|
Report Date : |
15.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
PROTEA DIAMOND (PTY) LTD |
|
|
|
|
Registered Office : |
3rd Floor West Floor,20
Ridge Rdparktown,Johannesburg,2193 |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
19.02.2003 |
|
|
|
|
Com. Reg. No.: |
M2003/003794/07 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Wholesale trade in
precious stones, jewellery and silverware |
|
|
|
|
No. of Employees : |
35 |
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 : |
Unknown |
|
|
|
|
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, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
South Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SOUTH AFRICA - ECONOMIC OVERVIEW
South Africa is a middle-income, emerging market with an abundant
supply of natural resources; well-developed financial, legal, communications,
energy, and transport sectors and a stock exchange that is the 15th largest in
the world. Even though the country possesses modern infrastructure that support
a relatively efficient distribution of goods to major urban centers throughout
the region, some components retard growth. The economy began to slow in the
second half of 2007 due to an electricity crisis. State power supplier Eskom
encountered problems with aging plants and meeting electricity demand
necessitating "load-shedding" cuts in 2007 and 2008 to residents and
businesses in the major cities. Subsequently, the global financial crisis
reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has
recovered since then. Unemployment, poverty, and inequality remain a challenge,
with official unemployment at nearly 25% of the work force. State power
supplier Eskom has built two new power stations and installed new power demand
management programs to improve power grid reliability. South Africa's economic
policy has focused on controlling inflation, however, the country has had
significant budget deficits that restrict its ability to deal with pressing
economic problems. The current government faces growing pressure from special
interest groups to use state-owned enterprises to deliver basic services to
low-income areas and to increase job growth.
|
Source
: CIA |
|
Subject Name |
PROTEA DIAMOND (PTY) LTD |
|
Country |
SOUTH AFRICA |
|
Subject Contact Person |
DEN ICE-0114847205 |
|
Assessment |
On the
investigation contact was made with the Denice and Give who assited with the
company information.Financials, trade references and bank account number were
deemed confidential. Please see the available information below. |
|
Registered
Name |
PROTEA
DIAMONDS (PTY)LTD |
|
Trading
as/ Division Name |
NONE |
|
Previous
Name |
NONE |
|
Date of
Name Change |
Feb 22
2007 12:00AM |
|
Registration
Number |
M2003/003794/07 |
|
Registration
Date |
2003/02/19 |
|
Age of
Business |
10 Years 3
Months |
|
History of
Business |
Protea Diamonds specializes in
ideal and excellent cut stones. Voted one of the best places to buy a diamond
by Washingtonian Magazine, we have been selling quality diamonds, wedding
bands, and designer jewelry from the same location for 26 years. |
|
Authorised
Share Capital |
R1000.00 |
|
Issued
Share Capital/Members Contribution |
R 100.00 |
|
Status |
In Business |
|
Operations
Assessment |
Polishing
Diamonds and Jewellery. |
|
Industry/
Customers |
African
Diamonds Stern, American Swiss etc. |
|
Export |
Yes |
|
Export
Countries |
Israel |
|
Import |
Yes |
|
Import
Countries |
Israel |
|
Major Industry
Code / SICC |
61393 |
|
Definition
of Code |
Wholesale
trade in precious stones, jewellery and silverware |
|
Head
Office Physical Address |
3RD FLOOR WEST FLOOR,20 Ridge
RdParktown,Johannesburg,2193 |
|
Head
Office Postal Address |
P 0 BOX 2415,
HOUGHTON,2041 |
|
Current
Tel Number |
0114847205 |
|
Current
Email Address |
|
|
Web Site
Address |
|
Company
Registered Name |
SWAINE
AND ASSOCIATES |
|
Trading
Name |
|
|
Registration
Number |
4608265086005
(Sole Proprieter) |
|
Physical
Address |
7
ST FRANCIS DRIVE, WENDYWOOD EXT 4, 2144 |
|
Postal
Address |
P
0 BOX 9331, JOHANNESBURG, 2000 |
|
Contact
Person |
BRIAN
SWAINE |
|
Contact
Number |
0116178275 |
|
Email |
|
|
Principals |
1 |
|
Judgements
Against Subject |
NONE |
|
Judgements
Against Principals |
NONE |
|
Subject
Verified as Client |
Yes |
|
Practice
Number |
239933E |
|
VAT
Number |
4760144214 |
|
Tax
Number |
UNAVAILABLE |
|
BEE
Status |
UNAVAILABLE |
|
Financial
Year End |
MAY |
|
No
of years in Business |
Unknown |
|
Website |
NONE |
|
Comment |
|
Previous Auditors
Information - No Information on Record
|
Vat Number |
4750215289 |
|
Status |
ACTIVE |
|
Vat Liable
Date |
2004/11/01 |
|
Tax Number |
9098537153 |
|
Tax
Clearance Expire Date |
|
|
Financial
Year End |
February |
|
Comment |
|
|
Black
Economic Empowerment |
|
|
Status |
No |
|
Score |
|
|
Expire
Date |
|
|
BEE
Certificate Available |
No |
|
Comment |
|
|
|
|
|
ISO Information - No Information
on Record |
|
|
Workman's
compensation |
|
|
Registered |
Yes |
|
Compliance
Certified |
Yes |
|
Comment |
|
Subsidiaries Information -
No Information on Record
|
Employees |
||||
|
Number of
Employees |
35 |
|||
|
1.
Salaried employees |
|
|||
|
2. Waged employees |
|
|||
|
3.
Permanent employees |
|
|||
|
4. Casual
employees |
|
|||
|
5.
Contracted employees |
|
|||
|
Comment |
35
employees a combination of salaried, waged, permanent, casual and contracetd. |
|||
|
Company Fleet |
||||
|
Company
Fleet |
No of vehicles: |
Ownerd/Leased |
Value |
Outstanding
Balance |
|
Fleet
Operations |
|
|
|
|
|
The Fleet
is made up of |
5 |
|||
|
Comment |
|
|||
|
Cars |
5 |
Owned |
|
|
|
Offices |
Offices |
|
Head
Office Owned/ Rented |
Leased |
|
Rental
Company |
Deemed
Confidential |
|
Owned by |
|
|
Value |
|
|
Bond |
|
|
Bank |
|
|
Lease
Agreement |
|
|
Lease
Expire Date |
|
|
Type of
Premises |
OFFICES |
|
Comment |
|
Branch Information - No
Information on Record
Organisation Chart
|
Level |
Position |
Name |
Comment |
|
|
|||
|
1 |
DIRECTOR |
MOSHE HAI DUEX |
|
|
|
|||
|
1 |
DIRECTOR |
ELAN DUEK |
|
Company Structure
Information - No Information on Record
Note: One level up and all levels down
Key Deals - No Information
on Record
|
Trade Reference nr |
Supplier |
Contact |
Surety Value |
Notarial Bonds |
Comment |
|
1 |
0 |
0 |
|
0 |
0 |
Trade References Detail
|
Nr |
Age of Acc |
Terms |
Average |
Terms Taken |
Comment |
|
|
|
Purchases |
|
|
|
|
1 |
0 |
0 |
|
0 |
TRADE |
|
|
|
|
|
REFERENCE-DEEMED |
|
|
|
|
|
|
CONFIDENTIAL |
|
|
1 |
0 |
0 |
|
0 |
TRADE |
|
|
|
|
|
|
REFERENCE-DEEMED |
|
|
|
|
|
|
CONFIDENTIAL |
Judgement – No
Information on record
BusinessResuce –
No Information on record
Default Listing –
No Information on record
Notarial Bonds –
No Information on record
|
Bank |
NEDBANK |
|
Branch |
DIAMOND
EXCHANGE |
|
Brach Code |
198765 |
|
Bank
Account Number |
DEEMED
CONFIDENTIAL |
|
Type of
Account |
CURRENT |
|
Account
Name |
PROTEA
DIAMONDS |
|
Overdraft
Facilities |
YES |
|
Bank Code |
|
|
Bank
Comment |
|
Bank Code History - No
Information on Record
Previous Bank Account
Information - No Information on Record
Deeds Information -
No information on record
|
Number of Principals |
4 |
|
Average Age of Active
Principals |
58 |
|
Active Principals
Principal - 1of 4 MOSHE HA I DUEX |
|
|
Surname |
DUEX |
|
First Name |
MOSHE HAI |
|
Other Names |
|
|
Marital Status |
|
|
ID Number |
4709100000000 |
|
Verified ID Number |
No |
|
Current Age |
66 |
|
Designation |
DIRECTOR |
|
Status |
Active |
|
Appointment Date |
2005/02/14 |
|
Physical Address (at time
of Appointment) |
UNIT 1 ROYAL ESTATE, C/R
DENNY DALTON, FAIRWAYS ROAD, LINKSFIELD NORTH, 2192 |
|
Postal Address |
P O BOX 2415, HOUGHTON,
2041 |
|
Current Tel Number |
0114847205 |
|
Cell number |
|
|
Shareholding/Membership |
0.0000 |
Business Information
forMOSHE HAI DUEX
Principal Current Business
Interests
|
Company
Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
PRODIAM PROPERTIES (PTY) LTD |
M1966/008061/07 |
In Business |
46 Years 8 Months |
0 |
No |
|
|
PROTEA DIAMONDS INVESTMENT HOLDINGS (PTY) LTD |
M1970/000830/07 |
In Business |
43 Years 4 Months |
0 |
No |
|
|
PROTEA DIAMONDS (PTY) LTD |
M2003/003794/07 |
In Business |
10 Years 3 Months |
0 |
No |
|
|
PROTEA DIAMONDS CUTTING WORKS (PTY) LTD |
M2005/002639/07 |
In Business |
8 Years 4
Months |
0 |
No |
|
Average Age of Previous Business 31 Years
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
PRODIAM
TRADING (PTY) LTD |
M1962/000866/07 |
Conversion
CO/CC orCC/CO |
51 Years 2 Months |
0 |
No |
|
|
JERU
INVESTMENTS (PTY) LTD |
M2001/018995/07 |
Deregistration Final |
11 Years 9 Months |
0 |
No |
|
Principal's Deeds
Information - No information on record
MOSHE DUEK
|
Surname |
DUEK |
|
First Name |
MOSHE |
|
Other
Names |
HAI |
|
Marital
Status |
|
|
ID Number |
4708105053088 |
|
Verified
ID Number |
No |
|
Current
Age |
66 |
|
Designation |
DIRECTOR |
|
Status |
Active |
|
Appointment
Date |
2005/02/14 |
|
Physical
Address (at time of Appointment) |
67 THIRD
ROAD, HYDE PARK EXT 8, 2196 |
|
Postal
Address |
P O BOX
2415, HOUGHTON, Gauteng, 2041 |
|
Current
Tel Number |
0114847205 |
|
Cell
number |
|
|
Shareholding/Membership |
0.0000 |
Business Information
forMOSHE DUEK
Principal Current Business
Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
PROTEA DIAMONDS (PTY) LTD |
M2003/003794/07 |
In Business |
10 Years 3 Months |
0 |
No |
|
Principal
Previous Business Interests
Average Age
of Previous Business
|
Company Name |
Registration No |
Status |
Age of
Business |
Judgements |
Liquidation |
Comment |
|
|
|
|
|
|
|
|
|
Principal - 3of 4 MOSHE
DUEK |
|
|
Surname |
DUEK |
|
First Name |
MOSHE |
|
Other Names |
|
|
Marital Status |
|
|
ID Number |
4709105053104 |
|
Verified ID Number |
Yes |
|
Current Age |
66 |
|
Designation |
DIRECTOR |
|
Status |
Active |
|
Appointment Date |
2005/02/14 |
|
Physical Address (at time
of Appointment) |
67 THIRD ROAD, HYDE PARK
EXT 7, SANDTON, 2196 |
|
Postal Address |
P 0 BOX 2415, HOUGHTON,
HOUGHTON, 2041 |
|
Current Tel Number |
0114847205 |
|
Cell number |
0824423270 |
|
Shareholding/Membership |
0.0000 |
Business Information
forMOSHE DUEK
Principal Current Business
Interests
|
Company
Name |
Registration No |
Status |
Age of
Business |
Judgements |
Liquidation |
Comment |
|
IMPRESSIONS
SUPPER CLUB CC |
B1989/017097/23 |
In Business |
23 Years
11 Months |
0 |
No |
|
|
PRODIAM INVESTMENTS CC |
B1997/008778/23 |
Conversion
CO/CC or CC/CO |
16 Years 3
Months |
0 |
No |
|
|
GOLF
SAILFLAG INTERNATIONAL CC |
B2008/215077/23 |
Deregistration Process |
4 Years 7
Months |
0 |
No |
|
|
PROTEA DIAMONDS INVESTMENT HOLDINGS (PTY) LTD |
M1970/000830/07 |
In
Business |
43 Years 4
Months |
0 |
No |
|
|
13
EZULWINI (PTY) LTD |
M1998/020993/07 |
In
Business |
14 Years 7
Months |
0 |
No |
|
|
TAILORBIRD
(PTY) LTD |
M2000/020311/07 |
In Business |
12 Years 9
Months |
0 |
No |
|
|
PROTEA DIAMONDS (PTY) LTD |
M2003/003794/07 |
In
Business |
10 Years 3
Months |
0 |
No |
|
|
PROTEA DIAMONDS CUTTING WORKS (PTY) LTD |
M2005/002639/07 |
In
Business |
8 Years 4
Months |
0 |
No |
|
|
ROYAL AFRICAN DIAMONDS (PTY) LTD |
M2010/024979/07 |
In
Business |
2 Years 5
Months |
0 |
No |
|
Principal
Previous Business Interes
Average Age
of Previous Business 15
Years
|
Company Name |
Registration No |
Status |
Age of
Business |
Judgements |
Liquidation |
Comment |
|||||
|
PRODIAMATIC
CC |
B1987/005312/23 |
Deregistration Final |
26 Years 3
Months |
0 |
No |
|
|||||
|
DIAMOND SUPPLY CORPORATION CC |
B1995/035929/23 |
In
Business |
17 Years 9
Months |
1 |
No |
|
|||||
|
S AND J
COSMETICS CC |
B1997/015443/23 |
Deregistration Final |
16 Years 2
Months |
0 |
No |
|
|||||
|
PORTION 1 OF ERF 67 LINKSFIELD NORTH CC |
B1999/004136/23 |
Deregistration Final |
14 Years 4
Months |
0 |
No |
|
|||||
|
RAGE FOOTWEAR 1999 CC |
B1999/042395/23 |
Deregistration Final |
13 Years
10 Months |
0 |
No |
|
|||||
|
SIMASH
PROPERTIES CC |
B2000/009923/23 |
Conversion
CO/CC or CC/CO |
13 Years 2
Months |
0 |
No |
|
|||||
|
RAGE DISTRIBUTION CC |
B2000/025322/23 |
Conversion CO/CC or CC/CO |
13 Years |
1 |
No |
|
|||||
|
CLILCO S A
CC |
M1992/020398/23 |
Conversion CO/CC or CC/CO |
20 Years
10 Months |
0 |
No |
|
|||||
|
DANTEC CREDIT (PTY) LTD |
M2002/026216/07 |
Deregistration
Final |
10 Years 7
Months |
0 |
No |
|
|||||
Principal's Deeds Information
- No information on record
|
Principal - 4of 4 ELAN
DUEK |
|
|
Surname |
DUEK |
|
First Name |
ELAN |
|
Other Names |
|
|
Marital Status |
|
|
ID Number |
7602115177087 |
|
Verified ID Number |
Yes |
|
Current Age |
37 |
|
Designation |
DIRECTOR |
|
Status |
Active |
|
Appointment Date |
2004/08/25 |
|
Physical Address (at time
of Appointment) |
80 CLUB TERRACE, CLUB
STREET, LINKSFIELD, Gauteng, 2192 |
|
Postal Address |
P O BOX 2415, HOUGHTON,
Gauteng, 2041 |
|
Current Tel Number |
0114847205 |
|
Cell number |
0828263272 |
|
Shareholding/Membership |
0.0000 |
Business Information
forELAN DUEK
Principal Current Business
Interests
|
Company
Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
PRODIAM INVESTMENTS CC |
B1997/008778/23 |
Conversion
CO/CC or CC/CO |
16 Years 3 Months |
0 |
No |
|
|
PRODIAM PROPERTIES (PTY) LTD |
M1966/008061/07 |
In
Business |
46 Years 8 Months |
0 |
No |
|
|
PROTEA DIAMONDS INVESTMENT HOLDINGS (PTY) LTD |
M1970/000830/07 |
In
Business |
43 Years 4 Months |
0 |
No |
|
|
13
EZULWINI (PTY) LTD |
M1998/020993/07 |
In
Business |
14 Years 7 Months |
0 |
No |
|
|
TAILORBIRD
(PTY) LTD |
M2000/020311/07 |
In
Business |
12 Years 9 Months |
0 |
No |
|
|
PROTEA DIAMONDS (PTY) LTD |
M2003/003794/07 |
In
Business |
10 Years 3 Months |
0 |
No |
|
|
PROTEA DIAMONDS CUTTING WORKS (PTY) LTD |
M2005/002639/07 |
In
Business |
8 Years 4
Months |
0 |
No |
|
|
PACK"S JEWELS" (PTY) LTD |
M2010/024938/07 |
In
Business |
2 Years 5
Months |
0 |
No |
|
|
ROYAL AFRICAN DIAMONDS (PTY) LTD |
M2010/024979/07 |
In
Business |
2 Years 5
Months |
0 |
No |
|
Principal's Deeds Information - No
information on record
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 8th Century B.C.
India, in fact, remained undisputed leader till 18th 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 30th 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.54.63 |
|
|
1 |
Rs.83.67 |
|
Euro |
1 |
Rs.71.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.