%20-%20148925%2026-Jul-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
26.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAUDI IRON & STEEL COMPANY (HADEED) |
|
|
|
|
Registered Office : |
Madinat Al Jubail Al Sinaiyah PO Box 10053 Jubail 31961 |
|
|
|
|
Country : |
Saudi Arabia |
|
|
|
|
Date of Incorporation : |
10.06.1979 |
|
|
|
|
Com. Reg. No.: |
2055000332, Jubail |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturers of steel billets, rebar and coils |
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 |
|
Maximum Credit Limit : |
US$ 2,000,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Saudi Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SUMMARY
Company Name : SAUDI IRON & STEEL COMPANY (HADEED)
Country of Origin : Saudi Arabia
Legal Form : Joint Stock Company
Registration Date : 10th June 1979
Commercial Registration Number : 2055000332, Jubail
Chamber Membership Number : 50032
Issued Capital : SR 1,070,000,000
Paid up Capital : SR 1,070,000,000
Total Workforce : 3,100
Activities : Manufacturers of steel billets, rebar and coils.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 2,000,000
Person Interviewed : Othman Al Najdi, Assistant Finance Manager
COMPANY NAME
SAUDI IRON & STEEL COMPANY (HADEED)
ADDRESS
Registered & Physical Address
Location : Madinat Al
Jubail Al Sinaiyah
PO Box : 10053
Town : Jubail 31961
Country : Saudi Arabia
Telephone : (966-3) 3571100
/ 3571860 / 3571541 / 3571567
Facsimile : (966-3)
3587385 / 3417385 / 3586026
Email : commercial@hadeed.com
Premises
Subject operates from a large suite of offices, warehouses and factories
that are owned and located in the Industrial Area of Jubail.
Branch Office (s)
Location Description
· PO Box: 1826 Sales
office
Jeddah
Tel:
(966-2) 6367462
KEY PRINCIPALS
Name Position
· Abdulaziz Al Homaid Chairman
· Hassan Ali Al Ghanam General
Manager
· Abdullatif Al Suwaie Finance
Manager
· Othman Al Najdi Assistant
Finance Manager
· Abdulmohsen Al Zayer Administration
Manager
· Ali Al Sheikh Treasury
Manager
· Hesham Al Hemili Commercial
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 14/07/1399 Hijri
(corresponding to 10th June 1979)
Legal Form : Joint Stock
Company
Commercial Reg.
No. : 2055000332, Jubail
Chamber Member No. : 50032
Issued Capital : SR 1,070,000,000
Paid up Capital : SR 1,070,000,000
Name of Shareholder (s) Percentage
· Saudi Basic
Industries Corporation (SABIC) 100%
Sitteen Street
Murabaa
PO Box: 5101
Riyadh 11422
Tel: (966-1)
4012033 / 4069900
Fax: (966-1)
4012045 / 4013831
AFFILIATED COMPANIES
Subject is a member of the SABIC Group, which
comprises the following concerns :
Name Percentage Held
· Sabic Marketing
Ltd 100%
PO Box: 59090
Riyadh 11525
Saudi Arabia
Tel: (966-1)
4012033 / 4069900
Fax: (966-1) 4012076
/ 4068291
· Arabian
Petrochemical Company (Petrokemya) 100%
Jubail Industrial
City
PO Box: 10002
Al Jubail 31961
Saudi Arabia
Tel: (966-3)
3587000
Fax: (966-3)
3584480
· Saudi Yanbu
Petrochemical Co (Yanpet) 50%
Yanbu Al Sinaiyah
Industrial Area
PO Box: 30139 and
30333
Yanbu
Saudi Arabia
Tel: (966-4)
3965000 / 3965197 / 3965149
Fax: (966-4)
3963236 / 3965006
· Saudi Methanol
Company (Ar Razi) 50%
Industrial Area
PO Box: 10065
Dammam 31433
Saudi Arabia
Tel: (966-3)
3577820
Fax: (966-3)
3580838
· Saudi
Petrochemical Company (Sadaf) 50%
PO Box: 10025
Al Jubail 31961
Saudi Arabia
Tel: (966-3)
3573000
Fax: (966-3)
3573142
· National Methanol
Company (Ibn Sina) 50%
PO Box: 10003
Al Jubail 31961
Saudi Arabia
Tel: (966-3)
3405500
Fax: (966-3) 3405604
· Al Jubail
Petrochemical Company (Kemya) 50%
Jubail
Industrial City
PO Box: 10084
Al Jubail 31961
Saudi Arabia
Tel: (966-3)
3576000
Fax: (966-3)
3587858
· Eastern
Petrochemical Company (Sharq) 50%
Industrial Area
PO Box: 10035
Al Jubail 31961
Saudi Arabia
Tel: (966-3)
3575005
Fax: (966-3)
3580383
· Ibn Hayyan Plastic
Product Co (Tayf) 50%
PO Box: 10273
Al Jubail 31961
Tel: (966-3)
3584000
Fax: (966-3)
3587577
· National Plastic
Company (Ibn Hayyan) 50%
Industrial Area
PO Box: 10002
Al Jubail 31961
Saudi Arabia
Tel: (966-3)
3587000
Fax: (966-3)
3584736
· Saudi European
Petrochemical Co (Ibn Zahr) 50%
Industrial City
PO Box: 10330
Al Jubail 31961
Saudi Arabia
Tel: (966-3)
3415060
Fax: (966-3)
3412966
· National
Industrial Gases Company (Gas) 50%
Jubail Industrial
City
PO Box: 10110
Al Jubail 31961
Saudi Arabia
Tel: (966-3)
3575700
Fax: (966-3)
3588880
· Al Jubail
Fertiliser Company (Samad) 50%
Industrial Area
PO Box: 10046
Al Jubail 31961
Saudi Arabia
Tel: (966-3)
3416488
Fax: (966-3)
3417122
· National Chemical
Fertiliser Co (Ibn Al Baytar) 50%
Industrial Area
PO Box: 10283
Al Jubail 31961
Saudi Arabia
Tel: (966-3)
3419988 / 3411100
Fax: (966-3)
3411257
· Saudi Arabian
Fertilizer Company (Safco) 42.99%
Dammam - Al Khobar
Highway
PO Box: 553
Dammam 31421
Saudi Arabia
Tel: (966-3)
8575011 / 8575208
Fax: (966-3)
8574311
REGIONAL JOINT VENTURES
· Aluminium Bahrain
(Alba)
PO Box: 570
Manama
Bahrain
Tel: (973-17)
830000
Fax: (973-17)
662120
· Gulf Petrochemical
Industries Co (Gpic)
PO Box: 26730
Manama
Bahrain
Tel: (973-17)
731777
Fax: (973-17)
731047
· Gulf Aluminium
Rolling Mill Company (Garmco)
PO Box: 20725
Manama
Bahrain
Tel: (973-17)
731000
Fax: (973-17)
730542
· Bahrain Saudi Alum
Marketing Co (Balco)
PO Box: 20079
Manama
Bahrain
Tel: (973-17)
532626
Fax: (973-17)
532727
· Sabic Marketing
America Inc
Metro Centre
1 Station Place
Stamford, CT 06902
United States of
America
Tel : (1-203)
3535350
Fax : (1-203)
3535353
· Sabic Services
America Inc
Suite 1600, 2 Westlake
Park
580 Westlake Park
Boulevard
Houston, TX 77079
United States of
America
Tel : (1-281)
4977776
Fax : (1-281)
4977898
· Sabic Marketing
Europe Ltd
Kensington Centre
66 Hammersmith
Road
London W14 8YT
United Kingdom
Tel : (44-171)
3714488
Fax : (44-171)
3713039 / 3713041
· Sabic Marketing
Services Asia Ltd
The Imperial Tower
13-C6
1-1-1Uchisaiwaicho
Chiyoda-Ku
Tokyo 100
Japan
Tel : (81-3)
35937260
Fax : (81-3)
35018496
· Sabic Marketing
Deutschland GmbH
Limbecker Platz 1
PO Box : 103325
Essen
Germany
Tel : (49-201)
8207520
Fax : (49-201)
8207520
· Sabic Services
Pacific Pte Ltd
28-01 IBM Towers
80 Anson Road
Singapore 079907
Tel : (65) 2273307
Fax : (65) 2273367
· Sabic Marketing
Asia Ltd
Suite 1204-8, 2
Pacific Place
88 Queensway Road
Hong Kong
Tel : (85-2)
25246161
Fax : (85-2)
28680131
· Sabic France Ltd
13 Rue Royale
75008 Paris
France
Tel : (33-1)
58183950
Fax : (33-1)
58183951
· Sabic Italia Spa
Via S. Clement
1-20122 Milan
Italy
Tel : (39-02)
86464741
Fax : (39-02)
86465421
· Sabic Iberica SA
Avenue Diagonal
615
08028 Barcelona
Spain
Tel : (34-93)
5554900
Fax : (34-93)
3221307
· Sabic India Ltd
Qutab Hotel
New Delhi 110016
India
Tel : (91-11)
6850861
Fax : (91-11)
6862788
· Sabic UAE
Api World Tower, 4th
Floor
PO Box : 25982
Sheikh Zayed Road
Dubai
United Arab
Emirates
Tel : (971-4)
3322210
Fax : (971-4)
3322218
· Sabic Far East Ltd
Jaka Building, 10th
Floor
6780 Ayala Avenue
Makati City
Manila
Philippines
Tel : (63-2)
8124136
Fax : (63-2)
8935284
· Sabic Far East Ltd
2022 Korea World Trade
Center
159 Samsung Dong
Kangnam Ku
Seoul 135729
South Korea
Tel : (82-2)
5512247
Fax :
(82-2) 5512254
· Sabic Far East Ltd
Room 1401, Novel
Plaza
128 Nan Jing Road
West
Shanghai 200003
China
Tel : (86-21)
63509169
Fax : (86-21)
63509173
· Sabic Far East Ltd
Hung Tai World
Building, Unit D, 5th Floor
Tun Hwa Road
Taipei
Taiwan
Tel : (886-2)
25450300
Fax : (886-2)
25450199
OPERATIONS
Activities: Manufacturers of steel billets, rebar and coils.
The
Hadeed complex consists of three main production units:
1. Direct Reduction
Plant
This facility converts iron ore into sponge
iron. The plant is made up of three Midrex modules with a combined capacity in
excess of 2 million tonnes a year (t/y) of sponge ore. The plant is
supplemented by iron ore handling facilities and a conveyor system.
2. Steel Plant
The facility converts iron and ferrous scrap
into steel billets. The plant consists of three electric arc furnaces, ladle
transfer cars, two ladle furnaces and three six strand continuous billet
casting machines. The casting machines convert the liquid steel into billets
with a capacity of about 2.8 million t/y.
3. Rolling Mills
Hadeed has three mills in Jubail and one in
Jeddah. They convert 130 millimetre, 14 metre long billets into finished
products with a capacity of more than 2.8 million t/y. The rebar mill produces
deformed and plain reinforcing bars in sizes 12 to 20 millimetres and has a
capacity of 1.2 million t/y. The rod mill has a capacity of 700,000 t/y while
the section and bar mill has a capacity of 600,000 t/y. The Jeddah rolling mill
produces 250,000 t/y of rebars. In 1998 bar quenching technology was introduced
to the rebar mill in Jubail for the manufacture of concrete reinforcing bars.
Production Capacity
Total production at the Jubail plant has
grown steadily since the early 1980s. In 1997 it climbed to 2.8 million t/y,
compared to 390,000 t/y in 1983. Production over the last five years has been
enhanced by a modernisation scheme which has included the upgrading of the
plants electric arc furnace and an expansion of the rod mill and section and
bar mill.
Production Capacity was further increased in
2003 with the start up of the new flat steel facility that raised production to
3.6 million metric tonnes per annum.
Import Countries: Sweden, Spain, France, the United Kingdom, Brazil
and the United States of America.
Brand Names: HADEED
Subject has a workforce of approximately 3,100 employees.
FINANCIAL DATA
Companies registered in Saudi Arabia are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
· Saudi Investment
Bank (SAIB)
Jubail Industrial
City Branch
PO Box: 11231
Jubail 31961
Tel: (966-3)
3477992
Fax: (966-3)
3477984
·
Riyad Bank
Prince Mohammed
Street
PO Box: 2123
Dammam
Tel: (966-3)
8323440
Fax: (966-3)
8337829
·
National Commercial Bank
PO Box: 58
Jubail 51951
Tel: (966-3)
3612896
Fax: (966-3)
3611750
·
Saudi American Bank
Fluor Branch
PO Box: 842
Al Khobar 31952
Tel: (966-3)
8575503
·
Public Investment Fund
Ministry of
Finance
Airport Road
PO Box: 6847
Riyadh 11452
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
During the course of this investigation nothing detrimental was
uncovered regarding subject’s operating history or the manner in which payments
are fulfilled. As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.42 |
|
|
1 |
Rs.72.49 |
|
Euro |
1 |
Rs.63.86 |
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.