MIRA INFORM REPORT

Report Date :

04.11.2014

IDENTIFICATION DETAILS

Name :	JADE eSERVICES PRIVATE LIMITED
Registered Office :	Unit No. B, First Floor, Plot No.4, Sincere Tower, Preet Vihar Community Centre, Preet Vihar, Delhi – 110092
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.02.2011
Com. Reg. No.:	55-245145
Capital Investment / Paid-up Capital :	Rs. 583.540 Millions
CIN No.: [Company Identification No.]	U72300DL2011PTC245145
PAN No.: [Permanent Account No.]	AACCJ6683M
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of trading the products through its website.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 4190000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has incurred a loss from its operations during 2014. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-124-4408000)

LOCATIONS

Registered Office :	Unit No. B, First Floor, Plot No.4, Sincere Tower, Preet Vihar Community Centre, Preet Vihar, Delhi – 110092, India
Tel. No.:	91-124-4408000/ 42175562
Fax No.:	Not Available
E-Mail :	abhinay.kumar@jabong.com arun.chandramohan@gmail.com arnt.jeschke@rocket-internet.de
Corporate Office :	Plot No.103, Udyog Vihar, Phase-I, Gurgaon – 122016, Haryana, India
Tel. No.:	91-124-4224404

DIRECTORS

As on 27.09.2013

Name :

Mr. Arun Mohan Chandra

Designation :

Director

Address :

27 Aspika Garden, Kilpauk, Chennai – 600010, Tamilnadu, India

Date of Birth/Age :

02.09.1977

Date of Appointment :

28.02.2011

DIN No.:

03387469

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	U72300DL2011PTC245145	JADE ESERVICES PRIVATE LIMITED	Director	28-02-2011	28-02-2011	-	Active	NO
2	U72900HR2012PTC044827	BLUEROCK ESERVICES PRIVATE LIMITED	Director	17-01-2012	17-01-2012	01-11-2012	Active	NO
3	U72300HR2012PTC044885	EMERALDONE ESERVICES PRIVATE LIMITED	Director	24-01-2012	24-01-2012	-	Active	NO
4	U72900HR2012PTC044898	SAGITTARIUS ESERVICES PRIVATE LIMITED	Director	25-01-2012	25-01-2012	27-06-2013	Active	NO
5	U72900HR2012PTC044939	MOONSHINE ESERVICES PRIVATE LIMITED	Director	31-01-2012	31-01-2012	17-06-2014	Active	NO
6	U72200HR2012PTC045029	HONEYCOMB ESERVICES PRIVATE LIMITED	Director	07-02-2012	07-02-2012	18-03-2014	Active	NO
7	U72900HR2012PTC045028	PISCES ESERVICES PRIVATE LIMITED	Director	07-02-2012	07-02-2012	06-05-2013	Active	NO
8	U72900HR2012PTC045043	PUPPIS ESERVICES PRIVATE LIMITED	Director	08-02-2012	08-02-2012	29-11-2012	Active	NO
9	U72200HR2012PTC045048	CAPRICON ESERVICES PRIVATE LIMITED	Director	09-02-2012	09-02-2012	-	Active	NO
10	U72900HR2012PTC045096	BEID ESERVICES PRIVATE LIMITED	Director	13-02-2012	13-02-2012	14-07-2014	Active	NO
11	U72900HR2012PTC045149	SOLAR ESERVICES PRIVATE LIMITED	Director	16-02-2012	16-02-2012	-	Active	NO
12	U72300DL2011PTC243147	ROCKET e SERVICES PRIVATE LIMITED	Director	27-10-2012	09-04-2012	20-01-2014	Active	NO
13	U72900HR2012PTC046099	SHOOTING STAR ESERVICES PRIVATE LIMITED	Director	30-05-2012	30-05-2012	-	Active	NO
14	U72900HR2012PTC046115	WESTGATE ESERVICES PRIVATE LIMITED	Director	31-05-2012	31-05-2012	-	Active	NO
15	U60231HR2012PTC046114	SAPPHIRE ESERVICES PRIVATE LIMITED	Director	31-05-2012	31-05-2012	-	Active	NO
16	U72200HR2012PTC046112	GOLDSTAR ESERVICES PRIVATE LIMITED	Director	31-05-2012	31-05-2012	-	Active	NO
17	U72200HR2012PTC046145	TITANIUM ESERVICES PRIVATE LIMITED	Director	04-06-2012	04-06-2012	-	Active	NO
18	U72900HR2012PTC046138	WHITEPEARL ESERVICES PRIVATE LIMITED	Director	04-06-2012	04-06-2012	-	Active	NO
19	U72300HR2012PTC046136	MOUNTVILLE ESERVICES PRIVATE LIMITED	Director	04-06-2012	04-06-2012	-	Active	NO
20	U72200HR2012PTC046135	TRIDENT ESERVICES PRIVATE LIMITED	Director	04-06-2012	04-06-2012	-	Active	NO
21	U72200HR2012PTC046132	WEBTREASURE ESERVICES PRIVATE LIMITED	Director	04-06-2012	04-06-2012	-	Active	NO
22	U72900HR2012PTC046267	BLUETIDE ESERVICES PRIVATE LIMITED	Director	19-06-2012	19-06-2012	-	Active	NO

Name :

Mr. Dheeraj Khanna

Designation :

Director

Address :

E-52 Poultry Area Nilokheri, Distt Karnal, Karnal, 132001, Haryana, INDIA

Date of Birth/Age :

24.08.1988

Date of Appointment :

19.12.2013

DIN No. :

06623464

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	U74999DL2012PTC243115	MOKSHA DESIGNS PRIVATE LIMITED	Director	03-07-2013	03-07-2013	18-12-2013	Active	NO
2	U72300DL2011PTC245145	JADE eSERVICES PRIVATE LIMITED	Director	19-12-2013	19-12-2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Abhinay Kumar
Designation :	Secretary
Address :	Flat No.23, Ashoka Apartment, Pocket-11A, Sector-23, Rohini, New Delhi – 110085, India
Date of Birth/Age :	05.09.1979
Date of Appointment :	20.12.2012
PAN No.:	AUVPK8564A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2013

Names of Shareholders	No. of Shares
Jade 1076, GmbH, Germany	10
Jabong GmbH, Germany	42995206
Total	42995216

ALLOTTEE AS ON 07.10.2014

Names of Allottee	No. of Shares
Jabong GmbH, Germany	4831250
Total	4831250

ALLOTTEE AS ON 28.08.2014

Names of Allottee	No. of Shares
Jabong GmbH, Germany	4178497
Total	4178497

ALLOTTEE AS ON 22.08.2014

Names of Allottee	No. of Shares
Jabong GmbH, Germany	3023097
Total	3023097

ALLOTTEE AS 22.07.2014

Names of Allottee	No. of Shares
Jabong GmbH, Germany	4305881
Total	4305881

ALLOTTEE AS ON 01.06.2014

Names of Allottee	No. of Shares
Jabong GmbH, Germany	6568498
Total	6568498

ALLOTTEE AS ON 31.03.2014

Names of Allottee	No. of Shares
Jabong GmbH, Germany	9855950
Total	9855950

ALLOTTEE AS ON 28.11.2013

Names of Allottee	No. of Shares
Jabong GmbH, Germany	5502820
Total	5502820

As on 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of trading the products through its website.
Brand Name :	Jabong.com

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company LLP Chartered Accountants
Address :	Golf View, Corporate Tower-B, Sector-42, Gurgaon -122002, Haryana, India
Income-tax PAN of auditor or auditor's firm :	AALFS0506L
Holding Company :	Jabong Gmbh, Germany
Other Related Party :	Moonshine eServices Private Limited CIN No.: U72900HR2012PTC044939

CAPITAL STRUCTURE

As on 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
125,000,000	Equity Shares	Rs.10/- each	Rs. 1250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
81,261,209	Equity Shares	Rs.10/- each	Rs. 812.612 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7,500,000	Equity Shares	Rs.10/- each	Rs. 750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
58,353,986	Equity Shares	Rs.10/- each	Rs. 583.540 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	583.540	297.779	15.750
(b) Reserves & Surplus	882.835	342.842	(88.090)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	257.499	387.870
Total Shareholders’ Funds (1) + (2)	1466.375	898.120	315.530
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	3.490
(c) Other long term liabilities	1.868	6.831	0.000
(d) long-term provisions	12.291	4.808	0.635
Total Non-current Liabilities (3)	14.159	11.639	4.125
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1188.682	583.614	151.726
(c) Other current liabilities	166.078	44.688	7.290
(d) Short-term provisions	25.045	3.936	0.571
Total Current Liabilities (4)	1379.805	632.238	159.587
TOTAL	2860.339	1541.997	479.242
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	347.308	163.856	62.771
(ii) Intangible Assets	28.362	35.681	13.594
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	13.215	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	18.901	34.217	30.235
(e) Other Non-current assets	54.658	9.965	6.900
Total Non-Current Assets	462.444	243.719	113.500
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1365.130	460.793	191.132
(c) Trade receivables	452.985	230.114	40.606
(d) Cash and cash equivalents	337.141	445.431	89.276
(e) Short-term loans and advances	200.005	127.755	43.913
(f) Other current assets	42.634	34.185	0.815
Total Current Assets	2397.895	1298.278	365.742
TOTAL	2860.339	1541.997	479.242

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	NA	1465.555	38.960
Less	EXPENSES
		TOTAL	NA	3501.235	260.033
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	(2035.680)	(221.073)
Less/ Add	DEPRECIATION/ AMORTISATION		NA	75.140	4.380
	PROFIT/ (LOSS) BEFORE TAX		NA	(2110.820)	(225.453)
Less	TAX		NA	(3.490)	3.490
	PROFIT/ (LOSS) AFTER TAX		(2031.851)	(2107.330)	(228.943)
	EARNINGS IN FOREIGN CURRENCY		49.357	2.219	0.097
	Earnings / (Loss) Per Share (Rs.)		(34.82)	(49.01)	(145.36)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(71.37)	(136.89)	(47.04)
Return on Investment (ROI) (PBT/Networth)		(1.39)	(2.35)	(0.71)
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.74	2.05	2.29

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	15.750	297.779	583.540
Reserves & Surplus	(88.090)	342.842	882.835
Share Application money pending allotment	387.870	257.499	0.000
Net worth	315.530	898.120	1466.375
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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 two 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	No
24]	Banking facility details	No
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	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

CHANGE OF ADDRESS

The Registered office has been shifted from Unit No. B, Plot No. F-4, Preet Vihar Commercial Complex, Delhi – 110092, India to the Present Registered Address w.e.f. 13.11.2013

FIXED ASSETS

Tangible Assets

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

· Leasehold Improvements

Intangible Assets

· Brands and Trade Marks

· Computer Software

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 records 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] 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.61.41
UK Pound	1	Rs.98.06
Euro	1	Rs.76.67

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		33

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.