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Report Date : |
22.04.2014 |
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) : |
31.12.2013 |
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Date of Incorporation : |
1968 |
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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’s operations are performed through the following divisions: ·
Chemical Division ·
Electrical Division ·
Instrumentation
Division ·
Computer &
Networking Division |
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|
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No. of Employees : |
78 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
UNITED ARAB
EMIRATES - ECONOMIC OVERVIEW
The UAE has an open economy
with a high per capita income and a sizable annual trade surplus. Successful efforts
at economic diversification have reduced the portion of GDP based on oil and
gas output to 25%. Since the discovery of oil in the UAE more than 30 years
ago, the country has undergone a profound transformation from an impoverished
region of small desert principalities to a modern state with a high standard of
living. The government has increased spending on job creation and
infrastructure expansion and is opening up utilities to greater private sector
involvement. In April 2004, the UAE signed a Trade and Investment Framework
Agreement with Washington and in November 2004 agreed to undertake negotiations
toward a Free Trade Agreement with the US; however, those talks have not moved
forward. The country's Free Trade Zones - offering 100% foreign ownership and
zero taxes - are helping to attract foreign investors. The global financial
crisis, tight international credit, and deflated asset prices constricted the
economy in 2009. UAE authorities tried to blunt the crisis by increasing
spending and boosting liquidity in the banking sector. The crisis hit Dubai
hardest, as it was heavily exposed to depressed real estate prices. Dubai
lacked sufficient cash to meet its debt obligations, prompting global concern
about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the
largest shares. In December 2009 Dubai received an additional $10 billion loan
from the emirate of Abu Dhabi. Dependence on oil, a large expatriate workforce,
and growing inflation pressures are significant long-term challenges. The UAE's
strategic plan for the next few years focuses on diversification and creating
more opportunities for nationals through improved education and increased
private sector employment.
|
Source
: CIA |
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 :
78
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Joydee Datagupta, Financial Controller
HARIS AL AFAQ LTD
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) 2719156
/ 2719625 / 2283623 / 2283624 / 2283625
Facsimile : (971-4)
2719285 / 2281285
Mobile : (971-55)
1760569 / (971-50) 3231865
Email : sales@haris.com
/ joydeep@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: 61394 Office
premises
Jebel Ali Free Zone Area
Dubai
Tel: (971-4) 8818986
Fax: (971-4) 8818991
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
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
Joydee Datagupta Financial
Controller
Venkat Raman Accountant
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 (Expires 18/02/2015)
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
Al Sanani Trading Est
PO Box: 7187
Dubai
Tel: (971-4) 3728963
Al Dobowi Tyre Co
PO Box: 5576
Dubai
Tel: (971-4) 2285044
Al Wazeer Electrical LLC
Dubai
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 78 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales UAE
Dh 46,070,707 UAE Dh
37,642,152
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Ms Joydee Datagupta, Financial
Controller
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
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
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.60.34 |
|
|
1 |
Rs.101.41 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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|
Report Prepared
by : |
NNA |
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 |
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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 |
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 |
|
-- |
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.