Merino Industries Ltd Unlisted Shares
MERINO INDUSTRIES LTD
Merino Industries Limited is a public incorporated on 29 July 1965 and was commissioned by the late Man Kumar Lohia and his brothers. It is classified as a non-government company and registered at Registrar of Companies, Kolkata. Its authorized share capital is Rs. 170,000,000 and its paid up capital is Rs. 103,696,000. It is involved in other wholesale including specialized wholesale not covered in any one of the previous categories and wholesale in a variety of goods without any particular specialization.
Merino Industries Limited’s Annual General Meeting (AGM) was last held on 23 September 2019 and as per records from Ministry of Corporate Affairs (MCA), its balance sheet was last filed on 31 March 2019.
Directors of Merino Industries Limited are Prakash Lohia, Champalal Lohia, Sisir Kumar Chakrabarti, Madhusudan Lohia, Nripen Kumar Dugar, Bikash Lohia, Bama Prasad Mukhopadhyay, Prasan Lohia, Rup Chand Lohia, Gautam Bhattacharjee and Ruchira Lohia.
Merino Industries Limited’s Corporate Identification Number is (CIN) U51909WB1965PLC026556 and its registration number is 26556.Its Email address is merinokol@merinoindia.com and its registered address is 5, ALEXANDRA COUR, 60/1, CHOWRINGHEE ROAD KOLKATA WB 700020 INDIA.
OUR PERFORMANCE
HIGHLIGHTS, FY 2020-21
Financial
Net revenues de-grew 12% to H176.84 Crore compared to an increase of H1.60 Crore in FY 2019-20
EBIDTA grew 5.37% to H12.83
Crore compared to a degrowth of H21.81 Crore in FY 2019-20.
PAT grew 1.87% or H2.42 Crore against a degrowth of H11.39 Crore in FY 2019-20
Products
Laminate revenues de-grew 14% or H169.73 Crore compared with H4.40 Crore in FY 2019-20
Non-laminate revenues de-grew 11% or H34 Crore
compared to a growth of H10.68 Crore in FY 2019-20
Business health
EBIDTA margin grew 320 bps to 19.41% from 16.21% in FY
2019-20
FINANCIAL HIGHLIGHTS
The financial highlights of your Company for the financial year ended 31st March 2021 are as under:
(Amount ₹ in Lakhs)
| Particulars | 31st March 2021 | 31st March 2020 |
| Revenue from Operations | 1,29,688.30 | 1,47,372.22 |
| Other Income | 4,197.51 | 1,849.76 |
| Total Revenue | 1,33,885.81 | 1,49,221.98 |
| Earnings before Interest, Tax & Depreciation and Amortization (EBITDA) | 25,177.77 | 23,895.06 |
| Less: Depreciation and Amortization expense | 5,668.62 | 5,878.49 |
| Earnings before Interest & Tax (EBIT) | 19509.15 | 18016.57 |
| Less: Finance Cost | 1,816.97 | 2100.31 |
| Profit before Tax (PBT) | 17,692.18 | 15,916.26 |
| Less: Tax Expense | 4,506.35 | 2,972.79 |
| Profit after Tax (PAT) | 13,185.83 | 12,943.47 |
COVID-19 PANDEMIC
The outbreak of Coronavirus (COVID-19) pandemic globally and in India has created a significant disturbance and economic slowdown globally. In many countries, businesses are being forced to cease or limit their operations for long or indefinite periods of time. Measures taken to contain the spread of the virus, including travel bans, quarantines, physical distancing and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown.
While we look into the scenario of India, the second wave of the Coronavirus explosion in the country has significantly gained momentum. As per the recent reports, Maharashtra alone accounts for more than 58 percent of the total active cases in the country. As per the latest Health Ministry data, India’s total Covid-19 active case load has reached 2,19,262, comprising 1.93 percent of the total infections. Due to a spike in Covid-19 cases, a few states have imposed a lockdown, travel bans and night curfew in some areas.
| PARTICULARS | AS AT 31 MARCH 2021 | AS AT 31 MARCH 2020 |
| Equity share capital | 1,127.94 | 708.32 |
| Total Equity | 1,03,612.52 | 90,245.55 |
| Earnings per equity share | 117.95 | 115.78 |
- Merino Industries Limited Annual Report 2019-20
- Merino Industries Limited Annual Report 2018-19
- Merino Industries Limited Annual Report 2017-18
- Merino Industries Limited Annual Report 2016-17
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Merino Industries Share Price and Unlisted Shares – Company Overview
Merino Industries Limited is a versatile manufacturer of Interior Solutions with a wide range of products for homes, offices, and commercial and public areas. Merino Industries Limited is one of the world’s leading manufacturers and exporters of decorative laminates for interior applications. The Merino group is not limited to laminates and panel products. The company has also extended its arms in Information Technology and Food & Agro products industry.
Merino Industries Limited is headquartered in Kolkata, West Bengal, and has a presence in over 80 countries across 5 continents. It has a network of more than 1,080 dealers across pan India.
The company entered the business of Interior solutions in 1974 and launched plywood as its first product. Merino Industries Limited possesses 4 Manufacturing facilities. The company’s first manufacturing unit was established in Hapur, Uttar Pradesh. Later they built three more facilities in ‘Hosur, Tamilnadu’, ‘Dahej, Gujarat’, and in ‘Rohad, Haryana’. The Group possesses India’s largest manufacturing laminate capacity of 215 Lakh sheets per annum.
Some of the prominent places where the products of Merino Industries Limited are used are ‘Golden Temple, Amritsar’, ‘Hilton Hotels, Jaipur’, ‘Delhi Metro Railway Corporation’, ‘IIM Ahmedabad’, and many more.
Merino stocks are available in unlisted shares. Merino Industries share price is unstable, it is not fixed. Merino Industries share price keeps changing on daily basis.
Merino Industries Share Price, Unlisted Share Details as of March 31, 2022
| Merino Industries Outstanding Shares: | 1,11,78,679 |
| Face Value of Merino Industries Unlisted Share: | Rs. 10 Per Equity Share |
| ISIN of Merino Industries Unlisted Share: | INE662B01017 |
| Lot Size of Merino Industries Unlisted Share: | 100 Shares |
| Merino Industries Share Price: | Best in Industry |
| PAN Number of Merino Industries: | AAACC9186C |
Incorporation Details of Merino Industries
CIN of Merino |
U51909WB1965PLC026556 |
Registration Date of Merino |
29-Jul-65 |
Category / Sub-Category of Merino Industries |
Company Limited by Shares |
Merino Registered Office Address and contact details |
5, Alexandra Court, 60/1, Chowringhee Road, |
Merino Registrar and Transfer Agent Details |
C B Management Services (P) Limited, |
Principal Business Activities of Merino
| Name and Description of main products/services | NIC Code of the product/service | % to total turnover of the Company |
| Decorative Laminates | 4823-90-19 | 75.59 % |
| Furniture & Panel Products | 94036000 | 16.29% |
Board of Directors of Merino
Mr. Rup Chand Lohia, Executive Chairman
Mr. Prakash Lohia, Managing Director
Miss Ruchira Lohia, Wholetime Director
Mr. Prasan Lohia, Wholetime Director
Mr. Bikash Lohia, Wholetime Director
Mr. Madhusudan Lohia, Wholetime Director
Mr. Nripen Kumar Dugar, Wholetime Director
Dr. Gautam Bhattacharjee, Independent Director
Mr. Sisir Kumar Chakrabarti, Independent Director
Mr. Bama Prasad Mukhopadhyay, Independent Director
Particulars of Subsidiary and Associate Companies of Merino
Merino Industries Limited does not have any subsidiary and associate companies.
Shareholding Pattern of Merino (As on 31-03-2022)
| S. No. | Shareholders’ Name | No. of Shares | % of total Shares of the company |
| 1. | Promoter’s Shareholding | 1,06,46,890 | 95.25% |
| 2. | Public Shareholding | 5,31,789 | 4.75% |
| Total | 1,11,78,679 | 100% |
Industry Outlook of Merino
The global decorative laminates market is estimated to reach US$7.97 billion at a CAGR of over 5.0% by the end of 2025. The growth of the global market is primarily driven by the increasing application of decorative laminates in the construction industry. In addition, the low maintenance and installation costs of decorative laminates are also expected to fuel the global market growth.
Furthermore, the technological advancements in printing techniques and manufacturing environmentally-friendly laminates are likely to offer immense growth opportunities for the market players. However, the volatile raw materials prices are expected to hamper the growth of the global decorative laminates market in the coming years.
The decorative laminates market in India has witnessed significant growth in recent years. Decorative laminates, due to their excellent properties, such as water resistance, huge variety, durability,microbe-resistant, and ease of maintenance are used in a wide range of applications such as cabinets, furniture, countertops, and wall panels.
The demand for general-purpose decorative laminates is high in all regions due to their easy availability and the high disposable income of consumers. Decorative laminates are used in various end-use sectors such as residential, non-residential, and transportation. Based on the end-use sector, the non-residential segment is projected to lead the decorative laminates market during the forecast period. This is mainly due to the high volume consumption of decorative laminates in non-residential buildings as compared to residential buildings.
The increasing focus of the government for low-cost housing and infrastructure development, coupled with the growth in the construction and furniture industry in the country is believed to benefit the expansion of the Indian plywood and laminates market.
Additionally, increasing demand for laminates in various end user industries, such as the furniture industry, real estate industry, coupled with the rapid urbanization in the country are some of the factors anticipated to promote towards the growth of the Indian laminates market.
Moreover, the Goods and service tax (GST) has resulted in lowering the price difference of the plywood and laminates sector between the organized and unorganized sectors, which is also anticipated to be one of the major key factors contributing towards the growth of the Indian plywood and laminates market.
MERINO INDUSTRIES Limited Balance Sheet (In Rs. Crores)
| PARTICULARS | 31st March 2023 | 31st March 2022 |
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | 441.73 | 454.36 |
| Right of use assets | 87.75 | 88.49 |
| Capital work-in-progress | 604.56 | 140.93 |
| Other intangible assets | 0.23 | 0.4988 |
| Intangible assets under development | – | 0.0242 |
| Financial assets | ||
| Investments | 50.02 | 41.94 |
| Loans | 0.20 | 0.2873 |
| Others | 44.79 | 173.34 |
| Non-current tax asset (net) | 19.68 | 19.12 |
| Other non-current assets | 33.11 | 24.41 |
| Total non-current assets | 1,282.07 | 943.41 |
| Current assets | ||
| Inventories | 581.44 | 427.90 |
| Biological assets other than bearer plants | 15.26 | 10.81 |
| Financial assets | ||
| Investments | 94.00 | 102.73 |
| Trade receivables | 175.20 | 165.28 |
| Cash and cash equivalents | 9.83 | 32.87 |
| Bank balances other than | 6.30 | 57.40 |
| Loans | 1.47 | 1.6233 |
| Others | 48.28 | 62.87 |
| Other current assets | 96.17 | 40.27 |
| Total current assets | 1,027.96 | 901.75 |
| Total assets | 2,310.04 | 1,845.16 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Equity share capital | 11.28 | 11.28 |
| Other equity | 1,237.13 | 1,133.81 |
| Total equity | 1,248.41 | 1,145.09 |
| LIABILITIES | ||
| Non-current liabilities | ||
| Financial liabilities | ||
| Borrowings | 283.90 | 65.76 |
| Lease liabilities | 17.82 | 19.04 |
| Other financial liabilities | 0.18 | 0.0339 |
| Provisions | 0.38 | – |
| Deferred tax liabilities (net) | 14.23 | 20.10 |
| Other non-current liabilities | 0.72 | 0.7821 |
| Total non-current liabilities | 317.23 | 105.71 |
| Current liabilities | ||
| Financial liabilities | ||
| Borrowings | 310.72 | 229.34 |
| Lease Liabilities | 8.38 | 6.6003 |
| Trade payables | ||
| Total outstanding dues of micro enterprises and small enterprises | 18.89 | 19.21 |
| Total outstanding dues of creditors other than micro enterprises and small enterprises | 184.57 | 226.37 |
| Other financial liabilities | 126.53 | 68.83 |
| Other current liabilities | 52.49 | 33.65 |
| Provisions | 41.78 | 10.35 |
| Current tax liabilities (net) | 1.04 | – |
| Total current liabilities | 744.39 | 594.35 |
| Total liabilities | 1,061.63 | 700.07 |
| Total equity and liabilities | 2,310.04 | 1,845.16 |
MERINO INDUSTRIES Limited Profit & Loss Statement (In Rs. Crores)
| PARTICULARS | 31st March 2023 | 31st March 2022 |
| Income | ||
| Revenue from operations | 2,17,550.23 | 1,74,359.36 |
| Other income | 2,991.34 | 4,854.08 |
| Total income | 2,20,541.57 | 1,79,213.44 |
| Expenses | ||
| Cost of materials consumed | 1,11,232.07 | 94,397.91 |
| Purchases of stock-in-trade | 8,754.30 | 4,910.33 |
| Changes in inventories of finished goods, stock-in-trade, work-in- | -5,233.71 | -3,680.97 |
| progress and biological assets | ||
| Employee benefits expense | 24,716.61 | 20,178.91 |
| Finance costs | 2,853.99 | 1,319.92 |
| Depreciation and amortization expenses | 6,698.45 | 6,357.65 |
| Other expenses | 54,109.81 | 38,289.97 |
| Total expenses | 2,03,131.52 | 1,61,773.72 |
| Profit before tax | 17,410.05 | 17,439.72 |
| Tax expense | ||
| Current tax | 6,089.07 | 4,308.00 |
| Deferred tax | -443.53 | -5.05 |
| Total tax expense | 5,645.54 | 4,302.95 |
| Net profit for the year | 11,764.51 | 13,136.77 |
| Other comprehensive income | ||
| Items that will not be reclassified to profit or loss | ||
| Remeasurements of post-employment benefit obligations | -578.14 | -61.85 |
| Income tax relating to items that will not be reclassified to profit or loss | 145.51 | 15.57 |
| Items that will be reclassified to profit or loss | ||
| Changes in fair value of FVOCI equity instruments | 8.00 | 6.04 |
| Income tax relating to items that will be reclassified to profit or loss | -2.01 | -1.52 |
| Total other comprehensive income | -426.64 | -41.76 |
| Total comprehensive income for the year | 11,337.87 | 13,095.01 |
| Earnings per equity share | ||
| Basic | 105.24 | 117.52 |
| Diluted | 105.24 | 117.52 |
Merino Industries Limited Financial Ratios
| PARTICULARS | 2023 | 2022 | Read in |
| Current ratio | 1.38 | 1.52 | Times |
| Debt equity ratio | 0.5 | 0.28 | Times |
| Debt service coverage ratio | 3.91 | 4.65 | Times |
| Inventory turnover ratio | 165 | 151 | Days |
| Trade receivable turnover ratio | 29 | 33 | Days |
| Trade payable turnover ratio | 45 | 56 | % |
| Net profit margin | 5.41 | 7.53 | % |
| Return on capital employed | 10.91 | 12.85 | % |
| Return on investment | -1.59 | 8.87 | % |
| Return on equity ratio | 9.83 | 11.96 | % |
Insight of the financial ratios of Merino Industries Limited for March 31, 2023
Current Ratio (1.38 times):
Indicates a good level of short-term liquidity, though it has decreased slightly compared to the previous year.
Debt-Equity Ratio (0.5 times):
Shows a moderate level of debt relative to equity, with an increase from the previous year.
Debt Service Coverage Ratio (3.91 times):
Suggests a strong ability to cover debt obligations with operating income, though it has decreased compared to the previous year.
Inventory Turnover Ratio (165 days):
Indicates that, on average, it takes 165 days to turn over inventory. A lower number is generally more favourable, so this may be an area for improvement.
Trade Receivable Turnover Ratio (29 days):
Reflects a relatively quick turnover of trade receivables, which is positive for cash flow.
Trade Payable Turnover Ratio (45%):
Suggests a good turnover of trade payables, indicating efficient payment management.
Net Profit Margin (5.41%):
Represents the percentage of sales that translates into net profit. While it has decreased from the previous year, it still indicates a reasonable profitability.
Return on Capital Employed (10.91%):
Indicates a 10.91% return on the capital employed, suggesting an effective utilization of capital.
Return on Investment (-1.59%):
Indicates a negative return on investment, which may be a concern and warrants further investigation into the factors contributing to this.
Return on Equity Ratio (9.83%):
Suggests a 9.83% return on equity, indicating a moderate return for shareholders.
In summary, Merino Industries Limited demonstrates strengths in liquidity, debt management, and profitability. However, attention may be needed in areas such as inventory turnover and investigating the reasons behind the negative return on investment. Monitoring these ratios over time will help gauge the company ‘s financial health and performance trends.
Dividend history of Merino Industries Limited (In Rs. Crores)
| Particulars | 2023 | 2022 |
| Dividend Per Share (In Rs.) | 9 | 9 |
| Retained Earnings (In Rs. Lakhs) | 1,09,700.62 | 1,00,551.27 |
