MSME (Udyam registered) Ministry of MSME
- Category
- Small (2024-25)
- Udyam number
- UDYAM-MP-17-0006813
Ritspin Synthetics Limited - manufacturing in Dhar, Madhya Pradesh, India. FY 2026 financials & compliance.
Revenue · FY 2024
₹32.11 Cr
▲ 7% YoY
Net loss · FY 2024
₹14.92 Cr
Net margin -46.5%
EBITDA · FY 2024
-₹11.47 Cr
EBITDA margin -35.7%
Authorised capital
₹60 Cr
Registered with MCA
Paid-up capital
₹47.93 Cr
Issued & subscribed
Open charges
₹593.63 Cr
Satisfied ₹571.92 Cr
Company age
32 yrs
Est. 1994
Employees · EPFO
656
Provident fund records
About Ritspin Synthetics Limited
Data last updated:
Ritspin Synthetics Limited is a public limited company based in Dhar, Madhya Pradesh, India. It operates in the textile and fabric production segment of the manufacturing sector. It was incorporated on 07 December 1994 and has been in existence for over 32 years.
The company is registered with the Registrar of Companies (ROC), Gwalior, under CIN U17124MP1994PLC008839. Its GSTIN is 23AAACR8303E1ZV (Madhya Pradesh). The company holds 4 GST registrations, of which 2 are active.
The company has an authorised share capital of ₹60 Cr and a paid-up capital of ₹47.93 Cr. It was formerly known as Ritspin Syntheticcs Limited. It is led by directors including Bhagwan Singh Suryawanshi and Manish Kumar.
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 Dhar, Madhya Pradesh.
As per the financials filed for FY 2024, the company reported a revenue of ₹32.11 Cr, a growth of 7% compared to the previous year. For the same year it recorded a net loss of ₹14.92 Cr (net margin -46.5%) and EBITDA of -₹11.47 Cr (EBITDA margin -35.7%). Revenue has declined at a compounded annual rate (CAGR) of 3% over three years and 10% over five years.
The company has about 656 employees on its provident fund (EPFO) records.
As per MCA filings, the company has open charges of ₹593.63 Cr and satisfied charges of ₹571.92 Cr on record. Court records list 33 cases involving the company, including 18 filed by the company and 15 filed against it; 10 cases are pending.
Ritspin Synthetics Limited is registered as a small enterprise under the Udyam registration framework (Reg. No. UDYAM-MP-17-0006813). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website wearitgroup.com.
Company details
CIN U17124MP1994PLC008839
Registration Number 008839
Incorporation Date 07 December 1994
ROC Gwalior
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2024
Date of Balance Sheet 31 March 2024
Compliance Status Active Compliant
MSME Classification Small
Udyam Registration UDYAM-MP-17-0006813
Recognitions & Rankings of Ritspin Synthetics
Contact details
Ritspin Synthetics Limited's registered office is in Dhar, Madhya Pradesh. Its website is wearitgroup.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressPlot No – 2, Kheda Industrialgrowth Centre, Dhar, Madhya Pradesh, India – 454774
- IndustryManufacturing, Textile & Fabric Production
To see the full contact details of Ritspin Synthetics Limited, buy the company report.
Comprehensive company report
Ritspin Synthetics 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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Secure checkout · GST invoice included
Business activity
The main business activities of Ritspin Synthetics are manufacturing and trade. In detail, this covers textile, leather and other apparel products and wholesale trading. 2 activity segments are registered with the MCA.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C2 | Textile, leather and other apparel products | |
| G | Trade | G1 | Wholesale Trading |
To see the full business activity and turnover split of Ritspin Synthetics Limited, buy the company report.
Financials of Ritspin Synthetics Limited
FY 2024 filings availableRitspin Synthetics Limited reported revenue of ₹32.11 Cr (up 7% YoY) for FY 2024.
Revenue · FY 2024
₹32.11 Cr ▲ 7%
Net loss · FY 2024
₹14.92 Cr margin -46.5%
EBITDA · FY 2024
-₹11.47 Cr margin -35.7%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 7%
3 years · compounded
▼ 3%
5 years · compounded
▼ 10%
EBITDA CAGR growth
1 year
▲ 41%
3 years · compounded
▲ 9%
5 years · compounded
▲ 16%
Revenue rose 7% in the latest year, though over five years it has declined at a compounded annual rate (CAGR) of 10%. EBITDA rose 41% 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 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
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| Total Expenses | |||||
| EBITDA | -₹11.47 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | -₹14.92 Cr | ||||
| Balance Sheet | |||||
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| Reserves and Surplus | |||||
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Financial Ratios
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | -35.7% | ||||
| Net Profit Margin | -46.5% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
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| Receivable Days | |||||
| Payable Days | |||||
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To see the full financial statements and ratios of Ritspin Synthetics Limited, buy the company report.
Board of directors of Ritspin Synthetics Limited
Ritspin Synthetics has 3 current directors and 14 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Bhagwan Singh Suryawanshi | Director | 01 Jun 2020 | 6 Years 4 Months | Current |
| Manish Kumar Also directs: Dhanterash Sale Private Limited | Director | 07 Dec 1994 | 31 Years 10 Months | Current |
| Balesh Kumar Bagree | Director | 02 May 2013 | 13 Years 5 Months | Current |
Peer comparison
Ritspin Synthetics Limited is compared with the 5 companies closest to it by revenue in the Manufacturing industry (Textiles), with the same principal business activity (textile, leather and other apparel products), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| K Lite Fashions Private Limited | ₹32.16 Cr (FY 2025) | 59.0% | Surat, Gujarat, India | |||
| Oac Woollens Private Limited | ₹32.15 Cr (FY 2023) | -26.0% | Uttar Pradesh, India | |||
| Ritspin Synthetics Limitedthis company | ₹32.11 Cr (FY 2024) | -₹14.92 Cr | -46.5% | 7.0% | 656 | Dhar, Madhya Pradesh, India |
| Chanakya International Private Limited | ₹32.07 Cr (FY 2021) | -36.0% | Mumbai, Maharashtra, India | |||
| Satkar Synthetics Private Limited | ₹32.04 Cr (FY 2025) | 4.0% | Bhilwara, Rajasthan, India | |||
| SRV Knittech Private Limited | ₹32.04 Cr (FY 2025) | 13.0% | Bangalore, Karnataka, India |
To see the full peer comparison of Ritspin Synthetics Limited, buy the company report.
Auditor
Ritspin Synthetics Limited is audited by R.K. BHAGANIA & CO for the financial year 2022.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| R.K. BHAGANIA & CO | FY 2022 | 309138E |
Shareholding
The shareholding of Ritspin Synthetics 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 Ritspin Synthetics Limited, buy the company report.
Charges & borrowings
Open charges
₹593.63 Cr
Satisfied charges
₹571.92 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 21 Aug 2017 | 100122865 | Others | ₹221.19 Cr | Open | |
| 05 Oct 2015 | 10602873 | Allahabad Bank Kolkata Main Branch | ₹7.15 Cr | Open | |
| 24 Jun 2014 | 10507073 | Others | ₹317.81 Cr | Open | |
| 25 Feb 2002 | 90203890 | Wearit Global Limited | ₹29.48 Cr | Open | |
| 24 Apr 1996 | 90203211 | Wearit Global Limited | ₹8 Cr | Open |
To see the full charge records of Ritspin Synthetics Limited, buy the company report.
Total charge records: 19 View all charges
Legal cases
Ritspin Synthetics Limited has 33 court cases on record: 18 filed by Ritspin Synthetics, 15 filed against it. 10 cases are pending and 23 are disposed.
Total cases
33
Filed by the company
18
Filed against the company
15
Pending
10
Disposed
23
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 13 | 8 | 7 |
| High courts | 11 | 3 | 3 |
| NCLT | 5 | 4 | 0 |
| Supreme Court | 3 | 0 | 0 |
| NCLAT | 1 | 0 | 0 |
Cases on record (5 of 33)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Indore, Madhya Pradesh | Court case (UN CIV) | Filed against the company by Arihant Bearing Services Private Limited Through Ajay Mehta | Pending |
| District court, Calcutta, West Bengal | Civil suit | Filed against the company by Tirumala Balaji Alloys Pvt Ltd | Pending |
| High Court, West Bengal | Court case (CO) | Filed by the company against Vaibhab Khandelwal Liquidator of Wearit Global Ltd and Ors | Disposed |
| NCLT, Indore | Insolvency matter | Filed against the company by Mangalam Viniyog Private Limited | Disposed |
| NCLAT, NCLAT New Delhi | Insolvency matter | Filed by the company against Mangalam Viniyog Pvt. Ltd. | Disposed |
To see the full case history of Ritspin Synthetics 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
Ritspin Synthetics Limited has 6 MSME Form 1 returns on record between 2019 and 2022, listing 67 overdue payments to 37 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 37)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| Sureka Paper Containers Pvtltd | |||
| an individual supplier | |||
| Raksha Industries | |||
| Box4 Analytics Private Limited |
To see the full MSME payment records of Ritspin Synthetics Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Ritspin Synthetics Limited has a workforce of 656 employees on its EPFO records as of Nov 19, 2024, across 1 active EPFO establishment.
Employee count
656
Active EPFO establishments
1
Employee growth
90.7%
GST
Ritspin Synthetics has 4 GST registrations: 2 active and 2 cancelled or inactive.
Total GSTINs
4
Active
2
Cancelled / inactive
2
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 23AAACR8303E1ZV | Madhya Pradesh | Active | 01 Jul 2017 |
| 19AAACR8303E3ZI | West Bengal | Active | 15 May 2018 |
To see the full GST registrations and return filing status of Ritspin Synthetics Limited, buy the company report.
Recent activity
Ritspin Synthetics Limited has 15 board changes on record since 1994: 3 appointments and 12 cessations. The latest: Bhagwan Singh Suryawanshi ceased to be Additional Director on 29 Sep 2020.
AGM
Ritspin Synthetics Limited last Annual general meeting of members was held on 30 Sep 2024 as per latest MCA records.
Filing
Ritspin Synthetics Limited has filed its annual Financial statements for the year ended 31 Mar 2024 with Roc Gwalior.
Ceased
Bhagwan Singh Suryawanshi ceased to be Additional Director.
Appointed
Bhagwan Singh Suryawanshi was appointed as Director.
Ceased
Manadath Pillai Rajan ceased to be Director.
Ceased
Shailja Haldia ceased to be Director.
Charges
A charge with Others amounted to Rs. 221.19 Cr with Charge ID 100122865 was registered on 21 Aug 2017.
Charges
A charge registered on 11 Feb 2015 via Charge ID 10558686 with Dena Bank was fully satisfied on 26 Dec 2016.
Charges
A charge registered on 16 Jun 2014 via Charge ID 10503902 with Others was fully satisfied on 08 Dec 2016.
Charges
A charge registered on 27 Sep 2012 via Charge ID 10381309 with Others was fully satisfied on 02 Dec 2016.
Charges
A charge with Others of Rs. 317.81 Cr registered on 24 Jun 2014 with Charge ID 10507073 was modified on 29 Sep 2016.
Ceased
Vilas Gopaldas Agrawal ceased to be Director.
52 earlier events are in the company report.
Frequently asked questions
Ritspin Synthetics is an active public limited company based in Dhar, Madhya Pradesh, India. The company works in textile and fabric production, within the manufacturing industry. It was incorporated on 07 December 1994 (32+ years old) and is registered under CIN U17124MP1994PLC008839.
Ritspin Synthetics has 3 current directors:
- Bhagwan Singh Suryawanshi - Director
- Manish Kumar - Director
- Balesh Kumar Bagree - Director
The latest financial statements of Ritspin Synthetics 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 Ritspin Synthetics is 23AAACR8303E1ZV, registered in Madhya Pradesh. The company has 4 GST registrations in all, of which 2 are active and 2 are cancelled or inactive. Other active GSTINs include 19AAACR8303E3ZI (West Bengal).
The CIN (Corporate Identification Number) of Ritspin Synthetics is U17124MP1994PLC008839. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Ritspin Synthetics has 33 court cases on record: 18 filed by the company and 15 filed against it. 10 are pending. Most are in the district courts.
Ritspin Synthetics was incorporated on 07 December 1994, making it 32+ years old. It is registered with the Registrar of Companies, Gwalior.
The peers of Ritspin Synthetics by revenue are K Lite Fashions Private Limited, Oac Woollens Private Limited, Chanakya International Private Limited, Satkar Synthetics Private Limited, SRV Knittech Private Limited, all in the Manufacturing industry (Textiles), with the same principal business activity (textile, leather and other apparel products).
Bhagwan Singh Suryawanshi ceased to be Additional Director on 29 Sep 2020. Bhagwan Singh Suryawanshi was appointed as Director on 01 Jun 2020. Manadath Pillai Rajan ceased to be Director on 01 Jun 2020. Ritspin Synthetics has 15 board changes on record in total.
Yes, Ritspin Synthetics is registered as a small enterprise under Udyam registration (number: UDYAM-MP-17-0006813).
Ritspin Synthetics has 6 MSME Form 1 returns on record between 2019 and 2022, listing 67 overdue payments to 37 micro and small suppliers. The latest return was filed on 21 Feb 2023.
Ritspin Synthetics can be reached through the website wearitgroup.com. Its registered office is in Dhar, Madhya Pradesh, India.