MIRA
INFORM REPORT
|
Report Date : |
22.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
LANDMARK GROUP |
|
|
|
|
Registered Office : |
The Oasis Centre,
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
25.08.1993 |
|
|
|
|
Legal Form : |
Branch of a Foreign Registered Corporation |
|
|
|
|
Line of Business : |
Subject is a
Holding Company providing Administrative, Financial and Logistical Support to
the Members of the Landmark Group of Companies |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 3,000,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : LANDMARK GROUP
Also Known as : RNA RESOURCES GROUP LTD
Country of Origin : British Virgin Islands
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 25th August 1993
Trade Licence Number : 852
Chamber Membership Number : 27151
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 300
Activities : Holding company
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 3,000,000
COMPANY NAME
LANDMARK GROUP
Also Known as
RNA RESOURCES GROUP LTD
ADDRESS
Registered & Physical Address
Building : The Oasis Centre
Street : Sheikh Zayed Road
PO Box : 25030
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3365143 / 3395111
Facsimile : (971-4) 3378675
Mobile : (971-50)
Email : rnalmark@emirates.net.ae
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Dubai.
Branch Office (s)
Location Description
·
Sheikh
Zayed Road Rented
office & warehousing
Jebel Ali Free Zone,
Industrial Area No. 2
PO Box 17155 & 26881
Dubai
Tel: (971-4) 8812816 / 8094000
/ 8815434 / 8094702
Fax: (971-4) 8812826 / 8094040
KEY PRINCIPALS
Name Position
·
Micky Jagtiani Chairman
·
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 14/01/2009)
Chamber Member No. : 27151
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
AFFILIATED COMPANIES
·
Shoemart
LLC United
Arab Emirates
·
Baby
Shop LLC United
Arab Emirates
·
Home
Centre LLC United
Arab Emirates
·
Splash
LLC United
Arab Emirates
·
Life
Style LLC United
Arab Emirates
·
Al
Bandar House of International Trading United
Arab Emirates
·
Max
Fashion United
Arab Emirates
·
Landmark
Central Market WLL Kuwait
·
Dorrat
Al Wadi Trading Co Saudi
Arabia
·
Mothercare
BSC Bahrain
·
Baby
Shop LLC Oman
·
Home Centre
WLL Qatar
·
Landmark
Infotech Systems India
·
Lifestyle
International Pvt Ltd India
OPERATIONS
Activities: Subject is a holding company providing
administrative, financial and logistical support to the members of the Landmark
Group of companies. The Landmark Group operates over 825 stores located
throughout the Middle East.
Subject has a
workforce of approximately 300 employees. The Landmark Group employs
approximately 24,000 personnel.
FINANCIAL DATA
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. However it is believed the Landmark Group has a turnover in
excess of US$ 2.5 billion.
BANKERS
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box : 999
Dubai
Tel
: (971-4) 2520455
·
Emirates
Bank International Ltd
Beniyas Road
Deira
PO Box : 2923
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
·
Abu Dhabi Commercial Bank
Al
Rigga Road
PO Box : 5550
Dubai
Tel : (971-4) 2958888 / 3228141
Fax : (971-4) 2959310 / 3279632
·
Mashreq
Bank Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
Fax : (971-4) 2233784
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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.48.83 |
|
UK Pound |
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.65.86 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)