MIRA
INFORM REPORT
|
Report Date : |
11.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
KIMBERLY-CLARK
HYGIENE PRODUCTS PRIVATE LIMITED |
|
|
|
|
Formerly Known
As: |
KIMBERLY-CLARK
PUDUMJEE LIMITED (Changed w.e.f.
01/04/2005) |
|
|
|
|
Registered
Office : |
Survey No.279, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2009 |
|
|
|
|
Date of
Incorporation : |
28.09.1995 |
|
|
|
|
Com. Reg. No.: |
11-93191 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U21015MH1995PTC093191 |
|
|
|
|
PAN No.: |
PNEK01206C |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AAACK8700G |
|
|
|
|
Legal Form : |
Private limited
liability company |
|
|
|
|
Line of
Business : |
Manufacturer and
Suppliers of Healthcare Products, Personal Care Products, Commercial Tissue,
Commercial Wipers, Eyewear,
Gloves, Towels. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit
Limit : |
USD 290000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part
of Kimberley Clark Group. Available information indicates high financial responsibility
of the group but Indian operations are not doing well. Trade relations are
fair. Financial position of the company is moderate. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office : |
Survey No.279, |
|
Tel. No.: |
91-20-39060692/
4048/ 22939122/ 22939121/ 30547263 |
|
Mobile No.: |
91-9371074617 (Mr.
Abhijeet Bhairavkar) |
|
Fax No.: |
91-20-22934991/
22939118 |
|
Email : |
DIRECTORS
As on 30.04.2010
|
Name : |
Mr. Upendra G.
Deglurkar |
|
Designation : |
Director |
|
Address : |
901, Purshottam Apartments,
Lane No.3, Off |
|
Date of
Birth/Age : |
13.03.1967 |
|
Date of
Appointment : |
10.03.2007 |
|
|
|
|
Name: |
Mr. Rajeev Mohan |
|
Designation: |
Director |
|
Address: |
Bunglow No.25, Samrat
Society, Kalyaninagar, Pune 411014 |
|
Date of Birth: |
09.05.1954 |
|
Date of
Appointment: |
30.05.2001 |
|
|
|
|
Name: |
Mr. Riko
Setyabudhy Handoko |
|
Designation: |
Director |
|
Address: |
Villa Melati Mas BLK
– J-6-01, RT 03/06 PD Jagung, Serpong Tangerang RT 0306 |
|
Date of Birth: |
16.05.1973 |
|
Date of
Appointment: |
03.03.2009 |
|
|
|
|
Name : |
Mr. Jason Peter Monaco |
|
Designation : |
Director |
|
Address : |
38l, |
|
Date of Birth/Age : |
30.08.1976 |
|
Date of Appointment : |
28.02.2010 |
|
|
|
|
Name : |
Mr. Graham R.
Bennett |
|
Designation : |
Director |
|
Address : |
3-18 Jamnah View,
Block 30, Jalan Buluh, Perindu Bukit, Damansara, |
|
Date of Birth: |
07.06.1947 |
|
Date of
Appointment : |
31.05.2000 |
|
Date of
Ceasing: |
03.03.2009 |
|
|
|
|
Name : |
Mr. Peter C.
Bennett |
|
Designation : |
Director |
|
Address : |
2, |
|
Date of
Birth/Age : |
30.06.1951 |
|
Date of
Appointment : |
22.04.2004 |
|
Date of
Ceasing: |
28.02.2010 |
MAJOR SHAREHOLDERS
As on 30.04.2010
|
Names
of Shareholders |
No. of Shares |
|
|
|
|
Kimberly Clark
Worldwide Inc, |
9649994 |
|
Kimberly Clark
Worldwide Inc, |
2 |
|
Kimberly Clark
Worldwide Inc, |
2 |
|
Kimberly Clark
Worldwide Inc, |
2 |
|
|
|
|
Total |
9650000 |
Equity Share
Breakup (Percentage of Total Equity)
(As on 030.04.2010)
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings (Foreign Institutional investor(s), Foreign
comapnie(s) Foreign financial institution(s), Non-resident indian(s) or
overseas corporate bodies or others) |
|
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturer and
Suppliers of Healthcare Products, Personal Care Products, Commercial Tissue,
Commercial Wipers, Eyewear,
Gloves, Towels. |
||||||||||
|
|
|
||||||||||
|
Products : |
·
Wipers ·
Gloves ·
Eyewear ·
Skin
Care ·
Paper
Towel ·
Bathroom
Tissue ·
Protective
Coverall |
GENERAL INFORMATION
|
Bankers : |
Ř Citibank NA Ř HDFC Bank |
||||||
|
|
|
||||||
|
Facilities: |
|
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Khanolkar and
Associates Chartered
Accountant |
|
Address : |
A-5, Atharva,
Mumbai-Pune Road, Next to Mayfair Towers, Wakdewadi, Pune-411003,
Maharashtra, India |
|
Mobile No.: |
91-9960499950 |
|
E mail: |
|
|
|
|
|
Holding Company : |
·
Kimberly-Clark
Worldwide Inc., |
|
|
|
|
Associates: |
·
·
·
·
|
|
|
|
|
Joint Venture: |
·
Kimberly-Clark Worldwide Inc 351, Phelps
Drive, Irving Texas 75038, USA, Kimberly Clark House, 152, Alfred Street,
Milsons Point NSW Tel No.:
91-02-99638871 Fax:
91-02-99638606 ·
Pudumjee Agro Industries Limited |
CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16000000 |
Equity Shares |
Rs.10/- each |
Rs.160.000 millions |
|
|
|
|
|
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9650000 |
Equity Shares |
Rs.10/- each |
Rs.96.500 millions |
|
|
|
|
|
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
96.500 |
96.500 |
96.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(21.765) |
(29.241) |
(39.468) |
|
|
NETWORTH |
74.735 |
67.259 |
57.032 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
65.000 |
65.000 |
70.479 |
|
|
TOTAL BORROWING |
65.000 |
65.000 |
70.479 |
|
|
DEFERRED TAX LIABILITIES |
5.019 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
144.754 |
132.259 |
127.511 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
34.442 |
27.812 |
20.895 |
|
|
Capital work-in-progress |
1.873 |
1.872 |
1.504 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
70.333
|
101.455
|
50.119 |
|
|
Sundry Debtors |
91.743
|
103.002
|
99.322 |
|
|
Cash & Bank Balances |
27.159
|
11.458
|
15.051 |
|
|
Other Current Assets |
22.643 |
20.830
|
14.540 |
|
|
Loans & Advances |
6.357
|
8.173
|
6.345 |
|
Total
Current Assets |
218.235
|
244.918
|
185.377 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
78.572
|
115.871
|
65.308 |
|
|
Other Current Liabilities |
30.209
|
25.358
|
14.267 |
|
|
Provisions |
1.015
|
1.114
|
0.690 |
|
Total
Current Liabilities |
109.796
|
142.343
|
80.265 |
|
|
Net Current Assets |
108.439
|
102.575
|
105.112 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
144.754 |
132.259 |
127.511 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
644.857 |
620.005 |
502.046 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
586.292 |
649.727 |
|
|
|
|
Increase / Decrease in Stock |
31.122 |
[51.335] |
|
|
|
|
TOTAL (B) |
617.747 |
598.392 |
467.989 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
27.443 |
21.613 |
34.057 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES/ INTEREST (D) |
7.626 |
7.396 |
6.743 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
19.817 |
14.217 |
27.314 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.821 |
2.191 |
1.595 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
16.996 |
12.026 |
25.719 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9.520 |
1.800 |
3.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
7.476 |
10.226 |
22.719 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[29.241] |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
[21.765] |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
7.970 |
2.711 |
1.692 |
|
|
TOTAL EARNINGS |
7.970 |
2.711 |
1.692 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
5.426 |
0.231 |
0.000 |
|
|
|
Goods for Resale |
89.372 |
101.969 |
52.761 |
|
|
TOTAL IMPORTS |
94.798 |
102.200 |
52.761 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.77 |
1.06 |
2.35 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
PAT / Total Income
|
(%)
|
1.16 |
1.65 |
4.53 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
6.73 |
4.41 |
17.47 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.23 |
0.18 |
0.45 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
2.34 |
3.08 |
2.64 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.99 |
1.72 |
2.31 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS:
·
Computers
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
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 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.45.11 |
|
|
1 |
Rs.72.91 |
|
Euro |
1 |
Rs.62.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
36 |
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.