The Company uses a comprehensive sorting and inventory classification system for grading color and clarity of its ideal cut polished diamonds. The system enables customers to standardize their inventories, order by mail or telephone and minimize their inventory investment. United States. Far East. The Company believes that due to the possible international resale of diamonds by its customers, the above percentages may not represent the final location of retail sales of its product.
The profitability of foreign sales of either polished or rough diamonds is consistent with that of domestic sales of similar merchandise. The polished and rough diamond business is highly competitive. While the Company believes that it has achieved a reputation as a leading cutter and distributor of high quality diamonds, it faces competition in sales to its customers in the United States and abroad from many other suppliers. In addition, the Company sells rough diamonds in the competitive world market.
The Company believes there are significant barriers to entry by potential competitors into the business of manufacturing and distributing high quality cut diamonds. Among the most important of these barriers are the need for significant working capital to purchase rough diamonds and hold polished inventory, the long-term relationships required to have access to adequate supplies of rough diamonds, the limited number of persons with the skills necessary to consistently cut significant amounts of high quality cut diamonds, the difficulty in obtaining access to upscale channels of distribution, the importance of public recognition of an established brand name, a reputation for diamond cutting excellence, and the procurement of computer systems to report on and monitor the manufacturing and distribution network.
At July 31, , the Company had full-time employees. The Company maintains an apprenticeship program at its facility in Puerto Rico, through which it trains its cutters, who are highly skilled workers. The Company provides paid vacations, sick leave, group life, disability, hospitalization and medical insurance for its employees.
The Company has a k retirement plan for its U. The Company believes that it has satisfactory relationships with its employees. Item 1A. Risk Factors. Varying degrees of political and economic risk exist in these countries. In addition, the Company is subject to various political and economic risks, including the instability of foreign economies and governments, labor disputes, war and civil disturbances and other risks that could cause production difficulties or stoppages, restrict the movement of inventory or result in the deprivation or loss of contract rights or the taking of property by nationalization or expropriation without fair compensation.
DTC sales are conducted in London, South Africa, Namibia and Botswana to a select group of Sightholders, which, according to published reports number approximately 80, including the Company and its affiliates. Any interruption in the supply of diamonds from Russia or Angola could have a material adverse effect on the Company. Rough Pricing. Historically, the Company has been able to pass along such price increases to its customers.
Polished Pricing. Item 1B. Unresolved Staff Comments. Not applicable. Item 2. The Company also owns a manufacturing facility in Caguas, Puerto Rico. The Caguas facility consists of approximately 12, square feet. The Company has the right to terminate the lease on May 31, , and The lease is cancelable by either the Company or the landlord on August 11, and The Company owns a square meter office in Antwerp, Belgium, a portion of which is devoted to sales rooms. The Company believes that its facilities are fully equipped and adequate to fulfill its operating and manufacturing needs.
Item 3. Legal Proceedings. The patents-in-suit have claims relating to methods of, and apparatus for, laser inscribing gemstones, as well as the inscribed gemstones themselves. The GIA then began to commercially use Photoscribe equipment to inscribe gemstones, thus providing the basis to include the GIA in the suit. David Benderly, President of Photoscribe, as an additional individual defendant, based on discovery during the case, which showed that Mr.
Benderly controlled and directed the infringing activity of Photoscribe, and is thus personally liable for patent infringement. Further, the Second Amended Complaint charged Mr. In the Photoscribe-GIA-Benderly litigation the Company sought injunctive relief, as well as damages, including inscription fees and lost profits based on lost sales and the value added to inscribed gemstones by reason of the use of infringing systems by Photoscribe and the GIA.
The Company also sought to recover damages it suffered as a result of Mr. GIA also filed counterclaims alleging non-infringement, invalidity and unenforceability of the patents-in-suit. Further, GIA asserted counterclaims for i breach of contract based on the allegation that the Company failed to provide operative equipment or to maintain the equipment and ii false marking for allegedly placing patent numbers on equipment that was not covered by the patents.
GIA additionally filed a counterclaim for equitable estoppel and implied license on the basis that the Company has submitted diamonds to GIA to be graded and these stones may be inscribed by GIA on Photoscribe equipment. The Company moved to strike this defense.
Photoscribe and David Benderly alleged counterclaims for non-infringement, invalidity and unenforceability of the patents-in-suit. Further, Photoscribe and Benderly asserted a counterclaim which charged the Company with an antitrust violation under Section 2 of the Sherman Act for monopolizing the laser inscription market.
The antitrust claim was bifurcated from the main case and may be considered separately. However, the jury also found that the claims were not infringed by the defendants. The Company is considering its options in view of the verdict.
Prior to the conclusion of the trial the parties settled most of their contract claims, but certain issues that had been bifurcated still remain to be resolved. Eventually, the fraud claim against Benderly was dropped, as was the antitrust claim against the Company.
At a bench trial held on April 16, 17 and May 1 and 2, the Court determined that the patents in the suit were unenforceable for inequitable conduct. On August 14, , the Court held a hearing, after which the Court determined that due to the finding of inequitable conduct, the case was exceptional within the meaning of 35 U. At this time, defendants have not made a formal request for a specific amount of fees and the Court has not made a finding of an amount.
There still remains to be tried the issue of breach of the letter agreement by which GIA was to maintain in good working order certain laser equipment leased to it by the Company, but which did not work when it was returned to the Company.
No date is currently scheduled for a bench trial on this issue. The Company plans to vigorously seek to have the adverse rulings overturned. In particular, it plans to file post-trial motions to try to have the determination of non-infringement and invalidity overturned. Maurice and Leon Tempelsman by Fifth Avenue in connection with the private sale.
The Company intends to vigorously pursue all defenses and counterclaims available to it. Item 4. Submission of Matters to a Vote of Security Holders. Executive Officers of the Company. The following table sets forth information regarding executive officers of the Company. Maurice Tempelsman. Chairman of the Board. Leon Tempelsman. Vice Chairman of the Board and President. William H. Vice President and Chief Financial Officer. All officers were elected by the Board of Directors at its meeting following the Annual Meeting of Stockholders held in November All officers hold office until the Board of Directors meeting following the next Annual Meeting of Stockholders and until their respective successors have been duly elected and qualified.
He has held these positions since Maurice Tempelsman is the father of Leon Tempelsman. Leon Tempelsman is the son of Maurice Tempelsman. The Company believes that neither the Tempelsmans nor LTS currently engages directly or indirectly in any activities competitive with those of the Company. Part II. Item 5. The Peer Group consists of the following companies: A. The total return for the Common Stock does not assume the reinvestment of dividends, since no dividends were declared on the Common Stock during the measurement period.
The weighing of the securities comprising each index, according to their market capitalization, has been calculated at the end of each monthly period. Item 6. Selected Financial Data. Item 7. Item 7A. I Debt and Interest Rate Risk. Under its agreements, the Company may pay down and re-draw borrowings. The interest rates on these borrowings are variable and accordingly interest expense is impacted by both changes in interest rates and the level of outstanding borrowings.
These actions include staggering the term and rate of its borrowings to match anticipated cash flow. Debt Catgory. Amount Outstanding. Wghtd Avg Rate. Revoving Credit Agreements:. Short Term Rates. Libor - 90 Days. Short Term Rates - Japanese Libor. Borrowings bear interest at a the higher of the banks base rate or one half of one percent above the Federal Funds Effective Rate, or b basis points above selected short-term LIBOR.
The applicable interest rate is contingent upon the method of borrowing selected by the Company. Borrowings are based on the 90 day Libor rate plus basis points and are reset daily. II Foreign Currency Risk. III Commodity Risk. The principal commodity risk for the Company relates to market price fluctuations in diamonds and precious metals. The Company seeks to pass along price increases to its customers to mitigate this risk. The Company currently does not purchase or sell financial instruments for purpose of hedging commodity risk.
The interest rates on these borrowings are variable and therefore the general level of U. All purchases of rough diamonds worldwide are denominated in U. Item 8. Financial Statements and Supplementary Data. Consolidated Statements of Operations for each of the three years in the period ended May 31, Consolidated Balance Sheets as at May 31, and May 31, Consolidated Statements of Cash Flows for each of the three years in the period ended May 31, Notes to Consolidated Financial Statements.
Item 9. Item 9A T. Controls and Procedures. Evaluation of Disclosure Controls and Procedures. Disclosure controls and procedures are also designed to ensure that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure. Item 9B. Other Information. Part III. Part IV. Item Exhibits and Financial Statement Schedules.
The schedule and reports of the independent registered public accounting firms thereon. The exhibits listed in the exhibit index attached hereto. The Board of Directors and Shareholders. The audits referred to in our report dated September 4, relating to the consolidated financial statements of Lazare Kaplan International Inc. Our responsibility is to express an opinion on this financial statement schedule based upon our audits.
In our opinion such financial statement schedule when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein. New York, NY. September 4, Balance at beginning of period. Charged to costs and expenses. Charged to other accounts describe.
Deductions describe. Subsequent to the issue, however, the Codes which define a black company differently from the Financial Sector Charter, were published, bringing about a restructure of Arch Equity. As a result of the restructure, however, BEE shareholding in Capitec was reduced to 4. In terms of the subscription agreement between Capitec, Coral and Ash Brook, Coral will subscribe for 10 ordinary shares thereby obtaining an interest of The Ash Brook preference shares will rank before any other preference shares which may be issued by Ash Brook.
Should any or all of the preference shares issued by Coral to the IDC in terms of the IDC preference share subscription agreement be cancelled or redeemed then the Ash Brook preference shares will be redeemed in the same proportion. Capitec does not provide security for redemption of any preference shares.
This will strengthen the black economic empowerment credentials of the group and increase compliance with the Financial Sector Charter and the Codes. The preparation of the financial effects is the responsibility of the directors of Capitec.
Net asset value per share and the net tangible asset value per share are based on the following assumptions: - the issue to the BEE Consortium and the investment in the Ash Brook preference shares was effected on 31 August ; and - proceeds of R million was received and R15 million was invested in the Ash Brook preference shares on the same date; 4.
For purposes of calculating the net tangible asset value per share, computer software was excluded; 5.
A similar sentiment has been expressed by individuals from the Indian community9. Gender activists are of the view that women are also not benefiting from the empowerment process. At this early stage of the implementation of BEE, it is uncertain whether the modest economic growth that has been registered in the economy has been in any way helped by BEE. Policymakers constantly point out that BEE is, among others, a growth strategy. Modest growth in the economy has been recorded over the last ten years.
This has coincided with the implementation of BEE. Research is required to establish the link between BEE and the growth in the economy. Quantum Of Deals Some transactions10 with a value of Rbillion were concluded in This amount is conservative, given that many of the transactions were of an unknown value. The R62bn figure also represents a substantial increase on the R40bn worth of BEE transactions in the previous year.
The financial services sector represents a large part of the value in the transactions that were announced in Deals in the sector accounted for some R20bn worth of transactions. The resources sector also saw a significant level of activity, with 26 transactions worth some R These values reflect the amount represented by the stakes that were the subject of the transactions.
They do not represent the value that will be transferred to BEE shareholders. A whole host of factors are going to influence the value that BEE partners will receive. In all cases, it should be substantially less than the value of the transaction at the time it was announced.
This is because invariably empowerment beneficiaries come into these transactions with little of their own capital. In addition some time will elapse before empowerment partners see any of the benefit in the value of the stake they are meant to own. The value that ultimately is transferred to BEE beneficiaries can only be calculated once the transactions have run their course. The value of deals concluded also does not take account of many minor transactions that have been concluded.
These are so small that they are not picked up by organisations that monitor BEE transactions. Often they involve those small firms that tend to pose most difficulties in concluding empowerment transactions. The ownership of firms of this size is structured to suit those who are part of the ownership structure, and their administrative infrastructure is tailored appropriately.
The introduction of empowerment owners inevitably upsets this fine balance. The latter because of their size are more likely to be squeezed by the government and public sector to show they are procuring their goods and services from empowered firms. To be able to show that they are procuring from empowered entities, they will, in turn, squeeze the small firms from which they source their supplies to become empowered.
It is this cycle that has increased the value of empowerment transactions and quickened the pace of spreading empowerment throughout the economy. It is not easy though to pick up the value of the resulting empowerment transactions, as these involve many companies, some of them very small. So the extent to which companies have concluded empowerment transactions may be underestimated, given the fact that many companies have little incentive to publicise their transactions beyond a small group. In discussing the monetary value represented by empowerment transactions, it is perhaps opportune to refer to the vexed question of other dimensions of empowerment which do not normally receive nearly enough exposure.
Empowerment has struggled to present itself as a process that seeks more than the acquisition of equity by black individuals. After many attempts to point to other dimensions of empowerment and the progress that has been achieved in those dimensions, public opinion remains fixated at equity transactions and how much these are delivering to black beneficiaries. Employment equity, management, training, procurement and enterprise development have been very important in changing the demographic reality of business in South Africa.
Again this is a conservative estimate based on transactions whose values were disclosed. There are many whose worth has not been disclosed and thus is unknown. Ten years is sufficient time for the value to vest in the hands of the beneficiaries. The small number of beneficiaries who started early should have benefited handsomely from BEE; research, however, still needs to be conducted to measure its extent. A large part of this benefit should have flown from other aspects of BEE, such as employment equity and preferential procurement.
The emerging black middle class could well be explained in part by benefits from this process. Again, research should still be conducted to ascertain to what extent the black middle class owes its emergence and growth from BEE sources. It is difficult to think of business in the country without at the same time thinking about empowerment. At the rate it has progressed, it seems empowerment will spread throughout the economy in the next ten years.
In spite of growing criticism about the small number of people who participate in empowerment transactions, the process is a lot more widespread than was the case ten years ago. Many more people now participate in the process, both at the level of empowerment firms and inside the mainstream firms which have implemented employment equity for a number of years.
There are many more empowerment firms now than there were ten years ago. Employment equity has also resulted in a major move by black people up the company hierarchy. Though the dearth of black CEOs still continues, especially in the private sector, there are now many more blacks in senior management positions in a number of firms than was previously the case.
This should ensure many more candidates for the next generation of CEOs from a group far more mixed than has been the situation hitherto. No longer is it the case that those who propose empowerment have to answer the difficult question about the need for it. It is now the opponents of empowerment who have to justify their point of view.
Even among these opponents of empowerment, the opposition has shifted to the detail rather than the essence of empowerment. The financial services sector has agreed to make some R75bn available to finance empowerment Though this is not entirely clear from the sources we consulted it appears another Rbn was pledged by the financial institutions This money is investment money; it is not available to be used to finance transactions without a return.
Thus those involved in transactions should expect to pay an appropriate rate for it. Apart from the money that financial institutions are making available, there is also the amount, difficult to quantify, that vendors will make available. After all it is they who need to conclude empowerment transactions, and not the banks. For this reason they should make a contribution to the mobilisation of finance required for the transactions.
This suggests that the availability of money is not a problem for empowerment. Those who structure empowerment deals are increasingly of the view that transactions involving non-listed entities are better than those of listed entities. In a non-listed entity it is easier to get closer to the cash flow to ensure that the provider of finance is paid back what money might have been made available for the transaction.
This makes for an interesting problem because listed entities are very visible; they are in the media virtually every day and through the securities exchange regulations are obliged to report regularly. The expectation is that they will be empowered. The process has unfolded better than anyone could have anticipated. Leading companies and business leaders have engaged with the process with a view to producing workable solutions to a complex problem.
Some point out that no firm could have been expected to oppose empowerment, as doing so would have plunged such a firm into deep political controversy. Firms, according to this argument, have been very bad at playing politics when they have tried. So to prevent a showdown they cannot win, white-led firms have accepted the imperative of empowerment with no public opposition. The financial services sector produced a charter that has been embraced by all in the sector.
Soon after its adoption, leading financial institutions concluded empowerment transactions of their own. The mining and the ICT sector also have concluded charters that have received the support of virtually all players in their respective sectors. In the case of the mining charter, which was adopted earlier, leading mining houses have worked steadily to achieve its goals. Those who were close to the process of various charters attest that in the beginning, some business leaders saw the process of empowerment as nothing more than expropriation.
By the end of the charter process, many are reported to have changed their opinions and accepted the need for empowerment. Their objection has shifted away from questioning the need for empowerment, on to supporting its broad need. They accept the need for empowerment as a necessary precondition for a successful democratic consolidation in South Africa, while holding different views on the details of empowerment.
The codes differ markedly in places from the provisions of various charters. The government views the codes as a basic document to which all charters need to conform. It is going to be difficult for all charter processes to revise what was agreed upon in the charter discussion in order to conform with the codes. How government will react to this is unknown, as the codes themselves remain in draft form; they have been published for comment by the public.
The idea of uniformity in what empowerment requires from firms is sound. It clarifies a number of issues which require clarification. But, uniformity has its own limitations. The codes over-centralise issues which might best be left to people in different sectors to iron out.
Maybe differences among sectors should be allowed. Various sectors have different issues and ways of operating; and one thing will mean different things to different sectors. Insisting on the same percentage of equity holding in all sectors, for example, will not produce a uniform result, even if all sectors implemented the uniform requirement.
It is in the nature of some sectors that they are simply very well capitalised. Insisting too on recognising ownership only once it has become totally unencumbered with debt is understandable and laudable but seems counter-productive The view on debt is informed by the desire among many people to see ownership pass to newly empowered black partners.
It is possible that debt may be structured in ways that make it impossible for black partners to ever own the assets in question. The transport, Agriculture, health, construction and tourism charters are at various stages of completion.
Deeply indebted though they might have been, entrepreneurs have gradually built up their businesses until they owned them outright. Many of them were at some stage in the evolution of their enterprises hopelessly geared. So geared are emerging entrepreneurs known to be that a host of debt providers has emerged to cater for their debt requirements; there is an entire industry that exists to provide debt to entrepreneurs.
Stories also abound of people who took debt on their houses to finance their businesses, which later grew into very big enterprises. If there is any truth in these stories, then it is unhelpful to take what amounts to a dim view towards all forms of debt. Yet reading the codes leaves one with the distinct impression that debt is bad for empowerment. The codes accept the notion that empowerment beneficiaries should assume some risk in the enterprises in which they seek a stake.
Admittedly this is very difficult, given the fact that it is common knowledge that empowerment is necessary because blacks are just about totally bereft of capital. It appears an opportunity to actualise this notion is being missed by an insistence on recognising ownership only once it is unencumbered with debt.
This dependence makes it easy to insist that these entities comply with empowerment requirements. Part of seeking to set a common basis for measuring empowerment has to do with ensuring that empowerment is spread through the economy. The codes create a series of incentives for as many firms as possible to insist that those they do business with should also be empowered. Though this is a feature of about all the charters that have been drawn up thus far, the codes make a huge effort in pointing to the breadth of empowerment.
This effort is an attempt to shift attention away from equity transactions, which have attracted most of the focus, to other dimensions of empowerment. Breadth Of Empowerment Beneficiaries Many people have pointed to the same small number of individuals benefiting repeatedly from many empowerment transactions The government has strenuously denied this and leading empowerment entities have done much to broaden participation in transactions they are involved in.
The codes, perhaps as an attempt to reinforce the view that empowerment is intended to be broad-based, point to the many levels at which this breadth can be achieved in actual transactions For one, the process is broad because it is not intended to be limited to equity alone. It is also focused on employment equity, changing the demographic profile of top management within firms, providing training, procuring goods and services from empowered entities and investing in black-owned enterprises.
The process is broad too in that the codes encourage firms to find new participants for their BEE transactions. Those that are able to do this will receive bonus points for their efforts. If transactions are done with women-led entities this too entitles the firm concluding an empowerment transaction to bonus points. DTI Op. Thus collectives such as community organisations, trusts, etc. If these entities are drawn into empowerment, the beneficiaries are potentially vast.
This too introduces an element of breadth in empowerment processes. A crucial element of breadth is achieved by insisting that empowered entities bring pressure to bear on their suppliers to be empowered. Bear in mind that in the view of the codes, empowerment entails all elements of the scorecard, not just equity transactions. These many levels at which the breadth of empowerment manifests itself leads to a debate that has been unfolding in the country on the meaning of BEE.
To some, forcing existing shareholders to facilitate the acquisition of assets by blacks is the wrong way to create business people. Yet to others, it is a process intended to deracialise the ownership of assets. Opposition is expressed in a variety of forms, although hardly ever as an accusation that empowerment means the forced sales of assets.
This could be as a result of constraints imposed by the fact that BEE is sponsored by the government in support of the majority population. Talking in opposition to it might imply opposition to government programmes and attempts to undo the damage on blacks wreaked by apartheid. Be that as it may, a number of people have expressed themselves as objecting to BEE. This view basically relies on policies pursued by past governments, which stripped especially African people of ownership of any significant assets.
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