MIRA INFORM REPORT

Report Date :

06.04.2011

IDENTIFICATION DETAILS

Name :	RNA RESOURCES GROUP LTD

Registered Office :	The Oasis Centre, Sheikh Zayed Road, P O Box 25030, Dubai

Country :	United Arab Emirates

Date of Incorporation :	25.08.1993

Legal Form :	Branch of a Foreign Registered Corporation

Line of Business :	Holding Company

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	US$ 3,000,000

Status :	Good

Payment Behaviour :	No Complaints

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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

United Arab Emirates

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SUMMARY

Company Name : RNA RESOURCES GROUP LTD

Trading Styles : LANDMARK GROUP

LANDMARK RETAIL LTD

Country of Origin : British Virgin Islands

Legal Form : Branch of a Foreign Registered Corporation

Registration Date : 25^th August 1993

Trade Licence Number : 103288

Chamber Membership Number : 27151

Issued Capital : UAE Dh 1,000,000

Paid up Capital : UAE Dh 1,000,000

Total Workforce : 500

Activities : Holding company

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

Recommended Credit Limit : US$ 3,000,000

Person Interviewed : Raul Jain, Finance Manager

COMPANY NAME

RNA RESOURCES GROUP LTD

`TRADING STYLES`

LANDMARK GROUP

LANDMARK RETAIL LTD

company 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

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

· Mukesh Jagtiani Chairman

· Jonathan Jagtiani Director

· Vipran Sethi General Manager

· Raul Jain Finance Manager

· Santosh Kumar Accounts Manager

· Swpan Choudari Logistics Manager

· Martin Carrasco Purchasing Manager

LEGAL FORM & OWNERS

Date of Establishment : 25^th 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. : 103288, Jebel Ali Free Zone

Chamber Member No. : 27151

Import Reg. No. : 852

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 500 employees. The Landmark Group employs approximately 32,000 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$ 3.2 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.44.45
UK Pound	1	Rs.71.59
Euro	1	Rs.63.01

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

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.