MIRA INFORM REPORT

Report Date :

14.03.2012

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) :	30.06.2010

Date of Incorporation :	18.07.1986

Com. Reg. No.:	198601496N

Legal Form :	Limited Exempt Private Company

Line of Business :	Wholesale of personal effects

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	No Complaints

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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Singapore

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 20,106,501.00 (FY2010)
Net Worth	:	SINGAPORE, DOLLARS 1,541,134.00 (FY2010)
No. of Bank Charges	:	2
No. of Litigation Suits	:	2
S1000 / SME 500 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000
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	:	407B FERNVALE ROAD #04-13 SINGAPORE 792407
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.	SHAREHOLDER	-	5000	2.17

Previous Business

No.

Name

Status

Position

Appt Date

Last Known Inactive Date

SINGAPORE INTERNATIONAL JEWELLERY PTE. LTD.

LIVE COMPANY

DIRECTOR

25/02/2005

07/03/2012

SOUL GOOD ART JEWELLERY PTE. LTD.

STRUCK OFF

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.
	Amount Secured and Currency	:	All Monies
	Address	:	6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

2)	Charge No.	:	C200302910
	Date of Registration	:	21/06/2003
	Chargee	:	BNP PARIBAS
	Amount Secured and Currency	:	All Monies
	Address	:	20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

LITIGATION

there have been 2 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2012	Past Years Wef 01 Jan 2012

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	:	16/02/2012
Date of Last AR	:	02/03/2012
Date of A/C Laid At Last AGM	:	30/06/2010

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	JUN 2010	% Change	JUN 2009	JUN 2008	JUN 2007	JUN 2006
Currency	SINGAPORE, DOLLARS		SINGAPORE, DOLLARS	SGD - SIN	SGD - SIN	SINGAPORE, DOLLARS
Profit and Loss Key Figures
Turnover	20,106,501	128.96	8,781,607	23,795,642	24,398,287	20,890,697
Profit/(Loss) Before Tax	(18,628)	NA	17,075	61,370	58,384	89,244
Profit After Tax attributable to Shareholders	(24,189)	NA	17,075	59,634	55,155	77,234

Balance Sheet Key Figures
Total Assets	12,162,187	-21.26	15,446,293	19,530,561	20,000,209	22,502,683
Current Assets	11,881,710	-21.54	15,143,561	19,162,605	19,855,423	22,407,278
Non Current Assets	280,477	-7.35	302,732	367,956	144,786	95,405

Total Liabilities	10,621,053	-23.63	13,908,195	17,980,883	18,549,545	21,159,424
Current Liabilities	10,621,053	-23.63	13,908,195	17,980,883	18,549,545	21,159,424
Non Current Liabilities	0	NA	0	0	0	0

Shareholders' Funds	1,541,134	0.20	1,538,098	1,549,678	1,450,664	1,343,259
Share Capital	1,000,000	0.00	1,000,000	1,000,000	1,000,000	1,000,000
Total Reserves	541,134	0.56	538,098	549,678	450,664	343,259

FINANCIAL RATIOS

	Company
	JUN 2010	JUN 2009	JUN 2008	JUN 2007	JUN 2006
Growth %
Year-on-Year Growth	128.96	-63.10	-2.47	16.79	NA

Profitability
Profit Margin (%)	-0.12	0.19	0.25	0.23	0.37
Return on Equity (%)	-1.57	1.11	3.85	3.80	5.75
Return on Assets (%)	-0.20	0.11	0.31	0.28	0.34

Leverage
Total Debt/Equity (Times)	6.89	9.04	11.60	12.79	15.75
Current Debt/Equity (Times)	6.89	9.04	11.60	12.79	15.75
Long Term Debt To Equity (Times)	0.00	0.00	0.00	0.00	0.00
Total Asset To Total Equity (Times)	7.89	10.04	12.60	13.79	16.75

Asset Management
Total Assets Turnover (Times)	1.65	0.57	1.22	1.22	0.93
Fixed Assets Turnover (Times)	71.69	29.01	64.67	168.51	218.97

Liquidity
Current Ratio (Times)	1.12	1.09	1.07	1.07	1.06

FINANCIAL COMMENTARY

Profitability

We are unable to comment on Subject's profitability.

Liquidity

Current ratio stood at 1.12 times in FY10 (FY09: 1.09 times). This means that the company has SINGAPORE, DOLLARS 1.12 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 6.89 times in FY10, compared with 9.04 times in FY09. This means that the company requires additional external financing of SINGAPORE, DOLLARS 6.89 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

We are unable to comment on Subject's return on equity.

We are unable to comment on Subject's return on assets.

Total assets turnover ratio logged at 1.65 times in FY10 (FY09: 0.57 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.49.85
UK Pound	1	Rs.77.97
Euro	1	Rs.65.62

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 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.