MIRA INFORM REPORT
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Report Date : |
01.08.2011 |
IDENTIFICATION DETAILS
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Name : |
POSCO AST CO., LTD. |
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Formerly Known As : |
TAIHAN ST CO., LTD. |
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Registered Office : |
20B, 603, Seonggok-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea, Zip Code 425-833 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
11.01.2007 |
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Com. Reg. No.: |
134-86-35577 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Rolling, Drawing and Extruding of Non-ferrous Metals |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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South Korea |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Basic
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Company
Name |
POSCO AST CO.,
LTD. (Korean Company Name : “(주)포스코에이에스티”) |
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Registered Address |
20B, 603, Seonggok-dong, Danwon-gu,
Ansan-si, Gyeonggi-do, Korea |
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Zip Code |
425-833 |
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Tel |
+82-31-490-5114 |
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Fax |
+82-31-491-3721 |
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E-mail |
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Website |
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Trading Address |
20B, 603, Seonggok-dong, Danwon-gu, Ansan-si,
Gyeonggi-do, Korea |
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Tel |
+82-31-490-5114 |
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Fax |
+82-31-491-3721 |
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Type |
Export |
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Industry |
Rolling, Drawing and Extruding of Non-ferrous Metals n.e.c. |
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Main Business |
Stainless Steel Plate, Cold Rolled Stainless Steel |
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Established (mm/dd/yyyy) |
01/11/2007 |
Detailed Products
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Stainless steel plate(30102205) |
CEO’s
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Name |
Yoon Tae-Han |
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Address |
Suite 108-1401, 192, Geumgok-dong,
Buk-gu, Busan, Korea |
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Date of Birth |
02/09/1953 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital (KRW) |
67,340,000,000 |
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Employees |
330 |
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Formation |
Co., Ltd by shares A Company of POSCO Group |
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Bank Details |
Hana Bank Shinhan Bank Korea Exchange Bank Woori Bank |
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Corporate Registered No. |
131411-0191529 |
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Business Registered No. |
134-86-35577 |
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Permit & Licenses |
06/10/1995 ISO 9001 07/1998 ISO 9002 |
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Shareholder Position |
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Company History |
01/11/2007 Incorporated as TAIHAN ST CO.,
LTD. 07/30/2009 Changed company name to the
present name 06/11/2011 Increased
capital to 67,340,000,000 KRW from 22,340,000,000 KRW |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
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President & CEO |
Mr. |
Yoon Tae-Han |
Male |
Korean |
02/28/2011 |
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Director |
Mr. |
Kim In-Sub |
Male |
Korean |
02/28/2011 |
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Director |
Mr. |
Noh Choon-Kwang |
Male |
Korean |
02/28/2011 |
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Auditor |
Mr. |
Han kwang-Heum |
Male |
Korean |
02/28/2011 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
330,424,523,572 |
236,570,087,544 |
7,178,858,086 |
|
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2009 |
215,860,462,518 |
207,081,866,688 |
4,349,769,125 |
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2008 |
274,516,764,085 |
190,288,075,522 |
4,787,078,760 |
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2007 |
252,475,259,011 |
198,414,368,300 |
15,885,839,741 |
Financial Description
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Authorized Capital(KRW) |
60,000,000,000 |
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Paid-Up Capital(KRW) |
67,340,000,000 |
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Total Issues Shares |
13,468,000 |
Balance
Sheet
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Total Assets |
236,570,087,544 |
207,081,866,688 |
190,288,075,522 |
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Current Assets |
121,644,277,106 |
108,468,705,748 |
87,221,220,011 |
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-Quick Assets |
81,490,647,173 |
80,936,091,500 |
60,860,294,942 |
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-Inventories |
40,153,629,933 |
27,532,614,248 |
26,360,925,069 |
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Fixed Assets |
114,925,810,438 |
98,613,160,940 |
103,066,855,511 |
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-Investment |
6,000,000 |
6,000,000 |
5,006,000,000 |
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-Tangibles |
113,121,427,136 |
98,416,607,384 |
97,984,884,924 |
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-Intangibles |
97,211,766 |
113,762,770 |
- |
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-Others |
1,701,171,536 |
76,790,786 |
75,970,587 |
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Total Liabilities |
132,041,295,832 |
112,059,179,062 |
99,615,157,021 |
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Current Liabilities |
130,624,206,262 |
111,148,406,525 |
98,711,162,907 |
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Fixed Liabilities |
1,417,089,570 |
910,772,537 |
903,994,114 |
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Capital Stock |
22,340,000,000 |
20,000,000,000 |
20,000,000,000 |
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Capital Surplus |
49,987,246,000 |
50,000,000,000 |
50,000,000,000 |
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Profit Surplus |
32,201,545,712 |
25,022,687,626 |
20,672,918,501 |
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Capital Adjustment |
- |
- |
- |
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Total Equity |
104,528,791,712 |
95,022,687,626 |
90,672,918,501 |
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Liab. & Shareholder’s Equity |
236,570,087,544 |
207,081,866,688 |
190,288,075,522 |
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Current Liabilities |
130,624,206,262 |
111,148,406,525 |
98,711,162,907 |
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Trade Payables |
23,067,172,916 |
20,187,552,786 |
9,050,730,471 |
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Short-Term Borrowings |
100,372,416,640 |
84,000,000,000 |
75,000,000,000 |
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Current Portion of Long-Term Debts |
- |
- |
10,000,000,000 |
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Account Payables |
3,382,728,346 |
3,690,395,038 |
839,651,087 |
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Accrued Expenses |
2,143,744,154 |
1,915,564,393 |
1,161,051,719 |
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Accrued Income Tax |
1,556,830,027 |
1,088,560,647 |
1,342,150,409 |
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Advance Receipts |
8,576,893 |
221,288,321 |
168,636,941 |
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Withholdings |
59,008,153 |
45,045,340 |
23,623,970 |
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Other Current Liabilities |
33,729,133 |
- |
1,125,318,310 |
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Fixed Liabilities |
1,417,089,570 |
910,772,537 |
903,994,114 |
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Provision for Severance & Retirement |
3,726,831,774 |
2,786,503,484 |
1,615,508,777 |
Income
Statement
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Sales |
330,424,523,572 |
215,860,462,518 |
274,516,764,085 |
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Cost of Sold Goods |
311,867,959,501 |
203,085,112,751 |
255,837,011,381 |
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Gross Profit |
18,556,564,071 |
12,775,349,767 |
18,679,752,704 |
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Selling & Admin. Expenses |
6,448,635,723 |
3,716,238,000 |
3,487,195,166 |
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Operating Income |
12,107,928,348 |
9,059,111,767 |
15,192,557,538 |
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Non-Operating Income |
2,756,235,537 |
3,278,285,543 |
2,861,566,966 |
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Non-Operating Expenses |
5,641,642,788 |
6,389,827,164 |
10,477,847,040 |
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Income Before Taxes |
9,222,521,097 |
5,947,570,146 |
7,576,277,464 |
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Income Taxes Expenses |
2,043,663,011 |
1,597,801,021 |
2,789,198,704 |
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Net Income |
7,178,858,086 |
4,349,769,125 |
4,787,078,760 |
Cash
Flows
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Cash Flows from Operating |
-18,698,821,602 |
12,387,668,955 |
-46,937,997 |
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-Net Income |
7,178,858,086 |
4,349,769,125 |
4,787,078,760 |
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-Exp. without Cash Outflow |
5,659,771,910 |
4,656,572,697 |
3,701,754,299 |
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-Revenue without Cash Inflows |
-126,821,379 |
-1,066,106,060 |
-32,128,211 |
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-Changes in Asset/ & Liability |
-31,410,630,219 |
4,447,433,193 |
-8,503,642,845 |
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Cash Flows from Investing |
-20,626,412,870 |
11,136,835,590 |
-14,404,402,568 |
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-Cash Inflow from Investing |
147,542,102 |
20,884,546,712 |
87,515,044,635 |
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-Cash Outflows for Investing |
-20,773,954,972 |
-9,747,711,122 |
-101,919,447,203 |
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Cash Flows from Financing |
18,703,334,817 |
-1,000,000,000 |
-560,981,696 |
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-Cash Inflows from Financing |
23,703,334,817 |
34,000,000,000 |
245,700,000,000 |
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-Cash Outflows from Financing |
-5,000,000,000 |
-35,000,000,000 |
-246,260,981,696 |
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Increase/Decrease in Cash |
-20,621,899,655 |
22,524,504,545 |
-15,012,322,261 |
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Cash at the Beginning of Year |
26,491,895,255 |
3,967,390,710 |
18,979,712,971 |
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Cash at the End of Year |
5,869,995,600 |
26,491,895,255 |
3,967,390,710 |
Products, Technologies, Services Description
|
Main Products & Services |
Stainless Steel Plate, Cold Rolled Stainless Steel |
Trade Partners & Competitors
|
Suppliers |
POSCO ICT CO., LTD.(110111-0658637) DAEWOO INTERNATIONAL CORPORATION(110111-2137358) |
|
Customers |
POSCO COATED & COLOR STEEL CO., LTD.(174611-0006492) POSCO(174611-0000741) POSCO JAPAN POSCO CHINA |
|
Competitors |
DONGBU STEEL CO., LTD.(110111-0393308) UNION STEEL CO., LTD.(110111-0041501) SEAH STEEL CORPORATION(110111-0118996) HUSTEEL CO.,LTD.(110111-0077283) |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
POSCO(174611-0000741) POSCO
ENGINEERING & CONSTRUCTION CO., LTD.(174611-0002979) POSCO COATED
& COLOR STEEL CO., LTD.(174611-0006492) POSDATA CO.,
LTD.(110111-0658637) POSCO
REFRACTORIES & ENVIRONMENT CO., LTD.(174611-0001947) SAMJUNG
PACKING AND ALUMINUM CO., LTD.(174611-0000866) POS-A.C. CO.,
LTD.(174611-0003448) POSCO
ENGINEERING & CONSTRUCTION CO., LTD.(174611-0002979) POSCO
RESEARCH INSTITUTE(110111-1042350) POSCO
PLANTEC CO., LTD.(174611-0012176) POSCON(174611-0002242) POSTEEL(110111-0344591) POSCO
SPECIALTY STEEL CO., LTD. (194211-0025248) POSCO
MACHINERY CO., LTD.(206411-0010175) POSMEC(POSCO
MACHINERY & ENGINEERING CO., LTD.)(174611-0012176) POSCO
TERMINAL CO., LTD.(204611-0017575) POSTECH
VENTURE CAPITAL COOPERATION (174611-0029080) POSMATE CO.,
LTD.(110111-0739841) POSCO POWER
CORPORATION(110111-1829576) SNNC CO.,
LTD.(204611-0023415) PHP CO.,
LTD.(120111-0421545) POSBRO(110111-3528986) SUWON GREEN
ENVIRONMENT CORPORATION(134811-0133794) POSCORE CO.,
LTD.(134811-0003343) RIZTECH BIZ
CO., LTD. POSWITH CO.,
LTD.(171711-0075927) P&R CO.,
LTD. UITRANS CO.,
LTD.(110111-3792309) BASYS
INDUSTRY CO. LTD.(110111-0954647) METAPOLIS
CO., LTD.(134811-0094475) SEOUNG GWANG
CO., LTD.(120111-0222844) CHEONGNA IBT
CO., LTD.(120111-0454520) POHANG FEUL
CELL CO., LTD.(171711-0076256) MEGA
ASSET CO., LTD.(161511-0097480) DAEWOO
ENGINEERING COMPANY CO., LTD.(110111-0203268) ENTOB CORPORATION(110111-2059362) VECTUS LTD. |
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Subsidiary |
DAIMYUNG TMS Co., LTD.(110111-0803141) (100.0% held by the subject company) |
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Corporate Ownership |
POSCO(174611-0000741) |
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Major Shareholders |
POSCO(174611-0000741) |
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Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD(110111-0035893) |
Sales by Region
(Activity & Markets)
The Subject exports
to USA.
Court Action
No.
News Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.16 |
|
UK Pound |
1 |
Rs.72.10 |
|
Euro |
1 |
Rs.63.10 |
RATING EXPLANATIONS
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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 |
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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.