MIRA INFORM REPORT

Report No. :	303876
Report Date :	29.01.2015

IDENTIFICATION DETAILS

Name :	FLIPKART INTERNET PRIVATE LIMITED (w.e.f. 27.11.2012)
Formerly Known As :	FLIPKART MARKETPLACE PRIVATE LIMITED
Registered Office :	Vaishnavi Summit, Ground Floor, 7th Main, 80 Feet, Road, 3rd Block, Koramangala Industrial Layout, Bangalore-560034, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.10.2012
Com. Reg. No.:	08-066107
Capital Investment / Paid-up Capital :	Rs. 0.804 Million
CIN No.: [Company Identification No.]	U51109KA2012PTC066107
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCF0683K
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of information technology solutions and support services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 11900000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has incurred a loss from its operations during 2014. However, it has successfully wiped out if accumulated losses. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal 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

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.

LOCATIONS

Registered Office/Corporate Office :	Vaishnavi Summit, Ground Floor, 7th Main, 80 Feet, Road, 3rd Block, Koramangala Industrial Layout, Bangalore-560034, Karnataka, India
Tel. No.:	91-80-67302000
Fax No.:	Not Available
E-Mail :	lokesh.rajpal@flipkart.com

DIRECTORS

As on: 30.09.2014

Name :

Mr. Lokesh Rajpal

Designation :

Director

Address :

No. 18/1, A Cross Road, Ashwini Layout, Bangalore – 560047, Karnataka, India

Date of Birth/Age :

02.04.1976

Date of Appointment :

20.02.2013

DIN No.:

06505214

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 Bottom of Form
1	U51109KA2012PTC066107	Flipkart Internet Private Limited	Director	20-02-2013	20-02-2013	-	Active	NO
2	U72900DL2010PTC210181	Flipkart Digital Media Private Limited	Director	31-10-2013	22-05-2013	-	Active	NO
3	U60231DL2012PTC233764	Klick2shop Logistics Services Private Limited	Director	30-09-2014	30-11-2013	-	Active	NO

Name :

Mr. Mosam Gadia

Designation :

Director

Address :

119, SR MIG, Vyas Nagar, Rishi Nagar Extension, Ujjain-456010, India

Date of Birth/Age :

08.01.1983

Date of Appointment :

30.09.2014

DIN No.:

05355594

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	U74999KA2011PTC061609	Flipkart Payment Gateway Services Private Limited	Director	29-08-2012	29-08-2012	25-04-2014	Active	NO
2	U51109KA2012PTC066107	Flipkart Internet Private Limited	Director	30-09-2014	25-04-2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 12.01.2015

LIST OF ALLOTTEES:

Names of Shareholders	No. of Shares
Flipkart Marketplace Private Limited, Singapore	1814697
Total	1814697

As on: 30.09.2014

Names of Shareholders	No. of Shares	Percentage
Flipkart Marketplace Private Limited, Singapore	1637727	99.39
Flipkart Private limited, Singapore	10000	0.61
Total	1647727	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companies(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 information technology solutions and support services.

Products :

Item Code No.	Product Description
99831591	Payment gateways and similar allied services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

• Oriental Bank of Commerce
• IDBI Bank Limited
• Vijaya Bank
• Central Bank of India

Auditors :
Name :	S.V. Ghatalia and Associates LLP Chartered Accountants
Address :	U B City, Canberra Block 12th And 13th Floor, Vittal Mallya Road, Bangalore-560001, Karnataka India
Tel. No.:	91-80-40275000
Fax No.:	91-80-22106000
PAN N Income-tax PAN of auditor or auditor's firm :	ACHFS9181P
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	Flipkart Marketplace Private Limited, Singapore
Ultimate Holding company	Flipkart Private Limited, Singapore
Fellow Subsidiary company	Flipkart India Private Limited (U51909KA2011PTC060489) Flipkart Payment Gateway Services Private Limited (U74999KA2011PTC061609)

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital : Rs. 4.000 Millions (4000000*1)

Issued, Subscribed & Paid-up Capital: Rs. 3.462 Millions (3462424*1)

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.1/- each	Rs. 4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
804232	Equity Shares	Rs.1/- each	Rs. 0.804 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.804	0.100
(b) Reserves & Surplus	4152.407	(626.793)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	3498.891
Total Shareholders’ Funds (1) + (2)	4153.211	2872.198
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	17.858	3.883
(d) long-term provisions	35.602	18.976
Total Non-current Liabilities (3)	53.460	22.859
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	725.702	249.575
(c) Other current liabilities	672.565	375.939
(d) Short-term provisions	106.462	59.898
Total Current Liabilities (4)	1504.729	685.412
TOTAL	5711.400	3580.469
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	363.738	381.763
(ii) Intangible Assets	1011.548	775.912
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	103.159	5.348
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	258.333	141.302
(e) Other Non-current assets	201.100	0.000
Total Non-Current Assets	1937.878	1304.325
(2) Current assets
(a) Current investments	469.319	1932.715
(b) Inventories	0.000	0.000
(c) Trade receivables	114.515	2.456
(d) Cash and cash equivalents	2695.317	272.917
(e) Short-term loans and advances	151.504	37.169
(f) Other current assets	342.867	30.887
Total Current Assets	3773.522	2276.144
TOTAL	5711.400	3580.469

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2014	31.03.2013
SALES
	TOTAL INCOME	1790.985	154.690
EXPENSES
	TOTAL EXPENSES	4588.554	712.582
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(2797.569)	(557.892)
DEPRECIATION/ AMORTISATION		361.751	68.586
PROFIT//(LOSS) BEFORE TAX		(3159.723)	(626.793)
TAX		0.000	0.000
PROFIT//(LOSS) AFTER TAX		(3159.723)	(626.793)
EARNINGS IN FOREIGN CURRENCY		14.027	0.000
IMPORT
CIF Basis		1.953	6.285
TOTAL IMPORT		1.953	6.285
Earnings Per Share (Rs.)		(3928.87)	(62679.30)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Return on Total Assets (PBT/Total Assets}	(%)	(56.34)	(17.53)
Return on Investment (ROI) (PBT/Networth)		(0.76)	(0.22)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.51	3.32

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.804
Share Application money pending allotment	3498.891	0.000
Reserves & Surplus	-626.793	4152.407
Net worth	2872.198	4153.211
long-term borrowings	0.000	0.000
Short term borrowings	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Total Income	154.690	1790.985
		1,057.790

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Total Income	154.690	1790.985
Profit/Loss	(626.793)	(3159.723)
	(405.19%)	(176.42%)

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 two 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	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

FINANCIAL RESULTS:

In order to ramp up business in short span of time, during the financial year, the Company acquired the business (including employees), technology and brand from the company. The Company primarily focuses on:

• Developing and maintaining e-commerce technology platforms.

• Providing such e-commerce technology platform in form of marketplace to various third party sellers to list their products and services and offer the same to end users. This allows your company to monetize the platform wherein your company charge fee from third party seller for various services it offers to third party sellers and end users.

The marketplace business of the company is in investment phase and the company is investing in developing marketplace technology platform and hence incurring losses.

HUMAN RESOURCE MANAGEMENT

The Company has full-fledged human resource department and same is instrumental in looking into various employee related polices and issues, if any. The company’s human resource department has been successful in implementing various employee friendly initiatives and has been responsible in maintaining harmonious relationship with the employees by the Company.

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Other equipments
• Leasehold improvements
• Goodwill
• Brands and trade marks
• 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 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.61.41
UK Pound	1	Rs.93.18
Euro	1	Rs.69.82

INFORMATION DETAILS

Analysis Done by :	RSM
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--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		48

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.