|
Report Date : |
12.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
RNA RESOURCES GROUP LTD |
|
|
|
|
Registered Office : |
The Oasis Centre, Sheikh Zayed Road, PO Box: 25030 & 28, Dubai |
|
|
|
|
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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|
|
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Line of Business : |
Holding company |
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|
|
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 : |
Branch of a Foreign Registered Corporation |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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) 8812816 / 8094000 / 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 40,000 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.61.16 |
|
|
1 |
Rs.97.77 |
|
Euro |
1 |
Rs.82.78 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.