Maruti Interior Products Limited IPO

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(i) Maruti Interior is into manufacturing and Domestic sale & Export of modular kitchen storage systems, Aluminium long wardrobe handle & profile handle. They have wide range of product offerings for different customer segments. Their Brand Everyday Kitchen is focused on economic range and their other brand Spitze by every day is offering premium products. The company also manufacture products for other companies on OEM basis.

(ii) Maruti Interior has an in-house team of designers who look after, product development and quality control. All products manufactured by MIPL are designed in-house and tested to maintain the product quality standards.

(iii) Everyday Kitchen Storage Accessories is economical product range of modular kitchen accessories and storage system. Coming to Premium Product Range, it is known as Spitze by Everyday. Both product ranges included Vertical Storages, Corner Storages, Drawer Pull Outs, Inserts, Slim Tandem Drawers, Mid Way Accessories, Drawer Organisers, Portable Storage Products, Wardrobe Storage Accessories, Wardrobe Handles, Main Door Handles, Cabinet Handles, Profile Handles, Rollar Shutter, Food WasteDisposer etc. All products manufactured by them are designed and developed in house.

(iv) Factory – Manufacturing Facility “Maruti Interior Products Limited” are Manufacturer of high quality and durable range of modular Vertical Storage, Corner Storage, Drawer Pull Outs, Aluminium Profiles for Kitchens & wardrobe, Midway Storage etc. Our factory is spread across approx. 1,00,000 sq.ft. of area. We have automatic machines for Wire Straightening, Wire Cutting, Wire Bending, Wire Welding, etc.

It includes machines like 3D wire bending, 2D wire bending & automatic multi head wire mesh welders. Coming to sheet metal parts, they have automatic laser cutting machine & CNC Sheet Metal Bender. There are many manual machines too in the workshop. They also have in house testing laboratory which include machines like RAPID SALT SPRAY TESTING MACHINE, PLATING THICKNESS TESTER, and CHEMICAL CONTENT CHECKER, ETC.

(v) Expansion Plans

Talking about the future, company wants to install automatic Nickel/ Chrome Plating Plant and Powder Coating Plant. They would also like to add more machines related to wire and sheet metal products like ROBOT Welding for majority of products. They also want to make modification in existing shed with area of 20000 sq ft. They are also going to introduce wardrobe hardware like sliding door fittings. They are also planning to enter into kitchen appliances segment, where they will be starting with small appliances like Hand Blender, Blenders, Electric Grills, Toasters, Air Fryers, induction cookers, coffee maker, electric kettles, personal grooming products like trimmers, shapers, hair during, hair straitner, hair cutting equipment etc. and once they get a good grip on it, they will gradually also introduce big appliances like Chimneys, In built ovens, dishwashers, cooktops, induction tops, etc. Apart from kitchen and wardrobe field, we are also planning to launch a premium brand in segment of DENIM & Eye Wear Products (Garment & Fashion Industry). It will be launched within 2-3 months. That will be 100% online selling with online brand building. With all these products and projects, they will achieve turnover of around 100 Crores within 5-6 years.

Competitive Strengths:

i. High quality and varied manufacturing capability
ii. Experienced & skilled marketing team
iii. Online marketing and sales of products
iv. Prestigious awards and recognition
v. Ambitious expansion plans
vi. Experienced promoters and a well-trained employee base

Objects of the Maruti Interior Products Limited IPO:

The Objects of the Net Issue is to raise funds for: (a) To set up fully automatic Nickel/ Chrome Plating Plant and Powder Coating Plant (b) Working Capital Requirement (c) General Corporate Purpose

Maruti Interior Products Limited IPO Details:

Open Date: Feb 03 2022
Close Date: Feb 08 2022
Total Shares: 2,000,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Fixed Price Issue
Issue Size: 11 Cr.
Lot Size: 2000 Shares
Issue Price: ₹ 55 Per Equity Share
Listing At: BSE SME
Listing Date: Feb 16 2022

Promoters And Management:

(i) Mr. Paresh Purushotam Lunagaria, 53 years old is an Under Graduate & 35 years’ experience in this line. Mr. Paresh Lunagaria first started the factory of Architectural hardware products in 1987 name Aerolite Engineers & till 1999 he was in this business. (ii) Mrs. Parul Paresh Lunagaria, 50 years old is an Under Graduate works as HRD especially for women workers. (iii) Mr. Nirmal Paresh Lunagaria, 27 years old and qualification of Integrated BBA (Marketing). From May 2016 appointed as a Chief Sales Executive – PAN Indian of MIPL. From January 2021 appointed as a Director of MIPL (Domestic Sales & Marketing).

Financials of Maruti Interior Products Limited IPO:

Particulars (in Lakhs) March-21 March-20 Mar 19
Revenue 1,519 1,812 1,171
Cost of Material Consumed 553 789 502
Purchase of Stock in Trade 333 177 201
Changes in inventories -61.78 -13.34 -49.94
Employee Benefit Expenses 205 227 192
Other Expense 187 244 171
Operating profit 302 388 155
OPM % 20% 21% 13%
Finance Cost 18 19 4
Depreciation 76 62 43
Other Income 4 7 14
Profit Before tax 209 311 120
Tax Expense 55 81 22
Profit After Tax 154 228 98

Comparison With Peers:

There are no other listed company which is specifically comparable to them with respect to size and their business model.

Recommendation on Maruti Interior Products Limited IPO:

Review and Recommendation of  Maruti Interior Products Limited IPO by InvestorZone is 6/10 1. Company's revenue has grown well from 11 Crores in FY19 to 18 Crores in FY20. Then due to covid-19 there is a dent and revenue reduced to 15 Crores. However, despite reduction in revenue, company has able to maintain healthy EBITDA and NPM Margins. 2. Company's Debt/Equity is less than 1 and Current Ratio of 2.28x suggest, the balance sheet is strong. 3. Company has healthy ROE of 14% and ROCE of 24%. 4. Maruti Interior is into manufacturing and Domestic sale & Export of modular kitchen storage systems, Aluminium long wardrobe handle & profile handle. 5. Total Outstanding Shares after IPO = 75 Lakh, PAT of FY22 = 308 Lakh. EPS = 4.10. 6. P/E = 55/4.10 = 13x (reasonable).

Lead Manager of Maruti Interior Products Limited IPO:

  1. ISK Advisors Private Limited

Registrar of Maruti Interior Products Limited IPO:

  1. Bigshare Services Private Limited

Company Address:

Maruti Interior Products Limited Plot No. 13, , Jay Krishna Industrial Estate, Veraval, Taluka Kotda Sangani Veraval, Gujarat - 360024 Phone: +91-2827 253895 Email: Website

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