MIRA INFORM REPORT

Report Date :

17.09.2011

IDENTIFICATION DETAILS

Name :	JOYALUKKAS INDIA LIMITED (w.e.f. 23.12.2009)
Formerly Known As :	JOY ALUKKAS TRADERS INDIA PRIVATE LIMITED
Registered Office :	Door No. 40/2096, A and B, Peevees Triton, Marine Drive, Shanmugham Road, Ernakulam 682031, Kerala
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.04.2002
Com. Reg. No.:	015372
Capital Investment / Paid-up Capital :	Rs.500.000 millions
CIN No.: [Company Identification No.]	U51398KL2002PLC015372
TAN No.: [Tax Deduction & Collection Account No.]	CHNJ00285F
PAN No.: [Permanent Account No.]	AABCJ1087G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader of Jewellery and Textiles
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (64)

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

Maximum Credit Limit :	USD 8000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
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)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
4Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	Door No. 40/2096, A and B, Peevees Triton, Marine Drive, Shanmugham Road, Ernakulam 682031, Kerala, India
Tel. No.:	91-484-2385035
Fax No.:	91-484-2385032
E-Mail :	cs@joyalukkas.com alukkasindia@hotmail.com customercareindia@joylukkas.com
Website :	http://www.joyalukkas.com
Corporate Head Quarters:	Gold Land Building, Dubai
Tel. No.:	971 4 2253221
Fax No.:	971 4 2264932
Email :	customercare@joyalukkas.com

DIRECTORS

AS ON 26.09.2009

Name :

Mr. Alukkas Varghese Joy

Designation :

Director

Date of Birth/Age :

29.10.1956

Date of Appointment :

22.04.2002

DIN No.:

00313967

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U85110KL1995PLC009336	KIMS HEALTH CARE MANAGEMENT LIMITED	Director	25-09-01	25-09-01	Active	NO
2	U51398KL2002PLC015372	JOYALUKKAS INDIA LIMITED	Managing director	15-11-10	22-04-02	Active	NO
3	U55101KL1994PTC007964	JOYAL PROPERTIES PRIVATE LIMITED	Director	06-11-10	05-03-04	Active	NO
4	U92141KL1979PTC003117	MYTHRI ENTERTAINERS AND ENTERPRISES PVT LTD	Director	06-11-10	05-03-04	Active	NO
5	U72200KL2005PTC018908	FUSION TECHNOSOFT PRIVATE LIMITED	Director	06-11-10	08-12-05	Active	NO
6	U70102KL2006PTC019054	COCHIN SMART CITY PROPERTIES PRIVATE LIMITED	Director	11-07-07	03-04-06	Active	NO
7	U62200KL2009PLC024350	JYOTHI AVIATION AND DEVELOPERS LIMITED	Managing director	24-07-10	19-06-09	Active	NO
8	U51900KL2009PTC024449	MUDITA TRADES PRIVATE LIMITED	Director	11-07-09	11-07-09	Active	NO
9	U51398KL2010PTC025916	JOYAL ORNAMENTS AND TRADES PRIVATE LIMITED	Director	28-04-10	28-04-10	Active	NO
10	U55101MH2009PTC196943	DALIA HOTELS AND RESORTS PRIVATE LIMITED	Additional director	04-10-10	04-10-10	Active	NO
11	U74900KL2011PTC028860	JOYALUKKAS MONEY EXCHANGE PRIVATE LIMITED	Director	12-07-11	12-07-11	Active	NO

Name :

Mr. Joseph Christo

Designation :

Director

Name :

Mr. Varun T V

Designation :

Director

Name :

Mr. John Paul

Designation :

Director

Date of Birth/Age :

14.10.1985

Date of Appointment :

05.12.2003

DIN No.:

00314046

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51398KL2002PLC015372	JOYALUKKAS INDIA LIMITED	Director	28-09-07	05-12-03	Active	NO
2	U51900KL2009PTC024449	MUDITA TRADES PRIVATE LIMITED	Director	11-07-09	11-07-09	Active	NO
3	U62200KL2009PLC024350	JYOTHI AVIATION AND DEVELOPERS LIMITED	Director	28-09-10	24-06-10	Active	NO

Name :

Mrs. Jolly Joy

Designation :

Director

Date of Birth/Age :

30.08.1961

Date of Appointment :

22.04.2002

DIN No.:

00314100

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	U51398KL2002PLC015372	JOYALUKKAS INDIA LIMITED	Director	22-04-02	22-04-02	22-05-10	Active	NO
2	U72200KL2005PTC018908	FUSION TECHNOSOFT PRIVATE LIMITED	Director	08-12-05	08-12-05	-	Active	NO
3	U62200KL2009PLC024350	JYOTHI AVIATION AND DEVELOPERS LIMITED	Director	28-09-10	24-06-10	-	Active	NO

Name :

Mrs. Reena Joby

Designation :

Director

Date of Birth/Age :

23.03.1961

Date of Appointment :

18.09.2009

DIN No.:

02685116

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	U51398KL2002PLC015372	JOYALUKKAS INDIA LIMITED	Director	26-09-09	18-09-09	22-05-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 26.09.2009)

Names of Shareholders	No. of Shares
Alukkas Varghese Joy	45000000
Jolly Joy	5000000
Total	50000000

(AS ON 26.09.2009)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Jewellery and Textiles

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Standard Chartered Bank,

19 Rajaji Salai, Chennai 600001, Tamil Nadu, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Banks
Cash Credit facilities	1301.231	1042.126
Short term loans	800.000	430.000
Term loans	495.100	508.632
Other loans	15.676	1.242
Total	2612.007	1982.000
NOTE: Loan from banks are secured by hypothecation of inventories, future credit card receivable, motor vehicle and equitable mortgage of certain immovable properties and first charge on other fixed and current assets of the company. The managing director and another director have offered certain personal immovable properties as security and also furnished their personal guarantee for such loans.
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Long term loans from directors	57.118	58.205
Total	57.118	58.205

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountant
Address :	Maruti Info-Tech Centre, 11-12/1, Inner Ring Road, Koramangala, Bangalore 560071, Karnataka, India

CAPITAL STRUCTURE

AS ON 18.09.2010

Authorised Capital : Rs.1000.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.500.342 Millions

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
65000000	Equity Shares	Rs.10 each	Rs.650.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10 each	Rs.500.000 millions

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
1] Share Capital		500.000	500.000	450.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1474.932	884.470	397.658
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1974.932	1384.470	847.658
LOAN FUNDS
1] Secured Loans		2612.007	1982.000	1905.391
2] Unsecured Loans		57.118	58.205	108.796
TOTAL BORROWING		2669.125	2040.205	2014.187
DEFERRED TAX LIABILITIES		2.599	0.000	1.161
TOTAL		4646.656	3424.675	2863.006
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		518.011	429.496	480.568
Capital work-in-progress		145.179	22.610	52.971
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	7.311	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5202.065	3272.067	3399.672
	Sundry Debtors	284.736	322.756	49.408
	Cash & Bank Balances	248.656	331.478	314.819
	Other Current Assets	0.475	0.987	0.000
	Loans & Advances	250.090	217.870	223.581
Total Current Assets		5986.022	4145.158	3987.480
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1583.119	847.353	1544.116
	Other Current Liabilities	256.095	193.762	81.399
	Provisions	163.342	138.785	32.498
Total Current Liabilities		2002.556	1179.900	1658.013
Net Current Assets		3983.466	2965.258	2329.467
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4646.656	3424.675	2863.006

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	18220.590	14271.740	9626.430
		Other Income	24.850	53.230	6.830
		TOTAL (A)	18245.440	14324.970	9633.260
Less	EXPENSES
		Office Expenses
		Administrative Expenses	16819.940	13172.620	9072.620
		Advertising Expenses
		TOTAL (B)	16819.940	13172.620	9072.620
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1425.500	1152.350	560.640
Less	FINANCIAL EXPENSES (D)		268.000	292.630	211.490
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1157.500	859.720	349.150
Less/ Add	DEPRECIATION/ AMORTISATION (F)		102.810	108.080	95.450
	PROFIT BEFORE TAX (E-F) (G)		1054.690	751.640	253.700
Less	TAX (H)		378.480	264.830	90.470
	PROFIT AFTER TAX (G-H) (I)		676.210	486.810	163.230
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	653.768	638.556	299.360
	IMPORTS
		Capital Goods	20.047	2.132	0.413
	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
Net Profit Margin (PBT/Sales)	(%)	5.78	5.26	2.63
Return on Total Assets (PBT/Total Assets}	(%)	16.21	16.43	5.67
Return on Investment (ROI) (PBT/Networth)		0.53	0.54	0.30
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 shares 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.

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 India of the company	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 Email: ramachandran.nagasubramanian@sc.com
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.

FIXED ASSETS:

· Freehold Land

· Building

· Leasehold Investments

· Plant and Machinery

· Computer Equipments

· Office Equipment

· Furniture and Fixture

· Motor Vehicle

WEBSITE DETAILS:

PROFILE:

Joyalukkas Group, has rapidly expanded its foothold all over the globe since its inception 24 years ago. Today the Group has grown with 10 million customers and employs a highly committed and satisfied team of over 3000 people in various countries. The phenomenal success of Joyalukkas has been driven by an unstinting commitment to quality, a fact that has been widely recognised.

Joyalukkas jewellery was the first jewellery retailer to be awarded the prestigious ISO 9001:2008 and 14001:2004 certification. This was only the beginning for the series of achievements that followed.

Joyalukkas has been hailed as the world's favourite jeweller, not without reason. They are also the jewellery chain to be conferred with the honour of the Retailer of the year in The Middle East. In addition Joyalukkas has the distinction of being awarded the Dubai Quality Awards Certification by HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai. the UAE.

Joyalukkas Group has always believed that people and the community within which it operates are the cornerstones for its success and as such is actively involved in CSR (Corporate Social Responsibility) activities across various states in India. Joyalukkas consistently undertakes various programs to help the needy and encourage causes that benefit the society. From building homes to helping flood victims or helping expats reach back home when they require financial assistance, the Group has always believed in being there when needed the most.

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.47.47
UK Pound	1	Rs.74.96
Euro	1	Rs.65.79

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	-

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.