MIRA INFORM REPORT

Report Date :

17.12.2013

IDENTIFICATION DETAILS

Name :	FORUM RETAIL PRIVATE LIMITED
Registered Office :	4/1, Red Cross Place, 3^rd Floor, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.03.2007
Com. Reg. No.:	21-114916
Capital Investment / Paid-up Capital :	Rs. 18.890 Millions
CIN No.: [Company Identification No.]	U45400WB2007PTC114916
TAN No.: [Tax Deduction & Collection Account No.]	CALF01065B
PAN No.: [Permanent Account No.]	AABCF0741P
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Property Deveopment.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 200000
Status :	Project under implementation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a part of “Forum Group of Companies” a Kolkata based real estate developer. It is an established company having moderate track record. The company was incorporated for the sole purpose of constructing a mall named as”Centenary Mall”, a shopping mall cum office space complex in Jamshedpur, Jharkhand. The mall is being developed in a joint development agreement with the Jamshedpur Utilities and Services Company Limited, a TATA Group Company. The company has recorded a minimal revenue which has been earned through the construction contract and has incurred a loss during 2013. External borrowings appears to be huge and increasing over previous year highlighting the high working capital intensity in the construction sector. The ratings also take into consideration the execution and market risks associated with the upcoming project given that the significant portion of the project is under construction and a substantial area is yet to be booked for sale or rent. However, trade relations are fair. Business is active. Payment terms are unknown. In view of strong group and its association with reputed companies, the subject can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	“B+”
Rating Explanation	High risk of default regarding timely servicing of financial obligations.
Date	June, 2013

Rating Agency Name	ICRA
Rating	“A4”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	June, 2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	4/1, Red Cross Place, 3^rd Floor, Kolkata – 700001, West Bengal, India
Tel. No. :	91-33-22488883/ 5901/ 4108
Fax No. :	91-33-22487843/ 40117000
E-Mail :	sal@cal.vsnl.net.in

DIRECTORS

As on 30.09.2013

Name :

Mr. Rahul Saraf

Designation :

Director

Address :

3, Hungerford Street, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

08.12.1966

Date of Appointment :

30.03.2007

DIN No. :

00005314

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27109WB1965PTC026509	SARAF AGENCIES PRIVATE LIMITED	Director	31-12-12	02-05-88	-	Active	NO
2	U45202WB1981PTC033681	H J PROPERTIES PRIVATE LIMITED	Director	13-07-90	13-07-90	-	Active	NO
3	U15134OR1996PTC004584	SILVER PLANTATION PRIVATE LIMITED	Director	27-08-96	27-08-96	05-09-08	Active	NO
4	U01111OR1997PTC004793	EXOTIC PLANTATION PRIVATE LIMITED	Director	06-02-97	06-02-97	05-09-08	Active	NO
5	U01121OR1997PTC004794	SOUTH-WEST PLANTATION PRIVATE LIMITED	Director	06-02-97	06-02-97	05-09-08	Active	NO
6	U24222WB1998PLC176323	TITANIUM MINERAL PRODUCTS LIMITED	Director	30-09-13	13-10-98	-	Active	NO
7	U65993WB1984PTC037337	HEILGERS DEVELOPMENT AND CONSTRUCTION COMPANY PRIVATE LIMITED	Director	01-10-01	01-10-01	-	Active	NO
8	U26914WB1955PTC022220	HIND CERAMICS PRIVATE LIMITED	Director	18-12-01	18-12-01	-	Active	NO
9	U70109WB1981PTC033872	FORUM PROJECTS PRIVATE LIMITED	Managing director	01-04-02	01-04-02	-	Active	NO
10	U70101OR1982PTC001037	SAFARI RETREATS PRIVATE LIMITED	Director	19-04-02	19-04-02	-	Active	NO
11	U51109WB1984PTC037271	FORUM SHOPPING MALL PRIVATE LIMITED	Director	27-12-02	27-12-02	-	Active	NO
12	U51109MH1985PTC185222	SHREE TIRUPATI COMMERCIAL COMPANY PRIVATE LIMITED	Director	08-03-04	08-03-04	12-09-07	Active	NO
13	U90002WB2002PTC095094	FORUM MALL MANAGEMENT SERVICES PRIVATE LIMITED	Director	10-06-04	10-06-04	-	Active	NO
14	U74140WB1987PTC096605	SARAF SERVICES PRIVATE LIMITED	Director	20-07-04	20-07-04	-	Active	NO
15	U80221WB1987PTC043014	FORUM PROJECT HOLDINGS PRIVATE LIMITED	Director	21-03-05	21-03-05	-	Active	NO
16	U52335WB2002PTC095092	VIDYUT ELECTRICALS AND ELECTRONICS PRIVATE LIMITED	Director	22-03-05	22-03-05	14-03-08	Active	NO
17	U70109WB1995PTC075176	MULTIPLE TOWERS PRIVATE LIMITED	Director	01-06-05	01-06-05	13-06-08	Active	NO
18	U74999WB1928PTC006224	HEILGERS PRIVATE LIMITED	Director	17-10-05	17-10-05	14-05-08	Active	NO
19	U45201WB2006PTC107405	FORUM SHOPPING CENTRES PRIVATE LIMITED	Director	19-01-06	19-01-06	-	Active	NO
20	U45201WB2006PTC107409	TECHNOPOLIS INFRASTRUCTURE PRIVATE LIMITED	Director	19-01-06	19-01-06	-	Active	NO
21	U27203WB1989PTC046081	ALFA ALUMINIUM PRIVATE LIMITED	Director	08-05-06	08-05-06	12-04-11	Active	NO
22	U45201WB1989GAP046141	CREDAI BENGAL	Director	23-09-06	23-09-06	20-03-13	Active	NO
23	U45200WB2007PTC112724	FORUM INFRASTRUCTURE PRIVATE LIMITED	Director	24-01-07	24-01-07	-	Active	NO
24	U45400WB2007PTC114605	FORUM IT PARKS PRIVATE LIMITED	Director	26-03-07	26-03-07	21-11-07	Active	NO
25	U45400WB2007PTC114916	FORUM RETAIL PRIVATE LIMITED	Director	30-03-07	30-03-07	-	Active	NO
26	U55101WB2007PTC116832	ADITYAPUR CITY CENTRE HOTEL PRIVATE LIMITED	Director	27-06-07	27-06-07	-	Active	NO
27	U45400WB2007PTC116830	FORUM VENTURES PRIVATE LIMITED	Director	27-06-07	27-06-07	-	Active	NO
28	U85100WB2007PTC121093	ADITYAPUR CITY CENTRE HOSPITAL PRIVATE LIMITED	Director	30-08-10	18-12-07	-	Active	NO
29	U45400WB2008PTC122813	FORUM BUILDERS PRIVATE LIMITED	Director	19-02-08	19-02-08	01-07-08	Active	NO
30	U45400WB2008PTC122832	FORUM REALTORS PRIVATE LIMITED	Director	20-02-08	20-02-08	-	Active	NO
31	U45400WB2008PTC123386	FORUM HOUSING PRIVATE LIMITED	Director	29-02-08	29-02-08	-	Active	NO
32	U70101WB2008PTC123432	FORUM MEGA MALLS PRIVATE LIMITED	Director	03-03-08	03-03-08	-	Active	NO
33	U51909WB2008PTC123577	FORUM PROPERTIES HOLDINGS PRIVATE LIMITED	Director	04-03-08	04-03-08	-	Active	NO
34	U27205OR2008PTC009895	TITANIUM PRODUCTS PRIVATE LIMITED	Director	27-03-08	27-03-08	-	Active	NO
35	U45400WB2008PTC124817	FORUM RIVIERA CONSTRUCTIONS PRIVATE LIMITED	Director	08-04-08	08-04-08	-	Active	NO
36	U70109WB2008PTC125171	FORUM REALTY PRIVATE LIMITED	Director	24-04-08	24-04-08	-	Active	NO
37	U93000DL2008NPL178695	SHOPPING CENTRES ASSOCIATION OF INDIA	Director	28-05-08	28-05-08	-	Active	NO
38	U70100WB2007PTC121171	URBANUS INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED	Director	21-01-10	21-01-10	-	Active	NO
39	L45400MH2008PLC179914	FUTURE MARKET NETWORKS LIMITED	Director	28-09-11	23-09-10	-	Active	NO
40	U45201MH2008PLC179913	AGRE PROPERTIES AND SERVICES LIMITED	Director	30-09-11	16-10-10	-	Amalgamated	NO
41	U70109WB2011PLC157001	BENGAL FORUM HOUSING DEVELOPMENT LIMITED	Director	11-01-11	11-01-11	-	Active	NO
42	U74999MH2012PTC232401	PRACTICE DESIGN PRIVATE LIMITED	Director	19-06-12	19-06-12	-	Active	NO
43	U45209MH2012PTC238240	FORUM HOMES PRIVATE LIMITED	Director	23-11-12	23-11-12	-	Active	NO
44	U74900WB2013PTC198272	OM ARHAM ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED	Director	08-11-13	08-11-13	-	Active	NO

Name :

Mr. Ajeetraj Mehta

Designation :

Director

Address :

Flat No. 06, 10^th Floor, No..06, Sunny Park, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

01.04.1952

Date of Appointment :

30.09.2009

DIN No. :

00005361

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51109MH1985PTC185222	SHREE TIRUPATI COMMERCIAL COMPANY PRIVATE LIMITED	Director	31-12-87	31-12-87	25-03-09	Active	NO
2	U70109WB1981PTC033872	FORUM PROJECTS PRIVATE LIMITED	Director	20-12-89	20-12-89	-	Active	NO
3	U70109WB1990PTC048431	FRONTIER WAREHOUSING PRIVATE LIMITED	Director	21-02-90	21-02-90	11-02-10	Active	NO
4	U51109WB1984PTC037271	FORUM SHOPPING MALL PRIVATE LIMITED	Director	08-11-91	08-11-91	-	Active	NO
5	U74140WB1987PTC096605	SARAF SERVICES PRIVATE LIMITED	Director	02-12-96	02-12-96	-	Active	NO
6	U26919WB1987PTC043415	BENGAL STONEWARE PRODUCTS PRIVATE LIMITED	Director	05-04-97	05-04-97	-	Active	NO
7	U26914WB1955PTC022220	HIND CERAMICS PRIVATE LIMITED	Director	05-04-97	05-04-97	-	Active	NO
8	U45202WB1981PTC033681	H J PROPERTIES PRIVATE LIMITED	Director	01-08-97	01-08-97	-	Active	NO
9	U65991WB1896PLC001116	THE INVESTMENT AND FINANCE COMPAN LIMITED	Director	21-11-01	21-11-01	-	Strike off	NO
10	U52603WB2002PTC095122	MULTIPLEX EQUIPMENTS AND SERVICES PRIVATE LIMITED	Director	09-09-02	09-09-02	-	Active	NO
11	U65991TN1988PLC016239	AOKI INDIA LIMITED	Director	25-02-03	25-02-03	-	Strike off	NO
12	U80221WB1987PTC043014	FORUM PROJECT HOLDINGS PRIVATE LIMITED	Director	14-09-04	14-09-04	-	Active	NO
13	U70109WB1995PTC075176	MULTIPLE TOWERS PRIVATE LIMITED	Director	01-06-05	01-06-05	14-05-12	Active	NO
14	U27109WB2004PTC100313	CHARIOT STEEL AND POWER PRIVATE LIMITED	Director	08-07-05	08-07-05	11-06-06	Active	NO
15	U45201WB2006PTC107409	TECHNOPOLIS INFRASTRUCTURE PRIVATE LIMITED	Director	26-06-06	26-06-06	15-11-10	Active	NO
16	U27109WB1965PTC026509	SARAF AGENCIES PRIVATE LIMITED	Director	01-01-07	01-01-07	-	Active	NO
17	U45200WB2007PTC112724	FORUM INFRASTRUCTURE PRIVATE LIMITED	Director	24-01-07	24-01-07	-	Active	NO
18	U51909WB2004PTC098928	CYGNET AGENCIES PRIVATE LIMITED	Director	31-05-07	31-05-07	-	Amalgamated	NO
19	U45400WB2008PTC122813	FORUM BUILDERS PRIVATE LIMITED	Director	19-02-08	19-02-08	-	Active	NO
20	U74999WB1928PTC006224	HEILGERS PRIVATE LIMITED	Director	18-08-08	05-04-08	-	Active	NO
21	U45400WB2008PTC124817	FORUM RIVIERA CONSTRUCTIONS PRIVATE LIMITED	Director	20-09-10	07-01-09	-	Active	NO
22	U51909WB2004PTC100300	NUMERO AGENCIES PRIVATE LIMITED	Director	30-09-09	22-05-09	-	Amalgamated	NO
23	U51109WB2005PTC102469	GENTLE COMMERCIAL PRIVATE LIMITED	Director	30-09-09	22-05-09	-	Amalgamated	NO
24	U45400WB2007PTC114916	FORUM RETAIL PRIVATE LIMITED	Director	30-09-09	01-06-09	-	Active	NO
25	U45400WB2010PTC156240	TKP PROPERTIES PRIVATE LIMITED	Director	29-09-12	01-04-12	-	Active	NO

Name :

Mr. Krishna Kumar Agarwal

Designation :

Director

Address :

B-1/7, karunamoyee Housing Est, Salt Lake City, Kolkata – 700091, West Bengal, India

Date of Birth/Age :

17.03.1969

Date of Appointment :

29.09.2012

DIN No. :

00005762

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65991WB1896PLC001116	THE INVESTMENT AND FINANCE COMPANY LIMITED	Director	01-12-05	01-12-05	-	Strike off	NO
2	U51909WB2004PTC098928	CYGNET AGENCIES PRIVATE LIMITED	Director	31-05-07	31-05-07	-	Amalgamated	NO
3	U51909WB2004PTC100319	BUFFER MARKETING PRIVATE LIMITED	Director	30-09-08	14-09-07	-	Amalgamated	NO
4	U51909WB1984PTC037393	SAP BAGGING COMPANY PRIVATE LIMITED	Director	26-05-08	21-04-08	-	Strike off	NO
5	U52322WB2004PTC100018	BESTLITE MERCANTILE PRIVATE LIMITED	Director	14-09-09	22-05-09	20-08-12	Active	NO
6	U51909WB2004PTC100300	NUMERO AGENCIES PRIVATE LIMITED	Director	30-09-09	22-05-09	-	Amalgamated	NO
7	U51101WB2005PTC105157	SUKANYA VYAPAAR PRIVATE LIMITED	Additional director	01-01-10	01-01-10	20-08-12	Active	NO
8	U51109WB2005PTC102536	PARTON VYAPAAR PRIVATE LIMITED	Additional director	25-02-10	25-02-10	-	Amalgamated	NO
9	U70100WB2011PTC159315	PATINA PROPERTIES PRIVATE LIMITED	Director	17-02-11	17-02-11	-	Active	NO
10	U70109WB2011PTC159310	OUT SPACE PROPERTIES PRIVATE LIMITED	Director	17-02-11	17-02-11	-	Active	NO
11	U70109WB2011PTC159506	CORONA PROPERTIES PRIVATE LIMITED	Director	21-02-11	21-02-11	-	Active	NO
12	U70109WB2011PTC165915	HELIOSPHERE PROPERTIES PRIVATE LIMITED	Director	04-08-11	04-08-11	-	Active	NO
13	U70109WB2011PTC165907	BOLIDE PROPERTIES PRIVATE LIMITED	Director	04-08-11	04-08-11	-	Active	NO
14	U70109WB2011PTC165940	TROPOSPHERE PROPERTIES PRIVATE LIMITED	Director	04-08-11	04-08-11	-	Active	NO
15	U45400WB2008PTC122813	FORUM BUILDERS PRIVATE LIMITED	Director	29-09-12	08-08-11	-	Active	NO
16	U70101WB2007PTC118109	ADRIJA CONSTRUCTIONS PRIVATE LIMITED	Director	30-11-11	30-11-11	-	Active	NO
17	U45201WB2006PTC107405	FORUM SHOPPING CENTRES PRIVATE LIMITED	Director	29-09-12	01-01-12	-	Active	NO
18	U45400WB2007PTC114916	FORUM RETAIL PRIVATE LIMITED	Director	29-09-12	01-01-12	-	Active	NO
19	U51909WB2008PTC123577	FORUM PROPERTIES HOLDINGS PRIVATE LIMITED	Director	29-09-12	01-01-12	-	Active	NO
20	U24222WB1998PLC176323	TITANIUM MINERAL PRODUCTS LIMITED	Director	30-09-13	18-01-13	-	Active	NO
21	U45400WB2008PTC123011	AARYA CONSTRUCTIONS PRIVATE LIMITED	Director	20-08-13	15-03-13	-	Active	NO

Name :

Mr. Ujjal Sinha

Designation :

Director

Address :

57/3, Ballygunge Circular Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

18.12.1963

Date of Appointment :

30.09.2011

DIN No. :

01076587

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74300WB1993PTC057600	GENESIS ADVERTISING PRIVATE LIMITED	Director	25-01-93	25-01-93	-	Active	NO
2	U74999WB1996PTC081063	EXHIBITS INDIA PRIVATE LIMITED	Director	26-08-96	26-08-96	-	Active	NO
3	U72400WB2000PTC092077	BRICK AND CLICK TECHNOLOGIES PRIVATE LIMITED	Director	29-06-00	29-06-00	18-07-07	Strike off	NO
4	U45200WB2007PTC112724	FORUM INFRASTRUCTURE PRIVATE LIMITED	Director	24-01-07	24-01-07	-	Active	NO
5	U64202WB2007PTC117857	BRANDSUM TECH SOLUTIONS PRIVATE LIMITED	Director	16-08-07	16-08-07	-	Active	NO
6	U22219WB2007PTC120738	SATYA FILMS PRIVATE LIMITED	Director	24-08-10	24-08-10	-	Active	NO
7	U45400WB2007PTC114916	FORUM RETAIL PRIVATE LIMITED	Director	30-09-11	18-03-11	-	Active	NO
8	U74999WB2011PTC165228	KECK GENESIS EXHIBITIONS INDIA PRIVATE LIMITED	Director	22-07-11	22-07-11	-	Active	NO

Name :

Mr. Vidyut Saraf

Designation :

Director

Address :

3, Hunderford Street, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

20.01.1988

Date of Appointment :

20.09.2010

DIN No. :

03100944

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45201WB2006PTC107405	FORUM SHOPPING CENTRES PRIVATE LIMITED	Managing director	01-10-10	01-06-10	-	Active	NO
2	U70101WB2008PTC123432	FORUM MEGA MALLS PRIVATE LIMITED	Director	30-07-10	28-06-10	-	Active	NO
3	U45200WB2007PTC112724	FORUM INFRASTRUCTURE PRIVATE LIMITED	Director	20-09-10	28-06-10	-	Active	NO
4	U51109WB1984PTC037271	FORUM SHOPPING MALL PRIVATE LIMITED	Director	26-08-10	26-08-10	01-01-12	Active	NO
5	U51909WB2008PTC123577	FORUM PROPERTIES HOLDINGS PRIVATE LIMITED	Director	30-08-10	30-08-10	01-01-12	Active	NO
6	U45400WB2008PTC122832	FORUM REALTORS PRIVATE LIMITED	Director	30-08-10	30-08-10	-	Active	NO
7	U45400WB2008PTC122813	FORUM BUILDERS PRIVATE LIMITED	Director	30-08-10	30-08-10	-	Active	NO
8	U55101WB2007PTC116832	ADITYAPUR CITY CENTRE HOTEL PRIVATE LIMITED	Director	30-08-10	30-08-10	-	Active	NO
9	U85100WB2007PTC121093	ADITYAPUR CITY CENTRE HOSPITAL PRIVATE LIMITED	Director	30-08-10	30-08-10	-	Active	NO
10	U45400WB2008PTC124817	FORUM RIVIERA CONSTRUCTIONS PRIVATE LIMITED	Director	20-09-10	20-09-10	01-01-12	Active	NO
11	U65993WB1984PTC037337	HEILGERS DEVELOPMENT AND CONSTRUCTION COMPANY PRIVATE LIMITED	Director	20-09-10	20-09-10	01-01-12	Active	NO
12	U80221WB1987PTC043014	FORUM PROJECT HOLDINGS PRIVATE LIMITED	Director	20-09-10	20-09-10	01-01-12	Active	NO
13	U70109WB1981PTC033872	FORUM PROJECTS PRIVATE LIMITED	Director	20-09-10	20-09-10	-	Active	NO
14	U45400WB2007PTC114916	FORUM RETAIL PRIVATE LIMITED	Director	20-09-10	20-09-10	-	Active	NO
15	U26914WB1955PTC022220	HIND CERAMICS PRIVATE LIMITED	Director	30-09-10	30-09-10	01-01-12	Active	NO
16	U74140WB1987PTC096605	SARAF SERVICES PRIVATE LIMITED	Director	30-09-10	30-09-10	01-01-12	Active	NO
17	U52335WB2002PTC095092	VIDYUT ELECTRICALS AND ELECTRONICS PRIVATE LIMITED	Director	30-09-10	30-09-10	01-01-12	Active	NO
18	U52603WB2002PTC095122	MULTIPLEX EQUIPMENTS AND SERVICES PRIVATE LIMITED	Director	30-09-10	30-09-10	01-01-12	Active	NO
19	U90002WB2002PTC095094	FORUM MALL MANAGEMENT SERVICES PRIVATE LIMITED	Director	30-09-10	30-09-10	01-01-12	Active	NO
20	U45400WB2008PTC123386	FORUM HOUSING PRIVATE LIMITED	Director	01-08-11	30-09-10	-	Active	NO
21	U27109WB1965PTC026509	SARAF AGENCIES PRIVATE LIMITED	Managing director	01-01-13	30-09-10	-	Active	NO
22	U70109WB2011PLC157001	BENGAL FORUM HOUSING DEVELOPMENT LIMITED	Director	11-01-11	11-01-11	-	Active	NO
23	U74999WB1928PTC006224	HEILGERS PRIVATE LIMITED	Director	20-07-11	20-07-11	-	Active	NO
24	U45400WB2007PTC116830	FORUM VENTURES PRIVATE LIMITED	Director	20-09-12	15-05-12	-	Active	NO
25	U70109WB2008PTC125171	FORUM REALTY PRIVATE LIMITED	Director	29-09-12	15-05-12	-	Active	NO
26	U45209MH2012PTC238240	FORUM HOMES PRIVATE LIMITED	Additional director	30-04-13	30-04-13	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Equity Shareholders	No. of Shares
Sanwar Mull Shroff	5000
Rahul Saraf	5000
Gayatri Devi Shroff	15500
Vidyut Saraf	11000
Sanwar Mull Shroff	8170
Sukanya Vyapaar Private Limited, India	10900
Genesis Advertising Private Limited, India	75130
Forum Project Holdings Private Limited, India	45425
Sri Ram Tie-up Private Limited, India	3635
Techmech Tracom Private Limited, India	26500
Beautiful Enclave Private Limited, India	21000
Naman Impex Private Limited, India	28500
Sankalp Vimcom Private Limited, India	18200
Sriram Dealcom Private Limited, India	15000
Total	288960

Names of Preference Shareholders	No. of Shares
Multiplex Equipments and Serivices Private Limited, India	40000
Vidyut Electricals and Electronics Private Limited, India	120000
Total	160000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	84.54
Directors or relatives of Directors	15.46
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Property Deveopment.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· UCO Bank, Mid Corporate Branch, 10, B. T. M. Sarani, Kolkata - 700001, West Bengal, India

Central Bank of India, Barabazar Branch, 178, Mahatma Gandhi Road, Kolkata - 700007, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans
From Punjab National Bank (Secured by hypothecation of block of assets and other developments to the extent of 70% (Proposed portion of the company as per joint Development and construction agreement with JUSCOS Equitable Mortgage of “Forum Shopping mall and Forum Court Yard” being owned by Forum Shopping Mall Private Limited and Hellgers Development Construction Compnay Private Limited at 10/3, LLR Sarani, Kol-20)	60.382	20.280
From UCO Bank (Secured by 1^st Pari Passu hypothecation charge on construction materials, WIP, Machineries and raw materials till completion of the project for construction and development of shopping mall cum multiplexes cum office complex and car parking at Jamshedpur Extension of mortgage charge of “Forum Shopping Mall and Forum Court Yard” being owned by Forum Shopping Mall Private Limited and Hellgers Development Construction Company Private Limited at 10/3, LLR Sarani, Kol-20.)	60.281	0.000
Car Loan From Axis Bank (Secured by hypothecation of motor car)	3.610	0.000
Total	124.273	20.280

Banking Relations :	--
Auditors :
Name :	R. K. Patodi and Company Chartered Accountants
Address :	2, Church Lane, 4th Floor, Suit No. 404a, Kolkata – 700001, West Bengal, India
Tel. No. :	91-33-22303160/ 22430913
Fax No. :	91-33-22430914
E-Mail :	rkpatodi@hotmail.com
Income-tax PAN of auditor or auditor's firm :	AACFR8036M
Holding Company:	Forum Projects Holding Private Limited
Control of Substantail Interest:	Genesis Advertising Private Limited
Associates:	· Forum Infrastructure Private Limited Forum Projects Private Limited Funtail Enterprises Saraf Agencies Private Limited Forum Eta Realty Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions
400,000	Preference Shares	Rs. 100/- each	Rs. 40.000 Millions
	Total		Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
288,960	Equity Shares	Rs.10/- each	Rs. 2.890 Millions
160,000	Preference Shares	Rs. 100/- each	Rs. 16.000 Millions
	Total		Rs. 18.890 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	18.890	18.890	18.890
(b) Reserves & Surplus	30.553	30.631	30.569
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	49.443	49.521	49.459
(3) Non-Current Liabilities
(a) long-term borrowings	124.274	20.280	0.000
(b) Deferred tax liabilities (Net)	0.007	0.009	0.006
(c) Other long term liabilities	146.887	119.432	2.500
(d) long-term provisions	0.783	0.479	0.143
Total Non-current Liabilities (3)	271.951	140.200	2.649
(4) Current Liabilities
(a) Short term borrowings	677.350	518.800	282.609
(b) Trade payables	0.009	0.010	0.009
(c) Other current liabilities	14.351	12.902	93.503
(d) Short-term provisions	0.000	0.000	0.874
Total Current Liabilities (4)	691.710	531.712	376.995
TOTAL	1013.104	721.433	429.103
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.588	0.145	0.070
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	779.886	587.895	304.353
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	81.697	78.115	79.764
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	866.171	666.155	384.187
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.877
(d) Cash and cash equivalents	144.205	52.189	36.742
(e) Short-term loans and advances	2.728	3.089	7.297
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	146.933	55.278	44.916
TOTAL	1013.104	721.433	429.103

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1.115	7.224	104.368
		Other Income	0.000	2.512	11.741
		TOTAL (A)	1.115	9.736	116.109
Less	EXPENSES
		Contract related cost	1.115	7.223	104.368
		Other Expenses	0.028	0.032	0.087
		TOTAL (B)	1.143	7.255	104.455
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.028)	2.481	11.654
Less	FINANCIAL EXPENSES (D)		0.000	2.374	8.709
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.028)	0.107	2.945
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.033	0.042	0.029
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(0.061)	0.065	2.916
Less	TAX (H)		0.017	0.003	0.877
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(0.078)	0.062	2.039
	Earnings / (Loss) Per Share (Rs.)		(0.27)	0.22	8.81

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(7.00)	0.64	1.76
Net Profit Margin (PBT/Sales)	(%)	5.47	0.90	2.79
Return on Total Assets (PBT/Total Assets}	(%)	(0.03)	0.05	2.34
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.06
Debt Equity Ratio (Total Debt/Networth)		16.21	10.89	5.71
Current Ratio (Current Asset/Current Liability)		0.21	0.10	0.12

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
From Related Parties	512.150	399.600
From Others	7.500	59.200
Advances	157.700	60.000
Total	677.350	518.800

PROJECT:

the development / construction activities of the company's project consisting of a shopping complex cum multiplex, office complex, parking including multilevel car parking spaces with all infrastructural facilities on approx 5.46 acres of leasehold land at a prime location in Jamshedpur are progressing fast. Leasing plans and marketing of the same are being finalized and rolled for execution.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Guarantee by bank on behalf of the company	70.700	70.700

FIXED ASSETS

· Computer

Furniture and Fixtures

Refrigerator

Telephone

Motor Car

Television

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.10
UK Pound	1	Rs.101.27
Euro	1	Rs.85.43

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.