MIRA
INFORM REPORT
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Report Date : |
09.05.2007 |
IDENTIFICATION DETAILS
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Name : |
KIMBERLY CLARK
LEVER PRIVATE LIMITED |
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Registered Office : |
Gate No. 934-937,
Village Sansawadi, Taluka Shirur, District Pune – 412 208, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
20.09.1994 |
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Com. Reg. No.: |
11-81290 |
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CIN No.: [Company
Identification No.] |
U74999MH1994PTC081290 |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers,
Dealers, Distributors, Importers and Exporters of product of Paper Pulp,
Tissue & any Synthetic Material including Disposable Baby Diapers, Feminine
Sanitary Protecting Products and other Personal Health Care & Hygiene
Products & Equipments, Raw Products in accordance with the joint venture
agreement to be entered into from to time between Hindustan Lever Limited and
Kimberly Clark Corporation, USA. |
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/normal. |
Small |
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Maximum Credit Limit : |
USD 2900000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a 50 :
50 Joint Venture of Hinduatan Lever Limited and Kimberly-Clark Corporation, The company can
be considered good for any normal business dealings. At usual trade terms and
conditions. We have taken up the
matter with Mr. Shankar, Chief Accountant and Mr. Tanmay Agurwal (Commercial
Manager) when Mr. B M Shetty is absent They assured to
up –date out old report |
LOCATIONS
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Registered Office/Factory : |
Gate No. 934-937,
Village Sansawadi, Taluka Shirur, District Pune – 412 208, |
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Tel. No.: |
91-2137-252546/45/252156 |
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Fax No.: |
91-2137-252533 |
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Corporate
Office : |
165/166 Backbay
Reclamation, Churchgate, Mumbai – 400 020 |
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Tel. No.: |
91-22-22876222 |
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Fax No.: |
91-22-22041920/3117 |
DIRECTORS
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Name : |
Mr. Rajeev
Somdutt Mohan |
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Designation : |
Managing Director |
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Address : |
Bunglow No. 25, Samrat Society, Kalyani Nagar, Pune – 411 014, |
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Date of Birth/Age : |
09.05.1954 |
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Date of Appointment : |
02.11.1998 |
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Name : |
Mr. Manvinder H.
Banga |
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Designation : |
Director |
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Address : |
B3, Purshottam Bhavan, Little |
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Date of Birth/Age : |
31.10.1954 |
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Date of Appointment : |
17.04.2000 |
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Name : |
Mr. Arun Seetham
Adhikari |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
20.01.1954 |
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Date of Appointment : |
17.04.2000 |
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Name : |
Mr. Shrikant
Bhalchandra |
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Designation : |
Director |
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Address : |
63 Next to Y B
Chavan, Auditorium, Mumbai – 400021 |
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Date of Birth/Age : |
06.09.1961 |
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Date of Appointment : |
16.04.2001 |
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Name : |
Mr. Wayne Robert Jones |
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Designation : |
Foreigner, Director |
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Address : |
C/o Kimberly Clark Lever Corporation, |
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Date of Birth/Age : |
05.04.1954 |
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Date of Appointment : |
17.02.2004 |
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Name : |
Mr. Peter |
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Designation : |
Foreigner, Director |
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Address : |
C/o. Kimberly Clark Lever Corporation, |
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Date of
Birth/Age : |
30.06.1951 |
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Date of
Appointment : |
17.02.2004 |
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Name : |
Mr. Sanjiv Bhawani Kakkar |
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Designation : |
Directoe |
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Name : |
Mr. Anil George |
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Designation : |
Director |
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Name : |
Mr. Nitin Keshav Paranjpe |
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Designation : |
Director |
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Name : |
Mr. Douglas Anderson Baillie |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mrs. Prajateta A
Lele |
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Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Kimberly Clark
Corporation Limited |
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36249997 |
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Hindustan Lever
Limited |
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36249996 |
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Mr. Mahendrakumar
Sharma Joint with Mr. Chandras Sharma |
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1 |
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Mr. V. K. Vishwanathan Joint with S.
Vegulaparanam |
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1 |
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Agarwal Omprakash
Joint with Agarwal S. N. |
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1 |
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Gupta S. M. Joint
with Hindustan Lever Limited |
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1 |
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Mr. Apte Psuhas
Joint with Mr. Larkin John S. R. |
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1 |
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M/s. Brown Thomas
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1 |
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M/s. Brown Thomas |
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1 |
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Total |
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72500000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers,
Dealers, Distributors, Importers and Exporters of product of Paper Pulp,
Tissue & any Synthetic Material including Disposable Baby Diapers,
Feminine Sanitary Protecting Products and other Personal Health Care &
Hygiene Products & Equipments, Raw Products in accordance with the joint
venture agreement to be entered into from to time between Hindustan Lever
Limited and Kimberly Clark Corporation, USA. Manufacturer of
Sanitary Napkins, Disposable Diapers. |
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Products : |
Ř
Napkin
and Napkin Liners for Babies Ř
Sanitary
Towels |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Disposable
Diapers |
Nos. |
162000000 |
111000000 |
53582060 |
GENERAL INFORMATION
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No. of Employees : |
548 |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
N. M. Raiji &
Company Chartered
Accountants |
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Address : |
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Tel. No.: |
91-22-22870068/22873463/22837482 |
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Fax No.: |
91-22-22828646/22650578 |
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E-Mail : |
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Associates/Subsidiaries : |
Ř
Kimberly
Clark Corporation 351, Subject is a leading global consumer products company. It is home to some
of the world’s most trusted and recognized brands, including Kleenexa,
Scotta, Huggiesa, Pull-Upsa, Kotexa and Dependa. The concern has more than
two decades of experience in infant care with market leadership in Ř
Hindustan
Lever Limited 165-166, Backbay Reclamation, Mumbai – 400 020, Ř
Personal
Hygiene & Health Care Products Private Limited Ř
Feminine
Hygiene Products Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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80,000,000 |
Equity Shares |
Rs.10/- each |
Rs.800.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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72,500,000 |
Equity Shares |
Rs.10/- each |
Rs.725.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.12.2006 |
31.12.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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725.000 |
725.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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135.774 |
55.378 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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860.774 |
780.378 |
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LOAN FUNDS |
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1] Secured Loans |
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0.214 |
25.037 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.214 |
25.037 |
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DEFERRED TAX LIABILITIES |
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30.600 |
30.753 |
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TOTAL |
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891.588 |
836.168 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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226.551 |
231.312 |
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Capital work-in-progress |
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12.579 |
0.660 |
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INVESTMENT |
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0.000 |
12.504 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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158.502 |
144.430 |
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Sundry Debtors |
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60.252 |
45.542 |
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Cash & Bank Balances |
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803.433 |
758.993 |
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Other Current Assets |
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57.931 |
30.956 |
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Loans & Advances |
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283.689 |
173.051 |
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Total Current Assets |
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1363.807 |
1152.972 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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356.781 |
331.107 |
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Provisions |
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354.568 |
230.173 |
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Total Current Liabilities |
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711.349 |
561.280 |
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Net Current Assets |
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652.458 |
591.692 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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891.588 |
836.168 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.12.2006 |
31.12.2005 |
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Sales Turnover |
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1314.765 |
1122.838 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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1314.765 |
1122.838 |
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Profit/(Loss) Before Tax |
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248.202 |
205.669 |
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Provision for Taxation |
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88.606 |
57.840 |
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Profit/(Loss) After Tax |
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159.596 |
147.829 |
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Earnings in Foreign Currency : |
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10.200 |
5.700 |
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Imports : |
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Raw Materials |
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303.547 |
235.080 |
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Stores & Spares |
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18.618 |
7.550 |
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Capital Goods |
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0.000 |
0.000 |
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Others |
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12.868 |
32.501 |
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Total Imports |
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335.033 |
275.131 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
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1041.480 |
897.960 |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Power & Fuel |
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Depreciation & Amortization |
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Other Expenditure |
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Total Expenditure |
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1041.480 |
897.960 |
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KEY RATIOS
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PARTICULARS |
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31.12.2006 |
31.12.2005 |
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PAT / Total Income |
(%) |
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12.13 |
16.46 |
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Net Profit Margin (PBT/Sales) |
(%) |
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23.83 |
22.90 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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15.60 |
14.86 |
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Return on Investment (ROI) (PBT/Networth) |
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0.28 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.82 |
0.75 |
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Current Ratio (Current Asset/Current Liability) |
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1.91 |
2.05 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
Subject is engaged
in the business as manufacturers, dealers, distributors, importers and
exporters of product of Paper Pulp, Tissue & any Synthetic Material
including Disposable Baby Diapers, Feminine Sanitary Protecting Products and
other Personal Health Care & Hygiene Products & Equipments, Raw
Products in accordance with the joint venture agreement to be entered into from
to time between Hindustan Lever Limited and Kimberly Clark Corporation, USA.
Subject is a Joint
Venture between Kimberly-Clark Corporation,
The Joint Venture
introduced `Huggies' brand of diapers which has been well received by consumers
and has already gained a significant share of this small but fast growing
market. The next product entry will be in the Feminine Hygiene Care market with
the world-renowned "Kotex" brand.
Raw materials &
components required to manufacture the said products, in accordance with the
joint venture agreement to be entered into from time to time between Hindustan
Lever Limited and Kimberly-Clark Corporation,
press
clipping
Kotex Leak Guard
Launched
29th
December, 2003
Mumbai :
Kimberly Clark
Lever Private Limited, a joint venture company between Kimberly-Clark
Corporation,
Kotex Leak Guard
has new features such as special perforations on the top cover of the pad,
which help draw in more liquid easily to the layers below. There are also
longer and wider ‘cloud-shaped’ channels, which help utilise a larger surface
area on the pad, thus keeping the surface of the pad drier and more
comfortable.
The presence of a
softer, non-woven ‘cotton-like’ cover helps in preventing rashes. Also a
rounded shape of the pad makes for a better fit and adhesive strips keep the
pad firmly in place. The new packs are available at Rs. 20/- for a pack of
eight and Rs. 48/- for a pack of 20, making it one of the most economical and
best performing pads available in the market today.
Says Mr. Rajeev
Mohan, managing director, Kimberly-Clark Lever : “The new Kotex Leak Guard not
only absorbs more but also lasts longer. Thus, the consumer gets a superior
performing pad and high convenience at a highly affordable price”.
Note :-
The company’s
registered office at Amrut Chambers, 2nd Floor, 1216/7 Shivaji
Nagar, F. C. Road, Pune – 411 004, Maharashtra has been shifted to the above
address.
Related Parties
Descriptions (Subsidiaries, Joint-Ventures, Affiliates)
With effect from January
1, 2006, Personal Hygiene and Healthcare Products Private Limited (PHHC) and
Feminine Hygiene Products Private Limited (FHPL) both 100 % subsidiaries,
merged the subject company consequent upon a court order dated 30th
November 2006 pursuant to a scheme of amalgamation filed with the Honorable
High Court Bombay on 14th August 2006.
|
Related Parts –
(where control Exists) |
Hindustan Lever
Limited Kimberly
Clark Corporation |
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Company under
Common Control |
Kimberly Clark Hygiene
Products Private Limited |
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.40.78 |
|
|
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.55.53 |
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/normal. |
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 |
|