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Merino Industries Limited
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Registered Details

MERINO INDUSTRIES LIMITED

All Companies ›

West Bengal ›

Trading ›

Active

Updated: 11 Sep 2025

The company manufactures and exports decorative laminates for home, retail, and office segments

Merino Industries Limited, is an unlisted public company incorporated on 29 July, 1965. It is classified as a public limited company and is located in , West Bengal. It's authorized share capital is INR 19.75 cr and the total paid-up capital is INR 11.18 cr.

Subscription Plans

Industry and products

Trading

, hospitality, plywood, melamine-faced particle boards and MDF boards, home, and post-formed panels; tailor-made furniture solutions for office

Company size

Auth Capital

₹ 19.8 Cr

Paidup Capital

₹ 11.2 Cr

Revenue

₹ 2250-2500 cr

Key Metrics

** All rupee values in INR crores. Based on March 2024 numbers.

Total Revenue

4.7%

₹ 2,309.1

EBITDA

-13.88%

₹ 206.4

Net Profit

3.31%

₹ 121.5

Networth

8.96%

₹ 1,360.3

Borrowings

21.47%

₹ 722.3

Assets

12.5%

₹ 2,598.9

Gross Margin

-1.35

45.9 %

Operating Margin

-1.85

9.2 %

Net Profit Margin

-0.07

5.3 %

Return on Equity

-0.49

8.9 %

ROCE

-3.43

8.8 %

Debt to Equity

0.05

0.5

Sales

Mar 2024

Net worth

Mar 2024

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Locations

India (38)

State	Type	Address

Locations on Map

People

Designation	Name	DIN/PAN	Tenure
Director	Titu Prasad Kooretti	02539556	3 years
Whole-time Director	Prasan Lohia Shareholder	00061111	21 years
Whole-time Director	Ruchira Lohia Shareholder	00127797	25 years
Whole-time Director	Madhusudan Lohia Shareholder	00063278	19 years
Whole-time Director	Bikash Lohia . Shareholder	00154013	19 years
Director	Prabal Kumar Sarkar	03124712	5 years
Whole-time Director	Nripen Kumar Dugar Shareholder	00127790	39 years
Managing Director	Prakash Lohia Shareholder	00063274	49 years
Director	Bama Prasad Mukhopadhyay	08199055	7 years
Whole-time Director	Manoj Lohia Shareholder	00127775	5 years
Whole-time Director	Deepak Lohia Shareholder	00154027	5 years
Whole-time Director	Anil Jajoo Shareholder	00063284	2 years

Financial Highlights

** All numbers in INR crores

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Sales	999.9	1,296.9	1,747.9	2,175.5	2,251.8
Operating profit	132.3	209.8	202.7	239.7	206.4
Net profit	70.4	131.9	132.2	117.6	121.5
Gross margin	50.2	49.7	45.1	47.2	45.9
Operating margin	13.2	16.2	11.6	11.0	9.2
Net margin	7.0	9.8	7.4	5.3	5.3
Networth	554.6	1,036.1	1,161.2	1,248.4	1,360.3
Borrowings	159.1	137.2	295.1	594.6	722.3
Assets	985.3	1,511.3	1,869.0	2,310.0	2,598.9
Debt to equity	0.3	0.1	0.2	0.5	0.5
Current ratio	1.5	1.6	1.4	1.4	1.1
ROE	12.7	12.7	11.4	9.4	8.9
Days payable	99.0	104.0	91.0	65.0	80.0
WC days	61.0	69.0	47.0	45.0	20.0

Margins

Gross margin

Operating margin

Net margin

Balance Sheet

Standalone

Consolidated

₹

** All numbers in INR crores

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	10.5	11.3	11.3	11.3	11.3
Reserves	544.1	1,024.8	1,149.9	1,237.1	1,349.0
Borrowings +	159.1	137.2	295.1	594.6	722.3
Long term borrowings	57.3	38.7	65.8	283.9	213.9
Short term borrowings	101.8	98.5	229.3	310.7	508.3
Trade payables +	135.7	185.2	239.6	203.5	266.4
Days payable	99.0	104.0	91.0	65.0	80.0
Other liabilities +	271.7	338.0	412.7	467.0	516.3
Other non-current liabilities	36.3	34.8	47.6	33.3	52.2
Other current liabilities	99.8	118.1	125.4	230.2	197.7
Total liabilities	985.3	1,511.3	1,869.0	2,310.0	2,598.9
Fixed Assets +	420.3	530.8	718.6	1,149.5	1,389.2
Tangible assets	394.4	513.5	478.2	529.5	1,351.7
CWIP	18.6	16.5	141.0	604.6	36.9
Intangible assets	7.3	0.8	99.5	15.5	0.5
LT loans and advances	2.2	3.8	0.3	0.2	0.3
Other non-current assets	57.8	329.6	332.7	147.6	111.2
Current assets +	505.0	647.0	817.4	1,012.7	1,098.3
Inventories	325.2	345.4	427.9	581.4	589.4
Trade receivables	109.0	151.6	165.3	175.2	214.7
Cash and cash equivalents	17.4	23.5	32.3	9.8	14.1
ST loans and advances	2.1	3.1	1.6	1.5	1.7
Other current assets	51.2	123.4	190.2	244.8	278.3
Total assets	985.3	1,511.3	1,869.0	2,310.0	2,598.9

Percentage of assets	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	1.06	0.75	0.6	0.49	0.43
Reserves	55.22	67.81	61.53	53.55	51.91
Borrowings +	16.15	9.08	15.79	25.74	27.79
Long term borrowings	5.81	2.56	3.52	12.29	8.23
Short term borrowings	10.34	6.51	12.27	13.45	19.56
Trade payables	13.77	12.25	12.82	8.81	10.25
Other liabilities +	27.57	22.37	22.08	20.22	19.87
Other non-current liabilities	3.68	2.3	2.55	1.44	2.01
Other current liabilities	10.12	7.81	6.71	9.97	7.61
Total liabilities
Fixed Assets +	42.65	35.12	38.45	49.76	53.45
Tangible assets	40.02	33.98	25.58	22.92	52.01
CWIP	1.89	1.09	7.54	26.17	1.42
Intangible assets	0.74	0.06	5.32	0.67	0.02
LT loans and advances	0.23	0.25	0.02	0.01	0.01
Other non-current assets	5.87	21.81	17.8	6.39	4.28
Current assets +	51.25	42.81	43.73	43.84	42.26
Inventories	33.01	22.85	22.89	25.17	22.68
Trade receivables	11.07	10.03	8.84	7.58	8.26
Cash and cash equivalents	1.77	1.56	1.73	0.43	0.54
ST loans and advances	0.22	0.21	0.09	0.06	0.07
Other current assets	5.19	8.16	10.18	10.6	10.71
Total assets

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
Equity Capital	10.5	10.5	10.5	10.5	10.5
Reserves	375.5	518.2	636.8	792.1	916.0
Borrowings +	150.0	161.9	174.0	184.6	180.5
Long term borrowings	24.1	50.0	44.2	30.2	66.0
Short term borrowings	125.9	111.9	129.9	154.4	114.4
Trade payables +	78.5	107.9	140.1	169.3	191.1
Days payable	61.0	78.0	85.0	80.0	94.0
Other liabilities +	162.2	211.6	254.4	296.8	367.8
Other non-current liabilities	24.0	31.3	40.0	47.8	48.8
Other current liabilities	59.8	72.4	74.3	79.8	127.8
Total liabilities	698.1	902.1	1,075.7	1,284.0	1,474.7
Fixed Assets +	259.9	349.4	415.3	491.5	559.7
Tangible assets	237.7	323.2	374.6	455.7	531.7
CWIP	21.1	18.1	32.5	26.6	19.9
Intangible assets	1.1	8.2	8.2	9.1	8.2
LT loans and advances	14.3	3.2	3.0	3.0	3.7
Other non-current assets	1.0	35.7	50.7	94.1	166.1
Current assets +	422.8	513.7	606.7	695.4	745.2
Inventories	231.6	263.6	329.8	393.6	439.3
Trade receivables	142.2	160.7	181.6	196.2	177.5
Cash and cash equivalents	30.1	14.1	9.6	11.6	21.3
ST loans and advances	17.4	2.9	3.1	2.9	3.6
Other current assets	1.5	72.5	82.7	91.1	103.5
Total assets	698.1	902.1	1,075.7	1,284.0	1,474.7

Percentage of assets	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
Equity Capital	1.5	1.16	0.97	0.82	0.71
Reserves	53.78	57.44	59.2	61.69	62.11
Borrowings +	21.49	17.94	16.18	14.38	12.24
Long term borrowings	3.45	5.54	4.11	2.35	4.48
Short term borrowings	18.04	12.4	12.07	12.02	7.76
Trade payables	11.24	11.96	13.02	13.18	12.96
Other liabilities +	23.23	23.46	23.65	23.12	24.94
Other non-current liabilities	3.43	3.47	3.72	3.72	3.31
Other current liabilities	8.56	8.03	6.91	6.21	8.67
Total liabilities
Fixed Assets +	37.23	38.73	38.61	38.28	37.96
Tangible assets	34.05	35.83	34.83	35.49	36.05
CWIP	3.02	2.0	3.02	2.07	1.35
Intangible assets	0.16	0.9	0.76	0.71	0.56
LT loans and advances	2.05	0.36	0.27	0.23	0.25
Other non-current assets	0.15	3.96	4.71	7.33	11.26
Current assets +	60.57	56.95	56.4	54.16	50.53
Inventories	33.18	29.22	30.66	30.65	29.79
Trade receivables	20.37	17.81	16.88	15.28	12.03
Cash and cash equivalents	4.31	1.56	0.89	0.91	1.45
ST loans and advances	2.5	0.32	0.29	0.23	0.24
Other current assets	0.21	8.04	7.68	7.1	7.02
Total assets

Total assets

Profit & Loss

Standalone

Consolidated

₹

** All numbers in INR crores

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Sales +	999.9	1,296.9	1,747.9	2,175.5	2,251.8
Sales growth %	2.24	29.7	34.78	24.46	3.51
Expenses +	924.8	1,161.9	1,621.2	2,031.3	2,145.6
Cost of goods	498.3	652.6	960.3	1,147.5	1,218.2
Employee cost	130.4	163.5	208.0	247.2	290.4
Other costs	238.9	271.0	376.9	541.1	536.8
Operating profit +	132.3	209.8	202.7	239.7	206.4
Operating margin %	13.2	16.2	11.6	11.0	9.2
Other income	9.5	42.0	48.3	29.9	57.3
Interest	15.5	18.2	13.2	28.5	26.4
Depreciation	41.7	56.7	62.8	67.0	73.9
Exceptional items	-	-	-	-	-
Profit before tax	84.6	176.9	175.1	174.1	163.5
Tax	14.1	45.1	42.9	56.5	41.9
Profit - disc. ops	-	-	-	-	-
Net profit	70.4	131.9	132.2	117.6	121.5
Net margin %	7.0	9.8	7.4	5.3	5.3

Precentage of total income	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Sales	99.06	96.86	97.31	98.64	97.52
Expenses +	91.62	86.79	90.25	92.11	92.92
Cost of goods	49.37	48.74	53.46	52.03	52.75
Employee cost	12.92	12.21	11.58	11.21	12.58
Other costs	23.67	20.24	20.98	24.53	23.25
Operating profit	13.1	15.67	11.29	10.87	8.94
Other income	0.94	3.14	2.69	1.36	2.48
Interest	1.54	1.36	0.73	1.29	1.14
Depreciation	4.13	4.23	3.5	3.04	3.2
Exceptional items	0.0	0.0	0.0	0.0	0.0
Profit before tax	8.38	13.21	9.75	7.89	7.08
Tax	1.4	3.37	2.39	2.56	1.82
Profit - disc. ops	0.0	0.0	0.0	0.0	0.0
Net profit	6.98	9.85	7.36	5.33	5.26

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
Sales +	956.2	1,137.7	1,218.8	1,472.1	1,473.7
Sales growth %	5.28	18.98	7.13	20.79	0.11
Expenses +	824.4	965.7	1,060.0	1,290.7	1,331.3
Cost of goods	471.0	505.0	598.8	771.4	741.0
Employee cost	99.4	114.1	136.1	159.8	185.1
Other costs	213.8	305.1	273.3	299.8	327.1
Operating profit +	172.0	213.4	210.6	241.1	220.5
Operating margin %	18.0	18.8	17.3	16.4	15.0
Other income	14.9	26.4	20.3	19.6	15.2
Interest	15.6	11.9	14.2	17.3	18.3
Depreciation	24.5	29.5	37.6	42.4	59.8
Exceptional items	-	-	-	-	-
Profit before tax	146.7	198.4	179.1	201.1	157.6
Tax	50.5	62.3	58.6	60.3	29.7
Profit - disc. ops	-	-	-	-	-
Net profit	86.4	136.0	120.5	140.8	127.9
Net margin %	8.9	11.7	9.7	9.4	8.6

Precentage of total income	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
Sales	98.46	97.74	98.36	98.68	98.98
Expenses +	84.89	82.96	85.54	86.52	89.41
Cost of goods	48.5	43.38	48.33	51.71	49.77
Employee cost	10.24	9.8	10.98	10.71	12.43
Other costs	22.02	26.21	22.06	20.1	21.97
Operating profit	17.71	18.33	17.0	16.16	14.81
Other income	1.54	2.26	1.64	1.32	1.02
Interest	1.61	1.02	1.15	1.16	1.23
Depreciation	2.53	2.53	3.03	2.84	4.01
Exceptional items	0.0	0.0	0.0	0.0	0.0
Profit before tax	15.11	17.04	14.46	13.48	10.59
Tax	5.2	5.35	4.73	4.04	1.99
Profit - disc. ops	0.0	0.0	0.0	0.0	0.0
Net profit	8.89	11.69	9.73	9.44	8.59

Revenue from operations

Ratios

Standalone

Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Solvency +
Total Debt/Equity	0.3	0.1	0.2	0.5	0.5
Net Debt/Equity	0.3	0.1	0.2	0.5	0.5
Total Debt/Assets	0.2	0.1	0.2	0.3	0.3
Total Assets/Equity	1.8	1.5	1.6	1.9	1.9
Liquidity +
Current Ratio	1.5	1.6	1.4	1.4	1.1
Quick Ratio	0.5	0.8	0.7	0.6	0.5
Interest Coverage	8.5	11.6	15.4	8.4	7.8
Performance
Gross Margin	50.2	49.7	45.1	47.2	45.9
Operating Margin	13.2	16.2	11.6	11.0	9.2
Net Margin	7.0	9.8	7.4	5.3	5.3
Return +
Return on Equity	12.7	12.7	11.4	9.4	8.9
Pre-tax ROCE	15.4	19.7	14.9	12.2	8.8
Return on Assets	7.2	8.7	7.1	5.1	4.7
Pre-tax ROIC	13.0	13.3	9.8	9.4	6.4
Efficiency +
Days Payable	99.0	104.0	91.0	65.0	80.0
Days Inventory	238.0	193.0	163.0	185.0	177.0
Days Receivable	40.0	43.0	35.0	29.0	35.0
Fixed Asset Turnover	2.4	2.4	2.4	1.9	1.6
Total Asset Turnover	1.0	0.9	0.9	0.9	0.9
Working Capital
Cash Conversion Cycle	179.0	132.0	107.0	149.0	132.0
Working Capital Days	61.0	69.0	47.0	45.0	20.0

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
Solvency +
Total Debt/Equity	0.4	0.3	0.3	0.2	0.2
Net Debt/Equity	0.3	0.3	0.2	0.2	0.2
Total Debt/Assets	0.2	0.2	0.2	0.1	0.1
Total Assets/Equity	1.8	1.7	1.7	1.6	1.6
Liquidity +
Current Ratio	1.6	1.8	1.8	1.7	1.7
Quick Ratio	0.7	0.9	0.8	0.8	0.7
Interest Coverage	11.0	17.9	14.8	13.9	12.0
Performance
Gross Margin	50.7	55.6	50.9	47.6	49.7
Operating Margin	18.0	18.8	17.3	16.4	15.0
Net Margin	8.9	11.7	9.7	9.4	8.6
Return +
Return on Equity	22.4	25.7	18.6	17.6	13.8
Pre-tax ROCE	35.2	32.2	25.5	25.4	18.4
Return on Assets	12.4	15.1	11.2	11.0	8.7
Pre-tax ROIC	29.1	27.2	21.3	20.4	14.8
Efficiency +
Days Payable	61.0	78.0	85.0	80.0	94.0
Days Inventory	180.0	190.0	201.0	186.0	216.0
Days Receivable	54.0	52.0	54.0	49.0	44.0
Fixed Asset Turnover	3.7	3.3	2.9	3.0	2.6
Total Asset Turnover	1.4	1.3	1.1	1.1	1.0
Working Capital
Cash Conversion Cycle	173.0	164.0	170.0	155.0	166.0
Working Capital Days	61.0	71.0	79.0	72.0	77.0

Ratios

Current ratio

Debt/equity ratio

Charges on assets

Bank wise

Charges

Axis Bank Limited

No. of Loans: 2

Total Amount : 290.0 cr

ICICI Bank Limited

No. of Loans: 2

Total Amount : 236.0 cr

The Hongkong and Shanghai Banking Corporation Limited

No. of Loans: 1

Total Amount : 105.0 cr

United Bank of India

No. of Loans: 1

Total Amount : 0.2 cr

Charge Holder	Amount	Date of creation/modification
Axis Bank Limited	30.0 cr	18 Aug, 2025
ICICI Bank Limited	190.0 cr	07 Jul, 2025
ICICI Bank Limited	46.0 cr	07 Apr, 2025
The Hongkong and Shanghai Banking Corporation Limited	105.0 cr	20 Jun, 2024
Axis Bank Limited	260.0 cr	07 Sep, 2023
United Bank of India	0.2 cr	12 Oct, 1982

Charges

Axis Bank Limited

ICICI Bank Limited

The Hongkong and Shanghai Banking Corporation Limited

United Bank of India

Company Network

Companies connected through Directors

Name	Status	Paid up Capital	Common Directors	Address
THE PLASTICS EXPORT PROMOTION COUNCIL	Active	0.0	1	Maharashtra
MERINO EXPORTS PVT LTD	Amalgamated	6.3 L	3	West Bengal
MERINO SERVICES LTD.	Amalgamated	15.7 L	5	West Bengal
MERINO PROPERTIES PRIVATE LIMITED	Active	5.7 L	8	West Bengal
MERINO CONSULTING SERVICES LIMITED	Active	13.7 L	5	West Bengal
MERINO PANEL PRODUCTS LTD	Amalgamated	2.0 Cr	7
KASTURI BAI COLD STORAGE PVT LTD	Amalgamated	5.0 L	1	West Bengal
PREMCHAND LOHIA AGRO LIMITED	Active	1.0 L	2	Delhi
KBGB AGRITECH PRIVATE LIMITED	Active	16.3 L	2	West Bengal
CLL AGRO LIMITED	Active	1.0 L	2	Delhi
PIONEER ALLOY CASTINGS LTD	Under Liquidation	17.2 Cr	1	Andhra Pradesh
SRINIVASA RESORTS LTD	Active	24.0 Cr	1	Telangana
STANDARD TRUST CO PVT LTD	Strike Off	1.0 L	1	West Bengal
PARTNER SUPPORT MANAGEMENT (INDIA) PRIVATE LIMITED	Strike Off	10.0 L	1	West Bengal
DIC INDIA LIMITED	Active	9.2 Cr	1	West Bengal

Subsidiary Companies

Name	State / Country	Incorporation Year	Paidup Capital
MERINO PANEL PRODUCTS LTD		1994	₹ 2.0 Cr

Tofler Score

Very Good

Poor

Fair

Good

Very Good

Excellent

Risk

Severe Risk

No risks identified

Moderate Risk

LOW ROCE

Low Risk

NET MARGIN DETERIORATING

About Tofler Score

Tofler Score measures the quality of performance and integrity of a company. It is dependent on three key factors - Sustainability, Governance, and Growth.

CIN

U51909WB1965PLC026556

PAN

AAACC9186C

Incorporation

1965, 60.2 years

Company Email

balaji@merinoindia.com

Paid up Capital

₹ 11.2 Cr

Authorised Capital

₹ 19.8 Cr

AGM

Sep 2024

Type

Public

Others

FAQ - MERINO INDUSTRIES LIMITED

What is the incorporation date of MERINO INDUSTRIES LIMITED?

The incorporation date of MERINO INDUSTRIES LIMITED is 29 July, 1965

What is the authorized share capital of MERINO INDUSTRIES LIMITED?

The authorized share capital of MERINO INDUSTRIES LIMITED is INR ₹ 19.8 Cr.

What is the paid-up capital of MERINO INDUSTRIES LIMITED?

The paid-up capital of MERINO INDUSTRIES LIMITED is INR ₹ 11.2 Cr.

What is the registered address of MERINO INDUSTRIES LIMITED?

The registered address of MERINO INDUSTRIES LIMITED is 5, ALEXANDRA COURT,60/1, CHOWRINGHEE RO, KOLKATA, West Bengal, India, 700020 - 700020

What is the CIN number of MERINO INDUSTRIES LIMITED?

The CIN number of MERINO INDUSTRIES LIMITED is U51909WB1965PLC026556.

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MERINO INDUSTRIES LIMITED

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