MIRA
INFORM REPORT
|
Report Date : |
9th
November, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
GLOSEL
INDIA IMPEX PRIVATE LIMITED |
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Registered Office : |
Flat F
1, 15th Avenue, Harrington Court, 99 Harrington Road, Chetpet,
Chennai – 600 031, Tamilnadu, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
21.10.2002 |
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Com. Reg. No.: |
18-49766 |
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CIN No.: [Company
Identification No.] |
U24232TN2002PTC049766 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Distributor and Trader of Pharmaceutical
Chemicals, Drugs and Medications, Bio-Technology Products. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
5000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are
fair. General financial position is satisfactory. Payments are usually
correct and as per commitments. The company can be considered good for normal
business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Flat F
1, 15th Avenue, Harrington Court, 99 Harrington Road, Chetpet,
Chennai – 600 031, Tamilnadu, India |
|
Tel. No.: |
91-44-283629031/
52178473/ 26480896/ |
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Mobile No.: |
91-9841006771/
9841078072 |
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Fax No.: |
91-44-28362902/
26480903 |
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E-Mail : |
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Website : |
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Factory
1 : |
Flat F
1, 15th Avenue, Harrington Court, 99 Harrington Road, Chetpet,
Chennai – 600 031, Tamilnadu, India |
|
Tel.
No.: |
91-44-283629031/
52178473/ 26480896/ |
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Mobile
No.: |
91-9841006771/
9841078072 |
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Fax
No.: |
91-44-28362902/
26480903 |
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E-Mail
: |
DIRECTORS
|
Name : |
Mr.
Udhan Kumar Chordia |
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Designation : |
Director
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Address : |
5
Mohan Kunj, Harrington Road, Chetpet, Chennai – 600 033, Tamilnadu, India |
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Date of Birth/Age : |
24.05.1971 |
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Name : |
Mr.
Sanjeev Koradan |
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Designation : |
Director
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Address : |
Singapore
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Date of Birth/Age : |
02.08.1968 |
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Name : |
Mrs.
Sanjeev Koradan |
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Designation : |
Director
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Address : |
Singapore
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KEY EXECUTIVES
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Name
: |
Mr. P
Krishnakumar |
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Designation
: |
Practicing
Company Secretary |
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Address
: |
188/
87, Habibullah Road, T Nagar, Chennai – 600 017, Tamilnadu, India |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
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No. of Shares |
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Mr.
Udhan Kumar Chordia |
|
20000 |
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Mr.
Sanjeev Koradan |
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20000 |
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Mrs.
Radha Sanjeev Koradan |
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20000 |
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Mr.
Siddarth Baid |
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20000 |
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Mr.
Rishi Kapur |
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20000 |
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Total |
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100000 |
BUSINESS DETAILS
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Line of Business : |
Distributor and Trader of Pharmaceutical
Chemicals, Drugs and Medications, Bio-Technology Products. |
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Products : |
® Pharmaceutical Chemicals ® Drugs ® Medications ® Bio-Technology |
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GENERAL
INFORMATION
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Bankers : |
®
Canara
Bank ®
HSBC
Limited
Chetpet, Chennai – 600 033, Tamilnadu, India |
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Banking Relations : |
-- |
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Auditors : |
B
Srinivasan and Company Chartered
Accountants Chetpet,
Chennai – 600 035, Tamilnadu, India |
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Group Companies : |
®
Glosel
Singapore Pte. Limited ®
Glomadis
Singapore Pte. Limited ®
Glosel
Malaysia Sdn. Bhd. ®
PT
Glosel Indonesia ®
Glosel
Singapore Ptd. Limited (Vietnam) ®
Glosel
(HK) Limited ®
Glosel
Philippines Inc. |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
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150000 |
Equity
Shares |
Rs. 10/- |
Rs. 1.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
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100000 |
Equity
Shares |
Rs. 10/- |
Rs. 1.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
1.000 |
1.000 |
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2] Reserves & Surplus |
|
0.000 |
0.000 |
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3] (Accumulated Losses) |
|
(0.296) |
0.221 |
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NETWORTH |
|
0.704 |
1.221 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.881 |
0.284 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.881 |
0.284 |
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TOTAL |
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1.585 |
1.505 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.427 |
0.420 |
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Capital work-in-progress |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
0.448 |
0.076 |
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Sundry Debtors |
|
1.467 |
1.256 |
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Cash & Bank Balances |
|
0.314 |
0.019 |
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Loans & Advances |
|
0.606 |
0.319 |
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Total Current Assets |
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2.835 |
1.670 |
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Less : CURRENT LIABILITIES & PROVISIONS |
|
1.719 |
0.635 |
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Total Current Liabilities |
|
1.719 |
0.635 |
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Net Current Assets |
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1.116 |
1.035 |
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MISCELLANEOUS EXPENSES |
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0.042 |
0.050 |
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TOTAL |
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1.585 |
1.505 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
|
7.866 |
24.915 |
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Profit/(Loss)
Before Tax |
|
0.517 |
(0.278) |
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Provision
for Taxation |
|
0.000 |
0.065 |
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Profit/(Loss)
After Tax |
|
0.517 |
(0.213) |
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Export
Value |
|
8.826 |
25.182 |
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Total
Expenditure |
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7.349 |
25.194 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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6.57 |
(0.85) |
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Net
Profit Margin (PBT/Sales) |
(%) |
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6.57 |
(1.11) |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
15.85 |
(13.30) |
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Return
on Investment (ROI) (PBT/Networth) |
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0.73 |
(0.22) |
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Debt
Equity Ratio (Total
Liability/Networth) |
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4.69 |
1.75 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
1.65 |
2.63 |
LOCAL AGENCY
FURTHER INFORMATION
History
The
company is a Pharmaceutical and Packaging Distribution Company based at
Singapore having offices in India, Malaysia, Indonesia, Philippines, Vietnam,
Hong Kong and Korea. They have been exporting Active Pharmaceutical
Ingredients, Finished Formulations and various kinds of Packaging materials
used by Pharmaceutical Industries such as Amber Colour Glass Bottles, Vials,
Pet Bottles, Aluminium Foils and PP Caps. They market all these products in
South East Asian Countries.
The
company have their professional warehousing and customer service team, located
conveniently in the most effective logistics hub of South East Asia –
Singapore, offering excellent facilities and has been in a position to offer
the customer the right material at the right price at the right time.
Profile
It is
committed to build and support a world class distribution network and used it
to provide the best services possible for our customers. Glosel is making great
progress in achieving this vision. They have an extensive network in South East
Asia. We serve over 13 countries in the region.
It
validate and contract with supplier partners. They ensure that they can deliver
high quality products and match their service requirements.
It takes
extraordinary efforts in meeting the client’s regular supply requirements and
ensuring prompt delivery of the products. The procurement and logistics
tracking systems are built around that goal.
Vision
To reach
and connect customer and associates to global distribution network and provide
products and services that always exceed their expectations.
Glosel Means
G –
Global Connections
L – Link
to unlimited market
O –
Opportunities to Innovate
S –
Strategic Location
E –
Educated Workforce
L –
Loyal Business Environment
Contact
Glosel India Impex Private Limited
F1, 15th Avenue, Harrington Court, 99, Harrington Road, Chetpet, Chennai – 600
031, Tamil Nadu, India.
Phone No.: 91-44-28362903
Fax No.: 91-44-28362902
Email: gloselindia@glosel.com
Glosel Singapore Pte. Limited
50 Bukit Batok St 23, #05-19 Midview Building, Singapore - 659578
Phone No.: (65) 65626275
Fax No.: (65) 65626274
Email: info@glosel.com
Glomadis
Singapore Pte. Limited
50 Bukit Batok St 23, #05-19 Midview Building, Singapore - 659578
Phone No.: (65) 65626275
Fax No.: (65) 65626274
E-mail: info@glosel.com
PT
Glosel Indonesia
Kompleks Metro Sunter Block B No.24, Jl. Danau Sunter Utara, Sunter, Jakarta
Utara - 14340,
Indonesia
Phone No.: (62-21) 65833106 / 65832426
Fax No.: (62-21) 6507071
Mobile No.: (62) 8178 36251
Email: ptglosel@glosel.com
Glosel
Malaysia Sdn. Bhd.
#1162/A, Jalan Senai Utama 2/3, Taman Senai Utama, 81400 Senai, Johor, Malaysia
Phone No.: 60 (0)7 599 0046
Fax No.: 60 (0)7 599 0048
Email: info@glosel.com
Glosel
Singapore Pte. Limited (Vietnam)
6E, Bis Phan Ke Binh Street, Da Kaoward, Distrit-1, Ho-Chi-Minh-City, Vietnam
Phone No.: 84 8 8258160
Email: info@glosel.com
Glosel
(HK) Limited
15/F Blissful Building, 247 Des Voeux Road, Central, Hong Kong
Phone No.: 852 2543 8540
Fax No.: 852 2854 1626
Email: info@glosel.com
Glosel
Philippines Inc
Unit No 6-E, Lansbergh Place Condominium, 170 Tomas Morato Avenue, Quezon City,
Philippines
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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.44.45 |
|
UK
Pound |
1 |
Rs.84.83 |
|
Euro |
1 |
Rs.57.12 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|