MIRA
INFORM REPORT
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Report Date : |
27.08.2007 |
IDENTIFICATION DETAILS
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Name : |
GLOSEL INDIA IMPEX PRIVATE LIMITED |
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Registered Office : |
Flat F 1, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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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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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEG05141D |
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PAN No.: [Permanent
Account No.] |
AABCG7366B |
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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
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 3020 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Company’s profitability is under severe pressure. It has some accumulated
losses. Payments are reported as slow but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions with slight caution initially. |
LOCATIONS
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Registered Office/Factory : |
Flat F 1, |
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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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Glosel |
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Glomadis |
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PT Glosel |
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Glosel |
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Glosel Philippines Inc |
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Glosel (HK) Limited |
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Glosel |
DIRECTORS
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Name : |
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Designation : |
Director |
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Address : |
5 Mohan Kunj, |
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Date of Birth/Age : |
24.05.1971 |
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Date of Appointment : |
18.11.2002 |
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Name : |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
02.08.1968 |
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Date of Appointment : |
18.11.2002 |
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Name : |
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Designation : |
Director |
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Address : |
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Date of Birth / Age : |
30.06.1970 |
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Date of Appointment : |
18.11.2002 |
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Management
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Name : |
Mr. Sanjeev Korada |
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Designation : |
Chief Executive Officer |
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Profile : |
Sanjeev brings in extensive international
business experience from his business-consulting career. He co-founded Glosel
set up its Cosmetics, Medical supplies and Nutraceuticals division. Sanjeev
has consulted for various companies for strategic planning, implementing
management controls and marketing. He has helped these companies recognize
new revenue potential and structure their organizations to exploit such
opportunities. |
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Name : |
Mrs. Radha Sanjeev |
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Designation : |
Chief Operating Officer |
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Profile : |
Radha Sanjeev founded Glosel in 1999.
With extensive experience and a career spanning over 15 years in the
Pharmaceutical Ingredients Industry, Radha Sanjeev has helped Glosel grow
from just an idea to a dominant player in the market. Her vision and
unparallel efforts to deliver the best possible service has helped Glosel
retain its best customers and attract new customers. Her excellent process
skills have helped the company develop systems which have been digitalized. |
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Name : |
Mrs. Sumathi Lunkad |
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Designation : |
Managing Director – |
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Profile : |
Sumathi joined Glosel in 2002, coming
from a big business family background, managing the business and growing the operation
was not a great task for a fresher, she has not only managed to quadruplet
the sales revenues and take away a good piece of API market share but has
also successfully launched Glosel’s Cosmetic range of products in a very
competitive environment. |
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Name : |
Mr. C M Suresh |
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Designation : |
Director – Malaysian Operations |
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Profile : |
Suresh joined Glosel in 2002 with a vast 12 years of
experience associated with large organization in retail, industrial, and institutional
marketing. Apart from |
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Name : |
Mr. P.N. Bhaskaran |
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Designation : |
Country Manager – |
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Profile : |
Bhaskaran joined Glosel in 2004 with 15 years of rich
experience selling in the communication industry and has achieved a great success
in establishing the distribution operation network in |
KEY EXECUTIVES
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Name : |
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Designation : |
Company Secretary
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Address : |
188/ 87, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of
Shareholders |
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No. of Shares |
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Mr. Udhan Kumar
Chordia |
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33333 |
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Mrs. Radha
Sanjeeve |
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33333 |
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Mr. Sanjeev
Korada |
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33334 |
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Total |
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100000 |
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Category |
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Percentage of Holding |
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Directors or
Relative of Directors |
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100.00 |
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, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B Srinivasan and
Company Chartered
Accountants |
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Address : |
No:3, |
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Group Companies : |
®
Glosel
®
Glomadis
®
Glosel
®
®
Glosel
Singapore Ptd. Limited ( ®
Glosel
(HK) Limited ®
Glosel
Philippines Inc. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(0.245) |
(0.296) |
0.221 |
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NETWORTH |
0.755 |
0.704 |
1.221 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.881 |
0.284 |
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2] Unsecured Loans |
1.903 |
0.000 |
0.000 |
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TOTAL BORROWING |
1.903 |
0.881 |
0.284 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2.658 |
1.585 |
1.505 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.296 |
0.427 |
0.420 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.525 |
0.448 |
0.076 |
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Sundry Debtors |
2.399 |
1.467 |
1.256 |
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Cash & Bank Balances |
0.133
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0.314 |
0.019 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.093
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0.606 |
0.319 |
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Total
Current Assets |
3.150
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2.835 |
1.670 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.704
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0.635 |
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Provisions |
0.118
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Total
Current Liabilities |
1.822
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1.719 |
0.635 |
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Net Current Assets |
1.328
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1.116 |
1.035 |
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MISCELLANEOUS EXPENSES |
0.034 |
0.042 |
0.050 |
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TOTAL |
2.658 |
1.585 |
1.505 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover [including
other income] |
5.496 |
7.866 |
24.915 |
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Profit/(Loss) Before Tax |
0.099 |
0.517 |
(0.278) |
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Provision for Taxation |
0.048 |
0.000 |
0.065 |
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Profit/(Loss) After Tax |
0.051 |
0.517 |
(0.213) |
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Export Value : |
5.109 |
8.826 |
25.182 |
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Import Value : |
0.631 |
0.306 |
NA |
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Total Expenditure |
5.397 |
7.349 |
25.194 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.92
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6.57 |
(0.85) |
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Net Profit Margin (PBT/Sales) |
(%) |
1.80
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6.57 |
(1.11) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.22
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15.85 |
(13.30) |
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Return on Investment (ROI) (PBT/Networth) |
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0.13
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0.73 |
(0.22) |
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Debt Equity Ratio (Total Liability/Networth) |
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2.41
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4.69 |
1.75 |
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Current Ratio (Current Asset/Current Liability) |
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1.72
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1.65 |
2.63 |
LOCAL AGENCY FURTHER INFORMATION
Website Details
Attached
History
The company is a
Pharmaceutical and Packaging Distribution Company based at
The company has
their professional warehousing and customer service team, located conveniently in
the most effective logistics hub of South East Asia –
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
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
Their
Bring to the market, products that exploit the latest technology and
provide significant value to their customers. Build a diverse, productive, and
challenging work place. Achieve market leadership in all segments of their
product line
Subject was
started in 1999, with it's headquarters in
They started their packaging division in 2002 to distribute a wide range of
Glass and Plastic Bottles, and PP Caps to the pharmaceutical industry. They
work with their partners to custom manufacture packaging products to match
their customer's requirements.
In the year 2003
their medical supplies division introduced an exciting set of fracture and
wound management products. Their distributors in
Subject:
distributes finished dosages of Cephalosporin dry powder injections to various
regulated markets. They work with their partners to custom label and deliver
regular quantities for their distribution network.
Company's Growth into Various Markets
Since inception, Glosel has progressively been expanding across
geographical barriers into many new market territories.
Having come under focus in 2003,
An avenue for business in
Having captured their attention in 2003,
The market in
Glosel entered this continent country in
June of 2004 and has presence in the cosmetics and API markets here.
This island nation saw Glosel's entry in
2004 with the Medical Supplies business in focus.
Their relatively newer market,
Glosel has made its presence known in
Hongkong since 2004 and figures as a key player in the API and cosmetics
businesses here.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.41.18 |
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1 |
Rs.82.41 |
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Euro |
1 |
Rs.55.85 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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30 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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