|
Report Date : |
23.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
ZAMIL AIRCONDITIONERS & HOME APPLIANCE
LTD |
|
|
|
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Registered Office : |
Dammam – Khobar Highway,
1st Industrial Area, P O Box 14440, Dammam 31424 |
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|
|
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Country : |
Saudi Arabia |
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|
|
|
Financials (as on) : |
31.12.2012 |
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|
|
|
Date of Incorporation : |
27.05.1982 |
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Com. Reg. No.: |
2050033719, Dammam |
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|
|
|
Legal Form : |
Limited Liability Company |
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|
|
|
Line of Business : |
Manufacturers of air conditioning equipment and household
appliances |
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|
|
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No. of Employees : |
3000 |
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 |
|
Status : |
Good |
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|
|
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Payment Behaviour : |
No Complaints |
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|
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Saudi Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SAUDI ARABIA - ECONOMIC OVERVIEW
Saudi Arabia has an oil-based economy with strong government
controls over major economic activities. It possesses about 17% of the world's
proven petroleum reserves, ranks as the largest exporter of petroleum, and
plays a leading role in OPEC. The petroleum sector accounts for roughly 80% of
budget revenues, 45% of GDP, and 90% of export earnings. Saudi Arabia is
encouraging the growth of the private sector in order to diversify its economy
and to employ more Saudi nationals. Diversification efforts are focusing on
power generation, telecommunications, natural gas exploration, and
petrochemical sectors. Over 5 million foreign workers play an important role in
the Saudi economy, particularly in the oil and service sectors, while Riyadh is
struggling to reduce unemployment among its own nationals. Saudi officials are
particularly focused on employing its large youth population, which generally
lacks the education and technical skills the private sector needs. Riyadh has
substantially boosted spending on job training and education, most recently
with the opening of the King Abdallah University of Science and Technology -
Saudi Arabia's first co-educational university. As part of its effort to
attract foreign investment, Saudi Arabia acceded to the WTO in 2005. The
government has begun establishing six "economic cities" in different
regions of the country to promote foreign investment and plans to spend $373
billion between 2010 and 2014 on social development and infrastructure projects
to advance Saudi Arabia's economic development.
Source
: CIA
Company Name : ZAMIL AIRCONDITIONERS & HOME APPLIANCE LTD
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Company
Registration Date : 27th May 1982
Commercial Registration Number : 2050033719, Dammam
Chamber Membership Number : 414
Issued Capital : SR 173,000,000
Paid up Capital : SR 173,000,000
Total Workforce : 3,000
Activities : Manufacturers of air conditioning equipment and household appliances.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Naseem Khan, Assistant Finance Manager
ZAMIL
AIRCONDITIONERS & HOME APPLIANCE LTD
Registered &
Physical Address
Street : Dammam – Khobar Highway
Area : 1st Industrial
Area
PO Box : 14440
Town : Dammam 31424
Country : Saudi Arabia
Telephone : (966-3) 8473333
Facsimile : (966-3) 8471304
Mobile : (966-50) 6269131
Email : info@zamilac.com
Premises
Subject operates from
a large suite of offices and a factory that are rented and located in the
Industrial Area of Dammam.
Name Position
·
Ahmed
Abdullah Al Zamil Chairman
·
Abdullah
Al Zamil Chief
Executive Officer
·
Osama
Abu Nayyan Chief
Operating Officer
·
Abdul
Mohsin Al Ghamdi General
Manager
·
Awad Al
Shareef Finance
Manager
·
Khalid
Hashousha Marketing
Manager
·
Ihab
Barakat Sales
Manager
·
Abbas
Doueik Technical
Manager
·
Naseem Khan Assistant
Finance Manager
Date of Establishment : 27th
May 1982
Legal Form :
Limited Liability Company
Commercial Reg. No. : 2050033719,
Dammam
Chamber Member No. : 414
Issued Capital : SR 173,000,000
Paid up Capital : SR 173,000,000
Name of Shareholder
(s) Percentage
·
Al
Zamil Industrial Investment Co (ZIIC) 95%
First Industrial City
PO Box: 270 & 877, Dhahran Airport 31932
Dammam 31421
Tel: (966-3) 8571840
Fax: (966-3) 8571291
·
Zamil
Ikhtibar Co Ltd 5%
Dammam
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
CR 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
Activities: Engaged in the manufacture of air
conditioning equipment and household appliances.
Subject is ISO 9001:2008 accredited.
Production Capacity: 900,000 air conditioners per year.
Export Countries: Europe, GCC countries, Africa and the Far
East.
Operating Trend: Steady
Subject has a
workforce of approximately 3,000 employees.
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Revenue SR 1,880,000,000 SR 2,000,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Naseem Khan,
Assistant Finance Manager
·
National
Commercial Bank
PO Box: 13
Dammam 31411
Tel: (966-3) 8331188
Fax: (966-3) 8336058
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.54.17 |
|
UK Pound |
1 |
Rs.82.45 |
|
Euro |
1 |
Rs.70.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.