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Report Date : |
07.04.2014 |
IDENTIFICATION DETAILS
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Name : |
OIL BLOCKS HOLDINGS LTD |
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Registered Office : |
1 Pallados, Pafos, 8026 |
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Country : |
Cyprus |
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Date of Incorporation : |
18.07.2008 |
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Com. Reg. No.: |
C234117 |
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Legal Form : |
Limited Company |
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Line of Business : |
Activities
of holding companies (We tried to confirm / obtain the detailed
activity but the same is not available from any sources) |
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No. of Employees |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Offshore Company |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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Cyprus |
B2 |
C1 |
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Risk Category |
ECGC
Classification |
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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 |
Cyprus ECONOMIC OVERVIEW
The area of the Republic of
Cyprus under government control has a market economy dominated by the service
sector, which accounts for four-fifths of GDP. Tourism, financial services, and
real estate have traditionally been the most important sectors. Cyprus has been
a member of the European Union (EU) since May 2004 and adopted the euro as its
national currency in January 2008. During the first five years of EU
membership, the Cyprus economy grew at an average rate of about 4%, with
unemployment between 2004 and 2008 averaging about 3%. An overextended banking
sector with excessive exposure to Greek debt resulted in a contraction in
economic growth. Two of Cyprus' biggest banks were among the largest holders of
Greek bonds in Europe and had a substantial presence in Greece through bank
branches and subsidiaries. Following numerous downgrades of its credit rating,
Cyprus lost access to international capital markets in May 2011. The economy
contracted by an accumulated 8.2% between 2009 and 2013 and is not expected to
return to positive growth before 2015. Unemployment is currently over 17% and
expected to reach 19% in 2014. In July 2012, Cyprus became the fifth eurozone
government to request an economic bailout program from the European Commission,
European Central Bank and the International Monetary Fund - known collectively
as the "Troika". Shortly after the election of President Nicos
ANASTASIADES in February 2013, Cyprus faced an economic crisis and agreed with
the Troika to a $13 billion bailout that included losses on uninsured bank deposits.
The bailout triggered a two-week bank closure and the imposition of capital
controls, some of which remained in place through 2014. Cyprus' two largest
banks merged and the combined entity was recapitalized through conversion of
some large bank deposits to shares and imposition of losses on some bank
bondholders. The Troika conditioned the bailout on progress in financial and
structural reforms and privatization of state-owned enterprises. Cyprus has
downsized and restructured its banking sector significantly. Three positive
reviews by the Troika since May 2013 indicate that Cyprus’ bailout program is
on track with a fourth review scheduled in May 2014. In October 2013, Cyprus
completed preliminary appraisal of hydrocarbon deposits in its territorial
waters, which revealed less than anticipated natural gas reserves. Additional
exploration drilling is likely to continue in 2014-2015.
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Source : CIA |
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Registered Name |
OIL BLOCKS HOLDINGS LTD |
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English Name |
OIL BLOCKS HOLDINGS LTD |
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Registered Address |
1 Pallados, Pafos, 8026, Cyprus |
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Headquarters: |
1 Pallados, Pafos, 8026, Cyprus |
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Telephone |
+35726811363 / +35726811364 |
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Fax |
+35726952052 |
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E-mail |
yiannis@papazacharialaw.com (Correspondent Email) |
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Web Site |
http://www.papazacharialaw.com (Correspondent Website) |
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Status |
Registered and operational |
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Legal Type |
Limited Company |
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Registration No |
C234117 |
Registration Date |
18/07/2008 |
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Start Date |
18/07/2008 |
Years of Operation: |
6 |
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Last return |
10/08/2011 |
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CINFO ID: |
CYC23179940 |
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Employees |
April 2014 |
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Company |
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Total Number |
Not
Available |
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The
company does not maintain offices in Cyprus. At least we did not trace any.
Under these circumstances no staff is employed. In such cases, companies utilize
staff (2-3 people) from their auditors’ or lawyers’ offices.
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Payment
Habits: |
No
complaints |
A check against all available
information sources revealed that no late payment incidents against Subject
Company exist. |
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Financial
strength |
Unable
to comment |
Given that the present is an
International Business Company - IBC (Offshore Company) and most of its
activities are carried out outside Cyprus, coupled with the fact that no
further detailed financial information is available, we feel unable to
express a safe and reliable opinion on their creditability and commercial
morality of the subject |
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Correspondent |
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YIANNIS
PAPAZACHARIA L.L.C. |
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1
Pallados Street,8046 Paphos; Tel:357 26811363 / 26811364 |
Previous Locations
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Authorized Capital |
1,000.00 |
EUR |
Issued Capital |
1,000.00 |
EUR |
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Nominal No Of Shares |
1,000.00 |
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Issued No Of Shares |
1,000.00 |
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Nominal value |
1.00 |
EUR |
Paid Up |
1,000.00 |
EUR |
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Activity Code |
Description |
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NACE
2.1 |
642 |
Activities
of holding companies |
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Line of Business |
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According to
the Article of Associations the current company acts as an investment holding
company although this was not confirmed. However the article makes provision
for other activities as well. Business Activities Investment and Finance Company Investments Investment Consultants Industry Classifications - NAICS » Investment Banking and
Securities Dealing » Securities, Commodity
Contracts, and Other Financial Investments and Related Activities » Investment Advice |
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Export to |
Percentage |
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Comments |
The
subject does not engage in any export activities. |
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Import from |
Percentage |
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Comments |
The
subject does not engage in any import activities. |
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Market Territory |
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International
Presence |
100% |
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Subject
is an International Business Company (IBC) with no offices of its own in
Cyprus. |
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Premises |
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Type |
Headquarters |
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Address: |
1
Pallados, Pafos, 8026, Cyprus |
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Headquarters comprise of |
Offices |
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Headquarters operate as: |
Correspondent
office |
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Affiliates and Subsidiaries |
Relation |
Year Reg. |
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SV
VIDESH LTD |
Associated |
2008 |
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1
Pallados, Pafos, 8026, Cyprus |
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SV
OIL & NATURAL GAS LTD |
Parent
Company |
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44
Saint George Street, Port-Louis, Mauritius |
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No |
Date registered |
Date prepared |
Type |
Description/No |
Amount |
Sequence |
Beneficiary |
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0 |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
No
charges found |
Negatives
A check against
our revealed that no negative payment incidents against the subject company,
such as unpaid invoices, dishonored cheques, utility bills, bankruptcies etc.
exist.
Please note that
the latest financial details were not available at the file of the company at
the official companies' registry house; as the law provides for all companies.
No financial details were available from other public sources.
The subject is an International Business Company - IBC (eg. - Offshore Company) registered in Cyprus on 18/07/2008. According to the company's Articles of Association, the company was established to provide investment holding services.
IBC companies, being covered by the law of confidentiality, may use nominee
shareholders that hold the shares in trust for the beneficial owners. Until
recently beneficial owners were made known only to the Central Bank of the
Republic of Cyprus, which used to grant permission for the company’s
registration in Cyprus. After Cyprus accession into the EU, this practice
changed. Beneficial owners of an IBC are now known to the lawyers and / or
auditors that undertake the registration of such companies in Cyprus.
In the past IBC’s
(eg. offshore companies & offshore branches) used to benefit from a
corporation tax rate on their profits of 4.25%. However, according to new tax
legislation which has been in effect since the 1st January 2003, there is no
longer a distinction between local companies and International Business
Companies (IBC’s. The net profits of all companies registered in Cyprus are
taxed at the rate of 12.5% effective since 1st January 2013.
Furthermore, in the past the law required IBC’s (eg offshore companies & offshore
branches), beneficial owners to be non-Cypriot residents and the business
activities to be carried out, outside of Cyprus only. This law has changed. IBC
entities may have activities worldwide, including in Cyprus. However, in order
for an IBC entity to have activities locally, their Memorandum and Articles of
Association should provide for that. Most of the IBC entities that were
registered before the change of the law have already proceeded with the
amendments in their Memorandum and Articles of Association.
The new provisions provide exemptions from tax of income related to Intellectual Property, specifically:
1. 80% of worldwide royalty income generated from Intellectual Property owned by Cypriot resident companies (net of any direct expenses) is exempt from income tax.
2. 80% of profit generated from the disposal of Intellectual Property owned by Cypriot resident companies (net of any direct expenses) is exempt from income tax.
3. There is no defense tax on dividends for non-Cypriot residents.
Any expenditure of a capital nature for the acquisition or development of IP is claimed as a tax deduction in the year in which it was incurred and the immediate four following years on a straight-line.
All the above exemptions are also available for IPs acquired or developed before January 2012.
We have been unable to trace any offices for the subject company in Cyprus. During our investigation we have contacted the company's correspondent YIANNIS PAPAZACHARIA L.L.C. The official we spoke to declined any information, such as if the company is an International Business Company (IBC) or not and if they maintain offices of their own in Cyprus, due to the client confidentiality policy in place.
We believe that the subject is an International Business Company (IBC) with no offices of its own in Cyprus. Please note that this information could not be confirmed from official sources.
CYPRUS COUNTRY DEVELOPMENT
For information concerning recent political, social and economic developments in Cyprus, follow the below link:
http://www.infocreditgroup.com/News/202/en/Cyprus-Country-Development-2014
Methodology
Used For Report Preparation
Perform Searches in:
· The Registrar of Companies and Official Receiver of the Republic of Cyprus.
· In house databases for Detrimental Information:
Bankruptcy and Dissolution procedures.
Issuers of Bounced Cheques.
Unpaid Bills.
· Proprietary databases and global subscription sites.
· Global and local media.
· Internet social networks.
· Relationship/Directorship Search through Local Database.
· Other local databases as deemed appropriate.
Conduct Interviews with:
· Official(s) / correspondent(s) of the company under review.
· Supplier(s) or other associated entities of the company.
· Other local resources with extensive knowledge of the market.
Analysis
· Process and analyse all information gathered.
· Perform a thorough quality check of the report prior to sending it to the client.
Name: Not disclosed
Position: Company Representative
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.32 |
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UK Pound |
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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|
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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|
-- |
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.