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Report No. : |
342026 |
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Report Date : |
19.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
JEWELLEY POOREUM CO., LTD. |
|
|
|
|
Registered Office : |
35,
Donhwamun-ro 6ga-gil, Jongno-gu, Seoul, Korea, 03138, 3FL., Jinju
Bldg. |
|
|
|
|
Country : |
South
Korea |
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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 Foreign Direct Investment Corporation(India) |
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|
|
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Line of Business : |
Wholesale of Watches and Jewelry |
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|
|
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No. of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 |
|
Company Name |
JEWELLEY POOREUM CO., LTD. (Korean Company Name : “(주)쥬얼리푸름”) |
|
Registered Address |
35,
Donhwamun-ro 6ga-gil, Jongno-gu, Seoul, Korea |
|
Building |
3FL., Jinju Bldg. |
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Zip Code |
03138 |
|
Tel |
+82-2-745-7134~5 |
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Fax |
+82-2-745-7136 |
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E-mail |
era111@nate.com |
|
Website |
|
|
Trading Address |
3FL., Jinju
Bldg., 35, Donhwamun-ro 6ga-gil, Jongno-gu, Seoul, Korea (Old Address System : 3FL., Jinju Bldg., 26, Myo-dong, Jongno-gu, Seoul, Korea) |
|
Tel |
+82-2-745-7134~5 |
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Fax |
+82-2-745-7136 |
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Other Address |
|
|
Tel |
|
|
Fax |
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|
Type |
Import |
|
Industry |
Wholesale of Watches and Jewelry |
|
Main Business |
Rings, Necklaces, Earrings |
|
Sub
Business |
|
|
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 |
132-10, Palbonggangbyeon-gil, Seo-myeon,
Hongcheon-gun, Gangwon-do, Korea |
|
Date of Birth |
09/04/1972 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
100,000,000 |
|
Employees |
5 |
|
Formation |
Co., Ltd by shares Foreign Direct Investment Corporation(India) |
|
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(K0022727) 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 |
|
|
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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 |
The financials are not
available, and the Subject Company does not have any obligations to release its
financials to the public.
|
Authorized Capital(KRW) |
200,000,000 |
|
Paid-Up Capital(KRW) |
100,000,000 |
|
Total Issued Shares |
20,000 |
|
Main Products & Services |
Rings, Necklaces, Earrings |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
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 |
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.
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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.
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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.
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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.
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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.
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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.65.95 |
|
|
1 |
Rs.102.75 |
|
Euro |
1 |
Rs.75.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
-- |
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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.