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Report Date : |
22.09.2012 |
IDENTIFICATION DETAILS
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Name : |
SUNCOR ENERGY INC (PETRO |
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Registered Office : |
150-6 Avenue SouthWest, Calgary, AB T2P 3E3 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1919 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Integrated global energy company |
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No. of Employees : |
13,026 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Canada |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 |
CANADA - ECONOMIC OVERVIEW
As an affluent, high-tech
industrial society in the trillion-dollar class, Canada resembles the US in its
market-oriented economic system, pattern of production, and affluent living
standards. Since World War II, the impressive growth of the manufacturing,
mining, and service sectors has transformed the nation from a largely rural
economy into one primarily industrial and urban. The 1989 US-Canada Free Trade
Agreement (FTA) and the 1994 North American Free Trade Agreement (NAFTA) (which
includes Mexico) touched off a dramatic increase in trade and economic
integration with the US its principal trading partner. Canada enjoys a
substantial trade surplus with the US, which absorbs about three-fourths of
Canadian exports each year. Canada is the US's largest foreign supplier of
energy, including oil, gas, uranium, and electric power. Given its great
natural resources, highly skilled labor force, and modern capital plant, Canada
enjoyed solid economic growth from 1993 through 2007. Buffeted by the global
economiccrisis, the economy dropped into a sharp recession in the final months
of 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of
surplus. Canada''s major banks, however, emerged from the financial crisis of
2008-09 among the strongest in the world, owing to the financial sector''s
tradition of conservative lending practices and strong capitalization. Canada
achieved marginal growth in 2010 and 2011 and plans to balance the budget by
2015. In addition, the country''s petroleum sector is rapidly becoming an even
larger economic driver with Alberta''s oil sands significantly boosting
Canada''s proven oil reserves, ranking the country third in the world behind
Saudi Arabia and Venezuela.
Source
: CIA
GEOPOLITICS – CANADA
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Federal
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Currency: 1.00 CAD = 1.02654 USD |
IDENTIFICATION
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Comments on data supplied: |
Please take note the name provided in the order is that of an old
legal name. Its actual legal name is listed below. Also, the address provided
is a branch location. |
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Legal Name: |
SUNCOR ENERGY INC (PETRO CANADA) |
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Trade Name: |
PETRO CANADA |
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Legal Address |
150-6 Avenue SouthWest, Calgary, AB T2P 3E3, Canada |
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Operative Address |
150-6 Avenue SouthWest, Calgary, AB T2P 3E3, Canada |
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Telephone: |
+1 403-296-8000 |
ID : |
NA |
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Fax: |
+1 403-296-3030 |
Legal Form: |
Corporation for Profit |
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Email: |
invest@suncor.com |
Registered in: |
Canada |
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Website: |
http://www.suncor.com/ // http://www.petro-canada.com/ |
Date Created: |
1919 |
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Manager: |
Steven W. Williams, CEO |
Date Incorporated: |
NA |
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Staff: |
13,026 |
Stock: |
Common shares outstanding 1,561,658,318 as at February 17, 2012 |
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Value: |
NA |
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Activity: |
Integrated global energy company. |
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BANKS
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Name of the Bank |
CITIBANK |
BUSINESS
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HISTORY |
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1917 - Sun Company Inc. opens in Canada supplying lubricating oils,
kerosene and spirits to war plants in the Montreal area. 1919 - The first Canadian office opens in Montreal as Sun Company of
Canada, it was a subsidiary of Sun Oil (now Sunoco). In 1979, Sun formed Suncor by merging its Canadian refining and
retailing interests; Great Canadian Oil Sands (a majority-owned subsidiary,
which constructed and operated the first commercial plant to develop Canada's
Athabasca oil sands and went on production in 1967); and its conventional oil
and gas interests. In 1981, the Government of Ontario purchased a 25% stake in the
company; it divested in 1993. In 1993 Sun Oil also divested its interest in the company, although
Suncor maintained the Sunoco retail brand in Canada. Suncor took advantage of
these two divestitures to become an independent, widely-held public company. The company was formerly known as Suncor Inc. and changed its name to
Suncor Energy Inc. in April 1997. Petro-Canada is a retail and wholesale marketing brand of Suncor
Energy. Until 2009, it was a crown corporation of Canada, headquartered at
the Petro-Canada Centre in Calgary, Alberta. In August 2009, Petro-Canada
merged with Suncor Energy, with Suncor shareholders receiving approximately 60
percent ownership of the combined company and Petro-Canada shareholders
receiving approximately 40 percent. The company retained the Suncor Energy
name for the merged corporation and its upstream operations. It continues to
use the Petro-Canada brand nationwide for downstream retail operations. |
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PRINCIPAL ACTIVITY |
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Suncor Energy Inc., together with its subsidiaries, operates as an
integrated energy company. It specializes in production of synthetic crude
from oil sands. |
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Products/Services description: |
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The company involves in the development of petroleum resource basins
in Canada's Athabasca oil sands; acquisition, exploration, development,
production, and marketing of crude oil and natural gas in Canada and internationally;
transportation and refining of crude oil; and marketing of petroleum and
petrochemical products primarily in Canada. Its Oil Sands segment produces bitumen recovered from oil sands
through mining and in-situ technology, and upgrades it into refinery
feedstock, diesel fuel, and by-products. This segment’s products include
gasoline and distillates. The company’s Natural Gas segment acquires, explores, develops, and
produces natural gas, natural gas liquids, oil, and by-products from reserves
located primarily in western Canada, the Northwest Territories, Alaska, and
the Arctic Islands. Its International and Offshore segment engages in the exploration and
production of oil and gas in offshore Newfoundland and Labrador, in the North
Sea, and in Libya and Syria. The company’s Refining and Marketing segment refines crude oil at
Suncor's refineries in Edmonton, Alberta; Montreal, Quebec; and Sarnia,
Ontario in Canada, as well as in Commerce City, Colorado into a range of
petroleum and petrochemical products for sale to retail, commercial, and
industrial customers. It also transports crude oil through pipelines in eastern and western
Canada, as well as through wholly-owned pipelines in Wyoming and Colorado;
and produces specialty lubricants and waxes. In addition, this segment operates retail sites in Canada under the
Petro-Canada brand; and in Colorado under Phillips 66 and Shell brands. Suncor Energy Inc. also engages in third-party energy trading
activities. |
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Sales are: |
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Wholesale |
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Brands: |
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Petro-Canada |
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Clients: |
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The company serves the following industries: Adhesives Agriculture Automotive Construction Drilling / Oil Field Fleet Food & Beverage Forestry Gas Plants / Pipelines General Manufacturing Health and Beauty Aids (HABA) Mining Pharmaceutical Plastics Processors Power Generation |
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Operations area: |
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National, International |
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The company imports from Worldwide, depending on demand |
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The company exports to Worlwide |
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Trade References: |
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The person contacted refused to provide the names of their suppliers
for us to check the trade references. |
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Competitors: |
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Anadarko Petroleum Corporation - The Woodlands, TX BP NGL - Houston, TX Canadian Natural Resources Limited - Calgary, AB |
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The subject employs 13,026 employee(s) |
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Comments on staff: |
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Last Reported Date: 03/1/12 |
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PAYMENTS |
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regular |
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LOCATION |
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Headquarters |
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The company is headquartered at 150-6 Avenue SouthWest, Calgary, AB
T2P 3E3, Canada. |
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Branches: |
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The company has several locations within Canada. |
Shareholders - Manager -
Related Companies
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Listed at the stock exchange: |
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YES |
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Capital: |
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As at February 17, 2012, the total number of common shares outstanding
was 1,561,658,318 and the total number of exercisable and non-exercisable common
share options outstanding was 60,712,741. Once exercisable, each outstanding
common share option is convertible into one common share. |
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Shareholders Parent Company(ies): |
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NA |
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Management: |
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Executives: Steve Williams, president and chief executive officer (CEO) Eric Axford, executive vice-president, Business Services Bart Demosky, chief financial officer Paul Gardner, senior vice-president, Human Resources, Boris Jackman, executive vice-president, Refining and Marketing François Langlois, senior vice-president, Exploration and Production Mark Little, executive vice-president, Oil Sands and In Situ Mike MacSween, executive vice-president, Major Projects Janice Odegaard, general counsel and senior vice-president, Legal Steve Reynish, executive vice-president, Oil Sands Ventures Kris Smith, senior vice-president, Supply, Trading and Corporate
Development Board of Directors: John Ferguson Director since 1995 Chairman of the Board Steve Williams Director since 2011 President and chief executive officer (CEO) Suncor Energy Inc. Mel Benson Director since 2000 Member, Environment, Health, Safety and Sustainable Development
Committee Member, Human Resources and Compensation Committee Dominic D'Alessandro Director since 2009 Chair, Governance Committee Member, Audit Committee Doug Ford Director since 2004 Member, Human Resources and Compensation Committee Member, Governance Committee Paul Haseldonckx Director since 2009 Chair, Environment, Health, Safety and Sustainable Development
Committee Member, Audit Committee John Huff Director since 1998 Member, Human Resources and Compensation Committee Member, Environment, Health, Safety and Sustainable Development
Committee Jacques Lamarre Director since 2009 Member, Audit Committee Member, Environment, Health, Safety and Sustainable Development
Committee Maureen McCaw Director since 2009 Member, Human Resources and Compensation Committee Member, Environment, Health, Safety and Sustainable Development
Committee Mike O'Brien Director since 2002 Chair, Audit Committee Member, Governance Committee James Simpson Director since 2009 Chair, Human Resources and Compensation Committee Member, Governance Committee Eira Thomas Director since 2006 Member, Audit Committee Member, Governance Committee |
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Related Companies: |
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The company has several subsidiaries and affiliated companies. |
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Financials - COMMERCIAL TRENDS
AND FORECAST
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The subject is a public company. Suncor’s common shares (symbol: SU)
are listed on the TSX and NYSE. Please find enclosed the financial
statements. |
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Legal Filings |
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There are various claims, lawsuits,
and pending actions against the Company and its subsidiaries incident to the
operations of its business. It is the opinion of management, after
consultation with counsel, that the ultimate resolution of such claims,
lawsuits and pending actions will not have a material adverse effect on the
Company’s consolidated financial position, results of operations or
liquidity. |
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Rating
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Local credit bureau gave a Good credit rate. The company is in Good Standing. This means that all local and federal
taxes were paid on due date. |
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Final Opinion |
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The subject is a big size company. It started its operations in 1917. Therefore, it has an excellent
experience in its field. SUNCOR ENERGY INC is an integrated energy company strategically
focused on developing Canada's Athabasca oil sands. It is a public company. On March 23, 2009, Suncor announced the acquisition of Petro-Canada.
The merger with Canada's 11th largest company was completed on August 1, 2009
in a $21 billion deal to form the second-largest company in Canada. The company has a good business structure, with several affiliated
companies, subsidiaries and a large workforce. The business has won several awards, and has an excellent reputation
in the market. |
SUMMARY
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Profitability |
GOOD |
Public |
YES |
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Indebtedness |
CONTROLLED |
Payments |
REGULAR |
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Cash |
NORMAL |
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APPENDIX
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Comments |
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We have contacted a female representative from the Human Resources
Department who kindly informed us that Petro Canada Lubricants Inc
(Petro-Canada) is currently operating as a non-incorporated Division of SUNCOR
ENERGY INC. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.90 |
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1 |
Rs.87.60 |
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Euro |
1 |
Rs.70.01 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.