MIRA
INFORM REPORT
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Report Date : |
09.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
HARIS AL AFAQ LTD |
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Registered Office : |
Kamal Hamza Building, Flat No. 501, Salahuddin Street, Deira, PO Box
8141, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1968 |
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Com. Reg. No.: |
002047, Dubai |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Subject’s operations are performed through the following divisions Chemical Division, Electrical Division, Instrumentation
Division, Computer and Networking 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$ 1,750,000 |
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Status : |
Very Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : HARIS AL AFAQ LTD
Country of Origin : Dubai, United
Arab Emirates
Legal Form :
Limited Liability Company
Start Date :
1968
Registration Date : January
1976
Commercial
Registration Number : 002047,
Dubai
Issued Capital : UAE Dh
5,000,000
Paid up Capital : UAE Dh
5,000,000
Total Workforce : 45
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit
Limit : US$ 1,750,000
COMPANY NAME
HARIS AL AFAQ LTD
ADDRESS
Registered & Physical Address
Building : Kamal Hamza
Building, Flat No. 501
Street : Salahuddin
Street
Area : Deira
PO Box : 8141
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2719625
/ 2283623 / 2283624 / 2283625
Facsimile : (971-4)
2719285 / 2281285
Email : sales@haris.com
Premises
Subject
operates from a medium sized suite of offices that are rented and located in
the Central Business Area of Dubai
Branch Office (s)
Location Description
· PO Box : 545 Sales
office & warehouse
Sharjah
Tel :
(971-6) 5332331
Fax :
(971-6) 5437802
· PO Box : 8675 Sales
office & warehouse
Al Ain
Tel : (971-3)
7650772
Fax : (971-3)
7650771
· Jebel Ali Free
Zone Rented
warehouse covering
PO Box :
61394 30,000
square feet
Dubai
Tel :
(971-4) 8818986
Fax :
(971-4) 8818991
· PO Box : 26386 Sales
office & warehouse
Abu Dhabi
Tel : (971-2)
6656181
Fax : (971-2)
6652692
· PO Box : 3474 Sales
office & warehouse
Ajman
Tel :
(971-6) 7437554
Fax :
(971-6) 7437802
KEY PRINCIPALS
Name Position
· Ramesh K. Soni Managing
Director
· Joy Narayan
Mukerji Director
· Arjun Mukerji Director
· Mohamed Al Sarkal Director
· R.
Bharathan Chief
Accountant
· M.
Vaikra Administration
Manager
LEGAL FORM & OWNERS
Date of
Establishment : Subject was
formed in 1968 and registered in January 1976 by special Amiri Decree of the
H.H. the Ruler of Dubai.
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 002047, Dubai
Issued Capital : UAE Dh 5,000,000
Paid up Capital : UAE Dh 5,000,000
Name of Shareholder (s)
· Joy Narayan
Mukerji
· Ramesh K. Soni
· Arjun Mukerji
· Mohamed Al Sarkal
AFFILIATED COMPANIES
· Al Sanani Trading Est
PO Box : 7187
Dubai
Tel : (971-4)
3728963
· Al Dobowi Tyre Co
PO Box : 5576
Dubai
Tel : (971-4)
2285044
OPERATIONS
Activities: Subject’s operations are performed through the following divisions:
·
Chemical Division
Haris Al Afaq was
involved in chemical trading right from the company's inception in 1968. The
main activity at that time was the supply of commodity chemicals to the oil
field and water treatment sectors.
In the early
1990's the company focused on specific industries which has resulted in Haris
Al Afaq being a leading raw material supplier to the following industries:
- Paint / Ink Industry
- Construction chemical industry
- Plastics Industry
- Interlocking / blocks / tile industry
- Water treatment and commodity chemicals
·
Electrical Division
The company is
active in the supply of spare parts and primary instrumentation to the electric
industry, to both utilities and contractors of transformers, cables and 11kV
switchgear along with other ancillary equipment such as fuses, solders, joints,
etc - both on a contractual and on an ex-stock basis.
The company
represents a number of international companies in this field and is also
involved in tendering to the Utilities and Oilfield Sector, both on its own
account and on an agency basis.
·
Instrumentation Division
Haris Al Afaq
started its instrumentation activities in the early 1980's in the Test &
Measurement arena. Now it covers many areas, including the power sector in
which the high-end application areas include Relay Test equipment, Electrical
Relays, Transformer Loss Measurement Systems, High Voltage Test systems, as
well as SCADA and Data Acquisition systems.
Other market areas
that Haris Al Afaq is active in includes the Government Ministries (chiefly
Water and Health), Defence as well as the Oil & Gas sectors. Items sold
here include calibration systems, counters, Data Acquisition systems and
Biomedical Calibration and Simulation products.
This division also operates a technical centre and calibration lab offering technical backup, repair and service facilities for the above products.
·
Computer & Networking Division
This division
specialises in the provision of network testing products and services that are
focused on assisting a network engineer in installing, maintaining and securing
a computer network. The product range includes:
- Handheld network monitoring &
troubleshooting tools
- Network appliances for monitoring and
security
- Network appliances for performance
- Network appliances & troubleshooting
software
- Network monitoring software
- Network security software
Import Countries: France, Germany, the United Kingdom, Canada,
India, Korea, Malaysia and China.
International Suppliers:
· Huntsman Tioxide France
· SNCZ France
· Stockhausen Germany
· Sheen Instruments United Kingdom
· Dominion Colour
Corporation Canada
· Fielding Chemicals Canada
· Jai International India
· Auchtel India
· Philips Carbon India
· Samhwa Korea
· Dae Han Korea
· DIC Malaysia
· Deiqing Huayuan China
Export Countries: Iran, Oman, Kuwait, Bahrain, Saudi Arabia, Qatar,
Yemen, Pakistan, Sri Lanka and India.
Operating Trend: Steady
Subject has a workforce of approximately 45 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Sales UAE
Dh 160,000,000 UAE Dh
180,000,000
Local sources consider subject’s financial condition to be Good.
BANKERS
·
Middle East Bank Ltd
Arbit Tower
Beniyas Street
PO Box : 5547
Dubai
Tel : (971-4)
2220121
·
United Arab Bank
Deira Branch
Dubai
Tel : (971-4)
2220181
·
The Standard Chartered Bank
Khalid Bin Waleed
Street
PO Box : 999
Dubai
Tel : (971-4)
2520455
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of
transaction January 1998 July 2006 August 2007
Credit amount 200,000 396,830 372,995
Amount overdue 0 0 0
Payment terms 90
days 90 days 90 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency US
Dollars US Dollars US Dollars
GENERAL COMMENTS
Haris Al Afaq Ltd has operations dating back to 1968 and is a leading
supplier of technical products and services in the Gulf region. It deals with a
host of well known international suppliers and has an excellent reputation for
the quality of its products.
The company is run in a professional manner and no problems were noted
regarding either the operating history or the payment record. The financial
situation is healthy and profitable and as such the company is deemed a sound
trade risk and the above credit figure is admissible.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)