MIRA INFORM REPORT
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Report No. : |
331616 |
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Report Date : |
18.07.2015 |
IDENTIFICATION DETAILS
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Name : |
ZAMIL AIRCONDITIONERS & HOME APPLIANCES FACTORY CO LTD |
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Registered Office : |
Dammam – Khobar Highway, 1st Industrial Area, PO Box:
14440, Dammam 31424 |
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Country : |
Saudi Arabia |
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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 : |
Subject is engaged in the manufacture of air conditioning equipment
and household appliances |
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No. of Employees : |
3,000 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 |
SAUDI ARABIA - ECONOMIC OVERVIEW
Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about 16% 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, telecommuncations, natural gas exploration, and petrochemical sectors. Over 6 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. In 2014 the Kingdom ran its first budget deficit since 2009, and faces budget deficits for the foreseeable future because it requires an oil price greater than $100 per barrel to balance its budget. Although the Kingdom can finance high deficits for several years by drawing down its considerable foreign assets or borrowing, it probably will begin to reduce capital spending if oil prices stay low through the next year.
|
Source
: CIA |
SUMMARY
Company Name :
ZAMIL AIRCONDITIONERS & HOME APPLIANCES FACTORY CO 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
COMPANY
NAME
ZAMIL AIRCONDITIONERS & HOME APPLIANCES FACTORY CO LTD
ADDRESS
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 / 4836098
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.
KEY
PRINCIPALS
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
LEGAL
FORM & OWNERS
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
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
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
OPERATIONS
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
DATA
Financial highlights provided by local sources are given below:
Currency: Saudi Riyals (SR)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Salas SR 647,747,865 SR 659,984,051
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Naseem Khan, Assistant Finance Manager
BANKERS
·
National Commercial Bank
PO Box: 13
Dammam 31411
Tel: (966-3)
8331188
Fax: (966-3)
8336058
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.63.49 |
|
|
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
ASH |
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 |
-- |
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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.