MIRA INFORM REPORT

Report No. :	323686
Report Date :	27.05.2015

IDENTIFICATION DETAILS

Name :	PRIDE FORAMER SUCURSAL DE ANGOLA
Registered Office :	Rua Do Futungo 54 Samba,Luanda
Country :	Angola
Date of Incorporation :	01.01.1988
Com. Reg. No.:	28789
Legal Form :	Limited Corporation
Line of Business :	Dealers in contracts drilling and related services to oil and natural gas companies worldwide, operating both offshore and on land.
No of Employees :	1400 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
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)
Angola	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	D

ANGOLA ECONOMIC OVERVIEW

Angola’s economy is overwhelmingly driven by its oil sector. Oil production and its supporting activities contribute about 50% of GDP, more than 70% of government revenue, and more than 90% of the country’s exports. Diamonds contribute an additional 5% to exports. Subsistence agriculture provides the main livelihood for most of the people, but half of the country's food is still imported. Increased oil production supported growth averaging more than 17% per year from 2004 to 2008. A postwar reconstruction boom and resettlement of displaced persons has led to high rates of growth in construction and agriculture as well. Some of the country's infrastructure is still damaged or undeveloped from the 27-year-long civil war. However, the government since 2005 has used billions of dollars in credit lines from China, Brazil, Portugal, Germany, Spain, and the EU to help rebuild Angola's public infrastructure. Land mines left from the war still mar the countryside, and as a result, the national military, international partners, and private Angolan firms all continue to remove them. The global recession that started in 2008 stalled economic growth. In particular, lower prices for oil and diamonds during the global recession slowed GDP growth to 2.4% in 2009, and many construction projects stopped because Luanda accrued $9 billion in arrears to foreign construction companies when government revenue fell in 2008 and 2009. Angola formally abandoned its currency peg in 2009, and in November 2009 signed onto an IMF Stand-By Arrangement loan of $1.4 billion to rebuild international reserves. Consumer inflation declined from 325% in 2000 to less than 9% in 2014. n 2014, Depressed global oil prices in 2014 have reduced GDP growth and put significant pressure on the budget. Corruption, especially in the extractive sectors, also is a major challenge.

Source : CIA

SUBJECT'S NAME
Registered Name:	PRIDE FORAMER SUCURSAL DE ANGOLA
Requested Name:	PRIDE FORAMER SUCURSAL DE ANGOLA
Other Names:	None
_______________________________________________________________________
ADDRESS AND TELECOMMUNICATION
Physical Address:	Rua Do Futungo 54 Samba,Luanda
Postal Address:	P. o. Box 154
	Luanda,
Country:	Angola
Phone:	244-222-460532/332231/332376
Fax:	244-222-62130/331447/260074
Email:	info@prideinternational.com
Website:	www.pridebaltimore.com
_______________________________________________________________________
CREDIT OPINION
Financial Index as of December 2014 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.
_______________________________________________________________________
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		01-Jan-1988
Reg. Number:		28789
Tax Number:		541002245
Nominal Capital		USD. 4,000,000
Subscribed Capital		USD. 4,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Louis A. Raspino		CEO
Mr. Rodney W. Eads		Director
Mr. David A. B. Brown		Director
Mr. J. Roderick Clark		Director
Mr. Greorge Wassaf		Director
Mr. Christian Girard		GM
Pride International Inc		Holding Co.		100%
_______________________________________________________________________
RELATED COMPANIES
Pride International Inc		Parent company.
None		Subsidiary company.
Various worldwide		Affiliated companies.
None		Shareholder of subject firm.
None		Branches of the firm
___________________________________________________________________________
OPERATIONS
Registered to operate as dealers in contracts drilling and related services to oil and natural gas companies worldwide, operating both offshore and on land.
Imports:		Asia, Middle East
Exports:		Worldwide
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		firms and organizations
Employees:		1400 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Angola
Location:		Owned premises, 10,000 square feet,
_______________________________________________________________________
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
_______________________________________________________________________
FINANCE
Currency Reported:		Angolan Kwanza (AOA.)
Approx. Ex. Rate:		1 US Dollar = 109.81 Angolan Kwanza
Fiscal Year End:		December 31, 2014
Inflation:		According to information given by independent sources, the inflation at December 31st, 2014 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in AOA.)
			2014
Sales			2,500,000,000
_______________________________________________________________________
BANK
Bank Name:		BCP Bank
Branch:		Angola
Comments:		None
_______________________________________________________________________
TRADE REFERENCES
Experiences:		Good
_______________________________________________________________________
NOTARIAL BONDS		None
_______________________________________________________________________
COMMENTS / ADDITIONAL INFORMATION
This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.84
UK Pound	1	Rs. 98.37
Euro	1	Rs. 69.64

INFORMATION DETAILS

Analysis Done by :	DIV
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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.