MIRA
INFORM REPORT
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Report Date : |
29th
December, 2006 |
IDENTIFICATION
DETAILS
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Name : |
LANDMARK
GROUP |
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Registered Office : |
The
Oasis Centre, Sheikh Zayed Road, Jebel Ali Free Zone, Industrial Area No. 2,
PO Box: 17155, Dubai, United Arab Emirates. |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
25.08.1993 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Engaged
in the import and distribution of ready made garments, furniture, toys,
toiletries, watches, footwear, stationery and jewellery. |
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$
250,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
LANDMARK GROUP |
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Country
of Origin |
British Virgin Islands |
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Legal
Form |
Branch of a Foreign Registered Corporation |
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Registration
Date |
25th August 1993 |
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Trade
Licence Number |
852 |
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Membership
Number |
27151 |
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Issued
Capital |
UAE Dh 1,000,000 |
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Paid
up Capital |
UAE Dh 1,000,000 |
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Total
Workforce |
80 |
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Line
of Business |
Distributors of ready made garments, furniture, toys, toiletries, watches, footwear, stationery and jewellery. |
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Financial
Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating
Trend |
Steady |
COMPANY NAME
LANDMARK
GROUP
ADDRESS
Registered & Physical Address
Building : The Oasis Centre
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone,
Industrial Area No. 2
PO Box : 17155
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8812816
Facsimile : (971-4) 8812826
Email : rnalmark@emirates.net.ae
Premises
Subject
operates from a large suite of offices and a warehouse that are rented and
located in the Jebel Ali Free Zone.
Branch Office(s)
Location Description
PO Box: 25030 Office premises
Dubai
Tel : (971-4) 3365143
Fax : (971-4) 3378675
KEY PRINCIPALS
· Vipran Sethi General
Manager
· Martin Carrasco Purchasing
Manager
LEGAL FORM & OWNERS
Date of Establishment : 25th August 1993
Legal Form : Subject is the United Arab Emirates registered branch of RNA Resources
Group Ltd, a Limited Liability
Company incorporated in the British Virgin Islands.
A Branch of a Foreign
Registered Corporation is not a legal entity in
its own right. Responsibility
for payments lays in the hands of the
company where it is originally
registered.
Under these circumstances, we
strongly advise that any
international trade credit
should only be written under the name of
the main company where the
subject holds its registered office, in
this case the British Virgin
Islands.
Trade Licence No. : 852 (Expires 14th January 2007)
Membership No. : 27151
Issued
Capital : UAE Dh 1,000,000
Paid
up Capital : UAE Dh 1,000,000
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of ready made garments, furniture, toys, toiletries,
watches, footwear, stationery and jewellery.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 80 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/04 Year
Ending 31/12/05
Total
Revenue UAE Dh
22,800,000 UAE
Dh 25,550,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
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.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Established
in 1993, subject is involved in the import and distribution of ready made
garments, furniture, toys, toiletries, watches, footwear, stationery and
jewellery.
Local
sources report that the subject’s operating history is clear with payment
obligations met in a generally timely manner. The financial position is
satisfactory and the business is deemed a fair trade risk.
Maximum
suggested credit figure: US$ 250,000
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/normal. |
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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