|
Report No. : |
308444 |
|
Report Date : |
18.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
S-OIL
CORPORATION |
|
|
|
|
Registered Office : |
192, Baekbeom-ro, Mapo-gu, Seoul, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2014 |
|
|
|
|
Date of Incorporation : |
06.01.1976 |
|
|
|
|
Com. Reg. No.: |
116-81-36743 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Export/Import of Petroleum Refineries, Gasoline, Kerosene, Light Oil,
Lubricants, Asphalt, Petrochemicals, LPG |
|
|
|
|
No of Employees : |
2,762 |
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 : |
No Complaints |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. South 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. South 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-Korea Free Trade Agreement was ratified by both
governments in 2011 and went into effect in March 2012. Throughout 2012 and
2013 the economy experienced sluggish growth because of market slowdowns in the
United States, China, and the Eurozone. The administration in 2014 is likely to
face the challenge 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,
dominance of large conglomerates (chaebols), and heavy reliance on exports,
which comprise about half of GDP.
|
Source
: CIA |
|
Company Name |
S-OIL
CORPORATION (Korean Company
Name : “에쓰-오일(주)”) |
|
Registered Address |
192, Baekbeom-ro, Mapo-gu, Seoul, Korea |
|
Zip Code |
121-805 |
|
Tel |
+82-2-3772-5151 |
|
Fax |
+82-2-786-4030 |
|
E-mail |
hlbjo@s-oil.com |
|
Website |
www.s-oil.com |
|
Trading Address |
192, Baekbeom-ro, Mapo-gu, Seoul, Korea (Old Address System : 471, Gongdeok-dong,
Mapo-gu, Seoul, Korea) |
|
Tel |
+82-2-3772-5151 |
|
Fax |
+82-2-786-4030 |
|
Other Address-Onsan Factory |
360, Sanam-ri, Onsan-eup, Ulju-gun, Ulsan,
Korea |
|
Tel |
+82-52-231-2114 |
|
Fax |
+82-52-231-2048 |
|
Type |
Export/Import |
|
Industry |
Petroleum Refineries |
|
Main Business |
Gasoline, Kerosene, Light Oil, Lubricants, Asphalt, Petrochemicals,
LPG |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
01/06/1976 |
The Subject owns
the premises of Onsan Factory.
|
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) |
|
Name |
Nasser Al-Mahasher |
|
Address |
|
|
Date of Birth |
08/06/1960 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Saudi Arabian |
|
Capital (KRW) |
291,511,797,500 |
||||||||||||||||||
|
Employees |
2,762 |
||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange : 010950) as of 05/08/1987 A Company of S-OIL CORPORATION Foreign Direct Investment Corporation |
||||||||||||||||||
|
Bank Details |
Woori Bank-East Yoido Branch Hana Bank-Yoido Branch Shinhan Bank-Yoido Nam Branch Korea Development Bank-HQ Office |
||||||||||||||||||
|
Corporate Registered No. |
110111-0189955 |
||||||||||||||||||
|
Business Registered No. |
116-81-36743 |
||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 813156 |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
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
Bunker-C Cracking Center facilities: HYC (Hydrocracking) 75,000 B/D, Hyvahl
(Residue Desulfurization) 52,000 B/D 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 Completed Xylene Center, one of the
world's largest single plant facilities to Produce para-xylene with an annual
production capacity of 650,000 tons 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 06/27/2011 Moved to the present HQ address
from 45th
Fl., Korea Life Insurance 63 Bldg., 60, Yeoeuido-dong, Yeongdeungpo-gu,
Seoul, Korea (Yeouido Post Office Box 758) |
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education/Career |
|
President & CEO |
Mr. |
Nasser Al-Mahasher |
Saudi Arabian |
1960.08.06 |
Wayne State Univ. Ex. Head of Refining Operation & Engineering of Saudi Aramco |
|
Director |
Mr. |
A. F. Al-Wuhaib |
Saudi Arabian |
1954.03 |
Saudi Aramco Senior Vice President Univ. of California Riverside MBA, USA |
|
Director |
Mr. |
M. O. Al-Subaie |
Saudi Arabian |
1957.09 |
Executive of Saudi Aramco King Fahd Univ., Saudi Arabia Columbia College, USA |
|
Director |
Mr. |
Cho
Yang-Ho |
Korean |
1949. 03. 08 |
Inha University, Korea |
|
Director |
Mr. |
Seok
Tae-Soo |
Korean |
1955.11.03 |
Seoul National University, Korea |
|
Outside Director |
Mr. |
S.A.
Al-Ashgar |
Saudi Arabian |
1937. 09. 07 |
Univ. of Texas Austin, USA |
|
Outside Director |
Mr. |
S.B.
Al-Kaki |
Saudi Arabian |
1949.05.29 |
Saudi King Fahd Univ. of
Petroleum & Minerals |
|
Outside Director |
Mr. |
H.T.
Al-Saadoun |
Saudi Arabian |
1953.03.06 |
Saudi King Fahd Univ. of
Petroleum & Minerals |
|
Outside Director |
Mr. |
Jung
Moon-Soo |
Korean |
1949. 09. 21 |
Univ. of Michigan, USA |
|
Outside Director |
Mr. |
Park
Sang-Eon |
Korean |
1953. 04. 08 |
Seoul National University, Korea |
|
Outside Director |
Mr. |
Ahn
Yong-Seok |
Korean |
1962.01.07 |
Seoul National University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
22,289,852,000,000 |
11,887,310,000,000 |
-14,447,000,000 |
|
|
(*)2013 |
31,158,528,000,000 |
11,914,935,000,000 |
289,306,000,000 |
|
(*)2012 |
34,723,291,000,000 |
12,492,041,000,000 |
580,015,000,000 |
|
(*)2011 |
31,913,863,000,000 |
13,204,101,000,000 |
1,192,426,000,000 |
|
(*)2010 |
20,511,068,000,000 |
10,003,498,000,000 |
710,066,000,000 |
|
2009 |
17,423,951,000,000 |
9,049,990,000,000 |
273,246,000,000 |
|
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 |
(*) Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
600,000,000,000 |
|
Paid-Up Capital(KRW) |
291,511,797,500 |
|
Total Issues Shares |
116,604,719 (Common:112,582,792, Preferable:4,021,927) |
|
Balance Sheet |
|||
|
Unit : Million Korean Won |
01/01/2014~09/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
11,887,310 |
11,914,935 |
12,492,041 |
|
Current
Assets |
7,720,596 |
7,911,340 |
8,580,342 |
|
Cash & Cash Equivalents |
920,817 |
583,438 |
433,237 |
|
Trade Receivables |
2,186,757 |
2,160,193 |
2,293,500 |
|
Other Receivables |
603,066 |
560,559 |
726,036 |
|
Current Financial Instruments |
426,516 |
356,751 |
722,274 |
|
Derivatives |
3,823 |
4,768 |
10,765 |
|
Inventories |
3,559,449 |
4,237,915 |
4,385,878 |
|
Prepaid Taxes |
9,007 |
|
|
|
Inventories |
11,161 |
7,716 |
8,652 |
|
Non-Current
Assets |
4,166,714 |
4,003,595 |
3,911,699 |
|
Other Receivables |
76,139 |
74,993 |
74,547 |
|
Other Financial Assets |
56,568 |
92,191 |
94,543 |
|
Investment_Related Companies |
25,754 |
25,490 |
25,490 |
|
Tangibles |
3,956,577 |
3,760,426 |
3,670,335 |
|
Intangibles |
45,221 |
46,526 |
42,881 |
|
Other Non-Current Assets |
6,455 |
3,969 |
3,903 |
|
Total
Liabilities |
6,696,859 |
6,565,330 |
7,120,050 |
|
Current
Liabilities |
5,652,636 |
5,884,823 |
6,275,121 |
|
Trade Payables |
1,854,913 |
2,328,601 |
2,450,410 |
|
Other Payables |
549,923 |
714,026 |
662,752 |
|
Short-Term Borrowings |
3,110,133 |
2,686,599 |
2,827,009 |
|
Derivatives |
3,581 |
4,503 |
7,796 |
|
Accrued Income Tax |
|
23,264 |
169,267 |
|
Provisions |
8,930 |
4,216 |
7,707 |
|
Deferred Income Tax Credit |
27,649 |
28,085 |
28,611 |
|
Other Current Liabilities |
97,507 |
95,529 |
121,569 |
|
Non-Current
Liabilities |
1,044,223 |
680,507 |
844,929 |
|
Other Payables |
19,249 |
17,890 |
17,356 |
|
Long-Term Borrowings |
894,040 |
519,879 |
673,230 |
|
Provision for Severance &
Retirement |
20,962 |
9,027 |
38,444 |
|
Deferred Income Tax Credit |
109,972 |
133,711 |
115,574 |
|
Other Non-Current Liabilities |
0 |
0 |
325 |
|
Capital
Stock |
291,512 |
291,512 |
291,512 |
|
Capital Surplus |
379,190 |
379,190 |
379,190 |
|
Installments |
977,790 |
1,002,488 |
1,003,200 |
|
Treasury Stock |
-1,876 |
-1,876 |
-1,876 |
|
Profit Surplus |
3,543,835 |
3,678,291 |
3,699,965 |
|
Total Equity |
5,190,451 |
5,349,605 |
5,371,991 |
|
Liab. & Shareholder’s Equity |
11,887,310 |
11,914,935 |
12,492,041 |
|
Income Statement |
|||
|
Unit : Million Korean Won |
01/01/2014~09/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
22,289,852 |
31,158,528 |
34,723,291 |
|
Cost of Sold Goods |
21,915,797 |
30,229,317 |
33,410,816 |
|
Gross Profit |
374,055 |
929,211 |
1,312,475 |
|
Selling Expenses |
355,286 |
475,847 |
445,912 |
|
Admin. Expenses |
64,488 |
87,320 |
84,799 |
|
Operating Income |
-45,719 |
366,044 |
781,764 |
|
Other Operating Income |
343,932 |
517,835 |
486,450 |
|
Other Operating Expenses |
331,598 |
537,965 |
731,004 |
|
Finance Income |
168,963 |
290,879 |
369,489 |
|
Finance Expenses |
159,266 |
250,001 |
194,536 |
|
Income Before Taxes |
-23,688 |
386,792 |
712,163 |
|
Income Taxes Expenses |
-9,241 |
97,486 |
132,148 |
|
Net Income |
-14,447 |
289,306 |
580,015 |
|
Cash Flows |
|||
|
Unit : Million Korean Won |
01/01/2014~09/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Operating
Activities Cash Flows |
202,252 |
793,070 |
735,076 |
|
Cash Flows from Operating |
248,119 |
1,024,016 |
1,148,748 |
|
Interests Received |
20,845 |
41,895 |
40,172 |
|
Interests Paid |
-34,982 |
-56,568 |
-87,314 |
|
Income Taxes |
-38,885 |
-224,366 |
-372,120 |
|
Dividends Received |
7,155 |
8,093 |
5,590 |
|
Cash
Flows from Investing |
-479,319 |
-95,500 |
-597,275 |
|
Cash Inflow from Investing |
36,039 |
401,951 |
56,266 |
|
Cash Outflows for Investing |
-515,358 |
-497,451 |
-653,541 |
|
Cash Flows
from Financing |
614,446 |
-547,369 |
-580,265 |
|
Cash Inflows from Financing |
887,195 |
76,636 |
504,186 |
|
Cash Outflows from Financing |
-272,749 |
-624,005 |
-1,084,451 |
|
Increase/Decrease
in Cash |
337,379 |
150,201 |
-442,464 |
|
Cash at
the Beginning of Year |
583,438 |
433,237 |
875,701 |
|
Cash at
the End of Year |
920,817 |
583,438 |
433,237 |
|
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 |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
SAUDI ARAMCO (SAUDI ARABIA) |
|
Customers |
KOREA SOUTHERN POWER CO., LTD.(110111-2207135) KOREA EAST-WEST POWER CO., LTD.(110111-2207151) OCEAN POLICE OFFICE MINISTRY OF DEFENSE, KOREA |
|
Competitors |
SK ENERGY CO., LTD. SK BLDG., 99, SEORIN-DONG, JONGNO-GU,
SEOUL, KOREA TEL:+82-2-2121-5114 FAX:+82-2-2121-7001 GS CALTEX CORPORATION GS GANGNAM TOWER, 679, YEOKSAM 1-DONG,
GANGNAM-GU, SEOUL, KOREA TEL:+82-2-2005-1114 FAX:+82-2-2005-6051 |
|
Affiliates |
HANJIN ENERGY CO., LTD.(180111-0584903) KOREAN AIR LINES CO., LTD.(110111-0108484) ARAMCO OVERSEAS CO.,B.V SAUDI ARABIAN OIL COMPANY |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
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.(LIBERIA) (100.0% held by the subject company) NOVASAGE CHAMBERS,PO BOX 3018, LEVEL 2, CCCS
BUILDING, BEACH ROAD, APIA, SAMOA |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
|
|
Sales/ Unit :Mil KRW |
06/2012 |
2011 |
2010 |
|
Export |
11,492,113 |
20,437,472 |
11,851,176 |
|
Domestic |
6,341,665 |
11,476,391 |
8,659,892 |
|
Total |
17,833,778 |
31,913,863 |
20,511,068 |
The Subject exports
to China and USA.
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (Million
KRW) |
Status |
|
|
Seoul High Court |
The Republic of Korea |
SK, GS, Hyundai, Incheon and the Subject Company |
Claim for Compensation |
Total 158,420 |
2nd Round is proceeding. |
|
|
Supreme Court |
The Subject Company |
Fair Trade Commission |
Cancellation on Imposed Taxes |
Total 668,954 (The Subject : 38,466) |
3rd Round is proceeding. |
|
|
Busan High Court |
The Subject Company |
Ulsan Tax Office |
Cancellation on Imposed Taxes |
4,907 |
2nd Round is proceeding. |
|
|
Seoul High Administrative Court |
The Subject company & Others(LPG 6 Companies) |
Fair Trade Commission |
Cancellation on Imposed Taxes |
Total 669,000((The Subject : 38,500) |
2nd round is proceeding |
-----
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
|
|
1 |
Rs.95.99 |
|
Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
DPT |
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.