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Report Date : |
24.06.2014 |
IDENTIFICATION DETAILS
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Name : |
NGSK KAZSTROYSERVIS AO |
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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) : |
31.12.2012 |
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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 : |
7,191
(subject) 25,000
(Group) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Kazakhstan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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. Extractive industries have been and will continue to be the engine of
Kazakhstan's growth, although the country is aggressively pursuing
diversification strategies. 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 continue to need attention.
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, but the country is moving forward
with plans to improve reliability of electricity and gas supply to its
population. 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,
helped by prudent government measures. Rising commodity prices have helped the
recovery. 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.
|
Source
: CIA |
CO. NAME : NGSK KAZSTROYSERVIS AO (Correct)
JOINT
STOCK COMPANY OGCC KAZSTROYSERVICE (Requested)
Building :
Business-Center Grand Alatau
Street : Timiriyazev Street 28V
Town : Almaty 050040
Country : Kazakhstan
Telephone: (7
727) 258 2133 / 258 4273 / 266 9696 ext. 2404 (Chief
Accountant)
Fax : (7 727) 258 3171 / 258 4517
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
of Pipeline Construction
5. Banaras
Kumaresan Chief Commercial Officer
6. Ludmila
Nikolaevna Pavlova Head of Finance and Accounts
7. Nazira
Alimzhanovna Tusupbekova Head of Tax Department
7. Sergey
Yuryevich Teplyakov Chief Accountant
Total
Employees : 7,191 (subject)
25,000 (Group)
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 2012 showed :
2011 2012
(in thousands
of TENGE)
ASSETS
Non-current assets:
Property, plant and equipment 22,997,477 24,974,466
Intangible assets 167,174 156,569
Investments 13,391,039 13,152,367
Prepayment for equipment 714,765 9,374
Other non-current assets 1,196,584 4,667,015
Deferred tax assets 105,156 471,625
Long-term bank deposits - 100,000
38,572,195 43,531,416
Current assets:
Inventories 7,442,689 7,227,095
Accounts receivable 31,500,176 29,495,711
Unbilled revenue 42,223,616 47,984,466
Advances paid 6,638,155 6,913,345
Prepaid income tax 258,554 579,925
Prepaid taxes other than income tax 1,925,350 768,441
Loans to related parties 228,750 572,000
Other current assets 1,633,993 593,798
Short-term deposits 247,488 12,259
Restricted cash 22,332 20,837
Cash and cash equivalents 1,516,151 4,183,993
93,637,254 98,351,870
TOTAL ASSETS 132,209,449 141,883,286
EQUITY AND LIABILITIES
Equity:
Share capital 678,550 678,550
Revaluation reserve - 4,196,668
Retained earnings 41,355,715 48,036,680
Currency difference (254,901) (311,197)
41,779,364 52,600,701
Non-current liabilities:
Interest bearing loans and
borrowings 3,026,667 1,262,754
Payable bonds - 11,290,156
Finance lease payable 655,245 364,025
Other non-current liabilities 10,301,373 8,804,424
Employee benefits liability 89,094 143,762
Deferred tax liabilities 1,933,219 2,486,469
16,005,598 24,351,590
Current liabilities:
Interest bearing loans and
borrowings 27,645,580 16,651,801
Current portion of finance
lease payable 303,051 299,411
Payable bonds – short-term part - 417,088
Trade accounts payable 20,180,918 17,770,178
Advances from customers 20,813,584 22,366,112
Deferred revenue - 48,917
Current income tax payable 257,647 739,223
Taxes payable other than income tax 1,762,915 2,730,419
Current portion of employee benefits
liability 9,593 14,044
Other current liabilities 3,451,199 3,893,802
74,424,487 64,930,995
TOTAL EQUITY AND LIABILITIES 132,209,449 141,883,286
CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
2011 2012
(in
thousands of TENGE)
Revenue 109,275,421 100,010,375
Cost of revenue (99,735,289) (79,822,982)
Gross profit 9,540,132 20,187,393
General and administrative expenses
(7,369,354) (4,725,248)
Finance income 1,975,556 3,217,707
Finance cost (3,665,539) (6,445,789)
Foreign exchange gain, net 418,817 220,827
Loss on disposal of property, plant
and equipment (68,863) (779)
Impairment (losses)/reversals, net (196,187) (1,295,666)
Other income 7,321,721 153,799
Other expenses (149,576) (140,093)
Share of profit of associates 2,862,716 902,572
Profit before income tax expense 10,669,423 12,074,723
Income tax expenses (2,587,821) (2,304,866)
Profit for the year 8,081,602 9,769,857
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
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 : JOINT STOCK COMPANY OGCC KAZSTROYService .Please note that 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.60.19 |
|
|
1 |
Rs.102.56 |
|
Euro |
1 |
Rs.81.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
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Report Prepared
by : |
NNA |
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 |
|
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 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.