Date : 18.01.2019

To

The Secretary BSE Limited

Corporate Relationship Dept, 1st Floor, New Trading Ring, Rotunda Building, PJ Towers, Dalal Street,

Fort Mumbai – 400001, Maharashtra.

Sir:

Ref : Scrip Code :531234

Sub: Publication of the Board Meeting Notice in Newspapers.

Further to our letter dated 15th January,2019, please find enclosed a copy of

the newspaper publication of the Board Meeting Notice published on

16.01.2019 in English in Business Standard and in Malayalam in Mangalam.

The same is for your information and record.

Yours’ faithfully

For Victory Paper & Boards (India) Limited

Josmin Jose

Company Secretary

RAD PDF

Rectangle

Bloomberg15 January

Apple Inc didn’t mind paying a modest technology fee toQualcomm when it first launched the iPhone, but timeshave changed.

Testimony in the US Federal Trade Commission’santitrust case against Qualcomm reveals that Steve Jobsgladly agreed to the San Diego-based chipmaker’srequest for a licensing royalty in 2007 when Apple’s chiefexecutive needed chips for his company’s nascentsmartphone.

On Monday, Apple’s current second-in-commandtook the witness stand to denounce the $7.50-a-phone feeas an unfair business practice. The regulatory agencycalled Apple Chief Operating Officer Jeff Williams as awitness to help show that Qualcomm has abused itsglobal dominance in the smartphone market.

“That may not sound like a lot, but we’re sellinghundreds of millions of phones,” and that’s “a billiondollars a year,” Williams told US District Judge Lucy KohMonday as the non-jury trial moved into its second weekin San Jose, California. “We had a gun to our head.”

Apple has come a long way since Jobs made his dealwith Qualcomm — and that helps to explain why theSilicon Valley giant now views the fee as a ransom.Twelve years ago, Apple was late to enter the mobilephone market and was desperate for technology. Today,it defines that market and sells more than a billiondevices a year.Qualcomm’s fees are atthe heart of thegovernment regulator’scase against it. Feesprovide the companywith the majority of itsprofit, enabling it to fundtechnology developmentthat helps cement itsposition as the leadingchipmaker in theindustry.

The FTC andQualcomm’s customersaccuse the company ofexacting too high a price foronly one part of what makessmartphones so attractive to consumers — and doing soby illegally bullying its customers into paying up.

Qualcomm counters that the fees are relatively smallfor technology that’s so fundamental to phones andclaims that the patents it owns underpin how modern,high-speed-data networks work. Its technologydetermines how handsets are able to efficiently accesshigh-speed data — without which the iPhone would bejust an expensive iPod, the chipmaker has said.Qualcomm maintains that it continues to contributetechnology to other areas of the industry and its practicesfollow industry norms.

AJAY MODI

New Delhi, 15 January

India’s ambition of becoming a large com-petitive base for car exports has hit a speedbreaker as some of the importing nations

act to discourage imports by putting in placenon-tariff barriers.

Shipments from the country grew consis-tently for six years before registering a margin-al drop of over a per cent in FY18. This reversalwas not an aberration and export of passengervehicles —cars, vans and utility vehicles—hasseen a dip of more than eight per cent in the firstnine months of FY19.

The two consecutive years of decline comesafter exports hit an all-time high of 758,830units in FY17, registering a strong growth ofover 16 per cent. In the following year, however,numbers softened to 747,287 vehicles. Theindustry has managed to ship 510,305 vehiclesin the first nine months of the current year. Thenumbers will clearly fall well below the 700,000mark even if it crosses 600,000 units.Surprisingly, all other segments of the automo-bile industry— commercial vehicles, two- andthree-wheelers — have grown exports at a dou-ble digit rate in the current year. Commercialvehicle exports, for instance, has grown at 11per cent, while two-wheeler shipments havesurged 21 per cent.

Exports accounted for as much as one-fifthof sales for passenger vehicle makers in FY17.However, its contribution to sales is now downto 17 per cent. The decline in exports comes in

a year when domestic demand has also slowedowing to a combination of factors, namelyrecord high fuel prices and a steep increase ininsurance costs. Domestic growth has softenedfrom almost seven per cent during the first halfto just over four per cent in the nine months.

The country’s largest car maker and thirdlargest exporter, Maruti Suzuki, has seen itsexport dip 14 per cent to 77,258 vehicles thisyear. “The export markets’ business environ-ment is challenging. Export markets are fac-ing challenges like currency devaluation andimport restrictions which are affectingdemand,” company’s chief financial offer Ajay

Seth said after announcing the second quar-ter results.

Maruti Suzuki gets about seven per cent ofrevenue from exports. The company addedthat while the rupee has softened with respectto the dollar, other currencies have declinedmuch more, implying that the export marketis facing some kind of economic slowdown. Italso said that “some kind of trade protection-ism” was visible in many countries in the formof import restrictions.

The decline is a worry for car makers whosedomestic numbers are smaller than exports, asdeclining export takes away the advantage of

economies of scale that exports brings to them.Leading global brands like Volkswagen, Fordand Nissan sell significantly higher volume inexports from India than their domestic sales.American auto major Ford, the second largestexporter from India, has seen its export slipover 11 per cent to 121,337 units, while domes-tic volume has grown 11 per cent to about70,000 vehicles.

In case of Volkswagen, there is a high double-digit decline in both export and domestic vol-ume. Its export has slipped 34 per cent to 46,517units, while local sale is down 24 per cent to26,688 units. The situation is similar for Nissanexcept that its export decline is still in single dig-it at seven per cent.

Mexico, the top export destination for madein India cars, has seen a drop in orders.Commerce Ministry data shows that the value

of shipments toMexico declined 20per cent to $839 mil-lion during the April-October period ofFY19. “In 2018, higherinflation, higher gasprices, and tensionsregarding NAFTAnegotiations are allfeeding into the volatil-

ity of the Mexican peso against other currenciesand inflation. In this situation, some consumersare choosing to hold back from making pur-chases,” says a report by IHS Markit, a London-based global information provider.

Ashim Sharma, partner and group head atNomura Research Institute Consulting said theMexican government’s decision to scrap fuelsubsidies in 2017 has made running a car moreexpensive, while the central bank’s battle withinflation has put car loans out of reach for many.Mexican peso is near an all-time low (20Mexican pesos to one USD). Export to SouthAfrica, India’s third biggest destination, is alsodown five per cent to $400 million.

Rajan Wadhera, president of automobileindustry body Siam, says different companieshave different considerations while exportingvehicles. “Some use India as a base for exportsand local conditions in some of the export mar-kets affect shipments. Many markets are puttingimport restrictions and are asking companies toopen local assembly plants and add value local-ly. We need to have some kind of agreementwith such countries. This is becoming a newreality,” he says. Countries like Vietnam andthe Philippines have increased taxes on importof completely built vehicles, promptingHyundai to ship completely knocked downunits, to be assembled locally.

The passenger vehicle market in India is notat its peak and companies would want to exportmore and more. “But they are not able to do sobecause of the local conditions in those markets.Countries have started applying brakes onimports either to save foreign exchange or toaddress issues of congestion and so on. Thepolicy will allow imports at some point of timeas demand is still there,” says Vishnu Mathur,director general at Siam.

Qualcomm’sbusiness model is on trial over a $7.50 fee

Car exports move into lower gear

Countries havestarted applyingbrakes on importseither to saveforeign exchange or to address issuesof congestion

KOCHI | WEDNESDAY, 16 JANUARY 2019 TAKE TWO 15. <

Domestic demand has softened andexports have hit the skids aftergrowing for six consecutive years asmore countries move towardsprotectionism

FY17 FY18 FY19 (April-Dec)Source: SIAM

167,

120

158,4

69

(-1.50)

122,

039

(-88.60)

70,9

69

(-14.30)

86,8

52

(-7.80)

153,

942

(-14.30)

181,

148

(-1.50)

123,

903

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83,

140

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90,3

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887

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337

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77,2

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62

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46,5

17

(-3.02)(-42.90)

TOP FIVE EXPORTERSPassenger vehicle exported (units); % change YoY in bracket

Hyundai Ford Maruti Suzuki General Motors Volkswagen

Fees from Apple provideQualcomm with themajority of its profit

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thRegd. Off: 401,4 Floor, Peninsula Heights, C. D. Barfiwala Road, Andheri (West) Mumbai-400 058

E-mail: investors@bhansaliabs.com, Website: www.bhansaliabs.com Tel: (91-22) 26216060. Fax: (91-22) 26216077

CIN: L27100MH1984PLC032637

Pursuant to Regulation 47 read with Regulation 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, notice is hereby given that a meeting of the Board of Directors of the Company is scheduled to be held on

thSunday, 27 January, 2019 at Mumbai to, inter alia, consider and approve the Un-audited Financial Results (UFR) of the Company for the third quarter and

stnine months ended on 31 December, 2018.In terms of Code of Conduct for the Prevention of Insider Trading in securities of Bhansali Engineering Polymers Limited, the Trading Window shall remain

th thclosed from 25 January, 2019 and shall open on 30 January, 2019.The said notice may be accessed on the Company’s website at www.bhansaliabs.com and may also be accessed on the Stock Exchange websites at http://www.bseindia.com & http://www.nseindia.com

For Bhansali Engineering Polymers Limited Sd/-

Ashwin M. PatelCompany Secretary & GM (Legal)

Place: MumbaiDate: January 15, 2019

NOTICE