MIRA INFORM REPORT

 

 

Report Date :           

17.01.2012

 

IDENTIFICATION DETAILS

 

Name :

STAPLES  BRANDS  INTERNATIONAL  LTD.

 

 

Registered Office :

c/o Mallesons Stephen Jaques, 13/F., Gloucester Tower, The Landmark, 15 Queen’s Road Central

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

10.07.2009

 

 

Com. Reg. No.:

50954659

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturer, Importer and Exporter of all kinds of office supplies

 

 

No. of Employees :

52,919

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Hong Kong

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

STAPLES  BRANDS  INTERNATIONAL  LTD.

 

 

Company ADDRESS

 

c/o Mallesons Stephen Jaques

13/F., Gloucester Tower, The Landmark, 15 Queen’s Road Central, Hong Kong.

PHONE:            3443 1071

FAX:                 3443 1299

 

 

MANAGEMENT

 

Senior Vice President & Corporate Controller:  Ms. Christine T. Komola

 

 

SUMMARY

 

Incorporated on:             10th July, 2009.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$8,000.00

 

Business Category:        Manufacturer, Importer and Exporter.

 

Group Sales:                 US$24,545,113,000  (52 weeks ended 29-01-2011)

 

Group Employees:         52,919.  (As at 29-01-2011)

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:           Too early to comment.

Company ADDRESS

 

Registered Head Office:-

c/o Mallesons Stephen Jaques

13/F., Gloucester Tower, The Landmark, 15 Queen’s Road Central, Hong Kong.

 

Holding Company:-

Staples Cyprus Holdings Ltd., Cyprus.

 

Penultimate Holding Company:-

Staples Acquisition B.V., Netherlands.

 

Ultimate Holding Company:-

Staples Inc., USA.

 

Associated/Affiliated Companies:-

Staples Group of Companies

·         3053840 Nova Scotia Company, Nova Scotia.

·         3053841 Nova Scotia Company, Nova Scotia.

·         3094494 Nova Scotia Company, Nova Scotia.

·         Agawam Mill LP, USA.

·         Agena Inforgal S.A., Spain.

·         ATG Nye Drift AS, Norway.

·         Auxilia Graphica S.r.L., Italy.

·         Beijing Staples Commerce & Trade Co. Ltd., China.

·         Bernard France SAS, France.

·         Buhrmann Financial Services Ltd., Ireland.

·         Buhrmann II B.V., Netherlands.

·         Buhrmann Ireland Ltd., Ireland.

·         Buhrmann ISD Groupe S.A., France.

·         Buhrmann Paper UK Ltd., UK.

·         Buhrmann UK Leasing Ltd., UK.

·         Buhrmann-Tetterode International Hellas A.E.E., Greece.

·         CE Direct Pty. Ltd., Australia.

·         CEI Pty. Ltd., Australia.

·         CER New Zealand Ltd., New Zealand.

·         Cherokee Mill LP, USA.

·         Coppell Mill LP, USA.

·         Corporate Express (Holdings) Ltd., UK.

·         Corporate Express (Irl) Ltd., Ireland.

·         Corporate Express (N.I.) Ltd., UK.

·         Corporate Express Australia Ltd., Australia.

·         Corporate Express B.V., Netherlands.

·         Corporate Express Canada Inc., Canada.

·         Corporate Express Employee Share Plan Company Pty. Ltd., Australia.

·         Corporate Express France Holding S.A.S., France.

·         Corporate Express France S.A.S., France.

·         Corporate Express Hungaria Kft, Hungary.

·         Corporate Express Ltd., UK.

·         Corporate Express Luxembourg Finance S.a.r.l., Luxembourg.

·         Corporate Express Luxembourg Holding S.a.r.l., Luxembourg.

·         Corporate Express New Zealand Ltd., New Zealand.

·         Corporate Express Norway Holdings AS, Norway.

·         Corporate Express Print Management Ltd., New Zealand.

·         Corporate Express Silver Europe BV, Netherlands.

·         Corporate Express Silver S.a.r.l., Luxembourg.

·         Corporate Express SRL, Italy.

·         Corporate Express Supply Chain Pty. Ltd., Australia.

·         Corporate Express Swaps US Inc., USA.

·         Corporate Express Sweden Holding AB, Sweden.

·         Corporate Express UK Holding Ltd., UK.

·         Cypress rooklyn II LLC, USA.

·         Cypress rooklyn LLC, USA.

·         Educational Experience Pty. Ltd., Australia.

·         EMO AS, Norway.

·         Faison Office Products LLC, USA.

·         Fareham Developments (One) Ltd., UK.

·         Fareham Developments (Two) Ltd., UK.

·         Grafimat BVBA, Belgium.

·         Grieg Kalenderforlag, Norway.

·         Hong Kong Staples Brands Ltd., China.

·         Idasil Investimentos Imobiliarios S.A., Portugal.

·         IN Designs Global Inc., USA.

·         Inforgal Agena SGPS S.A., Portugal.

·         Inforgal Informatica e Gestao S.A., Portugal.

·         Jean Paul Guisset - JPG France SAS, France.

·         KNP BT 1989 Ltd., UK.

·         Lebanon Mill LP, USA.

·         Macchingraf SRL, Italy.

·         Maquinaria Artes Graficas Hartmann SL, Spain.

·         Medical Arts Press Inc., USA.

·         Milbro Inc., USA.

·         MondOffice s.r.l., Italy.

·         OA365 International Co. Ltd., Cayman Islands.

·         Officenet, B2 Express - Comercio, Servicos e Representacoes Ltda., Brazil.

·         Oranda AG, Switzerland.

·         Oy Lindell AB, Finland.

·         Peterborough L.P., Canada.

·         Plantin BVBA, Belgium.

·         Pressel AG, Switzerland.

·         Pressel Kereskedelmi Kft., Hungary.

·         Pressel Post B.V., Netherlands.

·         Pressel Post B.V.B.A., Belgium.

·         Pressel Sarl, France.

·         Pressel Sp z.o.o, Poland.

·         Pressel Systems spol.s.r.o., Czech Republic.

·         Pressel Versand GmbH, Germany.

·         Pressel Versand International GmbH, Austria.

·         Quill Corporation, USA.

·         Quill Lincolnshire Inc., USA.

·         Reliable France SAS, France.

·         Restructure (Vic) Pty. Ltd., Australia.

·         Rich Andvord Grafisk AS, Norway.

·         SchoolKidz.com Inc., USA.

·         SchoolKidz.com LLC, USA.

·         SEC UK Delivery Ltd., UK.

·         Shanghai Staples Decoration Technology Co. Ltd., China.

·         Shenzhen Staples Commerce & Trade Co. Ltd., China.

·         SHN C.V., Netherlands.

·         Smilemakers Canada Inc., USA.

·         Smilemakers for Children Company, Canada.

·         Smilemakers Inc., USA.

·         SOM Hagerstown Inc., USA.

·         Staples (Asia) Investments Ltd., Cayman Islands.

·         Staples (China) Investment Co. Ltd., China.

·         Staples (Deutschland) GmbH, Germany.

·         Staples (Shanghai) Co. Ltd., China.

·         Staples Acquisition II B.V., Netherlands.

·         Staples Acquisition III B.V., Netherlands.

·         Staples Argentina S.A., Argentina.

·         Staples Australia Bid Co. Pty. Ltd., Australia.

·         Staples Australia Holdings Pty. Ltd., Australia.

·         Staples Austria GmbH, Austria.

·         Staples Brand Consulting (Shenzhen) Co. Ltd., China.

·         Staples Brasil Comercio de Materiais de Escritorio Ltda., Brazil.

·         Staples Canada Inc., Canada.

·         Staples Canada Luxco II SA, Luxembourg.

·         Staples Canada Luxco SA, Luxembourg.

·         Staples Connecticut Inc., USA.

·         Staples Contract & Commercial Inc., USA.

·         Staples Cyprus Intermediary Holdings Ltd., Cyprus.

·         Staples Delivery Ltd., UK.

·         Staples Denmark ApS, Denmark.

·         Staples Deutschland GmbH & Co. KG, Germany.

·         Staples Dutch Management BV, Netherlands.

·         Staples Employment Services Ltd., UK.

·         Staples Europe B.V., Netherlands.

·         Staples Europe Holdings G. P., Bermuda.

·         Staples Europe Import B.V., Netherlands.

·         Staples Finland Oy, Finland.

·         Staples France Holding SAS, France.

·         Staples Future Office Products Private Ltd., India.

·         Staples Global Markets Inc., USA.

·         Staples GP LLC, USA.

·         Staples Hong Kong Investments Ltd., Hong Kong.

·         Staples International B.V., Netherlands.

·         Staples International Group Services B.V., Netherlands.

·         Staples International Ltd., UK.

·         Staples Luxco S.a.r.l., Luxembourg.

·         Staples Luxembourg S.a.r.l., Luxembourg.

·         Staples Mail Order UK Ltd., UK.

·         Staples Nederland BV, Netherlands.

·         Staples Nederland Holding B.V., Netherlands.

·         Staples Nordic AS, Norway.

·         Staples Norway AS, Norway.

·         Staples NS Holdings LLC, USA.

·         Staples of Maryland LLC, USA.

·         Staples Office Centre Verwaltungs GmbH, Germany.

·         Staples Participations B.V., Netherlands.

·         Staples Partners LLC, USA.

·         Staples PeiPei Office (Jiangsu) Products Co. Ltd., China.

·         Staples Polska Sp.z.o.o., Poland.

·         Staples Portugal Equipamento de Escritoria SA, Portugal.

·         Staples Procurement & Management Services Private Ltd., India.

·         Staples Product Sourcing Group Europe B.V.B.A., Belgium.

·         Staples Productos de Oficina SL, Spain.

·         Staples Promotional Products Canada Ltd., Canada.

·         Staples Promotional Products Europe Ltd., UK.

·         Staples Receivables LLC, USA.

·         Staples Retail Norway AS, Norway.

·         Staples Security Corporation, USA.

·         Staples Shared Service Center (Europe) BVBA, Belgium.

·         Staples Shared Service Center LLC, USA.

·         Staples Sweden AB, Sweden.

·         Staples the Office Superstore East Inc., USA.

·         Staples the Office Superstore Limited Partnership, USA.

·         Staples the Office Superstore LLC, USA.

·         Staples Transportation LLC, USA.

·         Staples UK Ltd., USA.

·         Staples UK Retail Ltd., UK.

·         Staples UPS Business Services Co. Ltd., China.

·         Staples Value LLC, Virginia.

·         Staples Verwaltungs GmbH, Germany.

·         Teacher Direct Ltd., New Zealand.

·         Tetterode-Nederland B.V., Netherlands.

·         Thrive Networks Inc., USA.

·         UB Staples Corporation Ltd., Cayman Islands.

·         Union B.V. Exploitatie Maatschappij, Netherlands.

etc.

BUSINESS REGISTRATION NUMBER

 

50954659

 

 

COMPANY FILE NUMBER

 

1352308

 

 

MANAGEMENT

 

Senior Vice President & Corporate Controller:  Ms. Christine T. Komola

 

 

CAPITAL

 

Nominal Share Capital:   HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$8,000.00

 

 

SHAREHOLDER  

(As per registry dated 10-07-2011)

 

Name

 

No. of shares

Staples Cyprus Holdings Ltd.

195 Arch. Makariou III Avenue, Neocleous House, 3030 Limassol, Cyprus.

 

8,000

====

 

DIRECTORS

(As per registry dated 10-07-2011)

 

Name

(Nationality)

 

Address

David D’ANGELO

14 Pond View Road, Holliston, MA 01726, USA.

 

Christine T. KOMOLA

295 Bridle Trail Road, Needham, MA 02492, USA.

 

SECRETARY

(As per registry dated 10-07-2011)

 

Name

Address

Co. No.

Kandy Secretaries Ltd.

13/F., Gloucester Tower, The Landmark, 15 Queen’s Road Central, Central, Hong Kong.

0493271

 

 

HISTORY

 

The subject was incorporated on 10th July, 2009 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject’s registered office was located at 37/F., Two International Finance Centre, 8 Finance Street, Central, Hong Kong where was the operating office of a solicitor firm, Mallesons Stephen Jaques.  With effect from 7th December, 2009, the solicitor firm moved to the present address, so did the subject.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Manufacturer, Importer and Exporter.

 

Lines:                           All kinds of office supplies.

 

Group Employees:         52,919.  (As at 29-01-2011)

 

Commodities Imported:   US, Europe, other Asian countries, etc.

 

Markets:                       Worldwide countries.

 

Group Sales:                 US$18,160,789,000  (53 weeks ended 03-02-2007)

US$19,372,682,000  (52 weeks ended 02-02-2008)

US$23,083,775,000  (52 weeks ended 31-01-2009)

US$24,275,451,000  (52 weeks ended 30-01-2010)

US$24,545,113,000  (52 weeks ended 29-01-2011)

 

Terms/Sales:                 As per contracted.

 

Terms/Buying:               Various terms.

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$8,000.00

 

Alternation of Capital:-

10-07-2009

paid up

HK$      1.00

03-10-2009

paid up

HK$      7,999.00

 

 

––––––––––––

Total:

paid up

HK$      8,000.00

===========

 

Group Net Income:         US$973,677,000  (53 weeks ended 03-02-2007)

US$995,670,000  (52 weeks ended 02-02-2008)

US$805,264,000  (52 weeks ended 31-01-2009)

US$738,671,000  (52 weeks ended 30-01-2010)

US$881,948,000  (52 weeks ended 29-01-2011)

 

Profit or Loss:                Group business is profitable.

 

Condition:                      Group business is good.

 

Facilities:                      Adequate for current running.

 

Payment:                      Met trade commitments as required.

 

Commercial                   Morality:  Satisfactory.

 

Banker:                         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                      Small.

 

 

GENERAL

 

Staples Brands International Ltd. is a wholly-owned subsidiary of Staples Cyprus Holdings Ltd. is a Bermuda-incorporated firm.  The ultimate holding company of the subject is Staples Inc. [Staples], a US-based firm.

The subject does not have its own operating office.  Its registered office is in a solicitor firm located at 13/F., Gloucester Tower, The Landmark, 15 Queen’s Road Central, Hong Kong known as Mallesons Stephen Jaques which is handling its correspondences and documents.

The subject has no employees in Hong Kong.  It is a member of the Staples Group.

Staples (NASDAQ: SPLS) is the world’s largest office supply retail store chain, with over 2,000 stores worldwide in 27 countries.  Based in Framingham, Massachusetts, the United States, Staples has catalogue and delivery businesses and serves customers in Argentina (as Officenet Staples), Austria, Belgium (as Staples Office Centre, trading to professional customers only), Brazil (as Officenet Staples), Canada (as Staples Business Depot, in Quebec as Bureau En Gros), China, Denmark, France, Germany, India, Italy (as Mondoffice), Netherlands (as Staples Office Centre, trading to professional customers only), Portugal, the United Kingdom, Norway and the United States.

Staples sells supplies, office machines, promotional products, furniture, technology and business services both in stores and online via Staples.com.  It opened its first store in Brighton, Massachusetts in 1986.

Quill Corporation [Quill] is Staples’ the most profitable division of Staples, acounting for nearly 25% of the Group’s net income.

The Group pioneered the office products superstore concept and is the world’s leading office products company.  Staples has three reportable segments: North American Delivery, North American Retail and International Operations.  The North American Delivery segment consists of the US and Canadian business units that sell and deliver office products and services directly to customers and businesses, and includes Staples Advantage, Staples.com and Quill.  The North American Retail segment consists of the US and Canadian business units that operate office products stores.  The International Operations segment consists of business units that operate office product stores and that sell and deliver office products and services directly to customers in 24 countries in Europe, Australia, South America and Asia.

As of 29th January, 2011, the Group operated a total of 2,281 superstores in 48 states and the District of Columbia in the United States, 10 provinces and 2 territories in Canada, and in Belgium, Finland, Germany, the Netherlands, Norway, Portugal, Sweden, the United Kingdom, China, Argentina and Australia.  As of that same date, the Group also operated 125 distribution and fulfillment centers in 29 states in the United States, 7 provinces in Canada, and in Austria, Belgium, Denmark, Finland, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, the United Kingdom, China, Argentina, Brazil and Australia.

Europe is an important market for Staples.  The combination with Corporate Express group transforms its European business into a multi-channel offering across 19 countries.

Operations in Asia and South America continue to provide a platform for growth.  The Group operates retail and delivery businesses in China, a delivery business in Taiwan through a joint venture with UB Express, and a multi-channel business in India through a joint venture with Future Group.  It also operates delivery businesses in Argentina and Brazil and a retail business in Argentina.

With the acquisition, Staples acquired a 59% ownership interest in Corporate Express Australia Ltd. [Corporate Express], a public company traded on the Australian Stock Exchange.  This delivery business is a leading supplier of office, warehouse and factory essentials in Australia and New Zealand.

The Group’s International Operations segment consists of businesses in 24 countries in Europe, Australia, South America, and Asia.  Its European Office Products business represents a balanced multi-channel portfolio serving contract, retail and catalog customers in 18 countries.  It operates 332 retail stores, with the largest concentration of stores in the United Kingdom, Germany, the Netherlands and Portugal.  It operates a catalog business, with a significant concentration of sales in France and Italy.  The acquisition of Corporate Express added a large European contract business to its portfolio, including sizable operations in Scandinavia and Germany.

In 2010, the Group acquired the remaining shares in Corporate Express, increasing its ownership from the 59%, the Group acquired with the acquisition of Corporate Express.  This primarily contract business is a leading supplier of office, warehouse and factory essentials in Australia and New Zealand.  During 2010, the Group also launched a catalog and online business in Australia, leveraging its global experience to provide small business customers with differentiated offerings.

The Group continues to establish a foundation for growth in Asia and South America, where its businesses are in various stages of development.  It operates retail and delivery businesses in China, a delivery business in Taiwan through a joint venture with UB Express, and a multi-channel business in India through a joint venture with Pantaloon Retail Ltd.  It also operates delivery businesses in Argentina and Brazil and operate two stores in Argentina.

For the year ended 29th January, 2011, the sales of the Group amounted to US$24,545.1 million (year ended 30th January, 2010: US$24,275.5 million).  Net income of the period was US$881.9 million (year ended 30th January, 2010: US$738.7 million).  Overall business is good and active.

As of 29th January, 2011, Staples Group employed 52,919 full-time and 36,100 part-time associates.

The subject’s business in Hong Kong is not very active although it is supported by the Staples Group.

Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.

 

REMARKS:

 

Brief information of the principal director:-

Ms. Christine T. KOMOLA, aged 43, has served as Senior Vice President and Corporate Controller since July 2004.  Prior to that, she served as the Senior Vice President, General Merchandise Manager for furniture from January 2002 to July 2004.  She has also held other roles within Staples since joining in April 1997, including Assistant Controller, Vice President of Planning, Margin and Control, and Chief Financial Officer of Staples.com.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.65

UK Pound

1

Rs.79.09

Euro

1

Rs.65.32

 

 

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 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%)

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.