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Report Date : |
02.04.2014 |
IDENTIFICATION DETAILS
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Name : |
NATURAL OIL & GAS SERVICES LTD. |
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Registered Office : |
44,
ST. George Street, Port Louis |
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Country : |
Mauritius |
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Date of Incorporation : |
21.04.2008 |
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Com. Reg. No.: |
C079725 |
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Legal Form : |
A Global Business Category 2 - GBL2 (Private
Company) |
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Line of Business : |
Subject operate in the oil and gas industry |
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No. of Employees |
03 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Mauritius |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. Mauritius has achieved
steady and strong growth over the last several decades, resulting 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 of the global financial crisis in
2008-09. GDP grew in the 3-4% per year range in 2010-13, and the country
continues to expand its trade and investment outreach around the globe.
|
Source
: CIA |
Registered Name: NATURAL OIL & GAS SERVICES LTD.
Requested Name: NATURAL
OIL & GAS SERVICES LTD.
Other Names: None
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
Financial Index as of December 2013 shows subject firm with a high risk
of credit. We recommend Secured Credit.
Legal Form: A Global Business Category 2
(GBL2)
(Private
Company)
Date Incorporated: 21-April-2008
Reg. Number: C079725
Nominal Capital MUR. 10,000
Subscribed Capital MUR. 10,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Undisclosed Directors
Fideco Global
Business Services Ltd (formerly Fideco Offshore Services Ltd) Trustee
Shiv Vani Oil and
Gas Exploration Services Ltd Holding Co. 100%
Shiv Vani Oil and
Gas Exploration Services Ltd Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate in the oil and gas industry
Imports: None
Stated
Exports: None
Stated
Trademarks: None
Stated
Terms of sale: Cash
(40%) and 30 days (60%), invoices.
Main Customers: firms
and organizations
Employees: 3
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Mauritius
Location: Rented
premises, 2,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Mauritius Rupee (MUR.)
Approx. Ex. Rate: 1 US Dollar = 30.05 Mauritius Rupee
Fiscal
Year End: December 31, 2013
Inflation: According to
information given by independent sources, the
inflation
at December 31st, 2013 was of 13%.
Financial Information not Submitted MUR.
Undisclosed
Bank Name: MCB
Branch: Mauritius
Comments: None
Experiences: Good
None
This
information was obtained from outside sources other than the subject company
itself.
A Global Business Category
2 (GBL2) is a private company which conducts business with persons all of whom
are resident outside Mauritius and in a currency other than the Mauritian
rupee. A GBL2 provides for greater flexibility and is a suitable vehicle for
holding and managing private assets
.
It is a tax exempt company
therefore has no access the network of Double Taxation Agreements of Mauritius.
It cannot carry out business of company formation, administration and
management or provide professional nominee or trusteeship services. It is
furthermore prevented from raising capital from the public and offer of provide
financial services or other services as fiduciary in any investment fund or any
collective investment scheme. A GBL2 may be locally incorporated or registered
as a branch of a foreign company.
Confidentiality is strictly
observed in terms of the 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.
The identity of the
beneficial owner needs to be disclosed only to the registered agent and to the
banker if a bank account is required in Mauritius. The kept by the Registrar of
Companies may only be inspected by the shareholders of the company.
Shareholders may be individual or corporate. It does not pay any tax on its
world-wide income to the Mauritian Authorities.
The ultimate shareholders are Shiv Vani Oil and Gas Exploration Services
Ltd.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.09 |
|
UK Pound |
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.82.58 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
|
|
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
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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.