Malaika Appliances Ltd

288 Pages·2015·2.85 MB·English

Draft Prospectus
Dated: September 28, 2015
Please read section 32 of Companies Act, 2013
(To be updated upon ROC filing)
100% Fixed Price Issue

MALAIKA APPLIANCES LIMITED
Our Company was incorporated as Malaika Appliances Private Limited under the provisions of the Companies Act, 1956 vide certificate of incorporation
dated June 07, 1995, in Mumbai. Further, our Company was converted into public limited company vide fresh certificate of incorporation dated September
01, 2015. The Corporate Identification Number of Our Company is U25207MH1995PLC089266. For details of change in registered office of our Company
please refer to chapter titled “Our History and Certain Other Corporate Matters” beginning on page 90 of this Draft Prospectus.
Registered Office: Malaika Estate, Raje Shivaji Nagar, Sakivihar Road, Powai Mumbai-400072, Maharashtra
Tel No: [phone]; Fax No: [phone]; E-mail: [email protected]; Website: www.malaikagroup.in
Contact Person: Mr. Gilbert Paustine Baptist, Managing Director
Promoters of our Company: Mr. Gilbert Paustine Baptist & Mrs. Marceline Jpquim Baptist
THE ISSUE
PUBLIC ISSUE OF 12,00,000 EQUITY SHARES OF FACE VALUE OF Rs. 10/- EACH FULLY PAID UP OF MALAIKA APPLIANCES
LIMITED (“MALAIKA” OR THE “COMPANY” OR THE “ISSUER”) FOR CASH AT A PRICE OF Rs. 24/- PER EQUITY SHARE
(THE “ISSUE PRICE”) (INCLUDING A SHARE PREMIUM OF Rs. 14/- PER EQUITY SHARE AGGREGATING Rs. 288.00 LAKHS
(THE “ISSUE”) BY OUR COMPANY, OF WHICH 60,000 EQUITY SHARES OF Rs.10/- FULLY PAID UP EACH WILL BE
RESERVED FOR SUBSCRIPTION BY MARKET MAKER TO THE ISSUE (“MARKET MAKER RESERVATION PORTION”). THE
ISSUE LESS THE MARKET MAKER RESERVATION PORTION I.E. ISSUE OF 11,40,000 EQUITY SHARES OF Rs.10/- EACH
FULLY PAID UP IS HEREINAFTER REFERRED TO AS THE “NET ISSUE”. THE ISSUE AND THE NET ISSUE WILL
CONSTITUTE 26.67 % AND 25.33 %, RESPECTIVELY OF THE POST ISSUE PAID UP EQUITY SHARE CAPITAL OF THE
COMPANY.
THE FACE VALUE OF THE EQUITY SHARES IS Rs. 10/- EACH. THE ISSUE PRICE IS Rs. 24/- THE ISSUE PRICE IS 2.40 TIMES
THE FACE VALUE.
THIS ISSUE IS BEING IN TERMS OF CHAPTER XB OF THE SEBI (ICDR) REGULATIONS, 2009 (AS AMENDED FROM TIME TO
TIME)
For further details please refer to “Section VII - Issue Information” beginning on Page 184 of this Draft Prospectus.
All potential investors may participate in the Issue through Application Supported by Blocked Amount (“ASBA”) process providing details about
the bank account which will be blocked by the Self Certified Syndicate Banks (“SCSBs”) for the same. For details in this regard, specific attention
is invited to “Issue Procedure” on page 190 of this Draft Prospectus. In case of delay, if any in refund, our Company shall pay interest on the
application money at the rate of 15% per annum for the period of delay.
RISK IN RELATION TO THE FIRST ISSUE
This being the first issue of Equity Shares of our Company, there has been no formal market for the Equity Shares of our Company. The face value
of the Equity Shares is Rs.10/- and the Issue Price is 2.40 times of the face value. The Issue Price (as determined and justified by the Company and
the Lead Manager as stated under chapter titled “Basis for Issue Price” beginning on page 71 of this Draft Prospectus) should not be taken to be
indicative of the market price of the Equity Shares after the Equity Shares are listed. No assurance can be given regarding an active and/or sustained
trading in the Equity Shares of our Company or regarding the price at which the Equity Shares will be traded after listing.
GENERAL RISKS
Investment in equity and equity related securities involve a degree of risk and investors should not invest any funds in this Issue unless they can
afford to take the risk of losing their investment. Investors are advised to read the Risk Factors carefully before taking an investment decision in this
Issue. For taking an investment decision, investors must rely on their own examination of our Company and the Issue including the risks involved.
The Equity Shares offered in the Issue have not been recommended or approved by the Securities and Exchange Board of India (“SEBI”) nor does
SEBI guarantee the accuracy or adequacy of this Draft Prospectus. Specific attention of the investors is invited to the section titled “Risk
Factors” on page 91 of this Draft Prospectus.
COMPANY’S ABSOLUTE RESPONSIBILITY
Our Company, having made all reasonable inquiries, accepts responsibility for and confirms that this Draft Prospectus contains all information with
regard to our Company and the Issue, which is material in the context of this Issue; that the information contained in this Draft Prospectus is true
and correct in all material aspects and is not misleading in any material respect; that the opinions and intentions expressed herein are honestly held
and that there are no other facts, the omission of which makes this Draft Prospectus as a whole or any of such information or the expression of any
such opinions or intentions misleading in any material respect.
LISTING
The Equity Shares offered through this Draft Prospectus are proposed to be listed on the BSE SME Platform. In terms of the Chapter XB of the
SEBI (ICDR) Regulations, 2009, as amended from time to time, we are not required to obtain an in-principle listing approval for the shares being
offered in this issue. However, our Company has received an approval letter dated [●] from BSE for using its name in this offer document for
listing of our Equity Shares on the SME Platform of BSE. For the purpose of this Issue, the Designated Stock Exchange will be the BSE Limited
(“BSE”).

LEAD MANAGER TO THE ISSUE REGISTRAR TO THE ISSUE
SARTHI CAPITAL ADVISORS PRIVATE BIGSHARE SERVIVES PVT LTD
LIMITED E2 Ansa Industrial Estate,
159/11, Amar Brass Compound, Sakivihar Road, Sakinaka
Vidyanagari Marg, Kalina, Santacruz (E), Andheri East, Mumbai – 400072.
Mumbai - 400098 Tel: [phone]
Tel: [phone] Fax: [phone]
Fax:[phone] E-mail: [email protected]
Investor Grievance Email:[email protected] Website
Website: www.sarthi.in Contact Person: Mr. Ashok Shetty
Contact Person: Mr. Deepak Sharma SEBI Registration No.: INR000001385
SEBI Registration No.: INM000012011

ISSUE PROGRAMME
ISSUE OPENS ON : [] ISSUE CLOSES ON : []
CONTENTS
SECTION I – GENERAL……………………………………………………………………………… 03
DEFINITION AND ABBREVIATIONS………………………………………………………………... 03
PRESENTATION OF FINANCIAL, INDUSTRY AND MARKET DATA…………………………… 15
FORWARD - LOOKING STATEMENTS……………………………………………………………… 16
SECTION II - RISK FACTORS………………………………………………………………………. 17
SECTION III – INTRODUCTION…………………………………………………………………… 31
SUMMARY OF OUR INDUSTRY……………………………………………………………………... 31
SUMMARY OF OUR BUSINESS………………………………………………………………………. 33
SUMMARY FINANCIAL STATEMENTS……………………………………………………………... 35
THE ISSUE………………………………………………………………………………………………. 39
GENERAL INFORMATION……………………………………………………………………………. 40
CAPITAL STRUCTURE………………………………………………………………………………… 49
OBJECTS OF THE ISSUE………………………………………………………………………………. 67
BASIS FOR ISSUE PRICE……………………………………………………………………………… 71
STATEMENT OF TAX BENEFITS…………………………………………………………………….. 73
SECTION IV – ABOUT THE COMPANY…………………………………………………………… 82
OUR INDUSTRY………………………………………………………………………………………... 82
OUR BUSINESS………………………………………………………………………………………… 92
KEY INDUSTRY REGULATION AND POLICIES…………………………………………………… 102
OUR HISTORY AND CERTAIN OTHER CORPORATE MATTERS………………………………... 105
OUR MANAGEMENT…………………………………………………………………………………. 108
OUR PROMOTERS AND PROMOTER GROUP……………………………………………………… 118
OUR GROUP ENTITIES………………………………………………………………………………... 121
RELATED PARTY TRANSACTIONS…………………………………………………………………. 124
DIVIDEND POLICY…………………………………………………………………………………….. 125
SECTION V – FINANCIAL INFORMATION……………………………………………………… 126
FINANCIAL STATEMENT, AS RESTATED………………………………………………………….. 126
MANAGEMENT‘S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS 153
OF
OPERATIONS………………………………………………………………………….............................
SECTION VI – LEGAL AND OTHER INFORMATION…………………………………………..... 161
OUTSTANDING LITIGATIONS AND MATERIAL DEVELOPMENTS……………………………… 161
GOVERNMENT AND OTHER STATUTORY APPROVALS…………………………………………... 170
OTHER REGULATORY AND STATUTORY DISCLOSURES………………………………………… 173
SECTION VII – ISSUE INFORMATION……………………………………………………………. 184
TERMS OF THE ISSUE………………………………………………………………………………… 184
ISSUE STRUCTURE……………………………………………………………………………………. 188
ISSUE PROCEDURE……………………………………………………………………………………. 190
RESTRICTION ON FOREIGN OWNERSHIP OF INDIAN SECURITIES…………………………… 208
SECTION VIII – MAIN PROVISION OF ARTICLES OF ASSOCIATION……………………… 209
SECTION IX – OTHER INFORMATION…………………………………………………………… 282
MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION………………………………... 282
DECLARATION…………………………………………………………………………………………. 284

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The Equity Shares have not been and will not be registered under the U.S Securities Act of 1933, as amended (U.S.
Securities Act‖) or any state securities laws in the United States and may not be offered or sold within the United
States or to, or for the account or benefit of, ―U.S. Persons (as defined in Regulation S), except pursuant to
exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities laws.
Accordingly the Equity Shares are being offered and sold only outside the United States in offshore transaction in
reliance on Regulation S under the U.S Securities Act and the applicable laws of the jurisdiction where those offers
and sale occur.
The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction
outside India and may not be offered or sold, and application may not be made by persons in any such jurisdiction,
except in compliance with the applicable laws of such jurisdiction.

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SECTION – I GENERAL INFORMATION
DEFINITIONS AND ABBREVIATIONS
In this Draft Prospectus, unless the context otherwise requires, the terms and abbreviations stated hereunder shall
have the meanings as assigned therewith. References to statutes, rules, regulations, guidelines and policies will be
deemed to include all amendments and modifications notified thereto.
COMPANY RELATED TERMS
Term Description
―Malaika Appliances Limited‖ or Unless the context otherwise indicates, refers to Malaika Appliances
―Malaika‖ or ―the Company‖ or Limited, a Company incorporated under the Companies Act 1956.
―we‖ or ―us‖ or ―our‖ and the
―Issuer Company‖
Articles /Articles of Association / The Articles of Association of our Company, as amended.
AOA
Board of Directors / Board / The Board of Directors of our Company or a duly constituted committee
Director(s) / Our Board thereof.
Director(s) The director(s) of our Company, unless otherwise specified.
Equity Shares / Shares Equity Shares of our Company having a face value of Rs. 10/- each,
fully paid-up, unless otherwise specified in the context thereof.
Group Companies Includes those companies, firms and ventures promoted by our
Promoters, irrespective of whether such entities are covered under the
Companies Act, 2013 and disclosed in ―Our Group Entities‖ beginning
on page 121 of this Draft Prospectus.
Key Managerial Personnel / KMP The personnel listed as Key Managerial Personnel in the chapter titled
―Our Management‖ beginning on page 108 of this Draft Prospectus.
Listing Agreement The equity listing agreement to be entered into by our Company with the
Stock Exchanges.
Memorandum of Association / Memorandum of Association of our Company, as amended from time to
Memorandum / MOA time.
Promoters / Our Promoters Promoters of our Company, being Mr. Gilbert Paustine Baptist and
Mrs.Marceline Joquim Baptist.
Promoter Group Unless the context otherwise requires, refers to such persons and entities
constituting the promoter group of our Company in terms of Regulation
2(1)(zb) of the SEBI (ICDR) Regulations and as disclosed in ― Our
Promoter Group and Group Entities‖ beginning on page 118 of this
Draft Prospectus.
Registered office The Registered Office of Our Company situated at Malaika Estate, Raje
Shivaji Nagar, Sakivihar Road, Powai, Mumbai - 400072
SME Exchange Unless the context otherwise requires, refer to the SME Platform of BSE
Limited.
Auditor or Statutory Auditor The statutory auditor of our company, being G.R.Shetty& Co., Chartered
Accountants.
Stock Exchange Unless the context otherwise requires, refers to, the SME Platform of
BSE Limited.
RoC Registrar of Companies, Mumbai, Maharshtra.
Company Secretary and
Mr. Manish Mishra
Compliance Officer
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Term Description
Bankers to our Company DCB Bank Limited
Director(s) The Director(s) of our Company, unless otherwise specified
Equity Shareholders Persons holding equity shares of our Company

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ISSUE RELATED TERMS
Term Description
Allot / Allotment / Allotment of Unless the Context otherwise requires, the allotment of Equity Shares
Equity Shares pursuant to this Issue to the successful Applicants.
Allocation / Allocation of Equity Unless the Context otherwise requires, the allocation of Equity Shares
Shares pursuant to this Issue to successful Applicants.
Allottee(s) Successful applicant(s) to whom Equity Shares are / have been allotted.
Applicant Any prospective investor who makes an application for Equity Shares in
terms of this Draft Prospectus.
Application Amount The amount at which the Applicant makes an application for Equity
Shares of our Company in terms of this Draft Prospectus.
Application Form The Form in terms of which the prospective investor shall apply for the
Equity Shares in this Issue.
Application Supported by Blocked Application Supported by Blocked Amount (ASBA) means an
Amount / ASBA application for subscribing to the Issue containing an authorisation to
block the application money in a bank account maintained with SCSB.
ASBA Account Account maintained by an ASBA Applicants with an SCSB which will
be blocked by such SCSB to the extent of the Application Amount.
ASBA Application Location(s)/ Locations at which ASBA Applications can be uploaded by the SCSBs
Specified Cities namely [●]
ASBA Investor/ASBA Applicant Any prospective investor(s)/applicant(s) in this Issue who apply(ies)
through the ASBA Process.
Bankers to the Issue/Escrow The banks which are clearing members and registered with SEBI as
Collection Bank(s) Banker to an Issue with whom Escrow Account will be opened and in
this case being [●].
Basis of Allotment The basis on which the equity shares will be Allotted to successful
Applicants under the Issue in consultation with the Stock Exchange
which is described in the Chapter titled ―Issue Procedure‖ beginning on
page 190 of this Draft Prospectus.
Business Day Any day on which commercial banks in Mumbai are open for business
and shall not include a Saturday, Sunday or a public holiday.
Controlling Branch Such branches of the SCSBs which coordinate Applications made under
this Issue by the ASBA Applicants with the Registrar to the Issue and
the Stock Exchanges and a list of which is available at
http://www.sebi.gov.in, or at such other website as may be prescribed by
SEBI from time to time.
Demographic Details The demographic details of the Applicants such as their Address, Pan,
Occupation and Bank Account details.
Depository Participant /DP A Depository Participant as defined under the Depositories Act, 1996.
Designated Branches Such branches of the SCSBs which shall collect the ASBA Forms from
the ASBA Applicants and a list of which is available on
http://www.sebi.gov.in, or at such other website as may be prescribed by
SEBI from time to time.
Designated Date The date on which funds are transferred from the Escrow Account to the
Public Issue Account or the Refund Account, as appropriate, or the
amount blocked by the SCSBs is transferred from the ASBA Account
specified by the ASBA Applicants to the Public Issue Account, as the
case may be, after the Prospectus is filed with the RoC, following which
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Term Description
the Board of Directors shall Allot Equity Shares to successful
Applicants
Designated Stock Exchange SME Platform of BSE Limited
Draft Prospectus The Draft Prospectus dated September 28, 2015 issued in accordance
with section 32 of the Companies Act, 2013 and filed with the BSE
Limited under SEBI (ICDR) Regulation
Eligible NRIs NRIs from such jurisdiction outside India where it is not unlawful for
our Company to make this Issue or an invitation under this Issue and in
relation to whom the Draft Prospectus constitutes an invitation to
subscribe to the Equity Shares offered herein
Escrow Account Account opened with Escrow Collection Bank(s) and in whose favour
the Applicant will issue cheque(s) or draft(s) in respect of the
Application Amount when submitting any Application(s)
Escrow Agreement Agreement to be entered into by our Company, the Registrar to the
Issue, the Lead Manager and the Escrow Collection Bank(s) for
collection of the Application Amounts and where applicable, refunds of
the amounts collected from the Applicants (excluding ASBA
Applicants) on the terms and conditions thereof.
First/Sole Applicant The Applicant whose name appears first in the Application Form or
Revision Form.
Issue / Issue Size/ IPO/Initial Public Issue of 12,00,000 Equity Shares of face value of Rs. 10/- each
Public Offering/Public Issue fully paid of Malaika Appliances Limited for cash at a price of Rs.24/-
per Equity Share (including a premium of Rs.14 per Equity Share)
aggregating Rs. 288.00 Lakhs
Issue Agreement The agreement dated September 23, 2015 between our Company and the
Lead Manager, pursuant to which certain arrangements are agreed to in
relation to the Issue.
Issue Closing Date The Date on which Issue closes for subscription
Issue Opening Date The Date on which Issue opens for subscription
Issue Price The price at which the Equity Shares are being issued by our Company
under this Draft Prospectus being Rs. 24/-
Issue Proceeds Proceeds to be raised by our Company through this Issue 288.00 lakhs
LM / Lead Manager Lead Manager to this Issue, being Sarthi Capital Advisors Private
Limited, SEBI Registered Category I Merchant Bankers.
Listing Agreement Unless the context specifies otherwise, this means the Equity Listing
Agreement to be signed between our Company and the BSE SME
Platform.
Market Making Agreement Market Making Agreement dated September 23, 2015 between our
Company, Lead Manager and Market Maker.
Market Maker Choice Equity Broking Private Limited will act as the Market Maker
and has agreed to receive or deliver the specified securities in the market
making process for a period of three years from the date of listing of our
Equity Shares or for any other period as may be notified by SEBI from
time to time.
Market Maker Reservation Portion The Reserved Portion of 60,000 Equity Shares of face value of Rs.10
each fully paid for cash at a price of Rs. 24/- per Equity Share
aggregating Rs. 14.40 Lakhs for the Market Maker in this Issue
Mutual Fund(s) A mutual fund registered with SEBI under the SEBI (Mutual Funds)
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Term Description
Regulations,1996, as amended from time to time.
NIF National Investment Fund set up by resolution F. No. 2/3/2005-DD-II
dated November 23, 2005 of Government of India published in the
Gazette of India
Net Issue The Issue excluding the Market Maker Reservation Portion of
11,40,000 Equity Shares of face value of Rs. 10 each fully paid for cash
at a price of Rs. 24/- Equity Share aggregating Rs. 273.60 Lakhs by our
Company
Net Proceeds The Issue Proceeds, less the Issue related expenses, received by the
Company. For further information about use of the Issue Proceeds and
the Issue expenses, please refer to the chapter titled ―Objects of the
Issue‖ beginning on page 67 of this Prospectus
Non-Institutional Applicants All Applicants that are not Qualified Institutional Buyers or Individual
Investors and who have applied for Equity Shares for an amount more
than Rs. 2,00,000 (but not including NRIs other than Eligible NRSs)
OCB / Overseas Corporate Body A company, partnership, society or other corporate body owned directly
or indirectly to the extent of at least 60% by NRIs, including overseas
trust in which not less than 60% of beneficial interest is irrevocably held
by NRIs directly or indirectly as defined under Foreign Exchange
Management (Deposit) Regulations, 2000. OCBs are not allowed to
invest in this Issue.
Payment through electronic Payment through ECS / NECS, Direct Credit, RTGS or NEFT, as
transfer of funds applicable.
Person/Persons Any individual, sole proprietorship, unincorporated association,
unincorporated organisation, body corporate, corporation, company,
partnership, limited liability company, joint venture, or trust or any other
entity or organisation validly constituted and/or incorporated in the
jurisdiction in which it exists and operates, as the context requires.
Public Issue Account Account opened with the Banker to the Issue i.e.[●] by our Company to
receive monies from the Escrow Account and the SCSBs from the bank
accounts of the ASBA Applicants on the Designated Date.
Prospectus The Prospectus to be filed with the ROC containing, inter alia, the Issue
opening and closing dates and other information
QIBs / Qualified Institutional As defined under the SEBI ICDR Regulations including public financial
Buyers institutions as specified in Section 2(72) of the Companies Act,
scheduled commercial bank, mutual funds registered with SEBI, FII and
sub-account (other than sub-account which is a foreign corporate or
foreign individual) registered with SEBI, Multilateral and Bilateral
Development Financial Institution, Venture Capital Fund registered with
SEBI, Foreign Venture Capital Investor registered with SEBI, State
Industrial Development Corporation, Insurance Company registered
with Insurance Regulatory and Development Authority, Provident Fund
with minimum corpus of Rs. 250 million, Pension Fund with minimum
corpus of Rs. 250 million, National Investment Fund set up by
resolution no. F. No. 2/3/2005-DDII dated November 23, 2005 of the
Government of India published in the Gazette of India and insurance
funds set up and managed by army, navy or air force of the Union of
India, insurance funds set up and managed by the Department of Posts,
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Term Description
India
Refund Account(s) Account(s) to which subscription monies to be refunded to the investors
(excluding the ASBA Applicants) shall be transferred from the Public
Issue Account
Refund through electronic transfer Refund through ECS / NECS, Direct Credit, RTGS or NEFT, as
of funds applicable
Refund Banker(s) The bank(s) which is/are clearing members and registered with SEBI as
Banker(s) to the Issue, at which the Refund Account for the Issue will be
opened, in this case being [●]
Registrar / Registrar to the Issue Registrar to this Issue, in this case being M/s.Bigshare Services Private
Limited, E2 Ansa Industrial Estate, Sakivihar Road, Sakinaka, Andheri
(E), Mumbai – 400072.
Retail Individual Investors Individual Applicants, or minors applying through their natural
guardians, including HUF (applying through their Karta) and ASBA
Applicants, who have applied for an amount less than or equal to Rs.
2,00,000
Revision Form The form used by the Applicants to modify the quantity of Equity
Shares in any of their Application Forms or any previous Revision
Form(s)
Self-Certified Syndicate Banks Shall mean a Banker to an Issue registered with SEBI(Banker to an
(SCSBs) Issue) Regulations, 1994, as amended from time to time, and which
offers the service of making Application/s supported by Blocked
Amount including blocking of bank account and a list of which is
available on www.sebi.gov.in, or at such other website as may be
prescribed by SEBI from time to time
SCSB Agreement The deemed agreement between the SCSBs, the Lead Manager, the
Registrar to the Issue and our Company, in relation to the collection of
Applications from the ASBA Applicants and payment of funds by the
SCSBs to the Public Issue Account
SME Platform of BSE The SME platform of BSE for listing of equity shares offered under
Chapter X-B of the SEBI (ICDR) Regulations which was approved by
SEBI as an SME Exchange on September 27,2011.
Underwriters Sarthi Capital Advisors Private Limited.
Underwriting Agreement The agreement dated September 23, 2015 entered into between the
Sarthi Capital Advisors Private Limited and Our Company
Working Days Unless the context otherwise requires:
(i) Till Application/Issue Closing date: All days other than a Saturday,
Sunday or a public holiday.
(ii) Post Application/Issue Closing Date and till the Listing of Equity
Shares:
All days other than a Sunday or a public holiday on which commercial
banks in Mumbai are open for business in accordance with the SEBI
circular no CIR/CFD/DIL/3/2010 dated April 22,2010.

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TECHNICAL AND INDUSTRY RELATED TERMS
Term Description
AC&R Air Conditioning and Refrigeration
Batteries Container consisting of one or more cells, in which chemical energy is
converted into electricity and used as a source of power
CAGR Compound Annual Growth Rate
Cutoff frequency Frequency where an item stops working due to overload
EE Electrical Equipment
ESDM Electronic System Design and Manufacturing
GST Goods and Service Tax
HD High Definition
HRU Heat Recovery Unit
HVAC Heating, Ventilation and Air Conditioning
IPTV Internet Protocol Television
TV Television

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