Vivid Mercantile Limited is a company that has been repeatedly reinvented by its promoters as industries have shifted, moving from graphic design to offset printing, then into seasonal commodity trading, and most recently toward real estate development and precious-metals trading. Incorporated in 1994 in Gujarat, the company has changed its name three times and migrated from the BSE SME platform to the main board, all while remaining a standalone entity with no subsidiaries or joint ventures. The recurring approach is a promoter-led pivot: when one business model fades-offset printing lost to digital, for instance-the Gajjar family redirects the company into a new trade, carrying forward the same mercantile identity but with a different product in hand. # Business segments Two engines at different stages-a precious-metals trading operation that generates today's revenue, and a real-estate plotting project that the promoters intend to become the mainstay-both run from a single Gujarat base. ## 1. Precious metals, diamond and jewellery trading: the current revenue engine **The company buys and sells gold, diamond and jewellery ornaments as a principal, bearing the full pricing risk on every transaction in a business concentrated entirely in Gujarat.** - **Takes inventory risk, not commissions** - it earns revenue from the sale of goods, recognising income only when control passes to the customer, and because it bears pricing risk in all arrangements, it is always the principal, never an agent. - **A narrow geographic footprint** - all trading activities are currently focused only in Gujarat, though the company says it intends to expand distribution reach to other parts of the country. - **Inventory is the balance-sheet anchor** - as of March 2025, the company held inventories of Rs. 1,938.91 lakh and trade receivables of Rs. 756.47 lakh, with stock valued at the lower of cost and net realisable value on a first-in-first-out basis. - **Exposed to global price swings** - the business carries exposure to foreign exchange rate fluctuations and raw material price movements, which is the nature of holding precious-metals inventory. - **Relationship-driven positioning** - its competitive edge rests on quality products, a wide range, an established brand name, and long-term client relationships, supported by a strategy of participating in trade fairs and exhibitions. ## 2. Real estate development: the intended future mainstay **The promoters have amended the company's charter to target 70% of revenues from land development and plotting, with one project underway on roughly 7.34 hectares in Ahmedabad district.** - **A charter rewritten for real estate** - the Memorandum of Association was changed so that the real estate business is meant to generate the bulk of future revenue, with everything else becoming ancillary. - **One plotting project, early-stage work** - the company has a land development agreement for a project at Village Zemp, Taluka Sanand, where it is currently levelling, filling, plotting and building boundary walls to sell plots in different sizes. - **Land developer, not a builder** - the scope covers identifying and acquiring land, developing it with infrastructure, and then marketing and selling the plots or residential properties, rather than constructing buildings. - **A vision built over half a decade** - the diversification was driven by the promoters developing what the filings call a "focused and bigger vision" in the real estate sector over the four to five years leading up to the FY25 report. # Group structure and partners **A standalone, family-promoted company with no subsidiaries, no borrowings against assets, and a recent history of regulatory action and stake shuffling among non-promoter entities.** - **No corporate web** - the company has consistently reported no subsidiaries, joint ventures or associate companies, has made no investments under Section 186, and has not given loans or guarantees to any other entity. - **Controlled by the Gajjar family** - Managing Director Satishkumar Ramanlal Gajjar held 3,81,32,429 shares as of March 2025, and his wife, Executive Director Geetaben Satishbhai Gajjar, held 46,53,500 shares, together forming the promoter group. - **Regulatory overhang** - in June 2026, SEBI passed an order against the company and its director alleging violations of securities laws, imposing a penalty of Rs. 10 lakhs on Mr. Gajjar, requiring the company to disgorge Rs. 40,84,556, and restraining both from the securities market for five years. - **No debt-funded growth** - the company has not taken working capital limits above Rs. 5 crores from banks against current assets, has raised no term loans, and has never issued shares or convertible instruments through public offers, preferential allotments or private placements.