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|
MIRA INFORM REPORT
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Report No. : |
494202 |
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Report Date : |
26.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
MINTKART INDIA PRIVATE LIMITED (w.e.f. 11.08.2017) |
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Formerly Known
As : |
EBAY INDIA PRIVATE LIMITED (w.e.f. 11.03.2005) BAAZEE.COM INDIA PRIVATE LIMITED |
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Registered
Office : |
No.1261, 6th Floor, #.12, Solitaire Corporate Park, No.167,
Guru Hargovindji Marg, Andheri (East), Mumbai – 400093, Maharashtra |
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Tel. No.: |
91-22-66690000 |
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Country : |
India |
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|
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
14.01.2000 |
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Com. Reg. No.: |
11-123649 |
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Capital
Investment / Paid-up Capital : |
INR 3507.138 Million |
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CIN No.: [Company Identification
No.] |
U72200MH2000PTC123649 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCB2307H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is in the business of e-commerce and operates www.ebay.in (“eBay website”). eBay website is a platform for the sale of goods and services by a diverse community of individuals and businesses. The Company provides a platform for online buying and selling of various categories including collectibles, antiques, sports memorabilia, computers, IT and office, art, antiques, toys, dolls, stamps, comics, magazines, music, pottery, glass, photography, electronics, jewellery and gemstones between independent buyers and sellers, in return for which it receives revenue in the form of transaction fees, listing fees, feature fees, etc. from the sellers. eBay India offers secure online payment services as well. eBay India also offers online advertisements which are based upon arrangements with concerned parties and receives advertisement revenue. The revenue is recognized as “impressions” (i.e., the number of times that an advertisement appears in pages viewed by users of website) and as emailers (i.e. number of emails delivered to users) over the term of the agreement/arrangement. The Company has taken several measures to increase the e-commerce royalty and strengthen the relationships with distributors and retailers. The Company continues doing aggressive advertisement and promotional campaigns over electronic and digital media. [Registered Activity] |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 2000 and it is having satisfactory track. Flipkart has acquired the India operation unit of global ecommerce player eBay.in. Flipkart has signed an exclusive agreement with eBay Inc. and as per the agreement, eBay, in exchange for an equity stake in Flipkart, will make a USA 500 million cash investment and sell its eBay.in business to Flipkart. (w.e.f. April 2017). Further, the combination of eBay’s position as a leading global e-Commerce company and Flipkart’s market stature will allow us to accelerate and maximize the opportunity for both companies in India. The company has sound financial base and healthy capital structure along with low debt balance sheet. Rating takes into consideration strong managerial and financial support received to the company from its holding entity, continuous support to the company via equity infusion and comfortable liquidity position. However, rating strength is partially offset due to losses incurred by the company from last few years of its business operations which has resulted into negative reserves position. Trade relations are reported as fair. Business is active. Payments are slow but correct. The company can be considered for business dealings at usual 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
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 26.02.2018
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.
INFORMATION DENIED
Management Non-Cooperative (91-22-66690000)
LOCATIONS
|
Registered Office : |
No.1261, 6th Floor, #.12, Solitaire Corporate Park, No.167,
Guru Hargovindji Marg, Andheri (East), Mumbai – 400093, Maharashtra, India |
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Tel. No.: |
91-22-66690000 |
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Fax No.: |
91-22-66690010 |
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E-Mail : |
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Corporate Office : |
14th Floor, North Block, R-Tech Park, Western Express
Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Goteti Anilkumar |
|
Designation : |
Director |
|
Address : |
#C901, Prestige, St Johns Wood Tavarekere, Main Road,
Bengaluru – 560029, Karnataka, India |
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Date of Appointment : |
31.07.2017 |
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DIN No.: |
06368919 |
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|
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Name : |
Mr. Vipin Garg |
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Designation : |
Director |
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Address : |
B-11, Aspen, Tata Sherwood Apartment, Basavanagar Main
Road, Bengaluru – 560037, Karnataka, India |
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Date of Appointment : |
30.10.2017 |
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DIN No.: |
07825190 |
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|
|
|
Name : |
Mr. Dinesh Verma |
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Designation : |
Director |
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Address : |
1545, SF, Sector 45, Kanahi (73), Gurugram – 122003,
Haryana, India |
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Date of Appointment : |
25.09.2017 |
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DIN No.: |
07849833 |
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|
|
|
Name : |
Mr. Vishwanath Kolhar |
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Designation : |
Additional Director |
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Address : |
U503, Rohan Jharoka 2 Yemalur Main Road, Kempapura, Behind
HAL, Bengaluru – 560037, Karnataka,
India |
|
Date of Appointment : |
07.12.2017 |
|
DIN No.: |
02294316 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish Kumar |
|
Designation : |
Company Secretary |
|
Address : |
404, 4A Himalaya, Om Jalaram CHS, Asha Nagar, Thakur Complex, Kandivali (East), Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
07.07.1976 |
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Date of Appointment : |
25.05.2012 |
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PAN No.: |
AIOPG3599E |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
ebay Singapore Services Private Limited, Singapore |
|
345475161 |
|
*eBay Inc., USA |
|
21 |
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|
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|
Total |
|
345475182 |
|
*Pursuant to the Share Purchase Agreement executed among eBay Inc., Falcon21 SG Services Private Limited (“Falcon21”) and the Company (“SPA”), eBay Inc. has transferred 21 (Twenty-One) equity shares having face value of INR 10/- (Indian Rupees Ten Only) each, held by it to Falcon21 and the same had been approved by the Board of Directors of the Company at their meeting held on July 11, 2017. |
||
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
ebay Singapore Services Private Limited, Singapore |
|
5238610 |
|
|
|
|
|
Total |
|
5238610 |
Equity Share Break up (Percentage of Total Equity)
AS ON 27.07.2017
|
Category |
Percentage |
|
Promoters [Bodies
corporate] |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is in the business of e-commerce and operates www.ebay.in (“eBay website”). eBay website is a platform for the sale of goods and services by a diverse community of individuals and businesses. The Company provides a platform for online buying and selling of various categories including collectibles, antiques, sports memorabilia, computers, IT and office, art, antiques, toys, dolls, stamps, comics, magazines, music, pottery, glass, photography, electronics, jewellery and gemstones between independent buyers and sellers, in return for which it receives revenue in the form of transaction fees, listing fees, feature fees, etc. from the sellers. eBay India offers secure online payment services as well. eBay India also offers online advertisements which are based upon arrangements with concerned parties and receives advertisement revenue. The revenue is recognized as “impressions” (i.e., the number of times that an advertisement appears in pages viewed by users of website) and as emailers (i.e. number of emails delivered to users) over the term of the agreement/arrangement. The Company has taken several measures to increase the e-commerce royalty and strengthen the relationships with distributors and retailers. The Company continues doing aggressive advertisement and promotional campaigns over electronic and digital media. [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 Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountants
LLP Chartered Accountants |
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Address : |
Nesco IT Building III, 8th Floor, Nesco Complex, Gate No. 3, Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India |
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PAN No.: |
AAHFP0187A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate
Holding company : |
· eBay INC USA, United States |
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Holding
company : |
· eBay Singapore Services Private Limited, Singapore |
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Fellow Subsidiary
company : |
· Paypal Payments Private Limited, India · Paypal India Private Limited, India · Ticket Utils India Private Limited, India |
CAPITAL STRUCTURE
AS ON 27.07.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
494260000 |
Equity Shares |
INR 10/- each |
INR 4942.600 Million |
|
5740000 |
Preference Shares |
INR 10/- each |
INR 57.400 Million |
|
|
|
|
|
|
|
Total
|
|
INR 5000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
345475182 |
Equity Shares |
INR 10/- each |
INR 3454.752 Million |
|
5238610 |
Preference Shares |
INR 10/- each |
INR 52.386 Million |
|
|
|
|
|
|
|
Total
|
|
INR 3507.138
Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3507.138 |
3329.805 |
1171.343 |
|
(b) Reserves & Surplus |
(3237.583) |
(2144.822) |
(3523.802) |
|
(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) |
269.555 |
1184.983 |
(2352.459) |
|
|
|
|
|
|
(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 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
80.625 |
126.504 |
37.975 |
|
Total Non-current
Liabilities (3) |
80.625 |
126.504 |
37.975 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
790.414 |
402.360 |
1118.117 |
|
(b) Trade
payables |
589.326 |
378.680 |
441.029 |
|
(c) Other
current liabilities |
945.060 |
922.373 |
1699.053 |
|
(d) Short-term
provisions |
5.548 |
9.893 |
2.786 |
|
Total Current
Liabilities (4) |
2330.348 |
1713.306 |
3260.985 |
|
|
|
|
|
|
TOTAL |
2680.528 |
3024.793 |
946.501 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
121.683 |
152.181 |
59.982 |
|
(ii)
Intangible Assets |
140.752 |
1200.498 |
8.606 |
|
(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 |
182.878 |
236.668 |
145.518 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
445.313 |
1589.347 |
214.106 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
132.564 |
123.202 |
74.090 |
|
(d) Cash
and cash equivalents |
789.814 |
557.282 |
269.285 |
|
(e)
Short-term loans and advances |
158.589 |
142.364 |
38.254 |
|
(f) Other
current assets |
1154.248 |
612.598 |
350.766 |
|
Total
Current Assets |
2235.215 |
1435.446 |
732.395 |
|
|
|
|
|
|
TOTAL |
2680.528 |
3024.793 |
946.501 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
3907.054 |
3918.043 |
2046.522 |
|
|
Other Income |
8.821 |
2.485 |
3.415 |
|
|
TOTAL |
3915.875 |
3920.528 |
2049.937 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employee benefit expense |
956.804 |
808.221 |
317.481 |
|
|
Other expenses |
4385.217 |
5335.912 |
3232.163 |
|
|
Extraordinary items |
(139.411) |
0.000 |
0.000 |
|
|
TOTAL |
5202.610 |
6144.133 |
3549.644 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(1286.735) |
(2223.605) |
(1499.707) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
20.358 |
59.428 |
173.782 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(1307.093) |
(2283.033) |
(1673.489) |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
406.336 |
339.525 |
43.799 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(1713.429) |
(2622.558) |
(1717.288) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(1713.429) |
(2622.558) |
(1717.288) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
5.428 |
5.123 |
0.000 |
|
|
TOTAL EARNINGS |
5.428 |
5.123 |
0.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(5.01) |
(10.43) |
(18.87) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(1005.079) |
(2424.601) |
(1244.414) |
|
Net cash flows from (used in) operating activities |
(981.944) |
(2485.180) |
(1278.083) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
12.38 |
11.48 |
13.21 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
29.47 |
31.80 |
27.62 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(4.90) |
(1.64) |
(21.87) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.87 |
0.57 |
3.45 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
2.93 |
0.34 |
(0.48) |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
8.65 |
1.45 |
(1.39) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.97 |
1.14 |
(0.03) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(63.21) |
(37.42) |
(8.63) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
(43.85) |
(66.94) |
(83.91) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(63.92) |
(86.70) |
(181.44) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(635.65) |
(221.32) |
73.00 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.96 |
0.84 |
0.22 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.96 |
0.84 |
0.22 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.10 |
0.39 |
(2.49) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.23 |
0.12 |
0.95 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.96 |
0.84 |
0.22 |
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 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
1171.343 |
3329.805 |
3507.138 |
|
Reserves & Surplus |
(3523.802) |
(2144.822) |
(3237.583) |
|
Net
worth |
(2352.459) |
1184.983 |
269.555 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
1118.117 |
402.360 |
790.414 |
|
Total
borrowings |
1118.117 |
402.360 |
790.414 |
|
Debt/Equity
ratio |
(0.475) |
0.340 |
2.932 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
2046.522 |
3918.043 |
3907.054 |
|
|
|
91.449 |
(0.280) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
2046.522 |
3918.043 |
3907.054 |
|
Profit/ (Loss) |
(1717.288) |
(2622.558) |
(1713.429) |
|
|
(83.91
%) |
(66.94
%) |
(43.85
%) |
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 |
No |
|
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 |
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 |
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 |
State of company’s
affairs
The Company is in the business of e-commerce and operates www.ebay.in (“eBay website”). eBay website is a platform for the sale of goods and services by a diverse community of individuals and businesses. The Company provides a platform for online buying and selling of various categories including collectibles, antiques, sports memorabilia, computers, IT and office, art, antiques, toys, dolls, stamps, comics, magazines, music, pottery, glass, photography, electronics, jewellery and gemstones between independent buyers and sellers, in return for which it receives revenue in the form of transaction fees, listing fees, feature fees, etc. from the sellers. eBay India offers secure online payment services as well. eBay India also offers online advertisements which are based upon arrangements with concerned parties and receives advertisement revenue. The revenue is recognized as “impressions” (i.e., the number of times that an advertisement appears in pages viewed by users of website) and as emailers (i.e. number of emails delivered to users) over the term of the agreement/arrangement. The Company has taken several measures to increase the e-commerce royalty and strengthen the relationships with distributors and retailers. The Company continues doing aggressive advertisement and promotional campaigns over electronic and digital media.
Revenue analysis
During the year, the Company has earned total revenue [including Other Income] of INR 3915.875 million as against INR 3920.528 million during the previous financial year. The net loss for the year has been INR 1713.429 million as against INR 2622.558 million during the previous financial year. The Directors are continuously looking for avenues and opportunities in the market for future growth of the Company.
Future prospects of the company are as
follows:
As part of its corporate strategy, eBay Inc., the holding Company, has been actively evaluating the market opportunity in India, which remains an important region for it. While considering to make an initial investment of approx. USD 500 million into Flipkart, a leading online marketplace of India, in exchange for its equity shares upon the close of transaction, eBay Inc., has considered a proposal to sell its India business operations through www.ebay.in to Flipkart. eBay believes that as combining eBay.in and proven expertise in cross border trade with Flipkart’s operations and expertise to scale will allow both the companies to accelerate and maximize the opportunity in India. eBay believes that the best path towards accelerating and maximizing the opportunity in India is through its’s investment in Flipkart, which is well positioned to capitalize on the growth in e-commerce in India.
eBay believes that the best path towards accelerating and maximizing the opportunity in India is through its’s investment in Flipkart, which is well positioned to capitalize on the growth in e-commerce in India.
Close on the heels of the success in Refurbished category, the Company will continue to focus on this category to pave the way for an organized and trusted online market for the Indian buyers within a structured eco-system.
In light of the above, the Company is optimistic of its future prospects.
Change in the holding Company and
acquisition of the Company
Subsequent to the end of financial year, eBay Singapore Service Private Limited, the holding Company, has entered into the Share Purchase Agreement dated April 10, 2017 to sell the equity shares of the Company to Flipkart Limited, Singapore and Quickroutes International Private Limited, Singapore no later than September 30, 2017. The proposal of acquisition of the Company by Flipkart Limited and Quickroutes International Private Limited was approved by the Board of the Company at its meeting on April 04, 2017.
Dematerialization of Company’s shares
The Company proposed the admission of its equity shares to the depository system of National Securities Depository Limited (NSDL) enabling the shareholders of the Company to dematerialize the equity share certificates held by them and thus have appointed M/s. Karvy Computershare Private Limited, Hyderabad to act as the Registrars and Transfer Agent (RTA) of the Company.
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
FIXED ASSETS:
Tangible Assets
· Furniture and Fixtures
· Office Equipment
· Computer equipments
· Leasehold Improvements
Intangible Assets
· Goodwill
· Computer Software
PRESS RELEASE:
FLIPKART ACQUIRES
EBAY INDIA
April
13, 2017
Following the deal, Flipkart will own and
operate the eBay.in business upon the close of the transaction.
Home-grown ecommerce
player Flipkart
has acquired the India
operation unit of global ecommerce player eBay.in. Flipkart has signed an exclusive
agreement with eBay Inc. (NASDAQ: EBAY) and as per the agreement,
eBay, in exchange for an equity stake in Flipkart, will make a $500 million
cash investment and sell its eBay.in business to Flipkart.
Following the deal, Flipkart will own and operate the
eBay.in business upon the close of the transaction. eBay and Flipkart will
jointly pursue cross-border trade opportunities to make eBay’s global inventory
accessible to more India consumers, while eBay’s millions of active buyers
globally will have access to more unique Indian inventory provided by Flipkart.
“The combination of eBay’s position as a leading global
eCommerce company and Flipkart’s market stature will allow us to accelerate and
maximize the opportunity for both companies in India,” said Devin Wenig,
president and CEO of eBay Inc.
“This partnership between Flipkart and eBay is the coming
together of two pioneering innovators who have disrupted commerce by applying
technology. It bodes well for Indian and global customers, sellers and the wider
eCommerce ecosystem. eBay.in has built a strong presence in India over the
years and we hope to take it to greater heights as part of the Flipkart group,”
said Binny Bansal, group CEO, Flipkart.
Upon the close of the transaction, which is expected later
this year, Flipkart will acquire eBay’s buyers in India. eBay will remove the
number of active buyers in India from its reporting during the quarter in which
the transaction closes.
SELLING LOCAL UNIT TO
FLIPKART, EBAY BULLISH ON INDIA
April
22, 2017
The e-commerce company eBay is planning to close the sale of its India unit to
Flipkart, a deal which saw the US e-commerce giant investing $500 million for a minority stake
in the Indian company, in the third quarter of 2017.
The company says it remains
bullish about winning the market through its partnership with India's largest e-commerce player Flipkart. The deal will provide buyers on its platform access
to Indian inventory and global sellers access to the growing base of buyers in
India that shop online.
“We believe our $500 million
investment along with the contribution of our eBay India business, significantly improves our competitive
position in a strategically important market,” Scott Schenkel, CFO at eBay,
told analysts in a call. “Upon deal close, we will no longer report active
buyer GMV and related financials for eBay India,” he added.
While eBay does not expect the sale of its India unit to have GMV or
financial impact on its 2017 earnings, the company said it would lose around
four million active buyers. This also reveals eBay’s marginal play in India,
which boasts of approximately 40 million active online buyers.
eBay was among the first entrants into India’s e-commerce market in 2004 through the purchase of Bazee.com
but it failed to keep up with rivals such as Flipkart, Amazon, Myntra and Snapdeal. Moreover, the company under the leadership of CEO
Devin Wenig is executing a global rejig with a plan to win back share in
markets where it used to have a strong foothold.
India, though among the fastest
growing e-commerce markets in the world, did not figure in that list.
“The team at Flipkart are strong executors, with deep knowledge of the
local market.
And we're committed to winning in
India through this partnership,” said Wenig in a call with analysts over the
company's first-quarter earnings. eBay’s sale of its India unit to Flipkart was part of a $1.4 billion investment round in the
Indian company by Tencent, Microsoft and eBay ($500 million). While eBay will retain a stake in the Indian market via its holding
in Flipkart, the local company will get a foothold in the customer-to-customer
online retail market where Amazon is vying for leadership through Junglee. Analysts have
pointed out that managing eBay’s India business could add pressure on Flipkart,
which is battling Amazon and gearing up to take on China’s Alibaba. Further,
with investors engaged in talks to sell smaller rival Snapdeal to Flipkart, there is a fear that the Indian e-commerce leader’s newfound momentum could be hindered by
managing not one but two underperforming assets.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 64.82 |
|
|
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
NKT |
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.