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MIRA INFORM REPORT
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Report No. : |
491970 |
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Report Date : |
19.02.2018 |
IDENTIFICATION DETAILS
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Name : |
POSCO DAEWOO CORPORATION (MYANMAR E&P OFFICE) |
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|
|
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Registered Office : |
Room No. 301, Maha Land, No. 56, Kabar Aye Pagoda Road Yankin Township, Yangon |
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Country : |
Myanmar |
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|
|
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Financials (as on) : |
December 2016 |
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|
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Date of Incorporation : |
01.01.2002 |
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|
|
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Com. Reg. No.: |
1FC/2002-2003 |
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Legal Form : |
Company Limited by Shares |
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|
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Line of Business : |
Support Activities for Petroleum and Natural Gas Extraction |
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|
|
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No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
No Complaints |
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|
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Myanmar |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
Company
Summary
|
|
|
Business Name |
POSCO DAEWOO CORPORATION (MYANMAR E&P OFFICE) |
|
Country |
MYANMAR |
|
Company Registration Number |
1FC/2002-2003 |
|
Main Activity Code |
0910 |
|
Main Activity Description |
Support activities for petroleum and natural gas
extraction |
|
Company Status |
Active (Active) |
|
Latest Turnover Figure |
- |
|
Latest Shareholder Equity Figure |
2.503.652.000.000 |
Basic
Information
|
|
|
Business Name |
POSCO DAEWOO CORPORATION (MYANMAR E&P OFFICE) |
|
Registered Company Name |
POSCO DAEWOO CORPORATION (MYANMAR E&P OFFICE) |
|
Company Registration Number |
1FC/2002-2003 |
|
Country |
MYANMAR |
|
VAT Registration Number |
|
|
VAT Registration Date |
|
|
Date of Company Registration |
2002-06-17 |
|
Date of Starting Operations |
2002-01-01 |
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Commercial Court |
|
|
Legal Form |
|
|
Type of Ownership |
Company Limited by Shares |
|
Company Status |
Active (Active) |
|
Principal Activity Code |
|
|
Principal Activity Description |
|
|
Contact Telephone Number |
+95 1 653239 |
Main
Address
|
||
|
Address |
Country |
Telephone |
|
Room No. 301, Maha Land, No. 56, Kabar Aye Pagoda Road Yankin Township, Yangon |
MYANMAR |
+95 1 653239 |
Other
Address
|
|
No other addresses for this company. |
Previous
Address
|
|
No previous addresses for this company. |
Activities
|
|
Activity Code Activity Description |
|
0910 Support activities for petroleum and natural gas extraction |
Email
Addresses
|
|
No email for this company. |
Web
Pages
|
Employee
Information
|
|
Date Reported Number of Employees |
|
2018 Unknown |
Banker
Information
|
||
|
Banker Name |
Banker Address |
Phone Number |
|
Posco Daewoo Corporation |
|
South Korea |
Advisors
Information
|
|
No advisor information for this company. |
Miscellaneous
Information
|
|
|
Fax Number |
+95 1 651638 |
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Export Countries |
|
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Import Countries |
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Additional Business Information |
The subject is engaged in the production of offshore
gas in SHWE gas field situated in the coast of Rakhine State, Union of
Myanmar. |
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Additional Rating Information |
In advancing credit it is advised that a bank
guarantee be obtained. |
|
Additional Payment Information |
No payment history is available. |
|
Additional Financial Information |
Financial Statements were prepared as at 31.12.16,
31.12.15 and 31.12.14. Private companies are not required to publish or
disclose balance sheets. Balance sheets are not available from other sources. |
|
Number of Employees at Address |
unknown |
|
Number of Employees at Group |
|
|
Number of Employees at Factory |
|
Additional
Miscellaneous Information
|
|
|
Comments about your request |
Please find the company's complete name and address
in this report. |
|
Line of Business |
Quarrying and raw material processing |
|
Industry Division |
Manufacturing |
|
Responsible Register |
Directorate of Investment and Company
Administration. |
|
Remarks |
Duration: The official registry of the company
expired in June 17, 2002. Please note that if the registry is expired it does
not affect the normal operations of the companies in Myanmar. |
|
Sanctions List |
We did not find the company included on the various
international sanctions lists, such as the OFAC (Office of Foreign Assets
Control), the BIS (Bureau of Industry and Security), the European Union
Restrictive measures (sanctions) list, the Export Control Organisation (ECO)
of the UK, the Australian Department of Foreign Affairs and Trade. |
|
Operations and Branches |
At the address, Room No. 301, Maha Land,
No. 56, Kabar
Aye Pagoda Road,
Yankin Township, Yangon, we find the subject's head
office. |
|
Company's Background |
2004 - Found Shwe gas field in block A-1;
2005 - Found additional Shwe Phyu gas field in block A-1. |
|
Notes & Comments |
We suggest you seek guarantees from the parent
company when dealing with subject matter. "COENS wins contract with
POSCO-Daewoo in Myanmar COENS is pleased to announce that we have been
awarded a contract by Posco Daewoo Corporation in Myanmar. The contract
entails the provision of technical services for the Operation and Maintenance
of the SHWE project offshore Myanmar. The contract is expected to last for
the duration of three years. The detailed scope of services that COENS will
cover includes the provision of Manpower, technical support and global
mobility services. COENS has previously been an active services provider for
the SHWE project during the construction and fabrication phase in South Korea and during the
operation and maintenance phase in Myanmar. Mr. Y C Kim, CEO, COENS, said: “The award of this contract comes as an
assurance of the commitment and level of excellence that COENS has put in
delivering to the SHWE project in the past. We deeply value our involvement inthis project, and
through our services we will continue to contribute to this Project”."
In COENS news - November 28, 2016 "POSCO DAEWOO exports school buses to Myanmar
in Korea’s first G2G deal. Company to export 200 school buses in the first
G2G deal between Korea and Myanmar. 50 buses shipped in the first batch of
the contracted vehicles. POSCO DAEWOO sees big potential in G2G business. POSCO DAEWOO will export 200 school buses
to Myanmar in a deal signed between
the Korea Trade-Investment
Promotion Agency (KOTRA) and the government of Myanmar's Yangon region. Fifty
buses have been shipped in the first batch of the contracted vehicles. It was
the first Government-to- Government (G2G)
contract between South Korea and
Myanmar. POSCO DAEWOO inked a trilateral deal with KOTRA and the
government of the Yangon region on May 10, under which Hyundai Motor will
produce 200, 28-seat "New County" school buses. The delivery of the 200 buses will be completed by June. They will
be used to ferry students attending public schools in Yangon with
a local company, Yangon Bus Public, responsible for the operation. This deal is
considered as a model case of G2G business that has taken advantage of POSCO
DAEWOO's global marketing network, Hyundai Motor's proven product quality and
economic diplomacy between two countries. "The deal could be done by
POSCO DAEWOO's ability in dealing with G2G business, which had already been
proven by the export of intelligent patrol cars to Peru," POSCO DAEWOO
CEO Kim Young-Sang said. "Along with
the export of school buses,
we will try to expand
the G2G business partnership with other
countries including the Myanmar government." POSCO DAEWOO exported 800 intelligent patrol cars to Peru's
interior ministry in 2013 and 2,108 cars in September, 2016." In Public
Now - May 24, 2017. |
|
Financial Year |
2016-12 |
2015-12 |
2014-12 |
|
Number of Weeks |
52 |
52 |
52 |
|
Currency |
KRW |
KRW |
KRW |
|
Consolidated Accounts |
Yes |
Yes |
Yes |
Profit
and Loss
|
|||
|
Revenue |
16.513.120.000.000 |
17.555.816.000.000 |
20.407.753.000.000 |
|
Operating Costs |
16.339.489.000.000 |
17.285.586.000.000 |
20.031.686.000.000 |
|
Operating Profit |
173.631.000.000 |
270.230.000.000 |
376.067.000.000 |
|
Wages & Salaries |
- |
- |
- |
|
Pension Costs |
- |
- |
- |
|
Depreciation |
- |
- |
- |
|
Amortisation |
- |
- |
- |
|
Financial Income |
1.144.593.000.000 |
1.391.321.000.000 |
43.499.000.000 |
|
Financial Expenses |
1.143.590.000.000 |
1.528.011.000.000 |
132.409.000.000 |
|
Extraordinary Income |
- |
- |
- |
|
Extraordinary Costs |
- |
- |
-8.140.000.000 |
|
Profit before Tax |
174.634.000.000 |
133.540.000.000 |
295.297.000.000 |
|
Tax |
52.421.000.000 |
24.963.000.000 |
110.771.000.000 |
|
Profit after Tax |
122.213.000.000 |
108.577.000.000 |
184.526.000.000 |
|
Dividends |
- |
- |
- |
|
Minority Interests |
10.959.000.000 |
-20.362.000.000 |
- |
|
Other Appropriations |
- |
- |
- |
|
Retained Profit |
111.254.000.000 |
128.939.000.000 |
184.526.000.000 |
Balance
Sheet
|
|||
|
Land & Buildings |
0 |
0 |
0 |
|
Plant & Machinery |
0 |
0 |
0 |
|
Other Tangible Assets |
666.087.000.000 |
625.613.000.000 |
0 |
|
Total Tangible Assets |
666.087.000.000 |
625.613.000.000 |
582.513.000.000 |
|
Goodwill |
0 |
0 |
0 |
|
Other Intangible Assets |
0 |
0 |
0 |
|
Total Intangible Assets |
1.662.856.000.000 |
1.744.627.000.000 |
1.728.059.000.000 |
|
Investments |
0 |
0 |
0 |
|
Loans to Group |
0 |
0 |
0 |
|
Other Loans |
0 |
0 |
0 |
|
Miscellaneous Fixed Assets |
1.278.866.000.000 |
1.326.733.000.000 |
1.378.345.000.000 |
|
Total Other Fixed Assets |
1.278.866.000.000 |
1.326.733.000.000 |
1.378.345.000.000 |
|
Total Fixed Assets |
0 |
0 |
0 |
|
Raw Materials |
0 |
0 |
0 |
|
Work in Progress |
0 |
0 |
0 |
|
Finished Goods |
0 |
0 |
0 |
|
Other Inventories |
0 |
0 |
0 |
|
Total Inventories |
766.575.000.000 |
770.544.000.000 |
1.037.055.000.000 |
|
Trade Receivables |
3.483.692.000.000 |
3.156.257.000.000 |
4.050.197.000.000 |
|
Group Receivables |
0 |
0 |
0 |
|
Receivables Due after 1 year |
0 |
0 |
0 |
|
Miscellaneous Receivables |
256.997.000.000 |
194.871.000.000 |
0 |
|
Total Receivables |
3.740.689.000.000 |
3.351.128.000.000 |
4.050.197.000.000 |
|
Cash |
173.709.000.000 |
224.658.000.000 |
250.455.000.000 |
|
Other Current Assets |
0 |
0 |
0 |
|
Total Current Assets |
4.680.973.000.000 |
4.346.330.000.000 |
5.651.951.000.000 |
|
Total Assets |
8.288.782.000.000 |
8.043.303.000.000 |
9.340.867.000.000 |
|
Trade Payables |
1.614.551.000.000 |
1.017.445.000.000 |
1.382.376.000.000 |
|
Bank Liabilities |
0 |
0 |
0 |
|
Other Loans or Finance |
2.173.756.000.000 |
2.446.921.000.000 |
3.600.311.000.000 |
|
Group Payables |
0 |
0 |
0 |
|
Miscellaneous Liabilities |
1.032.754.000.000 |
908.082.000.000 |
0 |
|
Total Current Liabilities |
4.304.684.000.000 |
3.918.407.000.000 |
5.436.559.000.000 |
|
Trade Payables After 1 Year |
0 |
0 |
0 |
|
Bank Liabilities After 1 Year |
0 |
0 |
0 |
|
Other Loans or Finance due after 1 year |
1.351.721.000.000 |
1.591.374.000.000 |
1.431.634.000.000 |
|
Group Payables After 1 Year |
0 |
0 |
0 |
|
Miscellaneous Liabilities Due After 1 Year |
128.725.000.000 |
112.333.000.000 |
171.798.000.000 |
|
Total Long Term Liabilities |
1.480.446.000.000 |
1.703.707.000.000 |
1.603.432.000.000 |
|
Total Liabilities |
5.785.130.000.000 |
5.622.114.000.000 |
6.962.386.000.000 |
|
Called Up Share Capital |
569.381.000.000 |
569.381.000.000 |
569.382.000.000 |
|
Share Premium |
0 |
0 |
0 |
|
Revenue Reserves |
0 |
0 |
0 |
|
Other Reserves |
1.934.271.000.000 |
1.851.808.000.000 |
1.809.099.000.000 |
|
Total Shareholders Equity |
2.503.652.000.000 |
2.421.189.000.000 |
2.378.481.000.000 |
Other
Financials
|
|||
|
Contingent Liabilities |
|||
|
Working Capital |
376.289.000.000 |
427.923.000.000 |
215.392.000.000 |
|
Net Worth |
840.796.000.000 |
676.562.000.000 |
650.422.000.000 |
Ratios
|
|||
|
Pre Tax Profit Margin |
1.06 |
0.76 |
1.45 |
|
Return On Capital Employed |
4.38 |
3.24 |
7.42 |
|
Return On Total Assets Employed |
2.11 |
1.66 |
3.16 |
|
Return On Net Assets Employed |
6.98 |
5.52 |
12.42 |
|
Sales / Net Working Capital |
43.88 |
41.03 |
94.75 |
|
Stock Turnover Ratio |
4.64 |
4.39 |
5.08 |
|
Debtor Days |
77 |
65.62 |
72.44 |
|
Creditor Days |
35.69 |
21.15 |
24.72 |
|
Current Ratio |
1.09 |
1.11 |
1.04 |
|
Liquidity Ratio Or Acid Test |
0.91 |
0.91 |
0.85 |
|
Current Debt Ratio |
1.72 |
1.62 |
2.29 |
|
Gearing |
|||
|
Equity In Percentage |
37.79 |
38.44 |
31.24 |
|
Total Debt Ratio |
2.31 |
2.32 |
2.93 |
Additional
Financials
|
|
Gross Profit |
Current
Directors
|
||
|
Name |
Gender |
Position |
|
Yang, Su Yeong |
Unknown |
Key Account Manager |
Previous
Directors
|
|
No previous directors for this company. |
Share
Capital Structure
|
|
Nominal Share Capital |
|
Issued Share Capital |
Shareholders
|
|
|
Shareholder |
Address |
|
Posco Daewoo Corporation |
South Korea/KR |
Group
Structure
|
|
No group structure information for this company |
Negative
Information
|
|
Public records information: No legal actions
determined. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.90 |
|
|
1 |
INR 90.31 |
|
Euro |
1 |
INR 80.17 |
|
MMK |
1 |
INR 0.048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.