|
Report Date : |
14.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
JEWELLEY POOREUM |
|
|
|
|
Registered Office : |
27, Myo-dong, Jongno-gu, Seoul, Korea 110-370 |
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|
|
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Country : |
South Korea |
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|
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Date of Incorporation : |
30.05.2000 |
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|
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Com. Reg. No.: |
106-81-90207 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Wholesale of Watches and Jewelry |
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|
|
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No. of Employees : |
7 |
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 |
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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 |
|
Company Name |
JEWELLEY POOREUM (Korean Company Name : “(주)쥬얼리푸름”) |
|
Registered Address |
27,
Myo-dong, Jongno-gu, Seoul, Korea |
|
Zip Code |
110-370 |
|
Tel |
+82-2-745-7134~5 |
|
Fax |
+82-2-745-7136 |
|
E-mail |
era111@nate.com |
|
Trading Address |
27,
Myo-dong, Jongno-gu, Seoul, Korea (New Address System : 33, Donhwamun-ro 6ga-gil,
Jongno-gu, Seoul, Korea) |
|
Tel |
+82-2-745-7134~5 |
|
Fax |
+82-2-745-7136 |
|
Type |
Import |
|
Industry |
Wholesale of Watches and Jewelry |
|
Main Business |
Rings, Necklaces, Earrings |
|
Established (mm/dd/yyyy) |
05/30/2000 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Diamond gemstones(54121501) |
|
Sell |
Fine jewelry necklaces(54101502) |
|
Name |
You Sang-Il |
|
Address |
Suite B-812, 183, Jong-ro, Jongno-gu,
Seoul, Korea |
|
Date of Birth |
09/04/1972 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
100,000,000 |
|
Employees |
7 |
|
Formation |
Co., Ltd by shares Foreign Direct Investment Corporation |
|
Bank Details |
N/A |
|
Corporate Registered No. |
1101111-983405 |
|
Business Registered No. |
106-81-90207 |
|
Permit & Licenses |
N/A |
|
Shareholder Position |
N/A |
|
Company History |
05/30/2000 Incorporated as RS Corporation 12/01/2008 Changed company name to Stylish
Design Co., Ltd. 07/29/2011 Changed company name to the
present name 06/04/2000 Registered as a Foreign Direct
Investment Corporation(India) 06/17/2000 Increased capital to 100,000,000 KRW from 50,000,000 KRW 07/30/2013 Moved to the present HQ address from 597-4, Sinsa-dong,
Gangnam-gu, Seoul, Korea |
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
You Sang-Il |
Male |
Korean |
03/06/2012 |
|
Director |
Mr. |
Danpatrajes Kumalgolecha |
Male |
Indian |
03/06/2012 |
|
Auditor |
Mr. |
Cho Wang-Hoon |
Male |
Korean |
12/01/2008 |
Financials
The financials are
not available, and the Subject Company does not have any obligations to release
its financials to the public.
Financial
Description
|
Authorized Capital(KRW) |
200,000,000 |
|
Paid-Up Capital(KRW) |
100,000,000 |
|
Total Issued Shares |
20,000 |
|
Main Products & Services |
Rings, Necklaces, Earrings |
|
Competitors |
GP DIAMONDS LTD. 2ND FL., HANMI JEWELRY COMPLEX, 64-1,
MYO-DONG, JONGNO-GU, SEOUL, KOREA TEL:+82-2-766-4880 FAX:+82-2-745-4880 GOLDENDEW CO.,
LTD.(110111-0319445) 1ST FL., HWADONG BLDG., 1466-14, SEOCHO 3-DONG,
SEOCHO-GU, SEOUL, KOREA TEL:+82-2-3415-5700 FAX:+82-2-3471-1455 GEMOPIA JEWELRY CO., LTD. E-201, BUNDANG TECHNO PARK, 151,
YATAP-DONG, BUNDANG-GU, SEONGNAM-SI, GYEONGGI-DO, KOREA TEL:+82-31-708-2005 FAX:+82-31-707-7534 |
The subject imports
Diamond from the companies in India.
Not Available.
---
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.63.78 |
|
UK Pound |
1 |
Rs.100.70 |
|
Euro |
1 |
Rs.84.66 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.