|
Report Date : |
14.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
ZAKUM DEVELOPMENT COMPANY PJSC (ZADCO) |
|
|
|
|
Registered Office : |
Sheikh Khalifa Energy Complex, Sheikh Khalifa Street, Corniche, 46808,
Abu Dhabi |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Date of Incorporation : |
November 1977 |
|
|
|
|
Legal Form : |
Public Joint Stock Company |
|
|
|
|
Line of Business : |
Oil exploration
and development |
|
|
|
|
No. of Employees : |
3,000 employees. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company Name : ZAKUM DEVELOPMENT
COMPANY PJSC (ZADCO)
Country of Origin : Abu Dhabi,
United Arab Emirates
Legal Form : Public
Joint Stock Company
Registration Date : November
1977
Issued Capital : UAE Dh
2,000,000
Paid up Capital : UAE Dh
2,000,000
Total Workforce : 3,000
Activities :
Oil exploration and development
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Recommended Credit
Limit : US$ 2,000,000
Person Interviewed : Ahmed Al
Muhairy, Finance Manager
ZAKUM DEVELOPMENT COMPANY PJSC (ZADCO)
Building : Sheikh Khalifa
Energy Complex
Street : Sheikh
Khalifa Street
Area : Corniche
PO Box : 46808
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 6050000
Facsimile : (971-2)
6789448
Email : webmaster@zadco.ae
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Abu Dhabi.
Name Position
· Saif Nasser Al
Suwaidi General
Manager
· Y Yokote Assistant
General Manager
· Ahmed Al Muhairy Technical
& Operations Manager
· M C Ohta Business
Development Manager
· Saeed Al Ameri Commercial
Manager
· Ahmed Al Muhairy Finance
Manager
· Ali Hassan Sales
Manager
· Sayd Zaidi Projects
Manager
· Fatima Al Gaidil Legal
Advisor
· Mohd Baqsheer IT
Manager
· Hussain Al Khoory Public
Relations Manager
Date of
Establishment : November 1977
Legal Form : Public Joint Stock
Company
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
· Abu Dhabi National
Oil Company (ADNOC) 60%
Adnoc Building
Corniche Road
PO Box: 898
Abu Dhabi
Tel: (971-2)
6020000
Fax: (971-2)
6023389
Email: info@adnoc.com
· ExxonMobil 28%
5959
Las Colinas Boulevard
Irving
Texas
75039-2298
United
States of America
Tel: (1-972) 4441000
· Japan Oil
Development Company Ltd (Jodco) 12%
Kayabacho Tower
21-2, Shinkawa
1-Chome, Chuo-ku
Tokyo 104-0033
Japan
Tel: (81-3) 55413155
Fax: (81-3) 55413159
Subject is a member of the ADNOC Group of
Companies, which consists of the following concerns :
· National Petroleum
Construction Company Ltd (NPCC)
Plot No. 71,
Street 7, Zone No. 6
Mussafah
Industrial Area
PO Box: 2058
Abu Dhabi
Tel: (971-2)
5549000 / 5599000
Fax: (971-2)
5549111 / 5599111
Email: npccnet@emirates.net.ae
· Abu Dhabi Drilling
Chemicals And Products Co Ltd (ADDCAP)
Mussafah
Industrial Area
PO Box: 46121
Abu Dhabi
Tel: (971-2)
6029000
Fax: (971-2)
6029010
Email: addcap@addcap.co.ae
· Abu Dhabi Company
For Onshore Oil Operations (ADCO)
ADCO
Building
Corniche
Street
PO Box:
270
Abu Dhabi
Tel:
(971-2) 6040000 / 6666100
Fax:
(971-2) 6669785
· Abu Dhabi Marine
Operating Company (ADMA-OPCO)
ADMA-OPCO
Building
Umm Al
Nasr Street
Tourist
Club Area
PO Box:
303
Abu Dhabi
Tel: (971-2)
6060000 / 6064320
Fax:
(971-2) 6266005 / 6064848
· National Drilling
Company (NDC)
PO Box: 4017
Abu Dhabi
Tel: (971-2)
6776100
Fax: (971-2)
6779937
· Abu Dhabi
Petroleum Ports Operating Company (ADPPOC)
PO Box: 61
Abu Dhabi
Tel: (971-2)
6777300
Fax: (971-2)
6766903
· The National
Marine Services Company (NMS)
PO Box: 7202
Abu Dhabi
Tel: (971-2)
6277777
Fax: (971-2)
6268239
· Abu Dhabi Gas
Industries Limited (GASCO)
PO Box: 665
Abu Dhabi
Tel: (971-2)
6041111
Fax: (971-2)
6047414
· Abu Dhabi Gas Liquefaction
Limited (ADGAS)
PO Box: 3500
Abu Dhabi
Tel: (971-2)
6061111
Fax: (971-2)
6065500
· Abu Dhabi Oil
Refining Company (TAKREER)
PO Box: 3593
Abu Dhabi
Tel: (971-2)
6027000
Fax: (971-2)
6027272
· Abu Dhabi Gas
Company (ATHEER)
Abu Dhabi
Tel: (971-2)
6027533
Fax: (971-2)
6027588
· Ruwais Fertilizer
Industries (FERTIL)
PO Box: 2288
Abu Dhabi
Tel: (971-2)
6021111
Fax: (971-2)
6728084
· Abu Dhabi Polymers
Company Limited (Borouge)
PO Box: 6925
Abu Dhabi
Tel: (971-2)
6312333
Fax: (971-2)
6312299
· Abu Dhabi National
Tanker Company (ADNATCO)
PO Box: 2977
Abu Dhabi
Tel: (971-2)
6277733
Fax: (971-2)
6272940
· National Gas
Shipping Company (NGSCO)
PO Box: 2600
Abu Dhabi
Tel: (971-2)
6271400
Fax: (971-2)
6274305
· Abu Dhabi National
Oil Company For Distribution (ADNOC Distribution)
PO Box: 4188
Abu Dhabi
Tel: (971-2)
6771300
Fax: (971-2)
6722322
Activities: ZADCO was established in 1977 to develop and operate the Upper Zakum
Field, one of the largest oil
fields in the world, on behalf of ADNOC and
Japan Oil Development Company (JODCO). The development of the Upper Zakum
reservoirs is considered to be one of the major technical achievements in Abu
Dhabi. Besides Upper Zakum, the company currently operates Umm Al Dalkh, and
Satah fields. The company also aims to explore and develop Jarnain and Dalma
structures.
Crude oil from Upper Zakum, Umm Al Dalkh and
Satah field is pumped via main oil lines to Zirku Island for further
processing, storage and to be exported.
The Upper Zakum Field is located about 80km
offshore, north-west of Abu Dhabi City and came into production in 1982. The
Umm Al Dakh Field is located 20km offshore, northwest of Abu Dhabi City and
began production in 1985. The Satah Field is located about 180km offshore,
north-west of Abu Dhabi City and began production in 1987
In
May 2002 Zadco, in partnership with Adnoc and Abu Dhabi Marine Operations Co
(Adma-Opco), completed the first phase in a project to develop and expand the
output capacity of the giant Zakum field. The first phase of the project
involved conducting a massive seismic survey.
The
project took nearly 18 months to complete and it has attracted great global
interest in the oil and technical fields as it involved new advanced techniques
that have not been introduced before in unprecedented survey conditions. It was
intended to assess the field's hydrocarbon reserves and develop its production
capacity.
Lower
and Upper Zakum is one of the biggest offshore oilfields in the world with
recoverable reserves of more than 10 billion barrels. Its combined production
capacity is believed to be close to one million barrels per day.
In August 2003, subject signed a contract
with Honeywell Industry
Solutions of the US worth approximately $17 million, to supply, engineer, test,
commission, and start up an Experion PKS(tm) Process Knowledge System(tm) for
the Zirku and Satah plants on Zirku Island, Abu Dhabi. The new system will
increase long-term production for ZADCO, improve plant safety, and maximize
ZADCO's Return On Capital Employed (ROCE). The contract includes the supply of
a Honeywell integrated control and safety system, advanced applications and
installation, commissioning and support services. When completed, the project
will ensure production stability for a long period at Zirku, and will enable
ZADCO to operate, maintain and keep up-to-date with the latest technology at
lower operational costs.
In 2005 Zadco achieved the ISO 14001
Certification.
Subject has a workforce of approximately 3,000 employees.
Companies registered in Abu Dhabi, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
·
National Bank of Abu Dhabi
Sheikh Khalifa
Street
PO Box: 4
Abu Dhabi
Tel: (971-2)
6345777 / 6327113 / 6335262
Fax: (971-2)
6336078
No complaints regarding subject’s payments have been reported.
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.49.31 |
|
|
1 |
Rs.77.84 |
|
Euro |
1 |
Rs.65.35 |
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.