MIRA
INFORM REPORT
|
Report Date : |
10.07.2008 |
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 |
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Country : |
India |
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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
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 3775 |
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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
|
Registered Office / Factory : |
Flat F 1, 15th
Avenue, Harrington Court, 99 Harrington Road, Chetpet, Chennai – 600 031,
Tamilnadu, India |
|
Tel. No.: |
91-44-28362903/
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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Corporate Office : |
No. 3A Calve
Chateau No. 808, Poonamallee High Road, Chennai – 600 010, Tamilnadu, India |
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Singapore Office 1: |
Glosel Singapore Pte. Limited |
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Singapore Office 2 : |
Glomadis Singapore Pte. Limited |
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Indonesia Office
: |
PT Glosel Indonesia |
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Malaysia Office : |
Glosel Malaysia Sdn. Bhd. |
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Philippines
Office : |
Glosel Philippines Inc |
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Hong Kong Office
: |
Glosel (HK) Limited |
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Vietnam Office : |
Glosel Singapore Private Limited (Vietnam) |
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Mumbai Office : |
46 – B, Row House, New Dindoshi,
Mhada Colony, Behind Nagari Nivara 1 and 2, Goregaon (East), Mumbai – 400
097, Maharashtra, India Tel No.: 91-22-28492090 E-mail.: gipi.mumbai@glosel.com
|
DIRECTORS
|
Name : |
Mr. Udhan Kumar
Chordia |
|
Designation : |
Director |
|
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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Date of Appointment : |
18.11.2002 |
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Name : |
Mr. Sanjeev
Korada |
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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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Date of Appointment : |
18.11.2002 |
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Name : |
Mrs. Radha
Sanjeev Korada |
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Designation : |
Director |
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Address : |
Singapore |
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Date of Birth / Age : |
30.06.1970 |
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Date of Appointment : |
18.11.2002 |
MANAGEMENT
|
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 – Indonesia Operation |
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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 Malaysia, Suresh utilizes his vast
selling skills to help Glosel distribute its products to Vietnam, Bangladesh
and Pakistan. Suresh is also going to oversee the operations of the
manufacturing facility in Malaysia |
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Name : |
Mr. P.N. Bhaskaran |
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Designation : |
Country Manager – India |
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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 South India. Bhaskaran
already has taken control Glosel’s multi fold operations of purchases,
exports, imports & all India distribution. He has brought back tremendous
market knowledge back into the company helping the Medical Supplies business
grow through South East Asia |
KEY EXECUTIVES
|
Name : |
Mr. P
Krishnakumar |
|
Designation : |
Company Secretary
|
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Address : |
188/ 87,
Habibullah Road, T Nagar, Chennai – 600 017, Tamilnadu, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2005
|
Names of
Shareholders |
No. of Shares |
|
Mr. Udhan Kumar
Chordia |
33333 |
|
Mrs. Radha
Sanjeeve |
33333 |
|
Mr. Sanjeev
Korada |
33334 |
|
Total |
100000 |
Equity share breakup
(Percentage of total equity)
As on 31.03.2006
|
|
|
|
Category |
Percentage of Holding |
|
Directors or
Relative of Directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distributor and Trader of Pharmaceutical Chemicals, Drugs and
Medications, Bio-Technology Products. |
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|
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Products : |
v Pharmaceutical Chemicals v Drugs v Medications v Bio-Technology |
GENERAL
INFORMATION
|
Bankers : |
v
Canara Bank v
HSBC Limited Chetpet, Chennai – 600
033, Tamilnadu, India |
|
Auditors : |
|
|
Name : |
B Srinivasan and
Company Chartered Accountants
|
|
Address : |
No:3, Playground View Street, Nandanam Extn. Chennai – 600035,
Tamilnadu |
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Group Companies : |
v
Glosel
Singapore Private Limited v
Glomadis
Singapore Private Limited v
Glosel
Malaysia Sdn. Bhd. v
PT Glosel
Indonesia v
Glosel Singapore
Private Limited (Vietnam) v
Glosel (HK)
Limited v
Glosel
Philippines Inc. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,50,000 |
Equity Shares |
Rs.10/- each |
Rs. 1.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.000 |
1.000 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(0.245) |
(0.296) |
0.221 |
|
|
NETWORTH |
0.755 |
0.704 |
1.221 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.881 |
0.284 |
|
|
2] Unsecured Loans |
1.903 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1.903 |
0.881 |
0.284 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
|
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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 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
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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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|
|
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Inventories |
0.525 |
0.448 |
0.076 |
|
|
Sundry Debtors |
2.399 |
1.467 |
1.256 |
|
|
Cash & Bank Balances |
0.133
|
0.314 |
0.019 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.093
|
0.606 |
0.319 |
|
Total
Current Assets |
3.150
|
2.835 |
1.670 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1.704
|
1.719 |
0.635 |
|
|
Provisions |
0.118
|
0.000 |
0.000 |
|
Total
Current Liabilities |
1.822
|
1.719 |
0.635 |
|
|
Net Current Assets |
1.328
|
1.116 |
1.035 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.034 |
0.042 |
0.050 |
|
|
|
|
|
|
|
|
TOTAL |
2.658 |
1.585 |
1.505 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including
other income] |
5.496 |
7.866 |
24.915 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.099 |
0.517 |
(0.278) |
|
Provision for Taxation |
0.048 |
0.000 |
0.065 |
|
Profit/(Loss) After Tax |
0.051 |
0.517 |
(0.213) |
|
|
|
|
|
|
Export Value : |
5.109 |
8.826 |
25.182 |
|
|
|
|
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|
Import Value : |
0.631 |
0.306 |
NA |
|
|
|
|
|
|
Total Expenditure |
5.397 |
7.349 |
25.194 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
0.92
|
6.57 |
(0.85) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.80
|
6.57 |
(1.11) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.22
|
15.85 |
(13.30) |
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.73 |
(0.22) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.41
|
4.69 |
1.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72
|
1.65 |
2.63 |
LOCAL AGENCY
FURTHER INFORMATION
Website Details
Attached
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 has
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
Their Mission
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 Singapore. Subject operations began
with distribution of Active Pharmaceutical Ingredients. They purchase
ingredients for various therapeutic segments from their supplier partners and
make them available for their customers. They stock the ingredients in their
warehouses in Singapore and India and provide prompt shipments to over 40 ports
in Asia, Europe, and South America.
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 India, Indonesia, and Malaysia
make these products available in retail stores, hospitals, and clinics.
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.
Indonesia:
Indonesia became their significant market in
2002 and they deal in Active Pharmaceutical Ingredients (APIs) and medical
packaging supplies here and are also set to diversify into the cosmetics
market.
India:
Having come under focus in 2003, India sees a
major presence of Glosel in the API and medical supplies businesses. Being a
vast nation it is being gradually captured as a market starting out from the
south and moving upward to some northern and western states.
Malaysia:
An avenue for business in Malaysia was
opened up in 2002 with initial attention to APIs and nutraceuticals but is also
poised for the cosmetic business through the Holotropic product range soon.
Vietnam:
Having captured their attention in 2003,
Vietnam has Glosel's API business working in top notch form.
Pakistan:
The market in Pakistan was established in
2003 and it now offers the APIs.
Australia:
Glosel entered this continent country in
June of 2004 and has presence in the cosmetics and API markets here.
Sri Lanka:
This island nation saw Glosel's entry in
2004 with the Medical Supplies business in focus.
Nepal:
Their relatively newer market, Nepal saw
Glosel launch itself here in 2004 with the API business taking the lead.
Philippines:
Philippines became their active market in
2004 and is taking shape as Glosel's most well captured markets with activity
in the cosmetics, medical supplies, API as well as nutraceuticals wings.
Korea:
Korea has been one of Glosel's recent
ventures too, having started in 2004 and API and skin care products are their
interest here, as of the current moment.
Hong Kong:
Glosel has made its presence known in
Hongkong since 2004 and figures as a key player in the API and cosmetics
businesses here.
Singapore:
Singapore has been a major market for Glosel
since 2004. This territory has seen huge business in the medical supplies, API
and cosmetics areas.
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. 43.13 |
|
UK Pound |
1 |
Rs. 85.02 |
|
Euro |
1 |
Rs. 67.77 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|
