MIRA INFORM REPORT

Report Date :

16.06.2014

IDENTIFICATION DETAILS

Name :	LANGERMAN JEWELS BVBA

Registered Office :	Pelikaanstraat 62-Bureel 431, 2018 Anvers

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	23.09.2010

Com. Reg. No.:	829770464

Legal Form :	Private Limited Company (BL/LX)

LINE OF BUSINESS :	WHOLESALE OF WATCHES AND JEWELLERY THE COMPANY IS ALSO ENGAGED IN DIAMOND BUSINESS.

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 :	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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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 829770464

Company name LANGERMAN JEWELS BVBA

Address PELIKAANSTRAAT 62-

bureel 431

2018 ANVERS

Number of staff 0

Date of establishment 23/09/2010

Telephone number 032250028

Fax number 032320329

Commentary

The business was established over 3 years ago.

No employees are recorded for this business.

The business has been at the address for over 3 years.

Net Worth increased by 116% during the latest trading period.

A 22% growth in Total Assets occurred during the latest trading period.

The business saw an increase in their Cash Balance of 89% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012		8,869	16,493	16,493
31/12/2011		-17,376	7,624	7,624
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	-	0	25,000	8,869
31/12/2011	-	0	25,000	-17,376

Payment expectations
Past payments		Payment expectation days	-
Industry average payment	165.95	Industry average day sales	570.82
expectation days		outstanding
Day sales outstanding	-
Court data summary
BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Profit & loss

Annual accounts	31-12-2012		31-12-2011			Industry average	%
Weeks	52		66		-
Currency	EUR		EUR		-
Turnover	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-
Operating result	10,500	64.26	-16,340	-	-	-	-
Total financial income	1,933	799	215	-	-	-	-
Total financial expenses	3,564	185	1,250	-	-	-	-
Results on ordinary operations before taxation	8,869	51.04	-17,376	-	-	-	-
Taxation	-	-	-	-	-	-	-
Results on ordinary operations after taxation	8,869	51.04	-17,376	-	-	-	-
Extraordinary items	0	-	0	-	-	-	-
Other appropriations	0.00	-	0	-	-	-	-
Net result	8,869	51.04	-17,376	-	-	-	-
OTHER INFORMATION
Dividends	-	-	-	-	-	-	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-
Other employee costs	0	-	0	-	-	-	-
Amortization and depreciation	-	-	-	-	-	-	-

balance sheet

Annual accounts	31-12-2012		%		31-12-2011	%		Industry average	%
Weeks	52				66		-
Currency	EUR				EUR		-
Intangible fixed assets	0		-		0	-	-	-	-
Tangible fixed assets	-		-		-	-	-	-	-
Land & building	-		-		-	-	-	-	-
Plant & machinery	-		-		-	-	-	-	-
Furniture & Vehicles	-		-		-	-	-	- -	-
Leasing & Other Similar Rights	-		-		-	-	-	- -	-
Other tangible assets	0		-		0	-	-	-	-
Financial fixed assets	-		-		-	-	-	-	-
Total fixed assets	-		-		-	-	-	-	-
Inventories	5,900		-37.89		9,500	-	-	-	-
Raw materials & consumables	-		-		-	-	-	-	-
Work in progress	0		-		0	-	-	-	-
Finished goods	0		-		0	-	-	-	-
Other stocks	5,900		-37.89		9,500	-	-	-	-
Trade debtors	2,664		-13.45		3,078	-	-	-	-
Cash	23,261		89.57		12,270	-	-	-	-
other amounts receivable	3,543		-11.35		3,997	-	-	-	-
Miscellaneous current assets	0		-100		1	-	-	-	-
Total current assets	35,368		22.61		28,846	-	-	-	-
Total Assets	35,368		22.61		28,846	-	-	- -	-
CURRENT LIABILITIES
Trade creditors	130		-94.78		2,487	-	-	-	-
Short term group loans	-		-		-	-	-	-	-
Financial debts	10		-		-	-	-	- -	-
Current portion of long term debt	-		-		-	-	-	- -	-
Amounts Payable for Taxes, Remuneration & Social Security	-		-		-	-	-	- -	-
Miscellaneous current liabilities	18,735		0.00		18,735	-	-	-	- -
Total current liabilities	18,875		-11.06		21,222	-	-	-	-
LONG TERM DEBTS AND LIABILITIES
Long term group loans		-		-	-	-	-	-	- -
Other long term loans		-		-	-	-	-	-	- -
Deffered taxes		-		-	-	-	-	- -	-
Provisions for Liabilities & Charges		0		-	0	-	-	- -	-
Other long term liabilities		0		-	0	-	-	-	-
Total long term debts		0		-	0	-	-	-	-
SHAREHOLDERS EQUITY
Issued share capital		25,000		0	25,000	-	-	-	-
Share premium account		-		-	-	-	-	-	-
Reserves		-8,507		48.96	-17,376	-	-	-	-
Revaluation reserve		-		-	-	-	-	-	-
Total shareholders equity		16,493		116	7,624	-	-	-	-
Working capital		16,493		116	7,624	-	-	-	-
Cashflow		8,869		51.04	-17,376	-	-	-	-
Net worth		16,493		116	7,624	-	-	-	-

RATIO analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)		Industry average	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-
Return on capital employed	53.77	23.59	-227.91	-	-	-	-
Return on total assets employed	25.08	41.63	-60.24	-	-	-	-
Return on net assets employed	53.77	23.59	-227.91	-	-	-	-
Sales / net working capital	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.87	37.50	1.36	-	-	-	-
Liquidity ratio / acid ratio	1.56	71.43	0.91	-	-	-	-
Current debt ratio	1.14	-58.99	2.78	-	-	-	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	0.06	-	-	-	-	-	-
Equity in percentage	46.63	76.43	26.43	-	-	-	-
Total debt ratio	1.14	-58.99	2.78	-	-	-	-

Industry comparison
Activity code	46480
Activity description	Wholesale of watches and jewellery
Industry average payment expectation days	165.95
Industry average day sales outstanding	570.82
Industry quartile analysis
Payment expectations
Company result	-
Lower	113.11
Median	44.18
Upper	12.51

Day sales outstanding
Company result	-
Lower	107.50
Median	49.84
Upper	14.90

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NSSO details
Business number	829770464
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

court data

there is no data for this company

Director details

Current director details

Name	NATACHA LANGERMAN FALSE SWARZBERG
Position	Principal Manager
Start Date	23/09/2010

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.48
UK Pound	1	Rs.100.93
Euro	1	Rs.80.71

INFORMATION DETAILS

Report Prepared by :

NIS

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.

Business number	829770464	Company name	LANGERMAN JEWELS BVBA
Fax number	032320329	Date founded	23/09/2010
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46480	liable for VAT
Activity description	Wholesale of watches and jewellery	VAT Number	BE.0829.770.464
Belgian Bullettin of Acts Publications	moniteur belge
Contractor details
Registered contractor number	-
Contractor description	-
Date struck off register