MIRA INFORM REPORT

Report No. :	312198
Report Date :	21.03.2015

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) :	31.03.2014
Date of Incorporation :	22.04.2002
Com. Reg. No.:	09-015372
Capital Investment / Paid-up Capital :	Rs. 700.342 Million
TIN:	27380654586
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 :	Subject is engaged in the business of Jewellery retailing.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 16000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Profitability of the company seems to be low during 2014. However, General financial position of the company seems to be decent. The rating also takes into consideration established market position, strong brand image and extensive experience of its promoters in the Jewellery business. Trade relations are 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = A-
Rating Explanation	Have adequate degree of safety carry low credit risk.
Date	January 02, 2015

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 DENIED BY

Name :	Mr. Anil Kumar
Designation :	Finance Department
Contact No.:	91-484-2870700
Date :	19.03.2015

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
Showroom:	Dev Rup Building Not Found. 36, Turner Road, Near TAVAA Restaurant, Opposites Cross word Book Shop, Bandra (East), Mumbai, Maharashtra, India
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
Corporate Office:	Marine Drive, Cochin – 682031, Kerala, India
Tel. No. :	91-484-2385035
Fax No. :	91-484-2385032
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: 30.09.2014

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 PRIVATE LIMITED	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

Name :

Mr. Jose Devassy Pallikunnath

Designation :

Whole-Time Director

Address :

Pallikunnath House, ST. Joseph Street, Kuriachira P.O, Trichur-680006, Kerala, India

Date of Birth/Age :

19.03.1957

Date of Appointment :

23.06.2014

DIN No. :

02514489

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	U72200KL2005PTC018908	FUSION TECHNOSOFT PRIVATE LIMITED	Managing director	06/11/2010	08/01/2009	-	Active	NO
2	U55101MH2009PTC196943	DALIA HOTELS AND RESORTS PRIVATE LIMITED	Director	29/09/2014	23/06/2014	-	Active	NO
3	U51398KL2002PTC015372	JOYALUKKAS INDIA Private Limited	Whole-time director	23/06/2014	23/06/2014	-	Active	NO

Name :

Mr. Antony Chirakkekkaran Jos

Designation :

Director

Address :

Chirakkekkaran House, East Fort, Bishops Palace Road, Thrissur, Thrissur-680005, Kerala, India

Date of Birth/Age :

06.03.1984

Date of Appointment :

23.06.2014

DIN No. :

06361342

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	U70100KL2012PTC032495	NATURA LIFESTYLE PRIVATE LIMITED	Director	25/10/2012	25/10/2012	-	Active	NO
2	U45200KL2013PTC034456	CHIRAKKEKARAN BUILDERS PRIVATE LIMITED	Director	03/07/2013	03/07/2013	-	Active	NO
3	U70100KL2013PTC033194	SARAYU DEVELOPERS PRIVATE LIMITED	Director	16/07/2014	09/09/2013	-	Active	NO
4	U51398KL2002PTC015372	JOYALUKKAS INDIA Private Limited	Director	30/09/2014	23/06/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Anil Kumar
Designation :	Finance Department
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: 30.09.2014

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

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Jewellery retailing.

Products :

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

Brand Names :

JOYALUKKAS

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Not Divulged

Bankers :

• 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

• Citibank N A, Ravi's Arcade, 38/1581 MG Road, Padma JN, Cochin - 682035, Kerala, India

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

• Dena Bank, Ernakulam Branch, Jos Junction, M.G Road, Ernakulam, Kochi - 682016, Kerala, India

• IDBI Bank Limited, Second Floor, Kattukaran Business Center, S.A. Road, Kadavanthra - 682036, Kerala, India

• State Bank of India, SME Branch, Ernakulam, R.S Building, 1st Floor, M .G Road, Opposites Maharajas College Ground, Ernakulam - 682011, Kerala, India

• Indusind Bank Limited, Gowrinarayan (Opposites To Jayalakshmi Silks), 40/8399,8400, M.G. Road, Kochi - 682035, Kerala, India

• Corporation Bank, Radhakrishna Building, Cloth Bazar Road, Kochi - 682031, Kerala, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from banks (EM of certain immovable properties and Hyp of Vech purch on loan)	232.178	281.304
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)	8145.979	7303.689
Total	8378.157	7584.993

Financial Institution :	Tata Capital Financial Services Limited, One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	BSR and Associates LLP 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
Memberships :	Not Available
Collaborators :	Not Available
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 Joyalukkas Retail Private Limited CIN No.: U74900KL2011PTC029897 Joyalukkas Jewellery, Kuwait Joyalukkas Limited, London, UK Mall of Joy Private Limited CIN No: U70200KL2013PTC034249 Cochin Smart City Properties Private Limited CIN No.: U70102KL2006PTC019054

CAPITAL STRUCTURE

As on 31.03.2014

Authorized Capital:

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

Issued, Subscribed & Paid-up Capital:

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

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	700.342	500.342	500.342
(b) Reserves & Surplus	4902.644	4634.153	3555.891
(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)	5602.986	5134.495	4056.233
(3) Non-Current Liabilities
(a) long-term borrowings	232.178	281.304	14.734
(b) Deferred tax liabilities (Net)	131.549	322.910	2.033
(c) Other long term liabilities	0.000	0.000	126.345
(d) long-term provisions	40.605	29.811	24.658
Total Non-current Liabilities (3)	404.332	634.025	167.770
(4) Current Liabilities
(a) Short term borrowings	8195.979	7303.689	4945.501
(b) Trade payables	3774.438	2665.458	2448.276
(c) Other current liabilities	3293.679	1719.237	1227.242
(d) Short-term provisions	3.711	3.597	169.361
Total Current Liabilities (4)	15267.807	11691.981	8790.380
TOTAL	21275.125	17460.501	13014.383
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	976.987	878.772	740.769
(ii) Intangible Assets	5.172	7.974	0.000
(iii) Capital work-in-progress	862.573	142.564	17.567
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	9.600	9.600	0.600
(c) Deferred tax assets (net)	57.223	27.562	0.000
(d) Long-term Loan and Advances	693.911	594.046	531.388
(e) Other Non-current assets	261.831	46.988	25.694
Total Non-Current Assets	2867.297	1707.506	1316.018
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	17437.143	15354.446	11287.176
(c) Trade receivables	141.996	96.814	169.638
(d) Cash and cash equivalents	320.371	238.131	187.094
(e) Short-term loans and advances	113.630	63.604	54.457
(f) Other current assets	394.688	0.000	0.000
Total Current Assets	18407.828	15752.995	11698.365
TOTAL	21275.125	17460.501	13014.383

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	42714.630	40361.190	33967.190
		Other Income	94.260	37.610	71.110
		TOTAL (A)	42808.890	40398.800	34038.300
Less	EXPENSES
		TOTAL (B)	41086.750	37781.240	31590.050
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1722.140	2617.560	2448.250
Less	FINANCIAL EXPENSES (D)		1047.660	823.280	530.030
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		674.480	1794.280	1918.220
Less/ Add	DEPRECIATION/ AMORTISATION (F)		269.530	211.610	178.930
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		404.950	1582.670	1739.290
Less	TAX (H)		136.460	504.410	586.080
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		268.490	1078.260	1153.210
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4463.570	3385.310	2232.100
	Balance Carried to the B/S		4732.060	4463.570	3385.310
	EARNINGS IN FOREIGN CURRENCY		649.520	246.370	422.600
	IMPORTS
		Capital Goods	55.791	16.120	24.660
	TOTAL IMPORTS		55.791	16.120	24.660
	Earnings / (Loss) Per Share (Rs.)		3.83	21.55	23.05

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.63	2.67	3.40
Operating Profit Margin (PBIDT/Sales)	(%)	4.03	6.49	7.21
Return on Total Assets (PBT/Total Assets}	(%)	1.99	9.16	13.38
Return on Investment (ROI) (PBT/Networth)		0.07	0.31	0.43
Debt Equity Ratio (Total Debt /Networth)		1.50	1.48	1.22
Current Ratio (Current Asset/Current Liability)		1.21	1.35	1.33

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	500.342	500.342	700.342
Reserves & Surplus	3555.891	4634.153	4902.644
Net worth	4056.233	5134.495	5602.986
long-term borrowings	14.734	281.304	232.178
Short term borrowings	4945.501	7303.689	8195.979
Total borrowings	4960.235	7584.993	8428.157
Debt/Equity ratio	1.223	1.477	1.504

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	33967.190	40361.190	42714.630
		18.824	5.831

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	33967.190	40361.190	42714.630
Profit	1153.210	1078.260	268.490
	3.40%	2.67%	0.63%

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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 & 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.

PERFORMANCE OVERVIEW:

During the year the total income of the Company increased to Rs. 42808.890 Million from Rs. 40398.800 Million in the previous year. The total expense of the Company has increased to Rs.42403.940 million from Rs.38816.140 million in the previous year. The Profit before Tax (PBT) amounted to Rs. 404.950 Million as against Rs. 1582.670 Million in the previous year. The Profit after Tax (PAT) was Rs. 268.490 Million as against Rs. 1,078.260 Million in the previous year. The Company has posted the Earnings per Share of Rs.3.97 for the year under review. On the export front, the total export sales turnover of the Company amounts to Rs.649.520 Million for the financial year. Their customer-centric approach has resulted in high levels of customer satisfaction. During the year, the Company as increased its presence across India by adding 10 new showrooms. The Company opened new showrooms at Ramanathapuram (Tamil Nadu), Nizamabad (Karnataka), Warrangal (Karnataka), Khammam (Karnataka), Kadappa (Karnataka), Ahemedabad (Gujarat), Vadodara (Gujarat), Kolkatta (West Bengal), Vashi (Maharashtra) and in Mulund (Maharashtra). As of 31st March 2014, the Company has a total of 45 Showrooms across India.

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 The Company.

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans and advances from directors	50.000	0.000
Total	50.000	0.000

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10552855	24/02/2015	500,000,000.00	DENA BANK	ERNAKULAM BRANCH, JOS JUNCTION, M.G ROAD, ERNAKULAM, KOCHI - 682016, KERALA, INDIA	C45486701
2	10548570	09/02/2015	400,000,000.00	IDBI BANK LIMITED	SECOND FLOOR, KATTUKARAN BUSINESS CENTER, S.A. ROAD, KADAVANTHRA - 682036, KERALA, INDIA	C43291343
3	10545161	21/01/2015	500,000,000.00	STATE BANK OF INDIA	SME BRANCH, ERNAKULAM, R.S BUILDING, 1ST FLOOR, M .G ROAD, OPPOSITES MAHARAJAS COLLEGE GROUND, ERNAKULAM - 682011, KERALA, INDIA	C41478843
4	10490428	03/06/2014 *	350,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	C07398563
5	10466344	13/03/2014 *	400,000,000.00	YES BANK LIMITED	YES BANK LIMITED, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	C03361763
6	10396354	29/09/2014 *	500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	C30490379
7	10344644	29/09/2014 *	500,000,000.00	INDUSIND BANK LIMITED	GOWRINARAYAN (OPPOSITES TO JAYALAKSHMI SILKS),, 40/8399,8400, M.G. ROAD, KOCHI - 682035, KERALA, INDIA	C29559838
8	10329799	29/09/2014 *	970,000,000.00	CORPORATION BANK	RADHAKRISHNA BUILDING, CLOTH BAZAR ROAD, KOCHI - 682031, KERALA, INDIA	C28928182
9	10309001	29/09/2014 *	500,000,000.00	CITI BANK N.A.	RAVI'S ARCADE, 38/1581 MG ROAD, PADMA JN, COCHIN - 682035, KERALA, INDIA	C28774248
10	10249878	21/01/2015 *	650,000,000.00	UNION BANK OF INDIA	OVERSEAS BRANCH, UNION BANK BHAVAN, M.G ROAD, ERNAKULAM - 682035, KERALA, INDIA	C43264035

* Date of charge modification

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 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 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.62.49
UK Pound	1	Rs.92.26
Euro	1	Rs.66.80

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RSM
Report Prepared by :	MTN

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
--PROFITABILITY	1~10	5
--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		53

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.