MIRA INFORM REPORT

Report No. :	301812
Report Date :	08.01.2015

IDENTIFICATION DETAILS

Name :	MYNTRA DESIGNS PRIVATE LIMITED
Registered Office :	A K R Tech Park, 3rd Floor, 7th Mile, Krishna Reddy Layout, Krishna Reddy Industrial Area, Hosur Road, Bangalore – 560068, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.02.2007
Com. Reg. No.:	08-041799
Capital Investment / Paid-up Capital :	Rs.45.154 Millions
CIN No.: [Company Identification No.]	U72300KA2007PTC041799
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECM9636P
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in selling of fashion goods of various brands (apparel, footwear and accessories).
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 8800000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Rating reflects moderate financial risk profile due to loss incurred by the company in the year 2014. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with slight 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 – 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

EXTERNAL AGENCY RATING

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.

LOCATIONS

Registered Office :	A K R Tech Park, 3rd Floor, 7th Mile, Krishna Reddy Layout, Krishna Reddy Industrial Area, Hosur Road, Bangalore – 560068, Karnataka, India
Tel. No.:	91-80-43540100
Fax No.:	Not Available
E-Mail :	prabhakar.sunder@gmail.com
Website :	http://www.myntra.com
Bangalore Office:	Maruthi Chamber, Annex Building, Rupena Agrahara, Hosur Road, Bangalore – 560068, Karnataka, India
Tel. No.:	080-67996666
Returns Processing Facility :	Located at Bangalore, Karnataka, India
Regional offices :	Located at : New Delhi Mumbai Chennai

DIRECTORS

As On 30.09.2013

Name :

Mukesh Bansal

Designation :

Director

Address :

792, 16^th A Main 23^rd Cross, HSR Layout, Sector – 3, Bangalore – 560034, Karnataka, India

Date of Appointment :

16.02.2007

DIN No. :

01755822

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	U72300KA2007PTC041799	Myntra Designs Private Limited	Director	16/02/2007	16/02/2007	-	Active	NO
2	U74900KA2011PTC060513	ONTRACK FITNESS AND DANCE STUDIO PRIVATE LIMITED	Director	20/09/2011	20/09/2011	-	Active	NO

Name :

Ankit Nagori

Designation :

Director

Address :

Iii A Shekhawati, Complex Station Road, Jaipur - 302006, Rajasthan, India

Date of Appointment :

30.09.2014

DIN No. :

06672135

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	U52190RJ2013PTC043799	RED LUMEN MARKETING PRIVATE LIMITED	Director	12/09/2013	12/09/2013	-	Active	NO
2	U72300KA2007PTC041799	Myntra Designs Private Limited	Director	30/09/2014	20/06/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

SHAREHOLDERS FILE DETAILS ATTACHED

As on 30.09.2013

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	34.00
Bodies corporate	7.00
Directors or relatives of Directors	53.00
Venture capital	6.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in selling of fashion goods of various brnads (apparel, footwear and accessories).

Products :

Item Code No. (ITC Code)	Product Description
99611349	Footwear and Accessories
99611332	Apparels
99831419	Software License

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

Yes Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from others	0.000	42.000
SHORT TERM BORROWINGS
Working capital loans from banks	61.710	67.224
Total	94.320	109.224

Non-Banking financial company :	SVB India Finance Private Limited, 84, Free Press House, 215, Nariman Point, Mumbai – 400021, Maharashtra, India
Auditors :
Name :	B S R and Associates Chartered Accountants
Address :	Maruthi Info-Tech Centre 11-12/1 Inner Ring Road, Koramangala, Bangalore -560071, Karnataka, India
PAN No.:	AAIFB7355D
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary company :	Myntra Inc., United States
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Tiger G obal Five Myntra Holdings, Mauritius

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
70000000	Equity Shares	Rs.1/-each	Rs.70.000 Million
50000000	Preference Shares	Rs.1/-each	Rs.50.000 Million
	Total		Rs.120.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5226053	Equity Shares	Rs.1/-each	Rs.5.226 Million
39928018	Equity Shares	Rs.1/-each	Rs.39.928 Million
	Total		Rs.45.154 Million

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	45.154	33.314	24.195
(b) Reserves & Surplus	3027.370	1691.241	968.726
(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)	3072.524	1724.555	992.921
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	42.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	8.418	1.946	1.390
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	8.418	43.946	1.390
(4) Current Liabilities
(a) Short term borrowings	94.320	67.224	5.020
(b) Trade payables	1049.999	525.210	225.976
(c) Other current liabilities	471.695	282.121	117.120
(d) Short-term provisions	27.482	7.591	2.345
Total Current Liabilities (4)	1643.496	882.146	350.461
TOTAL	4724.438	2650.647	1344.772
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	143.351	128.304	89.366
(ii) Intangible Assets	91.747	42.944	23.292
(iii) Capital work-in-progress	1.910	0.983	5.093
(iv) Intangible assets under development	0.462	0.000	27.993
(b) Non-current Investments	96.212	137.431	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	66.846	126.523	48.502
(e) Other Non-current assets	0.222	0.100	0.000
Total Non-Current Assets	400.750	436.285	194.246
(2) Current assets
(a) Current investments	1271.388	560.000	255.878
(b) Inventories	1074.051	547.177	365.867
(c) Trade receivables	691.059	398.924	235.993
(d) Cash and cash equivalents	1227.208	661.832	267.874
(e) Short-term loans and advances	48.124	42.204	23.327
(f) Other current assets	11.858	4.225	1.587
Total Current Assets	4323.688	2214.362	1150.526
TOTAL	4724.438	2650.647	1344.772

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME	4415.754	2130.584	0.671
Less	EXPENSES	6064.261	3414.925	1.164
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(1648.507)	(1284.341)	(0.493)
Less/ Add	DEPRECIATION/ AMORTISATION	79.886	57.618	0.019
	PROFIT/ (LOSS) BEFORE TAX	(1728.393)	(1341.959)	(0.512)
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(1728.393)	(1341.959)	(0.512)
	Earnings / (Loss) Per Share (Rs.)	(333.04)	(364.18)	(143.05)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(37.36)	(53.42)	(0.04)
Return on Investment (ROI) (PBT/Networth)		(0.56)	(0.78)	0.00
Debt Equity Ratio (Total Liability/Networth)		0.03	0.06	0.01
Current Ratio (Current Asset/Current Liability)		2.63	2.51	3.28

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	24.195	33.314	45.154
Reserves & Surplus	968.726	1691.241	3027.370
Net worth	992.921	1724.555	3072.524
long-term borrowings	0.000	42.000	0.000
Short term borrowings	5.020	67.224	94.320
Total borrowings	5.020	109.224	94.320
Debt/Equity ratio	0.005	0.063	0.031

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	0.671	2130.584	4415.754
		317,423.696	107.256

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	0.671	2130.584	4415.754
Profit	(0.512)	(1341.959)	(1728.393)
	(76.30%)	(62.99%)	(39.14%)

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	No

BACKGROUND

Myntra Designs Private Limited (the 'Company') was incorporated on 16 February, 2007, as a Private Limited Company under the Companies Act, 1956 ('the Act'). The Company is in the business of selling fashion goods of various brands (apparel, footwear and accessories).

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT TERM BORROWINGS
Other loans and advances	32.610	0.000
Total	32.610	0.000

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10519078	18/08/2014	100,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, Dr.  A.B. Road, Worli, Mumbai, Maharashtra - 400018, INDIA	C19940071
2	10519080	05/08/2014	500,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, Dr.  A.B. Road, Worli, Mumbai, Maharashtra - 400018, INDIA	C19941806

FIXED ASSETS

• Computer Hardware
• Furniture
• Plant and Machinery
• Office 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 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] 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.63.44
UK Pound	1	Rs.95.98
Euro	1	Rs.75.27

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		35

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.