|
Report Date : |
11.02.2013 |
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 – 110 075 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
10.08.2010 |
|
|
|
|
Com. Reg. No.: |
55-206910 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.500 million |
|
|
|
|
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
: |
Construction Contracts. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4770 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Fernas Construction Company Inc. Turkey. It is a relatively new company having a satisfactory track record. The
latest financials are not made available with the government department. As per previous year’s record they have achieved sizable turnover in
its financial year of operation. Subject gets good support from its holding
company. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitment. The company can be
considered for business dealings at usual trade terms and condition. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
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
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB- (Long Term Bank Facilities) |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligations it carry moderate credit risk. |
|
Date |
January 2013 |
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.
LOCATIONS
|
Registered Office : |
Space No. S - 19, Second Floor, Malhan Falcon Plaza, Plot No. 4,
Pocket 7 Sector 12, Dwarka, New Delhi – 110 075, India |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Sco 61, |
|
Tel. No.: |
91-124-4338300 / 4338333 |
|
Fax No.: |
91-124-4338303 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Rohit Singhal |
|
Designation : |
Director |
|
Address : |
C – 355, Yojna Vihar, Delhi – 110 095, India |
|
Date of Appointment : |
10.08.2010 |
|
DIN No.: |
02896012 |
|
|
|
|
Name : |
Mr. Engin Nasiroglu |
|
Designation : |
Director |
|
Address : |
Diyarbakir Mahallesi, Nasiroglu Is Markezi No: 103, Batman – 72050,
Turkey |
|
Date of Appointment : |
10.08.2010 |
|
DIN No.: |
03042662 |
|
|
|
|
Name : |
Mr. Ferhat Nasiroglu |
|
Designation : |
Director |
|
Address : |
Diyarbakir Mahallesi, Nasiroglu Is Markezi No: 103, Batman – 72050,
Turkey |
|
Date of Appointment : |
10.08.2010 |
|
DIN No.: |
03042593 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Fernas Construction Company, Turkey |
|
49900 |
|
Mr. Engin Nasiroglu |
|
100 |
|
|
|
|
|
TOTAL |
|
50000 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
99.98 |
|
Directors or relatives of Directors |
0.02 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction Contracts. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Axis Bank Limited, 2nd Floor, Statesman House, 148,
Barakhamba Road, New Delhi – 110 001, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Vishwanath Singh and Associates Chartered Accountants |
|
Address : |
Flat No. 10, Shankar Market, Connaught Circus, New Delhi – 110 001,
India |
|
PAN No.: |
AAAFV4795R |
|
|
|
|
Holding Company: |
Fernas Insaat A S, Turkey |
CAPITAL STRUCTURE
As on 30.09.2011
Authorized 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 |
|
|
|
|
|
|
|
|
|
|
After 31.03.2011
Authorized Capital: Rs. 150.000 millions
Issued, Subscribed & Paid-up Capital: Rs. 109.658
millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.500 |
|
|
2] Share Application Money |
|
|
0.006 |
|
|
3] Reserves & Surplus |
|
|
0.688 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1.193 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1.194 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.000 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.069 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
1.361 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
4.558 |
|
Total
Current Assets |
|
|
5.919 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1.548 |
|
|
Other Current Liabilities |
|
|
2.798 |
|
|
Provisions |
|
|
0.448 |
|
Total
Current Liabilities |
|
|
4.794 |
|
|
Net Current Assets |
|
|
1.125 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1.194 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
|
Services
Rendered |
|
|
8.607 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Payroll and Benefits |
|
|
7.037 |
|
|
|
Operating Expenses |
|
|
0.580 |
|
|
|
TOTAL |
|
|
7.617 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX |
|
|
0.990 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.302 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX |
|
|
0.688 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Per Share (Rs.) |
|
|
13.75 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2011 |
|
PAT / Total Income |
(%) |
|
|
7.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
16.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.83 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.23 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
One year |
Yes |
|
12] |
Profitability for last
One year |
Yes |
|
13] |
Reasons for variation
<> 20% |
---- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---- |
|
22] |
Litigations that the firm
/ promoter involved in |
---- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
---- |
|
26] |
Buyer visit details |
---- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
BACKGROUND
The company was incorporated
on August 10, 2010 under the Companies Act, 1956 at New Delhi. The Company is a
subsidiary of FernasInsaat A. S., Turkey. The Company is engaged in the
business of Civil Engineering Works relating to construction/laying of
pipelines, all types of infrastructure works etc and all other such civil and
related construction works and convenience of public utility.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U45400DL2010PTC206910 |
|
Name of the
company |
FERNAS
CONSTRUCTION INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Space No. S 19, Second Floor, E-mail: kishore@fernas.co.in
|
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Axis Bank Limited, 2nd Floor, Statesman House, 148, Barakhamba
Road, New Delhi – 110 001, India e-mail: f8.axisbank@gmail.com
|
|
Nature of
description of the instrument creating or modifying the charge |
Composite
Hypothecation Deed (Current Assets, Movables, Plant & Machinery) |
|
Date of
instrument Creating the charge |
13.06.2012 |
|
Amount secured by
the charge |
Rs. 1500.000
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/SS/12-13/47 dated 07.06.2012 to be amended from time to
time. Terms of Repayment As per sanction
letter no. AXISB/MC-1/SS/12-13/47 dated 07.06.2012 to be amended from time to
time. Margin As per sanction letter
no. AXISB/MC-1/SS/12-13/47 dated 07.06.2012 to be amended from time to time. Extent and Operation of the charge Pari passu
charge. Others The above is to
secure the following credit facilities :- Overdraft
Facility-Project specific for OPAL Project =
Rs. 500.000 millions Letter of
Credit/SBLC for Buyers Credit-Project specific for OPAL Project = Rs. 1000.000 millions. |
|
Short particulars
of the property charged |
Hypothecation by
way of first pari passu charge over all present and future current assets of
the company and second pari passu charge over all present and future movable
fixed assets of the company excluding equipment's exclusively charged to
other financial institutions stored or to be stored at the company's godowns
or premises or wherever else the same may be. |
PRESS REPORT
Fernas Construction bags Rs 19000.000 millions
contract from ONGC Petro
New Delhi, April
19:
Fernas Construction
India Pvt. Ltd, subsidiary of Fernas Construction Company Inc based in Turkey,
has signed an EPC contract with ONGC Petro Addition Ltd (OPaL), valued at Rs
19000.000 millions.
The project has
been awarded to Fernas by OPaL for integrated utilities and offsite packages
for Dahej Petrochemical Complex, at Dahej Gujarat. The project completion
schedule is 28 months, according to a statement issued by Fernas.
The contract was signed
in the presence of Mr S. Jaipal Reddy, Minister of Petroleum and Natural Gas,
and Mr Zafar Caglayan, Minister of State for External Trade of Turkey.
Recently, Fernas
also bagged another EPC project valued at Rs. 3000.000 millions from Indian Oil
Corporation and Engineers India Ltd for laying of pipelines and composite works
for South Jetty Pipeline Project in Paradip. The scheduled duration for
completion of this project is 15 months.
According to
Fernas, the scope of work for both the projects includes project management,
detailed design and engineering, procurement including supply, construction,
commissioning, and performance testing.
Fernas recently
executed the Dahej-Vijaipur gas pipeline for GAIL (India) Ltd, estimated at Rs.
4500.000 millions. The company would be bidding for road projects worth Rs
10000.000 – 20000.000 millions in the coming months and is evaluating options
to construct gas-based power plant in Jhabua, Madhya Pradesh.
Fernas Contruction inks pact with Gujarat
Gandhinagar, Jan
12:
Fernas
Construction India Private Limited has signed an MoU with the Gujarat
Government pledging an investment of $1 billion (Rs 53000.000 millions) over a
period of four years for setting up a new LNG terminal at Okha in Jamnagar
district.
According to a
release, Fernas India, a 100 per cent owned subsidiary of Turkey’s Fernas Inc.,
will set up a joint venture with the Mumbai-based Swarn Energy for floating the
LNG storage and re-gasification unit.
Fernas and Swarna
have signed the MoU as joint venture partners during the Vibrant Gujarat Global
Summit.
The MoU was
signed by Engin Nasiroglu, Vice - Chairman, Fernas Construction, in the
presence of Gujarat Chief Minister Narendra Modi and Pankaj Kumar, Vice -
Chairman and CEO, Gujarat Maritime Board.
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 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.53.57 |
|
|
1 |
Rs.84.25 |
|
Euro |
1 |
Rs.71.79 |
INFORMATION DETAILS
|
Report Prepared
by : |
NID |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.