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Report Date : |
09.04.2014 |
IDENTIFICATION DETAILS
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Name : |
ORIENTAL 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 : |
05.03.2004 |
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Com. Reg. No.: |
C49761 |
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Legal Form : |
Global Business Category 1 |
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Line of Business : |
Subject operates as a consultancy firm. |
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No. of Employees |
03 |
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 : |
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) |
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Mauritius |
A2 |
A2 |
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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 |
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: ORIENTAL OIL & GAS SERVICES LTD.
Requested Name: ORIENTAL
OIL & GAS SERVICES LTD.
Other Names: None
Physical Address: 44, ST. George Street, Port
Louis
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 medium
risk of credit.
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
Shiv Vani Oil
& Gas Exploration Services Holding Co. 100%
Shiv Vani Oil
& Gas Exploration Services Parent company.
None Subsidiary company.
Various worldwide Affiliated companies.
None Shareholder of subject firm.
None Branches of the firm
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: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Mauritius Rupee (MUR.)
Approx. Ex. Rate: 1 US Dollar = 30.13 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
Profit and Loss (expressed in NGN.)
MUR.
Sales Undisclosed
Bank Name: Barclays Bank
Branch: Mauritius
Comments: None
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
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UK Pound |
1 |
Rs.99.36 |
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Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
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Analysis Done by
: |
Div |
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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 |
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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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<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.