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Report No. : |
326809 |
|
Report Date : |
12.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
RNA RESOURCES GROUP LTD |
|
|
|
|
Registered Office : |
Sheikh Zayed Road,
Zabeel Road, PO Box 25030 and 28, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
25.08.1993 |
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|
|
|
Legal Form : |
Branch of a
Foreign Registered Corporation |
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|
|
|
Line of Business : |
Subject is a holding company providing administrative, financial and
logistical support to the members of the landmark group of companies. |
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|
|
|
No. of Employee : |
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 |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
RNA RESOURCES GROUP LTD
TRADING STYLES: LANDMARK GROUP
LANDMARK RETAIL LTD
Building :
The Oasis Centre
Street :
Sheikh Zayed Road, Zabeel Road
PO Box : 25030 & 28
Town :
Dubai
Country :
United Arab Emirates
Telephone :
(971-4) 3365143 / 3395111 / 5014600
Facsimile :
(971-4) 3378675 / 3696910
Email :
rnalmark@emirates.net.ae / info@landmarkgroup.com
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, Jebel Area Industrial Area 1
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
· 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
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.
Operating Trend: Steady
Subject has a workforce of approximately 520
employees. The Landmark Group employs approximately 45,000 personnel.
Financial highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales US$
2,000,000,000 US$
2,170,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Ms Karan Kunwani, Finance Manager
·
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.63.89 |
|
|
1 |
Rs.98.89 |
|
Euro |
1 |
Rs.72.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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.