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MIRA INFORM REPORT
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Report Date : |
05.11.2011 |
IDENTIFICATION DETAILS
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Name : |
AL ZAMIL INDUSTRIAL INVESTMENT COMPANY (ZIIC)
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Formerly Known As : |
Zamil Industrial Investment Company (ZIIC) |
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Registered Office : |
First Industrial
City, P O Box 270 & 877, Dhahran Airport 31932, Dammam 31421 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
04.08.1976 |
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Com. Reg. No.: |
2050004215, Dammam |
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Legal Form : |
Closed Joint Stock Company |
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Line of Business : |
Subject operates through several divisions Zamil Steel Industries (ZSI) Division Zamil Glass Industries Division and Zamil Air Conditioners Division |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 10,000,000 |
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Status : |
Good |
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Payment
Behaviour : |
Regular |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Saudi Arabia |
a2 |
a2 |
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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 |
SUMMARY
Company Name : AL ZAMIL INDUSTRIAL INVESTMENT COMPANY (ZIIC)
Country of Origin : Saudi Arabia
Legal Form : Closed Joint Stock Company
Registration Date : 4th August 1976
Commercial Registration Number : 2050004215, Dammam
Industrial Licence Number : 355
Chamber Membership Number : 1874
Issued Capital : SR 600,000,000
Paid up Capital : SR 600,000,000
Total Workforce : 1,800
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 10,000,000
COMPANY NAME
AL ZAMIL INDUSTRIAL INVESTMENT COMPANY
(ZIIC)
company ADDRESS
Registered & Physical
Address
Location : First Industrial City
PO Box : 270 & 877, Dhahran Airport
31932
Town : Dammam 31421
Country : Saudi Arabia
Telephone : (966-3) 8571840
Facsimile : (966-3) 8571291
Email : zamilsteel@zamil.com
Premises
Subject operates
from a large suite of offices and a manufacturing plant that are owned and
located in the Industrial Area of Dammam.
Branch Office (s)
Location Description
·
PO Box:
8076 Sales
office
Jeddah 21482
Saudi Arabia
Tel: (966-2) 6600012
Fax: (966-2) 6609707
·
PO Box:
251 Sales
office
Riyadh 11411
Saudi Arabia
Tel: (966-1) 4768177
Fax: (966-1) 4766729
·
PO Box:
22310 Sales
office
Doha
Qatar
Tel: (974) 885409
Fax: (974) 880058
·
PO Box:
53127 Sales
office
Dubai
United Arab Emirates
Tel: (971-4) 2241424
Fax: (971-4) 2241313
·
PO Box:
46446 Sales
office
Abu Dhabi
United Arab Emirates
Tel: (971-2) 727738
Fax: (971-2) 782808
·
PO Box:
1083 Sales
office
Safat 13011
Kuwait
Tel: (965) 22462244
Fax: (965) 22419944
·
PO Box:
169 Sales
office
Muscat
Oman
Tel: (968) 24793756
Fax: (968) 24793755
·
PO Box:
285 Sales
office
Manama
Bahrain
Tel: (973-17) 231090
Fax: (973-17) 231803
·
PO Box:
883 Sales
office
Sanaa
Yemen
Tel: (967-1) 236635
Fax: (967-1) 235901
·
Cairo Sales
office
Egypt
·
Kuala
Lumpur Sales
office
Malaysia
KEY PRINCIPALS
Name Position
·
Dr
Abdul Rahman Abdullah Al Zamil Chairman
·
Khalid
Abdullah Hamad Al Zamil Managing
Director
·
Ahmed
Abdullah Hamad Al Zamil Director
·
Sulaiman
Abdullah Hamad Al Zamil Director
·
Adeeb
Abdullah Hamad Al Zamil Director
·
Saleh
Abdullah Ali Al Zamil Director
·
Nawaf
Mohamed Abdullah Al Zamil Director
·
Hamed Abdullah
Al Zamil Director
·
HE Dr
Soliman Abdulaziz Al Solaim Director
·
Khaled
S. Olayan Director
·
Hisham
Abdulrazzak Razzuqi Director
·
Sultan
K. Bin Mahfouz Director
·
Ahmed
Abdullah Al Qaarawi General
Manager
·
Gareeb
Ahmed Gareebullah Finance
Manager
Note : Mr
Khalid Abdullah Hamad Al Zamil is the Chairman of the Dammam Chamber of
Commerce & Industry.
LEGAL FORM & OWNERS
Date of Establishment : 4th
August 1976
History : Subject was originally established in 1976 as
Limited Liability Partnership under the name “Zamil Soule Steel Building Co
Ltd” between the following partners :
1. Abdullah Bin Hamad Al Zamil & Brothers
Co
2. Soule International, USA
The company was set up with an initial paid
up capital of SR 4,800,000 which was raised to SR 8,000,000 in 1979 with each
of the two above partners holding 50% of the equity.
In 1982 Soule International of
the USA withdrew fully from the company after assigning all its shares to
Abdullah Bin Hamad Al Zamil & Brothers Co. Subsequently the company changed
its name to “Zamil Steel Buildings Co Ltd” and was re-organised and
re-registered as a Limited Liability Partnership between the following partners
:
1. Abdullah Bin Hamad Al Zamil
& Brothers Co
2. Khaled Abdullah Al Hamad Al
Zamil
In June 1998 and according to an amendment entered with the Dammam
Notary Public, the partners amended
Article 2 of its Articles of Association relating to the company’s activities
and Article 5 dealing with capital in light of the company’s acquisition of Al
Zamil Air Conditioning, and Zamil Glass Industries so that they both became
divisions of the company.
The article dealing with capital
was modified to set it at SR 300 million (an increase of
SR 271.5 million) held by the
two Saudi partners as follows :
1. SR 285,000,000 (95%) for
Hamad Abdullah Al Zamil & Brothers
2. SR 15,000,000
(5%) for Khaled Abdullah Al Hamad Al Zamil
On 13th October 1998
and following another amendment entered with the Dammam Notary Public “Zamil
Steel Buildings Co Ltd” changed its status to a Closed Joint Stock Company from
a Limited Liability Partnership and the new entity was renamed “Zamil
Industrial Investment Company (ZIIC)”. The change was completed on 21st
October 1998.
Legal Form :
Closed Joint Stock Company
Commercial Reg. No. : 2050004215,
Dammam
Industrial Licence No. : 355
Chamber Member No. : 1874
Issued Capital : SR 600,000,000
Paid up Capital : SR 600,000,000
Name of
Shareholder (s)
Shareholders of the Zamil Industrial Investment Company (ZIIC) are as
follows:
Saudi Arabia
·
Hamad
Abdullah Al Zamil & Brothers (60% stake)
·
Sultan
Bin Khalid Bin Mahfooz
·
The
Saudi Economic and Development Co (SEDCO)
·
Saudi
British Bank
·
Khalid
Bin Ali Al Turki Co
·
Abdulrahman
Bin Ali Al Turki
·
Abdulaziz
Mohamed Al Abdullah Al Jumaih Co
·
Abdulmunim
Bin Rashid Abdulrahman Al Rashid
·
Mohamed
Ibrahim Al Esa & Sons
·
Khalifa
Abdulrahman Algosabi Holding Company
·
Omar
Kassim Al Issai & Partners Ltd
·
Riyadh Cables
Company Ltd
·
Prince
Abdulaziz Bin Miteb Bin Abdulaziz
·
Namaa
International Company for Trade and Industry Ltd
·
Faisal
Saeed Mohamed Ubaid Bin Zagr
·
Shaikh
Mohamed Ibrahim Mohamed Al Subaiee
·
Shaikh
Abdullah Ibrahim Mohamed Al Subaiee
·
Abdullah
Ibrahim Al Khuraif Sons Co
·
Doctor
Sulaiman Abdulaziz Al Saleem
·
Khalid
Hasan Al Qahtani & Partners Co
·
Jamal
Bin Ahmed Mohamed Baghlaf
·
Abdulqadir
Al Muhaideb Co
·
Hamad
Bin Abdulaziz Hamad Al Wanees
·
Abdullah
& Abdulaziz Kanoo Co
·
General
Arab Medical Services Company
·
Ibrahim
Bin Mohamed Bin Sulaiman Al Hudaithi and Sons Co
·
Ibrahim
Jassem Mohamed Al Jassem
·
Al
Olayan Financial Company
Bahrain
·
Yousif
Khalil Almoayyed & Sons Co
·
Mohamed
Jalal & Sons Co
UAE
·
Jumaa
Al Majid Group
·
Al
Ghurair Co
·
Jassim Nassir
Mohamed Al Nowais Co
·
Hussain
Jassim Nassir Mohamed Al Nowais Co
Qatar
·
Al
Mannai Group of Companies
·
Qatar
Insurance Co
·
Al Mana
Group
Kuwait
·
Gulf
Investment Company
AFFILIATED COMPANIES
Introduction
Throughout the
Arabian Gulf and around the world, the Al Zamil Group of Companies, has
established itself as a well known and highly respected name in the wide range
of activities in which it operates. From two main centres in Saudi Arabia and
Bahrain, the group whose origins date back to the 1930s, continues to go from
strength to strength, through a strategy of defined and planned
diversification.
Continual
reinvestment in technology, the utilisation of state-of-the-art equipment, and
an experienced management team are all key elements to the group’s success. The
entrepreneurial spirit that prevailed throughout the early years continues to
be evident as new manufacturing and business opportunities are recognised and
implemented, either solely, as a joint venture, or by representing
international organisations.
Today the group is
one of the leading diversified industrial and commercial organisations and one
of the most respected and trusted names in the Kingdom of Saudi Arabia and the
Gulf States. The group has actively participated in the diversification
programme to create a viable industrial base, parallel to the oil industry and
in line with the objectives of the economic development plans of Saudi Arabia.
The Al Zamil Group
of Companies’ operations range from air conditioning manufacture to food
processing, plastics to steel fabrication and stained glass production to
travel services. In addition, the group’s affiliation with a number of
international external organisations has led to their involvement in numerous
other areas including banking and industrial investment, petrochemicals and
paint, vegetable oil production, fencing systems and packaging.
Background
The origins of the
Al Zamil Group of Companies can be traced back to the 1930s when Abdulla Hamad Al
Zamil began commercial trading operations in the seaport of Dammam in the
Eastern Province of Saudi Arabia and the island of Bahrain, less than 30
kilometres away. The company of Abdulla Hamad Al Zamil grew and today
represents one of the leading private organisations of the region.
The company’s
growth accelerated in the early 1970s keeping pace with the region’s rapid
development. In expanding, the Al Zamil Group, aware of the need for the Gulf
economies to diversify their earnings from total reliance on oil, followed the
path of industrialisation.
With a foot on the
export ladder, the group is now looking to the top rung. Major contracts have
been signed to supply air conditioners to the Far East and Europe, mirrors for
Australia and Asia, plastic goods for South Asia, Japan and Europe and
pre-engineered steel buildings for South East Asia.
In the neighbouring
countries of the Middle East, the name Al Zamil is highly regarded. Now, in the
international arena, the group is showing that Arabian Gulf manufacturers can
compete on quality, on price and on service. Many Arab companies are today
following the Al Zamil Group.
In the strongest
endorsement to date of the group’s leading position, a major trading agreement
was reached with the Machinery and Electronics Industry of the People’s
Republic of China. The Chinese party is the export arm of the Ministry of
Machinery & Electronics, and grants the group exclusive rights to all
machines made by the companies owned by the Ministry.
Subsidiaries and
Affiliated Companies
The Al Zamil Group
of Companies, includes the following concerns:
·
Abdullah
Bin Hamad Al Zamil & Brothers
Al Zamil Building
Prince Talal Avenue
PO Box : 9
Al Khobar 31952
Tel : (966-3) 8945219
Fax : (966-3) 8949336
C.R.No : 2051002758
The following concerns are registered as
trading divisions, operating under the umbrella of Abdullah Bin Hamad Al Zamil
& Brothers. The trading divisions below all bear the same C.R.No.
2051002758, plus an additional 3 digit number, which is referred to as the
branch/division serial number.
A. Zamil Automatic Doors
PO
Box : 1633
Dammam
31441
Tel
: (966-3) 8570985
Fax
: (966-3) 8572193
C.R.No
: 2051002758/020
Zamil Automatic Doors combines existing group
expertise and products with a licence from an Australian manufacturer of
infrared and machinery equipment. As a consequence a wide range of products,
automatic sliding and security doors, revolving heavy duty automatic and
intelligent and heavy duty swing automatic doors, sliding and swing gates,
traffic barriers and roller shutters are produced.
B. Zamil Partition Industries
PO Box : 1633
Dammam
31441
Tel
: (966-3) 8571840
Fax
: (966-3) 8572180
C.R.No
: 2051002758/021
In response to demands for flexible office
space, through the installation of moveable partitions, Zamil Partition
Industries was established in 1984. In conjunction with an aluminium frame,
materials, including fire rated gypsum board, aluminium ceiling runners, metal
studs, fibreglass insulation, annealed or tempered glass and wooden doors are
used to provide an aesthetic and functional solution.
C. Zamil Ladders
PO Box : 1633
Dammam
31441
Tel
: (966-3) 8570985
Fax
: (966-3) 8572193
C.R.No
: 2051002758/003
Zamil Ladders’ manufacturing plant in Dammam
produces a wide selection of different size style profile and tubing ladders,
for local and export markets. Extra lightweight models are produced for home
use, while heavy duty models are available for industry, in addition to custom
made orders.
D. Zamil Travel
Prince Talal Street
PO Box : 9
Al
Khobar 31952
Tel
: (966-3) 8983350
Fax
: (966-3) 8983354
C.R.No
: 2051002758/001
E. Arabian Gulf Construction
PO Box : 9
Al
Khobar
Tel
: (966-3) 8579568
C.R.No
: 2051002758/005
Arabian Gulf Construction handles civil,
mechanical and electrical engineering works right across the Kingdom. Major
projects have included factories and industrial plants, housing and
recreational complexes, luxurious multi-storied buildings and accommodation
camps for several leading companies and government agencies.
F. Al Zamil Aluminium Industries
Dammam Industrial
Estate
PO Box : 1633
Dammam
31441
Tel
: (966-3) 8570985
Fax
: (966-3) 8572193
C.R.No
: 2051002758
Licence
No : 214
Producers of a fully integrated
architectural aluminium. The manufacturing facilities are equipped to design,
fabricate and erect profiles and sheets as well as other products, including
louvers and aluminium ladders.
·
Zamil Heavy
Industries Ltd
Al Malek Road
PO Box : 13169
Jeddah 21493
Tel : (966-2) 6992411
Fax : (966-2) 6992420
C.R.No : 4030014831
Licence No : 214
Zamil Heavy Industries Ltd is engaged in the fabrication, construction
and installation for the instrumentation and engineering industry.
·
Zamil
Gibbs Art Glass
PO Box : 1633
Dammam
31441
Tel
: (966-3) 8577975
Fax
: (966-3) 8572193
C.R.No
: 2050019711
Zamil Gibbs Art Glass is a joint venture
with Goddard & Gibbs of London, producing decorative glass products for the
local market. This company produces a wide range of leaded stained and
decorative stained glass matt deep and mould sandblasting, various types of
painting and silk screening for palaces, corporate offices and private villas.
·
Zamil
Schelgel Co Ltd
Dammam – Alkhalidiya
PO Box : 7480
Dammam 31462
Tel : (966-3) 8572703
Fax : (966-3) 8571485
C.R.No : 2050014370
This is a joint venture operation with the American Schelgel Company,
producing weather-strip sealing for aluminium-framed double glazing.
·
Al
Zamil Food Industries
Jubail Industrial City
PO Box : 240
Jubail 31951
Tel : (966-3) 3417368 / 3415235
Fax : (966-3) 3418235
C.R.No : 2055000170
Licence No : 83
Producers of a range of dairy products under
the trade mark of “Blue Ribbon” for the retail market and the catering industry
as well as meat products in retail packs under the brand name of “Western
Butcher”.
·
Zamil
Operations and Maintenance Company (Zamil O & M)
King Khalid Street, 14th Cross
PO Box : 1922
Al Khobar 31952
Tel : (966-3) 8949225
Fax : (966-3) 8571485
C.R.No : 2050003290
Zamil O & M provides operation and maintenance services for the
public and defence sectors.
·
Zamil
Plastic Industries
PO Box : 1748
Al Khobar 31952
Tel : (966-3) 8572812
Fax : (966-3) 8574322
C.R.No : 2050009176
Zamil
Plastic Industries was incorporated in 1980 following the group’s acquisition
of the Saudi Plastic Ware Company.
·
Saudi
Formaldehyde Chemical Company Ltd
Al Moujil Building
Al Dhahran Street
PO Box : 3139
Dammam 31471
Tel : (966-3) 8342397 / 8338831 / 8337317
Fax : (966-3) 8342283
·
Zamil
Aluminium
Sitra Industrial Area
PO Box : 285
Manama
Bahrain
Tel : (973) 700555 / 700335 / 700337
Fax : (973) 700336
C.R.No : 1380
·
Zamil
Marble Factory
Mina Salman Industrial Area
PO Box : 285
Manama
Bahrain
Tel : (973) 727046
Fax : (973) 727298
C.R.No : 1380
·
Al
Zamil Nail and Screw Factory
Mina Salman Industrial Area
PO Box : 285
Manama
Bahrain
Tel : (973) 243367 / 725448
Fax : (973) 727298
C.R.No : 1380
·
Al
Zamil Coatings
PO Box : 285
Manama
Bahrain
Tel : (973) 700555
Fax : (973) 700336
C.R.No : 1380
·
Saudi
Metal Industries Company Limited
Dammam Industrial Estate
PO Box : 1150
Dammam 31431
Tel : (966-3) 8572190
Fax : (966-3) 8572810
·
Saudi
Kuwaiti Cement Manufacturing Company
Social Insurance Building
Dhahran Road
PO Box : 4536
Dammam 31412
Tel : (966-3) 8272869
Fax : (966-3) 8271923
·
Abdulrahman
Al Zamil Company
Corner of King Faisal Street and 9th
Street
Al Khalidia Area
PO Box : 2833
Dammam
Tel : (966-3) 8579566
Fax : (966-3) 8579567
·
Abdullah
Al Zamil Est for Contracting & Trading
Jeddah
Tel : (966-2) 6992411
·
Yamama
Factories for Red Bricks and Clay Products Company Ltd
Yamama Factories Building
Sitteen
PO Box : 26156
Riyadh 11486
Tel : (966-1) 5231323 / 5230694
Fax : (966-1) 5230997
·
National
United Supermarkets Limited
Al Rabwa
PO Box : 60931
Riyadh 11555
Tel : (966-1) 4916964
·
Saudi
Laminco Co Ltd
Industrial City No. 2
PO Box : 43130
Riyadh 11561
Tel : (966-1) 2652325 / 4985275
Fax : (966-1) 2652169 / 4985007
·
Lighweight
Construction Company Ltd
Chamber of Commerce Building, 6th Floor, Suite 8
Dabbab Street
Malaz
PO Box : 6230
Riyadh 11442
Tel : (966-1) 4035426
Fax : (966-1) 4035486
·
Delta
Catalytic Saudi Arabia Ltd
PO Box : 270
Dhahran Airport 31932
Tel : (966-3) 8571840
Fax : (966-3) 8571291
This company undertakes the construction of
structures, as well as the management and maintenance of oil and gas plants and
complimentary operations.
·
Zamil
Birla Technical Services Co Ltd (ZABITS)
PO Box : 9
Al Khobar 31952
Tel : (966-3) 8950980 / 8951240
Fax : (966-3) 8951719
·
United
Carton Industries Co
PO Box : 31503
Jeddah 21418
Tel : (966-2) 6375909
Fax : (966-2) 6368789
·
Gulf
Reyrolle Ltd
PO
Box : 9
Al Khobar 31952
Tel : (966-3) 8593232
Fax : (966-3) 8588155
·
Gulf Packaging
Industries Ltd
PO Box : 8556
Dammam 31492
Tel : (966-3) 8576804
Fax : (966-3) 8577345
·
Gulf
Advanced Chemical Industries Ltd
PO Box : 240
Al
Jubail 31951
Tel : (966-3) 3415235
Fax : (966-3) 3418235
·
Al
Tawfiq Company for Plastic & Woven Sacks Industries Ltd
Jeddah
Tel : (966-2) 6380548 /
6369128
Fax : (966-2) 6380549
·
Middle
East Battery Co
PO Box : 360
Dhahran Airport 31932
Tel : (966-3) 8121221
Fax : (966-3) 8121246
·
Saudi
German Co for Nonwoven Products
PO Box : 3319
Al Khobar 31952
Tel : (966-3) 8122111
Fax : (966-3) 8121333
·
Universal
Metal Coating Co
PO Box : 99
Al Khobar 31952
Tel : (966-3) 3588400
Fax : (966-3) 3588480
·
Gulf
Stabilizers Company
Dammam
Saudi Arabia
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
- Zamil Steel
Industries (ZSI) Division
Address: First Industrial
City
PO Box: 877
Dammam
31421
Tel:
(966-3) 8471840 / 8471844
Fax:
(966-3) 8471291
Email: zamilsteel@zamil.com
CR Number: 2050004215/008, Dammam
Activities: Zamil
Steel was established in 1977 and engaged in the design, manufacture and supply of structural steel and fabricated houses. It
is the largest producer of pre-engineered steel buildings in the world outside
of the USA.
Since operations began Zamil Steel has supplied more than 25,000
buildings to over 55 countries, worldwide - from Panama and Mexico in the West
to the Philippines, China and South Korea in the East. Over 60 percent of its
output is exported to these countries. Zamil Steel has sales offices in 29
countries and has two factories outside Saudi Arabia under construction in
Egypt and Vietnam.
Zamil Steel operates through the following subdivisions :
- Pre-Engineered Building
Division
- Structural Steel Division
- Towers & Galvanizing
Division
The Pre-Engineered Building Division is engaged in the
design, manufacture and supply of prefabricated and pre-engineered steel
buildings.
The Structural Steel Division was created in 1984 and is engaged
in the manufacture of steel structures ranging from medium commercial to heavy
industrial applications such as electrical power plants, large petrochemical
plants, desalination plants, steel mills and high rise buildings.
The Towers & Galvanizing Division was set up in 1985. The
factory produces premium galvanized steel towers for electrical transmission
projects, telecommunication projects, and various other specialized lattice steel
structures. It has technical collaboration with S.A.E. of Italy (of the ABB Group).
Clients: ABB,
Procter & Gamble, General Electric, Coca Cola, Pepsi Cola, Nestle, Parsons,
Toyota, BMW, Mitsui, Mitsubishi, Sanyo, Toshiba, Honda, Unilever, Fuji Film,
Isuzu, LG, DaimlerChrysler, Bechtel and Saudi Aramco
Capacity: Pre-Engineered
Buildings 45,000 million tonnes
per year
Structural Steel 20,000
million tonnes per year
Towers and Galvanising 30,000
million tonnes per year
Gas Turbines, ducts/boilers 5,000 million tonnes per year
Studs runners and channels
2,000 million tonnes per year
- Zamil Glass
Industries Division
Address: Zamil Glass
Industries
Industrial
Estate
PO Box: 1633
Dammam 31441
Tel: (966-3)
8577975 / 8575117
Fax: (966-3)
8575440
Activities: Zamil
Glass Industries operates the Middle East’s largest and most sophisticated
glass factory, producing mirrors, tempered, laminated and security glass, heat
strengthened and heated mirror glass, as well as double glazing.
Zamil Glass Industries was a natural progression from Zamil Aluminium
Industries, in response to demands for double glazing units which were
increasingly being specified in the construction projects in the early 1980s.
- Zamil Air
Conditioners Division
Address: Dammam First
Industrial Estate
PO Box: 1362 & 294
Dammam 31932
Tel: (966-3) 8574444
Fax: (966-3) 8577208
Activities: Zamil
Air Conditioners is the largest and most experienced independent air
conditioning equipment manufacturer in the Middle East and Africa. In addition,
it has Original Equipment Manufacturing (OEM) contracts with well-known
international brands. Strong international sales have led to over one third of
production going to export markets in 35 countries around the world.
Zamil Air Conditioner’s products range from simple, domestic AC units to
industrial air-handlers and central air-conditioning systems as well as a line
of heat pumps.
Up to 320,000 room air conditioners and
40,000 mini split systems are produced annually.
Zamil acquires High-Tech Austrian Company
ZIIC has announced the acquisition of ClimaTech, one of Europe’s largest
producers of technology-based air handling systems. Located in Grunbach,
Austria, ClimaTech specialises in designing and installing atmospheric controls
for hygienic, workplace and industrial clean room facilities.
ClimaTech supplied air handling technology for the Prophets Mosque in
Madinah, the world’s largest air conditioning project, with Zamil Air Conditioners,
part of ZIIC, completing the manufacturing. Zamil Air Conditioners has been a
licensee of ClimaTechs for many years.
The European market for air handling systems is very important,
ClimaTech believes this to be worth US$192.84 million a year in Germany alone.
ClimaTech was formed in the 1960s by Wiess Klimatechnik of Germany. In 1998,
its turnover was over 10 million Euros (US$10.8 million). Current management
under General Manager, Gunther Petri, is highly committed to joining the Zamil
Industrial Investment Company (ZIIC). The acquisition is the result of a
private transaction and no purchase price is being disclosed.
Import
Countries: Subject imports
from around the world, particularly Europe and the United States of America.
Operating Trend: Steady
Subject has a
workforce of approximately 1,800 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR’000)
|
Balance Sheet |
31/12/2009 |
31/12/2010 |
|
|
31/12/2010 |
|
31/12/2009 |
|
Current Assets |
1,770,847 |
1,770,580 |
|
|
1,770,580 |
|
1,770,847 |
|
Inventory |
1,510,354 |
1,654,176 |
|
|
1,654,176 |
|
1,510,354 |
|
Investments |
245,624 |
324,153 |
|
|
324,153 |
|
245,624 |
|
Fixed Assets |
1,086,151 |
1,118,839 |
|
|
1,118,839 |
|
1,086,151 |
|
Other Assets |
50,090 |
39,568 |
|
|
39,568 |
|
50,090 |
|
Total Assets |
4,663,066 |
4,907,316 |
|
|
4,907,316 |
|
4,663,066 |
|
Current Liabilities |
2,433,395 |
2,755,223 |
|
|
2,755,223 |
|
2,433,395 |
|
Non-Current Liabilities |
941,184 |
753,302 |
|
|
753,302 |
|
941,184 |
|
Other Liabilities |
93,016 |
0 |
|
|
0 |
|
93,016 |
|
Shareholder's Equity |
1,195,471 |
1,288,900 |
|
|
1,288,900 |
|
1,195,471 |
|
Total Liabilities & Shareholder’s Equity |
4,663,066 |
4,907,316 |
|
|
4,907,316 |
|
4,663,066 |
|
Statements of
Income |
31/12/2009 |
31/12/2010 |
|
|
31/12/2010 |
|
31/12/2009 |
|
Sales |
4,204,412 |
4,018,412 |
|
|
4,018,412 |
|
4,204,412 |
|
Sales Cost |
3,252,650 |
3,022,982 |
|
|
3,022,982 |
|
3,279,512 |
|
Gross profit |
951,762 |
995,430 |
|
|
995,430 |
|
924,900 |
|
Total expenses |
582,331 |
708,001 |
|
|
708,001 |
|
|
|
Income from main operations |
369,431 |
287,429 |
|
|
|
|
|
|
Net Income Before Zakat, taxes |
283,260 |
263,458 |
|
|
|
|
|
|
and minority interests |
|
|
|
|
|
|
0 |
|
Minority interests |
17,618 |
18,812 |
|
|
|
|
113,676 |
|
Income before Zakat and taxes |
265,642 |
244,646 |
|
|
|
|
708,257 |
|
Foreign taxes |
4,323 |
8,517 |
|
|
|
|
261,319 |
|
Zakat |
31,169 |
24,995 |
|
|
|
|
31,169 |
|
Net Income |
230,150 |
211,134 |
|
|
|
|
230,150 |
Local sources
consider subject’s financial condition to be Good.
BANKERS
·
Al Bank
Al Saudi Al Fransi
Dhahran Street
PO Box: 2792
Dammam
Tel: (966-3) 8320957
·
Saudi
British Bank
PO Box: 1618
Dammam 31411
Tel: (966-3) 8331553
·
Saudi
American Bank
PO Box: 3113
Dammam 31471
Tel: (966-3) 8337171
·
National
Commercial Bank
PO Box: 13
Dammam 31411
Tel: (966-3) 8331188
Fax: (966-3) 8336058
·
Al
Rajhi Banking & Investment Corporation
King Saud Street
PO Box: 176
Dammam 31411
Tel: (966-3) 8338387 / 8346189
Fax: (966-3) 8323843
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
Date of
transaction September 2005 March 2007 March 2008 September
2008
Credit amount 253,000 135,000 200,000 4,346,000
Amount overdue 0 0 0 0
Payment terms 90
days 90 days 90 days 90 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit Letters of Credit
Paying record Prompt Prompt Prompt Prompt
Currency Pounds
Sterling Pounds Sterling Euros Euros
GENERAL COMMENTS
Subject’s
operations date back to 1976 and it is a leading regional company with
activities in the steel, glass and air conditioning markets. In 1998 subject
was converted into a Closed Joint Stock Company under the name of “Zamil
Industrial Investment Company (ZIIC)”.
Zamil Industrial
Investment Company (ZIIC) is 60% owned by the Al Zamil family while the
remaining 40 % has been privately placed with 37 investors across the GCC.
Kuwait-based Gulf Investment Corporation has taken a 10% stake.
The company has a strong
international profile with 40% of sales exported, all of its manufacturing
facilities have ISO 9000 accreditation, each has strong historic financial and
reputations for high quality products. Analysts say that ZIIC will become one
of the most successful firms in the Middle East. We are of the opinion that the
subject would not enter into financial transactions it could not see its way to
fulfil.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.08 |
|
UK Pound |
1 |
Rs.78.65 |
|
Euro |
1 |
Rs.67.79 |
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.