Maruti Interior Products Share price and Fundamental Analysis

Company History

Maruti Interior Products Ltd was incorporated as 'Ravi Bearings Private Limited' on February 14, 1997 at Rajkot, Gujarat as a Private Limited Company under Companies Act, 1956 with RoC, Ahmedabad. Subsequently, the name of the Company was changed to Maruti Interior Products Private Limited vide Special Resolution passed by the Shareholders of Company in their meeting held on April 04, 2000 and fresh Certificate of Incorporation consequent to change in name was granted to company on May 12, 2000, by Registrar of Companies, Ahmedabad. The name of Company was subsequently changed to 'Maruti Interior Products Limited' pursuant to a Special Resolution passed by Shareholders of the Company at Extra Ordinary General Meeting held on October 20, 2021. A fresh Certificate of Incorporation consequent upon change of name was issued on November 9, 2021 by Registrar of Companies, Ahmedabad.

In year 2000, the Company began its journey with the manufacturing of Modular Kitchen Accessories & Storage Solutions. The first two years were in business of manufacturing M.S. Wire based products. However, as time passed and with growing market demand, it expanded business from M.S. Wire based products to Stainless Steel products. The Company incorporated innovative design solutions at various levels which not only improved quality of products but also met client's expectations at every level.

The Company is engaged in manufacturing and domestic sale & export of modular kitchen storage system and accessories,aluminium long wardrobe handle & profile handle. There are two categories of kitchen storage accessories - Solid Base Range and Wire Base Range. Both product ranges included Vertical Storages, Corner Storages,Drawer Pull Outs, Mid Way Accessories, Drawer Organisers, Portable Storage Products, Wardrobe Storage Accessories, Wardrobe Handles, Main Door Handles, Cabinet Handles, Profile Handles, Wooden Handles, etc. It has an in-house team of designers who look after, product development and quality control. All products manufactured by the Company are designed in-house and tested to maintain their quality standards.

The Company has ventured into the manufacturing of customized Wire Racks, Oven Wire Grills, Custom Wire Formed products & components,Laser Cutting Components, etc. At present, it manufactures more than 400 products in 2 brands recognised as Everyday Kitchen Storage Accessories' & Spitze by Everyday'. The Company manufacture products for many multinational companies (MNCs) as well. Simultaneously, it supports customer from designing-development to end products.

The Company's factory is spread across approx. 1,00,000 sq. ft in Gujarat. It has more than 300 dealers and 25 distributors PAN India. Having distributors in Uganda; the Company is in process of tying up for oven wire shelf with one of the company in Austria. The production facility is located 15 Km away from the city of Rajkot, Gujarat. It is spread over an area of 7000 yards. This facility includes 4000 yards of manufacturing unit, 3000 yards of packed stock and 2500 square feet of showroom. This production process is certified by TUV Nord. Apart from being a strong production facility, it is backed by active environmental protection. The Company ensures the waste is low, there is least toxic pollution, that directly results in economic and environmental advantages for customers by reducing energy and materials.

A modular kitchen encompasses a range of fixtures and cabinets assembled to facilitate effective usage of kitchen space. A modular kitchen normally consists of wooden cabinets, countertops, internal accessories including built-in covered baskets and household and kitchen appliances such as a washbasin, dishwasher, chimney, cooking range/ stove and microwave oven. It is custom-designed and customers can choose from a variety of options, features, colors and patterns

The Company include 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 workshop. They have in house testing laboratory which includes machines like rapid salt spray testing machine,plating thickness tester and chemical content checker, etc.

The Company has a wide range of product offerings for different customer segments. The brand 'Everyday Kitchen' is focused on economic range of products, while other brand 'Spitze' by Everyday offers premium products. Apart from company's own branded products, it manufactures products for big companies like Godrej, Hafele India, Kaff Appliances, Walmart, Homelane, Livespace, Spacewood, etc. All the products manufactured are designed in-house and the Company has marketing and distribution network across India. It has an online presence selling direct to customers via online, e-commerce platforms like Amazon and Flipkart. With an eye on the direct customers, the company has also developed Do it yourself (DIY) products. It manufacture products for other companies on OEM basis also.

In future, the Company plans to install automatic Nickel/ Chrome Plating Plant and Powder Coating Plant. It wants to add more machines related to wire and sheet metal products like ROBOT Welding for majority of products. They want to make modification in existing shed with area of 20000 sq ft. and introduce wardrobe hardware like sliding door fittings. They are 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 straightener, hair cutting equipment etc. and once they get a good grip on it, will gradually introduce big appliances like Chimneys, In built ovens, dishwashers, cooktops, induction tops, etc. Apart from kitchen and wardrobe field, they are planning to launch a premium brand in segment of DENIM & Eye Wear Products (Garment & Fashion Industry) 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.