|
Report Date : |
04.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
JK DIAMOND CO. |
|
|
|
|
Registered Office : |
136, Bongik-dong, Jongno-gu, Seoul, Korea Rm.125, Daelim Bldg |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Date of Incorporation : |
Not Available |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Wholesales of
Diamond |
|
|
|
|
No. of Employees : |
Not Available |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 and 2013 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The administration in 2014 is likely to face the challenge 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 about half of GDP
|
Source
: CIA |
Basic
|
Company Name |
JK DIAMOND CO. (Korean Company Name : “N/A”) |
|
Registered
Address |
136, Bongik-dong, Jongno-gu, Seoul, Korea |
|
Building |
Rm.125, Daelim
Bldg. |
|
Zip Code |
110-390 |
|
Tel |
N/A |
|
Fax |
N/A |
|
E-mail |
|
|
Website |
|
|
Trading Address |
Rm.125, Daelim
Bldg.,25, Donhwamun-ro 6na-gil, Jongno-gu, Seoul, Korea (Old Address System : Rm.125, Daelim Bldg.,136, Bongik-dong, Jongno-gu, Seoul, Korea) |
|
Tel |
N/A |
|
Fax |
N/A |
|
Other Address |
|
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Wholesales of
Diamond |
|
Main Business |
Diamond, Gem
Stones, Jewelry |
|
Sub Business |
|
|
Established
(mm/dd/yyyy) |
N/A |
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Diamond gemstones(54121501) |
CEO’s
|
Name |
N/A |
|
Address |
N/A |
|
Date of Birth |
N/A |
|
Title |
Owner |
|
Sex |
N/A |
|
Nationality |
N/A |
Profiles
|
Capital (KRW) |
Not Applicable
to the Sole Proprietorship |
|
Employees |
N/A |
|
Formation |
Sole Proprietorship |
|
Bank Details |
N/A |
|
Corporate
Registered No. |
Not Applicable
to the Sole Proprietorship |
|
Business
Registered No. |
N/A. (The
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 |
The owner has
100% shares. |
|
Company
History |
N/A |
In our research, we found a company called as MIDAS at Rm.125, Daelim Bldg.,136, Bongik-dong, Jongno-gu, Seoul, Korea. And those area and buildings are famous for the shopping malls of Diamond, Gem Stones and Jewelry.
Company Name : MIDAS
TEL:
+82-2-763-7435
CEO : M/S. Oh
Young-Sook
Industry :
Wholesales and Retails of Diamond, Gem Stones, Jewelry
In our research
through the official sources including the Supreme Court Registry at which
every Co Ltd type of Company should be registered, we could not find the
subject company. So we submit the report as a Sole Proprietorship Type of
Company as long as it exists.
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
Owner |
|
N/A |
|
|
|
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) |
Not Applicable
to the Sole Proprietorship |
|
Paid-Up
Capital(KRW) |
Not Applicable
to the Sole Proprietorship |
|
Total Issued
Shares |
Not Applicable
to the Sole Proprietorship |
Products,
Technologies, Services Description
|
Main Products
& Services |
Diamond, Gem
Stones, Jewelry |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
Trade Partners &
Competitors
|
Suppliers |
|
|
Customers |
|
|
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 SAMSHIN
DIAMOND CO., LTD. SAMSIN BLDG.,
598-6, SINSA-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-540-3344 FAX:+82-2-540-2779 YEJI JEWELRY B1, YUNGGI
BLDG., 614-3, SINSA-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-515-9983 FAX:+82-2-515-9184 |
Sales by Region
(Activity & Markets)
Not Available.
Court Action
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.60.12 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.82.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.