About MFS Ethnic Limited
Data last updated:
MFS Ethnic Limited is a public limited company based in Mumbai, Maharashtra, India. It operates in the traditional and ethnic wear segment of the fashion and textiles sector. It was incorporated on 25 July 2017 and has been in existence for over 9 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U18209MH2017PLC297799. Its GSTIN is 27AALCM2652C1ZL (Maharashtra).
The company has an authorised share capital of ₹6 Cr and a paid-up capital of ₹1.51 Cr. It is led by directors including Mitesh Pramod Sanghvi (Managing Director) and Haresh Javerilal Doshi (Whole-Time Director).
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 Mumbai, Maharashtra.
As per the financials filed for FY 2025, the company reported a revenue of ₹60.46 Cr, a decline of 2% compared to the previous year. For the same year it recorded a net profit of ₹3.73 Cr (net margin 6.2%) and EBITDA of ₹7.48 Cr (EBITDA margin 12.4%). Revenue has grown at a compounded annual rate (CAGR) of 13% over three years and 13% over five years.
The company has about 5 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: MFS Ethnic. As per MCA filings, the company has open charges of ₹23.34 Cr and satisfied charges of ₹11.35 Cr on record. Court records list 8 cases involving the company, including 8 filed by the company; 3 cases are pending. The company has 3 deals on record (2 funding rounds, 1 secondary share transfer), with disclosed funding of ₹3.84 Cr; the latest was in March 2018. Its 10 peer companies in the Apparel industry (Ethnic Wear) are compared by revenue, 5 larger and 5 smaller; the largest is Aashirvad Heritage Private Limited.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website mfsethnic.com.
- EmailLocked
- TelephoneLocked
- Website
- Social MediaLocked
- Registered Address711 7th Floor Essgee Option One Nr Tilak Bhawan, Senapati Bapat Marg Dadar W, Mumbai, Maharashtra, India – 400025
- IndustryFashion and Textile, Traditional & Ethnic Wear
- 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 MFS Ethnic Limited
The main business activity of MFS Ethnic is trade. In detail, this covers wholesale trading.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| G | Trade | G1 | Wholesale Trading | 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 MFS Ethnic Limited FY 2024 filings available
MFS Ethnic Limited reported revenue of ₹60.46 Cr (down 2% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR) of MFS Ethnic Limited
Revenue fell 2% in the latest year, but over five years it has grown at a compounded annual rate (CAGR) of 13%. EBITDA rose 5% 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 of MFS Ethnic Limited
| 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 | ₹7.48 Cr | •••• | •••• | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• | •••• | •••• |
| Net Profit (PAT) | ₹3.73 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 MFS Ethnic Limited
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 12.4% | •••• | •••• | •••• | •••• |
| Net Profit Margin | 6.2% | •••• | •••• | •••• | •••• |
| 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 MFS Ethnic are in the company report.
Financial statements from FY 2018
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 MFS Ethnic Limited
MFS Ethnic Limited is compared with the companies closest to it by revenue in the Apparel industry (Ethnic Wear). Revenue, net profit, margin and growth of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Aashirvad Heritage Private Limited | •••• | •••• | •••• | •••• | - | Kolkata, West Bengal, India |
| Dipen Sarees Private Limited | •••• | •••• | •••• | •••• | - | Jetpur, Gujarat, India |
| Roshni Creations Private Limited | •••• | •••• | •••• | •••• | - | Surat, Gujarat, India |
| Prapti Fashions Private Limited | •••• | •••• | •••• | •••• | 38 | Kolkata, West Bengal, India |
| Kusum Silk Mills Pvt Ltd | •••• | •••• | •••• | •••• | - | Surat, Gujarat, India |
| MFS Ethnic Limited this company | •••• | •••• | •••• | •••• | - | Mumbai, Maharashtra, India |
| G P Sarees Private Limited | •••• | •••• | •••• | •••• | - | Kanpur, Uttar Pradesh, India |
| Himanee Fashions Private Limited | •••• | •••• | •••• | •••• | - | Surat, Gujarat, India |
| Siyarns Fabric India Private Limited | •••• | •••• | •••• | •••• | - | Coimbatore, Tamil Nadu, India |
| Uvaam Creation Private Limited | •••• | •••• | •••• | •••• | 15 | Mumbai, Maharashtra, India |
| Basanti Sarees Pvt Ltd | •••• | •••• | •••• | •••• | - | Kolkata, West Bengal, India |
Peers are the five companies nearest above and the five nearest below MFS Ethnic by revenue in the Apparel industry (Ethnic Wear), from the latest filed financials of each company. Revenue, net profit, margin and growth of each peer are in the company report.
Auditor Details of MFS Ethnic Limited
MFS Ethnic Limited is audited by Atul Dedhia & Associates for the financial year 2023.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| Atul Dedhia & Associates | 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 MFS Ethnic Limited
MFS Ethnic has 4 current directors and 5 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Sarika Mitesh Sanghvi | Director | 28 Feb 2024 | 2 Years 7 Months | Current |
| Mitesh Pramod Sanghvi | Managing Director | 25 Jul 2017 | 9 Years 2 Months | Current |
| Jigna Haresh Doshi | Director | 01 Sep 2021 | 5 Years 1 Months | Current |
| Haresh Javerilal Doshi Also directs: Kalasiddhi Ethnic LLP | Whole-Time Director | 25 Jul 2017 | 9 Years 2 Months | Current |
Ownership and Shareholding of MFS Ethnic 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 MFS Ethnic Limited
| Date | Lender | Amount | Status |
|---|---|---|---|
| 14 Feb 2024 | Standard Chartered Bank | ₹11.2 Cr | Open |
| 25 Aug 2023 | Standard Chartered Bank | ₹3 Cr | Open |
| 25 Aug 2023 | Standard Chartered Bank | ₹2.2 Cr | Open |
| 19 Apr 2023 | Standard Chartered Bank | ₹6.94 Cr | Open |
| 12 Jan 2022 | Others | ₹1.35 Cr | Satisfied |
Total charge records: 6 View all charges
Deals & Funding of MFS Ethnic Limited
MFS Ethnic Limited has 3 deals on record (2 funding rounds, 1 secondary share transfer), with disclosed funding of ₹3.84 Cr; the latest was in March 2018.
Deals on record (3 of 3)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2018 | Secondary share transfer | Undisclosed | Buyer: 2 individuals Seller: an individual |
| Mar 2018 | Funding round | ₹90 Lakh | Investors: 4 individuals |
| Dec 2017 | Funding round | ₹2.94 Cr | Investors: 4 individuals |
Full deal history
All 3 deals with amounts, valuations, instruments and every party are in the company report.
- Every funding round and share transfer
- Amounts and valuations
- Investors, buyers and sellers
- Instruments and deal dates
Verified entity values are shown only after access is granted.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal Cases of MFS Ethnic Limited
MFS Ethnic Limited has 8 court cases on record: 8 filed by MFS Ethnic. 3 cases are pending and 5 are disposed. Status as checked between 21 Sep 2026 and 03 Oct 2026.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 8 | 0 | 3 |
Cases on record (5 of 8)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Mumbai City Civil Court, Maharashtra | Interim or miscellaneous application | Filed by the company against an individual | Pending |
| District court, Mumbai City Civil Court, Maharashtra | Commercial suit | Filed by the company against an individual | Pending |
| District court, Mumbai CMM Courts, Maharashtra | Court case (Summary Cases) | Filed by the company against an individual | Pending |
| District court, Mumbai City Civil Court, Maharashtra | Interim or miscellaneous application | Filed by the company against an individual | Disposed |
| District court, Mumbai City Civil Court, Maharashtra | Commercial suit | Filed by the company against an individual | Disposed |
Full case history
All 8 cases with case numbers, court, year-wise trend, opposite parties and decision dates are in the company report.
- Every case with its case number
- Year-wise trend
- Opposite parties
- Decision dates and orders
Verified entity values are shown only after access is granted.
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.
Associated Brands with MFS Ethnic Limited
MFS Ethnic operates one associated brand: MFS Ethnic. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Designs, manufactures, and exports Indian ethnic apparel including sherwanis and suits. | mfsethnic.com |
Employees and EPFO Compliance at MFS Ethnic Limited
Employment history and EPFO contributions of people linked to MFS Ethnic.
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 MFS Ethnic Limited
MFS Ethnic Limited has 9 board changes on record since 2017: 4 appointments and 5 cessations. The latest: Sarika Mitesh Sanghvi was appointed as Director on 28 Feb 2024.
10 earlier events are listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts for MFS Ethnic 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 MFS Ethnic 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 MFS Ethnic 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 MFS Ethnic Limited
MFS Ethnic has 1 GST registration: 1 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AALCM2652C1ZL | Maharashtra | Active | 25 Jul 2017 |
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 MFS Ethnic 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 MFS Ethnic Limited
MFS Ethnic is an active public limited company based in Mumbai, Maharashtra, India. The company works in traditional and ethnic wear, within the fashion and textile industry. It was incorporated on 25 July 2017 (9+ years old) and is registered under CIN U18209MH2017PLC297799.
MFS Ethnic reported revenue of ₹60.46 Cr for FY 2025 (down 2% YoY).
MFS Ethnic has 4 current directors:
- Mitesh Pramod Sanghvi - Managing Director
- Haresh Javerilal Doshi - Whole-Time Director
- Sarika Mitesh Sanghvi - Director
- Jigna Haresh Doshi - Director
MFS Ethnic reported a net profit of ₹3.73 Cr (net margin 6.2%) and EBITDA of ₹7.48 Cr (EBITDA margin 12.4%) for FY 2025, as per its filed financial statements.
The compounded annual growth rate (CAGR) of the revenue of MFS Ethnic is 13% over three years and 13% over five years. In the latest year (FY 2025) revenue fell 2%. CAGR is the steady yearly rate that links the first and the last year.
The GSTIN of MFS Ethnic is 27AALCM2652C1ZL, registered in Maharashtra.
The CIN (Corporate Identification Number) of MFS Ethnic is U18209MH2017PLC297799. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
MFS Ethnic has 8 court cases on record: 8 filed by the company. 3 are pending.
MFS Ethnic was incorporated on 25 July 2017, making it 9+ years old. It is registered with the Registrar of Companies, Mumbai.
MFS Ethnic has 3 deals on record (2 funding rounds, 1 secondary share transfer), with disclosed funding of ₹3.84 Cr; the latest was in March 2018.
The peers of MFS Ethnic by revenue are Aashirvad Heritage Private Limited, Dipen Sarees Private Limited, Roshni Creations Private Limited, Prapti Fashions Private Limited, Kusum Silk Mills Pvt Ltd and 5 more, all in the Apparel industry (Ethnic Wear).