Funding Part of the Capital Required to Execute the Concrete Frame Agreement for the Ferdowsi Residential Complex - Second Stage

Shargh Sazeh Kavir Construction Company, with several years of experience in construction, road construction, and water, electricity, and gas projects, has entered into a contracting agreement with Shakil Sakht Yazd Company to construct a residential tower with hotel-style services. The subject of the agreement, which consists of 19 articles, is the complete execution of the concrete structure of the Ferdowsi Complex building. Under the agreement, the work commencement date is the date of the first site handover record, which, according to the documents provided by the applicant, was 15/02/1402. The contract term is 12 months from that date. It should be noted that, according to the investee's statements, the agreement is extendable, and the investee is required to take the necessary measures to ensure that the project period and the contract term overlap. The initial estimate for the agreement is 1,157,670 million rials. It should be noted that the agreement stipulates that the employer may increase or decrease the contract amount by up to 25 percent, and the contractor is required to execute the work at the contract price throughout the project period. It should be noted that, under the agreement, payments to the contractor are made based on payment statements approved by the employer, within a maximum of 45 days after approval by the employer's technical office and after statutory deductions. Accordingly, Shargh Sazeh Kavir Construction Company has requested funding of 250،000 million rials to provide the liquidity required to execute the agreement. This amount will be raised in several stages through the Halal Fund platform. The first funding stage, amounting to 67,000 million rials, was successfully raised through the Halal Fund platform. In the second stage, the applicant intends to raise 143,000 million rials. According to the investee's statements, earthworks, excavation, column installation, site setup, and fencing have been completed. Based on the estimates made and expenditures incurred, approximately ten percent of the project has been completed. In view of the measures taken, the project period is estimated at 12 months. It should be noted that providing the equipment and facilities required to execute the agreement is entirely the applicant's responsibility, and the applicant is committed to the proper and complete execution of the agreement with the contractor. Eligible project costs will consist solely of crowdfunding fees (the agent's and Farabourse's fees), and all other costs associated with implementing the objectives of this project will be borne by the applicant. Given the requirement for a formal audit of this project, it is necessary to note that all costs associated with conducting the audit will be borne by the applicant. Therefore, the difference between the value of the agreement between Shargh Sazeh Kavir Company and the employer and the crowdfunding fees is defined as the profit for this project. Based on the estimates made, the project profit after deducting crowdfunding fees is expected to amount to  1,154,470 million rials. According to the updated credit assessment report (dated 29/11/1402) provided by the applicant, the credit status of the company and its managers is as follows: Shargh Sazeh Kavir Company: As of the date the report was obtained, the legal entity had no bounced checks or financial misconduct recorded with the banking system. Mr. Mansour Bishomar: As of the date the report was obtained, the individual covered by the report had no bounced checks or financial misconduct recorded with the banking system. Mr. Naser Bishomar: As of the date the report was obtained, the individual covered by the report had no bounced checks or financial misconduct recorded with the banking system. Mr. Hashem Nal Chalan: As of the date the report was obtained, the individual covered by the report had no bounced checks or financial misconduct recorded with the banking system. This project  has a floating funding model and will be considered successful if at least half of the amount  requested by the applicant is raised. The principal is covered by a payment guarantee issued by Bank Melli under SEPAM number 0356702600051919, valid until 1403/10/30. An image of the guarantee and its verification are provided below.  The agreement and project evaluation file can be accessed via the link below .  Verification of the project's authenticity in the Farabourse system is available via the link below.    Project symbol: حلالشرقد/   halalsar  
Project symbol: حلالشرقد/halalsar