About Ethics Express Private Limited
Data last updated:
Ethics Express Private Limited is a private limited company based in Surat, Gujarat, India. It operates in the integrated logistics and supply chain solutions segment of the transport and logistics sector. It was incorporated on 09 August 2021 and has been in existence for over 5 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U60200GJ2021PTC124796. Its GSTIN is 24AAGCE5963P1Z1 (Gujarat). The company holds 2 GST registrations, all of them active.
The company has an authorised share capital of ₹1 Lakh and a paid-up capital of ₹1 Lakh. It is led by directors including Bipinbhai Ishwarbhai Kevadiya and Rajendrakumar Vallabhbhai Asodaria.
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 Shop No. 401 4th Floor International Business Centre Piplod, Surat, Gujarat, India – 395007.
As per the financials filed for FY 2024, the company reported a revenue of ₹10.53 Cr, a decline of 28% compared to the previous year. For the same year it recorded a net loss of ₹4.61 Cr (net margin -43.8%) and EBITDA of -₹4.36 Cr (EBITDA margin -41.4%).
The company has about 31 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Ethics Express.
For more details, the company can be reached via its website ethicsexpress.com.
- EmailLocked
- TelephoneLocked
- Website
- Social MediaLocked
- Registered AddressShop No. 401 4th Floor International Business Centre Piplod, Surat, Gujarat, India – 395007
- IndustryTransport and Logistics, Integrated & Diversified Logistics Services
- 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
- One PDF report, delivered after checkout
Business Activity of Ethics Express Private Limited
The main business activity of Ethics Express is transport and storage. In detail, this covers land transport via road.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| H | Transport and storage | H1 | Land Transport via Road | Locked |
Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
- Historical classifications
- Filing-level activity changes
Verified entity values are shown only after access is granted.
Financials of Ethics Express Private Limited FY 2025 filings available
Ethics Express Private Limited reported revenue of ₹10.53 Cr (down 28% YoY) for FY 2024.
Compounded Annual Growth Rate (CAGR) of Ethics Express Private Limited
Revenue fell 28% in the latest year. EBITDA fell 449% in the latest year. All are worked out from the filed statements.
Financial Statement Summary of Ethics Express Private Limited
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|
| 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 | -₹4.36 Cr | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• |
| Net Profit (PAT) | -₹4.61 Cr | •••• | •••• |
| 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 of Ethics Express Private Limited
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|
| Profitability | |||
| EBITDA Margin | -41.4% | •••• | •••• |
| Net Profit Margin | -43.8% | •••• | •••• |
| 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 | •••• | •••• | •••• |
Paid data: the figures shown as dots are available after purchase of the company report. Figures as filed with the MCA in Form AOC-4. The full year-wise statements and ratios of Ethics Express are in the company report.
Financial statements from FY 2022
Earlier years and trend charts are in the company report.
- Income statements
- Balance sheets
- Cash-flow statements
- Ratios and benchmarks
Verified entity values are shown only after access is granted.
Peer Comparison of Ethics Express Private Limited
Ethics Express Private Limited is compared with the companies closest to it by revenue in the Transport and Logistics industry (Diversified Logistics). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Msa Logistics Private Limited | ₹10.55 Cr (FY 2019) | •••• | •••• | 130.0% | •••• | Tuticorin, Tamil Nadu, India |
| Aveo Logistics Private Limited | ₹10.54 Cr (FY 2018) | •••• | •••• | 452.0% | •••• | Chembur East, Maharashtra, India |
| Ons Express & Logistics ( India ) Private Limited | ₹10.54 Cr (FY 2025) | •••• | •••• | 5.0% | •••• | Pune, Maharashtra, India |
| CFL Crossfreight Private Limited | ₹10.53 Cr (FY 2025) | •••• | •••• | 473.0% | •••• | Delhi, India |
| Sharp Global Freight Private Limited | ₹10.53 Cr (FY 2024) | •••• | •••• | 22.0% | •••• | Bangalore, Karnataka, India |
| Ethics Express Private Limited this company | ₹10.53 Cr (FY 2024) | •••• | •••• | -28.0% | •••• | Surat, Gujarat, India |
| Kobelco Logistics India Private Limited | ₹10.53 Cr (FY 2025) | •••• | •••• | 35.0% | •••• | Chennai, Tamil Nadu, India |
| Jai Tara Carriers Private Limited | ₹10.53 Cr (FY 2025) | •••• | •••• | 1.0% | •••• | Kolkata, West Bengal, India |
| Cwick Cargo Carriers Private Limited | ₹10.52 Cr (FY 2024) | •••• | •••• | -10.0% | •••• | New Delhi, Delhi, India |
| Sapphire Exim Services Private Limited | ₹10.52 Cr (FY 2024) | •••• | •••• | -28.0% | •••• | New Delhi, Delhi, India |
| Fastmile Express Private Limited | ₹10.52 Cr (FY 2022) | •••• | •••• | •••• | Bangalore, Karnataka, India |
Peers are the five companies nearest above and the five nearest below Ethics Express by revenue in the Transport and Logistics industry (Diversified Logistics), from the latest filed financials of each company. Net profit, margin and employee counts of each peer are in the company report.
Auditor Details of Ethics Express Private Limited
Ethics Express Private Limited is audited by K A R M A & Co. LLP for the financial year 2023.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| K A R M A & Co. LLP | Locked | Locked | Locked |
Complete auditor history
Appointment and cessation dates and past auditor changes are in the company report.
- Appointment status
- Appointment dates
- Cessation dates
- Auditor changes
Verified entity values are shown only after access is granted.
Board of Directors of Ethics Express Private Limited
Ethics Express has 4 current directors and 1 former director. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Bipinbhai Ishwarbhai Kevadiya Also directs: Ethics Infotech LLP, Ethics Infinity Private Limited, Ethics Creation Private Limited and 5 more | Director | 09 Aug 2021 | 5 Years 2 Months | Current |
| Rajendrakumar Vallabhbhai Asodaria Also directs: Ethics Infotech LLP, Ethics Infinity Private Limited, Ethics Creation Private Limited and 5 more | Director | 09 Aug 2021 | 5 Years 2 Months | Current |
| Chiragbhai Trikambhai Lakhani Also directs: Ethics Infotech LLP, Ethics Infinity Private Limited, Ethics Creation Private Limited and 5 more | Director | 09 Aug 2021 | 5 Years 2 Months | Current |
| Rohit V Pansara Also directs: Ethics Infotech LLP, Ethics Infinity Private Limited, Ethics Creation Private Limited and 4 more | Director | 16 Jan 2024 | 2 Years 8 Months | Current |
Ownership and Shareholding of Ethics Express Private Limited
Shareholding and ownership data
Promoter, institutional, public and beneficial ownership figures are in the company report.
- Ownership categories
- Historical changes
- Group structure
- FII and DII holdings
Verified entity values are shown only after access is granted.
Charges & Borrowings of Ethics Express Private Limited
Ethics Express Private Limited does not have any charges (loans) registered with the Registrar of Companies.
Associated Brands with Ethics Express Private Limited
Ethics Express operates one associated brand: Ethics Express. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Provides B2B, B2C, D2C logistics, warehousing, and transportation solutions in India. | ethicsexpress.com |
Employees and EPFO Compliance at Ethics Express Private Limited
Ethics Express Private Limited has a workforce of 31 employees as of Apr 09, 2024.
Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
- Monthly headcount
- PF contributions
- ECR filing status
- Establishment history
Verified entity values are shown only after access is granted.
Recent Activity on Ethics Express Private Limited
Ethics Express Private Limited has 6 board changes on record since 2021: 5 appointments and 1 cessation. The latest: Rohit V Pansara was appointed as Director on 16 Jan 2024.
Credit Ratings, Litigation & Regulatory Alerts for Ethics Express Private Limited
Credit ratings, litigation, and regulatory alerts
Credit ratings, court records and regulatory alerts are in the company report.
- Rating history
- Court and tribunal cases
- Regulatory alerts
- Director-linked violations
Verified entity values are shown only after access is granted.
MSME Payment Delays by Ethics Express Private Limited
MSME payment history
Amounts due to small suppliers, the reasons given and MSME-1 filings are in the company report.
- Outstanding amounts
- Delay periods and reasons
- MSME-1 filing history
- Vendor payment signals
Verified entity values are shown only after access is granted.
Subsidiaries & Group Companies of Ethics Express Private Limited
Corporate group structure
Parent, subsidiary, associate and joint venture records with holdings are in the company report.
- Parent company
- Subsidiaries and ownership
- Associates and joint ventures
- Entity investments
Verified entity values are shown only after access is granted.
GST Compliance of Ethics Express Private Limited
Ethics Express has 2 GST registrations: 2 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAGCE5963P1Z1 | Gujarat | Active | 07 Sep 2021 |
| 27AAGCE5963P1ZV | Maharashtra | Active | 01 Oct 2021 |
GST registrations and filing compliance
State-wise GST registrations, return filing status and HSN or SAC codes are in the company report.
- GSTIN registrations
- State-wise filing status
- HSN and SAC details
- Tax jurisdiction records
Verified entity values are shown only after access is granted.
MCA Filings & Documents of Ethics Express Private Limited
MCA filings and documents
Filed forms, annual returns, financial statements and charge filings with their dates are in the company report.
- Incorporation documents
- Annual returns and statements
- Charge filings
- Complete filing index
Verified entity values are shown only after access is granted.
Frequently Asked Questions about Ethics Express Private Limited
Ethics Express is an active private limited company based in Surat, Gujarat, India. The company works in integrated and diversified logistics services, within the transport and logistics industry. It was incorporated on 09 August 2021 (5+ years old) and is registered under CIN U60200GJ2021PTC124796.
Ethics Express reported revenue of ₹10.53 Cr for FY 2024 (down 28% YoY).
Ethics Express has 4 current directors:
- Bipinbhai Ishwarbhai Kevadiya - Director
- Rajendrakumar Vallabhbhai Asodaria - Director
- Chiragbhai Trikambhai Lakhani - Director
- Rohit V Pansara - Director
Ethics Express reported a net loss of ₹4.61 Cr (net margin -43.8%) and EBITDA of -₹4.36 Cr (EBITDA margin -41.4%) for FY 2024, as per its filed financial statements.
The GSTIN of Ethics Express is 24AAGCE5963P1Z1, registered in Gujarat. The company has 2 GST registrations in all, of which 2 are active. Other active GSTINs include 27AAGCE5963P1ZV (Maharashtra).
The CIN (Corporate Identification Number) of Ethics Express is U60200GJ2021PTC124796. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Ethics Express was incorporated on 09 August 2021, making it 5+ years old. It is registered with the Registrar of Companies, Ahmedabad.
The peers of Ethics Express by revenue are Msa Logistics Private Limited, Aveo Logistics Private Limited, Ons Express & Logistics ( India ) Private Limited, CFL Crossfreight Private Limited, Sharp Global Freight Private Limited and 5 more, all in the Transport and Logistics industry (Diversified Logistics).
Rohit V Pansara was appointed as Director on 16 Jan 2024. Vishal Kothari ceased to be Director on 24 Feb 2023. Bipinbhai Ishwarbhai Kevadiya was appointed as Director on 09 Aug 2021. Ethics Express has 6 board changes on record in total.
Ethics Express can be reached through the website ethicsexpress.com. Its registered office is in Surat, Gujarat, India.
The registered office of Ethics Express is at Shop No. 401 4th Floor International Business Centre Piplod, Surat, Gujarat, India – 395007.