MIRA INFO REPORT

Report Date :

03.01.2015

IDENTIFICATION DETAILS

Name :	WS RETAIL SERVICES PRIVATE LIMITED
Registered Office :	Ozone Manay Tech Park, No 56/18, ‘B’ Block, 9^th Floor Garvebhavipalya, Hosur Road, Bangalore – 560068, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.06.2009
Com. Reg. No.:	08-050123
Capital Investment / Paid-up Capital :	Rs. 10.050 Millions
CIN No.: [Company Identification No.]	U72900KA2009PTC050123
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRW00899D
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company.
Line of Business :	Subject is engaged in the business of retailing of variety of electronic, apparel, household and consumer products.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s decent operational risk profile and fair liquidity position of the company. Trade relations are fair. Business is active. Payments terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

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.

LOCATIONS

Registered Office :	Ozone Manay Tech Park, No 56/18, ‘B’ Block, 9^th Floor Garvebhavipalya, Hosur Road, Bangalore – 560068, Karnataka, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	tapas@wsretail.in

DIRECTORS

AS ON 30.09.2014

Name :

Meenu Gupta

Designation :

Director

Address :

Ward No.7, Main Bazar, Pundri Teh, District Kaithal, Pundri – 132026, Haryana, India

Date of Birth/Age :

18.05.1966

Date of Appointment :

21.03.2012

DIN No.:

05167259

Name :

Sujeet Kumar

Designation :

Whole Time Director

Address :

Pradhan Tower Main Road, G.P.O. Ranchi – 834001, Jharkhand, India

Date of Birth/Age :

22.01.1980

Date of Appointment :

01.10.2012

DIN No.:

05244077

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	U72900DL2010PTC210181	Flipkart Digital Media Private Limited	Director	10/04/2012	05/04/2012	01/10/2012	Active	NO
2	U72900KA2009PTC050123	WS Retail Services Private Limited	Whole-time director	01/10/2012	18/09/2012	-	Active	NO
3	U51109KA2012PTC066107	Flipkart Internet Private Limited	Director	01/10/2012	01/10/2012	18/10/2012	Active	NO

Name :

Tapas Rudrapatna

Designation :

Whole Time Director

Address :

419, B4, Ghataprabha Block, National Games, Village, Koramangla, Bangalore – 560047, Karnataka, India

Date of Birth/Age :

05.05.1983

Date of Appointment :

17.06.2009

DIN No.:

02688201

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Equity Shareholders	No. of Shares	Percentage of Holding
Meenu Gupta	5000	5.00
Rajiv Kucchal	49000	49.00
Sujeet Kumar	23000	23.00
Tapas Rudrapatna	23000	23.00
Total	100000	100.00

Names of Preference Shareholders	No. of Shares	Percentage of Holding
Rajiv Kucchal	451000	49.84
Sujeet Kumar	227000	25.08
Tapas Rudrapatna	227000	25.08
Total	905000	100.00

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	51.00
Other top fifty shareholders	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of retailing of variety of electronic, apparel, household and consumer products.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Not Divulged
Branch Address	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 :	S.R. Batliboi and Associates Chartered Accountants
Address :	12^th and 13^th Floor, Canberra Block No.24, Vittal Mallya Road, Bangalore, Karnataka, India
PAN No.:	AALFS0506L
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
250,000	Equity Shares	Rs. 10/- each	Rs. 2.500 Million
1,000,000	Preference Shares	Rs. 10/- each	Rs. 10.000 Millions
	Total		Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 10/- each	Rs. 1.000 Million
905,000	Preference Shares	Rs. 10/- each	Rs. 9.050 Millions
	Total		Rs. 10.050 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	10.050	10.050	0.100
(b) Reserves & Surplus	33.632	28.688	9.233
(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)	43.682	38.738	9.333
(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	2.255	1.958	0.415
(d) long-term provisions	4.957	2.118	0.665
Total Non-current Liabilities (3)	7.212	4.076	1.080
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1645.144	637.581	237.674
(c) Other current liabilities	735.151	159.565	29.937
(d) Short-term provisions	17.096	14.922	11.937
Total Current Liabilities (4)	2397.391	812.068	279.548
TOTAL	2448.285	854.882	289.961
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	161.566	61.310	41.658
(ii) Intangible Assets	3.799	3.280	4.743
(iii) Capital work-in-progress	2.297	16.499	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	5.500
(c) Deferred tax assets (net)	32.313	21.965	31.839
(d) Long-term Loan and Advances	68.648	56.861	9.182
(e) Other Non-current assets	6.177	1.225	0.000
Total Non-Current Assets	274.800	161.140	92.922
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1265.339	127.901	30.580
(c) Trade receivables	303.307	113.752	70.370
(d) Cash and cash equivalents	517.733	256.130	51.888
(e) Short-term loans and advances	86.778	192.741	43.724
(f) Other current assets	0.328	3.218	0.477
Total Current Assets	2173.485	693.742	197.039
TOTAL	2448.285	854.882	289.961

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	31352.636	13456.369	4842.305
Less	EXPENSES
		TOTAL	31277.546	13387.825	4806.546
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		75.090	68.544	35.759
Less/ Add	DEPRECIATION/ AMORTISATION		61.180	34.015	19.152
	PROFIT/ (LOSS) BEFORE TAX		13.910	34.529	16.607
	TAX		6.374	13.535	4.608
	PROFIT/ (LOSS) AFTER TAX		6.705	20.374	8.093
	Earnings / (Loss) Per Share (Rs.)		6.67	20.27	8.05

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	0.58	4.23	6.57
Return on Investment (ROI) (PBT/Networth)		0.32	0.89	1.78
Debt Equity Ratio (Total Liability/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.91	0.85	0.70

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	0.100	10.050	10.050
Reserves & Surplus	9.233	28.688	33.632
Net worth	9.333	38.738	43.682
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

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	4842.305	13456.369	31352.636
		177.892	132.995

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	4842.305	13456.369	31352.636
Profit	8.093	20.374	6.705
	0.17%	0.15%	0.02%

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	No
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	No
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

Note: Registered address of the company has been shifted from Ozone Manney Tech Park, 8^th Floor, Hongasandra Village, Begur Hobli, South Bangalore, Bangalore – 560062, Karnataka, India to the present address w.e.f.01.01.2013.

INDEX OF CHARGES

NO CHARGES EXIST FOR THE COMPANY.

FIXED ASSETS

• Furniture and Fixture
• Vehicles
• Office Equipment
• Computer Equipment

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. 63.29
UK Pound	1	Rs. 98.39
Euro	1	Rs. 76.31

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.