MIRA
INFORM REPORT
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Report Date : |
02.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
GEMINI EQUIPMENT AND RENTALS PRIVATE LIMITED |
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Registered Office : |
Gemini House Bus Depot Lane, Deonar, Mumbai – 400 088, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
02.02.2007 |
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Com. Reg. No.: |
11-167468 |
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CIN No.: [Company
Identification No.] |
U29253MH2007PTC167468 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG12197D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Equipment Renting Company |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1600 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track
records. The company has our all
previous losses in 2007-08. It’s payments are slow but correct. The company can be considered for normal business dealings at usual
trade terms and conditions with same cautions. |
LOCATIONS
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Head Office : |
Gemini House Bus Depot Lane, Deonar, Mumbai – 400 088, Maharashtra |
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Tel. No.: |
91-22-66819999 |
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Fax No.: |
91-22-66819988 |
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E-Mail : |
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Registered Office : |
203, Krishna Bhavan, Govandi Station Road, Deonar, Mumbai – 400 088,
Maharashtra, India |
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E-Mail : |
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Branches : |
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Located at:
Delhi |
621, Hemkunt Chambers, 89 Nehru place, New Delhi – 110 016, Delhi,
India |
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Tel. No.: |
91-11-30852242 |
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Fax No.: |
91-11-30852243 |
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Ahmedabad : |
S 11, New York Trade Centre, SG Highway, Thaltej, Ahmedabad – 380 054,
Gujrat, India. |
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Tel. No.: |
91-79-26856258 |
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Fax No.: |
91-79-26856259 |
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Secunderabad : |
204, Jayamansion Block D 126, S D Road, Secunderabad – 500 003, India |
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Tel. No.: |
91-40-64546750 |
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Fax No.: |
91-40-66314757 |
DIRECTORS
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Name : |
Mr. Ketan Anil Mavinkurve |
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Designation : |
Director |
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Address : |
18, Laxmi Niwas, 5th Road, Khar (West), Mumbai – 400 052 |
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Date of Birth/Age : |
04.01.1979 |
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Date of Appointment : |
20.11.2007 |
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Name : |
Mr. Kabir Kewalramani |
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Designation : |
Director |
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Address : |
3rd Floor, R. A. K. Road, Sita Ram Prakash High School,
Wadala, Mumbai – 400 031, Maharashtra, India |
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Date of Birth/Age : |
17.11.1976 |
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E-Mail : |
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Date of Appointment : |
20.11.2007 |
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Name : |
Mrs. Sarika Rajiv Sethi |
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Designation : |
Director |
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Address : |
Plot No.418, Sabari, D.K. Sandu Marg, Chembur, Mumbai – 400 071,
Maharashtra, India |
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Date of Birth/Age : |
07.01.1967 |
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E-Mail : |
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Date of Appointment : |
02.02.2007 |
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Directorship of Company : |
Gemini Power Hydraulics Private Limited U28900MH1995PTC088698 Director |
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Name : |
Mr. Mohd Arif Khan |
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Designation : |
Director |
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Address : |
Suite 602, Satkartar, 16th Road, Khar (West), Mumbai – 400
052, Maharashtra, India |
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Date of Appointment : |
06.08.2007 |
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Name : |
Mr. Rajiv Kishorechand Sethi |
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Designation : |
Director |
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Address : |
Plot No.418, Sabari, D.K. Sandu Marg, Chembur, Mumbai – 400 071,
Maharashtra, India |
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Date of Birth/Age : |
15.06.1962 |
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E-Mail : |
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Directorship of Company : |
Gemini Power Hydraulics Private Limited U28900MH1995PTC088698 Director |
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Proprietorship Company : |
Gemini Marketing Services |
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Address : |
203, Krishna Bhavan, Govandi Station Road, Deonar, Mumbai – 400 088,
Maharashtra, India |
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Name : |
Mr.Glenn West Taylor |
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Designation : |
Director |
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Address : |
Flat No.3, 24, Pembridge Villas, London, W13el, United Kingdom |
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Date of Appointment : |
06.08.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As On 17.007.2008)
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Names of Shareholders |
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No. of Shares |
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Mr. Rajiv Sethi |
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1662855 |
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Mrs. Sarika Sethi |
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5000 |
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Berggruen India Rentals |
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24722390 |
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Cycladic India Rentals |
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15306150 |
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Total |
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41696395 |
Equity share breakup (percentage of total equity)
`
|
Category |
Percentage |
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Foreign holdings (Foreign institutional investors,
Foreign Companies, Foreign financial institutions, Non-resident Indians or
Overseas corporate bodies or Other) |
96.00 |
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Directors or relatives of directors |
04.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Equipment Renting Company |
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Products : |
Excavators Wheel Loaders Motor Graders
Transit Mixers Concrete Pumps Boom Placers
Porta Cabins
Diesel Gensets
Passenger Hoists Goods Hoists Work Platforms
Soil Compactors Vibratory Rollers
Piling Rigs
All Terrain Crane Tower Cranes Truck Crane |
GENERAL
INFORMATION
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Bankers : |
Kotak Mahindra Bank, 36-38A,
Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ramesh Lakshman and Company Chartered Accountant |
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Address : |
58-B, Gurudev, R.C. Marg, Chembur Naka, Chembur, Mumbai – 400 071,
Maharashtra, India |
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Phone No : |
91-22-25284588/ 25295949 |
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Fax No : |
91-22-25278301 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
(As On 17.07.2008)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
41696395 |
Equity Shares |
Rs.10/- each |
Rs.416.963
Millions |
(As On 31.03.2008)
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
33692321 |
Equity Share |
Rs.10/- each |
Rs.336.923 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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336.923 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(9.571) |
0.000 |
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NETWORTH |
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327.352 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
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348.772 |
10.902 |
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2] Unsecured Loans |
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0.000 |
10.000 |
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TOTAL BORROWING |
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348.772 |
20.902 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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676.124 |
21.002 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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369.097 |
14.004 |
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Capital work-in-progress |
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166.077 |
0.000 |
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INVESTMENT |
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5.229 |
0.000 |
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DEFERREX TAX ASSETS |
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4.093 |
0.762 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000
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0.000
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Sundry Debtors |
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37.985
|
1.078
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Cash & Bank Balances |
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73.802
|
4.577
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Other Current Assets |
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0.000
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0.000
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Loans & Advances |
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31.221
|
0.359
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Total
Current Assets |
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143.008 |
6.014
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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11.226
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1.553
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Provisions |
|
0.153
|
0.012
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Total
Current Liabilities |
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11.379 |
1.565
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Net Current Assets |
|
131.629
|
4.448
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MISCELLANEOUS EXPENSES |
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0.000 |
0.219 |
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TOTAL |
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676.124 |
21.002 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2008 |
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Sales Turnover |
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|
97.368 |
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Other Income |
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|
2.361 |
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Total Income |
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99.729 |
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Profit/(Loss) Before Tax |
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(10.962) |
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Provision for Taxation |
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(2.958) |
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Profit/(Loss) After Tax |
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(8.004) |
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Earnings in Foreign Currency : |
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Export Earnings |
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0.413 |
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Imports : |
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Capital Goods |
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179.175 |
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Expenditures : |
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Other Expenditure |
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110.691 |
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Total Expenditure |
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110.691 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
|
8.00 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
|
11.25 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.14 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.03 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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|
1.10 |
322.81 |
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Current Ratio (Current Asset/Current Liability) |
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12.56 |
12.56 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
`
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U29253MH2007PTC167468 |
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Name of the company
|
Gemini Equipment
and Rentals Private Limited |
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Address of the
registered office or of the principal place of business in India of the company |
Gemini House Bus Depot Lane, Deonar, Mumbai – 400 088, Maharashtra |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Kotak Mahindra
Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400
021, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation |
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Date of
instrument Creating the charge |
22.09.2008 |
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Amount secured by
the charge |
Rs.11.585
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 12.65%, 12.69%,
14.68% pa Terms of
Repayment Tenure of 35 and
47 months Margin Extent and
Operation of the charge First and
Executive charge by way of Hypothecation in favour of Kotak Mahindra Bank on
the assets financed Others |
|
Short particulars
of the property charged |
First and
Executive charge in favour of Kotak Mahindra Bank Limited on 1 Model of
LIBHER – 1070 Chassis No: W09464000. Engine No: 002343. 2 Model of Greaves –
350D Chassis No:GCP 1286, GCP 1290. |
Operational Review
Shareholders will note that there has been a
healthy growth for the company, starting from an assets base of six Transit
Mixers; they have closed this financial year with more than 150 assets on book.
Turnover has zoomed to Rs.97.300 Millions from Rs.1.200 Millions in the
preceding year. The directors are of the opinion that with the huge amount of
infrastructure spent being witnessed, the business is expected to blossom in
the coming years.
The company proposes to double its assets base
in the coming financial year.
As Per Websites
They are a professionally managed company that’s focused on building
category-leadership in the sphere of construction equipment rentals. As an
organization that combines strong-rooted business processes and contemporary
people practices, they believe in creating an institution of sustained
excellence through innovative execution.
Their strategy is to acquire, plan, monitor, maintain and provide a
comprehensive fleet of equipment to meet the industry’s rising demand for
equipment and resources in an endeavor to generate maximum value for their
customers. In line with this, they have introduced and standardized
international best practices in the Indian market place.
Subject is an organic offspring from the Gemini Group of Companies –
Gemini Power Hydraulics Private Limited. and Fagioli PSC India Private Limited.
Gemini Power Hydraulics Private Limited is a leading distributor of high
quality Industrial and Construction Tools and a service provider of specialized
equipment with trained manpower for industrial site services. Fagioli PSC India
Private Limited is a pioneer in alternate heavy lifting schemes using
proprietary strand jacks and tower lift systems for the Power, Refinery, Civil
and Offshore industries. Rajiv Sethi is the founder owner of Gemini Group and
he has promoted subject in association with two leading investment funds,
Berggruen Holdings and Cycladic Capital.
Berggruen Holdings manages and invests proprietary capital across a
range of asset classes such as private equity, stocks and bonds, hedge funds,
private equity funds and real estate. The Firm emphasizes the need for
creativity and speed in evaluating and acting upon potential investments and is
willing to explore unconventional investments and financial structures. BH has
offices in the USA, Europe and Asia and manages and invests its own proprietary
capital which exceeds US$1 billion. Berggruen has earmarked US$ 300 million for
investments in India and has currently invested in 4 businesses in India and
various real estate projects in addition to subject.
Cycladic Capital was established in 2002 to focus on investment
opportunities in small and mid-sized public and private companies. With an
initial focus on European markets, Cycladic has expanded its focus to include
specific global opportunities. Headquartered in London, Cycladic manages
investments on behalf of a number of investment vehicles including the Cycladic
Catalyst Fund, RIT Capital Partners. Cycladic has significant experience
investing in the plant rental industry on a global basis.
Rajiv Sethi, Managing Director
As Founder Promoter and Managing Director of Subject, Rajiv Sethi brings 23
years of experience in heavy engineering equipment and tools business. A
visionary and an entrepreneur par excellence, Rajiv Sethi aims to take subject
to new heights by making it a INR 5000 million company with a pan-India
presence. Mr Sethi is also the promoter of Gemini Power Hydraulics and Fagioli
PSC India Private Limited. An inspiring leader. A strategic planner. A tireless
performer and a people’s man. Rajiv plays the perfect captain to a multifaceted
and multitalented team of achievers working in tandem to achieve a common goal.
Godrej Dandiwala, GM Operations
An automobile engineer by qualification, Godrej brings a treasure-trove of
industry experience for the organisation. With an impeccable 45 year strong
association with Hindustan Construction Company, his track record covers an
entire spectrum of large scale projects spanning from irrigation,
hydro-electricity, marine engineering, atomic power projects across the nation
and overseas. As head of Operations Division at GEAR, Godrej oversees
day-to-day operations with his incredibly versatile know how, deep insight,
planned execution and hands-on approach to work.
Manoj Rele GM Finance and Accounts
For
a man dedicated to finance and revenues, Manoj Rele brings a lot more value to
his position as Chartered Accountant. A stickler for details, integrity,
professionalism and discipline, Manoj brings an uncanny sense of dependability
to his role. His interest in trading and stocks gives him the edge when it
comes to development of investment strategies, making his vast knowledge and
keen insight - a big asset to the organisation. A man who loves challenges, he
personifies perseverance and determination which ultimately results in
accomplishment.
Surendra Pal Singh GM HR and Administration
A
team leader and team maker, ‘SP’ heads the Human Resources and Administration
Department at subject. At the helm of HR, SP enjoys the credit for introducing
and streamlining the company's HR structure and policies with a firm hand and a
considerate heart. Well-respected for unconventional and out-of-box approach to
work, he brings a formidable knowledge base that includes diverse vocations
including organic farming over 200 acres, management of three ICSE schools,
teaching law and management to pioneering Quality Management systems in the
Indian Construction. A true leader who inspires the whole team to aim for - and
work in tandem - to achieve the best.
Samir Bhowmik AGM Sales
With eighteen years' track record in rentals, sales and servicing of DG
sets, industrial engines, tractors, earthmoving equipment, etc. Samir Bhowmik
is a veritable encylopedia of experience and practical knowledge. A mechanical
engineer who has a keen understanding of the business is a rare combination,
which makes him stand apart. Young, infotech-savvy, quality driven and an
excellent communicator, Samir is all this and more. His 'never say no' attitude
and a focused approach to work motivates all those who come in touch with him.
The dynamic fusion of the five lead a highly motivated, qualified,
experienced and dedicated taskforce that’s trained to enhance the customer
experience by continuous improvement of their services in much the same way
that they enhance their own work experience by continuous up gradation of core
professional and interpersonal skills.
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 records 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 records 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.50.09 |
|
UK Pound |
1 |
Rs.76.68 |
|
Euro |
1 |
Rs.63.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|