MIRA INFORM REPORT

 

 

Report No. :

356391

Report Date :

21.12.2015

 

IDENTIFICATION DETAILS

 

Name :

DAVIS DIAMOND CO. LTD.

 

 

Registered Office :

12, Donhwamun-Ro 6ga-Gil, Jongno-Gu, Seoul, Rm.303, Golden Tower Bldg., Korea 03138

 

 

Country :

South Korea

 

 

Date of Incorporation :

21.02.2002

 

 

Com. Reg. No.:

101-81-80077

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Wholesale of Watches and Jewelry.

 

 

No. of Employees :

17

 

 

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 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 economic 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. A system of close government and business ties, including directed credit and import restrictions, initially 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 7% in 1998, and then recovered by 9% in 1999-2000. South 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. South Korea's export focused economy was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching over 6% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Between 2012 and 2014, the economy experienced slow growth due to sluggish domestic consumption and investment. The administration in 2015 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, dominance of large conglomerates (chaebols), and the heavy reliance on exports, which comprise about half of GDP. In an effort to address the long term challenges and sustain economic growth, the current government has prioritized structural reforms, deregulation, promotion of entrepreneurship and creative industries, and the competitiveness of small and medium enterprises.

 

Source : CIA

 

Basic Information

 

Company Name

DAVIS DIAMOND CO. LTD.

Registered Address

12, Donhwamun-ro 6ga-gil, Jongno-gu, Seoul, Korea

Building

Rm.303, Golden Tower Bldg.

Zip Code

03138

Tel

+82-2-747-1802

Fax

+82-2-747-1807

E-mail

sales@davisdia.com;contact@davis.co.kr;davis747@hanmail.net

Website

www.davisdia.com;www.previs.kr

Trading Address

Rm.303, Golden Tower Bldg.,12, Donhwamun-ro 6ga-gil, Jongno-gu, Seoul, Korea

(Old Address System : Rm.303, Golden Tower Bldg., 146, Bongik-dong, Jongno-gu, Seoul, Korea)

Tel

+82-2-747-1802

Fax

+82-2-3676-8837

Other Address-Jongro Branch

Rm.101, Sungcahng Bladg., 17, Seosulla-gil, Jongno-gu, Seoul, Korea

(Old Address System : Rm.101, Sungcahng Bladg., 97-1, Bongik-dong, Jongno-gu, Seoul, Korea)

Tel

+82-2-747-1805

Fax

 

Type

Import

Industry

Wholesale of Watches and Jewelry

  Main Business

Diamond

  Sub Business

 

Established (mm/dd/yyyy)

02/21/2002

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Diamond gemstones(54121501)

Sell

Fine jewelry necklaces(54101502)

 

 

CEO’s

 

Name

Hong Yeun-Ho

Address

Suite 106-1004, 23, Tojeong-ro 31-gil, Mapo-gu, Seoul, Korea

Date of Birth

07/24/1962

Title

President & CEO

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

300,000,000

Employees

17

Formation

Co., Ltd by shares

Bank Details

Industrial Bank of Korea-Jongro Branch

SC First Bank of Korea-Jongro 5 Ga Branch

Corporate Registered No.

110111-2451526

Business Registered No.

101-81-80077

Permit & Licenses

Int’l Trade No.: 45012398

Shareholder Position

Name

Shares

%

HONG YEUN-HO & HIS FAMILY

60,000

100.00

TOTAL

60,000

100.00

Company History

02/21/2002 Incorporated as SION DIAMOND CO., LTD.

02/22/2002 Changed company name to the present name

11/18/2006 Increased capital to 300,000,000 KRW from 100,000,000 KRW

06/04/2009 Moved to 6th Fl., Geumgang Bldg., 35, Donhwamun-ro 6na-gil, Jongno-gu, Seoul, Korea from Rm. 401, Seongsang Bldg., 97-1, Bongik-dong, Jongno-gu, Seoul, Korea

03/14/2015 Moved to the present HQ address from 6th Fl., Geumgang Bldg., 35, Donhwamun-ro 6na-gil, Jongno-gu, Seoul, Korea (Old Address System : 6th Fl., Geumgang Bldg., 127, Bongik-dong, Jongno-gu, Seoul, Korea)

 

 

 

 

Management

 

Job Description

Name

Nationality

Date of Birth

Inauguration Date

President & CEO

Hong Yeun-Ho

Korean

07/24/1962

03/18/2002

Director

Kim Young-Mi

Korean

12/13/1967

03/28/2005

Director

Chang Ki-Ho

Korean

02/15/1965

11/17/2006

 

 

Financials

 

The latest 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)

400,000,000

Paid-Up Capital(KRW)

300,000,000

Total Issues Shares

60,000

 

 

Products, Technologies, Services Description

 

Main Products & Services

Diamond, Jewelry

 

 

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

 

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

 

 

Sales by Region (Activity & Markets)

 

The subject imports Diamond from the companies in India. For 2005, 2006 and 2007, the subject has been ranked as 3rd importer of Diamond and 1st Wholesaler in Korea.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

-----------

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.42

UK Pound

1

Rs.99.17

Euro

1

Rs.72.14

KRW

1

Rs.0.056

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               


 

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%)

 

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