About Honest Derivatives Private Limited
Data last updated:
Honest Derivatives Private Limited is a private limited company based in Ahmedabad, Gujarat, India, a subsidiary of Shri Tradco India Private Limited. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. Management control has been transferred to an insolvency professional. It operates in the organic and health foods segment of the food and beverages sector. It was incorporated on 05 July 2007.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U93000GJ2007PTC051271. The company has 1 GST registration on record, which is no longer active.
The company has an authorised share capital of ₹26.5 Cr and a paid-up capital of ₹24.14 Cr. It is led by directors including Harshad Shamkant Deshpande (Irp/Rp/Liquidator) and Nidhi Rajratan Agarwal.
Its last annual general meeting (AGM) was held on 29 October 2022, and its latest financial statements are for the year ended 31 March 2020. The registered office is at 43 Second Floor Sumel Business Park, Ahmedabad, Gujarat.
As per the financials filed for FY 2020, the company reported a revenue of ₹52.12 Cr, a decline of 84% compared to the previous year. For the same year it recorded a net loss of ₹31.16 Lakh (net margin -0.6%) and EBITDA of ₹12.73 Cr (EBITDA margin 24.4%). Revenue has declined at a compounded annual rate (CAGR) of 45% over three years and 26% over five years.
The company has about 234 employees on its provident fund (EPFO) records.
As per MCA filings, the company has open charges of ₹223.08 Cr on record. Court records list 15 cases involving the company, including 5 filed by the company and 10 filed against it; 4 cases are pending. The company has 10 deals on record (6 secondary share transfers, 4 funding rounds), with disclosed funding of ₹33.32 Cr; the latest was in March 2013. Its 4 peer companies in the Food and Beverages industry (Health and Organic Foods), with the same principal business activity (food, beverages and tobacco products) are compared by revenue, 2 larger and 2 smaller; the largest is Raj Apiaries Exim Private Limited with revenue of ₹56.67 Cr.
The last known website on record is honestglobal.com.
Company details
Contact details
Honest Derivatives Private Limited's registered office is in Ahmedabad, Gujarat. Its website is honestglobal.com. Its e-mail address is in the company report.
- Email
- Website
- Registered AddressE – 43 Second Floor Sumel Business Park Near New Cloth Market Outside Raipur Ga, Te, Ahmedabad, Gujarat, India – 380002
- IndustryFood and Beverages, Organic & Health Foods
To see the full contact details of Honest Derivatives Private Limited, buy the company report.
- 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
Business activity
The main business activity of Honest Derivatives is manufacturing. In detail, this covers food, beverages and tobacco products.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C1 | Food, beverages and tobacco products |
To see the full business activity and turnover split of Honest Derivatives Private Limited, buy the company report.
Financials of Honest Derivatives Private Limited
FY 2020 filings availableHonest Derivatives Private Limited reported revenue of ₹52.12 Cr (down 84% YoY) for FY 2020.
Compounded Annual Growth Rate (CAGR)
Revenue has declined at a compounded annual rate (CAGR) of 26% over five years, including a 84% fall in the latest year. EBITDA rose 308% 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 2019-20 | FY 2018-19 | FY 2017-18 | FY 2016-17 | FY 2015-16 |
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| EBITDA | ₹12.73 Cr | ||||
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| Net Profit (PAT) | -₹31.16 Lakh | ||||
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Financial Ratios
| Metrics | FY 2019-20 | FY 2018-19 | FY 2017-18 | FY 2016-17 | FY 2015-16 |
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| EBITDA Margin | 24.4% | ||||
| Net Profit Margin | -0.6% | ||||
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To see the full financial statements and ratios of Honest Derivatives Private Limited, buy the company report.
Board of directors of Honest Derivatives Private Limited
Honest Derivatives has 3 current directors and 7 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Harshad Shamkant Deshpande Also directs: Accounting Technicians Foundation | Irp/Rp/Liquidator | 19 Jul 2024 | 2 Years 3 Months | As last reported |
| Nidhi Rajratan Agarwal | Director | 22 Jan 2010 | 16 Years 9 Months | As last reported |
| Rajratan Babulal Agarwal | Director | 22 Jan 2010 | 16 Years 9 Months | As last reported |
Peer comparison
Honest Derivatives Private Limited is compared with the 4 companies closest to it by revenue in the Food and Beverages industry (Health and Organic Foods), with the same principal business activity (food, beverages and tobacco products), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Raj Apiaries Exim Private Limited | ₹56.67 Cr (FY 2024) | -17.0% | Meerut, Uttar Pradesh, India | |||
| Amicus Natural Products Private Limited | ₹53.51 Cr (FY 2025) | 72.0% | Gurugram, Haryana, India | |||
| Honest Derivatives Private Limitedthis company | ₹52.12 Cr (FY 2020) | -₹31.16 Lakh | -0.6% | -84.0% | 234 | Ahmedabad, Gujarat, India |
| Vista Fortifoods Private Limited | ₹51.67 Cr (FY 2024) | 62.0% | Jaipur, Rajasthan, India | |||
| Gulmeshwar Agro Producer Company Limited | ₹49.9 Cr (FY 2025) | 6.0% | Gulaj, Maharashtra, India |
To see the full peer comparison of Honest Derivatives Private Limited, buy the company report.
Auditor
Honest Derivatives Private Limited is audited by AAKASH SONI & ASSOCIATES for the financial year 2019.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| AAKASH SONI & ASSOCIATES | FY 2019 | 146070W |
Shareholding
The shareholding of Honest Derivatives Private Limited is on record for 4 financial years, the latest being FY 2019, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|
| Promoters | ||||
| Domestic institutional investors (DII) | ||||
| Foreign institutional investors (FII) | ||||
| Public | ||||
| Others |
To see the full shareholding pattern of Honest Derivatives Private Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 10 Jan 2018 | 100158010 | Others | ₹21 Cr | Open | |
| 19 Dec 2017 | 100159889 | Others | ₹8 Cr | Open | |
| 08 Sep 2008 | 10125099 | State Bank of India | ₹97.04 Cr | Open | |
| 08 Sep 2008 | 10125786 | State Bank of India | ₹97.04 Cr | Open |
To see the full charge records of Honest Derivatives Private Limited, buy the company report.
Total charge records: 4 View all charges
Deals & funding
Honest Derivatives Private Limited has 10 deals on record (6 secondary share transfers, 4 funding rounds), with disclosed funding of ₹33.32 Cr; the latest was in March 2013.
Deals on record (5 of 10)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2011 | Secondary share transfer | Undisclosed | Seller: Vaghela Metals Private Limited, K. U. Yarn Private Limited , 2 individuals |
| Jan 2011 | Secondary share transfer | Undisclosed | Buyer: Shri Tradco India Private Limited , K. U. Yarn Private Limited , 2 individuals Seller: Shri Tradco India Private Limited , Hitesh Vaghela HUF, 2 individuals |
| Jan 2010 | Secondary share transfer | Undisclosed | Buyer: Shri Tradco India Private Limited , Vaghela Metals Private Limited, 2 individuals Seller: K. U. Yarn Private Limited , 3 individuals |
| Jan 2010 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Aug 2008 | Funding round | ₹8.82 Cr | Investors: K. U. Yarn Private Limited , Vaghela Metals Private Limited, Hitesh Vaghela HUF, an individual |
To see the full deal history of Honest Derivatives Private 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
Honest Derivatives Private Limited has 15 court cases on record: 5 filed by Honest Derivatives, 10 filed against it. 4 cases are pending and 11 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 7 | 6 | 4 |
| NCLT | 3 | 0 | 0 |
| High courts | 2 | 1 | 0 |
| Supreme Court | 2 | 2 | 0 |
| NCLAT | 1 | 1 | 0 |
Cases on record (5 of 15)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Pune, Maharashtra | Civil suit | Filed against the company by Yes Bank Ltd. Through Mohnish Shivankar | Pending |
| District court, Mumbai City Civil Court, Maharashtra | Civil suit | Filed against the company by M/S. Karteek Ferromet Pvt. Ltd.Through Ritesh Ramlalji Angara | Disposed |
| Supreme Court | Court case (1807-Ordinary Civil Matters : Others) | Filed against the company by Raj Process Equipments and Systems Pvt. Ltd. Managing Director Anilraj Vasanta Pise Jay Ganesh Vision, Wing B, 3Rd Floor, Akurdi ,Pune , Maharashtra and 3 others | Disposed |
| District court, Jalgaon, Maharashtra | Civil suit | Filed by the company against Raj Process Equipments and Systems Pvt. Ltd., | Disposed |
| District court, Dhule, Maharashtra | Commercial suit | Filed against the company by M/ Rajshree Traders Dhule General Merchants and Commission Agents Through Ajay Vasantrao Chinchole | Pending |
To see the full case history of Honest Derivatives Private Limited, 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.
Credit ratings & regulatory alerts
Honest Derivatives Private Limited was last rated by Icra on 15 Dec 2021.
| Rating agency | Rated on | Rating |
|---|---|---|
| Icra | 15 Dec 2021 |
To see the full credit ratings and regulatory alerts of Honest Derivatives Private Limited, buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Honest Derivatives Private Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Employees & EPFO
Honest Derivatives Private Limited has a workforce of 234 employees on its EPFO records as of Mar 22, 2024, across 1 active EPFO establishment.
GST
Honest Derivatives has 1 GST registration on record, and it has been cancelled or is inactive. Only active GST numbers are listed on this page.
To see the full GST registrations and return filing status of Honest Derivatives Private Limited, buy the company report.
Recent activity
Honest Derivatives Private Limited has 9 board changes on record since 2010: 3 appointments and 6 cessations. The latest: Harshad Shamkant Deshpande was appointed as Irp/Rp/Liquidator on 19 Jul 2024.
7 earlier events are in the company report.
Frequently asked questions
Honest Derivatives is undergoing "Corporate Insolvency Resolution Process" (CIRP) under the Insolvency and Bankruptcy Code, 2016. Management control has been transferred to an insolvency resolution professional. The company may not be able to independently enter into new commitments during this period. This is a high-risk status - verify the resolution status before any engagement.
Honest Derivatives is a company under insolvency, formerly operating as a private limited company based in Ahmedabad, Gujarat, India. The company works in organic and health foods, within the food and beverages industry. It was incorporated on 05 July 2007 and is registered under CIN U93000GJ2007PTC051271. Caution is advised - the company may not have the legal capacity to fulfil new agreements.
Honest Derivatives has 3 current directors:
- Nidhi Rajratan Agarwal - Director
- Rajratan Babulal Agarwal - Director
- Harshad Shamkant Deshpande - Irp/Rp/Liquidator
The latest financial statements of Honest Derivatives on record with the MCA are for the year ended 31 March 2020. Its last annual general meeting was held on 29 October 2022. Year-wise statements from 2015 are in the company report.
The CIN (Corporate Identification Number) of Honest Derivatives is U93000GJ2007PTC051271. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Honest Derivatives has open charges of ₹223.08 Cr and no satisfied charges on record as per latest MCA filings.
Honest Derivatives has 15 court cases on record: 5 filed by the company and 10 filed against it. 4 are pending. Most are in the district courts.
Honest Derivatives was incorporated on 05 July 2007. It is registered with the Registrar of Companies, Ahmedabad.
Honest Derivatives has 10 deals on record (6 secondary share transfers, 4 funding rounds), with disclosed funding of ₹33.32 Cr; the latest was in March 2013.
The peers of Honest Derivatives by revenue are Raj Apiaries Exim Private Limited, Amicus Natural Products Private Limited, Vista Fortifoods Private Limited, Gulmeshwar Agro Producer Company Limited, all in the Food and Beverages industry (Health and Organic Foods), with the same principal business activity (food, beverages and tobacco products).
Harshad Shamkant Deshpande was appointed as Irp/Rp/Liquidator on 19 Jul 2024. Hitesh Laxmichand Vaghela ceased to be Director on 05 Jan 2011. Laxmichand Vaghmal Vaghela ceased to be Director on 05 Jan 2011. Honest Derivatives has 9 board changes on record in total.
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