MIRA INFORM REPORT

Report Date :

20.01.2012

IDENTIFICATION DETAILS

Name :	KIMBERLY-CLARK LEVER PRIVATE LIMITED
Registered Office :	Gat No. 934-937, Village Sanaswadi, Taluka - Shirur, Pune – 412208, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.09.1994
Com. Reg. No.:	11-081290
Capital Investment / Paid-up Capital :	Rs.725.000 Millions
CIN No.: [Company Identification No.]	U74999PN1994PTC081290
PAN No.: [Permanent Account No.]	AAACK4647E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers, Dealers, Distributors, Importers and Exporters of Baby and Child Care Products.
No. of Employees :	550 (Approximately)

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 2500000
Status :	Moderate
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a 50: 50 Joint Venture between Hindustan Unilever Limited and Kimberly-Clark Corporation USA. It is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. Inview of strong holding, the company can be considered 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.

INFORMATION DECLINED BY

Management Non Co-operative.

LOCATIONS

Registered Office/ Factory :	Gate No. 934-937, Village Sansawadi, Taluka Shirur, District Pune – 412 208, Maharashtra, India
Tel. No.:	91-2137-252545 to 49 / 252156
Fax No.:	91-2137-252533
E-Mail :	sunil_adhiya@vsnl.net
Website :	www.kimberly-clark.com
Corporate Office :	165/ 166 Backbay Reclamation, Churchgate, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-22876222
Fax No.:	91-22-22041920 / 3117

DIRECTORS

AS ON 14.09.2011

Name :

Mr. Nitin Keshav Paranjpe

Designation :

Director

Address :

5, Alhambra, 3, Carmichael Road, Kalyani Nagar, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

04.03.1963

Date of Appointment :

13.04.2006

DIN No.:

00045204

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U91200MH1985GAP037820	The Advertising Standards Council of India	Director	17/02/2006	17/02/2006	19/06/2008	Active	NO
U51900MH1963PLC012667	Unilever India Exports Limited	Director	7/03/2006	7/03/2006	1/09/2008	Active	NO
U24110MH1994PTC081672	Unilever Industries Private Limited	Director	27/03/2006	27/03/2006	1/08/2008	Active	NO
U74999PN1994PTC081290	Kimberly-Clark Lever Private Limited	Nominee director	13/04/2006	13/04/2006	-	Active	NO
L15140MH1933PLC002030	Hindustan Unilever Limited	Managing director	4/04/2008	1/06/2007	-	Active	NO
U85100MH1946GAP005082	Breach Candy Hospital Trust	Director	4/09/2008	3/04/2008	-	Active	NO
U74999MH1924NPL001128	Bombay Chamber of Commerce and Industry	Director	23/04/2008	23/04/2008	-	Active	NO
U93090MH2010NPL201468	Hindustan Unilever Vitality Foundation	Director	30/03/2010	30/03/2010	-	Active	NO
U93090MH2010NPL208544	Bhavishya Alliance Child Nutrition Initiatives	Director	3/10/2010	3/10/2010	-	Active	NO

Name :

Mr. Mark Douglas Wynne

Designation :

Chairman

Address :

Unit 2A, 22 Ross St., Woll Stone Craft, New South Wales, Australia – 2065

Date of Birth/Age :

28.12.1961

Date of Appointment :

01.10.2007

DIN No.:

02177305

Name :

Mr. Gopal Vittal

Designation :

Nominee Director

Address :

Flat No. 7, Hill Park Apartments, Alexander Graham Road, Malabar Hill, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

18.06.1966

Date of Appointment :

25.07.2008

DIN No.:

02291778

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U74999PN1994PTC081290	Kimberly-Clark Lever Private Limited	Nominee director	25/07/2008	25/07/2008	-	Active	NO
L15140MH1933PLC002030	Hindustan Unilever Limited	Whole-time director	3/07/2009	1/09/2008	-	Active	NO
U51900MH1963PLC012667	Unilever India Exports Limited	Director	22/06/2009	1/09/2008	13/07/2009	Active	NO
U91200MH1985GAP037820	The Advertising Standards Council of India	Director	18/09/2008	18/09/2008	-	Active	NO
U24240MH1974NPL017236	Indian Soap and Toiletries Makers Association	Director	24/09/2008	24/09/2008	-	Active	YES
U74300MH1952GAP008859	The Indian Society of Advertisers	Director	26/09/2008	26/09/2008	-	Active	NO
U85310MH2006NPL163277	St. Jude India Childcare Centres u/s 25	Director	10/09/2010	12/01/2010	-	Active	NO

Name :

Mr. Pathamdai Balachandran Balaji

Designation :

Nominee Director

Address :

Flat No. 3901, Godrej Planet Tower I, Terra 30 Keshavrao Khadye Marg, Sant Gadge Maharaj Chowk, Mumbai – 400011, Maharashtra, India

Date of Birth/Age :

09.09.1969

Date of Appointment :

03.07.2009

DIN No.:

02762983

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U74999PN1994PTC081290	Kimberly-Clark Lever Private Limited	Nominee director	3/07/2009	3/07/2009	16/09/2011	Active	NO
U24247MH2008PTC188539	Lakme Lever Private Limited	Director	21/07/2010	15/03/2010	16/02/2011	Active	NO

Name :

Mr. Prakash Kulathu Iyer

Designation :

Director

Address :

1402, Chaitanya Towers, C Wing, Appasaheb Marathe Marg, Prabbhadevi, Mumbai-400025, Maharashtra, India

Date of Birth/Age :

15.03.1962

Qualification :

B. Sc, PGDM

Experience :

25 years

Date of Appointment :

01.01.2010

DIN No.:

02927193

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U74999PN1994PTC081290	Kimberly-Clark Lever Private Limited	Managing director	1/01/2010	1/01/2010	Active	NO
U21015MH1995PTC093191	Kimberly-Clark Hygiene Products Private Limited	Additional director	16/09/2011	16/09/2011	Active	NO

Name :

Mr. Jason Peter Monaco

Designation :

Director

Address :

38 Wolseley Road, Mosman Nsw, Australia-2088

Date of Birth/Age :

30.08.1976

Date of Appointment :

28.02.2010

DIN No.:

02957841

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U21015MH1995PTC093191	Kimberly-Clark Hygiene Products Private Limited	Director	28/02/2010	28/02/2010	Active	NO
U74999PN1994PTC081290	Kimberly-Clark Lever Private Limited	Nominee director	28/02/2010	28/02/2010	Active	NO

KEY EXECUTIVES

Name :	Mrs. Bharat H Jani
Designation :	Company Secretary
Address :	403, Shreeji Appt, L M Road, Navagaon Next To Kadam Hospital, Dahisar (West), Mumbai-400068, Maharashtra, India
Date of Birth/Age :	12.07.1965
Date of Appointment :	19.05.2010
PAN No.:	AAHPJ0035H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 14.09.2011)

Names of Shareholders	No. of Shares
Kimberly-Clark Corporation, USA	36249997
Hindustan Unilever Limited, India	36249997
Unilever Exports Private Limited, India	1
Apte Parsuram Suhas Joint With Kimberly Clark Corporation, USA	1
Brown Thomas Joint With Kimberly Clark Corporation, USA	1
Larkin John Joint With Kimberly Clark Corporation, USA	1
Ponds Exports Limited, India	1
Srithar Ramamurthy Jointly with Unilever India Exports Private Limited, India	1
Total	72500000

(AS ON 14.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	49.99
Bodies corporate	49.99
Other top fifty shareholders	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers, Dealers, Distributors, Importers and Exporters of Baby and Child Care Products.

Products :

Item Code No.	Product Description
48181000	Napkin and Napkin Liners for Babies
48181000	Sanitary Towels

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Disposable Diapers	Nos.	162000000	261000000	242036096
Sanitary Napkins	Nos.	29435200	171465984	16690512

GENERAL INFORMATION

No. of Employees :	550 (Approximately)
Bankers :	· State Bank of India , Pune, Maharashtra · ABN Amro Bank, 14 Veer Nariman Road, Mumbai – 400023, Maharashtra, India · ICICI Bank Limited

Banking Relations :	--
Auditors :
Name :	N. M. Raiji and Company Chartered Accountants
Address :	Universal Insurance Building, Pherozeshah Mehta Road, Mumbai - 411 001, Maharashtra, India
Tel. No.:	91-22-22870068/ 22873463/ 22837482
Fax No.:	91-22-22828646/ 22650578
E-Mail :	nmraiji@bol.net.in
PAN.:	AAAFN4217G
Related Parties (where control exists) :	· Hindustan Unilever Limited · Kimberly Clark Corporation
Related Parties (company under common control) :	· Kimberly Clark Hygiene Products Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/- each	Rs.800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72500000	Equity Shares	Rs.10/- each	Rs.725.000 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		725.000	725.000	725.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	122.058	144.077
4] (Accumulated Losses)		(108.842)	0.000	0.000
NETWORTH		616.158	847.058	869.077
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		21.623	25.819	27.633
TOTAL		637.781	872.877	896.710
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		361.024	360.281	264.219
Capital work-in-progress		3.285	11.333	106.576
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	538.539	339.983	433.202
	Sundry Debtors	60.880	78.299	90.209
	Cash & Bank Balances	829.892	711.780	535.478
	Other Current Assets	23.832	18.622	4.414
	Loans & Advances	123.778	98.060	90.892
Total Current Assets		1576.921	1246.744	1154.195
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1221.829	676.999	553.063
	Other Current Liabilities	81.620	68.482	15.840
	Provisions	0.000	0.000	59.377
Total Current Liabilities		1303.449	745.481	628.280
Net Current Assets		273.472	501.263	525.915
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		637.781	872.877	896.710

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2590.279	1995.654	2153.260
		Other Income
		TOTAL	2590.279	1995.654	2153.260
Less	EXPENSES
		Office Expenses
		Administrative Expenses	2825.375	2021.067	2062.753
		Advertising Expenses
		Financial Expenses
		Depreciation
		TOTAL	2825.375	2021.067	2062.753
	PROFIT BEFORE TAX		(235.096)	(25.413)	90.507
Less	TAX		(4.197)	(3.394)	3.052
	PROFIT AFTER TAX		(230.899)	(22.019)	87.455
	BALANCE CARRIED TO THE B/S		NA	90.500	111.071
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	0.000	8.100
	TOTAL EARNINGS		0.000	0.000	8.100
	IMPORTS
		Raw Materials & Packing Materials	NA	348.782	348.206
		Semi Finished Products	NA	0.000	494.076
		Components, Stores and Spare Parts	NA	16.822	82.525
	TOTAL IMPORTS		NA	365.604	924.807
	Earnings/ (Loss) Per Share (Rs.)		(3.18)	(0.30)	1.21

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(8.91)	(1.10)	4.06
Return on Total Assets (PBT/Total Assets}	(%)	(12.13)	(1.58)	6.38
Return on Investment (ROI) (PBT/Networth)		(0.38)	(0.03)	0.10
Debt Equity Ratio (Total Liability/Networth)		2.12	0.88	0.72
Current Ratio (Current Asset/Current Liability)		1.21	1.67	1.55

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors
- Creditors Due Small Micro Enterprises	--	--	--
- Creditors due Others	1221.829	676.999	553.063
Total	1221.829	676.999	553.063

FINANCIALS

The Company has registered the Total Income of Rs.2590.279 Millions as against Rs.1995.654 Millions for the previous year. The Loss after tax for the year was Rs.230.899 Millions as compared to Rs.22.019 Millions for the previous year. The products sold by the Company were brought under the provisions of Central Excise. The baby and Child Care business continued to grow and registered significant growth in the year. New packs were introduced as the business focused on driving affordability and building acceptability for diapers. On Feminine Care, the Company is focused on building an innovation pipeline, aligned to its long term strategic ambition for this category.

Fixed Assets

· Land – Freehold

· Building

· Plant and Machinery

· Computers

· Furniture, Fixtures and Office Equipments

· Motor Vehicles

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 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.50.67
UK Pound	1	Rs.77.72
Euro	1	Rs.64.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--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.