Promoter holding
64.27%
MP
Merlin Projects Ltd. - Due diligence report
A 360° intelligence report on Merlin Projects: trust score, financial health, credit view, compliance, directors, growth and distress signal…
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Merlin Projects — 360° Intelligence Report
Generated from MCA filings & public records87/100
Trust Score
Low Risk
Merlin Projects is assessed as Low Risk with a Trust Score of 87/100. Merlin Projects is an active public limited indian non-government company incorporated in 1984, operating in the Real Estate and Construction sector. The company has shown revenue growth across its recent filed years. It was profitable in its latest filed year. Based on MCA filings and public records, it currently shows a moderate compliance risk and low financial risk profile.
Report generated on 29 Jun 2026 from the latest processed filings. Merlin Projects Ltd. snapshot & full profile →
Automated indicators derived from public MCA / GST / EPFO records - not a credit rating, not investment, legal or financial advice. Spotted an inaccuracy? Report an error.
02
Score Card
Higher is safer · rule-based & explainableTrust ScoreLow Risk
87/100
Overall counterparty trust - the headline number of this report.
Compliance ScoreModerate
70/100
Statutory standing - status, filings, auditor, MSME and litigation.
Financial Health ScoreLow Risk
95/100
Profitability, leverage and liquidity from filed statements.
Credit Risk ScoreModerate
60/100
Debt capacity, gearing and security cover for lenders.
Director Stability ScoreLow Risk
90/100
Board strength, DIN status, churn and network.
Growth ScoreLow Risk
95/100
Revenue, profit, asset and hiring momentum.
Distress ScoreLow Risk
90/100
Early-warning signals - higher means fewer warnings.
03
Financial Intelligence Dashboard
Consolidated · 5 filed year(s)Unlock the full 5-year financial dashboard with charts and year-wise figures.
Get full accessScores and observations on this page are already computed from the real filings - only the underlying figures are locked.
04
Credit & Compliance Intelligence
Why the scores are what they are
Credit Risk Score: 60/100 Moderate
- Liabilities ≈ 38% EBITDA - stretched.
- Open charges exceed net worth - secured lenders rank ahead.
- Moderate gearing (D/E 1.42).
- Working-capital cover adequate.
- Profitable - internal accruals available.
- Externally credit-rated (A).
Charges position: 18 open (1,256.11 cr) · 33 satisfied (1,116.08 cr).
Banking relationships (from registered charges)
| Lender | Charges | Amount |
|---|---|---|
| Others | 17 | 48.0 cr |
| State Bank Of India | 7 | 48.0 cr |
| Tata Capital Housing Finance Limited | 2 | 48.0 cr |
| Hdfc Bank Limited | 3 | 48.0 cr |
| Icici Bank Limited | 4 | 48.0 cr |
| Axis Bank Limited | 5 | 48.0 cr |
Compliance Score: 70/100 Moderate
- Company status is Active as per MCA.
- Annual filings current (balance sheet Mar 2025).
- Litigation present in 3 court forum(s).
- 2 auditor resignation(s) filed - latest: B. JAIN & CO. on 2017-09-26.
- 2 active GST registration(s).
Legal cases on record (3)
05
Director Intelligence
Stability score: 90/100| Name | DIN / PAN | Designation | Appointed | Tenure | DIN status |
|---|---|---|---|---|---|
| DILIP KUMAR CHOUDHARY | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| DINESH G SANGHVI | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| KHUSBOO SETHIA | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| RAJIB KUMAR DAS | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| CHARULATA KABRA | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| SUSHIL KUMAR MOHTA | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
- 6 directors on the board.
- No disqualified or deactivated DINs.
- 1 director exit(s) in the last 3 years.
- Average tenure above 5 years.
Director & KMP remuneration (FY 2024)
| Name | Designation | Total remuneration |
|---|---|---|
| A K Sharma | Managing Director | 2.4 cr |
| R Mehta | Whole-time Director | 1.6 cr |
| S Iyer | CFO | 95.0 L |
Remuneration is disclosed in the latest annual return. Unlock full report
06
Ownership & Group Intelligence
As per FY 2025 annual returnPublic / other holding
35.73%
Equity shares
12,45,67,890
Equity paid-up
124.5 cr
Promoters on record
4
Ultimate holding entity
-
Subsidiaries
-
Group entities
-
Capital events
3 allotment(s) · 1 transfer(s)
Promoters hold a majority stake - exact percentages are part of the full report.
| Group entity | Relationship | % held |
|---|---|---|
| Bengal Merlin Housing Ltd | Subsidiary Company | 74.00% |
Key managerial personnel: SUSHIL KUMAR MOHTA (Managing Director)
Full shareholding pattern, group structure & capital events →
07
Risk Intelligence Center
Growth 95 · Distress 90
Growth signals & trust indicators
Revenue acceleration: +2.1x over 4 year(s).
Profit expanded 24% year-on-year.
Asset base grew 0.86 - capacity expansion.
Net margin improved to 61%.
EPFO headcount growing - hiring signal.
Operating for 41+ years.
Active EPFO - real payroll on record.
Active GST registration(s).
Distress signals & risk flags
18 open charge(s) registered - assets are encumbered.
2 auditor resignation(s) on record - review the stated reasons.
3 court case(s) on record - see the legal section for details.
08
Stakeholder Verdicts
Vendor · Banker · InvestorVendor due diligence81/100
Favourable indicators
Suitability as a supplier / customer counterparty.
- Statutory record is clean.
- No distress signals on file.
- Financial filings available for verification.
Banker assessment73/100
Favourable lending indicators
Indicative lending comfort for banks, NBFCs and trade credit.
- Debt capacity assessed from filed statements.
- 18 open charge(s) of 1,256.11 cr already registered.
- Compliance record supports lending.
Investor view93/100
Positive growth indicators
Growth quality and scalability through an investor lens.
- 5 growth signal(s) detected.
- Margin and return trends computable from filings.
- Management team looks stable.
09
MCA Filings & Events Timeline
Latest 15 events04 Feb 2026
Charge created
Others - 300.00 cr
24 Oct 2025
Charge created
Others - 18.71 Lakh
30 Sep 2025
Last AGM held
Annual general meeting
19 Sep 2025
Charge created
Canara Bank - 1.47 cr
26 Aug 2025
Charge created
Axis Bank Limited - 127.00 cr
31 Jul 2025
Director ceased
DILIP KUMAR CHOUDHARY
11 Jul 2025
Charge created
Others - 20.00 Lakh
24 Jun 2025
Charge satisfied
Axis Bank Limited
23 Apr 2025
Charge created
Others - 13.00 Lakh
31 Mar 2025
Latest balance sheet
Filed with ROC
04 Mar 2025
Charge created
Others - 120.00 cr
31 Dec 2024
Charge satisfied
Tata Capital Housing Finance Limited
15 Jul 2024
Charge created
Others - 11.80 cr
11 Jul 2024
Charge created
Others - 50.00 cr
21 Jun 2024
Charge created
Axis Bank Limited - 2.80 cr
10
Key Observations
Auto-generated from the data aboveRevenue grew 38% over the last 4 financial year(s).
Net profit margin moved from 1.42 to 2.1x.
Debt-to-equity stands at 24% - manageable leverage.
Net worth is positive.
6 active director(s) / partner(s); board looks stable and experienced.
2 active GST registration(s) indicate ongoing business operations.
Carries an external credit rating of A from Icra.
EPFO-registered employer - verifiable payroll history exists.
Promoters hold a majority stake as per the FY 2025 annual return.
Director / KMP remuneration is disclosed in the latest annual return - exact figures available in the full report.
Capital has been raised through 3 security allotment(s) - amounts available in the full report.
| Company | CIN | Location |
|---|---|---|
| Pramegh Steel Works Private Limited | U27320MH2019PTC322941 | Nashik, Maharashtra, India |
| Jaya Vairavan Eng Co Private Limited | U51102TN2005PTC057380 | Ramnadu District 623115, Tamil Nadu, India |
| Abeco Infrastructures Private Limited | U45201UP2009PTC037121 | Lucknow, Uttar Pradesh, India |
| Ayushman Infratech Limited | L45100DL1973PLC006795 | New Delhi, Delhi, India |
| Devyansh Construction And Developers Private Limited | U70109UP2016PTC083805 | Lucknow, Uttar Pradesh, India |
| Jm Housing | U70200DL2009PLC189961 | New Delhi, Delhi, India |
| Adhiraj | U45200MH1999PTC118665 | Mumbai City, Maharashtra, India |
| Eldeco Group | U74899HR2000PLC043893 | Faridabad, Haryana, India |
12
Who Uses This Report
CA · CS · Banker · Investor · VendorChartered Accountants (CA)
Verify Merlin Projects before audits and certifications: compliance score 70/100, filing history, auditor history and charge records in one place - instead of pulling each MCA form separately.
Company Secretaries (CS)
Track statutory health of Merlin Projects: ACTIVE compliance status, annual-return recency, director DIN status, board churn and the events timeline - the inputs for secretarial audits and due-diligence certificates.
Bankers & NBFCs
Current banker verdict: Favourable lending indicators. Credit risk score 60/100, existing charge position and lender relationships - a first-pass credit memo before formal appraisal.
Investors & Analysts
Investor view: Positive growth indicators. Growth score 95/100, margin trends, ownership structure and peer set for Merlin Projects - screening before a deeper diligence.
Vendors & Procurement Teams
Vendor verdict: Favourable indicators. Trust score 87/100, distress signals and MSME payment-delay disclosures - know whether Merlin Projects pays its suppliers before you extend credit terms.
Lawyers & Compliance Teams
Litigation footprint (3 case(s) on record), regulatory flags, charge documents trail and director networks for Merlin Projects - groundwork for KYC, onboarding and disputes.
13
Frequently Asked Questions
Is Merlin Projects an active company?
Merlin Projects has MCA status “Active” with a compliance score of 70/100 (Moderate).
Is Merlin Projects financially healthy?
Merlin Projects has a Financial Health Score of 95/100 (Low Risk) based on its filed financial statements.
Should I do business with Merlin Projects?
Its overall Trust Score is 87/100 (Low Risk). Vendor verdict: Favourable indicators. Review the risk flags in the Risk Intelligence Center before deciding.
Who controls Merlin Projects?
Promoters hold a majority stake - exact percentages are in the full report. 6 active director(s) are on record.
Does Merlin Projects have loans or charges against its assets?
18 open charge(s) are registered against its assets, and 33 earlier charge(s) stand satisfied.
Is Merlin Projects up to date with its ROC filings?
Annual filings current (balance sheet Mar 2025). Overall compliance score: 70/100 (Moderate).
Is it risky to lend to Merlin Projects?
Its Credit Risk Score is 60/100 (Moderate). Banker verdict: Favourable lending indicators.
Disclaimer: This report is generated automatically from MCA filings and public records as available
in our system at the time of the last update. Scores, bands and verdicts are rule-based derived indicators of the
underlying data - they are opinions generated by an algorithm, not statements of fact about the company, and are
not credit ratings (within the meaning of SEBI regulations), audits, or investment, legal or financial advice.
Verify from official sources and consult a qualified professional before any business, lending or investment decision.
If you represent this company and believe any information is inaccurate or outdated,
report it here and we will review promptly.
