Mohan Meakin Limited Unlisted Shares
MOHAN MEAKIN LTD.
Mohan Meakin Ltd. was incorporated in the year -1934. Recently there share price is 143.25. There current market capitalisation stands at Rs 121.88 Cr. Latest news, company has reported Gross Sales of Rs. 6557.69 Cr and Total Income of Rs.5286.42 Cr. The company’s management includes H N Handa, Shalini Mohan, Vinay Mohan, N Murugan, Yash Kumar Sehgal, M Nandagopal, R C Jain, Hemant Mohan, L K Malhotra. This is listed on the BSE with a BSE Code of 590039 , NSE with an NSE Symbol of and ISIN of INE136D01018. It’s Registered office is at Solan Brewery,P O Shimla Hills, Shimla-173214, Himachal Pradesh. Their Registrars are ACC Ltd. It’s auditors are AF Ferguson & Co, AF Ferguson Associates, Haribhakti & Co LLP. Arms Securities provide Mohan Meakin Shares Price .
Mohan Meakin Ltd.(MML), the first Indian brewery set up by Edward Dyer in 1855, the company was rechristened Dyer Meakin after its merger with another British firm owned by H C Meakin. The name of the company was changed to Mohan Meakin Breweries in Nov.’66. The company acquired it’s present name in 1980, after it diversified into other activities. MML’s Alcoholic products portfolio includes Be.
Financials of Mohan Meakin Limited Unlisted Shares:
(Fig. in Crs)
| Year | Revenue | EBITDA | OPM | PAT | NPM | Equity | FV | EPS |
| 2018 | 660 | 22 | 3.3% | 15 | 2.3% | 4.2542 | 5 | 17 |
| 2019 | 954 | 56 | 5.9% | 33 | 3.5% | 4.2542 | 5 | 39 |
| 2020 | 1020 | 49 | 4.85% | 27 | 2.58% | 4.2542 | 5 | 31 |
Financial Statements Analysis:
| Balance Sheet Analysis | ||
| Particulars | 2019 | 2020 |
| Share Capital | 425.42 | 425.42 |
| Reserves | 8,791.10 | 11,356.38 |
| Borrowings | 1,185.88 | 860.59 |
| Other Liabilities | 12,609.49 | 12,851.55 |
| Total Liabilities | 23,011.89 | 25,493.94 |
| Fixed Assets | 4,648.35 | 5,237.22 |
| CWIP | 827.84 | 896.90 |
| Investments | 249.46 | 217.03 |
| Other Assets | 17,286.24 | 19,142.79 |
| Total Assets | 23,011.89 | 25,493.94 |
| Profit And Loss Analysis (figures in lakhs) | ||
| Particulars | 2019 | 2020 |
| Sales | 94,794.05 | 1,02,093.78 |
| COGS | 10,176.62 | 12,194.67 |
| Expenses | 90,408.79 | 98,567.38 |
| Operating Profit | 5,687.05 | 4,953.10 |
| OPM | 6.00% | 4.85% |
| Other Income | 619.39 | 683.57 |
| Interest | 297.32 | 267.38 |
| Depreciation | 385.08 | 475.75 |
| Profit before Tax | 4,953.21 | 4,209.57 |
| Tax | 33.07% | 37.27% |
| Net Profit | 3,315.18 | 2,640.48 |
| EPS | 38.96 | 31.03 |
| Dividend Payout | – | – |
| Cash Flow Analysis (figures in lakhs) | ||
| Particulars | 2019 | 2020 |
| Cash flow from Operating Activity | 4,936.27 | 1,482.37 |
| Cash flow from Investing Activity | -2,341.94 | -875.62 |
| Cash flow from Financing Activity | -2,042.98 | -526.85 |
| Net Cash Flow | 551.35 | 79.90 |
| Free Cash Flow | 2,520.25 | 479.44 |
Peer Comparison (Fig. in Crs)
| S.No. | Name | M.Cap | Sales | P/E | Mcap/Sales |
| 1 | United Spirits | 42246.77 | 9341 | 61.22 | 4.52 |
| 2 | United Breweries | 34469.83 | 6475 | 75.39 | 5.32 |
| 3 | Radico Khaitan | 4759.18 | 2063 | 20.74 | 2.31 |
| 4 | G M Breweries | 722.69 | 464 | 9.71 | 1.56 |
| 5 | IFB Agro Inds. | 399.4 | 925 | 14.42 | 0.43 |
| 6 | Globus Spirits | 392.68 | 985 | 9.07 | 0.40 |
| 7 | Som Distilleries | 349.47 | 322 | 16.19 | 1.09 |
| 8 | Mohan Meakin | 465 | 954 | 22 | 0.49 |
Financials of FY20-21
| Date | Total Income | EBITDA | OPM | PAT | NPM | EPS |
| Quarter Ended | ||||||
| 30-09-2019 | 193 | 8 | 4.27% | 3 | 1.67% | 4 |
| 30-06-2020 | 105 | 3 | 3.27% | 1 | 1.26% | 2 |
| 30-09-2020 | 198 | 13 | 6.68% | 8 | 4.19% | 9 |
| 31-12-2020 | 491 | 30 | 6% | 24 | 5% | 27 |
| 9M Ended | ||||||
| 31-12-2019 | 790 | 43 | 5.44% | 23 | 2.91% | 28 |
| 31-12-2020 | 793 | 47 | 5.9% | 33 | 4.2% | 39 |
| Year Ended | ||||||
| 31-03-2020 | 1,027.78 | 49.53 | 4.82% | 26.41 | 2.57% | 31.04 |
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Mohan Meakin Limited Unlisted Share – Company Overview
Mohan Meakin Limited owns the first brewery in India. Today the company has its registered office at Solan Brewery in Himachal Pradesh. The company was formerly known as E. Dyer & Company, Dyer Meakin & Company Limited, Dyer Meakin Breweries Limited, and Mohan Meakin Breweries Limited, and was established as far back as 1855.
The Company is manufacturing Beer of all types and IMFS brands including premium Rums, Whiskies, Brandy, Vodka and. In addition to the main products of Beer and IMFS, the company is manufacturing Juices, Canned products, Corn Flakes, Wheat Porridge, and vinegar.
The Company has been a pioneer in the liquor industry and made steady progress, and established Breweries and distilleries in various parts of the country, and has created a respected name for itself by delivering an array of highly successful products. At present, the Company has manufacturing centers in Solan, Kasauli, Ghaziabad, Bhankarpur (Punjab), and Lucknow. Apart from this, the company holds various breweries & distilleries established under collaboration arrangements in various other places in India.
The Company’s products are quite popular in the market and are well received by the customers being quality products. Old Monk which is one of the most famous alcohol brands is owned by Mohan Meakin Limited. Old Monk Rum has been rated as the largest selling brand of Dark Rum. The Company has introduced a premium brand of Single Malt Whisky known as Solan Gold Single MaltWhisky in Himachal Pradesh, which is being introduced in other States of the Country. The product has been well accepted in the market. The company is in the process of increasing its productions not only for Himachal Pradesh but also for Chandigarh and export to other countries.
Products of Mohan Meakin Limited are exported to 21 countries. The company is also exploring the opportunities to further increase the export to other countries as the products of the company are very popular in foreign market and company is also getting inquiries regarding export to these countries. The equity shares of Mohan Meakin Limited are listed on Calcutta Stock Exchange.
Incorporation Details of Mohan Meakin Limited
CIN of Mohan Meakin |
L15520HP1934PLC000135 |
Registration Date of Mohan Meakin |
2nd November 1934 |
Category/Sub-category of Mohan Meakin |
Public Limited Company |
Mohan Meakin Registered office address and contact details |
POST OFFICE: SOLAN BREWERY,
DISTT SOLAN (H.P) Phone No: 01792-230450, 01792-230423, |
Mohan Meakin Registrar and Transfer Agent address and contact details |
BEETAL FINANCIAL & COMPUTER SERVICES (P) LTD., Beetal House 3rd Floor,99 Madangir Complex,
Behind Local Shopping Complex, Nr. Dada Harsukhdas Mandir, New Delhi – 110062. Phone No:- 011-29961281-283, |
Principal Business Activities of Mohan Meakin Limited
| Name and Description of main products/services | NIC Code of the product/service | % to total turnover of the Company |
| Manufacture of distilled, Potable, alcoholic beverages such as whisky, Rum, Brandy and Gin etc. | 110011 | 99.00 % |
Board of Directors of Mohan Meakin Limited
Shri Hemant Mohan (Managing Director)
Shri R.C. Jain (Director Finance cum CFO)
Shri Rajesh Kedia (Chief Financial Officer)
Shri M. Nandagopal (Independent Director)
Shri Yash Kumar Sehgal (Independent Director)
Shri Murugan Navamani (Non Executive Director)
Shri Vinay Mohan (Non Executive Director)
Smt. Shalini Mohan (Non Executive Director)
Shri M.Nandagopal (Non Executive Director)
Shareholding Pattern of Mohan Meakin Limited (As of 31-03-2023)
| S. No. | Shareholders’ Name | Number of shares | % of total Shares of the company |
| 1 | Promoters Shareholding | 57,50,237 | 67.6 |
| 2 | Public Shareholding | 27,58,242 | 32.4 |
| Total | 85,08,479 | 100 |
Industry Outlook
The Alcohol Industry of India is the third-largest in the world valued at US$ 35 billion. India is the largest consumer of Whiskey in the world and wine is becoming extremely popular among women in India. Vodka demand in the country grew by 22.8%.
The growth of this industry can mainly be attributed to the growing demand for alcoholic beverages among the youth of the country and rising of the disposable income. The majority of alcohol volume in India is consumed by people of age 18 to 40.
Alcoholic beverages are not still included in the Goods and Services Tax (GST). This is affecting the industry negatively as the materials imported attract excise duty and VAT. Additionally, the trend of various State Governments shows that they do not allow free flow of Beer and Whiskymanufactured outside the States by putting restrictions and imposing exorbitant import fees as a result the liquor industry was established outside the State cannot compete with the importing State. Moreover, due to unabated rise in oil prices, the logistic issues and different regulations applicable in different states with the result that sending the goods from one corner of the country to the other has become a costly affair and is un-remunerative and economically unviable. Therefore, to overcome these obstacles most of the leaders in the liquor Industryhave opted for collaboration, technical know-how, and bottling arrangements in various other States.
Balance Sheet of Mohan Meakin Limited (In Rs. Lakhs)
| Particulars | As at 31 March 2023 | As at 31 March 2022 |
| ASSETS | ||
| Property, Plant, and Equipment | 71.64 | 61.22 |
| Capital Work in Progress | 10.16 | 8.03 |
| Investment Property | 0.14 | 0.15 |
| Financial Assets | ||
| i) Investments | 4.47 | 3.59 |
| ii) Other financial assets | 5.16 | 4.70 |
| Non-Current Tax Assets (Net) | 3.08 | 6.67 |
| Deferred Tax Assets (Net) | 1.37 | 1.67 |
| Other Non-Current Assets | 13.94 | 8.65 |
| Total | 109.96 | 94.68 |
| Current Assets | ||
| Inventories | 116.97 | 89.87 |
| Financial Assets | ||
| i) Trade Receivables | 98.43 | 76.34 |
| ii) Cash and Cash Equivalents | 22.54 | 32.73 |
| iii) Bank balance other than above | 67.65 | 34.38 |
| iv) Loans | 0.15 | 0.10 |
| v) Other financial assets | 0.96 | 0.54 |
| Other current assets | 17.62 | 20.05 |
| Total | 324.31 | 254.00 |
| Total Assets | 434.27 | 348.68 |
| EQUITY AND LIABILITIES | ||
| EQUITY | ||
| a) Equity Share capital | 4.25 | 4.25 |
| b) Other equity | 275.96 | 206.85 |
| Total Equity | 280.22 | 211.10 |
| LIABILITIES | ||
| Non-current Liabilities | ||
| Financial liabilities | ||
| i) Borrowings | – | 0.16 |
| ii) Other financial liabilities | 12.68 | 12.73 |
| Provisions | 3.76 | 3.12 |
| Other non-current liabilities | – | 0.02 |
| Total | 16.44 | 16.03 |
| Current liabilities | ||
| Financial liabilities | ||
| i) Borrowings | 4.29 | 4.47 |
| ii) Trade payables | ||
| Total outstanding dues of micro and small Enterprises | 1.65 | 1.02 |
| Total outstanding dues of creditors other than micro and small enterprises | 91.75 | 76.60 |
| iii) Other financial liabilies | 22.17 | 22.75 |
| Other current liabilities | 17.54 | 16.48 |
| Provisions | 0.22 | 0.23 |
| Total | 137.62 | 121.55 |
| Total liabilities | 154.06 | 137.58 |
| Total Equity and liabilities | 434.27 | 348.68 |
Profit & Loss Statement of Mohan Meakin Limited (In Rs. Crores)
| PARTICULARS | 2023 | 2022 |
| I. Revenue from Operations | 1771.21 | 1370.41 |
| II. Other Income | 7.37 | 8.96 |
| III. Total Income (I+II) | 1778.58 | 1379.37 |
| IV Expenses | ||
| Cost of Materials Consumed | 222.50 | 148.0291 |
| Excise Duty | 504.2464 | 350.3569 |
| Purchase of Stock-in-Trade | 798.2417 | 671.8647 |
| Changes in Inventories | -15.6989 | -6.6915 |
| Employee Benefits Expense | 42.2718 | 37.2956 |
| Finance Cost | 0.9585 | 1.555 |
| Depreciation Expense | 6.8844 | 6.0463 |
| Other Expense | 130.3956 | 101.9405 |
| Total Expenses (IV) | 1689.80 | 1310.40 |
| V. Profit before Exceptional items and tax | 88.7854 | 68.9784 |
| VI. Exceptional Items | 3.0104 | 0 |
| VII. Profit before Tax (V+VI) | 91.7958 | 68.9784 |
| VIII. Tax Expense | ||
| 1) Current Tax | 23.2288 | 18.0247 |
| 2) Deferred Tax | 0.172 | -0.5009 |
| IX. Profit for the Year (VII-VIII) | 68.395 | 51.4546 |
| X. Other Comprehensive Income | ||
| i) Items that will not be classified to profit or loss | ||
| Re-measurement of the defined benefit plan | -0.0267 | 0.4028 |
| Fair value changes on Equity Instruments through other comprehensive income | 0.8827 | 1.0813 |
| ii) Income Tax Relating to items that will not be reclassified | -0.134 | -0.2294 |
| Total Other Comprehensive income | 0.722 | 1.2547 |
| XI. Total Comprehensive Income for the year (IX+X) | 69.117 | 52.7093 |
| XII. Earnings per Equity share (Face Value Rs. 5Per Share) | ||
| a) Basic (Rs.) | 80.38 | 60.47 |
| b) Diluted (Rs.) | 80.38 | 60.47 |
Mohan Meakin Limited’s Cash Flow Statement (In Rs. Crores)
| Particulars | 31st March 2023 | 31 March 2022 |
| A. Cash Flow from Operating Activities | ||
| Profit/(Loss) Before Tax | 91.7958 | 68.9784 |
| Depreciation expenses | 6.8844 | 6.0463 |
| Loss on discard/write off of property plant & equipment | 0.073 | 0.029 |
| Gain on sale of property, plant and plant and equipment | -3.0104 | -0.016 |
| Interest expense | 0.7871 | 0.8836 |
| Dividend income | -0.0026 | -0.0026 |
| Provision for employee benefits | 0.5977 | -0.1577 |
| Interest income | -2.6765 | -1.4598 |
| Rent from investment properties | -0.2666 | -0.3013 |
| Excess provision / unclaimed balances written back | -0.0033 | -0.9677 |
| Trade Receivables and advances written off | 0 | 0.0028 |
| Provision for inventory | 0.0124 | 0.7821 |
| Operating profit before working capital changes | 94.191 | 73.8171 |
| Changes in working capital | ||
| Inventories | -27.1116 | -13.5735 |
| Trade receivables | -22.0821 | 2.3336 |
| Current and Non Current Loans and other financial asset | -0.0642 | -0.2025 |
| Other Current Assets and Non Current assets | 1.1207 | -4.0117 |
| Current and Non Current Other financial liabilities | -1.2506 | 4.868 |
| Other Current and Non Current Liabilities | 1.0343 | -1.1688 |
| Trade payables | 15.788 | 4.036 |
| Cash generated from operations | 61.6255 | 66.0982 |
| Income tax paid, net of refunds | -19.6421 | -18.4182 |
| Net cash generated from operating activities | 41.9834 | 47.68 |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipment | -24.2408 | -9.9857 |
| Purchase of Investment Property | 0 | -0.1066 |
| Proceeds from sale of property, plant & equipment | 3.75 | 0.016 |
| Movement in bank deposits not… | -33.5428 | -30.7002 |
| Dividend income | 0.0026 | 0.0026 |
| Interest income | 2.0777 | 0.4551 |
| Rent from investment properties | 0.2666 | 0.3013 |
| Net cash used in investing activities | -51.6867 | -40.0175 |
| Cash flows from financing activities | ||
| Repayment of current borrowings | -0.173 | -0.5998 |
| Repayment of long-term borrowings | -0.1614 | -0.1659 |
| Interest paid | -0.1522 | -0.2468 |
| Net cash used in financing activities | -0.4866 | -1.0125 |
| Net increase/ (decrease) in cash and cash equivalent (A+B+C) | -10.1899 | 6.65 |
| Add: Cash and Cash Equivalent at beginning of year | 32.7268 | 26.0768 |
| Cash and cash equivalents as at end of year | 22.5369 | 32.7268 |
| Cash and Cash Equivalent comprise the following | ||
| Cash on hand | 0.1027 | 0.0263 |
| Balance with bank | ||
| In Current Account | 22.4342 | 31.7005 |
| In Deposits Account | 0 | 1 |
Mohan Meakin Limited Key Financial Ratios
| Particulars | 31-Mar-23 | 31-Mar-22 |
| Current Ratio (in times) | 2.36 | 2.17 |
| Debt-Equity Ratio (in times) | 0.02 | 0.02 |
| Debt Service Coverage Ratio (in times) | 68.49 | 36.27 |
| Return on Equity Ratio (in %) | 27.84% | 27.85% |
| Inventory Turnover Ratio (in times) | 9.72 | 9.74 |
| Trade Receivables Turnover Ratio (in times) | 19.88 | 17.36 |
| Trade Payable Turnover Ratio (in times) | 12.16 | 8.83 |
| Net Capital Turnover Ratio (in times) | 9.3 | 9.83 |
| Net Profit Ratio (in %) | 3.94% | 3.82% |
| Return on Capital Employed Ratio (in %) | 31.48% | 30.15% |
Mohan Meakin Limited share Dividend History
| Particulars | 2023 | 2022 |
| Dividend per Share | 1 | 0 |
| Retained Earnings (In Rs. Crores) | 265.08 | 196.70 |
Performance of Mohan Meakin LimitedRevenue Growth: Revenue from Operations increased significantly to Rs. 1,771.21 crore in 2023, showing strong growth compared to the previous year ‘s Rs. 1,370.41 crore. This indicates improved sales performance.
Profit Improvement: The company ‘s Profit before Exceptional items and tax also saw a notable increase, reaching Rs. 88.79 crore in 2023, up from Rs. 68.98 crore in 2022. This demonstrates improved operational efficiency and profitability.
Earnings Per Share: Basic Earnings per Equity Share (Face Value Per Share) stood at Rs. 80.38 in 2023, showcasing a significant improvement from Rs. 60.47 in 2022. This indicates higher earnings available to shareholders.
Liquity and Debt: The company improved its short-term liquidity position as reflected in the higher current ratio, while maintaining a stable and low debt-equity ratio, signifying minimal financial risk.
Efficiency: Inventory turnover and trade receivables turnover ratios were relatively stable, indicating efficient management of inventory and improved collections. The trade payable turnover ratio also improved, showcasing better management of payables.
