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MIRA INFORM REPORT
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Report No. : |
487666 |
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Report Date : |
22.01.2018 |
IDENTIFICATION DETAILS
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Name : |
RNA
RESOURCES GROUP LTD |
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Registered Office : |
The Oasis Centre,
Sheikh Zayed Road, Zabeel Road, P O Box: 25030 & 28 & 28224, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2016 |
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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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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 Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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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 : 25th August 1993
Trade Licence Number : 103288
Chamber Membership Number : 27151
Total Workforce : 520
Activities : Holding company
Financial Condition : Good
Payments : Regular
Operating Trend : Steady
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, Zabeel Road
PO Box : 25030 & 28 &
28224
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
·
Landmark
Group Building Rented
office & warehousing
Sheikh Zayed Road, Plot No.
EWTA94A, 97, 98, Lot 599 & 419
Jebel Ali Free Zone South,
Jebel Area Industrial Area 1, 7th Interchange
PO Box: 113630 &
17155 & 26881 & 999
Dubai
Tel:
(971-4) 8095800 / 8094000 / 8812816 / 8815434 / 8094500 / 8817164 / 8095900 /
8094947 / 8094700
Fax:
(971-4) 8812826 / 8094040 / 8094800 / 8094600
KEY
PRINCIPALS
Name Position
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Mukesh Jagtiani Chairman
·
Jonathan Jagtiani Director
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Vipin
Sethi Chief
Executive Officer
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Raul Jain Finance
Manager
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Santosh Kumar Accounts
Manager
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Swpan Choudari Logistics
Manager
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Martin
Carrasco Purchasing
Manager
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Balaji
Subramanian Senior
Finance Manager
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Karan
Kunwani Finance
Manager
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Girish Vishwanathan Legal
Manager
LEGAL
FORM & OWNERS
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.
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
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Home
Centre LLC United
Arab Emirates
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Splash
LLC United
Arab Emirates
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Life
Style LLC United
Arab Emirates
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Al
Bandar House of International Trading United
Arab Emirates
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Max
Fashion United
Arab Emirates
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Landmark
Central Market WLL Kuwait
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Dorrat
Al Wadi Trading Co Saudi
Arabia
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Mothercare
BSC Bahrain
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Baby
Shop LLC Oman
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Home
Centre WLL Qatar
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Landmark
Infotech Systems India
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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
31/12/15: Year Ending
31/12/16:
Total Sales US$ 2,230,000,000 US$ 2,500,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel:
(971-4) 2520455
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HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
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Abu Dhabi Commercial Bank
Al
Rigga Road
PO Box: 5550
Dubai
Tel: (971-4) 2958888 / 3228141
Fax: (971-4) 2959310 / 3279632
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Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
Fax: (971-4) 2233784
PAYMENT
HISTORY
Regular
GENERAL
COMMENTS
The subject and its
shareholders/owners have been searched in the following databases; Office of
Foreign Assets Control (OFAC), United Nations Security Council Sanctions,
Australian Sanctions List, US Consolidated Sanctions List, EU Financial
Sanctions List and UK Financial Sanctions List and nothing adverse could be
found on the exact names listed within the report.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.72 |
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1 |
INR 88.64 |
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Euro |
1 |
INR 78.14 |
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UAE DH |
1 |
INR 17.40 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.