MSME (Udyam registered) Ministry of MSME
- Category
- Medium (2024-25)
- Udyam number
- UDYAM-GJ-24-0035522
Honest Enterprise Private Limited - metals and minerals in Vadodara, Gujarat, India. FY 2026 financials & compliance.
Revenue · FY 2025
₹89 Cr
▼ 31% YoY
Net loss · FY 2025
₹4.8 Cr
Net margin -5.4%
EBITDA · FY 2025
-₹2.19 Cr
EBITDA margin -2.5%
Authorised capital
₹5.8 Cr
Registered with MCA
Paid-up capital
₹2.39 Cr
Issued & subscribed
Open charges
₹59.2 Cr
Satisfied ₹78.68 Cr
Company age
27 yrs
Est. 1999
Directors on board
3
As per MCA filings
About Honest Enterprise Private Limited
Data last updated:
Honest Enterprise Private Limited is a private limited company based in Vadodara, Gujarat, India. It operates in the steel manufacturing and processing segment of the metals and mining sector. It was incorporated on 12 August 1999 and has been in existence for over 27 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U27209GJ1999PTC036414. Its GSTIN is 24AAACH7237D1ZY (Gujarat). The company holds 2 GST registrations, all of them active.
The company has an authorised share capital of ₹5.8 Cr and a paid-up capital of ₹2.39 Cr. It was formerly known as Honest Enterprise Limited. It is led by directors including Laxmichand Vaghmal Vaghela (Whole-Time Director) and Usha Hitesh Vaghela (Whole-Time Director).
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 118 Meghdoot Apartment Near Apsara Cinema Pratapnagar Road, Vadodara, Gujarat, India – 390004.
As per the financials filed for FY 2025, the company reported a revenue of ₹89 Cr, a decline of 31% compared to the previous year. For the same year it recorded a net loss of ₹4.8 Cr (net margin -5.4%) and EBITDA of -₹2.19 Cr (EBITDA margin -2.5%). Revenue has declined at a compounded annual rate (CAGR) of 20% over three years and 12% over five years.
As per MCA filings, the company has open charges of ₹59.2 Cr and satisfied charges of ₹78.68 Cr on record. Court records list 6 cases involving the company, including 6 filed by the company.
Honest Enterprise Private Limited is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-GJ-24-0035522). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website honestlimited.net.
Company details
CIN U27209GJ1999PTC036414
Registration Number 036414
Incorporation Date 12 August 1999
ROC Ahmedabad
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2025
Date of Balance Sheet 31 March 2025
Compliance Status Active Compliant
MSME Classification Medium
Udyam Registration UDYAM-GJ-24-0035522
CIN history
Honest Enterprise has one previous CIN (Corporate Identification Number): U27209GJ1999PLC036414. The current CIN is U27209GJ1999PTC036414, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U27209GJ1999PTC036414 | Current |
| U27209GJ1999PLC036414 | Previous |
Key People
Laxmichand Vaghmal Vaghela Whole-Time Director Usha Hitesh Vaghela Whole-Time Director Hitesh Laxmichand Vaghela Director Recognitions & Rankings of Honest Enterprise
Contact details
Honest Enterprise Private Limited's registered office is in Vadodara, Gujarat. Its website is honestlimited.net. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered Address118 Meghdoot Apartment Near Apsara Cinema Pratapnagar Road, Vadodara, Gujarat, India – 390004
- IndustryMetals and Minerals, Steel Manufacturing & Processing, Metal Retail & Distribution
To see the full contact details of Honest Enterprise Private Limited, buy the company report.
Comprehensive company report
Honest Enterprise 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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Business activity
The main business activity of Honest Enterprise is trade. In detail, this covers wholesale trading.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| G | Trade | G1 | Wholesale Trading |
To see the full business activity and turnover split of Honest Enterprise Private Limited, buy the company report.
Financials of Honest Enterprise Private Limited
FY 2025 filings availableHonest Enterprise Private Limited reported revenue of ₹89 Cr (down 31% YoY) for FY 2025.
Revenue · FY 2025
₹89 Cr ▼ 31%
Net loss · FY 2025
₹4.8 Cr margin -5.4%
EBITDA · FY 2025
-₹2.19 Cr margin -2.5%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▼ 31%
3 years · compounded
▼ 20%
5 years · compounded
▼ 12%
EBITDA CAGR growth
1 year
▼ 182%
3 years · compounded
▼ 37%
5 years · compounded
▼ 21%
Revenue has declined at a compounded annual rate (CAGR) of 12% over five years, including a 31% fall in the latest year. EBITDA fell 182% 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 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 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 | -₹2.19 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | -₹4.8 Cr | ||||
| Balance Sheet | |||||
| Share Capital | |||||
| Reserves and Surplus | |||||
| Net Worth (Total Equity) | |||||
| Long-term Borrowings | |||||
| Short-term Borrowings | |||||
| Trade Payables | |||||
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| Fixed Assets | |||||
| Investments | |||||
| Inventories | |||||
| Trade Receivables | |||||
| Cash and Bank Balance | |||||
| Total Assets | |||||
Financial Ratios
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | -2.5% | ||||
| Net Profit Margin | -5.4% | ||||
| 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 Honest Enterprise Private Limited, buy the company report.
Board of directors of Honest Enterprise Private Limited
Honest Enterprise has 3 current directors and 8 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Laxmichand Vaghmal Vaghela | Whole-Time Director | 12 Aug 1999 | 27 Years 3 Months | Current |
| Hitesh Laxmichand Vaghela Also directs: Ram Ratna Wires Limited | Director | 12 Aug 1999 | 27 Years 3 Months | Current |
| Usha Hitesh Vaghela Also directs: Honest Stainless LLP | Whole-Time Director | 12 Aug 1999 | 27 Years 3 Months | Current |
Peer comparison
Honest Enterprise Private Limited is compared with the 4 companies closest to it by revenue in the Metals and Minerals industry (Metal Retail and Distribution, Steel), with the same principal business activity (wholesale trading), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Shubh Laxmi Iron & Steel Private Limited | ₹89.07 Cr (FY 2025) | 18.0% | Kolkata, West Bengal, India | |||
| Swastinox Stainless B'lore Private Limited | ₹89.01 Cr (FY 2024) | 4.0% | Bangalore, Karnataka, India | |||
| Honest Enterprise Private Limitedthis company | ₹89 Cr (FY 2025) | -₹4.8 Cr | -5.4% | -31.0% | Vadodara, Gujarat, India | |
| Aakaf Steel Private Limited | ₹88.98 Cr (FY 2025) | -12.0% | Navrangpura, Gujarat, India | |||
| Shree Arihant Multimetals Private Limited | ₹88.87 Cr (FY 2024) | 87.0% | Gandhidham, Gujarat, India |
To see the full peer comparison of Honest Enterprise Private Limited, buy the company report.
Auditor
Honest Enterprise Private Limited is audited by Maloo Bhatt & Co. for the financial year 2022.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Maloo Bhatt & Co. | FY 2022 | 129572W |
Shareholding
The shareholding of Honest Enterprise 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 Honest Enterprise Private Limited, buy the company report.
Charges & borrowings
Open charges
₹59.2 Cr
Satisfied charges
₹78.68 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 13 Aug 2013 | 10444085 | State Bank of India | ₹29.6 Cr | Open | |
| 08 Aug 2013 | 10444059 | State Bank of India | ₹29.6 Cr | Open | |
| 04 Jan 2022 | 100543682 | Hdfc Bank Limited | ₹88,100 | Satisfied | |
| 10 Oct 2014 | 10530608 | State Bank of India | ₹9.9 Cr | Satisfied | |
| 10 Jul 2010 | 10227622 | Kotak Mahindra Bank Limited | ₹50 Lakh | Satisfied |
To see the full charge records of Honest Enterprise Private Limited, buy the company report.
Total charge records: 18 View all charges
Legal cases
Honest Enterprise Private Limited has 6 court cases on record: 6 filed by Honest Enterprise. All cases are disposed.
Total cases
6
Filed by the company
6
Disposed
6
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 4 | 0 | 0 |
| District courts | 1 | 0 | 0 |
| NCLT | 1 | 0 | 0 |
Cases on record (5 of 6)
| Court | Type of case | Party | Status |
|---|---|---|---|
| NCLT, Mumbai | Insolvency matter | Filed by the company against Twenty First Century Iron and Steels Limited | Disposed |
| High Court, GUJARAT | Special civil application | Filed by the company against Union of India and 3 others | Disposed |
| District court, Vadodara, Gujarat | Court case (EXE S) | Filed by the company against Hatdrabad Metchem Pvt Ltd | Disposed |
| High Court, GUJARAT | Commercial suit | Filed by the company | Disposed |
| High Court, GUJARAT | Court case (COMP) | Filed by the company | Disposed |
To see the full case history of Honest Enterprise 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.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Honest Enterprise Private Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
GST
Honest Enterprise has 2 GST registrations: 2 active.
Total GSTINs
2
Active
2
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAACH7237D1ZY | Gujarat | Active | 01 Jul 2017 |
| 27AAACH7237D1ZS | Maharashtra | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Honest Enterprise Private Limited, buy the company report.
Recent activity
Honest Enterprise Private Limited has 10 board changes on record since 1999: 3 appointments and 7 cessations. The latest: Rajkumar Amarnath Luther ceased to be CEO on 01 Apr 2024.
AGM
Honest Enterprise Private Limited last Annual general meeting of members was held on 30 Sep 2025 as per latest MCA records.
Filing
Honest Enterprise Private Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Ahmedabad.
Ceased
Rajkumar Amarnath Luther ceased to be CEO.
Charges
A charge registered on 04 Jan 2022 via Charge ID 100543682 with Hdfc Bank Limited was fully satisfied on 09 May 2023.
Charges
A charge with State Bank Of India of Rs. 29.60 Cr registered on 13 Aug 2013 with Charge ID 10444085 was modified on 28 Apr 2023.
Charges
A charge with State Bank Of India of Rs. 29.60 Cr registered on 08 Aug 2013 with Charge ID 10444059 was modified on 06 Apr 2023.
Charges
A charge registered on 26 Feb 2008 via Charge ID 10093665 with Ge Capital Transportation Financial Services Limited was fully satisfied on 23 Feb 2022.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 0.01 Cr with Charge ID 100543682 was registered on 04 Jan 2022.
Ceased
Hitesh Laxmichand Vaghela ceased to be Whole-Time Director.
Ceased
Laxmichand Vaghmal Vaghela ceased to be Managing Director.
Ceased
Pravinkumar Laxmichand Vaghela ceased to be Whole-Time Director.
Ceased
Samudevi Laxmichand Vaghela ceased to be Director.
42 earlier events are in the company report.
Frequently asked questions
Honest Enterprise is an active private limited company based in Vadodara, Gujarat, India. The company works in steel manufacturing and processing, within the metals and minerals industry. It was incorporated on 12 August 1999 (27+ years old) and is registered under CIN U27209GJ1999PTC036414.
Honest Enterprise has 3 current directors:
- Laxmichand Vaghmal Vaghela - Whole-Time Director
- Usha Hitesh Vaghela - Whole-Time Director
- Hitesh Laxmichand Vaghela - Director
The latest financial statements of Honest Enterprise 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 Honest Enterprise is 24AAACH7237D1ZY, registered in Gujarat. The company has 2 GST registrations in all, of which 2 are active. Other active GSTINs include 27AAACH7237D1ZS (Maharashtra).
The CIN (Corporate Identification Number) of Honest Enterprise is U27209GJ1999PTC036414. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Honest Enterprise has 6 court cases on record: 6 filed by the company. Most are in the high courts.
Honest Enterprise was incorporated on 12 August 1999, making it 27+ years old. It is registered with the Registrar of Companies, Ahmedabad.
The peers of Honest Enterprise by revenue are Shubh Laxmi Iron & Steel Private Limited, Swastinox Stainless B'lore Private Limited, Aakaf Steel Private Limited, Shree Arihant Multimetals Private Limited, all in the Metals and Minerals industry (Metal Retail and Distribution, Steel), with the same principal business activity (wholesale trading).
Rajkumar Amarnath Luther ceased to be CEO on 01 Apr 2024. Hitesh Laxmichand Vaghela ceased to be Whole-Time Director on 01 Dec 2021. Laxmichand Vaghmal Vaghela ceased to be Managing Director on 01 Dec 2021. Honest Enterprise has 10 board changes on record in total.
Yes, Honest Enterprise is registered as a medium enterprise under Udyam registration (number: UDYAM-GJ-24-0035522).
Honest Enterprise can be reached through the website honestlimited.net. Its registered office is in Vadodara, Gujarat, India.
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