MIRA INFORM REPORT

 

 

Report Date :

02.06.2012

 

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

 

 

No. of Employees :

520

 

 

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 :

Branch of a Foreign Registered Corporation

 

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

 

 

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                                   : 25th August 1993

Trade Licence Number                            : 103288

Chamber Membership Number                : 27151

Total Workforce                                     : 520

Activities                                               : Holding company

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Girish Vishwanathan, Legal 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 / 5014600

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. 1

     PO Box: 17155 & 26881

     Dubai

     Tel: (971-4) 8812816 / 8094000 / 8815434 / 8094702 / 8817164

     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

·       Girish Vishwanathan                                                                          Legal 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.       : 103288 (Expires 14/01/2013)

 

Chamber Member No. : 27151

 

Import Reg. No.           : 852

 

 

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 1,000 stores located throughout the Middle East.

 

Subject has a workforce of approximately 520 employees. The Landmark Group employs approximately 40,000 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$ 4.7 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

 

The PO Box 999 that you provided is used by Standard Chartered Bank.

 

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.55.92

UK Pound

1

Rs.86.03

Euro

1

Rs.69.13

 

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%)

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.