MIRA
INFORM REPORT
|
Report Date : |
07.08.2010 |
IDENTIFICATION DETAILS
|
Correct Name : |
S-OIL CORPORATION |
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Registered Office : |
60, Yeoeuido-dong, Yeongdeungpo-gu, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
06.01.1976 |
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Com. Reg. No.: |
116-81-36743 |
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Legal Form : |
Listed Company |
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Line of Business : |
Gasoline, Kerosene, Light Oil, Lubricants, Asphalt, Petrochemicals,
LPG |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Exists |
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Basic
|
Company Name |
S-OIL
CORPORATION (Korean Company
Name : “에쓰-오일(주)”) |
|
Registered
Address |
60, Yeoeuido-dong, Yeongdeungpo-gu, |
|
Building |
45th |
|
Zip Code |
150-763 |
|
Tel |
+82-2-3772-5151 |
|
Fax |
+82-2-786-4030 |
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E-mail |
hlbjo@s-oil.com |
|
Website |
www.s-oil.com |
|
Trading Address |
45th Fl., Korea Life Insurance 63 Bldg.,
60, Yeoeuido-dong, Yeongdeungpo-gu, Seoul, Korea (Yeouido Post Office Box
758) |
|
Tel |
+82-2-3772-5151 |
|
Fax |
+82-2-786-4030 |
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Other Address-Onsan Factory |
360, Sanam-ri, Onsan-eup, Ulju-gun, |
|
Tel |
+82-52-231-2114 |
|
Fax |
+82-52-231-2048 |
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Type |
Export/Import |
|
Industry |
Petroleum Refineries |
|
Main Business |
Gasoline, Kerosene, Light Oil, Lubricants,
Asphalt, Petrochemicals, LPG |
|
Established
(mm/dd/yyyy) |
01/06/1976 |
The Subject owns
the premises of Onsan Factory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Gasoline or Petrol(15101506) |
|
Sell |
Lubricating preparations(15121500) |
|
Sell |
Diesel fuel(15101505) |
|
Sell |
Aromatic or heterocyclic compounds(12352005) |
|
Sell |
Kerosene(15101502) |
|
Sell |
Engine oil(15121501) |
|
Sell |
Chemistry reagents or solutions(41116105) |
CEO’s
|
Name |
A. A. Al Subaey |
|
Address |
|
|
Date of Birth |
12/08/1961 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital |
291,511,797,500 KRW |
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Employees |
2,473 |
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Formation |
Listed Company ( A Company of S-OIL CORPORATION Foreign Direct Investment Corporation |
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Bank Details |
Woori Bank-East Yoido Branch Hana Bank-Gangseo Branch Shinhan Bank-Yoido |
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Corporate Registered No. |
110111-0189955 |
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Business Registered No. |
116-81-36743 |
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Permit & Licenses |
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Shareholder Position |
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Company History |
01/1976 Korea-Iran Petroleum Co., Ltd. was established
as a joint venture between Ssangyong Cement Industrial Co., Ltd. and NIOC to
secure stable supply of crude oil after the first oil crisis in the early
1970s 05/1980 Began operation of the first
atmospheric distillation unit (90,000 B/D) 06/1980 Company name changed to Ssangyong
Oil Refining Co., Ltd. as Ssangyong Cement Industrial Co., Ltd. took over
NIOC's share in the Company 01/1981 Began operation of high-class lube
base oil plant 05/1985 Began commercial operation of a
gasoline manufacturing plant 05/1987 Launched initial public offering on
the Korea Exchange 07/1989 Accomplished vertical integration
in the lube oil sector with the production and supply of Dragon-branded automotive
engine oil, utilizing high-quality lube base oil of international
competitiveness 01/1991 Began operation of the second
atmospheric distillation unit (240,000B/D) 04/1991 Entered into a petrochemical
downstream by beginning operation of BTX plant that produces high value-added
benzene, toluene and Xylene 05/1991 Concluded joint venture agreement
and crude-oil purchase agreement with AOC. AOC invested USD 400 million for
35% stake in company shares, enabling the Company to push its Bunker-C cracking
and desulfurizing complex projects 11/1991 Established R & D Center 01/1995 Began operation of the third
atmospheric distillation unit (250,000 B/D) 03/1996 Began operation of the 1st stage 04/1997 Began operation of the 2nd stage
Bunker-C Cracking Center Facilities : R2R (RFCC) 68,000 B/D, MHC (VGO HDS)
40,000 B/D. With the completion of the 1st and 2nd stage Bunker-C Cracking
Centers, the Company owned the nation's largest Bunker-C cracking plants -
the Bunker-C cracking plant (143,000 B/D) and the Bunker-C desulfurizing
plant (92,000 B/D) 12/1997 12/1999 Inaugurated stand-alone management
system. As part of Ssangyong Group’s restructuring program, the Company
bought back the equity held by Ssangyong Cement Industrial Co., Ltd., then
the second largest shareholder, as treasury shares 03/2000 Company name changed to S-Oil
Corporation 09/2000 Completed large-scale storage tanks
with a combined capacity of 9 million barrels 12/2001 Implemented 2-for-1 stock split 11/2002 Completed 2nd Hyvahl Complex (52,000
B/D) to produce high value low-sulfur fuel oils and light oils from low-value
high viscosity/highsulfur fuel oils 12/2002 Began production of Ultra-S (very
high VI Group III) lube base oils, with the completion of total
hydro-processing plants (hydrocracking, wax hydroisomerization and
hydrofinishing) 09/2003 Acquired ISO9001 (Quality
Management System) Certificate 07/2004 Launched S-Oil Bonus Card system 05/2005 Launched new-concept synthetic
engine oil “SSU” 01/2006 Launched premium gasoline “S-Gasoline
Premium” 06/2006 30th Anniversary of the Company 04/2007 Successfully concluded joint
venture agreement between AOC and Hanjin Energy, and re-established the
economic cooperation between an oil producing country and an oil consuming
country |
Management
|
Job
Description |
Title |
Name |
Nationality |
Date of
Birth |
Education/Career |
|
President & CEO |
Mr. |
A.A. Al-Subaey |
Saudi Arabian |
1961. 12. 08 |
Ex. President of Tokyo, Saudi Petroleum
Ltd. Ex. President & CEO of Saudi Petroleum
International, Inc. |
|
Director |
Mr. |
K.G. Al-Buainain |
Saudi Arabian |
1959. 01. 11 |
Saudi Aramco Senior Vice President |
|
Director |
Mr. |
B.A. Abul-Hamayel |
Saudi Arabian |
1964. 01. 16 |
Executives of
Saudi Aramco |
|
Director |
Mr. |
Cho Yang-Ho |
Korean |
1949. 03. 08 |
Inha University, Present Group Chairman of
Hanjin Group |
|
Director |
Mr. |
Jang Kyung-Hwan |
|
1950. 01. 22 |
Ex. President of KPMG Consulting, |
|
Outside Director |
Mr. |
|
Saudi Arabian |
1937. 09. 07 |
Ex. Saudi Aramco Senior Vice
President |
|
Outside Director |
Mr. |
A.M. Al-Seflan |
Saudi Arabian |
1941. 07. 25 |
Ex. Saudi Aramco Senior Vice President |
|
Outside Director |
Mr. |
A.O. Al-Ajaji |
Saudi Arabian |
1941. 07. 25 |
Ex. Saudi Aramco Vice President |
|
Outside Director |
Mr. |
Jung Moon-Soo |
Korean |
1949. 09. 21 |
Present Prof., of |
|
Outside Director |
Mr. |
Lee Kyu-Hwa |
Korean |
1958. 07. 29 |
Present Lawyer of Gwangjang Law Firm |
|
Outside Director |
Mr. |
Park Sang-Eon |
Korean |
1953. 04. 08 |
Present Prof., of |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net Income |
|
17,423,951,000,000 |
9,049,990,000,000 |
229,590,000,000 |
|
|
2008 |
23,000,290,510,213 |
7,655,788,692,167 |
446,214,250,304 |
|
2007 |
15,229,397,740,616 |
9,459,371,809,587 |
746,495,688,118 |
|
2006 |
14,565,353,496,739 |
6,663,938,543,924 |
758,563,379,017 |
|
2005 |
12,232,327,031,738 |
6,114,528,848,059 |
654,925,847,878 |
|
2004 |
10,688,705,170,836 |
5,545,661,724,236 |
941,103,632,216 |
Financial Description
|
|
Unit: KRW |
|
Authorized Capital |
600,000,000,000 |
|
Paid-Up Capital |
291,511,797,500 |
|
Total Issues Shares |
116,604,719 (Common:112,582,792,
Preferable:4,021,927) |
Balance Sheet
|
Unit : Korean Won |
As of
12/31/2009 |
As of
12/31/2008 |
As of
12/31/2007 |
|
Total Assets |
9,049,990,000,000 |
7,655,788,692,167 |
9,459,371,809,587 |
|
Current Assets |
5,798,471,000,000 |
5,629,452,388,808 |
7,598,518,665,633 |
|
-Quick Assets |
3,176,052,000,000 |
3,779,742,964,204 |
5,336,425,901,091 |
|
-Inventories |
2,622,419,000,000 |
1,849,709,424,604 |
2,262,092,764,542 |
|
Fixed Assets |
3,251,519,000,000 |
2,026,336,303,359 |
1,860,853,143,954 |
|
-Investment |
203,534,000,000 |
181,712,640,893 |
175,211,131,323 |
|
-Tangibles |
2,876,703,000,000 |
1,713,643,830,416 |
1,559,556,104,029 |
|
-Intangibles |
14,326,000,000 |
14,464,442,696 |
15,650,842,771 |
|
-Others |
156,956,000,000 |
116,515,389,354 |
110,435,065,831 |
|
Total Liabilities |
5,130,652,000,000 |
4,261,962,238,950 |
5,492,627,469,972 |
|
Current Liabilities |
4,565,699,000,000 |
4,206,178,417,163 |
5,426,035,280,653 |
|
Fixed Liabilities |
564,953,000,000 |
55,783,821,787 |
66,592,189,319 |
|
Capital Stock |
291,512,000,000 |
291,511,797,500 |
291,511,797,500 |
|
Capital Surplus |
1,799,248,000,000 |
1,799,248,470,952 |
1,799,248,470,952 |
|
Profit Surplus |
1,223,015,000,000 |
1,238,004,456,591 |
1,796,014,163,837 |
|
Capital Adjustment |
605,563,000,000 |
65,061,728,174 |
79,969,907,326 |
|
Total Equity |
3,919,338,000,000 |
3,393,826,453,217 |
3,966,744,339,615 |
|
Liab. & Shareholder’s Equity |
9,049,990,000,000 |
7,655,788,692,167 |
9,459,371,809,587 |
|
Current Liabilities |
4,565,699,000,000 |
4,206,178,417,163 |
5,426,035,280,653 |
|
Trade Payables |
1,085,046,000,000 |
723,303,486,889 |
2,209,320,308,117 |
|
Short-Term Borrowings |
2,370,124,000,000 |
2,267,118,902,233 |
1,292,121,284,149 |
|
Account Payables |
1,046,882,000,000 |
900,209,044,562 |
817,854,883,282 |
|
Advance Receipts |
38,376,000,000 |
44,791,164,865 |
23,038,849,406 |
|
Withholdings |
3,094,000,000 |
4,660,339,037 |
7,538,951,584 |
|
Accrued Expenses |
14,629,000,000 |
26,727,606,823 |
19,234,058,244 |
|
Accrued Income Tax |
306,000,000 |
- |
471,302,548,266 |
|
Accrued Dividends |
150,000,000 |
136,379,215 |
106,252,475 |
|
Current Portion of Long-Term Debts |
1,779,000,000 |
242,122,400,000 |
592,034,100,000 |
|
Derivatives |
570,000,000 |
5,136,315,996 |
- |
|
Deferred Income Tax Credit |
4,743,000,000 |
- |
9,568,141,926 |
|
Fixed Liabilities |
564,953,000,000 |
55,783,821,787 |
66,592,189,319 |
|
Debentures |
350,000,000,000 |
- |
- |
|
Long-Term Borrowings |
12,550,000,000 |
4,386,100,000 |
6,080,500,000 |
|
Long-Term Borrowings-Foreign Currency |
1,012,000,000 |
1,097,860,086 |
820,106,524 |
|
Provision for Severance & Retirement |
129,657,000,000 |
137,375,894,428 |
142,105,992,875 |
|
Leasehold Deposit Received |
18,870,000,000 |
18,277,956,000 |
17,132,545,000 |
|
Deferred Income Tax Credit |
152,955,000,000 |
252,674,997 |
11,974,413,063 |
Income Statement
|
Unit : Korean Won |
As of
12/31/2009 |
As of
12/31/2008 |
As of
12/31/2007 |
|
Sales |
17,423,951,000,000 |
23,000,290,510,213 |
15,229,397,740,616 |
|
Cost of Sold Goods |
16,719,500,000,000 |
21,171,160,322,198 |
13,760,831,365,493 |
|
Gross Profit |
704,451,000,000 |
1,829,130,188,015 |
1,468,566,375,123 |
|
Selling & Admin. Expenses |
413,279,000,000 |
432,790,674,448 |
384,158,667,499 |
|
Operating Income |
291,172,000,000 |
1,396,339,513,567 |
1,084,407,707,624 |
|
Non-Operating Income |
1,225,659,000,000 |
1,934,594,640,910 |
386,906,016,986 |
|
Non-Operating Expenses |
1,245,233,000,000 |
2,707,900,453,125 |
439,376,832,540 |
|
Ordinary Income |
271,598,000,000 |
623,033,701,352 |
1,031,936,892,070 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
271,598,000,000 |
623,033,701,352 |
1,031,936,892,070 |
|
Income Taxes Expenses |
42,008,000,000 |
176,819,451,048 |
285,441,203,952 |
|
Net Income |
229,590,000,000 |
446,214,250,304 |
746,495,688,118 |
Cash Flows
|
Unit :
Korean Won |
As of
12/31/2009 |
As of
12/31/2008 |
As of
12/31/2007 |
|
Cash Flows
from Operating |
(-)292,395,000,000 |
(-)368,751,332,947 |
518,071,574,557 |
|
-Net Income |
229,590,000,000 |
446,214,250,304 |
746,495,688,118 |
|
-Exp.
without Cash Outflow |
440,773,000,000 |
961,646,436,106 |
354,261,615,857 |
|
-Revenue
without Cash Inflows |
(-)364,012,000,000 |
(-)372,398,942,464 |
(-)68,157,861,800 |
|
-Changes in
Asset/ & Liability |
(-)598,746,000,000 |
(-)1,404,213,076,893 |
(-)514,527,867,618 |
|
Cash Flows
from Investing |
(-)800,863,000,000 |
2,183,259,991,571 |
(-)1,798,537,586,261 |
|
-Cash Inflow
from Investing |
70,701,000,000 |
2,616,316,361,296 |
49,347,833,427 |
|
-Cash
Outflows for Investing |
(-)871,564,000,000 |
(-)433,056,369,725 |
(-)1,847,885,419,688 |
|
Cash Flows
from Financing |
43,592,000,000 |
(-)522,027,742,375 |
1,088,128,612,463 |
|
-Cash
Inflows from Financing |
530,288,000,000 |
2,443,521,976,054 |
- |
|
-Cash
Outflows from Financing |
(-)486,696,000,000 |
(-)1,356,228,942,040 |
(-)1,355,393,363,591 |
|
Increase/Decrease
in Cash |
(-)1,049,666,000,000 |
1,292,480,916,249 |
(-)192,337,399,241 |
|
Cash at the
Beginning of Year |
1,870,933,000,000 |
578,452,498,015 |
770,789,897,256 |
|
Cash at the
End of Year |
821,267,000,000 |
1,870,933,414,264 |
578,452,498,015 |
Products, Technologies, Services Description
|
Main Products & Services |
OIL REFINING PRODUCTS Gasoline, Premium Gasoline Diesel Kerosene Bunker-C LUBE PRODUCTS Lube base oil Marine lubricants PETROCHEMICALS Benzene Toluene Xylene Para-xylene Brand Name : S-Gasoline, S-Diesel, Ultra-S |
Trade Partners
|
Suppliers |
SAUDI ARAMCO ( |
|
Customers |
KOREA EAST-WEST POWER CO., LTD.(110111-2207151) OCEAN POLICE OFFICE MINISTRY OF |
|
Competitors |
SK ENERGY CO., LTD. SK BLDG., 99, SEORIN-DONG, JONGNO-GU, TEL:+82-2-2121-5114 FAX:+82-2-2121-7001 GS CALTEX CORPORATION GS GANGNAM TOWER, 679, YEOKSAM 1-DONG,
GANGNAM-GU, TEL:+82-2-2005-1114 FAX:+82-2-2005-6051 |
Related Parties (Subsidiaries, Joint-Venture &
Affiliates)
|
Joint Venture |
S-OIL TOTAL LUBRICANT CO., LTD.(110111-2805004) (50.%+1 held by the subject company) With TOTAL RAFFINAGE MARKETING S.A. |
|
Subsidiary |
S-INTERNATIONAL LTD.( (100.0% held by the subject company) |
Sales by Region (Activity
& Markets)
|
Sales/ Unit :Mil KRW |
2009 |
2008 |
2007 |
|
Export |
10,526,627 |
14,554,849 |
9,144,232 |
|
Domestic |
6,897,324 |
8,445,442 |
6,085,166 |
|
Total |
17,423,951 |
23,000,291 |
15,229,398 |
The Subject exports
to
Court Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
|
|
Supreme Court |
The |
SK, GS, Hyundai, Incheon and the Subject
Company |
Claim for Compensation |
130,992 |
3rd Round is proceeding. |
|
|
Supreme Court |
The Subject Company |
Fair Trade Commission |
Cancellation on Imposed Taxes |
7,882 |
The Subject won as of 02/11/2010. |
|
|
Supreme Court |
The Subject Company |
|
Cancellation on Imposed Taxes |
4,907 |
3rd Round is proceeding. |
|
|
- |
The Subject company & Others(LPG 6 Companies) |
Fair Trade Commission |
Cancellation on Imposed Taxes |
4,093 |
Fair Trade Commission decides to impose the Taxes as of 12/02/2009 |
News Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.02 |
|
|
1 |
Rs.73.21 |
|
Euro |
1 |
Rs.60.70 |
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 |
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.