MIRA INFORM REPORT

Report Date :

01.12.2014

IDENTIFICATION DETAILS

Name :	JAIANCO BVBA

Registered Office :	Hoveniersstraat 9 Box 18, 2018 Antwerp

Country :	Belgium

Financials (as on) :	30.06.2013

Date of Incorporation :	01.10.2012

Com. Reg. No.:	849418211

Legal Form :	Private Limited Company

Line of Business :	Wholesaler of diamonds and Other Precious Stones

No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate

Payment Behaviour :	No Complaints

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. 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 summary

Business number	849418211
Company name	JAIANCO BVBA
Address	Hoveniersstraat 9 Box 18, 2018 Antwerp
Number of staff	0
Date of establishment	01/10/2012

Commentary

No employees are recorded for this business.
The business has been at the address for over 19 months.

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

Payment expectation days 46.09

Industry average payment expectation days 132.74

Industry average day sales outstanding 133.62

Day sales outstanding 46.73

COMPANY ACCOUNTS

Profit & Loss

Annual accounts	30.06.2013
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

Balance Sheet

Annual accounts	30.06.2013
Weeks	39
Currency	EUR
Inventories	918,749
Finished goods	918,749
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
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
Other long term loans	764,526
Total long term debts	764,526
SHAREHOLDERS EQUITY
Issued share capital	400,238
Reserves	31,956
Total shareholders equity	432,194
Working capital	1,196,720
Cash flow	31,956
Net worth	432,194

Ratio Analysis

Annual accounts	30-06-2013
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
LONG TERM STABILITY
Gearing	176.89
Equity in percentage	10.99
Total debt ratio	8.10

Payment expectations

Payment expectation days	46.09
Day sales outstanding	46.73

Industry comparison

Activity code	46761
Activity description	Wholesaler of diamonds and other precious stones
Industry average payment expectation days	132.74
Industry average day sales outstanding	133.62

Industry quartile analysis Payment expectations
Company result	46.09
Lower	128.30
Median	79.12
Upper	45.81

Day Sales Outstanding

Company result	46.73
Lower	108.77
Median	55.71
Upper	27.39

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

Bankruptcy Data

Court Data

there is no data for this company

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.61.97
UK Pound	1	Rs.97.37
Euro	1	Rs.77.16

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	MNL

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Accounts

Payment expectations

Company information

COMPANY ACCOUNTS

Payment expectations

Industry comparison

Industry quartile analysis

Group Structure

Minority Shareholders

Minority Interests

Bankruptcy details

Bankruptcy Data

Unit