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|
|
MIRA
INFORM REPORT
|
Report No. : |
489914 |
|
Report Date : |
02.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
FLIPKART INDIA PRIVATE LIMITED |
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Registered
Office : |
Vaishnavi Summit, Ground Floor, 7th Main, 80 Feet Road, 3rd Block, Koramangala Industrial Layout, Bangalore – 560034, Karnataka |
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Tel. No.: |
91-80-67302000 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
19.09.2011 |
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Com. Reg. No.: |
08-060489 |
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Capital
Investment / Paid-up Capital : |
INR 5.400 Million |
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CIN No.: [Company Identification
No.] |
U51909KA2011PTC060489 |
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IEC No.: |
Not Divulged |
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GST No.: |
29AABCF8078M1ZX |
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TIN No.: |
29620640841 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCF8078M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in business of wholesale cash and carry trading of all types of tangible and intangible goods and products including all types of publications, electronics, electrical goods, personal products, healthcare products, home and business products, entertainment products, software’s, toys, etc., on B2B basis over the internet or otherwise. [Registered Activity] |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
Maximum Credit Limit : |
USD 119714060 |
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Status : |
Good |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly-owned subsidiary of “Flipkart Limited, Singapore” and was incorporated in the year 2011. It is engaged in business of wholesale cash and carry
trading of all types of tangible and intangible goods and products including
all types of publications, electronics, electrical goods, healthcare
products, home and business products, entertainment products, software, toys,
etc. on B2B basis over internet and otherwise. Rating further takes into consideration the growing trend of online shopping and established marked position of the subject in online retail business. Payments seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. Note: As per Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources. |
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 02.02.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
LOCATIONS
|
Registered Office : |
Vaishnavi Summit, Ground Floor, 7th Main, 80 Feet Road, 3rd Block, Koramangala Industrial Layout, Bangalore – 560034, Karnataka, India |
|
Tel. No.: |
91-80-67302000 |
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Fax No.: |
Not Available |
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E-Mail : |
|
|
Website : |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Neeraj Jain |
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Designation : |
Additional Director |
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Address : |
Flat No V 402, Jasmin Block, Tower 5, Adarsh Palm Retreat,
Devara Beesabanahalli, Bengaluru-560103, Karnataka, India |
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Date of Appointment : |
30.10.2017 |
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DIN No.: |
01861694 |
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Name : |
Sakait Chaudhary |
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Designation : |
Additional Director |
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Address : |
M-187, Ground Floor, Greater Kailash – 2, New
Delhi-110048, India |
|||||||||||||
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Date of Appointment : |
30.10.2017 |
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DIN No.: |
07472033 |
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Name : |
Mr. Lalit Bhimani |
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Designation : |
Director |
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Address : |
J102, Bren Palms, 48/1, Kudlu Main Road Singasandra, TVS
Godown, Sarjapura Hobli , Kudlu, Bengaluru-560068, Karnataka, India |
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Date of Appointment : |
08.09.2017 |
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DIN No.: |
07849779 |
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Name : |
Mr. Sankalp Gupta |
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Designation : |
Additional Director |
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Address : |
1, Kala Vihar Appt, Mayur Vihar-I Extn, Delhi-110091,
India |
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Date of Appointment : |
10.11.2017 |
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DIN No.: |
07986653 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Flipkart Limited, Singapore |
5405638 |
100.00 |
|
Flipkart Marketplaces Private Limited, Singapore |
1 |
0.00 |
|
|
|
|
|
Total |
5405639 |
100.00 |
AS ON: 25.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Body Corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in business of wholesale cash and carry trading of all types of tangible and intangible goods and products including all types of publications, electronics, electrical goods, personal products, healthcare products, home and business products, entertainment products, software’s, toys, etc., on B2B basis over the internet or otherwise. [Registered Activity] |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
· Axis Bank Limited · HDFC Bank Limited · Kotak Mahindra Bank Limited |
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Facilities : |
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Auditors : |
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Name : |
S.R. Batliboi & Associates LLP Chartered Accountants |
|
Address : |
12 Floor, Canberra Block, UB City No. 24, Vittal Mallya Road Bengaluru -560 001, Karnataka, India |
|
PAN No.: |
ACHFS9118A |
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|
|
Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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|
Holding Company |
Flipkart Limited, Singapore |
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|
Fellow Subsidiary Companies
: |
· Flipkart Internet Private Limited, India [U51109KA2012PTC066107] · Instakart Services Private Limited, India [U74900KA2015PTC080778] · Myntra Designs Private Limited, India [U72300KA2007PTC041799] · Flipkart Logistics Services Private Limited, India (formerly Flipkart Payment Gateway Services Private Limited) · Flipkart Digital Media Private Limited · Jeeves Consumer Services Private Limited · Flipkart Payment Private Limited, Singapore · Flipkart Logistics Private Limited, Singapore |
|
|
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|
Wholly Owned
Subsidiary : |
Flipkart (Shenzhen) Trading Co. Limited, China |
CAPITAL STRUCTURE
AS ON: 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
INR 1/- each |
INR 10.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5405639 |
Equity Shares |
INR 1/- each |
INR 5.406 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
5.400 |
5.400 |
2.434 |
|
(b) Reserves & Surplus |
41894.520 |
47338.190 |
5614.532 |
|
(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) |
41899.920 |
47343.590 |
5616.966 |
|
|
|
|
|
|
(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 |
5.420 |
2.444 |
|
(d)
long-term provisions |
59.370 |
36.710 |
14.072 |
|
Total
Non-current Liabilities (3) |
59.370 |
42.130 |
16.516 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
4361.760 |
0.000 |
0.000 |
|
(b)
Trade payables |
14724.860 |
16075.890 |
5912.385 |
|
(c)
Other current liabilities |
890.510 |
604.010 |
201.326 |
|
(d)
Short-term provisions |
119.860 |
81.640 |
36.824 |
|
Total
Current Liabilities (4) |
20096.990 |
16761.540 |
6150.535 |
|
|
|
|
|
|
TOTAL |
62056.280 |
64147.260 |
11784.017 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1830.770 |
1452.180 |
705.384 |
|
(ii)
Intangible Assets |
21.360 |
22.880 |
24.772 |
|
(iii)
Capital work-in-progress |
6.030 |
77.050 |
6.539 |
|
(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 |
77.310 |
33.560 |
124.155 |
|
(e)
Other Non-current assets |
6817.150 |
8892.000 |
0.082 |
|
Total
Non-Current Assets |
8752.620 |
10477.670 |
860.932 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
18995.110 |
13762.270 |
140.796 |
|
(b)
Inventories |
14202.280 |
11653.540 |
4235.230 |
|
(c)
Trade receivables |
2246.380 |
3587.050 |
1091.858 |
|
(d)
Cash and cash equivalents |
12640.250 |
22197.520 |
4272.508 |
|
(e)
Short-term loans and advances |
2232.420 |
111.980 |
1081.523 |
|
(f)
Other current assets |
2987.220 |
2357.230 |
101.170 |
|
Total
Current Assets |
53303.660 |
53669.590 |
10923.085 |
|
|
|
|
|
|
TOTAL |
62056.280 |
64147.260 |
11784.017 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
128180.070 |
90321.780 |
28049.468 |
|
|
|
Other Income |
3594.450 |
1943.800 |
411.811 |
|
|
|
TOTAL |
131774.520 |
92265.580 |
28461.279 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-Trade |
133961.270 |
103356.810 |
33698.217 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(2548.740) |
(7418.310) |
(3182.652) |
|
|
|
Employees benefits expense |
2454.410 |
1864.600 |
801.420 |
|
|
|
Other expenses |
2750.330 |
2238.030 |
965.782 |
|
|
|
TOTAL |
136617.270 |
100041.130 |
32282.767 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(4842.750) |
(7775.550) |
(3821.488) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
102.280 |
96.990 |
2.440 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(4945.030) |
(7872.540) |
(3823.928) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
500.640 |
394.410 |
179.688 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
(5445.670) |
(8266.950) |
(4003.616) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(2.000) |
15.460 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
(5443.670) |
(8282.410) |
(4003.616) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
0.510 |
2.920 |
0.640 |
|
|
|
F.O.B. Value of Exports |
0.510 |
2.920 |
0.640 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
(1007.41) |
(2130.67) |
(2129.69) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(6320.030) |
(16819.030) |
(2146.490) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(8658.840) |
(18486.740) |
(2450.217) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
6.40 |
14.50 |
14.21 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
57.06 |
25.18 |
25.69 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
40.12 |
56.77 |
64.04 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(0.34) |
(0.67) |
(0.90) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(2.61) |
(5.01) |
(5.19) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.32 |
0.26 |
0.52 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.10 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.48 |
0.35 |
1.09 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.04 |
0.03 |
0.13 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(47.35) |
(80.17) |
(1566.18) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(4.25) |
(9.17) |
(14.27) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(8.77) |
(12.91) |
(33.97) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(12.99) |
(17.49) |
(71.28) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.65 |
3.20 |
1.78 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.95 |
2.51 |
1.09 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.68 |
0.74 |
0.48 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
807.73 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.65 |
3.20 |
1.78 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
2.434 |
5.400 |
5.400 |
|
Reserves & Surplus |
5614.532 |
47338.190 |
41894.520 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
5616.966 |
47343.590 |
41899.920 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
4361.760 |
|
Total
borrowings |
0.000 |
0.000 |
4361.760 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.104 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
28049.468 |
90321.780 |
128180.070 |
|
|
|
222.009 |
41.915 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
28049.468 |
90321.780 |
128180.070 |
|
Profit/ (Loss) |
(4003.616) |
(8282.410) |
(5443.670) |
|
|
(14.27%) |
(9.17%) |
(4.25%) |
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 |
No |
|
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 |
Yes |
|
21 |
Banking facility details |
Yes |
|
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 |
No |
|
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 |
No |
|
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 |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G52411741 |
100111636 |
AXIS BANK LIMITED |
07/07/2017 |
28/08/2017 |
- |
13750000000.0 |
TRISHUL, 3RD FLOOR, OPPOSITE SAMARTHESHWAR TEMPLELAW GARDEN, ELLIS BRIDGEAHMEDABADGJ380006IN |
|
2 |
G29906773 |
100066053 |
IDFC BANK LIMITED |
14/09/2016 |
- |
- |
3000000000.0 |
KRM TOWER, 8TH FLOOR, NO. 1,HARRINGTON ROAD, CHETPETCHENNAITA600031IN |
|
3 |
C80216138 |
10622510 |
HDFC BANK LIMITED |
23/02/2016 |
- |
- |
4530222926.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
4 |
G40722662 |
10591468 |
KOTAK MAHINDRA BANK LIMITED |
03/09/2015 |
28/03/2017 |
- |
8200000000.0 |
27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMA400051IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2016 (INR
In Million) |
31.03.2015 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable on demand |
927.940 |
0.000 |
|
|
|
|
|
Total |
927.940 |
0.000 |
CHANGE OF ADDRESS:
The Registered address of the company has been shifted from No. 447/C, 1st Floor, 1st A Cross, 12th Main,4th Block, Koramangala, Bangalore-560034, Karnataka, India to the present address w.e.f 06.08.2012
CORPORATE INFORMATION
Subject
(herein after referred to as "the Company") was incorporated on
September 19, 2011 as a private limited Company under the Companies Act, 1956.
The Company is involved in the business of 'Cash and Carry Trading/Wholesale
Trading' within the meaning of Schedule I of the Foreign Exchange Management
(Transfer or Issue of Security by a Person Resident Outside India) Regulations,
2000 ("FDI Policy"). The Company is engaged in wholesale distribution
of books, mobiles, media, computers, gaming consoles, home appliances,
electronics, other related accessories and apparels. The Company also provides
warehousing and fulfilment services to marketplace vendors.
RESULTS OF OPERATIONS
AND STATE OF AFFAIRS OF THE COMPANY
During the financial year ended March 31, 2016, the total revenue of the Company was INR 131,774.52 Million as against the total revenue for the previous year which was INR 92,265.58 Million
The
revenue of your company has been increased by INR 39,508.94 Million than the
financial year 2014-15. Though there are losses in the year, there is a
significant increase in the revenue from operations and the Directors see huge
potential in the overall market. Wholesale Cash & Carry business is a long
term play and the Company shall be able to turn profitable with scale.
BUSINESS OPERATIONS
OF THE COMPANY
The
company is engaged in business of wholesale cash and carry trading of all types
of tangible and intangible goods and products including all types of
publications, electronics, electrical goods, personal products, healthcare
products, home and business products, entertainment products, software’s, toys,
etc., on B2B basis over the internet or otherwise.
FIXED ASSETS:
· Plant and equipment
· Furniture and fixtures
· Office equipment
· Computer equipments
· Leasehold improvements
PRESS RELEASE:
WALMART IN TALKS TO
BUY MINORITY STAKE IN FLIPKART: REPORT
31.01.2018
US-based offline and online retailer Walmart Stores Inc. is in advanced stages of talks to buy a significant minority stake in Flipkart, a report by a financial daily stated.
Walmart could pick up as much as 15-20% stake in a deal which could materialise by the end of March, The Economic Timesreported, citing two people in the know.
Doug McMillon, president and chief executive of Walmart, is believed to have led a delegation last week to Flipkart’s Bengaluru office in this regard, the report added, quoting the two people mentioned above.
E-mail queries sent to Flipkart and Walmart did not immediately elicit a response at the time of publishing this report.
In September 2016, media reports had suggested that Walmart kicked-off early-stage discussions for an equity partnership with Flipkart. Speculations of a possible Walmart-Flipkart deal started doing the rounds in August 2016 after the US retailer bought e-commerce firm Jet.com for $3.3 billion.
Despite being a major player in the e-commerce space, online retailing was Walmart’s Achilles heel.
Walmart’s interest in the homegrown e-commerce firm comes at a time when Flipkart rebooted its online grocery service Supermart, which it relaunched in November last year.
Though Flipkart is yet to crack the online grocery space a second time, an investment from a global retailing giant like Walmart will not only help boost its war chest, but it will also help it take on Amazon, which has gained a significant lead in the space with its Amazon Now and Pantry offerings.
A recent report by digital media platform Yourstory stated that Amazon has already started delivering groceries from its own stores called NowStore. The service is currently operational in Bengaluru, Delhi-NCR, Mumbai, and Hyderabad.
Besides, Amazon has also committed to spend $500 million for its food retailing business, following the relaxation of the government’s foreign direct investment norms, which now allows for 100% FDI in the retailing space.
Walmart is already present in India through its wholesale or cash-and-carry business. Its wholly-owned subsidiary Wal-Mart India Pvt Ltd runs 21 cash-and-carry stores under the Best Price brand in Uttar Pradesh, Punjab, Maharashtra and Andhra Pradesh.
Tiger Global offloads partial stake in Flipkart for $424 mn
Hedge fund major Tiger Global has shed about 2.24% stake in Flipkart for $424 million, according to a report by the Hindu Business Line, citing documents by Paper VC, a financial data and research platform.
Paper VC sourced the information based on Flipkart’s filings with Singapore-based Accounting and Corporate Regulatory Authority. Flipkart is also headquartered in Singapore. Post this transaction, Tiger Global’s stake came down to 22.44%, behind SoftBank, which is now Flipkart’s largest shareholder, holding a 23.62% stake.
The stake sale, which was part of a recent stock buy-back programme by Flipkart, also saw exits from other investors, including Accel Partners India ($113.5 million); Yuri Milner, who made $50 million through his investments from DSTAsia III and DSTAsia IV funds; and Divesh Makan, fund manager of San Francisco-based Iconiq Capital, who cashed in $49 million, the report stated.
Softbank was also part of the buy-back programme, as its $2.5-billion investment included a secondary transaction sale of $817 million, the report added.
Likewise, Belgium-based Sofina ($28 million), GIC Singapore ($29.2 million), Vulcan Capital ($16 million) and Kalaari Capital ($4.7 million) also saw exits through this sale.
According to Paper VC, Flipkart’s valuation has now significantly increased from around $13 billion to somewhere between $17 billion and $19 billion after the transaction. However, VCCircle could not independently verify this.
Flipkart also completed a $100-million ESOP buy-back from its staff in December 2017, which it had initiated in October last year.
FLUSH WITH FUNDS,
FLIPKART BOOSTS INVESTMENTS IN LOGISTICS ARM EKART
03.01.2018
eKart parent
Instakart Services has received four separate tranches of investment from
Flipkart, amounting to roughly INR 2,6000.000 million since September
Bengaluru: India’s largest online retailer Flipkart, which raised nearly $3 billion in 2017 from investors such as Japan’s SoftBank Group Corp., China’s Tencent Holdings Ltd, eBay Inc. and Microsoft Corp., has invested over $400 million in four separate tranches in its logistics arm eKart over the past four months, according to recent regulatory filings.
According to filings with the ministry of corporate affairs, Instakart Services Pvt. Ltd received four separate tranches of investment from Flipkart, amounting to roughly INR 2,6000.000 million (about $408 million) since September. The latest tranche of INR 1,2000.000 million was the largest infusion that Flipkart made in eKart over the past six months, according to documents filed on 19 December.
eKart, controlled by Instakart Services, was started by Flipkart as an in-house logistics business and later spun off due to regulatory hurdles. Flipkart’s eKart arm is responsible for order fulfilment, post-delivery and seller services. It is a key business for Flipkart, employing more than 20,000 workers who deliver smartphones, clothes, shoes, TVs and other products to customers. Flipkart also separately allocated nearly $460 million towards eKart for investments and acquisitions earlier in 2017, according to filings from October.
Functions such as supply chain and logistics are typically the two most resource-intensive areas in the e-commerce business and over the years companies such as Flipkart and Amazon India have been trying to find newer ways of reducing costs for each delivery.
As e-commerce grew in the country, online retail start-ups soon realized the need for specialized courier services to cater to the need of the online retail segment—something that traditional courier partners had failed to meet immediately.
The e-commerce logistics market has attracted some serious capital in the last 12-18 months. Last year, Delhivery raised $100 million from Carlyle Asia Partners and existing investors.
In March last year, Mint reported that Ecom Express has initiated the process of raising at least $75 million in a new round of funding. According to a report by the Economic Times, logistics firm Xpressbees is in talks to raise about $100 million from China’s Alibaba Group.
According to a report by investment bank Avendus, new-age logistics businesses are expected to be the sunrise sector for investments in the start-up ecosystem. This market is expected to grow to $9.6 billion by 2020 from $1.4 billion in 2015. Last year, eKart underwent a revamp in strategy.
Prior to Kalyan Krishnamurthy’s elevation as CEO, eKart was also looking to expand into hyperlocal deliveries, including food, aggressively cut costs and tie up with offline retailers and small neighbourhood stores as part of a revamp of its courier business.
However, a few months later under Krishnamurthy’s leadership, eKart abruptly shut its customer-to-customer service and hyperlocal delivery offering.
Since mid-2017, Flipkart co-founder and group CEO Binny Bansal has been acting as a mentor for eKart.
Under Krishnamurthy’s leadership at Flipkart, the online retailer has kept burn rates under control and brought down costs, especially at eKart, which typically accounts for a large chunk of overall cash burn.
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 records 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
|
INR |
|
US Dollar |
1 |
INR 63.61 |
|
UK Pound |
1 |
INR 90.18 |
|
Euro |
1 |
INR 78.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.