MSME (Udyam registered) Ministry of MSME
- Category
- Medium (2024-25)
- Udyam number
- UDYAM-MH-18-0071081
First Economy Private Limited - information technology in Mumbai, Maharashtra, India. FY 2026 financials & compliance.
Revenue · FY 2024
₹59.21 Cr
▼ 21% YoY
Net loss · FY 2024
₹66.85 Lakh
Net margin -1.1%
EBITDA · FY 2024
₹43.49 Lakh
EBITDA margin 0.7%
Authorised capital
₹5 Lakh
Registered with MCA
Paid-up capital
₹1 Lakh
Issued & subscribed
Open charges
₹48.14 Lakh
Secured borrowings
Company age
14 yrs
Est. 2012
Employees · EPFO
47
Provident fund records
About First Economy Private Limited
Data last updated:
First Economy Private Limited is a private limited company based in Mumbai, Maharashtra, India. It operates in the IT consulting and support services segment of the technology and IT services sector. It was incorporated on 27 March 2012 and has been in existence for over 14 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U74120MH2012PTC228749. Its GSTIN is 27AACCI8947B1ZI (Maharashtra). The company holds 3 GST registrations, of which 1 is active.
The company has an authorised share capital of ₹5 Lakh and a paid-up capital of ₹1 Lakh. It was formerly known as Ighar Solution Private Limited. It is led by directors Parth Amit Gandhi and Nilesh Sadashiv Chavan.
Its last annual general meeting (AGM) was held on 30 September 2024, and its latest financial statements are for the year ended 31 March 2024. The registered office is at 206 2nd Floor Neelkanth Corporate IT Park, Mumbai, Maharashtra.
As per the financials filed for FY 2024, the company reported a revenue of ₹59.21 Cr, a decline of 21% compared to the previous year. For the same year it recorded a net loss of ₹66.85 Lakh (net margin -1.1%) and EBITDA of ₹43.49 Lakh (EBITDA margin 0.7%). Revenue has grown at a compounded annual rate (CAGR) of 46% over three years and 40% over five years.
The company has about 47 employees on its provident fund (EPFO) records. Its group structure includes 1 subsidiary.
The company is associated with 1 brand: First Economy. As per MCA filings, the company has open charges of ₹48.14 Lakh on record. The company has 5 deals on record (5 secondary share transfers); the latest was in June 2021. Its 3 peer companies in the Information Technology industry (IT Consulting and Services), with the same principal business activity (other information & communication service activities) are compared by revenue, 2 larger and 1 smaller; the largest is Orion India Ducen Private Limited with revenue of ₹59.76 Cr.
First Economy Private Limited is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-MH-18-0071081). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website firsteconomy.com.
Company details
CIN U74120MH2012PTC228749
Registration Number 228749
Incorporation Date 27 March 2012
ROC Mumbai
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2024
Date of Balance Sheet 31 March 2024
Compliance Status Active Compliant
MSME Classification Medium
Udyam Registration UDYAM-MH-18-0071081
Recognitions & Rankings of First Economy
Contact details
First Economy Private Limited's registered office is in Mumbai, Maharashtra. Its website is firsteconomy.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered Address205 & 206 2nd Floor Neelkanth Corporate IT Park, Plot Nos. 240 240/1 To 8 Kirol Road Vidyavihar West, Mumbai, Maharashtra, India – 400086
- IndustryInformation Technology, IT Consulting & Support Services
To see the full contact details of First Economy Private Limited, buy the company report.
Comprehensive company report
First Economy Private 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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Brands
First Economy operates one associated brand: First Economy. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Digital marketing and application development services are provided globally. | firsteconomy.com |
Business activity
The main business activity of First Economy is information and communication. In detail, this covers other information & communication service activities.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| J | Information and communication | J8 | Other information & communication service activities |
To see the full business activity and turnover split of First Economy Private Limited, buy the company report.
Financials of First Economy Private Limited
FY 2024 filings availableFirst Economy Private Limited reported revenue of ₹59.21 Cr (down 21% YoY) for FY 2024.
Revenue · FY 2024
₹59.21 Cr ▼ 21%
Net loss · FY 2024
₹66.85 Lakh margin -1.1%
EBITDA · FY 2024
₹43.49 Lakh margin 0.7%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▼ 21%
3 years · compounded
▲ 46%
5 years · compounded
▲ 40%
EBITDA CAGR growth
1 year
▼ 93%
3 years · compounded
▼ 37%
5 years · compounded
▼ 19%
Revenue fell 21% in the latest year, but over five years it has grown at a compounded annual rate (CAGR) of 40%. EBITDA fell 93% 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 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
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| Total Expenses | |||||
| EBITDA | ₹43.49 Lakh | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | -₹66.85 Lakh | ||||
| Balance Sheet | |||||
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Financial Ratios
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 0.7% | ||||
| Net Profit Margin | -1.1% | ||||
| Return on Equity (ROE) | |||||
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To see the full financial statements and ratios of First Economy Private Limited, buy the company report.
Board of directors of First Economy Private Limited
First Economy has 2 current directors and 9 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Parth Amit Gandhi Also directs: Ediffy Communication Private Limited | Additional Director | 20 May 2024 | 2 Years 5 Months | Current |
| Nilesh Sadashiv Chavan | Additional Director | 14 Mar 2024 | 2 Years 7 Months | Current |
Peer comparison
First Economy Private Limited is compared with the 3 companies closest to it by revenue in the Information Technology industry (IT Consulting and Services), with the same principal business activity (other information & communication service activities), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Orion India Ducen Private Limited | ₹59.76 Cr (FY 2024) | 17.0% | Mumbai, Maharashtra, India | |||
| Adweb Technologies Private Limited | ₹59.41 Cr (FY 2025) | 64.0% | Mumbai, Maharashtra, India | |||
| First Economy Private Limitedthis company | ₹59.21 Cr (FY 2024) | -₹66.85 Lakh | -1.1% | -21.0% | 47 | Mumbai, Maharashtra, India |
| RRG Engineering Technologies Private Limited | ₹57.67 Cr (FY 2024) | 235.0% | Hyderabad, Telangana, India |
To see the full peer comparison of First Economy Private Limited, buy the company report.
Auditor
First Economy Private Limited is audited by J Vipul & Associates for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| J Vipul & Associates | FY 2023 | 0148069W |
Shareholding
The shareholding of First Economy Private Limited is on record for 5 financial years, the latest being FY 2023, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of First Economy Private Limited, buy the company report.
Charges & borrowings
Open charges
₹48.14 Lakh
Satisfied charges
None
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 26 Apr 2021 | 100441229 | Hdfc Bank Limited | ₹8.14 Lakh | Open | |
| 26 Dec 2018 | 100231606 | Axis Bank Limited | ₹40 Lakh | Open |
Total charge records: 2 View all charges
Deals & funding
First Economy Private Limited has 5 deals on record (5 secondary share transfers); the latest was in June 2021.
Total deals
5
Secondary share transfers
5
Deals on record (5 of 5)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jun 2021 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: Vijaygroup Realty LLP |
| Jan 2016 | Secondary share transfer | Undisclosed | Buyer: Vijaygroup Realty LLP Seller: an individual |
| Aug 2014 | Secondary share transfer | Undisclosed | Buyer: Vijaygroup Realty LLP , an individual Seller: Vijaygroup Realty LLP , an individual |
| Mar 2014 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Mar 2013 | Secondary share transfer | Undisclosed | Buyer: 3 individuals Seller: an individual |
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 First Economy Private 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 First Economy Private Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Group structure & subsidiaries
First Economy has 1 subsidiary company. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
1
Subsidiary companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Lottics Solution Private Limited | U72300MH2012PTC227494 |
To see the full group structure of First Economy Private Limited, buy the company report.
Employees & EPFO
First Economy Private Limited has a workforce of 47 employees on its EPFO records as of Apr 07, 2024, across 1 active EPFO establishment.
Employee count
47
Active EPFO establishments
1
Employee growth
30.56%
GST
First Economy has 3 GST registrations: 1 active and 2 cancelled or inactive.
Total GSTINs
3
Active
1
Cancelled / inactive
2
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AACCI8947B1ZI | Maharashtra | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of First Economy Private Limited, buy the company report.
Recent activity
First Economy Private Limited has 11 board changes on record since 2012: 2 appointments and 9 cessations. The latest: Parth Amit Gandhi was appointed as Additional Director on 20 May 2024.
AGM
First Economy Private Limited last Annual general meeting of members was held on 30 Sep 2024 as per latest MCA records.
Appointed
Parth Amit Gandhi was appointed as Additional Director.
Ceased
Shivprasad Jainarayan Vishwakarma ceased to be Additional Director.
Filing
First Economy Private Limited has filed its annual Financial statements for the year ended 31 Mar 2024 with Roc Mumbai.
Appointed
Nilesh Sadashiv Chavan was appointed as Additional Director.
Ceased
Rushabh Tushar Ashar ceased to be Additional Director.
Ceased
Jigar Jitendra Zatakia ceased to be Director.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 8.14 Lakh with Charge ID 100441229 was registered on 26 Apr 2021.
Charges
A charge with Axis Bank Limited amounted to Rs. 40.00 Lakh with Charge ID 100231606 was registered on 26 Dec 2018.
Ceased
Ateev Vrajlal Gala ceased to be Director.
Ceased
Vipul Jain ceased to be Director.
Ceased
Deepam Piyush Sheth ceased to be Director.
4 earlier events are in the company report.
Frequently asked questions
First Economy is an active private limited company based in Mumbai, Maharashtra, India. The company works in IT consulting and support services, within the information technology industry. It was incorporated on 27 March 2012 (14+ years old) and is registered under CIN U74120MH2012PTC228749.
First Economy has 2 current directors:
- Parth Amit Gandhi - Additional Director
- Nilesh Sadashiv Chavan - Additional Director
The latest financial statements of First Economy on record with the MCA are for the year ended 31 March 2024. Its last annual general meeting was held on 30 September 2024. Year-wise statements from 2015 are in the company report.
The GSTIN of First Economy is 27AACCI8947B1ZI, registered in Maharashtra. The company has 3 GST registrations in all, of which 1 is active and 2 are cancelled or inactive.
The CIN (Corporate Identification Number) of First Economy is U74120MH2012PTC228749. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
First Economy was incorporated on 27 March 2012, making it 14+ years old. It is registered with the Registrar of Companies, Mumbai.
First Economy has 5 deals on record (5 secondary share transfers); the latest was in June 2021.
The peers of First Economy by revenue are Orion India Ducen Private Limited, Adweb Technologies Private Limited, RRG Engineering Technologies Private Limited, all in the Information Technology industry (IT Consulting and Services), with the same principal business activity (other information & communication service activities).
Parth Amit Gandhi was appointed as Additional Director on 20 May 2024. Shivprasad Jainarayan Vishwakarma ceased to be Additional Director on 20 May 2024. Nilesh Sadashiv Chavan was appointed as Additional Director on 14 Mar 2024. First Economy has 11 board changes on record in total.
Yes, First Economy is registered as a medium enterprise under Udyam registration (number: UDYAM-MH-18-0071081).
First Economy can be reached through the website firsteconomy.com. Its registered office is in Mumbai, Maharashtra, India.