MIRA INFORM REPORT

Report No. :	339808
Report Date :	09.09.2015

IDENTIFICATION DETAILS

Name :	JAFFAFRUIT PRODUCTS NV

Registered Office :	Mechelsesteenweg 123, 1970 Wezembeek-Oppem

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	14.12.2011

Com. Reg. No.:	841857654

Legal Form :	Public Limited Liability Company (BE)

Line of Business :	Subject is engaged in wholesale of other foods

No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Belgium

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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

Source : CIA

Company name

JAFFAFRUIT PRODUCTS NV

Company summary

Business number	841857654
Branche Unit Number	2210768372
Company name	JAFFAFRUIT PRODUCTS NV
Address	MECHELSESTEENWEG 123
	1970 WEZEMBEEK-OPPEM
Number of staff	0
Date of establishment	14/12/2011
Telephone number	027670685
Fax number

Ultimate holding company
Company name	Company Number
-	-

Commentary

The business has 0 employees.

The business has been at the address for over 3 years. Operating Result in the latest trading period increased 22% on the previous trading period. Net Worth increased by 61% during the latest trading period.

A 21% growth in Total Assets occurred during the latest trading period. Pre-tax profits increased by 60% compared to the previous trading period. The business saw an increase in their Cash Balance of 1328% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014		59,768	142,876	181,371
31/12/2013	3,594,513	37,318	88,329	9,713
31/12/2012		14,005	46,932	-31,703
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	825,883	0	100,000	57,475
31/12/2013	677,313	0	100,000	41,657
31/12/2012	903,853	0	100,000	27,204

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	108.80	Industry average day sales	83.45
expectation days		outstanding
Day sales outstanding	-

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Company accounts

Assets
Annual accounts	31-12-2014	%	31-12-2013	%	31-12-2012
Weeks	52		52		55
Currency	EUR		EUR		EUR
Total fixed assets	64,799	-49.18	127,503	-11.31	143,763
Intangible fixed assets	33,041	-30.08	47,255	-25.29	63,255
Tangible fixed assets	-	-	248	-51.20	508
Land & building	-	-	-	-	-
Plant & machinery	-	-	-	-	-
Furniture & Vehicles	-	-	248	-51.20	508
Leasing & Other Similar Rights	-	-	-	-	-
Other tangible assets	0	-	0	-	0
Financial fixed assets	31,758	-60.30	80,000	0	80,000
Total current assets	761,084	38.43	549,810	-27.67	760,090
Inventories	126,911	-20.88	160,407	-62.60	428,842
Raw materials & consumables	-	-	-	-	-
Work in progress	0	-	0	-	0
Finished goods	0	-	0	-	0
Other stocks	126,911	-20.88	160,407	-62.60	428,842
Trade debtors	496,541	32.05	376,030	28.87	291,796
Other amounts receivable	2,184	161	834	-38.19	1,349
Cash	132,653	1328	9,284	-70.81	31,808
Miscellaneous current assets	2,795	-14.09	3,254	-48.31	6,295
Total Assets	825,883	21.94	677,313	-25.06	903,853

Liabilities
Total shareholders equity	175,917	29.75	135,584	23.05	110,187
Issued share capital	100,000	0	100,000	0	100,000
Share premium account	-	-	-	-	-
Revaluation reserve	-	-	-	-	-
Reserves	75,917	113	35,584	249	10,187
Provisions for Liabilities & Charges	0	-	0	-	0
Deffered taxes	-	-	-	-	-
Creditors	649,966	19.98	541,729	-31.74	793,666
Other long term loans	67,723	-	-	-	-
Long term group loans	-	-	-	-	-
Other long term liabilities	2,530	55.06	1,631	-12.90	1,873
Total long term debts	70,253	4206	1,631	-12.90	1,873
Current portion of long term debt	24,304	-	-	-	-
Financial debts	100,000	-76.52	425,872	7.08	397,714
Trade creditors	424,264	323	100,066	-73.99	384,788
Amounts Payable for Taxes, Remuneration & Social Security	31,145	269	8,419	120	3,811
Miscellaneous current liabilities	0	-100	5,740	4.74	5,480
Total current liabilities	579,713	7.33	540,097	-31.79	791,793
Total Liabilities	825,883	21.94	677,313	-25.06	903,853

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	-	-	1.04	-	-
Return on capital employed	24.28	-10.74	27.20	117	12.50
Return on total assets employed	7.24	31.40	5.51	255	1.55
Return on net assets employed	33.97	23.44	27.52	116	12.71
Sales / net working capital	-	-	370.09	-	-
Stock turnover ratio	-	-	4.46	-	-
Creditor days	-	-	10.34	-	-
Debtor days	-	-	38.18	-	-
SHORT TERM STABILITY
Current ratio	1.31	28.43	1.02	6.25	0.96
Liquidity ratio / acid ratio	1.09	51.39	0.72	71.43	0.42
Current debt ratio	3.30	-17.09	3.98	-44.65	7.19
Liquidity ratio reprocessed	-	-	-	-	-
Cashflow	57,475	37.97	41,657	53.13	27,204
Net worth	142,876	61.75	88,329	88.21	46,932
LONG TERM STABILITY
Gearing	109.16	-65.25	314.10	-12.98	360.94
Equity in percentage	22.19	3.11	21.52	64.15	13.11
Total debt ratio	3.69	-7.75	4.00	-44.44	7.20
Working capital	181,371	1767	9,713	30.64	-31,703

Profit & loss
Operating Income	-	-	-	-	-
Turnover	-	-	3,594,513	-	-
Total operating expenses	-	-	3,532,150	-	-
Gross Operating Margin	169,259	10.48	153,204	71.90	89,124
Operating Charges	-	-	-	-	-
Employee costs	40,767	5.63	38,595	0.11	38,554
Wages and salary	31,470	1.02	31,153	9.88	28,352
Employee pension costs	-	-	-	-	-
Social security contributions	7,279	5.80	6,880	-12.23	7,839
Other employee costs	2,018	258	562	-76.19	2,362
Director remuneration	-	-	-	-	-
Amortization and depreciation	17,141	5.42	16,260	-4.45	17,017
Operating result	76,654	22.92	62,362	124	27,736
Total financial income	30,773	-82.88	179,748	400	35,900
Total financial expenses	47,659	-76.73	204,793	312	49,631
Results on ordinary operations before taxation	59,768	60.16	37,318	166	14,005
Extraordinary Income	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-
Extraordinary items	0	-	0	-	0
Results for the Year Before Taxation	59,768	60.16	37,318	166	14,005
Other appropriations	-	-	-	-	-
Taxation	19,434	63.02	11,921	212	3,818
Results on ordinary operations after taxation	40,333	58.81	25,397	149	10,187
Net result	40,333	58.81	25,397	149	10,187
Profit (Loss) for the Year to be appropiated	40,333	58.81	25,397	149	10,187
Dividends	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet		Total
During the reporting year
ended 31-12-2014
Full-time Employees		-
Part-time Employees		1
Total Fte Employees		1
Number of hours worked
Full-time Employees		-
Part-time Employees		1,389
Total		1,389
Personnel Charges
Full-time Employees		-
Part-time Employees		-
Total		-
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		1
Actual working hours		1,367
Personnel Charges		38,595
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	-	1	1
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education	-	-	-
(non university)	-	-	-
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education	-	-	-
(non university)	-	-	-
Higher education	-	-	-
(university)

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	1	1
Blue collar worker	-	-	-
Other	-	-	-
Temporary personnel		Total
Average number of temporary staff		-
Actual working hours		-
Cost of temporary staff		-
New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	-	-	-
Leavers	-	-	-

Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the
employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Industry comparison
Activity code	46389
Activity description	Wholesale of other foods,

Payment Information

Suspension of payments / moratorium history

Amount	-
Details	-
Payment expectations
Payment expectation days	-
Day sales outstanding	-
Industry comparison
Activity code	46389
Activity description	Wholesale of other foods, n.e.c.
Industry average payment	108.80
expectation days
Industry average day sales	83.45
outstanding

Industry quartile analysis
Payment expectations
Company result	-
Lower	72.43
Median	39.87
Upper	13.14

Day sales outstanding

Company result	-
Lower	79.63
Median	41.65
Upper	19.61

Shareholder Details

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

Individual Shareholders

SHAREHOLDER NAME

Forename	Philippe	Middle name	Louise
Surname	Kilian
SHAREHOLDER DETAILS
Start date	14/12/2011	End date	14/05/2013
Percentage owned	0.05%
SHAREHOLDER ADDRESS
Street name	Serweytens de Mercxstraat	House number	34
Minor town	Heist	Postal town	Knokke-Heist
Post code	8301	Country	Belgium
SHAREHOLDER NAME
Forename	Anne	Middle name	-
Surname	Haesaerts
SHAREHOLDER DETAILS
Start date	14/05/2013	End date	-
Percentage owned	0.1%

SHAREHOLDER ADDRESS

Street name	Mechelsesteenweg	House number	191
Minor town	-	Postal town	Hove
Post code	2540	Country	Belgium
SHAREHOLDER NAME
Forename	Gunter	Middle name	-
Surname	Haesaerts
SHAREHOLDER DETAILS
Start date	14/12/2011	End date	-
Percentage owned	99.9%
SHAREHOLDER ADDRESS
Street name	Mechelsesteenweg	House number	123
Minor town	-	Postal town	Wezembeek-Oppem
Post code	1970	Country	Belgium

Companies that match this address
Business number	Company name	Date of accounts
402723808	JAFFA FRUIT PRODUCTS CIE IN VEREFFENING NV	31/12/2008

Linked Companies

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

Summons

there is no data for this company

Protested Bills

there is no data for this company

Bankruptcy and other legal events

there is no data for this company

Director details

Current director details

Position	Managing Director
Start Date	08/03/2014
Date of birth	25/11/1942
Street	123 MECHELSESTEENWEG WEZEMBEEK-OPPEM
Post code	1970
Country	Belgium
Name	GUNTER HAESAERTS
Position	Director
Start Date	15/12/2011
Date of birth	25/11/1942
Street	123 MECHELSESTEENWEG WEZEMBEEK-OPPEM
Post code	1970
Country	Belgium
Name	ANNE CATHERINE HAESAERTS
Position	Director
Start Date	08/03/2014
Date of birth	09/05/1967
Street	191 MECHELSESTEENWEG HOVE
Post code	2540
Country	Belgium

Former director details
Name	PHILIPPE EDOUARD LOUISE KILIAN
Position	Director
Start Date	08/03/2014
End Date	31/12/2014
Date of birth	31/10/1957
Street	34 DINANTSTRAAT ANTWERPEN
Post code	2000
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.61
UK Pound	1	Rs.102.30
Euro	1	Rs.74.61

INFORMATION DETAILS

Analysis Done by :	KAS

Report Prepared by :	ASH

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.

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	-

MIRA INFORM REPORT

Company name

Company summary

Commentary

Accounts

Payment expectations

Court data summary

Company information

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

SHAREHOLDER NAME

SHAREHOLDER ADDRESS

Linked Companies

Director details

Unit