Public information
Society No. 3084 · Mauritius
Society registered on 9 October 2023
Project-finance scenarios, explained clearly.
Review an educational working-capital illustration while NOFCS keeps ownership and operational control. This public page is not an investment platform, public offer or invitation to transfer funds.
Society controlled Non-equity structure Written approval only
This is not an online investment.
No money, application, commitment or investment instruction can be submitted through this website. The figures are educational illustrations only. Do not transfer funds based on this page.
Live illustration
Rs 3,000,000
Rs 3,000,000 contractual valuePayment pathway
Annual projection
| Year | Opening capital | Rate | Charge generated | Charge paid | Capital repaid | Total cash | Closing capital |
|---|---|---|---|---|---|---|---|
| Year 1Accrued — no cash payment | Rs 3,000,000 | 8% | Rs 240,000 | Rs 0 | Rs 0 | Rs 0 | Rs 3,000,000 |
| Year 2Accrued — no cash payment | Rs 3,000,000 | 8% | Rs 240,000 | Rs 0 | Rs 0 | Rs 0 | Rs 3,000,000 |
| Year 3Provisional level payment | Rs 3,000,000 | 8% | Rs 240,000 | Rs 720,000 | Rs 639,879 | Rs 1,359,879 | Rs 2,360,121 |
| Year 4Provisional level payment | Rs 2,360,121 | 10% | Rs 236,012 | Rs 236,012 | Rs 1,123,867 | Rs 1,359,879 | Rs 1,236,254 |
| Year 5Provisional level payment | Rs 1,236,254 | 10% | Rs 123,625 | Rs 123,625 | Rs 1,236,254 | Rs 1,359,879 | Rs 0 |
| Projected totals | Rs 1,079,637 | Rs 1,079,637 | Rs 3,000,000 | Rs 4,079,637 | Rs 0 | ||
How this scenario is calculated
The provisional annual rate is the selected benchmark plus the fixed margin, bounded by the applicable floor and cap. On the primary Key Rate basis this currently gives 8% for Years 1–3 and 10% for Years 4–5. No cash payment is shown in Years 1–2. The Year 3 payment includes accrued financing charges. Capital instalments are shaped so total annual payments from Year 3 to the end of the selected term remain approximately level; the three-year term has one final payment. Charges use simple Actual/365 accrual and do not compound.
It combines three years of accumulated financing charges (Rs 720,000) with the first capital repayment (Rs 639,879). It is not a higher annual rate.
Total annual cash payments stay approximately equal. The financing charge applies to the outstanding capital, while the capital repayment adjusts to keep the total level. A lower charge does not mean a lower total payment; minor rounding differences may apply.
The formula applies the benchmark plus margin, then the floor and cap. The floor protects the lender if the benchmark falls; the cap limits NOFCS’s rate exposure if it rises. Final terms still require a signed agreement.
This equals the original capital of Rs 3,000,000 plus projected financing charges of Rs 1,079,637 over the selected 5-year term. It is not all profit.
Five-year base planning case
This is the least concentrated option currently displayed, but it is still provisional. Affordability depends on verified costs, successful trips, protected reserves and the coverage tests below; the calculator is not evidence that NOFCS can safely pay.
Drafting safeguards
What a real agreement must contain
These are provisional negotiating protections, not executed terms. A Mauritian lawyer and accountant must review the definitive agreement.
Primary benchmark: Bank of Mauritius Key Rate. The applicable rate is set five Mauritian business days before funding and reset on each financing anniversary, with written notice and no retroactive adjustment.
Years 1–3: Key Rate + 3.25 percentage points, subject to a 6% floor and 8% cap. Years 4–5: Key Rate + 5.25 points, subject to an 8% floor and 10% cap. This replaces the earlier, less affordable 12%/15% illustration.
If the Key Rate is discontinued or unavailable, the previous rate continues temporarily. The parties must agree a comparable official replacement and adjustment in writing; neither party may choose it alone.
Simple Actual/365 accrual; no compounding. Scheduled dates falling on a non-business day move to the next Mauritian business day. MUR is the contract and settlement currency.
NOFCS should retain at least Rs 1,400,000 for two operating trips plus a separate Rs 500,000 debt-service reserve before discretionary distributions.
Target forward debt-service coverage is at least 1.35×, with a 1.25× hard minimum. The revised near-level schedule is approximately 1.47× at 12 trips before tax, insurance and major repairs. Those missing costs must still be verified before affordability is established.
A rate cap limits only the percentage charge. It does not limit principal repayment or the Years 1–2 charges paid in Year 3. The agreement therefore also needs an agreed payment schedule, protected reserves and coverage tests.
If a payment would breach the protected reserves or hard coverage test, principal may be formally rescheduled—not forgiven—under a signed notice. Accrued financing charges remain due and member dividends stop while principal is deferred.
Voluntary early principal payment after Year 3 or 4 is allowed only if post-payment reserves remain protected and forward coverage is at least 1.35×. Any premium or waived future charge must be written into the agreement.
A missed payment receives written notice and a 30-day cure period. Default does not automatically transfer Society membership, voting rights, management control or ownership of the vessel.
Existing bank security remains senior unless the bank agrees otherwise. Quarterly reporting, annual accounts, AML/CFT and source-of-funds checks, governing law, dispute procedure and tax/withholding allocation must be documented.
Controlled disclosure
Due-diligence index
Documents are released only when approved. Draft financial or legal materials are never presented as final.
Society profile
Legal identity, purpose and public contact record
AvailableIndicative heads of terms
Non-equity, non-voting working-capital structure
Legal reviewFive-year financial model
Trip economics, repayment coverage and sensitivities
In preparationVessel diligence pack
Construction, survey, insurance and equipment evidence
In preparationDecision safeguards
Information only. No online investment.
This room does not receive money, register investors, accept applications, create a contract or guarantee payment. Any privately negotiated financing remains subject to identity and source-of-funds checks, affordability analysis, NOFCS approvals, the Society’s registered rules and Mauritian legal, regulatory and tax review.
MUR remains the proposed contractual and settlement currency Foreign-currency figures are indicative display conversions only No visitor receives membership, voting, vessel or management rights No FSC, Registrar or government approval is represented by this page
Financing-rate reference
The Bank of Mauritius Key Rate is the proposed primary contractual benchmark. This illustration uses a historical 4.75% p.a. reference, not a live rate. Verify the current published rate before relying on the scenario. The Key Rate replaced the former Key Repo Rate. The MauBank Prime Lending Rate is retained only as a comparison because PLR is bank-specific and may differ between banks.
Currency reference
Bank of Mauritius source 1 MUR = 1 MUR in this illustration. Foreign-currency conversions use historical indicative rates and are not live quotations. Verify current rates before relying on these figures. Actual bank transfer rates, spreads, charges and taxes may differ.
Request project informationContacting the Society does not create an application, commitment or agreement.
Contact the ChairpersonImportant regulatory notice: This calculator is a general educational planning illustration. It is not an online investment, public offer, prospectus, crowdfunding platform, investment advice, audited forecast, guarantee, solicitation or binding agreement. It does not enable any person to subscribe, lend, invest, pay or commit funds. Do not transfer money based on this website.
Any possible financing would be considered separately and privately, only after verification that the Society’s registered rules permit it, all required Society and regulatory approvals are obtained, due diligence and AML/CFT checks are completed, affordability is established, and definitive documents are signed following independent Mauritian legal, financial and tax advice. NOFCS does not state that the FSC, Registrar of Co-operative Societies, Bank of Mauritius or any government authority has approved this page or any transaction.
Calculations run locally in the browser and are not stored or transmitted. MUR is the proposed contract currency; foreign-currency displays and benchmark values must be refreshed before reliance. A benchmark movement does not change an agreement unless its signed rate-reset clause expressly provides for that change.
Official references: Co-operatives Act 2016 · FSC Crowdfunding Rules 2021.