MIRA INFORM REPORT

Report Date :

06.03.2012

IDENTIFICATION DETAILS

Name :	JOYAL PROPERTIES PRIVATE LIMITED (w.e.f 03.09.2008)
Formerly Known As :	ALUKKAS HOTELS PRIVATE LIMITED
Registered Office :	No. 40/2096, A & B Peevees Triton, Marine Drive, Ernakulam-682031, Kerala.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.06.1994
Com. Reg. No.:	09-007964
Capital Investment / Paid-up Capital :	Rs. 4.511 million
CIN No.: [Company Identification No.]	U55101KL1994PTC007964
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged into Real Estate Developer
No. of Employees :	2 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (20)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	No Business Activity
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	As claimed by Mr. Redish Menon, Finance Manager that there is no business activity in the company for the year 2010-11. He further stated that the company may start its new project from June 2012. Payments are unknown. The company can be considered for business dealings on a secured 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. Redish Menon
Designation :	Finance Manager
Contact No.:	91-9895770766
Date :	03.03.2012

LOCATIONS

Registered Office :	No. 40/2096, A & B Peevees Triton, Marine Drive, Ernakulam-682031, Kerala.
Tel. No.:	91-484-2385035
Mobile No.:	91-9895770766 (Mr. Redish Menon)
Fax No.:	91-484-2385032
E-Mail :	joyalproperties@yahoo.com radishmenon@joyalukkas.com joyalukkas@joyalukkas.com
Website :	www.joyalukkas.com
Location :	Owned

DIRECTORS

As on 29.09.2011

Name :

Puthukkaden Pyloth Jose

Designation :

Managing Director

Address :

Puthukkaden, Koratty Mukundapuram, Thrissur- 680308, Kerala, India.

Date of Birth/Age :

09.10.1944

Date of Appointment :

12.11.2008

DIN No.:

01684395

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	U70102KL2006PTC019054	COCHIN SMART CITY PROPERTIES PRIVATE LIMITED	Managing director	13/09/2007	13/09/2007	-	Active	NO
2	U74300KL2003PTC016460	PLEDGE ADVERTISING PRIVATE LIMITED	Director	29/09/2008	21/12/2007	30/09/2010	Active	NO
3	U92141KL1979PTC003117	MYTHRI ENTERTAINERS AND ENTERPRISES PVT LTD	Managing director	6/11/2010	20/07/2008	-	Active	NO
4	U55101KL1994PTC007964	JOYAL PROPERTIES PRIVATE LIMITED	Managing director	6/11/2010	12/11/2008	-	Active	NO
5	U51398KL2002PLC015372	JOYALUKKAS INDIA LIMITED	Whole-time director	16/11/2011	16/11/2011	-	Active	NO
6	U51494KL2010PTC026358	REDROSE DESIGNER WEAR PRIVATE LIMITED	Additional director	2/12/2011	2/12/2011	-	Active	NO

Name :

Alukkas Varghese Joy

Designation :

Director

Address :

Alukkas House, Kuriachira P.O., Thrissur- 680006, Kerala, India.

Date of Birth/Age :

04.09.1956

Date of Appointment :

05.03.2004

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	Date of cessation	Company Status	Defaulting status
1	U85110KL1995PLC009336	KIMS HEALTH CARE MANAGEMENT LIMITED	Director	25/09/2001	25/09/2001	-	Active	NO
2	U51398KL2002PLC015372	JOYALUKKAS INDIA LIMITED	Managing director	15/11/2010	22/04/2002	-	Active	NO
3	U92141KL1979PTC003117	MYTHRI ENTERTAINERS AND ENTERPRISES PVT LTD	Director	6/11/2010	5/3/2004	-	Active	NO
4	U55101KL1994PTC007964	JOYAL PROPERTIES PRIVATE LIMITED	Director	6/11/2010	5/3/2004	-	Active	NO
5	U72200KL2005PTC018908	FUSION TECHNOSOFT PRIVATE LIMITED	Director	6/11/2010	8/12/2005	-	Active	NO
6	U70102KL2006PTC019054	COCHIN SMART CITY PROPERTIES PRIVATE LIMITED	Director	11/7/2007	3/4/2006	-	Active	NO
7	U62200KL2009PLC024350	JYOTHI AVIATION AND DEVELOPERS LIMITED	Managing director	24/07/2010	19/06/2009	-	Active	NO
8	U51900KL2009PTC024449	MUDITA TRADES PRIVATE LIMITED	Director	11/7/2009	11/7/2009	-	Active	NO
9	U51398KL2010PTC025916	JOYAL ORNAMENTS AND TRADES PRIVATE LIMITED	Director	28/04/2010	28/04/2010	-	Active	NO
10	U55101MH2009PTC196943	DALIA HOTELS AND RESORTS PRIVATE LIMITED	Director	30/09/2011	4/10/2010	-	Active	NO
11	U74900KL2011PTC028860	JOYALUKKAS MONEY EXCHANGE PRIVATE LIMITED	Director	12/7/2011	12/7/2011	-	Active	NO
12	U51494KL2010PTC026358	REDROSE DESIGNER WEAR PRIVATE LIMITED	Director	1/10/2011	1/10/2011	-	Active	NO
13	U70102KL2011PTC029893	SVENI DEVELOPERS PRIVATE LIMITED	Director	22/11/2011	22/11/2011	-	Active	NO
14	U74900KL2011PTC029897	JOLLY SILKS PRIVATE LIMITED	Director	22/11/2011	22/11/2011	-	Active	NO
15	U51398KL2012PTC030361	JOYALUKKAS JEWELLERY PRIVATE LIMITED	Director	25/01/2012	25/01/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Alukkas Varghese Joy	4510
Puthukkaden Pyloth Jose	1
Total	4511

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged into Real Estate Developer
Terms :
Selling :	Cash/ Credit
Purchasing :	Cash/ Credit

GENERAL INFORMATION

No. of Employees :

2 (Approximately)

Customer :

Individual

Bankers :

· IDBI Bank, Ernakulam Branch, Kerala, India.

· ABN Amro Bank N.V.

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loan From Director	5.202	5.202
Total	5.202	5.202

Banking Relations :	--
Auditors :
Name :	C. I. Francis Chartered Accountant
Address :	XIII/35, Casino Complex, T. B. Road, Kokkalai, Thrissur-680021, Kerala, India.
PAN.:	AADPF4577E
Sister Concerns :	· Joyalukkas India Limited · Joyalukkas Foundations

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.1000/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4511	Equity Shares	Rs.1000/- each	Rs. 4.511 Million

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		4.511	4.511	4.011
2] Share Application Money		0.000	0.000	0.500
3] Reserves & Surplus		0.364	0.400	0.410
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.875	4.911	4.921
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		5.202	5.202	5.202
TOTAL BORROWING		5.202	5.202	5.202
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		10.077	10.113	10.123
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.857	9.857	9.857
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.235	0.271	0.271
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		0.235	0.271	0.271
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	0.015	0.015	0.005
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.015	0.015	0.005
Net Current Assets		0.220	0.256	0.266
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		10.077	10.113	10.123

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	0.000		0.000
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses		NA
		TOTAL	0.035		0.137
	PROFIT BEFORE TAX		(0.035)		(0.137)
Less	TAX		0.000		0.000
	PROFIT AFTER TAX (G-I)		(0.035)		(0.137)
	Earnings Per Share (Rs.)		(7.94)	-	-

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	0.35	0.00	(1.35)
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	(0.02)
Debt Equity Ratio (Total Liability/Networth)		1.07	1.06	1.05
Current Ratio (Current Asset/Current Liability)		15.67	18.07	54.20

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office of the company has been shifted from Alukkas Complex, R S Road Trichur-680001, Kerala, India to the present address w.e.f 08.08.2008.

Review:

There was no Commercial operation during the year. Leading the Company to reports a loss of Rs. 0.035 million.

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

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 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.49.80
UK Pound	1	Rs.78.78
Euro	1	Rs.65.74

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		20

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.