MIRA
INFORM REPORT
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Report Date : |
16.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
GP DIAMONDS CO., LTD. |
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Registered Office : |
2nd Fl., Hanmi Complex, 64-1, Myo-dong, Jongno-gu, Seoul, 110-370 |
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Country : |
Korea |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
01.31.2000 |
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Com. Reg. No.: |
101-81-54114 |
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Legal Form : |
Company Limited by Shares |
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Line of Business : |
Wholesale of Watches and Jewelry |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Basic
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Company
Name |
GP DIAMONDS CO., LTD. |
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Registered Address |
64-1, Myo-dong, Jongno-gu, Seoul, Korea |
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Building |
2nd Fl., Hanmi Complex |
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Zip Code |
110-370 |
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Tel |
+82-2-766-4880 |
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Fax |
+82-2-745-4880 |
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E-mail |
redstone@gpdia.com;gpjewelry@hotmail.com |
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Website |
www.gpdia.com |
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Trading Address |
2nd Fl., Hanmi Complex, 64-1, Myo-dong,
Jongno-gu, Seoul, Korea |
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Tel |
+82-2-766-4880 |
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Fax |
+82-2-745-4880 |
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Other Address-Unni Factory |
20, Unni-dong, Jongno-gu, Seoul, Korea |
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Type |
Export/Import |
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Industry |
Wholesale of Watches and Jewelry |
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Main Business |
Diamond, Jewelry |
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Established (mm/dd/yyyy) |
01/31/2000 |
The Subject occupies
the premises of registered address and Unni factory by leasing base.
Detailed Products
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Necklaces(54101602) |
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Sell |
Rings(54101603) |
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Sell |
Earrings(54101604) |
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Sell |
Bracelets(54101601) |
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Sell |
Body jewelry(54101605) |
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Sell |
Barrettes(53131633) |
CEO’s
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Name |
Lee Tae-Myung |
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Address |
1631-8, Yangjae-dong, Seocho-gu, Seoul, Korea |
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Date of Birth |
10/15/1972 |
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Title |
Co-President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital |
2,352,935,000 KRW |
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Employees |
44 |
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Formation |
Co., Ltd by shares |
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Bank Details |
Woori Bank-Jongro 4-Ga Branch Industrial Bank of Korea-Jongro Branch Hana Bank Kookmin Bank |
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Corporate Registered No. |
110111-1867782 |
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Business Registered No. |
101-81-54114 |
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Permit & Licenses |
Int’l Trade No.: 11981169 |
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Shareholder Position |
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Company History |
01/31/2000 Incorporated as the present name 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 08/14/2008 Increased capital to
2,352,935,000 KRW from 2,000,000,000 KRW |
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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
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
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Co-President & CEO |
Mr. |
Lee Tae-Myung |
Male |
Korean |
01/31/2000 |
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Co-President & CEO |
Mr. |
Chang Hee-Soon |
Male |
Korean |
01/31/2007 |
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Director |
M/S |
Yoo Kwang-Soon |
Female |
Korean |
01/31/2000 |
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Director |
M/S |
Ko Na-Young |
Female |
Korean |
01/31/2000 |
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Auditor |
Mr. |
Kim Sang-Ok |
Male |
Korean |
04/30/2007 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
2007 |
16,665,652,983 |
17,368,117,465 |
245,618,697 |
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2006 |
14,680,802,764 |
11,165,693,755 |
327,762,654 |
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2005 |
4,876,000,000 |
4,618,000,000 |
203,000,000 |
Financial Description
Unit: KRW
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Authorized
Capital |
4,000,000,000 |
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Paid-Up
Capital |
2,352,935,000 |
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Total Issues Shares |
470,587 |
Balance
Sheet
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Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
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Total Assets |
17,368,117,465 |
11,165,693,755 |
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Current Assets |
16,606,123,557 |
10,822,453,449 |
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-Quick Assets |
14,086,465,816 |
9,671,863,329 |
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-Inventories |
2,519,657,741 |
1,150,590,120 |
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Fixed Assets |
761,993,908 |
343,240,306 |
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-Investment |
399,302,264 |
53,947,368 |
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-Tangibles |
184,829,977 |
113,247,938 |
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-Intangibles |
11,961,667 |
10,245,000 |
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-Others |
165,900,000 |
165,800,000 |
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Total Liabilities |
14,414,191,838 |
8,428,184,325 |
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Current Liabilities |
10,317,159,560 |
8,428,184,325 |
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Fixed Liabilities |
4,097,032,278 |
- |
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Capital Stock |
2,000,000,000 |
2,000,000,000 |
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Capital Surplus |
- |
- |
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Profit Surplus |
958,638,054 |
744,578,070 |
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Capital Adjustment |
-4,712,427 |
-7,068,640 |
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Total Equity |
2,953,925,627 |
2,737,509,430 |
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Liab. & Shareholder’s Equity |
17,368,117,465 |
11,165,693,755 |
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Current
Liabilities |
10,317,159,560 |
8,428,184,325 |
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Short-Term Borrowings |
3,271,235,369 |
1,156,108,730 |
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Trade Payables |
6,180,260,612 |
6,776,485,869 |
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Accrued Income Tax |
188,957,691 |
199,450,790 |
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Accrued Expenses |
291,007,563 |
78,499,644 |
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Account Payables |
108,645,315 |
104,358,327 |
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Advance Receipts |
277,053,010 |
23,134,365 |
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Withholdings |
- |
7,494,120 |
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VAT Withhold |
- |
82,652,480 |
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Fixed
Liabilities |
4,097,032,278 |
- |
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Long-Term Borrowings |
3,998,025,503 |
- |
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Provision for Severance & Retirement |
99,006,775 |
- |
Income
Statement
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Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
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Sales |
16,665,652,983 |
14,680,802,764 |
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Cost of Sold Goods |
13,443,214,425 |
12,713,377,639 |
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Gross Profit |
3,222,438,558 |
1,967,425,125 |
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Selling & Admin. Expenses |
2,156,600,430 |
1,669,119,634 |
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Operating Income |
1,065,838,128 |
298,305,491 |
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Non-Operating Income |
153,094,538 |
452,807,688 |
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Non-Operating expenses |
682,991,778 |
156,002,475 |
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Ordinary Income |
535,940,888 |
595,110,704 |
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Special Income |
- |
- |
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Income Before Taxes |
535,940,888 |
595,110,704 |
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Income Taxes Expenses |
290,322,191 |
267,348,050 |
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Net Income |
245,618,697 |
327,762,654 |
Cash
Flows
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Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
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Cash Flows from Operating |
(-)5,967,098,825 |
(-)927,577,945 |
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-Net Income |
245,618,697 |
327,762,654 |
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-Exp. without Cash Outflow |
961,740,344 |
394,103,219 |
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-Revenue without Cash Inflows |
(-)30,560,558 |
(-)202,911,584 |
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-Changes in Asset/ & Liability |
(-)7,143,897,308 |
(-)1,446,532,234 |
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Cash Flows from Investing |
(-)380,576,741 |
(-)308,552,603 |
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-Cash Inflow from Investing |
3,995,493,171 |
20,000,000 |
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-Cash Outflows for Investing |
(-)4,376,069,912 |
(-)328,552,603 |
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Cash Flows from Financing |
6,083,949,642 |
1,498,001,727 |
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-Cash Inflows from Financing |
6,619,260,872 |
1,904,176,108 |
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-Cash Outflows from Financing |
(-)535,311,230 |
(-)406,174,381 |
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Increase/Decrease in Cash |
(-)263,725,924 |
261,871,179 |
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Cash at the Beginning of Year |
392,361,538 |
130,490,359 |
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Cash at the End of Year |
128,635,614 |
392,361,538 |
Products, Technologies, Services
Description
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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
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Customers |
GP JEWELRY CO., LTD. |
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Competitors |
GOLDEN DEW DIVAS DIAMONDS SAMSHIN DIAMOND WATCH PLANNING MYUNGGA INTERNATIONAL GEMBROSS LEX PLETINUM GILD PRICESS |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
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Affiliates |
GP PHARM. CO., LTD(110111-1737430) GP JEWELRY CO., LTD. |
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Overseas Office |
GP QINGDAO CO., LTD. 150 CHONGQINGNAN ROAD, QINGDAO, CHINA,
266100 TEL:+86-532-8562-4770 |
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
No.
News
Clipping
--
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.34 |
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UK Pound |
1 |
Rs.82.96 |
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Euro |
1 |
Rs.65.82 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)