MIRA INFORM REPORT

 

 

Report No. :

348685

Report Date :

05.11.2015

 

IDENTIFICATION DETAILS

 

Name :

CLUES NETWORK PRIVATE LIMITED

 

 

Registered Office :

Plot No, 112, Sector – 44, Gurgaon – 122003, Haryana

Tel. No.:

91-124-6777050

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

05.03.2011

 

 

Com. Reg. No.:

05-055841

 

 

Capital Investment / Paid-up Capital :

Rs.0.525 Million

 

 

CIN No.:

[Company Identification No.]

U52590HR2011PTC055841

 

 

IEC No.:

Not Available

 

 

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 subject is engaged in the business of providing online technology, technology services, e-commerce services, online marketing services and fulfillment services.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 2011 and is based in Gurgaon, India. It is a wholly owned subsidiary of Clues Network Inc., USA. The subject owns and operates a horizontal e-commerce site namely shopClues.

 

 The company has been incurring losses from its operations since its incorporation, which has eroded the networth in the year 2014. However, the company has not taken any external borrowings and has reported decent increase in its sales turnover over the years.

 

Trade relations are fair. Business is active. Payment terms are reported to be slow but correct.

 

In view of aforesaid, the company can be considered for business dealings with fully 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 31-03-2015.

 

 

INFORMATION DENIED

 

MANAGEMENT NON CO-OPERATIVE [Tel No.91-124-6777050]

 

 

LOCATIONS

 

Registered Office/ Corporate Office :

Plot No, 112, Sector – 44, Gurgaon – 122003, Haryana, India

Tel. No.:

91-124-6777050

Fax No.:

Not Available

E-Mail :

info@shopclues.com

Website :

http://www.shopclues.com

 

 

Head Office:

B/1, Pragati Chambers, 15 Dutt Vihar Society, Jetapur Road, Vadodara-390007, Gujarat, India

 

 

Regional  Office :

Clues Network Inc, 530 Lytton Avenue, Palo Alto, CA 94301

Tel. No.:

+1-510-825-4337

 


 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Radhika Sudhir Ghai

Designation :

Director

Address :

H.No.315, Sector-7, Panchkula - 134109, Haryana, India

Date of Birth/Age :

30.10.1974

Date of Appointment :

15.07.2013

DIN No.:

01092632

 

 

Name :

Sanjay Sethi

Designation :

Director

Address :

Flat C1-1003, Uniworld City, Sector-30, Gurgaon - 122001, Haryana, India

Date of Birth/Age :

27.06.1972

Date of Appointment :

17.05.2013

DIN No.:

06582276

 

 

Name :

Vishal Sharma

Designation :

Director

Address :

G-9, Saket, New Delhi - 110017, India

Date of Appointment :

07.03.2015

DIN No.:

00614543

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Clues Network INC, United State

 

70225

Aggarwal Sandeep

 

04

Ghai Sudhir Radhika

 

01

Total

 

70230

 

AS ON 15.01.2015

Names of Allottees

 

No. of Shares allotted

Clues Network INC., United State

 

120225000

 

 

AS ON 23.09.2015

 

Names of Allottees

 

No. of Shares allotted

Clues Network INC., United State

 

264368000

 


 

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

99.99

Directors or relatives of Directors

0.01

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

The subject is engaged in the business of providing online technology, technology services, e-commerce services, online marketing services and fulfillment services.

 

 

Products/ Services :

  • Online Technology
  • Technology Services
  • E-Commerce Services
  • Online Marketing Services
  • Fulfillment Services

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

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 :

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 :

B S S R and Company

Chartered Accountants

Address :

Building No. 10, 8th Floor, Tower – B, DLF Cyber City, Phase – 2, Gurgaon – 122002, Haryana, India

Tel. No.:

91-124-2549191

Fax No.:

91-124-2549101

PAN N Income-tax PAN of auditor or auditor's firm :

AAKFB4430H

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company:

Clues Network Inc.

 

 

CAPITAL STRUCTURE

 

After 30.09.2014

 

Authorised Capital :Rs.3.500 Million

 

Issued, Subscribed & Paid-up Capital : Rs. 2.318 Million

 

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100000

Equity Shares

Rs.10/- each

Rs.1.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

70230

Equity Shares

Rs.10/- each

Rs.0.702 Million

 

 

 

 

 


 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100000

Equity Shares

Rs.10/- each

Rs.1.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

37371

Equity Shares [At the beginning of the year]

Rs.10/- each

Rs.0.374 Million

15101

Add: Issued during the year

Rs.10/- each

Rs.0.151 Million

 

Total

 

Rs. 0.525 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

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

0.525

0.374

0.282

(b) Reserves & Surplus

(26.599)

43.611

59.051

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

83.489

64.295

93.576

Total Shareholders’ Funds (1) + (2)

57.415

108.280

152.909

 

 

 

 

(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

2.724

0.000

0.000

(d) long-term provisions

1.690

0.680

0.106

Total Non-current Liabilities (3)

4.414

0.680

0.106

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

145.811

37.454

1.703

(c) Other current liabilities

63.374

24.280

3.523

(d) Short-term provisions

12.636

3.812

0.324

Total Current Liabilities (4)

221.821

65.546

5.550

 

 

 

 

TOTAL

283.650

174.506

158.565

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

17.074

8.581

3.160

(ii) Intangible Assets

3.015

0.443

0.012

(iii) Capital work-in-progress

0.000

0.000

0.000

(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

13.127

2.349

0.276

(e) Other Non-current assets

0.780

40.300

50.382

Total Non-Current Assets

33.996

51.673

53.830

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

29.336

65.500

47.500

(b) Inventories

0.000

0.000

0.000

(c) Trade receivables

82.254

23.217

3.496

(d) Cash and cash equivalents

65.204

14.497

50.472

(e) Short-term loans and advances

31.533

9.344

0.986

(f) Other current assets

41.327

10.275

2.281

Total Current Assets

249.654

122.833

104.735

 

 

 

 

TOTAL

283.650

174.506

158.565

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

305.326

77.674

3.912

 

Other Income

10.601

8.788

1.923

 

TOTAL

315.927

86.462

5.835

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Service Cost

 

80.229

0.853

 

Employees benefits expense

 

60.832

8.716

 

Other expenses

 

94.201

3.634

 

TOTAL

 

235.262

13.203

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

698.305

(48.800)

(7.368)

 

 

[Including all Expenses

And Depreciation]

 

 

Less

DEPRECIATION/ AMORTISATION

1.812

0.301

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(382.378)

(150.612)

(7.669)

 

 

 

 

 

Less

TAX

 0.000

0.000

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(382.378)

(150.612)

(7.669)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

(158.282)

(7.669)

0.000

 

 

 

 

 

 

Balance Carried to the B/S

(540.660)

(158.281)

(7.669)

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(8005.00)

(4290.000)

(6080.000)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

(125.24)

(193.90)

(196.04)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(134.81)

(86.31)

(4.84)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(6.66)

(1.39)

(0.05)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.00

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.13

1.87

18.87

 

 


 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

0.282

0.374

0.525

Reserves & Surplus

59.051

43.611

(26.599)

Share Application money pending allotment

93.576

64.295

83.489

Net worth

152.909

108.280

57.415

 

 

 

 

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 Million)

(Rs. In Million)

(Rs. In Million)

Sales

3.912

77.674

305.326

 

 

1885.532

293.086

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

3.912

77.674

305.326

Profit

(7.669)

(150.612)

(382.378)

 

(196.04%)

(193.90%)

(125.24%)

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

No

21

Banking facility details

No

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

COMPANY OVERVIEW:

 

Subject was incorporated 5th March, 2011, as a private company under the Indian companies Act, 1956. The company is engaged in the business of providing online technology, technology services, e-commerce services, online marketing services and fulfillment services.

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

 

FIXED ASSETS

 

Tangible Assets

 

 

Intangible Assets

 

 


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.65.57

UK Pound

1

Rs.101.13

Euro

1

Rs.71.80

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

GEET

 


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

2

--CREDIT LINES

1~10

3

--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

 

26

 

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.