Ethical Merchants Private Limited

Ethical Merchants Private Limited - metals and minerals in Asansol, West Bengal, India. FY 2026 financials & compliance.
CIN U46909WB2020PTC241359 Incorporated 18 November 2020 ROC Kolkata HQ Asansol, West Bengal, India
Active Private Limited Company metals and minerals MSME · Small
Data last updated
Revenue · FY 2025
₹35.6 Cr
▲ 40% YoY
Net profit · FY 2025
₹21.06 Lakh
Net margin 0.6%
EBITDA · FY 2025
₹70.04 Lakh
EBITDA margin 2%
Authorised capital
₹10 Lakh
Registered with MCA
Paid-up capital
₹10 Lakh
Issued & subscribed
Open charges
₹10.2 Cr
Secured borrowings
Company age
6 yrs
Est. 2020
Directors on board
3
As per MCA filings

About Ethical Merchants Private Limited

Data last updated:

Ethical Merchants Private Limited is a private limited company based in Asansol, West Bengal, India. It operates in the materials retail and distribution segment of the metals and mining sector. It was incorporated on 18 November 2020 and has been in existence for over 6 years.

The company is registered with the Registrar of Companies (ROC), Kolkata, under CIN U46909WB2020PTC241359. Its GSTIN is 19AAGCE2292R1ZW (West Bengal).

The company has an authorised share capital of ₹10 Lakh and a paid-up capital of ₹10 Lakh. It is led by directors including Bimal Kumar Narnolia and Ajay Agarwal.

Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Floor – Ground Floor Apartment – Bani Park Road – Lower Chelidanga Road, Asansol, West Bengal, India – 713304.

As per the financials filed for FY 2025, the company reported a revenue of ₹35.6 Cr, a growth of 40% compared to the previous year. For the same year it recorded a net profit of ₹21.06 Lakh (net margin 0.6%) and EBITDA of ₹70.04 Lakh (EBITDA margin 2%). Revenue has grown at a compounded annual rate (CAGR) of 62% over three years.

As per MCA filings, the company has open charges of ₹10.2 Cr on record.

Ethical Merchants Private Limited is registered as a small enterprise under the Udyam registration framework (Reg. No. UDYAM-WB-23-0006765).

Company details

CIN U46909WB2020PTC241359
Registration Number 241359
Incorporation Date 18 November 2020
ROC Kolkata
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2025
Date of Balance Sheet 31 March 2025
MSME Classification Small
Udyam Registration UDYAM-WB-23-0006765

CIN history

Ethical Merchants has one previous CIN (Corporate Identification Number): U74999WB2020PTC241359. The current CIN is U46909WB2020PTC241359, which is the unique identifier assigned by the Registrar of Companies.

CINStatus
U46909WB2020PTC241359Current
U74999WB2020PTC241359Previous
Key People
Bimal Kumar Narnolia Director Ajay Agarwal Director Akash Agarwal Director

Recognitions & Rankings of Ethical Merchants

MSME (Udyam registered) Ministry of MSME
Category
Small (2024-25)
Udyam number
UDYAM-WB-23-0006765

Contact details

Ethical Merchants Private Limited's registered office is in Asansol, West Bengal.

  • Registered Address
    Floor – Ground Floor Apartment – Bani Park Road – Lower Chelidanga Road, Asansol, West Bengal, India – 713304
  • Industry
    Metals and Minerals, Materials Retail & Distribution
Comprehensive company report
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  • Charges with holder and property details
  • Legal cases, compliance and MCA filings
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Business activity

The main business activity of Ethical Merchants is wholesale and retail trade; repair of motor vehicles and motorcycles. In detail, this covers wholesale trade, except of motor vehicles and motorcycles.

Main activity group codeMain activityBusiness activity codeBusiness activityShare of turnover
GWholesale and retail trade; repair of motor vehicles and motorcycles46Wholesale trade, except of motor vehicles and motorcycles

To see the full business activity and turnover split of Ethical Merchants Private Limited, buy the company report.

Financials of Ethical Merchants Private Limited

FY 2025 filings available

Ethical Merchants Private Limited reported revenue of ₹35.6 Cr (up 40% YoY) for FY 2025.

Revenue · FY 2025
₹35.6 Cr ▲ 40%
Net profit · FY 2025
₹21.06 Lakh margin 0.6%
EBITDA · FY 2025
₹70.04 Lakh margin 2%

Compounded Annual Growth Rate (CAGR)

Revenue CAGR growth
1 year
▲ 40%
3 years · compounded
▲ 62%
EBITDA CAGR growth
1 year
▲ 122%
3 years · compounded
▲ 90%

Revenue has grown at a compounded annual rate (CAGR) of 62% over three years, including 40% growth in the latest year. EBITDA rose 122% 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

MetricsFY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21
Profit and Loss Statement
Revenue from Operations
Other Income
Total Revenue
Cost of Materials Consumed
Employee Benefit Expense
Finance Costs
Depreciation and Amortisation
Other Expenses
Total Expenses
EBITDA₹70.04 Lakh
Profit Before Tax
Tax Expense
Net Profit (PAT)₹21.06 Lakh
Balance Sheet
Share Capital
Reserves and Surplus
Net Worth (Total Equity)
Long-term Borrowings
Short-term Borrowings
Trade Payables
Total Liabilities
Fixed Assets
Investments
Inventories
Trade Receivables
Cash and Bank Balance
Total Assets

Financial Ratios

MetricsFY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21
Profitability
EBITDA Margin2%
Net Profit Margin0.6%
Return on Equity (ROE)
Return on Capital Employed (ROCE)
Return on Assets (ROA)
Liquidity and Debt
Current Ratio
Quick Ratio
Debt-to-Equity Ratio
Interest Coverage Ratio
Efficiency and Growth
Asset Turnover
Receivable Days
Payable Days
Inventory Days
Revenue Growth
Net Profit Growth

To see the full financial statements and ratios of Ethical Merchants Private Limited, buy the company report.

Board of directors of Ethical Merchants Private Limited

Ethical Merchants has 3 current directors and 3 former directors. Current directors are listed first, with their designation and appointment date.

Current Directors
NameDesignationAppointment DateTenureStatus
Bimal Kumar Narnolia
Also directs: Ferroedge Metals Private Limited, HTV International Private Limited
Director18 Nov 20205 Years 11 MonthsCurrent
Ajay Agarwal
Also directs: Youthstar Vanijya Private Limited
Director18 Nov 20205 Years 11 MonthsCurrent
Akash AgarwalDirector05 Mar 20251 Years 8 MonthsCurrent
View all directors

Charges & borrowings

Open charges
₹10.2 Cr
Satisfied charges
None
Breakdown by lending institutions
Axis Bank Limited₹8.96 Cr
Others₹1.03 Cr
Hdfc Bank Limited₹0.21 Cr
Latest charge details
DateCharge IDLenderAmountStatusModified or satisfied on
06 Nov 2025101179562Others₹1.03 CrOpen
22 Aug 2025101148268Axis Bank Limited₹45.72 LakhOpen
08 Jul 2024100986469Hdfc Bank Limited₹20.65 LakhOpen
14 Jun 2024100941406Axis Bank Limited₹8.5 CrOpen

To see the full charge records of Ethical Merchants Private Limited, buy the company report.

Total charge records: 4 View all charges

MSME payment delays

No delayed payments to MSME suppliers are on our record for Ethical Merchants Private Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.

GST

Ethical Merchants has 1 GST registration: 1 active.

Total GSTINs
1
Active
1
GSTINStateStatusRegistered on
19AAGCE2292R1ZWWest BengalActive27 Oct 2021

To see the full GST registrations and return filing status of Ethical Merchants Private Limited, buy the company report.

Recent activity

Ethical Merchants Private Limited has 6 board changes on record since 2020: 3 appointments and 3 cessations. The latest: Akash Agarwal ceased to be Director on 18 Oct 2025.

Charges
A charge with Others amounted to Rs. 103.46 Lakh with Charge ID 101179562 was registered on 06 Nov 2025.
Ceased
Akash Agarwal ceased to be Director.
AGM
Ethical Merchants Private Limited last Annual general meeting of members was held on 30 Sep 2025 as per latest MCA records.
Charges
A charge with Axis Bank Limited amounted to Rs. 45.72 Lakh with Charge ID 101148268 was registered on 22 Aug 2025.
Charges
A charge with Axis Bank Limited of Rs. 850.00 Lakh registered on 14 Jun 2024 with Charge ID 100941406 was modified on 03 Jun 2025.
Filing
Ethical Merchants Private Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Kolkata.
Appointed
Akash Agarwal was appointed as Director.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 20.65 Lakh with Charge ID 100986469 was registered on 08 Jul 2024.
Charges
A charge with Axis Bank Limited amounted to Rs. 850.00 Lakh with Charge ID 100941406 was registered on 14 Jun 2024.
Ceased
Pradeep Bajoria ceased to be Director.
Ceased
Sanjay Bajoria ceased to be Director.
Appointed
Ajay Agarwal was appointed as Director.

2 earlier events are in the company report.

Frequently asked questions

Ethical Merchants is an active private limited company based in Asansol, West Bengal, India. The company works in materials retail and distribution, within the metals and minerals industry. It was incorporated on 18 November 2020 (6+ years old) and is registered under CIN U46909WB2020PTC241359.

Ethical Merchants has 3 current directors:

The latest financial statements of Ethical Merchants on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 30 September 2025. Year-wise statements from FY 2021 are in the company report.

The GSTIN of Ethical Merchants is 19AAGCE2292R1ZW, registered in West Bengal.

The CIN (Corporate Identification Number) of Ethical Merchants is U46909WB2020PTC241359. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.

Ethical Merchants was incorporated on 18 November 2020, making it 6+ years old. It is registered with the Registrar of Companies, Kolkata.

Akash Agarwal ceased to be Director on 18 Oct 2025. Akash Agarwal was appointed as Director on 05 Mar 2025. Pradeep Bajoria ceased to be Director on 25 Mar 2022. Ethical Merchants has 6 board changes on record in total.

Yes, Ethical Merchants is registered as a small enterprise under Udyam registration (number: UDYAM-WB-23-0006765).

The registered office of Ethical Merchants is at Floor – Ground Floor Apartment – Bani Park Road – Lower Chelidanga Road, Asansol, West Bengal, India – 713304.

Ethical Merchants operates in the metals and minerals industry, in the materials retail and distribution segment.