MIRA INFORM REPORT

Report Date :

31.08.2014

IDENTIFICATION DETAILS

Name :	RNA RESOURCES GROUP LTD
Registered Office :	The Oasis Centre Sheikh Zayed Road 25030 & 28 Dubai
Country :	United Arab Emirates
Financials (as on) :	31.12.2013
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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
UAE	A2	A2

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

UAE 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

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

Total Workforce : 520

Activities : Holding company

Financial Condition : Good

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Karan Kunwani, Finance Manager

COMPANY NAME

RNA RESOURCES GROUP LTD

TRADING STYLES

LANDMARK GROUP

LANDMARK RETAIL LTD

ADDRESS

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 / info@landmarkgroup.com

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

KEY PRINCIPALS

Name Position

· Mukesh Jagtiani Chairman

· Jonathan Jagtiani Director

· Vipin Sethi Chief Executive Officer

· Raul Jain Finance Manager

· Santosh Kumar Accounts Manager

· Swpan Choudari Logistics Manager

· Martin Carrasco Purchasing Manager

· Balaji Subramanian Senior Finance Manager

· Karan Kunwani Finance Manager

· Girish Vishwanathan Legal 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

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.

Operating Trend: Steady

Subject has a workforce of approximately 520 employees. The Landmark Group employs approximately 45,000 personnel.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: United States Dollars (US$)

Year Ending 31/12/12: Year Ending 31/12/13:

Total Sales US$ 1,865,000,000 US$ 2,000,000,000

Local sources consider subject’s financial condition to be Good.

The above figures were provided by Ms Karan Kunwani, Finance Manager

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.60.48
UK Pound	1	Rs.100.35
Euro	1	Rs.79.86

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIS

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%)

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