1. Summary Information
|
|
|
Country |
|
|
Company Name |
POSCO – INDIA PUNE PROCESSING CENTRE PRIVATE LIMITED |
Principal Name 1 |
Cheol Min Kim |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Jae Doo Sung Woo Rho |
|
|
|
Registration # |
25-021580 |
|
Street Address |
Plot No. A-9, Floriculture Park, Talegaon Industrial Area (MIDC), Pune – 410507, Maharashtra |
||
|
Established Date |
24.11.2005 |
SIC Code |
-- |
|
Telephone# |
91-2114-308100 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-2114-308147 |
Business Style 2 |
Processing |
|
Homepage |
Product Name 1 |
Steel Fabricators |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs.1150.625 Millions |
Product Name 3 |
-- |
|
Shareholders |
Foreign holdings (100%) |
Banking |
State Bank of India |
|
Public Limited Corp. |
NO |
Business Period |
7 Years |
|
IPO |
NO |
International Ins. |
-- |
|
Public |
NO |
Rating |
Ba (45) |
|
Related
Company |
|||
|
Relation
|
|
Company
Name |
CEO |
|
Subsidiaries |
|
Posco –India Steel Distribution Centre Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
3,819,227,000 |
Current Liabilities |
1,537,502,000 |
|
Inventories |
1,837,520,000 |
Long-term Liabilities |
3,761,644,000 |
|
Fixed Assets |
1,311,731,000 |
Other Liabilities |
122,323,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
5,421,469,000 |
|
Invest& other Assets |
282,120,000 |
Retained Earnings |
678,504,000 |
|
|
|
Net Worth |
1,829,129,000 |
|
Total Assets |
7,250,598,000 |
Total Liab. & Equity |
7,250,598,000 |
|
Total Assets (Previous Year) |
5,418,556,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Total Income |
8,955,376,000 |
Net Profit |
289,820,000 |
|
Total Income (Previous yr) |
5,668,628,000 |
Net Profit(Prev.yr) |
348,497,000 |
MIRA
INFORM REPORT
|
Report Date : |
02.05.2012 |
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 : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
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 7300000 |
|
|
|
|
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 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 – 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 : |
Plot No. A-9, Floriculture Park, Talegaon Industrial Area (MIDC), Pune
– 410507, Maharashtra, India |
|
Tel. No.: |
91-2114-308100 |
|
Fax No.: |
91-2114-308147 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Jae Doo Sung Woo Rho |
||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||
|
Address : |
B-6/7, Vasant Vihar, |
||||||||||||||||||
|
Date of Birth/Age : |
30.12.1966 |
||||||||||||||||||
|
Date of Appointment : |
02.05.2006 |
||||||||||||||||||
|
DIN No.: |
01770910 |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Name : |
Cheol Min Kim |
||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||
|
Address : |
Jeongduen Maeul, 103 -102 200, Jeongja – Dong Bundang-Gu, Seongnam-Si
Gyeonggi-Do Seongnam SI 463751 |
||||||||||||||||||
|
Date of Birth/Age : |
17.12.1965 |
||||||||||||||||||
|
Date of Appointment : |
20.06.2011 |
||||||||||||||||||
|
DIN No.: |
03577276 |
||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Posco Korea, Seoul, Korea |
|
74787132 |
|
LG International Corp, Seoul, Korea |
|
40275330 |
|
Total |
|
115062462 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
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 : |
Manufacturing and Processing of Steel Fabricators. |
|
|
|
|
Products : |
·
Steel Belt Processes ·
Steel Coil Processing |
GENERAL INFORMATION
|
No. of Employees : |
Not
Available |
|||||||||
|
|
|
|||||||||
|
Bankers : |
·
HSBC Bank ·
State Bank of India ·
ICICI Bank ·
Yes Bank ·
Citi Bank ·
Standard Chartered Bank |
|||||||||
|
|
|
|||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Water House and Company Chartered Accountants |
|
Address : |
|
|
Tel. No.: |
91-20-24484987 / 25511023 |
|
E-Mail : |
|
|
PAN.: |
AAAFP8828M |
|
|
|
|
Holding Company : |
POSCO, |
|
|
|
|
Subsidiary Company: |
Posco –India Steel Distribution Centre Private Limited CIN No.:
U51909PN2009PTC133416 |
|
|
|
|
Fellow
Subsidiaries : |
·
POSCO India Steel distribution Centre Private
Limited ·
POSCO Investments Company Limited ·
POSCO ICT Company Limited ·
POSCO Maharashtra Steel Private Limited |
|
|
|
|
Associates : |
LG International Corporation, South Korea |
|
|
|
|
Joint Ventures : |
·
POSCO Core India Private Limited ·
POSCO PoggenAmp Electrical Steel Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
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 |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1150.625 |
1150.625 |
1150.625 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
678.504 |
388.684 |
40.187 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1829.129 |
1539.309 |
1190.812 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
3761.644 |
2398.743 |
2393.711 |
|
|
TOTAL BORROWING |
3761.644 |
2398.743 |
2393.711 |
|
|
DEFERRED TAX LIABILITIES |
116.156 |
89.000 |
55.488 |
|
|
|
|
|
|
|
|
TOTAL |
5706.929 |
4027.052 |
32640.011 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1311.731 |
1295.538 |
1253.673 |
|
|
Capital work-in-progress |
68.022 |
0.000 |
0.263 |
|
|
|
|
|
|
|
|
INVESTMENT |
214.098 |
46.394 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1837.520
|
2222.950
|
1448.147 |
|
|
Sundry Debtors |
2003.974
|
1049.952
|
467.657 |
|
|
Cash & Bank Balances |
1402.343
|
393.343
|
482.187 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
412.910
|
410.379
|
324.477 |
|
Total
Current Assets |
5656.747
|
4076.624
|
2722.468 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1415.256
|
1360.886
|
300.942 |
|
|
Other Current Liabilities |
122.246
|
23.221
|
35.451 |
|
|
Provisions |
6.167
|
7.397
|
0.000 |
|
Total
Current Liabilities |
1543.669
|
1391.504
|
336.393 |
|
|
Net Current Assets |
4113.078
|
2685.120
|
2386.075 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5706.929 |
4027.052 |
3640.011 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
8955.376 |
5668.628 |
3671.613 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
8537.179 |
5236.001 |
380.220 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
Financial Expenses |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
TOTAL |
8537.179 |
5236.001 |
380.220 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
418.197 |
432.627 |
(198.607) |
|
|
|
|
|
|
|
|
|
|
TAX |
128.377 |
84.130 |
(16.689) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
289.820 |
348.497 |
(216.404) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
388.684 |
40.187 |
256.591 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
678.504 |
388.684 |
40.187 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.030 |
0.000 |
0.000 |
|
|
|
Commission Earnings |
0.000 |
1.509 |
0.000 |
|
|
TOTAL EARNINGS |
0.030 |
1.509 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7709.515 |
5291.995 |
3676.893 |
|
|
|
Stores & Spares |
0.480 |
0.000 |
0.000 |
|
|
|
Capital Goods |
0.287 |
4.635 |
306.368 |
|
|
TOTAL IMPORTS |
7710.282 |
5296.630 |
3983.261 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.52 |
3.03 |
(1.88) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.24
|
6.15
|
5.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.00
|
8.05
|
4.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.28
|
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.90
|
2.46
|
2.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.66
|
2.93
|
8.09 |
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 |
-- |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three 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 |
Yes |
|
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 of the company has been shifted from Zenith
Complex, 4th Floor, Opposite Krishi Bhavan, Shivaji Nagar, Pune –
E-5, Maharashtra, India to the present address w.e.f. 01.11.2006.
NATURE OF
OPERATIONS
Subject was
incorporated on November 24, 2005. The Company is engaged in the business of
import and processing of hot and cold roll steel.
FIXED ASSETS
·
Leasehold Land
·
Factory Office and
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer and Office
Equipment
·
Motor Vehicles
·
Computer Software
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.52.52 |
|
|
1 |
Rs.85.49 |
|
Euro |
1 |
Rs.69.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
CTI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.