|
Report Date : |
17.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
POSCO MAHARASHTRA STEEL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1st Floor Head Office, Plot No. C-1 Vile Bhagad Industrial
Area, Mangaon –402308, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
12.03.2009 |
|
|
|
|
Com. Reg. No.: |
11-190873 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3188.679 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH2009PTC190873 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEP13810G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECP9885H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Galvanized Steel. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 15000000 |
|
|
|
|
Status : |
Yet to commence |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a group of POSCO. Though the company was established on 2009. But they have not yet
commence with their business activity. Business is active. Payment terms are
unknown. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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 : |
1st Floor Head Office, Plot No. C-1 Vile Bhagad Industrial
Area, Mangaon –402308, Maharashtra, India |
|
Tel. No.: |
91-214066-1000 |
|
Fax No.: |
91-214066-1198 |
|
E-Mail : |
DIRECTORS
As on 28.09.2011
|
Name : |
Jong Kwan Lee |
|
Designation : |
Whole-time director |
|
Address : |
Hyojagreen Apartment, 106 1606 472 17 3, Jigok Dong Pohang Si Nam Gu,
Korea – 790752 |
|
Date of Birth/Age : |
14.02.1964 |
|
Date of Appointment : |
18.11.2009 |
|
DIN No.: |
02805222 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U27100MH2009PTC190873 |
POSCO
Maharashtra Steel Private Limited |
Whole-time
director |
9/9/2010 |
18/11/2009 |
- |
Active |
NO |
|
2 |
U27310MH2011FTC216653 |
POSCO
Electrical Steel India Private Limited |
Director |
25/04/2011 |
25/04/2011 |
- |
Active |
NO |
|
Name : |
Si Woo Lee |
|
Designation : |
Managing director |
|
Address : |
516 Jayang-Dong, Gwangjin-Gu, Sepul Metropolitan, Korea - 305201 |
|
Date of Birth/Age : |
14.10.1960 |
|
Date of Appointment : |
18.11.2009 |
|
DIN No.: |
02835929 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U27100MH2009PTC190873 |
POSCO
Maharashtra Steel Private Limited |
Managing
director |
9/9/2010 |
18/11/2009 |
- |
Active |
NO |
|
2 |
U27310MH2011FTC216653 |
POSCO
Electrical Steel India Private Limited |
Director |
25/04/2011 |
25/04/2011 |
- |
Active |
NO |
|
3 |
U27104OR2005PTC008316 |
POSCO-INDIA
PRIVATE LIMITED |
Director |
30/09/2011 |
9/8/2011 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Ms. Pradnya Joshi |
|
Designation : |
Secretary |
|
Address : |
A/304, Jai Sitaram Smurti CHS, Fule Road, Dombivali – (West), Mumbai –
41202, Maharashtra, India |
|
Date of Birth/Age : |
15.04.1984 |
|
Date of Appointment : |
09.06.2010 |
|
PAN No.: |
ALGPJ2608E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
POSCO, Korea |
|
37304787 |
|
Si Woo Lee |
|
1 |
|
Total |
|
37304788 |
As on 14.02.2012
List of allottees
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
POSCO, Korea |
|
25245000 |
|
Total
|
|
25245000 |
As on 15.06.2012
List of allottees
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
POSCO, Korea |
|
20205509 |
|
Total
|
|
20205509 |
As on 05.12.2011
List of allottees
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
POSCO, Korea |
|
39454800 |
|
Total
|
|
39454800 |
As on 28.09.2011
Equity Share Break up (Percentage of Total Equity)
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Galvanized Steel. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Alvares Paul Michael Chartered Accountant |
|
Address : |
C 401, Fourth Floor, Panchshil Tech Park, Yerwada, Pune – 411006, Maharashtra, India |
|
PAN.: |
ABSFS4151K |
|
|
|
|
Holding Company : |
· POSCO, Korea |
|
|
|
|
Fellow Subsidiaries
: |
· POSCO Engineering and Construction Company Limited, Korea (POSCO E and C) · POSCO India Pune Processing Centre Private Limited (POSCO IPPC) · POSCO South Asia · POSCO Electrical Steel India Private Limited · POSCO ICT |
CAPITAL STRUCTURE
After 28.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.100/- each |
Rs.20000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
122210097 |
Equity Shares |
Rs.100/-
each |
Rs.12221.010
Millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
320000000 |
Equity Shares |
Rs.10/- each |
Rs.3200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
318867880 |
Equity Shares |
Rs.10/- each |
Rs.3188.679
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
3188.679 |
2521.741 |
|
|
2] Share Application Money |
|
541.800 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(16.402) |
(31.664) |
|
|
NETWORTH |
|
3714.077 |
2490.077 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
3080.850 |
0.000 |
|
|
TOTAL BORROWING |
|
3080.850 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
6794.927 |
2490.077 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
119.179 |
108.196 |
|
|
Capital work-in-progress |
|
5322.154 |
2172.362 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
|
2410.477 |
187.500 |
|
|
Other Current Assets |
|
3.094 |
0.469 |
|
|
Loans & Advances |
|
152.348 |
45.263 |
|
Total
Current Assets |
|
2565.919 |
233.232 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
1184.487 |
0.864 |
|
|
Other Current Liabilities |
|
26.021 |
22.571 |
|
|
Provisions |
|
1.817 |
0.278 |
|
Total
Current Liabilities |
|
1212.325 |
23.713 |
|
|
Net Current Assets |
|
1353.594 |
209.519 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
6794.927 |
2490.077 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
0.000 |
0.000 |
|
|
|
Other Income |
|
66.389 |
12.164 |
|
|
|
TOTAL (A) |
|
66.389 |
12.164 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Administrative Expenses |
|
35.557 |
39.442 |
|
|
|
TOTAL (B) |
|
35.557 |
39.442 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
30.832 |
(27.278) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
2.597 |
0.086 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
28.235 |
(27.364) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
12.973 |
4.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
15.262 |
(31.664) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(31.664) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
16.402 |
(31.664) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
3.955 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
0.05 |
(23.88) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
22.99 |
(260.31) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.05 |
(8.01) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.01 |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.16 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.12 |
9.84 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last two years |
Yes |
|
12) Profitability for last two years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
|
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
NOTE:
The registered office address of the company has been shifted from 1st
Floor Head Office, Plot No. C-1 Vile Bhagad Industrial Area, Mangaon – 412107,
Maharashtra, India” to the present address w.e.f. 05.12.2011
NATURE OF OPERATIONS:
Subject was incorporated on March 12, 2009 and is wholly owned subsidiary of POSCO, Korea. Subject proposes to be engaged in manufacturing of galvanized steel and will cater to the customers in automobile and home appliances sector. Currently, the Company is in process of setting up its manufacturing facility at Vile Bhagad Industrial Area, Raigad, Maharashtra, India
OPERATIONAL RESULT:
During the period, the Company has not started with its commercial operations. The Company has earned income from Interest and the expenditure is administrative expenditure.
CONTINGENT LIABILITY
(AS ON 31.03.2011):
The Company has availed exemption of customs duty liable on imported capital goods amounting to Rs. 379,794,194 (Previous year Nil) under the Export Promotion Capital Goods Scheme.
The liability may arise if the Company does not comply the terms and conditions with respect to export obligation amounting to Rs. 2,278,765,164 (Previous year Nil)
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 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.54.92 |
|
|
1 |
Rs.85.47 |
|
Euro |
1 |
Rs.67.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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.