|
Report Date : |
11.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
AL NISR PUBLISHING LLC |
|
|
|
|
Registered Office : |
Gulf News
Building, Sheikh Zayed Road, Al Quoz Industrial Area, P O Box 6519, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
15.12.1985 |
|
|
|
|
Com. Reg. No.: |
41278, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
publishers of newspapers
and magazines, including the “Gulf News”, a leading English daily newspaper
and “Friday”, a weekly family magazine. |
|
|
|
|
No. of Employees : |
4000 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UAE 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 : AL NISR PUBLISHING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 15th December 1985
Commercial Registration Number : 41278, Dubai
Trade Licence Number : 300468
Chamber Membership Number : 4805
Issued Capital : UAE Dh 15,000,000
Paid up Capital : UAE Dh 15,000,000
Total Workforce : 4,000
Activities : Publishers of newspapers and magazines.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Ahmed Ali, Public Relations Manager
AL NISR PUBLISHING
LLC
Registered &
Physical Address
Location : Gulf News Building
Street : Sheikh Zayed Road
Area : Al Quoz Industrial Area
PO Box : 6519
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3447100
/ 4067429
Facsimile : (971-4)
3491086 / 3443108 / 3441403 / 3449139
Mobile : (971-50) 6507995
Email : gn@emirates.net.ae / supportdesk@gulfnews.com / edit@gulf-news.co.ae /
Premises
Subject operates
from a large suite of offices and a printing press that are owned and located
in the Industrial Area of Dubai.
Branch Office
(s)
Location Description
·
PO Box:
19349 Office
premises
Al Ain
Tel: (971-3) 7668166
Fax: (971-3) 7665177
·
PO Box:
7441 Office
premises
Abu Dhabi
Tel: (971-2) 6263700
Fax: (971-2) 6275020
·
Fujairah Office
premises
Tel: (971-9) 2231917
Fax: (971-9) 2231918
Name Nationality Position
·
Obaid
Humaid Mattar Al Tayer Emirati Managing
Director
·
Abdul
Wahed Hassan Al Rostamani Emirati Director
·
Abdul
Rahman Hassan Al Rostamani Emirati Director
·
Juma Al
Majid Abdullah Emirati Director
·
Abdul
Hamid Ahmed - Editor
in Chief
·
Duleep
George - Commercial
Manager
·
Naresh Baya - Finance
Manager
·
Annole Styn - Human
Resources Manager
·
Mohamed Nour Eddine - Purchasing
Manager
·
Irshad Noureddine - Operations
Manager
·
Ahmed Ali - Public
Relations Manager
Date of Establishment : 15th
December 1985
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 41278, Dubai
Trade Licence No. : 300468
(Expires 09/03/2016)
Chamber Member No. : 4805
Issued Capital : UAE Dh 15,000,000
Paid up Capital : UAE Dh 15,000,000
Name of Shareholder
(s) Percentage
·
Juma Al
Majid Abdullah 33.3%
·
Obaid
Humaid Mattar Al Tayer 33.3%
·
Abdul
Rahman Hassan Al Rostamani 11.1%
·
Abdul
Wahed Hassan Al Rostamani 11.1%
·
Heirs
of the late Abdullah Hassan Al Rostamani 11.1%
·
Al Nisr Distribution Co
Dubai
Activities: Engaged as publishers of newspapers and magazines,
including the “Gulf News”, a leading English daily newspaper and
“Friday”, a weekly family magazine.
The “Gulf News” has experienced continued circulation growth with a daily average of 91,000 copies and 10,000 visitors daily to their website.
The company also publishes the following: Xpress (a free weekly tabloid), Aquarius magazine, Property Weekly, Notes, Inside Out (monthly interiors & property magazine), Entertainment Plus, Weekend Review, & Wheels.
Import Countries: Europe and GCC countries
Subject has a
workforce of approximately 4,000 employees.
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company or
submitted by outside sources.
·
Union
National Bank
Baniyas Street
PO Box: 6811
Dubai
Tel:
(971-4) 2211188
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
No complaints
regarding subject’s payments have been reported.
Amount overdue 0 0 0 0
Payment terms 60
days 30 days 30 days 30 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints No Complaints
Currency Canadian
Dollars Pounds Sterling US Dollars Euros
Established in
1985, subject is involved in the publishing of newspapers and magazines, and is
the owner of the “Gulf News”, a leading English daily newspaper with a daily
circulation of 91,000 copies.
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.60.13 |
|
UK Pound |
1 |
Rs.89.52 |
|
Euro |
1 |
Rs.76.89 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.