|
Report Date : |
22.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
POSCO SPECIALTY STEEL CO., LTD. |
|
|
|
|
Formerly Known As : |
CHANGWON SPECIALTY STEEL CO.,LTD. |
|
|
|
|
Registered Office : |
65, Sinchon-dong, Chang-won-si, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
14.02.1997 |
|
|
|
|
Com. Reg. No.: |
609-81-29083 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Steel Wire |
|
|
|
|
No. of Employees : |
1,249 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Company Name |
POSCO
SPECIALTY STEEL CO., LTD. (Korean
Company Name : “포스코특수강(주)”) |
|
Registered Address |
65,
Sinchon-dong, Chang-won-si, |
|
Zip Code |
641-370 |
|
Tel |
+82-55-269-6114 |
|
Fax |
+82-55-269-6901 |
|
E-mail |
cssinfo@changwonsteel.co.kr;cs116603@poscoss.co.kr;ikechang@poscoss.co.kr
|
|
Website |
|
|
Trading Address |
5th
Fl., Daegong Bldg., 823-21, Yeoksam 1-dong, Gangnam-gu, |
|
Tel |
+82-55-269-6189 |
|
Fax |
+82-2-3469-6888 |
|
Type |
Export |
|
Industry |
Manufacture of Steel Wire |
|
Main Business |
Round Bars, Flat Bars, Square Bars, Wire Rods, Seamless Pipe |
|
Established (mm/dd/yyyy) |
02/14/1997 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Bar(30101600) |
|
Sell |
Billets(30103300) |
|
Sell |
Pipe(40142100) |
|
Sell |
Rod(30102400) |
|
Sell |
Steel bars(30101604) |
|
Name |
Seong Hyun-Uk |
|
Date of Birth |
03/23/1950 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
130,000,000,000 |
|||||||||
|
Employees |
1,249 |
|||||||||
|
Formation |
Co., Ltd by shares A Company of POSCO Group |
|||||||||
|
Bank Details |
Woori Bank-Changwon Branch SC First Bank of Shinhan Bank |
|||||||||
|
Corporate Registered No. |
194211-0025248 |
|||||||||
|
Business Registered No. |
609-81-29083 |
|||||||||
|
Permit & Licenses |
04/09/1997 KS Mark 0/08/1997 JIS 12/12/1997 ISO 9002 05/11/1998 TUV 12/05/2000 ISO 14001 12/01/2002 ISO 9001 01/11/2005 ISO 9001 by KAQ 02/2/2006 ISO 14001 by KAQ Int’l Trade No.: 24013136 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
02/14/1997 Incorporated as CHANGWON SPECIALTY STEEL CO., LTD. 03/16/2004 Agreement on taking over the
operation of Changwon Specialty Steel’s Maintenance Business Div. from POSCO
MACHINERY & ENGINEERING CO., LTD. 11/26/2004 Awarded US$300 Million Export
Top Prize 11/30/2005 Awarded US$400 Million Export
Top Prize 02/14/2007 Changed company name to the
present name from CHANGWON SPECIALTY STEEL CO.,LTD. |
|||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Seong Hyun-Uk |
Korean |
1950.03.23 |
|
|
Vice President |
Mr. |
Jang Young-Ik |
Korean |
1953.12.18 |
|
|
Director |
Mr. |
Seo Young-Se |
Korean |
1955.07.11 |
Foreign Studies of |
|
Auditor |
Mr. |
Eom Ki-Choon |
Korean |
1959.12.25 |
|
|
Sr. Executive Director |
Mr. |
Ahn Kyung-Soo |
Korean |
1956.06.28 |
|
|
Executive Director |
Mr. |
Kang Deuk-Sang |
Korean |
1960.09.09 |
|
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
381,233,068,421 |
1,472,435,422,067 |
42,316,020,672 |
|
|
(*)2011 |
1,662,895,933,177 |
1,582,729,146,335 |
127,573,387,534 |
|
(*)2010 |
1,543,122,293,143 |
1,307,488,976,178 |
101,900,846,147 |
|
2009 |
1,271,037,122,662 |
972,260,104,367 |
64,993,801,409 |
|
2008 |
1,679,748,221,937 |
1,007,588,365,957 |
77,316,309,453 |
|
2007 |
1,553,616,007,725 |
1,062,479,264,361 |
60,237,906,991 |
|
2006 |
1,147,746,490,710 |
969,823,927,036 |
47,436,432,695 |
|
2005 |
1,142,118,666,634 |
815,687,254,846 |
37,208,984,142 |
|
2004 |
1,006,406,592,810 |
741,325,076,882 |
33,469,997,152 |
|
2003 |
729,580,614,108 |
658,583,823,437 |
334,594,439 |
(*)03/2012, 2011 & 2010’s
figures are based on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
500,000,000,000 |
|
Paid-Up Capital(KRW) |
130,000,000,000 |
|
Total Issues Shares |
26,000,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2012~03/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total
Assets |
1,472,435,422,067 |
1,582,729,146,335 |
1,307,488,976,178 |
|
Current Assets |
541,422,149,245 |
660,590,745,733 |
688,845,882,934 |
|
Cash
& Cash Equivalents |
156,060,436,307 |
271,466,753,505 |
263,822,522,815 |
|
Trade
Receivables |
135,074,721,158 |
108,620,027,819 |
109,703,097,832 |
|
Other
Finance Assets |
25,281,776,082 |
48,299,275,584 |
39,900,568,721 |
|
Inventories |
223,784,020,673 |
231,718,577,989 |
275,003,945,130 |
|
Other
Current Assets |
1,221,195,025 |
486,110,836 |
415,748,436 |
|
Non-Current Assets |
931,013,272,822 |
922,138,400,602 |
618,643,093,244 |
|
Non-Current
Financial Instruments |
11,337,198,903 |
11,383,890,102 |
9,308,854,930 |
|
Investment_Related
Companies |
80,364,054,920 |
80,364,054,920 |
41,277,454,920 |
|
Investment_Real
Estates |
6,552,522,109 |
6,563,872,633 |
6,609,274,729 |
|
Tangibles |
826,592,308,169 |
817,249,686,789 |
554,262,058,675 |
|
Intangibles |
6,167,188,721 |
6,576,896,158 |
7,185,449,990 |
|
Total Liabilities |
542,652,426,454 |
691,477,473,151 |
536,888,407,305 |
|
Current Liabilities |
293,156,574,297 |
442,989,353,210 |
343,804,595,750 |
|
Trade
Payables |
184,819,252,115 |
166,394,807,783 |
183,516,708,232 |
|
Short-Term
Borrowings |
2,663,390,000 |
2,678,620,000 |
62,896,181,709 |
|
Other
Current Financial Debts |
93,830,423,635 |
249,299,694,427 |
62,907,788,373 |
|
Accrued
Income Tax |
8,773,911,789 |
20,798,066,046 |
29,621,691,026 |
|
Other
Current Liabilities |
3,069,596,758 |
3,818,164,954 |
4,862,226,410 |
|
Non-Current Liabilities |
249,495,852,157 |
248,488,119,941 |
193,083,811,555 |
|
Long-Term
Borrowings |
225,867,484,311 |
226,424,803,501 |
165,349,972,745 |
|
Other
Non-Current Financial Debts |
305,658,381 |
294,724,383 |
291,573,279 |
|
Confirmed
Salaries |
14,436,959,329 |
13,125,485,527 |
18,602,143,214 |
|
Deferred
Income Tax Credit |
8,885,750,136 |
8,643,106,530 |
8,840,122,317 |
|
Capital Stock |
130,000,000,000 |
130,000,000,000 |
130,000,000,000 |
|
Capital
Surplus |
124,995,341,017 |
124,995,341,017 |
124,995,341,017 |
|
Others |
|
|
63,179,300 |
|
Profit
Surplus |
674,787,654,596 |
636,256,332,167 |
515,542,048,556 |
|
Total
Equity |
929,782,995,613 |
891,251,673,184 |
770,600,568,873 |
|
Liab.
& Shareholder’s Equity |
1,472,435,422,067 |
1,582,729,146,335 |
1,307,488,976,178 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2012~03/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
381,233,068,421 |
1,662,895,933,177 |
1,543,122,293,143 |
|
Cost
of Sold Goods |
332,749,082,980 |
1,472,488,798,723 |
1,383,896,709,265 |
|
Gross
Profit |
48,483,985,441 |
190,407,134,454 |
159,225,583,878 |
|
Admin.
Expenses |
5,789,587,140 |
24,786,459,230 |
22,690,064,431 |
|
Selling
Expenses |
2,137,066,060 |
9,040,096,214 |
8,506,348,318 |
|
Other
Operating Income |
1,330,272,038 |
6,602,746,742 |
8,670,330,055 |
|
Other
Operating Expenses |
361,608,593 |
1,967,502,744 |
3,033,946,696 |
|
Operating
Income |
41,525,995,686 |
161,215,823,008 |
133,665,554,488 |
|
Finance
Income |
3,049,778,967 |
17,016,708,064 |
13,474,032,421 |
|
Finance Expenses |
2,739,954,071 |
14,961,388,202 |
14,755,331,836 |
|
Income Before Taxes |
41,835,820,582 |
163,271,142,870 |
132,384,255,073 |
|
Income Taxes Expenses |
-480,200,090 |
35,697,755,336 |
30,483,408,926 |
|
Net Income |
42,316,020,672 |
127,573,387,534 |
101,900,846,147 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2012~03/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Operating Activities Cash Flows |
51,324,006,307 |
154,407,926,966 |
234,776,020,403 |
|
Cash Flows from Operating |
61,783,746,771 |
196,763,804,507 |
242,899,859,091 |
|
Net Income |
42,316,020,672 |
127,573,387,534 |
101,900,846,147 |
|
Adjustment |
12,297,762,867 |
99,060,814,313 |
118,706,277,469 |
|
Changes in Asset/ & Liability |
7,169,963,232 |
-29,870,397,340 |
22,292,735,475 |
|
Interests Received |
3,034,328,831 |
10,212,071,111 |
6,244,063,543 |
|
Interests Paid |
-2,265,147,355 |
-9,398,385,130 |
-6,531,027,626 |
|
Dividends Received |
109,200,000 |
302,145,750 |
563,559,300 |
|
Income Taxes |
-11,338,121,940 |
-43,471,709,272 |
-8,400,433,905 |
|
Cash Flows from Investing |
-162,213,207,447 |
-143,668,100,224 |
-127,113,341,668 |
|
Cash Inflow from Investing |
30,059,162,485 |
159,189,200,958 |
27,312,856,701 |
|
Cash Outflows for Investing |
-192,272,369,932 |
-302,857,301,182 |
-154,426,198,369 |
|
Cash Flows from Financing |
-4,556,480,000 |
-3,038,039,064 |
92,369,183,767 |
|
Cash Inflows from Financing |
- |
63,789,080,936 |
159,496,143,767 |
|
Cash Outflows from Financing |
-4,556,480,000 |
-66,827,120,000 |
-67,126,960,000 |
|
Increase/Decrease in Cash |
-115,445,681,140 |
7,701,787,678 |
200,031,862,502 |
|
Cash at the Beginning of Year |
271,569,995,653 |
263,868,207,975 |
63,836,345,473 |
|
Cash at the End of Year |
156,124,314,513 |
271,569,995,653 |
263,868,207,975 |
|
Main Products & Services |
Structures and Building and Construction and Manufacturing Components
and Supplies Structural materials and basic shapes Distribution and Conditioning Systems and Equipment and Components Fluid and gas distribution Tube and tubing Wire Rods & Bars - Available Grades & Applications Stainless Steel Heat Resisting Steel Steel Machine Structural Use Steel For Tool & Special Use Super Alloy - The Available Size & Tolerance Round & Square Bars Wire Rods Wide Flat Bars - Packing Seamless Pipes & Tubes - Available Grades & Applications - The Available Size & Tolerance Pipe for Ordinary Piping Tubes for Boiler & Heat Exchanger Tubes for Structural Purposes - Packing Product Shapes & Dimensions - Product Shapes & Dimensions |
|
Annual Production Capacity (Unit : Ton) |
Bar & Wire rods:783,000 Seamless Tube & Pipe:17,000 Total 800,000 |
|
Suppliers |
ROTEM VAI-POMNI MORGAN UTAB NKMZ Tae Chang Machinery Dae Kyo |
|
Customers |
Sales Channel - Domestic : End-User, Wholesalers - Overseas : Through Int'l Trading
Companies, Direct Exporting Conditions - Sales by customer's demands - Credit within 75 days - Granting Credit with collaterals - Local L/C or L/C |
|
Competitors |
KISWIRE LTD. 475, MANGMI 2-DONG, SUYEONG-GU, TEL:+82-51-760-1700 FAX:+82-51-757-7379 KOSTEEL CO., LTD. 4TH FL., HOUSTORY, 32-4, JEONNONG 2-DONG,
DONGDAEMUN-GU, TEL:+82-2-2106-0200 FAX:+82-2-581-8800 SEAH SPECIAL STEEL CO., LTD. 747, TEL:+82-54-285-4771 FAX:+82-54-285-4095 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
POSCO(174611-0000741) 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) 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) 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) DAEWOOENGINEERING COMPANY CO.,
LTD.(110111-0203268) ENTOB CORPORATION(110111-2059362) (0.625% held by the subject company) |
|
Overseas Office |
POSCOSS VINA CO., LTD.( |
|
Corporate Ownership |
POSCO(174611-0000741) 1, TEL: +82-54-220-0114 FAX: +82-54-220-6000 |
|
Major Shareholders |
POSCO(174611-0000741) 1, TEL: +82-54-220-0114 FAX: +82-54-220-6000 |
|
Cooperative |
-Insured Company SAMSUNG LIFE INSURANCE CO., LTD.(110111-0005953) |
(Activity & Markets)
|
Sales/ Unit :Mil KRW |
03/2012 |
2011 |
2010 |
|
Export |
72,595 |
321,113 |
311,095 |
|
Domestic |
308,638 |
1,341,783 |
1,232,027 |
|
Total |
381,233 |
1,662,896 |
1,543,122 |
The Subject imports
from
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.42 |
|
|
1 |
Rs.88.45 |
|
Euro |
1 |
Rs.71.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 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.