MIRA INFORM REPORT

 

 

Report Date :

30.10.2013

 

IDENTIFICATION DETAILS

 

Name :

POSCO PLANTEC CO., LTD.

 

 

Registered Office :

20-1, Seongam-dong, Nam-gu, Ulsan, Korea 680-140

 

 

Country :

South Korea

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

15.06.1989

 

 

Com. Reg. No.:

610-81-08943

 

 

Legal Form :

Listed Company

 

 

Line of Business :

Manufacture of Other Structural Metal Products

 

 

No. of Employees :

653

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

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

 

Basic Information

 

Basic

 

Company Name

POSCO PLANTEC CO., LTD.

(Ex. Company Name : SUNG JIN GEOTEC CO., LTD.)

Registered Address

20-1, Seongam-dong, Nam-gu, Ulsan, Korea

Zip Code

680-140

Tel

+82-52-228-5801

Fax

+82-52-228-5987

E-mail

j550217@sgtkor.com

Website

www.sgtkor.com

Trading Address

14FL., IT Venture Donggwan, 78, Garak-dong, Songpa-gu, Seoul, Korea

Tel

+82-2-3402-1100

Fax

+82-2-3402-2100

Other Address-2nd Factory

134, Cheoyong-ri, Onsan-eup, Ulju-gun, Ulsan, Korea

Tel

+82-52-711-2000

Fax

+82-52-708-2000

Other Address-3rd Factory

919, Wonsan-ri, Onsan-eup, Ulju-gun, Ulsan, Korea

Tel

+82-52-711-3000

Fax

+82-52-708-3000

Other Address-4th Factory

30-1, Hwangseong-dong, Nam-gu, Ulsan, Korea

Tel

+82-52-711-4000

Fax

+82-52-708-4000

Other Address-5th Factory

2, Ijin-ri, Onsan-eup, Ulju-gun, Ulsan, Korea

Tel

+82-52-711-5000

Fax

+82-52-708-5000

Type

Export

Industry

Manufacture of Other Structural Metal Products

  Main Business

Heat Exchanger, High Pressure Gas Facilities

Established (mm/dd/yyyy)

06/15/1989

The Subject owns the premises of registered HQ address, 2nd Factory and 3rd Factory.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Fixed network equipment and components(43221700)

Sell

Naval architecture(81101506)

Sell

Heat exchangers(40101802)

Buy

Iron plate(30102203)

Buy

Tube and tubing(31231300)

Buy

Ferrous alloy tubing(31231301)

 

 

CEO’s

 

Name

Kim Jang-Jin

Address

Suite 102-302, 461, Mugeo-dong, Nam-gu, Ulsan, Korea

Date of Birth

04/01/1955

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

27,323,359,000

Employees

653

Formation

Listed Company (Korea Stock Exchange : 051310) as of 11/29/2007

A Company of POSCO GROUP

Bank Details

Shinhan Bank

Busan Bank

Korea Development Bank

Corporate Registered No.

181211-0010898

Business Registered No.

610-81-08943

Permit & Licenses

04/26/1993 KS Mark

 

Int’l Trade No.: 914536

Shareholder Position

Name

Shares

%

POSCO(174611-0000741)

12,345,110

23.71

POSCO ENGINEERING & CONSTRUCTION CO., LTD.(174611-0002979)

4,848,400

9.31

JEON JUNG-DO

5,498,965

10.56

YU YOUNG METAL CO., LTD.(181211-0047544)

4,550,910

8.74

KOREA DEVELOPMENT BANK(110135-0000937)

6,979,927

13.41

SAMSUNG ENGINEERING CO., LTD.(110111-0240509)

5,206,671

10.00

OTHERS

12,636,735

24.27

TOTAL

52,066,718

100.00

Company History

06/15/1989 Incorporated as Sungjin Machinery Co., Ltd.

12/15/2000 Changed company name to SUNG JIN GEOTEC CO., LTD.

11/15/2004 Designated as a Venture Business

11/2006 Awarded US$100 Million Export Top Prize

12/2008 Awarded US$300 Million Export Top Prize

03/18/2009 Agreed with the 8 Creditors(banks) on Execution of Management Normalization Plan

11/2009 Awarded US$400 Million Export Top Prize

06/01/2010 Joined as a Company of POSCO GROUP

12/23/2011 Completed Fast Track Program

01/11/2012 Increased capital to 27,323,359,000 KRW from 24,720,023,500 KRW

07/01/2013 Changed company name to the present name after acquiring POSCO PLANTEC CO., LTD.(174611-0012176)

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Kim Jang-Jin

Male

Korean

1955.04.01

Executive Director

Mr.

Hang Myung-Hak

Male

Korean

1961.12

Director

Mr.

Yoon Dong-Joon

Male

Korean

1958.10

Director

Mr.

Shin Seok-Cheol

Male

Korean

1960.12.22

Outside Director

Mr.

Kim Jong-Bok

Male

Korean

1950.02

Outside Director

Mr.

Kim Kwan-Ho

Male

USA

1958.10.02

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

(*)06/2013

208,361,061,105

743,540,805,894

-21,573,975,604

(*)2012

703,235,671,895

762,945,943,330

-29,219,029,938

(*)2011

632,849,524,871

717,389,329,936

-59,180,844,111

(*)2010

395,936,146,352

601,147,725,595

16,026,206,338

2009

380,143,415,599

588,858,361,490

-6,368,828,873

2008

520,147,104,194

682,154,196,426

-191,037,240,536

2007

361,712,402,715

382,622,231,264

10,402,866,870

2006

214,861,678,841

217,632,483,298

13,232,292,428

2005

181,749,101,780

159,370,437,799

5,537,650,337

(*)Figures are based on the K-IFRS Accounting System.

 

 

Financial Description

 

Authorized Capital(KRW)

50,000,000,000

Paid-Up Capital(KRW)

27,323,359,000

Total Issued Shares

52,066,718

 

Balance Sheet

Unit : Korean Won

01/01/2013~06/30/2013

As of 12/31/2012

As of 12/31/2011

Total Assets

743,540,805,894

762,945,943,330

717,389,329,936

Current Assets

497,889,207,646

506,255,214,652

444,985,480,263

Cash & Cash Equivalents

11,677,853,940

3,253,502,445

28,714,622,074

Current Financial Instruments

4,892,502,046

4,855,000,557

5,389,559,700

Trade Receivables & Other Receivables

188,109,871,204

196,821,204,780

86,958,990,048

Derivatives

44,072,413

　

　

Other Receivables-Construction

237,253,821,031

235,533,106,927

284,855,956,920

Inventories

32,376,081,860

28,654,841,088

16,888,407,234

Deferred Income Tax Assets

13,826,570

56,446,440

　

Other Current Assets

23,521,178,582

37,081,112,415

22,177,944,287

Non-Current Assets

245,651,598,248

256,690,728,678

272,403,849,673

Non-Current Financial Instruments

200,000,000

0

2,298,000,000

Long-Term Trade Receivables & Other Receivables

3,968,249,565

3,999,537,548

3,923,712,286

Marketable Financial Instruments

815,225,111

1,237,705,549

2,041,453,165

Investment_Subsidiaries

3,000,070,872

3,000,070,872

3,000,070,872

Investment_Related Companies

2,056,527,500

2,056,527,500

2,056,527,500

Tangibles

189,864,308,971

194,394,998,349

202,626,218,679

Intangibles

8,943,239,146

8,960,876,560

6,188,706,984

Deferred Income Tax Assets

36,803,977,083

43,041,012,300

50,269,160,187

Total Liabilities

634,621,659,856

632,363,868,249

611,547,926,289

Current Liabilities

625,307,688,777

496,891,549,530

445,799,585,879

Trade Payables & Other Payables

77,054,703,644

94,581,685,025

125,984,239,396

Short-Term Borrowings

449,522,415,117

180,657,106,448

79,035,207,995

Bond With Warrant

　

0

19,593,657,979

Derivatives

2,672,075,230

0

22,594,585,016

Provisions

4,326,674,134

3,634,168,062

5,462,145,269

Current Portion of Long-Term Debts

52,589,625,740

147,619,945,608

164,769,540,590

Other Payables-Construction

34,072,502,989

64,313,102,540

22,975,150,947

Other Current Liabilities

5,069,691,923

6,085,541,847

5,385,058,687

Non-Current Liabilities

9,313,971,079

135,472,318,719

165,748,340,410

Long-Term Borrowings

0

126,166,000,000

161,601,528,110

Derivatives

0

202,452,692

258,690,116

Provision for Severance & Retirement

7,523,832,589

7,313,727,537

2,097,983,694

Provisions

1,790,138,490

1,790,138,490

1,790,138,490

Capital Stock

27,323,359,000

27,323,359,000

24,720,023,500

Capital Surplus

319,143,538,828

319,143,538,828

265,011,630,483

Others

0

49,716,128

-79,617,974

Profit Surplus

-237,547,751,790

-215,934,538,875

-183,810,632,362

Total Equity

108,919,146,038

130,582,075,081

105,841,403,647

Liab. & Shareholder’s Equity

743,540,805,894

762,945,943,330

717,389,329,936

 

Income Statement

Unit : Korean Won

01/01/2013~06/30/2013

As of 12/31/2012

As of 12/31/2011

Sales

208,361,061,105

703,235,671,895

632,849,524,871

Cost of Sold Goods

217,828,041,236

663,555,584,314

629,420,870,855

Gross Profit

-9,466,980,131

39,680,087,581

3,428,654,016

Selling Expenses

3,017,554,770

4,511,248,479

11,233,501,106

Admin. Expenses

19,048,999,701

21,539,290,330

16,402,156,772

R&D

887,509,314

2,476,341,269

2,125,802,411

Operating Income

-32,421,043,916

11,153,207,503

-26,332,806,273

Finance Income

677,752,823

8,202,980,513

3,970,484,543

Finance Expenses

15,147,601,574

23,016,376,269

53,110,776,859

Other Non-Operating Income

818,457,140

1,438,821,563

7,389,102,430

Other Non-Operating Expenses

345,265,893

2,958,786,730

4,011,213,605

Profits from Foreign Exchange Rate

31,105,850,466

-16,046,790,741

1,364,617,972

Income Before Taxes

-15,311,850,954

-21,226,944,161

-70,730,591,792

Income Taxes Expenses

6,262,124,650

7,992,085,777

-11,549,747,681

Net Income

-21,573,975,604

-29,219,029,938

-59,180,844,111

 

Cash Flows

Unit : Korean Won

01/01/2013~06/30/2013

As of 12/31/2012

As of 12/31/2011

Operating Activities Cash Flows

-37,218,362,471

-112,305,281,779

-59,858,571,064

Net Income

-21,573,975,604

-29,219,029,938

-59,180,844,111

Adjustment

-2,929,500,970

-56,815,164,002

32,387,935,440

Dividends Received

374,029,713

112,864,604

62,161,984

Interests Received

207,906,597

739,429,175

601,306,102

Interests Paid

-13,339,442,077

-27,156,125,010

-32,917,391,864

Income Taxes

42,619,870

32,743,392

-811,738,615

Cash Flows from Investing

-2,601,313,693

-7,345,477,053

-14,644,249,476

Cash Flows from Financing

48,226,590,068

94,205,241,939

89,144,104,064

Increase/Decrease in Cash

8,424,351,495

-25,461,119,629

14,630,452,391

Cash at the Beginning of Year

3,253,502,445

28,714,622,074

14,084,169,683

Cash at the End of Year

11,677,853,940

3,253,502,445

28,714,622,074

 

 

Products, Technologies, Services Description

 

Main Products & Services

Plant Business

-Column & Tower

-Reactor

-Pressure Vessel

-Heat Exchanger

 

Module Business

-Gas Treatment

-Manifold Unit (Offshore)

-Deck Module(Top Side Module)

-Desalination

 

Marine Business

-Semi & Compete Product for Offshore Floaters & Semi-Submergership Rig

-PE & Mega Block, Shipbuilding Block

-Drilling Module, Jack-Up Rigs

 

Power & Energy Business

-Angle Type

-Pipe Type

-HRSG

 

 

Trade Partners & Competitors

 

Suppliers

POSCO(174611-0000741)

HYUNDAI HYSCO(110111-0302416)

SAEWOON STEEL CO., LTD.(180111-0030261)

PUSAN STEEL CO., LTD.(180111-0049345)

INDUSTEEL(EUROPE)

J.F.E(JAPAN)

Customers

LARSEN & TURBO LIMITED(INDIA)

KRUPP CANADA(CANADA)

SK ENGINEERING & CONSTRUCTION CO., LTD.(110111-0038805)

IMPERIAL OIL RESOURCES VENTURES LTD.

ESSAR CONSTRUCTIONS LTD.

Competitors

DBI CORP.

123-1, SINBOK-RI, YONGHYEON-MYEON, SACHEON-SI, GYEONGSANGNAM-DO, KOREA

TEL:+82-55-835-7690~3  FAX:+82-55-835-7694~5

 

ENERGYEN CORPORATION

RM. 920, RAEMIAN SEOCHO UNIVILLE, 1445-4, SEOCHO 1-DONG, SEOCHO-GU, SEOUL, KOREA

TEL:+82-2-583-9762  FAX:+82-2-583-9761

 

ILSUNG CORPORATION

917, WONSAN-RI, ONSAN-EUP, ULJU-GUN, ULSAN, KOREA

TEL:+82-52-231-7514~5  FAX:+82-52-239-0333

 

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates-Domestic

POSCO(174611-0000741)

POSCO COATED & COLOR STEEL CO., LTD.(174611-0006492)

POSCO REFRACTORIES & ENVIRONMENT CO., LTD.(174611-0001947)

POS-A.C. CO., LTD.(174611-0003448)

POSCO ENGINEERING & CONSTRUCTION CO., LTD.(174611-0002979)

POSCO RESEARCH INSTITUTE(110111-1042350)

POSCO SPECIALTY STEEL CO., LTD. (194211-0025248)

POSCO MACHINERY CO., LTD.(206411-0010175)

POSMEC(POSCO MACHINERY & ENGINEERING CO., LTD.(174611-0012176)

POSCO POWER CORPORATION(110111-1829576)

PHP CO., LTD.(120111-0421545)

POSBRO(110111-3528986)

SUWON GREEN ENVIRONMENT CORPORATION(134811-0133794)

POSCORE CO., LTD.(134811-0003343)

RIZTECH BIZ CO., LTD.(171711-0076115)

POSWITH CO., LTD.(171711-0075927)

UITRANS CO., LTD.(110111-3792309)

BASYS INDUSTRY CO. LTD.(110111-0954647)

METAPOLIS CO., LTD.(134811-0094475)

CHEONGNA IBT CO., LTD.(120111-0454520)

POHANG FEUL CELL CO., LTD.(171711-0076256)

MEGA ASSET CO., LTD.(161511-0097480)

DAEWOO ENGINEERING COMPANY CO., LTD.(110111-0203268)

MEDICAL MATERIALS CO.,LTD.(171711-0082766)

DAEWOO INTERNATIONAL CORPORATION(110111-2137358)

Affiliates-Domestic

POSCO ENGINEERING & CONSTRUCTION CO., LTD.(174611-0002979)

POSDATA CO., LTD.(110111-0658637)

SAMJUNG PACKING AND ALUMINUM CO., LTD.(174611-0000866)

POSCON(174611-0002242)

POSCO TERMINAL CO., LTD.(204611-0017575)

POSTEEL(110111-0344591)

POSTECH VENTURE CAPITAL COOPERATION(174611-0029080)

POSMATE CO., LTD.(110111-0739841)

SNNC CO., LTD.(204611-0023415)

P&R CO., LTD.(171711-0076545)

SEOUNG GWANG CO., LTD.(120111-0222844)

ENTOB CORPORATION(110111-2059362)

POSFINE

POSCOAST CO., LTD.(131411-0191529)

DAIMYUNG TMS CO., LTD.(110111-0803141)

PURE GIMPO.CO., LTD.(110111-4290394)

Affiliates-Overseas

POSCO SOUTH EAST ASIA PTE. LTD.

POSCO SPECIALTY STEEL CO., LTD. (194211-0025248)

POSCON(174611-0002242)

POSMEC(POSCO MACHINERY & ENGINEERING CO., LTD.)(174611-0012176)

POSCO MACHINERY CO., LTD.(206411-0010175)

POS-A.C.CO.,LTD.(174611-0003448)

POSTEEL(110111-0344591)

SEOUNG GWANG CO., LTD.(120111-0222844)

POSCO RESEARCH INSTITUTE(110111-1042350)

POSTECH VENTURE CAPITAL COOPERATION (174611-0029080)

POSCO TERMINAL CO., LTD.(204611-0017575)

POSCO ENGINEERING & CONSTRUCTION CO., LTD.(174611-0002979)

POSCO POWER CORPORATION(110111-1829576)

POSWITH CO., LTD.(171711-0075927)

PT.ISI (PT.INTERNATIONAL STEEL INDONESIA)

PT. MRI (PT. MOTTA RESOURCES INDONESIA)

POSCO CORE INDIA PVT. LTD.

POSCO (YANTAI) AUTOMOTIVE PROCESSING CENTER CO., LTD.

Cooperative Enterprise

-Insured Company

SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078)

 

 

Court Action

 

Case No.

Court

Plaintiff(s)/ Creditor(s)/ Applicant(s)

Defendant(s)/ Debtor(s)/ Respondent(s)

Cause

Amount (KRW)

Status

 

Ulsan District Court

-

The Subject Company(2 Cases)

Claim for Compensation from Damages

320,000,000

proceeding

 

Ulsan District Court

The Subject Company

-

Claim for Compensation from Damages

1,204,598,000

proceeding

 

 

News Clipping

 

Not Available.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.46

UK Pound

1

Rs.98.99

Euro

1

Rs.84.72

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.