About Wearit Global Limited
Data last updated:
Wearit Global Limited is a public limited company based in Kolkata, West Bengal, India. The company is currently under liquidation, meaning its assets are being sold to settle outstanding debts. It may not have the legal capacity to fulfil new contracts. It operates in the textile and fabric production segment of the manufacturing sector. It was incorporated on 03 August 1999.
The company is registered with the Registrar of Companies (ROC), Kolkata, under CIN U40107WB1999PLC089994. Its GSTIN is 19AABCR4997F2ZW (West Bengal). The company holds 10 GST registrations, of which 3 are active.
The company has an authorised share capital of ₹24 Cr and a paid-up capital of ₹22.84 Cr. It was formerly known as Ritspin Global Limited. It is led by directors including Manish Kumar (Managing Director) and Vaibhav Khandelwal (Irp/Rp/Liquidator).
Its last annual general meeting (AGM) was held on 30 September 2019, and its latest financial statements are for the year ended 31 March 2019. The registered office is at Crescent Tower 5th Floor 229 A J C Bose Road, Kolkata, West Bengal, India – 700020.
As per the financials filed for FY 2020, the company reported a revenue of ₹48.83 Cr, a decline of 80% compared to the previous year. For the same year it recorded a net loss of ₹45.28 Cr (net margin -92.7%) and EBITDA of -₹38.96 Cr (EBITDA margin -79.8%). Revenue has declined at a compounded annual rate (CAGR) of 60% over three years and 41% over five years.
The company has about 104 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Wearit Group. As per MCA filings, the company has open charges of ₹546.15 Cr and satisfied charges of ₹530.15 Cr on record. Court records list 130 cases involving the company, including 24 filed by the company and 106 filed against it; 32 cases are pending.
The last known website on record is wearitgroup.com.
Company details
CIN history
Wearit Global has one previous CIN (Corporate Identification Number): U27106WB1999PLC089994. The current CIN is U40107WB1999PLC089994, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U40107WB1999PLC089994 | Current |
| U27106WB1999PLC089994 | Previous |
Contact details
Wearit Global Limited's registered office is in Kolkata, West Bengal. Its website is wearitgroup.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressCrescent Tower 5th Floor 229 A J C Bose Road, Kolkata, West Bengal, India – 700020
- IndustryManufacturing, Textile & Fabric Production
To see the full contact details of Wearit Global 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
Brands
Wearit Global operates one associated brand: Wearit Group. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Precision designing and manufacturing solutions in India. | wearitgroup.com |
Business activity
The main business activity of Wearit Global is manufacturing. In detail, this covers textile, leather and other apparel products.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C2 | Textile, leather and other apparel products |
To see the full business activity and turnover split of Wearit Global Limited, buy the company report.
Financials of Wearit Global Limited
FY 2019 filings availableWearit Global Limited reported revenue of ₹48.83 Cr (down 80% YoY) for FY 2020.
Compounded Annual Growth Rate (CAGR)
Revenue has declined at a compounded annual rate (CAGR) of 41% over five years, including a 80% fall in the latest year. EBITDA rose 38% 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 2019-20 | FY 2018-19 | FY 2017-18 | FY 2016-17 | FY 2015-16 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | |||||
| Other Income | |||||
| Total Revenue | ₹48.83 Cr | ||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | -₹38.96 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | -₹45.28 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 2019-20 | FY 2018-19 | FY 2017-18 | FY 2016-17 | FY 2015-16 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | -79.8% | ||||
| Net Profit Margin | -92.7% | ||||
| 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 Wearit Global Limited, buy the company report.
Board of directors and KMP of Wearit Global Limited
Wearit Global Limited currently reports 4 directors and 1 key managerial person. 17 former directors have served the organization.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Vaibhav Khandelwal Also directs: Conrad Manufacturers & Traders Ltd, Manglam Vanijya Private Limited, Surveyors & Salvagers Pvt Ltd and 1 more | Irp/Rp/Liquidator | 17 Dec 2024 | 1 Years 10 Months | As last reported |
| Sandeep Agarwal | Director | 11 Nov 2017 | 8 Years 11 Months | As last reported |
| Abhisek Adhikary Also directs: Dhanterash Sale Private Limited | Cfo | 01 Jun 2019 | 7 Years 4 Months | As last reported |
| Manas Ghosal | Additional Director | 20 Jul 2020 | 6 Years 3 Months | As last reported |
| Manish Kumar Also directs: Ritspin Synthetics Limited, Dhanterash Sale Private Limited | Managing Director | 26 Oct 2010 | 16 Years 0 Months | As last reported |
Peer comparison
Wearit Global Limited is compared with the 9 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 |
|---|---|---|---|---|---|---|
| Jostars Orgotech Private Limited | ₹48.91 Cr (FY 2024) | -19.0% | Mumbai, Maharashtra, India | |||
| Elljay Textiles Private Limited | ₹48.9 Cr (FY 2023) | -19.0% | Coimbatore, Tamil Nadu, India | |||
| Swami Palani Anadavar Spinners (India) Private Limited | ₹48.87 Cr (FY 2020) | -35.0% | Vellakovil, Tamil Nadu, India | |||
| Sri Ratnalakshmi Spinning Mills Private Limited | ₹48.84 Cr (FY 2025) | -14.0% | Gobichettipalayam, Tamil Nadu, India | |||
| Patspin India Ltd | ₹48.83 Cr (FY 2025) | -1.0% | Ernakulam, Kerala, India | |||
| Wearit Global Limitedthis company | ₹48.83 Cr (FY 2020) | -₹45.28 Cr | -92.7% | -80.0% | 104 | Kolkata, West Bengal, India |
| Mamata Hosiery Private Limited | ₹48.81 Cr (FY 2020) | 30.0% | Howrah, West Bengal, India | |||
| Karni Textile Mills Private Limited | ₹48.77 Cr (FY 2025) | -2.0% | Kolkata, West Bengal, India | |||
| Rinu Syntex Private Limited | ₹48.71 Cr (FY 2025) | 1.0% | Mumbai, Maharashtra, India | |||
| Riddhi Processors Private Limited | ₹48.69 Cr (FY 2025) | 15.0% | Ludhiana, Punjab, India |
To see the full peer comparison of Wearit Global Limited, buy the company report.
Auditor
Wearit Global Limited is audited by R K BHAGANIA & CO for the financial year 2020.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| R K BHAGANIA & CO | FY 2020 | 309138E |
Shareholding
The shareholding of Wearit Global Limited is on record for 5 financial years, the latest being FY 2020, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Wearit Global Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 21 Aug 2017 | 100122864 | Others | ₹221.19 Cr | Open | |
| 06 Oct 2015 | 10602876 | Allahabad Bank Kolkata Main Branch | ₹7.15 Cr | Open | |
| 24 Jun 2014 | 10507065 | Others | ₹317.81 Cr | Open | |
| 22 Nov 2013 | 10464734 | Others | ₹18.5 Cr | Satisfied | |
| 27 Sep 2012 | 10381311 | Others | ₹211.19 Cr | Satisfied |
To see the full charge records of Wearit Global Limited, buy the company report.
Total charge records: 9 View all charges
Legal cases
Wearit Global Limited has 130 court cases on record: 24 filed by Wearit Global, 106 filed against it. 32 cases are pending and 98 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 85 | 75 | 25 |
| NCLT | 19 | 19 | 0 |
| NCLAT | 12 | 7 | 4 |
| High courts | 11 | 3 | 3 |
| Supreme Court | 3 | 2 | 0 |
Cases on record (5 of 130)
| Court | Type of case | Party | Status |
|---|---|---|---|
| NCLAT, NCLAT New Delhi | Interim or miscellaneous application | Filed by the company against Pawan Putra Securities Pvt. Ltd. and 1 other | Pending |
| District court, Calcutta, West Bengal | Civil suit | Filed against the company by M/S S S Entrade Pvt Ltd | Pending |
| High Court, West Bengal | Court case (CO) | Filed against the company by Ritspin Synthetics Ltd Rajashree Bhowmick | Disposed |
| District court, Calcutta, West Bengal | Civil suit | Filed against the company by Aditya Birla Housing Finance Ltd. | Disposed |
| District court, Meerut, Uttar Pradesh | Criminal case | Filed against the company by Jai Narain Fabtech Pvt. Ltd. | Disposed |
To see the full case history of Wearit Global 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
Wearit Global Limited has 7 MSME Form 1 returns on record between 2019 and 2022, listing 127 overdue payments to 39 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 39)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Unique Polypack Private Limited | |||
| Arihant Bearing Services Pvt Ltd | |||
| A. J Beltings Private Limited | |||
| Aameya Polymers LLP | |||
| Dee Tee Industries Private Limited |
To see the full MSME payment records of Wearit Global Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Wearit Global Limited has a workforce of 104 employees on its EPFO records as of Nov 19, 2024, across 1 active EPFO establishment.
GST
Wearit Global has 10 GST registrations: 3 active and 7 cancelled or inactive.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 19AABCR4997F2ZW | West Bengal | Active | 09 Aug 2017 |
| 23AABCR4997F1Z8 | Madhya Pradesh | Active | 01 Jul 2017 |
| 06AABCR4997F3Z2 | Haryana | Active | 03 Apr 2018 |
To see the full GST registrations and return filing status of Wearit Global Limited, buy the company report.
Recent activity
Wearit Global Limited has 20 board changes on record since 2008: 5 appointments and 15 cessations. The latest: Vaibhav Khandelwal was appointed as Irp/Rp/Liquidator on 17 Dec 2024.
33 earlier events are in the company report.
Frequently asked questions
Wearit Global is currently "Under Liquidation" as per MCA records. The company's assets are being sold to settle outstanding debts owed to creditors. A company under liquidation may not have the legal capacity to fulfil new contracts, and creditors are prioritised in the distribution of proceeds. This is a high-risk status - caution is strongly advised.
Wearit Global is a company under liquidation, formerly operating as a public limited company based in Kolkata, West Bengal, India. The company works in textile and fabric production, within the manufacturing industry. It was incorporated on 03 August 1999 and is registered under CIN U40107WB1999PLC089994. Caution is advised - the company may not have the legal capacity to fulfil new agreements.
Wearit Global has 5 current directors and KMP:
- Manish Kumar - Managing Director
- Sandeep Agarwal - Director
- Manas Ghosal - Additional Director
- Vaibhav Khandelwal - Irp/Rp/Liquidator
- Abhisek Adhikary - Cfo
The latest financial statements of Wearit Global on record with the MCA are for the year ended 31 March 2019. Its last annual general meeting was held on 30 September 2019. Year-wise statements from 2015 are in the company report.
The CIN (Corporate Identification Number) of Wearit Global is U40107WB1999PLC089994. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Wearit Global has open charges of ₹546.15 Cr and satisfied charges of ₹530.15 Cr as per latest MCA filings.
Wearit Global has 130 court cases on record: 24 filed by the company and 106 filed against it. 32 are pending. Most are in the district courts.
Wearit Global was incorporated on 03 August 1999. It is registered with the Registrar of Companies, Kolkata.
The peers of Wearit Global by revenue are Jostars Orgotech Private Limited, Elljay Textiles Private Limited, Swami Palani Anadavar Spinners (India) Private Limited, Sri Ratnalakshmi Spinning Mills Private Limited, Patspin India Ltd and 4 more, all in the Manufacturing industry (Textiles), with the same principal business activity (textile, leather and other apparel products).
Vaibhav Khandelwal was appointed as Irp/Rp/Liquidator on 17 Dec 2024. Manas Ghosal was appointed as Additional Director on 20 Jul 2020. Mohan Dhanuka ceased to be Director on 11 Jul 2020. Wearit Global has 20 board changes on record in total.
Wearit Global has 7 MSME Form 1 returns on record between 2019 and 2022, listing 127 overdue payments to 39 micro and small suppliers. The latest return was filed on 16 Feb 2023.
Wearit Global can be reached through the website wearitgroup.com. Its registered office is in Kolkata, West Bengal, India.