MIRA
INFORM REPORT
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Report Date : |
20.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
SONATRACH SPA |
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Registered Office : |
Chemin Djnane El Malik, Hydra, Alger 16405 |
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Country : |
Algeria |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
31.12.1963 |
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Com. Reg. No.: |
98B0005029 |
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Legal Form : |
Public Joint Stock Company |
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Line of Business : |
Manufacturer of Refined Petroleum Products |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
SOCIETE NATIONALE
POUR LA RECHERCHE LA PRODUCTION LE
TRANSPORT LA
TRANSFORMATION RAFFINAGE & CHIMIE SONATRACH
SPA
Registration Briefing
Registration
Number: 98B0005029
Registration Date: 31/12/1963
Legal Form: PUBLIC JOINT STOCK
CO
Latest Financials: December 31, 2007
Financial Briefing
Nominal Capital: 500,000,000,000
Algerian Dinars
Issued Capital: 500,000,000,000
Algerian Dinars
Turnover: 4,346,531,000,000
Algerian Dinars
Net Profit: 642,819,000,000
Algerian Dinars
Net Worth: 2,309,753,000,000
Algerian Dinars
Original Investigation Details
Company Name: SONATRACH SPA
Country: AG
Street Name: DJENANE
EL MALIK HYDRA
City Code:
Company Details
Company Name: SOCIETE NATIONALE POUR LA RECHERCHE LA
PRODUCTION LE TRANSPORT LA TRANSFORMATION
RAFFINAGE & CHIMIE SONATRACH SPA
Also trades as: SONATRACH
Company acronym: SONATRACH SPA
Headquarter Address: Chemin Djnane El Malik,
Hydra,
Alger
16405,
Algeria
Telephone: +21321
545549
+21321
545608
+21321
546003
+21321
546250
+21321
546690
+21321
547000
+21321
547848
+21321
548011
Fax: +21321
546250
+21321 546302
E‑Mail: sonatrach@sonatrach.dz
Web Site: www.sonatrach‑dz.com
Company History
Previous Names
Original Company Name:
Société Nationale de Transport et de Commercialisation des Hydrocarbures
Company was originally started
as a PUBLIC JOINT STOCK COMPANY on 1963
Registration & Legal Details
Current Legal
Form: PUBLIC
JOINT STOCK CO
Registration
Address: Chemin
Djnane El Malik,
Alger 16405
Registration
Number: 98B0005029
Registration Date: 31/12/1963
Year/Date Company
Established: 1963
Registration Town: Algiers
Capital
Currency: Algerian
Dinars
Nominal Capital: 500,000,000,000
Issued Capital: 500,000,000,000
Previous Capital amount:
350,000,000,000
Additional Info: The capital was increased to
500 billion by incorporating 150 billion which corresponds to part of the
net profit realized in 2006
Capital increased on 2007 to 500,000,000,000
Shareholders
Parent Company: The Algerian
State,
Algeria
%
Shares Held: 100.00%
Principals
Name: Mr
Mohamed Meziane
Position within the company: President and managing
director
Nationality: Algerian
Can fluently speak: Arabic/French/English
Education: Graduate Degree in Chemical engineering
from engineer Institute of Chemistry
Schools Attended: Ecole Polytechnique d’Alger
& l’Institut Algérien du Pétrole
Work Experience
and History: Mr
Pricipal in the company since 1967. He occupied several positions Chef,
Responsable and Director, In 2003 he is named president & managing
director.
Name: Mr
Abdelmalek Zitouni
Position within
the company: General
Secretary
Nationality: Algerian
Can fluently
speak: Arabic/French
Name: Mr
Ali Rezaiguia
Position within
the company: Financial
Director
Nationality: Algerian
Can fluently
speak: Arabic/French
Name: Ms
Fatma‑Zohra Benghoulis
Position within
the company: Planning
Director
Nationality: Algerian
Can fluently
speak: Arabic/French
Name: Ms
Malika Belkahla
Position within
the company: Human resources
Director
Nationality: Algerian
Can fluently
speak: Arabic/French
Name: Mr
Mohamed Benhamou
Position within
the company: Foreign
trade Director
Nationality: Algerian
Can fluently
speak: Arabic/French
Name: Mr
Madjid Ait Allak
Position within the
company: Director
Nationality: Algerian
Can fluently speak: Arabic/French
Name: Mr
Chawki Rahal
Position within
the company: Commercial
Vice‑president
Nationality: Algerian
Can fluently
speak: Arabic/French
Name: Mr
Hocine Chekired
Position within the
company: Distribution
Vice‑president
Nationality: Algerian
Can fluently speak: Arabic/French
Company Activities
NACE Codes:
2320 Mfg refined petroleum
products
The company is involved in the different fields, it
is specialized in the Seek, Exploitation, Transport by drain, Transformation
and of distribution of hydrocarbons and their derivatives.
Also the company exert other trades such as:
electrical power, new and renewable energies and the desalination of sea water.
Operations
Employees Company Employs:
1000
Figure
is approximate
Including
number of principals: 12
Comments:
Number of employees including branches: 120000
HQ Premises Operates from: Owned Offices
Location: Suburban Business Area, Main Road
Branches Direction
Associations,
Boumerdes
35000,
Algeria
Description
of branch: Office
Exploration,
Recherche & Développement,
1
avenue du 1er Novembre Immeuble IAP bt C BP 68M,
Boumerdes,
Boumerdes
35000,
Algeria
Description
of branch: Office
Division
Exploration,
Boumerdes
35000,
Algeria
Description
of branch: Office
SH
SIM Sonatrach Immobilière,
2,
rue Capitaine Azzoug,Côte Rouge,
Hussein
Dey,
Hussein
Dey 16008,
Algeria
Description
of branch: Office
Hydrocarbures/Division
Production/Division, Petrol,
Chemin
du reservoir,
Hydra,
Alger,
Algeria
Description
of branch: Office
Transport
par Canalisations/Division Exploitation/,
Baraki,
Alger,
Algeria
Branch
is: Owned
Description
of branch: Office, Warehouse, Workshop
Branche
Transport par Canalisation/Division, Explo,
Oran
31000,
Algeria
Branch
is: Owned
Description
of branch: Office, Warehouse, Workshop
Commercialisation
des Hydrocarbures Gazeux/Divisio,
Djnane
El Malik,
Hydra,
Alger
16405,
Algeria
Branch
is: Owned
Description
of branch: Office
Commercialisation
des Hydrocarbures Liquides/, Div,
Boulevard
Mohamed 5,
Alger
Centre,
Alger
16001,
Algeria
Branch
is: Owned
Description
of branch: Office
Stratégie
& Planification/Direction planification,
Djnane
El Malik,
Hydra,
Alger
16405,
Algeria
Branch
is: Owned
Description
of branch: Office
Filiales
& Participations/Direction Stratégie, Ind,
Rue
de Sahara,
Hydra,
Alger
16405,
Algeria
Branch
is: Owned
Description
of branch: Office
Direction
des Oeuvres Sociales,
Chemin
Bachir El Ibrahimi,
El
Biar,
Alger,
Algeria
Branch
is: Owned
Description
of branch: Office
Centre
de Perfectionnement de l'Entreprise,
Village
Sonatrach,
Ain
Baya,
Oran,
Algeria
Branch
is: Owned
Description
of branch: Office
Direction
Régionale de Hassi Messaoud, Direction L,
Base
Irara,
Hassi
Mesaoud,
Ouargla
29000,
Algeria
Branch
is: Owned
Description
of branch: Office, Warehouse, Workshop
Régionale
de Stah/Division Réalisation,
Base
de Stah,
In
Aménas,
Illizi
33200,
Algeria
Branch
is: Owned
Description
of branch: Office, Warehouse, Workshop
Imports
Import
% and type of product: 80% Finished
Goods
Imports
From: France, Italy,
India, China, Spain,
U
S A, Canada
Importing
Terms: Letters of
credit
20%
locally purchases
Exports
Export
% and type of product: 95%
Exports
To: U S A,
Europe, Africa, Canada, Central Asia
Exporting
Terms: letters of
credit
Trading & Selling
Territory: 5%
Nationally, 95% International
Terms
of Sales: bank
transfer
Type
of Customer: Group
Companies, Government Bodies
Related Companies
Subsidiaries
GCB
(Société Nationale de Génie
civil
et Bâtiment)
Algeria Owned
100% by subject
Start
date: 1981
ENTP
(Entreprise Nationale des
Travaux
aux Puits)
Algeria Owned
51% by subject
/
ENSP (Entreprise Nationale des
Services
aux Puits)
Algeria Owned
51% by subject
ENAGEO
(Entreprise Nationale de
Géophysique)
Algeria Owned
100% by subject
ENAFOR
(Entreprise nationale de
forage)
Algeria Owned
100% by subject
Start
date: 1981
ENGTP
(Entreprise nationale des
Grands
Travaux Pétroliers)
Algeria Owned
100% by subject
Start
date: 100
ENAC
(Entreprise nationale de
canalisation)
Algeria Owned
100% by subject
NAFTEC
Algiers,
Owned
100% by subject
Algeria
ENIP
(Entreprise Nationale de
l'Industrie
Pétrochimique)
Algeria Owned
100% by subject
HELIOS
(Entreprise Nationale de
production
des liquides d'hélium
Algeria Owned
51% by subject
Start
date: 1991
NAFTAL
SPA
Algiers,
Owned
100% by subject
Algeria
COGIZ
(Société de
Conditionnement
et de
Commercialisation
des Gaz
Industriels)
Algeria Owned
100% by subject
Start
date: 1988
HYPROC
SC ‑ Hyproc Shipping
Company
Algeria Owned
100% by subject
SIPEX
Owned
100% by subject
SIPCO
Owned
100% by subject
Holding
Sonatrach Activités
industrielles
externes
Bethioua,
Owned
100% by subject
Oran,
Algeria
Operates as: The company is involved in the
desalination of sea water, exploitation of mining sector, production and
distribution of electricity.
Affiliates
SARPI
(société Algérienne de
projets
Industriels)
Algeria Owned
50% by subject
AEC
(Algerian Energy Company )
Algeria Owned
50% by subject
NEAL
(News Energy Algeria )
Algeria
Start
Date: 2002
TMPC
Owned
50% by subject
CAMISEA
Owned
11% by subject
MEDGAZ
Spain Owned
20% by subject
Bankers
Banque Exterieure
d'Algerie BEA,
Branch: Agence
Djnane El Malik ‑ Hydra
Djnane El Malik ‑
Hydra,
Alger 16405,
Algeria
Account Number: 32 64
125 S
Currency: US
Dollars
Relationship with
Bank: is
undetermined
Banque Exterieure d'Algerie
BEA,
Branch: Agence
Arzew
Arzew,
Skikda,
Algeria
Account Number: 70 41
60 429 G
Currency: Algerian
Dinars
Relationship with
Bank: is
undetermined
CitiBank,
Branch: Agence
Hydra
Alger,
Algeria
Currency: Algerian
Dinars
BACE
Algeria
Currency: Algerian
Dinars
Financial Information
Figures are: Official
Figures
Currency: Algerian
Dinars
Note: Figures
in 000,000's
Months Sales Figures Sales Gross
Profit/Loss Net
Profit/Loss
12 31/12/2007 4,346,531.00 2,490,082 642,819
12 31/12/2006 4,222,746.00 1,824,987 539,582
12 31/12/2005 3,535,750.00 1,584,044 575,303
12 31/12/2000 1,821,720.00
Brief Financials Data
Date of Figures: 31/12/2007
Figures are: Financial
Estimates
Currency: Algerian
Dinars
Note: Figures in 000,000's
Retained Earnings
642,818
Net Worth
2,309,753
Long Term
Liabilities
87,931
Trade Creditors
1,560,401
Misc. Current
Liabilities
57,825
Total Liabilities
4,658,728
Fixed Assets
1,742,856
Stock 146,300
Trade Debtors
1,489,747
Cash 1,279,825
Total Assets
4,658,728
Payments
Subject's payments reported to be: REGULAR
Interview & Reporter Comments
Comment: Company
Officials have refused to co‑operate with local reporters in
confirming/providing
information.
We have sent a fax/e‑mail/questionnaire
however no reply has been received as of yet.
Reporter Comment: Please be
informed that we obtained the supplied data via from the Algerian economical
guides, the company website & Internet research
The exact company name is: SOCIETE NATIONALE
POUR LA RECHERCHE LA PRODUCTION LE TRANSPORT LA TRANSFORMATION RAFFINAGE &
CHIMIE SONATRACH SPA
SONATRACH SPA is the first company of the
African continent. It is classified 12th among the world oil companies, 2nd
exporter of GNL and LPG and 3rd natural gas exporter. Its aggregate output (all
produced confused) is 230 million Mtoe in 2006. Its activities constitute
approximately 30% of the GNP of Algeria. The company employs 120 000 people in
the whole of the Group (Including the branches affiliates and Subsidiaries).
Please take into consideration that the export turnover of the company in 2007
is 59.5 USD billion and investment achievement is 451 DZD billion. We will try
to obtain the full financial data of the company from the official companies
registry and try to update the report ASAP.
Conclusions
Accounts Comments: Only Brief
Financial data has been obtained by the subject, our assessment and ratings are therefore based on the
reliability of the data obtained.
Local Reputation: The company
being investigated is well known and trusted in the local market and is
considered to be a sound trading partner with low trade risk associated.
General Conclusion: A leading concern in this line,
well known principals, considered good.
Owner/Shareholders
Comments: The owners /
shareholders do not have an active role in the running of the business.
Age of Business: The company is long
established in the local market.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.83 |
|
UK Pound |
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.65.86 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)