|
Report No. : |
348934 |
|
Report Date : |
05.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
S-OIL
CORPORATION |
|
|
|
|
Registered Office : |
192, Baekbeom-ro, Mapo-gu, Seoul, Korea, 04196 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
30.06.2015 |
|
|
|
|
Date of Incorporation : |
06.01.1976 |
|
|
|
|
Com. Reg. No.: |
116-81-36743 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Petroleum Refineries |
|
|
|
|
No. of Employees : |
2,800 |
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 : |
Exist |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 economic 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. A system of close government and business ties,
including directed credit and import restrictions, initially 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 7% 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 over 6% growth in
2010. The US-Korea Free Trade Agreement was ratified by both governments in
2011 and went into effect in March 2012. Between 2012 and 2014, the economy
experienced slow growth due to sluggish domestic consumption and investment.
The administration in 2015 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 the heavy reliance on exports, which comprise about half of
GDP. In an effort to address the long term challenges and sustain economic
growth, the current government has prioritized structural reforms,
deregulation, promotion of entrepreneurship and creative industries, and the
competitiveness of small and medium enterprises.
|
Source
: CIA |
|
Company Name |
S-OIL
CORPORATION (Korean Company
Name : “에쓰-오일(주)”) |
|
Registered Address |
192, Baekbeom-ro, Mapo-gu, Seoul, Korea |
|
Building |
|
|
Zip Code |
04196 |
|
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 |
2,800 |
|||||||||||||||
|
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) |
Management
|
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. |
S.A. Al-Hadrami |
Saudi Arabian |
1962.11 |
Saudi King Fahd Univ. of Petroleum &
Minerals |
|
Director |
Mr. |
I.Q. Al-Buainain |
Saudi Arabian |
1967.08 |
Phoenix Univ. MBA, USA |
|
Outside Director |
Mr. |
S.A.
Al-Ashgar |
Saudi Arabian |
1937. 09. 07 |
Univ. of Texas Austin, USA |
|
Outside Director |
Mr. |
A.A. Al-Talhah |
Korean |
1948.05 |
East Texas State Univ., USA |
|
Outside Director |
Mr. |
Kim
Cheol-Soo |
Korean |
1941.01 |
Univ. of Mass., USA |
|
Outside Director |
Mr. |
Hong
Seok-Woo |
Korean |
1953.06 |
Sungkyunkwan University, Korea |
|
Outside Director |
Mr. |
Lee
Seung-Won |
Korean |
1932.02 |
Univ. of North Carolina, Korea |
|
Outside Director |
Mr. |
Shin
Eui-Soon |
Korean |
1950.06 |
Univ. of Washington, USA |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
9,516,290,000,000 |
10,970,970,000,000 |
639,977,000,000 |
|
|
(*)2014 |
28,557,562,000,000 |
10,249,414,000,000 |
-288,165,000,000 |
|
(*)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 |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total Assets |
10,970,970 |
10,249,414 |
11,914,935 |
|
Current
Assets |
6,358,197 |
5,706,292 |
7,911,340 |
|
Cash & Cash Equivalents |
320,804 |
710,321 |
583,438 |
|
Trade Receivables |
1,332,289 |
1,524,056 |
2,160,193 |
|
Other Receivables |
416,739 |
575,433 |
560,559 |
|
Current Financial Instruments |
1,504,438 |
441,183 |
356,751 |
|
Derivatives |
6,714 |
816 |
4,768 |
|
Inventories |
2,761,364 |
2,415,448 |
4,237,915 |
|
Other Current Assets |
15,849 |
9,591 |
7,716 |
|
Deferred Income Taxes |
|
29,444 |
|
|
Non-Current
Assets |
4,612,773 |
4,543,122 |
4,003,595 |
|
Other Receivables |
79,417 |
78,982 |
74,993 |
|
Other Financial Assets |
56,869 |
60,255 |
92,191 |
|
Investment_Related Companies |
25,754 |
25,754 |
25,490 |
|
Tangibles |
4,394,594 |
4,321,716 |
3,760,426 |
|
Intangibles |
47,197 |
49,960 |
46,526 |
|
Other Non-Current Assets |
8,942 |
6,455 |
3,969 |
|
Total
Liabilities |
5,426,881 |
5,345,197 |
6,565,330 |
|
Current
Liabilities |
3,955,287 |
3,955,145 |
5,884,823 |
|
Trade Payables |
1,393,921 |
840,852 |
2,328,601 |
|
Other Payables |
600,998 |
644,211 |
714,026 |
|
Short-Term Borrowings |
1,691,741 |
2,324,356 |
2,686,599 |
|
Derivatives |
6,862 |
341 |
4,503 |
|
Accrued Income Tax |
126,625 |
|
23,264 |
|
Provisions |
13,754 |
4,885 |
4,216 |
|
Deferred Income Tax Credit |
27,844 |
27,663 |
28,085 |
|
Other Current Liabilities |
93,542 |
112,837 |
95,529 |
|
Non-Current
Liabilities |
1,471,594 |
1,390,052 |
680,507 |
|
Other Payables |
20,569 |
19,693 |
17,890 |
|
Long-Term Borrowings |
1,310,793 |
1,313,289 |
519,879 |
|
Provision for Severance & Retirement |
47,285 |
32,723 |
9,027 |
|
Deferred Income Tax Credit |
92,947 |
24,347 |
133,711 |
|
Capital
Stock |
291,512 |
291,512 |
291,512 |
|
Capital Surplus |
379,190 |
379,190 |
379,190 |
|
Installments |
977,834 |
977,843 |
1,002,488 |
|
Treasury Stock |
-1,876 |
-1,876 |
-1,876 |
|
Profit Surplus |
3,897,429 |
3,257,548 |
3,678,291 |
|
Total Equity |
5,544,089 |
4,904,217 |
5,349,605 |
|
Liab. & Shareholder’s Equity |
10,970,970 |
10,249,414 |
11,914,935 |
|
Income Statement |
|||
|
Unit : Million Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
9,516,290 |
28,557,562 |
31,158,528 |
|
Cost of Sold Goods |
8,380,113 |
28,282,216 |
30,229,317 |
|
Gross Profit |
1,136,177 |
275,346 |
929,211 |
|
Selling Expenses |
246,251 |
479,102 |
475,847 |
|
Admin. Expenses |
45,584 |
85,948 |
87,320 |
|
Operating Income |
844,342 |
-289,704 |
366,044 |
|
Other Operating Income |
205,346 |
480,780 |
517,835 |
|
Other Operating Expenses |
175,996 |
468,024 |
537,965 |
|
Finance Income |
76,844 |
220,230 |
290,879 |
|
Finance Expenses |
113,222 |
329,258 |
250,001 |
|
Income Before Taxes |
837,314 |
-385,976 |
386,792 |
|
Income Taxes Expenses |
197,337 |
-97,811 |
97,486 |
|
Net Income |
639,977 |
-288,165 |
289,306 |
|
Cash Flows |
|||
|
Unit : Million Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Operating
Activities Cash Flows |
1,587,964 |
879,212 |
793,070 |
|
Cash Flows from Operating |
1,568,994 |
942,651 |
1,024,016 |
|
Interests Received |
13,867 |
29,286 |
41,895 |
|
Interests Paid |
-27,833 |
-47,498 |
-56,568 |
|
Income Taxes |
27,336 |
-52,382 |
-224,366 |
|
Dividends Received |
5,600 |
7,155 |
8,093 |
|
Cash
Flows from Investing |
-1,300,456 |
-964,197 |
-95,500 |
|
Cash Inflow from Investing |
12,557 |
66,401 |
401,304 |
|
Cash Outflows for Investing |
-1,313,013 |
-1,030,598 |
-496,804 |
|
Cash
Flows from Financing |
-677,025 |
211,868 |
-547,369 |
|
Cash Inflows from Financing |
|
798,289 |
76,636 |
|
Cash Outflows from Financing |
-677,025 |
-586,421 |
-624,005 |
|
Increase/Decrease
in Cash |
-389,517 |
126,883 |
150,201 |
|
Cash at
the Beginning of Year |
710,321 |
583,438 |
433,237 |
|
Cash at
the End of Year |
320,804 |
710,321 |
583,438 |
|
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 KOREAN AIR LINES CO., LTD.(110111-0108484) |
|
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 |
KOREA OIL TERMINAL CO., LTD.(134111-0379079) SAUDI ARAMCO PRODUCTS TRADING COMPANY ARAMCO ASIA JAPAN |
|
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 |
SAUDI ARABIAN OIL COMPANY(SAUDI
ARABIA) ARAMCO OVERSEAS COMPANY, B.V.
(AOC : NETHERLANDS) |
|
Major Shareholders |
ARAMCO OVERSEAS COMPANY, B.V.
(AOC : NETHERLANDS) |
|
Cooperative Enterprise |
|
|
Sales/ Unit :Mil KRW |
06/2015 |
2014 |
2013 |
|
Export |
5,556,697 |
17,559,037 |
18,863,700 |
|
Domestic |
3,959,593 |
10,998,525 |
12,294,828 |
|
Total |
9,516,290 |
28,557,562 |
31,158,528 |
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 |
Korea National Oil Corporation(114671-0001753) |
The Subject Company |
Related to Imposed Dues |
32,009 |
3rd Round is proceeding. |
-----
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.57 |
|
|
1 |
Rs.101.13 |
|
Euro |
1 |
Rs.71.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
TPT |
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.