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Report Date : |
06.03.2013 |
IDENTIFICATION DETAILS
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Correct Name : |
NGSK KAZSTROYSERVIS AO |
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Formerly Known as: |
Kazstroyservis ZAO |
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Registered Office : |
Business-Center Alatau Grand, Timiriyazev Street 28V, Almaty 050040 |
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Country : |
Kazakhstan |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
23.07.2001 |
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Com. Reg. No.: |
41384-1910-АО |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Building contractors specialising in oil, gas and water pipeline projects |
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No. of Employees : |
6,715 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Kazakhstan |
B1 |
B1 |
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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 |
kazakhstan - ECONOMIC OVERVIEW
Kazakhstan, geographically the largest of the former Soviet republics, excluding Russia, possesses enormous fossil fuel reserves and plentiful supplies of other minerals and metals, such as uranium, copper, and zinc. It also has a large agricultural sector featuring livestock and grain. In 2002 Kazakhstan became the first country in the former Soviet Union to receive an investment-grade credit rating. Kazakhstan's economy has largely recovered from the global financial crisis of 2008, and GDP increased 7% year-on-year in 2011. Extractive industries have been and will continue to be the engine of this growth. Landlocked, with restricted access to the high seas, Kazakhstan relies on its neighbors to export its products, especially oil and grain. Although its Caspian Sea ports, pipelines, and rail lines carrying oil have been upgraded, civil aviation and roadways have been neglected. Telecoms are improving, but require considerable investment, as does the information technology base. Supply and distribution of electricity can be erratic because of regional dependencies. At the end of 2007, global financial markets froze up and the loss of capital inflows to Kazakhstani banks caused a credit crunch. The subsequent and sharp fall of oil and commodity prices in 2008 aggravated the economic situation, and Kazakhstan plunged into recession. While the global financial crisis took a significant toll on Kazakhstan's economy, it has rebounded well. In response to the crisis, Kazakhstan's government devalued the tenge (Kazakhstan's currency) to stabilize market pressures and injected around $10 billion in economic stimulus. Rising commodity prices have helped revive Kazakhstan's economy, which registered roughly 7% growth in 2010-11. Despite solid macroeconomic indicators, the government realizes that its economy suffers from an overreliance on oil and extractive industries, the so-called "Dutch disease." In response, Kazakhstan has embarked on an ambitious diversification program, aimed at developing targeted sectors like transport, pharmaceuticals, telecommunications, petrochemicals and food processing. In 2010 Kazakhstan joined the Belarus-Kazakhstan-Russia Customs Union in an effort to boost foreign investment and improve trade relationships. The government expects to join the World Trade Organization in 2012, which should also help to develop the manufacturing and service sector base.
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Source : CIA |
NGSK KazStroyServis AO (Correct)
OGCC KAZSTROY SERVICE JSC (Requested)
Building : Business-Center Alatau Grand
Street : Timiriyazev Street 28V
Town : Almaty 050040
Country : Kazakhstan
Telephone: (7 727) 258 4720 / 258 2133 / 258 4273 / 266 9696 (ex.
2404 Chief Accountant)
Fax : (7 727) 258 3171
E-Mail : sergey.teplyakov@kssmail.kz / info@kssmail.kz
Website : www.kazstroyservice.com
English Translation : OGCC Kazstroyservice JSC
Formerly Known As : Kazstroyservis ZAO
Also Known As : Nefte-Gazovaya Stroitelnaya Kompaniya Kazstroyservis AO
Name Position
1. Pankaj Jain Group CEO
2. Kaushik De Chaudhuri Chairman
3. Sabit Zhangirovich Zhanasov Managing Director
4. Sergey Nikolayevich Shaydarov Head Pipelines
5. Ludmila Nikolaevna Pavlova Financial Director
6. Nazira Alimzhanovna Tusupbekova Head of Tax Department
7. Sergey Yuryevich Teplyakov Chief Accountant
Total Employees : 6,715
No complaints have been heard regarding payments from local suppliers or banks.
We consider it is acceptable to deal with subject for LARGE amounts,
although it is normal accepted practice for international suppliers to deal on secured terms with Kazakhstani importers.
Trade risk assessment: Normal
NAME : NARODNIY BANK KAZAKHSTANA OAO
Branch : Rozybakiyeva Street 101
Town : Almaty 050046
Telephone: (7 727) 246 2881
Fax : (7 727) 246 2865
Subject also has
an account with the following banks:
1. HSBC Kazakhstan
Dostyk Avenue 43
Almaty 050100
Telephone: (7 727) 258 1333
Fax : (7 727) 250 150
2. BTA BANK AO (frmly Bank Turan Alem AO)
Lenina Avenue 39
Almaty 050000
Telephone: (7 727) 250 9645 / 261 1812
Fax : (7 727) 250 9632 / 253 1260
3. AKB Kazkommertsbank AO
Bayseitovoy Avenue 49
Almaty 050013
Telephone: (7 727) 250 5101
4. RBS Bank Kazakhstan (frmly ABN Amro Bank Kazakhstan)
Khadzhi Mukana Street 45
Almaty 050059
Telephone: (7 727) 258 1505
Fax : (7 727) 258 1506
5. Sberbank DB AO
Kaldayakova Street 28
Almaty
Telephone: (7 727) 250 0060
Fax : (7 727) 250 0063
6. Citibank Kazakhstan
Park Palace, Building A
Kazybek Bi Street 41
Almaty 050100
Telephone: (7 727) 298 0400
Fax : (7 727) 298 0399
Ernst & Young LLP
Esentai Tower. Al-Farabi Ave., 77/7.
Almaty
Tel: (7 727) 258 5960
Fax: (7 727) 258 5961
License No.: Series MFYU-2, No. 0000003 (issue date : 15/07/2005)
Consolidated balance
sheets as at 31 December 2011 showed :
2011 2010
(in thousands
of TENGE)
ASSETS
Non-current assets:
Property, plant and
equipment 22,997,477 24,857,904
Intangible
assets 167,174 193,102
Investments 13,391,039 9,780,438
Prepayment for
equipment 714,765 232,837
Other non-current
assets 1,196,584 634,494
Deferred tax
assets 105,156 42,119
Long-term bank
deposits - 139,731
38,572,195 35,880,625
Current assets:
Inventories 7,442,689 6,256,030
Accounts
receivable
31,500,176 20,667,743
Unbilled
revenue
42,223,616 28,573,692
Advances paid 6,638,155 3,729,518
Prepaid income
tax 258,554 1,566,399
Prepaid taxes other
than income tax 1,925,350 1,509,471
Loans to related
parties 228,750 171,025
Other current
assets 1,633,993 1,953,118
Short-term
deposits 247,488 772,111
Restricted cash 22,332 18,213
Cash and cash
equivalents 1,516,151 8,429,880
93,637,254 73,647,200
TOTAL ASSETS 132,209,449 109,527,825
EQUITY AND
LIABILITIES
Equity:
Share capital 678,550 678,550
Retained
earnings
41,355,715 34,124,732
Translation
difference (254,901) 547,329
41,779,364 35,350,611
Non-current
liabilities:
Interest bearing
loans and
borrowings 3,026,667 2,307,361
Finance lease
payable 655,245 -
Other non-current
liabilities 10,301,373 9,988,189
Employee benefits
liability 89,094 77,279
Deferred tax
liabilities 1,933,219 1,697,970
16,005,598 14,070,799
Current liabilities:
Interest bearing
loans and
borrowings 27,645,580 7,674,969
Current portion of
finance
lease payable 303,051 193,556
Current portion of
bonds payable - 3,099,984
Trade accounts
payable 20,180,918 10,756,677
Advances from
customers 20,813,584 31,533,483
Deferred
revenue
- 1,074,667
Current income tax
payable 257,647 -
Taxes payable other
than income tax 1,762,915 692,884
Current portion of
employee benefits
liability 9,593 12,097
Other current
liabilities 3,451,199 5,068,098
TOTAL EQUITY AND
LIABILITIES 132,209,449 109,527,825
CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
2011 2010
(in
thousands of TENGE)
Revenue 109,275,421 107,015,619
Cost of revenue (99,735,289) (87,856,907)
Gross profit 9,540,132 19,158,712
General and
administrative expenses (7,369,354)
(6,647,606)
Finance income 1,975,556 2,738,524
Finance cost (3,665,539) (1,586,130)
Foreign exchange
gain, net 418,817 225,925
Loss on disposal of
property, plant
and equipment (68,863) (39,424)
Impairment
(losses)/reversals, net (196,187) 159,683
Other income 7,321,721 357,366
Other expenses (149,576) (76,573)
Share of profit of
associates 2,862,716 2,791,883
Profit before income
tax expense 10,669,423 17,082,360
Income tax
expenses (2,587,821) (3,326,377)
Profit for the
year 8,081,602 13,755,983
Financial year ends
31 December.
Date Started : 23 July 2001
History : The subject company was established in Kazakhstan on 23 July 2001 under the name KazStroyServis ZAO as a state owned company NK Kazmunaigaz AO. On 18 April 2005 NK Kazmunaigaz AO sold its shares to TOO Merkuriy and at the same time subject changed its name to NGSK KazStroyServis AO. In November 2006 Oileks Investments Ltd acquired 100% shares of the subject from TOO Merkuriy. In January 2007 subject's shareholding structure changed to the following : KazStroyService Limited, UK as a sole shareholder. On 30 May 2011 subject’s shareholding structure changed to the present.
C.R. No. : 41384-1910-АО
Tax No.: RNN 600700228125
Business Identification Number : BIN 010740001371
Statistics number: OKPO 39534775
Authorised Capital : TENGE 678,550,000
Paid up Capital : TENGE 678,550,000
Aktsyonernoye
Obshchestvo (joint stock company) with the following sole shareholder :
KazStroyService Global B.V. 100%
Strawinskylaan 411
Amsterdam
The Netherlands
Affiliated
companies of NGSK KazStroyServis AO :
Subsidiaries
1. KazStroyService Infrastructure India Private Limited 100%
Gurgaon
India
Est: July 2007
2. KazStroy Engineering Private Limited
Vatika Towers B-Wing, 5th Floor, Sector 54
Gurgaon
India
3. KazStroyService Turkmenistan
Yimpash Business Centre
54, Shaely Street, Office 503
Ashgabat
Turkmenistan
4. KazStroyService Middle East
Al-Otaiba Building Block 2, App. 302
East Plot No. 3
Airport Road
Abu-Dhabi
UAE
5. Engineering Procurement Services TOO 100%
Kazakhstan
6. Esker KazStroyServis TOO 50%
Kazakhstan
7. Servis Pipes Holding TOO 50%
Kazakhstan
Associates
1. PSN Kazstroy AO
Temirkhanova Street 8A
Atyrau 060002
2. Boskalis-KSS LLP
(address as per heading)
3. Keppel Kazakhstan LLP- Joint Venture Co.
SEZ Seaport Aktau
Aktau 130001
4. Petron Civil Engineering Private LTD
Mumbai
India
5. Petron Engineering Construction LTD
Mumbai
India
Subject is
involved in the following activities :
Building contractors specialising in oil, gas and water pipeline projects.
NACE Code : 4299
Imports from USA, Germany, Austria, UAE, China, India and Russia.
Subject does not export, all sales are domestic.
Subject’s projects include :
- Kazakh Oil Aktobe Gas Treatment plant. Oil gas pipeline
Construction Kozhasay deposit - MOGTS of Alibekmola deposit:
Oil Gas Pipeline Capacity: Alibekmola Gas Field-50,000 m3/per
hour;
Kozhasay Gas Field-37,738 m3/per hour;
- Karachaganak-Uralsk Gas Pipe – construction of a 147 km long Gas
Pipeline from Uralsk to Aksai with 10 Major Crossings,25 Valve
Stations,5 Gas Distribution Stations,2 Bidirectional Scraper
Traps;
- Zhaikmunay Gas Treatment Plant construction – gas treatment units
withan annual capacity of 1.7 billion m3.
- 1300 km long gas pipeline Kazakhstan- China;
- 841 km long Kenkiyak-Kumkol Oil Pipeline;
Subject's principal clients include : Karachaganak Petroleum Operating BV, ABN Amro Bank NV and Exterran Energy Solutions LP.
Subject has the following facilities :
Administrative offices and warehousing facilities located at the heading address as well as 12 regional branches located throughout Kazakhstan.
Subject previously operated from the following address :
Dostyk Avenue 248B
Almaty 050020
REGISTERED OFFICE
Business-Center Alatau Grand
Timiriyazev Street 28V
Almaty 050040
Until 26 July 2010 subject’s registered address was located at :
Dostyk Avenue 248B
Almaty 050020
Until May 2008 subject's registered office address located at:
Chaykovskogo Street 95
Almaty 050094
You enquired on : OGCC KAZSTROY SERVICE JSC. Please note that this name applies to an English translation of the subject’s name. Subject’s correct registered name is as per heading.
Interviewed: Sergey Yuryevich Teplyakov (Chief Accountant).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.65 |
|
UK Pound |
1 |
Rs.82.66 |
|
Euro |
1 |
Rs.71.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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 |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.