MIRA INFORM REPORT

Report No. :	308703
Report Date :	19.02.2015

IDENTIFICATION DETAILS

Name :	KIMBERLY-CLARK LEVER PRIVATE LIMITED
Formerly Known As :	KIMBERLY-CLARK LEVER LIMITED
Registered Office :	Gat No. 934-937, Village Sanaswadi, Taluka- Shirur, Pune – 412208, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.09.1994
Com. Reg. No.:	11-081290
Capital Investment / Paid-up Capital :	Rs.794.000 Millions
CIN No.: [Company Identification No.]	U74999PN1994PTC081290
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
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 :	Information denied by management

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a joint venture between Hindustan Unilever Limited and Kimberly – Clark Corporation USA. It is an established company having moderate track record. The company has recorded accumulate losses. However, the subject gets good financial and operational support from its joint venture entities. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES:

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Abhijeet Bobade
Designation :	Finance Department
Contact No.:	91-9850557543
Date :	18.02.2015

LOCATIONS

Registered Office/ Factory :	Gate No. 934-937, Village Sansawadi, Taluka Shirur, District Pune – 412208, Maharashtra, India
Tel. No.:	91-2137-252545 to 49 / 252156
Mobile No.:	91-9850557543 (Mr. Abhijeet Bobade)
Fax No.:	91-2137-252533
E-Mail :	sunil_adhiya@vsnl.net rahul.tibrewal@kcc.com
Website :	www.kimberly-clark.com
Corporate Office :	165/ 166 Backbay Reclamation, Churchgate, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22876222
Fax No.:	91-22-22041920 / 3117

DIRECTORS

As on 29.09.2014

Name :	Mr. Vikas Singh
Designation :	Managing Director
Address :	C-72 Icon, DLF Phase - V, Gurgaon - 122009, Haryana, India
Date of Birth/Age :	18.07.1967
Date of Appointment :	02.05.2014
DIN No.:	06879472
Name :	Mr. Hemant Sudarshan Bakshi
Designation :	Nominee Director
Address :	1 Alhambra, 3 Carmichael Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	23.03.1964
Date of Appointment :	06.03.2012
DIN No.:	02362738
Name :	Rodney George Olsen
Designation :	Nominee Director
Address :	6607 Waggoner Drive, Dallas Texas – 75230, USA
Date of Birth/Age :	25.06.1955
Date of Appointment :	26.06.2012
DIN No.:	05256954
Name :	Ms. Achal Agarwal
Designation :	Nominee Director
Address :	Flat A 38/F, High Cliff, 41D Stubbs Road, Happy Valley, Hong Kong – WCHS56
Date of Birth/Age :	04.08.1959
Date of Appointment :	12.03.2012
DIN No.:	05225330
Name :	Rodney George Olsen
Designation :	Nominee Director
Address :	6607 Waggoner Drive, Dallas Texas – 75230, USA
Date of Birth/Age :	25.06.1955
Date of Appointment :	26.06.2012
DIN No.:	05256954
Name :	Mr. Sanjiv Soshil Mehta
Designation :	Nominee Director
Address :	Frond D, Villa #18, Palm Jumeirah, P O Box 17055, Dubai - 17055, United Arab Emirates
Date of Birth/Age :	09.07.1960
Date of Appointment :	11.10.2013
DIN No.:	06699923

KEY EXECUTIVES

Name :	Mr. Rahul Tibrewal
Designation :	Company Secretary
Address :	Lunkad Zodiac, Viman Nagar, Pune – 411014, Maharashtra, India
Date of Birth/Age :	23.02.1986
Date of Appointment :	04.06.2013
PAN No.:	AGQPT2786A

MAJOR SHAREHOLDERS

As on 29.09.2014

Names of Shareholders	No. of Shares
Kimberly-Clark Corporation, USA	42346667
Hindustan Unilever Limited, India	42346664
Unilever Exports Private Limited, India	1
Ponds Exports Limited, India	1
Sridhar Ramamurthy Jointly with Unilever India Exports Private Limited, India	1
Total	84693334

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

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	50.00
Bodies corporate	49.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers, Dealers, Distributors, Importers and Exporters of Baby and Child Care Products.
Products :	Baby and Child Care Products
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information denied by management

Bankers :

• ABN Amro Bank, 14 Veer Nariman Road, Mumbai – 400023, Maharashtra, India
• The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India
• State Bank of India , Pune, Maharashtra, India
• ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Rupee term loans from banks	168.831	168.831
SHORT TERM BORROWINGS
Rupee term loans from banks	742.898	325.963
Total	911.729	494.794

Auditors :
Name :	N. M. Raiji and Company Chartered Accountants
Address :	Universal Insurance Building, Pherozeshah Mehta Road, Mumbai - 411001, Maharashtra, India
Tel. No.:	91-22-22870068 / 22873463 / 22837482
Fax No.:	91-22-22828646 / 22650578
E-Mail :	nmraiji@bol.net.in
PAN No.:	AAAFN4217G
Memberships :	--
Collaborators :	--
Others :	Hindustan Unilever Limited CIN No.: L15140MH1933PLC002030 Kimberly Clark Corporation
Companies under common control :	Kimberly Clark Hygiene Products Private Limited Kimberly Clark Global Sales LLC Kimberly Clark De Mexico Kimberly Clark Asia Pacific Pte. Limited Kimberly Clark International Services Kimberly Clark Central Stores Yuhan Kimberly Kimberly Clark Thailand Kimberly Clark Taiwan Kimberly Clark Philippines Inc Kimberly Clark Malayisa Kimberly Clark World Wide Inc. Kimberly Clark Vietnam Limited Kimberly Clark (Singapore) Limited Kimberly Clark Australia Colombiana Kimberly Colapapel S A

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
84693334	Equity Shares	Rs.10/- each	Rs.846.933 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
79400000	Equity Shares	Rs.10/- each	Rs.794.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	794.000	794.000	725.000
(b) Reserves & Surplus	(641.463)	(138.173)	(260.609)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	152.537	655.827	464.391
(3) Non-Current Liabilities
(a) long-term borrowings	168.831	168.831	0.000
(b) Deferred tax liabilities (Net)	4.309	13.715	19.383
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	4.139
Total Non-current Liabilities (3)	173.140	182.546	23.522
(4) Current Liabilities
(a) Short term borrowings	742.898	325.963	0.000
(b) Trade payables	1,041.382	928.615	892.676
(c) Other current liabilities	119.660	114.880	67.855
(d) Short-term provisions	7.396	11.089	3.083
Total Current Liabilities (4)	1,911.336	1,380.547	963.614
TOTAL	2,237.013	2,218.920	1,451.527
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	550.991	583.760	333.380
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	25.421	0.000	6.018
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	297.573	183.263	90.325
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	873.985	767.023	429.723
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	638.948	505.828	554.468
(c) Trade receivables	96.478	55.594	57.671
(d) Cash and cash equivalents	207.328	589.745	311.764
(e) Short-term loans and advances	419.774	299.842	81.281
(f) Other current assets	0.500	0.888	16.620
Total Current Assets	1,363.028	1,451.897	1,021.804
TOTAL	2,237.013	2,218.920	1,451.527

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	3,167.632	2,363.780	2,445.548
Less	EXPENSES		3,684.696	2,716.211	2,640.634
	PROFIT/(LOSS) BEFORE TAX		(517.064)	(352.431)	(195.086)
Less	TAX		(13.774)	(5.668)	(43.319)
	PROFIT/(LOSS) AFTER TAX		(503.290)	(346.763)	(151.767)
	EARNINGS IN FOREIGN CURRENCY		242.239	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)		(6.34)	(4.38)	(2.09)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(23.38)	(15.88)	(13.50)
Return on Investment (ROI) (PBT/Networth)		(3.39)	(0.54)	(0.42)
Debt Equity Ratio (Total Debt /Networth)		5.98	0.75	0.00
Current Ratio (Current Asset/Current Liability)		0.71	1.05	1.06

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	725.000	794.000	794.000
Reserves & Surplus	(260.609)	(138.173)	(641.463)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	464.391	655.827	152.537
Long Term borrowings	0.000	168.831	168.831
Short Term borrowings	0.000	325.963	742.898
Total borrowings	0.000	494.794	911.729
Debt/Equity ratio	0.000	0.754	5.977

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	2,445.548	2,363.780	3,167.632
		(3.344)	34.007

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	2,445.548	2,363.780	3,167.632
Profit	(151.767)	(346.763)	(503.290)
	(6.21%)	(14.67%)	(15.89%)

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT DETAILS NOT AVAILABLE

Sr. No.	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 three years	Yes
12]	Profitability for last three 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	Yes
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	Yes
34]	External Agency Rating, if available	No

FINANCIAL PERFORMANCE

During the year, the Company has registered:

• Total income for the year has increased by 25.37 % to Rs.3167.632 Millions as against Rs.2363.780 Millions during the previous year
• The Loss after tax for the year under review was Rs.503.290 Millions as compared to Rs.346.764 Millions for the previous year.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10473641	02/08/2013	392,000,000.00	The Hongkong And Shanghai Banking Corporati Limited	52/60,MAHATMA GANDHI ROAD,, FORT, MUMBAI, Maharashtra - 400001, INDIA	B90205238
2	90091756	12/01/2002	5,000,010.00	Abn Amro Bank	327; M.G. Road, Pune, Maharashtra - 411001, India	-
3	90084728	18/11/1997	70,000,000.00	Abn Amro Bank N. V	327; M. G. Road, Pune Camp, Pune, Maharashtra - 411001, India	-
4	90084494	22/07/1996	20,000,000.00	Abn Amro Bank N. V	14, Veer Nariman, Bombay, Maharashtra - 400023, India	-
5	90084486	11/07/1996	30,000,000.00	Banque Natsonale De Paris	Cg 3; Konark Estates, 9; Connaught Road, Pune, Maharashtra - 411001, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.62.25
UK Pound	1	Rs.95.75
Euro	1	Rs.71.01

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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

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.