MIRA INFORM REPORT

Report No. :	503993
Report Date :	19.04.2018

IDENTIFICATION DETAILS

Name :	BLUE DIAMOND MINES (PTY) LTD
Formerly Known As :	VEGWED INVESTMENTS (03/03/1994)
Registered Office :	Block 3, Silver Point Office Park 22 Ealing Crescent Bryanston, South Africa 2052
Country :	South Africa
Financials (as on) :	2016
Date of Incorporation :	02.11.1993
Com. Reg. No.:	1993/006492/07
Legal Form :	Private Company
Line of Business :	The subject offers administration services and a funding route to the mine.
No. of Employees :	Not Available

RATING & COMMENTS

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

MIRA’s Rating :

C

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Exist

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)
South Africa	A2	A2

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

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 Africa’s largest and among the top 20 in the world.

Economic growth has decelerated in recent years, slowing to an estimated 0.7% in 2017. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is roughly 27% of the workforce, and runs significantly higher among black youth. Even though the country's modern infrastructure supports a relatively efficient distribution of goods to major urban centers throughout the region, unstable electricity supplies retard growth. Eskom, the state-run power company, is building three new power stations and is installing new power demand management programs to improve power grid reliability but has been plagued with accusations of mismanagement and corruption and faces an increasingly high debt burden.

South Africa's economic policy has focused on controlling inflation while empowering a broader economic base; however, the country faces structural constraints that also limit economic growth, such as skills shortages, declining global competitiveness, and frequent work stoppages due to strike action. The government faces growing pressure from urban constituencies to improve the delivery of basic services to low-income areas, to increase job growth, and to provide university level-education at affordable prices. Political infighting among South Africa’s ruling party and the volatility of the rand risks economic growth. International investors are concerned about the country’s long-term economic stability; in late 2016, most major international credit ratings agencies downgraded South Africa’s international debt to junk bond status.

Source : CIA

COMPANY INFORMATION

OVERVIEW

History

BLUE DIAMOND MINES (PTY) LTD was registered in November 1993 when a shelf entity styled VEGWED INVESTMENTS (PTY) LTD was utilised for registration purposes. The name was changed and operations commenced in March 1994.

STATUTORY INFORMATION

Registered Name	BLUE DIAMOND MINES
Previous Names	VEGWED INVESTMENTS (03/03/1994)
Registration Number	1993/006492/07
Type Of Company	Private Company
Registered Date	02/11/1993
Date Commenced Trading	03/03/1994
Commercial Status	In Business
Financial Year End	June

CONTACT DETAILS

Contact Number	+27 11 702 6900
Email Address	Laurian.mcgonigal@petradiamonds.com
Website	www.petradiamonds.com
Social Media Presence	LinkedIn; Facebook; Twitter; Instagram
Registered Physical Address	Block 3 Silver Point Office Park 22 Ealing Crescent Bryanston South Africa 2052
Trading Physical Address	Block 3; Silver Point Office Park; 22 Ealing Crescent Bryanston Johannesburg Gauteng South Africa 2052
Postal Address	P O Box 71007 Bryanston Johannesburg Gauteng South Africa 2021

GENERAL COMMENTS

Comments

The address queries of 1 Du Preez Street, KOFFIEFONTEIN, P O BOX 80, KOFFIEFONTEIN , is for KOFFIEFONTEIN DIAMOND MINE, which is one of the mines that BLUE DIAMOND MINES administer.

TAX INFORMATION

Income Tax Number 9634232848

VAT INFORMATION

VAT Status	The subject is registered for VAT (VAT number/s made available)
VAT Number	4170143442
Status	Active
Registered Name	BLUE DIAMOND MINES (PTY) LTD

OFFICERS AND PROFESSIONAL SERVICES

LIST OF OFFICERS AND PROFESSIONAL SERVICES

Type	Name	Contact Name	Contact Number
Auditor	Bdo South Africa Inc

OWNERSHIP STRUCTURE

SHAREHOLDING INFORMATION

CURRENT

Ultimate Holding Company	Share	Type	Comment
Petra Diamonds Ltd	100%	Ultimate Holding Company	Incorporated in Bermuda.
Holding Company	Share	Type	Comment
Petra Diamond Holdings Sa (Pty) Ltd	100%	Holding Company	Incorporated in Southern Africa.
Associated Companies	Share	Type	Comment
Koffiefontein Diamond Mine	74%	Subsidiary
Itumeleng Petra Diamonds Employee Trust	12%	Investment
Kago Diamonds (Pty) Ltd	14%	Investment

PRINCIPAL INFORMATION

Director / Member

Full Name	ID No.	Type	Status	DOA	Active Interests	Previous Interests	Judgments	Fraud Listing
Christoffel Johannes Dippenaar	5706165037083	Director	Active	17/01/2006	24	13	0	0
Vusimuzi Moses Nkosi	7003215327088	Director	Active	31/12/2014	0	0	0	0
William Henry Roberts	3610295029006	Director	Deceased	01/05/1997	0	6	0	0
Adonis Pouroulis	7003125275088	Director	Resigned	26/01/1994	9	15	0	0
Benjamin Israel Paul Trisk	4801075053089	Director	Resigned	01/01/2002	7	4	0	0
Charles Michael Segall	4110035405086	Director	Resigned	25/02/1997	0	0	0	0
David Gadd- Claxton	5710295082084	Director	Resigned	07/03/2003	4	5	0	0
David Gary Abery	6210240000000	Director	Resigned	31/07/2003	0	0	0	0
James Murray Davidson	4510065030086	Director	Resigned	17/03/2006	5	5	0	0
Kevin John Dabinett	5503255211086	Director	Resigned	15/06/2004	2	3	0	0
Loucas Christos Pouroulis	3810165093104	Director	Resigned	26/01/1994	20	5	0	0
Raymond Selwyn Blank	3011155084001	Director	Resigned	02/11/1993	0	0	0	0

ACTIVE BUSINESS INTERESTS: Christoffel Johannes Dippenaar

Company Name	Registration No.	Business Status	Principal Status	Principal Type	Judgments
Pagvlei Mining	1996/000642/07	AR Final deregistration	Active	Director	0
Messina Rehabilitation	1973/016600/07	AR Final deregistration	Active	Director	0
Petra Diamonds Holdings Sa	2015/023844/07	In Business	Active	Director	0
Tarorite	2012/023733/07	In Business	Active	Director	0
Dimeng Diamond Holdings	2002/003693/07	AR Restoration Process	Active	Director	0
Techsolve	1996/011147/07	AR Final deregistration	Active	Director	0
Madeleine Alluvial Diamond And Mineral Development	1978/000359/07	AR Final deregistration	Active	Director	0
Johannesburg Diamond Trading Corporation	1959/002893/07	In Business	Active	Director	0
Premier (Transvaal) Diamond Mining Company	1902/001807/07	In Business	Active	Director	0
Ekapa Minerals	2004/023503/07	In Business	Active	Director	0
Cullinan Diamond Mine	2007/021069/07	In Business	Active	Director	0
Dzombo Rental	1997/004126/07	AR Final deregistration	Active	Director	0
Premier Rose Management Services	2007/027836/07	In Business	Active	Director	0
Nabera Holdings	1997/009346/07	AR Final deregistration	Active	Director	0
Arton Copper Company	1921/006936/06	Deregistration Final	Active	Director	0
Finsch Diamond Mine	2001/025614/07	In Business	Active	Director	0
Frannor Investments And Financing	2002/025165/07	AR Final deregistration	Active	Director	0
Silver Point Mining Services	2008/020105/07	In Business	Active	Director	0
Arton Copper Company	1921/006936/06	Deregistration Final	Active	Company Secretary	0
Ealing Management Services	2010/023773/07	In Business	Active	Director	0
Kronum	2016/118989/07	In Business	Active	Director	0
Kago Diamonds	2014/269213/07	In Business	Active	Director	0
Madeleine Alluvial Diamond And Mineral Development	1978/000359/07	AR Final deregistration	Active	Company Secretary	0
Petra Diamonds Southern Africa	1997/007770/07	In Business	Active	Director	0

PREVIOUS BUSINESS INTERESTS: Christoffel Johannes Dippenaar

Company Name	Registration No.	Business Status	Principal Status	Principal Type	Judgments
Pacific Breeze Trading 201	2005/032554/07	Deregistration Final	Resigned	Director	0
Laser Optronic Technologies	1986/003219/07	In Business	Resigned	Director	0
Messina Investments	1968/011414/07	AR Deregistration Process	Resigned	Director	0
Messina Investments	1968/011414/07	AR Deregistration Process	Resigned	Company Secretary	0
Zeren	2009/010234/07	In Business	Resigned	Director	0
Paardekraal Properties	1991/003232/07	In Business	Resigned	Director	0
Crown Resources	1998/000507/07	In Business	Resigned	Director	0
Star Diamonds	1946/022941/07	In Business	Resigned	Company Secretary	0
Messina Diamonds	1978/000358/07	In Business	Resigned	Company Secretary	0
Dancarl Diamonds	1969/000726/07	In Business	Resigned	Director	0
Calibrated Diamonds Investment Holdings	2004/028347/07	In Business	Resigned	Director	0
Calibrated Diamonds	1994/000965/07	In Business	Resigned	Director	0
Messina Diamonds	1978/000358/07	In Business	Resigned	Director	0

Management

No principals found for this principal type.

Officer

Full Name	ID No.	Type	Status	DOA	Active Interests	Previous Interests	Judgments	Fraud Listing
Jean Margaret Caddy	4807090052089	Company Secretary	Active	27/03/2008	0	0	0	0
Richard Neal Rowe	7110285080081	Company Secretary	Resigned	01/04/2005	0	5	0	0

Other

No principals found for this principal type.

BANK ACCOUNT INFORMATION

BANK ACCOUNTS

Account Reference Number	Account Holder	Account Number	Bank Name	Branch Name	Branch Code	Verification Status
ABB164916	Blue Diamond Mines (Pty) Ltd	50410109546	First National Bank (South Africa)	Randburg	254905	Unverified

OPERATIONAL ACTIVITIES

Operational Activities Status	The following information was provided
Industry	Services
Major Industry SIC Code	8211 - Combined office administrative service activities
Secondary Industry SIC Code(s)	Other activities auxiliary to financial service activities
NACE Code	82,11 - Combined office administrative service activities

MAJOR OPERATION

Major Business Activities	The subject offers administration services and a funding route to the mine.
Foreign Trade Activities	Local
Agencies Held	Subject holds no agencies.
Franchises Held	The subject holds no franchises.
Major Suppliers	Subject declined to provide information.
Major Customers	Subject declined to provide information.
Major Brands	Subject does not have any brands.
Major Contracts	Subject operates on a contract basis, but declined information.

OPERATIONAL FOOTPRINT

Operational Footprint Status No information could be obtained

BRANCH & PREMISES INFORMATION

Location	Description/Type	Size (m2)	# of Staff	Rented or Owned	Lease Expiry Date
Bryanston	Office				N/A

GENERAL COMMENTS

General Comments Additional information could not be obtained.

FINANCING TERMS

Overdraft Facility	The Subject does not have an overdraft facility
Sureties	The Principals have not signed sureties.
Debtors Ceded	Debtors have not been ceded.
Debtors Factored	Debtors have not been factored.
Bonds	The Subject has no bonds.

FINANCIAL FIGURES

Financial Year	2016
Currency	ZAR
Actual numbers, 000' or mio	Actual Numbers
Source	Audited Financial Statements

INCOME STATEMENT

Turnover/Revenue	379,044,675
Cost of Goods Sold	304,552,001
Gross Profit	74,492,764
Operating Profit	-54,343,857
Net Profit	-49,580,508

BALANCE SHEET

Property, Plant & Equipment	1,368,160,600
Current Assets	151,194,867
Inventory	83,299,257
Account Receivable	49,028,989
Cash	585,472
Total Assets	1,565,018,245
Current Liabilities	1,534,682,176
Accounts Payable	119,935,483
Loans	1,407,225,260
Total Liabilities	1,612,014,966
Equity	-37,735,590
Share Capital	100
Retained Earnings	-37,735,690
Total Equity and Liabilites	1,565,018,245

FINANCIAL RATIOS

Gross Profit Margin	20%
Operating Profit Margin	-14%
Current Ratio	0.1
Acid Test Ratio	0

TRADE REFERENCES

GENERAL COMMENTS

General Comments

Creditor details were not made available for trade reference purposes.

COURT NOTICES

COMPANY JUDGMENTS

Case Number	Judgment Date	Judgment Type	Amount	Court Name	Plaintiff	Defendants
391	09/07/2013	Services Rendered	5,022	Bloemfontein	SYMINGTON AND DE KOK	BLUE DIAMOND MINES

No liquidation applications on file in the name of the subject

GENERAL COMMENTS

General Comments

The respondent was not aware of the judgement and is investigating.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.68
UK Pound	1	INR 93.98
Euro	1	INR 81.30
ZAR	1	INR 5.50

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	TPT

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.