MIRA
INFORM REPORT
|
Report Date : |
01.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
JOYALUKKAS INDIA LIMITED (w.e.f. 23.12.2009) |
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Formerly Known
As : |
JOY ALUKKAS TRADERS INDIA PRIVATE LIMITED |
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Registered
Office : |
Door No. 40/2096, A and B, Peevees Triton, Marine Drive, Shanmugham
Road, Ernakulam 682031, Kerala |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.04.2002 |
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Com. Reg. No.: |
015372 |
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Capital
Investment / Paid-up Capital : |
Rs.500.000 millions |
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CIN No.: [Company Identification
No.] |
U51398KL2002PLC015372 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHNJ00285F |
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PAN No.: [Permanent Account No.] |
AABCJ1087G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Trader of Jewellery and Textiles |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 7899700 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established and reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered good for normal 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Door No. 40/2096, A and B, Peevees Triton, Marine Drive, Shanmugham Road,
Ernakulam 682031, Kerala, India |
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Tel. No.: |
91-484-2385035 |
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Fax No.: |
91-484-2385032 |
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E-Mail : |
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Corporate Head Quarters: |
Gold Land Building, Dubai |
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Tel. No.: |
971 4 2253221 |
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Fax No.: |
971 4 2264932 |
DIRECTORS
AS ON 26.09.2009
|
Name : |
Mr. Alukkas Varghese Joy |
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Designation : |
Director |
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Date of Birth/Age : |
29.10.1956 |
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Date of Appointment : |
22.04.2002 |
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Name : |
Mr. Joseph Christo |
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Designation : |
Director |
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Name : |
Mr. Varun T V |
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Designation : |
Director |
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Name : |
Mr. John Paul |
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Designation : |
Director |
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Date of Birth/Age : |
14.10.1985 |
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Date of Appointment : |
05.12.2003 |
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Name : |
Mrs. Jolly Joy |
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Designation : |
Director |
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Date of Birth/Age : |
30.08.1961 |
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Date of Appointment : |
22.04.2002 |
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Name : |
Mrs. Reena Joby |
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Designation : |
Director |
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Date of Birth/Age : |
23.03.1961 |
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Date of Appointment : |
18.09.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2009
|
Names of Shareholders |
No. of Shares |
|
Mr. Alukkas Varghese Joy |
45000000 |
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Mrs. Jolly Joy |
5000000 |
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Total |
50000000 |
AS ON 26.09.2009
|
Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Jewellery and Textiles |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Standard
Chartered Bank, 19 Rajaji Salai, Chennai 600001, Tamil Nadu, India |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountant |
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Address : |
Maruti Info-Tech Centre, 11-12/1, Inner Ring Road, Koramangala,
Bangalore 560071, Karnataka, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
65000000 |
Equity Shares |
Rs. 10 each |
Rs.650.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
50000000 |
Equity Shares |
Rs. 10 each |
Rs.500.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
500.000 |
500.000 |
450.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1474.932 |
884.470 |
397.658 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1974.932 |
1384.470 |
847.658 |
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LOAN FUNDS |
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|
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1] Secured Loans |
2612.007 |
1982.000 |
1905.391 |
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2] Unsecured Loans |
57.118 |
58.205 |
108.796 |
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TOTAL BORROWING |
2669.125 |
2040.205 |
2014.187 |
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DEFERRED TAX LIABILITIES |
2.599 |
0.000 |
1.161 |
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TOTAL |
4646.656 |
3424.675 |
2863.006 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
518.011 |
429.496 |
480.568 |
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Capital work-in-progress |
145.179 |
22.610 |
52.971 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
7.311 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
5202.065
|
3272.067 |
3399.672 |
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Sundry Debtors |
284.736
|
322.756 |
49.408 |
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Cash & Bank Balances |
248.656
|
331.478 |
314.819 |
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Other Current Assets |
0.475
|
0.987 |
0.000 |
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Loans & Advances |
250.090
|
217.870 |
223.581 |
|
Total
Current Assets |
5986.022
|
4145.158 |
3987.480 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
1583.119
|
847.353 |
1544.116 |
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Other Current Liabilities |
256.095
|
193.762 |
81.399 |
|
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Provisions |
163.342
|
138.785 |
32.498 |
|
Total
Current Liabilities |
2002.556
|
1179.900 |
1658.013 |
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Net Current Assets |
3983.466
|
2965.258 |
2329.467 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
4646.656 |
3424.675 |
2863.006 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales |
18220.590 |
14271.740 |
9626.430 |
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Other Income |
24.850 |
53.230 |
6.830 |
|
|
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TOTAL (A) |
18245.440 |
14324.970 |
9633.260 |
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Less |
EXPENSES |
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|
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Office Expenses |
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|
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Administrative Expenses |
16819.940 |
13172.620 |
9072.620 |
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Advertising Expenses |
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TOTAL (B) |
16819.940 |
13172.620 |
9072.620 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1425.500 |
1152.350 |
560.640 |
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|
Less |
FINANCIAL
EXPENSES (D) |
268.000 |
292.630 |
211.490 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1157.500 |
859.720 |
349.150 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
102.810 |
108.080 |
95.450 |
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PROFIT BEFORE
TAX (E-F) (G) |
1054.690 |
751.640 |
253.700 |
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Less |
TAX (H) |
378.480 |
264.830 |
90.470 |
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PROFIT AFTER TAX
(G-H) (I) |
676.210 |
486.810 |
163.230 |
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EARNINGS IN
FOREIGN CURRENCY |
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|
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|
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Export Earnings |
653.768 |
638.556 |
299.360 |
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IMPORTS |
|
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Capital Goods |
20.047 |
2.132 |
0.413 |
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|
Earnings Per
Share (Rs.) |
13.56 |
10.68 |
5.43 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.70
|
3.39 |
1.69 |
|
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|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
5.78
|
5.26 |
2.63 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.21
|
16.43 |
5.67 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.53
|
0.54 |
0.30 |
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.36
|
2.32 |
4.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.98
|
3.51 |
2.40 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND
The company was incorporated as Joy Alukkas Traders India Private
Limited on 22 April, 2002 as a private limited company. The company changed its
name to Joyalukkas India Private Limited on 23 December, 2009. The shres
capital of the company is wholly owned by Mr. Alukkas V Joy and Mrs. Jolly Joy,
the promoters. The company is primarily engaged in the trading of jewellery and
textiles
FINANCIAL RESULTS:
The company recorded an impressive growth in its financial performance
in the year 2009-2010. The net sales increased to RS. 18220.590 millions from
Rs. 14271.740 millions during the previous year registering a growth of 27.67%.
the profit after tax increased 39.32% to each Rs. 678.210 millions as against
Rs. 486.810 millions in the previous year. EPS increased to Rs. 13.56 in
2009-2010 from Rs. 10.68 in 2008-2009.
FIXED ASSETS:
·
Freehold Land
·
Building
·
Leasehold Investments
·
Plant and Machinery
·
Computer Equipments
·
Office Equipment
·
Furniture and Fixture
·
Motor Vehicle
FORM 8
|
Corporate
identity number of the company |
U51398KL2002PLC015372 |
|
Name of the
company |
JOYALUKKAS INDIA LIMITED (w.e.f. 23.12.2009) |
|
Address of the registered
office or of the principal place of
business in |
Door No. 40/2096, A and B, Peevees Triton, Marine Drive, Shanmugham
Road, Ernakulam 682031, Kerala, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
Standard
Chartered Bank, 19 Rajaji Salai, Chennai 600001, Tamil Nadu, India |
|
Nature of
instrument creating charge |
Memorandum of
Entry Dated 08-10-2010. |
|
Date of
instrument Creating the charge |
08.10.2010 |
|
Amount secured by
the charge |
Rs. 08.10.2010 |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest At The Rate As
Negotiated With and Agreed By The Bank Terms of repayment As Agreed Between
The Bank And Customer Margin 25% Extent and operation of the charge Paripassu first
hypothecation charge over all current assets, book debts, stocks and
machinery of the company as set out in the schedule to unattested memorandum
of hypothecation dated 04-06-2010. |
|
Short particulars
of the property charged (Including location of the property) |
Equitable
Mortgage on Paripassu Basis of The Following Collateral Properties: A)
9
Cents of Land And Building (Residential)
In Sy No. 18/3, Block No. 168 At Kollam Village. B)
5.50
Cents of Land and Building (Residential)
in Re Sy No. 18/2, Block No. 168 at Kollam East Village. C)
10.50
Centsland and Building (Residential)
In Sy No.19, Block No.168 Kollam East, Kollam District. D)
49
Cents of Land and Building (Commercial) In Sy No. 164/2, Thodupuzha Village,
Idukki District. E)
2227
Sq Ft of Land And Building (Commercial) At Door No.107, Ts No. 757, Ward No.
38, Madurai City, Madurai Reg District. F)
26.453
Cents of Land and Building (Commercial) In Survey No.10, Block No. 66,
Kottayam Village. |
|
Particulars of
the present modification |
By the present
modification additional collateral security is created by way of equitable
mortgage of the immovable properties as detailed in the third schedule to the
memorandum of entry dated 08-10-2010. |
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.03 |
|
|
1 |
Rs.74.43 |
|
Euro |
1 |
Rs.64.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.