MOSL: MANPASAND BEVERAGES (Under Review)-Statutory auditor Deloitte Haskins & Sells resigns-Putting rating ‘Under Review’ until further clarity emerges
MANPASAND BEVERAGES: Statutory auditor Deloitte Haskins & Sells resigns; Putting rating ‘Under Review’ until further clarity emerges
(MANB IN, Mkt Cap USD0.6b, ‘Under Review’)
Event update:
- Manpasand Beverages (MANB), in a regulatory disclosure on the BSE on 27th May 2018, announced resignation of its statutory auditor – Deloitte Haskins & Sells – with effect from 26th May 2018, and cancellation of the board meeting scheduled on 30th May 2018 to consider the 4QFY18 results.
- Mehra Goel & Co will replace Deloitte Haskins & Sells with effect from 27th May 2018.
- Last year, the announcement of the fourth quarter results was postponed from 29th May 2017 to 13th June 2017, marking a delay of 15 days. Moreover, the results were announced without any qualification by the statutory auditor.
- This event has come as a surprise to us, just ahead of the earnings release. We put our rating under review until clarity emerges from 4QFY18 results and further disclosures.
Statutory auditor resigns in absence of adequate information from company
- Deloitte Haskins & Sells was the statutory auditor of MANB since FY11. The auditor resigned four days prior to the scheduled 4QFY18 result announcement and stated the following reason, “We would like to bring to your attention that significant information requested by us from the company at various points of time for the purpose of audit of the financial results have not yet been provided to us. We observe that there has been no further progress with respect to the pending information, evidences and explanations. Therefore, as informed to you, we would be unable to complete the statutory audit of the financial statements of the company for the year ended March 31, 2018 by May 30, 2018.” “Under the circumstances, and as per our discussions with you, we are submitting our resignation as statutory auditors of the company with immediate effect”.
Manpasand Beverages Limited is engaged in the business of manufacturing of fruit juices in the beverages segment. The Company is engaged in the business of manufacturing of fruit drink products with a primary focus on mango fruit. The Company offers mango-based fruit drink under the Mango Sip brand. It also offers its products in other brands, including Fruits Up, Manpasand Oral Rehydrating Salts, Pure Sip and Coco Sip. Under the Fruits Up brand, the Company offers fruit drinks and carbonated fruit drinks in various flavors, and under the Manpasand Oral Rehydrating Salts brand, it offers fruit drinks with energy replenishing qualities with a primary focus on North East India. It offers fruit drinks in various packaging types and sizes. Under the Manpasand Oral Rehydrating Salts brand, it offers products, such as MANPASAND ORS APPLE DRINK and MANPASAND ORS ORANGE DRINK. The Company's plants are located at Vadodara, Gujarat; Varanasi, Uttar Pradesh, and Dehradun, Uttrakhand.
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