MIRA INFORM
REPORT
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Report Date : |
26.08.2011 |
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, P O Box 8141, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.01.1971 |
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Com. Reg. No.: |
2047, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject operates through several divisions Chemical Division, Electrical Division, Instrumentation Division and Computer & Networking Division |
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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Maximum Credit Limit : |
US$ 1,750,000 |
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Status : |
Good |
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Payment
Behaviour : |
Usually Correct |
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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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
United Arab Emirates |
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 |
SUMMARY
Company Name : HARIS AL AFAQ LTD
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company
Start Date : 1968
Registration Date : 1st January 1971
Commercial Registration Number : 2047, Dubai
Trade Licence Number : 202207
Chamber Membership Number : 40653
Issued Capital : UAE Dh 5,000,000
Paid up Capital : UAE Dh 5,000,000
Total Workforce : 28
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
company 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
Abdul Khaleq Al Sarkal Director
·
Vipin Ravendaran Commercial
Manager
·
Rajev Saiitumaran Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : Subject was
formed in 1968 and registered on 1st January 1971
Legal Form :
Limited Liability Company
Commercial Reg. No. : 2047, Dubai
Trade Licence No. : 202207
Chamber Member No. : 40653
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
Abdul Khaleq Al Sarkal
AFFILIATED COMPANIES
·
Al
Sanani Trading Est
PO Box: 7187
Dubai
Tel: (971-4) 3728963
·
Haris
Al Afaq Ltd
Jebel Ali Free Zone
Dubai
Lice No. 1398
·
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:
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Paint / Ink Industry
-
Construction chemical industry
-
Plastics Industry
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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:
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Handheld network monitoring & troubleshooting tools
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Network appliances for monitoring and security
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Network appliances for performance
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Network appliances & troubleshooting software
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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 58 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/09: Year Ending
31/12/10:
Total Sales UAE Dh
188,000,000 UAE Dh
193,000,000
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 July 2006 August 2007 April 2008
Credit amount 396,830 372,995 150,000
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.13 |
|
UK Pound |
1 |
Rs.75.52 |
|
Euro |
1 |
Rs.66.53 |
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 |
|
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 |
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26-40 |
B |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.