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Company Information

Home » Market » Company Information

Mangalam Organics Ltd.

Aug 07, 02:29
513.65 +16.35 (+ 3.29 %)
VOLUME : 25854
Prev. Close 497.30
Open Price 518.00
Bid PRICE (QTY.) 508.10 (1)
Offer PRICE (Qty.) 513.65 (101)
Mangalam Organics Ltd. is not traded in NSE
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Market Cap. ( ₹ ) 439.91 Cr. P/BV 2.62 Book Value ( ₹ ) 196.04
52 Week High/Low ( ₹ ) 497/121 FV/ML 10/1 P/E(X) 9.18
Bookclosure 18/09/2019 TTM EPS ( ₹ ) 47.53 Div Yield (%) 0.19
You can view the entire text of Notes to accounts of the company for the latest year
Year End :2018-03 

1. Segment reporting

The Company is mainly engaged in the business of Manufacturing of Chemicals. Considering the nature of business and financial reporting of company, the company has only one segment viz "Chemicals" product as reportable segment. The company operates in Local/Export segment geographically of which the exports have amounted to Rs. 1,238.62 Lacs (P.Y.Rs. 828.01 Lacs) out of Total Turnover of Rs. 24,082.82 Lacs (P.Y.Rs. 17,650.59 Lacs). But due to the nature of business, the assets/ liabilities and expenses for these activities cannot be bifurcated separately.

2. Related parties' disclosure as per Ind AS-24 Related Party Disclosures "(Specified under Section 133 of the Companies Act 2013, read with Rule 7 of Companies (Accounts) Rules, 2015.):

[A] Key Management Personal (KMP) and their Relatives.

Mr. Kamalkumar Dujodwala Chairman

Mr. Pannkaj Dujodwala Managing Director

Mr. Akshay Dujodwala Son of Chairman

Mrs. Manisha Dujodwala Spouse of Managing Director

Mrs. Alka Dujodwala Spouse of Chairman

[B] Companies /Firm controlled by Directors/Relatives who have the authority and controlling their activities.

- Balaji Pine Chemicals Ltd

- Speciality Chemicals

- Dujodwala Resin & Terpenes Ltd.

- Indo-Euro Securities Ltd.

- Dujodwala Exports Pvt. Ltd.

- Inspirations.

- Dujodwala Charities

- Pine Forest Products & Investment Pvt. Ltd.

- Chemexil Corporation

The Directors are the Key Management Personal (KMP) who has the authority and controlling the activities of the Company.

Note: - Related party relationship is as identified by the Company and relied upon by the Auditors.

3. Disclosure in accordance with Ind AS - 19 on "Employee Benefits"

The Company has classified the various benefits provided to employees as under: -(i) Defined Contribution Plans

During the year, the Company has recognized the following amounts in the Statement of Profit and Loss:

4. The balance of Sundry Debtors, Sundry Creditors, Loans & Advances and others are shown net of advances from/to Customers/Suppliers of the same party and are as per books and subject to confirmations and reconciliation if any.

5. In the opinion of the Board and to the best of their knowledge the value of realization of current assets, loans & advances in the ordinary course of business, would not be less than the amount at which they are stated in the Balance Sheet.

6. Payments to Micro, Small and Medium Enterprises are made in accordance with the agreed credit terms and to the extent ascertained from available information, there is no overdue payable to MSME units beyond the period specified in Micro, Small and Medium Enterprises Development Act, 2006

7. There was major fire in the Company's plant at Kumbhivali in the first quarter of financial year 2015-16, for which claim of Rs. 30.60 crore was lodged with the insurance company. Out of this claimed amount, Company had received Rs. 24 Lakhs in 4th quarter of F.Y. 2015-16. Further, Management was confident of expediting and settling balance claim amount from the insurance Company and therefore claim amount of Rs. 30.36 crore was disclosed as "Insurance Claim Receivable" under Short Term Loans and Advances. However, during the year, Company has received surveyor's final report dated 24th December 2016 wherein final loss was assessed at Rs. 18.02 crores and therefore balance amount of Rs. 12.33 crores not recoverable was written off in Statement of Profit & Loss during year ended 31st March 2017. Further, during the current year amount of Rs. 8.09 crores have been received from insurance company and balance amount is still receivable.

8. Notes to first time adoption:

9. Employee Benefit Cost:

Under Ind AS the actuarial gains and losses form part of the remeasurement of the net defined benefit Liability / Assets and is recognized in other comprehensive income. Under IGAAP, actuarial gains and losses were recognized in profit or loss. Consequently, the deferred tax effect of the same has also been recognized in other comprehensive income under Ind AS instead of profit or loss.

10. Fair Valuation of Investment:

Under IGAAP investment in equity / other instruments were classified into long term and current investments. Long term investments were carried at cost less provision, other than temporary in nature. Current investments were carried at lower of cost as fair value. Under Ind AS, these investments are required to be measured at fair value either through other comprehensive income or through profit and loss. The company has opted to fair value of these investments through profit & loss.

11. Deferred Taxes:

Under previous GAAP, deferred taxes were recognized based on profit and loss approach i.e. tax impact on difference between the accounting income and taxable income. Under Ind AS deferred tax is recognized by following Balance Sheet approach i.e. tax impact on temporary difference between the carrying value of assets and liabilities in the books and their respective tax base. Also deferred tax has been recognized on the adjustments made on transition to Ind AS.

12. Excise Duty:

Under previous GAAP, revenue from sale of goods was presented net of excise duty on sale. Under Ind AS, revenue from sale of goods is presented inclusive of excise duty. Excise duty is presented in statement of profit and loss as an expense.

5. Other Equity:

Adjustments to retained earnings and other comprehensive income have been made in accordance with Ind AS, for the above-mentioned items.

6. Optional Exemption availed:

Deemed Cost

The Company has elected to continue with the carrying value for all of its property, plant and equipment and intangible assets as recognized in the financial statement as at 31.03.2016 measured as per the previous GAAP and use that as its deemed cost as at the transition date.

13. Applicable Mandatory Exceptions

a) Estimates

An entity's estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies)

Ind AS estimates as at 1st April 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP. The Company made estimates for following items in accordance with Ind AS at the date of transition as these were not required under previous GAAP.

(i) Impairment of financial assets based on expected credit loss model.

b) Depreciation of financial assets and financial liabilities

Ind AS 101 requires first time adopter to apply the derecognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows the first time adopter to apply the de-recognition requirement in Ind AS 109 retrospectively from the date to the entities choosing, provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities to derecognized as a result of past transactions was obtained at the time of initially accounting for those transactions. The Company has elected to apply the de-recognition provision of Ind AS 109 prospectively from the date of transition to Ind AS.

c) Classification and measurement of financial assets

As required under Ind AS 101 the Company has assessed the classification and measurement of financial assets on the basis of the facts and circumstances that exist at the date of transition Ind AS. Where practicable, measurement

of financial assets accounted at amortized cost has been done retrospectively.

d) Impairment of financial assets

Ind AS 101 requires an entity to apply the Ind AS requirements retrospectively if it is practicable, without undue cost and effort to determine the credit risk that debt financial instruments where initially recognized. The Company has measured impairment losses on financial assets as on the date of transition i.e. 1st April 2016 in view of cost and effort.

Transition to Ind AS -Reconciliations

The following reconciliations provide a quantification of the effect of significant differences arising from the transition from previous GAAP to Ind AS as required under Ind AS 101:

(i) Reconciliation of Balance sheet as at 1st April 2016 (Transition Date);

(ii) Reconciliation of Balance sheet as at 31st March 2017;

(iii) Reconciliation of Total Comprehensive Income for the year ended 31st March 2017;

(iv) Reconciliation of Total Equity as at 1st April 2016 and as at 31st March 2017;

(v) Adjustments to Cash Flow Statements as at 31st March, 2017

The presentation requirements under previous GAAP differs from Ind AS, and hence, previous GAAP information has been regrouped for ease of reconciliation with Ind AS. The re-grouped previous GAAP information is derived from the Financial Statements of the Company prepared in accordance with previous GAAP.