|
Report Date : |
21.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
RNA RESOURCES GROUP LTD |
|
|
|
|
Registered Office : |
The Oasis
Centre, Sheikh Zayed Road, P O Box 25030 & 28, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
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. |
|
|
|
|
No. of Employees : |
520 |
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 |
|
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
United Arab Emirates 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 : 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
RNA
RESOURCES GROUP LTD
· LANDMARK GROUP
LANDMARK RETAIL LTD
Registered &
Physical Address
Building : The Oasis Centre
Street : Sheikh Zayed Road
PO Box : 25030 & 28
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, Plot No. EWTA94A, 97, 98 Rented
office & warehousing
Jebel Ali Free Zone South
PO Box: 17155 & 26881
& 999
Dubai
Tel: (971-4) 8094000 / 8812816
/ 8815434 / 8094702 / 8817164
Fax: (971-4) 8812826 / 8094040
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
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
Chamber Member No. : 27151
Import Reg. No. : 852
·
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
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 45,000 personnel.
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.
·
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
No complaints regarding
subject’s payments have been reported.
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.62.24 |
|
UK Pound |
1 |
Rs.101.81 |
|
Euro |
1 |
Rs.84.88 |
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.