MIRA INFORM REPORT

 

 

Report Date :

24.02.2011

 

IDENTIFICATION DETAILS

 

Name :

GLOSEL SINGAPORE PTE LTD

 

 

Registered Office :

10 Anson Road #13-16 Intl Plaza Singapore 079903

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

12.04.1999

 

 

Com. Reg. No.:

199901800H

 

 

Legal Form :

Limited Exempt Private Company

 

 

Line of Business :

Wholesale of Medicinal and Pharmaceutical Products (Western)

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Poor

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Exists

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Executive Summary

 

Company Name

:

GLOSEL SINGAPORE PTE LTD

Registration No

:

199901800H

Date of Registration

:

12/04/1999

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED EXEMPT PRIVATE COMPANY

Registered Address

:

10 ANSON ROAD #13-16 INTL PLAZA SINGAPORE 079903

Date of Change of Address

:

10/12/1999

Contact No.

:

NA

Fax No.

:

NA

Website

:

NA

Registered Activities

:

WHOLESALE OF MEDICINAL AND PHARMACEUTICAL PRODUCTS (WESTERN)

Issued Ordinary Capital*

:

$150,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 150,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$150,000.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

NA

No. of Local Associates

:

NA

Auditor

:

C.C. YANG & CO.

Bankers / Financiers

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

UNITED OVERSEAS BANK LIMITED

Turnover

:

SGD - SIN 10,402,789.00 (FY2005)

Net Worth

:

SGD - SIN 344,588.00 (FY2005)

No. of Bank Charges

:

2

No. of Litigation Suits

:

1

 

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 500

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

No Recommendation

 

 

SHAREHOLDER DETAILS

 

NAME

:

SANJEEV KORADA

SHAREHOLDER ID

:

S6861937H

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

2 RIFLE RANGE ROAD #04-07 MAYFAIR GARDENS SINGAPORE 588373

NO. OF ORD SHARES

:

50,000

% OF SHAREHOLDING

:

33.3%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

RADHA SANJEEV

SHAREHOLDER ID

:

S7061052C

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

2 RIFLE RANGE ROAD #04-07 MAYFAIR GARDENS SINGAPORE 588373

NO. OF ORD SHARES

:

50,000

% OF SHAREHOLDING

:

33.3%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

UDHAN KUMAR CHORDIA

SHAREHOLDER ID

:

Z1365411

NATIONALITY

:

INDIAN

ADDRESS

:

NO.5, FIRST AVENUE, HARRINGTON RD CHETPET MADRAS, 600031 INDIA

NO. OF ORD SHARES

:

50,000

% OF SHAREHOLDING

:

33.3%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

PUDUKKOTTAI NAGARAJA RAO BHASKARAN

ADDRESS

:

NEW NO. 5, OLD NO. 8, NARAYANA PURAM 1ST STREET CHOOLAIMEDU, CHENNAI 600 094, TAMILNADU, INDIA

POSITION

:

DIRECTOR

DATE OF APPT

:

24/12/2008

NATIONALITY

:

INDIAN

I/C PASSPORT

:

E 9658632

 

NAME

:

FOO SUAN KEE

ADDRESS

:

136 BISHAN STREET 12 #05-442 BISHAN GREEN SINGAPORE 570136

POSITION

:

SECRETARY

DATE OF APPT

:

22/11/1999

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0018699F

 

NAME

:

SANJEEV KORADA

ADDRESS

:

2 RIFLE RANGE ROAD #04-07 MAYFAIR GARDENS SINGAPORE 588373

POSITION

:

DIRECTOR

DATE OF APPT

:

20/06/1999

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S6861937H

 

 

KEY PERSONNEL PROFILE

 

Name:

SANJEEV KORADA

NRIC Number:

S6861937H

Available Address:

2 RIFLE RANGE ROAD #04-07 MAYFAIR GARDENS  SINGAPORE 588373

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

GLOMADIS SINGAPORE PTE. LTD.

DIRECTOR

31/12/1999

42500

50.00

2

GLOSEL SINGAPORE PTE LTD

DIRECTOR

20/06/1999

50000

33.33

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

GLOSHOP SINGAPORE PTE. LTD.

STRUCK OFF

DIRECTOR

07/12/2006

05/09/2009

2

GLOSHOP SINGAPORE PTE. LTD.

STRUCK OFF

SHAREHOLDER

-

-

 

Bankruptcy Record

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Litigation Search – Writ of Summons

 

Court

Case No.

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

NA

 

 

                                                                                                                       

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 2 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201101629

 

Date of Registration

:

08/02/2011

 

Chargee

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

 

Address

:

65 CHULIA STREET #26-00 OCBC CENTRE SINGAPORE 049513

 

2)

Charge No.

:

C200803524

 

Date of Registration

:

15/04/2008

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

 

LITIGATION

 

The following litigation suits were traced against Subject. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered

 

To date, there have been 1 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2011

Past Years

W.e.f. 01 Jan 2011

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

1

District ($80,000 - $250,000)

0

0

High (>$250,000)

0

0

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Magistrate Court

 

Case No.

:

11271

 

Date of Filing

:

12/05/2008

 

Amount

:

6,598.75

 

Cause

:

Contract - Others

 

Case Status

:

CONCLUDED

 

Plaintiff

:

HITACHI CAPITAL SINGAPORE PTE LTD (FORMERLY KNOWN AS HITACHI CREDIT SINGAPORE PTE LTD)

 

Last Update Date

:

31/12/2010

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

06/09/2010

Date of Last AR

:

30/09/2010

Date of A/C Laid At Last AGM

:

31/12/2008

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2005

% Change

DEC 2004

DEC 2003

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

Turnover

10,402,789

9.85

9,469,611

9,898,816

Profit/(Loss) Before Tax

66,603

34.10

49,666

43,670

Profit After Tax attributable to Shareholders

56,685

51.73

37,358

34,553

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

Total Assets

5,239,698

50.82

3,474,190

2,508,648

Current Assets

4,816,056

59.83

3,013,183

2,342,164

Non Current Assets

423,642

-8.11

461,007

166,484

 

 

 

 

 

Total Liabilities

4,895,110

53.63

3,186,287

2,308,103

Current Liabilities

4,595,182

56.15

2,942,815

2,221,805

Non Current Liabilities

299,928

23.19

243,472

86,298

 

 

 

 

 

Shareholders' Funds

344,588

19.69

287,903

200,545

Share Capital

150,000

0.00

150,000

100,000

Total Reserves

194,588

41.10

137,903

100,545

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2005

DEC 2004

DEC 2003

Growth %

 

 

 

Year-on-Year Growth

9.85

-4.34

NA

 

 

 

 

Profitability

 

 

 

Profit Margin (%)

0.54

0.39

0.35

Return on Equity (%)

16.45

12.98

17.23

Return on Assets (%)

1.08

1.08

1.38

 

 

 

 

Leverage

 

 

 

Total Debt/Equity (Times)

14.21

11.07

11.51

Current Debt/Equity (Times)

13.34

10.22

11.08

Long Term Debt To Equity (Times)

0.87

0.85

0.43

Total Asset To Total Equity (Times)

15.21

12.07

12.51

 

 

 

 

Asset Management

 

 

 

Total Assets Turnover (Times)

1.99

2.73

3.95

Fixed Assets Turnover (Times)

24.56

20.54

59.46

 

 

 

 

Liquidity

 

 

 

Current Ratio (Times)

1.05

1.02

1.05

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 0.54 per cent in FY05 (FY04: 0.39 per cent). The company is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY05, as compared with SGD - SIN 0.00 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.05 times in FY05 (FY04: 1.02 times). This means that the company has SGD - SIN 1.05 of current assets for every SGD - SIN of current liability incurred.

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

Leverage

Total debt-to-equity ratio notched 14.21 times in FY05, compared with 11.07 times in FY04. This means that the company requires additional external financing of SGD - SIN 14.21 for every SGD - SIN injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

 

Efficiency Ratio

 

Return on equity was 16.45 per cent for Subject in the current financial period, as compared to 12.98 per cent a year ago. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 1.08 per cent (FY04: 1.08 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 1.99 times in FY05 (FY04: 2.73 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.20

UK Pound

1

Rs.73.16

Euro

1

Rs.61.88

 

 

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

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

----

NB

New Company

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.