Bhansali Engineering Polymers : Re-appointment

An ISO 9001 : 2015 Company ~® bHANsAli ENGiNEERiNG polyMERs liMi1Ed

CIN : L27100MH1984PLC032637

Registered Office : 301 & 302, 3rd Floor, Peninsula Heights , C. D. Barfiwala Road , Andheri (West), Mumbai - 400 058.

Te l. : (91-22) 2621 6060/61 /62/63/64 •E-mail:abstron@bhansaliabs.com •Website : www.bhansaliabs.com

BEPL/SEC/2022/65

23 rd April, 2022

Dear Sir / Madam,

Pursuant to Regulation 30, 33 and 42 read with Schedule III and other applicable Regulations of the SEBI (Listing Obligations and Disclosure R e quirements) Regulations , 2015 , as amended, please be informed that the Board of Directors of the Company at its meeting held today, inter alia, has:

1. Approved the Audited Financial Results (Standalone and Consolidated) for the quarter and financial year ended 31 st March , 2022 and took note of the Audit Report issued by the Statutory Auditors of the Company;

2. Recommended a Final dividend of Re. l (100 % ) per Equity Share (of face value of Re . 1 each) for the financial year ended 3 1st March, 2022, which is subject to approval of t h e shareh old e r s of the Company in the ensuing 38th Annual General Meeting and also subject to deduction of tax at source;

3. Approved the appointment of Mr. Kiran Hiralal Bhansali (DIN: 05243336) as the Additional Director (designated as Whole -Time Director) of the Company w.e.f. 23rd Apr il, 2022 to hold office upto the ensuin g Annual General Meeting;

4.

Approved the appointment of Mr. Kiran Hiralal Bhansali (DIN: 05243336) as the Whole-Time Director of the Company for a period of 5 years w .e.f. 23 rd April, 2022 to 22 nd April, 2027 subject to the approval of the Members in the ensuing Annual Gen e r al Meeting;

5. Approved the re-appointment of M / s. Azad Jain & Co ., Chartered Accountants as the Statutory Auditors of the Company for a 2nd term of five years, subject to the approval of the Membe rs in the ensuing Annual Gen e ral Mee ting.

6.

bHANsAli ENGi NEERi NG polyM ERs li MiTEd

CIN: L27100MH1984PLC032637

Registered Office : 301 & 302 , 3rd Floor, Peninsula Heights, C. D. Barfiwala Road, Andheri (West), Mumbai - 400 058.

Tel. : (91-22) 2621 6060/61 /62/63/64 •E-mail :abstron@bhansaliabs.com •Website : www.bhansaliabs.com

7. Fixed the date of closure of Register of Members and Share Transfer Books of the Company from Thursday, 23rd June , 2022 to Wednesday, 29 th June , 2022 (both days inclusive) for the purpose of holding the 38th AGM and payment of Dividend to Equity Shareholders;

8. Fixed, Wednesday, 22nd June, 2022 as the Record date for determining entitlement of shareholders to receive the dividend for the financial year ended 31st March, 2022. The Dividend, if approved by the shareholders at the ensuing 38th AGM, will be paid on or before 28th July, 2022.

9. Note on Capacity Enhancement:

Further, the Board noted that the steps taken by the Company for improvement in Operational Efficiencies and Process Improvement at both its Plants have resulted in increase in the Overall ABS production based on availability of HRG and SAN from 65,000 TPA to 75,000 TPA (10,000 TPA additional ABS Production) without incurring any Capex, effective from 1st April , 2022. All statutory approvals (viz. Environment Clearance, Consent to Establish , Consent to Operate etc.) from v arious Government Authorities, pertaining to the aforesaid capacity enhancement have already been received b y the Company.

10. Update on 2 ,00 ,000 TPA ABS Expansion:

With regards to Enhancing Overall ABS Production capacity to 2 ,00 ,000 TPA at Company's existing plants at Abu Road (Rajasthan) & Satnoor (Madhya Pradesh) by December 2024 , the pace was slow in Q4 FY22 due to spread of Omicron Virus all over the World. International travel was restricted, especially to Japan wherein further Technological discussion and finalization were to be done.

With relaxation in Covid related restrictions for the International Travellers, the Company's Management shall visit Japan in May 22 for further advancement on the Brownfield Expansion Project.

The slow pace due to Omicrom Virus may lead to a delay in project implementation by 3 months and the Company shall endeavour to expedite the completion of Project before March 2025.

Further, we would like to state that M / s Az ad Jain & Co. , Chartered Ac countants, Mumbai (FRN - 006251C) , Statutory Auditors of the Company, have issu e d Audit Reports with unmodified opinion on the Financial Results for the quarter and y ear ended 31 st March , 2022.

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bHANsAli ENGiNEERiNG polyMERs liMiTEd

CIN: L27100MH1984PLC032637

Registered Office : 301 & 302, 3rd Floor, Peninsula Heights, C. D. Barfiwala Road , Andheri (West), Mumbai - 400 058.

Tel.: (91-22) 2621 6060/61 /62/63/64 •E-mail:abstron@bhansaliabs.com •Website: www.bhansaliabs.com

We hereby enclose the following:

• 1. Audit Report on Financial Results (Standalone and Consolidated) for the quarter and financial year ended 31 st March , 2022, issued by the Statutory Au ditor s of the Company.

• 2. Cop y of Audited Financial Results (Standalone and Consolidated) for the quarter and financial year ended 31 st March , 2022 .

• 3. Declaration from the Executive Director cum CFO with respect to unmodified opinion on Financial Results, as received from the Statutory Auditor s of the Company.

• 4. Brief profile and other necessary details of Mr. Kiran Hiralal Bhansali (DIN: 05243336) , Additional Director designated as WholeTime Director, as required under S E BI Circular No . CIR/ CFD / CMD / 4/20 15 dated 9th September, 2015.

You are requested to take the same on record.

Thanking you ,

Yours faithfully,

For Bhansali Engineering Polymers Li mited

Ashwin M. Patel

~

Company Secretary & GM (Legal)

Encl.: As above

J

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AZAD JAIN & CO.

CHARTERED ACCOUNTANTS

INDEPENDENT AUDITOR'S REPORT

To,

The Board of Directors of

Bhansali Engineering Polymers Limited

Report on the Audit of the Standalone Annual Financial Results

Opinion

·.

We have audited the accompanying Statement of standalone fina ncial results of BHANSALI ENGINEERING POLYMBRS LIMITED ('the Company' ) for the quarter and year ended 31" March, 2022 ('the Statement'), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosures Requi.rements) Regulations, 2015, as amended ('the Regulation' ).

In our opinion and to the best of our information and according to the explanations given to us, .the statement:

a. is presented in accordance with the requirements of Regulation 33 of the Regulations; and

b. gives a true and fair view in conformity with Indian Accounting Standard 34 "Interim

Financial Reporting", (lnd AS 34") prescribed under Section 133 of the Companies Act, 2013 (the "Act'') read with relevant rules issued thereunder and other accounting principles ge nerally accepted in India of the net p rofit a nd tota l compreh ensive income a n d other financial information of the Company fo r the quarter and year ended 31st March, 2022.

Basis for Opinion

We conducted our audit of the S tatement in accordance with the Standards on Auditing ("SA"s) specified under Section 143(10) of the Act. Our responsibilities under U1ose Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accounta nts of India ("ICA I") toge ther with the e thical requirements that are relevant to o ur aud it of the Standalone Financial Results under the provisions of the Act and the Rules thereunder, and we have fulfilled o ur othe r ethical responsibilities in accordance with these requirements and the !CAi's Code of Ethics. 'e believe that the audit evidence obtained by us is s ufficient and appropriate to p rov ide a basis for our audit opinion.

Management's Respon sibilities for the Standalone Financial Results

This Statement, is the r esponsibility of the Company's Management and approved by the Board of Directors, has been compiled on the basis of standalone financial state men ts for the year ended 31st March, 2022. The Company's Board of Directors are responsible fo r the preparation and presentation of the Standalone Financial Results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Ind AS 34, p rescribed under Section 133 of the Ac l, read with re levant rules issued thereunder and o ther accounting principles generally accepted in India and in compliance wiU1 Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of th e Act for safeguarding the assets of the Company and for preventing and detecting frauds and 0U1er irregularities; selection and application of appropriat~,-~'~F.Jy_~

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policies; making judgmen ts and estimates that are reason able and p rudent; and the design, implem entation and ma intenance o f ad equ a te internal financial controls that were opera ti ng effectively for e nsurin g the accuracy a nd co mp le ten ess of U1e accounting records, relevant to the p re paratio n and presentation of the Standalone Financial Res ults that give a true and fa ir view a nd is free from m ate rial misstatemen t, whether due to fr aud or error.

In preparing the Standalone Financial Results, the Board of Directors are responsible for asses.sing the Company's ability, to continue as a going concern, disclosing, as ap plicable, matters related to goi ng con cern an d usin g the going concern basis of accou n ting unless the Board of Diredo rs either intends to liquidate the Company or lo cease oper a tions , or has no rea listic alte rna tive but to do so.

TI1e Board of Directors are also responsible for overseeing the financial reportin g process of the Company.

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Auditor's Responsi biliti es fo r the Audi t of th e Stan dalone Fin ancial Resu lts

Our objectives a re to obtain reasonable assurance about whet her the Standalone Financial ResuJts as a whole is free from material misstate ment, whelher d u e lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable ass ura nce is a high level of ass urance, but is n ot a guaran tee tha t an audi t cond ucted in accordan ce wUh SAs will always detect a m ate ri al miss tatement when i t exists. Misstatemen ts can arise from fraud or error and are considered material if, individua lly or in the aggrega te, iliey coul d reason a bly be expected to infl uence the economic decisions of users ta ken on the basis of this Standalone Financia lResults.

As part of an a udit i n accordance with SAs, we exercise p rofessional judgment and m ainta in profession al skep ticis m throughout the audit. We a lso:

• • lde1bfy and assess the risks of ma terial misstateme nt of the Standa lone Financial Results, whether due to fra ud or error, design an d perfor m a udit procednres responsive to Uose risks, and obtaj n aud it evidence tha t is s ufficient a nd a ppropria te to p rovide a basis fo r our opinion. The risk of n ot detec ti ng a m a te rial miss tatemen t res ul tin g from fra ud is higher ilian for one resulti ng fro m error, as fraud may involve collusion, forgery, in tentional omissions, misrepresenta tions, or the ov erride of internal control.

• • Obta in an understanding of internal fina ncial controls relevan t to the a ud it in order to des ign au d it p rocedures that are a ppropriate in the circumstances, but not for the purpose of exp ressing an opinion on the effectiveness of such contro ls.

• • Evaluate the appropriateness of accounting policies used and the reasonableness of accoun ting estimates made by the Board of Directors.

• • Evalu ate the appropri a teness a nd reasonablet1ess of d isclosures made by the Board of Directors in ter m s of the requ iremen ts specified under Regul ation 33 of the Listing Regu la ti ons.

  • • Conclud e on the a pp ropriateness of U1e Board of Dir ec to rs' use of the going concern basis of accountin g a nd, based on the a udit eviden ce obtained, w hether a mater ial un certain ty exists related to events o r conditio ns iliat may cast significant d oubt on ilie a bility of the Company to con tinue as a going con cern. If we conclude that a m ateri al uncertainty exists, we are req uir ed to dra w a tten tion in our auditor's re p ort to the related disclosures in th e State ment or, if s uc h d isclosures a re in adequate, to modify our opinion. Our conclu sions are based on

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