MIRA
INFORM REPORT
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Report Date : |
25.08.2007 |
IDENTIFICATION DETAILS
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Name : |
MULTIWYN EXPORTS LIMITED |
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Registered Office : |
1, Hill View Apartment, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.01.1985 |
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Com. Reg. No.: |
035173 |
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CIN No.: [Company
Identification No.] |
U51900MH1985PLC035173 |
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Legal Form : |
A Closely Held Public Limited Company |
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Line of Business : |
Manufacturers and Exporters of Handicraft Items, Brassware, Lamps, Vases, Slate, Sandstone and Wooden Furniture. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 24000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
1, Hill View Apartment, |
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Tel. No.: |
91-22-26241165 |
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Mobile No.: |
91-9829062268 |
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Fax No.: |
91-22-26241174 |
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E-Mail : |
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Website : |
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Factory 1 : |
23, Vivek Vihar, New |
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Tel. No.: |
91-141-2291911 / 2293911 / 3222312 |
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Fax No.: |
91-141-2292385 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Mahendrakumar Bakliwal |
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Designation : |
Director |
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Address : |
D- 162, |
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Date of Birth/Age : |
12.04.1958 |
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Date of Appointment : |
01.04.1986 |
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Name : |
Mr. Rajendra Kumar Bakliwal |
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Designation : |
Director |
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Address : |
D- 162, |
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Date of Birth/Age : |
15.09.1969 |
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Date of Appointment : |
05.08.1998 |
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Name : |
Mr. Devendra Kumar Bakliwal |
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Designation : |
Director |
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Address : |
D- 162, |
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Date of Birth/Age : |
20.12.1960 |
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Date of Appointment : |
01.04.0986 |
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Name : |
Mr. Jinendra Kumar Bakliwal |
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Designation : |
Director |
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Address : |
D- 162, |
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Date of Birth/Age : |
16.06.1963 |
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Date of Appointment : |
26.02.2001 |
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Name : |
Mr. Narendra Kumar Bakliwal |
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Designation : |
Executive Director |
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Address : |
D- 162, |
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Date of Birth/Age : |
10.01.1966 |
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Date of Appointment : |
16.12.1996 |
SHAREHOLDING PATTERN
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Names of Shareholders |
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Percentage of
Holding |
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Directors or relatives of directors |
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44.40 |
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Other top fifty (50) shareholders (other than listed above) |
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55.60 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Handicraft Items, Brassware, Lamps, Vases, Slate, Sandstone and Wooden Furniture. |
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Products : |
v
Handicrafts v
Wooden Furniture v
Antique / Reproductions v
Granite v
Marble v
Sandstone v
Slate v
Wooden and Stone Carving v
Statues v
Old Doors v
Brass-ware |
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Exports to: |
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GENERAL INFORMATION
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Suppliers: |
v
Sampurna Estates (Private) Limited v
K K Khadaria and Company v
v
Sunita Devi Garg v
Chandra and Company v
Hamdhan International v
Alisha Art and Craft v
Multiwyn Overseas Corporation v
All v
Shree Balaji Art v
The Royale v
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Customers: |
v
v
M & P Italia, v
Urban Habitat v
Global Conelysel v
La Casbah v
Blue Moon Express ( |
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No. of Employees : |
35 |
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Bankers : |
Citi Bank |
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Facilities : |
- |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
S K Rungta Chartered Accountants |
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Address : |
S -10, Ridhi Sidhi Complex, 1298 Baba Harish Chand Marg, Chanpole, Jaipur
– 302 001, Rajasthan, India |
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Membership: |
CAPEXIL. |
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Associates /
Subsidiaries: |
J B Granites ( Works at: v
v
v
Shahpura |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10.00 each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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349070 |
Equity Shares |
Rs. 10.00 each |
Rs. 3.491
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.491 |
3.491 |
3.491 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.621 |
2.551 |
2.221 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.112 |
6.042 |
5.712 |
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LOAN FUNDS |
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1] Secured Loans |
0.458 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.458 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
6.570 |
6.042 |
5.712 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.492 |
1.992 |
1.959 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.159 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.004 |
0.057 |
0.075 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.880
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2.295 |
1.098 |
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Sundry Debtors |
0.953
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2.174 |
1.017 |
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Cash & Bank Balances |
0.396
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1.451 |
1.492 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.472
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0.296 |
0.182 |
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Total
Current Assets |
3.701
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6.216 |
3.789 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.755
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2.190 |
0.102 |
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Provisions |
0.032
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0.034 |
0.009 |
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Total
Current Liabilities |
0.787
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2.224 |
0.111 |
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Net Current Assets |
2.915
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3.993 |
3.678 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6.570 |
6.04 |
5.712 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
3.883 |
7.059 |
1.999 |
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Other Income |
0.253 |
0.107 |
0.154 |
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Total Income |
4.136 |
7.166 |
2.153 |
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Profit/(Loss) Before Tax |
0.149 |
0.381 |
0.103 |
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Provision for Taxation |
0.079 |
0.051 |
0.018 |
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Profit/(Loss) After Tax |
0.070 |
0.330 |
0.085 |
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Expenditures : |
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Purchases made for re-sale |
2.374 |
6.513 |
1.492 |
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Increase or decrease in finished goods,
work-in-progress |
0.415 |
(1.197) |
0.000 |
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Loss on currency Fluctuation |
0.000 |
0.000 |
0.014 |
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Salaries, wages and bonus |
0.085 |
0.070 |
0.000 |
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Managerial remuneration |
0.120 |
0.120 |
0.000 |
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Payment of Auditors |
0.016 |
0.0154 |
0.011 |
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Insurance Expenses |
0.007 |
0.018 |
0.000 |
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Depreciation and amortization |
0.037 |
0.055 |
0.049 |
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Other Expenditure |
0.934 |
1.189 |
0.484 |
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Total Expenditure |
3.988 |
1.467 |
2.050 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
1.69
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4.61 |
3.95 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.84
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5.40 |
5.15 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.41
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4.64 |
1.79 |
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Return on Investment (ROI) (PBT/Networth) |
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0.02
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0.06 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.20
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0.37 |
0.02 |
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Current Ratio (Current Asset/Current Liability) |
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4.70
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2.79 |
34.14 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
v
Flat at Jaipur
v
Flat at Kolkata
v
Flat at
v
Office at Jaipur
v
Motor Car
v
Computer and Peripherals
v
Air Conditioners
v
Furniture
v
Mobile Phone
Website details attached:
Subject is a renowned manufacturer, exporter and
supplier of Handicraft
Items, Brassware, Lamps, Vases, Slate, Sandstone and Wooden Furniture from
Their entire product range is highly admired by buyers for richness in designs,
class and quality. It is an ISO 9001: 2000 concern successfully catering to a
clientele spread across
Established in 1985, the Jaipur (Rajasthan) based company offers a product
range that is simply outstanding in terms of "overall
looks, finish, and craftsmanship". Its product range also includes Granites
and Marbles.
A team of artisans continuously evolve new designs to cater to the increasing
demand and specific requirements. The items are checked and re-checked to
ensure flawless range of - Handicraft
Items, Brassware, Lamps, Vases, Slate, Sandstone and Wooden Furniture - that wins the buyers' confidence around
the world.
"Total quality management" is adopted in all quarters of production
with prompt customer oriented services, which helps the company to build a
strong bond with its customers. Under the supervision of Mr. Jinendra Bakliwal and Mr. Devendra Bakliwal, the company adopts a proactive policy to
achieve the highest customer satisfaction level.
The company assures timely delivery of goods at highly affordable prices. It
seeks to establish a relationship with buyers on the basis of value and
commitment.
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 41.18 |
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1 |
Rs. 82.41 |
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Euro |
1 |
Rs. 55.85 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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