MIRA INFORM REPORT

Report Date :

12.11.2013

IDENTIFICATION DETAILS

Name :	JAIANCO BVBA
Registered Office :	Hoveniersstraat 9 2018 Antwerpen
Country :	Belgium
Financials (as on) :	30.06.2013
Date of Incorporation :	01.10.2012
Com. Reg. No.:	849418211
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear

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 – March, 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Belgium	A1	A1

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

belgium - ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank.

Source : CIA

Company name and address

JAIANCO BVBA - 849418211

Business number	849418211
Company name	JAIANCO BVBA
Address	HOVENIERSSTRAAT 9
	2018 ANTWERPEN
Number of staff	0
Date of establishment	01/10/2012
Telephone number
Fax number

Commentary

No employees are recorded for this business.
The business has been at the address for over 13 months.
There has been no significant change in the business's credit rating.
The credit limit for this business has decreased from €185000 to €0.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
30/06/2013	21,523,294	43,396	432,194	1,196,720

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
30/06/2013	-	0	400,238	31,956

Payment expectations

Past payments		Payment expectation days	46.09
Industry average payment expectation days	166.26	Industry average day sales outstanding	117.75
Day sales outstanding	46.73

Court data summary

Bankruptcy details
Court action type		No
Protested bills
Bill amount		-
NSSO details
Date of summons		-
Business number	849418211		Company name	JAIANCO BVBA
Fax number			Date founded	01/10/2012
Company status	Active		Company type	Private Limited Company (BL/LX)
Currency	Euro (€)		Date of latest accounts	30/06/2013
Activity code	46761		liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones		VAT Number	BE.0849.418.211
Belgian Bullettin of Acts Publications	moniteur belge

Joint Industrial Committee (JIC)

comparison mode

average

median

Export accounts to CSV file

Profit & loss

Annual accounts	30-06-2013	%		%		Industry average	%
Weeks	39		-		-
Currency	EUR		-		-
Turnover	21,523,294	-	-	-	-	-	-
Total operating expenses	21,472,355	-	-	-	-	-	-
Operating result	50,939	-	-	-	-	-	-
Total financial income	2,112	-	-	-	-	-	-
Total financial expenses	9,655	-	-	-	-	-	-
Results on ordinary operations before taxation	43,396	-	-	-	-	-	-
Taxation	11,440	-	-	-	-	-	-
Results on ordinary operations after taxation	31,956	-	-	-	-	-	-
Extraordinary items	0	-	-	-	-	-	-
Other appropriations	0.00	-	-	-	-	-	-
Net result	31,956	-	-	-	-	-	-
other information
Dividends	-	-	-	-	-	-	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-
Other employee costs	0	-	-	-	-	-	-
Amortization and depreciation	-	-	-	-	-	-	-
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balance sheet

Annual accounts	30-06-2013	%		%		Industry average	%
Weeks	39		-		-
Currency	EUR		-		-
Intangible fixed assets	0	-	-	-	-	-	-
Tangible fixed assets	-	-	-	-	-	-	-
Land & building	-	-	-	-	-	-	-
Plant & machinery	-	-	-	-	-	-	-
Furniture & Vehicles	-	-	-	-	-	- -	-
Leasing & Other Similar Rights	-	-	-	-	-	- -	-
Other tangible assets	0	-	-	-	-	-	-
Financial fixed assets	-	-	-	-	-	-	-
Total fixed assets	-	-	-	-	-	-	-
Inventories	918,749	-	-	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	-	-	-	-	-
Finished goods	918,749	-	-	-	-	-	-
Other stocks	0	-	-	-	-	-	-
Trade debtors	2,755,830	-	-	-	-	-	-
Cash	251,609	-	-	-	-	-	-
other amounts receivable	1,890	-	-	-	-	-	-
Miscellaneous current assets	4,000	-	-	-	-	-	-
Total current assets	3,932,077	-	-	-	-	-	-
Total Assets	3,932,077	-	-	-	-	- -	-
current liabilities
Trade creditors	2,711,554	-	-	-	-	-	-
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	- -	-
Current portion of long term debt	-	-	-	-	-	- -	-
Amounts Payable for Taxes, Remuneration & Social Security	12,302	-	-	-	-	- -	-
Miscellaneous current liabilities	11,502	-	-	-	-	-	- -
Total current liabilities	2,735,358	-	-	-	-	-	-
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	764,526	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	- -	-
Provisions for Liabilities & Charges	0	-	-	-	-	- -	-
Other long term liabilities	0	-	-	-	-	-	-
Total long term debts	764,526	-	-	-	-	-	-
shareholders equity
Issued share capital	400,238	-	-	-	-	-	-
Share premium account	-	-	-	-	-	-	-
Reserves	31,956	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-
Total shareholders equity	432,194	-	-	-	-	-	-
Working capital	1,196,720	-	-	-	-	-	-
Cashflow	31,956	-	-	-	-	-	-
Net worth	432,194	-	-	-	-	-	-
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ratio analysis

Annual accounts	30-06-2013	change(%)		change(%)		Industry average	%
Trading performance
Profit Before Tax	0.20	-	-	-	-	-	-
Return on capital employed	3.63	-	-	-	-	-	-
Return on total assets employed	1.10	-	-	-	-	-	-
Return on net assets employed	10.04	-	-	-	-	-	-
Sales / net working capital	17.99	-	-	-	-	-	-
Stock turnover ratio	4.27	-	-	-	-	-	-
Debtor days	46.73	-	-	-	-	-	-
Creditor days	46.09	-	-	-	-	-	-
short term stability
Current ratio	1.44	-	-	-	-	-	-
Liquidity ratio / acid ratio	1.10	-	-	-	-	-	-
Current debt ratio	6.33	-	-	-	-	-	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	176.89	-	-	-	-	-	-
Equity in percentage	10.99	-	-	-	-	-	-
Total debt ratio	8.10	-	-	-	-	-	-

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48
Industry average credit limit	140177.31

Payment expectations

Payment expectation days	46.09
Day sales outstanding	46.73

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	166.26
Industry average day sales outstanding	117.75

Industry quartile analysis

Payment expectations
Company result	46.09
Lower	134.58
Median	84.60
Upper	44.86
Day sales outstanding
Company result	46.73
Lower	112.73
Median	58.70
Upper	28.61

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	AKASH NIMISH MEHTA
Position	Principal Manager
Start Date	06/10/2012
Date of birth	26/03/1983
Street	35 FAZANTENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	PRIYANKA RHEA CHOKSI
Position	Principal Manager
Start Date	16/04/2013
Date of birth	30/11/1986
Street	35 FAZANTENLAAN ANTWERPEN
Post code	2610
Country	Belgium

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.30
UK Pound	1	Rs.101.36
Euro	1	Rs.84.60

INFORMATION DETAILS

Report Prepared by :

SDA

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This 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%)

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.