India's Richest People 2026 edition · 1 director · Source: Hurun India
- #1,028 Chetan Navnitlal Shah & family ₹2,600 Cr
Manico Resources Private Limited
Manico Resources Private Limited - metals and minerals in Mumbai, Maharashtra, India. FY 2026 financials & compliance.
Active Private Limited Company metals and minerals
Revenue · FY 2025
₹6.16 Cr
▼ 2% YoY
Net loss · FY 2025
₹1.76 Cr
Net margin -28.5%
EBITDA · FY 2025
-₹2.15 Cr
EBITDA margin -34.9%
Authorised capital
₹10 Lakh
Registered with MCA
Paid-up capital
₹6 Lakh
Issued & subscribed
Open charges
₹29.7 Lakh
Secured borrowings
Company age
33 yrs
Est. 1993
Employees · EPFO
17
Provident fund records
About Manico Resources Private Limited
Data last updated:
Manico Resources Private Limited is a private limited company based in Mumbai, Maharashtra, India. It operates in the mining and mineral extraction segment of the metals and mining sector. It was incorporated on 28 June 1993 and has been in existence for over 33 years.
Its director Chetan Navnitlal Shah and family are #1,028 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U14102MH1993PTC072589. Its GSTIN is 24AAACG3600K1Z1 (Gujarat). The company holds 2 GST registrations, all of them active.
The company has an authorised share capital of ₹10 Lakh and a paid-up capital of ₹6 Lakh. It was formerly known as Gem Ashapura Granite (Gujrat) Private Limited and Gem Ashapura Granite (Gujarat) Private Limited. It is led by directors including Hemul Ramesh Shah and Sandeep Mangesh Nadkarni.
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 Lawrence & Mayo Building 276 D.N. Road 2nd Floor Fort., Mumbai, Maharashtra, India – 400001.
As per the financials filed for FY 2025, the company reported a revenue of ₹6.16 Cr, a decline of 2% compared to the previous year. For the same year it recorded a net loss of ₹1.76 Cr (net margin -28.5%) and EBITDA of -₹2.15 Cr (EBITDA margin -34.9%). Revenue has declined at a compounded annual rate (CAGR) of 12% over three years and 1% over five years.
The company has about 17 employees on its provident fund (EPFO) records.
As per MCA filings, the company has open charges of ₹29.7 Lakh on record. Court records list 4 cases involving the company, including 2 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 of Manico Resources Private Limited
CIN U14102MH1993PTC072589
Registration Number 072589
Incorporation Date 28 June 1993
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
Name History
Manico Resources has undergone 2 name changes throughout its history. The company was previously known as Gem Ashapura Granite (Gujrat) Private Limited, and Gem Ashapura Granite (Gujarat) Private Limited. The current legal name is Manico Resources Private Limited.
| Company Name | Status |
|---|---|
| Manico Resources Private Limited | Current |
| Gem Ashapura Granite (Gujrat) Private Limited | Previous |
| Gem Ashapura Granite (Gujarat) Private Limited | Previous |
Key People
Hemul Ramesh Shah Director Sandeep Mangesh Nadkarni Director Chetan Navnitlal Shah Director Recognitions & Rankings of Manico Resources
Contact Details
- EmailLocked
- TelephoneLocked
- WebsiteLocked
- Social MediaLocked
- Registered AddressLawrence & Mayo Building 276 D.N. Road 2nd Floor Fort., Mumbai, Maharashtra, India – 400001
- IndustryMetals and Minerals, Mining & Mineral Extraction
Comprehensive company report
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- Legal cases, compliance and MCA filings
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Business Activity
The main business activity of Manico Resources is mining and quarrying. In detail, this covers other mining & quarrying activities.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| B | Mining and quarrying | B4 | Other Mining & Quarrying Activities | Locked |
Premium access
Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
- Historical classifications
- Filing-level activity changes
Financials of Manico Resources Private Limited
FY 2024 filings availableManico Resources Private Limited reported revenue of ₹6.16 Cr (down 2% YoY) for FY 2025.
Revenue · FY 2025
₹6.16 Cr ▼ 2%
Net loss · FY 2025
₹1.76 Cr margin -28.5%
EBITDA · FY 2025
-₹2.15 Cr margin -34.9%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▼ 2%
3 years · compounded
▲ 12%
5 years · compounded
▼ 1%
EBITDA CAGR growth
1 year
▼ 25%
3 years · compounded
▼ 20%
5 years · compounded
▼ 73%
Revenue has declined at a compounded annual rate (CAGR) of 1% over five years, including a 2% fall in the latest year. EBITDA fell 25% 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 2020-21 to FY 2023-24in the company report |
|---|---|---|
| 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 | -₹2.15 Cr | |
| Profit Before Tax | •••• | |
| Tax Expense | •••• | |
| Net Profit (PAT) | -₹1.76 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
| Metrics | FY 2024-25 | FY 2020-21 to FY 2023-24in the company report |
|---|---|---|
| Profitability | ||
| EBITDA Margin | -34.9% | |
| Net Profit Margin | -28.5% | |
| 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, and every line for FY 2020-21 to FY 2023-24, 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 Manico Resources are in the company report.
: available in the company report
Board of Directors of Manico Resources Private Limited
Manico Resources has 4 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 |
|---|---|---|---|---|
| Hemul Ramesh Shah Also directs: Ashapura Minechem Ltd, Manico Minerals International Private Limited, Ashapura Industrial Finance Limited and 5 more | Director | 10 Aug 2022 | 4 Years 2 Months | Current |
| Sandeep Mangesh Nadkarni Also directs: Orient Advanced Materials Private Limited, Ambica Maritime Limited | Director | 10 Aug 2022 | 4 Years 2 Months | Current |
| Chetan Navnitlal Shah | Director | 10 Apr 1995 | 31 Years 6 Months | Current |
| Sangeeta Sandesh Shetty Also directs: Ashmin Minerals Private Limited, Penisula Property Developers Private Limited, Ashapura Exports Private Limited and 3 more | Director | 27 May 2025 | 1 Years 4 Months | Current |
Peer Comparison
Manico Resources Private Limited is compared with the companies closest to it by revenue in the Metals and Minerals industry (Mining), with the same principal business activity (other mining & quarrying activities). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Speciality Kaolin Private Limited | ₹6.24 Cr (FY 2025) | •••• | •••• | -20.0% | •••• | Bhuj, Gujarat, India |
| Uppal Mining Private Limited | ₹6.24 Cr (FY 2024) | •••• | •••• | 277.0% | •••• | Rewa, Madhya Pradesh, India |
| Radiant Mining Technologies Limited | ₹6.23 Cr (FY 2025) | •••• | •••• | 15.0% | •••• | Kolkata, West Bengal, India |
| Shri Laxmi Stone Suppliers Private Limited | ₹6.2 Cr (FY 2025) | •••• | •••• | -8.0% | •••• | Valsad, Gujarat, India |
| Shivamgrani Stones Private Limited | ₹6.2 Cr (FY 2025) | •••• | •••• | 1.0% | •••• | Jaipur, Rajasthan, India |
| Manico Resources Private Limited this company | ₹6.16 Cr (FY 2025) | •••• | •••• | -2.0% | •••• | Mumbai, Maharashtra, India |
| Geo Logging Industries Limited | ₹6.14 Cr (FY 2025) | •••• | •••• | 65.0% | •••• | Mumbai, Maharashtra, India |
| Kanniyamman Mines and Minerals Private Limited | ₹6.13 Cr (FY 2025) | •••• | •••• | 24.0% | •••• | Chengalpattu, Tamil Nadu, India |
| P.M.Granite Export Private Limited | ₹6.12 Cr (FY 2025) | •••• | •••• | -21.0% | •••• | Bangalore, Karnataka, India |
Peers are the companies nearest to Manico Resources by revenue, above and below it, in the Metals and Minerals industry (Mining), with the same principal business activity (other mining & quarrying activities), from the latest filed financials of each company. Net profit, margin and employee counts of each peer are in the company report.
Auditor Details
Manico Resources Private Limited is audited by Sanghavi & Co. for the financial year 2023.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| Sanghavi & Co. | Locked | Locked | Locked |
: available in the company report
Ownership and Shareholding
: available in the company report
Charges & Borrowings
Open charges
₹29.7 Lakh
Satisfied charges
None
Breakdown by lending institutions
Latest charge details
| Date | Lender | Amount | Status |
|---|---|---|---|
| 22 Aug 2016 | Others | ₹29.7 Lakh | Open |
Total charge records: 1 View all charges
Legal Cases
Manico Resources Private Limited has 4 court cases on record: 2 filed by Manico Resources, 2 filed against it. 2 cases are pending and 2 are disposed.
Total cases
4
Filed by the company
2
Filed against the company
2
Pending
2
Disposed
2
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 4 | 2 | 2 |
Cases on record (4 of 4)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court, GUJARAT | Special civil application | Filed by the company against The Collector and 4 others | Pending |
| Bombay High Court | Court case (S) | Filed against the company | Pending |
| Bombay High Court | Interim or miscellaneous application | Filed against the company | Disposed |
| High Court, GUJARAT | Special civil application | Filed by the company against State of Gujarat and 2 others | Disposed |
: available in 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.
Employees and EPFO Compliance
Manico Resources Private Limited has a workforce of 17 employees as of Apr 08, 2024.
Employee count
17
Active EPFO establishments
1
Employee growth
41.67%
: available in the company report
Recent Activity
Manico Resources Private Limited has 12 board changes on record since 1995: 4 appointments and 8 cessations. The latest: Sangeeta Sandesh Shetty ceased to be Additional Director on 29 Sep 2025.
Ceased
Sangeeta Sandesh Shetty ceased to be Additional Director.
Appointed
Sangeeta Sandesh Shetty was appointed as Director.
Ceased
Dina Chetan Shah ceased to be Director.
AGM
Manico Resources Private Limited last Annual general meeting of members was held on 30 Sep 2024 as per latest MCA records.
Filing
Manico Resources Private Limited has filed its annual Financial statements for the year ended 31 Mar 2024 with Roc Mumbai.
Appointed
Hemul Ramesh Shah was appointed as Director.
Ceased
Hemul Ramesh Shah ceased to be Additional Director.
Appointed
Sandeep Mangesh Nadkarni was appointed as Director.
Ceased
Sandeep Mangesh Nadkarni ceased to be Additional Director.
Charges
A charge with Others amounted to Rs. 29.70 Lakh with Charge ID 100064577 was registered on 22 Aug 2016.
Ceased
Navnitlal Ratanji Shah ceased to be Director.
Ceased
Ramadoss Govindaraj ceased to be Director.
4 earlier events are listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts
: available in the company report
MSME Payment Delays
: available in the company report
Subsidiaries & Group Companies
: available in the company report
GST Compliance
Manico Resources has 2 GST registrations: 2 active.
Total GSTINs
2
Active
2
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAACG3600K1Z1 | Gujarat | Active | 01 Jul 2017 |
| 08AAACG3600K1ZV | Rajasthan | Active | 27 Dec 2023 |
: available in the company report
MCA Filings & Documents
: available in the company report
Frequently Asked Questions
Manico Resources is an active private limited company based in Mumbai, Maharashtra, India. The company works in mining and mineral extraction, within the metals and minerals industry. It was incorporated on 28 June 1993 (33+ years old) and is registered under CIN U14102MH1993PTC072589.
Manico Resources has 4 current directors:
- Hemul Ramesh Shah - Director
- Sandeep Mangesh Nadkarni - Director
- Chetan Navnitlal Shah - Director
- Sangeeta Sandesh Shetty - Director
The latest financial statements of Manico Resources 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 Manico Resources is 24AAACG3600K1Z1, registered in Gujarat. The company has 2 GST registrations in all, of which 2 are active. Other active GSTINs include 08AAACG3600K1ZV (Rajasthan).
The CIN (Corporate Identification Number) of Manico Resources is U14102MH1993PTC072589. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Manico Resources has 4 court cases on record: 2 filed by the company and 2 filed against it. 2 are pending.
Manico Resources was incorporated on 28 June 1993, making it 33+ years old. It is registered with the Registrar of Companies, Mumbai.
The peers of Manico Resources by revenue are Speciality Kaolin Private Limited, Uppal Mining Private Limited, Radiant Mining Technologies Limited, Shri Laxmi Stone Suppliers Private Limited, Shivamgrani Stones Private Limited and 3 more, all in the Metals and Minerals industry (Mining), with the same principal business activity (other mining & quarrying activities).
Sangeeta Sandesh Shetty ceased to be Additional Director on 29 Sep 2025. Sangeeta Sandesh Shetty was appointed as Director on 27 May 2025. Dina Chetan Shah ceased to be Director on 10 Jan 2025. Manico Resources has 12 board changes on record in total.
The registered office of Manico Resources is at Lawrence & Mayo Building 276 D.N. Road 2nd Floor Fort., Mumbai, Maharashtra, India – 400001.
Manico Resources operates in the metals and minerals industry, in the mining and mineral extraction segment.