1. Summary Information
|
|
|
Country |
|
|
Company Name |
POSCO–CORE INDIA PRIVATE LIMITED |
Principal Name 1 |
Mr. Gilho Dukyong Bang |
|
Status |
New Company |
Principal Name 2 |
Mr. Jung Chule Byung Kyu Kim |
|
|
|
Registration # |
25-135005 |
|
Street Address |
Plot No.A-9, |
||
|
Established Date |
18.11.2009 |
SIC Code |
-- |
|
Telephone# |
91-2114-324675 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-2114-308176 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
EI Laminations |
|
|
# of employees |
50 (Approximately) |
Product Name 2 |
electrical appliances |
|
Paid up capital |
Rs.118,998,000/- |
Product Name 3 |
transformer core |
|
Shareholders |
Bodies corporate-73.62% Other top fifty-26.38 |
Banking |
Axis Bank HSBC Bank |
|
Public Limited Corp. |
NO |
Business Period |
2 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B [26] |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
- |
- |
- |
- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
63,316,000 |
Current Liabilities |
714,000 |
|
Inventories |
3,242,000 |
Long-term Liabilities |
0 |
|
Fixed Assets |
10,012,000 |
Other Liabilities |
1,001,000 |
|
Deferred Assets |
0 |
Total Liabilities |
1,715,000 |
|
Invest& other Assets |
41,640,000 |
Retained Earnings |
0 |
|
|
|
Net Worth |
116,495,000 |
|
Total Assets |
118,210,000 |
Total Liab. & Equity |
118,210,000 |
|
Total Assets (Previous Year) |
-- |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
6,914,000 |
Net Profit |
2,503,000 |
|
Sales(Previous yr) |
-- |
Net Profit(Prev.yr) |
-- |
MIRA
INFORM REPORT
|
Report Date : |
06.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
POSCO–CORE INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.A-9, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
18.11.2009 |
|
|
|
|
Com. Reg. No.: |
25-135005 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.118.998 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28910PN2009PTC135005 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEP13846A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of EI Laminations which is used in inverter and
electrical appliances, and transformer core which is used in transformer. |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 465000 |
|
|
|
|
Status : |
New Company |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a new company and yet to established track. Trade relations
are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Rasiklal |
|
Designation : |
Accountant |
|
Contact No.: |
91-2114-311211 |
LOCATIONS
|
Registered Office/factory : |
Plot No.A-9, |
|
Tel. No.: |
91-2114-324675 / 311211 / 12 / 13 / 14 |
|
Fax No.: |
91-2114-308176 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1500 sq.ft. |
|
Location : |
Owned |
|
|
|
DIRECTORS
AS ON 24.09.2010
|
Name : |
Mr. Gilho Dukyong Bang |
|
Designation : |
Director |
|
Address : |
Row House No 8, Vascon Paradise, Nr. Hotel, Mahabaleshwar, Nr Panchratan Market, Baner, Pune – 411045, Maharashtra, India |
|
Date of Birth/Age : |
13.07.1961 |
|
Date of Ceasing : |
04.01.2010 |
|
Date of Appointment : |
18.11.2009 |
|
|
|
|
Name : |
Mr. Jung Chule Byung Kyu Kim |
|
Designation : |
Director |
|
Address : |
Flat No 501A, SRN Floor Palladium, |
|
Date of Birth/Age : |
17.04.1966 |
|
Date of Ceasing : |
01.06.2010 |
|
Date of Appointment : |
18.11.2009 |
|
|
|
|
Name : |
Mr. Woon Tae Tae Won Chung |
|
Designation : |
|
|
Address : |
Flat No F-102, Water Front, Kalyani Nagar, Pune – 411014, |
|
Date of Birth/Age : |
02.02.1965 |
|
Date of Appointment : |
04.01.2010 |
|
|
|
|
Name : |
Mr. Youngcheon Maengsu Park |
|
Designation : |
|
|
Address : |
Plot No As, |
|
Date of Appointment : |
06.02.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Poscore Company Limited, |
|
876041 |
|
Posco |
|
313939 |
|
|
|
|
|
Total |
|
1189980 |
AS ON 24.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.00 |
|
Bodies corporate |
73.62 |
|
Directors or relatives of Directors |
0.00 |
|
Other top fifty shareholders |
26.38 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of EI Laminations which is used in inverter and electrical
appliances, and transformer core which is used in transformer. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit (30 days, 60 days,
90 days) |
|
|
|
|
Purchasing : |
Cash, Credit (30 days, 60 days,
90 days) |
Production Status :
31.03.2010
Installed Capacity : 3800
MT Per Year
Production during the year
: 144.065 MT
GENERAL INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
50 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Avadhoot R. Asaikar and Company Chartered Accountant |
|
Address : |
Office No.201, 2nd Floor, Vardhaman Heights 1328/1329, Near
Ganraj Hotel, Shukrawar Peth, Pune – 411004, Maharashtra, India |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,300,000 |
Equity Shares |
Rs.100/- each |
Rs.130.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300,000 |
Equity Shares |
Rs.100/- each |
Rs. 30.000 Millions |
|
|
|
|
|
|
|
Equity Share Application |
|
Rs. 88.998 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.118.998 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
30.000 |
|
|
2] Share Application Money |
|
|
88.998 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(2.503) |
|
|
NETWORTH |
|
|
116.495 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.241 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
116.736 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
10.012 |
|
|
Capital work-in-progress |
|
|
0.735 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
40.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
3.242 |
|
|
Sundry Debtors |
|
|
2.512 |
|
|
Cash & Bank Balances |
|
|
58.546 |
|
|
Other Current Assets |
|
|
2.033 |
|
|
Loans & Advances |
|
|
0.225 |
|
Total
Current Assets |
|
|
66.558 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.502 |
|
|
Other Current Liabilities |
|
|
0.212 |
|
|
Provisions |
|
|
0.760 |
|
Total
Current Liabilities |
|
|
1.474 |
|
|
Net Current Assets |
|
|
65.084 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.905 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
116.736 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
6.914 |
|
|
|
Other Income |
|
|
0.268 |
|
|
|
TOTAL (A) |
|
|
7.182 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
4.831 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
|
|
4.831 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
2.351 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
0.001 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
2.350 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
0.088 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
2.262 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
|
(0.241) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
|
2.503 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
|
2.503 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
0.690 |
|
|
|
Capital Goods |
|
|
4.406 |
|
|
|
Others |
|
|
0.735 |
|
|
TOTAL IMPORTS |
|
|
5.831 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
(2.10) |
|
Expected Sales (2010-2011) : Rs. 10.000 millions
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2010 |
|
PAT / Total Income |
(%) |
|
|
34.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
31.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
2.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
45.15 |
LOCAL AGENCY FURTHER INFORMATION
Operations :
Manufacturing of EI Laminations which is used in inverter and elecvtrical
appliances. Company also manufacturing transformer core which is used in
transformer
TRADE REFERNCES :
- Amara Raja
Electronics Limited
- Ambica Steel
Corporation
- Shivram Impex
- Global Car
Concept
Fixed Assets :
- Land
- Building
- Plant and Machinery
- Furniture and Fittings
- Electrical Installation
- Office Equipments
- Computers
- Vehicles
- WIP Plant and Machinery
As per Website
Company Profile
POSCO TMC was established in 1974. they have been a world leading manufacturer of motor/transformer lamination and tooling designer of a wide range motor/transformer lamination.
their products are used in a remarkable array of applications for domestic and
export markets, meeting best practice standards and performing according to the
request of customers.
their business is classified in three of groups which are lamination, tooling
and strip.
Firstly, lamination division consists both motor and transformer. Motor lamination is used to make motor for automotive and home appliances, business equipment and electric tool.
Meanwhile transformer lamination is used to make transformer, adapter,
converter, power-trans, reactor, ballast, battery charger etc.
Secondly, tooling devision is able to design any kind of stamping press tooling so that they are very precise about them.
Finally, they supply silicon steel strip available in lamination cores to meet a wide variety of operating conditions so that as POSCO TMC has buying power to occupy posco's coil.
In recent years, rapid advances in the field of electronics have provided manufacturers with greater challenges requiring increasingly sophisticated technological solutions.
Nevertheless, since 1974, with an exquisite craftmanship they have manufactured
both design tooling and lamination of motor and transformer.
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.45.93 |
|
|
1 |
Rs.74.27 |
|
Euro |
1 |
Rs.64.97 |
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 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.