1. Summary Information
|
|
|
Country |
|
|
Company Name |
Posco |
Principal Name 1 |
Mr. Dae Ho Shin |
|
Status |
Moderate |
Principal Name 2 |
Mr. Kyung Jong Sung |
|
|
|
Registration # |
05-041978 |
|
Street Address |
Plot No.193, Sector 4, HSIIDC, Bawal – 123501, |
||
|
Established Date |
18.01.2007 |
SIC Code |
-- |
|
Telephone# |
91-1284-308342 / 308300 |
Business Style 1 |
Trader |
|
Fax # |
91-1284-308343 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Steel Products |
|
|
# of employees |
90 (Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.556,740,000/- |
Product Name 3 |
-- |
|
Shareholders |
Foreign Holding 100% |
Banking |
-- |
|
Public Limited Corp. |
NO |
Business Period |
4 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B [28] |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
Director |
|
Holding
Company |
|
POSCO Company Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,126,057,000 |
Current Liabilities |
597,580,000 |
|
Inventories |
836,339,000 |
Long-term Liabilities |
1,475,666,000 |
|
Fixed Assets |
611,467,000 |
Other Liabilities |
605,6000 |
|
Deferred Assets |
0 |
Total Liabilities |
2,079,302,000 |
|
Invest& other Assets |
40,200,000 |
Retained Earnings |
0 |
|
|
|
Net Worth |
534,761,000 |
|
Total Assets |
2,614,063,000 |
Total Liab. & Equity |
2,614,063,000 |
|
Total Assets (Previous Year) |
-- |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
3,367,531,000 |
Net Profit |
315,185,000 |
|
Sales(Previous yr) |
2,212,384,000 |
Net Profit(Prev.yr) |
(333,094,000) |
MIRA
INFORM REPORT
|
Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
POSCO |
|
|
|
|
Registered Office : |
Plot No.193, Sector 4, HSIIDC, Bawal – 123501, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
18.01.2007 |
|
|
|
|
Com. Reg. No.: |
05-041978 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.556.740
Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U27310HR2007PTC041978 |
|
|
|
|
Legal Form : |
Private limited liability company |
|
|
|
|
Line of Business : |
Trader of Steel Products |
|
|
|
|
No. of Employees
: |
90 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2130000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a subsidiary of Posco The company can be considered for business dealing with some cautions. |
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) |
|
|
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 / Corporate Office |
Plot No.193, Sector 4, Phase -11, Cross Centre, HSIIDC, Bawal –
123501, |
|
Tel No.: |
91-1284-308342 / 308300 |
|
Fax No.: |
91-1284-308343 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Suite No. 445, Ashok Hotel, Chanakyapuri, |
|
Tel No.: |
91-11-24673680 |
|
Mobile No. : |
91-9810238282 (Mr. Doh Moo Sang) |
|
Fax No.: |
91-11-24673688 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
As on 30.12.2010
|
Name : |
Mr. Dae Ho Shin |
|
Designation : |
Wholetime Director |
|
Address : |
|
|
Date of Birth/Age : |
02.02.1970 |
|
Date of Appointment : |
31.07.2010 |
|
DIN : |
03147809 |
|
|
|
|
Name : |
Mr. Kyung Jong Sung |
|
Designation : |
Director |
|
Address : |
F 501, Central Park, Sector 42, Gurgaon – 122001, |
|
Date of Birth/Age : |
28.05.1960 |
|
Date of Appointment : |
01.09.2010 |
|
DIN : |
03224735 |
|
|
|
|
Name : |
Mr. Park Kijong |
|
Designation : |
Director |
|
Address : |
A8 1008, Sahara Grace, Behind Sahara Mall, |
|
Date of Birth/Age : |
14.12.1964 |
|
Date of Appointment : |
04.10.2010 |
|
DIN : |
03340309 |
|
|
|
|
Name : |
Mr. Choi Ho Kun |
|
Designation : |
Director |
|
Address : |
B-2, 2nd Floor, Meera Cooperative Suit, Plot NO.1 and 2,
Ishwar Nagar, Mathura Road, New Delhi – 110065, Delhi, India |
|
Date of Birth/Age : |
04.11.1967 |
|
Date of Appointment : |
29.11.2010 |
|
DIN : |
03348479 |
|
|
|
|
Name : |
Mr. Kim Jeoungsu |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
01.11.1963 |
|
Date of Appointment : |
01.09.2010 |
|
Din : |
03294568 |
KEY EXECUTIVES
|
Name : |
Mr. Pravin Kumar Chourasia |
|
Designation : |
Secretary |
|
Address : |
213, Sector 31, GUrgaon – 122001, |
|
Date of Birth/Age : |
17.04.1975 |
|
Date of Appointment : |
11.11.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.12.2010
|
Names of Shareholders |
No. of Shares |
|
Posco Company Limited, |
42532980 |
|
Shinhan |
2786490 |
|
Samsung Corporation Company Limited, |
10354500 |
|
Total |
55673970 |
As on 30.12.2010
|
Category |
Percentage |
|
|
|
|
Foreign holding (Foreign institution investor(s), Foreign companie(s),
Foreign financial institution(s), Non-resident Indian(s) or Overseas
corporate bodies or Other |
100.00 |
|
|
|
BUSINESS DETAILS
|
Line of Business : |
Trader of Steel Products |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
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Selling : |
Cash, Credit (30 days) |
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|
|
Purchasing : |
L/C, Cash, Credit (30 days) |
GENERAL INFORMATION
|
Customers : |
|
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No. of Employees : |
90 (Approximately) |
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|
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Bankers : |
Shinhan Bank, Upper Ground Floor, Mercantile House, 15, Kasturba
Gandhi Marg, New Delhi- 110001, India |
|||||||||||||||||||||||||||||||||
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|
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Facilities : |
|
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|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
Price Water house Chartered Accountant |
|
Address : |
Building No.8, Tower B, 8th Floor, |
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|
|
|
Holding Company : |
|
|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55,700,000 |
Equity Share |
Rs.10/- Each |
Rs.557.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55,673,970 |
Equity Share |
Rs.10/- Each |
Rs.556.740
Millions |
|
|
|
|
|
NOTE:
Out of the above 42532980 Equity Share of Rs.
10/- each are held by the Holding Company i.e. Posco Company Limited- South
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
556.740 |
556.740 |
556.740 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
1.092 |
|
|
4] (Accumulated Losses) |
(21.979) |
(337.164) |
0.000 |
|
|
NETWORTH |
534.761 |
219.576 |
557.832 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1475.666 |
1465.579 |
76.357 |
|
|
TOTAL BORROWING |
1475.666 |
1465.579 |
76.357 |
|
|
DEFERRED TAX LIABILITIES |
4.511 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2014.938 |
1685.155 |
634.189 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
611.467 |
643.226 |
607.208 |
|
|
Capital work-in-progress |
40.200 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
836.339
|
528.861 |
12.673 |
|
|
Sundry Debtors |
459.559
|
388.452 |
0.000 |
|
|
Cash & Bank Balances |
335.490
|
434.573 |
71.291 |
|
|
Other Current Assets |
2.414
|
0.646 |
0.034 |
|
|
Loans & Advances |
328.594
|
187.140 |
14.314 |
|
Total
Current Assets |
1962.396
|
1539.672 |
98.312 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
554.669
|
447.182 |
62.031 |
|
|
Other Current Liabilities |
42.911
|
49.767 |
4.767 |
|
|
Provisions |
1.545
|
0.794 |
8.330 |
|
Total
Current Liabilities |
599.125
|
497.743 |
75.128 |
|
|
Net Current Assets |
1363.271
|
1041.929 |
23.184 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
3.797 |
|
|
|
|
|
|
|
|
TOTAL |
2014.938 |
1685.155 |
634.189 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3367.531 |
2212.384 |
15.285 |
|
|
|
Other Income |
232.000 |
36.413 |
1.000 |
|
|
|
TOTAL (A) |
3599.531 |
2248.797 |
16.285 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material and other direct costs |
3020.699 |
2138.157 |
1.343 |
|
|
|
Increase / Decrease in stock |
(7.171) |
(39.645) |
0.000 |
|
|
|
Personnel Expenses |
67.619 |
53.296 |
8.326 |
|
|
|
Administrative and other Expenses |
53.947 |
335.447 |
4.601 |
|
|
|
selling and distribution Expenses |
57.571 |
24.924 |
0.000 |
|
|
|
TOTAL (B) |
3192.665 |
2512.179 |
14.270 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
406.866 |
(263.382) |
2.015 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
52.936 |
48.307 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
353.930 |
(311.689) |
2.015 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
34.234 |
20.209 |
0.149 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
319.696 |
(331.898) |
1.866 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
4.511 |
1.196 |
0.773 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
315.185 |
(333.094) |
1.093 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(337.164) |
(4.070) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
(21.979) |
(337.164) |
1.093 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
22.925 |
15.285 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
-- |
2409.100 |
0.000 |
|
|
|
Others |
-- |
2.569 |
1.767 |
|
|
TOTAL IMPORTS |
NA |
2411.669 |
1.767 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.66 |
(5.98) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.76
|
[14.81] |
6.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.49
|
[15.00] |
12.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.42
|
[15.20] |
0.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.60
|
[1.51] |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.88
|
8.94 |
0.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.28
|
3.09 |
1.31 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered office
address of the company has been shifted from Suite No.#445, Ashok Hotel,
Chanakyapuri,
FIXED ASSETS
- Land
- Plant and Machinery
- Computer
- Furniture and Fixtures
- Vehicles
- Office Equipments
- Air Conditioners
FORM 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U27310DL2007PTC158123 |
|
Name of the
company |
POSCO |
|
Address of the
registered office or of the principal place of business in |
Suite No. #445,
Ashok Hotel, Chanakyapuri, New Delhi-110021, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Shinhan Bank, Upper Ground Floor, Mercantile House, 15, Kasturba
Gandhi Marg, New Delhi- 110001, India E-Mail: shbdb@vsnl.net |
|
Nature of description
of the instrument creating or modifying the charge |
Letter Evidencing
Deposit of Title Deeds. |
|
Date of
instrument Creating the charge |
28.01.2009 |
|
Amount secured by
the charge |
Rs.120.746
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per agreement Terms of Repayment As per Agreement Margin As per Agreement Extent and Operation of the charge Extent and
operation – 100% Others The above is to
secured the Followings: OC – Rs.80.000
Millions BG – Rs.40.746
Millions |
|
Short particulars
of the property charged |
Equitable
mortgage by way of first and exclusive charge over company’s immovable
property i.e. Plot No.193, Sector – 4, Phase- II, Growth Centre, Bawal,
District Rewari (Haryana) measuring 58500 Square Miter together with all
building and structures thereon or to be thereon. |
AS PER WEBSITE
DETAILS
NEWS
Pune, Dec 21: South Korean steel major Posco’s
first Indian operations went under way on Thursday with the opening of POS-IPC
Private Limited, a processing centre at Talegaon MIDC in Pune. This makes
evident that POSCO’s plans for setting up a 12- million-tonne integrated steel
plant in Orissa are on course.
Inaugurating the centre, POSCO president and
CEO SM Yoon said his company would like to play an active role in the
development of the Indian steel industry and its growth. The plant in Orissa,
with an investment of $ 10 billions, bring to
“They see high demand for quality steel in the
days to come. It is because of this that we at Posco came here to establish the
steel processing centre to fulfill the ever increasing market needs, “the Posco
president said.
SS Cho, CND, Posco
ABOUT PARENT COMPANY
POSCO (the “Company”) was incorporated on
01.04.1968, under the Commercial Code of the
Under its Articles of Incorporation, the
Company in authorized to issue 200 million shares of common stock with a par
value of 5000 per share. The Company retired 2,891,140 2,807,690,
1,815,640 and 1,779,320 shares of treasury stock with the approval of
the Board of Director on 25.08.2001, 20.11.2002, 22.07.2003, and 19.10.2004,
respectively. Accordingly, total shares issued are 87,186,835 as of 30.09.2008.
As of 30.09.2008, the shares of the Company
are listed on the Korea Stock Exchange, while its depository receipts are
listed on the
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.89 |
|
|
1 |
Rs.73.84 |
|
Euro |
1 |
Rs.64.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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%)
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 report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.