MSME (Udyam registered) Ministry of MSME
- Category
- Medium (2024-25)
- Udyam number
- UDYAM-GJ-22-0051601
Believe International Limited - pharma in Mangrol, Gujarat, India. FY 2026 financials & compliance.
Revenue · FY 2025
₹200.99 Cr
▲ 22% YoY
Net profit · FY 2025
₹4.32 Cr
Net margin 2.2%
EBITDA · FY 2025
₹13.06 Cr
EBITDA margin 6.5%
Authorised capital
₹9.7 Cr
Registered with MCA
Paid-up capital
₹6.18 Cr
Issued & subscribed
Open charges
₹45.2 Cr
Secured borrowings
Company age
15 yrs
Est. 2011
Employees · EPFO
422
Provident fund records
About Believe International Limited
Data last updated:
Believe International Limited is a public limited company based in Mangrol, Gujarat, India. It operates in the drug formulation and development segment of the pharmaceuticals sector. It was incorporated on 30 December 2011 and has been in existence for over 15 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U51101GJ2011PLC068446. Its GSTIN is 24AAECB9101G1Z3 (Gujarat). The company holds 7 GST registrations, all of them active.
The company has an authorised share capital of ₹9.7 Cr and a paid-up capital of ₹6.18 Cr. It was formerly known as Believe International Private Limited. It is led by directors including Hiral Rasikbhai Vaghasiya and Mihirkumar Atulbhai Sojitra.
Its last annual general meeting (AGM) was held on 14 August 2024, and its latest financial statements are for the year ended 31 March 2024. The registered office is at Block No 497 Village Mahuvej, Taluka Ta.Mangrol Dist. Surat, Gujarat, India – 394125.
As per the financials filed for FY 2025, the company reported a revenue of ₹200.99 Cr, a growth of 22% compared to the previous year. For the same year it recorded a net profit of ₹4.32 Cr (net margin 2.2%) and EBITDA of ₹13.06 Cr (EBITDA margin 6.5%). Revenue has grown at a compounded annual rate (CAGR) of 48% over three years and 100% over five years.
The company has about 422 employees on its provident fund (EPFO) records.
As per MCA filings, the company has open charges of ₹45.2 Cr on record. The company has 5 deals on record (2 rights issues, 2 secondary share transfers, 1 funding round), with disclosed funding of ₹3.5 Cr; the latest was in March 2024.
Believe International Limited is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-GJ-22-0051601). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website believeintl.com.
Company details
CIN U51101GJ2011PLC068446
Registration Number 068446
Incorporation Date 30 December 2011
ROC Ahmedabad
Listing Status Unlisted
Company Status Active
Date of Last AGM 14 August 2024
Date of Balance Sheet 31 March 2024
Compliance Status Active Compliant
MSME Classification Medium
Udyam Registration UDYAM-GJ-22-0051601
CIN history
Believe International has one previous CIN (Corporate Identification Number): U51101GJ2011PTC068446. The current CIN is U51101GJ2011PLC068446, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U51101GJ2011PLC068446 | Current |
| U51101GJ2011PTC068446 | Previous |
Key People
Hiral Rasikbhai Vaghasiya Director Mihirkumar Atulbhai Sojitra Director Divyang Dhanjibhai Vadi Director Recognitions & Rankings of Believe International
Contact details
Believe International Limited's registered office is in Mangrol, Gujarat. Its website is believeintl.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressBlock No 497 Village Mahuvej, Taluka Ta.Mangrol Dist. Surat, Gujarat, India – 394125
- IndustryPharma, Drug Formulation & Development
To see the full contact details of Believe International Limited, buy the company report.
Comprehensive company report
Believe International Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
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Business activity
The main business activity of Believe International is trade. In detail, this covers wholesale trading.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| G | Trade | G1 | Wholesale Trading |
To see the full business activity and turnover split of Believe International Limited, buy the company report.
Financials of Believe International Limited
FY 2024 filings availableBelieve International Limited reported revenue of ₹200.99 Cr (up 22% YoY) for FY 2025.
Revenue · FY 2025
₹200.99 Cr ▲ 22%
Net profit · FY 2025
₹4.32 Cr margin 2.2%
EBITDA · FY 2025
₹13.06 Cr margin 6.5%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 22%
3 years · compounded
▲ 48%
5 years · compounded
▲ 100%
EBITDA CAGR growth
1 year
▲ 48%
3 years · compounded
▲ 155%
5 years · compounded
▲ 244%
Revenue has grown at a compounded annual rate (CAGR) of 100% over five years, including 22% growth in the latest year. EBITDA rose 48% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
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| Total Expenses | |||||
| EBITDA | ₹13.06 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹4.32 Cr | ||||
| Balance Sheet | |||||
| Share Capital | |||||
| Reserves and Surplus | |||||
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Financial Ratios
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 6.5% | ||||
| Net Profit Margin | 2.2% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
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| Receivable Days | |||||
| Payable Days | |||||
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To see the full financial statements and ratios of Believe International Limited, buy the company report.
Board of directors of Believe International Limited
Believe International has 6 current directors and 5 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Hiral Rasikbhai Vaghasiya Also directs: Pace E-Commerce Ventures Limited | Director | 30 Sep 2023 | 3 Years 1 Months | Current |
| Mihirkumar Atulbhai Sojitra | Director | 30 Sep 2023 | 3 Years 1 Months | Current |
| Divyang Dhanjibhai Vadi Also directs: Eight Star Pharma Private Limited, Believe Pharma Private Limited, Believe Lifescience Private Limited and 2 more | Director | 30 Dec 2011 | 14 Years 10 Months | Current |
| Ashish Hasmukh Shah | Director | 26 Dec 2018 | 7 Years 10 Months | Current |
| Rajni Babulal Mungra Also directs: Eight Star Pharma Private Limited, Believe Lifescience Private Limited, Green Wellness LLP and 1 more | Director | 30 Dec 2011 | 14 Years 10 Months | Current |
| Hiral Ashokbhai Vadodariya | Director | 30 Sep 2025 | 1 Years 1 Months | Current |
Auditor
Believe International Limited is audited by VSSK & CO. for the financial year 2024.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| VSSK & CO. | FY 2024 | 142999W |
Shareholding
The shareholding of Believe International Limited is on record for 5 financial years, the latest being FY 2024, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Believe International Limited, buy the company report.
Charges & borrowings
Open charges
₹45.2 Cr
Satisfied charges
None
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 29 Feb 2024 | 100879052 | Others | ₹10 Cr | Open | |
| 22 Jan 2024 | 100858949 | Hdfc Bank Limited | ₹1.2 Cr | Open | |
| 16 Feb 2022 | 100540172 | State Bank of India | ₹34 Cr | Open |
To see the full charge records of Believe International Limited, buy the company report.
Total charge records: 3 View all charges
Deals & funding
Believe International Limited has 5 deals on record (2 rights issues, 2 secondary share transfers, 1 funding round), with disclosed funding of ₹3.5 Cr; the latest was in March 2024.
Total deals
5
Rights issues
2
Secondary share transfers
2
Funding round
1
Disclosed funding
₹3.5 Cr
Deals on record (4 of 5)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jun 2021 | Rights issue | ₹1 Cr | Investors: 3 individuals |
| Feb 2019 | Rights issue | ₹86.4 Lakh | Investors: 3 individuals |
| Dec 2018 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Sep 2012 | Secondary share transfer | Undisclosed | Buyer: 3 individuals Seller: 3 individuals |
To see the full deal history of Believe International Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
No court or tribunal cases involving Believe International Limited are on our record; a case search with case numbers, parties and status is in the company report Buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Believe International Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Employees & EPFO
Believe International Limited has a workforce of 422 employees on its EPFO records as of Feb 17, 2025, across 1 active EPFO establishment.
Employee count
422
Active EPFO establishments
1
Employee growth
40.2%
GST
Believe International has 7 GST registrations: 7 active. The first 4 active GSTINs are listed below.
Total GSTINs
7
Active
7
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAECB9101G1Z3 | Gujarat | Active | 01 Jul 2017 |
| 10AAECB9101G1ZC | Bihar | Active | 13 Aug 2021 |
| 27AAECB9101G1ZX | Maharashtra | Active | 01 Jun 2022 |
| 29AAECB9101G1ZT | Karnataka | Active | 04 Sep 2023 |
To see the full GST registrations and return filing status of Believe International Limited, buy the company report.
Recent activity
Believe International Limited has 11 board changes on record since 2011: 6 appointments and 5 cessations. The latest: Hiral Ashokbhai Vadodariya was appointed as Director on 30 Sep 2025.
Appointed
Hiral Ashokbhai Vadodariya was appointed as Director.
AGM
Believe International Limited last Annual general meeting of members was held on 14 Aug 2024 as per latest MCA records.
Charges
A charge with Others of Rs. 10.00 Cr registered on 29 Feb 2024 with Charge ID 100879052 was modified on 24 May 2024.
Filing
Believe International Limited has filed its annual Financial statements for the year ended 31 Mar 2024 with Roc Ahmedabad.
Charges
A charge with Others amounted to Rs. 10.00 Cr with Charge ID 100879052 was registered on 29 Feb 2024.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 1.20 Cr with Charge ID 100858949 was registered on 22 Jan 2024.
Appointed
Hiral Rasikbhai Vaghasiya was appointed as Director.
Appointed
Mihirkumar Atulbhai Sojitra was appointed as Director.
Charges
A charge with State Bank Of India of Rs. 34.00 Cr registered on 16 Feb 2022 with Charge ID 100540172 was modified on 23 Aug 2023.
Charges
A charge with State Bank Of India amounted to Rs. 34.00 Cr with Charge ID 100540172 was registered on 16 Feb 2022.
Ceased
Ashish Hasmukh Shah ceased to be Additional Director.
Appointed
Ashish Hasmukh Shah was appointed as Director.
7 earlier events are in the company report.
Frequently asked questions
Believe International is an active public limited company based in Mangrol, Gujarat, India. The company works in drug formulation and development, within the pharma industry. It was incorporated on 30 December 2011 (15+ years old) and is registered under CIN U51101GJ2011PLC068446.
Believe International has 6 current directors:
- Hiral Rasikbhai Vaghasiya - Director
- Mihirkumar Atulbhai Sojitra - Director
- Divyang Dhanjibhai Vadi - Director
- Ashish Hasmukh Shah - Director
- Rajni Babulal Mungra - Director
- Hiral Ashokbhai Vadodariya - Director
The latest financial statements of Believe International on record with the MCA are for the year ended 31 March 2024. Its last annual general meeting was held on 14 August 2024. Year-wise statements from 2015 are in the company report.
The GSTIN of Believe International is 24AAECB9101G1Z3, registered in Gujarat. The company has 7 GST registrations in all, of which 7 are active. Other active GSTINs include 10AAECB9101G1ZC (Bihar), 27AAECB9101G1ZX (Maharashtra), 29AAECB9101G1ZT (Karnataka).
The CIN (Corporate Identification Number) of Believe International is U51101GJ2011PLC068446. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Believe International was incorporated on 30 December 2011, making it 15+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Believe International has 5 deals on record (2 rights issues, 2 secondary share transfers, 1 funding round), with disclosed funding of ₹3.5 Cr; the latest was in March 2024.
Hiral Ashokbhai Vadodariya was appointed as Director on 30 Sep 2025. Hiral Rasikbhai Vaghasiya was appointed as Director on 30 Sep 2023. Mihirkumar Atulbhai Sojitra was appointed as Director on 30 Sep 2023. Believe International has 11 board changes on record in total.
Yes, Believe International is registered as a medium enterprise under Udyam registration (number: UDYAM-GJ-22-0051601).
Believe International can be reached through the website believeintl.com. Its registered office is in Mangrol, Gujarat, India.
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