MIRA INFORM REPORT
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Report Date : |
25.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
SELENE CO., LTD. |
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Registered Office : |
409, Seongnae 3-dong, Gangdong-gu, Seoul, Korea, 2nd Fl., Yuseong Bldg., Zip Code 134-847 |
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Country : |
South Korea |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
02.02.2004 |
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Com. Reg. No.: |
107-86-45563 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Manufacture of Precious Metals and Related Articles |
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No. of Employees
: |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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South Korea |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Basic
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Company
Name |
SELENE CO., LTD. (Korean Company
Name : “(주)셀레네”) |
|
Registered Address |
409, Seongnae 3-dong, Gangdong-gu, Seoul,
Korea |
|
Building |
2nd Fl., Yuseong Bldg. |
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Zip Code |
134-847 |
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Tel |
+82-2-3431-3497~8 |
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Fax |
+82-2-3431-3426 |
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E-mail |
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Website |
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Trading Address |
2nd Fl., Yuseong Bldg., 409, Seongnae 3-dong,
Gangdong-gu, Seoul, Korea |
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Tel |
+82-2-3431-3497~8 |
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Fax |
+82-2-3431-3426 |
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Other Address-Rodeo Branch |
665-12, Sinsa-dong,
Gangnam-gu, Seoul, Korea |
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Type |
Export |
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Industry |
Manufacture of Precious Metals and Related Articles |
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Main
Business |
Jewelry Handmade, Fine Designer Jewelry, Casting Jewelry, Real Flower
Jewelry, Custom Jewelry, Accessories Jewelry |
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Established (mm/dd/yyyy) |
02/02/2004 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
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Sell |
Earrings(54101604) |
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Sell |
Fine jewelry necklaces(54101502) |
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Sell |
Fine jewelry rings(54101503) |
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Sell |
Imitation jewelry(54101600) |
CEO’s
|
Name |
Kim Myoung-Ja |
|
Address |
Suite 204, 513, Pungnap-dong,
Songpa-gu, Seoul, Korea |
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Date of Birth |
02/22/1970 |
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Title |
President & CEO |
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Sex |
Female |
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Nationality |
Korean |
Profiles
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Capital (KRW) |
1,102,720,000 |
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Employees |
10 |
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Formation |
Co., Ltd by Shares Venture Business |
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Bank Details |
Shinhan Bank |
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Corporate Registered No. |
110111-2944406 |
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Business Registered No. |
107-86-45563 |
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Permit & Licenses |
09/08/2005 ISO 9001 by ANAB 10/2005 ISO 14001 by ANAB |
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Shareholder Position |
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Company History |
02/02/2004 Incorporated as the present name 09/12/2005 Spin off the par value to 100
KRW from 5,000 KRW 02/02/2006 Designated as a Venture Business 05/31/2007 Increased capital to 1,102,720,000 KRW from 1,101,800,000
KRW 06/14/2007 Registered at 3rd Market 10/06/2009 Moved to the present HQ address from 448-7, Seongnae-dong, Gangdong-gu, Seoul, Korea 02/01/2010 Designated as a Venture Business again 01/26/2011 Designated as Hi Seoul Superior Branded company 03/25/2011 Increased the authorized shares to 800,000,000 shares from
40,000,000 shares |
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Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
M/S. |
Kim Myoung-Ja |
Female |
Korean |
02/02/2007 |
|
Director |
Mr. |
Yoon Jung-Hyun |
Male |
Korean |
02/02/2007 |
|
Director |
Mr. |
Cho Ok-Cheol |
Male |
Korean |
09/05/2005 |
|
Auditor |
Mr. |
Lee Ki-Jeong |
Male |
Korean |
03/25/2011 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
22,359,415 |
2,002,128,898 |
215,377,382 |
|
|
2010 |
123,971,417 |
2,251,682,006 |
285,658,803 |
|
2009 |
245,565,070 |
2,558,871,079 |
275,250,995 |
|
2008 |
58,581,564 |
2,912,789,764 |
132,096,796 |
Financial Description
|
Authorized Capital(KRW) |
80,000,000,000 |
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Paid-Up Capital(KRW) |
1,102,720,000 |
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Total Issued Shares |
11,027,200 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2011~06/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
2,002,128,898 |
2,251,682,006 |
2,558,871,079 |
|
Current Assets |
436,147,829 |
686,422,496 |
2,028,598,085 |
|
-Quick Assets |
300,439,430 |
620,245,196 |
1,959,939,735 |
|
-Inventories |
135,708,399 |
66,177,300 |
68,658,350 |
|
Fixed Assets |
1,565,981,069 |
1,565,259,510 |
530,272,994 |
|
-Investment |
1,062,054,000 |
1,062,054,000 |
- |
|
-Tangibles |
42,927,069 |
52,205,510 |
79,054,513 |
|
-Intangibles |
461,000,000 |
451,000,000 |
451,218,481 |
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Total Liabilities |
814,112,888 |
848,288,614 |
869,818,884 |
|
Current Liabilities |
814,112,888 |
848,288,614 |
869,818,884 |
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Fixed Liabilities |
|
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Capital Stock |
1,102,720,000 |
1,102,720,000 |
1,102,720,000 |
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Capital Surplus |
505,909,900 |
505,909,900 |
505,909,900 |
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Profit Surplus |
-420,613,890 |
-205,236,508 |
80,422,295 |
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Capital Adjustment |
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|
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Total Equity |
1,188,016,010 |
1,403,393,392 |
1,689,052,195 |
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Liab. & Shareholder’s Equity |
2,002,128,898 |
2,251,682,006 |
2,558,871,079 |
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Current Liabilities |
814,112,888 |
848,288,614 |
869,818,884 |
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Short-Term Borrowings |
730,000,000 |
762,000,000 |
784,712,876 |
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Account Payables |
81,108,987 |
83,358,284 |
40,295,536 |
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Withholdings |
847,630 |
636,620 |
515,300 |
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Accrued Expenses |
2,156,271 |
2,293,710 |
3,137,532 |
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Deferred Income Tax |
- |
- |
41,157,640 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2011~06/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
22,359,415 |
123,971,417 |
245,565,070 |
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Cost of Sold Goods |
28,436,840 |
47,095,076 |
77,182,555 |
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Gross Profit |
-6,077,425 |
76,876,341 |
168,382,515 |
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Selling & Admin. Expenses |
175,571,198 |
291,560,264 |
336,786,439 |
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Operating Income |
181,648,623 |
214,683,923 |
168,403,924 |
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Non-Operating Income |
8,901,685 |
37,670,825 |
46,803,117 |
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Non-Operating Expenses |
42,630,444 |
149,764,864 |
146,362,767 |
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Income Before Taxes |
215,377,382 |
326,777,962 |
267,963,574 |
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Income Taxes Expenses |
- |
-41,119,159 |
7,287,421 |
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Net Income |
215,377,382 |
285,658,803 |
275,250,995 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2011~06/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
-278,217,775 |
-256,929,587 |
-238,820,753 |
|
-Net Income |
-215,377,382 |
-285,658,803 |
-275,250,995 |
|
-Exp.
without Cash Outflow |
11,172,079 |
27,029,003 |
51,952,949 |
|
-Sale
without Cash Inflows |
- |
- |
-900,000 |
|
-Changes in
Asset/ & Liability |
-74,012,472 |
1,700,213 |
-14,622,707 |
|
Cash Flows
from Investing |
10,316,404 |
-44,752,436 |
1,047,223,034 |
|
-Cash Inflow
from Investing |
122,210,042 |
- |
1,551,267,124 |
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-Cash
Outflows for Investing |
-111,893,638 |
-44,752,436 |
-504,044,090 |
|
Cash Flows
from Financing |
-32,000,000 |
-22,712,876 |
-110,287,124 |
|
-Cash
Inflows from Financing |
- |
447,700,000 |
- |
|
-Cash
Outflows from Financing |
-32,000,000 |
-470,412,876 |
-110,287,124 |
|
Increase/Decrease
in Cash |
-299,901,371 |
-324,394,899 |
698,115,157 |
|
Cash at the
Beginning of Year |
560,639,943 |
885,034,842 |
186,919,685 |
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Cash at the
End of Year |
260,738,572 |
560,639,943 |
885,034,842 |
Products, Technologies, Services Description
|
Main Products & Services |
Jewelry Handmade, Fine Designer Jewelry, Casting Jewelry, Real Flower
Jewelry, Custom Jewelry, Accessories Jewelry |
Trade Partners & Competitors
|
Competitors |
ECHO TEK 110, GUMI-DONG, BUNDANG-GU, SEONGNAM-SI,
GYEONGGI-DO, KOREA TEL:+82-31-717-6324 FAX:+82-31-717-6341 KOREA POWDER METALLURGY CO., LTD. 1025, INJU LOCAL INDUSTRIAL COMPLEX 1,
GEOLMAE-RI, INJU-MYEON, ASAN-SI, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-538-3800 FAX:+82-41-538-3815 ADVANCE POWER METALLURSY CORP. 764-2, YEHYEON-RI, GUJI-MYEON,
DALSEONG-GUN, DAEGU, KOREA TEL:+82-2-869-6921 FAX:+82-2-855-5106 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Subsidiary |
SELENE CANADA (100.0% held by the subject company) |
Sales by Region
(Activity & Markets)
Not Available.
Court Action
Not Available.
News Clipping
---
DIAMOND INDUSTRY –
INDIA
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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.
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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.
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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.
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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.
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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.
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The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
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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.
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Excerpts from Times of India dated 30th October 2010 is as
under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.97 |
|
UK Pound |
1 |
Rs.77.74 |
|
Euro |
1 |
Rs.65.09 |
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 |
|
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.