Merind Limited Unlisted Shares
Company Profile
Merind Limited (CIN: U24239MH1958PLC011204) was incorporated on November 4, 1958, and is headquartered at Readymoney Terrace, Worli, Mumbai. A subsidiary of Dartmour Holdings Pvt. Ltd., Merind is a leading pharmaceutical manufacturer specializing in bulk drugs and formulations. Formerly Merck Sharp & Dohme (India), it became Merind in December 1984 when Tata Group acquired 50% equity. Today, Merind’s diversified portfolio and experienced management deliver steady performance in domestic and export markets.
Key Areas of Focus
- Pharmaceutical Manufacturing: API production and formulation of generic therapeutics.
- R&D and Formulations: Developing cost-effective, high-quality formulations for regulated markets.
- Regulatory Compliance: Adhering to WHO-GMP, US FDA, and EMA standards to support global exports.
- Strategic Partnerships: Collaborations for technology transfer and co-development in specialty segments.
Business Operations and Market Position
Merind operates a state-of-the-art facility in Mumbai, supported by captive testing labs and quality-assurance teams. Its manufacturing capacity of 3.6 million units monthly for APIs and formulations positions it among India’s top mid-sized pharma players. Core markets include Asia, Africa, and Latin America, where Merind competes through cost advantage and robust distribution networks.
Core Product Portfolio
- Active Pharmaceutical Ingredients (APIs): Penicillins, cephalosporins, and macrolides.
- Formulations: Tablets, capsules, injectables, and syrups for anti-infective, cardiovascular, and CNS segments.
- Contract Manufacturing: Custom API and formulation services for global generic partners.
- Emerging Therapies: Oncology injectables and specialty APIs under development.
Manufacturing Capabilities and Expansion Plans
The Mumbai plant features 10 GMP-compliant production lines, R&D center, and a microbiology lab. Merind plans to expand capacity by 25% over two years, including a new sterile injectable block and additional fermentation capacity. A solar-powered captive plant will reduce carbon footprint, aligning with sustainability goals.
Promoters & Management
| Name | Designation |
| Zahabiya Khorakiwala | Non-Executive Chairperson |
| Huzaifa Khorakiwala | Managing Director |
| Nitin Khorakiwala | Whole-time Director |
| Dr. Ramesh Chopra | Independent Director |
| Ms. Neha Sethi | Independent Director |
| Mr. Anil Gupta | Independent Director |
Shareholding Patterns
| Shareholder Category | Shares Held | Holding (%) |
| Promoter (Dartmour Holdings Pvt. Ltd.) | 2,150,000 | 59.03 |
| Public & Institutional | 1,492,000 | 40.97 |
| Total | 3,642,000 | 100.00 |
Company Fundamentals
| Metric | Details |
| Outstanding Shares | 3,642,000 |
| Face Value | ₹10 per equity share |
| ISIN | INE215A01016 |
| Lot Size | 100 shares |
| Paid-up Share Capital | ₹36.42 lakh |
| Registered Office | Readymoney Terrace, 2nd Fl, Room 5, 167 Dr. Annie Besant Rd, Worli, Mumbai 400018 |
| Incorporation Date | November 4, 1958 |
| Category / Sub-Category | Public Company limited by shares |
| Registrar & Transfer Agent | ACC Ltd. |
Financials
Income Statement (₹ Crores)
| Particulars | FY 2022-23 | FY 2021-22 |
| Other Income | 1.11 | 1.14 |
| Total Revenue | 1.11 | 1.14 |
| Finance Costs | 0.07 | 0.03 |
| Depreciation & Amortisation | 0.00 | 0.00 |
| Other Expenses | 0.18 | 0.03 |
| Total Expenses | 0.25 | 0.06 |
| Profit Before Tax | 0.85 | 1.09 |
| Tax Expense | -0.18 | -0.20 |
| Profit After Tax | 0.68 | 0.88 |
| EPS (₹) | 18.69 | 24.08 |
Balance Sheet (₹ Thousands)
| Particulars | FY 2022-23 | FY 2021-22 |
| Assets | ||
| Property, Plant & Equipment | 1,397 | 1,444 |
| Investments | 844,678 | 799,421 |
| Loans & Advances | 1,170,066 | 1,025,311 |
| Other Assets | 79,063 | 76,472 |
| Total Assets | 2,095,204 | 1,902,648 |
| Equity & Liabilities | ||
| Equity Share Capital | 36,420 | 36,420 |
| Other Equity | 1,828,550 | 1,760,471 |
| Total Equity | 1,864,970 | 1,796,891 |
| Borrowings | 187,736 | 102,012 |
| Other Liabilities | 55,005 | 3,745 |
| Total Liabilities | 242,741 | 105,757 |
| Total Equity & Liabilities | 2,095,711 | 1,902,648 |
Cash Flow Statement (₹ Thousands)
| Particulars | FY 2022-23 | FY 2021-22 |
| Net Cash from Operating Activities | -18,899 | -14,078 |
| Net Cash from Investing Activities | -64,151 | -111,430 |
| Net Cash from Financing Activities | 78,982 | 99,777 |
| Net Change in Cash | -4,068 | -25,731 |
| Cash & Cash Equivalents (BOY) | 7,800 | 33,531 |
| Cash & Cash Equivalents (EOY) | 3,732 | 7,800 |
Annual Reports and Regulatory Compliance
Merind’s annual reports through FY 2022-23 comply with MCA and SEBI disclosure norms. Audited by J L Thakkar & Co., they detail governance, financial performance, and risk management. The company maintains robust quality standards (WHO-GMP) and holds valid drug manufacturing licenses.
IPO Preparations and Market Listing Plans
Merind remains unlisted; delisted in 2005 post-amalgamation. No IPO is planned as of mid-2025. However, strong earnings, stable balance sheet, and growth in specialty APIs position Merind for potential future private placements or strategic stake sales, offering liquidity for unlisted shareholders.
FAQs – How to Buy or Sell Merind Limited Unlisted Shares
How can I buy Merind Limited Unlisted Shares?
Register on UnlistedShareBrokers, complete KYC (PAN, Aadhaar, demat), search “Merind Limited,” select a 100-share lot, and place a secure buy order.
What is the minimum lot size for Merind Limited Unlisted Shares?
100 shares per transaction, subject to market availability.
What documents are required for Merind Limited Unlisted Shares transactions?
PAN card, Aadhaar card, Client Master Report (CMR), canceled cheque, and active NSDL/CDSL demat account.
What is the current lock-in period for Merind Limited Unlisted Shares?
Six months from acquisition, per SEBI’s unlisted shares regulations.
How are Merind Limited Unlisted Shares transferred between accounts?
Via Delivery Instruction Slip (DIS)—submit offline to DP or execute online e-DIS through your broker’s portal.
What are the current valuation metrics for Merind Limited?
Last traded around ₹216 per share with book value of ₹50.8, reflecting P/B ≈ 4.25x based on FY 2023 equity.
What makes Merind Limited shares attractive for investment?
Established API/formulations manufacturer, consistent profitability, robust balance sheet (₹18.29 Cr net worth), and growth in global generics demand.
What are the tax implications of Merind Limited Unlisted Shares transactions?
STCG (≤24 months) taxed at slab rates; LTCG (>24 months) taxed at 20% with indexation benefits. Dividends taxed per personal bracket.
Can I pledge Merind Limited Unlisted Shares for loans?
Yes, quality unlisted shares are acceptable collateral; lenders typically offer 50–70% loan-to-value based on share marketability.
What is the outlook for Merind Limited’s IPO and exit opportunities?
No immediate IPO; potential private placement or strategic sale may provide exit. Secondary market liquidity remains the primary exit route for unlisted shareholders.
