MIRA
INFORM REPORT
|
Report Date : |
22.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
STAPLES FUTURE OFFICE PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Knowledge House, Shyam Nagar, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
09.01.2007 |
|
|
|
|
Com. Reg. No.: |
166866 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74999MH2007PTC166866 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is involved in the business of dealings in all kinds of office
supplies, office equipments and products. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
New Company |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture of Staples, U.S.A and Pantaloon Retail
(Future Group). The company is in it’s initial stage of operations. Subject is a part of Future Group which is facing liquidity problems,
as gathered from the market. The company may not produce satisfactory results in a current
depressed market conditions which may last for same years. In view of the aforesaid the company can be considered for any
business dealings on safe and secured trade terms and conditions, initially. |
INFORMATION PARTED BY
|
Name : |
Mr. Prem Parihar |
|
Designation : |
Manager in Finance |
|
Contact No.: |
91-9322194360 |
|
Date : |
21.10.2008 |
LOCATIONS
|
Registered Office : |
Knowledge House, Shyam Nagar, Jogeshwari Vikhroli Link Road,
Jogeshwari (East), Mumbai – 400 060, Maharashtra, India |
|
Mobile No.: |
91-9322427611 (Mr. Srivastava) |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
3rd Floor, Orchid City Centre, Central (East), Mumbai – 400
008 |
|
Tel. No.: |
91-22-30008082 |
|
Fax No.: |
91-22-30008008 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Shailesh Shreevallabh. Karwa |
|
Designation : |
Director |
|
Address : |
1st Floor, Kamal Kunj, 87B, Bomanji Peti Road, Near Parsi
General Hospital, Mumbai – 400 036, Maharashtra, India |
|
Date of Birth/Age : |
06.03.1977 |
|
Date of Appointment : |
15.03.2007 |
|
Directorship of Company : |
U67120MH2000PTC126561 Director
U67190MH2005PTC154635 Director |
|
|
|
|
Name : |
Mr. Sharad Ravi. Dalmia |
|
Designation : |
Director |
|
Address : |
301, Samudra Setu, Off. Warden Road, Mumbai – 400 026, Maharashtra,
India |
|
Date of Birth/Age : |
26.10.1977 |
|
Date of Appointment : |
15.03.2007 |
|
|
|
|
Name : |
Mr. Chandra Prakash. Toshniwal |
|
Designation : |
Director |
|
Address : |
A-603, Great Eastern Link, Ram Mandir Road, Goregaon (West), Mumbai –
400 104, Maharashtra, India |
|
Date of Birth/Age : |
29.09.1966 |
|
Date of Appointment : |
09.01.2007 |
|
Directorship of Company : |
U15100MH2005PLC152599 Director
U55101MH2005PLC151089 Director
U51900MH2006PLC159197 Director
U74300MH2006PLC160375 Director
U52110MH2006PLC159581 Director
U63030MH2006PLC160376 Director
U74140MH2006PLC159526 Director
U52190MH2006PLC160377 Director
U51909MH2005PTC151869 Director
U51909MH2005PTC156437 Director
U66010MH2006PLC165288 Director
U66010MH2006PLC165288 Director
U45200MH2005PLC157267 Director
U55209MH2006PTC161530 Director
U52190MH2006PLC160415 Director |
|
|
|
|
Name : |
Mr. Prashant Desai |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Harsha Saxsena |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rakesh Gopikishan Biyani |
|
Designation : |
Director |
|
Address : |
304, Jeevan Vihar, Manav Mandir Road, Malbhar Hill, Mumbai – 400 006,
Maharashtra, India |
|
Date of Birth/Age : |
05.04.1972 |
|
Date of Appointment : |
09.01.2007 |
|
Directorship of Company : |
L52399MH1987OLC044954 Director
U52190MH2006PLC160377 Director
U70100MH2005PTC151972 Directo |
|
|
|
|
Name : |
Mr. Krishna Kant Rathi |
|
Designation : |
Director |
|
Address : |
B/72, Dakshina Park, plot no.15, N.S.Road, 10th JVPD
Scheme, Mumbai – 400 049, Maharashtra, India |
|
Date of Birth/Age : |
30.12.1961 |
|
Date of Appointment : |
10.01.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As On 21.12.2006)
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Rakesh Biyani |
|
9999 |
|
Mr. Ravindra Gupta |
|
1 |
|
Total |
|
10000 |
|
|
|
|
|
Names of Allottees |
|
No. of Shares |
|
Pantaloon Rtail (India) Limited |
|
1100000 |
|
Staples Asia Investment Limited |
|
1650000 |
|
Mr. Shailesh Karwa |
|
540000 |
|
Mr. Sharad Dalmia |
|
550000 |
|
Total |
|
3840000 |
BUSINESS DETAILS
|
Line of Business : |
Subject is involved in the business of dealings in all kinds of office
supplies, office equipments and products. |
GENERAL INFORMATION
|
No. of Employees : |
350 |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
-- |
|
Banking
Relations : |
Unknown |
|
|
|
|
Auditors : |
|
|
Name : |
ENY (S.R Batlibox in India) |
|
|
|
|
Parent Companies : |
Staple Asia Investment Limited |
|
Address : |
U.S.A |
|
|
|
|
Group Companies : |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4400000 |
Equity Shares |
Rs.10/- each |
Rs.44.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
As the subject is
a new company, no financial are yet available.
|
Particulars |
|
|
31.03.2008 |
|
Sales Turnover |
|
|
230.000 |
Expected Sales (2008-09) : Rs.1000.000 Millions
LOCAL AGENCY FURTHER INFORMATION
As Per Websites
Subject is a
joint venture between Staples Inc., the world’s largest office products company
and Future Group, which owns Pantaloon Retail, India’s largest retail company.
Staples Offices Products aims to be the largest office products company in
India across Retail, Delivery and Online channel. With a presence in over 9
cities in India, It would like to become the single source provider of all
office products including Technology, Supplies, Promotional Gifting and
Furniture products to large and small companies, professionals and students.
The subject ‘Delivery’ business is
aimed at large Indian businesses, spanning multiple locations, requiring
seamless ordering and fulfillment and savings through consolidated buying and
improved consumption information. The Staples ‘Retail’ business is a chain of
office superstores providing the entire gamut of office products under one roof
at everyday low prices small businesses, professionals, students and consumers.
Below is information on their joint
venture partners -:
Staples, Inc. invented the office superstore concept in
1986 and today is the world's largest office products company. With 69,000
talented associates, the company is committed to making it easy to buy a wide
range of office products, including supplies, technology, furniture, and
business services. With 2006 sales of ~$18 billion, Staples serves consumers
and businesses ranging from home-based businesses to Fortune 500 companies in
24 countries throughout North and South America, Europe and Asia. Headquartered
outside of Boston, Staples operates 1900 office superstores and also serves its
customers through mail order catalog, e-commerce and contract businesses.
Pantaloon Retail (India) Limited, the flagship company of the Future Group, is
a leading retailer with a turnover
of over Rs.20.00 billion (USD 450 Million) for the financial year 2005-06.
Headquartered in Mumbai, the company caters to ‘Lifestyle’ and ‘Value’ segments
across multiple store formats and lines of business, including fashion, food,
general merchandise, home, leisure and entertainment, financial services,
communications, and wellness. The company has stores in over 30 cities across
the country, constituting close to 5 million square feet of retail space. The
‘Lifestyle’ segment is primarily served through its 24 Pantaloons Stores and 4
Central Malls, the ‘Value’ segment through its 42 Big Bazaar hypermarkets, 61
Food Bazaars and 6 Fashion Stations.
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 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.83 |
|
UK Pound |
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.65.86 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--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 |
|
TOTAL |
|
23 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|