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Report No. : |
344895 |
|
Report Date : |
13.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
RNA
RESOURCES GROUP LTD |
|
|
|
|
Registered Office : |
The Oasis Centre, Sheikh Zayed Road, Zabeel Road, PO Box 25030 & 28, Dubai |
|
|
|
|
Country : |
United
Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
25.08.1993 |
|
|
|
|
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 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. The country's free
trade zones - offering 100% foreign ownership and zero taxes - are helping to
attract foreign investors. The global financial crisis of 2008, 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
and ultimately a $20 billion bailout from the UAE Central Bank and Abu
Dhabi-emirate government that was refinanced in March 2014. 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 economic diversification and creating more job 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
Person Interviewed :
Karan Kunwani, Finance Manager
RNA RESOURCES
GROUP LTD
LANDMARK GROUP
LANDMARK RETAIL LTD
Registered &
Physical Address
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
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, 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
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.64.73 |
|
|
1 |
Rs.99.30 |
|
Euro |
1 |
Rs.73.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.