|
Report Date : |
02.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
POSCO TMC CO., LTD. |
|
|
|
|
Formerly Known
as: |
POSCORE CO.,
LTD. |
|
|
|
|
Registered Office : |
399, Gunseo-ri, Jiksan-eup, Seobuk-gu, Cheonan-si, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
08.05.1974 |
|
|
|
|
Com. Reg. No.: |
312-81-16461 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares A Company of POSCO Group |
|
|
|
|
Line of Business : |
Engaged in development and producing motor cores for home
appliances, automobiles and express trains as well as EI cores for electric
transformers and adaptors. |
|
|
|
|
No. of Employees : |
293 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 TMC CO., LTD. (English Company Name : POSCO TRANS
FORMER & MOTOR CORE CO., LTD.) (Ex. Company Name : POSCORE CO., LTD.) (Korean Company Name : “(주)포스코티엠씨”) |
|
Registered Address |
399, Gunseo-ri, Jiksan-eup, Seobuk-gu, Cheonan-si, Chungcheongnam-do,
Korea |
|
Zip Code |
331-811 |
|
Tel |
+82-41-580-1331 |
|
Fax |
+82-41-581-9559 |
|
E-mail |
|
|
Website |
|
|
|
|
|
Trading
Address |
399, Gunseo-ri, Jiksan-eup, Seobuk-gu,
Cheonan-si, Chungcheongnam-do, Korea (New Address System : 115, Gunsu 1-gil, Jiksan-eup, Seobuk-gu,
Cheonan-si, Chungcheongnam-do, Korea) |
|
Tel |
+82-41-580-1331 |
|
Fax |
+82-41-581-9559 |
|
|
|
|
Other
Address-Pohang Factory |
586, Ho-dong, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea |
|
Tel |
+82-54-288-2504~6 |
|
Fax |
+82-54-278-5524 |
|
|
|
|
Other
Address-Pohang Branch |
San 63-16, Yonghan-ri,
Heunghae-eup, Buk-gu, Pohang-si, Gyeongbuk, Korea |
|
|
|
|
Type |
Export/Import |
|
|
|
|
Main Business |
Engaged in development and producing motor cores for home
appliances, automobiles and express trains as well as EI cores for electric
transformers and adaptors. |
|
|
|
|
Established (mm/dd/yyyy) |
08/05/1974 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Motor
or generator components(26101800) |
|
Sell |
Foundry
supplies(23161600) |
|
Buy |
Steel
plate(30102204) |
|
Name |
Jang
Byung-Hyo |
|
Address |
Suite 501-101, 401-2, Pungdeokcheon-dong,
Suji-gu, Yongin-si, Gyeonggi-do, Korea |
|
Date of Birth |
12/11/1953 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
29,688,035,000 |
|||||||||||||||||||||
|
Employees |
293 |
|||||||||||||||||||||
|
Formation |
Co., Ltd by Shares A Company of POSCO Group |
|||||||||||||||||||||
|
Bank Details |
Woori Bank Shinhan Bank Nonghyup Bank(National Agricultural
Cooperative Federation) SC First Bank of Korea-Cheonan Corporate
Finance Branch |
|||||||||||||||||||||
|
Corporate Registered No. |
134811-0003343 |
|||||||||||||||||||||
|
Business Registered No. |
312-81-16461 |
|||||||||||||||||||||
|
Permit & Licenses |
Int’l
Trade No: 772084 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
08/05/1974 incorporated as HANKOOK CORE
CO., LTD. 05/07/2007 Changed company name to POSCORE
CO., LTD. 01/09/2010 Increased capital to
29,688,035,000 KRW from 19,535,755,000 KRW 07/05/2010 Changed company name to the
present name |
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President
& CEO |
Mr. |
Jang Byung-Hyo |
Male |
Korean |
03/02/2010 |
|
Director |
Mr. |
Shin Jong-Taik |
Male |
Korean |
05/03/2005 |
|
Outside
Director |
Mr. |
Jung Hyung-Ki |
Male |
Korean |
03/06/2009 |
|
Director |
Mr. |
Bang Kil-Ho |
Male |
Korean |
04/02/2013 |
|
Director |
Mr. |
Shin Jong-Taik |
Male |
Korean |
05/06/2011 |
|
Auditor |
Mr. |
Kim Jin-Hong |
Male |
Korean |
03/29/2012 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
164,383,354,915 |
246,811,056,832 |
-509,229,895 |
|
|
(*)2012 |
268,574,366,669 |
253,987,215,724 |
152,053,673 |
|
(*)20111 |
219,579,503,443 |
204,737,915,752 |
5,746,148,957 |
|
2010 |
189,685,573,678 |
140,656,744,762 |
7,511,743,693 |
|
2009 |
186,704,914,046 |
98,122,091,131 |
11,030,174,796 |
|
2008 |
180,221,761,833 |
92,180,363,312 |
21,235,345,444 |
|
2007 |
115,645,393,677 |
71,089,766,604 |
-10,663,941,987 |
|
2006 |
100,799,817,995 |
73,525,705,663 |
-9,865,435,547 |
|
2005 |
91,667,220,773 |
83,152,024,120 |
4,716,032,046 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
150,000,000,000 |
|
Paid-Up Capital(KRW) |
29,688,035,000 |
|
Total Issued Shares |
5,937,607 |
|
Balance
Sheet |
|||
|
Unit : Korean Won |
01/01/2013~06/30/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
246,811,056,832 |
253,987,215,724 |
204,737,915,752 |
|
Current
Assets |
139,058,719,619 |
148,244,793,409 |
108,976,963,276 |
|
Cash & Cash Equivalents |
827,005,691 |
1,772,984,766 |
1,901,023,086 |
|
Current Financial Instruments |
- |
- |
2,516,140 |
|
Trade Receivables |
83,684,478,065 |
67,015,493,045 |
57,992,812,676 |
|
Other Financial Assets |
160,805,557 |
2,381,947,065 |
2,786,138,841 |
|
Deferred Income Tax Assets |
103,500 |
1,104,543 |
- |
|
Other Current Assets |
472,272,654 |
253,112,221 |
294,389,699 |
|
Inventories |
53,914,054,152 |
76,820,151,769 |
46,000,082,834 |
|
Non-Current
Assets |
107,752,337,213 |
105,742,422,315 |
95,760,952,476 |
|
Marketable Financial Instruments |
286,500,000 |
286,500,000 |
1,500,000 |
|
Investment_Subsidiaries |
15,033,468,631 |
15,033,468,631 |
15,033,468,631 |
|
Tangibles |
82,317,108,581 |
79,627,630,338 |
76,169,592,971 |
|
Intangibles |
4,961,136,865 |
5,813,693,831 |
2,765,823,103 |
|
Investment_Real Estates |
3,883,460,404 |
3,914,154,028 |
- |
|
Other Financial Assets |
170,562,100 |
170,730,600 |
284,372,000 |
|
Deferred Income Tax Assets |
1,100,100,632 |
896,244,887 |
491,150,851 |
|
Other Non-Current Assets |
|
|
1,015,044,920 |
|
Total
Liabilities |
156,516,111,622 |
163,175,137,415 |
113,595,053,773 |
|
Current
Liabilities |
154,063,430,714 |
157,114,193,289 |
113,543,453,300 |
|
Trade
Payables |
41,385,590,200 |
67,047,075,828 |
31,476,957,383 |
|
Short-Term Borrowings |
106,783,748,333 |
82,273,386,218 |
76,087,181,028 |
|
Other Current Financial Debts |
5,160,031,731 |
7,037,907,024 |
4,846,966,727 |
|
Deferred Income Tax Credit |
|
|
148,015,043 |
|
Other Current Liabilities |
734,060,450 |
755,824,219 |
984,333,119 |
|
Non-Current
Liabilities |
2,452,680,908 |
6,060,944,126 |
51,600,473 |
|
Long-Term Borrowings |
- |
4,500,000,000 |
- |
|
Confirmed Salaries |
2,255,082,068 |
1,560,944,126 |
614,742 |
|
Other Non-Current Financial Debts |
197,598,840 |
- |
50,985,731 |
|
Capital
Stock |
29,688,035,000 |
29,688,035,000 |
29,688,035,000 |
|
Others |
15,795,125,440 |
15,795,125,440 |
15,795,125,440 |
|
Profit Surplus |
44,811,784,770 |
45,328,917,869 |
45,659,701,539 |
|
Total Equity |
90,294,945,210 |
90,812,078,309 |
91,142,861,979 |
|
Liab. & Shareholder’s Equity |
246,811,056,832 |
253,987,215,724 |
204,737,915,752 |
|
Income
Statement |
|||
|
Unit : Korean Won |
01/01/2013~06/30/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
164,383,354,915 |
268,574,366,669 |
219,579,503,443 |
|
Cost of Sold Goods |
154,577,763,106 |
248,044,297,933 |
194,955,982,877 |
|
Gross Profit |
9,805,591,809 |
20,530,068,736 |
24,623,520,566 |
|
Selling & Admin. Expenses |
8,241,398,910 |
16,138,983,641 |
14,950,324,335 |
|
Admin. Expenses |
5,602,056,480 |
10,477,983,637 |
9,601,983,904 |
|
Selling & Logistics Expenses |
2,639,342,430 |
5,661,000,004 |
5,348,340,431 |
|
Operating Income |
1,564,192,899 |
4,391,085,095 |
9,673,196,231 |
|
Finance Profits |
-1,930,224,162 |
-4,783,470,727 |
-3,041,193,264 |
|
Finance Income |
723,293,722 |
836,880,914 |
796,866,303 |
|
Finance Expenses |
2,653,517,884 |
5,620,351,641 |
3,838,059,567 |
|
Non-Operating Profits |
-342,413,637 |
302,645,799 |
129,180,668 |
|
Non-Operating Income |
330,114,133 |
1,474,313,664 |
528,291,815 |
|
Non-Operating Expenses |
672,527,770 |
1,171,667,865 |
399,111,147 |
|
Income Before Taxes |
-708,444,900 |
-89,739,833 |
6,761,183,635 |
|
Income Taxes Expenses |
-199,215,005 |
-241,793,506 |
1,015,034,678 |
|
Net Income |
-509,229,895 |
152,053,673 |
5,746,148,957 |
|
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 |
-15,854,320,744 |
4,724,889,015 |
-21,753,857,042 |
|
Cash Flows from Operating |
-13,981,933,088 |
9,541,364,082 |
-17,871,995,047 |
|
Net Income |
-509,229,895 |
152,053,673 |
5,746,148,957 |
|
Adjustment |
6,265,124,594 |
10,119,006,529 |
9,750,398,407 |
|
Changes in Asset/ & Liability |
-19,737,827,787 |
-729,696,120 |
-33,368,542,411 |
|
Interests Received |
311,022 |
2,778,202 |
3,202,393 |
|
Interests Paid |
-1,870,861,794 |
-4,637,895,321 |
-2,743,300,541 |
|
Income Taxes |
-1,836,884 |
-181,357,948 |
-1,141,763,847 |
|
Cash
Flows from Investing |
-5,099,171,108 |
-15,532,153,267 |
-18,507,511,848 |
|
Cash Inflow from Investing |
913,355,294 |
4,777,657,540 |
482,894,806 |
|
Cash Outflows for Investing |
-6,012,526,402 |
-20,309,810,807 |
-18,990,406,654 |
|
Cash
Flows from Financing |
20,010,362,115 |
10,686,205,190 |
38,936,604,046 |
|
Cash Inflows from Financing |
20,010,362,115 |
10,686,205,190 |
38,936,604,046 |
|
Cash Outflows from Financing |
|
|
|
|
Increase/Decrease
in Cash |
-945,979,075 |
-128,038,320 |
-1,327,803,309 |
|
Cash at
the Beginning of Year |
1,772,984,766 |
1,901,023,086 |
3,228,826,395 |
|
Cash at
the End of Year |
827,005,691 |
1,772,984,766 |
1,901,023,086 |
|
Main Products & Services |
Motor
Core, Silicon Steel, Troy, Mold Strips, EI, Motor Ass`y, Tool |
|
Suppliers |
POSCO(174611-0000741) |
|
Customers |
DAEWOO
INTERNATIONAL CORPORATION(110111-2137358) |
|
Competitors |
HAEWON ST CO., LTD. 546-7, OSEON-DONG, GWANGSAN-GU, GWANGJU,
KOREA TEL:+82-62-958-7000 FAX:+82-62-958-7095 HAN YANG STEEL IND. CO., LTD. 472-2, JAKJEON 2-DONG, GYEYANG-GU, INCHEON,
KOREA TEL:+82-32-547-5540 FAX:+82-32-549-7914 CORE STEEL CO., LTD. 988-1, BONSAN-RI, JINYEONG-EUP, GIMHAE-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-342-3604 FAX:+82-55-342-3601 |
|
Affiliates |
POSCO(174611-0000741) POSCO COATED & COLOR STEEL CO., LTD.(174611-0006492) POSCO ENGINEERING & CONSTRUCTION CO.,
LTD.(174611-0002979) 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) POSCO CHEMTECH CO., LTD.(174611-0001947) POSTEEL(110111-0344591) POSCO SPECIALTY STEEL CO., LTD.
(194211-0025248) 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) P&R CO., LTD. UITRANS CO., LTD.(110111-3792309) BASYS INDUSTRY CO. LTD.(110111-0954647) UNIVERSAL STUDIOS RESORT DEVELOPMENT
CORPORATION(134811-0167222) 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) POS ECO HOUSING CO., LTD.( 171711-0085893) DAKOS CO., LTD.(131111-0246297) MAPO HYBROAD PARKING CO., LTD.(110111-4250140) GWANGYANG FSC CO., LTD.(204611-0031385) POSPLATE CO., LTD.(204611-0031252) POS CALCIUM CO., LTD.(171711-0086180) (70.0%
held by the subject company) |
|
|
|
|
Subsidiary |
SOZHOU POHANG SCIENCE TECHNOLOGY CO.,
LTD.(CHINA) (69.70% held by the subject company) POSCO TMC INDIA PVT LTD. (73.6%
held by the subject company) |
|
Corporate Ownership |
POSCO(174611-0000741) POSTEEL(110111-0344591) |
|
Major Shareholders |
POSTEEL(110111-0344591) |
|
Cooperative Enterprise |
-Insured Company HYUNDAIMARINE&FIREINSURANCECO., LTD.(110111-0035893) DONGBU
INSURANCE CO., LTD.(110111-0095285) |
The Subject exports
to USA, France, Germany and China.
No.
-------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
|
|
1 |
Rs.102.39 |
|
Euro |
1 |
Rs.85.12 |
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.