Turnrest Resources Private Limited
About Turnrest Resources Private Limited
Data last updated:
Turnrest Resources Private Limited is a private limited company based in Ahmedabad, Gujarat, India. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. Management control has been transferred to an insolvency professional. It operates in the materials retail and distribution segment of the metals and mining sector. It was incorporated on 20 April 2017.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U93090GJ2017PTC096979. Its GSTIN is 24AAGCT2234C1ZV (Gujarat).
The company has an authorised share capital of ₹87 Cr and a paid-up capital of ₹87 Cr. It is led by directors Jay Harshadkumar Chotalia and Mitesh Kiritikumar Sanghvi.
Its last annual general meeting (AGM) was held on 30 September 2023, and its latest financial statements are for the year ended 31 March 2023. The registered office is at Ahmedabad, Gujarat.
As per the financials filed for FY 2023, the company reported a revenue of ₹945.29 Cr, a growth of 37% compared to the previous year. For the same year it recorded a net profit of ₹15.66 Cr (net margin 1.7%) and EBITDA of ₹39.1 Cr (EBITDA margin 4.1%). Revenue has grown at a compounded annual rate (CAGR) of 75% over three years.
As per MCA filings, the company has open charges of ₹334.67 Cr and satisfied charges of ₹101.8 Cr on record. Court records list 32 cases involving the company, including 10 filed by the company and 22 filed against it; 14 cases are pending. The company has 10 deals on record (6 rights issues, 3 secondary share transfers, 1 debt financing), with disclosed funding of ₹5.1 Cr; the latest was in March 2024. Its 10 peer companies in the Metals and Minerals industry (Materials Retail and Distribution), with the same principal business activity (wholesale trading) are compared by revenue, 5 larger and 5 smaller; the largest is Shri Radhemani Multitrade Private Limited with revenue of ₹1,057.27 Cr. The company has 1 MSME Form 1 return on record for the period ending Mar 2019, listing 1 overdue payment to 1 micro and small supplier.
Company details
Contact details
Turnrest Resources Private Limited's registered office is in Ahmedabad, Gujarat. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Registered AddressD – 1001 Swati Crimson & Clov Nr Shilaj Circle Vill: Shilaj Tal: Dask, Roi, Ahmedabad, Gujarat, India – 380059
- IndustryMetals and Minerals, Materials Retail & Distribution
To see the full contact details of Turnrest Resources Private 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 Turnrest Resources is trade. In detail, this covers wholesale trading.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| G | Trade | G1 | Wholesale Trading |
To see the full business activity and turnover split of Turnrest Resources Private Limited, buy the company report.
Financials of Turnrest Resources Private Limited
FY 2023 filings availableTurnrest Resources Private Limited reported revenue of ₹945.29 Cr (up 37% YoY) for FY 2023.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 75% over three years, including 37% growth in the latest year. EBITDA fell 10% 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 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | ₹945.29 Cr | ||||
| Other Income | |||||
| Total Revenue | |||||
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| Total Expenses | |||||
| EBITDA | ₹39.1 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹15.66 Cr | ||||
| Balance Sheet | |||||
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Financial Ratios
| Metrics | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 4.1% | ||||
| Net Profit Margin | 1.7% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
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To see the full financial statements and ratios of Turnrest Resources Private Limited, buy the company report.
Board of directors of Turnrest Resources Private Limited
Turnrest Resources has 2 current directors and 2 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Jay Harshadkumar Chotalia | Director | 20 Apr 2017 | 9 Years 6 Months | As last reported |
| Mitesh Kiritikumar Sanghvi | Director | 20 Apr 2017 | 9 Years 6 Months | As last reported |
Peer comparison
Turnrest Resources Private Limited is compared with the 10 companies closest to it by revenue in the Metals and Minerals industry (Materials Retail and Distribution), with the same principal business activity (wholesale trading), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Shri Radhemani Multitrade Private Limited | ₹1,057.27 Cr (FY 2025) | 11.0% | Raipur, Chhattisgarh, India | |||
| Ganpati Energy Private Limited | ₹1,055.52 Cr (FY 2025) | 28.0% | Nagpur, Maharashtra, India | |||
| Kalinga Metalics Limited | ₹1,005.39 Cr (FY 2025) | 579.0% | Kolkata, West Bengal, India | |||
| Chandra Prabhu International Limited. | ₹999.61 Cr (FY 2025) | 17.0% | Gurgaon, Haryana, India | |||
| Maheshwari Logistics Limited | ₹978.05 Cr (FY 2025) | -7.0% | Vapi, Gujarat, India | |||
| Turnrest Resources Private Limitedthis company | ₹945.29 Cr (FY 2023) | ₹15.66 Cr | 1.7% | 37.0% | Ahmedabad, Gujarat, India | |
| Indermani Mineral India Private Limited | ₹944.51 Cr (FY 2025) | -4.0% | Raipur, Chhattisgarh, India | |||
| Narayani Resources Private Limited | ₹941.16 Cr (FY 2024) | -11.0% | Kolkata, West Bengal, India | |||
| Anand Carbo Private Limited | ₹922.42 Cr (FY 2025) | -8.0% | Kolkata, West Bengal, India | |||
| Singhania Resources Private Limited | ₹904.68 Cr (FY 2025) | 26.0% | Ludhiana, Punjab, India | |||
| PRH Resources Private Limited | ₹889.67 Cr (FY 2025) | -4.0% | Mumbai, Maharashtra, India |
To see the full peer comparison of Turnrest Resources Private Limited, buy the company report.
Auditor
Turnrest Resources Private Limited is audited by D G KADECHA & ASSOCIATES for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| D G KADECHA & ASSOCIATES | FY 2023 | 140564W |
Shareholding
The shareholding of Turnrest Resources Private 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 Turnrest Resources Private Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 26 Feb 2024 | 100890090 | Others | ₹5 Cr | Open | |
| 26 Feb 2024 | 100890087 | Others | ₹5 Cr | Open | |
| 16 May 2023 | 100724832 | Others | ₹15 Cr | Open | |
| 11 May 2023 | 100723023 | The South Indian Bank Limited | ₹25 Cr | Open | |
| 29 Dec 2021 | 100535612 | Others | ₹8 Cr | Open |
To see the full charge records of Turnrest Resources Private Limited, buy the company report.
Total charge records: 16 View all charges
Deals & funding
Turnrest Resources Private Limited has 10 deals on record (6 rights issues, 3 secondary share transfers, 1 debt financing), with disclosed funding of ₹5.1 Cr; the latest was in March 2024.
Deals on record (5 of 10)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2023 | Secondary share transfer | Undisclosed | Buyer: 2 individuals Seller: Avadh Infrastructure Private Limited |
| Mar 2023 | Rights issue | ₹5 Cr | Investors: Avadh Infrastructure Private Limited , 3 individuals |
| Mar 2022 | Rights issue | ₹5 Cr | Investors: Avadh Infrastructure Private Limited , 3 individuals |
| Oct 2020 | Rights issue | ₹5.01 Cr | Investors: Avadh Infrastructure Private Limited , 3 individuals |
| Mar 2020 | Secondary share transfer | Undisclosed | Buyer: Avadh Infrastructure Private Limited Seller: 4 individuals |
To see the full deal history of Turnrest Resources Private Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Turnrest Resources Private Limited has 32 court cases on record: 10 filed by Turnrest Resources, 22 filed against it. 14 cases are pending and 18 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 17 | 15 | 6 |
| High courts | 12 | 5 | 6 |
| NCLAT | 2 | 2 | 2 |
| Supreme Court | 1 | 0 | 0 |
Cases on record (5 of 32)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court, GUJARAT | Special civil application | Filed by the company against HDFC Bank Limited and 1 other | Pending |
| High Court of Gujarat | Special civil application | Filed by the company against Reserve Bank of India and 1 other | Pending |
| District court, Ahmedabad, Gujarat | Criminal miscellaneous application | Filed against the company by HDFC Bank Ltd. Throught Its Authorised Officer Anil Sankhla | Disposed |
| High Court, GUJARAT | Court case (SCR.A) | Filed by the company against HDFC Bank Ltd. Thro Anil Sankhla and 2 others | Disposed |
| High Court, GUJARAT | Special civil application | Filed against the company by South Indian Bank Limited | Disposed |
To see the full case history of Turnrest Resources Private 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
Turnrest Resources Private Limited was last rated by Brickwork on 19 Jul 2021.
| Rating agency | Rated on | Rating |
|---|---|---|
| Brickwork | 19 Jul 2021 |
To see the full credit ratings and regulatory alerts of Turnrest Resources Private Limited, buy the company report.
MSME payment delays
Turnrest Resources Private Limited has 1 MSME Form 1 return on record for the period ending Mar 2019, listing 1 overdue payment to 1 micro and small supplier. 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 (1 of 1)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Segal Logistics |
To see the full MSME payment records of Turnrest Resources Private Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
GST
Turnrest Resources has 1 GST registration: 1 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAGCT2234C1ZV | Gujarat | Active | 17 Apr 2018 |
To see the full GST registrations and return filing status of Turnrest Resources Private Limited, buy the company report.
Recent activity
Turnrest Resources Private Limited has 4 board changes on record since 2017: 3 appointments and 1 cessation. The latest: Manish Kumar Dangi ceased to be CEO on 01 Oct 2023.
25 earlier events are in the company report.
Frequently asked questions
Turnrest Resources is undergoing "Corporate Insolvency Resolution Process" (CIRP) under the Insolvency and Bankruptcy Code, 2016. Management control has been transferred to an insolvency resolution professional. The company may not be able to independently enter into new commitments during this period. This is a high-risk status - verify the resolution status before any engagement.
Turnrest Resources is a company under insolvency, formerly operating as a private limited company based in Ahmedabad, Gujarat, India. The company works in materials retail and distribution, within the metals and minerals industry. It was incorporated on 20 April 2017 and is registered under CIN U93090GJ2017PTC096979. Caution is advised - the company may not have the legal capacity to fulfil new agreements.
Turnrest Resources has 2 current directors:
- Jay Harshadkumar Chotalia - Director
- Mitesh Kiritikumar Sanghvi - Director
The latest financial statements of Turnrest Resources on record with the MCA are for the year ended 31 March 2023. Its last annual general meeting was held on 30 September 2023. Year-wise statements from FY 2018 are in the company report.
The CIN (Corporate Identification Number) of Turnrest Resources is U93090GJ2017PTC096979. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Turnrest Resources has open charges of ₹334.67 Cr and satisfied charges of ₹101.8 Cr as per latest MCA filings.
Turnrest Resources has 32 court cases on record: 10 filed by the company and 22 filed against it. 14 are pending. Most are in the district courts.
Turnrest Resources was incorporated on 20 April 2017. It is registered with the Registrar of Companies, Ahmedabad.
Turnrest Resources has 10 deals on record (6 rights issues, 3 secondary share transfers, 1 debt financing), with disclosed funding of ₹5.1 Cr; the latest was in March 2024.
The peers of Turnrest Resources by revenue are Shri Radhemani Multitrade Private Limited, Ganpati Energy Private Limited, Kalinga Metalics Limited, Chandra Prabhu International Limited, Maheshwari Logistics Limited and 5 more, all in the Metals and Minerals industry (Materials Retail and Distribution), with the same principal business activity (wholesale trading).
Manish Kumar Dangi ceased to be CEO on 01 Oct 2023. Jay Harshadkumar Chotalia was appointed as Director on 20 Apr 2017. Manish Kumar Dangi was appointed as CEO on 20 Apr 2017. Turnrest Resources has 4 board changes on record in total.
Turnrest Resources has 1 MSME Form 1 return on record for the period ending Mar 2019, listing 1 overdue payment to 1 micro and small supplier. The latest return was filed on 20 May 2019.