MIRA INFORM REPORT

 

 

Report Date :

08.08.2011

 

IDENTIFICATION DETAILS

 

Name :

POSCO - INDIA PUNE PROCESSING CENTRE PRIVATE LIMITED (w.e.f. 19.05.2008)

 

 

Formerly Known As :

POS-INDIA STEEL PROCESSING CENTRE PRIVATE LIMITED

 

 

Registered Office :

Plot No. A-9, Floriculture Park, Talegaon Industrial Area, (MIDC), Pune-410507, Maharashtra

 

 

Country :

India 

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

24.11.2005

 

 

Com. Reg. No.:

25-021580

 

 

Capital Investment / Paid-up Capital :

Rs.1150.625 Millions

 

 

CIN No.:

[Company Identification No.]

U27107PN2005PTC021580

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEP09880D

 

 

PAN No.:

[Permanent Account No.]

AADCP7555R

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing and Processing of Steel Fabricators. 

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 6100000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of POSCO, Korea. It is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

In view of strong holding, the company can be considered for business dealings at usual trade terms and conditions.

 

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 – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office :

Plot No. A-9, Floriculture Park, Talegaon Industrial Area, (MIDC), Pune-410507, Maharashtra, India

Tel. No.:

91-2114-308100 / 308146

Fax No.:

91-2114-308147

E-Mail :

rahul@posco-ippc.com

rahulpona@yahoo.co.in

ngautam22@yahoo.co.in 

Website:

http://www.processregister.com

 

 

DIRECTORS

 

As on 30.09.2010

 

Name :

Mr. Gil Ho Duk Yong Bang

Designation :

Chairman and Managing Director

Address :

Row House No. 8, Vscon Paradise, Near Hotel Mahableshwar, Near Panchratan Market, Bener, Pune-411045, Maharashtra, India

Date of Birth/Age :

13.07.1961

Date of Appointment :

24.11.2005

Din No.:

01657492

 

 

Name :

Mr. Sang Moo Jong Hwan Doh

Designation :

Director

Address :

Suite No. # 445, Ashok Hotel, Chandrayapur, Delhi – 110 021, India

Date of Birth/Age :

20.01.1958

Date of Appointment :

24.11.2005

Din No.:

00932109

 

 

Name :

Mr. Jae Doo Sung Woo Rho

Designation :

Director

Address :

B-6/7, Vasant Vihar, New Delhi – 110 057, India

Date of Birth/Age :

30.12.1966

Date of Appointment :

02.05.2005

Din No.:

01770910

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2010

 

Names of Shareholders

 

No. of Shares

POSCO Korea

 

74787132

LG International Corporation , Korea

 

40275330

 

 

 

Total

 

115062462

 

As on 30.09.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

100.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Processing of Steel Fabricators. 

 

 

GENERAL INFORMATION

 

Bankers :
  • HSBC Bank
  • State bank of India
  • ICICI Bank
  • Yes Bank
  • Citi Bank
  • Standard Chartered Bank

 

BANK FACILITIES:

 

Particular

As on 31.03.2010

(Rs. in Millions)

As on 31.03.2009

(Rs. in Millions)

As on 31.03.2008

(Rs. in Millions)

As on 31.03.2007

(Rs. in Millions)

UNSECURED LOAN

 

 

 

 

Short Term Loan and Advances

 

 

 

 

From Banks

[Buyers import credit (payable within one year Rs.1943.943 millions) (previous year Rs.1886.611 millions)]

[Converted by letter of comfort issued by the holding company POSCO, Korea]

1943.943

1886.611

0.000

0.000

Buyer Credit HSBC Bank

0.000

0.000

1307.878

351.158

Buyers Credit SCB Bank

[For buyers credit loans the company has submitted letter of comfort issued by POSCO Korea]

0.000

0.000

96.492

186.781

Short Term Loan HSBC

[The short term loan has been sanctioned by bank against promissory note given by the company.]

0.000

0.000

0.000

50.000

Other Loan and Advances

 

 

 

 

From Others

External commercial borrowing from POSCO Investment Company Limited, Hong Kong

[Repayable within one year Rs. Nil (previous year Rs. Nil)]

454.800

507.100

0.000

0.000

Total

2398.743

2393.711

1404.370

587.939

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Price Water House and Company

Chartered Accountant

Address :

Mutha Towers, 5th Floor, Suite No. 8, Airport Road, Yerawada, Pune-411006, Maharashtra, India

Tel. No.:

91-20-24484987 / 25511023

E-Mail :

arasaikar@gmail.com

 

 

Associates/Subsidiaries :
  • POSCO-India Steel Distribution Center Private Limited (U51909PN2009PTC133416)
  • LG International Corporation, South Korea (Investor)
  • POSCO Core India Private Limited (Investee)

 

 

Holding Company :

POSCO, Korea

 

 

Fellow Subsidiaries:

  • POSCO Investments Company Limited
  • POSCO ICT Company Limited
  • POSCO India Delhi Steel Processing Centre Private Limited
  • POSCO Maharashtra Steel Company Private Limited
  • POSCO Steel Service and Sales Company
  • POSCO Asia Limited

 

 

CAPITAL STRUCTURE

 

As on 30.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

115062462

Equity Shares

Rs.10/- each

Rs.1150.625 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

115062462

Equity Shares

Rs.10/- each

Rs.1150.625 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

 

1] Share Capital

1150.625

1150.625

657.909

657.908

2] Share Application Money

0.000

0.000

492.716

0.000

3] Reserves & Surplus

388.684

40.187

256.591

11.179

4] (Accumulated Losses)

0.000

0.000

0.000

0.000

NETWORTH

1539.309

1190.812

1407.216

669.087

LOAN FUNDS

 

 

 

 

1] Secured Loans

0.000

0.000

0.000

0.000

2] Unsecured Loans

2398.743

2393.711

1404.370

587.939

TOTAL BORROWING

2398.743

2393.711

1404.370

587.939

DEFERRED TAX LIABILITIES

89.000

55.488

24.416

8.990

 

 

 

 

 

TOTAL

4027.052

32640.011

2836.002

1266.016

 

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1295.538

1253.673

571.196

581.102

Capital work-in-progress

0.000

0.263

0.075

0.000

 

 

 

 

 

INVESTMENT

46.394

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

0.000

 

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

 

Inventories
2222.950

1448.147
740.958

295.064

 

Sundry Debtors
1049.952

467.657
511.644

221.276

 

Cash & Bank Balances
393.343

482.187
1069.917

2.659

 

Other Current Assets
0.000

0.000
153.647

71.508

 

Loans & Advances
410.379

324.477
8.886

142.795

Total Current Assets
4076.624

2722.468
2485.052

733.302

Less : CURRENT LIABILITIES & PROVISIONS