Ethics Commercials Private Ltd
About Ethics Commercials Private Ltd
Data last updated:
Ethics Commercials Private Ltd is a private limited company based in Kolkata, West Bengal, India. It operates in the textile and fabric production segment of the manufacturing sector. It was incorporated on 12 July 1985 and has been in existence for over 41 years.
The company is registered with the Registrar of Companies (ROC), Kolkata, under CIN U51502WB1985PTC039193. Its GSTIN is 19AAACE5955D1ZN (West Bengal). The company holds 4 GST registrations, of which 2 are active.
The company has an authorised share capital of ₹6 Cr and a paid-up capital of ₹64.33 Lakh. It is led by directors including Varun Shah (Managing Director) and Shreshtha Shah.
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 Kolkata, West Bengal.
As per the financials filed for FY 2022, the company reported a revenue of ₹5.06 Cr, a decline of 85% compared to the previous year. For the same year it recorded a net loss of ₹1.41 Cr (net margin -27.8%) and EBITDA of -₹98.89 Lakh (EBITDA margin -19.5%). Revenue has declined at a compounded annual rate (CAGR) of 46% over three years and 33% over five years.
As per MCA filings, the company has open charges of ₹5.36 Cr and satisfied charges of ₹2 Cr on record. Court records list 6 cases involving the company, including 4 filed by the company and 2 filed against it; 2 cases are pending.
The current compliance status is marked as compliant by the Registrar of Companies.
Company details
CIN history
Ethics Commercials has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is U51502WB1985PTC039193, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U51502WB1985PTC039193 | Current |
| L51502WB1985PLC039193 | Previous |
| U51502WB1985PLC039193 | Previous |
Contact details
Ethics Commercials Private Ltd's registered office is in Kolkata, West Bengal.
- Registered Address53, Sarat Bose Road, Kolkata, West Bengal, India – 700025
- IndustryManufacturing, Textile & Fabric Production
- 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
Financials of Ethics Commercials Private Ltd
FY 2025 filings availableEthics Commercials Private Ltd reported revenue of ₹5.06 Cr (down 85% YoY) for FY 2022.
Compounded Annual Growth Rate (CAGR)
Revenue has declined at a compounded annual rate (CAGR) of 33% over five years, including a 85% fall 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 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 | FY 2017-18 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | |||||
| Other Income | |||||
| Total Revenue | ₹5.06 Cr | ||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | -₹98.89 Lakh | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | -₹1.41 Cr | ||||
| Balance Sheet | |||||
| Share Capital | |||||
| Reserves and Surplus | |||||
| Net Worth (Total Equity) | |||||
| Long-term Borrowings | |||||
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| Trade Payables | |||||
| Total Liabilities | |||||
| Fixed Assets | |||||
| Investments | |||||
| Inventories | |||||
| Trade Receivables | |||||
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| Total Assets | |||||
Financial Ratios
| Metrics | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 | FY 2017-18 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | -19.5% | ||||
| Net Profit Margin | -27.8% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
| Liquidity and Debt | |||||
| Current Ratio | |||||
| Quick Ratio | |||||
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| Efficiency and Growth | |||||
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| Receivable Days | |||||
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| Revenue Growth | |||||
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To see the full financial statements and ratios of Ethics Commercials Private Ltd, buy the company report.
Board of directors of Ethics Commercials Private Ltd
Ethics Commercials has 3 current directors and 19 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Shreshtha Shah | Director | 06 Jan 2022 | 4 Years 9 Months | Current |
| Varun Shah | Managing Director | 14 Aug 2018 | 8 Years 2 Months | Current |
| Mundhra Narottam | Director | 15 May 2019 | 7 Years 5 Months | Current |
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 18 Jun 2025 | 101110660 | Hdfc Bank Limited | ₹1.79 Cr | Open | |
| 28 Jan 2020 | 100325094 | Others | ₹3.57 Cr | Open | |
| 14 Sep 2017 | 100138876 | Axis Bank Limited | ₹2 Cr | Satisfied |
To see the full charge records of Ethics Commercials Private Ltd, buy the company report.
Total charge records: 3 View all charges
Legal cases
Ethics Commercials Private Ltd has 6 court cases on record: 4 filed by Ethics Commercials, 2 filed against it. 2 cases are pending and 4 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 5 | 2 | 1 |
| District courts | 1 | 0 | 1 |
Cases on record (5 of 6)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Calcutta, West Bengal | Court case (TS) | Filed by the company against The Hanuman Estates Limited and 1 other | Pending |
| High Court | Company petition | Filed by the company against Ethics Nirman Pvt. Ltd. | Disposed |
| High Court | Appeal | Filed against the company by Chamundi Fabrics Pvt. Ltd. | Disposed |
| High Court | Appeal | Filed against the company by Jasmine Distributors Pvt.Ltd.&Ors | Disposed |
| Calcutta High Court | Writ petition | Filed by the company against Union of India and Others | Pending |
To see the full case history of Ethics Commercials Private Ltd, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Ethics Commercials Private Ltd; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
GST
Ethics Commercials has 4 GST registrations: 2 active and 2 cancelled or inactive.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 19AAACE5955D1ZN | West Bengal | Active | 01 Jul 2017 |
| 29AAACE5955D1ZM | Karnataka | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Ethics Commercials Private Ltd, buy the company report.
Recent activity
Ethics Commercials Private Ltd has 22 board changes on record since 2007: 3 appointments and 19 cessations. The latest: Shreshtha Shah ceased to be Additional Director on 29 Sep 2023.
17 earlier events are in the company report.
Frequently asked questions
Ethics Commercials is an active private limited company based in Kolkata, West Bengal, India. The company works in textile and fabric production, within the manufacturing industry. It was incorporated on 12 July 1985 (41+ years old) and is registered under CIN U51502WB1985PTC039193.
Ethics Commercials has 3 current directors:
- Varun Shah - Managing Director
- Shreshtha Shah - Director
- Mundhra Narottam - Director
The latest financial statements of Ethics Commercials 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 2015 are in the company report.
The GSTIN of Ethics Commercials is 19AAACE5955D1ZN, registered in West Bengal. The company has 4 GST registrations in all, of which 2 are active and 2 are cancelled or inactive. Other active GSTINs include 29AAACE5955D1ZM (Karnataka).
The CIN (Corporate Identification Number) of Ethics Commercials is U51502WB1985PTC039193. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Ethics Commercials has 6 court cases on record: 4 filed by the company and 2 filed against it. 2 are pending. Most are in the high courts.
Ethics Commercials was incorporated on 12 July 1985, making it 41+ years old. It is registered with the Registrar of Companies, Kolkata.
Shreshtha Shah ceased to be Additional Director on 29 Sep 2023. Abhinay Todi ceased to be Additional Director on 01 Jul 2023. Manu Rustagi ceased to be Additional Director on 01 Jul 2023. Ethics Commercials has 22 board changes on record in total.
The registered office of Ethics Commercials is at 53, Sarat Bose Road, Kolkata, West Bengal, India – 700025.
Ethics Commercials operates in the manufacturing industry, in the textile and fabric production segment.