|
Report Date : |
01.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
BEST VIVID CO., LTD. |
|
|
|
|
Registered Office : |
38-3, Jongno 3-ga, Jongno-gu, Seoul, Korea |
|
|
|
|
Country : |
South Korea |
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|
|
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Date of Incorporation : |
03.09.2005 |
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|
|
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Com. Reg. No.: |
101-86-13398 |
|
|
|
|
Legal Form : |
Co., Ltd by
shares |
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|
|
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Line of Business : |
Wholesale of watches and jewelry |
|
|
|
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No. of Employees : |
05 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated
incredible growth and global integration to become a high-tech industrialized
economy. In the 1960s, GDP per capita was comparable with levels in the poorer
countries of Africa and Asia. In 2004, South Korea joined the trillion dollar
club of world economies, and is currently the world's 12th largest economy.
Initially, a system of close government and business ties, including directed
credit and import restrictions, made this success possible. The government
promoted the import of raw materials and technology at the expense of consumer
goods, and encouraged savings and investment over consumption. The Asian
financial crisis of 1997-98 exposed longstanding weaknesses in South Korea's
development model including high debt/equity ratios and massive short-term
foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in
1999-2000. Korea adopted numerous economic reforms following the crisis, including
greater openness to foreign investment and imports. Growth moderated to about
4% annually between 2003 and 2007. Korea''s export focused economy was hit hard
by the 2008 global economic downturn, but quickly rebounded in subsequent
years, reaching 6.3% growth in 2010. The US-South Korea Free Trade Agreement
was ratified by both governments in 2011 and went into effect in March 2012.
Throughout 2012 the economy experienced sluggish growth because of market
slowdowns in the United States, China, and the Eurozone. The incoming
administration in 2013, following the December 2012 presidential election, is
likely to face the challenges of balancing heavy reliance on exports with
developing domestic-oriented sectors, such as services. The South Korean economy''s
long term challenges include a rapidly aging population, inflexible labor
market, and heavy reliance on exports - which comprise half of GDP
Source
: CIA
Basic
|
Company Name |
BEST VIVID CO., LTD. (Korean Company Name : |
|
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 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
2FL., Daebo Jewelry Store Bldg., 38-3, Jongno 3-ga, Jongno-gu, Seoul, Korea (New Address System : 143-1, Jong-ro, 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 |
5 |
|
Formation |
Co., Ltd by
shares |
|
Bank Details |
N/A |
|
Corporate
Registered No. |
110111-3184241 |
|
Business
Registered No. |
101-86-13398 |
|
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 |
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. |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
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)
|
Sales/ Unit :Mil
KRW |
2012 |
2011 |
2010 |
|
Export |
|
|
|
|
Domestic |
|
|
|
|
Total |
|
|
|
The Subject
deals with the companies in Hong Kong, India, Japan and USA.
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.
-
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 –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.78 |
|
|
1 |
Rs.101.42 |
|
Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.