Manpasand Beverages Replaced Deloitte as their Statutory Auditors
FMCG Company Manpasand Beverages Limited (MBL) announced to the stock exchanges that M/s. Deloitte Haskins & Sells, Chartered Accountants, Vadodara, have resigned as Statutory Auditors of the company w.e.f. May 26, 2018. M/s. Mehra Goel & Co., Chartered Accountants, New Delhi, have been appointed as statutory auditors in Deloitte’s place w.e.f. May 27, 2018. The company also announced that due to sudden exit of its auditors, the Board meeting scheduled on May 30, 2018 has been cancelled. The Board meeting was supposed to be held for considering Q4FY18 results and dividend of the company.
MBL competes with established fruit beverages brands such as Frooti, Maaza and Slice in the Rs 7,200 cr fruit drink industry.
In order to drive revenue and increase its geographical reach, it is expanding capacity in newer geographies (Vadodara, Varanasi and Eastern region, to be completed by Q1FY19E. Post capacity expansion, production capacity will increase to 2 lakh CPD. The fruit juice brands, Mango Sip (non-carbonated) and Fruits Up (both carbonated and non-carbonated) contributed ~73% and ~23% respectively to MBL’s FY17 revenues. The company is diversifying its product portfolio and has added Manpasand ORS, Sizenal (containing a mix of fruits & vegetables and uses honey instead of sugar) in order to target the health conscious consumers. It has also launched a promotional venture with Parle Products leading to an access to 4.5 million outlets pan India for Mango Sip.