|
|
|
MIRA INFORM REPORT
|
Report No. : |
488603 |
|
Report Date : |
27.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
POSCO MAHARASHTRA STEEL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1st Floor, Head Office, Plot No. C-1, Vile Bhagad Industrial Area, Mangaon – 402308, Maharashtra |
|
Tel. No.: |
91-2140-661000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
12.03.2009 |
|
|
|
|
Com. Reg. No.: |
11-190873 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR
27006.415 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH2009PTC190873 |
|
|
|
|
IEC No.: |
0309054893 |
|
|
|
|
GSTIN/UIN: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEP13810G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECP9885H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in manufacturing of cold rolled and galvanized steel. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Information denied by the management |
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 |
|
Maximum Credit Limit : |
USD 30300000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
POSCO Maharashtra Steel Private Limited operates as subsidiary of
POSCO Company Limited, South Korea. The company was incorporated in 2009 and
is based in Mumbai, Maharashtra. It is an established company having
satisfactory track record. POSCO is a multinational steel-making company. It has been considered
the world’s largest steel manufacturing company. As per Registrar of Companies the date of balance sheet (i.e.
financial filed) is shown as 31.03.2017 but the documents related to the financial
for the year 2017 are not available from any sources. As per available financials of 2016, the company has registered huge
accumulated losses which seems to be increasing during the year under a
review. However, capital base of the company is strong. The company also
receives good financial and managerial support from its strong group. It is also to be noted that “POSCO” has been ranked 208th
with Global Fortune 500 companies. Trade relations are reported as fair. Business is active. Payment terms
are reported as slow but correct. In view of strong holding support and “POSCO” established name in
steel manufacturing, 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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating= AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
31.07.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 27.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management Non-Cooperative (91-2140-661000)
LOCATIONS
|
Registered Office/ Factory : |
1st Floor, Head Office, Plot No. C-1 Vile Bhagad
Industrial Area, Mangaon – 402308, Maharashtra, India |
|
Tel. No.: |
91-2140-661000 / 1147 |
|
Mob. No.: |
91-9960754911 [Mr. Dadasaheb] |
|
Fax No.: |
91-2140-661198 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Marketing Office : |
706, World Trade Center - 1, Opposite Eon Free Zone, MIDC Knowledge Park, Kharadi, Pune – 411014, Maharashtra, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Gil Ho Bang |
||||||||
|
Designation : |
Managing Director |
||||||||
|
Address : |
Tower - 5, Apartment No. 14B, Central Park - II, Sohna Road, Gurugram – 122002, Haryana, India |
||||||||
|
Date of Birth/Age : |
13.07.1961 |
||||||||
|
Qualification : |
Graduate |
||||||||
|
Date of Appointment : |
11.02.2016 |
||||||||
|
PAN No.: |
AKCPB1912A |
||||||||
|
DIN No.: |
01657492 |
||||||||
|
Other Directorship:
|
|||||||||
|
|
|
||||||||
|
Name : |
AHN Gooyoung |
||||||||
|
Designation : |
Whole-time Director |
||||||||
|
Address : |
Flat No.502, 5th Floor, Building B, Water Edge Society, Vishal Nagar, Pimple Nilakh Pune 411027, Maharashtra, India |
||||||||
|
Date of Birth/Age : |
17.11.1967 |
||||||||
|
Date of Appointment : |
30.09.2017 |
||||||||
|
DIN No.: |
03505516 |
||||||||
|
|
|
||||||||
|
Name : |
Guy Sam Hwang |
||||||||
|
Designation : |
Additional Director |
||||||||
|
Address : |
Plot No. C-1, Vile Bhagad MIDC Industrial Area Tal Mangaon, Raigad 402308, Maharashtra, India |
||||||||
|
Date of Birth/Age : |
10.09.1964 |
||||||||
|
Date of Appointment : |
30.09.2017 |
||||||||
|
DIN No.: |
07669694 |
||||||||
|
|
|
||||||||
|
Name : |
Yang Su Yun |
||||||||
|
Designation : |
Additional Director |
||||||||
|
Address : |
Sangrok Tower 1602, 570 Gwangjang-dong Gwangjin-gu, Seoul NA KR, South Korea |
||||||||
|
Date of Birth/Age : |
11.12.1963 |
||||||||
|
Date of Appointment : |
30.09.2017 |
||||||||
|
DIN No.: |
07729868 |
||||||||
|
|
|
||||||||
|
Name : |
Keun Hak Lee |
||||||||
|
Designation : |
Additional Director |
||||||||
|
Address : |
C -4, 2nd Floor, Rear Portion Green Park Extension, New Delhi – 110016, India |
||||||||
|
Date of Birth/Age : |
15.02.1965 |
||||||||
|
Date of Appointment : |
30.09.2017 |
||||||||
|
DIN No.: |
06746796 |
||||||||
KEY EXECUTIVES
|
Name : |
Mrs. Shital Nikhil Bachute |
|
Designation : |
Company Secretary |
|
Address : |
Building F, Flat 208, Vardhman Township, Sasane Nagar, Hadapsar, Pune 411028, Maharashtra, India |
|
Date of Appointment : |
30.09.2015 |
|
PAN No.: |
BKCPP9629M |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
POSCO, Korea |
|
361789958 |
|
Si Woo Lee |
|
1 |
|
|
|
|
|
Total |
|
361789959 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.09.2017
|
Category |
Percentage |
|
Promoters [Bodies
corporate] |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of cold rolled and galvanized steel. [Registered Activity] |
||||
|
|
|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
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|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
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|
|
||||||||||||||||||||||
|
No. of Employees : |
Information denied by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
S R B C and Company LLP Chartered Accountants |
|
Address : |
C-401, Fourth Floor, Panchshil Tech Park, Yerwada, Pune – 411006, Maharashtra, India |
|
PAN No.: |
ACHFS9117R |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company : |
· POSCO Co. Limited, Korea |
|
|
|
|
Fellow Subsidiary
company: |
· POSCO-India Steel Distribution Center Private Limited [U51909PN2009PTC133416] · POSCO- India Pune Processing Center Private Limited [U27107PN2005PTC021580] · POSCO Thailand Coated Steel Company Limited · POSCO South Asia Co. Limited · POSCO Japan Co. Limited · POSCO Investment Co. Limited · POSCO India Delhi Steel Processing Centre Private Limited [U27310HR2007PTC041978] · POSCO India Chennai Steel Processing Centre Private Limited [U27100HR2009PTC066154] · POSCO India Ahmedabad Steel Processing Center Private Limited [U74140HR2015FTC066111] · POSCO ICT Co. Limited · POSCO Group University · POSCO Engineering and Construction India Private Limited [U45200HR2007PTC036688] · POSCO Engineering & Construction Co. Limited · POSCO Electrical Steel India Private Limited [U27310MH2011FTC216653] · POSCO Daewoo India Private Limited [U74140DL2010PTC210552] · POS-Hyundai Steel Manufacturing India Private Limited [U28999TN1997PTC038990] |
CAPITAL STRUCTURE
AS ON 29.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
411000864 |
Equity Shares |
INR 100/- each |
INR 4110.009 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
361789959 |
Equity Shares |
INR 100/- each |
INR 3617.900
Million |
|
|
|
|
|
AS ON 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
325000000 |
Equity Shares |
INR 100/- each |
INR 32500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
270064152 |
Equity Shares |
INR 100/- each |
INR
27006.415 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
27006.415 |
22354.871 |
15007.607 |
|
(b) Reserves & Surplus |
(16404.782) |
(12830.170) |
(6131.791) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
3682.399 |
|
Total Shareholders’
Funds (1) + (2) |
10601.633 |
9524.701 |
12558.215 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
22490.838 |
28307.447 |
31442.352 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
14.776 |
11.538 |
16.313 |
|
Total
Non-current Liabilities (3) |
22505.614 |
28318.985 |
31458.665 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
18718.483 |
15579.475 |
8489.723 |
|
(b)
Trade payables |
11822.547 |
16232.165 |
4156.073 |
|
(c)
Other current liabilities |
8295.590 |
5749.711 |
3555.274 |
|
(d)
Short-term provisions |
11.276 |
6.232 |
3.451 |
|
Total
Current Liabilities (4) |
38847.896 |
37567.583 |
16204.521 |
|
|
|
|
|
|
TOTAL |
71955.143 |
75411.269 |
60221.401 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
44345.088 |
47204.204 |
10862.822 |
|
(ii)
Intangible Assets |
62.239 |
71.670 |
92.809 |
|
(iii)
Capital work-in-progress |
37.460 |
185.047 |
34493.654 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
243.216 |
175.280 |
811.588 |
|
(e)
Other Non-current assets |
290.609 |
145.165 |
0.000 |
|
Total
Non-Current Assets |
44978.612 |
47781.366 |
46260.873 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
12725.402 |
14222.604 |
4785.310 |
|
(c)
Trade receivables |
6417.139 |
6848.035 |
3445.867 |
|
(d)
Cash and cash equivalents |
408.388 |
1440.705 |
3069.443 |
|
(e)
Short-term loans and advances |
4867.926 |
3696.669 |
1963.971 |
|
(f)
Other current assets |
2557.676 |
1421.890 |
695.937 |
|
Total
Current Assets |
26976.531 |
27629.903 |
13960.528 |
|
|
|
|
|
|
TOTAL |
71955.143 |
75411.269 |
60221.401 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
37953.076 |
25263.261 |
13156.535 |
|
|
|
Other Income |
1551.907 |
1192.285 |
464.180 |
|
|
|
TOTAL |
39504.983 |
26455.546 |
13620.715 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
28868.273 |
27692.378 |
11374.342 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
1628.817 |
(3758.590) |
362.394 |
|
|
|
Employees benefits expense |
642.373 |
607.807 |
378.454 |
|
|
|
Other expenses |
4352.727 |
3373.210 |
3505.259 |
|
|
|
TOTAL |
35492.190 |
27914.805 |
15620.449 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4012.793 |
(1459.259) |
(1999.734) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
4456.877 |
3091.343 |
849.161 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(444.084) |
(4550.602) |
(2848.895) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
3130.528 |
2147.777 |
593.482 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
(3574.612) |
(6698.379) |
(3442.377) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
5.182 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(3574.612) |
(6698.379) |
(3447.559) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings [FOB basis] |
1927.023 |
1881.094 |
NA |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
23737.996 |
29910.885 |
NA |
|
|
|
Capital Goods |
126.005 |
999.530 |
NA |
|
|
TOTAL IMPORTS |
23864.001 |
30910.415 |
NA
|
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
(14.86) |
(35.44) |
(26.18) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
7509.018 |
4438.120 |
1718.854 |
|
Net Cash flow from (used in) Operations |
124.695 |
(3323.806) |
(2281.968) |
|
Net cash flows from (used in) operating activities |
119.459 |
(3341.423) |
(16735.495) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
61.71 |
98.94 |
95.60 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.91 |
3.69 |
3.82 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
149.48 |
213.95 |
133.37 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.32 |
(0.10) |
(0.42) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.09 |
(0.03) |
(0.04) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.96 |
0.93 |
0.82 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
4.60 |
5.07 |
3.32 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
3.66 |
3.94 |
1.29 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
4.19 |
4.98 |
3.62 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.90 |
(0.47) |
(2.35) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(9.42) |
(26.51) |
(26.16) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(4.97) |
(8.88) |
(5.72) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(33.72) |
(70.33) |
(27.41) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.69 |
0.74 |
0.86 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.37 |
0.36 |
0.57 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.15 |
0.13 |
0.21 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.80 |
2.16 |
2.78 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.69 |
0.74 |
0.86 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
15007.607 |
22354.871 |
27006.415 |
|
Reserves & Surplus |
(6131.791) |
(12830.170) |
(16404.782) |
|
Share Application money pending allotment |
3682.399 |
0.000 |
0.000 |
|
Net
worth |
12558.215 |
9524.701 |
10601.633 |
|
|
|
|
|
|
Long-term borrowings |
31442.352 |
28307.447 |
22490.838 |
|
Short term borrowings |
8489.723 |
15579.475 |
18718.483 |
|
Current maturities of long-term debts |
1718.854 |
4438.120 |
7509.018 |
|
Total
borrowings |
41650.929 |
48325.042 |
48718.339 |
|
Debt/Equity ratio |
3.317 |
5.074 |
4.595 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
13156.535 |
25263.261 |
37953.076 |
|
|
|
92.021 |
50.230 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
13156.535 |
25263.261 |
37953.076 |
|
Profit/ (Loss) |
(3447.559) |
(6698.379) |
(3574.612) |
|
|
(26.20%) |
(26.51%) |
(9.42%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered Office
of the company has been shifted from 1st Floor Head Office, Plot No. C-1 Vile
Bhagad Industrial Area, Mangaon, Raigarh – 412107, Maharashtra, India to the
present address w.e.f. 05.12.2011
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
UNSECURED LOANS
|
PARTICULARS |
31.03.2016 INR
In Million |
31.03.2015 INR
In Million |
|
SHORT TERM BORROWINGS |
|
|
|
Term loans from banks |
220.938 |
0.000 |
|
Other loans and advances |
18497.545 |
15579.475 |
|
|
|
|
|
Total |
18718.483 |
15579.475 |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and equipment
·
Factory equipments
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Office equipment
·
Computer equipments
·
Computer software
PRESS RELEASES
ODISHA CANCELS LAND ALLOTMENT
TO POSCO PROJECT
APRIL 29, 2017
BHUBANESWAR: The Odisha government today formally announced that it has cancelled the land allotted to South Korean steel major Posco for setting up a mega steel facility near Paradip.
"The state-owned Industrial Infrastructure Development Corporation (IDCO)
has informed Posco-India in a letter that the land allotted to it has been
cancelled as the land was not utilised even three years after the
allotment," Industries Minister Debi Prasad Mishra told reporters.
The minister said that Posco had also defaulted on land dues worth INR 540.000
Million for which IDCO held back transfer of balance land to the company.
Earlier, Posco had informed IDCO in a letter about its failure to start work on the proposed 12-mtpa steel plant project near Paradip and requested the Odisha government to take back the acquired land.
The development came a day after JSW chief Sajan Jindal met Odisha Chief
Secretary A P Padhi and said that Posco's site could be a location for his company
to set up a 10 mtpa greenfield steel mill.
In a letter to Posco India, IDCO said about its decision to cancel allotment of 1,880 acres of land handed over to the company for the steel project.
The state government had acquired 578 acres of non-forest land and 1,301 acres of forest land at Kujang and Erasama tehsil in Jagatsinghpur district for the purpose of setting up Posco project at an investment of INR 520000.000 Million.
Mishra said that the state industries department had
acquired 2,700 acres of land for the Posco project. Out of which, 1,800 acre
was handed over to the company while the remaining land was in the possession
of the state government.
On June 22, 2005, Posco India had signed an MoU with the Odisha government to
set up a 12 mtpa steel plant at an investment of INR 520000.000 Milnear
Paradip. Though the tenure of the MoU ended in 2010, it was renewed.
ESSAR STEEL, POSCO
SIGN PACT FOR SUPPLY OF FLAT STEEL PRODUCTS
MAY 04, 2017
NEW DELHI: Essar SteelBSE 0.41 % today said that it has entered into a strategic pact with Posco for supply of 1.1 million tonne flat steel products during the ongoing fiscal.
"Essar Steel has signed a strategic long-term MoU with Posco for supply 1.1 million tonne of flat steel products during the current financial year," the company said in a statement.
This is second year in a row that Essar Steel has signed such a contract. The contracted volume this year is higher by 30 per cent compared to last year.
The pact is in line with Essar Steel's strategy to lock-in a certain portion of
its production through long-term arrangements.
In addition to Posco, Essar Steel has MoUs with customers from auto, infrastructure sector and has overseas customers as well. Further, almost two million tonnes of flat products is used by Essar Steel in its downstream units thereby limiting its products' availability in spot market.
Steel industry sources say, the quality of Essar Steel products is consistent and compares well with international products and hence many buyers prefer to have a long-term arrangements.
Their products also command premium in the market.
Commenting on the MoU, Essar Steel CEO and MD Dilip Oommen said, "Essar
Steel's MoU with international player Posco revalidates our commitment to the
'perfect partnership'. The long-term arrangement helps us in better working
capital management and manage finished goods inventory."
"Long-term arrangements reflects the confidence of our customers in the
quality, reliability and service of our products," Oommen said.
Essar Steel has been ramping up production over the last two years. Last year, its production was up by 47 per cent at 5.6 million tonnes and its current year target is seven million tonnes.
POSCO CEO SAYS STEEL
"PROTECTIONISM" BY US, OTHERS TO HURT EXPORTS: MEDIA
JUNE 24, 2016
SEOUL: Chief executive of POSCO, South Korea's top steelmaker, said "protectionism" by the United States and other countries could have an adverse impact on the company's exports, media reports showed on Friday.
The comments came after the United States slapped a series of anti-dumping
duties on major steel-producing countries like China and South Korea. China's
Commerce Ministry said on Thursday it was deeply concerned about protectionism
in the US steel sector and urged the United States to strictly abide by World
Trade Organization rule.
"The emerging new trend is that some advanced countries are leaning towards protectionism, as the global economy is deteriorating," POSCO CEO Kwon Oh-joon was quoted as saying in a recent letter to employees, the reports showed.
"Should trade regulations spread to POSCO's major markets such as Southeast Asia, our exports will suffer a major setback," he said in the letter.
A POSCO spokesman declined to comment.
He also said steel imports into South Korea as a result of a global steel glut
poses another threat to POSCO.
South Korea is the top market for Chinese steel, with exports reaching 12.98 million tonnes in 2014 and 13.5 million tonnes in 2015, based on data compiled by UK consultancy MEPS.
INDIA URGES POSCO TO
USE LOCAL RAW MATERIAL FOR AUTO STEEL PLANT
MAY 12, 2016
May 12 New Delhi urged South Korean steelmaker POSCO last month to buy local raw material for its automotive steel plant in western India, two government sources said, trying to cut imports and boost domestic production of high-value steel.
The steel ministry's request to POSCO came amid other efforts to safeguard local mills, including import taxes on steel products and a floor price on overseas purchases. New Delhi also initiated probes into the possible dumping of cheap steel into India by China, Japan and South Korea.
POSCO primarily produces high-tensile auto grade steel from its facility in Maharashtra state and has been importing most of the raw material - hot-rolled (HR) coils - from Korea, helped by a free trade agreement between New Delhi and Seoul.
But POSCO's costs rose after India imposed a "safeguard" import duty of up to 20 percent starting September last year.
POSCO told the steel ministry, according to a government draft agenda for a meeting on the issue that was seen by Reuters, that the raw material for their plant was not available in India and needed to be given an exemption from the taxes.
The steel ministry in an April meeting requested POSCO to use HR coils produced by Indian steel companies JSW Steel , Essar Steel and Tata Steel, two steel ministry officials said. The meeting was attended by executives of all of the companies.
Buying the raw material locally would keep POSCO out of the anti-dumping net and also help them secure raw material faster, one of the government sources said.
POSCO India could not be reached for immediate comment and a spokesman in Seoul said the company was already using Indian HR coils as part of efforts to diversify sourcing. He also denied that India's steel ministry had made any such request.
Indian steelmakers say their mills have the technology to produce the raw material POSCO needs and that they are willing to work with the Korean company to meet their requirements.
"It makes tremendous sense for a cold-roller or a downstream processing unit to have material close to domestic so that they can service the orders better, because of the better lead time," said Jayant Acharya, commercial and marketing director at JSW Steel. (Reporting by Sankalp Phartiyal; Additional reporting by Hyunjoo Jin in SEOUL; Editing by Tom Hogue)
POSCO SAYS CHINA
STEEL PRICES TO STEADY; CAUTIOUS ON OVERSUPPLY
APR 21, 2016
SEOUL: South Korea's POSCO, the world's No.5 steelmaker, said China's steel prices were unlikely to extend their gains after a recent sharp rally, and cautioned that rising output in a world market flush with supplies could dampen any recovery.
Steel prices in China have soared 60 percent so far in 2016, given a pick-up in
seasonal demand after the Lunar New Year break and the shutdown of some plants
in 2015 when prices plunged for a sixth year. But the rally is now prompting more
output to come online in the top producing nation, leading to worries over the
sustainability of the price trend.
At a conference call after POSCO reported a smaller-than-expected drop in its
first-quarter operating profit, executive vice president, Son Chang-hwan, said:
"Prices are unlikely to extend gains, but are expected to remain at the
current levels should demand hold up and supply is well-controlled."
Currently there is a massive supply glut in the global steel market due
to soaring cheap shipments from China as well from other countries, such as
Japan and South Korea.
Recently, India's Tata Steel put its British operations up for sale, blaming
the move that leaves thousands of jobs at
risk on the flood of cheap Chinese supplies.
The United States and European
Union have called for action to address this crippling
overcapacity, after China and other major steel producers failed to agree on
measures to tackle the industry crisis earlier in the week.
"Although China steel prices are rising, the market is in substantial oversupply. If output continues to rise, the market would deteriorate eventually," POSCO's Son said on Thursday.
As of now, however, POSCO is reaping the benefits of a
"faster-than-expected" recovery in steel prices.
POSCO's first-quarter operating profit fell 10 percent to
659.8 billion won ($581.89 million) from a year ago, beating a consensus
forecast for a drop to 611 billion won from 14 analysts compiled by Thomson
Reuters I/B/E/S.
While revenue fell 18 percent to 12.46 trillion won in the quarter, net profit
grew 5 percent to 352.5 billion won.
POSCO may cut its dividend this year to invest in future
growth, senior executive vice president Choi Jeong-woo said.
POSCO, which has been selling some of its affiliates under
chairman Kwon Oh-joon amid the global steel sector crisis, said it expects to
improve its finances by about 4 trillion won this year by restructuring some of
its units and assets.
POSCO shares ended up 3.8 percent at 248,500 won each, the highest closing price in about 11 months, prior to its earnings announcement, versus the wider market's 0.8 percent rise. POSCO shares have rallied 50 percent this year, fuelled by China's steel price gains.
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 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
|
INR |
|
US Dollar |
1 |
INR 63.50 |
|
|
1 |
INR 90.92 |
|
Euro |
1 |
INR 79.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE FACTORS
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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.