MIRA INFORM REPORT

Report Date :

21.02.2013

IDENTIFICATION DETAILS

Name :	STAPLES FUTURE OFFICE PRODUCTS PRIVATE LIMITED (w.e.f 21.05.2007)
Formerly Known As :	FUTURE OFFICE PRODUCTS PRIVATE LIMITED
Registered Office :	Knowledge House, Shyam Nagar, Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai – 400 060, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.01.2007
Com. Reg. No.:	11-166866
Capital Investment / Paid-up Capital :	Rs.53.669 Millions
CIN No.: [Company Identification No.]	U74999MH2007PTC166866
TAN No.: [Tax Deduction & Collection Account No.]	MUMF04813E
PAN No.: [Permanent Account No.]	AABCF0402F
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of all kinds of Office Equipments.
No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 762000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management has failed to file its latest financials i.e. 2011-12 with the Government Department. From the previous year financials it seems that there appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealings with some caution. Profit and loss account of the company for the year 2010-11 is not available.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. Mahesh Mane
Designation :	Finance Manager
Contact No.:	91-22-30008001
Date :	19.02.2013

LOCATIONS

Registered Office :	Knowledge House, Shyam Nagar, Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai – 400 060, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	prem.parihar@staplesfuture.com roc.info@pantaloon.com sales@staplesfuture.com ashish.diwanji@staplesfuture.com roc.info@pantaloon.com mandar.nika@staplesfuture.com
Website :	www.staplesfure.com
Location :	Owned
Corporate Office :	3^rd Floor, Orchid City Centre, Mumbai Central (East), Mumbai – 400 008, Maharashtra, India
Tel. No.:	91-22-30008001
Fax No.:	91-22-30008008
E-Mail :	sales@staplesfuture.com
Website :	www.staplesfuture.com
Branch Office :	Located at: v Pune v Bangalore v Noida v Hyderabad
Stores :	Located at: v Pune v Bangalore v Noida
Warehouse :	Located at: v Vikhroli v Bhiwandi

DIRECTORS

As on 30.09.2011

Name :	Mr. Shailesh Shreevallabh Karwa
Designation :	Director
Address :	Kamal Kunj, 87B, Bomanji Petit Road, Near Parsi General Hospital, Mumbai – 400 036, Maharashtra, India
Date of Birth/Age :	06.03.1977
Qualification :	MBA
Date of Appointment :	15.03.2007
DIN No.:	00062674
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
Qualification :	MBA
Date of Appointment :	15.03.2007
DIN No.:	00635001
Name :	Mr. Hemal Navinchandra Zaveri
Designation :	Director
Address :	23-B/10, Aakash Building, Zalawad Society, Ashok Road, Kandivali (east), Mumbai – 400 101, Maharashtra, India
Date of Birth/Age :	12.12.1976
Date of Appointment :	05.11.2008
DIN No.:	01718888
Name :	Mr. Anand Balasundaram
Designation :	Director
Address :	D-814, Paradise, Raheja Vihar, Powai, Mumbai – 400 072, Maharashtra, India
Date of Appointment :	06.04.2011
DIN No.:	02792009
Name :	Mr. Venkatesh Raghavendra Gulur
Designation :	Director
Address :	Flat B-401 Technopark 2, Thakur Village, Kandivali (East), Mumbai – 400 101, Maharashtra, India
Date of Birth/Age :	17.01.1971
Date of Appointment :	30.09.2010
DIN No.:	02813390
Name :	Ms. Christine T Komola
Designation :	Director
Address :	295 Bridge Trail Road, Needham MA, USA-024921484
Date of Appointment :	30.09.2009
DIN No.:	02854126
Name :	Mr. Michel A. Miles JR
Designation :	Director
Address :	8 Bennett Road, Wayland MA, USA-017782704
Date of Appointment :	30.09.2009
DIN No.:	02920241
Name :	Mr. John K George Barton
Designation :	Director
Address :	16, Hickory Path, West Borough MA 015813852
Date of Birth/Age :	02.04.1957
Date of Appointment :	30.09.2010
DIN No.:	03187942

KEY EXECUTIVES

Name :	Mr. Mahesh Mane
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Shailesh Shreevallabh Karwa	454050
Sharad Ravi Dalmia	454050
Pantaloon Retail (India) Limited, India	2119394
Staples Asia Investment Limited, USA	2119394
Tirumal Trading and Investment Consultants Private Limited, India	220000
Total	5366888

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	39.49
Bodies corporate	43.59
Directors or relatives of directors	16.92
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Importer of all kinds of Office Equipments.

Products :

Item Code No. (ITC Code)	74999
Product Description	Stationery and Office Products, Items and Accessories

GENERAL INFORMATION

No. of Employees :

Information declined by the Management

Bankers :

v ICICI Bank, Andheri Branch, Mumbai, Maharashtra, India

v Bank of America, Nariman Point Branch, Mumbai, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee term loans banks secured	0.200	0.851
Total	0.200	0.851

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee term loans banks unsecured	384.370	185.000
Total	384.370	185.000

Banking Relations :	--
Auditors :
Name :	S.V. Ghatalia and Associates Chartered Accountants
Address :	Jalan Mill Compound, 95, Ganapatrao Kadam Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India
Tel No.:	91-22-40356300
Fax No.:	91-22-40356400
PAN No.:	AACFS6921Q
Ventures in respect of which the reporting enterprise is a joint venture (Promoter Companies (As on 31.03.2010) :	v Pantaloon Retail (India) Limited (PRIL) v Staples Asia Investment Limited (SAIL)
Group Companies (As on 31.03.2010) :	v Officedge India Private Limited v Intellivest Financial Services Private Limited v Pantaloon Food Product (India) Limited v Pan India Restaurants Limited v Future Bazaar India Limited v Future Media (India) Limited v Convergem Retail (India) Limited v Future Logistic Solutions Limited v Future Ideas Company Limited v GJ Future Fashions Limited v Sain Marketing Network Private Limited v Manz Retail Private Limited v Future General India Life Assurance Company Limited v Future General India Insurance Company Limited v Shendra Infrastructure Development Limited v Pan India Food Solutions Private Limited v Myra Mall Management Company Limited v Pantaloon Retail (India) Limited v GJ Future Fashions Limited v Acute Realty Private Limited

CAPITAL STRUCTURE

As on 30.09.2011

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
5366888	Equity Shares	Rs.10/- each	Rs.53.669 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		53.669	44.000	44.000
2] Share Application Money Pending Allotment		0.000	287.757	0.000
3] Reserves & Surplus		636.490	354.159	354.159
4] (Accumulated Losses)		(499.784)	(323.379)	(205.613)
NETWORTH		190.375	362.537	192.546
LOAN FUNDS
1] Secured Loans		0.200	0.851	0.840
2] Unsecured Loans		384.370	185.000	295.000
TOTAL BORROWING		384.570	185.851	295.840
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		574.945	548.388	488.386
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		123.505	109.096	109.852
Capital work-in-progress		0.668	14.099	13.855
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		221.815	153.869	104.932
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	258.415	168.229	168.702
	Sundry Debtors	245.339	244.857	177.290
	Cash & Bank Balances	23.724	16.206	14.343
	Other Current Assets	0.097	0.044	0.115
	Loans & Advances	88.203	92.537	96.584
Total Current Assets		615.778	521.873	457.034
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	348.355	220.601	191.699
	Other Current Liabilities	36.719	28.411	3.629
	Provisions	1.747	1.537	1.959
Total Current Liabilities		386.821	250.549	197.287
Net Current Assets		228.957	271.324	259.747
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		574.945	548.388	488.386

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	1327.082	1113.100
		Other Income	2.716	12.014
		TOTAL	1329.798	1125.114
Less	EXPENSES
		Other Expenses	1470.124	1369.820
		Increase in inventories	0.473	(65.442)
		TOTAL	1470.597	1304.378
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(140.799)	(179.264)
Less/ Add	DEPRECIATION/ AMORTISATION		25.904	22.025
	PROFIT/ (LOSS) BEFORE TAX		(166.703)	(201.289)
Less	TAX		(48.937)	(70.630)
	PROFIT/ (LOSS) AFTER TAX		(117.766)	(130.659)
	EARNINGS IN FOREIGN CURRENCY
		Reimbursement of expenses (On accrual basis)	0.543	0.478
	TOTAL EARNINGS		0.543	0.478
	IMPORTS
		Trading Goods	5.613	0.000
		Fixed Asset	0.000	11.961
	TOTAL IMPORTS		5.613	11.961
	Earnings/ (Loss) Per Share (Rs.)		(26.77)	(29.70)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	(8.86)	(11.61)
Net Profit Margin (PBT/Sales)	(%)	NA	(12.56)	(18.08)
Return on Total Assets (PBT/Total Assets}	(%)	NA	(26.42)	(35.51)
Return on Investment (ROI) (PBT/Networth)		NA	(0.46)	(1.05)
Debt Equity Ratio (Total Debt/Networth)		2.02	0.51	1.54
Current Ratio (Current Asset/Current Liability)		1.59	2.08	2.32

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
- Creditors due small micro enterprises	2.342	1.367	0.000
- Creditors due others	346.013	219.234	191.699
Total	348.355	220.601	191.699

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last two years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	No
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

NATURE OF OPERATIONS:

The Company is engaged in buying, selling of all Solutions for Offices and Office Products.

FIXED ASSETS:

v Computers

v Leasehold Improvements

v Office Equipment

v Furniture and Fixture

v Vehicles on lease

v Software

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 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.54.05
UK Pound	1	Rs.83.45
Euro	1	Rs.72.54

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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