MIRA INFORM REPORT

Report Date :

17.12.2013

IDENTIFICATION DETAILS

Name :	BARSAMIAN DIAMONDS NV
Registered Office :	Pelikaanstraat 62, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	01.02.1961
Com. Reg. No.:	404932537
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	12

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	Slow buy 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

REGISTERED NAME & COMPANY SUMMARY

Business number	404932537
Company name	BARSAMIAN DIAMONDS NV
Address	PELIKAANSTRAAT 62
	2018 ANTWERPEN
Number of staff	12
Date of establishment	01/02/1961
Telephone number	033452324
Fax number	032342668

DIRECTORS/MANAGEMENT

Current director details

Name	CHRISTIAN VROUYR
Position	Director
Start Date	28/07/2008
Date of birth	10/04/1950
Street	4 KOMEDIEPLAATS ANTWERPEN
Post code	2000
Country	Belgium

Name	NICOLAS VAHRAM BARSAMIAN
Position	Director
Start Date	01/10/2012
End Date	28/05/2014
Street	68 RUE D'ANGOUSSART WAVER
Post code	1301
Country	Belgium

Name	ALEXANDRE PATRICK BARSAMIAN
Position	Director
Start Date	01/10/2012
End Date	28/05/2014
Street	68 RUE D'ANGOUSSART WAVER
Post code	1301
Country	Belgium

Name	CENJAL HOLDING BELGIUM NV
Position	Director
Start Date	28/05/2008
End Date	28/05/2014
Date of birth	25/02/2002
Street	62 PELIKAANSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	CENJAL HOLDING BELGIUM NV
Position	Legal Representative
Start Date	28/05/2008
Date of birth	25/02/2002
Street	62 PELIKAANSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	PHILIPPE HRAND CARLO BARSAMIAN
Position	Managing Director
Start Date	28/05/2008
Date of birth	14/05/1952
Street	42 RUE DES TEMPLIERS WAVER
Post code	1301
Country	Belgium

Name	PHILIPPE HRAND CARLO BARSAMIAN
Position	Director
Start Date	13/01/2003
Date of birth	14/05/1952
Street	42 RUE DES TEMPLIERS WAVER
Post code	1301
Country	Belgium

Name	PHILIPPE HRAND CARLO BARSAMIAN
Position	Chairman of the Board
Start Date	20/12/2002
Date of birth	14/05/1952
Street	42 RUE DES TEMPLIERS WAVER
Post code	1301
Country	Belgium

Name	MARCO CROZE
Position	Director
Start Date	28/07/2008
Street	82 VIA DELLA DRONA, 30011 ALBERONI ,
Post code	30175
Country	Italy

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Business number	404932537	Company name	BARSAMIAN DIAMONDS NV
Fax number	032342668	Date founded	01/02/1961
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0404.932.537
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	404932537
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

Court data

There is no data for this company

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	74.99
Industry average payment expectation days	165.64	Industry average day sales outstanding	116.68
Day sales outstanding	100.60

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

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	74.99
Day sales outstanding	100.60

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	165.64
Industry average day sales outstanding	116.68

Industry quartile analysis

Payment expectations
Company result	74.99
Lower	134.58
Median	84.97
Upper	45.29

Day sales outstanding
Company result	100.60
Lower	113.11
Median	59.01
Upper	28.58

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Safe number	Company name	Company Number	View linked companies from outside this company's group structure
-	-	-	No linked companies have been found.

Summary

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

Group Structure

Click the company to view / order a report.

No group structure for this company.

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	72,257,777	-5,060	11,848,536	11,533,654
31/12/2011	74,862,062	335,020	11,841,575	11,529,046
31/12/2010	61,862,421	173,884	11,685,311	11,387,414

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	39,200,910	12	11,000,000	95,875
31/12/2011	37,954,661	14	11,000,000	248,341
31/12/2010	36,883,824	14	11,000,000	203,789

Profit & loss

	Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Turnover	72,257,777	-3.48	74,862,062	21.01	61,862,421	46,354,280	55.88
	Total operating expenses	71,757,449	-3.07	74,028,937	20.61	61,380,654	45,960,199	56.13
	Operating result	500,328	-39.95	833,125	72.93	481,767	149,299	235
	Total financial income	98,020	30.12	75,330	-54.34	164,967	98,474	-0.46
	Total financial expenses	603,408	5.23	573,434	21.27	472,849	206,049	192
	Results on ordinary operations before taxation	-5,060	-101	335,020	92.67	173,884	33,073	-115
	Taxation	-56,090	-134	164,969	215	52,261	20,878	-368
	Results on ordinary operations after taxation	51,030	-69.99	170,051	39.82	121,623	18,219	180
	Extraordinary items	-44,069	-219	-13,788	-	0	-4,731	-831
	Other appropriations	0.00	-	0.00	-	0	-	-
	Net result	6,961	-95.55	156,264	28.48	121,623	13,505	-48.46
	other information
	Dividends	-	-	-	-	-	172,177	-
	Director remuneration	139,262	10.30	126,256	0.92	125,105	112,756	23.51
	Employee costs	543,797	-1.30	550,983	3.49	532,417	128,209	324
	Wages and salary	425,233	-2.30	435,246	4.07	418,231	106,943	297
	Employee pension costs	-	-	-	-	-	14,428	-
	Social security contributions	107,449	5.36	101,986	-0.23	102,217	26,960	298
	Other employee costs	11,115	-19.17	13,752	14.90	11,968	4,447	149
	Amortization and depreciation	88,914	-3.44	92,077	12.06	82,166	17,659	403

Balance sheet

	Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Intangible fixed assets	0	-	0	-	0	1,599	-100
	Tangible fixed assets	397,253	-16.21	474,078	-7.70	513,648	183,469	116
	Land & building	-	-	-	-	-	357,447	-
	Plant & machinery	22,482	28.24	17,531	23.70	14,173	22,553	-0.31
	Furniture & Vehicles	142,100	31.28	108,242	-23.39	141,289	17,380 5,418	717
	Leasing & Other Similar Rights	-	-	77,050	11.20	69,288	142,153 32,369	-
	Other tangible assets	232,670	-14.22	271,254	-6.11	288,898	7,857	2861
	Financial fixed assets	16,181	5.20	15,381	0.00	15,381	294,591	-94.51
	Total fixed assets	413,434	-15.53	489,459	-7.48	529,029	385,406	7.27
	Inventories	18,454,259	29.85	14,211,763	-21.92	18,200,962	3,084,234	498
	Raw materials & consumables	-	-	-	-	-	7,209,884	-
	Work in progress	0	-	0	-	0	2,474	-100
	Finished goods	18,454,259	29.85	14,211,763	-21.92	18,200,962	1,969,752	836
	Other stocks	0	-	0	-	0	575,356	-100
	Trade debtors	19,916,366	-13.07	22,909,892	34.28	17,061,322	4,156,596	379
	Cash	360,869	5.45	342,220	-68.02	1,070,223	222,496	62.19
	other amounts receivable	55,000	-	0	-100	22,288	184,388	-70.17
	Miscellaneous current assets	981	-26.04	1,327	-	0	17,970	-94.54
	Total current assets	38,787,476	3.53	37,465,202	3.05	36,354,795	7,192,452	439
	Total Assets	39,200,910	3.28	37,954,661	2.90	36,883,824	7,546,608 1,454,122	419
	current liabilities
	Trade creditors	14,742,165	-0.29	14,785,576	-1.49	15,009,077	3,016,229	388
	Short term group loans	-	-	-	-	-	-	-
	Financial debts	11,996,225	12.43	10,669,499	11.77	9,545,932	4,237,715 193,728	183
	Current portion of long term debt	61,456	-21.59	78,376	8.42	72,288	107,545 15,189	-42.86
	Amounts Payable for Taxes, Remuneration & Social Security	103,182	-40.45	173,271	66.39	104,133	9,398 -	203
	Miscellaneous current liabilities	350,794	52.90	229,433	-2.76	235,951	16.05	- -
	Total current liabilities	27,253,822	5.08	25,936,156	3.88	24,967,381	5,323,948	411
	Long term debts and liabilities
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	98,552	-44.30	176,930	-23.45	231,132	-91.15	- -
	Deffered taxes	-	-	-	-	-	35,141 24,730	-
	Provisions for Liabilities & Charges	0	-	0	-	0	3,211 0	-100
	Other long term liabilities	0	-	0	-	0	129,944	-100
	Total long term debts	98,552	-44.30	176,930	-23.45	231,132	567,386	-82.63
	shareholders equity
	Issued share capital	11,000,000	0	11,000,000	0	11,000,000	911,754	1106
	Share premium account	-	-	-	-	-	109,362	-
	Reserves	848,536	0.83	841,575	22.80	685,311	699,073	21.38
	Revaluation reserve	-	-	-	-	-	968,672	-
	Total shareholders equity	11,848,536	0.06	11,841,575	1.34	11,685,311	1,641,262	621
	Working capital	11,533,654	0.04	11,529,046	1.24	11,387,414	1,868,504	517
	Cashflow	95,875	-61.39	248,341	21.86	203,789	28,055	241
	Net worth	11,848,536	0.06	11,841,575	1.34	11,685,311	1,637,953	623

Ratio analysis

	Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
	Trading performance
	Profit Before Tax	-0.01	-102	0.45	60.71	0.28	-26,00	0.04
	Return on capital employed	-0.04	-101	2.79	91.10	1.46	31,00	-100
	Return on total assets employed	-0.01	-101	0.88	87.23	0.47	-212,00	0.00
	Return on net assets employed	-0.04	-101	2.83	89.93	1.49	20,00	-100
	Sales / net working capital	6.26	-3.54	6.49	19.52	5.43	45,00	-99
	Stock turnover ratio	25.54	34.56	18.98	-35.49	29.42	113,00	-77.40
	Debtor days	100.60	-9.94	111.70	10.96	100.67	134,00	-24.93
	Creditor days	74.99	2.87	72.90	-18.32	89.25	123,00	-39.03
	short term stability
	Current ratio	1.42	-1.39	1.44	-1.37	1.46	7,00	-84.22
	Liquidity ratio / acid ratio	0.75	-16.67	0.90	23.29	0.73	4,00	-81.25
	Current debt ratio	2.30	5.02	2.19	2.34	2.14	9,00	-74.44
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	102.60	11.21	92.26	9.46	84.29	371,00	-72.35
	Equity in percentage	30.23	-3.11	31.20	-1.52	31.68	-3.312,00	0.91
	Total debt ratio	2.31	4.52	2.21	2.31	2.16	11,00	-79.00

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	12
Part-time Employees	2
Total Fte Employees	13
Number of hours worked
Full-time Employees	20,284
Part-time Employees	1,150
Total	21,434
Personnel Charges
Full-time Employees	514,621
Part-time Employees	29,176
Total	543,797
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	14
Actual working hours	23,914
Personnel Charges	550,983
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	12	1	12
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	2	-	2
Higher education (non university)	4	-	4
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	5	-	5
Higher education (non university)	1	1	1
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	12	1	12
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	-	1
Leavers	3	-	3

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	546	459
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	-	-

Personnel (NSSO classification)

Code	-
Description	FROM 10 TO 19 EMPLOYEES

Joint Industrial Committee (JIC)

Significant Events

Event Date	28/05/2008
Event Description	re-appointment of director(s)
Event Details	Commentaar 28-05-2008: Herbenoeming van de volgende bestuurders voor een periode van 6 jaar Philippe Barsamian (tevens gedelegeerd bestuurder), Marco Croze en Christian Vrouyr.

Event Date	28/07/2010
Event Description
Event Details	De aandelen van de vennootschap, die voordien aan toonder waren, worden omgezet in aandelen op naam.

NOTES & COMMENTS

Commentary

The business was established over 49 years ago.
The business has 10 employees.
The business has been at the address for over 30 years.
The credit rating for this business has decreased from 90 to 82.
The credit limit for this business has decreased from €1800000 to €1650000.
Operating Result in the latest trading period decreased 39% on the previous trading period.
Pre-tax profits decreased by 101% compared to the previous trading period.

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.62.10
UK Pound	1	Rs.101.27
Euro	1	Rs.85.42

INFORMATION DETAILS

Report Prepared by :

PDT

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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