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CaptionDateDescription
Outcome of Board Meeting 25-Jun-2019
Outcome of the Board Meeting of the Company held on Monday, 24.O6.2019.
Allotment of Equity Shares 25-Jun-2019
inter alia, to consider & approved 1. The basis of Allotment as finalized by our Company , the Lead Manager (Aryaman FinancialServices Limited), and Registrar to the lssue (Karvy Fintech Private Limited), in consultation with the BSE on June 24rH,2019 were placed before the Board and Board considered the same. 2.The Board considered and confirmed the List of Allottees provided by the Registrar to the lssue (Karvy Fintech Private Limited), prepared and finalized based on the basis of Allotment 3.The Board also authorized Mrs, Bijal Desai and/or Ms. Bhavisha Khakhkhar to sign, execute and deliver such deeds, documents, etc. including listing application and corporate action etc. 4.The Board Noted the above documents placed before it, reviewed the same and approved the Allotment of Equity shares to the applicants who have applied for shares in the Further public lssue of Equity shares of the company
Board Meeting Intimation for To Consider And Approve Allotment Of Equity Shares. 20-Jun-2019
Meera Industries Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 24/06/2019 ,inter alia, to consider and approve allotment of Equity Shares.
Meera Industries coming with an FPO to raise up to Rs 11.75 crore 12-Jun-2019

Meera Industries

  • Meera Industries is coming out with an Further Public Offer (FPO) of 5,22,000 equity shares of face value of Rs 10 each  at a fixed price of Rs 225 per equity share.
  • The issue will open on June 13, 2019 and will close on June 18, 2019.
  • The share is priced 22.50 times higher to its face value of Rs 10.
  • Book running lead manager to the issue is Aryaman Financial Services.
  • Compliance Officer for the issue is Bhavisha K. Khakhkhar.

Profile of the company

Meera Industries was originally incorporated as ‘Meera Industries Private Limited’ on July 05, 2006 with the Registrar of Companies, Gujarat, Dadra and Nagar Havelli as a private limited company under the provisions of the Companies Act, 1956. The status of the Company was changed to public limited and the name of our Company was changed to ‘Meera Industries Limited’ vide Special Resolution dated February 25, 2017. The fresh certificate of incorporation consequent to conversion to Public Limited Company was issued on March 09, 2017 by the Registrar of Companies, Ahmedabad.

Meera Industries is engaged in the business of manufacturing of Yarn Twisting, Winding and Heat-Setting Machine for textile industries and manufacturing / processing yarns. In addition, the high-performance machines are also designed, developed and sold by the company to other textile manufacturing and processing units. They also provide a testing facility and assistance after sales to maintain a healthy relationship with customers.

Proceed is being used for :

  • Expansion of manufacturing facilities at Sachin, Surat; and
  • Funding expenditure for General Corporate Purposes.

Industry Overview:

India’s textiles sector is one of the oldest industries in Indian economy. India's overall textile exports during FY 2017-18 stood at US$ 39.2 billion. The Indian textile industry has the capacity to produce a wide variety of products suitable to different market segments, both within India and across the world. Moreover, the textile machinery manufacturing section is one of the largest segments of the machinery manufacturing industry in India. This industry is nearly sixty years old and has about 1000 machinery and component manufacturing units. Nearly 300 units produce complete machinery and the remaining produces various textile machinery components.

The Indian textiles industry is extremely varied, with the hand-spun and hand-woven textiles sectors at one end of the spectrum, while the capital intensive sophisticated mills sector at the other end of the spectrum. The decentralized power looms/ hosiery and knitting sector form the largest component of the textiles sector. The close linkage of the textile industry to agriculture (for raw materials such as cotton) and the ancient culture and traditions of the country in terms of textiles make the Indian textiles sector unique in comparison to the industries of other countries.

Pros and strengths

Quality assurance: The company has undertaken various initiatives and adopted various systems and processes in order to augment its commitment to focus on quality which is crucial for its operations. Its manufacturing unit is well equipped with modern quality checking and testing equipment’s for quality assurance. Its customers also require the company to maintain extremely rigorous and strict checks on compliance with all necessary quality and safety standards.

Customer centric: The company focuses on attaining highest level of customer satisfaction which is achieved by providing prompt after sales service. These services include providing installation of machine at the customer’s premises warranty and prompt after sales service, if any required for proper functioning of machine which is evidenced by attending to all complaints of customers and resolving them.

Qualified and experienced workforce and senior management: The company has a dedicated team of skilled individuals with technical background and domain experience in each of its verticals with a focus on evolving technologies. These teams follow a structured applied innovation and solutions development process and work with delivery functions to identify the key concerns of its customers and generate solutions, ideas and concepts to address the concerns. The team comprises of personnel having technical, operational and business development experience. It has employed suitable technical and support staff to manage key areas of activities allied to operations.

Risks and concerns

Intense competition: The company faces competition in its business from organized and unorganized players, which may adversely affect its business operation and financial condition. Its Competitiveness is also measured by the technology it adopts as the industry is rapidly growing in India. Its inability to compete with this intense competition; will have material adverse impact on the Company's financial position.

Significant amount of working capital: Its business requires significant amount of working capital.  A significant portion of its working capital is utilized towards trade receivables. Inability to meet working capital requirements may have an adverse effect on its results of operations.

Changes in technology: The industry it caters is characterized by rapid technological changes, evolving industry standards, changing client preferences that could result in product obsolescence and short product life cycles. The textile machinery industry is characterized by rapid technological changes, evolving industry standards, changing customer preferences that could result in short product life cycles. The success of the company’s business depends on its ability to innovate and continuously provide services that address the varied and expanding requirements of its customers. Its future success will depend on the ability to enhance its existing offerings or develop new customized, to meet customer needs, in each case, in a timely manner.

Outlook

Meera Industries is engaged in the business of manufacturing of Yarn Twisting, Winding and Heat-Setting Machine for textile industries and manufacturing/processing yarns. In addition, the high-performance machines are also designed, developed and sold by the company to other textile manufacturing and processing units. They also provide a testing facility and assistance after sales to maintain a healthy relationship with customers. The company has established an in-house R&D Center which has received recognition by the Department of Scientific and Industrial Research (DSIR), Government of India and the facility is located within the manufacturing unit. It adheres to the quality standards as prescribed by its customers and hence it is getting repetitive orders from customers. On the concern side, the company’s substantial portion of revenues has been dependent upon few clients. The loss of any one or more of its major clients would have a material effect on its business operations and profitability.

The company is coming out with FPO of 5,22,000 equity shares of Rs 10 each  at a fixed price of Rs 225 per equity share to mobilize Rs 11.75 crore. On the performance front, the company’s revenue from operation as a percentage of total income were 97.64%, 97.93% and 97.51% respectively, for the fiscals 2019, 2018 and 2017. The revenue from operations consists of revenue from manufacturing and selling of textile machinery. After accounting for taxes at applicable rates, its profit after tax had increased by 77.09%, from Rs 255.12 lakhs in Fiscal 2018 to Rs 451.80 lakhs in Fiscal 2019. The company intends to further increase its manufacturing capability through an expansion project wherein it is in the process of acquiring an adjacent land and propose to build a factory building on the same and set-up an additional unit for manufacturing of textile machinery and yarn twisting. The company has entered into an Agreement to Sell for acquiring the required land and the said expansion is proposed to be funded from the net proceeds of this Issue.

Results - Financial Results For The Year Ended March- 2019. 24-Apr-2019
Results - Financial Results for the Year ended March- 2019.
Meera Industries secures order worth Rs 1.68 crore from Creative Textile 23-Apr-2019

Meera Industries has secured prestigious order worth Rs 1.68 crore from Creative Textile for Carpet Cabler / Twister Machine. The company’s Cabler / Twister will be used to produce premium quality carpet yarn for wall to wall and contract carpets basically made of polyester, PP and Nylon BCF yarns.

Meera Industries is engaged in the manufacturing of Yarn Twisting, Winding and Heat-Setting Machine for textile industries. The company’s products are sold under the brand name ‘MEERA’.

Meera Industries shines on securing order worth Rs 1.68 crore from Creative Textile 23-Apr-2019

Meera Industries is currently trading at Rs. 224.00, up by 14.00 points or 6.67% from its previous closing of Rs. 210.00 on the BSE.

The scrip opened at Rs. 210.00 and has touched a high and low of Rs. 224.00 and Rs. 210.00 respectively. So far 1500 shares were traded on the counter.

The BSE group 'M' stock of face value Rs. 10 has touched a 52 week high of Rs. 263.00 on 25-Apr-2018 and a 52 week low of Rs. 166.00 on 10-Oct-2018.

Last one week high and low of the scrip stood at Rs. 224.00 and Rs. 200.00 respectively. The current market cap of the company is Rs. 87.98 crore.

The promoters holding in the company stood at 71.29%, while Non-Institutions held 28.71% stake in the company.

Meera Industries has secured prestigious order worth Rs 1.68 crore from Creative Textile for Carpet Cabler / Twister Machine. The company’s Cabler / Twister will be used to produce premium quality carpet yarn for wall to wall and contract carpets basically made of polyester, PP and Nylon BCF yarns.

Meera Industries is engaged in the manufacturing of Yarn Twisting, Winding and Heat-Setting Machine for textile industries. The company’s products are sold under the brand name ‘MEERA’.

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 23-Apr-2019
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
Meera Industries secures export order from new countries 02-Apr-2019

Meera Industries has secured new orders from China, Brazil and Mexico. These countries are the new addition in the company’s ‘Exporting to Countries List’. Before this addition the company’s global presence was in 23 Countries, addition of these three have taken the tally to 26 Countries in which the company will export.

Due to the company’s innovative and futuristic technology it got its first entry in Chinese Textile Machinery market which is known to be dominated mostly by western world countries. Export to China, Brazil and Mexico will further strengthen company’s Brand Value worldwide.

Meera Industries is engaged in the manufacturing of Yarn Twisting, Winding and Heat-Setting Machine for textile industries. The company’s products are sold under the brand name ‘MEERA’.

Meera Industries informs about board meeting 25-Mar-2019

Meera Industries has informed that the meeting of the Board of Directors of the Company is scheduled on 29/03/2019 to consider and approve Various appointments in respect of Further Public Issue and Any other items with the permission of chair.

The above information is a part of company’s filings submitted to BSE.

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