1. Summary Information
|
|
|
Country |
|
|
Company Name |
POSCO INDIA DELHI STEEL PROCESSING CENTRE PRIVATE LIMITED
(w.e.f.29.04.2008) |
Principal Name 1 |
Mr. Gil Ho Bang |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Dae Ho Shin |
|
|
|
Registration # |
05-041978 |
|
Street Address |
Plot No.193, Sector 4, HSIIDC, Bawal – 123 501, Haryana |
||
|
Established Date |
18.01.2007 |
SIC Code |
-- |
|
Telephone# |
91-1284-308342 / 308300 |
Business Style 1 |
Trader of Steel Products |
|
Fax # |
91-1284-308343 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
90 (Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.556,740,000 |
Product Name 3 |
-- |
|
Shareholders |
Foreign holding 100.00% |
Banking |
Shinhan Bank |
|
Public Limited Corp. |
-- |
Business Period |
5 years |
|
IPO |
-- |
International Ins. |
-- |
|
Public |
-- |
Rating |
Ba (45) |
|
Related
Company |
|||
|
Relation
|
Holding Company |
Company
Name |
POSCO Company Limited, South Korea |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,338,861,000 |
Current Liabilities |
1,130,502,000 |
|
Inventories |
1,618,750,000 |
Long-term Liabilities |
1,742,264,000 |
|
Fixed Assets |
748,233,000 |
Other Liabilities |
31,913,000 |
|
Deferred Assets |
0 |
Total Liabilities |
2,904,679,000 |
|
Invest& other Assets |
2,599,000 |
Retained Earnings |
247,024,000 |
|
|
0 |
Net Worth |
803,764,000 |
|
Total Assets |
3,708,443,000 |
Total Liab. & Equity |
3,708,443,000 |
|
Total Assets (Previous Year) |
2,614,063,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
5,063,087,000 |
Net Profit |
269,003,000 |
|
Sales(Previous yr) |
3,367,531,000 |
Net Profit(Prev.yr) |
315,185,000 |
MIRA
INFORM REPORT
|
Report Date : |
07.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
POSCO INDIA DELHI STEEL PROCESSING CENTRE PRIVATE LIMITED
(w.e.f.29.04.2008) |
|
|
|
|
Formerly Known
As : |
POSS DELHI STEEL PROCESSING CENTRE PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No.193, Sector 4, HSIIDC, Bawal – 123 501, Haryana |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
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 : |
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 3215056 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Posco Korea. Its is an established company
having satisfactory track. The company has been successful in wiping off the accumulated
losses of the previous year. Trade relations are reported as fair. Business
is active. Payments are reported to be usually correct and as per commitments The company can be considered normal 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.193, Sector 4, HSIIDC, Bawal – 123 501, |
|
Tel No.: |
91-1284-308342 / 308300 |
|
Fax No.: |
91-1284-308343 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office / Marketing Office: |
1002, 10th Floor, Bptp Park Centra Building Sector 30, Gurgaon 122002,
Haryana, India |
|
|
|
|
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 30.09.2011
|
Name : |
Mr. Gil Ho Bang |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
13.07.1961 |
|
Date of Appointment : |
20.06.2011 |
|
|
|
|
Name : |
Mr. Dae Ho Shin |
|
Designation : |
Wholetime Director |
|
Address : |
|
|
Date of Birth/Age : |
02.02.1970 |
|
Date of Appointment : |
31.07.2010 |
|
DIN No.: |
03147809 |
|
|
|
|
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 No.: |
03348479 |
|
|
|
|
Name : |
Mr. Kim Jeoungsu |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
01.11.1963 |
|
Date of Appointment : |
01.09.2010 |
|
DIN No.: |
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 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Posco Company Limited, |
42532980 |
|
Shinhan |
2786490 |
|
Samsung Corporation Company Limited, |
10354500 |
|
Total |
55673970 |
AS ON 30.09.2011
|
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 |
PRODUCTION STATUS
AS ON 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Cold Rolled Steel, Hot Rolled Steel and Stainless Steel |
MT |
100000 |
100000 |
82174 |
GENERAL INFORMATION
|
No. of Employees : |
90 (Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
Shinhan Bank, Upper Ground Floor, Mercantile House, 15, Kasturba
Gandhi Marg, New Delhi- 110001, India |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
Price Water house Chartered Accountant |
|
Address : |
Building No.8, Tower B, 8th Floor, |
|
|
|
|
Holding Company : |
·
POSCO Company Limited, South Korea |
|
|
|
|
Fellow Subsidiaries : |
·
Posco Steel Services and Sales Company Limited ·
Posco Asia Company Limited ·
Posco MPPC, S.A. DE C.V. ·
Posco ICT Company Limited (Formerly, Posdata
Company Limited) ·
Posco ICPC Limited - Chennai ·
Posco - India Pune Processing Centre Company
Limited - Pune ·
Posco (Suzhou) Automotive Processing Center
Company Limited ·
Posco Investment Company Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
55700000 |
Equity Share |
Rs.10/- Each |
Rs.557.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
55673970 |
Equity Share |
Rs.10/- Each |
Rs.556.740
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 |
556.740 |
556.740 |
556.740 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
247.024 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(21.979) |
(337.164) |
|
|
NETWORTH |
803.764 |
534.761 |
219.576 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1742.264 |
1475.666 |
1465.579 |
|
|
TOTAL BORROWING |
1742.264 |
1475.666 |
1465.579 |
|
|
DEFERRED TAX LIABILITIES |
31.913 |
4.511 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2577.941 |
2014.938 |
1685.155 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
748.233 |
611.467 |
643.226 |
|
|
Capital work-in-progress |
2.599 |
40.200 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1618.750
|
836.339
|
528.861 |
|
|
Sundry Debtors |
722.041
|
459.559
|
388.452 |
|
|
Cash & Bank Balances |
186.228
|
335.490
|
434.573 |
|
|
Other Current Assets |
1.774
|
2.414
|
0.646 |
|
|
Loans & Advances |
428.818
|
328.594
|
187.140 |
|
Total
Current Assets |
2957.611
|
1962.396
|
1539.672 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
323.145
|
222.508
|
447.182 |
|
|
Other Current Liabilities |
715.893
|
375.072
|
49.767 |
|
|
Provisions |
91.464
|
1.545
|
0.794 |
|
Total
Current Liabilities |
1130.502
|
599.125
|
497.743 |
|
|
Net Current Assets |
1827.109
|
1363.271
|
1041.929 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2577.941 |
2014.938 |
1685.155 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
3367.531 |
2212.384 |
|
|
|
Other Income |
|
232.000 |
36.413 |
|
|
|
TOTAL (A) |
5063.087 |
3599.531 |
2248.797 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material and other direct costs |
|
3020.699 |
2138.157 |
|
|
|
Increase / Decrease in stock |
|
(7.171) |
(39.645) |
|
|
|
Personnel Expenses |
4610.376 |
67.619 |
53.296 |
|
|
|
Administrative and other Expenses |
|
53.947 |
335.447 |
|
|
|
selling and distribution Expenses |
|
57.571 |
24.924 |
|
|
|
TOTAL (B) |
4610.376 |
3192.665 |
2512.179 |
|
|
|
|
|
|
|
|
Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
452.711 |
406.866 |
(263.382) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
52.936 |
48.307 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
452.711 |
353.930 |
(311.689) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
45.530 |
34.234 |
20.209 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX (E-F) (G) |
407.181 |
319.696 |
(331.898) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
138.178 |
4.511 |
1.196 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
AFTER TAX (G-I) (J) |
269.003 |
315.185 |
(333.094) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(21.979) |
(337.164) |
(4.070) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
247.024 |
(21.979) |
(337.164) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
NA |
22.925 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
-- |
-- |
2409.100 |
|
|
|
Others |
-- |
-- |
2.569 |
|
|
TOTAL IMPORTS |
NA |
NA |
2411.669 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.83 |
5.66 |
(5.98) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.31
|
8.76
|
[14.81] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.04
|
9.49
|
[15.00] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.98
|
12.42
|
[15.20] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
0.60
|
[1.51] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.61
|
3.88
|
8.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.61
|
3.28
|
3.09 |
LOCAL AGENCY FURTHER INFORMATION
Note:
Registered office address of the company has been shifted from Suite
No.#445, Ashok Hotel, Chanakyapuri,
REVIEW OF
OPERATION
The Company has
achieved turnover of Rs. 4946.400 millions as against Rs. 3367.500 millions of
the previous year registering an impressive increase of 46.88 %in turnover
through increase in sales volume in domestic market, improved product mix and
buoyancy in steel market. The sales volume during financial year 2010-11 was
92,646 MTs against 81,952 MTs for the financial year 2009-10, an increase of
13.05% over previous year. Earning before depreciation, interest and tax
(EBDIT) stood at Rs. 490.700 millions against Rs. 406.900 millions in the
previous year, registering an increase of 20.59%. The performance is
attributable to the company’s additional thrust on new market and products
demand in the existing market during the year. This is in connotation with improvement
of fixed and working capital efficiencies, productive increase, value
engineering initiatives and efficient supply chain management to enable the
company to reach greater performance heights. But the net profit after tax
decreased by 14.65% compared to previous year i.e. reduced from Rs. 315.200
millions in the previous year to Rs. 269.000 millions in the year 2010-11. This
decrease in the net profit is due increased tax liability as no MAT Credit was
available for the year 2010-11.
The Company
continued its thrust on Cost control management. Cost control measures focused
on reduction in usage of per unit raw material, improvement in yields and
techno-economic parameters, reduction in energy consumption and control in
administrative expenditures etc. The Board of Directors is hopeful that the
performance of the Company will improve in year 2011-12 due to various
strengthened internal factors such as strategic decision of opening depot in
different state leading to new market and external environment facilitating the
growth in demand of the products of the company.
STATUS OF
OPERATIONS AND FUTURE PLANS:
1. The Company
will open depots in Punjab, Uttaranchal and Uttar Pradesh. These depots will
specifically emphasize on Automotive Sector as well as sale of galvanized
products, produced by POSCO Maharashtra, which is expected to start production
in 2012.
2. The Company has
requested the Headquarters at Korea for capacity expansion and a new plant. The
approval process is under consideration and decision is awaited.
The directors are
positive towards future growth.
FINANCE
The company
maintains a Positive Debt Leverage Ratio. The debt leverage ratio of the
Company is 2.16:1. Interest Coverage ratio of the company for financial
year 2010-11 is 11.70 as against 7.03 for the financial year 2009-10. Thus, the
company's ability to pay the interest charges on its debt has improved owing to
better EBIT comparing to previous year.
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. |
|
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 |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
Yes |
|
8) No. of employees |
Yes |
|
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
involved in |
-- |
|
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 |
PRESS RELEASE
Dri Unearths Evasion Of Anti-Dumping Duty Of Over Rs 200 millions
Date : 18-Nov-2011
Subject : DRI
Unearths Evasion of Anti-Dumping Duty of Over Rs 200 millions
Ahmedabad, Nov 17 (PTI) A nationwide racket allegedly involved in evading anti-dumping duty of over Rs 200 millions on steel coils, imported mostly from a major Korean steel maker, has been unearthed by the Directorate of Revenue Intelligence. A consignment of steel coils valued at over Rs 85 millions imported by POSCO India Delhi Processing Centre Pvt Ltd from Korea was recently seized by the Ahmedabad DRI unit at the Kandla port in Gujarat for duty evasion, a top official said. "An import consignment of POSCO India worth over Rs 85 millions was recently seized at Kandla port for mis-declaration of width of the steel coils to evade anti-dumping duty," Additional Director of DRI R K Singh told PTI. On being contacted, Director of POSCO India Orissa Project, Y K Kim, told PTI over phone that "it is wrong information. We have never imported steel coils. It might be some subsidiary of POSCO in India, importing coils."
There was no response from the steel maker's subsidiary, POSCO India Delhi Processing Centre Pvt Ltd, on the development. Steel coils which find usage largely in automotive industry were imported from Posco, Korea. "Our investigations have revealed that anti-dumping duty evasion on imports of steel coils in India from Korea could go beyond Rs 200 millions as violation of a GoI notification has been found in imports done by another subsidiary of Posco and Sharda Motors at Chennai Port also, besides few other importers," the DRI official said. Customs officials at various ports across the country have been alerted about the modus operandi involving concealing the width of steel coils to evade anti-dumping duty, another DRI official said. Imported stainless steel coils with width ranging between 600 mm to 1250 mm attract anti-dumping duty as per a Government of India (GoI) notification-14/2010 issued on February, 2010, the official said, adding the notification was passed to protect the interest of domestic steel industry. "However, POSCO India Delhi Processing Centre had declared width of steel coils imported from Korea as 1251 mm to evade duty," he said.
The official also claimed that "POSCO India has admitted that they have evaded anti-dumping duty and also agreed to pay around Rs 10 millions duty on it so far. Four days ago their officials visited DRI office here to get their statements recorded".
PRESS RELEASE
POSCO MAY REDUCE
CAPACITY: SOUTH KOREAN AMBASSADOR
BHUBANESWAR:
Steel behemoth Posco will reduce the capacity of its proposed facility in
Jagatsinghpur district if the Odisha government fails to hand over the
requisite 4004 acres for a 12 million tonne per annum plant, said South Korean
ambassador Kim Joong Keun here on Wednesday.
The
diplomat, who addressed a seminar organized by the Confederation of Indian
Industries (CII) and later met chief minister Naveen Patnaik, said Posco could begin
construction work in the second half of this year if it could get around 2700
acres of land. The state government has thus far acquired 2158 acres for the
project, which has been mired in various problems, including local resistance
and legal issues, since the South Korean company in mid-2005 proposed to set up
a $12 billion steel plant.
"We
are eager to complete a whole-sized plant (12 mtpa) as planned. If the situation does not permit us to do so,
we shall have to be satisfied with a smaller size," he told media persons.
He said construction work could start with 2700 acre and if the opposing
villagers agreed to part with their land the project could be expanded at
latter stages. "The (Posco) project can exclude areas that the villagers
do not want. We are in a democratic country. So we will start work only where
the residents agree," he pointed out.
Keun
said the company can import iron ore from outside Odisha or from outside India
if it fails to access the Khandadhar iron ore mines in Sundargarh district.
"If the Supreme Court's final verdict goes unfavourably for Posco,
logically speaking we can import iron ore from other states or other countries,"
he noted.
Keun,
who visited the Posco project site near Paradip on Tuesday, further said he was
"optimistic" about the project and was "encouraged" after
discussions with the CM.
The
ambassador's visit to Odisha to push India's biggest FDI came after the state
government on April 25 asked Posco to "adopt a flexible policy" and
take up adequate rehabilitation and corporate social responsibility measures in
the project area to gain the confidence of the villagers, particularly
displaced people.
The
mega project has been encountering hurdles, including a National Green Tribunal
order on March 30 suspending the forest clearance to it. Frustrated over lack
of progress, Posco-India chief Yong-Won Yoon in March blamed the state
government for delay in project implementation. He had said the delay could
lead to about 20% cost escalation.
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.53.72 |
|
|
1 |
Rs.86.98 |
|
Euro |
1 |
Rs.70.64 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
4 |
|
--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 |
|
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.