MIRA INFORM REPORT

 

 

Report Date :

13.12.2014

 

IDENTIFICATION DETAILS

 

Name :

TOP IMEX CORPORATION

 

 

Registered Office :

14, Mallijae-ro, Mapo-gu, Seoul, Rm. 2204, Renaissance Tower, Zip Code 121-020

 

 

Country :

South Korea

 

 

Date of Incorporation :

20.10.1999

 

 

Com. Reg. No.:

105-04-13303

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Wholesaler of Other Industrial Machinery and Equipment such as Compressors, Copper Tube, Timer, Bando Hoist, Crane, Electrical Components, Electric Chain Hoist, Bobbin-Less Winding Machine and Cutting Tools

 

 

No of Employees :

01

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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. 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 6.3% growth in 2010. The US-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, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP.

 

Source : CIA

Basic

 

Concern Name

TOP IMEX CORPORATION

(Korean Concern Name : “탑아이멕스”)

Registered Address

14, Mallijae-ro, Mapo-gu, Seoul, Korea

Building

Rm. 2204, Renaissance Tower

Zip Code

121-020

Tel

+82-2-3272-6501

Fax

+82-2-3272-6503

E-mail

ks1036@unitel.co.kr;topimex@hotmail.com

Trading Address

Rm. 2204, Renaissance Tower, 14, Mallijae-ro, Mapo-gu, Seoul, Korea

(Old Address System : Rm. 2204, Renaissance Tower, 456, Gongdeok-dong, Mapo-gu, Seoul, Korea)

Tel

+82-2-3272-6501

Fax

+82-2-3272-6503

Type

Export/Import

  Main Business

Wholesaler of Other Industrial Machinery and Equipment such as Compressors, Copper Tube, Timer, Bando Hoist, Crane, Electrical Components, Electric Chain Hoist, Bobbin-Less Winding Machine and Cutting Tools

Established (mm/dd/yyyy)

10/20/1999

 

The Subject Concern occupies the premises of registered HQ address by leasing base.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Compressors(40151600)

Sell

Hoists(24101602)

Sell

Electronic component parts and raw materials and accessories(32131000)

 

 

CEO’s

 

Name

Choi Kwang-Suk(Mobile : +82-11-201-5388)

Title

Owner

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

Not Applicable to the Sole Proprietorship

Employees

1

Formation

Sole Proprietorship

Bank Details

Korea Exchange Bank-Mapo Nam Branch

Corporate Registered No.

Not Applicable to the Sole Proprietorship

Business Registered No.

105-04-13303

Permit & Licenses

Int’l Trade No.: 11698531

Shareholder Position

The owner has 100% shares.

Concern History

10/20/1999 Established as the present name

11/30/2002 Awarded US$1 Million Export Top Prize

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

Owner

Mr.

Choi Kwang-Suk

Male

Korean

10/20/1999

 

 

Financials

 

Year / Un2012it : KRW

Sales

2006

882,000,000

2005

1,311,000,000

2004

----

2003

900,000,000

The latest & full financials are not available, and the Subject Concern 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

Compressors, Copper Tube, Timer, Bando Hoist, Crane, Electrical Components, Electric Chain Hoist, Bobbin-Less Winding Machine and Cutting Tools

 

Trade Partners & Competitors

 

Competitors

K.S. COMPRESSOR CO., LTD.

747-5, CHONAM-RI, GWANGYANG-EUP, GWANGYANG-SI, JEOLLANAM-DO, KOREA

TEL:+82-61-762-7100  FAX:+82-61-762-7102

 

KOREA COMPRESSOR CO., LTD.

453-7, GUSEONG-DONG, DONGNAM-GU, CHEONAN-SI, CHUNGCHEONGNAM-DO, KOREA

TEL:+82-41-556-6335  FAX:+82-41-557-6336

 

HANKUK RELAY CO., LTD.

150-55, GAJWA 1-DONG, SEO-GU, INCHEON, KOREA

TEL:+82-32-576-4951  FAX:+82-32-576-0350

 

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

TOP I CO., LTD.(110111-1108516)

 

 

Sales by Region

(Activity & Markets)

 

The Subject exports to Chile, China, Taiwan, India, Jordan, Mexico and Australia.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.44

UK Pound

1

Rs.98.15

Euro

1

Rs.77.38

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

MNL

 

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.