MIRA INFORM REPORT

Report Date :

05.02.2013

IDENTIFICATION DETAILS

Name :	FERNAS CONSTRUCTION INDIA PRIVATE LIMITED
Registered Office :	Space No. S 19, Second Floor, Malhan Falcon Plaza, Plot No. 4 Pocket 7 Sector 12, Dwarka, New Delhi 110075
Country :	India
Date of Incorporation :	10.08.2010
Com. Reg. No.:	206910
CIN No.: [Company Identification No.]	U45400DL2010PTC206910
TAN No.: [Tax Deduction & Collection Account No.]	DELF04139C
PAN No.: [Permanent Account No.]	AABCF5761H
Legal Form :	Private Limited Liability Company
Line of Business :	Projects of Hydrocarbon and Other Infrastructure. Presently Executing a large size Gas Pipeline Project in India and wish to expand their Indian Operations.

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
-	NB	New Business	-

Status :	New Company
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a new company and yet to complete its one full year of operation. Business is active. Payment terms are unknown. The company can be considered for business dealings on a safe and secured 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)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Ashok
Designation :	Manager
Contact No.:	91-124-4338300

LOCATIONS

Registered Office :	Space No. S 19, Second Floor, Malhan Falcon Plaza, Plot No. 4 Pocket 7 Sector 12, Dwarka, New Delhi 110075, India
E-Mail :	sunil165@gmail.com
Corporate Office :	Sco 61, Leisure Valley, Sec 29, Near Bikaner Wala, Gurgaon 122001, India
Tel. No.:	91-124-4338300 / 4338333
Fax No.:	91-124-4338303
E-Mail :	rahul@fernas.co.in sanjiv@fernas.co.in kishore@fernas.co.in
Website :	www.fernas.com.tr

DIRECTORS

Name :	Mr. Engin Nasiroglu
Designation :	Director
Date of Birth/Age :	14.03.1975
Name :	Mr. Ferhat Nasiroglu
Designation :	Director
Date of Birth/Age :	25.01.1969
Name :	Mr. Rohit Singhal
Designation :	Director
Date of Birth/Age :	04.11.1974

KEY EXECUTIVES

Name :	Mr. Ashok
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 10.08.2010

Names of Shareholders	No. of Shares
Fernas Construction Company, Turkey	49900
Mr. Engin Nasiroglu	100
Total	50000

BUSINESS DETAILS

Line of Business :	Projects of Hydrocarbon and Other Infrastructure. Presently Executing a large size Gas Pipeline Project in India and wish to expand their Indian Operations.
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

No. of Employees :	75 Approximately
Bankers :	Axis Bank Limited, Gurgaon ICICI Bank Limited, Gurgaon
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Vishawanath Singh and Associates Chartered Accountant
Address :	Barakhamba Road, Connaught Place, New Delhi
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 10.08.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 10 each	Rs. 0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 10 each	Rs.0.500 million

FINANCIAL DATA

[all figures are in Rupees Millions]

New Company

LOCAL AGENCY FURTHER INFORMATION

FERNAS INDIA WINS TWO MAJOR EPC CONTRACTS

A BUSINESS CORRESPONDENT

Tuesday, March 29, 2011, 10:39 Hrs  [IST]

Fernas Construction India Pvt. Ltd, the Indian subsidiary of Fernas Construction Company, Inc., Turkey, has recently bagged two major EPC projects worth Rs.22000 millions from IOCL and OPaL.

The first project, valued at Rs. 3000 millions, has been awarded by Indian Oil Corporation Ltd and Engineers India Ltd for EPC work of laying pipelines and composite works for the South Jetty Pipeline Project in Paradip, Orissa. The scheduled duration for completion is 15 months.

The second project, valued at Rs. 19000 millions, has been awarded to Fernas by ONGC Petro additions Limited (Opal) for Integrated Utilities and Offsite Package for the Dahej Petrochemical Complex at Dahej, Gujarat, with a completion schedule of 28 months.

The scope of works for both the projects typically include project management, detailed design and engineering, procurement including supply, construction, commissioning, performance testing, handing over and postcommissioning services etc.

Fernas Construction Company Limited, the flagship company of Fernas Group, Turkey, is a diversified global conglomerate providing integrated engineering, procurement, project management and construction services in the oil and gas, infrastructure, and petrochemical sectors. Fernas has a sizeable number of projects spread across five continents and is working in more than 16 countries all over the world.

Fernas has made great strides in the field of energy and infrastructure sectors, and has also earned a reputation for delivering quality and HSE friendly projects within stipulated timeframe. Fernas has successfully executed mega EPC projects all over the world and is currently executing a 48" 365-km long pipeline for transporting natural gas in central India, the Dahej-Vijaipur gas pipe line for GAIL (India) Ltd, estimated at Rs. 4500 millions.

According to Rohit Singhal, CEO, Fernas India, Fernas, after having successfully executed a construction project in India, has taken the next step to move in EPC in the Indian oil and gas sector. Fernas has well laid down systems and hence is a successful international EPC contractor.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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 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.52.97
UK Pound	1	Rs.83.17
Euro	1	Rs.72.21

INFORMATION DETAILS

Report Prepared by :

NID

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	-

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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.