MIRA
INFORM REPORT
|
Report Date : |
11.06.2011 |
IDENTIFICATION DETAILS
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Name : |
STAPLES FUTURE OFFICE PRODUCTS PRIVATE LIMITED (w.e.f 21.05.2007) |
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Formerly Known As : |
FUTURE OFFICE PRODUCTS PRIVATE LIMITED |
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Registered Office : |
Knowledge House, Shyam Nagar, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
09.01.2007 |
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Com. Reg. No.: |
11-166866 |
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Paid-Up Capital : |
Rs. 44.000 Millions |
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CIN No.: [Company
Identification No.] |
U74999MH2007PTC166866 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF04813E |
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PAN No.: [Permanent
Account No.] |
AABCF0402F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader and Importer of all kinds of Office Equipments. |
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No. of Employees : |
350 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 1400000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture of Staples, U.S.A and Pantaloon Retail (Future
Group). It is an Established Company having moderate track. There appear some
accumulated losses recorded by the company. Trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Mandar |
|
Designation : |
Finance Department |
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Date : |
10.06.2011 |
LOCATIONS
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Registered Office : |
Knowledge House, Shyam Nagar, |
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Tel. No.: |
91-22-30008000 |
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Fax No.: |
91-22-30008008 |
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E-Mail : |
prem.parihar@staplesfuture.com
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Website : |
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Location : |
Owned |
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Corporate Office : |
3rd Floor, |
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Tel. No.: |
91-22-30008000 |
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Fax No.: |
91-22-30008008 |
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E-Mail : |
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Website : |
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Branches: |
Located At:
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Stores: |
Located At:
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Ware House: |
Vikhroli and Bhiwandi |
DIRECTORS
As On 30.09.2010
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Name : |
Mr. Shailesh Shreevallabh Karwa |
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Designation : |
Director |
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Address : |
Kamal Kunj, 87B, |
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Date of Birth/Age : |
06.03.1977 |
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Qualification : |
MBA |
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Date of Appointment : |
15.03.2007 |
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DIN No.: |
00062674 |
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Name : |
Mr. Prashant Bharat Desai |
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Designation : |
Director |
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Address : |
41, |
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Date of Birth/Age : |
07.01.1972 |
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Date of Appointment : |
01.08.2007 |
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Date of Cessation : |
31.12.2009 |
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DIN No.: |
01578418 |
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Name : |
Mr. Joseph Roy Doody |
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Designation : |
Director |
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Address : |
52, Meadow Cove, |
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Date of Birth/Age : |
02.09.1952 |
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Date of Appointment : |
01.08.2007 |
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Date of Cessation : |
27.07.2010 |
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DIN No.: |
02601872 |
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Name : |
Mrs. Hemal Navinchandra Zaveri |
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Designation : |
Director |
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Address : |
23-B/10, Aakash Building, Zalawad Society, Ashok Road, Kandivali
(east), Mumbai – 400101, Maharashtra, India |
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Date of Birth/Age : |
12.12.1976 |
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Date of Appointment : |
05.11.2008 |
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DIN No.: |
01718888 |
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Name : |
Mr. Sharad Ravi Dalmia |
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Designation : |
Director |
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Address : |
301, Samudra Setu, Off. Warden Road, Mumbai – 400 026, |
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Date of Birth/Age : |
26.10.1977 |
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Qualification : |
MBA |
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Date of Appointment : |
15.03.2007 |
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DIN No.: |
00635001 |
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Name : |
Mrs. Harsha Saksena |
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Designation : |
Director |
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Address : |
2C-1111 Brindaban CHS, Poonam Nagar, Andheri (East), Mumbai-400 093, |
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Date of Appointment : |
16.08.2008 |
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DIN No.: |
01736469 |
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Name : |
Ms. Christine T Komola |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
30.09.2009 |
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DIN No.: |
02854126 |
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Name : |
Mr. Michel A. Miles JR |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
30.09.2009 |
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DIN No.: |
02920241 |
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Name : |
Mr. Venkatesh Raghavendra Gulur |
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Designation : |
Director |
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Address : |
Flat B-401 Technopark 2, |
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Date of Birth/Age : |
17.01.1971 |
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Date of Appointment : |
31.12.2009 |
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DIN No.: |
02813390 |
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Name : |
Mr. John K George Barton |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
02.04.1957 |
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Date of Appointment : |
27.07.2010 |
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DIN No.: |
03187942 |
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Name : |
Mr. Rakesh Gopikishan Biyani |
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Designation : |
Director |
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Address : |
304, Jeevan Vihar, 5 Manav Mandir Road, Malabar Hill, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
05.04.1972 |
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DIN No.: |
00005806 |
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Other Directorship : |
CIN: L52399MH1987PLC044954 Name of the company: Pantaloon Retail ( Designation: Director CIN: U52190MH2006PLC160377 Name of the company: GJ Future Fashions Limited Designation: Director CIN: U70100MH2005PTC151972 Name of the company: Acute Realty Private Limited Designation: Director |
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Name : |
Mr. Chandra Prakash Ramgopal Toshniwal |
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Designation : |
Director |
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Address : |
A/603, Kanishk, Great Eastern Link, Ram Mandir Road, Goregaon (W),
Mumbai – 400104, Maharashtra, India |
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Date of Birth/Age : |
29.09.1966 |
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DIN No.: |
00036303 |
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Other Directorship : |
CIN: L52399MH1987PLC044954 Name of the company: Pantaloon Retail ( Designation: Director CIN: U55101MH2005PLC151089 Name of the company: Pan India Restaurants Limited Designation: Director CIN: U51900MH2006PLC159197 Name of the company: Future Bazaar India Limited Designation: Director |
KEY EXECUTIVES
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Name : |
V. B. Kondalkar
and Associates |
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Designation : |
Company Secretaries |
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Address : |
202, Midas Enclave, A-Wing, |
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Name : |
Mr. Vishal Srivastav |
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Designation : |
VP-Delivery |
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Date of Birth/Age : |
39 Years |
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Qualification : |
PG Advertising and Marketing |
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Experience : |
18 Years |
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Last Employment : |
Brother International |
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Name : |
Mr. Milon Chatterjee |
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Designation : |
VP-Retail Operation |
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Date of Birth/Age : |
40 Years |
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Qualification : |
PGDBA |
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Experience : |
14 Years |
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Last Employment : |
Hypercity |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Shailesh Shreevallabh Karwa |
|
447025 |
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Sharad Ravi Dalmia |
|
447025 |
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Pantaloon Retail ( |
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2119394 |
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Staples Asia Investment Limited – |
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2119394 |
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Tirumal Trading and Investment Consultants Private Limited – |
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220000 |
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Total |
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5352838 |
As On 29.10.2010
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List of Allottees |
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No. of Shares |
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Shailesh Shreevallabh Karwa |
|
7025 |
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Sharad Ravi Dalmia |
|
7025 |
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Total |
|
14050 |
As On 30.09.2010
|
Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
39.60 |
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Bodies corporate |
43.70 |
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Directors or relatives of Directors |
16.70 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Importer of all kinds of Office Equipments. |
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Imports : |
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Products : |
·
Equipments
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Countries : |
·
·
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
350 (approximately) |
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Bankers : |
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Facilities : |
(Amount repayable within one year aggregate of Rs. 0.269 Million
(previous year Rs. 0.286 Million)
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Banking
Relations : |
- |
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Auditors : |
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Name : |
S.V. Ghatalia and Associates Chartered Accountant |
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Address : |
Jalan Mill Compound, 95, Ganapatrao Kadam Marg, Lower Parel, Mumbai –
400013, |
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Tel No.: |
91-22-40356300 |
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Fax No.: |
91-22-40356400 |
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Pan No.: |
AACFS6921Q |
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Joint Ventures : |
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Group Companies : |
·
Officedge India Private Limited ·
Intellivest Financial Services Private Limited
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
4400000 |
Equity Shares |
Rs.10/- each |
Rs.44.000 Millions |
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As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
5366888 |
Equity Shares |
Rs.10/- each |
Rs.53.669 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
44.000 |
44.000 |
44.000 |
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2] Share Application Money |
287.757 |
0.000 |
0.000 |
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3] Reserves & Surplus |
354.159 |
354.159 |
354.159 |
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4] (Accumulated Losses) |
(323.379) |
(205.613) |
0.000 |
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NETWORTH |
362.537 |
192.546 |
398.159 |
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LOAN FUNDS |
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1] Secured Loans |
0.468 |
0.839 |
0.649 |
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2] Unsecured Loans |
185.000 |
295.000 |
10.000 |
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TOTAL BORROWING |
185.468 |
295.839 |
10.649 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
548.005 |
488.385 |
408.808 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
109.096 |
109.852 |
51.940 |
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Capital work-in-progress |
14.100 |
13.855 |
9.663 |
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INVESTMENT |
0.000 |
0.000 |
50.254 |
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DEFERRED TAX ASSETS |
153.869 |
104.932 |
32.470 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
168.229
|
168.702 |
101.911 |
|
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Sundry Debtors |
244.856
|
177.289 |
60.391 |
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Cash & Bank Balances |
16.206
|
14.343 |
105.569 |
|
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Other Current Assets |
0.043
|
0.114 |
8.850 |
|
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Loans & Advances |
92.153
|
96.583 |
72.647 |
|
Total
Current Assets |
521.487
|
457.031 |
349.368 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
220.601 |
191.699 |
152.077 |
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Other Current Liabilities |
28.410
|
3.628 |
5.712 |
|
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Provisions |
1.536
|
1.958 |
2.052 |
|
Total
Current Liabilities |
250.547
|
197.285 |
159.841 |
|
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Net Current Assets |
270.940
|
259.746 |
189.527 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
74.954 |
|
|
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|
|
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TOTAL |
548.005 |
488.385 |
408.808 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
1327.082 |
1113.100 |
221.753 |
|
|
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Other Income |
2.716 |
12.014 |
21.205 |
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|
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TOTAL |
1329.798 |
1125.114 |
242.958 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
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|
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|
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Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
1470.124 |
1369.820 |
447.547 |
|
|
|
Increase in inventories |
0.473 |
(65.442) |
(103.261) |
|
|
|
TOTAL |
1470.597 |
1304.378 |
344.286 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(140.799) |
(179.264) |
(101.328) |
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
25.904 |
22.025 |
5.158 |
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|
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|
|
|
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PROFIT BEFORE
TAX |
(166.703) |
(201.289) |
(104.486) |
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|
|
|
|
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Less |
TAX |
(49.937) |
(70.630) |
(31.532) |
|
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|
|
|
|
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PROFIT AFTER TAX
|
(116.766) |
(130.659) |
(74.954) |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
(26.77) |
(29.70) |
(20.90) |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover |
|
|
1450.000 |
|
|
|
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|
The above information has been parted by Mr. Mandar
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(8.78) |
(11.61) |
(30.85) |
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|
Net Profit Margin (PBT/Sales) |
(%) |
(12.56)
|
(18.08) |
(43.21) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(26.44)
|
(35.51) |
(26.04) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.46)
|
(1.05) |
(0.27) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.20
|
2.56 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.08
|
2.32 |
2.19 |
LOCAL AGENCY FURTHER INFORMATION
Nature of
Operations:
The company is engaged in buying, selling of all solutions for offices
and office products.
DETAILS OF SUNDRY CREDITORS:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Total outstanding dues to micro and small enterprises |
1.367 |
0.000 |
0.000 |
|
Other than micro and small enterprises |
219.234 |
191.699 |
152.077 |
|
Total |
220.601 |
191.699 |
152.077 |
BUSINESS OVERVIEW,
GROWTH AND EXPANSION
The Company has
achieved turnover of Rs.1327.100 millions during the year. Barring unforeseen circumstances,
further improvement in sale and services would improve the profitability and
the results of the current year in view of continued efforts being made, the
directors are optimistic for the better results during the current year. The
Company is taking effective steps to strengthen the profitability and financial
soundness of the Company.
FIXED ASSETS:
·
Computers
·
Leasehold Improvements
·
Office Equipment
·
Furniture and Fixture
·
Vehicles on lease
·
Software
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
|
1 |
Rs.72.93 |
|
Euro |
1 |
Rs.64.72 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
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 |
4 |
|
--MARGINS |
-5~5 |
- |
|
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 |
|
TOTAL |
|
27 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.