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Issue Open Date
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30-May-11
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Issue Closing Date
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02-Jun-11
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Application Money
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100
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Allotment Money
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Price Band
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36
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40
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Minimium Application No.
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160
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Issue Size (Shares)
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6437500
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Market Lot
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1
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Objective
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1. Modernization of our Ship Recycling Plot.2. Setting up of Corporate Office at Ahmedabad.3. Meeting Long-term Working Capital Requirement.4. Meeting the Issue Expenses.
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Category
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No. of Shares
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No. of Shares
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Subscription Ratio
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Offered / Reserved |
Bid For |
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Non-Institutional Investors
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1072917
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370560
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0.345376203378267
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Qualified Institutional Buyers
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3576389
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0
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Retail Individual Investors
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2503472
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3580800
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1.43033355276192
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|
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Business Description
Our company was incorporated on December 2, 1991with the object of carrying on the business of providingdifferent kinds of consulting and information technology services. During 1992- 1994, our company was engaged incomputerization of land revenue records of Bhavnagar Municipal Corporation. Thereafter, in the year 1995-96 ourCompany undertook the assignment of computerization of Ration Cards and Ration Shops of Bhavnagar MunicipalCorporation.During the year 1994, our company also acquired a running Oxygen Plant operating in the name of “Varun Gases”in Sihor GIDC, Bhavnagar having an installed capacity of 65 cubic meters per hour. Our company was operating atfull capacity and was supplying the gas produced at this unit to the various customers in and around Bhavnagar whoare engaged in Ship Recycling Industry.. The said plant was closed by the company in the year 1997 as it becameunviable on account of slow down in the Ship Recycling Industry and advancement of technology in this area.The Ship Breaking Industry was revived in the year 2003-04 and therefore we decided to diversify our activities.During the year 2004, Gujarat Maritime Board auctioned vacant plots and under open bid we have been allottedvacant Plot No. 160 at Alang-Sosiya Ship Breaking Yard admeasuring 1350 sq. meter on a lease basis. However,our company could not start ship breaking activities due to change in policy for ship recycling plant, requiringhigher size (2700 sq meters ) of plot and therefore we could not get permission for utilization of plot from GMB.Meanwhile, in the year 2007, the plot size was enlarged to 2700 sq. meter as per the instructions given by the InterMinisterial Committee constituted by Hon. Supreme Court, by merging the adjoining Plot No. 159 and our companywas permitted to use the merged Plot No. 160M for a period of 5 years with effect from 17.03.2007 to 16.03.2012and subject to renewal thereafter.In the year 2006-2007, our company also joined as a Partner with Ms. Sangeeta Jain in M/s Eternal Automobiles(dealer of Honda Motor Cycle and Scooter India Pvt. Ltd-Two Wheeler). The profit sharing ratio of our company is25% and the balance 75% is with Ms. Sangeeta Jain, one of the promoters of our company. Due to wide scope in theAutomobiles and reasonable profitability, we ventured into this business.In the month of May 2008, our company had entered into the offshore business activities & supporting services. Weobtained the required registration and undertook the following activities:-• Purchased a Tug named ADINATH - 8, and entered into a Charter Agreement on 16.07.2008 with GMB for aperiod of 12 months. We have obtained the Certificate of Registry from Registrar of Indian Ships, Mumbai.Thereafter, we are operating the said Tug in the open market on a daily hire basis.Purchased a Speed Boat named KALPTARU, and entered into a Charter Agreement on 26.02.2009 with GMB forpatrolling under ISPS Code at Magdalla Port for a period of 1 (one) year with an extension clause of One year andthe same has been extended by GMB till 5th March, 2011. In the month of April 2011, the said Speed Boat wassold-out and hence as on date the company is not carrying on any activity in this area.
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Promoter's Holding
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Total Share Capital
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10035164
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Offered to Public
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6437500
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Promoter's Holding (Pre-Issue)
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100
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Promoter's Holding (Post-Issue)
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56.61
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Address |
808/c
Pinnacle Business Park
Corporate Road
Prahladnagar
Ahmedabad,
Gujarat,
380015
Phone :
Email : info@vmsil.com
Website : www.vmsil.com
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Registrar |
Cameo Corporate Services Ltd
Subramanian Buildings No 1
Club House Road
Chennai
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Listed at |
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BSE
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Lead Manager |
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Ashika Capital Ltd
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Promoters |
Ajit Kumar Jain
Manoj Kumar Jain
Sangeeta Jain
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