MIRA INFORM REPORT

 

 

Report Date :

16.03.2013

 

IDENTIFICATION DETAILS

 

Name :

ORIENTAL OIL & GAS SERVICES LTD

 

 

Registered Office :

44, ST. George Street, Port Louis

 

 

Country :

Mauritius

 

 

Date of Incorporation :

05.03.2004

 

 

Com. Reg. No.:

C49761

 

 

Legal Form :

Global Business Category 1

 

 

Line of Business :

Registered to operate as a consultancy firm.

 

 

No. of Employees :

3

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Mauritius

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

mauritius - ECONOMIC OVERVIEW

 

Since independence in 1968, Mauritius has developed from a low-income, agriculturally based economy to a middle-income diversified economy with growing industrial, financial, and tourist sectors. For most of the period, annual growth has been in the order of 5% to 6%. This remarkable achievement has been reflected in more equitable income distribution, increased life expectancy, lowered infant mortality, and a much-improved infrastructure. The economy rests on sugar, tourism, textiles and apparel, and financial services, and is expanding into fish processing, information and communications technology, and hospitality and property development. Sugarcane is grown on about 90% of the cultivated land area and accounts for 15% of export earnings. The government's development strategy centers on creating vertical and horizontal clusters of development in these sectors. Mauritius has attracted more than 32,000 offshore entities, many aimed at commerce in India, South Africa, and China. Investment in the banking sector alone has reached over $1 billion. Mauritius, with its strong textile sector, has been well poised to take advantage of the Africa Growth and Opportunity Act (AGOA). Mauritius' sound economic policies and prudent banking practices helped to mitigate negative effects from the global financial crisis in 2008-09. GDP grew more than 4% per year in 2010-11, and the country continues to expand its trade and investment outreach around the globe.

 

Source : CIA

 

SUBJECT'S NAME

 

Registered Name:

ORIENTAL OIL & GAS SERVICES LTD

Requested Name:

ORIENTAL OIL & GAS SERVICES LTD

Other Names:

None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

44, ST. George Street, Port Louis

Postal Address:

44, ST. George Street,

 

Port Louis,

Country:

Mauritius

Phone:

230-2103386/1867

Fax:

230-2105922

Email:

fideco@intnet.mu

Website:

www.fidecoglobal.com

 

 

CREDIT OPINION

 

 

Financial Index as of December 2012 shows subject firm with a high risk of credit.

 

 

LEGAL

 

 

Legal Form:

GLOBAL BUSINESS CATEGORY 1

Date Incorporated:

05-March-2004

Reg. Number:

C49761

Nominal Capital

MUR. 100,000

Subscribed Capital

MUR. 100,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Undisclosed

Directors

 

Fideco Global Business Services Ltd (formerly Fideco Offshore Services Ltd)

Trustee

 

 

 

RELATED COMPANIES

 

 

None

Parent company.

None

Subsidiary company.

None

Affiliated company.

None

Shareholder of subject firm.

None

Branches of the firm

 

 

OPERATIONS

 

Registered to operate as a consultancy firm.

Imports:

None

Exports:

None

Trademarks:

None

Terms of sale:

Undisclosed

 

 

Main Customers:

firms and organizations  

Employees:

3 employees.

Vehicles:

None Stated

Territory of sales:

Mauritius

Location:

Undisclosed

 

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

 

FINANCE

 

 

Currency Reported:

Mauritius Rupee (MUR.)

Approx. Ex. Rate:

1 US Dollar = 30.87 Mauritius Rupee

Fiscal Year End:

December 31, 2012

Inflation:

According to information given by independent sources, the inflation at December 31st, 2012 was of 13%.

 

Financial Information Submitted

MUR.

 

Undisclosed

 

 

BANK

 

 

Bank Name:

Barclays Bank

Branch:

Mauritius

Comments:

None

 

 

TRADE REFERENCES

 

 

Experiences:

Good

 

 

 

NOTARIAL BONDS

None

 

 

COMMENTS / ADDITIONAL INFORMATION

 

 

This information was obtained from outside sources other than the subject company itself.

 

This company is a GLOBAL BUSINESS CATEGORY 1 (GBL 1) as defined under the Financial Services Development Act 2001, a GBL1 is a company engaged in qualified global business and which is carried on from within Mauritius with persons all of whom are resident outside Mauritius and where business is conducted in a currency other than the Mauritian rupee.

 

It is the recommended structure for individuals, body corporate, trust or partnership including limited liability partnership or a société for investment and other high profile business. A GBL1 may be locally incorporated or may be registered as a branch of a foreign company. Public companies, those engaged in banking, insurance and fund management, and companies wishing to benefit from the provisions of Double Taxation Agreements (DTAs), can only be incorporated as GBL1 companies.

 

Confidentiality is strictly observed in terms of the Financial Services Development Act 2001(FSD Act). No person or body is authorized to disclose information or present documentation to any court, tribunal, committee of inquiry or other authority in Mauritius unless ordered to do so by a Court of Law on application by the Director of Public Prosecution for inquiry into the trafficking of narcotics and dangerous drugs, arms trafficking or money laundering as defined under existing legislation. Upon application to the FSC, full disclosure is required on the beneficial owners of the company. However, such information is not available for public inspection.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.16

UK Pound

1

Rs.81.74

Euro

1

Rs.70.50

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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