MIRA INFORM REPORT

Report Date :

25.11.2011

IDENTIFICATION DETAILS

Name :	GEMINI GOLD DISTRIBUTORS (PTY) LTD
Registered Office :	3^rd Floor West Wing, 27 Ridge Road, Parktown, Gauteng
Country :	South Africa
Date of Incorporation :	25.10.2000
Com. Reg. No.:	2000/027152/07
Legal Form :	Private Company
Line of Business :	Importing and wholesaling of jewellery
No. of Employees :	13 Persons

RATING & COMMENTS

MIRA’s Rating :

B

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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
South Africa	a1	a1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Assessment:

This is an established company that is not a general credit seeker locally.

In relation to the turnover your figure is considered too high.

A bank code revealed a C for R1 000 000 over 30 days.

Dealings should be well spread and secured.

Company Information

Registered Name	GEMINI GOLD DISTRIBUTORS (PTY) LTD
Trading as/ Division Name	None
Previous Name	None
Date of Name Change	N/A
Registration Number	2000/027152/07
Registration Date	2000-10-25
Date Commenced Trading	2000
History of Business	The subject commenced as a new business in 2000.
Shareholdersof subject and % holding	100% G KRUGER
Authorised Share Capital	R100 divided into R1 shares
Issued Share Capital	R100
Age of Company	11 years
Status	In Business
Operations Assessment	Importing and wholesaling of jewellery
Industry/ Customers	Retailers
Export	No
Major Industry Code / SICC	61393 Wholesale Retail
Definition of Code	Wholesale trade in precious stones, jewellery and silverware.
Head Office Physical Address	3^rd Floor West Wing 27 Ridge Road PARKTOWN Gauteng
Head Office Postal Address	P O Box 2415 HOUGHTON 2041
Current Tel Number	011 6435311
Current Fax Number	011 4843242
Current Email Address	jeremy@geminigold.co.za
Web Site Address	None

Auditors Information

Sole Proprietor Name	BRIAN SWAINE ID:4608265086005
Trading Name	SWAINE ASSOCIATES
Physical Address	3 Sandown Valley Crescent SANDOWN Gauteng
Postal Address	P O Box 9331 JOHANNESBURG 2000
Contact Person	BRIAN SWAINE
Contact Number	011 2178275
Email	Brian.swaine@crowehorwath.co.za
Principals	1
Judgements Against Subject	None
Judgements Against Principals	None
Subject Verified as Client	Yes
VAT Number	4760144214
Years With Auditors	Many
Website	None

Previous Auditors

Company Name/ Tel	Time With Previous Auditors
None

Tax Information

Vat Number	4740192176
Status	Active
Vat Liable Date	Monthly
Tax Number	9746034140
Tax Clearance Expire Date	February and August
Financial Year End	February

Black Economic Empowerment

Status	Yes
Score	Level unknown
Expire Date	In process of renewing at present
BEE Certificate Available	No

ISO Status

Type of ISO Grade	None
ISO Certificate	Yes/No
ISO Certificate Available	Yes/No
Certified by an Accredited Agent	Yes/No

Workman’s compensation

Registered	Yes
Compliance Certified	Yes

Company Structure

Branches

None

Branches Names	Country	Province
None

Subsidiary Company	None
Shareholding
Registration Number
Import / Export

Number of Employees	13
1. Salaried employees	13
2. Waged employees
3. Permanent employees	13
4. Casual employees
5. Contracted employees

Company Fleet	No of vehicles:	Owned/ Leased	Value	Outstanding Balance
Fleet Operations
The Fleet is made up of	1
1. Cars	1	Owned	R400 000	Unknown
2. Light Delivery Vehicles
3. Trailers
4. Busses
5. Trucks
6. Fork Lifts
1. Other

Head Office Owned/ Rented	Rented
Rental Company	PUBLIC INTEREST CORPORATION
Owned by
Value
Bond
Bank
Lease Agreement	5 years
Lease Expire Date	2015
Type of Premises	offices

Trade References

The subject imports all its stock therefore only has one local reference.

Supplier	Contact
1) RAM	011 9775190

Trade References

Age of Acc	Credit Limit	Max Credit	Terms	Average Purchases	Terms Taken	Comment
1) 5 years	None	R300 000	30 days	R300 000	30 days	Very Good

Adverse Information on Subject

Judgements	None
Possible Judgements	None
Civil Court	None
RDs	None

Default Data

Date	Details
None

Notarial Bonds

Date	Details
None

Deeds Information

Property Interest
Property Type:	None	Stand Number:
Street Number:		Street Name:
Municipal Suburb:		Municipal City:
Township Name:		Province:
Deeds Office:		Transfer ID:
Title Deed Number:		Purchase Date:
Transfer Date:		Erf Size:
Sold Price:

Bank Information

Bank	FIRST NATIONAL BANK
Branch	KILLARNEY
Bank Account Number	62086293273
Type of Account	Current
Branch Code	256205
Account Name	GEMINI GOLD DISTRIBUTORS (PTY) LTD
Overdraft Facilities	None
Bank Code	C for R1 000 000
Bank Comment	The subject’s bankers consider them as equal to their normal business engagements.

Bank CodesHistory

Date requested	Bank Code	Enquiry Amount	Number of RD’s	RD amount	RD Date	Bank Comments
None

Previous Bank Accounts

Banker	Branch Code	Account Holder	Account number	Date opened	Years with bank
None

Financial Information

Financial Estimates

CURRENT ASSETS
Stock
Debtors
Cash on Hand
FIXED ASSETS
Plant, Equipment, Vehicles
Property
CURRENT LIABILITIES
Creditors
Loans/ From?	Shareholders loans, and from previous owner
LONG TERM LIABILITIES	Overdraft at BIDVEST BANK
Morgage Bonds
ANNUAL Turnover	R15 000 000-R25 000 000
Previous Year Turnover
Estimated Current Year Turnover

Principals

Number of Principals	1
Average Age of Active Principals	46

Active Principals

Principal 1 of 1

Surname	KRUGER
First Names	GARY
Marital Status	Married
ID Number	6506155212087
Verified ID Number	Yes
Current Age	46
Designation	Importer
Status	Active
Appointment Date	2001-01-28
Address (at time of Appointment)	15 Burgundy Crescent BAYSWATER BLOEMFONTEIN 9301

Adverse Information on Principal

Judgement

Number of Judgements

None

Debt Review

Debt review

None

Other

Default data

None

Business Information on Principal

Current Business Interests

Company Name	Registration No	Status	Judgements	Liquidation
ART CAVRON (PTY) LTD	1961/002546/07		0	No
BEDS FOR AFRICA	6506155212087		0	No
SWEETS FROM HEAVEN	6506155212087		0	No
SWEETS FROM HEAVEN (SANLAM) CC	B1994/017063/23		0	No

Previous Business Interests

Average Age of Previous Business Interests

8 years

Company Name	Registration No	Status	Judgements	Liquidation
ART JEWELLERS WHOLESALE CC	1997/029146/23		0	No
PRAXAIR INVESTMENTS (PTY) LTD	2001/001672/07		0	No
TONI BOWKER JEWELLERY (PTY) LTD	2006/023339/07		0	No
VIRAL PROPERTIES CC	2008/082077/23		2	No

Deeds Information

Property Interests of Principle

Property Interest
Title Deed No.	None	Erf/Site No.
Deeds Office		Physical Address
Property Type		Extent / Size
Purchase Date		Purchase price
% Ownership		Bond Holder
Bond Number		Bond Amount

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.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

- 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 –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.25
UK Pound	1	Rs.81.23
Euro	1	Rs.69.83

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.