MIRA
INFORM REPORT
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Report Date : |
04.03.2011 |
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IDENTIFICATION DETAILS
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Name : |
KAZSTROYSERVICE INFRASTRUCTURE INDIA PRIVATE LIMITED |
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Registered
Office : |
6, Jain Bhawan, 12, Bhagat Singh Marg, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.07.2007 |
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Com. Reg. No.: |
55-166048 |
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CIN No.: [Company Identification
No.] |
U45400DL2007PTC166048 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of the company is to provide
Construction Management and Advisory Services and to execute turnkey
projects. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4613000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of JSC OGCC Kazstroyservice, The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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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 |
LOCATIONS
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Registered Office : |
6, Jain Bhawan, 12, Bhagat Singh Marg, |
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Tel. No.: |
91-124-4566800 |
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Fax No.: |
91-124-4566866 |
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E-Mail : |
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Website : |
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Head Office : |
248 B Dostyk ave., 050020, Almaty, |
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DIRECTORS
As on : 08.09.2010
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Name : |
Mr. Raj Kumar Babel |
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Designation : |
Director |
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Address : |
42, Babelon Ki Gali, |
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Date of Birth/Age : |
17/08/1958 |
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Date of Appointment : |
19/07/2007 |
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Name : |
Mr. Dinesh Kumar Khare |
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Designation : |
Managing Director |
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Address : |
C-17 Pancham Bunglow, |
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Date of Birth/Age : |
23/12/1952 |
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Date of Appointment : |
17/03/2010 |
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Name : |
Mr. Jai Kumar Gupta |
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Designation : |
Director |
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Address : |
Packet – D, Flat No.9, Sarita Vihar, |
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Date of Birth/Age : |
11/07/1960 |
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Date of Appointment : |
24/07/2008 |
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Name : |
Mr. Hemant Kumar Sinha |
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Designation : |
Additional Director |
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Address : |
E-54, Malviya Nagar, |
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Date of Birth/Age : |
17/06/1959 |
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Date of Appointment : |
23/02/2009 |
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Name : |
Mr. Balasubramanian Kunchitham |
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Designation : |
Director |
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Address : |
B-4, Sakthi Enclave, 151, |
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Date of Birth/Age : |
19/07/1957 |
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Date of Appointment : |
28/09/2009 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
II-L 73, Lajpat Nagar, |
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Date of Birth/Age : |
16.01.1963 |
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Date of Appointment : |
15.03.2010 |
KEY EXECUTIVES
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Name : |
Mr. Rajiv Ranjan |
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Designation : |
Secretary |
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Address : |
12/ 136, DSGQ, Dev Nagar, Karol Bagh, |
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Date of Birth/Age : |
05/01/1980 |
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Date of Appointment : |
01/04/2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 08.09.2010
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Names of Shareholders |
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No. of Shares |
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JSC OGCC |
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30009999 |
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Pankaj Jain |
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1 |
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Total
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30010000 |
As on : 08.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of the company is to provide
Construction Management and Advisory Services and to execute turnkey
projects. |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
Note:
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Batliboi and Associates Chartered Accountants |
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Address : |
Golf View Corporate Tower B, Sector - 42, |
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Tel. No.: |
91-124-4644000 |
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Fax No.: |
91-124-4644050 |
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Holding Company : |
JSC OGCC |
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Ultimate Holding Company : |
Kazstroyservice Limited, |
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Group Companies : |
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CAPITAL STRUCTURE
As on : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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30010000 |
Equity Shares |
Rs.10/- each |
Rs.300.100
millions |
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Note :
Of the above, 30009999 Equity Shares are held
by JSC OGCC Kazstroyservice (“the holding company”). Almaty and one equity
share is held by its nominee.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
300.100 |
300.100 |
280.100 |
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2] Share Application Money |
0.000 |
145.185 |
0.000 |
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3] Reserves & Surplus |
853.239 |
510.000 |
6.455 |
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4] (Accumulated Losses) |
0.000 |
(64.872) |
0.000 |
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NETWORTH |
1153.339 |
890.413 |
286.555 |
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LOAN FUNDS |
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1] Secured Loans |
1695.966 |
297.804 |
119.139 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
1695.966 |
297.804 |
119.139 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
3.469 |
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TOTAL |
2849.305 |
1188.217 |
409.163 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1146.774 |
473.246 |
268.112 |
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Capital work-in-progress, including Capital Advances |
1.395 |
24.331 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
1.094 |
32.205 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
49.130
|
14.394
|
5.736 |
|
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Sundry Debtors |
500.476
|
115.984
|
77.918 |
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Cash & Bank Balances |
535.403
|
1295.242
|
17.960 |
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Other Current Assets |
1241.151
|
291.148
|
100.820 |
|
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Loans & Advances |
599.025
|
238.686
|
63.684 |
|
Total
Current Assets |
2925.185
|
1955.454
|
266.118 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
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Sundry Creditors |
1049.812
|
430.468
|
99.577 |
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Other Current Liabilities |
153.985
|
864.413
|
24.807 |
|
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Provisions |
21.346
|
2.138
|
0.683 |
|
Total
Current Liabilities |
1225.143
|
1297.019
|
125.067 |
|
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Net Current Assets |
1700.042
|
658.435
|
141.051 |
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2849.305 |
1188.217 |
409.163 |
|
PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Turnover and Other Income |
6661.350 |
468.230 |
226.450 |
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TOTAL (A) |
6661.350 |
468.230 |
226.450 |
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Less |
EXPENSES |
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|
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Administrative Expenses |
5562.160 |
454.820 |
192.470 |
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Advertising Expenses |
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TOTAL (B) |
5562.160 |
454.820 |
192.470 |
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Less |
PROFIT BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1099.190 |
13.410 |
33.980 |
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Less |
INTEREST
(D) |
243.370 |
56.740 |
8.190 |
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PROFIT BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
855.820 |
(43.330) |
25.790 |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
208.630 |
61.810 |
15.130 |
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PROFIT BEFORE
TAX (E-F) (G) |
647.190 |
(105.140) |
10.660 |
|
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Less |
TAX (H) |
221.580 |
33.810 |
4.200 |
|
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PROFIT AFTER TAX
(G-H) (I) |
425.610 |
(71.330) |
6.460 |
|
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IMPORTS |
|
|
|
|
|
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|
Components & Maintenance spare parts |
47.707 |
3.549 |
0.000 |
|
|
|
Capital Goods |
526.891 |
112.419 |
148.671 |
|
|
TOTAL IMPORTS |
574.598 |
115.968 |
148.671 |
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|
Earnings Per
Share (Rs.) |
14.18 |
(2.38) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total
Income |
(%) |
6.38
|
(15.23) |
2.85 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
9.71
|
(22.54) |
4.70 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.89
|
(4.33) |
1.99 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.56
|
(0.12) |
0.04 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.53
|
1.79 |
0.85 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.38
|
1.51 |
2.13 |
LOCAL AGENCY FURTHER INFORMATION
Background:
The Company was established as a Private Limited Company on 19th
July, 2007 under the Indian Companies Act, 1956. The Company is fully owned
subsidiary of JSC OGCC Kazstroyservice, Almaty.
The principal business of the company is to provide Construction
Management and Advisory Services and to execute turnkey projects.
Business and
Performance Review
During the financial year 2009 - 2010, being the period, the Company's total revenue has increased to Rs. 6661.350 millions from Rs. 468.230 millions in the previous year (higher by 422.6%). The rise in turnover and improved operational efficiency has resulted into higher profit before taxes of Rs. 647.190 millions. As compared to reported loss before taxes of Rs. 105.13 in the previous year. The net profit for the year is Rs. 425.61 millions as compared to net loss of 3 71.32 Mn. in the previous year.
Four Pipeline Projects and one Lump Sum Turnkey Project (LSTK) Sulphur Recovery Unit Package for Guru Gobincl Singh Refinery Project at Bathinda, Pulljab which were awarded to their Company in the previous year are currently being executed by their Company and are at advance stage of completion and progress has been quite satisfactory. Further in the current year their Company has been awarded one LSTK Up-Gradation of Konaban GGS and Pipeline Grid Project.
Further your Company has been successful to foray into Road Sector and
has been awarded onc NHAI Road Project on BOT (TOLL) basis. The details of newly
awarcled projects arc listed below, namely:
|
SI. No. |
Name of Project |
Name of Client/Owner |
|
1. |
Four laning of BOT (Toll) project on DBFOT pattern under NHDP phase 111 Project |
National Highways Authority of |
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2. |
Up-Gradation of Konaban GGS and Pipeline Grid Project (UKon-PGP) of Tripura
Asset |
Oil and Natural Gas Corporation Limited |
The Company is having an order book of Rs. 8429 millions.
In such short time span and despite fierce and stiff competition amongst
key market players striving hard to seize a good slice of opportunities in oil and
gas and other infrastructure sectors, the Company has emerged as a strong
player by securing orders for large projects and by completing the projects to
the satisfaction of respective Clients. Thus, the Company has achieved a commendable
performance during the year. Oil and Natural Gas
In this financial year as well, the Company is relentlessly bidding upcoming
projects and the directors arc hopeful of bright prospects of business during
the current year and in the near future.
Business outlook
The Infrastructure sector in
Form : 8
|
Corporate
identity number of the company |
U45400DL2007PTC166048 |
|
Name of the
company |
KAZSTROYSERVICE INFRASTRUCTURE INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
6, Jain Bhawan, 12, Bhagat Singh Marg, E-Mail: rbabel@kazstroyindia.com |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10135085 |
|
Type of charge |
Book Debts Movable Property Others (1st
P/P ch. on current assets and 2nd P/P ch. on fixed assets) |
|
Particular of
charge holder |
Axis Bank Limited, SG 21 and 22, DLF Galleria Shopping Complex, DLF City,
Phase-IV, Gurgaon – 122 002, Haryana, India E-Mail: sanjayh.pathak@axisbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Composite Hypothecation Deed
(Current Assets, Movables, Plant and Machinery) |
|
Date of
instrument Creating the charge |
08/03/2010 |
|
Amount secured by
the charge |
Rs.2000.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As per Sanction
Letter No. AXISB/MC-1/DEL/SS/533 dated 26.02.2010 to be amended from time to
time. Terms of
Repayment: As per Sanction
Letter No. AXISB/MC-1/DEL/SS/533 dated 26.02.2010 to be amended from time to
time. Margin: As per Sanction
Letter No. AXISB/MC-1/DEL/SS/533 dated 26.02.2010 to be amended from time to
time. Extent and
Operation of the charge: Pari passu
charge. Others: The above is to
secure the following :- Cash Credit = Rs.210.000 millions Bank Guarantee =
Rs.1790.000 millions Letter Of Credit=
(Rs.300.000 millions) (sublimit of BG) One way
interchangeability from Fund Based to Non Fund Based. |
|
Short particulars
of the property charged |
Hypothecation by
way of first pari passu charge on current assets of the company and second pari
passu charge on all fixed assets of the company stored or to be stored at the
company's godowns or premises
or wherever else the same may be. |
|
Date of latest
modification prior to the present modification |
24/07/2009 |
|
Particulars of
the present modification |
Bank's first pari
passu charge on current assets of the company and second pari passu charge on
all fixed assets of the company stored or to be stored at the company's
godowns or premises or wherever else the same may be, already registered for
Rs.750.000 millions shall stand enhanced to Rs.2000.000 millions. |
FIXED ASSETS:
- Plant and
Machinery
- Furniture and
Fixture
- Office
Equipment
- Vehicles
- Computers
- Computer
Software
WEBSITE DETAILS:
PROFILE:
Subject, established
in July, 2007 is a wholly owned subsidiary of
Subject is
established to meet the growing demand of infrastructure development in the
fields of cross-country gas, hydrocarbon and water pipelines, Off-site works of
refineries, petrochemicals and allied plants and LNG terminals in
Subject secured its
first project – Construction of 272 KM long Gas pipeline from Panipat to
Jalandhar in
HISTORY:
KazStroyService is the flagship operating company of the KSS Group. It
is ranked the 2nd of the Top-100 Kazakh Companies by the National
Business Review.
Today KazStroyService is a pre-eminent hi-tech Engineering, Procurement
and Construction Company. KSS is currently active in
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 44.96 |
|
|
1 |
Rs. 73.37 |
|
Euro |
1 |
Rs. 62.33 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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%)
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 report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.