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MIRA
INFORM REPORT
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Report Date : |
15.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
NUANCE GROUP (INDIA) PRIVATE LIMITED |
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Formerly Known As : |
SHOPPER’S STOP DUTY FREE PRIVATE LIMITED |
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Registered Office : |
Eureka Towers, B Wing, 9th Floor, Mindspace, Link Road,
Malad [West], Mumbai – 400064, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
12.12.2006 |
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Com. Reg. No.: |
166148 |
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CIN No.: [Company
Identification No.] |
U51228MH2006PTC166148 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN14745D |
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PAN No.: [Permanent
Account No.] |
AAKCS4860P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To operate and manage duty free retail outlets and food and beverage
retail outlets at the airports in India and for that purpose, to participate
in tenders / auctions, bid for, acquire or otherwise construct, develop and
take on lease duty free retail outlets and food and beverage retail outlets
at airports in India. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
New Company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a sister company of Shoppers Stop, a chain of retail
stores. It is controlled by richest family in the country having made
fortunes in real estate development in major cities in India. Payment of Shoppers Stop are correct. The company can be considered
good for normal business dealings and it can be regarded as a promising
business partner. |
LOCATIONS
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Registered Office : |
Eureka Towers, B Wing, 9th Floor, Mindspace, Link Road,
Malad [West], Mumbai – 400064, Maharashtra, India |
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Tel. No.: |
91-22-66887239 |
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Fax No. : |
91-22-66887455 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. B. S. Nagesh |
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Designation : |
Director |
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Address : |
81/82, B Wing, Park Plaza, New Yari Road, Andheri [West], Mumbai –
400061, Maharashtra, India |
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Date of Birth/Age : |
12.04.1959 |
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Other Directorship : |
Shopper’s Stop Limited CIN No.: L51900MH1997PLC108798 Crossword Bookstores Limited CIN No.:U52396MH1999PLC122528 Upasna Trading Limited CIN No.:U51900MH1995PLC095115 Shoppers Stop.Com [India] Limited CIN No.:U72900MH2000PLC124178 Shopper’s Stop Services [India] Limited CIN No.:U74999MH2000PLC124945 Hypercity Retail [India] Private Limited CIN No.:U52510MH2004PTC146577 |
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Name : |
Mr. Chandrashekhar Bhalchandra Navalkar |
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Designation : |
Director |
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Address : |
Flat No. 11, Navnidh Apartment, Liberty Garden, Road No. 3, Malad [West],
Mumbai – 400064, Maharashtra, India |
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Date of Birth/Age : |
21.03.1956 |
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Other Directorship : |
Shoppers Stop.Com [India] Limited CIN No.:U72900MH2000PLC124178 Shopper’s Stop Services [India] Limited CIN No.:U74999MH2000PLC124945 Upasna Trading Limited CIN No.:U51900MH1995PLC095115 Crossword Bookstores Limited CIN No.:U52396MH1999PLC122528 |
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Date of Appointment : |
12.12.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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B. S. Nagesh |
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5000 |
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Chandrashekhar B Navalkar |
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5000 |
BUSINESS DETAILS
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Line of Business : |
To operate and manage duty free retail outlets and food and beverage
retail outlets at the airports in India and for that purpose, to participate
in tenders / auctions, bid for, acquire or otherwise construct, develop and
take on lease duty free retail outlets and food and beverage retail outlets
at airports in India. |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Associates/Subsidiaries : |
Shopper’s Stop Limited CIN No.: L51900MH1997PLC108798 Crossword Bookstores Limited CIN No.:U52396MH1999PLC122528 Upasna Trading Limited CIN No.:U51900MH1995PLC095115 Shoppers Stop.Com [India] Limited CIN No.:U72900MH2000PLC124178 Shopper’s Stop Services [India] Limited CIN No.:U74999MH2000PLC124945 Hypercity Retail [India] Private Limited CIN No.:U52510MH2004PTC146577 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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Not Available |
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FINANCIAL DATA
[all figures are in Rupees Millions]
No financials are available as the subject is a new company.
LOCAL AGENCY
FURTHER INFORMATION
News :
Second success for
Nuance and Shoppers' Stop alliance as it wins Hyderabad retail tender –
04/04/07
The Nuance Group and its Indian joint venture partner Shoppers’ Stop have today been awarded the concession to operate retail at Hyderabad International Airport.
The joint venture partners are expecting to earn revenue of up to US$240
million over the period of seven years. The contract will commence in March
2008, when the new airport is scheduled to open.
With this concession, Nuance, which has defined India as a key growth market,
adds a second high-potential airport to its Indian portfolio. It won the Bangalore tender late last year.
Hyderabad Airport has awarded the concession to operate retail at both the international and domestic terminals to the Swiss-Indian consortium. The international retail will be managed by Nuance Group (India) Private Limited, the joint venture company of The Nuance Group and Shoppers’ Stop, whereas Shoppers’ Stop’s Airport Division will handle retail in the domestic part.
Hyderabad Airport is one of India’s five largest airports and also the one with
the highest growth rate. The new airport is privately owned. In 2006, Hyderabad
Airport handled 5.5 million passengers, out of which just over 1.1 million
travelled internationally.
The retail offer in the international terminal will comprise of three stores,
covering 2,500sq m. One of these stores is a 1,277sq m Arrival shop. Domestic
retail will consist of three stores and a total of 310sq m.
The Nuance Group President & CEO Roberto Graziani said: “We are highly pleased to have been awarded this seven-year contract to operate at Hyderabad International Airport, which is an important foothold on the Indian sub-continent. India is one of our key markets for future expansion, and with our partner Shoppers’ Stop and two high-profile contracts won we are ideally set to benefit from the extraordinary growth potential this market offers.”
Executive Vice President Business Development & Strategic Marketing Carlo
Bernasconi added: “Winning this significant contract proves that The Nuance
Group, in co-operation with Shoppers’ Stop, is ideally equipped to partner
modern Indian airports for their retail approach. Again, our holistic approach
to airport retailing has been instrumental in creating a truly outstanding
retail offer for our winning tender, and we look forward to seeing the results
when the terminal opens next March.
"I would like to thank all of those involved in the project, both from the
Nuance and the Shoppers’ Stop side, for their untiring effort in bringing about
this fantastic success and from GMR Hyderabad International Airport Limited
(GHIAL) whose team believes in true partnership between airport owner and
commercial operator.”
Shoppers’ Stop Managing Director BS Nagesh commented: “Hyderabad Airport
awarding the tender to us shows the confidence the airports have in the
capability of the joint venture between Nuance and Shoppers’ Stop. We believe
our customer-centric approach towards retailing will bring in the best of
modern retail at Hyderabad Airport creating a unique shopping experience for
the Indian as well as the international traveller.”
GHIAL Chief Operating Officer T Srinagesh stated: “We are happy to collaborate
with a reputed name like the Nuance-Shoppers' Stop consortium. Duty free being
a key component of passengers’ experience in the airport, this collaboration
will be a key step in the endeavor of GHIAL to establish our airport to
international standards.”
COMMENT: Two tender successes in less than four months for The Nuance Group and Shoppers' Stop will have Roberto Graziani and BS Nagesh feeling pretty good about their decision to join forces last year. Importantly, both victories, Bangalore International and now Hyderabad International, come at 'airports of tomorrow' that represent the new era of Indian aviation.
Bangalore is India's fourth-largest airport by passenger numbers and one of the
fastest-growing. The new airport is expected to drive passenger numbers up to
nearly 15 million in 2008. Hyderabad's 5.5 million is also likely to be dwarfed
by future traffic levels. Having two locations rather than one obviously also
helps spread investment cost.
Private operator GMR Hyderabad International Airport is placing considerable
emphasis on commercial revenues right from the start. In an interview with The Moodie Report last year, consultant Paul
Marks said: "If we get things right at the terminal design stage and
concession contracts are fair for everyone from the outset, then I see India as
being the new benchmark for the way the industry works in the future. If you
look at the way Hyderabad and Bangalore are approaching their projects, you can
only be encouraged by the fact that it’s not just rhetoric.”
Both realise that their commercial areas are fundamental in generating revenues
and as such are designing buildings that maximise shop throughputs and spends
per passenger, Marks noted.
“HIAL (Hyderabad International Airport Ltd), in particular, are taking a very
forward thinking view on their selection process. They want a partner that not
only develops true international retail standards but that also has a business
ethics approach that matches their own company values. While revenues are very
important, they won't be the overriding criteria in the selection process.
“What HIAL are trying to do is embrace what's been great about the business
over the last few years, whether it’s about creating ‘A Sense of Place’ or
actually tackling some of the issues from the 2003 Trinity Forum White Paper,
addressing the problems associated with the old concession models.”
Graziani and Nagesh will toast those sentiments tonight - and the power of
partnership.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.45 |
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UK Pound |
1 |
Rs.82.25 |
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Euro |
1 |
Rs.63.20 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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