MIRA INFORM REPORT

 

 

Report Date :

21.10.2013

 

IDENTIFICATION DETAILS

 

Name :

SK LUBRICANTS CO., LTD.

 

 

Registered Office :

99, Seorin-dong, Jongno-gu, Seoul, Korea SK Bldg. 110-728

 

 

Country :

South Korea

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

05.10.2009

 

 

Com. Reg. No.:

101-86-49595

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Manufacture of Lubricating Oils and Greases

 

 

No. of Employees :

308

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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

SK LUBRICANTS CO., LTD.

Registered Address

99, Seorin-dong, Jongno-gu, Seoul, Korea

Building

SK Bldg.

Zip Code

110-728

Tel

+82-2-2121-6114

Fax

+82-2-2121-7111

E-mail

krk@sklube.com

Website

www.sklubricants.com;www.sklube.com

Trading Address

SK Bldg., 99, Seorin-dong, Jongno-gu, Seoul, Korea

(New Address System : 26, Jong-ro, Jongno-gu, Seoul, Korea)

Tel

+82-2-2121-5555

Fax

+82-2-2121-7111

Other Address-R&D Center

140-1, Wonchon-dong, Yuseong-gu, Daejeon, Korea

Tel

+82-42-866-7301

Fax

+82-42-866-7302

Other Address-Ulsan Complex

110, Gosa-dong, Nam-gu, Ulsan, Korea

Tel

+82-52-208-2114

Fax

+82-52-208-2002

Type

Export/Import

Industry

Manufacture of Lubricating Oils and Greases

  Main Business

Lubricant, Grease

Established (mm/dd/yyyy)

10/05/2009

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Grease(15121902)

Sell

Engine oil(15121501)

Sell

Brake oil(15121509)

Sell

Gear oil(15121503)

Sell

Lubricating preparations(15121500)

 

 

CEO’s

 

Name

Choi Kwan-Ho

Address

-

Date of Birth

08/10/1956

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

100,000,000,000

Employees

308

Formation

Co., Ltd by shares

A Company of SK Group

Bank Details

Hana Bank

Corporate Registered No.

110111-4191815

Business Registered No.

101-86-49595

Permit & Licenses

Int’l Trade No.: 30669666

Shareholder Position

Name

Shares

%

SK INNOVATION CO., LTD.(110111-3710385)

20,000,000

100.00

TOTAL

20,000,000

100.00

Company History

10/05/2009 Incorporated as the present name, after spinning off from SK ENERGY CO., LTD.(110111-3710385)

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Nationality

Date of Birth

Education

President & CEO

Mr.

Choi Kwan-Ho

Korean

1956.08.10

Hanyang University, Korea

Director

Mr.

Ku Ja-Young

USA

1947.12.07

UC Berkeley University, USA

Director

Mr.

Lee Bae-Hyun

Korean

1959.01.29

Singapore National University, Simgapore

Director

Mr.

Jung Tae-Yoon

Korean

1959.09

Michigan University, USA

Director

Mr.

Cha Jin-Seok

Korean

1963.04.11

Michigan University, USA

Director

Mr.

Kim Kil-Yong

Korean

1960.04

Seogang University, Korea

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

(*)06/2013

1,232,995,122,000

1,928,355,775,000

12,539,086,000

(*)2012

2,505,875,601,000

1,927,142,049,000

109,166,879,000

(*)2011

2,673,128,615,000

1,840,888,447,000

375,027,887,000

(*)2010

2,003,365,602,000

1,289,099,890,000

217,502,430,000

2009

-

1,036,911,487,000

-

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

 

 

Financial Description

 

Authorized Capital(KRW)

400,000,000,000

Paid-Up Capital(KRW)

100,000,000,000

Total Issues Shares

20,000,000

 

Balance Sheet

Unit : Thousand Korean Won

01/01/2013~06/30/2013

As of 12/31/2012

As of 12/31/2011

Total Assets

1,928,355,775

1,927,142,049

1,840,888,447

Current Assets

1,123,548,186

1,263,245,998

1,234,830,421

Cash & Cash Equivalents

71,177,717

38,038,037

104,833,344

Trade Receivables

647,028,525

530,425,644

700,715,007

Other Receivables

17,876,408

22,146,003

14,072,777

Unearned Income

150,692

1,091

51,334

Advance Payments

3,310,001

76,432,674

55,782,407

Prepaid Expenses

10,624,634

1,799,438

833,685

Inventories

372,520,458

591,013,500

357,455,196

Derivatives

859,751

3,389,611

1,086,671

Non-Current Assets

804,807,589

663,896,051

606,058,026

Other Financial Assets

11,500

11,500

11,500

Marketable Financial Instruments

16,705,892

16,603,713

16,598,518

Investment_Subsidiaries

297,618,358

255,140,438

319,416,169

Long-Term Loan

3,364,971

3,237,362

5,319,906

Tangibles

482,216,906

383,838,173

259,161,423

Intangibles

4,289,795

4,434,182

5,133,966

Guarantees

600,167

630,683

416,544

Total Liabilities

1,123,482,498

1,090,833,464

953,298,436

Current Liabilities

659,643,096

627,316,379

504,499,534

Trade Payables

115,290,952

146,340,851

204,261,441

Short-Term Borrowings

351,374,205

261,838,116

                -

Account Payables

5,089,268

7,639,430

2,325,017

Accrued Expenses

38,532,442

75,111,471

52,012,077

Advance Receipts

3,139,868

1,469,233

2,275,781

Withholdings

2,985,458

1,806,650

961,413

Accrued Income Tax

1,543,273

4,155,896

86,061,183

Current Portion of Long-Term Debts

137,927,689

128,406,277

149,835,739

Derivatives

3,759,941

548,455

6,766,883

Non-Current Liabilities

463,839,402

463,517,085

448,798,902

Debentures

448,900,326

448,704,035

437,055,501

Confirmed Salaries

3,715,808

1,574,757

296,319

Finanfce Guarantee

150,107

115,619

       167,815

Deferred Income Tax Credit

11,073,161

13,122,674

11,279,267

Capital Stock

100,000,000

100,000,000

100,000,000

Capital Surplus

254,309,715

254,309,715

254,309,715

Others

-38,840

-103,633

-107,571

Profit Surplus

450,602,402

482,102,503

533,387,867

Total Equity

804,873,277

836,308,585

887,590,011

Liab. & Shareholder’s Equity

1,928,355,775

1,927,142,049

1,840,888,447

 

Income Statement

Unit : Thousand Korean Won

01/01/2013~06/30/2013

As of 12/31/2012

As of 12/31/2011

Sales

1,232,995,122

2,505,875,601

2,673,128,615

Cost of Sold Goods

-1,102,729,335

-2,100,690,531

-1,967,729,910

Gross Profit

130,265,787

405,185,070

705,398,705

Selling & Admin. Expenses

-112,941,342

-238,606,623

-201,172,879

Operating Income

17,324,445

166,578,447

504,225,826

Finance Income

57,574,585

87,182,269

106,123,592

Finance Expenses

-64,998,691

115,309,065

112,949,862

Other Operating Income

399,705

1,510,791

2,937,867

Other Operating Expenses

-1,403,914

7,654,473

10,779,149

Income Before Taxes

8,896,130

143,149,880

489,558,274

Income Taxes Expenses

3,642,956

33,983,001

114,530,387

Net Income

12,539,086

109,166,879

375,027,887

 

Cash Flows

Unit : Thousand Korean Won

01/01/2013~06/30/2013

As of 12/31/2012

As of 12/31/2011

Operating Activities Cash Flows

138,176,637

-111,734,663

197,376,119

Net Income

12,539,086

109,166,879

375,027,887

Adjustment

141,133,015

-81,568,901

-80,377,147

Dividends Received

251,384

502,536

250,443

Interests Received

1,202,459

3,430,508

5,314,972

Interests Paid

-16,046,095

-29,683,191

-23,830,707

Income Taxes

-903,212

-113,582,494

-79,009,329

Cash Flows from Investing

-143,329,838

-64,541,625

-292,254,459

Cash Flows from Financing

38,292,881

109,480,981

8,494,500

Increase/Decrease in Cash

33,139,680

-66,795,307

-86,383,840

Cash at the Beginning of Year

38,038,037

104,833,344

191,217,184

Cash at the End of Year

71,177,717

38,038,037

104,833,344

 

 

Products, Technologies, Services Description

 

Main Products & Services

Lubricant, Grease

 

Brand Name : ZIC, YUBASE

 

 

Trade Partners & Competitors

 

Suppliers

HYUNDAI OIL REFINERY CO., LTD.(110111-0090558)

SK ENERGY CO. LTD.(110111-4505967)

INFINEUM SINGAPORE

AFTON CHEMICAL ASIA PACIFIC

Customers

SK LUBRICANTS EUROPE B.V.

SK LUBRICANTS AMERICAS, INC.

SK LUBRICANTS JAPAN CO., LTD.

Competitors

GS CALTEX CORPORATION

GS GANGNAM TOWER, 679, YEOKSAM 1-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-2005-1114  FAX:+82-2-2005-6051

 

S-OIL CORPORATION

45TH FL., KOREA LIFE INSURANCE 63 BLDG., 60, YEOEUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA

TEL:+82-2-3772-5151  FAX:+82-2-786-4030

 

ISU CHEMICAL CO., LTD.

112-4, BANPO 4-DONG, SEOCHO-GU, SEOUL, KOREA

TEL:+82-2-590-6600  FAX:+82-2-590-6666

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates-Domestic

SK INNOVATION CO., LTD.(110111-3710385)

SK TELECOM CO., LTD.(110111-0371346)

SK C&C CO., LTD.(110111-0769583)

SK TELINK, CORP.(110111-1533599)

INNOACE CO., LTD(110111-2104026)

PAXNET, INC.(110111-1698830)

IHQ, INC.(110111-0042393)

AIRCROSS CO., LTD.(110111-2121765)

TU MEDIA CORPORATION(110111-2907826)

SK COMMUNICATIONS CO., LTD.(110111-1322885)

COMMERCE PLANET CO., LTD.(110111-1416133)

F&U CREDIT INFORMATION CO., LTD.(135311-0003300)

SK WYVERNS CO., LTD(120111-0217366)

SK HOLDINGS CO., LTD.(110111-0022816)

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

SK TELESYS CO., LTD.(110111-1405897)

LOEN ENTERTAINMENT, INC.(134111-0010706)

INFOSEC CO., LTD(110111-2007858)

INDEPENDENCE CO., LTD.(110111-2010116)

SKC MEDIA CO., LTD.(161511-0076377)

IFILM CORPORATION(110111-2857451)

SK BROADBAND CO., LTD.(110111-1466659)

CU MEDIA. INC.(110111-2031477)

NTREEV SOFT CO., LTD.(110111-2906456)

SK I-MEDIA CO., LTD.(110111-3505851)

IPLATFORM, INC(110111-3638917)

NURI SOLUTION CO., LTD.(110111-1866213)

HANAROMEDIA INC.(110111-3292664)

HANARO DREAM INCORPORATED(110111-2183343)

BROADBAND D&M CO., LTD.(110111-1509269)

NOWON JOEUN TELECOM CO., LTD.(110111-3655218)

MIRACLE INFORMATION & TELECOMMUNICATION CO., LTD.(120111-0433491)

ENCAR NETWORKS LTD.(110111-2125270)

SK MARKETING & COMPANY CO., LTD.(110111-3874066)

Affiliates-Domestic

QC I&T CO., LTD.(110111-3675381)

QL KWANAK CO., LTD.(110111-3826140)

QL DONGJAK CO., LTD.(110111-3729740)

QL SEOCHO CO., LTD.(110111-3729807)

QL YONGSAN CO., LTD.(110111-3761023)

QL YANGCHEON CO., LTD.(110111-3729609)

SK NETWORKS CO., LTD.(130111-0005199)

SK SHIPPING CO., LTD.(110111-0311392)

MRO KOREA CO., LTD(110111-2016940)

SK D&D CO., LTD.(110111-3001685)

OK CASHBAG SERVICE CO., LTD.(110111-1873432)

SK NETWORKS SERVICE CO., LTD.(135811-0141788)

BROADBAND TS CO., LTD.(281111-0119401)

BROADBAND CS CO., LTD.(110111-1592595)

BROADBAND SEOUL CS CO., LTD.(110111-3558842)

BROADBAND BUSAN CS CO., LTD.(180111-0573774)

BROADBAND GYEONGGI CS CO., LTD.(134111-0147575)

BROADBAND GWANGJU CS CO., LTD.(200111-0233050)

ANTS CO., LTD.(151111-0031058)

ULLEUNG DEEP SEA WATER CO., LTD(110111-3224724)

WS TRADING CO., LTD.(110111-3448712)

SK SECURITIES CO., LTD(110111-0037112)

SOLMICS CO., LTD.(134711-0014631)

UB CARE CO., LTD.(110111-1105364)

MECHARONICS CO., LTD.(120111-0233338)

ULLEUNG MINERAL CO., LTD.(110111-2602244)

WALKERHILL INC.(110111-0142854)

REAL BEST CO., LTD.

Affiliates-Overseas

PT. PATRA SK

SK ENERGY LUBRICANTS (TIANJIN) CO., LTD.

SKSOL LUBE BASE OILS, S.A.

Subsidiary

SK LUBRICANTS AMERICAS, INC.

SK LUBRICANTS EUROPE B.V.

SK ENERGY LUBRICANTS (TIANJIN) CO., LTD.

SK LUBRICANTS JAPAN CO., LTD

PT. PATRA SK

YUBASE MANUFACTURING ASIA CORPORATION(230111-0168673)

SK LUBRICANTS & OILS INDIA PVT. LTD

SKSOL LUBE BASE OILS, S.A.

Corporate Ownership

SK HOLDINGS CO., LTD.(110111-0022816)

SK INNOVATION CO., LTD.(110111-3710385)

Major Shareholders

SK INNOVATION CO., LTD.(110111-3710385)

 

 

Sales by Region (Activity & Markets)

 

Sales/ Unit : Thousand KRW

09/2012

2011

2010

Export

 

 

 

Domestic

 

 

 

Total

 

 

 

The Subject deals with the companies in USA, Australia, China, Indonesia, India and Vietnam.

 

 

Court Action

 

Case No.

Court

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

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

Cause

Amount (Million KRW)

Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

02/26/2013 The Subject has been imposed of the penalty of 50,000,000 KRW on omitting disclosure by Fair Trade Commission.

 

 

News Clipping

 

Not Available


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.28

UK Pound

1

Rs.99.03

Euro

1

Rs.83.80

 

 

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%)

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