MIRA INFORM REPORT

Report Date :

14.12.2007

IDENTIFICATION DETAILS

Name :	GLOSEL SINGAPORE PTE LTD
Registered Office :	^50 Bukit Batok Street 23, #05-19, Midview Building, Singapore - 659578
Country :	^Singapore
Financials (as on) :	31.12.2005
Date of Incorporation :	^12/04/1999
Com. Reg. No.:	^199901800H
Legal Form :	^Exempt Pte Ltd
Line of Business :	General Importers, Exporters, Commission Agents and Distributors in Pharmaceutical and Medical Products

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

Subject Company

GLOSEL SINGAPORE PTE LTD

Line Of Business 

GENERAL IMPORTERS, EXPORTERS, COMMISSION AGENTS AND DISTRIBUTORS IN PHARMACEUTICAL AND MEDICAL PRODUCTS

Parent Company

--

Financial Elements

FY 2005

COMPANY

Sales : S$ 10,403,789

Networth : S$ 344,588

Paid-Up Capital : S$ 150,000

Net result : S$ 56,685

Net Margin(%) : 0.54

Return on Equity(%) : 16.45

Leverage Ratio : 14.21

COMPANY IDENTIFICATION

^{Subject Company : GLOSEL SINGAPORE PTE LTD}

^{Former Name : -}

^{Business Address: 50 BUKIT BATOK STREET 23}

^#05-19

^{MIDVIEW BUILDING}

^{Town: SINGAPORE}

^{Postcode: 659578}

^{Country: Singapore}

^{Telephone: 6562 6275}

^{Fax: 6562 6274}

^{ROC Number: 199901800H}

^{Reg. Town:}

SUMMARY

^{All amounts in this report are in : SGD}

^{Legal Form : Exempt Pte Ltd}

^{Date Inc. : 12/04/1999}

^{Previous Legal Form : -}

^{Summary year : 31/12/2005}

^{Sales : 10,403,789}

^{Networth : 344,588}

^{Capital : -}

^{Paid-Up Capital : 150,000}

^{Employees : 50}

^{Net result : 56,685}

^{Share value : 1}

^{Auditor : C.C. YANG & CO.}

^{BASED ON ACRA'S AS AT 10/12/2007,}

^{NO. OF SHARES CURRENCY AMOUNT}

^{ISSUED ORDINARY 150,000 SGD 150,000}

^{PAID-UP ORDINARY - SGD 150,000}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started : 12/04/1999}

PRINCIPAL(S)

^{SANJEEV KORADA S6861937H Director}

DIRECTOR(S)

^{FOO SUAN KEE S0018699F Company Secretary}

^{Appointed on : 22/11/1999}

^{Street : 136 BISHAN STREET 12}

^#05-442

^{BISHAN GREEN}

^{Town : SINGAPORE}

^{Postcode : 570136}

^{Country : Singapore}

^{UDHAN KUMAR CHORDIA Z1365411 Director}

^{Appointed on : 12/04/1999}

^{Street : NO.5, FIRST AVENUE,}

^{HARRINGTON RD}

^CHETPUT

^{Town : MADRAS}

^{Postcode : 600031}

^{Country : India}

^{SANJEEV KORADA S6861937H Director}

^{Appointed on : 20/06/1999}

^{Street : 51 HINDHEDE WALK}

^#07-01

^{SPRINGDALE CONDOMINIUM}

^{Town : SINGAPORE}

^{Postcode : 587975}

^{Country : Singapore}

^{RADHA SANJEEV S7061052C Director}

^{Appointed on : 15/10/2003}

^{Street : 51 HINDHEDE WALK}

^#07-01

^{SPRINGDALE CONDOMINIUM}

^{Town : SINGAPORE}

^{Postcode : 587975}

^{Country : Singapore}

FORMER DIRECTOR(S)

^{MUMTHAJ BEGUM D/O ASSAN @ S7347311Z}

ACTIVITY(IES)

^{PHARMACEUTICAL PRODUCTS - WHSLE And MFRS Code: 16400}

^{BASED ON ACRA'S RECORD AS AT 10/12/2007}

^{1. WHOLESALE OF MEDICINAL AND PHARMACEUTICAL PRODUCTS ( WESTERN)}

CHARGES

^{Date : 24/04/2006}

^{Comments : CHARGE NO : C200602625}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) : THE BANK OF EAST ASIA LTD}

^{Date : 28/06/2006}

^{Comments : CHARGE NO : C200604164}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) : DBS BANK LTD}

^{Date : 04/07/2006}

^{Comments : CHARGE NO : C200604305 (DISCHARGED)}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) : HONG LEONG FINANCE LTD}

^{Date : 11/08/2006}

^{Comments : CHARGE NO : C200605320}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) : ABN AMRO BANK N.V.}

^{Comments : CHARGE NO : C200601261, C200601260 (DISCHARGED - 20/10/2006)}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) : OVERSEA-CHINESE BANKING CORPORATION LTD}

^{Date : 03/12/2003}

^{Comments : CHARGE NO : C200305801}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : STANDARD CHARTERED BANK}

^{Date : 08/12/2004}

^{Comments : CHARGE NO : C200406182}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) : THE HONGKONG & SHANGHAI BANKING CORPORATION LTD}

PREMISES/PROPERTY INFORMATIONS

^{Date : 30/03/2007}

^{Tax rate : 10}

^{Site Address : 50 BUKIT BATOK STREET 23}

^#05-19

^{Town : SINGAPORE}

^{Postcode : 079903}

^{Country : Singapore}

^{Annual Value : 16,200}

* TAX RATE OF 4% MEANS THE ADDRESS (I.E RESIDENTIAL PROPERTY) IS OWNER OCCUPIED.

* TAX RATE OF 10% MEANS THE ADDRESS (I.E RESIDENTIAL PROPERTY) IS PARTIALLY OR FULLY RENTED OUT BY THE OWNER/OWNED BY COMPANY.

* FOR PROPERTIES OTHER THAN RESIDENTIAL PROPERTIES REGARDLESS RENTED OUT OR NOT, THE TAX RATE IS 10% (I.E INDUSTRIAL AND COMMERCIAL PROPERTY).

* ANNUAL VALUE IS THE ESTIMATED ANNUAL RENT THE PROPERTY CAN FETCH IF IT WERE RENTED OUT. THE ANNUAL VALUE IS DETERMINED IN THE SAME MANNER REGARDLESS OF WHETHER THE PROPERTY IS LET-OUT, OWNER-OCCUPIED OR VACANT.

BANKERS

^{STANDARD CHARTERED BANK}

^{THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED}

^{ABN AMRO BANK NV}

^{DBS BANK LTD.}

^{THE BANK OF EAST ASIA LIMITED}

SHAREHOLDERS(S)

^{UDHAN KUMAR CHORDIA 50,000 Private Person}

^{Street : NO.5, FIRST AVENUE,}

^{HARRINGTON RD}

^CHETPUT

^{Town : MADRAS}

^{Postcode : 600031}

^{Country : India}

^{SANJEEV KORADA 50,000 Private Person}

^{Street : 51 HINDHEDE WALK}

^#07-01

^{SPRINGDALE CONDOMINIUM}

^{Town : SINGAPORE}

^{Postcode : 587975}

^{Country : Singapore}

^{RADHA SANJEEV 50,000 Private Person}

^{Street : 51 HINDHEDE WALK}

^#07-01

^{SPRINGDALE CONDOMINIUM}

^{Town : SINGAPORE}

^{Postcode : 587975}

^{Country : Singapore}

FORMER SHAREHOLDER(S)

^{MUMTHAJ BEGUM D/O ASSAN @}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity : SUFFICIENT}

^{Payments : REGULAR}

^{Trend : UPWARD}

^{Financial Situation : AVERAGE}

FINANCIAL ELEMENTS

^{Audit Qualification: UNQUALIFIED (CLEAN) UNQUALIFIED (CLEAN)}

^{Date Account Lodged: 16/11/2007}

^{Balance Sheet Date: 31/12/2005 31/12/2004}

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

^{--- ASSETS ---}

^{Tangible Fixed Assets: 423,642 461,007}

^{Total Fixed Assets: 423,642 461,007}

^{Inventories: 1,110,333 923,603}

^{Receivables: 2,953,407 1,717,320}

^{Cash,Banks, Securitis: 170,793 249,516}

^{Other current assets: 581,523 122,744}

^{Total Current Assets: 4,816,056 3,013,183}

^{TOTAL ASSETS: 5,239,698 3,474,190}

^{--- LIABILITIES ---}

^{Equity capital: 150,000 150,000}

^{Profit & lost Account: 194,588 137,903}

^{Total Equity: 344,588 287,903}

^{Long Term Loans: 275,288 214,052}

^{L/T deffered taxes: 18,369 15,839}

^{Other long term Liab.: 6,271 13,581}

^{Total L/T Liabilities: 299,928 243,472}

^{Trade Creditors: 3,628,423 1,989,905}

^{Short term liabilities: 12,003 15,444}

^{Due to Bank: 679,193 858,860}

^{Provisions: 9,303 10,751}

^{Other Short term Liab.: 266,260 67,855}

^{Total short term Liab.: 4,595,182 2,942,815}

^{TOTAL LIABILITIES: 4,895,110 3,186,287}

^{PROFIT & LOSS ACCOUNT}

^{Net Sales 10,403,789 9,469,611}

^{Purchases,Sces & Other Goods: 9,325,947 8,914,603}

^{Gross Profit: 1,077,842 555,008}

^{NET RESULT BEFORE TAX: 66,603 49,666}

^{Tax : 9,918 12,308}

^{Net income/loss year: 56,685 37,358}

^{Interest Paid: 41,762 19,689}

^{Depreciation: 60,310 50,049}

^{Wages and Salaries: 444,665 415,666}

^{Financial Income: 13,393 2,632}

RATIOS

^{31/12/2005 31/12/2004}

^{Turnover per employee: 208075.78 189392.22}

^{Net result / Turnover(%): 0.01 0.00}

^{Stock / Turnover(%): 0.11 0.10}

^{Net Margin(%): 0.54 0.39}

^{Return on Equity(%): 16.45 12.98}

^{Return on Assets(%): 1.08 1.08}

^{Net Working capital: 220874.00 70368.00}

^{Cash Ratio: 0.04 0.08}

^{Quick Ratio: 0.68 0.67}

^{Current ratio: 1.05 1.02}

^{Receivables Turnover: 102.20 65.29}

^{Leverage Ratio: 14.21 11.07}

^{Net Margin : (100*Net income loss year)/Net sales}

^{Return on Equity : (100*Net income loss year)/Total equity}

^{Return on Assets : (100*Net income loss year)/Total fixed assets}

^{Net Working capital : (Total current assets - Total short term liabilities)}

^{Cash Ratio : Cash Bank securities/Total short term liabilities}

^{Quick Ratio : (Cash Bank securities + Receivables)/Total Short term Liabilities}

^{Current ratio : Total current assets/Total short term liabilities}

^{Inventory Turnover : (360*Inventories)/Net sales}

^{Receivables Turnover : (Receivable*360)/Net sales}

^{Leverage Ratio : Total liabilities/(Total equity-Intangible assets)}

FINANCIAL COMMENTS

^{THE FINANCIAL CONDITION OF THE COMPANY WAS SEEN TO BE FAIR IN VIEW OF THE FOLLOWING:}

^{NET WORTH:}

^{THE BALANCE SHEET WAS PASSABLE WITH NET WORTH IMPROVED BY 19.69% FROM S$ 287,903.00 IN FY 2004 TO S$ 344,588.00 IN FY 2005. THIS WAS DUE TO HIGHER ACCUMULATED PROFIT OF S$194,588 (2004: S$137,903); A RISE OF 41.10% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 78.96% (2004: 67.62%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$3,628,423 (2004: S$1,989,905) AND COMPRISED OF THE FOLLOWING:}

^{* TRADE PAYABLES TO RELATED PARTIES - 2005: S$53,322 (2004: -)}

^{* TRADE PAYABLES TO OUTSIDE PARTIES - 2005: S$3,575,101 (2004: S$1,989,905)}

^{IN ALL, LEVERAGE RATIO INCREASED FROM 11.07 TIMES TO 14.21 TIMES AS A RESULT OF A GREATER RISE IN TOTAL LIABILITIES THAN TOTAL EQUITY.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS PASSABLE AS SEEN FROM THE RISE IN NET WORKING CAPITAL AND LIQUIDITY RATIOS. BOTH CURRENT AND QUICK RATIO IMPROVED SLIGHTLY TO 1.05 TIMES (2004: 1.02) AND 0.68 (2004: 0.67) RESPECTIVELY.}

^{NET WORKING CAPITAL WITNESSED A HUGE INCREASE BY 2.14 TIMES FROM $220,874 IN FY 2004 TO S$18,927,704 IN FY 2005.}

^{PROFITABILITY:}

^{SUBJECT POSTED AN INCREASE IN REVENUE BY 9.87% FROM S$9,469,611.00 IN FY 2004 TO S$10,403,789.00 IN FY 2005. NET PROFIT ALSO ROSE BY 51.73% TO S$56,685 (2004: S$37,358). AS A RESULT, NET MARGIN ROSE TO 0.54% (2004: 0.39%).}

^{TOTAL REVENUE CONSISTED OF THE FOLLOWING:}

^{* SALE OF GOODS - 2005: S$10,360,408 (2004: S$9,310,620)}

^{* SALE OF SERVICES - 2005: S$42,381 (2004: S$158,991)}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS CAN BE MAINTAINED AND PAYMENTS BY TRADE DEBTORS ARE FORTHCOMING.}

^{NOTES TO THE FINANCIAL STATEMENTS:}

^{INTEREST BEARING LOAN AND BORROWINGS}

^{(A) TERM LOAN (SECURED)}

^{THE COMPANY HAS A TEN-YEAR BANK LOAN WHICH IS SECURED BY A LEGAL MORTAGE ON THE COMPANY'S LEASEHOLD PROPERTY, GUARANTEED BY THE DIREFCTORS OF THE COMPANY AND NEGATIVE PLEDGE OVER THE ASSETS OF THE COMPANY. THE LOAN IS REPAYABLE OVER A PERIOD OF TEN YEARS BY MONTHLY INSTALMENTS COMMENCING FROM 5TH JANUARY 2005 AND BEARS INTEREST ON A MONTHLY REST BASIS AS FOLLOWS:}

^{(I) 1.00% PER ANNUM BELOW THE BANK'S SPECIAL BOARD RATE FOR THE FIRST YEAR;}

^{(II) 0.75% PER ANNUM BELOW THE BANK'S SPECIAL BOARD RATE FOR THE SECOND YEAR;}

^{(III) 0.50% PER ANNUM BELOW THE BANK'S SPECIAL BOARD RATE FOR THE THIRD YEAR;}

^{(IV) AT THE BANK'S PREVAILING SPECIAL BOARD RATE THEREAFTER.}

^{(B) TERM LOAN (UNSECURED)}

^{THE TERM BANK LOAN CONSISTS OF A 2-YEAR LOAN WHICH IS GUARANTEED BY CERTAIN DIRECTORS OF THE COMPANY. THE LOAN IS REPAYABLE OVER A PERIOD OF 2 YEARS BY EQUAL MONTHLY INSTALMENTS COMMENCING FROM 27TH APRIL 2005 AND BEARS INTEREST AT 5.75% PER ANNUM. THE LOAN IS GRANTED UNDER THE LOCAL ENTERPRISE FINANCE SCHEME MICRO LOAN PROGRAMME.}

^{(C) FINANCE LEASE LIABILITIES}

^{2005 2004}

^{$ $}

^{MINIMUM LEASE PAYMENTS PAYABLE:}

^{- WITHIN ONE YEAR 13,116 17,469}

^{- LATER THAN ONE YEAR BUT WITHIN FIVE YEARS 6,543 14,688}

^{19,659 32,157}

^{LESS: FUTURE FINANCE CHANGES (1,385) (3,132)}

^{$18,274 $29,025}

^{DISCLOSED UNDER:}

^{- CURRENT LIABILITIES 12,003 15,444}

^{- NON-CURRENT LIABILITIES 6,271 13,581}

^{$18,274 $29,025}

^{THE FINANCE LEASE LIABILITIES RELATE TO THE PURCHASE OF CERTAIN COMPUTERS, MOTOR VEHICLE AND OFFICE EQUIPMENT. THE EFFECTIVE INTEREST RATE OF THE LEASES RANGE FROM 6.27% TO 11.53% (2004 - 6.56% TO 11.53%) PER ANNUM.}

^{(D) TRUST RECEIPTS}

^{THE EFFECTIVE INTEREST RATE OF THE TRUST RECEIPTS IS 6.5% (2004 - 6.5%) PER ANNUM.}

^{(E) BANK OVERDRAFTS AND OTHER CREDIT FACILITIES}

^{2005 2004}

^{$ $}

^{BANK OVERDRAFTS}

^{- SECURED 137,045 67,432}

^{- UNSECURED 51,862 112,723}

^{$188,907 $180,155}

^{THE BANK OVERDRAFTS (SECURED) FACILITIES ARE SECURED BY WAY OF A FIXED CHARGE ON THE COMPANY'S FIXED DEPOSITS AND BY ONE OF THE DIREFCTORS OF THE COMPANY. THE BANK OVERDRAFTS (UNSECURED0 FACILITIES ARE GUARANTEED BY ONE OF THE DIRECTORS OF THE COMPANY.}

^{THE BANK OVERDRAFTS CARRY INTEREST AT 4.75% (2004 - 4.75%) PER ANNUM.}

^{EXEMPT PRIVATE COMPANY}

^{WHERE THE SHARES OF A PRIVATE COMPANY ARE NOT OWNED BY ANY CORPORATE BODY AND THERE ARE NO MORE THAN 20 MEMBERS, THE PRIVATE COMPANY IS KNOWN AS AN EXEMPT PRIVATE COMPANY.}

^{AN EXEMPT PRIVATE COMPANY ENJOYS A GREATER AMOUNT OF PRIVACY THAN A PRIVATE COMPANY. IT IS NOT REQUIRED TO FILE ACCOUNTS WITH THE REGISTRAR IF IT CAN PRODUCE A CERTIFICATE SIGNED BY ONE OF ITS DIRECTORS, SECRETARY AND AUDITOR CONFIRMING THE FOLLOWING POINTS:}

^{1. THE COMPANY IS AN EXEMPT PRIVATE COMPANY.}

^{2. THE AUDITED ACCOUNTS HAVE BEEN TABLED BEFORE THE SHAREHOLDERS}

^{AT THE ANNUAL GENERAL MEETING.}

^{3. THE COMPANY IS ABLE TO MEET ITS LIABILITIES.}

^{THERE IS THEREFORE NO DISCLOSURE TO THE PUBLIC OF THE ACCOUNTS OF THE COMPANY ALTHOUGH THE ACCOUNTS STILL HAVE TO BE AUDITED EVERY YEAR AND APPROVED AT AN ANNUAL GENERAL MEETING OF THE COMPANY.}

^{A PRIVATE COMPANY THAT IS WHOLLY OWNED BY THE GOVERNMENT MAY BECOME AN EXEMPT PRIVATE COMPANY IF THE MINISTER FOR FINANCE, IN THE NATIONAL INTEREST, DECLARES IT TO BE SUCH BY A GAZETTE NOTIFICATION.}

^{EXEMPT FROM AUDIT}

^{AN EXEMPT PRIVATE COMPANY IS EXEMPT FROM AUDIT REQUIREMENTS IF THE STARTING DATE OF ITS FINANCIAL YEAR IS BETWEEN 15 MAY 2003 AND 31 MAY 2004 AND ITS TURNOVER FOR THAT FINANCIAL YEAR DOES NOT EXCEED $2.5 MILLION. FOR FINANCIAL YEARS STARTING 1 JUNE 2004, THE AMOUNT OF THE TURNOVER HAS BEEN RAISED TO $5 MILLION. THESE COMPANIES ARE STILL REQUIRED TO MAINTAIN PROPER ACCOUNTING RECORDS.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 12/04/1999 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "GLOSEL SINGAPORE PTE LTD".}

^{AS AT 10/12/2007, THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF 150,000 SHARES, OF A VALUE OF S$150,000.}

^{PRINCIPAL ACTIVITIES:}

^{SUBJECT IS REGISTERED WITH THE ACCOUNTING AND CORPORATE REGULATORY AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:}

^{(1) WHOLESALE OF MEDICINAL AND PHARMACEUTICAL PRODUCTS (WESTERN)}

^{THE COMPANY IS LISTED IN THE SINGAPORE LOCAL DIRECTORIES UNDER THE CLASSIFICATION OF: PHARMACEUTICAL PRODUCTS-WHOLESALING & MANUFACTURING.}

^{DURING THE FINANCIAL YEAR(S), UNDER REVIEW, SUBJECT'S PRINCIPAL ACTIVITIES ARE TO CARRY ON THE BUSINESS OF GENERAL IMPORTERS, EXPORTERS, COMMISSION AGENTS AND DISTRIBUTORS IN PHARMACEUTICAL AND MEDICAL PRODUCTS.}

^{FROM THE RESEARCH DONE, THE FOLLOWING INFORMATION WAS GATHERED:}

^BACKGROUND:

^{* GLOSEL WAS STARTED IN 1999, WITH IT'S HEADQUARTERS IN SINGAPORE.}

^{GLOSEL'S OPERATIONS BEGAN WITH DISTRIBUTION OF ACTIVE PHARMACEUTICAL INGREDIENTS. THEY PURCHASE INGREDIENTS FOR VARIOUS THERAPEUTIC SEGMENTS FROM SUPPLIER PARTNERS AND MAKE THEM AVAILABLE FOR CUSTOMERS. THEY STOCK THE INGREDIENTS IN WAREHOUSES IN SINGAPORE AND INDIA AND PROVIDE PROMPT SHIPMENTS TO OVER 40 PORTS IN ASIA, EUROPE, AND SOUTH AMERICA.}

^{* IN 2002, THEY STARTED THEIR PACKAGING DIVISION TO DISTRIBUTE A WIDE RANGE OF GLASS AND PLASTIC BOTTLES, AND PP CAPS TO THE PHARMACEUTICAL INDUSTRY.}

^{* IN 2003, THEIR MEDICAL SUPPLIES DIVISION INTRODUCED AN EXCITING SET OF FRACTURE AND WOUND MANAGEMENT PRODUCTS. THEIR DISTRIBUTORS IN INDIA, INDONESIA, AND MALAYSIA MAKE THESE PRODUCTS AVAILABLE IN RETAIL STORES, HOSPITALS, AND CLINICS.}

^{* GLOSEL ALSO DISTRIBUTES FINISHED DOSAGES OF CEPHALOSPORIN DRY POWDER INJECTIONS TO VARIOUS REGULATED MARKETS.}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* GLOBAL DISTRIBUTION OF PHARMACEUTICAL RAW MATERIAL AND BULK DRUGS}

^{* WORLD WIDE DISTRIBUTOR OF ACTIVE PHARMACEUTICAL INGREDIENTS, ASSOCIATED PACKAGING PRODUCTS, MEDICAL SUPPLIES, NUTRACEUTICALS, COSMETICS AND FORMULATIONS}

^{PRODUCTS DEALINGS:}

^{* BEAUTY CONSULTANTS}

^{* BEAUTY PRODUCTS & SERVICES}

^{* BEAUTY SUPPLIES}

^{* CHEMICALS BY APPLICATIONS}

^{* HAIR CARE PRODUCTS & SERVICES}

^{* MEDICAL SUPPLIES : EXPORT}

^{* PHARMACEUTICAL CHEMICALS}

^{* PHARMACEUTICAL COMPANIES}

^{* PHARMACEUTICAL PRODUCTS}

^{MARKET PRESENCE:}

^{* SOUTH AMERICA}

^{* WESTERN EUROPE}

^{* EASTERN EUROPE}

^{* EASTERN ASIA}

^{* SOUTHEAST ASIA}

^{* MID EAST}

^{* AFRICA}

^{* OCEANIA}

^{NUMBER OF EMPLOYEES:}

^{2006: 50}

^{THE COMPANY IS A MEMBER OF THE FOLLOWING ENTITY:}

^{* SINGAPORE INTERNATIONAL CHAMBERS OF COMMERCE}

^{NO OTHER TRADE INFORMATION WAS AVAILABLE AS TELE-INTERVIEW WAS NOT GRANTED BY SUBJECT'S PERSONNEL ON 13/12/2007.}

^{REGISTERED ADDRESS:}

^{10 ANSON ROAD}

^#13-16

^{INTERNATIONAL PLAZA}

^{SINGAPORE 079903}

^{DATE OF CHANGE OF ADDRESS: 10/12/1999}

^{BUSINESS ADDRESS:}

^{50 BUKIT BATOK STREET 23}

^#05-19

^{MIDVIEW BUILDING}

^{SINGAPORE 659578}

^{- OWNED PREMISE}

^WEBSITE:

^{www.glosel.com}

^EMAIL:

^{glosel@glosel.com}

^{info@glosel.com}

^{sanjeev@glosel.com}

MANAGEMENT

^{THE DIRECTORS AT THE TIME OF THIS REPORT ARE:}

^{1) SANJEEV KORADA, A SINGAPORE PERMANENT RESIDENT}

^{- HOLDS OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE:}

^{GLOMADIS SINGAPORE PTE. LTD.}

^{2) RADHA SANJEEV, A SINGAPOREAN}

^{- HOLDS OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE:}

^{GLOMADIS SINGAPORE PTE. LTD.}

^{3) UDHAN KUMAR CHORDIA, AN INDIAN}

^{- HOLDS OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE:}

^{GLOMADIS SINGAPORE PTE. LTD.}

Singapore’s Country Rating 2007

Investment Grade

IN SINGAPORE, THE POLITICAL SITUATION REMAINS STABLE.

SINGAPORE BOASTS THE BEST GOVERNANCE IN ASIA, WITH AN EFFECTIVE LEGAL SYSTEM FACILITATING DEBT COLLECTION AND TO A HIGH DEGREE OF FINANCIAL TRANSPARENCY.

EXTERNAL ACCOUNTS HAVE REMAINED SUBSTANTIALLY IN SURPLUS, CONTRIBUTED TO THE DYNAMISM OF THE ELECTRONICS AND PHARMACEUTICALS SECTORS AND TO REPATRIATION OF PROFITS FROM SINGAPORE INVESTMENTS. THE FINANCIAL AND TOURISM SECTORS HAVE ALSO CONTRIBUTED TO THE LARGE CURRENT ACCOUNT SURPLUS.

SINGAPORE CONTINUES TO KEENLY WELCOME FOREIGN INVESTMENT AND OFFERS A VERY OPEN AND WELL-PLANNED ECONOMIC AND POLITICAL ENVIRONMENT. IT HAS BEEN IMPLEMENTING AMBITIOUS DIVERSIFICATION STRATEGY, FOCUSED PARTICULARLY ON THE CHEMICALS AND PHARMACEUTICAL SECTORS.

THE GOVERNMENT USES FOREIGN DIRECT INVESTMENT TO DEVELOP PRIORITY SECTORS (ELECTRONICS, CHEMICALS, BIOTECHNOLOGY). THE AIM IS TO ENCOURAGE THE GROWTH OF HIGH ADDED-VALUE ACTIVITIES AND TURN SINGAPORE INTO A REGIONAL HUB FOR FOREIGN INVESTORS INTERESTED IN ASIA.

CERTAIN SECTORS (MEDIA, LEGAL AND FINANCIAL SERVICES) ARE HOWEVER ONLY PARTIALLY OPEN TO FOREIGN INVESTMENT. THESE SECTORS ARE SLOWLY OPENING UP, BUT THE PROGRESS IS SLOW.

AFTER HIGH GROWTH IN 2006, BUOYED BY THE DYNAMISM OF BOTH EXPORTS AND HOUSEHOLD CONSUMPTION, A SLOWDOWN IS EXPECTED IN 2007.

ASSETS

• MAJOR EXPORTER OF CAPITAL IN ASIA, NOTABLY VIA THE STATE-OWNED TEMASEK HOLDING COMPANY.
• HIGH QUALITY COMPETITIVENESS IN ASIA
• EXCELLENT BUSINESS CLIMATE
• POLITICAL STABILITY.

WEAKNESSES

• SKILLED MANPOWER HAS BEEN LACKING IN THE SECTORS TARGETED FOR DEVELOPMENT.
• AN AGEING POPULATION COULD, ULTIMATELY, AFFECT ECONOMIC PERFORMANCE.
• GROWING INEQUALITY AND THE EMERGENCE OF LONG-TERM UNEMPLOYMENT AMONG THE LEAST SKILLED COULD GENERATE SOCIAL TENSIONS.
• BEING THE WORLD’S MOST OPEN ECONOMY, IT HAS BEEN VULNERABLE TO WORLD ECONOMIC DOWNTURNS.

WHOLESALE AND RETAIL TRADE SECTOR

PAST PERFORMANCE

DOMESTIC WHOLESALE TRADE INDEX

THE OVERALL DOMESTIC WHOLESALE TRADE DECLINED BY 7.5% IN Q1 2007. EXCLUDING PETROLEUM, DOMESTIC SALES FELL BY 7.4%. SECTORS OF ELECTRONIC COMPONENTS, SHIP CHANDLERS AND BUNKERING, INDUSTRIAL AND CONSTRUCTION MACHINERY REPORTED DECLINES OF 11.6% TO 23.8%.

HOWEVER, WHOLESALERS OF FOOD, BEVERAGES AND TOBACCO REGISTERED HIGHER TURNOVER OF 5.4%.

FOREIGN WHOLESALE TRADE INDEX

THE OVERALL FOREIGN WHOLESALE TRADE IN QUARTER 1 2007 FELL BY 7.6%. EXCLUDING PETROLEUM, FOREIGN SALES DECLINED BY 8.0%. MOST WHOLESALE SECTORS REPORTED LOWER OVERSEAS RECEIPTS IN QUARTER 1 2007 COMPARED TO THE PREVIOUS QUARTER, EXCEPT HOUSEHOLD EQUIPMENT AND FURNITURE SECTOR. SHIP CHANDLERS & BUNKERING REPORTED THE LARGEST DECLINE OF 18.3% IN QUARTER 1 2007, FOLLOWED BY FOOD BEVERAGES & TOBACCO SECTOR OF 17.7%.

RETAIL TRADE

THE OVERALL RETAIL SALES ROSE MARGINALLY BY 0.7% IN QUARTER 2 2007, COMPARED TO QUARTER 2 2006. EXCLUDING MOTOR VEHICLES, RETAIL SALES ROSE BY 5.1%. SALES OF OPTICAL GOODS & BOOKS, FURNITURE & HOUSEHOLD EQUIPMENT AND SUPERMARKETS ENJOYED STRONG GROWTHS OVER A YEAR AGO. PROVISION & SUNDRY SHOPS, WATCHES AND JEWELLERY, DEPARTMENT STORES AND WEARING APPAREL & FOOTWEAR SECTORS ALSO REPORTED HIGHER SALES OF 4.35 TO 5.9% RESPECTIVELY.

HOWEVER, RETAILERS OF MOTOR VEHICLES, FOOD & BEVERAGES, TELECOMMUNICATIONS APPARATUS & COMPUTERS AND PETROL SERVICES STATIONS REPORTED LOWER SALES.

OUTLOOK

GENERALLY, WHOLESALERS EXPECT TO DO WELL FOR THE NEXT 6 MONTHS, WITH A POSITIVE NET WEIGHTED BALANCE OF 17%. DEALERS OF FOOD & BEVERAGES, TROPICAL PRODUCE, TEXTILES & LEATHER GOODS AND HOUSEHOLD ELECTRICAL APPLIANCE & EQUIPMENT ARE AMONG THOSE WHO ARE OPTIMISTIC.

RETAIL TRADE FIRMS ANTICIPATE BUSINESS TO BE LESS BRISK FOR THE NEXT 6 MONTHS. IN PARTICULAR, DEPARTMENT STORES, SUPERMARKETS AND RETAILERS OF MOTOR VEHICLES EXPECT SLOWER BUSINESS IN THE COMING MONTHS.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

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.	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

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