MIRA INFORM REPORT
|
Report Date : |
02.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
POSCO SPECIALTY STEEL CO., LTD. |
|
|
|
|
Registered Office : |
65, Sinchon-dong, Chang-won-si, Gyeongsangnam-do, Korea 641-370 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
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 : |
1,224 |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated
incredible growth and global integration to become a high-tech industrialized economy.
In the 1960s, GDP per capita was comparable with levels in the poorer countries
of Africa and Asia. In 2004, South Korea joined the trillion dollar club of
world economies, and is currently the world's 12th largest economy. Initially,
a system of close government and business ties, including directed credit and
import restrictions, made this success possible. The government promoted the
import of raw materials and technology at the expense of consumer goods, and
encouraged savings and investment over consumption. The Asian financial crisis
of 1997-98 exposed longstanding weaknesses in South Korea's development model
including high debt/equity ratios and massive short-term foreign borrowing. GDP
plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted
numerous economic reforms following the crisis, including greater openness to
foreign investment and imports. Growth moderated to about 4% annually between
2003 and 2007. Korea's export focused economy was hit hard by the 2008 global
economic downturn, but quickly rebounded in subsequent years, reaching 6.3%
growth in 2010. The US-South Korea Free Trade Agreement was ratified by both
governments in 2011 and went into effect in March 2012. Throughout 2012 the
economy experienced sluggish growth because of market slowdowns in the United
States, China, and the Eurozone. The incoming administration in 2013, following
the December 2012 presidential election, is likely to face the challenges of
balancing heavy reliance on exports with developing domestic-oriented sectors,
such as services. The South Korean economy's long term challenges include a
rapidly aging population, inflexible labor market, and heavy reliance on
exports - which comprise half of GDP.
Source
: CIA
|
Company Name |
POSCO
SPECIALTY STEEL CO., LTD. (Korean
Company Name : “포스코특수강(주)”) |
|
Registered Address |
65,
Sinchon-dong, Chang-won-si, Gyeongsangnam-do, Korea |
|
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 |
www.poscoss.co.kr;www.cssteel.co.kr |
|
Trading Address |
5th
Fl., Daegong Bldg., 823-21, Yeoksam 1-dong, Gangnam-gu, Seoul, Korea |
|
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 |
Cho Noi-Ha |
|
Date of Birth |
01/1953 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
130,000,000,000 |
||||||||||||
|
Employees |
1,224 |
||||||||||||
|
Formation |
Co., Ltd by shares A Company of POSCO Group |
||||||||||||
|
Bank Details |
Woori Bank-Changwon Branch SC First Bank of Korea 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. |
Cho Noi-Ha |
Korean |
1953.01. |
Korea University, Korea |
|
Vice President |
Mr. |
Jang Young-Ik |
Korean |
1953.12.18 |
Dongah University, Korea |
|
Executive Director |
Mr. |
Kang Deuk-Sang |
Korean |
1960.09. |
Korea University, Korea |
|
Director |
Mr. |
Nam Cheol-Soon |
Korean |
1960.08. |
Seoul National University, Korea |
|
Director |
Mr. |
Park Jong-Kook |
Korean |
1946.08. |
Youngnam University, Korea |
|
Outside Director |
Mr. |
Sung Si-Woong |
Korean |
1953.05. |
Seoul National University, Korea |
|
Outside Director |
Mr. |
Shin Pyung-Woo |
Korean |
1953.02. |
Korea University, Korea |
|
Executive Director |
Mr. |
Kang Deuk-Sang |
Korean |
1960.09.09 |
Korea University, Korea |
|
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 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
500,000,000,000 |
|
Paid-Up Capital(KRW) |
137,218,300,000 |
|
Total Issues Shares |
27,443,660 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total
Assets |
1,730,115,521,858 |
1,496,633,202,983 |
1,582,729,146,335 |
|
Current Assets |
618,824,736,738 |
420,046,536,036 |
660,590,745,733 |
|
Cash
& Cash Equivalents |
261,487,317,714 |
58,332,161,231 |
271,466,753,505 |
|
Trade
Receivables |
126,644,168,103 |
121,186,926,307 |
108,620,027,819 |
|
Other
Finance Assets |
6,109,360,006 |
14,934,338,835 |
48,299,275,584 |
|
Inventories |
223,161,082,410 |
224,863,744,629 |
231,718,577,989 |
|
Other
Current Assets |
1,422,808,505 |
729,365,034 |
486,110,836 |
|
Non-Current Assets |
1,111,290,785,120 |
1,076,586,666,947 |
922,138,400,602 |
|
Non-Current
Financial Instruments |
13,204,985,394 |
13,584,798,367 |
11,383,890,102 |
|
Investment_Related
Companies |
204,445,054,920 |
170,848,954,920 |
80,364,054,920 |
|
Investment_Real
Estates |
6,507,120,013 |
6,518,470,537 |
6,563,872,633 |
|
Tangibles |
880,216,390,420 |
878,958,647,072 |
817,249,686,789 |
|
Intangibles |
6,917,234,373 |
6,675,796,051 |
6,576,896,158 |
|
Total Liabilities |
714,218,419,718 |
484,278,338,145 |
691,477,473,151 |
|
Current Liabilities |
418,094,726,034 |
389,450,910,700 |
442,989,353,210 |
|
Trade
Payables |
170,136,583,330 |
145,004,268,752 |
166,394,807,783 |
|
Short-Term
Borrowings |
161,957,482,354 |
162,125,287,847 |
2,678,620,000 |
|
Other
Current Financial Debts |
82,481,345,526 |
69,833,479,346 |
249,299,694,427 |
|
Accrued
Income Tax |
107,275,818 |
7,957,017,006 |
20,798,066,046 |
|
Other
Current Liabilities |
3,412,039,006 |
4,530,857,749 |
3,818,164,954 |
|
Non-Current Liabilities |
296,123,693,684 |
94,827,427,445 |
248,488,119,941 |
|
Long-Term
Borrowings |
263,952,126,468 |
65,001,133,703 |
226,424,803,501 |
|
Other
Non-Current Financial Debts |
284,182,213 |
346,485,208 |
294,724,383 |
|
Confirmed
Salaries |
17,625,500,250 |
17,496,587,665 |
13,125,485,527 |
|
Deferred
Income Tax Credit |
14,261,884,753 |
11,983,220,869 |
8,643,106,530 |
|
Capital Stock |
137,218,300,000 |
137,218,300,000 |
130,000,000,000 |
|
Capital
Surplus |
176,333,424,177 |
176,333,424,177 |
124,995,341,017 |
|
Profit
Surplus |
702,345,377,963 |
698,803,140,661 |
636,256,332,167 |
|
Total
Equity |
1,015,897,102,140 |
1,012,354,864,838 |
891,251,673,184 |
|
Liab.
& Shareholder’s Equity |
1,730,115,521,858 |
1,496,633,202,983 |
1,582,729,146,335 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
336,002,859,314 |
1,405,667,101,152 |
1,662,895,933,177 |
|
Cost
of Sold Goods |
314,840,566,893 |
1,269,463,413,290 |
1,472,488,798,723 |
|
Gross
Profit |
21,162,292,421 |
136,203,687,862 |
190,407,134,454 |
|
Selling
& Admin. Expenses |
9,873,638,566 |
53,683,391,889 |
32,711,643,045 |
|
Admin.
Expenses |
6,667,606,706 |
44,359,377,129 |
23,671,546,831 |
|
Selling
& Logistics Expenses |
3,206,031,860 |
9,324,014,760 |
9,040,096,214 |
|
Operating
Income |
11,288,653,855 |
82,520,295,973 |
157,695,491,409 |
|
Finance Profits |
1,398,488,555 |
3,210,922,604 |
2,055,319,862 |
|
Finance
Income |
2,389,807,537 |
8,885,089,746 |
17,016,708,064 |
|
Finance
Expenses |
3,788,296,092 |
12,096,012,350 |
14,961,388,202 |
|
Other
Non-Operating Profits |
1,165,206,543 |
2,766,415,268 |
3,520,331,599 |
|
Other
Non-Operating Income |
1,241,830,029 |
7,031,527,647 |
5,487,834,343 |
|
Other
Non-Operating Expenses |
76,623,486 |
4,265,112,379 |
1,967,502,744 |
|
Income
Before Taxes |
11,055,371,843 |
82,075,788,637 |
163,271,142,870 |
|
Income
Taxes Expenses |
137,844,577 |
12,984,304,154 |
35,697,755,336 |
|
Net
Income |
11,193,216,420 |
69,091,484,483 |
127,573,387,534 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Operating
Activities Cash Flows |
45,657,606,234 |
137,138,820,350 |
154,407,926,966 |
|
Cash
Flows from Operating |
52,516,578,917 |
160,442,112,141 |
196,763,804,507 |
|
Net
Income |
11,193,216,420 |
69,091,484,483 |
127,573,387,534 |
|
Adjustment |
22,568,891,927 |
96,462,201,847 |
99,060,814,313 |
|
Changes
in Asset/ & Liability |
18,754,470,570 |
-5,111,574,189 |
-29,870,397,340 |
|
Interests
Received |
862,253,514 |
7,229,397,862 |
10,212,071,111 |
|
Interests
Paid |
-2,194,551,817 |
-9,000,993,264 |
-9,398,385,130 |
|
Dividends
Received |
- |
109,200,000 |
302,145,750 |
|
Income
Taxes |
-5,526,674,380 |
-21,640,896,389 |
-43,471,709,272 |
|
Cash
Flows from Investing |
-41,203,938,621 |
-385,543,959,742 |
-143,668,100,224 |
|
Cash
Inflow from Investing |
10,520,030,000 |
98,685,093,429 |
159,189,200,958 |
|
Cash
Outflows for Investing |
-51,723,968,621 |
-484,229,053,171 |
-302,857,301,182 |
|
Cash
Flows from Financing |
198,669,250,000 |
35,473,493,160 |
-3,038,039,064 |
|
Cash
Inflows from Financing |
199,310,500,000 |
42,052,113,160 |
63,789,080,936 |
|
Cash
Outflows from Financing |
-641,250,000 |
-6,578,620,000 |
-66,827,120,000 |
|
Increase/Decrease
in Cash |
203,122,917,613 |
-212,931,646,232 |
7,701,787,678 |
|
Cash
at the Beginning of Year |
58,638,349,421 |
271,569,995,653 |
263,868,207,975 |
|
Cash
at the End of Year |
261,761,267,034 |
58,638,349,421 |
271,569,995,653 |
|
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 ENG. |
|
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, BUSAN,
KOREA TEL:+82-51-760-1700 FAX:+82-51-757-7379 KOSTEEL CO., LTD. 4TH FL., HOUSTORY, 32-4, JEONNONG 2-DONG, DONGDAEMUN-GU,
SEOUL, KOREA TEL:+82-2-2106-0200 FAX:+82-2-581-8800 SEAH SPECIAL STEEL CO., LTD. 747, JANGHEUNG-DONG, NAM-GU, POHANG-SI,
GYEONGSANGBUK-DO, KOREA 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) |
|
Subsidiary |
POSCOSS VINA CO., LTD.(VIETNAM) PHU MY II INDUSTRIAL ZONE, TAN THANH
DISTRICT, BA RIA- VUNG TAU PROVINCE, VIETNAM |
|
Corporate Ownership |
POSCO(174611-0000741) 1, GOEDONG-DONG, NAM-GU, POHANG-SI,
GYEONGSANGBUK-DO 790-704 KOREA TEL: +82-54-220-0114 FAX: +82-54-220-6000 |
|
Major Shareholders |
POSCO(174611-0000741) 1, GOEDONG-DONG, NAM-GU, POHANG-SI,
GYEONGSANGBUK-DO 790-704 KOREA TEL: +82-54-220-0114 FAX: +82-54-220-6000 |
|
Cooperative Enterprise |
-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 Australia and Canada.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.14 |
|
|
1 |
Rs.90.05 |
|
Euro |
1 |
Rs.77.06 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.