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×

merino industries Limited

2,900.00
-4.92 %
Scrip Name
Merino
ISIN No.
INE662B01017
PAN No.
AAACC9186C
Face Value
10
No. of Outstanding Shares
10,369,600
Market Capitalization
3,007.18 Crore

MERINO INDUSTRIES LIMITED UNLISTED SHARE


About Merino Industries Limited


Merino Industries Limited is a versatile manufacturer of Interior Solutions with a wide range of products for homes, offices, 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 laminates capacity of 215 Lakh sheets per annum.


Some of the prominent places where products of Merino Industries Limited are used are ‘Golden Temple, Amritsar’, ‘Hilton Hotels, Jaipur’, ‘Delhi Metro Railway Corporation’, ‘IIM Ahmedabad’, and many more.


INCORPORATION DETAILS


CIN

U51909WB1965PLC026556

Registration Date

29 July 1965

Category / Sub-Category of the Company

Company Limited by Shares

Address of the Registered office and contact details

5, Alexandra Court, 60/1, Chowringhee Road,

Kolkata-700020, West Bengal

Tel: 033-22901214

E-mail: merinokol@merinoindia.com

Website: www.merinoindia.com

Name, Address and Contact details of Registrar and Transfer Agent, if any

C B Management Services (P) Limited,

P-22, Bondel Road, Kolkata- 700019,

Tel: 033-2280-6692/93/94,

03340116700/11/16/18/23/28;

E-mail: rta@cbmsl.com

 

PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Name and Description of main products/services

NIC Code of the product/service

% to total turnover of the Company

Decorative Laminates

4823-90-19

74.61%

Furniture & Panel Products

94036000

21.22

 

BOARD OF DIRECTORS

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

Name of the Company

Subsidiary

% of shares held

Merino Panel Products Limited

Subsidiary

74.65


MERINO INDUSTRIES LIMITED UNLISTED SHARE DETAILS


Total Available Shares:

1,03,69,600

Face Value:

Rs. 10 Per Equity Share

ISIN:

INE662B01017

PAN No.:

AAACC9186C

Lot Size:

50 Shares

Last Traded Price:

Rs. 3050

Market Cap:

Rs. 3162.73 Crore

 

SHAREHOLDING PATTERN

(As on 31-03-2020)

S. No.

Shareholders’ Name

No. of Shares

% of total Shares of the company

1

Promoter’s Shareholding

98,34,472

94.84

2

Public Shareholding

5,35,128

5.16

 

Total

1,03,69,600

100

 

INDUSTRY OUTLOOK

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.


KEY FINANCIALS OF MERINO INDUSTRIES LIMITED (In Rs. Lakhs)

Particulars

2020

2019

2018

2017

Revenue from Operations

1,47,372.22

1,47,212.68

1,21,879.24

1,13,765.61

EBITDA

22,053.22

24,113.33

21,061.00

21,340.60

EBITDA margin

14.96%

16.38%

17.28%

18.76%

Finance Cost

1,834.19

1,731.16

1,421.14

1191.42

Depreciation

5,976.49

4,235.38

3756.6

2949.8

Other Income

1,519.35

1,963.10

2,029.62

2,636.02

Profit Before Tax

15,761.89

20,109.89

17,912.88

19,835.40

Total Tax

2,967.99

6,026.95

5,859.49

6,233.18

Profit After Tax (PAT)

12,793.90

14,082.94

12,053.39

13,602.22

PAT margin

8.59%

9.44%

9.73%

11.69%

EPS

108.58

121.94

102.98

115.94


BALANCE SHEET OF MERINO INDUSTRIES LIMITED (In Rs. Lakhs)

Particulars

2020

2019

ASSETS



NON CURRENT ASSETS



Tangible assets

55,153.16

48,232.55

Intangible assets

163.27

234.34

Financial assets

16,663.47

10,684.27

Other non current assets

307.97

607.05

TOTAL NON CURRENT ASSETS

72,287.87

59,758.21

CURRENT ASSETS



Inventories

43,932.13

39,355.45

Biological assets other than bearer plants

658.21

679.86

Financial assets

2,919.69

3,495.31

Trade receivables

17,746.13

19,624.63

Cash and cash equivalents

4,266.89

1,205.12

Tax assets

2,278.73

1,090.62

Other current assets

3,377.27

3,191.09

TOTAL CURRENT ASSETS

75,179.05

68,642.08

TOTAL ASSETS

1,47,466.92

1,28,400.29

EQUITY AND LIABILITIES



EQUITY



Equity share capital

1,047.03

1,047.03

Other equity

82,104.39

71,123.09

Non controlling Interest

9,492.53

8,084.00

TOTAL EQUITY

92,643.95

80,254.12

LIABILITIES



NON CURRENT LIABILITIES



Borrowings

6,600.61

3,023.11

Financial liabilities

1,145.85

14.81

Tax liabilities

3,647.26

4,670.44

Other non current liabilities

90.40

96.49

TOTAL NON CURRENT LIABILITIES

11,484.12

7,804.85

CURRENT LIABILITIES



Borrowings

11,444.96

15,439.36

Trade payables

19,111.81

16,925.69

Financial liabilities

9,791.62

5,605.74

Other current liabilities

2,084.71

1,536.98

Provisions

892.00

494.35

Tax liabilities

13.75

339.20

TOTAL CURRENT LIABILITIES

43,338.85

40,341.32

TOTAL LIABILITIES

54,822.97

48,146.17

TOTAL EQUITY AND LIABILITIES

1,47,466.92

1,28,400.29

 

DIVIDEND AND RETAINED EARNINGS

Particulars

2020

2019

2018

Dividend (In Rs.)

7.00

3.50

3.50

Retained Earnings (Consolidated) (In Rs. Lakhs)

67,386.43

58,200.70

47,276.73


PERFORMANCE OF THE COMPANY

In FY 2019-20, Merino launches 3 products, namely ‘Ply Meister’, ‘Infusio’, ‘Impreza’.


The company has successfully maintained the credit rating of AA- in 2019-20.


Consolidated Revenue from Operations in FY 2020 of Merino Industries Limited remained almost the same as revenue from operations in FY 2019. The Consolidated Total income for FY 2020 stood at Rs. 1,48,891.57 Lakhs as compared with the previous year's figures of Rs. 1,49,175.78 Lakhs.


During FY 2020, revenue (including inter-segment transfer) generated from Laminates Segment was Rs. 75,314.33 Lakhs as against Rs.73,452.42 Lakhs, Panel Products Rs. 21,416.06 Lakhs as against Rs. 19,889.12 Lakhs and Potato Flakes Rs. 6,098.70 Lakhs as against. 6,795.41 Lakhs.


EBITDA of the company has decreased by 8.54% from Rs. 24,113.33 Lakhs in FY 2019 to Rs. 22,053.22 Lakhs in FY 2020. As revenue was almost the same, it can be easily assessed that EBITDA margins went down from 16.38% in FY 2019 to 14.96% in FY 2020.


Merino Industries Limited booked a profit of Rs. 12,793.9 Lakhs in FY 2020, 9% less than the profit of Rs. 14,082.94 Lakhs for FY 2019.


EPS for FY 2020 for the company’s shareholders was Rs. 108.58, against EPS of Rs. 121.94 for FY 2019.


The company’s total borrowings in FY 2020 were Rs. 18,045.57 Lakhs. The debt-to-equity ratio of the company is 0.1 for FY 2020. This shows that the company has more than enough capacity to pay all its debt at once.


The Current Ratio of the company is 1.73, stating that the company is maintaining good liquidity.


Merino Industries Limited has consistently and progressively given dividends to its shareholders. For FY 2020, the company gave a dividend of Rs. 7 per equity share.







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