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Report No. : |
322251 |
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Report Date : |
19.05.2015 |
IDENTIFICATION DETAILS
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Name : |
INDEPENDENT PETROLEUM GROUP LTD |
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Registered Office : |
Suite E-2, Union Court Building, Elizabeth Avenue and Shirley Street, Nassau |
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Country : |
Bahamas |
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Date of Incorporation : |
Not Available |
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Legal Form : |
Limited Company |
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Line of Business : |
International Business Company |
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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 : |
International Business 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Bahamas |
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 |
BAHAMAS - ECONOMIC OVERVIEW
The Bahamas is one of the wealthiest Caribbean countries with an economy heavily dependent on tourism and offshore banking. Tourism together with tourism-driven construction and manufacturing accounts for approximately 60% of GDP and directly or indirectly employs half of the archipelago's labor force. Financial services constitute the second-most important sector of the Bahamian economy and, when combined with business services, account for about 35% of GDP. Manufacturing and agriculture combined contribute less than a 10th of GDP and show little growth, despite government incentives aimed at those sectors. The economy of The Bahamas shrank at an average pace of 0.8% annually between 2007 and 2011, and tourism, financial services, and construction - pillars of the national economy - remain subdued. Conditions are improving in the tourism sector, however, due to steady foreign investment led activity. New resort and marina developments are likely to provide sustained employment opportunities.
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Source
: CIA |
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Order: |
INDEPENDENT PETROLEUM GROUP LTD |
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Address in the order: |
SUITE E-2, UNION COURT BUILDING ELIZABETH AVENUE AND SHIRLEY STREET NASSAU BAHAMAS |
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Legal Name: |
Independent Petroleum Group Limited |
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Trade Name: |
IPG Limited |
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ID: |
NA |
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Date Created: |
NA |
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Date Incorporated: |
NA |
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Legal Address: |
Suite E-2, Union Court Building, |
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Operative Address: |
Suite E-2, Union Court Building, |
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Telephone: |
(242) 322-7601 |
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Fax: |
(242) 322-5807 / 325-3583 |
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Legal Form: |
Limited Company |
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Email: |
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Registered in: |
Bahamas |
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Website: |
NA |
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Contact: |
MOSSAK FONSECA & CO |
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Staff: |
0 |
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Activity: |
International Business Company |
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Bank of the Bahamas Limited |
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The company does not make its banking information public. |
NA
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Independent Petroleum Group Limited is an International
Business Company incorporated in Bahamas for tax purposes. |
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Products/Services description: |
NA |
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Brands: |
NA |
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Sales are: |
NA |
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Clients: |
NA |
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Suppliers: |
NA |
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Operations area: |
NA |
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The company imports from |
NA |
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The company exports to |
NA |
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The subject employs |
The company does not have any employee in
Bahamas. |
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Payments: |
NA |
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Headquarters : |
The company uses this address to operate within the country. However,
it is not its real operative address. |
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Branches: |
NA |
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Industry: |
Petroleum Industry |
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Listed at the stock exchange: |
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Shareholders %: |
Independent Petroleum Group Limited Bahamas (“IPG Limited”), which is a
100% subsidiary of Independent Petroleum Group S.A.K (“IPG SAK”), a
well-established independent company incorporated in 1976, based in Kuwait
City and listed on the Kuwait Stock Exchange since 1995. IPG Limited is
active in petroleum products trading and related investments and currently
has over 100 employees. Since 1990, IPG Limited has remained the trading arm
of IPG SAK and is active in the Middle East, East Africa, Singapore,
Mediterranean and Black Sea area. IPG Limited’s obligations are guaranteed by
the holding Company IPG SAK. |
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Management: |
MOSSACK FONSECA & CO. (BAHAMAS LTD.) |
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Related Companies: |
Independent Petroleum Group (Asia) Pte. Limited, which are engaged in
the trading of crude oil and petroleum products; Independent Petroleum Group
of Kuwait Limited; Independent Petroleum Group (Southern Africa) (Pte)
Limited, and D&K Holdings LLC. |
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This is a private company which does not make its financial statements
public. |
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We attach parents financial statements |
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Independent Petroleum Group |
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SYNDICATED MURABAHA FINANCING |
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This is an International Business Company
which does not belong to a company located in Bahamas. |
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DEBTS |
Controlled |
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PAYMENTS |
Unknown |
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CASH FLOW |
Normal |
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STATUS |
Active |
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NAME |
NA |
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POSITION |
MOSSAK FONSECA & CO |
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COMMENTS |
The agent contacted confirmed status, ID and name. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.55 |
|
|
1 |
Rs.99.86 |
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Euro |
1 |
Rs.72.67 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
VNT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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.