|
Report No. : |
328021 |
|
Report Date : |
23.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
FORESIGHT OIL LIMITED |
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Registered Office : |
1 Kostaki Pantelidi, Kolokasides Bldg, 3rd floor, Nicosia, 1010 |
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Country : |
Cyprus |
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Date of Incorporation : |
29.03.2001 |
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Com. Reg. No.: |
C119405 |
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Legal Form : |
Limited Company |
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Line of Business : |
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No of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Cyprus |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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 4%. However, the economy tipped into recession in 2009 as the ongoing global financial crisis and resulting low demand hit the tourism and construction sectors. An overextended banking sector with excessive exposure to Greek debt added to the contraction. Cyprus’s biggest two 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. 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 Nikos ANASTASIADES in February 2013, Cyprus reached an agreement with the Troika on a $10 billion bailout that resulted in losses on uninsured bank deposits. The bailout triggered a two-week bank closure and the imposition of capital controls that were completely withdrawn in April 2015. 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 bank bondholders. As with other EU countries, the Troika conditioned the bailout on passing financial and structural reforms and privatizing state-owned enterprises. Despite downsizing and restructuring, the Cypriot financial sector throughout 2014 remained burdened by the largest stock of non-performing loans (NPLs) in the euro-zone, equal to nearly half of all loans. Since the bailout, Cyprus has received positive appraisals by the Troika but met its first signs of resistance to passing bailout-mandated legislation in 2014. Political disagreements held up passage of contentious legislation required by the Troika to reform bankruptcy rules, delaying disbursal of bailout funds during the second half of the year. In October 2013, a US-Israeli consortium completed preliminary appraisals of hydrocarbon deposits in Cyprus’ exclusive economic zone (EEZ), which revealed an estimated gross mean reserve of about 140 billion cubic meters. Though exploration continues in Cyprus’ EEZ, no additional commercially exploitable reserves were identified during the exploratory drilling in 2014/2015. Nevertheless, developing its offshore hydrocarbon resources remains a critical component to the government’s economic recovery efforts. Industry experts say there may be exploratory and development drilling in 2016 and 2017.
Economy - overview: Even though the whole of the island is part of the EU, implementation of the EU "acquis communautaire" has been suspended in the area administered by Turkish Cypriots, known locally as the "Turkish Republic of Northern Cyprus" ("TRNC"), until political conditions permit the reunification of the island. The market-based economy of the TRNC is roughly one-fifth the size of its southern neighbor and is likewise dominated by the service sector with a large portion of the population employed by the government. In 2012 - the latest year for which data are available - the services sector, which includes the public sector, trade, tourism, and education, contributed 58.7% to economic output. In the same year, light manufacturing and agriculture contributed 2.7% and 6.2%, respectively. Manufacturing is limited mainly to food and beverages, furniture and fixtures, construction materials, metal and non-metal products, textiles and clothing. The “TRNC” maintains few economic ties with the Republic of Cyprus outside of trade in construction materials. Since its creation, the "TRNC" has heavily relied on financial assistance from Turkey, which supports the "TRNC" defense, telecommunications, water and postal services. The Turkish Lira is the preferred currency, though foreign currencies are widely accepted in business transactions. The "TRNC" remains vulnerable to the Turkish market and monetary policy because of its use of the Turkish Lira. The "TRNC" weathered the European financial crisis relatively unscathed - compared to the Republic of Cyprus - because of the lack of financial sector development, the health of the Turkish economy, and its separation from the rest of the island. The TRNC economy experienced growth estimated at 2.8% in 2013 and 2.3% in 2014 and is projected to grow 3.8% in 2015.
|
Source
: CIA |
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Registered Name |
FORESIGHT OIL LIMITED |
||
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English Name |
FORESIGHT OIL LIMITED |
||
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Registered Address |
1 Kostaki Pantelidi,
Kolokasides Bldg, 3rd floor, Nicosia, 1010, Cyprus |
||
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Headquarters: |
17 Ifigenias, Strovolos,
Nicosia, 2007, Cyprus |
||
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Telephone |
+35722271000 |
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Fax |
+35722271111 |
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E-mail |
corporate@papaphilippou.eu (Correspondent Email) |
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Web Site |
http://www.papaphilippou.eu/ (Correspondent Website) |
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Legal Type |
Limited Company |
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Registration No |
C119405 |
Registration Date |
29/03/2001 |
|
Last annual report |
31/12/2013 |
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Last return |
29/10/2014 |
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Status: |
Registered and operational |
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Employees |
June 2015 |
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Company |
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Total Number |
Not
Available |
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We have been unable to locate any
offices for the subject and believe they do not maintain offices in Cyprus.
Under these circumstances no staff is employed and companies may utilize
staff (2-3 people) from their auditors’ or lawyers’ offices. |
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Additional Info: |
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Legal Advisor & Correspondent: L.PAPAFILIPPOU & CO LLC, 17 Ifigenias, Strovolos,
2007, Tel: 22271000 |
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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. |
|
Date |
Event
Name |
Old
Value |
New
Value |
|
01/01/2008 |
Authorized Capital Changed |
640000.00 CYP |
1094400.00 EUR |
|
01/01/2008 |
Paid Up Capital Changed |
32000.00 CYP |
54720.00 EUR |
|
01/01/2008 |
Nominal Values of Shares Changed |
1.00 CYP |
1.71 EUR |
|
Authorized
Capital |
1,094,400.00 |
EUR |
Issued
Capital |
54,720.00 |
EUR |
|
Nominal
No Of Shares |
640,000.00 |
|
Issued
No Of Shares |
32,000.00 |
|
|
Nominal
value |
1.71 |
EUR |
Paid
Up |
54,720.00 |
EUR |
|
|
Directors |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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PHILIPPOU PHILIPPOS |
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Director |
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598167(ID) |
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54 |
29/03/2001 |
Yes |
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1 Kostaki Pantelidi, Nicosia, 1010,
Cyprus |
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AMULYA KUMAR MOHAPATRA |
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Director |
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Z2047013(Passport) |
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45 |
29/10/2014 |
No |
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Dubai
Silicon Oasis(E&W-S/Meter) 51080, 630, Mismak Properties Llc,Apt. 1213,
Sharjah, Dubai, United Arab Emirates |
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Secretary |
Position |
Acts As |
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Occupation |
Age |
Appointed |
Other dir. |
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CYPROLIAISON LIMITED |
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Company
Secretary |
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0 |
29/03/2001 |
No |
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1
Kostaki Pantelidi, Kolokasides Bldg., 3rd Floor, Nicosia, 1010, Cyprus |
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Shareholders |
ID / Reg. No. |
Acts As |
Nationality |
Shares |
% |
Shares Breakdown |
Class |
Type |
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EXPLORATION GEOSCIENCES LIMITED |
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- |
15840 |
49.50000 |
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Trottenden Farm Office, Kent,
TN 17 1ES, Lidwells Lane, Goudhurst, United Kingdom |
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HALLWORTHY SHIPPING LIMITED S.A. |
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- |
15480 |
48.37500 |
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Avenida
Federico Boyd y Calle,51, Piso 12, Edificio Torre Universal, Panama |
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HOLFORD INVESTMENTS LIMITED |
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C36967 |
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- |
680 |
2.12500 |
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1
Kostaki Pantelidi Avenue, Nicosia, 1010, Cyprus |
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Export to |
Percentage |
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Comments |
Non Retrievable |
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Import from |
Percentage |
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Comments |
Non Retrievable |
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Market Territory |
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International Presence |
100% |
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We believe that the 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: |
17 Ifigenias, Strovolos,
Nicosia, 2007, Cyprus |
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Headquarters operate as: |
Correspondent Office |
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No |
Date registered |
Date prepared |
Type |
Description/No |
Amount |
Sequence |
Beneficiary |
|
0 |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
No
charges found |
A check against
our revealed that no negative payment incidents against the subject company,
such as unpaid bills or bankruptcies exist
Please note that the latest financial details were not available at the file of the company at the Department of Registrar of Companies and Official Receiver; as the law provides for all companies. No financial details were available from other public sources
The subject is an International Business
Company - IBC (ex - Offshore Company) registered in Cyprus on 29/03/2001.
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 (ex 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 (ex 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 L.PAPAFILIPPOU
& CO LLC.
The official we
spoke to could not release 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.
Additionally, a
questionnaire was forwarded to the subject but until now, we have received no reply.
Should any additional information become available, we will provide you with a
revised report.
CYPRUS COUNTRY DEVELOPMENTS:
http://infocreditgroup.com/News/453/en/Cyprus-Country-Development-2015
RISK RATING DEFINITION
RISK RATING DETAILS
Nil Rating
Lack of sufficient data (financial statements outdated or entity is dormant).
N Rating
Recently established company. Unable to provide credit risk rating due to lack
of historical data.
X Rating
Entity that has ceased operations (Bankrupted, dissolved, under liquidation,
under management control).
Low Risk
Indicates low credit risk and is assigned to companies of exceptional credit
quality.
Average Risk
Indicates average credit risk and is assigned to companies of moderate credit
quality.
Above Average Risk
Indicates increased credit risk and is assigned to companies of low credit
quality.
High Risk
Indicates possibility of very high credit risk and is assigned to companies of
very low credit quality.
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 for up to 7 years:
· Bankruptcy and Dissolution procedures.
· Unpaid Bills including returned cheques.
· 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.
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Contact Information |
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Name: |
Not Disclosed |
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Position: |
company |
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Title: |
representative |
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Couldn't supply |
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Any info |
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A questionnaire was sent - no reply received |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.50 |
|
|
1 |
Rs. 100.93 |
|
Euro |
1 |
Rs. 72.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
DPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.