|
Report Date : |
20.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAUDI IRON &
STEEL COMPANY (HADEED) |
|
|
|
|
Registered Office : |
Madinat Al Jubail
Al Sinaiyah, 10053 Jubail 31961 |
|
|
|
|
Country : |
Saudi Arabia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
14.07.1399 |
|
|
|
|
Com. Reg. No.: |
2055000332,
Jubail |
|
|
|
|
Legal Form : |
Joint Stock
Company |
|
|
|
|
Line of Business : |
Manufacturers of
steel billets, rebar and coils. |
|
|
|
|
No. of Employees : |
3,100 |
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 |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 : 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 : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Othman Al Jadi,
Assistant Finance Manager
SAUDI IRON &
STEEL COMPANY (HADEED)
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
/ najdio@hadeed.com
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
Name Position
·
Abdulaziz Al Homaid Chairman
·
Hassan Ali Al Ghanam General
Manager
·
Abdullatif Al Suwaie Finance
Manager
·
Othman Al Jadi Assistant
Finance Manager
·
Abdulmohsen Al Zayer Administration
Manager
·
Ali Al Sheikh Treasury
Manager
·
Hesham Al Hemili Commercial
Manager
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
·
Saudi Basic
Industries Corporation (SABIC) 100%
Sitteen Street
Murabaa
PO Box: 5101
Riyadh 11422
Tel: (966-1) 4012033 / 4069900
Fax: (966-1) 4012045 / 4013831
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
·
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
Activities: Manufacturers of steel billets, rebar and
coils.
The Hadeed complex consists
of three main production units:
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.
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.
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.
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
Operating Trend: Steady
Subject has a
workforce of approximately 3,100 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 Sales US$ 3,720,000,000 US$ 4,000,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Othman Al Jadi, Assistant Finance Manager
·
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
·
Saudi British
Bank
King Abdulaziz Road
PO Box: 1618
Al Khobar
Tel: (966-3) 8331553
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.61.78 |
|
|
1 |
Rs.99.56 |
|
Euro |
1 |
Rs.83.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.