MIRA INFORM REPORT

Report Date :

20.08.2014

IDENTIFICATION DETAILS

Name :	JOYALUKKAS INDIA PRIVATE LIMITED (w.e.f. 13.03.2012)
Formerly Known As :	JOYALUKKAS INDIA LIMITED (w.e.f. 09.12.2010) JOY ALUKKAS TRADERS (INDIA) PRIVATE LIMITED
Registered Office :	Door No. 40/2096, A & B, Peevees Triton, Marine Drive, Shanmugham Road, Ernakulam - 682031, Kerala
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.04.2002
Com. Reg. No.:	09-015372
Capital Investment / Paid-up Capital :	Rs. 500.342 Millions
CIN No.: [Company Identification No.]	U51398KL2002PTC015372
TAN No.: [Tax Deduction & Collection Account No.]	CHNJ00285F
PAN No.: [Permanent Account No.]	AABCJ1087G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Wholesaler, Retailer of Gold and Silver Ornaments, Diamond and Precious Stones, Platinum and White Gold Ornaments and Accessories and of acquiring and Trading of Textiles, Fashion Articles, Perfumes, Cosmetics, Watches, Cutlery, Utensils, Curio Articles, Antiques and Other Consumer Articles.
No. of Employees :	3480 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Financial position of the company seems to be sound. Trade relations ae reported as fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered normal for 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan Facilities : “A”
Rating Explanation	Have adequate degree of safety and carry low credit risk.
Date	February, 2014

Rating Agency Name	ICRA
Rating	Short term fund based (Sub-Limit) Facilities : “A1” (Withdrawn)
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	February, 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-484-2385035)

LOCATIONS

Registered Office :	Door No. 40/2096, A & 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 customercare@joyalukkas.com
Website :	www.joyalukkas.com
Corporate Head Quarters :	New Century City Tower, Near Deira City Centre, Dubai, UAE.
Tel. No. :	+971 4 25 22 900
Fax No. :	+971 4 25 22 922
Stores :	Located At · Kerala Telangana Tamilnadu Karnataka Andhra Pradesh Maharashtra Haryana Delhi Gujarat Kolkata
Overseas Stores :	Located At · Bahrain Kuwait Oman Qatar Saudi Arabia UAE UK Malaysia

DIRECTORS

As on 24.09.2013

Name :

Alukkas Varghese Joy

Designation :

Managing Director

Address :

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

Date of Birth/Age :

04.09.1956

Qualification :

Under Graduate

Experience :

36 Years

Date of Appointment :

15.11.2010

PAN No.:

ACNPJ7972K

DIN No. :

00313967

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U85110KL1995PLC009336	KIMS HEALTH CARE MANAGEMENT LIMITED	Director	25-09-2001	25-09-2001	27-07-2013	Active	NO
2	U51398KL2002PTC015372	JOYALUKKAS INDIA PRIVATE LIMITED	Managing director	15-11-2010	22-04-2002	-	Active	NO
3	U92141KL1979PTC003117	MYTHRI ENTERTAINERS AND ENTERPRISES PRIVATE LIMITED	Director	06-11-2010	05-03-2004	-	Active	NO
4	U55101KL1994PTC007964	JOYALUKKAS LIFESTYLE DEVELOPERS PRIVATE LIMITED	Director	06-11-2010	05-03-2004	-	Active	NO
5	U72200KL2005PTC018908	FUSION TECHNOSOFT PRIVATE LIMITED	Director	06-11-2010	08-12-2005	-	Active	NO
6	U70102KL2006PTC019054	COCHIN SMART CITY PROPERTIES PRIVATE LIMITED	Director	11-07-2007	03-04-2006	-	Active	NO
7	U62200KL2009PLC024350	JOY JETS LIMITED	Managing director	20-07-2013	19-06-2009	-	Active	NO
8	U51900KL2009PTC024449	MUDITA TRADES PRIVATE LIMITED	Director	11-07-2009	11-07-2009	-	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	04-10-2010	-	Active	NO
11	U74900KL2011PTC028860	JOYALUKKAS MONEY EXCHANGE PRIVATE LIMITED	Director	12-07-2011	12-07-2011	14-08-2012	Active	NO
12	U51494KL2010PTC026358	REDROSE DESIGNER WEAR PRIVATE LIMITED	Director	01-10-2011	01-10-2011	-	Active	NO
13	U74900KL2011PTC029897	JOLLY SILKS PRIVATE LIMITED	Director	24-09-2013	22-11-2011	-	Active	NO
14	U70102KL2011PTC029893	SVENI DEVELOPERS PRIVATE LIMITED	Director	22-11-2011	22-11-2011	-	Active	NO
15	U51398KL2012PTC030361	JOYALUKKAS JEWELLERY PRIVATE LIMITED	Director	25-01-2012	25-01-2012	05-06-2013	Active	NO
16	U70100KL2012PTC031029	MASAAKI DEVELOPERS PRIVATE LIMITED	Director	17-04-2012	17-04-2012	-	Active	NO
17	U70100KL2012PTC031027	AVJ PROPERTIES PRIVATE LIMITED	Director	17-04-2012	17-04-2012	-	Active	NO
18	U70200KL2013PTC034249	MALL OF JOY PRIVATE LIMITED	Director	03-06-2013	03-06-2013	-	Active	NO
19	U70100KL2013PTC033194	SARAYU DEVELOPERS PRIVATE LIMITED	Director	16-07-2014	11-03-2014	-	Active	NO
20	U70100KL2012PTC032495	NATURA LIFESTYLE PRIVATE LIMITED	Director	24-04-2014	11-03-2014	-	Active	NO

Name :

Puthukkaden Pyloth Jose

Designation :

Whole-time Director

Address :

Puthukkaden Koratty, Mukundapuram, Thrissur – 680308, Kerala, India

Date of Birth/Age :

09.10.1944

Date of Appointment :

16.11.2011

PAN No. :

AIBPJ4965A

DIN No. :

01684395

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP 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	06-11-2010	20-07-2008	-	Active	NO
4	U55101KL1994PTC007964	JOYALUKKAS LIFESTYLE DEVELOPERS PRIVATE LIMITED	Managing director	06-11-2010	12-11-2008	-	Active	NO
5	U51398KL2002PTC015372	JOYALUKKAS INDIA PRIVATE LIMITED	Whole-time director	16-11-2011	16-11-2011	-	Active	NO
6	U51494KL2010PTC026358	REDROSE DESIGNER WEAR PRIVATE LIMITED	Director	28-09-2012	02-12-2011	-	Active	NO
7	U74900KL2011PTC028860	JOYALUKKAS MONEY EXCHANGE PRIVATE LIMITED	Director	27-09-2013	01-10-2012	-	Active	NO
8	U70200KL2013PTC034249	MALL OF JOY PRIVATE LIMITED	Additional director	04-06-2013	04-06-2013	-	Active	NO

Name :

Mary Jeny Joy

Designation :

Director

Address :

Alukkas House, Kunnath Kuriachira P.O., Thrissur – 680006, Kerala, India

Date of Birth/Age :

30.08.1988

Date of Appointment :

29.09.2011

PAN No. :

AQVPJ1069M

DIN No. :

03266300

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U62200KL2009PLC024350	JOY JETS LIMITED	Director	27-09-2012	07-05-2011	Active	NO
2	U51398KL2002PTC015372	JOYALUKKAS INDIA PRIVATE LIMITED	Director	29-09-2011	19-08-2011	Active	NO

Name :

Mr. John Paul Joy Alukkas

Designation :

Director

Address :

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

Date of Birth/Age :

14.10.1985

Date of Appointment :

28.09.2007

PAN No. :

AJWPJ8977A

DIN No. :

00314046

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51398KL2002PTC015372	JOYALUKKAS INDIA PRIVATE LIMITED	Director	28-09-2007	05-12-2003	-	Active	NO
2	U51900KL2009PTC024449	MUDITA TRADES PRIVATE LIMITED	Director	11-07-2009	11-07-2009	-	Active	NO
3	U62200KL2009PLC024350	JOY JETS LIMITED	Director	28-09-2010	24-06-2010	-	Active	NO
4	U51398KL2012PTC030361	JOYALUKKAS JEWELLERY PRIVATE LIMITED	Director	25-01-2012	25-01-2012	05-06-2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Varun T V
Designation :	Secretary
Address :	25/317A, Varijam, Puthiyakavu, Tripunithura, Ernakulam – 682301, Kerala, India
Date of Birth/Age :	27.04.1986
Date of Appointment :	08.04.2010
PAN No.:	AGUPV3219Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2013

Names of Shareholders	No. of Shares
Antony Chirakkekkaran Jos	100
Alukkas Varghese Joy	65023800
Devassy Francis Palli Kunnath	100
Jolly Joy	5000000
John Paul Joy Alukkas	10000
Puthukkaden Pyloth Jose	100
Jose Pallikunnath Devassy	100
Total	70034200

As on 24.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Wholesaler, Retailer of Gold and Silver Ornaments, Diamond and Precious Stones, Platinum and White Gold Ornaments and Accessories and of acquiring and Trading of Textiles, Fashion Articles, Perfumes, Cosmetics, Watches, Cutlery, Utensils, Curio Articles, Antiques and Other Consumer Articles.

Products :

Item Code No. (ITC Code)	Product Description
71131910	Jewellery of Gold Unset

Brand Name :

JOYALUKKAS

GENERAL INFORMATION

No. of Employees :

3480 (Approximately)

Bankers :

· State Bank of Travancore, Malankara Centre, M.G Road,, Ernakulam - 682035, Kerala, India

Dhanlaxmi Bank Limited, Industrial Finance Branch, Xl/7296m.G Road, Ernakulam - 682035, Kerala, India

ING Vysya Bank Limited, 22, M G Road, Bangalore - 560001, Karnataka, India

Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

IDBI Bank Limited, IDBI Building, Ist Floor, Panampilly Nagar, Ernakulam - 682036, Kerala, India

Abn Amro Bank N V, 15, Hansalaya Building, Barakhambha Road, New Delhi - 110001, Delhi, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (EM of certain immovable properties and Hyp of Vech purch on loan)	281.304	0.000
Loans taken for Vehicles (Hypothecation of respective motor vehicles of the company)	0.000	14.734
SHORT TERM BORROWINGS
Loans repayable on demand from banks (Hyp of inventories, credit card receivables, motor vehicles, EM of certain Properties, First Charge on fixed assets and certain current assets)	7303.689	4945.501
Total	7584.993	4960.235

Banking Relations :	--
Financial Institution :	Tata Capital Financial Services Limited, One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	Maruthi Info-Tech Centre, 11-12/1, Inner Ring Road, Koramangala, Bangalore – 560071, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AAAFB9852F
Subsidiary Company:	Joyal Ornaments and Trades Private Limited CIN No.: U51398KL2010PTC025916
Associates:	· Joyalukkas Jewellery LLC, Dubai Joyalukkas Centre LLC, Sharjah Joyalukkas Centre LLC, Muscat Joyalukkas Jewellery International, Singapore Joyalukkas Company Limited, Saudi Arabia Joy Jets Limited CIN No.: U62200KL2009PLC024350 Jolly Silks Private Limited CIN No.: U74900KL2011PTC029897 Cochin Smart City Properties Private Limited CIN No.: U70102KL2006PTC019054

CAPITAL STRUCTURE

As on 24.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000,000	Equity Shares	Rs.10/- each	Rs. 1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
70,034,200	Equity Shares	Rs.10/- each	Rs. 700.342 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000,000	Equity Shares	Rs.10/- each	Rs. 1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,034,200	Equity Shares	Rs.10/- each	Rs. 500.342 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	500.342	500.342	500.342
(b) Reserves & Surplus	4634.153	3555.891	2402.676
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	5134.495	4056.233	2903.018
(3) Non-Current Liabilities
(a) long-term borrowings	281.304	14.734	1.873
(b) Deferred tax liabilities (Net)	0.000	2.033	0.000
(c) Other long term liabilities	243.127	126.345	22.364
(d) long-term provisions	29.811	24.658	16.813
Total Non-current Liabilities (3)	554.242	167.770	41.050
(4) Current Liabilities
(a) Short term borrowings	7303.689	4945.501	3330.803
(b) Trade payables	2665.458	2448.276	1069.604
(c) Other current liabilities	1799.020	1227.242	987.946
(d) Short-term provisions	3.597	169.361	131.334
Total Current Liabilities (4)	11771.764	8790.380	5519.687
TOTAL	17460.501	13014.383	8463.755
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	878.772	740.769	576.761
(ii) Intangible Assets	7.974	0.000	0.000
(iii) Capital work-in-progress	142.564	17.567	17.920
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	9.600	0.600	0.600
(c) Deferred tax assets (net)	27.562	0.000	12.926
(d) Long-term Loan and Advances	594.046	531.388	339.836
(e) Other Non-current assets	46.988	25.694	22.305
Total Non-Current Assets	1707.506	1316.018	970.348
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	15354.446	11287.176	6888.158
(c) Trade receivables	96.814	169.638	351.589
(d) Cash and cash equivalents	238.131	187.094	88.817
(e) Short-term loans and advances	63.604	54.457	157.806
(f) Other current assets	0.000	0.000	7.037
Total Current Assets	15752.995	11698.365	7493.407
TOTAL	17460.501	13014.383	8463.755

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	40361.190	33967.190	26926.980
		Other Income	37.610	71.110	13.980
		TOTAL (A)	40398.800	34038.300	26940.960
Less	EXPENSES
		TOTAL (B)	37781.240	31590.050	24890.620
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2617.560	2448.250	2050.340
Less	FINANCIAL EXPENSES (D)		823.280	530.030	386.490
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1794.280	1918.220	1663.850
Less/ Add	DEPRECIATION/ AMORTISATION (F)		211.610	178.930	144.220
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		1582.670	1739.290	1519.630
Less	TAX (H)		504.410	586.080	505.740
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1078.260	1153.210	1013.890
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3385.310	2232.100	1407.110
	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	101.390
		Dividend on Equity Shares (Including Dividend tax)	0.000	0.000	87.520
	BALANCE CARRIED TO THE B/S		4463.570	3385.310	2232.090
	EARNINGS IN FOREIGN CURRENCY		246.370	422.600	670.570
	IMPORTS
		Capital Goods	16.120	24.660	15.083
	TOTAL IMPORTS		16.120	24.660	15.083
	Earnings / (Loss) Per Share (Rs.)		21.55	23.05	20.27

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.67	3.39	3.76
Net Profit Margin (PBT/Sales)	(%)	3.92	5.12	5.64
Return on Total Assets (PBT/Total Assets}	(%)	9.16	13.38	18.02
Return on Investment (ROI) (PBT/Networth)		0.31	0.43	0.52
Debt Equity Ratio (Total Debt/Networth)		1.48	1.22	1.15
Current Ratio (Current Asset/Current Liability)		1.34	1.33	1.36

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	500.342	500.342	500.342
Reserves & Surplus	2402.676	3555.891	4634.153
Net worth	2903.018	4056.233	5134.495
long-term borrowings	1.873	14.734	281.304
Short term borrowings	3330.803	4945.501	7303.689
Total borrowings	3332.676	4960.235	7584.993
Debt/Equity ratio	1.148	1.223	1.477

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	26926.980	33967.190	40361.190
		26.146	18.824

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	26926.980	33967.190	40361.190
Profit	1013.890	1153.210	1078.260
	3.77%	3.40%	2.67%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem and Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10490428	03/06/2014 *	350,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI,  MAHARASHTRA - 400001, INDIA	C07398563
2	10466344	13/03/2014 *	400,000,000.00	YES BANK LIMITED	YES BANK LIMITED, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	C03361763
3	10396354	19/12/2013 *	500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B95876777
4	10344644	12/04/2012 *	500,000,000.00	INDUSIND BANK LIMITED	GOWRINARAYAN (OPP. TO JAYALAKSHMI SILKS), 40/839  9,8400, M.G.ROAD, KOCHI, KERALA - 682035, INDIA	B37366044
5	10329799	19/06/2014 *	970,000,000.00	CORPORATION BANK	RADHAKRISHNA BUILDING, CLOTH BAZAR ROAD, KOCHI, KERALA - 682031, INDIA	C08947533
6	10309001	19/07/2013 *	500,000,000.00	CITIBANK N A	RAVI'S ARCADE, 38/1581 MG ROAD, PADMA JN, COCHIN, KERALA - 682035, INDIA	B80796642
7	10249878	12/04/2012 *	650,000,000.00	UNION BANK OF INDIA	OVERSEAS BRANCH, UNION BANK BHAVAN, M.G ROAD, ERNAKULAM, KERALA - 682035, INDIA	B37059862
8	10234714	04/03/2014 *	1,700,000,000.00	STATE BANK OF TRAVANCORE	MALANKARA CENTRE, M.G ROAD, ERNAKULAM, KERALA - 682035, INDIA	B98724800
9	10230423	19/07/2013 *	450,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA -  400018, INDIA	B83055343
10	10227225	24/06/2014 *	1,800,000,000.00	STANDARD CHARTERED BANK	19, RAJAJI SALAI,, CHENNAI, CHENNAI, TAMILNADU -  600001, INDIA	C07683485
11	10228454	24/06/2014 *	1,150,000,000.00	ING VYSYA BANK LIMITED	22, M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA	C10965465
12	10228131	11/12/2013 *	500,000,000.00	DHANLAXMI BANK LIMITED	INDUSTRIAL FINANCE BRANCH, XL/7296M.G ROAD, ERN  AKULAM, KERALA - 682035, INDIA	B95724811

* Date of charge modification

BACKGROUND

The Company was incorporated as Joy Alukkas Traders (India) Private Limited on 22 April 2002 as a private limited company. The registered office of the Company is located at Kochi, Kerala, India. The Company was converted into a public limited company on 9 December 2010 and changed its name to Joyalukkas India Limited and on 13 March 2012 the Company has converted in to a private limited company and changed its name to Joyalukkas India Private Limited.

PERFORMANCE OVERVIEW

During the year the Company recorded an impressive growth and posted higher revenues. The total income increased to Rs. 40398.800 Million from Rs. 34038.300 Million in the previous year, at a growth rate of 18.69%. The Profit before Tax (PBT) amounted to Rs. 1582.670 Millions as against Rs. 1739.290 Millions in the previous year. The Profit after Tax (PAT) was Rs. 1078.260Millions as against Rs. 1153.210 Millions in the previous year. The Company has posted the Earnings per Share of Rs.21.55 for the year. The Company has a Net worth of Rs. 5134.49 million, which translates to a Book value of Rs. 102.62/- per share.

On the export front, the Company has exported the Jewellery worth Rs.171.150 Million and Textiles and others worth Rs.75.220 Million taking the total export sales turnover to Rs.246.37 Million for the financial year.

Their customer-centric approach has resulted in high levels of customer satisfaction. During the year under review, they added eight branches across India.

RECENT DEVELOPMENTS

New Retails Showrooms

During the period April 2013 to August 2013 the Company has opened a new showroom at Ramanathapuram, its 13th showroom in the State of Tamil Nadu, India. With a handful of new retail outlets in the pipeline for the current fiscal, the Company expects adding strength to its top line.

Relaunch of the Existing Showrooms

Two of its flagship showrooms in Kerala at Kollam and Thiruvalla were relaunched on 12 th July, 2013. The relaunch was a grand success and was inaugurated by renowned cine stars Ms. Vidya Balan and Mr. Suresh Gopi. Their Joy- Customer Service Centers During the year under review, the Company introduced and implemented a new concept to open customer service centers cum feeder branches in the brand name “Our Joy” across India for servicing its customers. The Company explored the requirement to strengthen its market presence and unlock customer potential in B & C towns. It helped in creating confidence among the prospective customers by offering more personalized services through these feeder branches. The Company has benefitted from promoting its easy gold monthly saving scheme and other promotional schemes to its large customer base in the B and C towns near their showrooms. As on July 2013, the Company had opened 170 ‘Our Joy’ branches across south India comprising 49 in Kerala, 71 in Tamil Nadu, 24 in Karnataka & 26 in Andhra Pradesh. The Company has added around 60,000 plus new customers through innovative concept.

New Regional Brand Ambassadors

During the year the Company signed up film super stars of South India including Mr. Suresh Gopi, Mr. R Madhavan, Sudeep and Allu Arjun as its brand ambassadors for its Kerala, Tamil Nadu, Karnataka and Andhra Pradesh regions respectively. The 4 stars were signed up post extensive research in Tamil Nadu, Kerala, Andhra Pradesh and Karnataka within jewellery shoppers to gauge their popularity and stature prior to which they were evaluated against the Joyalukkas positioning and brand values to see if they complement the brand in all aspects.

FIXED ASSETS

Tangible Assets

· Land

Buildings

Plant and Equipment

Other plant and Equipment

Furniture and Fixtures

Vehicles

Motor Vehicles

Computer Equipments

Other Equipments

Leasehold Improvements

Intangible Assets

· Computer Software

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] 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.60.73
UK Pound	1	Rs.101.48
Euro	1	Rs.81.04

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.