MIRA INFORM REPORT

Report No. :	506226
Report Date :	30.04.2018

IDENTIFICATION DETAILS

Name :	JAIANCO BVBA

Registered Office :	Hoveniersstraat 30-Bus 266, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	30.06.2017

Date of Incorporation :	01.10.2012

Com. Reg. No.:	849418211

Legal Form :	Private limited liability company

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	2

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Medium High Risk

Business dealings permissible preferably on secured basis

Status :	Moderate

Payment Behaviour :	Slow and delayed

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

BELGIUM - ECONOMIC OVERVIEW

Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing. Belgium is completely reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by 2025 should increase its dependence on foreign energy. Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners. Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU.

Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of industrial differences between the regions. The economy largely recovered from the March 2016 terrorist attacks that mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to decrease Belgium's high public debt of about 104% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and higher inflation promise to curtail a more robust recovery in private consumption.

The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to labor market rules and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but risk worsening tensions with trade unions and triggering extended strikes. In 2017, Belgium approved a tax reform plan to ease corporate rates from 33% to 29% by 2018 and down to 25% by 2020. The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment.

Source : CIA

Company summary

Business number	849418211
Branche Unit Number	2213307495
Company name	JAIANCO BVBA
Address	HOVENIERSSTRAAT 30-BUS 266
	2018 ANTWERPEN
Date of establishment	01/10/2012
Telephone number	3234858364
Mobile number	-
Fax number	-
Liable for VAT	yes
VAT Number	BE.0849.418.211 Check VAT number

Commentary

The business was established over 5 years ago. The business has 2 employees.

The business has been at the address for over 11 months.

The business has changed address 1 times in the last year.

Operating Result in the latest trading period increased 1186% on the previous trading period.

Net Worth increased by 232% during the latest trading period.

A 31% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 1552% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 86% during the latest trading period.

Annual accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
30/06/2017	62,426,512	1,701,551	2,170,281	3,652,566
30/06/2016	52,776,334	102,974	653,527	2,209,006
30/06/2015	59,088,739	111,746	580,670	2,118,792
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
30/06/2017	6,814,804	2	400,238	1,523,941
30/06/2016	5,185,173	2	400,238	79,248
30/06/2015	2,856,434	1	400,238	84,404

Payment expectations

Past payments		Payment expectation days	16.74
Industry average payment	202.59	Industry average day sales	211.65
expectation days		outstanding
Day sales outstanding	14.05

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Financials

Company accounts

Assets
Annual accounts	30-06-2017	%	30-06-2016	%	30-06-2015	%	30-06-2014	%	30-06-2013
Weeks	52		52		52		52		39
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	51,188	145	20,813	-19.68	25,914	3776	668	-	0
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	41,188	97.90	20,813	-19.68	25,914	3776	668	-	0
Land & building	0	-	0	-	0	-	0	-	0
Plant & machinery	37,132	90.13	19,530	-24.63	25,914	3776	668	-	0
Furniture & Vehicles	4,056	216	1,283	-	0	-	0	-	0
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	10,000	-	0	-	0	-	0	-	0
Total current assets	6,763,616	30.97	5,164,360	82.45	2,830,520	-28.23	3,944,013	0.30	3,932,077
Inventories	4,253,770	68.58	2,523,269	19.73	2,107,502	177	759,017	-17.39	918,749
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	4,253,770	68.58	2,523,269	19.73	2,107,502	177	759,017	-17.39	918,749
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	2,403,236	18.28	2,031,742	216	641,985	-75.23	2,591,835	-5.95	2,755,830
Other amounts receivable	12,163	31.78	9,230	62.59	5,677	-13.80	6,586	248	1,890
Cash	81,761	-86.11	588,428	816	64,210	-88.91	579,068	130	251,609
Miscellaneous current assets	12,686	8.51	11,691	4.89	11,146	48.47	7,508	87.69	4,000
Total Assets	6,814,804	31.43	5,185,173	81.53	2,856,434	-27.59	3,944,682	0.32	3,932,077
Liabilities
Total shareholders equity	2,170,281	232	653,527	12.55	580,670	15.64	502,139	16.18	432,194
Issued share capital	400,238	0	400,238	0	400,238	0	400,238	0	400,238
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	1,770,043	598	253,289	40.38	180,432	77.07	101,901	218	31,956
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	4,644,523	2.49	4,531,646	99	2,275,765	-33.89	3,442,543	-1.64	3,499,884
Other long term loans	1,533,474	-2.72	1,576,293	0.78	1,564,036	113	732,172	-4.23	764,526
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	1,533,474	-2.72	1,576,293	0.78	1,564,036	113	732,172	-4.23	764,526
Current portion of long term debt	34,175	-2.72	35,129	-	0	-	0	-	0
Financial debts	0	-	0	-	0	-	0	-	0
Trade creditors	2,783,857	-1.71	2,832,239	347	632,352	-75.75	2,607,300	-3.84	2,711,554
Amounts Payable for Taxes,	221,940	189	76,725	14.40	67,065	82.92	36,663	198	12,302
Remuneration & Social Security
Miscellaneous current liabilities	71,079	531	11,261	-8.53	12,312	-81.46	66,408	477	11,502
Total current liabilities	3,111,050	5.27	2,955,354	315	711,729	-73.74	2,710,371	-0.91	2,735,358
Total Liabilities	6,814,804	31.43	5,185,173	81.53	2,856,434	-27.59	3,944,682	0.32	3,932,077

Ratio analysis
TRADING PERFORMANCE
Profit Before Tax	2.73	1265	0.20	5.26	0.19	18.75	0.16	-20.0	0.20
Return on capital employed	45.94	894	4.62	-11.32	5.21	-32.25	7.69	111	3.63
Return on total assets employed	24.97	1154	1.99	-49.10	3.91	62.24	2.41	119	1.10
Return on net assets employed	78.40	397	15.76	-18.09	19.24	1.80	18.90	88.25	10.04
Sales / net working capital	17.09	-28.46	23.89	-14.34	27.89	-42.88	48.83	171	17.99
Stock turnover ratio	6.81	42.47	4.78	33.89	3.57	183	1.26	-70.49	4.27
Creditor days	16.74	-14.77	19.64	401	3.92	-75.25	15.84	-65.63	46.09
Debtor days	14.05	0	14.05	253	3.97	-74.71	15.70	-66.40	46.73
SHORT TERM STABILITY
Current ratio	2.17	24.00	1.75	-56.03	3.98	172	1.46	1.39	1.44
Liquidity ratio / acid ratio	0.81	-8.99	0.89	-12.75	1.02	-13.56	1.18	7.27	1.10
Current debt ratio	1.43	-68.36	4.52	267	1.23	-77.22	5.40	-14.69	6.33
Cashflow	1,523,941	1823	79,248	-6.11	84,404	20.44	70,077	119	31,956
Net worth	2,170,281	232	653,527	12.55	580,670	15.64	502,139	16.18	432,194
LONG TERM STABILITY
Gearing	72.23	-70.71	246.57	-8.46	269.35	84.73	145.81	-17.57	176.89
Equity in percentage	31.85	152	12.60	-38.02	20.33	59.70	12.73	15.83	10.99
Total debt ratio	2.14	-69.12	6.93	76.79	3.92	-42.86	6.86	-15.31	8.10
Working capital	3,652,566	65.35	2,209,006	4.26	2,118,792	71.75	1,233,642	3.09	1,196,720

Profit & loss
Operating Income	62,502,793	18.34	52,816,203	-10.62	59,089,223	-1.92	60,244,431	179	21,523,294
Turnover	62,426,512	18.29	52,776,334	-10.68	59,088,739	-1.92	60,243,391	179	21,523,294
Total operating expenses	60,683,545	15.28	52,640,857	-10.65	58,914,973	-1.91	60,064,180	179	21,472,355
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	62,502,793	18.64	52,680,726	-10.58	58,915,458	-1.91	60,065,220	179	21,472,355
Employee costs	53,472	9.48	48,840	82.36	26,782	-5.33	28,289	-	-
Wages and salary	40,791	-6.50	43,624	82.23	23,939	-9.39	26,420	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	2,770	1.31	2,735	172	1,002	375	211	-	-
Other employee costs	9,911	299	2,481	34.82	1,841	10.99	1,658	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	7,186	12.45	6,391	8.81	5,873	4366	132	-	-
Operating result	1,742,967	1186	135,477	-22.03	173,766	-3.04	179,210	251	50,939
Total financial income	218	-35.95	340	2648	12	-97.47	489	-76.85	2,112
Total financial expenses	41,635	26.77	32,843	-47.06	62,033	-26.84	84,785	778	9,655
Results on ordinary operations	1,701,551	1552	102,974	-7.85	111,746	17.73	94,914	118	43,396
before taxation
Extraordinary Income	-	-	-	-	26,523	-	-	-	-
Extraordinary Charges	-	-	-	-	29,528	-	-	-	-
Extraordinary items	-	-	-	-	-3,005	-	-	-	0
Results for the Year Before Taxation	1,701,551	1552	102,974	-5.30	108,741	14.57	94,914	118	43,396
Taxation	184,796	513	30,117	-0.31	30,210	20.99	24,969	118	11,440
Results on ordinary operations after taxation	1,516,754	1981	72,857	-10.64	81,536	16.57	69,945	118	31,956
Net result	1,516,754	1981	72,857	-7.22	78,531	12.27	69,945	118	31,956
Profit (Loss) for the Year appropiated to be	1,516,754	1981	72,857	-7.22	78,531	12.27	69,945	118	31,956
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet	Total
During the reporting year
ended 30-06-2017
Full-time Employees	2
Part-time Employees	0
Total Fte Employees	2
Number of hours worked
Full-time Employees	2,364
Part-time Employees	312
Total	2,676
Personnel Charges
Full-time Employees	47,237
Part-time Employees	6,234
Total	53,472
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	2
Actual working hours	3,184
Personnel Charges	48,840
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	1	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	1	1	1
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	1	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	-	1	0
Leavers	1	-	1

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	46761
Activity description	Wholesale of diamonds and other precious stones

Payment Information

Payment Information Summary
Total number of Invoices available	2
Total number of Invoices paid within or up to 30 days after the due date	2
Total number of Invoices paid more than 30 days after the due date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	16.74
Day sales outstanding	14.05

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	202.59
Industry average day sales outstanding	211.65

Industry quartile analysis
Payment expectations
Company result	16.74
Lower	132.04
Median	58.79
Upper	25.65

Day sales outstanding

Company result	14.05
Lower	136.36
Median	81.74
Upper	44.49

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

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	Manager
Start Date	16/04/2013
Date of birth	30/11/1986
Street	35 FAZANTENLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	Priyanka Choksi
Name	Akash Mehta
Position	Manager
Start Date	01/10/2012
Date of birth	26/03/1983
Street	35 FAZANTENLAAN ANTWERPEN
Post code	2610
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74
Euro	1	INR 80.52

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY

Report Prepared by :	KET

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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	-
Joint Industrial Committee (JIC)
JIC Code	218
Description	Additional national joint committee for the employees
category
JIC Code	324
Description	Joint committee for the industry and the trade in diamant
category

MIRA INFORM REPORT

Company summary

Company information

Financials

Social Balance Sheet Details

Payment Information

Shareholder Details

Group Structure

Minority Shareholders

Minority Interests

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit