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About Sheth Developers & Realtors (India) Limited
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Sheth Developers & Realtors (India) Limited was a public limited company based in Thane, Maharashtra, India, operated as a subsidiary of Salsette Developers Private Limited. The company has been amalgamated - it was merged with another entity and no longer exists as a separate legal entity. It operated in the real estate development and construction segment of the real estate and construction sector. It was incorporated on 19 March 1993.
The company was registered with the Registrar of Companies (ROC), Mumbai, under CIN U29130MH1993PLC071231. Its GSTIN is 27AAACV1607P1Z3 (Maharashtra).
The company had an authorised share capital of ₹62 Cr and a paid-up capital of ₹38.93 Cr. It was formerly known as Henkel Switchgear Limited and Voltas Switchgears Limited. It was led by directors including Ashwani Singh and Deepak Jagwani.
Its last annual general meeting (AGM) was held on 04 July 2022, and its latest financial statements are for the year ended 31 March 2022. The registered office was at Viviana Mall Management Office Upper Basement Eastern Express Highway Thane (West), Maharashtra, India – 400606.
As per the financials filed for FY 2022, the company reported a revenue of ₹123.82 Cr, a growth of 18% compared to the previous year. For the same year it recorded a net loss of ₹39.58 Cr (net margin -32%) and EBITDA of ₹67.15 Cr (EBITDA margin 54.2%). Revenue has declined at a compounded annual rate (CAGR) of 13% over three years and 4% over five years.
The company had about 57 employees on its provident fund (EPFO) records before it was dissolved.
As per MCA filings, the company had satisfied charges of ₹2,073.81 Cr on record. Court records list 31 cases involving the company, including 5 filed by the company and 26 filed against it; 6 cases are pending.
The last known website on record is shethdevelopers.com.
Company details
Name history
Sheth Developers & Realtors (India) has undergone 2 name changes throughout its history. The company was previously known as Henkel Switchgear Limited, and Voltas Switchgears Limited. The current legal name is Sheth Developers & Realtors (India) Limited.
| Company Name | Status |
|---|---|
| Sheth Developers & Realtors (India) Limited | Current |
| Henkel Switchgear Limited | Previous |
| Voltas Switchgears Limited | Previous |
CIN history
Sheth Developers & Realtors (India) has one previous CIN (Corporate Identification Number): L29130MH1993PLC071231. The current CIN is U29130MH1993PLC071231, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U29130MH1993PLC071231 | Current |
| L29130MH1993PLC071231 | Previous |
Contact details
Sheth Developers & Realtors (India) Limited's registered office is in Thane, Maharashtra. Its website is shethdevelopers.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressViviana Mall Management Office Upper Basement Eastern Express Highway Thane (West), Maharashtra, India – 400606
- IndustryReal Estate and Construction, Real Estate Builders & Developers
To see the full contact details of Sheth Developers & Realtors (India) Limited, buy the company report.
- 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
Business activity
The main business activity of Sheth Developers & Realtors (India) is real estate. In detail, this covers real estate activities with own or leased property.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| L | Real Estate | L1 | Real estate activities with own or leased property |
To see the full business activity and turnover split of Sheth Developers & Realtors (India) Limited, buy the company report.
Financials of Sheth Developers & Realtors (India) Limited
FY 2022 filings availableSheth Developers & Realtors (India) Limited reported revenue of ₹123.82 Cr (up 18% YoY) for FY 2022.
Compounded Annual Growth Rate (CAGR)
Revenue rose 18% in the latest year, though over five years it has declined at a compounded annual rate (CAGR) of 4%. EBITDA rose 19% 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 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 | FY 2017-18 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | |||||
| Other Income | |||||
| Total Revenue | ₹123.82 Cr | ||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | ₹67.15 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | -₹39.58 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 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 | FY 2017-18 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 54.2% | ||||
| Net Profit Margin | -32% | ||||
| 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 Sheth Developers & Realtors (India) Limited, buy the company report.
Board of directors and KMP of Sheth Developers & Realtors (India) Limited
Sheth Developers & Realtors (India) Limited currently reports 4 directors and 1 key managerial person. 24 former directors have served the organization.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Karim Kasimali Merchant Also directs: Edgewood Advisory Ifsc LLP, Visapur Developers Private Limited, Salsette Developers Private Limited and 5 more | Nominee Director | 10 Feb 2022 | 4 Years 8 Months | As last reported |
| Koshtishwaran Iyer Also directs: Visapur Developers Private Limited, Salsette Developers Private Limited, Kukatpally Developers Private Limited and 5 more | Cfo | 30 Sep 2022 | 4 Years 0 Months | As last reported |
| Ashwani Singh | Director | 09 May 2022 | 4 Years 5 Months | As last reported |
| Deepak Jagwani Also directs: Kukatpally Developers Private Limited | Director | 09 May 2022 | 4 Years 5 Months | As last reported |
| Ashwin Puri Also directs: Edgewood Advisory Ifsc LLP, Visapur Developers Private Limited, Salsette Developers Private Limited and 5 more | Nominee Director | 10 Feb 2022 | 4 Years 8 Months | As last reported |
Peer comparison
Sheth Developers & Realtors (India) Limited is compared with the 5 companies closest to it by revenue in the Business Services industry (Mall Management), with the same principal business activity (real estate activities with own or leased property), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Nambi Buildwell Limited | ₹163.18 Cr (FY 2025) | -2.0% | New Delhi, Delhi, India | |||
| Quest Properties India Limited | ₹140.28 Cr (FY 2025) | -9.0% | Kolkata, West Bengal, India | |||
| Insight Mall Developers Private Limited | ₹139.31 Cr (FY 2025) | -2.0% | Mahalaxmi, Maharashtra, India | |||
| Sheth Developers & Realtors (India) Limitedthis company | ₹123.82 Cr (FY 2022) | -₹39.58 Cr | -32% | 18.0% | 57 | Thane, Maharashtra, India |
| Chitrali Properties Private Limited | ₹117.52 Cr (FY 2025) | 7.0% | Pune, Maharashtra, India | |||
| E-City Real Estates Private Limited | ₹115.89 Cr (FY 2025) | -8.0% | Mumbai, Maharashtra, India |
To see the full peer comparison of Sheth Developers & Realtors (India) Limited, buy the company report.
Auditor
Sheth Developers & Realtors (India) Limited is audited by Price Waterhouse Chartered Accountants LLP for the financial year 2022.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Price Waterhouse Chartered Accountants LLP | FY 2022 | 012754N/N-500016 |
Shareholding
The shareholding of Sheth Developers & Realtors (India) Limited is on record for 5 financial years, the latest being FY 2022, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Sheth Developers & Realtors (India) Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 31 Mar 2022 | 100555484 | Axis Bank Limited | ₹1.2 Cr | Satisfied | |
| 20 Jul 2019 | 100282925 | Axis Bank Limited | ₹10.65 Lakh | Satisfied | |
| 17 Oct 2017 | 100131922 | Axis Bank Limited | ₹620 Cr | Satisfied | |
| 01 Oct 2013 | 10452568 | State Bank of India | ₹557.5 Cr | Satisfied | |
| 28 Feb 2013 | 10416597 | Indiabulls Housing Finance Limited | ₹60 Cr | Satisfied |
To see the full charge records of Sheth Developers & Realtors (India) Limited, buy the company report.
Total charge records: 11 View all charges
Legal cases
Sheth Developers & Realtors (India) Limited has 31 court cases on record: 5 filed by Sheth Developers & Realtors (India), 26 filed against it. 6 cases are pending and 25 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 27 | 23 | 5 |
| District courts | 3 | 2 | 0 |
| Supreme Court | 1 | 1 | 1 |
Cases on record (5 of 31)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Supreme Court | Court case (2405-Indirect Taxation : Service Tax) | Filed against the company by Lifestyle International Pvt.Ltd. | Pending |
| District court, Mumbai City Civil Court, Maharashtra | Court case (SUMMONS FOR JUDGT) | Filed against the company by M/S. Vijaynath Roof and Wall Cladding Systems Pvt Ltd | Disposed |
| District court, Mumbai City Civil Court, Maharashtra | Court case (SUMMARY CIVIL SUIT) | Filed against the company by M/S. Vijaynath Roof and Wall Cladding Systems Pvt Ltd | Disposed |
| Bombay High Court | Arbitration matter | Filed against the company by M/S. Capacite Structures Ltd. | Disposed |
| Bombay High Court | Court case (AO) | Filed against the company by Raymond Limited (Formerly Raymond Woollen Mills Limited) and Anr and 1 other | Disposed |
To see the full case history of Sheth Developers & Realtors (India) 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.
Credit ratings & regulatory alerts
Sheth Developers & Realtors (India) Limited was last rated by Icra on 04 Mar 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Icra | 04 Mar 2022 |
To see the full credit ratings and regulatory alerts of Sheth Developers & Realtors (India) Limited, buy the company report.
MSME payment delays
Sheth Developers & Realtors (India) Limited has 10 MSME Form 1 returns on record between 2020 and 2023, listing 905 overdue payments to 144 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 144)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Aaro Foods Private Limited | |||
| an individual supplier | |||
| Meiko Clean Solutions (India) Private Limited | |||
| an individual supplier | |||
| Advance Cooling Towers Private Limited |
To see the full MSME payment records of Sheth Developers & Realtors (India) Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Sheth Developers & Realtors (India) Limited has a workforce of 57 employees on its EPFO records as of Apr 08, 2024, across 1 active EPFO establishment.
GST
Sheth Developers & Realtors (India) has 1 GST registration: 1 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACV1607P1Z3 | Maharashtra | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Sheth Developers & Realtors (India) Limited, buy the company report.
Recent activity
Sheth Developers & Realtors (India) Limited has 25 board changes on record since 2015: 5 appointments and 20 cessations. The latest: Koshtishwaran Iyer was appointed as CFO on 30 Sep 2022.
40 earlier events are in the company report.
Frequently asked questions
Sheth Developers & Realtors (India) has been "Amalgamated" (merged) as per MCA records. The company was combined with another entity and no longer exists as a separate legal entity. Business activities, if any, continue under the successor entity.
Sheth Developers & Realtors (India) was a public limited company based in Thane, Maharashtra, India. The company worked in real estate builders and developers, within the real estate and construction industry. It was incorporated on 19 March 1993 and is registered under CIN U29130MH1993PLC071231. The company is recorded as amalgamated in MCA records and no longer exists as a legal entity.
Sheth Developers & Realtors (India) was incorporated on 19 March 1993. It is registered with the Registrar of Companies, Mumbai.
Sheth Developers & Realtors (India) had 5 directors and KMP:
- Karim Kasimali Merchant - Nominee Director
- Ashwani Singh - Director
- Deepak Jagwani - Director
- Ashwin Puri - Nominee Director
- Koshtishwaran Iyer - Cfo
The CIN (Corporate Identification Number) of Sheth Developers & Realtors (India) is U29130MH1993PLC071231. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
The registered office of Sheth Developers & Realtors (India) is at Viviana Mall Management Office Upper Basement Eastern Express Highway Thane West, Maharashtra, India – 400606.
Sheth Developers & Realtors (India) can be reached through the website shethdevelopers.com. Its registered office is in Thane, Maharashtra, India.
The latest financial statements of Sheth Developers & Realtors (India) on record with the MCA are for the year ended 31 March 2022. Its last annual general meeting was held on 04 July 2022. Year-wise statements from 2015 are in the company report.
The GSTIN of Sheth Developers & Realtors (India) is 27AAACV1607P1Z3, registered in Maharashtra.
Sheth Developers & Realtors (India) operated in the real estate and construction industry, in the real estate builders and developers segment.
The peers of Sheth Developers & Realtors (India) by revenue are Nambi Buildwell Limited, Quest Properties India Limited, Insight Mall Developers Private Limited, Chitrali Properties Private Limited, E-City Real Estates Private Limited, all in the Business Services industry (Mall Management), with the same principal business activity (real estate activities with own or leased property).
Sheth Developers & Realtors (India) has 10 MSME Form 1 returns on record between 2020 and 2023, listing 905 overdue payments to 144 micro and small suppliers. The latest return was filed on 31 Aug 2023.