MIRA INFORM REPORT

Report Date :

14.03.2012

IDENTIFICATION DETAILS

Name :	MULTIWYN EXPORTS LIMITED
Registered Office :	23, Vivek Vihar, New Sanganer Road, Jaipur- 302006, Rajasthan
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.01.1985
Com. Reg. No.:	17-027739
Capital Investment / Paid-up Capital :	Rs.3.491 Millions
CIN No.: [Company Identification No.]	U51900RJ1985PLC027739
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers and Exporters of Handicraft Items and Wooden Furniture.
No. of Employees :	100 (Approximately) (In Office + In factory)

RATING & COMMENTS

MIRA’s Rating :

B (35)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 28000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Jinendra Kumar Bakliwal
Designation :	Director
Contact No.:	91-9829062268
Date :	22.02.2012

LOCATIONS

Registered Office / Factory :	23, Vivek Vihar, New Sanganer Road, Jaipur – 302 019, Rajasthan, India
Tel. No.:	91-141-2291911 / 2293911 / 3222312
Mobile No.:	91-9829062268 (Mr. Jitendra Bakliwal)
Fax No.:	91-141-2292385
E-Mail :	bakliwal@jp1.net.in multiwyn@satyam.net.in ca.client@yahoo.com multiwyn@datainfosys.net
Website :	http://www.multiwynexports.com
Location :	Owned
Branch Office :	231,Guru Jambeshwar Nagar, 7th Lane, Gandhi Path, Queens Road, Jaipur – 302021, Rajasthan, India
Tel. No.:	91-141-4006268
Fax No.:	91-141-4006268

DIRECTORS

As on 30.09.2011

Name :	Mr. Jinendra Kumar Bakliwal
Designation :	Director
Address :	D- 162, BKC Road, Durga Bari Marg, Jaipur- 302006, Rajasthan, India
Date of Birth/Age :	16.06.1963
Date of Appointment :	26.02.2001
DIN No.:	00837662

Other Directorship:

S.No.	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
1	U14102RJ1997PTC013356	JB GRANITIERS (INDIA) PRIVATE LIMITED	Director	27-02-97	27-02-97	-	Active	NO
2	U51900RJ1985PLC027739	MULTIWYN EXPORTS LIMITED	Director	26-02-01	26-02-01	-	Active	NO
3	U45400WB2008PTC122586	REGISTAN DEVELOPERS PRIVATE LIMITED	Director	13-02-08	13-02-08	21-08-11	Active	NO
4	U45400WB2008PTC122585	PROFESSIONAL DEVELOPERS PRIVATE LIMITED	Director	13-02-08	13-02-08	-	Active	NO

Name :	Mrs. Sejal Bakliwal
Designation :	Additional director
Address :	231, Guru Jambeshwar Nagar, 7^th Lane, Gandhi Path, Queens Road, Jaipur – 302021, Rajasthan, India
Date of Birth/Age :	10.01.1992
Date of Appointment :	21.07.2011
DIN No.:	03553909

Name :	Mrs. Shalini Devi Bakliwal
Designation :	Additional director
Address :	23, Vivek Vihar, New Sanganer Road, Jaipur – 302019, Rajasthan, India
Date of Birth/Age :	01.01.1968
Date of Appointment :	25.06.2010
DIN No.:	03124814

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Mahendra Kumar Bakliwal	35000
Devendra Kumar Bakliwal	35000
Sangeeta Bakliwal	15000
Raj Kumar Jain	30000
Prakash Chand Jain	5000
Sumitra Devi Jain	5000
Subhash Chand Jain	5000
Bsanti Devi Jain	5000
Pawan Kumar Jain	5000
Shree Chand Saroj (HUF)	5000
Shree Chand Jain	5000
Nemi Chand Jain	5000
Saroj Kumar Patni	5000
Manju Devi Patni	5000
Mohanlal Patni	5000
Kanwar Lal Patni	5000
Manik Chand Jain	300
Bimal Singh Kothari	300
Mahendra Singh Darda	300
Mahesh Kumar Agarwal	100

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	44.40
Other top fifty shareholders	55.60
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers and Exporters of Handicraft Items and Wooden Furniture.
Products :	Handicrafts Wooden Furniture Antique / Reproductions Granite Marble Sandstone Slate Wooden and Stone Carving Statues Old Doors Brass-ware
Exports :
Products :	· Handicraft Items · Wooden Furniture
Countries :	· UK · USA

GENERAL INFORMATION

Suppliers:

• K K Khadaria and Company
• S Rungta and company
• Alisha Art and Craft
• Shree Balaji Art
• Jain Industries
• Atlas Logistic Private Limited
• Bajrang Enterprises
• Hasu Petro Chemicals and Shipping Limited
• Khandelwal Industries
• Krishna Woods
• Mahaveer Art and Craft
• Maruti Global Logistic Services
• Native Arts
• Pap Fast Movers India Private Limited
• Sidhi Vinayak Printers
• TNI Cargo Private Limited
• JB Granities (India) Private Limited

Customers:

• Hindustan Business Communication
• Fujin Uanzhal Wantons Stone Limite
• Oriental Stone
• Solera Conely SL

No. of Employees :

100 (Approximately) (In Office + In factory)

Bankers :

· CITI Bank, Jaipur Branch, Rajasthan, India

· HDFC Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Secured Loan from HDFC Bank (Car Loan)	0.323	0.483
HDFC Bank (Overdraft A/c)	1.358	2.696
Total	1.681	3.179

Banking Relations :	---
Auditors :
Name :	S K Rungta Chartered Accountants
Address :	B-15, Akshat Apartment, D- 235, Bihari Marg, Banipark, Jaipur- 302006, Rajasthan, India
PAN No.:	ACKPR0306C
Membership:	CAPEXIL.
Associates / Subsidiaries:	J B Granites (India) Private Limited Works at: Jodhpur Delhi Shahpura

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
349070	Equity Shares	Rs.10/- each	Rs.3.491 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		3.491	3.491	3.491
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.572	3.426	3.233
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7.063	6.917	6.724
LOAN FUNDS
1] Secured Loans		1.681	3.179	1.557
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1.681	3.179	1.557
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		8.744	10.096	8.281
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.241	4.468	3.905
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.060	0.037	0.030
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	3.175	5.430	2.952
	Cash & Bank Balances	0.596	0.924	0.121
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.292	4.758	4.147
Total Current Assets		9.063	11.112	7.220
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.451	2.308	0.374
	Other Current Liabilities	3.067	3.119	2.384
	Provisions	0.102	0.094	0.116
Total Current Liabilities		4.620	5.521	2.874
Net Current Assets		4.443	5.591	4.346
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8.744	10.096	8.281

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	9.317	11.704	7.646
		Other Income	0.234	0.537	1.283
		TOTAL	9.551	12.241	8.929
Less	EXPENSES
		Purchase	6.706	9.206	5.343
		Loss on currency Fluctuation	0.043	0.016	0.081
		Administrative and Selling Expenses	2.323	2.601	2.768
		Auditor Remuneration	0.027	0.023	0.020
		(Increase) / Decrease In stock	0.000	0.000	0.337
		TOTAL	9.099	11.846	8.549
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.452	0.395	0.380
Less/ Add	DEPRECIATION/ AMORTISATION		0.228	0.113	0.102
	PROFIT BEFORE TAX		0.224	0.282	0.278
Less	TAX		0.079	0.088	0.121
	PROFIT AFTER TAX		0.145	0.194	0.157
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.427	3.233	3.076
	BALANCE CARRIED TO THE B/S		3.572	3.427	3.233
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	9.317	11.703	7.646
	TOTAL EARNINGS		9.317	11.703	7.646
	Earnings Per Share (Rs.)		10.23	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.52	1.58	1.76
Net Profit Margin (PBT/Sales)	(%)	2.40	2.41	3.64
Return on Total Assets (PBT/Total Assets}	(%)	1.68	1.81	2.50
Return on Investment (ROI) (PBT/Networth)		0.03	0.04	0.04
Debt Equity Ratio (Total Liability/Networth)		0.89	1.26	0.66
Current Ratio (Current Asset/Current Liability)		1.96	2.01	2.51

LOCAL AGENCY FURTHER INFORMATION

Note: The registered office of the company has been shifted from 1, Hill View Apartment, J P Road, Andheri (West), Mumbai – 400 058, Maharashtra to the present address with effect from 27.08.2008.

Operations:

The performance of the company is not satisfactory during the year. However the directors are hopeful that the performance of company will be better in subsequent year.

Fixed Assets

• Flat at Jaipur
• Flat at Kolkata
• Office at Jaipur
• Computer and Peripherals
• Air Conditioners
• Furniture
• Mobile Phone
• Car- Indigo
• Inverter
• Water Filter
• Land at Mogara Jodhpur 1
• Land at Mogara Jodhpur 2

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.49.84
UK Pound	1	Rs.77.96
Euro	1	Rs.65.61

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		35

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.