Forever Merchants Private Limited
About Forever Merchants Private Limited
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Forever Merchants Private Limited is a private limited company based in Bengaluru, Karnataka, India. It operates in the diversified financial services segment of the financial services sector. It was incorporated on 30 September 2005 and has been in existence for over 21 years.
The company is registered with the Registrar of Companies (ROC), Bangalore, under CIN U51109KA2005PTC085239.
The company has an authorised share capital of ₹8.35 Cr and a paid-up capital of ₹8.33 Cr. It is led by directors Madhubala Arvindkumar Doshi and Arvindkumar Tarachand Doshi.
Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at 902 Kankutara Platinum Ananda 99/4 Bull Temple Road Basavanagudi, Bengaluru, Karnataka, India – 560019.
As per the financials filed for FY 2025, the company reported a revenue of ₹3.23 Cr, a decline of 84% compared to the previous year. For the same year it recorded a net loss of ₹72.82 Lakh (net margin -22.6%) and EBITDA of ₹1.02 Cr (EBITDA margin 31.5%). Revenue has declined at a compounded annual rate (CAGR) of 19% over three years and 26% over five years.
Court records list 2 cases involving the company, including 2 filed by the company; 1 case is pending.
The current compliance status is marked as compliant by the Registrar of Companies.
Company details
CIN history
Forever Merchants has one previous CIN (Corporate Identification Number): U51109WB2005PTC105722. The current CIN is U51109KA2005PTC085239, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U51109KA2005PTC085239 | Current |
| U51109WB2005PTC105722 | Previous |
Contact details
Forever Merchants Private Limited's registered office is in Bengaluru, Karnataka. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Registered Address902 Kankutara Platinum Ananda 99/4 Bull Temple Road Basavanagudi, Bengaluru, Karnataka, India – 560019
- IndustryFinancial Services, Diversified Financial Services
To see the full contact details of Forever Merchants 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 Forever Merchants is financial and insurance service. In detail, this covers other financial activities.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| K | Financial and insurance Service | K8 | Other financial activities |
To see the full business activity and turnover split of Forever Merchants Private Limited, buy the company report.
Financials of Forever Merchants Private Limited
FY 2025 filings availableForever Merchants Private Limited reported revenue of ₹3.23 Cr (down 84% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue has declined at a compounded annual rate (CAGR) of 26% over five years, including a 84% fall in the latest year. EBITDA fell 93% 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 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
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| EBITDA | ₹1.02 Cr | ||||
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| Net Profit (PAT) | -₹72.82 Lakh | ||||
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Financial Ratios
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 31.5% | ||||
| Net Profit Margin | -22.6% | ||||
| Return on Equity (ROE) | |||||
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To see the full financial statements and ratios of Forever Merchants Private Limited, buy the company report.
Board of directors of Forever Merchants Private Limited
Forever Merchants 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 |
|---|---|---|---|---|
| Madhubala Arvindkumar Doshi | Director | 24 Jul 2009 | 17 Years 3 Months | Current |
| Arvindkumar Tarachand Doshi Also directs: Historic Merchants LLP, Reflect Vinimay LLP | Director | 02 Jun 2009 | 17 Years 5 Months | Current |
Auditor
Forever Merchants Private Limited is audited by N K DAGA & ASSOCIATES for the financial year 2016.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| N K DAGA & ASSOCIATES | FY 2016 | 324493E |
Shareholding
The shareholding of Forever Merchants Private Limited is on record for 2 financial years, the latest being FY 2017, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2017 | FY 2016 |
|---|---|---|
| Promoters | ||
| Domestic institutional investors (DII) | ||
| Foreign institutional investors (FII) | ||
| Public | ||
| Others |
To see the full shareholding pattern of Forever Merchants Private Limited, buy the company report.
Legal cases
Forever Merchants Private Limited has 2 court cases on record: 2 filed by Forever Merchants. 1 case is pending and 1 is disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 2 | 0 | 1 |
Cases on record (2 of 2)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court, West Bengal | Writ petition | Filed by the company against Union of India and Ors | Pending |
| High Court, West Bengal | Writ petition | Filed by the company against Union of India and Ors | Disposed |
To see the full case history of Forever Merchants 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.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Forever Merchants Private Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
GST
No GST registration is on our record for Forever Merchants Private Limited; the GSTIN and return-filing check is in the company report Buy the company report.
Recent activity
Forever Merchants Private Limited has 4 board changes on record since 2009: 2 appointments and 2 cessations. The latest: Sukumar Roy Moulik ceased to be Director on 18 Apr 2011.
Frequently asked questions
Forever Merchants is an active private limited company based in Bengaluru, Karnataka, India. The company works in diversified financial services, within the financial services industry. It was incorporated on 30 September 2005 (21+ years old) and is registered under CIN U51109KA2005PTC085239.
Forever Merchants has 2 current directors:
- Madhubala Arvindkumar Doshi - Director
- Arvindkumar Tarachand Doshi - Director
The latest financial statements of Forever Merchants on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 30 September 2025. Year-wise statements from 2015 are in the company report.
The CIN (Corporate Identification Number) of Forever Merchants is U51109KA2005PTC085239. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Forever Merchants has 2 court cases on record: 2 filed by the company. 1 is pending.
Forever Merchants was incorporated on 30 September 2005, making it 21+ years old. It is registered with the Registrar of Companies, Bangalore.
Sukumar Roy Moulik ceased to be Director on 18 Apr 2011. Madhubala Arvindkumar Doshi was appointed as Director on 24 Jul 2009. Arvindkumar Tarachand Doshi was appointed as Director on 02 Jun 2009. Forever Merchants has 4 board changes on record in total.
The registered office of Forever Merchants is at 902 Kankutara Platinum Ananda 994 Bull Temple Road Basavanagudi, Bengaluru, Karnataka, India – 560019.
Forever Merchants operates in the financial services industry, in the diversified financial services segment.
The compliance status of Forever Merchants is compliant as of 11 July 2026. The company is actively filing with the Registrar of Companies.
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