Promoter holding
64.27%
EC
Ethics Commercials Private Ltd - Due diligence report
A 360° intelligence report on Ethics Commercials Private Ltd: trust score, financial health, credit view, compliance, directors, growth and …
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Ethics Commercials Private Ltd — 360° Intelligence Report
Generated from MCA filings & public records78/100
Trust Score
Low Risk
Ethics Commercials Private Ltd is assessed as Low Risk with a Trust Score of 78/100. Ethics Commercials Private Ltd is an active private limited indian non-government company incorporated in 1985, operating in the Manufacturing sector. Reported revenue has declined across its recent filed years. It reported a loss in its latest filed year. Based on MCA filings and public records, it currently shows a low compliance risk and moderate financial risk profile.
Report generated on 03 Jul 2026 from the latest processed filings. Ethics Commercials Private Ltd snapshot & full profile →
Automated indicators derived from public MCA / GST / EPFO records - not a credit rating, not investment, legal or financial advice. Spotted an inaccuracy? Report an error.
02
Score Card
Higher is safer · rule-based & explainableTrust ScoreLow Risk
78/100
Overall counterparty trust - the headline number of this report.
Compliance ScoreLow Risk
93/100
Statutory standing - status, filings, auditor, MSME and litigation.
Financial Health ScoreModerate
50/100
Profitability, leverage and liquidity from filed statements.
Credit Risk ScoreModerate
55/100
Debt capacity, gearing and security cover for lenders.
Director Stability ScoreLow Risk
90/100
Board strength, DIN status, churn and network.
Growth ScoreCaution Indicated
40/100
Revenue, profit, asset and hiring momentum.
Distress ScoreModerate
60/100
Early-warning signals - higher means fewer warnings.
03
Financial Intelligence Dashboard
Standalone · 5 filed year(s)Unlock the full 5-year financial dashboard with charts and year-wise figures.
Get full accessScores and observations on this page are already computed from the real filings - only the underlying figures are locked.
04
Credit & Compliance Intelligence
Why the scores are what they are
Credit Risk Score: 55/100 Moderate
- Negative operating earnings - debt service depends on external support.
- Moderate gearing (D/E 38%).
- Working-capital cover adequate.
Charges position: 2 open (5.36 cr) · 1 satisfied (2.00 cr).
Banking relationships (from registered charges)
| Lender | Charges | Amount |
|---|---|---|
| Others | 1 | 48.0 cr |
| Axis Bank Limited | 1 | 48.0 cr |
| Hdfc Bank Limited | 1 | 48.0 cr |
Compliance Score: 93/100 Low Risk
- Company status is Active as per MCA.
- Annual filings current (balance sheet Mar 2025).
- Litigation present in 1 court forum(s).
- 4 active GST registration(s).
Legal cases on record (1)
05
Director Intelligence
Stability score: 90/100| Name | DIN / PAN | Designation | Appointed | Tenure | DIN status |
|---|---|---|---|---|---|
| SHRESHTHA SHAH | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| VARUN SHAH | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| MUNDHRA NAROTTAM | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
- 3 directors on the board.
- No disqualified or deactivated DINs.
- 1 director exit(s) in the last 3 years.
- Average tenure above 5 years.
Director & KMP remuneration (FY 2022)
| Name | Designation | Total remuneration |
|---|---|---|
| A K Sharma | Managing Director | 2.4 cr |
| R Mehta | Whole-time Director | 1.6 cr |
| S Iyer | CFO | 95.0 L |
Remuneration is disclosed in the latest annual return. Unlock full report
06
Ownership & Group Intelligence
As per FY 2022 annual returnPublic / other holding
35.73%
Equity shares
12,45,67,890
Equity paid-up
124.5 cr
Promoters on record
4
Ultimate holding entity
-
Subsidiaries
-
Group entities
-
Capital events
-
Promoters hold a dominant controlling stake - exact percentages are part of the full report.
| Group entity | Relationship | % held |
|---|---|---|
| Eastern Silk Industries Limited | Associate Company | 74.00% |
| Ethics Nirmaan Private Limited | Associate Company | 74.00% |
| Gemini Overseas Ltd | Associate Company | 74.00% |
| Tarun Fabrics Ltd | Associate Company | 74.00% |
Key managerial personnel: VARUN SHAH (Managing Director)
Full shareholding pattern, group structure & capital events →
07
Risk Intelligence Center
Growth 40 · Distress 60
Growth signals & trust indicators
Operating for 40+ years.
Active EPFO - real payroll on record.
Active GST registration(s).
Distress signals & risk flags
Revenue declined year-on-year.
Losses deepening year-on-year.
2 open charge(s) registered - assets are encumbered.
1 court case(s) on record - see the legal section for details.
08
Stakeholder Verdicts
Vendor · Banker · InvestorVendor due diligence79/100
Favourable indicators
Suitability as a supplier / customer counterparty.
- Statutory record is clean.
- 2 distress signal(s) - see Risk Center.
- Financial filings available for verification.
Banker assessment63/100
Mixed indicators - deeper appraisal suggested
Indicative lending comfort for banks, NBFCs and trade credit.
- Debt capacity assessed from filed statements.
- 2 open charge(s) of 5.36 cr already registered.
- Compliance record supports lending.
Investor view53/100
Mixed indicators
Growth quality and scalability through an investor lens.
- No clear growth signals in the filed years.
- Margin and return trends computable from filings.
- Management team looks stable.
09
MCA Filings & Events Timeline
Latest 15 events30 Sep 2025
Last AGM held
Annual general meeting
18 Jun 2025
Charge created
Hdfc Bank Limited - 1.79 cr
31 Mar 2025
Latest balance sheet
Filed with ROC
29 Sep 2023
Director ceased
SHRESHTHA SHAH
01 Jul 2023
Director ceased
MANU RUSTAGI
Director ceased
ABHINAY TODI
10 May 2022
Charge satisfied
Axis Bank Limited
06 Jan 2022
Director appointed
SHRESHTHA SHAH (Director)
14 Nov 2021
Director ceased
PRAMOD KUMAR SHAH
Director ceased
PRITIDEVI SHAH
Director ceased
MUNDHRA NAROTTAM
28 Jan 2020
Charge created
Others - 3.57 cr
03 Jan 2020
Director ceased
NIKITA AGARWAL
15 May 2019
Director appointed
MUNDHRA NAROTTAM (Director)
29 Sep 2018
Director ceased
ANUP AGARWAL
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Key Observations
Auto-generated from the data aboveRevenue declined 1.42 over the last 4 financial year(s).
Net profit margin moved from 2.1x to 24%.
Debt-to-equity stands at 0.86 - manageable leverage.
Net worth is positive.
Compliance record is strong - status, filings and flags are clean.
3 active director(s) / partner(s); board looks stable and experienced.
4 active GST registration(s) indicate ongoing business operations.
EPFO-registered employer - verifiable payroll history exists.
Promoters hold a dominant controlling stake as per the FY 2022 annual return.
Director / KMP remuneration is disclosed in the latest annual return - exact figures available in the full report.
| Company | CIN | Location |
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| Lnv Digital Systems | U72900MH2011PTC220325 | Thane, Maharashtra, India |
| Noble Wellness Private Limited | U24232DL2012PTC234745 | New Delhi, Delhi, India |
| Lakshmi Factory Tools Private Limited | U74120DL2008PTC183227 | New Delhi, Delhi, India |
| Shinto Organics Private Limited | U24231CH1994PTC015041 | U T, Chandigarh, India |
| Prakash Metal Craft Private Limited | U28990MH2000PTC126573 | Mumbai, Maharashtra, India |
| M.A. Business Enterprises Private Limited | U74900UP2008PTC035756 | Lucknow, Uttar Pradesh, India |
| Diryom Agencies Private Limited | U74999WB2012PTC179070 | Kolkata, West Bengal, India |
| Chakde Enterprises Private Limited | U74900GJ2007PTC052315 | Ahmedabad, Gujarat, India |
12
Who Uses This Report
CA · CS · Banker · Investor · VendorChartered Accountants (CA)
Verify Ethics Commercials Private Ltd before audits and certifications: compliance score 93/100, filing history, auditor history and charge records in one place - instead of pulling each MCA form separately.
Company Secretaries (CS)
Track statutory health of Ethics Commercials Private Ltd: ACTIVE compliance status, annual-return recency, director DIN status, board churn and the events timeline - the inputs for secretarial audits and due-diligence certificates.
Bankers & NBFCs
Current banker verdict: Mixed indicators - deeper appraisal suggested. Credit risk score 55/100, existing charge position and lender relationships - a first-pass credit memo before formal appraisal.
Investors & Analysts
Investor view: Mixed indicators. Growth score 40/100, margin trends, ownership structure and peer set for Ethics Commercials Private Ltd - screening before a deeper diligence.
Vendors & Procurement Teams
Vendor verdict: Favourable indicators. Trust score 78/100, distress signals and MSME payment-delay disclosures - know whether Ethics Commercials Private Ltd pays its suppliers before you extend credit terms.
Lawyers & Compliance Teams
Litigation footprint (1 case(s) on record), regulatory flags, charge documents trail and director networks for Ethics Commercials Private Ltd - groundwork for KYC, onboarding and disputes.
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Frequently Asked Questions
Is Ethics Commercials Private Ltd an active company?
Ethics Commercials Private Ltd has MCA status “Active” with a compliance score of 93/100 (Low Risk).
Is Ethics Commercials Private Ltd financially healthy?
Ethics Commercials Private Ltd has a Financial Health Score of 50/100 (Moderate) based on its filed financial statements.
Should I do business with Ethics Commercials Private Ltd?
Its overall Trust Score is 78/100 (Low Risk). Vendor verdict: Favourable indicators. Review the risk flags in the Risk Intelligence Center before deciding.
Who controls Ethics Commercials Private Ltd?
Promoters hold a dominant controlling stake - exact percentages are in the full report. 3 active director(s) are on record.
Does Ethics Commercials Private Ltd have loans or charges against its assets?
2 open charge(s) are registered against its assets, and 1 earlier charge(s) stand satisfied.
Is Ethics Commercials Private Ltd up to date with its ROC filings?
Annual filings current (balance sheet Mar 2025). Overall compliance score: 93/100 (Low Risk).
Is it risky to lend to Ethics Commercials Private Ltd?
Its Credit Risk Score is 55/100 (Moderate). Banker verdict: Mixed indicators - deeper appraisal suggested.
Disclaimer: This report is generated automatically from MCA filings and public records as available
in our system at the time of the last update. Scores, bands and verdicts are rule-based derived indicators of the
underlying data - they are opinions generated by an algorithm, not statements of fact about the company, and are
not credit ratings (within the meaning of SEBI regulations), audits, or investment, legal or financial advice.
Verify from official sources and consult a qualified professional before any business, lending or investment decision.
If you represent this company and believe any information is inaccurate or outdated,
report it here and we will review promptly.
