MIRA INFORM REPORT

Report No. :	309243
Report Date :	23.02.2015

IDENTIFICATION DETAILS

Name :	TRENDSUTRA PLATFORM SERVICES PRIVATE LIMITED
Registered Office :	101, Ackruti Corporate Park, L.B.S. Marg, Kanjurmarg (West), Mumbai – 400078, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.07.2011
Com. Reg. No.:	11-220126
Capital Investment / Paid-up Capital :	Rs.297.775 Millions
CIN No.: [Company Identification No.]	U74990MH2011PTC220126
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is an online sales platform company which facilitates supplies to the end consumers of goods and articles through its online web portal.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred huge accumulated losses which has eroded net worth of the company. Liquidity position of the company is under pressure. Business is active. Payments are reported to be slow. The company can be considered for business dealings on safe and secured trade terms and conditions.

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 BY

Name :	Ms. Rashmi
Designation :	Company Secretary
Contact No.:	91-22-61590000
Date :	23.02.2014

LOCATIONS

Registered Office :	101, Ackruti Corporate Park, L.B.S. Marg, Kanjurmarg (West), Mumbai – 400078, Maharashtra, India
Tel. No.:	91-22-61590000
Fax No.:	91-22-61590001
E-Mail :	kinnar.s@pepperfry.com

DIRECTORS

As on 30.09.2014

Name :	Mr. Ambaresh Murty
Designation :	Director
Address :	Flat No. 401, 4^th Floor, Tina Bliss, B Wing, Ghatla Road, Chembur (East), Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	30.06.1972
Date of Appointment :	15.11.2011
DIN No.:	03279054
PAN No.:	ACHPM2338L
Name :	Mr. Kashyap Vadapalli
Designation :	Director
Address :	1901, 19^th Floor, A – sky, Flama, Dosti Flamingos Sewree, Mumbai – 400015, Maharashtra, India
Date of Birth/Age :	18.09.1972
Date of Appointment :	30.09.2014
DIN No.:	06963638

KEY EXECUTIVE

Name :	Ms. Rashmi
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Trendsutra Cyprus Limited, Cyprus	82300161
Ambaresh Murty	1
Total	82300162

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
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 :	The Company is an online sales platform company which facilitates supplies to the end consumers of goods and articles through its online web portal.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	B S R and Company Chartered Accountants
Address :	1St Floor, Lodha Excelus, Apollo Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai, Maharshtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAIFB4734C
Memberships :	--
Collaborators :	--
Holding company:	Trendsutra Cyprus Limited
Ultimate holding company:	Trendsutra Cayman Holdings
Fellow Subsidiary company:	TrendSutra Client Services Private Limited, India [U74999MH2011PTC220343]

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
83000000	Equity Shares	Rs.10/- each	Rs. 830.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
82300162	Equity Shares	Rs.10/- each	Rs. 823.002 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
29777525	Equity Shares	Rs.10/- each	Rs. 297.775 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	297.775	112.861	109.732
(b) Reserves & Surplus	(311.909)	(64.322)	(76.502)
(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)	(14.134)	48.539	33.230
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.717	0.198
(d) long-term provisions	2.423	1.152	0.205
Total Non-current Liabilities (3)	2.423	1.869	0.403
(4) Current Liabilities
(a) Short term borrowings	3.600	0.000	0.000
(b) Trade payables	30.630	47.504	17.253
(c) Other current liabilities	39.906	19.500	6.847
(d) Short-term provisions	0.167	0.087	0.687
Total Current Liabilities (4)	74.303	67.091	24.787
TOTAL	62.592	117.499	58.420
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.311	15.586	15.358
(ii) Intangible Assets	0.065	0.914	4.930
(iii) Capital work-in-progress	0.000	0.000	0.496
(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	12.771	10.115	4.361
(e) Other Non-current assets	0.000	1.116	1.032
Total Non-Current Assets	19.147	27.731	26.177
(2) Current assets
(a) Current investments	0.000	37.647	16.569
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	2.283	5.683	0.021
(d) Cash and cash equivalents	0.447	25.411	13.016
(e) Short-term loans and advances	40.715	20.549	2.352
(f) Other current assets	0.000	0.478	0.285
Total Current Assets	43.445	89.768	32.243
TOTAL	62.592	117.499	58.420

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	75.569	65.470	1.511
	Other Income		3.687	2.594
	TOTAL	75.569	69.157	4.105
Less	EXPENSES	376.362 (Including Depreciation)	472.844	74.351
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(403.687)	(70.246)
Less/ Add	DEPRECIATION/ AMORTISATION		14.633	6.643
	PROFIT/ (LOSS) BEFORE TAX	(300.793)	(418.320)	(76.889)
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(300.793)	(418.320)	(76.889)
	Earnings / (Loss) Per Share (Rs.)	(19.38)	(37.81)	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	(638.95)	(5088.62)
Return on Total Assets (PBT/Total Assets}	(%)	(480.56)	(356.02)	(132.74)
Return on Investment (ROI) (PBT/Networth)		21.28	(8.62)	(2.31)
Debt Equity Ratio (Total Debt /Networth)		(0.25)	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.58	1.34	1.30

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	109.732	112.861	297.775
Reserves & Surplus	(76.502)	(64.322)	(311.909)
Net worth	33.230	48.539	(14.134)
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	3.600
Total borrowings	0.000	0.000	3.600
Debt/Equity ratio	0.000	0.000	-0.255

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	4.105	69.157	75.569
		1,584.702	9.272

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	4.105	69.157	75.569
Profit	(76.889)	(418.320)	(300.793)
	(1873.06%)	(604.88%)	(398.04%)

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

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	Yes
10]	Designation of contact person	Yes
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	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

REVIEW OF OPERATIONS AND OVERALL PERFORMANCE

During the year, the Revenue from Operations increased to Rs.65.477 Millions compared to Rs. 62.356 Millions in the previous year.

The Loss for the year stand at Rs.300.793 Millions. In continuation of the strategy to focus on market percolation in all the major cities while delivering customer satisfaction in the online furniture, home and living business, the Company will continue to explore ancillary trade opportunities. The Directors are optimistic about the performance for the year 2014-2015 in the booming Indian economy.

BACKGROUND

Subject was incorporated on 25 July 2011 under the Companies Act, 1956 (?the Act?). The Company is a wholly owned subsidiary of Trendsutra Cyprus Limited, Cyprus (the holding company).

The Company is an online sales platform company which facilitates supplies to the end consumers of goods and articles through its online web portal.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Short-term borrowings
Loans and advances from directors	3.600	0.000
Total	3.600	0.000

FIXED ASSETS

Tangible assets

• Furniture and fixtures
• Office equipment
• Computer equipments
• Leasehold improvements

Intangible assets

• 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 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.62.26
UK Pound	1	Rs.96.01
Euro	1	Rs.70.72

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		11

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.