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Company Information

Home » Market » Company Information

Mangalam Organics Ltd.

Mar 18, 04:01
467.45 -12.05 ( -2.51 %)
VOLUME : 7269
Prev. Close 479.50
Open Price 479.00
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
Mangalam Organics Ltd. is not traded in NSE
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Market Cap. ( ₹ ) 400.34 Cr. P/BV 6.59 Book Value ( ₹ ) 70.90
52 Week High/Low ( ₹ ) 577/185 FV/ML 10/1 P/E(X) 27.70
Bookclosure 29/09/2018 TTM EPS ( ₹ ) 69.90 Div Yield (%) 0.21
You can view the entire text of Notes to accounts of the company for the latest year
Year End :2016-03 

Note 1: Of these 431080 equity shares of Rs. 10 each fully paid up issued at premium of Rs. 11.09 per share upon conversion of convertible warrants issued on preferential basis in the F.Y.2010-11)

C) Terms/ rights attached to Equity Shares:

The Company has only one class of equity shares having par value of Rs.10/-. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the share holders. - -

F) Bonus shares / Buy Back / Shares for consideration other than cash issued during the period of five years immediately preceding the financial year ended on 31st March 2016.

(i) Aggregate number of equity shares allotted as fully paid up pursuant to contracts without payment being received in cash: Nil

(ii) Aggregate number of equity shares allotted as fully paid up by way of Bonus Shares: Nil

(iii) Aggregate number of equity shares bought back: Nil


The borrowings are secured by:

a) Against hypothecation of Inventories and Book Debts.

b) Equitable mortgage of Factory Land and Building at Kumbhivali village, Savroli Kharpada Road, Tal. Khalapur, Khopoli -410202, Dist. Raigad, Maharashtra.

c) Hypothication of Plant and Machinery.

d) Personal Guarantee of Mr. Kamalkumar Dujodwala and Mr. Pannkaj Dujodwala Directors of the Company.


Due to small-scale industrial undertakings and due to micro enterprises and small enterprises:

The Company is in process of compiling relevant information from its suppliers about their coverage under the Micro, Small and Medium Enterprises Development Act, 2006. Since the relevant information is not readily available, no disclosure have been made in the accounts. However, in view of the Management the impact of interest, if any, that may be payable in accordance with the provisions of this Act is not expected to be material.

Note 4

Trade payable includes Rs. 8,21,32,608/-to foreign creditors which is sub-juiced and therefore rupees liability is freeze.

Note 5.

Trade payables are subject to confirmations.

Note 6) Sundry creditors for expenses, advance from customers and advance from contractors / service providers are subject to confirmation.

Note 7) Advance from customers includes Rs.3097958 from the related party as per transactions specified in business parlance.

6. Contingent liabilities - Not provided for in respect of

Bank guarantees issued by banks on behalf of the Company Rs. 32.59 Lacs (Previous Year Rs 29.57 Lacs). These are secured by the charge created in favor of the Company's bankers byway of pledge of Fixed Deposit Receipts,

ii. Estimated amount of contracts (net of advances) remaining to be executed on capital account and not provided for Rs.NIL (P.Y.Rs. 86,81,151/-)

a) In the earlier year the Company received Show Cause Notice from the Excise Department for the period February 2004 to May 2005 demanding sum of Rs. 2, 47, 49, 315/- for Excise Duty on price difference. The Company has received order in its favour from CESTAT against the Order passed by the Commissioner of Central Excise & Custom against which the department has filed an civil appeal in Supreme Court for condemnation of delay in filling the Petition of appeal, hence no provision has which was allowed as per Order dated 18th November 2015, giving direction to Commissioner to arrive at correct transaction value after giving deduction and on the basis of our calculation submitted, we have debited Rs 11,12,067/- in RG 23 Part II on 31s1 March 2016 and hence no provision has been made in books of account for Excise duty of Rs 2,47,49,315/- as

b) In the earlier year the Company has received notice from Commissioner of Central Excise & Customs determining interest on excise duty liability for the period July 1999 to January 2004 of Rs. 1,68,38,001/- as against interest of Rs. 77,07,386/- calculated and paid by the company in financial year 2011-12. The excise department has demanded balance interest of Rs. 91,30,615/- (Rs. 1,68,38,001/- minus Rs. 77,07,386/-) from the Company and recovered an amount of Rs. 35,19,301/-out of export rebate of the Company and an amount of Rs. 56,11,314/-was paid by the Company by crediting RG23 balance. Since the Company has not agreed to the interest calculation of the department, it has filed an appeal before the Commissioner of Central Excise and Customs (Appeals) and the amount of Rs. 91,30,615/- paid has been shown as paid under protest.

c) The Excise department has gone in appeal against the Show Cause Notice decided in favor of Company by Commissioner of Central Excise and Customs (Appeals) for Rs.11,58,94,818/- in respect of Excise Duty on Turpentine & Rosin manufactured (exempted from excise manufactured without aid of power) for the period April 99 to March 04. The Company has further received Show Cause Notice from the Department for the period April 04 to November 04 of Rs. 1,01,92,867/- for which the Company has obtained Stay Order from the CESTAT against the Order passed by the Commissioner against it. Against all the above show cause notices for the period from April-99 to November-04 CESTAT passed order confirming cum-duty demand for the normal period. Against the said order, during the current financial year, the Company paid under protest Rs. 1,45,58,818/- towards excise duty as demanded by Commissioner of Central Excise & Customs for the period September-03 to November-04 and for which Appeal has been filed by the Company and is pending for adjudication before Commissioner (Appeals) .For the show cause notice received for the period December 04 to September 05 for Rs 81,44,105/-,appeal has been filed in CESTAT for adjudication against the order passed by the Commissioner of Central Excise & Custom confirming the demand has been provided for in books of account and an amount of Rs 6,10,808 has been paid in cash for the appeal and for the balance amount of Rs 63,90,658/-the duty has been debited in RG 23 Part II on 01.09.2015. During the previous year the Company has also received notice from Commissioner of Central Excise & Customs, determining interest on excise duty for the period Sept-03 to Nov-04 amounting to Rs. 2,20,73,762/- against which Company has paid Rs. 20,00,000/- under protest in the last financial year and during the current financial. Export rebate for amount of Rs 1,63,52,526/- have been further appropriated in current financial year under protest and for the balance interest amount no provision has been made in books of account as for the entire demand amount for the period from April-1999 to November 2004, appeal is pending before the Mumbai High Court and Appeal before Commissioner Appeal for the duty demand for the period September 03 to November 04.

d) Company's petition for IIC notification was rejected by Delhi High Court and Company has filed SLP in Supreme Court. If decision comes in Company's favour, then the above excise liabilities will be null and void and

iv. Letter of credit issued by the bankers of the Company Rs. 21,40,70,143/- (P.Y. Rs. 35,04,74,495/-)

v. The Company has cleared 19 MT of Pentair thriftily against Bill of Entry No. 616414 dated 20.10.2005. The custom department had asked the Company to pay Rs. 2,16,772/- on account of Anti Dumping Duty for clearance of the

said goods as per Notification No. 93/2005 of customs issued on 20.10.2005 wherein the said goods were covered for levy of anti dumping duty imported from certain countries. The Company has deposited the said amount on 25.11.2008 as per CESTAT order No. S/603/WAB/MUM/2008/CSTB/CII dated 20.10.2008, but no provision has been made in books of accounts as the management is of the view that the consignment will not be covered under the notification, as on date of clearance of the goods the notification was not published in Gazette of India.

vi. The company has imported certain raw materials during the earlier years of which the supplies being defective have been disputed by the Company with the suppliers and accordingly payment has not been made to the suppliers of Rs.79053366/-. The party has filed litigation for the same during current financial year for which the Company has not acknowledged the claim. The Company is contingently liable to pay interest & foreign exchange fluctuation impact, if any. The necessary RBI permission either for write backs or payments will be made based on the judicial decision, since the matter is sub-juice in the Bombay High Court.

9. 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. 1428.89 Lacs (P.Y.Rs. 1793.67 Lacs) out of Total Turnover of Rs.16963.34 Lacs (P.Y.Rs.23909.66 Lacs). But due to the nature of business, the assets/ liabilities and expenses forthese activities cannot be bifurcated separately.

10. In consonance with the Accounting Standards on Inventory Valuation (AS2) and Guidance Note on Accounting Treatment for Excise issued by The Institute of Chartered Accountants of India, the Company has provided for liability of excise duty payable on finished goods amounting to Rs.256.76 Lacs (P.Y. Rs.156.82 Lacs).

11. Related parties' disclosure as per Accounting Standard 18.

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

Kamalkumar R. Dujodwala Chairman

Pannkaj R. Dujodwala Managing Director

Akshay Dujodwala Son of Chairman

Mrs. Manisha P. Dujodwala Spouse of Managing Director

Mrs. Alka K Dujodwala Spouse of Chairman

[B] Companies/Firm controlled by the Directors & their relatives who have the authority for controlling their activities.

- Balaji Pine Chemicals Ltd

- SpecialityChemicals

- Dujodwala Resin&Terpenes Ltd.

- Indo-Euro Securities Ltd.

- Dujodwala Exports Pvt. Ltd.

- Inspirations.

- Dujodwala Charities

- Pine Forest Products & Investment Pvt. Ltd.

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

[C] Information on related party transactions as required by accounting Standard-18 for the year ended on 31-03 2016.

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

12. Disclosure in accordance with Revised AS -15 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:

iii) Defined Benefit Plan for Leave Encashment Benefits

a) The following assumptions are made by the actuary for the calculation of leave Encashment Benefits:

Valuation Basis

i. Mortality rate : IALM (2006-08) Ultimate Table

ii. Discount rate : 7.85% p.a.

iii. Salary Escalation : 5% p.a.

iv. Withdrawal Rate : 2% p.a.

Valuation Method

i. The method of Valuation adopted was the Projected Unit Credit Method as specified in AS-15 (Revised 2005) of I.C.A.I.

ii. A suitable allowance has been made for a ailment of leave during the future service of employees.

iii. The computation of Leave liability is based on the basis of the data and information furnished by the Company. A summary of data is given below:

13. No provision for current taxation is made for the current accounting period (reporting period) in accordance with Income Tax Act 1961 for relevant assessment year, in view of losses.

14. In the opinion of the management, there is no impairment of assets in accordance with Accounting Standard (AS-28) as on 8alance Sheet date.

15. 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.

16. 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.

17. Previous year figures have been regrouped, rearranged and reclassified, wherever necessary, to conform to current year's presentation.

18. With the major fire in Companies plant during first quarter of the F.Y. 2015-16, there was a loss of inventory of Rs. 3059.51 Lakhs and to that extent inventory has been written off.

19. The Company has initiated the CSR spending in accordance with section 135 of the Companies Act 2013, though the full required amount as per the provisions was not spent during the year. The Company has, since close of the year further initiated various objectives for full spending during the next year as per CSR provisions.

20. During the previous year amount of Rs. 292.70 Lakhs has been taken as insurance claim receivable but of which the final settlement with the insurance Company is done for Rs. 64.19 Lakhs and balance amount of Rs. 228.51 has been written off during the current year.

21. There was major fire in the Companies 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 has received Rs. 24 Lakhs in 4rth quarter of F.Y. 2015-16. Further management is confident of expediting and settling balance claim amount from the insurance Company and virtual certainty of the claim lodged the amount of Rs. 30.36 crore as insurance claim receivable is taken as other income in the profit and loss account.

22. The Balance-sheet of the Company has been prepared as per schedule III of the Companies Act, 2013.