MSME (Udyam registered) Ministry of MSME
- Udyam number
- UDYAM-GJ-20-0004533
Muscat Polymers Pvt Ltd - manufacturing in Rajkot, Gujarat, India. FY 2026 financials & compliance.
Revenue · FY 2025
₹153.97 Cr
▲ 16% YoY
Net profit · FY 2025
₹1.17 Cr
Net margin 0.8%
EBITDA · FY 2025
₹8.7 Cr
EBITDA margin 5.7%
Authorised capital
₹9 Cr
Registered with MCA
Paid-up capital
₹8.67 Cr
Issued & subscribed
Open charges
₹173.84 Cr
Satisfied ₹47.35 Cr
Company age
32 yrs
Est. 1994
Employees · EPFO
104
Provident fund records
About Muscat Polymers Pvt Ltd
Data last updated:
Muscat Polymers Pvt Ltd is a private limited company based in Rajkot, Gujarat, India. It operates in the plastic-based products segment of the manufacturing sector. It was incorporated on 01 February 1994 and has been in existence for over 32 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U17119GJ1994PTC021183. Its GSTIN is 24AAECM6314J1ZK (Gujarat).
The company has an authorised share capital of ₹9 Cr and a paid-up capital of ₹8.67 Cr. It is led by directors including Niraj Kishorbhai Doshi (Whole-Time Director) and Shrenik Rajivkumar Doshi.
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 Doshi Corporate Park, Rajkot, Gujarat.
As per the financials filed for FY 2025, the company reported a revenue of ₹153.97 Cr, a growth of 16% compared to the previous year. For the same year it recorded a net profit of ₹1.17 Cr (net margin 0.8%) and EBITDA of ₹8.7 Cr (EBITDA margin 5.7%). Revenue has grown at a compounded annual rate (CAGR) of 5% over three years and 13% over five years.
The company has about 104 employees on its provident fund (EPFO) records.
As per MCA filings, the company has open charges of ₹173.84 Cr and satisfied charges of ₹47.35 Cr on record. Court records list 14 cases involving the company, including 11 filed by the company and 3 filed against it; 1 case is pending. The company has 5 deals on record (4 secondary share transfers, 1 rights issue); the latest was in March 2020.
Muscat Polymers Pvt Ltd is registered as an MSME under the Udyam registration framework (Reg. No. UDYAM-GJ-20-0004533). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website muscatpolymers.com.
Company details
CIN U17119GJ1994PTC021183
Registration Number 021183
Incorporation Date 01 February 1994
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 MSME
Udyam Registration UDYAM-GJ-20-0004533
Key People
Niraj Kishorbhai Doshi Whole-Time Director Shrenik Rajivkumar Doshi Director Minaxi Madhookar Kothary Director Recognitions & Rankings of Muscat Polymers
Contact details
Muscat Polymers Pvt Ltd's registered office is in Rajkot, Gujarat. Its website is muscatpolymers.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressDoshi Corporate Park Plot No.3 C.S No.3320/E – 3 Nr. Utkarsh School Opp.Satnam Hospital Aksha, R Marg End, Rajkot, Gujarat, India – 360001
- IndustryManufacturing, Plastic-Based Products
To see the full contact details of Muscat Polymers Pvt Ltd, buy the company report.
Comprehensive company report
Muscat Polymers Pvt Ltd - 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 Muscat Polymers is manufacturing. In detail, this covers wood and wood products, furniture, paper and paper products.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C3 | Wood and wood products, furniture, paper and paper products |
To see the full business activity and turnover split of Muscat Polymers Pvt Ltd, buy the company report.
Financials of Muscat Polymers Pvt Ltd
FY 2025 filings availableMuscat Polymers Pvt Ltd reported revenue of ₹153.97 Cr (up 16% YoY) for FY 2025.
Revenue · FY 2025
₹153.97 Cr ▲ 16%
Net profit · FY 2025
₹1.17 Cr margin 0.8%
EBITDA · FY 2025
₹8.7 Cr margin 5.7%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 16%
3 years · compounded
▲ 5%
5 years · compounded
▲ 13%
EBITDA CAGR growth
1 year
▲ 115%
3 years · compounded
▲ 18%
5 years · compounded
▲ 28%
Revenue has grown at a compounded annual rate (CAGR) of 13% over five years, including 16% growth in the latest year. EBITDA rose 115% 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 | ₹153.97 Cr | ||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | ₹8.7 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹1.17 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 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 5.7% | ||||
| Net Profit Margin | 0.8% | ||||
| 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 Muscat Polymers Pvt Ltd, buy the company report.
Board of directors of Muscat Polymers Pvt Ltd
Muscat Polymers has 4 current directors and 3 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Shrenik Rajivkumar Doshi Also directs: Riddhi Siddhi Poly Fab Private Limited, Mina P0ly-Pack Private Limited, Eb5 India Advisory Private Limited and 3 more | Director | 01 Jul 2014 | 12 Years 3 Months | Current |
| Niraj Kishorbhai Doshi Also directs: Riddhi Siddhi Poly Fab Private Limited, Mina P0ly-Pack Private Limited, Expat Nri Solutions Private Limited and 3 more | Whole-Time Director | 01 Apr 1998 | 28 Years 6 Months | Current |
| Minaxi Madhookar Kothary | Director | 01 Apr 1998 | 28 Years 6 Months | Current |
| Rajivkumar Kishorchandra Doshi Also directs: R K Doshi & Co LLP | Director | 01 Apr 1998 | 28 Years 6 Months | Current |
Auditor
Muscat Polymers Pvt Ltd is audited by DHARMENDRA B SHAH & ASSOCIATES for the financial year 2025.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| DHARMENDRA B SHAH & ASSOCIATES | FY 2025 | 126248W |
Shareholding
The shareholding of Muscat Polymers Pvt Ltd is on record for 5 financial years, the latest being FY 2025, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Muscat Polymers Pvt Ltd, buy the company report.
Charges & borrowings
Open charges
₹173.84 Cr
Satisfied charges
₹47.35 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 27 Dec 2013 | 10468408 | Hdfc Bank Limited | ₹86.92 Cr | Open | |
| 27 Sep 2013 | 10452444 | Hdfc Bank Limited | ₹86.92 Cr | Open | |
| 29 Sep 2008 | 10124873 | Development Credit Bank Limited | ₹10 Lakh | Satisfied | |
| 03 Jun 2006 | 10006490 | Development Credit Bank Limited | ₹23.63 Cr | Satisfied | |
| 09 Jan 2006 | 80005159 | Development Credit Bank Limited | ₹23.63 Cr | Satisfied |
To see the full charge records of Muscat Polymers Pvt Ltd, buy the company report.
Total charge records: 7 View all charges
Deals & funding
Muscat Polymers Pvt Ltd has 5 deals on record (4 secondary share transfers, 1 rights issue); the latest was in March 2020.
Total deals
5
Secondary share transfers
4
Rights issue
1
Deals on record (5 of 5)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2020 | Secondary share transfer | Undisclosed | Buyer: Eb5 India Advisory Private Limited Seller: Nexus Monetzing Private Limited |
| May 2019 | Rights issue | ₹4.46 Cr | Investors: Eb5 India Advisory Private Limited , Shiv Shyam Auto Leasing And Finance Private Limited, Doshi Advisory Private Limited |
| Mar 2019 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Jan 2012 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Mar 2011 | Secondary share transfer | Undisclosed | Buyer: Progro Management And Consultants Private Limited, Nexus Monetzing Private Limited, Shiv Shyam Auto Leasing And Finance Private Limited Seller: an individual |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Muscat Polymers Pvt Ltd has 14 court cases on record: 11 filed by Muscat Polymers, 3 filed against it. 1 case is pending and 13 are disposed.
Total cases
14
Filed by the company
11
Filed against the company
3
Pending
1
Disposed
13
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 9 | 1 | 0 |
| High courts | 4 | 1 | 0 |
| NCLT | 1 | 1 | 1 |
Cases on record (5 of 14)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court, GUJARAT | Arbitration matter | Filed by the company against The New India Assurance Co. Ltd. | Disposed |
| District court, RAJKOT, Gujarat | Criminal complaint | Filed by the company against Rushivihaar Infrastructure Pvt Ltd and 5 others | Disposed |
| High Court, GUJARAT | Court case (COMP) | Filed by the company against Rushivihaar Infrastructure Pvt. Limited | Disposed |
| High Court, GUJARAT | Court case (IAAP) | Filed by the company against Dahnay Logistics Pvt.Ltd. | Disposed |
| District court, RAJKOT, Gujarat | Court case (CR EN) | Filed by the company against Rushivihaar Infrastructure Pvt LTDD and 5 others | Disposed |
To see the full case history of Muscat Polymers Pvt Ltd, 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 Muscat Polymers Pvt Ltd; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Employees & EPFO
Muscat Polymers Pvt Ltd has a workforce of 104 employees on its EPFO records as of Sep 23, 2025, across 1 active EPFO establishment.
Employee count
104
Active EPFO establishments
1
Employee growth
2.97%
GST
Muscat Polymers has 1 GST registration: 1 active.
Total GSTINs
1
Active
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAECM6314J1ZK | Gujarat | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Muscat Polymers Pvt Ltd, buy the company report.
Recent activity
Muscat Polymers Pvt Ltd has 7 board changes on record since 1998: 4 appointments and 3 cessations. The latest: Vishal Madhookar Kothary ceased to be Director on 04 Jun 2022.
Charges
A charge with Hdfc Bank Limited of Rs. 86.92 Cr registered on 27 Dec 2013 with Charge ID 10468408 was modified on 02 Apr 2026.
Charges
A charge with Hdfc Bank Limited of Rs. 86.92 Cr registered on 27 Sep 2013 with Charge ID 10452444 was modified on 31 Mar 2026.
AGM
Muscat Polymers Pvt Ltd last Annual general meeting of members was held on 30 Sep 2025 as per latest MCA records.
Filing
Muscat Polymers Pvt Ltd has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Ahmedabad.
Ceased
Vishal Madhookar Kothary ceased to be Director.
Appointed
Shrenik Rajivkumar Doshi was appointed as Director.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 86.92 Cr with Charge ID 10468408 was registered on 27 Dec 2013.
Charges
A charge registered on 03 Jun 2006 via Charge ID 10006490 with Development Credit Bank Limited was fully satisfied on 11 Dec 2013.
Charges
A charge registered on 09 Jan 2006 via Charge ID 80005159 with Development Credit Bank Limited was fully satisfied on 11 Dec 2013.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 86.92 Cr with Charge ID 10452444 was registered on 27 Sep 2013.
Charges
A charge with Development Credit Bank Limited of Rs. 23.63 Cr registered on 03 Jun 2006 with Charge ID 10006490 was modified on 24 Jan 2012.
Charges
A charge with Development Credit Bank Limited of Rs. 23.63 Cr registered on 09 Jan 2006 with Charge ID 80005159 was modified on 21 Jan 2012.
14 earlier events are in the company report.
Frequently asked questions
Muscat Polymers is an active private limited company based in Rajkot, Gujarat, India. The company works in plastic-based products, within the manufacturing industry. It was incorporated on 01 February 1994 (32+ years old) and is registered under CIN U17119GJ1994PTC021183.
Muscat Polymers has 4 current directors:
- Niraj Kishorbhai Doshi - Whole-Time Director
- Shrenik Rajivkumar Doshi - Director
- Minaxi Madhookar Kothary - Director
- Rajivkumar Kishorchandra Doshi - Director
The latest financial statements of Muscat Polymers 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 Muscat Polymers is 24AAECM6314J1ZK, registered in Gujarat.
The CIN (Corporate Identification Number) of Muscat Polymers is U17119GJ1994PTC021183. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Muscat Polymers has 14 court cases on record: 11 filed by the company and 3 filed against it. 1 is pending. Most are in the district courts.
Muscat Polymers was incorporated on 01 February 1994, making it 32+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Muscat Polymers has 5 deals on record (4 secondary share transfers, 1 rights issue); the latest was in March 2020.
Vishal Madhookar Kothary ceased to be Director on 04 Jun 2022. Shrenik Rajivkumar Doshi was appointed as Director on 01 Jul 2014. Madhookar Ramniklal Kothary ceased to be Director on 24 Oct 2011. Muscat Polymers has 7 board changes on record in total.
Yes, Muscat Polymers is registered as an MSME under Udyam registration (number: UDYAM-GJ-20-0004533).