MIRA INFORM REPORT

 

 

Report Date :

09.07.2007

 

IDENTIFICATION DETAILS

 

Name :

GP DIAMONDS CO LTD.

 

 

Registered Office :

2nd Fl., Hanmi Complex, 64-1, Myo-dong, Jongno-gu, Seoul - 110-370

 

 

Country :

Korea

 

 

Financials (as on) :

31.12.2003

 

 

Date of Incorporation :

01/31/2000

 

 

Legal Form :

Company Limited by shares

 

 

Line of Business :

Wholesale of Watches and Jewellery

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

Basic

 

Company Name

GP DIAMONDS CO., LTD.

Registered Address

64-1, Myo-dong, Jongno-gu, SEOUL, KOREA

Building

2nd Fl., Hanmi Complex

Zip Code

110-370

Tel

+82-2-766-4880

Fax

+82-2-745-4880

E-mail

redstone@gpdia.com

Website

www.gpdia.com

Trading Address

2nd Fl., Hanmi Complex, 64-1, Myo-dong, Jongno-gu, SEOUL, KOREA

Tel

+82-2-766-4880

Fax

+82-2-745-4880

Unni Factory

20, Unni-dong, Jongno-gu, Seoul, Korea

Type

Export/Import

Industry

Wholesale of Watches and Jewelry

  Main Business

Diamond, Jewelry

Established (mm/dd/yyyy)

01/31/2000

 

The Subject occupies the premises of registered address and Unni factory by leasing base.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Necklaces(54101602)

Sell

Rings(54101603)

Sell

Earrings(54101604)

Sell

Bracelets(54101601)

Sell

Body jewelry(54101605)

Sell

Barrettes(53131633)

 

 

CEO’s

 

Name

Lee Tae-Myung

Address

365-2, Yangjae-dong, Seocho-gu, Seoul 137-130 Korea

Date of Birth

10/15/1972

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital

2,000,000,000 KRW

Employees

20

Formation

Co., Ltd by shares

Bank Details

Woori Bank-Jongro 4-Ga Branch

Corporate Registered No.

110111-1867782

Business Registered No.

101-81-54114

Permit & Licenses

N/A

Shareholder Position

Lee Tae-Myung -90.0%

Yoo Kwang-Soon-5.0%

Ko Na-Young-5.0%

Company History

01/31/2000 Established

03/02/2006 Moved to the present address

03/23/2006 Increased capital to 1,784,100,000 KRW

12/30/2006 Increased capital to 2,000,000,000 KRW from 1,784,100,000 KRW

 

The subject deals with the companies in Hong Kong, India, Japan and USA. The subject has been known as number one Diamond dealing company in domestic market.

           

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Day

President & CEO

Mr.

Lee Tae-Myung

Male

Korean

01/31/2000

Director

M/S

Yoo Kwang-Soon

Female

Korean

01/31/2000

Director

M/S

Ko Na-Young

Female

Korean

01/31/2000

Director

Mr.

Chang Hee-Soon

Male

Korean

01/31/2007

Auditor

Mr.

Kim Sang-Ok

Male

Korean

04/30/2007

 

 

Financials                                                

 

Unit: KRW

Year

Sales

Assets

Net income

2006

8,000,000,000

 

 

2004

2,378,000,000

 

 

2003

3,993,000,000

1,671,000,000

120,000,000

2002

3,404,000,000

1,547,000,000

102,000,000

 

2006’s financial is from recruiting memo.

 

 

Financial Description       

 

Unit: KRW

Authorized Capital

4,000,000,000

Paid-Up Capital

1,784,100,000

Total Issues Shares

356,820

 

Balance Sheet                           Unit : Million Korean Won

 

As of 12/31/2003

As of 12/31/2002

As of 12/31/2001

Total Assets

1,671

1,547

138

Current Assets

1,581

1,436

103

-Quick Assets

796

636

2

-Inventories

785

800

101

Fixed Assets

90

111

35

-Investment

41

46

12

-Tangibles

49

65

23

-Intangibles

-

-

-

Total Liabilities

1,398

1,493

187

Current Liabilities

1,098

1,493

187

Fixed Liabilities

300

-

-

Capital Stock

150

50

50

Capital Surplus

-

-

-

Profit Surplus

123

4

-99

Capital Adjustment

-

-

-

Total Equity

273

54

-49

Liab. & Shareholder’s Equity

1,671

1,547

138

 

    Income Statement                       Unit : Million Korean Won

 

As of 12/31/2003

As of 12/31/2002

As of 12/31/2001

Sales

3,993

3,404

1,682

Cost of Sold Goods

3,358

3,013

1,573

Gross Profit

635

391

109

Selling & Admin. Expenses

521

282

184

Operating Income

114

109

-75

Non-Operating Income

49

-

-

Non-Operating expenses

38

7

-

Ordinary Income

125

102

-75

Special Income

-

-

-

Income Before Taxes

125

102

-75

Income Taxes Expenses

5

-

-

Net Income

120

102

-75

 

 

Products, Technologies, Services

Description

 

Main Products & Services

The subject imports Diamonds, and distributes & exports Jewelry.

As of 06/30/2006, the subject’s imported amount of Diamonds has been ranked at No. 1.

 

 

Organization Structure

 

Competitors

Golden Dew

Divas Diamonds

Samshin Diamond

Watch Planning

MyungGa International

Gembross

Lex

Pletinum Gild

Pricess

 

 

Sales by Region (Activity & Markets)

 

The Subject deals with the companies in Hong Kong, India, Japan and USA. And as of 10/2006, the Subject company has been ranked as the 1st importer of diamond.

 

Court Action

 

Not Available.

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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