MIRA
INFORM REPORT
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Report Date : |
26.05.2011 |
IDENTIFICATION DETAILS
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Name : |
GEMINI EQUIPMENT AND RENTALS PRIVATE LIMITED |
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Registered
Office : |
Gemini House, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.02.2007 |
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Com. Reg. No.: |
11-167468 |
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Capital
Investment / Paid-up Capital : |
Rs.627.055
Millions |
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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
: |
Dealer of Construction and Earthmoving Machinery and Equipment. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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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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Maximum Credit Limit : |
USD 2400000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
to be some accumulated losses recorded by the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for business dealings with some caution.
|
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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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 |
LOCATIONS
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Registered Office : |
Gemini House, |
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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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Regional Office:
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Located At:
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DIRECTORS
As on 30.09.2010
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Name : |
Mr. Rajiv Kishorechand Sethi |
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Designation : |
Managing Director |
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Address : |
904/A, Sabari Aashiyana, |
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Date of Appointment : |
02.02.2007 |
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Name : |
Mr. Anand Singh Dalal |
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Designation : |
Whole Time Director |
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Address : |
C-33, Chidanand 129/1, Abhinav Kala Mandir, Pashan, Pune-411021, |
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Date of Appointment : |
14.07.2010 |
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Name : |
Mr. Charles Lawrence Miller III |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
09.11.2009 |
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Name : |
Mr. Dimitrios Goulandris |
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Designation : |
Director |
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Address : |
22, |
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Date of Appointment : |
09.11.2009 |
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Name : |
Mr. Sanjay Sethi |
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Designation : |
Alternate Director |
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Address : |
Flat No. 210, 2nd Floor, Aditya, |
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Date of Appointment : |
04.03.2010 |
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Name : |
Mr. Kabir Kewalramani |
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Designation : |
Nominee Director |
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Address : |
3rd Floor, |
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Date of Appointment : |
09.11.2009 |
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Name : |
Mr. Ketan Anil Mavinkurve |
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Designation : |
Nominee Director |
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Address : |
18, Laxmi Niwas, |
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Date of Appointment : |
09.11.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rajiv Kishorechand Sethi |
|
3896840 |
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Sarika Sethi |
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5000 |
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Berggruen |
|
30117399 |
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Cycladic |
|
25437087 |
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Cycladic I, |
|
3249200 |
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Total |
|
62705526 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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93.78 |
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Directors
or relatives of directors |
|
6.22 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealer of Construction and Earthmoving Machinery and Equipment. |
GENERAL INFORMATION
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Customers : |
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Bankers : |
ICICI Bank Limited, Landmark Race, |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution: |
Srei Infrastructure Finance Limited, Vishwakarma, 86 C, |
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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, Mumbai-400071, |
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Tel. No.: |
91-22-25284588 / 25295949 |
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Fax No.: |
91-22-25278301 |
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E-Mail : |
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Website: |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs.800.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
62705526 |
Equity Shares |
Rs.10/- each |
Rs.627.055
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
627.055 |
504.021 |
336.923 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
16.383 |
15.728 |
0.000 |
|
|
4] (Accumulated Losses) |
(30.021) |
(26.855) |
(9.571) |
|
|
NETWORTH |
613.417 |
492.894 |
327.352 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
175.120 |
352.548 |
348.772 |
|
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2] Unsecured Loans |
26.014 |
31.252 |
0.000 |
|
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TOTAL BORROWING |
201.134 |
383.800 |
348.772 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
814.551 |
876.694 |
676.124 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
693.811 |
717.677 |
369.096 |
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Capital work-in-progress |
0.000 |
51.181 |
166.077 |
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INVESTMENT |
0.160 |
0.160 |
5.228 |
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DEFERREX TAX ASSETS |
6.925 |
10.199 |
4.093 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
1.498
|
0.000 |
0.000 |
|
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Sundry Debtors |
94.493
|
93.113 |
37.986 |
|
|
Cash & Bank Balances |
15.946
|
14.287 |
73.802 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
51.074
|
57.447 |
30.492 |
|
Total
Current Assets |
163.011
|
164.847 |
142.280 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
8.768
|
46.302 |
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|
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Other Current Liabilities |
40.588
|
20.854 |
10.497 |
|
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Provisions |
0.000
|
0.214 |
0.153 |
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Total
Current Liabilities |
49.356
|
67.370 |
10.650 |
|
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Net Current Assets |
113.655
|
97.477 |
131.630 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
814.551 |
876.694 |
676.124 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
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Income |
|
274.731 |
97.368 |
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Other Income |
|
2.605 |
2.371 |
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TOTAL (A) |
284.222 |
277.336 |
99.739 |
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|
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Less |
EXPENSES |
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|
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Direct Operating |
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Administration Selling Expenses |
175.658 |
167.208 |
70.566 |
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Prior period expenses |
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|
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TOTAL (B) |
175.658 |
167.208 |
70.566 |
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|
|
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|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
108.564 |
110.128 |
29.173 |
|
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|
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
38.601 |
47.536 |
16.777 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
69.963 |
62.592 |
12.396 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
69.856 |
85.131 |
23.358 |
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|
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PROFIT BEFORE
TAX (E-F) (G) |
0.107 |
(22.539) |
(10.962) |
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|
|
|
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|
|
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Less |
TAX (H) |
3.272 |
(5.255) |
(2.958) |
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|
|
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|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
(3.165) |
(17.284) |
(8.004) |
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|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(26.855) |
(9.571) |
(1.567) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(30.020) |
(26.855) |
(9.571) |
|
|
|
|
|
|
|
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|
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IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
0.000 |
143.845 |
179.176 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.06) |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(1.11)
|
(6.23) |
(8.02) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
(8.20) |
(11.26) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.01
|
(2.55) |
(2.14) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
(0.05) |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.41
|
0.92 |
1.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.30
|
2.45 |
13.36 |
LOCAL AGENCY FURTHER INFORMATION
Note: The
registered office of the company has been shifted from 203, Krishna Bhavan,
Operational Review:
Operationally, FY
2010 was a very challenging year for the company. The financial recession
impacted the equipment rental business preventing a build-up in revenue yields.
Revenue yield for FY
2010 on operational asset base of approx Rs 840.000 millions was approx. 33.4%, 660 basis points below
the Company's target of 40% revenue yield. The decline in revenue yield was largely
on account of reduced utilization levels of rentable equipment because of the
recession induced slack in demand.
Management is
confident that the situation will improve in FY2011
Increase in Capital:
As per terms of
share subscription and shareholders agreement with Berggruen India Rentals and
Cycladic India Rentals, there was infusion of Capital during the year amounting
to Rs 123.034 Millions.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U29253MH2007PTC167468 |
|
Name of the
company |
GEMINI EQUIPMENT
AND RENTALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gemini House, |
|
Type of charge |
Movable Property
(not being pledge) |
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Particular of
charge holder |
ICICI Bank Limited, Landmark Race, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Unattested deed
of hypothecation |
|
Date of
instrument Creating the charge |
28.02.2011 |
|
Amount secured by
the charge |
Rs.10.463
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 11% P.A. Terms of
Repayment The Loan Is To Be
Repaid In 6o Monthly Installments Extent and
Operation of the charge The Loan is to Be
Repaid In 60 Monthly Installments Commencing From 01-04-2011 Till 01-03-2016.
The 4 Transit Mixers In Which Cahsis are of Automotive Manufacturer Private
Limited and Mixers are of Revathi Equipment Limited Has Been Hypothecated to
ICICI Bank Limited. |
|
Short particulars
of the property charged |
4 nos. of transit
mixers in which Chasis are manufactured by automotive manufacturer private
limited and mixers are manufactured by Revathi Equipment Limited |
Fixed Assets:
- Construction Equipments (For Hire)
- Computer
- Furniture and Fixtures
- Office Equipments
- Other Plant and Machinery
- Vehicles
As per website details:
Promoters:
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 GEAR 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
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
Core Team
Rajiv Sethi, Managing Director
As Founder Promoter and Managing Director of GEAR, 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 GEAR 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
Pvt 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 knowhow, deep insight,
planned execution and hands-on approach to work.
Surendra Pal Singh – GM – HR and Administration
A
team leader and team maker, ‘SP’ heads the Human Resources and Administration Department at GEAR. 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 upgradation
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,
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.45.38 |
|
|
1 |
Rs.73.31 |
|
Euro |
1 |
Rs.63.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.