MIRA INFORM REPORT

 

 

Report Date :

29.01.2011

 

IDENTIFICATION DETAILS

 

Name :

HOUSE OF GEMS PTE LTD

 

 

Registered Office :

545 Orchard Road #09-12 Far East Shopping Centre Singapore 238882

 

 

Country :

Singapore

 

 

Financials (as on) :

30.06.2009

 

 

Date of Incorporation :

18.07.1986

 

 

Com. Reg. No.:

198601496N

 

 

Legal Form :

Limited Exempt Private Company

 

 

Line of Business :

Wholesale of Personal Effects

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Poor

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Exists

 

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 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Singapore

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Executive Summary

 

Company Name

:

HOUSE OF GEMS PTE LTD

Registration No

:

198601496N

Date of Registration

:

18/07/1986

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED EXEMPT PRIVATE COMPANY

Registered Address

:

545 ORCHARD ROAD #09-12 FAR EAST SHOPPING CENTRE SINGAPORE 238882

Date of Change of Address

:

15/04/2008

Contact No.

:

6732 2877

Fax No.

:

6235 1946

Website

:

NA

Registered Activities

:

1. WHOLESALE OF PERSONAL EFFECTS NEC

WHOLES PERSONAL EFFECTS NEC

2. MANUFACTURE OF COSTUME JEWELLERY

Issued Ordinary Capital*

:

$1,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$1,000,000.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

NA

No. of Local Associates

:

NA

Auditor

:

RAMA & CO

Bankers / Financiers

:

DBS BANK LTD.

BNP PARIBAS

Turnover

:

SINGAPORE, DOLLARS 8,781,607.00 (FY2009)

Net Worth

:

SINGAPORE, DOLLARS 1,538,098.00 (FY2009)

No. of Bank Charges

:

2

No. of Litigation Suits

:

2

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 500

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

No Recommendation

 

 

SHAREHOLDER DETAILS

 

NAME

:

SHETH RAJESH PRAVINCHANDRA

SHAREHOLDER ID

:

S2647693C

NATIONALITY

:

SINGAPORE P.R.

ADDRESS

:

75 MEYER ROAD #21-01 HAWAII TOWER SINGAPORE 437901

NO. OF ORD SHARES

:

500,000

% OF SHAREHOLDING

:

50%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

MANISHA RAJESH SHETH

SHAREHOLDER ID

:

S2741953D

NATIONALITY

:

SINGAPORE P.R.

ADDRESS

:

75 MEYER ROAD #21-01 HAWAII TOWER SINGAPORE 437901

NO. OF ORD SHARES

:

500,000

% OF SHAREHOLDING

:

50%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

CLIFFORD EMMANUEL GERMAIN ABAYASEKARA

ADDRESS

:

33A SURIN AVENUE CHARLTON COURT SINGAPORE 535617

POSITION

:

SECRETARY

DATE OF APPT

:

25/11/1996

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2191478I

 

NAME

:

SHETH RAJESH PRAVINCHANDRA

ADDRESS

:

75 MEYER ROAD #21-01 HAWAII TOWER SINGAPORE 437901

POSITION

:

DIRECTOR

DATE OF APPT

:

19/07/1986

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2647693C

 

NAME

:

MANISHA RAJESH SHETH

ADDRESS

:

75 MEYER ROAD #21-01 HAWAII TOWER SINGAPORE 437901

POSITION

:

DIRECTOR

DATE OF APPT

:

26/02/1991

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2741953D

 

 

KEY PERSONNEL PROFILE

 

Name:

SHETH RAJESH PRAVINCHANDRA

NRIC Number:

S2647693C

Available Address:

75 MEYER ROAD #21-01 HAWAII TOWER  SINGAPORE 437901

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

HOUSE OF GEMS PTE LTD

DIRECTOR

19/07/1986

500000

50.00

2

SINGAPORE INTERNATIONAL JEWELLERY PTE. LTD.

DIRECTOR

25/02/2005

5000

2.17

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

SOUL GOOD ART JEWELLERY PTE. LTD.

LIVE COMPANY

DIRECTOR/SHR

13/03/2008

26/09/2009

 

 

Bankruptcy Record

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

 

Litigation Search – Writ of Summons

Court

Case No.

Year

Date of Filing

Amount

Cause Category

M

817

2010

12/01/2010

SGD 7,330.60

Negligence Related

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

NA

 

 

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 2 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201011753

 

Date of Registration

:

03/12/2010

 

Chargee

:

DBS BANK LTD.

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

2)

Charge No.

:

C200302910

 

Date of Registration

:

21/06/2003

 

Chargee

:

BNP PARIBAS

 

Address

:

20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

 

 

LITIGATION

 

The following litigation suits were traced against Subject. Case status is as per available. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered.

 

To date, there have been 2 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2011

Past Years

Bef 01 Jan 2011

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

0

District ($80,000 - $250,000)

0

1

High (>$250,000)

0

1

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

 

The details are as follows:

 

1)

Court

:

District Court

 

Case No.

:

326

 

Date of Filing

:

28/01/2005

 

Amount

:

0.00

 

Cause

:

Others / Miscellaneous

 

Case Status

:

CONCLUDED

 

Plaintiff

:

EURASIA DIAMAC (S) PTE LTD

 

Last Update Date

:

12/01/2006

 

2)

Court

:

Supreme Court

 

Case No.

:

1834

 

Date of Filing

:

14/11/1994

 

Amount

:

67,829.40

 

Cause

:

Monetary Claim

 

Case Status

:

CONCLUDED

 

Plaintiff

:

ABN AMRO BANK

 

Last Update Date

:

12/01/2006

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

29/03/2010

Date of Last AR

:

01/04/2010

Date of A/C Laid At Last AGM

:

30/06/2009

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

JUN 2009

% Change

JUN 2008

JUN 2007

JUN 2006

JUN 2005

Currency

SINGAPORE, DOLLARS

 

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

8,781,607

-63.10

23,795,642

24,398,287

20,890,697

26,199,519

Profit/(Loss) Before Tax

17,075

-72.18

61,370

58,384

89,244

108,250

Profit After Tax attributable to Shareholders

17,075

-71.37

59,634

55,155

77,234

108,250

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

15,446,293

-20.91

19,530,561

20,000,209

22,502,683

23,935,013

Current Assets

15,143,561

-20.97

19,162,605

19,855,423

22,407,278

23,875,051

Non Current Assets

302,732

-17.73

367,956

144,786

95,405

59,962

 

 

 

 

 

 

 

Total Liabilities

13,908,195

-22.65

17,980,883

18,549,545

21,159,424

22,692,988

Current Liabilities

13,908,195

-22.65

17,980,883

18,549,545

21,159,424

22,692,988

Non Current Liabilities

0

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

1,538,098

-0.75

1,549,678

1,450,664

1,343,259

1,242,025

Share Capital

1,000,000

0.00

1,000,000

1,000,000

1,000,000

1,000,000

Total Reserves

538,098

-2.11

549,678

450,664

343,259

242,025

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

JUN 2009

JUN 2008

JUN 2007

JUN 2006

JUN 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

-63.10

-2.47

16.79

-20.26

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.19

0.25

0.23

0.37

0.41

Return on Equity (%)

1.11

3.85

3.80

5.75

8.72

Return on Assets (%)

0.11

0.31

0.28

0.34

0.45

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

9.04

11.60

12.79

15.75

18.27

Current Debt/Equity (Times)

9.04

11.60

12.79

15.75

18.27

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

10.04

12.60

13.79

16.75

19.27

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.57

1.22

1.22

0.93

1.09

Fixed Assets Turnover (Times)

29.01

64.67

168.51

218.97

436.94

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.09

1.07

1.07

1.06

1.05

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 0.19 per cent in FY09 (FY08: 0.25 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.00 of profit for every SINGAPORE, DOLLARS of sales in FY09, as compared with SINGAPORE, DOLLARS 0.00 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.09 times in FY09 (FY08: 1.07 times). This means that the company has SINGAPORE, DOLLARS 1.09 of current assets for every SINGAPORE, DOLLARS of current liability incurred.

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

 

 

 

 

Leverage

Total debt-to-equity ratio notched 9.04 times in FY09, as compared with 11.60 times in FY08. This means that the company requires additional external financing of SINGAPORE, DOLLARS 9.04 for every SINGAPORE, DOLLARS injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

 

Efficiency Ratio

 

 

Return on equity was 1.11 per cent for Subject in the current financial period, as compared to 3.85 per cent a year ago. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 0.11 per cent (FY08: 0.31 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 0.57 times in FY09 (FY08: 1.22 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.74

UK Pound

1

Rs.72.73

Euro

1

Rs.62.73

 

 

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

 

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%)

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.