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
709.179 |
395.171 |
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
97.956 |
110.763 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
611.223 |
284.408 |
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
54.221 |
55.530 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
557.002 |
228.878 |
|
|
|
|
|
|
Less |
TAX |
211.053 |
66.984 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
345.949 |
161.894 |
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
2.09 |
0.98 |
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 |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
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 two/ three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONS AND FUTURE
PLAN:
OPERATIONS
A quick glance at the operational results highlighted hereinabove, when compared with the previous year, will convince the stakeholders that F.Y. 2016-17 reflects a magnificent performance and depicts manifestation of the
true potential of the esteemed company. Thanks to the strategic approach adopted by the company to re-orient its marketing strategy by re-positioning its products in highly profitable consuming segments. It is noteworthy that despite stiff competition from imports with relatively weak custom tariff protection, the company could increase its gross margin by 27.80% and the turnover by 18.48%. The increase in sales quantity has also been impressive, showing growth of 15.24% and correspondingly the production by 16.10%.
It may further be appreciated that upon completion of the expansion cum revamping project in the year 2015-16, the total ABS capacity stands at 80 KTPA whereas the exploitation thereof in the year 2016-17 has been to the extent of 64.31% only. Ipso facto, improving upon the results achieved in 2016-17, is likely to be far more impressive in the F.Y. 2017-18 and definitely thereafter in the subsequent years owing to the following facts:
1. Buoyancy of growth in GDP in the Indian economy especially post implementation of the GST will push the consumption of lifestyle goods especially in the two wheeler automotive segment, domestic appliances segment and other consumer durables. These first two market segments are the major consumption area of the company’s products.
2. The overall demand of ABS has substantially outstripped the present supply from the domestic manufacturers
which are only two, the company and an MNC competitor whose respective capacity are identical and aggregates to around 160 KTPA against the current consumption level hovering around 275 KTPA in F.Y. 2016-17, this is likely to continue to grow at the rate of 15% CAGR for at least a decade ahead.
3. It is internationally estimated that overall ABS Global capacity utilization is around 70% and which makes the
big capacity players to supply in the deficit zone mainly India and China.
4. Despite availability of market in India, the global players find it difficult to meet demand of the Indian market as quantity wise it is not attractive to cater to each market segment on account of variety of colours and performance specification. Manufacturing of the variety and the colours largely depend on the compounding extrusion process where it is difficult to strike a balance between the investment and the sectional capacity utilization. Consequent whereupon, there is a huge import of general purpose ABS natural. This is the reason, which attracts several giant global manufacturers of ABS to sell their products in India to improve their respective capacity utilization. In view of the fact that China globally exports the products manufactured out of ABS resins, hence their consuming segments are big enough for any global player to establish and expand their capacity in China itself, however China also imports huge quantity of general purpose ABS from Taiwan. The story of India is somewhat different as they are a domestic market demand driven economy whereas China’s economy is driven by exports. This is principally the reason that has not attracted any third player in the Indian ABS market so far. In the light of the above there is not only the need for existing two ABS manufacturers to improve upon their respective capacity utilization but need to expand their individual production capacity as quickly as possible to reduce import dependence.
5. It may be appreciated from the foregoing that the company’s endeavor to attain optimum capacity utilization
of 80 KTPA is deemed most expedient and the company is confident that by end of the current fiscal 2018, it will produce and sell 72 KTPA-optimal capacity utilization. Thereafter, in subsequent years, it will ramp up its production and sales by exploiting the additional capacity being created at Abu Road for compounding to achieve an aggregate ABS manufacturing capacity of 137 KTPA by 31st December, 2018. In this connection, all requisites steps have been initiated. The entire expansion programme will be financed through internal accruals.
The consistent pattern of growth in ABS domestic demand year on year basis unfolds an exciting opportunity to set up a global size port based ABS manufacturing unit for the company. Presently due to unique market situation company is able to not only sustain but earn handsome profit despite split location of manufacturing facilities as you are well aware of the fact that HRG is being manufactured in Satnoor, MP whereas bulk SAN and compounding production units are located at ABU Road, Rajasthan.
(II) FUTURE
EXPANSION:
Considering the scope and limitation, opportunity and threat and also after in-depth evaluation, the company has
decided to set up a port based green-field plant with a minimum capacity of 200 KTPA in the state of Gujarat. The
new plant will be based on state of the art technology from Japan and in this connection, the substantive initial steps have already been taken involving several round of meetings with the Japanese company followed by visit of their experts. This Japanese company is none-else than Nippon A&L, Japan with whom the company has a long standing relationship and also established marketing Joint Venture in the year 2013 who are providing sales support as well as technical support with respect to the existing operations of JV products. Furthermore, infrastructure development work is progressing rapidly in terms of steps being taken by the company for acquisition of land and planning of captive power plant as an integral part of the expansion programme. Based on
the encouragement being received from the concerned authorities of the State government and company’s technology partner, the implementation programme has been firmed up to commence manufacturing of ABS from the proposed port based green-field plant by 31st March, 2022.
Perception backed up by conviction of the company is that by the time, the new 200 KTPA port based plant is established; the company will be able to exploit its capacity of the plant optimally. This is because the company is likely to have captured the largest market share of ABS in India. Moreover, based on the competitive cost structure and quality wise at par with the best in the world, if required, the company will be in a position to export specialty grades of the ABS, ASA and AES resins as well. The aforesaid strategy will ensure birth of a healthy baby, thwarting all threats and limitations which is often faced by any green-field project since it is otherwise difficult to maintain the economic viability in the initial years of production due to relatively lower capacity utilization resulting in not being able to achieve breakeven level of the output which certainly will not be the situation to be faced by the company.
Moreover, implementation of the project takes into account, in terms of the technology selection and logistic planning that it remains globally competitive in the event the Indian economy opens up further and custom tariff barriers is done away with. In this context, energy conservation and minimizing environmental effects are given due impetus. Furthermore automation and safety measures are no less area of attention for implementing the project based on ultra-modern process technology. Due care is being taken to ensure that the material handling system is carried out with least human involvement to improve upon the safety and avoid human errors. The project planning is on the firm footing and it is reiterated that by 31st March 2022, the new port based plant is likely to become fully operational.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
The Management Discussion and Analysis Report has been prepared in accordance with the provisions of Regulation 34(2) (e) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Schedule V(B) thereto, with a view to provide an analysis of the business and financial statement of the Company for the financial year 2016-17, hence it should be read in conjunction with the respective financial statements and notes thereon.
(a) Economic Outlook:
Relentless endeavor by the Union Government to usher a new era of economic growth, in this context, several new programs have been initiated viz. improving upon ease of doing business, Digital India, Make in India & Skill India among others. The government’s direction and action focus is on controlling inflation through reduction of fiscal and revenue deficits. It will not be out of place to expect that by next union budget in February 2018, for the fiscal 2018- 19, fiscal and revenue deficits are likely to be pegged at 3% and 0.9% respectively. Several actions on the part of the Government reflect that tax to GDP ratio will improve substantially and regardless of the sluggish private investments, substantial investment for the infrastructure development by the Union Government has been planned in railways, highways, waterways and airways. Such investment by the Union Government will bolster the economic growth as the core sector consisting of steel, cement, power and mining will get a big push. Moreover housing for all by 2022 has been announced by the Hon’ble Prime minister, consequent whereupon the steel and cement consumption will go up substantially which will further accelerate the economic growth. Furthermore Government’s emphasis to generate employment rapidly backed up by a huge investment plan being implemented in infrastructure development projects is bound to generate vast employment opportunities.
The Union Government, despite different political dispensation, has amended the constitution of India to introduce
single indirect tax regime. The stupendous efforts of the present government led to the passing of GST bill in the
parliament and it is most likely that GST will be implemented w.e.f 1st July, 2017. Implementation of GST in India
within the framework of federal polity was formidably challenging but by constituting a GST council, it was made
possible. GST council is endeavouring to rationalize the indirect tax structure so as to ensure that impact of this change is positive on the Indian economy. It is being anticipated that upon implementation of GST, growth rate of GDP will go up by 1 to 2% and inflationary pressure on the economy is likely to ease substantially. Multiplicity of indirect taxation and its cascading effect on the price of final product will get rationalized, hence most of the consumer products will get cheaper and to that extent, CPI will come down. It is likely to be a win-win situation for the Government and the citizens of the country as the tax kitty will grow substantially and the product prices will come down.
The Indian economy was deemed to be having parallel economy due to large volume of income generation outside the taxation framework. The present Union government has been toiling hard to extinguish all such routes and methods which are adopted by tax evaders. Bold steps of demonetization was taken by the Union Government/ RBI which created widespread political turbulence but with the solid support of public at large, RBI could carry this programme without affecting much short term growth however in the long run, the effect is bound to be positive as indirect tax evasion will get eliminated.
India’s position in the global economy has been lauded by the IMF having achieved the highest growth rate in GDP in the world surpassing China. The momentum of the GDP growth is not only to continue but will be much better in 2017-18 due to the positive impact of implementing GST and significantly higher tax compliance resulting in impressive improvement in tax to GDP ratio. Moreover all other macroeconomic fundamentals such as fiscal deficit, Current Account deficit and foreign exchange reserves are indicating that things are looking up.
(b) Industry Structure & Development:
From the aforesaid, it is clear that this will lead to availability of purchasing power in the hands of the new consumers which will contribute to push demand for consumer durable products as well. Moreover easy finance availability with low lending risk is attracting NBFCs and the banks to make the finance available on attractive term to their respective customers. This has created voluminous opportunities for lower and middle income group people to own mobile phones, two wheelers, refrigerators and washing machines. All these products push the demand for ABS and other polymers in a big way. Therefore, in the last 5 years, year on year the import of ABS has been increasing as the local manufacturers i.e. Bhansali Engineering Polymers Ltd (BEPL) and Styrolution are unable to cope up with the market demand. BEPL has been striving hard to penetrate into two wheelers and refrigerator liner market segments in the manner that it does not have to produce the large quantity of general purpose grades in natural shade where competition is with cheap imports. This is precisely the reason that enabled BEPL to improve upon its price realization per unit sales volume and consequent thereupon, the gross margin. As the comparative results for the period against its previous year evinces the PBT at INR 558.800 Million against INR 233.900 Million. This quantum jump of 138.91% is a hallmark of performance of the company since its very inception. The current financial year holds a brighter promise as BEPL will be in a position to increase the sales quantity in tandem with the present production capacity without changing its marketing strategy i.e focusing on high margin business and refraining from competing against cheap imports. Furthermore, company has also drawn up a plan to establish a green-field port based plant with minimum capacity of 200 KTPA to be implemented and commissioned by 31st March 2022, which is relevant and propitious in the light of the fact that quality of the company’s products has gained acceptance by the reputed customers like HMSI, Maruti, Whirlpool, Samsung, LG, Toyota, Mahindra, Bajaj, Godrej and many more.
Furthermore the Company is revamping and modernizing the production facility at Abu Road for compounding which will result in establishment of overall ABS production capacity at 137 KTPA by December, 2018 and from the current year onwards, Company is putting-in humongous effort to attain 90% plus capacity utilization year after year. The business model of Company’s consuming segment industries are in the high growth trajectory. It is indeed a matter of utmost importance that through the JV company viz. Bhansali Nippon A&L Pvt Ltd, the sales of ABS, AES and ASA specialty grades bearing high profit margin is being pushed hard by the company successfully as customers are not interested to source these products from overseas.
CORPORATE
INFORMATION:
Subject 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 National Stock Exchange of India Limited and BSE Limited. 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 are located at Abu Road, Rajasthan and Satnoor, Madhya Pradesh.
INDEX
OF CHARGES
|
\SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G34616045 |
90243687 |
ALLAHABAD BANK |
23/04/2004 |
03/01/2017 |
- |
2165000000.0 |
Industrial Finance Branch, 2nd Floor, AllahabadBank Building, 37 Mumbai Samachar Marg, FortMumbaiMH400023IN |
|
2 |
Y10350622 |
90242985 |
I.F.C.I. LTD. |
19/10/1988 |
01/11/1988 |
20/04/2004 |
31500000.0 |
REGENT CHAMBERS; 5 - TH FLOORBACKBAY RECLMATIONMUMBAIMH400021IN |
|
3 |
Y10350619 |
90242982 |
IDBI BANK LTD. |
10/10/1988 |
01/11/1988 |
14/05/2003 |
63000000.0 |
NARIMAN BHAWAN; VK SHAH MARGNARIMAN POINTMUMBAIMH400021IN |
|
4 |
Y10350677 |
90243040 |
IDBI BANK LTD. |
14/12/1989 |
05/02/1990 |
14/05/2003 |
13000000.0 |
IDBI TOWERCUFFE PARADE; COLABAMUMBAIMH400005IN |
|
5 |
Y10350618 |
90242981 |
ICICI BANK LTD. |
01/10/1988 |
01/11/1988 |
13/05/2003 |
31500000.0 |
163; BACKBAY RECLAMATIONMUMBAIMH400021IN |
|
6 |
Y10350714 |
90243077 |
ICICI BANK LTD. |
04/01/1991 |
- |
13/05/2003 |
15500000.0 |
163; BACKBAY RECLMATIONMUMBAIMH400021IN |
|
7 |
Y10350673 |
90243036 |
STATE BANK OF INDIA |
10/11/1989 |
10/11/1989 |
09/01/2003 |
15000000.0 |
BACKBAY RECLMATION BRANCHMUMBAIMH400021IN |
|
8 |
Y10350756 |
90243119 |
STATE BANK OF INDIA |
11/06/1992 |
- |
09/01/2003 |
7500000.0 |
BACKBAY RECLMATION BRANCHMUMBAIMH400021IN |
|
9 |
Y10350604 |
90242967 |
STATE BANK OF INDIA |
15/04/1988 |
18/10/1989 |
09/01/2003 |
42300000.0 |
BACKBAY RECLMATIONNARIMAN POINTMUMBAIMH400021IN |
|
10 |
Y10350645 |
90243008 |
STATE BANK OF INDIA |
15/04/1989 |
01/11/1995 |
09/01/2003 |
42300000.0 |
BACKBAY RECLMATION BRANCHRAHEJA CHAMBERS;GROUND FLOOR;MUMBAIMH400021IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Estimated amount of contracts remaining to be executed on capital accounts and not provided for (net of advances). |
17.260 |
33.603 |
|
Service tax and Customs demands under appeal |
0.00 |
29.578 |
|
Income tax demands under appeal |
0.00 |
29.146 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS FOR
DECEMBER 2017
(INR In Million)
|
PARTICULARS |
3 Months |
9 Months |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Income from Operations |
|
|
|
|
Net Sales/income from
operations |
2579.321 |
2479.422 |
7299.010 |
|
Other Operating Income |
55.600 |
20.443 |
84.313 |
|
Total income from operations (net) |
2634.921 |
2499.865 |
7383.323 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of materials consumed |
1473.051 |
1425.273 |
4423.817 |
|
Purchases of stock-in trade |
359.922 |
136.832 |
538.338 |
|
Changes in inventories of finished goods. work-in-progress and stock
in trade |
(1.132) |
220.781 |
333.002 |
|
Employee benefits expense |
108.296 |
89.077 |
275.387 |
|
Depreciation and Amortization Expenses |
15.471 |
15.421 |
46.121 |
|
Other Expenses |
206.108 |
229.319 |
621.914 |
|
Finance Costs |
22.454 |
24.816 |
58.396 |
|
Excise Duty |
|
|
|
|
Total expenses |
2184.170 |
2141.519 |
6296.975 |
|
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items |
450.751 |
358.346 |
1086.348 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax |
450.751 |
358.346 |
1086.348 |
|
Tax expenses |
160.177 |
107.343 |
375.935 |
|
Net Profit / (Loss) from ordinary activities after tax |
290.574 |
251.003 |
710.413 |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period |
290.574 |
251.003 |
710.413 |
|
Comprehensive Income |
(1.795) |
(3.341) |
0.201 |
|
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss)
of associates |
288.779 |
247.662 |
710.614 |
|
|
|
|
|
|
Paid up equity share capital (Face Value of INR 1-each) |
165.900 |
165.906 |
165.906 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet of previous
accounting year |
-- |
-- |
-- |
|
Earnings per share (before extraordinary items) of INR 1/- each (not
annualized): |
-- |
-- |
- |
|
(a) Basic |
1.75 |
1.51 |
4.28 |
|
(b) Diluted |
1.75 |
1.51 |
4.28 |
NOTE:
- The Company has adopted Indian Accounting Standard find AS") notified by the Ministry of Corporate Affairs with effect from 1st April ,2017 and accordingly these financial results have been , prepared in accordance with the recognised and measurement principles laid Sown m Ind AS-34 interim Financial Reporting presented under section 133 of Companies Act2013 read with relevant rules issued thereunder The date of transition a 1st April. 2016. The impact of transition has been accounted for in opening reserves and the comparatives period results have Been restated accordingly
- The Standalone Unaudited Financial Results for the Quarter and Nine months ended 31st December.2017 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at the meeting held on 14th January, 2018
- The Ind AS compliant corresponding figure in the previous period have not been subject to review. However, the Company's management has exercised necessary due diligence to ensure that such financial results provide a true and fair view of its affairs
- The auditors of the Company have earned out a “Limited Review" of the finance results for the Quarter and Nine months ended 3is! December. 2017 in terms of Regulator, 33 of the SEBI <100R> Regulators. 2015 and have expressed their unqualified opinion
- in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulators. 2015. the Unaudited Financial Results of Company are posted on Company's website viz www.bhansalilabs.com also appear on the websites of BSE & NSE. whenever uploaded by them
- The reconciliation of Net profit reported for the quarter and nine months period ended 31stDecember. 2016 m accordance with Indian GAAP to total comprehensive Income in accordance with IND-AS.
- Remeasurement cost of net defined benefit liability. The remeasurement cost arising primarily due to change in actuarial assumption has been recognised in Other Comprehensive Income( OCl) under INO-AS as compared to Statement of Profit & Loss Account under Indian GAAP
- Consequent to the introduction of Goods & Services Tax (GST) won effect from 1st July, 2017. Revenues are required to be shown net of GST accordingly, the Revenues for the earlier periods i.e. Before 1st July. 2017 are shown net of Excise Duty to make them comparable.
- The Company operates in a single segment only.
- The consolidation of accounts of company with its Joint Venture Entity will be done at the end of the current year.
- The figures for the quarter and nine months period ended 31st December 2016 and year ended 31 st March. 2017 were reviewed /audited by the erstwhile auditors.
- Figures for the previous Period/ Year have been re-grouped/reworked/ re-arranged wherever necessary to make them comparable
FIXED ASSETS
- Plant and
machinery
- Computer
software and licenses
- Office
equipment
- Vehicles
- Furniture and
fixture
- Land and
building
- Computer
Software
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 records 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
|
INR |
|
US Dollar |
1 |
INR 64.28 |
|
|
1 |
INR 89.02 |
|
Euro |
1 |
INR 78.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.