MIRA INFORM REPORT

 

 

 

Report Date :

08.09.2008

 

IDENTIFICATION DETAILS

 

Name :

ALUKKAS JEWELLERY

 

 

Registered Office :

Opp. Maharaja’s College Ground, M.G. Road, Ernakulam – 682035, Kerala

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Year of Establishment :

1997

 

 

Legal Form :

A Partnership Concern with an unlimited liability of the partners.

 

 

Line of Business :

Manufacturer of Gold and stones.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well – established concern having fine track. Available information indicates high financial responsibility of the concern. Trade relations are fair. Payments are usually correct and as per commitments.

 

The concern can be considered good for any normal business dealings. Financial figures could not be available due to obvious reason.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Murli

Designation :

Administrative

Date :

29.08.2008

 

 

LOCATIONS

 

Registered Office / Showroom :

Opp. Maharaja’s College Ground, M.G. Road, Ernakulam – 682035, Kerla, India

Tel. No.:

91-484-2369801 / 3264957

E-Mail :

Alukasekm@hotmail.com

Website :

http://www.alukkas.com

Area :

5000 sq ft

Location :

Owned

 

 

Branch Office 1 :

Joyalukkas Jewellery, Gold Souk,C block Phase-1, Gurgaon, Haryana:122 022, Delhi

Tel. No.:

91-214-2577455

Fax No.:

91-124-2577451

 

 

Branch Office 2 :

Joyalukkas Jewellery, Wedding Souk,Saradha niketan, Pitampura, New Delhi.

Tel. No.:

91-11 27012550

Fax No.:

91-11 27012553

 

 

Branch Office 3 :

Joyalukkas Jewellery, 6-3-678/1/1 Punjagutta, Hyderabad - 500 482.

Tel. No.:

91-40-23418205

Fax No.:

91-40-23418207

 

 

Branch Office 1 :

Joyalukkas Jewellery, Crosscut Road, Ghandhipuram, Coimbatore,Tamil Nadu. 641 012

Tel. No.:

91-422-2494777

Fax No.:

91-422-2493599

 

 

Branch Office 4 :

Joyalukkas Jewellery, 107,Nethaji Road, Madurai-625 001.

Tel. No.:

91-452-2345916

Fax No.:

91-452-2340916

 

 

Branch Office 5 :

Joyalukkas Jewellery, 201A Omalur Main Road, Salem: 636 016.

Tel. No.:

91-427-2444545

Fax No.:

91-427-2332916

 

 

Branch Office 6 :

Joyalukkas Jewellery, Building No: 314/315, Lalachtra Muck, Tirunelvelli Town

 

 

Branch Office 7 :

Prashanth Real Gold Tower, No:39,North Usman Road, T.Nagar, Chennai-600017

Tel. No.:

91-44-28155655

Fax No.:

91-44-28155999

 

 

Branch Office 8 :

Joyalukkas Jewellery, T.B.Road, Kottayam, Kerala-686 001

Tel. No.:

91-481-2300999

Fax No.:

91-481-2300615

 

 

Branch Office 9 :

High Court Junction, Cochin, Kerala - 682 031

Tel. No.:

91-484-2350512

Fax No.:

91-484-2350517

 

 

Branch Office 10 :

Sree Krishna Theatre Junction, Thodupuzha.

Tel. No.:

486-2222333

Fax No.:

91-486-2227895

 

 

Branch Office 11 :

SCS Junction, Thiruvalla.

Tel. No.:

91-469-2601999

Fax No.:

91-469-2601993

 

 

Branch Office 12 :

Main Road, Angamaly, Kerala - 683 572

Tel. No.:

91-484-2452999

Fax No.:

91-484-2456299

 

 

Branch Office 13 :

Convent Junction, Kollam, Kerala.691 001

Tel. No.:

91-474-2769555

Fax No.:

91-474-2768963

 

 

Branch Office 14 :

Round East, Thrissur, Kerala. 680 001.

Tel. No.:

91-487-2323820,21,22

Fax No.:

91-487-2323823

 

 

Company Name :

Joyalukkas Traders (India) Private Limited

Branch Office 15 :

10/815/28, Erinjery Angadi, Thrissur-680001

Tel. No.:

91-487-2445444

Fax No.:

91-487-2446555

 

 

Company Name :

Kerala - Dazzle (Exclusive showroom for diamonds)

Branch Office 16 :

Diamond Bountique, Taj Residency, Marine Drive,Cochin

Tel. No.:

91-484-2384646

Fax No.:

91-484-2384645

 

 

Company Name :

Joyalukkas Traders(India) Private Limited

Branch Office 17 :

Regional Office, India, Marine Drive, Cochin - 682 031

Tel. No.:

91-484-2385035

Fax No.:

91-484-2385032

 

 

Branch Office 18 :

No. 36,Ground Floor, Turner Road, Bandra(West), Mumbai - 400 050

Tel. No.:

91-22 26452227

Fax No.:

91-22 26456789

 

PARTNERS

 

Name :

Mr. Paul Alukka

Designation :

Partner

Qualification :

Graduate

 

 

Name :

Mr. Vinu Paul

Designation :

Partner

Qualification :

Graduate

 

 

Name :

Mrs. Ruzi Paul

Designation :

Partner

Qualification :

Graduate

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Gold and stones.

 

 

Products :

·       Platinum

·       Diamond

·       Trestelle

·       Heart on fire

·       Miluna

·       Asmi

·       Gold

·       Gold Branded 

 

 

Terms :

 

Selling :

Cash and Credit (30 Days)

 

 

Purchasing :

L/C (90 Days)

 

 

GENERAL INFORMATION

 

Customers :

Retailer

 

 

No. of Employees :

150

 

 

Bankers :

·       Federal bank, M.G. Road

·       Union Bank of India, Calicut

·       Corporation Bank, Kochi, Ernakulam

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Mohandas C. Associated

Chartered Accountant

Address :

Tashur, Trissur, Kerla.

 

 

Associates/Subsidiaries :

·       M/s. Joy Alukkas Traders Private Limited

Ernakulam

Line of Business – Wedding Articles, Gold, Jewels, Footwear, clothes are in one Show Room

 

·       M/s. Alukkus Wedding Center

High court junction, Ernakulam, Kochi

 

·       Alukkas Jewellery - Palakkad

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

NA

Borrowed :

--

Total :

NA

 

 

FINANCIAL DATA

 

Particulars

 

 

 

31.03.2008

Sales Turnover (World Wide)

 

 

US$ 273.000 Millions 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade Reference

·       Amore Jeweler Jewellery – Mumbai (Malad)

·       Josh Jeweler – Thane 

 

 

COMPANY PROFILE

The flagship company of Joy Alukkas Jewellery touches the lives of over 10 million customers across 7 countries through its 64 outlets. Joyalukkas was the first ever jeweller to receive the ISO 9001 and 14001 certification. Joyalukkas is now the world’s #1 22-karat Jewellery.

Joyalukkas showcases over 100,000 designs for each of the 100,000 expressions of women. In addition to in-house, international and DTC brands in gold and diamond Jewellery, Joyalukkas also offers an extensive collection in platinum and precious stones Jewellery.

Joyalukkas is widening its horizon to make a foray into countries far and wide. Their customers in Bangalore, Chennai, Mumbai, Ahmedabad and Singapore will soon have the pleasure of shopping at Joyalukkas in their home cities as they are opening new showrooms in these locations in the near future.

Joyalukkas gives you the unique opportunity to try on any piece of Jewellery before you make the purchases online, through their “try before you buy” application. They also ensure that the purchases are delivered to the residence at the earliest.

 

 

OVERSEAS BRANCHES

 

·       London

284,Green Street,
Upton Park Station,
E7 8LF, London, U.K.
Tele No:0044 2085862659
Fax No:0044 2084723917
Email:joyalukkasuk@alukkas.com

·       Dubai - P.O.Box 12928

 

Corporate Head Quarters,
Gold Land Building,
Deira,
Tel No:971 4 2253221,
Fax No:971 4 2264932

 

Whole Sale Division-Gold,
Gold Land Building, Deira
Tel No:971 4 2264103
Fax No:971 4 2266594

 

Whole Sale Division-Diamond,
Gold Land Building, Deira.
Tel No:971 4 2255590
Fax No:971 4 2352232

 

Manufacturing Division,
Gold&Diamond Park,
Tel No:971 4 3405533
Fax No:971 4 3405533

Main Shop,
Gold Centre Building,Deira,
Tel No:971 4 2253646,
Fax No:971 4 2269947

 

Branch 1,
Gold Centre Building,
Deira.
Tel No:971 4 2260930
Fax No:971 4 2290580

 

Branch 2,
Gold Centre Building,
Deira,
Tel No:971 4 2352860,
Fax No:971 4 2290723.

 

Branch 3,
Gold Centre Building,
Deira,
Tel No:971 4 2352860,
Fax No:971 4 2352863

 

Gold Land Building,
Deira,
Tel No:971 4 2290076,
Fax No:971 4 2269735

 

Karama Centre,
Karama,
Tel NO:971 4 3379183,
Fax No:971 4 3379188.

 

Al Fahidi Street, Bur Dubai,
Tel No:971 4 3533770,
Fax No:971 4 3533880

 

Suncity Br.,Near Museum,
Al Fahidi Street,Bur Dubai,
Tel No:971 4 3537732,
Fax No:971 4 3530773.

 

Lulu Hypermarket,Qusais,
Tel NO:971 4 2988551,
Fax No:971 4 2988580

 

Sheikh Colony,Qusais,
Tel No:971 4 2635270,
Fax No:971 4 2631573

 

Grand Shopping Mall,
Near Oasis Village,Al Quoz,
Tel No:971 4 3384355,
Fax No:971 4 3385466

 

·       Sharjah - P.O.Box 27847

 

Gold Centre,
Yarmoukh Area,Sharjah,
Tel No:971 6 5660871,
Fax No:971 6 5678771

 

Gold Souk Sharjah,
Central souk Sharjah,
Tel No:971 6 5745594,
Fax No:971 6 5745509.

Sharjah Shopping Centre,
Rolla,
Tel No:971 6 5617727,
Fax No:971 6 5616084

 

Joyalukkas Diamonds,
Gold Souq,Central Souk,Sharjah,
Tel No:971 6 5749919,
Fax No:971 6 5749918.

 

Joyalukkas Diamonds,
Sharjah Shopping Centre,Rolla,
Tel No:971 6 5610221,
Fax No:971 6 5624221

 

Joyalukkas Centre,
Rolla, Sharjah,
Tel No:971 6 5634441,
Fax No:971 6 5639626

 

·       ABU DHABI - P.O.Box 71659

 

Omeir Bin Youssef Building,
Hamdan Street,AbuDhabi,
Tel No:971 2 6331377,
Fax No:971 2 6319835

 

Delma Centre,
Hamdan Street.
Tel No: 971 2 6210408,
Fax No:971 2 6210080

 

·       AL AIN

 

Al Ghabha Street,
P.O.Box 23607,
Tel No:971 3 7657728,
Fax No:971 3 7657729

 

·       RAS AL KHAIMAH

 

Manar Mall, Shop # 88,
P.O.Box 11659,
Tel No:971 7 2283221,
Fax No:971 7 2270207

 

·       Muscat

 

Opp.Ruwi Police Station,Ruwi,
Tel No:968 24797212,
Fax No:968 24797181

City Centre, Seeb,
Tel No:968 24558034,
Fax No:968 24558909.

·       Bahrain - P.O.Box 11492

 

Gold City,
Manama,
Tel No:973 17229914,
Fax No:973 17229924.

 

Diamond Exclusive,
Govt Avenue,
Gold City, Manama.
Tel No:973 17229914,
Fax No:973 17229924

 

·       Qatar - P.O.Box 22717

Electricity Road,
Doha,
Tel No:974 4434500,
Fax No:974 4414454.

·       Kuwait

 

Souq Al Watya,Mezzanine Floor,
(P.O.Box 1327,Dasman 15463),
Tel No:965 2475858,
Fax No:965 2475885

Fahaheel,Makkah Street,
Next to NBK,
Tel No:965 3922148,
Fax No:965 3922146.

Ground Floor,
Souk Al Watya,
Tel No:965 2494845,
Fax:965 2494842.

 

PRESS RELEASE

 

JOYALUKKAS SETS UP OUTLET IN CHENNAI

To invest Rs. 70 cr. in Chennai

Showroom in Bangalore planned

CHENNAI: Well-known jewellery retailer Joyalukkas Group, which has international presence, is toying with the idea of tapping the capital market with an initial public offer (IPO) next year.

The Rs. 2,500-crore group is promoted by Joy Alukkas, a non-resident Indian from Kerala.

Expansion binge

The group has 16 jewellery showrooms in India, 34 in the Gulf and one in London. It is now on an expansion binge in India.

It is in the process of putting up a couple of jewellery showrooms — one each in Chennai and Bangalore. The upcoming outlet in Chennai will be the world’s largest jewellery retail showroom. It will come up on 70,000 sq. ft. space at an investment of around Rs. 70 crore. At present, the world’s largest jewellery showroom is in Turkey, spread over 30,000 sq. ft.

In an interaction with The Hindu, Joy Alukkas, Chairman of the group, said, the group had also put up a 7,000 sq. ft. showroom in Dubai, the biggest in the Middle East.

The group, he said, was hoping that the new showroom in Chennai would attract buyers from Andhra Pradesh and Tamil Nadu and generate about Rs. 500 crore sales a year.

It was also planning a 33,000 sq. ft. showroom on St. Mark’s Road in Bangalore. With all its expansion plans, the group was looking at doubling its present turnover of Rs. 700 crore by March 2008 in India.

Joy Alukkas,
chairman, Joyalukkas Group

On January 26, ’07 the Kerala Advertising Agencies Association honoured Joy Alukkas, chairman of the Joy Alukkas Group, with the Top Ten Malayalee Achievers Award at the sylvan holiday resort of Thekkady, Kerala. The Joy Alukkas Group is the world’s foremost 22k gold jewelry retailer and has a turnover of $273 million worldwide including its India operations.

 

Alukkas first ventured into business in Dubai in 1987 and now owns 73 business establishments in the desert kingdom with interests ranging from jewelry, money changing and textiles. The Group has spawned 13 outlets for gold jewelry in India “with six more in the pipeline,” says Alukkas with undisguised pride. By 2010 he plans to establish 200 outlets for gold jewelry worldwide.

 

Alukkas cites his father’s immeasurable influence over him as a reason for his stellar success. His father, A J Varghese, founded the Group in 1952 in Trichur, Tamil Nadu. “My father has always been my role model,” he reminisces. “I have learnt 100 per cent of my business practices from him.” Alukkas has scripted his success with innovative products – “I started making brands and that was very popular” – provided very attractive customer service and motivational classes for his staff reinforced by a strong H R department.

 

One is startled by Alukkas’ unabashed chutzpah and panache. Does he think he is role model? “Of course, I contribute so many things to gold jewelry,” is the pat reply. “People in Kerala are impressed by our business tactics and skills and that has contributed hugely to our success.” 

 

 

 

 

 

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.44.37

UK Pound

1

Rs.78.09

Euro

1

Rs.63.41

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

6

--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

TOTAL

 

62

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

*

 

 

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