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Company Information

Home » Market » Company Information

Mangalam Organics Ltd.

Nov 16
535.10 +25.45 (+ 4.99 %)
 
VOLUME : 34560
Prev. Close 509.65
Open Price 509.60
TODAY'S LOW / HIGH
509.00
 
 
 
535.10
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
138.70
 
 
 
564.00
Mangalam Organics Ltd. is not traded in NSE
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Market Cap. ( ₹ ) 458.28 Cr. P/BV 7.55 Book Value ( ₹ ) 70.90
52 Week High/Low ( ₹ ) 564/139 FV/ML 10/1 P/E(X) 31.70
Bookclosure 29/09/2018 TTM EPS ( ₹ ) 43.69 Div Yield (%) 0.19
AUDITOR'S REPORT
You can view full text of the latest Director's Report for the company.
Year End :2016-03 

INDEPENDENT AUDITOR'S REPORT

We have audited the accompanying financial statements of Mangalam Organics Limited (Formerly known as Dujodwala Products Limited), which comprise the Balance Sheet as at 31st March, 2016, and the Statement of Profit and Loss and Cash Flow Statement for the year ended 31st March, 2016, and a summary of significant

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2016.

b) In the case of the Profit and Loss Account, of the loss for the year ended on that date; and

c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure-A a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

a) We have sought and obtained all the information and explanations which to the best of our knowledge

b) In our opinion proper books of account as required by law have been kept by the Company so far as

c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are

d) In our opinion, the aforesaid financial Statement comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies Accounts (Rules) 2014.

e) On the basis of written representations received from the directors as on 31st March, 2016 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016, from being appointed as a director in terms of section 164(2) of the Act.

f) With respect to the other matters included in the Auditor's Report and to the best of our information and

1. The Company has disclosed the impact of pending litigation on its financial position in its financial statement- Refer Note 28 of the financial statements.

2. The Company does not have any long-term contracts including derivatives contracts for which there

3. During the current year, there is no amount which needs to be transferred to the Investor Education

Annexure referred to in Point 1 of the Auditors' Report of even date to the members of Mangalam Organics Limited (formerly Dujodwala Products Ltd.) for the year ended as on March 31, 2016.

On the basis of such checks as we considered appropriate and the information and explanations given to us during

i) (a) The Company has not maintained proper records showing full particulars, including quantitative details and situation of fixed assets. However, the Company has informed us that it is in process of compilation.

(b) According to the information and explanation given to us, all the fixed assets have been physically verified by the management during the year along with the technical expert but we cannot comment neither on any material discrepancies which were noticed on such verification nor we can comment on whether the same has been properly dealt with in the books of accounts as records were not available for

c) The title deeds of immovable properties are held in the name of the Company except that they are mortgaged to bank as per the report given by the external valuer during the year and as per the

ii) (a) The inventory has been physically verified during theyear by the management and we have relied on the

same. There are no material discrepancies noticed except for the inventory which was lost due to fire but

iii) (a) In our opinion and according to the information and explanation given to us the Company has not

granted any secured or unsecured loans to companies, firms , limited liability partnerships or other parties covered in the register maintained under section 189 of the Companies Act,2013 and therefore

iv) In our opinion and according to the information and explanation provided to us in respect of loans , investments, guarantees and security, the provisions of section 185 and 186 of the Companies Act 2013

v) In our opinion and according to the information and explanation given to us by the management, the Company has not accepted any deposit from the public and therefore the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Act and the rules

vi) The Central Government has prescribed maintenance of the cost records under sub section (1) of section 148 of the Companies Act, 2013 in respect to the Company's products. We have broadly reviewed the books of accounts & records maintained by the Company in this connection and are of the opinion that prima facie, the prescribed accounts and records have been made & maintained. We have however, not made a detailed examination of the records with a view to determining whether they are accurate or complete.

vii) (a) According to the records of the Company, undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, wealth tax, custom duty, Excise duty, service tax, cess and other material statutory dues applicable to it have generally been regularly deposited with the appropriate authorities and no undisputed amounts payable in respect of these were outstanding, at the year end, for a period of more than six months from the date they

(b) According to the information and explanation given to us, there are no dues outstanding of income tax, sales-tax, wealth-tax, service tax, customs duty, excise duty and cess on account of any dispute except as stated below:-

Name of the statute

Nature of dues

Amount of demand

Payment of demand

Period to which the amount relate

Forum where dispute is pending

The Central Excise Act, 1944

Camphor Price Difference Excise Duty

2,47,49,315

11,12,067

(our cum duty calculation as per supreme court order

Feb-2004 to May-2005

Commissioner of Central Excise Raigad

The Central Excise Act, 1944

Excise duty

10,91,99,456

NIL

Apr-1999 to Aug-2003

High Court

The Central Excise Act, 1944

Excise Duty

1,68,88,229

1,45,58,818 (Cum Duty)

Sept-2003 to Nov-2004

High Court

The Central Excise Act, 1944

Excise Duty

81,44,105

70,01,466 (Cum Duty)

Dec-2004 to Sept-2005

CESTAT

The Central Excise Act, 1944

Interest

1,68,38,001

1,68,38,001

July-1999 to Jan-2004

Commissioner of Central Excise and Customs (Appeals) for excess calculation of Interest of Rs. 91,30,615 paid under protest

The Central Excise Act, 1944

Interest

2,20,73,762

1,83,52,526

Sept-2003 to Nov-2004

Commissioner of Central Excise and Customs (Appeals)

viii) Based on our audit procedures and the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions and banks due to restructuring of loans with the bank. There are no Debenture holders of the Company.

ix) In our opinion and according to the information and explanations given to us and on an overall examination of the records and relying on the information compiled by the Company for co-relating the funds raised to the end use of term loans as per the restructuring of the loans from the bank, we have to state that, the Company has, prima facie, applied the term loans for the purpose for which the loans were obtained. There have been no moneys raised by way of initial public offer or further public offer( including debt instruments).

x) During the course of our examination of the books and records of the Company and according to the information and explanation given to us, we have neither come across any instances of fraud on or by the Company or any fraud on the Company by its officers or employees, which has been noticed or reported during the current year, nor we have been informed of such case by the management.

xi) During the course of our examination and as verified we state that the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act.

xii) This clause is not applicable being the Company is not the nidhi Company.

xiii) As verified by us all the transactions with the related parties are in compliance with sections 177 and section 188 of the Companies Act 2013 where applicable and the details have been disclosed in the Financial Statements, etc as required by the Accounting Standard 18.

xiv) This clause is not applicable since the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.

xv) As verified the Company has not entered in to any non-cash transactions with directors or persons connected with him.

xvi) This clause is not applicable since the Company is not required to be registered under section 451A of the Reserve Bank of India Act,1934.

Company") as of March 31,2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Management's responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internal financial controls based on "the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Companies policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial reporting (the "Guidance Note") issued by ICAI and the Standards on Auditing prescribed under section 143(10) of the Companies Act 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respect.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining and understanding of internal financial controls over financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgment, including the assessment of the risk of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

The Company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company's internal financial control over financial reporting includes those policies and procedures that:

(1) Pertain to the maintenance of records that, in reasonable details, accurately and fairly reflects the

(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of

(3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company's assets that could have a material effect on the financial

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changed in conditions, or that the degree of compliance with the policies or

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31,2016 based on "the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over financial reporting issued By the institute character Accountants of India”.

For R.Kabra & co.

Chartered Accountants

Sd/-

(Deepa Rathi)

Partner

M.ship No.104808 FRN:104502W

Place: Mumbai

Date 26th April,2016