Promoter holding
64.27%
RI
Refex Industries Limited - Due diligence report
A 360° intelligence report on Refex: trust score, financial health, credit view, compliance, directors, growth and distress signals - genera…
Full Due-Diligence Report + Documents
- Unlock all financial figures & 5-year trends
- Full trust, health & credit-risk scores
- Director details, charges & MCA documents
₹700
₹349
50% off
New user
Or enjoy up to 50% off with credits
View credit packages
Company Credits – Starter
- One credit unlocks this full due-diligence report
- Use across any company’s report, anytime
- Credits valid for 12 months
Choose your own credit amount
View credit packages
Refex — 360° Intelligence Report
Generated from MCA filings & public records69/100
Trust Score
Moderate
Refex is assessed as Moderate with a Trust Score of 69/100. Refex is an active public limited indian non-government company incorporated in 2002, operating in the Chemicals and Materials sector. The company has shown revenue growth across its recent filed years. It was profitable in its latest filed year. Based on MCA filings and public records, it currently shows a high compliance risk and low financial risk profile.
Report generated on 21 Jun 2026 from the latest processed filings. Refex Industries Limited 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 ScoreModerate
69/100
Overall counterparty trust - the headline number of this report.
Compliance ScoreCaution Indicated
42/100
Statutory standing - status, filings, auditor, MSME and litigation.
Financial Health ScoreLow Risk
95/100
Profitability, leverage and liquidity from filed statements.
Credit Risk ScoreLow Risk
85/100
Debt capacity, gearing and security cover for lenders.
Director Stability ScoreCaution Indicated
40/100
Board strength, DIN status, churn and network.
Growth ScoreLow Risk
95/100
Revenue, profit, asset and hiring momentum.
Distress ScoreLow Risk
80/100
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: 85/100 Low Risk
- Liabilities ≈ 38% EBITDA - serviceable.
- Open charges exceed net worth - secured lenders rank ahead.
- Moderate gearing (D/E 1.42).
- Working-capital cover adequate.
- Profitable - internal accruals available.
Charges position: 16 open (553.49 cr) · 22 satisfied (298.98 cr).
Banking relationships (from registered charges)
| Lender | Charges | Amount |
|---|---|---|
| Hdfc Bank Limited | 19 | 48.0 cr |
| Others | 8 | 48.0 cr |
| State Bank Of India | 3 | 48.0 cr |
| Canara Bank | 1 | 48.0 cr |
| Yes Bank Limited | 1 | 48.0 cr |
| Union Bank Of India | 1 | 48.0 cr |
Compliance Score: 42/100 Caution Indicated
- Company status is Active as per MCA.
- Annual filings current (balance sheet Mar 2025).
- Flagged by authority: NSE, BSE.
- Litigation present in 4 court forum(s).
- Delayed payments to MSME suppliers disclosed (32 disclosure(s)).
- 8 active GST registration(s).
Legal cases on record (4)
05
Director Intelligence
Stability score: 40/100| Name | DIN / PAN | Designation | Appointed | Tenure | DIN status |
|---|---|---|---|---|---|
| DINESH KUMAR AGARWAL | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| LATHA VENKATESH VENKATESH | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| ANIL JAIN | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| DINESH KUMAR AGARWAL | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| RAMESH DUGAR | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| SIVARAMAKRISHNAN VASUDEVAN | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| ANKIT PODDAR | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| ANKIT PODDAR | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| VINEET KOTHARI | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| SUSMITHA SIRIPURAPU | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
- 10 directors on the board.
- LATHA VENKATESH VENKATESH has DIN status "Deactivated due to non-filing of DIR-3 KYC".
- 3 director exit(s) in the last 3 years.
Director & KMP remuneration (FY 2023)
| 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 2023 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
1
Group entities
1
Capital events
-
Promoters hold a majority stake - exact percentages are part of the full report.
| Group entity | Relationship | % held |
|---|---|---|
| Refex Green Mobility Limited | Subsidiary Company | 74.00% |
Key managerial personnel: DINESH KUMAR AGARWAL (CFO) · ANIL JAIN (Managing Director) · DINESH KUMAR AGARWAL (CFO)
Full shareholding pattern, group structure & capital events →
07
Risk Intelligence Center
Growth 95 · Distress 80
Growth signals & trust indicators
Revenue acceleration: +2.1x over 4 year(s).
Latest year revenue grew 24%.
Profit expanded 0.86 year-on-year.
Asset base grew 61% - capacity expansion.
EPFO headcount growing - hiring signal.
Operating for 23+ years.
Active EPFO - real payroll on record.
Active GST registration(s).
Distress signals & risk flags
Outside liabilities up 38% in a year.
Compliance score is weak (42/100).
16 open charge(s) registered - assets are encumbered.
MSME payment delays disclosed - latest outstanding 2.22 cr.
4 court case(s) on record - see the legal section for details.
08
Stakeholder Verdicts
Vendor · Banker · InvestorVendor due diligence62/100
Review suggested
Suitability as a supplier / customer counterparty.
- Check the compliance flags before onboarding.
- 1 distress signal(s) - see Risk Center.
- Financial filings available for verification.
Banker assessment77/100
Favourable lending indicators
Indicative lending comfort for banks, NBFCs and trade credit.
- Debt capacity assessed from filed statements.
- 16 open charge(s) of 553.49 cr already registered.
- Compliance gaps should be priced into terms.
Investor view88/100
Positive growth indicators
Growth quality and scalability through an investor lens.
- 5 growth signal(s) detected.
- Margin and return trends computable from filings.
- Management churn warrants questions.
09
MCA Filings & Events Timeline
Latest 15 events17 Nov 2025
Charge created
Yes Bank Limited - 50.00 cr
16 Oct 2025
Charge satisfied
Hdfc Bank Limited
07 Oct 2025
Charge created
Hdfc Bank Limited - 8.99 Lakh
04 Oct 2025
Charge satisfied
Hdfc Bank Limited
11 Aug 2025
Charge created
Canara Bank - 65.08 cr
18 Jul 2025
Last AGM held
Annual general meeting
17 Jul 2025
Director ceased
VINEET KOTHARI
19 Jun 2025
Director appointed
VINEET KOTHARI (Director)
23 May 2025
Charge created
Others - 50.00 cr
17 Apr 2025
Charge satisfied
Hdfc Bank Limited
04 Apr 2025
Charge satisfied
Hdfc Bank Limited
31 Mar 2025
Latest balance sheet
Filed with ROC
23 Jan 2025
Charge created
Axis Bank Limited - 4.72 cr
20 Jan 2025
Charge satisfied
State Bank Of India
28 Dec 2024
Charge created
Others - 11.27 cr
10
Key Observations
Auto-generated from the data aboveRevenue grew 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.
10 active director(s) / partner(s); review board churn before relying on management continuity.
8 active GST registration(s) indicate ongoing business operations.
Operates a group structure with 1 subsidiary(ies) - assess on a consolidated basis.
EPFO-registered employer - verifiable payroll history exists.
Promoters hold a majority stake as per the FY 2023 annual return.
Director / KMP remuneration is disclosed in the latest annual return - exact figures available in the full report.
5 overseas direct investment(s) (ODI) on record - international footprint.
| Company | CIN | Location |
|---|---|---|
| West India Continental Oils & Fats Private Limited | U15132DL2013FTC248365 | New Delhi, Delhi, India |
| Rcm | U18108RJ1988PTC004383 | Bhilwara, Rajasthan, India |
| Shellmrpl | U51909KA2008PLC045558 | Bangalore, Karnataka, India |
| Gvn Fuels Ltd | U23109WB1991PLC052451 | Bally Jagachha, West Bengal, India |
| Boang Technology Private Limited | U51109HR2015PTC057545 | Gurgaon, Haryana, India |
| Zeiss | U33125KA2009PTC049465 | Bangalore, Karnataka, India |
| Navneet | L22200MH1984PLC034055 | Mumbai, Maharashtra, India |
| Al-Gyas Exports Private Limited | U51900MH1999PTC120109 | Mumbai, Maharashtra, India |
12
Who Uses This Report
CA · CS · Banker · Investor · VendorChartered Accountants (CA)
Verify Refex before audits and certifications: compliance score 42/100, filing history, auditor history and charge records in one place - instead of pulling each MCA form separately.
Company Secretaries (CS)
Track statutory health of Refex: 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: Favourable lending indicators. Credit risk score 85/100, existing charge position and lender relationships - a first-pass credit memo before formal appraisal.
Investors & Analysts
Investor view: Positive growth indicators. Growth score 95/100, margin trends, ownership structure and peer set for Refex - screening before a deeper diligence.
Vendors & Procurement Teams
Vendor verdict: Review suggested. Trust score 69/100, distress signals and MSME payment-delay disclosures - know whether Refex pays its suppliers before you extend credit terms.
Lawyers & Compliance Teams
Litigation footprint (4 case(s) on record), regulatory flags, charge documents trail and director networks for Refex - groundwork for KYC, onboarding and disputes.
13
Frequently Asked Questions
Is Refex an active company?
Refex has MCA status “Active” with a compliance score of 42/100 (Caution Indicated).
Is Refex financially healthy?
Refex has a Financial Health Score of 95/100 (Low Risk) based on its filed financial statements.
Should I do business with Refex?
Its overall Trust Score is 69/100 (Moderate). Vendor verdict: Review suggested. Review the risk flags in the Risk Intelligence Center before deciding.
Who controls Refex?
Promoters hold a majority stake - exact percentages are in the full report. 10 active director(s) are on record.
Does Refex have loans or charges against its assets?
16 open charge(s) are registered against its assets, and 22 earlier charge(s) stand satisfied.
Is Refex up to date with its ROC filings?
Annual filings current (balance sheet Mar 2025). Overall compliance score: 42/100 (Caution Indicated).
Is it risky to lend to Refex?
Its Credit Risk Score is 85/100 (Low Risk). Banker verdict: Favourable lending indicators.
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.
