MIRA INFORM REPORT

 

 

Report Date :

21.06.2012

 

IDENTIFICATION DETAILS

 

Name :

BEST VIVID CO., LTD.

 

 

Registered Office :

38-3, Jongno 3-ga, Jongno-gu, Seoul, Korea, 2FL., Daebo Jewelry Store Bldg., Zip Code 110-123

 

 

Country :

South Korea

 

 

Date of Incorporation :

09.03.2005

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Wholesale of Watches and Jewelry

 

 

No. of Employees :

03

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

South korea

A1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Basic

 

Company Name

BEST VIVID CO., LTD.

(Korean Company Name : “(주)베스트비비드”)

Registered Address

38-3, Jongno 3-ga, Jongno-gu, Seoul, Korea

Building

2FL., Daebo Jewelry Store Bldg.

Zip Code

110-123

Tel

+82-2-747-1087

Fax

+82-2-743-7928

Trading Address

2FL., Daebo Jewelry Store Bldg., 38-3, Jongno 3-ga, Jongno-gu, Seoul, Korea

Tel

+82-2-747-1087

Fax

+82-2-743-7928

Type

Export/Import

Industry

Wholesale of Watches and Jewelry

  Main Business

Diamond, Jewelry

Established (mm/dd/yyyy)

03/09/2005

 

 

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

Yoo Chun-Sung

Address

Suite 220-903, 150, Munjeong-dong, Songpa-gu, Seoul, Korea

Date of Birth

07/24/1953

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

50,000,000

Employees

3

Formation

Co., Ltd by shares

Bank Details

N/A

Corporate Registered No.

110111-3184241

Business Registered No.

101-86-13*** (The full numbers are kept by the National Tax Service confidentially.)

Because the subject’s full Business Registered No., for checking through the National Tax Service whether the subject is still existing or not, is not available, so we cannot confirm if the subject exist or not legally.)

Permit & Licenses

N/A

Shareholder Position

N/A

Company History

03/09/2005 Incorporated as the present name

04/24/2006 Mr. Ju Jung-Jin has been resigned from his CEO position.

12/27/2007 Moved to the present HQ address from 125-1, Donui-dong, Jongno-gu, Seoul, Korea

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Yoo Chun-Sung

Male

Korean

12/27/2007

Director

Mr.

Hong Young-Pyo

Male

Korean

12/27/2007

Auditor

Mr.

Oh Joon-Seok

Male

Korean

12/27/2007

 

 

Financials

 

The financial is not available, and the subject does not have any obligation to releases its financials to the public.

 

 

Financial Description

 

Authorized Capital(KRW)

200,000,000

Paid-Up Capital(KRW)

50,000,000

Total Issued Shares

10,000

 

 

Products, Technologies, Services Description

 

Main Products & Services

The subject imports Diamonds, and manufacturers Jewelry.

As of 10/31/2006, the subject’s imported amount of Diamonds has been ranked at No. 25.

 

 

Trade Partners & Competitors

 

Competitors

GP DIAMONDS CO., LTD.

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.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

--

DIAMOND INDUSTRY – INDIA

 

-          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.

-          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.

-          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.

-          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.

-          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.

-          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.

-          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.

-          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.

-          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.55.86

UK Pound

1

Rs.87.93

Euro

1

Rs.70.88

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.